/raid1/www/Hosts/bankrupt/TCREUR_Public/131217.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
Tuesday, December 17, 2013, Vol. 14, No. 249
Headlines
A U S T R I A
HYPO ALPE-ADRIA-BANK: Debt-Write Off May Bring Collateral Damage
A Z E R B A I J A N
BANK OF BAKU: Moody's Raises Long-Term Deposit Ratings to 'B1'
BANK RESPUBLIKA: Moody's Alters Outlook on B2 Ratings to Positive
BANK TECHNIQUE: Moody's Changes Outlook on Caa2 Ratings to Stable
F R A N C E
CROWN EUROPEAN: Moody's Lowers EUR500MM Notes Rating to 'Ba1'
ODO & CIE: Moody's Affirms 'Ba1' Debt & Deposit Ratings
PEUGEOT SA: Capital Hike Unlikely to Lift Rating in Near Term
G E R M A N Y
SAG SOLARSTROM: To Hammer Out Deal with Trustee After Insolvency
TITAN EUROPE 2006-2: Fitch Cuts Rating on Class J Notes to 'Dsf'
G R E E C E
FREESEAS INC: Insurers to Pay US$1.1-Mil. for Hijacked Vessel
H U N G A R Y
NITROGENMUVEK: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg
I R E L A N D
EUROCREDIT CDO: Moody's Affirms 'Ba2' Rating on Class D Notes
OAKHAM RATED: Moody's Cuts Ratings on Three Note Classes to Caa3
I T A L Y
BANCA CARIGE: Moody's Lowers Bonds Rating to 'Ba1'
BANCA SELLA: Moody's Cuts Deposit Ratings to Ba1; Outlook Neg.
UNIPOL GRUPPO: Moody's Affirms Ba2 Sr. Notes Rating; Outlook Neg.
L A T V I A
MORTGAGE & LAND BANK: Moody's Affirms 'E+' BFSR; Outlook Stable
L U X E M B O U R G
ARCELORMITTAL SA: Fitch Affirms BB+ IDR & Unsecured Notes Rating
ORCO PROPERTY: Kingstown Slams CEO Ott, 31% Shareholder Vitek
N E T H E R L A N D S
INVISTA BV: S&P Lowers Corporate Credit Rating to 'BB+'
JUBILEE CDO VIII: Fitch Affirms B- Rating on EUR16MM Cl. E Notes
LEOPARD CLO IV: S&P Lowers Rating on Class E Notes to 'CCC+'
MAGYAR TELECOM: Moody's Upgrades CFR to Caa1; Outlook Negative
P O L A N D
POLIMEX-MOSTOSTAL: Creditors Agree to Delay Interest Payment
P O R T U G A L
CAPE VERDE: S&P Lowers Sovereign Credit Ratings to 'B'
R O M A N I A
OLTCHIM: Romania Government to Again Sell Firm in February 2014
R U S S I A
ASTRAKHAN REGION: Fitch Affirms 'B+' Long-term Currency Ratings
BANK OF MOSCOW: Moody's Raises Deposit & Debt Ratings to 'Ba1'
BPF BANK: Financial Regulator Revokes Banking License
IMONEYBANK: Moody's Affirms 'B3' Long-Term Deposit Ratings
INVESTBANK: Financial Regulator Revokes Banking License
KRASNOYARSK KRAI: S&P Lowers Issuer Credit Rating to 'BB'
LENINGRAD REGION: Fitch Affirms 'BB+' Long-Term Currency Ratings
MDM BANK: Moody's Affirms 'Ba3' Deposit & Unsecured Debt Ratings
RUSSNEFT OJSC: S&P Lowers Corporate Credit Rating to 'B'
SMOLENSK BANK: Financial Regulator Revokes Banking License
STAVROPOL REGION: Fitch Affirms 'BB' Long-Term Currency Ratings
S P A I N
AUTOVIA DE LA MANCHA: Moody's Affirms Caa1 Secured Loan Rating
AUTOVIA DE LOS VINEDOS: Moody's Affirms 'Caa1' Loan Rating
AUTOVIA DEL CAMINO: Moody's Cuts EUR175MM Loan Rating to Ba2
BANCO FINANCIERO: Moody's Withdraws Caa1 Long-Term Issuer Rating
CAJA INGENIEROS: Fitch Hikes Class C Notes Rating From 'BB+sf'
PESCANOVA SA: Board Selects Damm's Non-Binding Restructuring Bid
S W E D E N
OCTAPHARMA NORDIC: Moody's Withdraws 'Ba1' CFR; Outlook Stable
T U R K E Y
YUKSEL INSAAT: Moody's Lowers CFR to 'Caa2'; Outlook Negative
U N I T E D K I N G D O M
ALBERMARLE & BOND: In Takeover Talks with Better Capital
EDRESSESGLOBAL UK: High Court Winds Up Wedding Dress Company
GALA CORAL: Fitch Revises Outlook to Neg. & Affirms 'B' IDR
GEMINI ECLIPSE 2006-3: Fitch Affirms C Rating on GBP101.8MM Notes
GERALD DAVID: Administrator Sells Some Butchers' Shops
IGLO: Asks Lenders to Relax Covenant Terms
MAGYAR TELECOM: U.S. Judge Recognizes UK Proceedings
PENDRAGON PLC: Moody's Rates GBP175MM Sr. Secured Notes 'B2'
RSA INSURANCE: Faces Questions Over Future & Credit Rating
X X X X X X X X
EUROPE: Agreement Reached on EU Bank Bailouts, Commissioner Says
* Large Companies with Insolvent Balance Sheets
*********
=============
A U S T R I A
=============
HYPO ALPE-ADRIA-BANK: Debt-Write Off May Bring Collateral Damage
----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austria is keeping
alive Hypo Alpe-Adria-Bank International AG, a bailed-out bank,
with EUR19 billion (US$26 billion) of unsellable assets to avoid
the wrath of bondholders and the risk of an increase in the cost
of borrowing nationwide.
According to Bloomberg, as the European Union drafts rules
demanding creditors share the cost of bank failures, Austria is
resisting any plan to involve holders of some EUR14 billion of
bonds owed by the nationalized bank.
Bloomberg relates that Austrian politicians and central bankers
said insolvency or a voluntary write-off of some of the debt
would risk collateral damage on Austria's sovereign bonds, its
provinces and banks.
"It's tempting to try and make this failure cheaper, but it would
be a shock for the markets," Bloomberg quotes Bernhard Felderer,
president of Austria's Fiscal Council, a body advising the
government on budget policies, as saying. "You could take
courage and say let's get on with it, but the Austrian government
has never been particularly willing to take risks."
Four years after its rescue of Hypo Alpe, Austria is consumed by
the debate over who should carry the cost of the fallout from the
bank's ill-fated transformation from a provincial lender into a
financier for former Yugoslavia, Bloomberg discloses. The
bailout so far cost taxpayers EUR4 billion, Bloomberg notes.
The bill, Bloomberg says, is rising by another EUR800 million
after Hypo Alpe got approval for another cash injection on
Friday. As well as the aid from the government, it has the
unsellable assets that include delinquent Croatian property
loans, and seized loan collateral such as Adriatic hotels,
shopping malls, yachts, cars and industrial equipment, Bloomberg
states.
Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It
is active in banking and leasing. In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.
===================
A Z E R B A I J A N
===================
BANK OF BAKU: Moody's Raises Long-Term Deposit Ratings to 'B1'
--------------------------------------------------------------
Moody's Investors Service has upgraded OJSC Bank of Baku's long-
term local and foreign-currency deposit ratings to B1 from B2.
Concurrently, Moody's has affirmed the bank's standalone E+ bank
financial strength rating (BFSR), and raised the equivalent
baseline credit assessment (BCA) to b1 from b2. Moody's also
affirmed the bank's Not Prime short-term local and foreign-
currency deposit ratings. All the aforementioned long-term
ratings carry a stable outlook.
The rating upgrade reflects Bank of Baku's track record of strong
financial performance and Moody's expectation that the bank's
standalone credit worthiness will remain robust for the
foreseeable future.
Moody's rating action is primarily based on Bank of Baku's
audited financial statements for 2012 prepared under consolidated
IFRS, as well as the bank's unaudited financial statements for
November 30, 2013, prepared in accordance with the non-
consolidated local GAAP
Ratings Rationale:
According to Moody's, the rating action reflects the bank's (1)
good asset quality, leading to lower credit costs compared with
those of similarly rated peers; and (2) healthy capital buffer,
which, together with a robust pre-provision profitability,
provide the bank with good loss-absorption capacity. However, at
the same time, Moody's says that Bank of Baku's relatively high
appetite for credit risk -- demonstrated by the rapidly growing
retail loan book in recent years -- will be a key constraining
factor for the ratings.
Solid Asset Quality:
Despite rapid lending growth in recent years, Bank of Baku's
asset quality has remained solid and Moody's expects the bank's
asset quality to remain stable over the next 12-18 months given
that the favorable operating environment in Azerbaijan (Baa3
stable) supports credit quality.
Moody's notes that Bank of Baku's overall asset quality remains
superior to that of similarly rated peers, with the level of
loans overdue for more than 90 days at around 3.2% of the gross
loan portfolio, as of June 30, 2013. In addition, the bank
provides sufficient coverage of problem loans, by maintaining
loss loan reserves at around 4.0% of gross loans and its cost of
risk is expected to remain below 2% in 2013 (year-end 2012: 1.5%
and year-end 2011: 0.6%)
Strong Profitability Leads to Ample Internal Capital Generation
Capacity:
The rating action also considers that the bank's focus on high-
margin consumer-lending business has provided it with robust core
profitability.
For end-November 2013, the bank reported net income of AZN48
million (AZN32.3 million for the whole year of 2012), in
accordance with local GAAP, translating into annualized return on
average assets of 9.2% and return on equity of 41.6% .
Moody's expects that Bank of Baku's core profitability will
remain robust over the next 12-18 months, supported by (1) the
recent growth of the loan portfolio (35% expected in 2013) ; (2)
strong margins (around 16% in 2012) and good cost efficiency (the
cost-to-income ratio was around 37% in 2012).
Bank of Baku's capital position benefits from its strong internal
capital generation and Moody's expects that the bank's capital
buffer will be sufficient to absorb expected credit losses under
Moody's central and averse scenario, with a Tier 1 ratio of
12.63% and a Total Capital Adequacy ratio of 19 % reported by the
bank at H1 2013. (11.77% and 21.3 % respectively in 2012)
What Could Move the Rating Up/Down:
Considering that rating action reflects Moody's forward-looking
view of Bank of Baku's performance over the next several years,
any positive rating actions are unlikely over the next 12-18
months. In the longer term, material improvements in the bank's
market franchise as well as maintenance of sound asset quality,
profitability and capitalization may have positive rating
implications for the bank's ratings.
Downward pressure could be exerted on Bank of Baku's ratings as a
result of any material adverse changes in the bank's risk
profile, particularly any significant impairment in the bank's
asset-quality.
Headquartered in Baku, Azerbaijan , Bank of Baku reported total
assets (under non-audited Local GAAP) of AZN649.4 million, total
equity of AZN125.6 million, and net income of AZN48 million as of
November 30, 2013.
BANK RESPUBLIKA: Moody's Alters Outlook on B2 Ratings to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
Azerbaijan-based Joint Stock Commercal Bank Respublika's B2 long-
term deposit ratings to positive from stable. Moody's has
affirmed the bank's B2 long-term local and foreign currency
deposit ratings, standalone E+ bank financial strength rating
(BFSR), mapping to baseline credit assessment of b2, and Not
Prime short-term bank deposit ratings.
The change of rating outlook to positive reflects the bank's
positive track record of sound financial performance, namely good
asset quality, robust profitability and capitalization.
Moody's rating action is primarily based on Bank Respublika's
audited financial statements for 2012, prepared under
consolidated IFRS, as well as the bank's unaudited financial
statements for October 1, 2013, prepared in accordance with the
local GAAP.
Ratings Rationale:
According to Moody's, the positive outlook reflects (1) the
bank's lower risk appetite compared with peers; and (2) its track
record of sound financial performance, particularly its adequate
asset quality, robust profitability and capitalization.
Bank Respublika focuses on small and medium-sized enterprise
(SME) and retail lending in Azerbaijan, which results in moderate
single-name concentrations. The bank's retail loan book (56% of
total loans) is primarily focused on less risky secured lending,
including car loans, and mortgages, whereas unsecured consumer
loans amount to just 8% of loans as of 1 October 2013, according
to Bank Respublika's management data. Moreover, the bank targets
growth in line with the market average, i.e., not higher than
20%. Moody's considers such a business strategy to be less risky
compared with those of peer retail lenders.
The bank reported a low level of non-performing loans (NPLs;
loans overdue for more than 90 days) at Q3 2013 -- 2.2% of gross
loans (2% under IFRS at year-end 2012), which is lower than
system average of 9%. NPLs are fully covered by loan loss
reserves. Credit costs amounted to low 0.65% of total loans as of
Q3 2013. Although there might be a marginal increase in NPLs,
driven by growth in higher-yielding retail loans, Moody's does
not expect a material deterioration in Bank Respublika's asset
quality, considering the stable operating environment and the
bank's relatively stringent underwriting policy compared with
those of peers.
Bank Respublika's profitability has been on an improving trend
since 2011, supported by higher core revenues related to the
growth of its loan book and low credit costs. The bank's net
interest margin increased to 7.4% at year-end 2012 (6.9% in 2011)
from 4.1% in 2010 on the back of the expansion of higher-yielding
retail loans. Moody's expects Bank Respublika's profitability to
remain adequate within the next 12-18 months, underpinned by a
healthy net interest margin and relatively stable fee and
commission income.
Bank Respublika's capitalization is adequate and sufficient to
absorb the bank's expected credit losses according to Moody's
scenario analysis. Moody's expects the bank to maintain Tier 1
capitalization at 11% and total CAR at 19% as of year-end 2013,
despite a planned dividend payout of 100% of net income. Total
CAR is supported by the bank's issuance of $10 million of
subordinated debt at the end of November 2013, which is, however,
of a lower quality than the Tier 1 capital issuance. Moody's
notes that the bank's further capital position will depend on its
future dividend payouts and asset growth.
What Could Move the Ratings Up/Down:
A possible upgrade of Bank Respublika's ratings would be
contingent on the bank's ability to maintain good capitalization,
healthy asset quality and robust profitability.
Downward pressure could be exerted on Bank Respublika's ratings
by (1) any material adverse changes in the bank's risk profile,
in particular significant deterioration of the bank's asset
quality; (2) a material drop in capitalization as a result of an
aggressive dividend policy and/or rapid loans growth; or (3) a
shortfall in liquidity.
Headquartered in Baku, Azerbaijan, Bank Respublika reported total
assets of AZN437 million (US$557 million), total shareholder's
equity of AZN56 million (US$71 million), and net income of
AZN10.5 million (US$13.4 million) as of October 1, 2013.
BANK TECHNIQUE: Moody's Changes Outlook on Caa2 Ratings to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to stable from
developing on Bank Technique OJSC's Caa2 long-term local and
foreign-currency deposit ratings. Concurrently, Moody's affirmed
Bank Technique's standalone E bank financial strength rating
(BFSR) , which is equivalent to a baseline credit assessment
(BCA) of caa3, and the bank's Caa2 long-term and Not Prime short-
term local and foreign-currency deposit ratings.
The outlook change reflects the recent stabilization of Bank
Technique's financial profile. The bank has made progress in
recovering problem loans and restoring its capital base, enabling
it to comply with regulatory capital requirements by year-end
2013.
Moody's rating action is primarily based on Bank Technique's
audited financial statements for H1 2013 prepared under
consolidated IFRS, as well as the bank's unaudited financial
statements for 1 November 2013, prepared in accordance with the
non-consolidated local GAAP
Ratings Rationale:
According to Moody's, the rating action reflects the bank's (1)
still-weak, albeit improved asset quality; (2) restored capital
levels but still-weak loss-absorption capacity because of low
provisioning levels and weak pre-provision profitability; and (3)
stabilized liquidity and funding profile.
Considering the ongoing problem loan workouts, Moody's expects a
gradual improvement in the bank's asset quality, profitability
and capital levels over the next 12-18 months, which is in line
with a stable outlook.
Asset Quality Improved, but the Level of Non-Performing Loans
Remains High:
The rating agency notes that despite the progress the bank has
achieved in recovering problem loans in H2 2012- H1 2013, its
asset-quality remains weak as reflected by a high level of non-
performing loans (NPL's). According to the audited IFRS report,
the absolute amount of NPLs (defined as loans 90+ days overdue)
decreased by almost 50% to around 36% of gross loans in H1 2013
down from 65% in 2012.
Capital Position Improved But Loss Absorption Remains Weak:
Moody's notes an increase in Bank Technique's capital levels over
the past 18 months and expects the bank's Total regulatory
capital level to increase above the regulatory minimum 12% by
year-end 2013 as a result of the recent Tier 2 capital injection.
According to Moody's, the bank's Tier 1capital ratio (Basel 1)
materially improved to 9% in H1 2013 from 1.7% at year-end 2011
as a result of (1) the capital increase; (2) the recovery of loan
loss provisions following the sale of foreclosed collateral; and
(3) a material decrease in risk-weighted assets.
At the same time, the rating agency says that Bank Technique's
loss absorption still remains very weak due to a low level of
loan loss reserves, which account for around 14% of gross loans
providing insufficient coverage of problem loans of around 40% at
H1 2013.
In addition, Bank Technique's pre-provision profitability also
remains weak because a large portion of loan book remains non-
performing and the bank's improvement in bottom line
profitability was largely driven by the reversal of loan loss
provisions in H1 2013.
Liquidity Profile Has Stabilized:
Bank Technique's liquidity profile has stabilized over the past
18 months and the bank has maintained a sufficient level of
liquid assets of around 20% of total assets in January - November
2013. In addition, during H1 2013, Bank Technique managed to
restore its core funding base and reduced its reliance on
interbank funding as customer deposits grew by 19% (after
dropping by 16% in 2012), accounting for 58% of total
liabilities.
Support Considerations:
Bank Technique's Caa2 ratings incorporate a one notch uplift from
its standalone BCA of caa3, reflecting a low probability of
systemic support.
What Could Move the Ratings Up/Down:
Moody's says that any positive upward pressure on Bank
Technique's ratings over the next 12-18 months will be contingent
on its ability to materially improve its loss-absorption capacity
and demonstrate further material reductions of problem loans.
Downward pressure could be exerted on Bank Technique's ratings as
a result of any material adverse changes in the bank's credit-
risk profile, particularly any significant impairment of the
bank's capital position or/and liquidity profile.
Headquartered in Baku, Azerbaijan, Bank Technique reported total
assets (under IFRS) of AZN435 million, total equity of AZN47.6
million, and net income of AZN14.8 million as of June 30, 2013.
===========
F R A N C E
===========
CROWN EUROPEAN: Moody's Lowers EUR500MM Notes Rating to 'Ba1'
-------------------------------------------------------------
Moody's Investor Service downgraded to Baa2 from Baa1 the
proposed senior secured credit facilities and senior secured term
loans of Crown Americas LLC, Crown European Holdings S.A., and
Crown Metal Packaging Canada L.P. Additionally, Moody's also
downgraded the EUR500 million 7.125% senior unsecured notes due
8/15/2018 Crown European Holdings S.A. to Ba1 from Baa3 and
affirmed Crown Holdings, Inc.'s Ba1 Corporate Family and Ba1-PD
Probability of Default ratings. The ratings outlook is stable.
The proceeds will be used to refinance the current senior secured
credit facilities due in June 2015 and term loans due in June
2016.
The downgrade of the secured instrument ratings to Baa2 from Baa1
reflects the upsizing of the proposed term loans and consequent
change in the contemplated capital structure.
Moody's took the following rating actions:
Crown Holdings Inc.
-- Affirmed corporate family rating, Ba1
-- Affirmed probability of default rating, Ba1-PD
-- Affirmed speculative grade liquidity rating,
SGL-2
Crown Americas, LLC
-- Affirmed $450 million US Revolving Credit Facility due
June 2015, Baa1 (LGD1, 6%) (to be withdrawn at the close of
the transaction)
-- Downgraded $450 million US Revolving Credit Facility
due December 2018, to Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)
-- Affirmed $550 million senior secured Term Loans due June
2016 (221 outstanding), Baa1 (LGD1, 6%) (to be withdrawn at
the close of the transaction)
-- Downgraded $800 million senior secured Term Loans due
December 2018, to Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)
-- Downgraded the upsized $362 million senior secured Farm
Credit Term Loans due December 2019, Baa2 (LGD 2, 14%)
-- Affirmed $700 million senior unsecured notes due February
2021, Ba2 (LGD5, 71% from LGD4, 66%)
-- Affirmed $1,000 million senior unsecured notes due
January 2023, Ba2 (LGD5, 71% from LGD4, 66%)
Crown Cork & Seal Company, Inc.
-- Affirmed $63.5 million senior unsecured notes due
December 2096, Ba3 (LGD 6, 97%)
-- Affirmed $350 million senior unsecured notes due December
2026, Ba3 (LGD 6, 97%)
Crown European Holdings S.A.
-- Affirmed $700 million European revolving credit facility
due June 2015, Baa1 (LGD1, 6%) (to be withdrawn at the close
of the transaction)
-- Downgraded $700 million European revolving credit facility
due December 2018, Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)
-- Affirmed EUR274 million senior secured Term Loan A due June
2016 (110 outstanding), Baa1 (LGD1, 6%) (to be withdrawn at
the close of the transaction)
-- Downgraded the upsized EUR700 million senior secured Term
Loan A due December 2018, Baa2 (LGD 2, 14%)from Baa1
(LGD1, 9%)
-- Downgraded EUR500 million 7.125% senior unsecured notes
due August 2018 to Ba1 (LGD 3, 38%) from Baa3 (LGD 2, 28%)
Crown Metal Packaging Canada L.P.
-- Affirmed $50 million Canadian revolving credit facility
due June 2015, Baa1 (LGD1, 6%) (to be withdrawn at the close
of the transaction)
-- Downgraded $50 million Canadian revolving credit facility
due December 2018, to Baa2 (LGD 2, 14%) from Baa1 (LGD1, 9%)
The ratings are predicated upon the transaction closing as
projected and the achievement of the forecasted level of debt
reduction over the rating horizon. Additionally, the ratings are
sensitive to any changes in the amount of outstanding unsecured
debt.
The ratings are subject to the receipt and review of the final
documentation.
Ratings Rationale:
The affirmation of the Ba1 corporate family rating reflects
Crown's strong pro forma free cash generation and commitment to
dedicate a sufficient portion of it to debt reduction over the
intermediate term to improve pro forma credit metrics to a level
commensurate with the rating category. The affirmation also
reflects the benefits of the Mivisa acquisition including
projected synergies of US$34 million by 2016, the benefits of
Mivisa's newer facilities and operating model and Crown's strong
liquidity. Pro forma leverage rises to 5.3 times as of
September 30, 2013, but declines to approximately 4.8 times by
year-end as Crown's peak working capital season winds down and
the company pays down debt with its strong free cash flow.
The stable outlook reflects an expectation that Crown will
dedicate sufficient free cash flow to debt reduction to improve
credit metrics to a level commensurate with the rating category
over the intermediate term.
The ratings could be downgraded if Crown fails to improve credit
metrics over the intermediate term, there is a deterioration in
the cushion under existing financial covenants, and/or a
deterioration in the competitive or operating environment.
Additionally, a significant acquisition or change in the asbestos
liability could also trigger a downgrade. Specifically, the
rating could be downgraded if the EBIT interest coverage remained
below 3.7 times, leverage remained above 3.8 times and free cash
flow to debt remained below 8.5%.
The ratings could be upgraded if Crown commits to maintaining
financial policies and a capital structure that are consistent
with an investment grade rating and achieves a sustainable
improvement in credit metrics within the context of a stable
operating and competitive environment. Specifically, the ratings
could be upgraded if leverage declined to below 3.0 times, EBIT
interest coverage improves to over 4.0 times, the EBIT margin
remains in the double digits, and free cash flow to total debt
improves to over 10%.
ODO & CIE: Moody's Affirms 'Ba1' Debt & Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has affirmed Oddo & Cie's long-term
debt and deposit ratings at Ba1 and standalone bank financial
strength rating (BFSR) of D+, equivalent to a baseline credit
assessment of ba1. Moody's has also affirmed the subordinated
debt rating at Ba2. The outlook is stable and the short-term
rating was also affirmed at Not-prime.
The affirmations reflect Moody's assessment of (1) the bank's
established but niche franchises that have high sensitivity to
both customer confidence, and market activities and volatility;
(2) its volatile income base and relatively low efficiency; and
(3) "key man risk" arising from the structural concentration of
decision power to a single managing partner. Strong liquidity and
high capital levels are the main factors that support the bank's
ratings.
Following this rating action, Moody's will withdraw the ratings
of Oddo & Cie for its own business reasons.
Ratings Rationale:
Oddo's BFSR of D+/ba1 reflects its established and diversified
niche franchises, notably: asset management, private banking,
securities services, fixed-income and metals trading, corporate
finance, and equity research and trading. However, Moody's
considers that Oddo's franchises are, to varying degrees,
sensitive to the confidence of their customers, mainly comprising
corporates, institutions and high-net-worth individuals.
Moreover, Oddo's income is subject to some volatility in the
asset-management business and investment bank activities.
Despite improved net profit in 2012 and H1 2013, the market-
sensitive nature of both the investment banking and asset
management and services activities makes Oddo & Cie's recurring
profitability subject to significant volatility. Furthermore
Oddo's profitability has often been boosted by one-off profits as
recently evidenced with the capital gain generated by the sale in
2013 of its stake in the joint venture with La Banque Postale.
Lastly, the bank's rather rigid cost structure makes its
efficiency relatively low, despite recent improvements.
Despite measures aimed at strengthening Oddo's corporate
governance mechanisms, Moody's takes into account the "key man
risk" arising from the critical role that the sole managing
partner plays in the bank's decision making process. At the same
time, Moody's believes that the bank's ownership structure
results in a degree of discipline on the group's natural risk-
taking activities. The management and employees hold significant
equity, whilst the managing partner has unlimited liability.
Mitigating factors include (1) strong liquidity, based on very
limited maturity transformation and substantial reserves of
liquid assets to cover the bank's wholesale liabilities; and (2)
high capital resources resulting in a comfortable Tier 1 ratio
and adequate leverage, commensurate with the bank's overall risk
profile.
The stable outlooks on all the ratings reflect Moody's
incorporation into the bank's current ratings of the expected
pressures from the difficult business environment and the effects
these pressures will have on the bank's standalone credit
profile.
Ratings Withdrawal:
Subsequent to this rating action, Moody's will withdraw the
ratings of Oddo & Cie for its own business reasons.
PEUGEOT SA: Capital Hike Unlikely to Lift Rating in Near Term
-------------------------------------------------------------
Peugeot SA's widely reported plan to raise more fresh capital
would be unlikely to result in an upgrade of the company's credit
rating, or a revision of the rating's Negative Outlook, in the
short term, Fitch Ratings says. Issuing new shares and changing
the shareholder structure would reduce net debt and leverage, but
would not address the key challenges of weak profitability and
negative free cash flow from industrial operations.
PSA's 'B+'/Negative IDR reflects its high debt, which weighs on
key credit metrics. It is also driven by poor underlying
profitability and weak funds from operations (FFO), which led to
FFO-adjusted leverage of 6.7x and FFO-adjusted net leverage of
3.6x at end-2012. Fitch expects these ratios to rise to more than
7x (gross) and 4x (net) at end-2013.
The plan to raise EUR3 billion-EUR4 billion, reported by the
press to be from China's Dongfeng Motors and the French state,
would have an immediate positive impact on net debt and liquidity
and would reduce leverage metrics by between 1.4x and 1.8x pro
forma. It would also enable the group to maintain investment
without impairing its net indebtedness. But it will do little to
solve fundamental challenges on revenue growth and cost
structure, including capacity utilization, raw materials and
currency movements. The capital increase of more than EUR1bn
undertaken in 2012 has been absorbed rapidly and did little to
curb cash burn and the deterioration in key credit metrics.
Separately, this morning the group announced impairment charges
on assets from its automotive division in Russia and Latin
America from weak sales in the region and unfavorable currency
movements. These charges will be booked in 2013 and will have no
cash impact, but further underline the challenges and adverse
conditions the group faces.
PSA also revised down the benefit it expects to generate from its
alliance with General Motors, to US$600 million from US$1
billion. However, the group confirmed that it was studying
further industrial and commercial projects with various partners.
Fitch believes this is likely to include projects with Dongfeng,
as reported in the press for some time.
=============
G E R M A N Y
=============
SAG SOLARSTROM: To Hammer Out Deal with Trustee After Insolvency
----------------------------------------------------------------
Shane Strowmatt at The Wall Street Journal reports that S.A.G.
Solarstrom AG has filed for insolvency, making it the latest in a
string of photovoltaic companies to buckle under intense
international competition.
Delayed cash inflows left the company in a liquidity squeeze,
S.A.G. Solarstrom said Friday, and talks with banks, financial
services providers and other creditors have been unable to secure
the liquidity needed to guarantee the timely payment of
liabilities, the Journal relates.
"Altogether, a sum of over EUR20 million (US$27.5 million) is
lacking. It has not been possible for us to cover this
significant liquidity shortfall, despite all our efforts," the
Journal quotes Chief Executive Karl Kuhlmann as saying.
During the next three months, S.A.G. Solarstrom plans to hammer
out a deal with a provisional trustee and the provisional
creditors' committee on a restructuring, the Journal discloses.
SolarWorld warded off a threat of insolvency in August by
striking a debt write-off deal with creditors and shareholders,
the Journal recounts. In that deal, shareholders' stake in the
company was reduced to 5%, while creditors were appeased with new
shares totaling a 95% stake, the Journal notes.
S.A.G. Solarstrom's liquidity shortfall came after several
payments to the company were delayed for various reasons, the
Journal relays. In Germany, payments to S.A.G. Solarstrom were
affected by the insolvencies of a module supplier and several
service providers, the Journal states. The cash inflow expected
from the sale of an Italian system portfolio has been delayed due
to a legal dispute with a network operator, the Journal says.
The repayment of a loan to an Italian project company will likely
be delayed until the end of the first quarter of 2014 at the
earliest, also for legal reasons, according to the Journal.
The company stressed that although it is insolvent, it isn't
over-indebted in accounting terms and operations are intact, the
Journal states.
In 2012, S.A.G. Solarstrom reported sales of EUR188.6 million and
the company swung to an after-tax profit of EUR1.11 billion from
a loss the year before, the Journal relates.
The insolvency will affect the interest payment on a corporate
bond due Dec. 16, which won't be made, the Journal says.
Founded in 1998, SAG Solarstrom is a German company that builds
and operates solar power plants.
TITAN EUROPE 2006-2: Fitch Cuts Rating on Class J Notes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Titan Europe 2006-2 plc's class A, B,
C, D, E and F CMBS notes due 2016. It has also downgraded two
other tranches and affirmed another tranche as follows:
EUR30.9m Class A (XS0254356990) upgraded to'BBBsf' from
'BBB-sf'; Outlook Negative
EUR61.7m Class B (XS0254357378) upgraded to'BBBsf' from 'Bsf';
Outlook Negative
EUR44.1m Class C (XS0254357881) upgraded to'BBsf' from 'CCCsf';
Outlook Stable
EUR23.1m Class D (XS0254357964) upgraded to'Bsf' from 'CCCsf';
Outlook Stable
EUR57.5m Class E (XS0254358004) upgraded to'Bsf' from 'CCsf';
Outlook Stable
EUR37.4m Class F (XS0254358699) upgraded to 'CCCsf' from
'CCsf'; Recovery Estimate RE80%
EUR29.3m Class G (XS0254648263) affirmed at 'CCsf'; RE0%
EUR24.3m Class H (XS0254647612) downgraded to 'Dsf' from
'CCsf'; RE0%
EUR0m Class J (XS0254653180) downgraded to 'Dsf' from 'CCsf';
RE0%
Key Rating Drivers:
Workouts Completed
The upgrades are driven by higher-than-expected recoveries from
the sales of the Petrus and Velvet portfolios and by an upward
revision of recovery prospects on the defaulted Margaux loan. The
downgrades of the junior class notes are the result of losses
being realised from the Velvet loan workout.
Over the last 12 months, EUR342.7 million of class A has been
repaid, with proceeds from the full repayment of the EUR208
million Petrus loan, a EUR9 million repayment of the EUR271.3
million Margaux loan and recoveries of EUR127.2 million on the
EUR142.6 million Velvet loan. This significant sequential
principal repayment has increased credit enhancement for all
tranches except for class H and J which have been hit by realised
losses.
Workouts before Bond Maturity
The senior ratings are constrained by the upcoming bond maturity
in January 2016. Should the sales process for the Margaux
portfolio not be completed before six months to bond maturity,
the senior notes would lose their investment-grade ratings due to
the application of rating caps. This risk is reflected in the
Negative Outlook on class A and B notes despite Fitch's
expectations that the notes will be redeemed in a 'BBBsf' stress.
Despite a vacancy rate of approximately 20% and a concentration
in East German federal states, the multifamily housing portfolio
underlying the Margaux loan has already attracted a number of
non-binding bids. Fitch expects the sale to be completed within
the remaining two years of the transaction, given the successful
sale of the cross-defaulted Petrus loan and strong overall
investor interest in the multifamily housing sub-sector.
In addition to receiving EUR9 million of paydown from the sale of
assets underlying the Petrus loan, the Margaux loan may also
benefit from a further paydown of EUR5 million retained for
potential claims from the Petrus buyer. This, along with a EUR0.6
million liquidity reserve, could be allocated to partially pay
down the Margaux loan, if not needed in connection with the
Petrus loan. Default interest on the loan is being deferred until
redemption, making surplus funds available for collateral
improvements to assist the sale. Unpaid default interest ranks
senior to principal repayment.
In contrast, the EUR46.5 million Labrador loan has a history of
limited borrower reporting. A recently appointed asset manager is
working with the special servicer to rectify this and to
formulate an exit strategy for the loan. With the looming bond
maturity and no sales process commenced yet, Fitch has given more
limited credit to recoveries from the Labrador loan by January
2016.
Interest on the Labrador loan is not being received, which has
triggered liquidity facility drawings totalling EUR3.2 million to
date.
Rating Sensitivities:
Updated information on the progress of the sale of the properties
backing the Margaux loan, and depending on timing and target
price, may result in negative or positive rating action. Any
significant delays would likely result in a downgrade of the
senior notes while binding bids received in excess of Fitch's
expectations would likely result in upgrades of the mezzanine
notes.
===========
G R E E C E
===========
FREESEAS INC: Insurers to Pay US$1.1-Mil. for Hijacked Vessel
-------------------------------------------------------------
FreeSeas Inc. has entered into terms with the insurers of M/V
Free Goddess pursuant to which the sum of US$1,100,000 will be
paid by the insurers to the Company. The amount of US$700,000
has already been disbursed in favor of the Company pursuant to
the terms agreed.
The M/V Free Goddess had been hijacked by pirates in February
2012 and under repairs at her port of refuge since her release in
October 2012.
As a result of the repairs, progress, and the funding received,
the vessel is now expected to shortly return to service.
About FreeSeas Inc.
Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies. The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.
The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks." As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.
Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010. As of Sept. 30, 2013, the Company had $107.35
million in total assets, US$106.63 million in total liabilities,
all current, and US$711,000 in total shareholders' equity.
RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012. The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency. In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements. It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank. Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets. These conditions, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
=============
H U N G A R Y
=============
NITROGENMUVEK: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB-'
long-term corporate credit rating on Hungarian fertilizer
producer Nitrogenmuvek Zrt. on CreditWatch with negative
implications.
The CreditWatch placement reflects S&P's view that
Nitrogenmuvek's fertilizer production and margins could be much
weaker in 2013 than S&P previously forecast. This is due to the
combined effect of a production decline, delayed deliveries,
lower fertilizer selling prices than S&P forecasts, and increased
operational costs.
S&P understands that the production decline was caused by a
production shutdown at Nitrogenmuvek's main plant, and that some
maintenance works took longer than S&P previously assumed.
However, S&P needs to establish the magnitude of the production
decline and whether it is temporary or could persist, especially
because the company's assets are concentrated in one plant.
Additionally, fertilizer prices are not as strong as S&P
previously anticipated, despite no significant capacity additions
and Nitrogenmuvek's dominance in its domestic market. In S&P's
view, this could indicate a shift in market conditions.
"We are therefore revising downward our base-case forecasts for
Nitrogenmuvek for 2013, as well as for 2014-2015, in light of the
company's significant operational underperformance and its
reduced ability to maintain high margins. Before lowering our
forecasts, we aim to obtain more information from management on
the reasons for the company's sustained costs despite a
production decline, and on whether production can return to near-
full capacity in a sustainable manner. We also intend to
ascertain whether the company is committed to maintain credit
metrics commensurate with the current rating and at least
positive free operating cash flow," S&P said.
"The CreditWatch placement reflects the possibility of a
downgrade of one notch if Nitrogenmuvek's credit metrics weaken
materially, or a downgrade of multiple notches if liquidity
weakens substantially. We will establish the magnitude of the
effect of declining production and margins on our base case by
reviewing the company's orders and management's budget and plans
in early 2014. Important considerations in the revision of our
forecasts are the company's plans and flexibility for capex and
dividend payments. We aim to resolve the CreditWatch placement in
no more than 90 days," S&P added.
S&P could downgrade Nitrogenmuvek by one or more notches
depending on its assessment of liquidity, support from lenders,
and the severity and significance of the company's
underperformance.
S&P could remove the existing 'BB-' rating from CreditWatch and
affirm it if it thinks that Nitrogenmuvek is able and committed
to maintain credit metrics in line with the existing rating, if
S&P foresees that the company's operational performance will be
resilient in the next couple of years, and if the company can
maintain at least "adequate" liquidity.
=============
I R E L A N D
=============
EUROCREDIT CDO: Moody's Affirms 'Ba2' Rating on Class D Notes
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following notes issued by Eurocredit CDO VIII Limited:
EUR47,700,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2020, Upgraded to Aa1 (sf); previously on Nov 14,
2013 Aa2 (sf) Placed Under Review for Possible Upgrade
EUR432,300,000 (current balance EUR190,867,648.22) Class A
Senior Secured Floating Rate Notes due 2020, Affirmed Aaa (sf);
previously on Sep 29, 2011 Upgraded to Aaa (sf)
EUR42,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2020, Affirmed Baa1 (sf); previously on Sep 29, 2011
Upgraded to Baa1 (sf)
EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2020, Affirmed Ba2 (sf); previously on Sep 29, 2011
Upgraded to Ba2 (sf)
EUR24,500,000 (current balance EUR15,606,792.67) Class E Senior
Secured Deferrable Floating Rate Notes due 2020, Affirmed B1
(sf); previously on Sep 29, 2011 Upgraded to B1 (sf)
Eurocredit CDO VIII Limited, issued in December 2007, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield senior secured European loans
managed by Intermediate Capital Managers Limited. This
transaction ended its reinvestment period in January 2011.
Ratings Rationale:
According to Moody's, the upgrade of the Class B notes is
primarily a result of the continued amortization of the portfolio
and subsequent increase in the collateralization ratios. Moody's
notes that as of October 2013, the Class A notes have paid down
by approximately EUR93.4 million (33%) in the past twelve months.
As a result of this deleveraging, the overcollateralization
ratios (or "OC ratios") of the senior notes have increased
significantly since October 2012. As per the trustee report dated
October 31, 2013, the Class A, Class B, Class C, Class D, and
Class E OC ratios are reported at 179.81%, 143.86%, 122.33%,
110.87%, and 105.55% respectively, versus October 2012 levels of
153.26%, 131.24%, 116.50%, 108.12% and 102.89%. Reported WARF has
marginally increased from 3010 to 3178 between these dates, while
the diversity score has reduced from 36 to 29, and exposure to
Caa assets has reduced from EUR67.9 million (15.21%) to
EUR42.11 million (12.06%) during the same period.
Moody's also notes that the portfolio includes a small number of
investments in securities that mature after the maturity date of
the notes. Based on the October 2013 trustee report, such
securities currently total EUR 10.8 million (3.4%) of reported
performing par.
Moody's notes that the key model inputs used in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate, are based on its published
methodology and may be different from the trustee's reported
numbers. In its base case, Moody's analyzed the underlying
collateral pool to have a (a) an EUR pool with performing par and
principal proceeds balance of EUR161.1 million, and defaulted par
of EUR23.3 million and (b) a GBP pool with performing par and
principal proceeds balance of GBP59.1 million, and defaulted par
of GBP0.02 million , a weighted average rating factor of 3781
(corresponding to a default probability of 23.85% over 3.34
years), a weighted average recovery rate upon default of 46.46%
for a Aaa liability target rating, a diversity score of 26 and a
weighted average spread of 3.82%. The GBP assets are fully hedged
with a macro swap which was also modelled.
As part of the base case, Moody's has addressed the exposure to
obligors domiciled in countries with local currency country risk
bond ceilings (LCCs) of A1 and below. Given the portfolio is
exposed to 8.15% obligors located in Spain, whose LCC is A3,
4.80% in Italy, whose LCC is A2, and 1.74% in Ireland, whose LCC
is A3, the model was run with different par amounts depending on
the target rating of each class of notes as further described in
the Section 4.2.11 and Appendix 14 of the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 2.00% for the Class A notes, 1.25% for the Class B
notes, and 0% for the Classes C, D and E notes.
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 89.89%% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, and
10.11% of non first-lien loan corporate assets would recover 15%.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis
where they are subject to stresses as a function of the target
rating of each CLO liability being reviewed.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk Approximately 11.7% of
the portfolio consists of European corporate rated B3 and below
and maturing between 2013 and 2015, which may create challenges
for issuers to refinance. Moody's considered a model run where
the base case WARF was increased to 3908 by forcing ratings on
25% of such exposure to Ca. This run generated model outputs that
were within one notch of the base case results.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy, especially as 14.7% of the
portfolio is exposed to obligors located in Ireland, Italy and
Spain, and 2) the large concentration of lowly rated debt
maturing between 2013 and 2015 which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation
of CDO documentation by different transactional parties due to
embedded ambiguities, and (3) additional expected loss associated
with hedging arrangements in this transaction which may also
impact the ratings negatively.
Sources of additional performance uncertainties are described
below:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extend restructurings. Fast amortization
would usually benefit the ratings of the senior notes but may
negatively impact the mezzanine and junior notes.
2) Moody's also notes that around 49% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.
3) Recoveries on defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices.
4) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Moody's assumes that at transaction
maturity such an asset has a liquidation value dependent on the
nature of the asset as well as the extent to which the asset's
maturity lags that of the liabilities. Realisation of higher than
expected liquidation values would positively impact the ratings
of the notes.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
OAKHAM RATED: Moody's Cuts Ratings on Three Note Classes to Caa3
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by Oakham Rated S.A.:
Issuer: Oakham Rated S.A. Series 3
Series 3 NOK451,000,000 Secured Limited Recourse Fixed Rate
Credit-Linked Notes due 2016 (Series 3), Downgraded to Caa3
(sf); previously on Nov 21, 2013 Caa1 (sf) Placed Under Review
for Possible Downgrade
Series V EUR33,791,000 Secured Limited Recourse Floating Rate
Credit-Linked Notes, Downgraded to Caa3 (sf); previously on
Nov 21, 2013 Caa2 (sf) Placed Under Review for Possible
Downgrade
Series VI EUR16,045,000 Secured Limited Recourse Floating Rate
Credit-Linked Notes, Downgraded to Caa3 (sf); previously on
Nov 21, 2013 Caa2 (sf) Placed Under Review for Possible
Downgrade
Series VII EUR5,824,000 Secured Limited Recourse Floating Rate
Credit-Linked Notes, Downgraded to Caa1 (sf); previously on
Nov 21, 2013 B2 (sf) Placed Under Review for Possible Downgrade
Series VIII TWD1610M Series 8 Notes, Downgraded to Caa1 (sf);
previously on Nov 21, 2013 B3 (sf) Placed Under Review for
Possible Downgrade
These transactions are collateralized debt obligations (the
"Collateralized Synthetic Obligation" or "CSO") initially
referencing an identical corporate portfolio managed by M&G
Investment Management Limited ("M&G"). Series V, VI , VII and
VIII are still actively managed byM&G Investment Management
Limited ("M&G") and they are referencing the same portfolio of
153 synthetic credit corporate exposures. Series 3 is referencing
a portfolio managed by JPMorgan Chase Bank, NA, the CDS
counterparty, which includes 142 synthetic credit corporate
exposures.
Ratings Rationale:
Actions reflect key changes to the modelling assumptions, which
incorporate (1) removal of the 30% macro default probability
stress for corporate credits (2) lowering the average recovery
rate assumptions for most types of debt (3) modifying the
modelling framework for corporate asset correlations (4)
introducing an adverse selection adjustment on default
probabilities where relevant, and (5) simplifying the cheapest-
to-deliver haircut that applies to recoveries.
Moody's notes that the ratings of these transactions are
extremely sensitive to the updated modelling assumptions which
penalise highly concentrated portfolios and take into account
Market Implied Ratings (MIRs). Both portfolios have significant
concentrations in the Banking and FIRE Sector (Finance, Insurance
and Real Estate) that exceed 45% of the total exposure. On
average, the MIRs for entities belonging to these two sectors are
one notch lower than Moody's public ratings.
Series 3 has 2.9% credit enhancement and is referencing a
portfolio with a 1.3% aggregate exposure to four corporates which
are rated Caa3 and Ca. Series V, VI, VII and VIII have credit
enhancement of 2.5%, 2.5%, 3.9% and 3.6% respectively and are
referencing a portfolio with a 5.6% aggregate exposure to
corporate entities rated B1 and below. All the series have a
remaining life of three years.
Factors that would lead to an upgrade or downgrade of the rating:
Moody's notes that these transaction are subject to a high level
of uncertainties, the primary sources of which are (1) unexpected
volatility in the credit environment and the macroeconomy, (2)
divergence in legal interpretation of documentation by different
transactional parties due to embedded ambiguities, and (3)
unexpected changes in portfolio composition as a result of
certain transaction parties actions.
For CSOs, the credit default swaps' performance may be affected
either positively or negatively by (1) variations over time in
default rates for instruments with a given rating, (2) variations
in recovery rates for instruments with particular
seniority/security characteristics, and (3) uncertainty about the
default and recovery correlations characteristics of the
reference pool. Given the tranched nature of CSO liabilities,
rating transitions in the reference pool may have leveraged
rating implications for the ratings of the CSO liabilities, thus
leading to a high degree of rating volatility. All else being
equal, the volatility is likely to be higher for more junior or
thinner liabilities.
In addition to the base case analysis described above, Moody's
also performed sensitivity analyses, discussed in the scenario
below. Results are given in terms of the number of notches'
difference versus the base case, where higher notches correspond
to lower expected losses, and vice-versa:
Reference entities with insufficient credit information are
generally modeled with a rating in the Caa range. Moody' s
performs a sensitivity analysis by replacing the rating of these
entities with the average portfolio rating, resulting in model
outputs which are consistent with rating actions.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, and the portfolio manager's track record.
All information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
=========
I T A L Y
=========
BANCA CARIGE: Moody's Lowers Bonds Rating to 'Ba1'
--------------------------------------------------
Moody's Investors Service has downgraded to Ba1 (on review for
downgrade) from Baa1 (on review for downgrade) the ratings of the
residential mortgage covered bonds issued by Banca Carige S.p.A.
(deposits B3 negative, standalone bank financial strength rating
E/baseline credit assessment caa2 negative). At the same time,
Moody's has kept on review for downgrade the Baa2 ratings of
Banca Carige's commercial mortgage covered bonds.
These rating actions follow Moody's decision to downgrade the
issuer rating of Banca Carige S.p.A. to B3 from B2.
Ratings Rationale:
Rating action on the residential mortgage covered bonds was
prompted by the downgrade of the issuer's rating on
December 11, 2013.
For Banca Carige's residential mortgage covered bond program,
Moody's has downgraded the covered bond ratings to Ba1 and kept
those ratings on review for downgrade.
For the commercial mortgage covered bond program, Moody's has
decided to continue the review of the ratings pending additional
information from the issuer. Banca Carige is currently
considering making various structural changes to the commercial
mortgage program with the aim of mitigating refinancing risk. In
the course of Moody's review, the rating agency will consider any
proposed changes to the program and assess the resulting impact
on the rating and TPI.
The TPIs assigned to Banca Carige's residential and commercial
mortgage programs remain "Improbable". Moody's TPI framework may
constrain the final rating of both of Banca Carige's covered bond
programs following the review of the covered bond ratings.
The ratings that Moody's has assigned addresses the expected loss
posed to investors. Moody's ratings address only the credit risks
associated with the transaction. Moody's did not address other
non-credit risks, but these may have a significant effect on
yield to investors.
Key Rating Assumptions/Factors:
Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
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. Moody's splits
cover pool losses between market risk and collateral risk. Market
risk measures losses stemming from 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 cover pool assets' credit
quality. Moody's derives collateral risk from the collateral
score.
--- Residential Mortgage Covered Bonds
The cover pool losses are 28.1%, with market risk of 22.7% and
collateral risk of 5.4%. The collateral score for this program is
currently 8.1%. The over-collateralization (OC) in this cover
pool is 149.2%, of which Banca Carige provides 22% on a
"committed" basis. Once the rating review concludes, Moody's will
reassess the level of OC that is consistent with the maximum
rating achievable.
--- Commercial Mortgage Covered Bonds
The cover pool losses are 46.0%, with market risk of 22.6% and
collateral risk of 23.4%. The collateral score for this program
is currently 34.9%. The OC in this cover pool is 54.3%, of which
Banca Carige provides 10.5% on a "committed" basis. Once the
rating review concludes, Moody's will reassess the level of OC
that is consistent with the maximum rating achievable.
For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on the most recent Performance Overview.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that the issuer will make
timely payments to covered bondholders if the issuer defaults.
The TPI framework limits the covered bond rating to a certain
number of notches above the issuer's rating.
Factors that Would Lead to an Upgrade or Downgrade of the Rating:
The issuer's credit strength is the main determinant of a covered
bond rating's robustness. The TPI Leeway measures the number of
notches by which Moody's might downgrade the issuer's rating
before the rating agency downgrades the covered bonds because of
TPI framework constraints.
The TPI assigned to Banca Carige's residential and commercial
covered bonds remains Improbable. The TPI Leeway for both
programs is limited, and thus any downgrade of the issuer ratings
may lead to a downgrade of the covered bonds.
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.
BANCA SELLA: Moody's Cuts Deposit Ratings to Ba1; Outlook Neg.
--------------------------------------------------------------
Moody's has downgraded Banca Sella Holding deposit ratings to
Ba1/Not-Prime from Baa3/Prime-3, and lowered the bank's
standalone baseline credit assessment (BCA) to ba2 from ba1.
Moody's says that rating action reflects Banca Sella's weakening
financial fundamentals; despite a relative stronger performance
than many of its Italian peers, the persistence of a weak
operating environment in Italy continues to put pressure on the
bank's asset quality, profitability and in turn its
capitalization levels.
The outlook on all ratings is negative, reflecting the ongoing
pressure on asset quality and profitability, stemming from the
still weak economic environment.
Action concludes the review initiated on September 24, 2013.
Ratings Rationale:
Moody's says the main driver of the one-notch lowering of Banca
Sella's standalone BCA is the bank's deteriorating asset quality,
in a context of weak profitability and low capital levels
providing only a limited cushion against the risks of a further
loan portfolio deterioration.
In June 2013 Banca Sella's problem loans accounted for 10.5% of
gross loans, up 100 basis points from December 2012 (9.5%) and
280 basis points since December 2011 (7.7%).
Despite this increase, Moody's positively notes that since 2009
Banca Sella's problem loans have been lower than the system
average, which was 11.3% as of June 2013.
The deterioration in asset quality has impacted the bank's
profitability; cost of risk increased from 54 basis points in
2008 to 150 basis points in June 2013 (annualized). Moody's noted
however that Banca Sella's results on financial instruments,
coupled with some reduction in operating costs, mostly
compensated the increased loan loss charges. Overall, Moody's
notes that Banca Sella's profitability remains low, with net
profit below 0.3% of the bank's risk-weighted assets (RWA) in the
last five years.
In the context of the ongoing recessionary environment and weak
recurring profitability, Moody's said that it considers Banca
Sella's capital to be modest. After selling some branches and the
first tranche of a small capital increase, Banca Sella's core
tier 1 reached 8.2% in June 2013, up 40 basis points from the
7.8% reported at December 2012. This compares with a system
average of 10.7% at 2012 year-end, which however includes banks
that benefit from internal advanced models for RWA calculation.
At the same time, Moody's notes that Banca Sella is also more
leveraged than the system, with total assets representing almost
21 times the bank's tier 1 capital; this compares with a 18 times
aggregate for the system in December 2012 (see note 4 at the end
of this report).
Moody's said the lower BCA prompted the one-notch downgrade of
the long-term deposit rating to Ba1 from Baa3. Banca Sella's
deposit rating benefits from a one-notch uplift from the
standalone BCA, reflecting a moderate probability of
extraordinary systemic (government) support; this assessment
mostly derives from the high market share Banca Sella has in the
national payment systems.
All ratings have a negative outlook, in line with most Italian
banks and with the Italian sovereign. This reflects the
possibility that downward pressure from the continuing weak
operating environment could result in a lowering of the
standalone BCA, which would in turn affect the bank's deposit
ratings.
What Could Move the Ratings Up/Down:
As indicated by the negative outlook on all ratings, an upgrade
is unlikely in the short- to medium-term. Upward pressure on the
standalone BCA could derive from a sustainable increase in the
Tier 1 ratio above 10%, together with stronger recurring
profitability in 2013 and 2014 that would absorb the cost of risk
and be a significant contribution to capital generation, together
with a stabilization of asset quality. A raising of the
standalone BCA could result in an upgrade of Banca Sella's long-
term deposit rating.
A lowering of the standalone BCA could be triggered by unexpected
losses in 2013, or by a material deterioration of asset quality.
A lowering of the standalone BCA would result in a downgrade of
Banca Sella's long-term deposit rating.
List of Affected Ratings:
-- Deposit ratings, downgraded to Ba1 with negative outlook /
NP from Baa3/P-3 on review for downgrade
-- Senior unsecured MTN, downgraded to (P)Ba1 with
negative outlook from (P)Baa3 on review for downgrade
-- Subordinate, downgraded to Ba3 with negative outlook from
Ba2 on review for downgrade
-- Subordinate MTN, downgraded to (P)Ba3 with negative
outlook from (P)Ba2 on review for downgrade
-- Tier III debt MTN, downgraded to (P)Ba3 with negative
outlook from Ba2 on review for downgrade
-- Standalone Bank Financial Strength Rating, downgraded to D
with negative outlook from D+ on review for downgrade
-- Standalone baseline credit assessment, lowered to ba2
with negative outlook from ba1 on review for downgrade
(note 1) Unless noted otherwise, data in this report are sourced
from company's reports or Moody's Financial Metrics.
(note 2) Problem loans include: non-performing loans
(sofferenze), watchlist (incagli), restructured
(ristrutturati) and past due loans (scaduti). Moody's
adjusts these numbers and only incorporates 30% of
watchlist category as an estimate of those over 90 days
overdue.
(note 3) Source of aggregate problem loans for the system: Bank
of Italy annual reports and financial stability reports.
(note 4) Source of aggregate capital ratios for the system: Bank
of Italy annual report 2012, published in May 2013.
UNIPOL GRUPPO: Moody's Affirms Ba2 Sr. Notes Rating; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 senior rating of
Unipol Gruppo Finanziario S.p.A., the holding company of the
group, and the Baa2 insurance financial strength rating (IFSR) of
Unipol Assicurazioni SpA, one of the main insurance operating
companies in the group. At the same time Moody's maintained the
negative outlook on these ratings.
Ratings Rationale:
The affirmation of the ratings reflects Unipol Group's very
strong business profile and strong insurance profitability which
is partly offset by the group's investment risk and execution
risk related to the merger with Fondiaria Sai SpA (unrated).
Unipol Group is the clear market leader in the Italian P&C market
(27% market share in 2012), well ahead of the second (19%) and
third (11%) market players; furthermore the insurer has a low
operating risk profile due to its mainly retail focus. Moody's
expects this strong P&C market position to translate into
substantial pricing power with its customers in the medium term.
The profitability of the insurance business is strong as the
group reported insurance profit of over EUR700 million in the
first nine months of 2013 and a P&C combined ratio of 92% (gross
of reinsurance). The overall group result for the period (EUR363
million) was however affected by the weak performance of the
banking operation, following EUR245 million of impairments before
tax and additional loan provisions in Unipol Gruppo Finanziario
of EUR100 million before tax in the first nine months of 2013. In
the near-term Moody's expect the group's overall profitability to
continue to be affected by extraordinary charges mostly related
to (i) the review of the banking loan portfolio to be completed
by YE2013 and (ii) the integration costs of the insurance
operations.
These strengths are partly offset by the asset risks arising from
the group's concentration in Italian sovereign bonds and elevated
exposure to real estate sector. Moody's estimates that Italian
government bonds, which back Italian liabilities, represented
around 60% of the group's total investment portfolio (around 4.2x
group's capital) as at 3Q13, and almost all of the group's
premiums are sourced in Italy. In addition, other investment risk
includes the elevated exposure to property (estimated at 10% of
total investments as at 3Q13), although the company is
streamlining this portfolio with the view of reducing its
exposure in the next few years. The group also holds a EUR6.6
billion portfolio of structured products, which is in the process
of being reduced through sales.
Moody's views the execution and legal risk of the merger with
Fondiaria Sai as medium, following the approval of the merger by
the Italian insurance regulator in July 2013, given the complex
operational nature of the merger. The transaction involves the
integration of three large insurers with their respective
distribution channels and will demand considerable management
time and effort in securing operational efficiency.
Moody's views the group's consolidated capitalization as adequate
and in line with Moody's expectations for a Baa-rated company. At
the end of 3Q13, the capital coverage of Unipol Group was 1.7x.
The available capital improved to EUR3.1 billion compared to
EUR2.6 billion at year-end 2012 thanks to an increase in
unrealised gains on investments and the positive retained
earnings in the first nine months of 2013. With respect to
financial flexibility, Moody's views the group's financial
leverage as good at 31% at year-end 2012. However, Moody's
expects earnings coverage to remain somewhat subdued in the short
term as a result of the weak bank profitability and extraordinary
integration costs.
Outlook:
The negative outlook mirrors the negative outlook on Italy's Baa2
government bond rating and reflects the uncertainties around the
economic and financial environment in Italy. The outlook also
reflects the challenges arising from the execution risk of
integrating multiple large insurance operations, as well as the
risk of further impairments related to the review of the bank's
loan portfolio.
What Could Move the Rating of Unipol Assicurazioni and UGF
Up/Down:
At present, there is limited upwards pressure on the ratings
given the negative outlook.
Downwards rating pressure could develop following any further
significant asset impairments and costs associated to the
integration, including legal and compensatory expenses. Any
significant loss of market share would also exacerbate negative
rating pressures, whilst any further downgrade of Italy's
government bond rating would also likely lead to a downgrade of
Unipol's ratings, due to various credit linkages between the two.
The following ratings were affirmed with a negative outlook:
Unipol Assicurazioni S.p.A. -- insurance financial strength
rating: Baa2
Unipol Assicurazioni S.p.A. -- subordinated debt rating:
Ba1(hyb)
Unipol Gruppo Finanziario SpA -- senior rating: Ba2
Unipol Gruppo Finanziario SpA -- senior MTN rating: (P) Ba2
Unipol Gruppo Finanziario SpA -- long term issuer rating: Ba2
===========
L A T V I A
===========
MORTGAGE & LAND BANK: Moody's Affirms 'E+' BFSR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 and Prime-3
long- and short-term local and foreign currency deposit ratings
of Mortgage and Land Bank of Latvia. The E+ bank financial
strength rating (BFSR) was also affirmed, which translates to a
baseline credit assessment (BCA) of b2. The outlook on all
ratings is stable.
Moody's Investors Service will withdraw all ratings of Mortgage
and Land Bank of Latvia for business reasons.
At the time of withdrawal, Mortgage and Land Bank of Latvia's
ratings are as follows:
-- Bank financial strength rating of E+ with a stable outlook
-- Long-term local and foreign currency deposit ratings of Baa3
with a stable outlook
-- Short-term local and foreign currency deposit ratings of
Prime-3
Mortgage and Land Bank of Latvia had no outstanding debt rated by
Moody's at the time of the withdrawal.
Ratings Rationale:
Moody's will withdraw the ratings for its own business reasons.
Rating action reflects the change in Mortgage and Land Bank of
Latvia's business over the past two years including the sale of
the bank's commercial business. The sale was a condition imposed
by the EC of the State capital support provided to the bank in
2009.
Following the sale, Mortgage and Land Bank is now exclusively a
development bank. Moody's believes this will have a negative
impact on factors such as asset quality, profitability and market
funding reliance (the bank's deposits were included in the sale
process). However, the ratings agency says that the b2 current
standalone rating already reflects these risks and is supported
by the current high capital level (Tier 1 ratio at end-September
2013 was 24.9%).
The change to a pure development bank also supports the 5 current
notches of systemic support as the bank now has a more explicit
policy role.
Headquartered in Riga, Latvia, Mortgage and Land Bank of Latvia
reported total consolidated assets of around LVL227 million
(EUR323 million) at the end of September 2013.
===================
L U X E M B O U R G
===================
ARCELORMITTAL SA: Fitch Affirms BB+ IDR & Unsecured Notes Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Luxembourg-based ArcelorMittal S.A's
(AM) Long-term Issuer Default Rating (IDR) and senior unsecured
rating at 'BB+', and Short-term IDR at 'B'. The Outlook on the
Long-term IDR is Stable. AM's US$2.25 billion mandatorily
convertible notes (MCN) and US$650 million subordinated perpetual
capital securities have been affirmed at 'BB-'.
The affirmations and Stable Outlook reflect Fitch view that steel
market conditions have bottomed this year and should show a
modest improvement in 2014 and beyond. Nevertheless AM's current
credit metrics are weak for a 'BB+' rating, with Fitch expecting
a 2013 EBIT margin of around 2% and funds from operations (FFO)
gross leverage in excess of 4.0x. Profitability and leverage
metrics remaining at these levels throughout 2014 would likely
result in negative rating action.
Fitch believes that AM will continue to focus on rationalizing
costs in order to reduce absolute debt levels and gradually
improve both leverage and profit metrics. While this process
carries a certain degree of execution risk, Fitch considers that
AM has a track record of delivering on promises in this regard.
Key Rating Drivers:
Deleveraging Targets
AM is expected to achieve net debt in the region of its US$17
billion deleveraging target in FYE13. This equates to around
US$20 billion on a Fitch-adjusted basis, including Fitch
treatment of AM's MCN and subordinated perpetual capital
securities as 100% debt and 50% equity, respectively.
Debt reduction to date has come from a variety of non-operational
means including equity and MCN issue (US$4.0 billion), the US$1.1
billion sale of a 15% stake in ArcelorMittal Mines Canada, and
the sale of stakes in Erdemir in 3Q13 and Enovos International SA
in 2012 for a total US$0.5 billion cash proceeds. AM is targeting
a further net debt reduction down to US$15 billion in the medium
term, which will be funded primarily from incremental operating
cash generated by the cost-rationalization program and improving
steel market conditions.
Western European Steel Market
For 2014, Fitch expects steel markets generally to show a modest
improvement with steel consumption rising by 2%-3%. This reflects
improving confidence but also a modest pick-up in demand from key
steel consuming sectors, such as automotive and construction.
This should allow a limited increase in steel prices in the
coming year given that inventory levels at service centers and
with end-users remain low.
Increasing Mining Output
Fitch expects AM to continue to expand its high margin mining
operations, notably through investments in iron ore in Liberia
and Canada. Despite the high margin nature of the company's
mining business, Fitch expects the effect on group profitability
that could be derived from expansion to be offset by the forecast
gradual decline in market prices for iron ore. However, Fitch
recognizes that the effort to increase vertical integration will
improve the company's operating stability by improving its self-
sufficiency and diversifying its cash generation.
Significant Scale and Diversification
The ratings reflect AM's position as the world's largest steel
producer. AM is also the world's most diversified steel producer
in terms of product mix and geography, and benefits from a solid
and increasing level of vertical integration into iron ore.
Mid-Point Cost Position
Fitch estimates that AM has an average cost position (higher
second quartile) overall, varying across the key regions in which
it operates. The cost positions of individual plants
significantly differ, with those in Europe generally operating at
higher costs. The company has embarked on a management gain
initiative targeting on cutting US$3 billion of costs by the end
of 2015, US$800 million of which has been achieved to date.
Rating Sensitivities:
Positive: Future developments that could lead to positive rating
action include:
-- FFO gross leverage below 2.25x
-- Recovery in EBIT margins to above 6%
Negative: Future developments that could lead to negative rating
action include:
-- FFO gross leverage sustained above 3.0x by the end of 2015
-- Persistently negative free cash flow
ORCO PROPERTY: Kingstown Slams CEO Ott, 31% Shareholder Vitek
-------------------------------------------------------------
Kingstown Capital Management, owner of 14 million shares or 12.5%
of the ordinary share capital of Orco Property Group, sent an
open letter to Orco's shareholders, saying, "We at Kingstown
believe that Jean-Francois Ott, Orco's CEO and Chairman, and
Radovan Vitek, who controls Czech Property Investments and 31% of
Orco's shares through various legal entities, are working
together to their mutual benefit but to the disadvantage of other
shareholders."
"We believe that OPG is the victim of their campaign to: (1)
allow Mr. Vitek to exercise control over OPG with only a minority
share position, (2) enable Mr. Vitek to strip assets out of OPG,
and (3) drive down the price of OPG to allow Mr. Vitek to
purchase the remainder of OPG at a bargain price at a later
date."
Kingstown's letter points of examples of activity supporting
those suspicions. A full-text copy of the open letter is
available at http://is.gd/R3gpTX
About Orco Property Group
Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe. Through its fully consolidated subsidiaries,
Orco Property Group SA operates in several countries, including
the Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia
and Russia. The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with
services, luxury hotels and hotel residences; it also develops
real estate projects as promoter.
Going Concern Doubt
As reported by the Troubled Company Reporter-Europe on April 15,
2013, Bloomberg News related that Deloitte commented on its audit
of Orco Property Group's 2012 financial statements. According to
Bloomberg, Deloitte cited "existence of material uncertainties
that may cast significant doubt on the Group's ability to
continue as a going concern."
=====================
N E T H E R L A N D S
=====================
INVISTA BV: S&P Lowers Corporate Credit Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on INVISTA B.V. to 'BB+' from 'BBB-'. At the same time,
S&P affirmed its 'BBB' rating (two notches above the corporate
credit rating) on subsidiary INVISTA S.a.r.l.'s senior secured
debt. S&P assigned a '1' recovery rating to this debt,
indicating its expectation for very high (90% to 100%) recovery
in the event of a payment default. S&P removed all ratings from
CreditWatch, where they were placed with negative implications on
Nov. 26, 2013. The outlook is stable.
"Our corporate credit rating on INVISTA incorporates a one-notch
uplift from its 'bb' stand-alone credit profile [SACP], resulting
in a one-notch downgrade," said Standard & Poor's credit analyst
Cynthia Werneth. Previously, S&P had enhanced INVISTA's SACP by
two notches in determining the corporate credit rating. S&P's
assessment is that INVISTA is "moderately strategic" to the
corporate group to which it belongs. This group consists of its
parent, Koch Industries Inc., and various Koch Industries
affiliates ("Koch").
S&P's view of INVISTA as "moderately strategic" to Koch is based
on its view that INVISTA is:
-- Unlikely to be sold in the near term.
-- Reasonably successful at what it does, but is significantly
less profitable and cash-generative than most of Koch's
other businesses.
-- Likely to receive support from Koch should it fall into
financial difficulty.
Koch has provided substantial support to INVISTA in the past,
including about $2.6 billion of equity and other payments between
2008 and 2011. In addition, an affiliate currently provides an
INVISTA entity with a subordinated revolving credit facility
under terms similar to those included in the entity's senior
secured bank group revolving credit facility. However, Koch
makes no explicit promise of future support.
Koch is among the world's largest privately held corporate
groups. S&P's 'aa-' group credit profile on Koch reflects its
high degree of diversity, with well-performing businesses across
a number of industries, principally oil refining, forest
products, chemicals, fertilizers, pipelines, glass, and
electronic connectors. It also reflects Koch's very conservative
financial policies, with the group overall having minimal
financial leverage and exceptional liquidity.
S&P's 'bb' stand-alone credit profile on INVISTA reflects what it
considers to be its "weak" business risk profile and
"intermediate" financial risk profile as defined in its criteria.
Positive factors in S&P's business risk assessment include
INVISTA's leading market positions in key product categories,
rising emerging market demand for its products, increasing nylon
content in autos (both under the hood and in airbags), the
company's growing presence in engineering polymers markets,
greater demand for high-performance branded apparel fibers, and
its recent sharper focus on new product development. In
addition, the company benefits from global manufacturing and
marketing.
S&P's key expectations regarding INVISTA's financial risk profile
are:
-- Operations are capital intensive, and working capital is
frequently a meaningful use of cash.
-- Capital spending will ramp up during the next few years,
likely causing free operating cash flow to be negative,
particularly if INVISTA builds a large-scale nylon plant in
China.
-- Most cash flow/leverage measures are currently modest as
defined in S&P's criteria, but will deteriorate in coming
years if INVISTA's ambitious capital expansion program is
debt-financed.
-- S&P adjusts debt to include sizable postretirement and
other obligations.
Given industry cyclicality and raw material cost volatility, S&P
expects earnings and cash flow to continue to fluctuate. But
because of extensive restructuring and the disposal of the less-
profitable PET business since the last industry downturn, S&P do
not expect the company's results to return to past cyclical lows.
S&P considers an average FFO to debt ratio of 30% to 45%
appropriate for the ratings. This compares with actual FFO to
debt of 58% as of Sept. 30, 2013.
In view of industry cyclicality, expected earnings and cash flow
generation, and a potential increase in debt to fund capital
expenditures, S&P regards an upgrade as unlikely during the next
year. However, if the company's capital spending, or debt-
financing associated with it, is significantly lower than S&P
expects, it could assess the financial risk profile more
favorably, resulting in a modest upgrade. S&P could also raise
the ratings if INVISTA receives material equity from Koch to
finance these expenditures, causing S&P to reassess the financial
risk profile and INVISTA's strategic importance to Koch. Longer
term, successful capital expansion or new product introductions
could enhance the business or financial risk profile, prompting
S&P to raise the ratings.
S&P could lower the ratings if a severe economic downturn or very
poor industry conditions cause free operating cash flow to be
significantly negative for an extended period, without any
offsetting cash inflows, stressing cash flow/leverage measures
more than S&P expects or significantly eroding liquidity. While
there is some capacity at the existing ratings for an increase in
debt, S&P could lower the ratings if additions to debt for
capital expansion, for example, are so significant that FFO to
debt appears likely to drop and remain below 20%. Although
unlikely given S&P's current assessment of INVISTA's relationship
to its corporate group, a downgrade could also occur if S&P no
longer viewed INVISTA as having any strategic importance to Koch.
JUBILEE CDO VIII: Fitch Affirms B- Rating on EUR16MM Cl. E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Jubilee CDO VIII B.V.'s notes, as
follows:
EUR234.2m Class A-1 (ISIN XS0331559640): affirmed at 'AAAsf';
Outlook Stable
EUR24m Class A-2 (ISIN XS0331560572): affirmed at 'AAAsf';
Outlook Stable
EUR42m Class B (ISIN XS0331560655): affirmed at 'Asf'; Outlook
Negative
EUR20m Class C (ISIN XS0331560903): affirmed at 'BBBsf';
Outlook Negative
EUR18m Class D (ISIN XS0331561208): affirmed at 'BBsf'; Outlook
Negative
EUR16m Class E (ISIN XS0331561463): affirmed at 'B-sf'; Outlook
Negative
Jubilee CDO VIII B.V. is a securitization of mainly European
senior secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations and high-yield bonds. At closing a total
note issuance of EUR400m was used to invest in a target portfolio
of EUR388m. The portfolio is actively managed by Alcentra Ltd.
Key Rating Drivers:
The affirmations reflect the transaction's stable performance
since the last surveillance review in January 2013. The reported
Fitch weighted-average rating factor (WARF) is stable at 30.51,
compared with 30.11 at the last review. This is higher than the
maximum WARF test threshold of 28. Assets rated 'CCC' or below
have increased to 12.8% of the portfolio, from 10.5% in January
2013. The transaction experienced one default since the last
review. The defaulted asset was subsequently sold by the asset
manager at a price of 79.1% of par.
The weighted average life (WAL) of the portfolio has increased to
4.6 years from 4.0 years at the last review as a result of both
maturity extensions on existing collateral and acquisitions of
new assets. The weighted average spread (WAS) continues to rise,
driven by amend and extend activity. The WAS has increased to
4.43% currently from 3.83% January 2013. Fitch considers this
neutral to the ratings as the extension of the risk horizon is
compensated by increased portfolio yield.
The overcollateralization (OC) tests have continued to be met
since the last review. However, OC test cushions have been
falling due to the rising share of assets rated 'CCC' or below in
the portfolio. All interest coverage (IC) tests have been passed
with significant cushions. The IC tests have never been breached.
Fitch expects that the transaction will begin to deleverage in
2014 as the reinvestment period is scheduled to end in January
2014. After this date, reinvestment of unscheduled principal
proceeds and sale proceeds from credit-improved or credit-
impaired assets is only permitted if (among other conditions) the
WARF test is being met.
The Negative Outlook on the mezzanine and junior notes reflects
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market as
leveraged loans approach a refinancing wall.
The transaction uses a macro currency swap to hedge sterling
exposure. The hedge is not perfect and residual currency risk is
borne by the structure. When a sterling asset defaults, the
sterling recovery proceeds might be insufficient to reduce the
swap balance to the performing sterling collateral balance and
the manager will have to obtain sterling in the spot market.
Also, while awaiting recovery proceeds, the structure continues
to make payments on the sterling leg of the macro currency swap,
even though the defaulted asset no longer generates sterling
interest. This currency mismatch is partially mitigated through
the use of currency options. The remaining exchange rate exposure
is absorbed by the structure.
The macro currency swap is scheduled to expire in January 2019.
As of November 2013 the portfolio contained sterling assets
totalling GBP14.5 million which mature after the expiration of
the macro currency swap. This increases the sensitivity of the
transaction to currency risk in the tail end of its life.
Rating Sensitivities:
A 25% increase in the expected obligor default probability would
lead to a downgrade of zero to five notches for the rated notes.
A 25% reduction in the expected recovery rates would lead to a
downgrade of zero to four notches for the rated notes.
LEOPARD CLO IV: S&P Lowers Rating on Class E Notes to 'CCC+'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Leopard CLO IV B.V.
Specifically, S&P has:
-- Raised its ratings on the class A, B, C1, C2, and R-Combo
notes;
-- Lowered its ratings on the class E and Z-Combo notes; and
-- Affirmed its rating on the class D notes.
The rating actions follow S&P's assessment of the transaction's
performance using data from the Oct. 31, 2013 trustee report and
the application of its relevant criteria.
S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each class of notes at each rating level.
In S&P's analysis, it used the reported portfolio balance that
S&P considers to be performing (EUR233,217,285), the current
weighted-average spread (3.75%), and the weighted-average
recovery rates that S&P considered to be appropriate. S&P
incorporated various cash flow stress scenarios using alternative
default patterns and levels, in conjunction with different
interest stress scenarios.
The class A notes have deleveraged further since S&P's previous
review on Jan. 13, 2012. The notional balance now stands at
about 53% of their initial amounts. The amortization of this
senior class of notes has increased the available credit
enhancement for all of the rated classes of notes. The weighted-
average spread and weighted-average recovery rates have
increased. These factors have in turn increased the BDRs at each
rating level.
Since S&P's previous review, the portfolio's overall credit
quality has remained stable and the transaction's weighted-
average life has decreased. As a result, the scenario default
rates have decreased at each rating level.
Of the portfolio's assets, 14.5% are non-euro-denominated. To
mitigate the risk of foreign exchange-related losses, the issuer
has entered into cross-currency swap agreements with Credit
Suisse International and JPMorgan Chase Bank, N.A. In applying
S&P's current counterparty criteria, it has assumed that the
transaction does not benefit from these cross-currency swaps by
stressing the cash flows received at rating levels higher than
'A+'.
S&P concluded that in these stressed scenarios, the class A and B
notes can achieve higher ratings. S&P has therefore raised its
ratings on these classes of notes.
The results of S&P's credit and cash flow analysis indicate that
the class C1 and C2 notes' available credit enhancement is now
commensurate with higher ratings. S&P has therefore raised its
ratings on the class C1 and C2 notes.
The reduced aggregate collateral balance has increased obligor
concentration, and the application of the largest obligor test
now constrains S&P's ratings on the class D and E notes. This is
a supplemental stress test that S&P introduced in its 2009
corporate collateralized debt obligations (CDOs) criteria. S&P
has affirmed its 'BB+ (sf)' rating on the class D notes because
the largest obligor test constrains its rating on this class at
the currently assigned rating level. The largest obligor test
constrains S&P's rating on the class E notes at three notches
below the currently assigned rating. S&P has therefore lowered
to 'CCC+ (sf)' from 'B+ (sf)' its rating on the class E notes.
S&P's rating on the class R-Combo notes addresses ultimate
payment of interest and principal. The current outstanding
balance for this class is 71% of the original balance, which is a
result of the timely payment of interest on its components. S&P
has subsequently raised its rating on the class R-combo notes
because the results of its credit and cash flow analysis indicate
that the notes now pass at a higher rating.
"Our rating on the class Z-Combo notes addresses the cash flows
from the notes' component parts that are equivalent to the
initial principal amount. The class Z-Combo notes comprise a
subordinated component and a zero-coupon bond issued by The Royal
Bank of Scotland PLC. The rating assigned to this class of
combination notes does not address any residual interest. We
assume that all of the cash flows toward the class Z-Combo notes,
on each payment date, reduce the balance of these notes, rather
than a portion reported to pay interest. In our opinion, the
likelihood of this class being repaid at its initial principal
amount is therefore linked to the rating on the zero-coupon bond
issued by The Royal Bank of Scotland PLC--which is currently
rated 'A-'. We have therefore lowered to 'A-p (sf)' from 'Ap
(sf)' our rating on the class Z-Combo notes," S&P said.
Leopard IV is a cash flow collateralized loan obligation (CLO)
transaction, backed primarily by leveraged loans granted to
speculative-grade corporate firms. The transaction closed in May
2006 and it reached the end of its reinvestment period in
February 2012. M&G Investment Management Ltd. is the
transaction's manager.
RATINGS LIST
Class Rating Rating
To From
Leopard CLO IV B.V.
EUR419.475 Million Floating- And Fixed-Rate Notes
Ratings Raised
A AAA (sf) AA- (sf)
B AA+ (sf) A+ (sf)
C1 A+ (sf) BBB+ (sf)
C2 A+ (sf) BBB+ (sf)
R-Combo A+ (sf) BBB (sf)
Rating Affirmed
D BB+ (sf)
Rating Lowered
E CCC+ (sf) B+ (sf)
Z-Combo A-p (sf) Ap (sf)
MAGYAR TELECOM: Moody's Upgrades CFR to Caa1; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
("CFR") and probability of default rating ("PDR") of Magyar
Telecom B.V. to Caa1 and Caa1-PD from Ca and Ca-PD respectively.
Concurrently, Moody's assigned a provisional (P)Caa1 rating to
Invitel's EUR150 million new senior secured notes due 2018. The
outlook on the ratings is negative.
The upgrade reflects Invitel's improved leverage and liquidity
profile following the expected completion of the company's debt
restructuring. Following this transaction, the company's
outstanding debt will reduce to around EUR150 million from
EUR350 million leading to Moody's adjusted leverage expectations
of around 3.3x by year end 2013 compared to 4.9x at year end
2012.
Ratings Rationale:
The Caa1 CFR reflects (1) Invitel's continued negative operating
performance, with revenues and reported EBITDA declining in the
first nine months of 2013 by 7% and 29%, respectively, year-on-
year; (2) the weak macroeconomic environment in Hungary, where
uncertain GDP growth and volatile unemployment rate continue to
pressure consumer spending;(3) the historically interventionist
and unpredictable policy-making environment, as demonstrated by
the various taxes imposed by the government at short notice in
the past few years.
Invitel's Caa1 CFR is supported by the company's (1) position as
the second-largest fixed-line telecommunications service provider
in Hungary; (2) the company's improved adjusted leverage of 3.3x
post transaction; and (3) the improved liquidity profile of
Invitel which is adequate over the coming months as the
restructuring greatly reduces cash interest requirements --
Moody's however notes that cash burn in the longer term could
erode the company's liquidity.
As part of the restructuring, the company's EUR350 million senior
secured notes due 2016 will be exchanged for new 2018 senior
secured notes totalling EUR150 million and 49% of the post
restructuring equity in the group. The new notes will bear a
total interest of 9%, at least 2% of which will be paid in kind
("PIK") with the option of a larger proportion paid in kind
should the company's cash balance (post interest payment) drop to
below EUR10 million.
In the first nine months of 2013, Invitel's total revenue
declined by 7% year-on-year to ERU119 million and the company
adjusted EBITDA declined by 29% year-on-year to EUR36.9 million.
This is mainly due to the decreasing customer base and ARPU in
residential Voice and the wholesale voice and data service. In
Moody's view, there is still limited visibility with regards to
the evolution of the markets in which Invitel operates. The
stabilization of Invitel's top line is largely depending on the
company's ability to generate sufficient growth in internet and
TV service in a highly competitive market to compensate the
structural decline of fixed-voice revenue. This is also relying
on economic recovery in Hungary, the timing of which remains
highly uncertain.
Invitel's liquidity profile remains weak as the company does not
benefit from a revolving credit facility and is expected to
generate negative free cash flow (FCF) on the back of ongoing
structural decline in fixed voice and pricing competition from
cable operators on broadband and TV products. However, Moody's
notes that, post restructuring, the company's annual cash
interest requirements will decrease to EUR11 million from EUR33
and that Invitel's capex plans are prudent as the company focuses
on local upgrades to its existing network rather than more costly
network roll-outs. While the interest and capex savings alleviate
imminent liquidity concerns, in the long term, Invitel's
liquidity profile will continue to weaken until the company
returns to EBITDA growth and positive free cash flow.
The negative outlook reflects the ongoing negative FCF generated
by the company along with the ongoing macro economic pressures
compounding Invitel's declining performance. Downward pressure on
the ratings could result from continued pressure on operating
performance, leading to (i) Moody's adjusted Gross Debt/EBITDA
rising sustainably above 4.0x; (ii) deteriorating free cash flow
generation leading to heightened liquidity concerns; (iii)
material underperformance compared to the newly published
business plan of the company.
Upward rating pressure is unlikely until there is a visible and
sustained recovery in Invitel's revenue and EBITDA growth. In
addition, Moody's would also expect Invitel's liquidity position
to materially improve before considering a ratings upgrade.
===========
P O L A N D
===========
POLIMEX-MOSTOSTAL: Creditors Agree to Delay Interest Payment
------------------------------------------------------------
Pawel Kozlowski at Bloomberg News reports that Polimex said in a
regulatory statement, creditors agreed to delay payment of
interest on Polimex loans and bonds until Jan. 31.
As reported by the Troubled Company Reporter-Europe on July 2,
2013, Bloomberg News related that Polimex failed to pay interest
on its debt by the June 28 deadline. The company signed in
December 2012 a deal with creditors allowing it to restructure
outstanding debt and raise new capital, Bloomberg disclosed.
Polimex-Mostostal is a Polish engineering and construction
company that has been on the market since 1945. The Company is
distinguished by a wide range of services provided on general
contractorship basis for the chemical as well as refinery and
petrochemical industries, power engineering, environmental
protection, industrial and general construction. The Company
also operates in the field of road and railway construction as
well as municipal infrastructure. Polimex-Mostostal is a large
manufacturer and exporter of steel products, including platform
gratings, in Poland.
===============
P O R T U G A L
===============
CAPE VERDE: S&P Lowers Sovereign Credit Ratings to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency sovereign credit ratings on Cape Verde to 'B'
from 'B+'. At the same time, S&P affirmed its short-term ratings
at 'B'. The outlook is stable.
Rationale
Cape Verde's fiscal and external deficits are now worse than S&P
had previously anticipated. These slippages -- against a
backdrop of high levels of external and government debt -- have
led S&P to lower the long-term ratings.
The general government deficit was 7.3% of GDP in 2013 and S&P
expects it to remain at about that level in 2014. This follows
fiscal deficits that averaged 8.6% over 2009-2012. The proposed
2014 budget includes a package of measures directed at poverty
reduction and continued heavy public investment.
An ambitious capital spending program on transport infrastructure
and the energy and water sectors is underway, and aims to improve
infrastructure and to develop fisheries and transhipment
services. This is to diversify the economy away from its
dependence on tourism.
The capital program is also directed at taking advantage of a
closing window for concessional donor funding associated with
Cape Verde's transition to middle-income status. S&P calculates
that Cape Verde's government debt (net of liquid assets and the
borrowings of the Titulos Consolidados de Mobilizacao Financeira
[TCMF or trust fund]) will continue to rise sharply to peak at
94% of GDP in 2015 (when its capital improvements program is
scheduled to be completed) from 46% in 2008. S&P estimates that
the borrowings of the TCMF may add a further 7% to the debt
burden. S&P considers this level of indebtedness to be high for
a middle-income country, although S&P projects that its average
maturity in 2015 will be 24 years and its average interest rate
will be 1%.
S&P projects that Cape Verde's government debt burden will
decrease only gradually over the medium term as the benefits from
economic diversification bear fruit in terms of less variation in
output and better fiscal results. S&P expects the government to
continue its efforts to improve tax collection and to tighten its
budget when economic conditions improve.
Cape Verde's external position is vulnerable, with a current
account deficit of 10% expected in 2014 (after averaging 14% over
2009-2012). The country relies on imported goods (foodstuffs,
industrial products, transport equipment, and fuels). This
reliance, combined with investment-related capital goods, has
contributed to its high current account deficits. S&P expects
the deficits to decline only modestly to under 6% by 2016,
assuming the infrastructure projects are completed on time. S&P
anticipates that Cape Verde's net external borrowing requirement
will be met by FDI and official funding.
S&P views continued political stability and financial and
technical assistance from donors as a ratings strength. Sound
growth prospects, based on tourism and improving domestic demand,
also aid Cape Verde's credit quality. Cape Verde has released
rebased national income accounts to 2011, which enables S&P to
make a clearer assessment of its economic prospects.
S&P estimates annual real GDP per capita growth to have been 1.7%
in 2012, with no growth in 2013 (2.5% and 1.5% in real GDP terms,
respectively). S&P forecasts average annual real GDP per capita
growth of 3.2% over 2014-2016 (4.7% in real GDP terms). This
follows an estimated 10-year average of 2.4% to 2013.
S&P expects tourism will continue to benefit from Cape Verde's
relative beauty and tranquility compared with competing
destinations. Rising exports of shoes, garments, fish, and hides
will also likely support Cape Verde's modest recovery,
particularly as transport, water, and energy infrastructure gaps
are closed. However, there are considerable downside risks to
this outlook given the shallow recovery path of Cape Verde's
major trading partners in Europe.
The performance of several government-related entities --
particularly the national airline TACV and the energy and water
company, Electra -- remains weak. They represent moderate
contingent liabilities for the government. S&P notes, however,
that Cape Verde's financial sector appears sound, supported by
adequate capitalization and liquidity, and with limited reliance
on external funding.
The long-standing peg of the Cape Verde escudo to the euro is
supported by a bilateral agreement for convertibility (but not a
particular parity) with the Portuguese government. S&P expects
the Portuguese government will maintain the existing
arrangements, which constitute only a small contingent liability
for Portugal. This helps anchor investor expectations, in S&P's
view. S&P expects Cape Verde to retain the support of donors,
although its imminent transition to middle-income status will
likely reduce its access to the most concessional funding.
S&P has revised its transfer and convertibility assessment to
'BB-' from 'BB', following the sovereign downgrade. This
indicates that S&P sees a reduced probability of Cape Verde
imposing exchange controls on private sector borrowers that
prevented external debt service than on Cape Verde itself not
honoring its commercial debt.
Outlook
The stable outlook reflects S&P's view that the risks posed by
the wide fiscal and external deficits, as well as the high debt
stock, are balanced by Cape Verde's continued political stability
and sound economic growth outlook.
S&P expects that improving conditions in key trade and investment
partners in Europe, combined with a slowdown in capital
expenditure, will support fiscal consolidation and an improvement
in external liquidity. S&P could consider lowering the ratings
if fiscal and current account deficits, and the accumulation of
borrowings, exceed its current expectations.
Conversely, upward pressure on the ratings could build if
economic growth exceeds S&P's current forecasts, diminishing Cape
Verde's imbalances, or if the fiscal outturn materially surpasses
S&P's expectations, leading to a declining debt burden.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
To From
Cape Verde (Republic of)
Sovereign Credit Rating B/Stable/B B+/Negative/B
Transfer & Convertibility Assessment BB- BB
=============
R O M A N I A
=============
OLTCHIM: Romania Government to Again Sell Firm in February 2014
---------------------------------------------------------------
Romania-Insider.com reports that another privatization attempt
will be launched for Romania's largest chemical producer Oltchim,
after the failed bid to sell the company in 2012.
Romania-Insider.com relates that the state will try again to sell
the company in February 2014. The state is awaiting engaging
offers for the company via the judiciary administrators Rominsolv
and BDO Business Restructuring.
The selection process is scheduled for Feb. 3, 2014. Romania-
Insider.com says the deadline for submitting offers is Jan. 31,
and the task book costs EUR20,000.
Oltchim, which has been under insolvency since January 2013, has
been valued at some EUR305 million in case it continues its
activity, based on data from its creditors, Romania-Insider.com
notes. The value is also linked to the creation of a special
vehicle - SPV - to take over the company's viable assets.
According to the report, Russian company Oil Gas Trade previously
said it was ready to take over Romania's Oltchim chemical plant
when Oltchim II is put up for privatization.
In September this year, Romania-Insider.com discloses, Oltchim
recorded a turnover of EUR11.4 million, double the EUR5.6 million
registered in the same month of 2012. The company has been under
insolvency procedures since January 2013. This came soon after
the state failed to privatize Oltchim in its first privatization
stage, which was won by media mogul Dan Diaconescu, who then
failed to pay the pledged amount, the report adds.
Oltchim is a Romanian chemical producer.
===========
R U S S I A
===========
ASTRAKHAN REGION: Fitch Affirms 'B+' Long-term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Astrakhan Region's Long-term foreign
and local currency ratings at 'B+', its National Long-term rating
at 'A(rus)' and its Short-term foreign currency rating at 'B'.
The Outlooks on the Long-term ratings are Stable.
Key Rating Drivers:
The ratings reflect a high level of debt dominated by short-term
bank loans, which impose significant refinancing pressure, and a
high concentration of the region's tax base. However, the ratings
also factor in the region's stabilizing direct risk and its sound
budgetary performance supported by a robust local economy.
Fitch forecasts that the region's direct risk will remain at
below 60% of current revenue in 2013-2015. Direct risk declined
to 58% of current revenue in 2012 from a high 68% in 2010.
However in absolute terms direct risk increased to RUB15.7
billion at end-2012 from RUB12.6 billion at end-2010. The debt
coverage ratio (direct risk/current balance) remains weak at
eight years, significantly above the maturity profile of less
than two years, and this is reflected in the ratings of the
region.
Fitch considers the region's refinancing needs to be significant
as its debt structure is dominated by short-term bank loans.
Under Fitch's base case the region will not face difficulties in
refinancing its loans in 2014. However, it faces the risk of
higher debt servicing cost if the financial markets worsen, which
would put pressure on the budget.
The region has low exposure to contingent risk. Guarantees issued
by the region and the debt of public sector enterprises totalled
RUB0.3 billion at end-2012. This amount represented less than 2%
of the region's current revenue. The region has not issued new
guarantees since 2010.
Fitch forecasts continued economic growth for the region at about
8-10% annually in real terms for 2013-2016. Development of vast
offshore Caspian Sea oil resources of about 500 million barrels
has boosted the local economy. In 2012 12.7bcm of natural gas and
4.9 million tons of oil were extracted from the region.
Extraction of natural resources increased 40.5% in 2012 (2011:
37.5%). Regional GDP increased 9.7% in real terms in 2012.
However, the region's per capita GDP in 2011 remained about 20%
lower than the national average, although Fitch expects this to
improve over the medium term. Fiscal concentration is high as top
10 taxpayers accounted for about 50% of Astrakhan region's total
tax revenues.
A growing economy helped to lift the region's operating surplus
above 10% in 2011-2012 from a low 3% in 2010. Overall deficit
(deficit before debt variation/total revenue) shrank to 2% in
2012 from a high 20% in 2009. This was achieved despite the
federal government's move to raise public sector salaries, which
fuelled growth of operating expenditure. Fitch expects a stable
operating surplus at about 10% in 2013-2015.
Astrakhan region is located in the south-east part of European
Russia on the Caspian shore. The region accounted for 0.4% of
national GDP in 2011 and for 0.7% of the population.
Rating Sensitivities:
Sound budgetary performance in line with Fitch expectations and
reduction of refinancing risk from a lengthening of the debt
maturity profile would lead to an upgrade.
Weak operating performance with close to zero operating surpluses
coupled with further growth of short-term debt would lead to a
downgrade.
BANK OF MOSCOW: Moody's Raises Deposit & Debt Ratings to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has upgraded JSCB Bank of Moscow's
deposit ratings and senior unsecured debt ratings to Ba1 from Ba2
and its subordinated debt rating to Ba3 from B1. The outlook is
stable.
Moody's Investors Service has also upgraded the long-term
subordinated debt rating of Kuznetski Capital S.A. (special-
purpose vehicle of Bank of Moscow) to Ba3 from B1; the outlook is
stable.
The rating upgrade reflects a higher probability of support to
Bank of Moscow from its parent, Bank VTB, JSC.
At the same time, Moody's affirmed Bank of Moscow's standalone E+
bank financial strength rating (BFSR), which maps to a baseline
credit assessment (BCA) of b2, and the bank's Not Prime short-
term deposit ratings.
Ratings Rationale:
Upgrade of Supported Ratings:
According to Moody's, the upgrade of Bank of Moscow's deposit
ratings is driven by the increased likelihood of support to Bank
of Moscow from its parent, Bank VTB. The rating agency considers
that Bank of Moscow made good progress in its integration into
VTB since its acquisition in 2011. Moreover, Bank of Moscow's
contribution to VTB's profitability is significant and growing:
the former generated around 30% of consolidated VTB IFRS net
income in 2011-2012, and 63% in H1 2013. As a result, Bank of
Moscow's Ba1 deposit ratings now incorporate four notches of
uplift above the bank's b2 BCA, compared to three notches
previously.
Affirmation of Standalone Ratings:
The affirmation reflects the fact that Bank of Moscow remains
under the financial rehabilitation program launched in 2011. The
status, which will last until June 30, 2015, implies that the
bank would not be in full compliance with the statutory
requirements of the Central Bank of Russia if the necessary loan
loss provisions were applied. In addition, the standalone rating
is constrained by the bank's significantly impaired asset
quality, which suppresses profitability because a significant
part of the loan book is not accruing interest.
However, Moody's notes some improvements in Bank of Moscow's
asset quality, as non-performing loans are declining both in
absolute terms (due to recoveries) and in relative terms (due to
loan book growth). On 30 June 2013, problem loans amounted to 25%
of the loan book (provisioned at 92%), down from 55% at year-end
2010. Improving asset quality has prompted a recovery of the net
interest margin (3.8% in H1 2013) and pre-provisioning
profitability (3.2% of average total assets in H1 2013), while
net profits are further supported by reserve write-backs.
Bank of Moscow's capitalization is robust, with a Tier 1 of 14.7%
and Total Capital ratio of 17.4% under the Basel framework as at
30 June 2013. However, Moody's expects this capital cushion to
decline and Tier 1 capital to be increasingly replaced with Tier
2 in the next 12-18 months, as the bank pays large dividends to
VTB and in return receives subordinated debt from its parent.
What Could Move the Ratings Up/Down:
According to Moody's, upward pressure would depend on (1) Bank of
Moscow's exit from the rehabilitation program, or at least
compliance with the statutory ratios after all the necessary loan
loss provisions are created; and (2) further improvements in
asset quality and profitability, aided by the dilution of legacy
problem loans in new lending.
At the same time, Bank of Moscow's ratings could be negatively
affected in the event of further asset-quality erosion and/or
significant capital depletion. Any significant negative changes
to the terms of the bank's rehabilitation plan could trigger a
rating downgrade.
Headquartered in Moscow, Russia, Bank of Moscow reported total
(unaudited IFRS) assets of RUB1,405 billion and shareholder
equity of RUB200 billion at June 30, 2013.
BPF BANK: Financial Regulator Revokes Banking License
-----------------------------------------------------
Cihan News Agency reports that Russia's financial regulator
revoked the banking license of BPF Bank on Friday.
The operations of BPF Bank were suspended, CNA says, citing
statements by Bank Rossii, Russia's central bank.
According to CNA, the central bank said that BPF was a threat to
creditors because of its high risk borrowing.
BPF has had problems honoring obligations since November, CNA
discloses.
BPF Bank is Russia's 142nd biggest bank.
IMONEYBANK: Moody's Affirms 'B3' Long-Term Deposit Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed the following ratings of
iMoneyBank: the B3 long-term local- and foreign-currency deposit
ratings; the Not Prime short-term local- and foreign-currency
deposit ratings; and the standalone bank financial strength
rating (BFSR) of E+, equivalent to a baseline credit assessment
(BCA) of b3. The outlook on all of the bank's long-term ratings
remains stable.
Moody's assessment of the issuer's ratings is largely based on
iMoneyBank's audited financial statements for 2012, its unaudited
financial statements for H1 2013, prepared under IFRS, regulatory
filings as well as information received from the bank.
Ratings Rationale:
iMoneyBank is a Russian consumer lender with a particular focus
on car loan brokerage and car lending. The bank targets rapid
expansion against the background of increasing indebtedness and
growing defaults in the sector. Moody's believes that such
business profile poses high business and asset quality risks.
Moody's believes that the above-mentioned risks constrain the
bank's ratings, particularly in the context of its low capital
adequacy with a reported equity-to-assets ratio of 5.5%
(H1 2013 -- unaudited IFRS).
At the same time, Moody's notes the following mitigating factors:
(1) as at end-June 2013, about 60% of iMoneyBank's loan book
comprised lower-risk car loans that are sold to other banks; (2)
the upcoming RUB0.8 billion capital injection; and (3) recent
improvement in profitability and operating efficiency.
iMoneyBank's reported equity-to-assets ratio was at 5.5% as at
June 2013, but excluding the above-mentioned loans sold to other
banks, which continue to be recorded on the bank's balance sheet
until the risk of recourse has expired, the ratio would have been
10.6%. Although the bank remains exposed to credit risk on these
sold loans, this credit risk is modest given the usually short
duration of the right of recourse of only 3-6 months (following
the sale of the loan to a third-party).
In November 2013, iMoneyBank attracted RUB500 million of new
capital from the new strategic shareholder, Expo Capital, and the
rating agency expects that an additional RUB300 million will be
injected by the bank's shareholders in early 2014. According to
Moody's, this RUB0.8 billion capital injection will materially
reinforce the bank's capital position: iMoneyBank's regulatory
capital totalled RUB1.8 billion as at end-October 2013.
Moody's also notes iMoneyBank's recently improved profitability
and operating efficiency. In Q3 2013, iMoneyBank materially
increased the volume of its non-interest income (in accordance
with local GAAP) that predominantly include: insurance fees
associated with the bank's origination business and agent fees
received from loan origination by other banks through the bank's
car loan origination platform. In addition, the increase in the
volume of car loans sold to other banks enabled iMoneyBank to
increase its profits on car loan sales and supported the bank's
overall profitability (under local GAAP iMoneyBank reported net
income of RUB367 million for the first nine months of 2013) and
its regulatory capital (the regulatory capital adequacy ratio
improved to 11.71% as at end-October 2013 from 10.87% as at year-
end 2012).
What Could Move the Ratings Up/Down:
The upgrade potential of iMoneyBank's ratings is limited in the
next 12 to 18 months given the bank's strategy of rapid expansion
amid the deteriorating operating environment. The bank's ratings
might be adversely affected if its strategy of rapid loan growth
causes a deterioration of its financial fundamentals or a
reduction in its car loan origination business, leading, in turn,
to a material decline in revenue.
Headquartered in Moscow, Russia, iMoneyBank reported total
(unaudited IFRS) assets of RUB27.2 billion and shareholder equity
of RUB1.5 billion at June 30, 2013.
INVESTBANK: Financial Regulator Revokes Banking License
-------------------------------------------------------
Cihan News Agency reports that Russia's financial regulator
revoked the banking license of Investbank on Friday.
The operations of Investbank were suspended, CNA says, citing
statements by Bank Rossii, Russia's central bank.
The central bank said that Investbank was guilty of false
financial reporting and inadequate capital levels, CNA relates.
According to CNA, Investbank's offices temporarily suspended
operations in Russia's westernmost region of Kaliningrad on
Thursday after what the bank described in a statement as the
"unfounded panic of depositors."
Investbank is Russia's 84th largest bank by assets, according to
banking website allbanks.ru.
KRASNOYARSK KRAI: S&P Lowers Issuer Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BB+' its
long-term issuer credit on Krasnoyarsk Krai, a region in Eastern
Siberia in Russia. The outlook is stable.
At the same time, S&P lowered the Russia national scale rating on
Krasnoyarsk Krai to 'ruAA' from 'ruAA+'.
Rationale
S&P lowered its ratings on Krasnoyarsk Krai because it thinks the
region will suffer weaker budgetary performance and more rapid
debt accumulation and cash depletion in 2013 than S&P previously
expected in its base case. The volatility of world commodity
markets led to stagnating budget revenues and a drop in corporate
profit tax payments. Together with continued expenditure
pressure and the krai's constrained capacity to curb spending
growth, the result will be weakening budgetary performance and
liquidity for the region.
The ratings on Krasnoyarsk Krai reflect S&P's view of Russia's
"developing and unbalanced" institutional framework, its
assessment of financial management as "negative" in an
international context, the region's limited budgetary
flexibility, and its concentrated economy. S&P now views the
krai's liquidity as "neutral," because it forecasts average cash
levels to be lower than annual debt service.
The ratings are supported by S&P's view of the krai's low
contingent liabilities and modest, albeit increasing, debt
burden.
Under Russia's developing and unbalanced institutional framework,
the federal government limits the krai's budgetary flexibility.
It regulates the national tax regime, including tax rates and
distribution shares, and allocates transfers, leaving little
leeway for the krai's management to offset the volatility of the
tax base. Since 2012, the federal government has also imposed a
significant increase in social spending on regional budgets, for
which it provides only partial cofinancing with transfers. S&P
expects these decisions to fuel expenditure growth and pressure
Krasnoyarsk Krai's budgetary performance over the next five
years.
The krai enjoys economic wealth levels above the average for
Russian regions, with gross regional product (GRP) per capita
estimated to reach $14,840 in 2013. However, significant
concentration on metals and mining group Norilsk Nickel and oil
company Rosneft exposes the krai's budget revenues to the
volatility of commodity prices. The companies are the two
largest taxpayers in the krai, and both operate in cyclical
industries. S&P estimates that, in 2012, these two taxpayers
provided more than 30% of the krai's tax revenues. However, in
2013, the krai will likely lose up to 7% of operating revenues
due to lower corporate profit tax payments from these companies
because of new tax legislation and a contraction of world metals
prices.
S&P expects the krai's economy to continue growing gradually in
2014-2016, in line with the national trend, but a rapid rebound
in tax revenues is unlikely, given that S&P currently forecasts
an only gradual appreciation of metals prices.
Budgetary performance remains volatile and S&P expects it to be
weak on average over the next three years because of stagnating
revenues, and the need to continue raising public sector salaries
and complete capital investment projects. In S&P's base-case
scenario, it expects the operating balance to be marginally
positive at about 1% of operating revenues on average in 2013-
2016, down from about 13% in 2010-2012. The operating balance
will likely turn negative in 2013 and might improve modestly to
about 2% of operating revenues in 2014-2016, given a modest
recovery of tax revenues. The deficit after capital accounts
will likely widen to a large 20% of total revenues in 2013,
because the krai plans to spend a portion of the federal
earmarked funds that it has accumulated in the previous several
years. S&P expects that, in 2014-2016, the capital program will
gradually decrease, and deficits will narrow to about 9% of
revenues.
Consequently, debt accumulation will continue and tax-supported
debt will likely reach about 55% of consolidated operating
revenues in 2016. Although the debt burden will remain moderate
compared with that of international peers, it will likely result
in growing debt service, given that the average maturity of the
krai's debt is about two to three years.
S&P believes that contingent liabilities that stem from the
government-related entities owned by the krai and from its
municipal sector will remain modest over the next three years.
S&P views Krasnoyarsk Krai's financial management as a "negative"
factor for its creditworthiness in an international context, as
S&P do for most Russian local and regional governments. In S&P's
view, the krai lacks reliable long-term financial planning and
doesn't have sufficient mechanisms to counterbalance the
volatility that stems from the concentrated nature of its economy
and tax base.
Liquidity
S&P considers Krasnoyarsk Krai's liquidity to be "neutral," as
defined in its criteria. S&P expects that, following a gradual
depletion of cash reserves, Krasnoyarsk Krai will increasingly
rely on committed credit facilities for servicing its maturing
debt. S&P's base-case scenario for 2014 assumes that the krai
will organize and maintain sufficient undrawn amounts in
committed bank lines so that, together with average cash reserves
net of deficit after capital accounts, it will be able to cover
more than 120% of debt service falling due in the next 12 months.
At the same time, S&P views the krai's access to external
liquidity as "limited" due to the weaknesses of the domestic
capital market.
S&P expects debt service to increase to more than 13% of
operating revenues in 2015-2016 from 5% in 2013, owing to the
growing debt burden and shorter-term borrowing. This will be
higher than S&P previously forecast and will require more active
cash and credit facility management from the krai than in the
previous several years, when the krai's ample cash reserves
exceeded its very low debt service severalfold.
S&P expects that, in 2014, the krai's average cash net of deficit
after capital accounts will cover about 75% of its annual debt
service, while the coverage of debt service with cash and
committed credit facilities will exceed 120%. By the beginning
of 2014, S&P forecasts the krai to have about Russian ruble
(RUB) 10 billion (about US$295 million) and to have contracted up
to RUB9.5 billion in committed five-year bank lines.
S&P's base-case scenario assumes that, in 2014-2016, Krasnoyarsk
Krai will rely primarily on medium-term bond issuance to finance
its deficits after capital accounts, and will attract only a
limited amount of bank lines with shorter maturities for
refinancing and liquidity purposes.
Outlook
The stable outlook reflects S&P's view that Krasnoyarsk Krai's
currently weak budgetary performance will improve gradually in
2014-2016, thanks to a modest recovery in tax revenues, tighter
control over operating spending growth, and lower self-financed
capital expenditures. It also assumes that the krai will
preserve "neutral" liquidity by maintaining a sufficient amount
in undrawn committed bank lines for refinancing.
S&P could take a negative rating action within the next 12 months
if, in line with its downside scenario, the recovery of tax
revenues is slower than it currently anticipates, and the krai's
management proves unable to adjust budget expenditures
accordingly, so that budgetary performance remains persistently
weak with a negative operating balance in 2014-2015 and deficits
after capital accounts larger than 10% of total revenues.
S&P could take a positive rating action within the next 12 months
if a combination of higher tax revenues, federal support, or
cost-containment measures implemented by the krai's management
improves the krai's budgetary performance and supports higher
average cash levels, in line with its upside scenario. If
average cash net of deficits after capital accounts exceeded the
annual debt service, S&P would revise up its view of the krai's
liquidity to "positive."
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Downgraded
To From
Krasnoyarsk Krai
Issuer Credit Rating BB/Stable/-- BB+/Negative/--
Russia National Scale ruAA/--/-- ruAA+/--/--
LENINGRAD REGION: Fitch Affirms 'BB+' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Leningrad Region's Long-term foreign
and local currency ratings at 'BB+', its National Long-term
rating at 'AA(rus)' and its Short-term foreign currency rating at
'B'. The Outlooks on the Long-term ratings are Positive.
The agency also affirmed Leningrad Region's RUB1.3 billion
outstanding senior unsecured domestic bond's (ISIN RU000A0DH708)
Long-term local currency ratings at 'BB+' and National Long-term
rating at 'AA(rus)'.
Key Rating Drivers:
The Positive Outlook reflects Fitch's forecast that Leningrad
region will continue to see firm economic growth and maintain low
levels of debt, strong liquidity and a sound operating
performance. The ratings also reflect the evolving nature of the
institutional framework for local and regional governments in
Russia. The predictability of budgetary policy is constrained by
continuous reallocation of revenue and expenditure
responsibilities between the various tiers of government.
The region has a well-diversified economy underpinned by the
processing industries and transport sector. Its wealth indicators
are above the national average. The region's proximity to St
Petersburg (BBB/Stable/F3) and location on the Baltic coastline
makes it a strategic export and import hub for Russia. Gross
regional product expanded 4.7% in 2012, above the national
average of 3.4%. Fitch expects continuing economic growth at
about 4% annually in real terms in 2014-2016.
As of November 1, 2013 Leningrad region's direct risk amounted to
a modest RUB3 billion or about 4% of projected 2013 current
revenue. Outstanding guarantees totalled RUB2.4 billion or less
than 3% of projected 2013 current revenue. Debt of public sector
companies (excluding guaranteed amounts) was immaterial at RUB15
million at end-2012.
As of November 1, 2013 the region had a sound liquidity balance
at RUB3.6 billion. This amount exceeded its direct risk,
resulting in low net overall risk.
Fitch expects the region will maintain a low level of debt in
2013-2015. The agency does not expect the region's direct risk to
exceed 15% of current revenue. Debt coverage ratios are likely to
remain strong and are not expected to exceed one year in 2013-
2015.
Fitch expects the region's operating margin to remain sound in
2013-2015, averaging at 14%-15%. Operating revenue will increase,
driven by growth of industrial output and a broadening of the tax
base. In 2012 the margin was slightly below 16% despite high
pressure on operating expenditure caused by the federal
government's pre-election promises. The region has low reliance
on transfers from the federal budget. Tax revenue represents
about 90% of the region's total operating revenue.
Rating Sensitivities:
Continued sound budgetary performance coupled with low
indebtedness being maintained at below 15% of current revenue
would lead to an upgrade.
MDM BANK: Moody's Affirms 'Ba3' Deposit & Unsecured Debt Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed MDM Bank's Ba3 long-term
deposit ratings, Ba3 local-currency senior unsecured debt rating
and standalone D- bank financial strength rating (BFSR), which is
equivalent to a baseline credit assessment (BCA) of ba3. Moody's
has also affirmed the provisional (P)Ba3 local-currency debt
rating assigned to the bank's domestic bond program, and the
Not-Prime short-term deposit ratings. The outlook on all of the
bank's long-term ratings remains negative.
Ratings Rationale:
The affirmation of MDM Bank's long-term ratings reflects the
bank's high level of reported capital adequacy and recently
improved pre-provision income and operating efficiency. These
strengths offset negative pressure stemming from the bank's
high -- albeit recently declining -- level of problem loans.
MDM Bank reports a healthy capital cushion: at end-September
2013, the Tier 1 and total capital adequacy ratios (under Basel
I) stood at 17.7% and 19.2% respectively. This high reported
capital adequacy positions the bank favorably to absorb elevated
credit loss levels, given the bank's high level of problem loans.
MDM Bank has recently improved its pre-provision income and
operating efficiency that further enhances MDM Bank's ability to
absorb negative pressure stemming from elevated credit losses
(because of a high volume of legacy loans mentioned below). In
the first nine months of 2013, MDM Bank's pre-provision income
rose to 2.1% of the bank's average risk-weighted assets, an
improvement compared with 1.0% in H1 2012.
At the same time, Moody's notes the bank's high level of problem
loans and loan loss reserves that might be insufficient. As at
end-September 2013, non-performing loans (NPLs, overdue loans in
the corporate segment and loans overdue by more than 90 days in
the retail segment) stood at 11.6% of gross loans. In addition to
overdue loans, there are impaired but not past due loans of
RUB20 billion (10.2% of gross loans). Moody's considers that the
abovementioned impaired loans (legacy loans) could require
additional provisioning and therefore, the current 11.2% level of
loan loss reserves might be insufficient. Therefore, MDM might be
required to build up additional loan loss reserves in the coming
years on these legacy loans, i.e., exerting downward pressure on
the bank's bottom-line profitability.
Moody's also notes that MDM Bank's volume of problem loans
(defined as the overdue and impaired loans discussed above)
declined to RUB42.7 billion as at end-September 2013 (year-end
2012: RUB55.7 billion; year-end 2011: RUB92.0 billion) and now
poses lower risks of capital erosion. As at end-September 2013,
the difference between problem loans and loan loss reserves
accounted for 46% of the bank's Tier 1 capital, a significant
decline compared with the previous years (year-end 2012: 60%;
year-end 2011: 118%).
Moody's notes the progress achieved by the bank since mid-2012 in
decreasing the level of its problem loans and improving operating
efficiency and pre-provision earnings. However, the ongoing
deterioration in operating environment might lead to higher
capital erosion as the recovery value of the bank's problem loans
might decline while net interest margin and core earnings
deteriorate, warranting a negative outlook on the bank's long-
term ratings.
What Could Move the Ratings Up/Down:
MDM Bank's ratings have limited upside potential, as captured in
the negative outlook. The rating outlook can be changed to stable
if the bank stabilizes its interest-earning assets and pre-
provision earnings and reduces the risk of capital erosion
through a decrease in problem loans or via increasing coverage of
problem loans with loan loss reserves while maintaining healthy
capital adequacy.
The ratings could be downgraded if MDM Bank's problem loans
require higher loan loss provisioning than currently anticipated
by Moody's, or if the deterioration in the operating environment
negatively affects the bank's financial fundamentals.
Headquartered in Moscow, Russia, MDM Bank reported total
(unaudited IFRS) assets of RUB290 billion and shareholder equity
of RUB48.8 billion at September 30, 2013. For the first nine
months of 2013, the bank earned a net income of RUB43 million.
RUSSNEFT OJSC: S&P Lowers Corporate Credit Rating to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term corporate credit rating on Russia-based Oil and Gas Company
Russneft OJSC to 'B' from 'B+'. At the same time, S&P lowered
the Russia national scale rating on Russneft to 'ruBBB+' from
'ruA+'.
The ratings remain on CreditWatch, where S&P originally placed
them with negative implications on June 21, 2013.
The downgrade reflects S&P's expectation of weaker profits and
financial metrics at Russneft, stemming mainly from the company's
lower asset size and diversity after the recent sale of its
Urals-based assets. S&P has therefore revised its assessment of
Russneft's business risk profile to "weak" from "fair."
The recently sold assets generated about 30% of Russneft's
production volumes and almost half of its EBITDA. S&P
understands that these assets were transferred to a party that is
reportedly related to Russneft's shareholder, along with about
US$2 billion of debt to Sberbank that Russneft has so far
continued to guarantee. This debt is a large part of the US$5
billion debt that Russneft reported as of June 30, 2013, and S&P
understands the company's management is negotiating the
withdrawal of the guarantee. Even if the guarantee is lifted,
however, S&P continues to see uncertainties regarding Russneft's
policies for financial risk management, leverage, dividend
requirements, and related-party transactions.
The CreditWatch reflects S&P's view of potential risks to
Russneft's leverage and liquidity. If the guarantee remains in
place, Russneft's ratio of adjusted debt to EBITDA could exceed
6x, and the company will likely breach maintenance covenants
under its bank debt in 2014.
S&P understands from management that the acquisition of a
controlling stake in Russneft for US$1.2 billion in 2013 was
financed with medium-term debt that is nonrecourse to Russneft.
S&P believes that the new owner, Mikhail Gutseriev, has other
cash-generating assets to service this debt. In addition, S&P
understands Mr. Gutseriev is considering transferring his
Azerbaijan-based oil assets to Russneft. However, it is as yet
unclear whether the financing of this transaction would affect
Russneft's debt and equity, and whether there is any debt
attached to the assets.
In S&P's base case scenario, it assumes that:
-- Russneft's production volumes will be relatively stable in
the current scope of consolidation;
-- Russneft will manage to withdraw the guarantees on the debt
of its former subsidiary and avoid a covenant breach;
-- Capital expenditure will amount to about US$400 million-
US$500 million annually; and
-- There will be no sizable acquisitions.
Based on those assumptions, S&P arrives at the following credit
metrics:
-- Annual EBITDA of about US$700 million-US$800 million in the
current consolidation scope;
-- Adjusted debt to EBITDA of about 3.5x-4x; and
-- Slightly positive free operating cash flow.
The ratings remain constrained by Russneft's relatively weak
competitive position, in S&P's view. Russneft is smaller and
less diversified than most rated local peers, and it has higher-
than-average costs and mature fields. Like other Russian oil
companies, Russneft faces a heavy tax burden and is exposed to
potential changes in the industry's tax and regulatory framework.
Russneft has a narrow funding base. It relies on Glencore and
Russian state-owned banks for financing. On the positive side,
Russneft's operations benefit from a natural hedge, via taxes and
foreign exchange rates, like other Russian oil companies.
S&P plans to resolve the CreditWatch depending on Russneft's
progress in renegotiating its debt covenants and having the
guarantee on its former subsidiary's debt lifted. S&P will also
need clarification of Russneft's financial policy, notably with
regard to dividends and related-party transactions.
If there is no change to the debt covenants, or the guarantee is
not withdrawn by the end of the first quarter of 2014, S&P is
likely to lower the ratings.
Conversely, S&P will likely affirm the ratings if Russneft is
able to withdraw the guarantee and doesn't face any covenant
issues.
SMOLENSK BANK: Financial Regulator Revokes Banking License
----------------------------------------------------------
Cihan News Agency reports that Russia's financial regulator
revoked the banking license of Smolensk Bank on Friday.
The operations of Smolensk Bank were suspended, CNA says, citing
statements by Bank Rossii, Russia's central bank.
According to CNA, the central bank said that Smolensk Bank had
not observed its obligations to creditors and depositors while
simultaneously "engaging in deals aimed at asset stripping".
Smolensk Bank has also had liquidity problems, and earlier this
month requested financial assistance from the central bank, CNA
relates.
Smolensk Bank is Russia's 109th largest bank.
STAVROPOL REGION: Fitch Affirms 'BB' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Stavropol Region's Long-term foreign
and local currency ratings at 'BB' and its National Long-term
rating at 'AA-(rus)' with Stable Outlooks. The Short-term foreign
currency rating is affirmed at 'B'.
The region's outstanding senior unsecured domestic bonds (ISINs
RU000A0JTFZ1, RU000A0JU9G2) of RUB10 billion have also been
affirmed at 'BB' and 'AA-(rus)'.
Key Rating Drivers:
The rating affirmation reflects Fitch's expectations that the
region will maintain moderate direct risk with an improving
maturity profile and a positive operating balance at 3% of
operating revenue per annum in 2013-2015. The ratings also factor
in a persistent budget deficit due to increasing pressure from
operating and capital expenditure and the region's below-national
average wealth and economic indicators.
Fitch expects the region's direct risk will remain below 35% of
current revenue during 2014-2015 despite a notable increase
during the last two years. The agency expects the region will use
part of its RUB3.7 billion (as of October 1, 2013) cash to cover
its budget deficit, therefore limiting debt growth. For 2013 the
agency expects direct risk will increase by 37% in 2013 to
RUB19.7 billion, equivalent to 29.6% of operating revenue.
Stavropol faces refinancing pressure from RUB5.7 billion of bank
loans maturing within the next 12 months. Due to a low current
balance the region is dependent on access to financial markets
for debt refinancing; however, Fitch expects the region to be
able to refinance the loans as it has in the past.
Stavropol Region issued RUB5 billion of bonds on November 6, 2013
to replace some of its short-term bank loans and to cover the
budget deficit. The bond has an amortizing structure and a seven-
year maturity. This bond issue reduces the predominance of bank
loans within the region's debt structure and extends its maturity
profile, in turn lowering interest costs.
In 2012 the region recorded a moderate deterioration in its
budgetary performance when the operating balance fell to 2.3% of
operating revenue from 5.7% a year earlier. This was due to
pressure on operating expenditure stemming from national
government decisions to increase public sector salaries and lower
current transfers from the federal budget.
Budget deficit is likely to persist at 9% of total revenue in
2013 before slightly narrowing to 6%-7% in 2014-2015. In 2012 the
region's deficit widened to 8.6% from 2.2% in 2011. The deficit
is driven by increased capital expenditure which peaked at 21.4%
of total expenditure in 2012. Fitch expects the figure to decline
to 18% in 2013 and to 15%-16% in 2014-2015. Capex is mostly
financed by new debt due to a limited self-financing capacity.
Stavropol's socio-economic profile is historically weaker than
that of the average Russian region and is dominated by
agriculture and food processing. Its per capita gross regional
product (GRP) was about 35% lower than the national median in
2011. However, the region's economy is less dependent on the
external environment, which can prove volatile. The
administration expects sound regional GDP growth of 4%-5% per
year to end-2016.
Rating Sensitivities:
Restoration of a sound operating balance to about 10% of
operating revenue and improvement of debt coverage (direct
risk/current balance) below eight years (16 years in 2012) would
lead to an upgrade.
Close to zero operating margin for two consecutive years, coupled
with an increase in direct risk above 50% of current revenue,
would lead to a downgrade.
Key Assumptions:
-- Russia has an evolving institutional framework with inter-
governmental relations between federal, regional and local
governments still under development. However, Fitch expects
Stavropol will continue to receive steady flow of transfers
from the federation
-- Stavropol region will continue to have fair access to
domestic financial markets to enable it to refinance
maturing debt
=========
S P A I N
=========
AUTOVIA DE LA MANCHA: Moody's Affirms Caa1 Secured Loan Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 rating on the
EUR110 million guaranteed senior secured loan due 2031 (the
"Underlying Loan") originally raised by Autovia de la Mancha S.A.
("Aumancha") in 2008. The outlook remains positive. The rating on
the loan taking into account the benefit of a guarantee of
scheduled payments of principal and interest provided by Assured
Guaranty (Europe) Ltd. (the "Insured Loan") is unchanged at A3.
Aumancha is a special purpose company that in June 2003 entered
into a 30-year concession agreement with Junta de Comunidades,
Castilla-La Mancha to build, operate and maintain a 52.3 km
shadow toll road, namely the Toledo to Consuegra section of the
Autovia de los Vinedos motorway linking the cities of Toledo and
Tomelloso in central Spain.
Ratings Rationale:
"Aumancha's ratings are not directly constrained by Castila-La
Mancha's Ba3 ratings, and so are unaffected by Moody's rating
action of 12 December 2013, where the rating agency changed the
outlook on Castilla La-Mancha's Ba3 ratings to stable from
negative", says Declan O'Brien, an Analyst in Moody's
Infrastructure Finance Group.
The Caa1 rating on the Underlying Loan is constrained by (1)
Aumancha's exposure to declining traffic volumes; (2) the credit
quality of Castilla-La Mancha as payer under the concession
agreement; (3) the history of late payments by Castilla-La
Mancha, to the detriment of Aumancha's capacity to meet debt
service payments, although the recent payment history has been in
line with contractual terms; and (4) high leverage. These risks
are to some extent mitigated by Aumancha's satisfactory debt
service coverage ratios (DSCRs), even under downside traffic
cases, and its strong liquidity. Moody's also notes the
protection afforded to Aumancha by the compensation on
termination regime in the event of a default under the concession
agreement.
Observed traffic on the road has been volatile over the past
three years. Traffic volumes for light vehicles fell in 2011 and
2012 by 4% and 10%, respectively, whereas the fall in heavy
vehicles has been more pronounced, with a fall of 7%, and 12%,
respectively. In the nine months to September 2013, light vehicle
and heavy vehicle traffic also declined, by 1.2% and 7%
respectively, albeit the rate of decline in traffic volumes on
the project road is showing signs of easing. Moody's has run a
conservative scenario ("Moody's Case") whereby it assumes a fall
in light vehicle and heavy vehicle traffic volumes in 2014 and
2015 of 3% and 8%, respectively (in line with traffic for the
seven months to July 2013), flat growth in 2016 and 1.2% growth
thereafter. Under this scenario, Moody's forecasts that
Aumancha's minimum and average DSCR will be 1.12x and 1.49x,
respectively.
The A3 rating of the Insured Loan is positioned at the same level
as the Local Currency Country Risk Ceiling for credits in Spain.
This reflects the risk, most specifically in the event of a
currency redenomination, that the guarantee will not reliably and
effectively mitigate the risks embedded in the A3 ceiling.
What Could Change the Rating Up/Down:
Moody's could consider upgrading the rating on the Underlying
Loan if (1) Aumancha's traffic and DSCR profiles improve and
there are no ongoing payment delays; or (2) the rating of
Castilla-La Mancha is upgraded. Conversely, Moody's could
consider downgrading the ratings if (1) traffic continues to
decline such that the DSCRs deteriorate and/or the project
experiences further payment delays; (2) operating, maintenance
and lifecycle cost assumptions prove inadequate; or (3) the
rating of Castilla-La Mancha is downgraded.
AUTOVIA DE LOS VINEDOS: Moody's Affirms 'Caa1' Loan Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 rating on the
EUR103 million loan facility provided by the European Investment
Bank (the "EIB Loan") to Autovia de Los Vinedos, S.A. ("Auvisa")
and the EUR64.1 million of bonds raised by Auvisa. The outlook
remains negative.
Auvisa is a special purpose company which in December 2003,
entered into a 30-year concession agreement with Junta de
Comunidades Castilla-La Mancha to build, operate and maintain a
74.5km shadow toll road being the Consuegra to Tomelloso section
of the Autovia de los Vinedos motorway linking the cities of
Toledo and Tomelloso in central Spain.
Ratings Rationale:
"The affirmation of Auvisa's Caa1 ratings reflects the company's
weak financial metrics and exposure to downside traffic
scenarios" says Declan O'Brien, an Analyst in Moody's
Infrastructure Finance Group. "Auvisa's ratings are not directly
constrained by Castila La-Mancha's Ba3 ratings, and so are
unaffected by Moody's rating action of 12 December 2013, where
the rating agency changed the outlook on Castilla La-Mancha's
ratings to stable from negative", adds Mr. O' Brien.
The Caa1 ratings are constrained by (1) Auvisa's weak debt
service coverage ratios (DSCRs); (2) Auvisa's exposure to
declining traffic volumes; (3) the credit quality of Castilla-La
Mancha as payer under the concession agreement; (4) the history
of late payments by Castilla-La Mancha, to the detriment of
Auvisa's capacity to meet debt service payments, although the
recent payment history has been in line with contractual terms;
(5) the ineffectiveness of the lock-up mechanism in protecting
debtholders under downside scenarios; and (6) high leverage.
These risks are to some extent mitigated by Auvisa's good
liquidity and Moody's also notes the protection afforded by the
compensation on termination regime in the event of a default
under the concession agreement.
Observed traffic on the project road has been volatile over the
past three years. Traffic volumes for light vehicles fell in 2011
and 2012 by 2% and 7%, respectively, and those for heavy vehicles
fell by 1% and 11%, respectively. In the nine months to September
2013, light and heavy vehicle traffic also declined by 0.4% and
6.5% respectively, albeit the rate of traffic decline on the
project road is showing signs of easing. Moody's has run a
conservative scenario ("Moody's Case") whereby it assumes a fall
in light vehicle and heavy vehicle volumes in 2014 and 2015 of 2%
and 8%, respectively (in line with traffic for the seven months
to July 2013), flat growth in 2016 and 1.2% growth thereafter.
Under this scenario, Moody's forecasts that Auvisa's minimum and
average DSCR, which are different from Auvisa's DSCRs in that
they include transfers to the maintenance reserve account (MRA),
are 0.69x and 0.98x, respectively. Under this scenario, Auvisa
would be able to continue to pay principal and interest using its
debt service reserve account. Moody's Case assumes that Auvisa
does not pay any dividends during the concession period, even
though Auvisa may be entitled to under the documentation.
As per the financing documents, Auvisa's DSCR calculation
includes transfers from, but not to, the MRA. This means that
there is a material difference between Moody's DSCR and Auvisa's
DSCR -- under Moody's Case, above, Auvisa's forecast minimum and
average DSCR are 1.01x and 1.22x, respectively, significantly
higher than Moody's forecast minimum and average DSCRs of 0.69x
and 0.98x, respectively. The distribution lock-up criteria allows
for dividends to be paid if the projected DSCR and historical
DSCR are greater than 1.2x. Under Moody's Case, Auvisa satisfies
this criteria from 2020 onwards. While the controlling creditors
(EIB and Syncora Guarantee (U.K.) Ltd., jointly) can block a
dividend payment, this covenant is weakly drafted, and Moody's
views this as a material weakness in the structure.
What Could Change the Rating Up/Down:
Moody's could consider upgrading the ratings if (1) Auvisa's
traffic and DSCR profiles improve and there are no ongoing
payment delays; or (2) the rating of Castilla-La Mancha is
upgraded. Conversely, Moody's could consider downgrading the
ratings if (1) traffic continues to decline such that DSCRs
deteriorate and/or the project experiences further payment
delays; (2) operating, maintenance and lifecycle cost assumptions
were to prove inadequate; or (3) the rating of Castilla-La Mancha
is downgraded.
AUTOVIA DEL CAMINO: Moody's Cuts EUR175MM Loan Rating to Ba2
------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
ratings of the following loan facilities raised by Autovia del
Camino S.A. (ProjectCo):
-- EUR175 million senior secured loan provided by the
European Investment Bank, maturing in 2029
-- EUR145 million senior secured commercial bank loan maturing
in 2030
The downgrades reflect deterioration in the company's financial
metrics and are not linked to the recent change to stable from
negative of the outlook on Spain's government bond rating. The
outlook on the ratings of the loans remains negative.
ProjectCo is a special purpose company that entered into a 30-
year concession agreement in September 2002 with the Spanish
Regional Government of Navarra (the Offtaker) to build, operate
and maintain a 70 km shadow toll road linking the cities of
Pamplona and Logrono in northern Spain. As part of the agreement,
ProjectCo also constructed a number of interchanges and
refurbished some 68 km of local roads.
Ratings Rationale:
"Downgrade of Autovia del Camino's ratings reflects the
deterioration in the company's metrics following decreasing
traffic volumes since 2011," says Declan O'Brien, an Analyst in
Moody's Infrastructure Finance Group. "It also takes into account
the potential for Debt Service Cover Ratios to fall close to 1.0x
if there are further, modest, declines in traffic volumes," adds
Mr. O'Brien.
ProjectCo receives revenues from the Offtaker according to usage
and is therefore exposed to volume risk. Light vehicle (LV)
traffic on the project road fell in 2011 and 2012 by 0.6% and
4.9%, respectively, and heavy vehicles (HVs) dropped 2.7% and
5.8%. The revenue impact of this sharp drop in traffic in 2012
was reduced by higher tariffs due to the contractual indexation
to Spanish consumer price index (CPI), which was 2.7% in 2012.
Whilst there was an increase in reported LV and HV traffic in
September and October 2013, the project is exposed to the risk of
further declines. Moody's also notes that, following delays in
the completion of feeder roads, future growth may fall below the
levels previously projected. ProjectCo forecasts minimum and
average Debt Service Cover Ratios (DSCRs) of 1.22x and 1.48x,
respectively. However, under a downside scenario with a modest
further decline in volumes in 2014, the minimum DSCR could fall
close to 1.0x.
The Ba2 ratings on the loans are constrained by declines in
traffic on the project road and weak financial metrics, together
with the potential for further deterioration. The rating is,
however, supported by 1) the straightforward nature of the
project road's operation, maintenance and capital maintenance
works, as well as the expectation of continuing low deductions
for performance failures under the long-term concession
agreement; 2) strong liquidity reserves and a range of creditor
protections included within ProjectCo's financing structure, such
as a six-month debt service reserve and a three-year forward-
looking maintenance reserve; and 3) the protection afforded to
senior creditors by virtue of the compensation on termination
provisions under the concession agreement, which in the event of
its early termination would underpin a high level of debt
recovery but would be subject to payment risk from the Offtaker.
While Moody's does not rate the Offtaker, most regional
governments in Spain are now rated at or below Spain's Baa3
rating, with only the very strongest credits being rated one
notch above. The Offtaker has an exemplary payment history and
the credit quality of the Offtaker is not a direct constraint on
the ratings.
The loans benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest provided by Syncora Guarantee
(U.K.) Ltd. (SGUK). As SGUK's insurance financial strength and
senior debt ratings were withdrawn by Moody's on 8 November 2012,
the rating of the loans is Ba2, in line with the underlying
rating.
What Could Change the Rating Up/Down:
Given the negative outlook, Moody's does not anticipate upward
pressure on the ratings in the short term. However, the rating
agency could consider upgrading the ratings if ProjectCo's
traffic and DSCR profiles improve. Conversely, Moody's could
consider downgrading the ratings if 1) traffic continues to
decline such that DSCRs deteriorate; 2) operating, maintenance
and lifecycle cost assumptions were to prove inadequate; or 3)
the rating of Spain is downgraded.
ProjectCo's shareholders are 1) RREEF (80%), the infrastructure
investment management business of Deutsche Bank's Asset
Management division; 2) Grupo Corporativo Empresarial de la Caja
de Ahorros y Monte de Piedad de Navarra, S.A. (10.9%), the
industrial arm of the largest regional savings bank in Navarra;
and 3) Global Via Infraestructuras, S.A. (9.1%), an
infrastructure company jointly owned by Fomento de Construcciones
y Contratas, S.A. and Caja Madrid.
BANCO FINANCIERO: Moody's Withdraws Caa1 Long-Term Issuer Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 long term issuer
rating of Banco Financiero y de Ahorros, S.A. At the time of the
withdrawal, the issuer rating carried a negative outlook.
CAJA INGENIEROS: Fitch Hikes Class C Notes Rating From 'BB+sf'
--------------------------------------------------------------
Fitch Ratings has upgraded the class C notes and revised the
outlook on Class B notes to stable CAJA INGENIEROS TDA 1, a
Spanish RMBS consisting of loans originated by Caja De
Ingenieros. The other two tranches of class A2 and B notes have
been affirmed. The ratings actions are as follows:
Class A2 (ISIN ES0364376014): affirmed at 'AA-sf'; Outlook
Stable
Class B (ISIN ES0364376022): affirmed at 'A+sf'; Outlook
revised to Stable from Negative
Class C (ISIN ES0364376030): upgraded to 'BBB-sf' from 'BB+sf';
Outlook Stable
Key Rating Drivers:
Strong Performance
High quality underwriting has translated into continued strong
performance of the underlying pool, despite difficulties in the
Spanish housing market. Loans in arrears by more than three
months (0.12% of the current portfolio) and gross cumulative
defaults (0.2% of the initial pool) are notably low for a Spanish
RMBS transaction. The pipeline of new arrears also remains
limited and performance is expected by Fitch to remain far
stronger than the market average for the foreseeable future.
However, up to 10% of the original balance of the loans can be
restructured. Fitch has taken this into account in its analysis
and found the credit enhancement levels available to the rated
tranches to be sufficient to withstand resulting stresses.
Excess spread is expected to be sufficient to provision for
defaulted loans without drawing on the reserve fund. Therefore,
credit enhancement is expected to increase as the transaction
seasons.
Strong Quality Collateral
The transaction benefits from a high quality collateral pool. The
portfolio has a comparatively low current weighted average loan
to value ratio of 51.2% and the loans were all originated via
traditional methods, with low exposure to self-employed and non-
Spanish borrowers. Around 80% of borrowers are located in the
Cataluna region, an area that has been less exposed to house
price declines than other areas of Spain.
Rating Sensitivities:
A worsening of the Spanish economic environment, especially
employment conditions, or an abrupt shift of interest rates may
jeopardize the underlying borrowers' affordability.
Due to this transaction being unhedged, an unexpected sharp rise
in interest rates beyond Fitch's stresses could affect cashflows
which may cause the agency to take negative rating action.
PESCANOVA SA: Board Selects Damm's Non-Binding Restructuring Bid
----------------------------------------------------------------
Undercurrent News reports that the board of Pescanova has
unanimously decided to side with the non-binding bid led by Damm
and backed by Luxempart, Kohlberg Kravis Roberts and Ergon
Capital, for the restructuring of Pescanova.
According to Undercurrent News, Pescanova's bankruptcy
administrator Deloitte said in a notice to the Spanish stock
exchange regulator on Dec. 13 that the decision was taken at an
extraordinary board meeting, convened to examine the five
proposals submitted for the company's restructuring.
The Damm-led bid would give the creditor banks 51% stake in
company, in exchange for writing off around 80% of the debt,
Undercurrent News notes. Damm and the partners would take the
remaining shares, in exchange for a capital injection, pinned at
around EUR250 million, Undercurrent News discloses.
"After analyzing the five bids received, the board decided, with
no votes against, to take the non-binding offer of the consortium
formed by Damm, KKR, and Ergon Luxempart as the most suitable to
lead the restructuring process and ensure Pescanova's future
viability," Undercurrent News quotes Deloitte as saying in a
statement.
Pescanova's board will immediately begin discussions with the
relevant financial creditors in order to reach an agreement to
allow the survival continuity of the company, Undercurrent News
states.
The rival bids were said to include a proposal by the US and UK
funds York Capital, Blue Crest and Centerbridge, which according
to Spanish media, submitted a higher financial bid than Damm's,
Undercurrent News relays.
However, all bids proposed that at least EUR2.9 billion are
written off the debt, which is now said to exceed EUR4.3 billion,
Undercurrent News notes.
This higher debt figure was reported by Deloitte, which also
found that Pescanova trebled its losses in 2012, to EUR791.4
million, Undercurrent News relates.
About Pescanova SA
Pescanova SA 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.
Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings. The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25. The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.
===========
S W E D E N
===========
OCTAPHARMA NORDIC: Moody's Withdraws 'Ba1' CFR; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service, has withdrawn the Ba1 corporate family
rating (CFR) and Ba1-PD probability of default rating (PDR) of
Octapharma Nordic AB. The ratings had a stable outlook.
Ratings Rationale:
Moody's has withdrawn the rating for its own business reasons.
This action does not reflect a change in the company's
creditworthiness.
Octapharma Nordic AB, is the fourth-largest commercial provider
of plasma derivatives worldwide. Its business model consists of
the collection, extraction, purification and subsequent marketing
of blood plasma-derived products. In 2012, Octapharma generated
revenues of EUR916 million. Established in 1983, Octapharma is
privately owned by the Marguerre family.
===========
T U R K E Y
===========
YUKSEL INSAAT: Moody's Lowers CFR to 'Caa2'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 the
corporate family rating (CFR) for Yuksel Insaat A.S. and the
rating for the US$200 million notes due 2015 issued by the
company and the probability of default rating (PDR) to Caa2-PD
from Caa1-PD. The outlook is negative. This concludes the ratings
review initiated on October 18, 2013 and maintained on
January 17, 2013 and May 30, 2013.
Ratings Rationale:
The downgrade of the PDR to Caa2-PD reflects the higher default
risk and associated uncertainty given the (1) ongoing and
protracted negotiations with the noteholders' committee (NC) and
(2) the increase in debt. The uncertainty over the future capital
structure of the group and the position of noteholders in the
capital structure has prompted Moody's to downgrade the CFR to
Caa2.
Firstly, Yuksel has yet to reach an agreement with the NC and
reach out to other noteholders not part of the NC following the
formation of the NC, that make up about 46% of noteholders. A
quorum of 50% is required in order to reach a majority amongst
noteholders for changes, such as the relaxation of certain
conditions of the US$200 million notes due in 2015. Whether
Yuksel can reach a consensual agreement with noteholders is not
certain.
Secondly, the company reported US$454.4 million of financial debt
related to the notes and bank debt per October 31, 2013. The
company has in the interim (in November and December) made bank
debt repayments of US$59 million. Moody's debt calculation
includes US$79.6 million of debt guaranteed by Yuksel. The
increase of group debt diminishes the position of noteholders in
the capital structure despite the receipt of US$155 million of
disposal proceeds, which may not be fully available to
noteholders.
Yuksel has used short-term financing lines from banks in order to
fund operational uses such as working capital. Should these lines
no longer be available and if there are delays in receiving
disposal proceeds expected in the first quarter of 2014, this
could exert further pressure on the company's liquidity and
ability to service its debt. As of October 31, 2013, the company
had US$16.6 million of unrestricted cash from which it made an
interest payment on its notes on November 12, 2013 of US$9.5
million, but has increased its cash holding to US$110 million
following the receipt from executed asset disposals.
The negative outlook reflects the uncertainty over the future
capital structure.
What Could Change the Rating Up/Down:
Given the downgrade and the negative outlook, an upgrade is
unlikely. For the outlook to be stabilized or ratings to be
upgraded Moody's expects a conclusion of the strategic review as
well as visibility, stability and viability of the company's
future capital structure.
Ratings could be further downgraded if it if becomes clear that
(1) bonds become subordinated to other debt instruments, (2)
recovery prospects weaken or (3) default risk further increases.
Yuksel Insaat A.S., which has corporate headquarters in Ankara,
Turkey, is among the largest construction companies in the
country. The company was established in 1963 by the Sazak and
Sert families and maintains a visible footprint in Turkey, where
more than half of its revenues are generated, but has expanded
into the Middle East and North Africa (MENA) region as well as
Central Asia over recent years to diversify its revenue streams.
The company generated revenues of TL1.4 billion (around US$802
million) in its financial year 2012.
===========================
U N I T E D K I N G D O M
===========================
ALBERMARLE & BOND: In Takeover Talks with Better Capital
--------------------------------------------------------
The Scotsman reports that Albemarle & Bond on Thursday said it
was in takeover talks with a number of parties including
Jon Moulton's corporate turnaround firm Better Capital.
The company put itself up for sale as it continues to struggle
with a drop in gold prices, The Scotsman relates.
According to The Scotsman, in a statement on Thursday it stressed
there can be no certainty that an offer will be made as a result
of the formal sale process or that any sale will be concluded.
Earlier last week, the firm revealed it had suffered a 77% slump
in annual profits, The Scotsman discloses.
Albemarle remains in talks with its lenders after it was given a
three-month reprieve at the end of October to patch up its
finances, The Scotsman relays. Its net debt has risen from
GBP46.2 million to GBP50.6 million since the end of its financial
year, The Scotsman notes.
For the year to the end of June, the pawnbroker posted a pre-tax
profit of GBP4.9 million, down from GBP21.4 million a year
earlier, as it was hit by a drop in sales, The Scotsman says.
The company's woes have been compounded by a bill for its failed
attempt to secure a GBP35 million cash injection from its biggest
shareholder, Ezcorp., The Scotsman states.
Albemarle & Bond Holdings PLC provides pawnbrokering services.
The Company, through its subsidiaries, provide pawnbroking, check
cashing services, retail jewelry sales and unsecured lending.
Albemarle operates in the United Kingdom.
EDRESSESGLOBAL UK: High Court Winds Up Wedding Dress Company
------------------------------------------------------------
A wedding dress company, Edressesglobal UK Co Ltd, registered in
the UK but operating from China and the United States, was wound
up in the public interest on Nov. 6, 2013, at the High Court for
filing misleading accounts and giving false trading addresses to
customers.
The winding up follows an investigation by the Insolvency Service
and a petition by the Secretary of State for Business, Innovation
& Skills.
Edresses made wedding, party and prom dresses in China and
marketed them on a large number of websites targeted at customers
in the UK, France, Germany, Italy and Australia.
The court heard that the company:
* lacked any presence in its purported addresses in
the UK,
* failed to respond to any correspondence during the
investigation, and
* had filed misleading accounts and its business was
conducted with a lack of commercial probity.
The court also heard that:
* Many of Edresses' websites indicated that it traded from
either Portsmouth or Park Royal in North London, and
returns for refunds for faulty goods could be made there.
However, the company was not known at either of these
addresses.
* Customers were often waiting excessively long times for
delivery.
* Despite apparent substantial trading throughout 2012 as
indicated by a Facebook campaign set up to complain about
its activities, Edresses filed dormant accounts as a non-
trading company for the period ending Nov. 30, 2012.
Edresses failed to produce any accounting records during
the investigation.
* A Facebook campaign was set up with 546 members who had
been affected by Edresses' activities. These members had
traded with the company through its websites and were able
to communicate with company employees through a 'live chat'
who confirmed that customers were dealing with Edresses and
that the return address for faulty garments was in Park
Royal.
* The company also failed to co-operate with the
investigation. Letters to the directors in China and the
United States, e-mails and 'live chat' messages all went
unanswered.
Commenting on the winding up, David Hill, an Investigations
Supervisor, with the Insolvency Service, Said:
"Edresses took advantage of people looking for dresses for
important and significant occasions in their lives but rarely
delivered the goods, and winding it up protects the public from
losing more money in this way.
"The winding up should serve as a warning that the Insolvency
Service will take action to remove rogue companies from the
business environment."
GALA CORAL: Fitch Revises Outlook to Neg. & Affirms 'B' IDR
-----------------------------------------------------------
Fitch Ratings has revised Gala Coral Group Limited's (GCG)
Outlook to Negative from Stable and affirmed its Long-term Issuer
Default Rating (IDR) at 'B'. Fitch has also downgraded GCG's
subsidiary Gala Group Finance plc's senior secured notes to 'BB-'
from 'BB' and their Recovery Rating to 'RR2' from 'RR1'. Gala
Electric Casinos plc's senior notes have been affirmed at 'CCC+'
with a Recovery Rating of 'RR6'.
The revision of GCG's Outlook to Negative reflects the
contraction of EBITDA in FY13 (by 11% on a like-for like basis)
resulting from several one-off factors, industry-wide challenges
and specific issues at its online and bingo operations, all of
which demonstrate that management's strategic relaunch plan
initiated in 2010 is far from complete. While the latest weak
financial performance raises questions about GCG's de-leveraging
ability over FY14 to FY15, a number of strategic initiatives
currently underway and improving cash flow generation provide
some mitigating comfort.
Key Rating Drivers:
Tight Rating Headroom
The Negative Outlook reflects the tighter rating headroom
following a weak performance in FY13, albeit partly offset by
on-going turnaround efforts, the growing Italian business and the
fundamental strength of the the Coral UK retail betting business.
Although the GBP172 million disposal of Gala Casinos was
insufficient to improve GCG's credit quality in FY13, Fitch
expects some future positive free cash flow (FCF) to provide
additional comfort.
Competitive Market for Coral
Coral's FY13 performance suffered from lower betting spending in
the UK and higher operating costs (divisional EBITDA down by 6.6%
on a like-for-like basis). Additionally, revenues of gaming
machines in betting shops have stagnated across the UK in 2Q-
3Q13, raising doubts about their ability to offset further
declines of horse betting income. However, Coral's over-the-
counter gross win margin remains strong compared with peers and
further improved to 17.9% in FY13.
Difficult Bingo Business
Following some encouraging results during FY11-FY12 in turning
around a declining trend of admissions and spending per head,
bingo resumed a trend of revenue and profit contraction in the
latter part of FY13. EBITDA was down by GBP13.2 million, i.e. by
34.4% against FY12. The chances of a sustainable stabilization
for this business remain uncertain despite some recent
improvements stemming from the implementation of a new price
strategy.
Costly Online Replatforming
Gala relaunched galacasino.com and galabingo.com in 2012, and
both have shown improvements in key performance indicators,
albeit from a low base. Conversely, the online sports offer
relaunch suffered some setbacks in 2013. Total EBITDA at FYE13
for online reduced to GBP25.3 million (-9% against FY12),
reversing the encouraging trend of FY12. Fitch expects some
improvements in profitability for FY14, as recent IT and
marketing investments pay off, but further upside in divisional
profits is constrained by the fact that in this business top-line
growth tends to require large marketing investments.
Leverage Improvements
Fitch estimates that due to lower capex and restructuring costs,
FY13 FCF of continuing operations turned positive (GBP13 million
to GBP15 million). The GBP172 million divestment of Gala Casinos
offset a poor trading performance, allowing stable net lease-
adjusted funds from operations- (FFO) based leverage (calculated
including property company debt) at 6.9x (7.0x). Fitch expects
FY14 FCF generation should lead to a moderate further net
leverage reduction.
PropCo Debt Maturity
GCG faces GBP338 million PropCo debt due in April 2014. While the
repayment or refinancing of this debt remains uncertain, a
potential default would not trigger a default of GCG's other debt
(OpCo level) and would not prejudice OpCo's ability to continue
to occupy those properties. Fitch therefore believes GCG OpCo has
little motivation to make up any shortfall on this instrument
when it matures and should PropCo not repay it.
Comfortable Liquidity
At FYE13 Gala had GBP216.3 million of unrestricted cash on its
balance sheet and GBP53.7 million available under the revolving
credit facility due October 2017 as GBP46.3 million is being used
for letters of credit. Excluding the PropCo loan, the next debt
maturity is the May 2018 senior secured facility.
Senior Secured Notes Downgrade
The downgrade of Gala Group Finance plc's senior secured notes to
'BB-' from 'BB' and their Recovery Rating to 'RR2' from 'RR1'
results from a deterioration of expected recoveries for these
notes in the event of default driven by the recent weaker
operational performance and Fitch's view of lower sustainable
profits in Fitch projections compared with previous expectations.
An improvement in the recovery prospects of these notes and a
consequent upgrade would be contingent on a reduction of GCG's
total senior debt rather than on improvements in EBITDA.
Rating Sensitivities:
Negative: Future developments that could lead to a downgrade
include:
-- EBITDA failing to maintain a trajectory of moderate growth.
-- FCF close to zero.
-- Net lease adjusted FFO based leverage higher than 6.5x on a
sustained basis.
-- Gross lease adjusted FFO-based leverage remaining higher
than 7.0x on a sustained basis.
Positive: Future developments that could lead to a revision of
the Outlook to Stable include:
-- The expectation that the above leverage ratios improve to
at least 0.5x lower than the threshold for a downgrade,
i.e. gross lease adjusted FFO-based leverage at or below
6.5x on a sustained basis
GEMINI ECLIPSE 2006-3: Fitch Affirms C Rating on GBP101.8MM Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes of Gemini (Eclipse 2006-3)
plc's CMBS notes, due July 2019, as follows:
GBP569.2m class A (XS0273575107): affirmed at 'CCsf'; Recovery
Estimate (RE) RE25%
GBP27.8m class B (XS0273576289): affirmed at '; RE0%
GBP101.8m class C (XS0273576446): affirmed at'Csf''; RE0%
GBP81.4m class D (XS0273576792) affirmed at 'Csf'; RE0%
GBP70.2m class E (XS0273576958): affirmed at 'Csf'; RE0%
Key Rating Drivers:
The affirmation reflects the fairly stable performance of the
transaction over the past 12 months. While vacancy has increased
marginally to 18.7% from 17.9%, the portfolio's rental income has
been sufficient to cover debt service for two of the last three
interest payment dates (IPDs), since scheduled interest has
decreased after partial termination of its loan hedging. Despite
this, significant senior-ranking payment obligations remain
outstanding, with no recoveries expected for note classes below
the class A notes.
Over the last six months, five assets securing the loan have been
sold, for a combined price of GBP105.6 million. An average 6%
premium was achieved over a March 2013 valuation. While a portion
of sale proceeds (GBP10.2 million) was retained for capital
expenditure purposes, the remainder (after deductions for
expenses) was paid to the swap counterparty (as per a
restructuring agreement reached between the special servicer and
the swap provider in 2012) as partial termination of the senior
and junior loan hedging, both ranking senior to notes interest
and principal payments.
As a result, the onerous swap obligations have been reduced, with
the senior swap's notional amount cut to GBP477.7 million from
GBP850.4 million, and the junior swap amount to GBP53.8 million
from GBP97.4 million. This in turn has reduced the outstanding
swaps' mark-to-market, which at the October 2013 IPD was
estimated at a still significant GBP105.5 million and GBP5.6
million respectively. The senior swap obligations expire in 2026,
10 years after loan maturity. Any upward interest rate movement
will reduce, but is unlikely to wholly eliminate, the substantial
senior-ranking swap obligations.
While increasing only by GBP0.6 million over the last three IPDs
total liquidity drawdowns amounted to GBP30.9 million, and are
forecasted by the special servicer to rise to GBP59.7 million at
the loan's maturity in 2016 as leases expire and financing costs
potentially rise (the three month LIBOR forward rate is on a
rising trend) on the unhedged portion of the loan. While there is
some uncertainty within the transaction's documentation with
respect to how drawn liquidity will ultimately be repaid (either
through the issuer's revenue or principal waterfall), Fitch
believes that it will continue to be made available to make up
interest shortfalls.
On a like-for-like basis, the portfolio's value has fallen by 5%
over the last 12 months (the September 2013 valuation was
GBP298.2 million, implying a loan-to-value of 285%). While Fitch
believes this assessment to be conservative, for at least some of
the largest assets, the significant senior-ranking obligations
detailed above, which include GBP3.9 million class C, D and E
unpaid interest, will all contribute to the full write-down of
principal for all notes with the exception of the class A, which
itself will receive only limited recoveries.
Rating Sensitivities:
Fitch estimates notes recoveries of approximately GBP150 million.
Given the depressed collateral value and significant senior-
ranking obligations, the transaction's ratings are unlikely to
change materially.
Fitch will continue to monitor the workout process.
GERALD DAVID: Administrator Sells Some Butchers' Shops
------------------------------------------------------
Western Morning News reports that Gerald David and Family Ltd, a
family chain of butchers that went into administration, has had
some of their retail sites saved by insolvency firm Kirks.
Western Morning News quotes administrator David Kirk, of Kirk's
Insolvency in Exeter, as saying that: "Unfortunately, we had to
lay off 43 of the 58 staff and close five shops. The five shops
closed were Ivybridge, Taunton, Puxton, Dulverton and Minehead.
We also closed the abattoir."
According to the report, the shops that have now been sold to a
new owner are at Dart's Farm Shop at Topsham, Newton Abbot, in
Fermoys Garden Centre, and Cheddar. Fifteen jobs have been saved.
"We traded the business for a month and sought a buyer for those
three shops. We had a number of offers but eventually agreed a
sale that completed last month preserving the remaining jobs and
shops. We are pleased that out of a very negative situation at
least part of the business will carry on in the future," Mr.
Kirk, as cited by Western Morning News, said.
Gerald David and Family Ltd was founded in West Somerset in 1969
and had eight branches across Devon and Somerset, including one
in Dulverton and another in Taunton, which have also shut.
The company went into administration in October due to pressure
from creditors and suppliers who were owed money and had refused
to supply any more stock, according to Western Morning News.
IGLO: Asks Lenders to Relax Covenant Terms
------------------------------------------
Nathalie Thomas at The Telegraph reports that Iglo, the debt-
laden company behind Birds Eye frozen food, has asked its lenders
for extra breathing space as its new chief executive, Elio Leoni
Sceti, seeks to double sales by 2020.
According to The Telegraph, the group, which private equity owner
Permira failed to sell last year after offers fell short of the
EUR2.8 billion asking price, has asked its lenders to relax the
terms of one covenant to allow Mr. Sceti, the former boss of EMI
Music, to push through his revised strategy.
Mr. Sceti took the helm at Iglo in May, six months after the
frozen foods group underwent a controversial dividend
recapitalization, which saw Permira add an additional EUR250
million of debt to the company's balance sheet and take out more
than EUR300 million as a one-off payment, The Telegraph recounts.
The Telegraph relates that Birds Eye said on Sunday that it was
"considered sensible to seek an amendment to one covenant" to
give Mr. Sceti the "flexibility" to invest in the company's new
strategy. Sources stressed the firm was not in any danger of a
covenant breach but sought to change the terms of a covenant
test, which was hinged on a certain debt to Ebitda ratio, The
Telegraph notes.
Following the refinancing in November 2012, Iglo's bank debt
stood at EUR1.84 billion compared to EUR1.6 billion at the end of
December 2011, The Telegraph relays.
MAGYAR TELECOM: U.S. Judge Recognizes UK Proceedings
----------------------------------------------------
Magyar Telecom B.V. disclosed that a second hearing took place
before Judge Lane of the US Bankruptcy Court at 11:00 a.m. (New
York time) on December 11, 2013 in respect of the petition under
Chapter 15 of the US Bankruptcy Code for recognition of the
Scheme as a foreign main proceeding and for related relief giving
full force and effect to the Scheme and related documents.
The Company disclosed that Judge Lane granted the Chapter 15
Order in the terms sought.
The grant of the Chapter 15 Order is a condition to the Scheme
becoming effective as set out in the explanatory statement dated
October 28, 2013 in relation to the Scheme.
Completion of the Restructuring
Following the grant of the Chapter 15 Order and the satisfaction
of all other Scheme Conditions, the Company intends the Effective
Date of the Restructuring to occur (December 12, 2013). Note
Creditors who have submitted a valid Account Holder Letter to the
Information Agent should expect to receive their Restructuring
Consideration Entitlements and/or Cash Option Entitlement (as
applicable) on December 12, 2013.
Any questions relating to any Note Creditor's Scheme
Consideration Entitlement should be directed to the Information
Agent, whose details are set out below.
Coupon Payment
The coupon payment on the New Notes is due on December 15, 2013.
The Company intends to make the Coupon Payment on the first
following business day (December 16, 2013) assuming that the
listing of the New Notes on the Luxembourg Stock Exchange is
completed by that date. The Company intends to complete the
Listing (December 12, 2013). If, however, the Listing is not
completed by December 16, 2013 then the Company will make the
Coupon Payment as soon as the Listing is completed thereafter.
Contact Details
In case of any enquiries, please contact one of the advisers
below:
* Company Advisers:
HOULIHAN LOKEY (EUROPE) LIMITED
Chris Foley
Tel: +44 20 7747 2717
E-mail: cfoley@hl.com
WHITE & CASE LLP
Stephen Phillips
Tel: +44 20 7532 1221
E-mail: sphillips@whitecase.com
* Information Agent
Lucid Issuer Services Limited
Sunjeeve Patel / Thomas Choquet
Tel: +44 20 7704 0880
E-mail: invitel@lucid-is.com
* Noteholder Group Advisers
MOELIS & COMPANY
Charles Noel-Johnson
Tel: +44 20 7634 3500
E-mail: charles.noel-johnson@moelis.com
ROHAN CHOUDHARY
Tel: +44 20 7634 3660
E-mail: rohan.choudhary@moelis.com
BINGHAM MCCUTCHEN (LONDON) LLP
Neil Devaney
Tel: +44 20 7661 5430
E-mail: neil.devaney@bingham.com
James Terry
Tel: +44 20 7661 5310
E-mail: james.terry@bingham.com
About Magyar Telecom B.V.
Magyar Telecom B.V. is a private company with limited liability
incorporated in the Netherlands and registered at the Chamber of
Commerce (Kamer van Koophandel) for Amsterdam with number
33286951 and registered as an overseas company at Companies House
in the UK with UK establishment number BR016577 and its address
at 6 St Andrew Street, London EC4A 3AE, United Kingdom
(telephone: +44(0)207-832-8936, Fax: +44(0)207-832-8950).
Magyar Telecom BV, owner of Hungarian telecommunications provider
Invitel, commenced proceedings in the United Kingdom on Oct. 21,
2013, to carry out a scheme of arrangement to reduce debt. Under
the scheme to be implemented through the High Court of Justice of
England and Wales,, EUR350 million (US$481 million) in 9.5%
secured notes will be reduced to EUR155 million. The company has
the support of holders of 70% of the notes.
On Oct. 28, the U.K. judge authorized holding a creditors'
meeting on Nov. 27 to approve the scheme, Bloomberg News relates.
Magyar filed a petition in New York under Chapter 15 (Bankr.
S.D.N.Y. Case No. 13-bk-13508) on Oct. 29, 2013, to assist a
court in the U.K. in carrying out the scheme.
PENDRAGON PLC: Moody's Rates GBP175MM Sr. Secured Notes 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating
(with a loss given default (LGD) assessment of LGD3, 47.6%) to
the GBP175 million senior secured notes, issued by Pendragon PLC.
Pendragon's B2 corporate family rating (CFR), B2-PD probability
of default rating (PDR) and the stable outlook on all ratings
remain unchanged.
Moody's definitive rating assignment is in line with the
provisional ratings assigned on 24 April 2013, following review
of the final key terms of the GBP175 million notes, and the
GBP145 million revolving credit facility (unrated), which are
also in line with the drafts reviewed for the provisional ratings
assigned.
Ratings Rationale:
Pendragon's B2 senior secured instrument rating is in line with
the CFR, reflecting the lack of structural subordination and that
the notes are guaranteed by substantially all of Pendragon's
subsidiaries. Both the notes and the revolving credit facility
are pari passu in ranking and share the same security and
guarantee package. The guarantors initially accounted for at
least 80% of group gross assets and 90% of turnover and pre-tax
profits; gross asset coverage will increase to 90% by 31 December
2013 at the latest. The PDR of B2-PD reflects a group family
recovery rate assumption of 50%.
Pendragon's B2 CFR is constrained by (1) the cyclical nature of
new and used car sales (representing 56% of the company's gross
profit in fiscal 2012); (2) the linkage between new car sales and
the aftersales segment, the key profit generator for the company;
and (3) the company's principal focus on the UK market, which
leaves it exposed to economic conditions in the country, albeit
Moody's notes the modest recovery in the macroeconomic
environment during calendar 2013. In addition, Moody's estimates
that Pendragon's adjusted leverage will remain high at around
6.0x as at fiscal 2013 (to 31 December). However, these factors
are partially offset by the company's improved credit metrics
over the past three financial years, especially debt/EBITDA, as
well as its leading market position in the very fragmented UK
auto retailing market. In addition, the rating incorporates the
company's favorable brand mix, with its key premium and volume-
led brands (Stratstone and Evans Halshaw, respectively)
generating similar reported underlying operating profit in fiscal
2012. The rating is further supported by Pendragon's parts and
service offering (accounting for around 40% of group gross
profit), which is driven by the stability of the overall UK car
parc and the apparent stabilization in the 'less than three years
old' car segment, which is the company's core focus.
A significant portion of the company's reported financial
liabilities, as per its 2012 Annual Report, are to finance new
and used car stock (GBP409.2 million OEM finance (mainly new
cars) and GBP122.3 million third-party stock finance (mainly used
cars)). This was relative to core operational funding of GBP214.9
million of bank debt and GBP1.5 million of finance leases. The
stock finance is with a variety of third-party finance companies
and the OEM finance is with OEM's finance arms.
Rating Outlook:
The stable outlook on the ratings reflects Moody's belief that
Pendragon's favorable brand mix will continue to resonate with
consumers, and that the company will continue to prudently manage
its expenses, resulting in credit metrics that Moody's expects
will continue to improve over the next 12 months. This
expectation of improved credit metrics is driven by the current
attractive fundamentals of the new car sales market in the UK,
which is likely to support growth in the core aftersales segment
in the near term.
What Could Change the Rating Up/Down:
Although not expected in the short term, positive rating pressure
could result if Pendragon continues to improve its operating
performance and credit metrics, as well as maintain a balanced
financial policy. Quantitatively, Moody's could upgrade the
rating if adjusted debt/EBITDA was sustained below 5.5x and
adjusted EBIT/interest was sustained above 1.75x.
Conversely, negative rating pressure could arise if Pendragon's
liquidity or operating performance were to weaken, or if the
company were to undertake an aggressive financial policy such
that adjusted debt/EBITDA remained above 6.5x or if adjusted
EBIT/interest was maintained below 1.5x.
Pendragon PLC, headquartered in Nottingham, England, is the UK's
leading automotive retailer by revenues, according to the
company, with around 240 franchises, and posted revenues of
GBP3.6 billion in fiscal 2012.
RSA INSURANCE: Faces Questions Over Future & Credit Rating
----------------------------------------------------------
Harry Wilson at The Telegraph reports that RSA is facing mounting
questions over its future, including its credit rating, as
speculation grows about a sale or break up of the insurer.
According to The Telegraph, the struggling insurer will hold
talks this week with shareholders in the wake of the shock
discovery of a more than GBP200 million capital shortfall in its
Irish subsidiary, although a source close to the company denied
it had yet received any formal letters from investors calling for
its sale. Analysts speculate that the insurer's capital
shortfall could reach GBP500 million, The Telegraph notes.
Simon Lee, RSA's chief executive, left with immediate effect on
Thursday after the insurer was forced to issue a third profit-
warning in less than two months, The Telegraph relays.
Pressure is growing on RSA to consider a break up of its business
as its shares ended at a 12-month low having lost nearly a
quarter of their value since the problems in its Irish unit were
discovered on Nov. 8, The Telegraph discloses.
PwC has been hired to investigate the shock losses in RSA's Irish
subsidiary that have so far led the company to transfer a total
of GBP205 million, including GBP135 million, to shore up the
unit's capital, The Telegraph relates.
Meanwhile, the company is scrambling to preserve its credit
rating, amid fears that a significant cut to ratings could lead
to brokers no longer recommending the company's financial
products, The Telegraph states.
According to The Telegraph, The Financial Times reported on
Thursday that Martin Scicluna, RSA's chairman, is holding urgent
talks with the rating agencies this week. Standard & Poor's cut
RSA's rating to A from A+ last month, while Moody's has also
warned that it could face downgrades, The Telegraph relays.
The scandal has already resulted in the departure of Philip
Smith, the chief executive of RSA Insurance Ireland, and the
suspensions of Rory O'Connor, the business's chief financial
officer, and Peter Burke, the head of claims, The Telegraph
notes.
Under scrutiny will be how auditors failed to spot a black hole
in the Irish subsidiary's accounts, The Telegraph says. Until
May, Deloitte was RSA's auditor before being replaced by KPMG,
The Telegraph states.
PwC, The Telegraph says, is due to publish its report early next
year, after which RSA and its regulators will have to decide on
what further action should be taken.
The insurer is also under pressure to come up with a new strategy
following the revelations, The Telegraph notes. An update is
expected by its annual financial results in February, The
Telegraph states.
In the meantime, speculation is growing about a potential break
up or even a sale of the entire business, according to The
Telegraph.
RSA Insurance Group plc is a multinational general insurance
company headquartered in London, United Kingdom. It has over 17
million customers in 140 countries across the World.
===============
X X X X X X X X
===============
EUROPE: Agreement Reached on EU Bank Bailouts, Commissioner Says
----------------------------------------------------------------
BBC News reports that an agreement reached on dealing with bank
bailouts in the EU has been labelled a "big step" by a senior
official in Brussels.
According to BBC, EU Commissioner Michel Barnier said the deal
meant taxpayers were no longer on the "front line".
Under the new arrangements, each EU member state will build up a
fund to help banks in trouble, BBC discloses.
The fund will be built up from bank contributions, with banks
that take more risks paying more, BBC says.
It would move the risk away from small depositors and towards
shareholders and bond holders of the bank experiencing
difficulties, BBC notes.
Bank failures sparked crises in the Republic of Ireland, Spain
and Cyprus, BBC recounts.
Talks included all 28 EU member states, the European Parliament
and the European Council, BBC states.
The new approach will apply from 2016, BBC says.
In an official statement, Mr. Barnier, as cited by BBC, said:
"With these new rules in place, massive public bail-outs of banks
and their consequences for taxpayers will finally be a practice
of the past."
He said the talks would allow banks to "lend to the real
economy", by aiming to make them stronger.
Mr. Barnier said that the amount banks would have to contribute
depends on their attitude to risk, BBC notes.
The deal must still go through a final technical stage and it
needs official approval by the EU member states and parliament,
BBC states.
Ministerial talks will start again this week, and a final
agreement is hoped to be reached by the end of the month, BBC
relays.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
PAGESJAUNES GRP PAJ BQ -2572329208 1590596225
PAGESJAUNES GRP PAJ IX -2572329208 1590596225
PAGESJAUNES GRP PAJ FP -2572329208 1590596225
PAGESJAUNES GRP PGJUF US -2572329208 1590596225
PAGESJAUNES GRP PAJ VX -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EU -2572329208 1590596225
PAGESJAUNES GRP PAJP IX -2572329208 1590596225
PAGESJAUNES GRP PAJ LI -2572329208 1590596225
PAGESJAUNES GRP PAJ NQ -2572329208 1590596225
PAGESJAUNES GRP PAJ S1 -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EU -2572329208 1590596225
PEUGEOT CITROEN 3637183Z FP -292685177.7 366568398.7
PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
RHODIA SA RHAUSD EO -72552001.48 7951699362
RHODIA SA RHA QM -72552001.48 7951699362
RHODIA SA RHAGBX EO -72552001.48 7951699362
RHODIA SA RHA EU -72552001.48 7951699362
RHODIA SA RHAUSD EU -72552001.48 7951699362
RHODIA SA RHA BQ -72552001.48 7951699362
RHODIA SA RHDAF US -72552001.48 7951699362
RHODIA SA RHADF US -72552001.48 7951699362
RHODIA SA RHA EO -72552001.48 7951699362
RHODIA SA RHA VX -72552001.48 7951699362
RHODIA SA RHA S1 -72552001.48 7951699362
RHODIA SA RHA PZ -72552001.48 7951699362
RHODIA SA RHAGBP EO -72552001.48 7951699362
RHODIA SA RHA GK -72552001.48 7951699362
RHODIA SA RHA EB -72552001.48 7951699362
RHODIA SA RHA FP -72552001.48 7951699362
RHODIA SA RHD GR -72552001.48 7951699362
RHODIA SA RHAGBX EU -72552001.48 7951699362
RHODIA SA RHA TQ -72552001.48 7951699362
RHODIA SA 2324011Q EU -72552001.48 7951699362
RHODIA SA RHANR PZ -72552001.48 7951699362
RHODIA SA RHA IX -72552001.48 7951699362
RHODIA SA RHA NQ -72552001.48 7951699362
RHODIA SA RHDI TH -72552001.48 7951699362
RHODIA SA - NEW 3156011Q FP -72552001.48 7951699362
RHODIA SA - NEW RHANV FP -72552001.48 7951699362
RHODIA SA - NEW 2335921Q FP -72552001.48 7951699362
RHODIA SA - NEW 8125782Q FP -72552001.48 7951699362
RHODIA SA - NEW 3506266Q FP -72552001.48 7951699362
RHODIA SA-ADR RHAYY US -72552001.48 7951699362
RHODIA SA-NON RE RHANR FP -72552001.48 7951699362
RHODIA SA-RIGHTS RHADS FP -72552001.48 7951699362
RHODIA SA-RIGHTS 653447Q FP -72552001.48 7951699362
RODRIGUEZ GROUP RGX GR -91750912.54 173903830.1
RODRIGUEZ GROUP ROD TQ -91750912.54 173903830.1
RODRIGUEZ GROUP ROD S1 -91750912.54 173903830.1
RODRIGUEZ GROUP ROD PZ -91750912.54 173903830.1
RODRIGUEZ GROUP RRGZF US -91750912.54 173903830.1
RODRIGUEZ GROUP ROD EU -91750912.54 173903830.1
RODRIGUEZ GROUP RDGP IX -91750912.54 173903830.1
RODRIGUEZ GROUP ROD BQ -91750912.54 173903830.1
RODRIGUEZ GROUP ROD EO -91750912.54 173903830.1
RODRIGUEZ GROUP ROD FP -91750912.54 173903830.1
SANDOZ SAS 3635111Z FP -18996502.07 160259044.1
SDR CENTREST 117241Q FP -132420129.5 252176017.2
SEAFRANCE SA 1707464Z FP -1015379.945 247033398.8
SHEET ANCHOR FRA 4745417Z FP -14101146.92 168600747.8
SIEMENS TRANSMIS 4678865Z FP -19930279.05 315622985.4
SIEMENS VAI META 4634441Z FP -5935043.753 301409565.6
SOC NICOISE REAL 4749097Z FP -15642386.55 101088937.4
SOCIETE COMMERCI 4516647Z FP -179862008.2 1576030746
SOCIETE D'AGENCE 4741441Z FP -11128710.59 243411105.2
SOCIETE DES AUTO SEAUF US -251756893.2 10625026266
SOCIETE DES AUTO ARRGBX EO -251756893.2 10625026266
SOCIETE DES AUTO ARR1 PZ -251756893.2 10625026266
SOCIETE DES AUTO ARRGBP EO -251756893.2 10625026266
SOCIETE DES AUTO ARR1 VX -251756893.2 10625026266
SOCIETE DES AUTO RK9 GR -251756893.2 10625026266
SOCIETE DES AUTO ARR BQ -251756893.2 10625026266
SOCIETE DES-ADR SEAUY US -251756893.2 10625026266
SOGARA FRANCE 4674897Z FP -62973.12595 362782264
SOLVAY PHARMA SA 4525911Z FP -25551805.99 108445558.7
ST-ERICSSON GREN 4753017Z FP -28457816.66 102361354.6
TEAM PARTNER-RTS 633323Q FP -13557467.93 129831049
TEAM PARTNER-RTS 2841653Q FP -13557467.93 129831049
TEAM PARTNERS TPTRF US -13557467.93 129831049
TEAM PARTNERS TPGY IX -13557467.93 129831049
TEAM PARTNERS 2347985Q EO -13557467.93 129831049
TEAM PARTNERS TIP FP -13557467.93 129831049
TEAM PARTNERS TIP PZ -13557467.93 129831049
TEAM PARTNERS 2347981Q EU -13557467.93 129831049
TEAM PARTNERS GR TIPNV FP -13557467.93 129831049
TEAM PARTNERS GR TIPA FP -13557467.93 129831049
TEAM PARTNERS GR TPGP PZ -13557467.93 129831049
TEAM PARTNERS GR TPGP IX -13557467.93 129831049
TEAM PARTNERS GR TIPA EU -13557467.93 129831049
TEAM PARTNERS GR TIPDS FP -13557467.93 129831049
TEAM PARTNERS GR TIPA EO -13557467.93 129831049
TEAM PARTNERS-N TIPN FP -13557467.93 129831049
TF1 VIDEO SASU 4516855Z FP -14497962.96 104782781.8
THALES SECURITY 4701729Z FP -426153529.7 822653430.4
THALES SERVICES 3636471Z FP -68610758.53 645796540.3
THOMSON TELECOM 4516815Z FP -35805908.77 528384056.4
THYSSENKRUPP SOF 4740929Z FP -34703144.08 214714504
TRABET-TRAVAUX E 4782745Z FP -1512762.505 110553204.9
TRANSOLVER SERVI 4521279Z FP -36332151.84 199228520.9
TREVES 4722153Z FP -50694749.81 386836995.6
TROUVAY CAUVIN TVYCF US -396977.8818 133986439.7
TROUVAY CAUVIN ETEC FP -396977.8818 133986439.7
TUILERIES FINANC 4701769Z FP -3956839.937 125936634.2
VISTEON SYSTEMES 4699177Z FP -156611406.8 305260373.5
YPSO FRANCE SAS 711227Z FP -1351250200 4088652781
YVES ST LAURENT/ 4633025Z FP -82897369.68 390343397.3
GEORGIA
-------
DEVELICA DEUTSCH D4B GR -79827494.88 1139643575
DEVELICA DEUTSCH DDE IX -79827494.88 1139643575
DEVELICA DEUTSCH DDE PZ -79827494.88 1139643575
DEVELICA DEUTSCH DDE PG -79827494.88 1139643575
DEVELICA DEUTSCH DDE LN -79827494.88 1139643575
GERMANY
-------
AGOR AG DOO S1 -482449.8788 144432986.2
AGOR AG NDAGF US -482449.8788 144432986.2
AGOR AG DOO EU -482449.8788 144432986.2
AGOR AG DOOG IX -482449.8788 144432986.2
AGOR AG DOO GR -482449.8788 144432986.2
AGOR AG DOO EO -482449.8788 144432986.2
AGOR AG DOOD PZ -482449.8788 144432986.2
AGOR AG-RTS 2301918Z GR -482449.8788 144432986.2
ALNO AG ANO EO -73704044.41 211434051.7
ALNO AG ANO S1 -73704044.41 211434051.7
ALNO AG ANO PZ -73704044.41 211434051.7
ALNO AG ANO EU -73704044.41 211434051.7
ALNO AG ANO TH -73704044.41 211434051.7
ALNO AG ALNO IX -73704044.41 211434051.7
ALNO AG ANO GR -73704044.41 211434051.7
ALNO AG - RTS ANO2 GR -73704044.41 211434051.7
ALNO AG-NEW ANO1 GR -73704044.41 211434051.7
ALNO AG-RTS 4123912Z GR -73704044.41 211434051.7
ALNO AG-RTS 8174351Z GR -73704044.41 211434051.7
ALNO AG-RTS 2259765Z GR -73704044.41 211434051.7
BOSCH SOLAR THIN 2734946Z GR -5092819.401 206942365.9
BROKAT AG BRKAF US -27134800.92 143511443.1
BROKAT AG BROFQ US -27134800.92 143511443.1
BROKAT AG BKISF US -27134800.92 143511443.1
BROKAT AG BROAF US -27134800.92 143511443.1
BROKAT AG -NEW BRJ1 NM -27134800.92 143511443.1
BROKAT AG -NEW BRJ1 GR -27134800.92 143511443.1
BROKAT AG-ADR BROA US -27134800.92 143511443.1
BROKAT TECH -ADR BROAQ US -27134800.92 143511443.1
BROKAT TECH AG BRJ GR -27134800.92 143511443.1
BROKAT TECH AG BSA LN -27134800.92 143511443.1
BROKAT TECH AG BRJ NM -27134800.92 143511443.1
BROKAT TECH-ADR BRJA GR -27134800.92 143511443.1
COGNIS GMBH 575202Z GR -745013993.7 3306935972
COMMERZ REAL MOB 3988716Z GR -4537893.206 2292335153
COMPASS GROUP DE 3896530Z GR -45713969.85 408640427.9
CONERGY AG CGYKUSD EO -506044.0063 390918994.9
CONERGY AG CGY EU -506044.0063 390918994.9
CONERGY AG CGY GR -506044.0063 390918994.9
CONERGY AG CGYKGBX EO -506044.0063 390918994.9
CONERGY AG CGY TQ -506044.0063 390918994.9
CONERGY AG CGYUSD EU -506044.0063 390918994.9
CONERGY AG CGYK S1 -506044.0063 390918994.9
CONERGY AG CGYK IX -506044.0063 390918994.9
CONERGY AG CEYHF US -506044.0063 390918994.9
CONERGY AG CGYUSD EO -506044.0063 390918994.9
CONERGY AG CGYK EB -506044.0063 390918994.9
CONERGY AG CGYGBX EO -506044.0063 390918994.9
CONERGY AG CGYK BQ -506044.0063 390918994.9
CONERGY AG CGY BQ -506044.0063 390918994.9
CONERGY AG CGYK GR -506044.0063 390918994.9
CONERGY AG CGYK TQ -506044.0063 390918994.9
CONERGY AG CGYKUSD EU -506044.0063 390918994.9
CONERGY AG CGY PZ -506044.0063 390918994.9
CONERGY AG CGY EO -506044.0063 390918994.9
CONERGY AG CGY IX -506044.0063 390918994.9
CONERGY AG CGY NQ -506044.0063 390918994.9
CONERGY AG CGYK EU -506044.0063 390918994.9
CONERGY AG CGY EB -506044.0063 390918994.9
CONERGY AG CGY QM -506044.0063 390918994.9
CONERGY AG CGY TH -506044.0063 390918994.9
CONERGY AG CGYK EO -506044.0063 390918994.9
CONERGY AG CGYKGBP EO -506044.0063 390918994.9
CONERGY AG CGYK PZ -506044.0063 390918994.9
CONERGY AG CGYK TH -506044.0063 390918994.9
CONERGY AG CGYGBP EO -506044.0063 390918994.9
CONERGY AG CGYK QM -506044.0063 390918994.9
CONERGY AG CGY S1 -506044.0063 390918994.9
CONERGY AG -RTS CGYB GR -506044.0063 390918994.9
CONERGY AG-ALTAK CGY2 GR -506044.0063 390918994.9
CONERGY AG-RTS 9274362Z GR -506044.0063 390918994.9
EDOB ABWICKLUNGS ESC TH -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC EO -22323468.51 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC GR -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC EU -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC BQ -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC TQ -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC PZ -22323468.51 425598807.8
EM.TV & MERCHAND ETV NM -22067243.56 849175624.7
EM.TV & MERCHAND ETV VX -22067243.56 849175624.7
EM.TV & MERCHAND ETVMF US -22067243.56 849175624.7
EM.TV & MERCHAND EMTVF US -22067243.56 849175624.7
EM.TV & MERCHAND ETV LN -22067243.56 849175624.7
EM.TV & MERCHAND 985403Q GR -22067243.56 849175624.7
EM.TV & MERC-NEW ETV1 GR -22067243.56 849175624.7
EM.TV & MERC-NEW ETV1 NM -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 GR -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 NM -22067243.56 849175624.7
ESCADA AG ESCG IX -22323468.51 425598807.8
ESCADA AG -PFD ESC3 GR -22323468.51 425598807.8
ESCADA AG-NEW 3069367Q GR -22323468.51 425598807.8
ESCADA AG-NEW 835345Q GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN EO -22323468.51 425598807.8
ESCADA AG-NEW ESCD GR -22323468.51 425598807.8
ESCADA AG-NEW ESCC GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN EU -22323468.51 425598807.8
ESCADA AG-RTS ESCE GR -22323468.51 425598807.8
ESCADA AG-SP ADR ESCDY US -22323468.51 425598807.8
GENERAL ELECTRIC 4501923Z GR -547318343.8 8720530002
GUENTHER & SOHN GUS PZ -9612095.264 130075209
GUENTHER & SOHN GUS EO -9612095.264 130075209
GUENTHER & SOHN GUS GR -9612095.264 130075209
GUENTHER & SOHN GUS EU -9612095.264 130075209
KABEL DEUTSC-ADR KBDHY US -1921707863 3240567525
KABEL DEUTSCHLAN KD8 TH -1921707863 3240567525
KABEL DEUTSCHLAN KD8 S1 -1921707863 3240567525
KABEL DEUTSCHLAN KD8 EB -1921707863 3240567525
KABEL DEUTSCHLAN KD8 TQ -1921707863 3240567525
KABEL DEUTSCHLAN KD8 EU -1921707863 3240567525
KABEL DEUTSCHLAN KD8GBP EO -1921707863 3240567525
KABEL DEUTSCHLAN KD8 NR -1921707863 3240567525
KABEL DEUTSCHLAN KD8 GR -1921707863 3240567525
KABEL DEUTSCHLAN KD8 EO -1921707863 3240567525
KABEL DEUTSCHLAN KD8USD EU -1921707863 3240567525
KABEL DEUTSCHLAN KD8 PZ -1921707863 3240567525
KABEL DEUTSCHLAN KBDHF US -1921707863 3240567525
KABEL DEUTSCHLAN KD8 QM -1921707863 3240567525
KABEL DEUTSCHLAN KD8 IX -1921707863 3240567525
KABEL DEUTSCHLAN KD8 BQ -1921707863 3240567525
KABEL DEUTSCHLAN KD8USD EO -1921707863 3240567525
KABEL DEUTS-CW10 DB7KWG GR -1921707863 3240567525
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
MANIA TECHNOLOGI MNI S1 -35060809.35 107465713.6
MANIA TECHNOLOGI MIAVF US -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060809.35 107465713.6
MANIA TECHNOLOGI MNI NM -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060809.35 107465713.6
MANIA TECHNOLOGI MNI PZ -35060809.35 107465713.6
MANIA TECHNOLOGI MNI GR -35060809.35 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNIG IX -35060809.35 107465713.6
MANIA TECHNOLOGI MNI TH -35060809.35 107465713.6
MATERNUS KLINI-N MAK1 GR -17249775.07 161290141
MATERNUS-KLINIKE MAK GR -17249775.07 161290141
MATERNUS-KLINIKE MNUKF US -17249775.07 161290141
MATERNUS-KLINIKE MAK EO -17249775.07 161290141
MATERNUS-KLINIKE MAK S1 -17249775.07 161290141
MATERNUS-KLINIKE MAK PZ -17249775.07 161290141
MATERNUS-KLINIKE MAK TH -17249775.07 161290141
MATERNUS-KLINIKE MAK EU -17249775.07 161290141
MATERNUS-KLINIKE MAKG IX -17249775.07 161290141
NORDAG AG DOO1 GR -482449.8788 144432986.2
NORDAG AG-PFD DOO3 GR -482449.8788 144432986.2
NORDAG AG-RTS DOO8 GR -482449.8788 144432986.2
NORDENIA INTL AG NOD GR -74471727.44 729626481.3
NORDENIA INTL AG NOD8 GR -74471727.44 729626481.3
NORDSEE AG 533061Q GR -8200551.142 194616922.6
NUERNB HYPO-RTS NUE8 GR -2104037124 5.86E+11
NUERNB HYPOTHEK 0478131D GR -2104037124 5.86E+11
PFLEIDERER AG PBVDF US -97572495.87 1832488196
PFLEIDERER AG-BE PFD GR -97572495.87 1832488196
PFLEIDERER A-RTS PFDB GR -97572495.87 1832488196
PFLEIDERER-NEW PFD1 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 EB -97572495.87 1832488196
PFLEIDERER-REG PFD4 EU -97572495.87 1832488196
PFLEIDERER-REG PFD4GBP EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 TH -97572495.87 1832488196
PFLEIDERER-REG PFD4 NR -97572495.87 1832488196
PFLEIDERER-REG PFD4 TQ -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EO -97572495.87 1832488196
PFLEIDERER-REG PFDG IX -97572495.87 1832488196
PFLEIDERER-REG PFD4 S1 -97572495.87 1832488196
PFLEIDERER-REG PFD4 EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 PZ -97572495.87 1832488196
PFLEIDERER-REG PFD4 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 QM -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EU -97572495.87 1832488196
PFLEIDERER-REG PFD4 NQ -97572495.87 1832488196
PFLEIDERER-REG PFD4 BQ -97572495.87 1832488196
PFLEIDERER-REG PFEIF US -97572495.87 1832488196
PRIMACOM AG PRCG IX -18656751.16 610380925.7
PRIMACOM AG PRC2 GR -18656751.16 610380925.7
PRIMACOM AG PRC S1 -18656751.16 610380925.7
PRIMACOM AG PRC NM -18656751.16 610380925.7
PRIMACOM AG PCAGF US -18656751.16 610380925.7
PRIMACOM AG PRC EU -18656751.16 610380925.7
PRIMACOM AG PRC GR -18656751.16 610380925.7
PRIMACOM AG PRC TH -18656751.16 610380925.7
PRIMACOM AG PRCG PZ -18656751.16 610380925.7
PRIMACOM AG PRC EO -18656751.16 610380925.7
PRIMACOM AG-ADR PCAGY US -18656751.16 610380925.7
PRIMACOM AG-ADR PCAG US -18656751.16 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
RINOL AG RILB S1 -1.171602 168095049.1
RINOL AG RILB GR -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
RINOL AG RILB IX -1.171602 168095049.1
RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RILB PZ -1.171602 168095049.1
RINOL AG RILB EO -1.171602 168095049.1
ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
SOLON AG FUE-NEW SOO4 GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOOJ GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOO3 GR -138663225.9 627116116.4
SOLON AG FUER SO SOO GR -138663225.9 627116116.4
SOLON AG FUER SO SOOG IX -138663225.9 627116116.4
SOLON AG FUE-RTS 2292896Z GR -138663225.9 627116116.4
SOLON AG FU-MEW 532564Q GR -138663225.9 627116116.4
SOLON SE SOO1 PZ -138663225.9 627116116.4
SOLON SE SOON EU -138663225.9 627116116.4
SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
SOLON SE SOO1 TQ -138663225.9 627116116.4
SOLON SE SOO1 S1 -138663225.9 627116116.4
SOLON SE SNBZF US -138663225.9 627116116.4
SOLON SE SOO1 EO -138663225.9 627116116.4
SOLON SE SOON EO -138663225.9 627116116.4
SOLON SE SOO1 EU -138663225.9 627116116.4
SOLON SE SOO1 BQ -138663225.9 627116116.4
SOLON SE SOON GR -138663225.9 627116116.4
SOLON SE SOO1USD EU -138663225.9 627116116.4
SOLON SE-RTS 3664247Z GR -138663225.9 627116116.4
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
ALAPIS HOLDING 3385874Q GA -670700605.1 924332371.1
ALAPIS HOLDING I V2R GR -670700605.1 924332371.1
ALAPIS HOLDING I VTERF US -670700605.1 924332371.1
ALAPIS HOLDING I FFE GR -670700605.1 924332371.1
ALAPIS HOLDING I ALAPIS EU -670700605.1 924332371.1
ALAPIS HOLDING I VETER GA -670700605.1 924332371.1
ALAPIS HOLDIN-RT ALAPISR GA -670700605.1 924332371.1
ALAPIS REPO ALAPL10 GA -670700605.1 924332371.1
ALAPIS R-R ALAPV10 GA -670700605.1 924332371.1
ALAPIS SA ALAPI EU -670700605.1 924332371.1
ALAPIS SA ALAPI EO -670700605.1 924332371.1
ALAPIS SA ALAPIS GA -670700605.1 924332371.1
ALAPIS SA FFEF GR -670700605.1 924332371.1
ALAPIS SA FFEB GR -670700605.1 924332371.1
ALAPIS SA ALAPIS PZ -670700605.1 924332371.1
ALAPIS SA APSHF US -670700605.1 924332371.1
ASPIS BANK SA ASEUF US -46224213.41 3486115450
ASPIS BANK-RIGHT 365673Q GA -46224213.41 3486115450
ASPIS BANK-RTS ASPTR GA -46224213.41 3486115450
ASPIS BANK-RTS 839325Q GA -46224213.41 3486115450
ASPIS BANK-RTS 3558423Q GA -46224213.41 3486115450
ASPIS MORT-RTS ASPTD GA -46224213.41 3486115450
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
EDRASIS C. PSALL EDRAR GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EU -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EO -68424544.93 193206489.9
EDRASIS PSALIDAS EPP GR -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA PZ -68424544.93 193206489.9
EDRASIS-AUCTION EDRAE GA -68424544.93 193206489.9
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA BRAIN PZ -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN EO -4264723.817 411173224.1
HELLAS ONLINE SA 0394471Q GA -4264723.817 411173224.1
HELLAS ONLINE SA UN5 GR -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN GA -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN EU -4264723.817 411173224.1
HELLAS ONLINE SA HOL GA -4264723.817 411173224.1
HELLAS ONLIN-RTS HOLR GA -4264723.817 411173224.1
KATSELIS SON-P R KATPD GA -84623057.15 115632796.2
KATSELIS SONS-PF KATSP GA -84623057.15 115632796.2
KATSELIS SONS-RT KATKD GA -84623057.15 115632796.2
LAMBRAKIS PR -RT DOLD GA -39671021.31 225710342.6
LAMBRAKIS PRESS LMBKF US -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EU -39671021.31 225710342.6
LAMBRAKIS PRESS LA3A GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL GA -39671021.31 225710342.6
LAMBRAKIS PRESS LA3 GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL PZ -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EO -39671021.31 225710342.6
LAMBRAKIS REPO DOLL10 GA -39671021.31 225710342.6
LAMBRAKIS R-R DOLV10 GA -39671021.31 225710342.6
LAMBRAKIS-AUC DOLE GA -39671021.31 225710342.6
LAVIPHARM SA LAVI GA -5006040.333 167080549.6
LAVIPHARM SA LAVI EU -5006040.333 167080549.6
LAVIPHARM SA LAVI EO -5006040.333 167080549.6
LAVIPHARM SA LAVI PZ -5006040.333 167080549.6
LAVIPHARM SA LVP GR -5006040.333 167080549.6
LAVIPHARM SA BXA GR -5006040.333 167080549.6
LAVIPHARM SA LVIXF US -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVID GA -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVIR GA -5006040.333 167080549.6
LAVIPHARM-AUC LAVIE GA -5006040.333 167080549.6
MAILLIS MLISF US -2041887.566 401387790.4
MAILLIS -RTS MAIKR GA -2041887.566 401387790.4
MAILLIS-SPON ADR MJMSY US -2041887.566 401387790.4
MARITIME CO LESB MEKD CH -7779986.972 235355419.9
MARITIME CO LESB NELD GA -7779986.972 235355419.9
MARITIME CO LESV NEL PZ -7779986.972 235355419.9
MARITIME CO LESV MTMLF US -7779986.972 235355419.9
MARITIME CO LESV NEL EU -7779986.972 235355419.9
MARITIME CO LESV NEL GA -7779986.972 235355419.9
MARITIME CO LESV NEL EO -7779986.972 235355419.9
MARITIME CO LESV MCV GR -7779986.972 235355419.9
MARITIME CO -RTS 2749585Q GA -7779986.972 235355419.9
MARITIME COMPANY NELE GA -7779986.972 235355419.9
MARITIME COM-RTS NELR GA -7779986.972 235355419.9
MARITIME CO-RTS 5078509Q GA -7779986.972 235355419.9
MARITIME LESV-RT NELBR GA -7779986.972 235355419.9
MJ MAILLIS S.A. MJL GR -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK PZ -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK EU -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK GA -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK EO -2041887.566 401387790.4
NAOUSSA SPIN -RT NAOYD GA -163114842.1 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114842.1 286539436.9
NAOUSSA SPINNING NML GR -163114842.1 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842.1 286539436.9
NUTRIART S.A. KTSEF US -84623057.15 115632796.2
NUTRIART S.A. KATSK GA -84623057.15 115632796.2
NUTRIART SA KATSK EO -84623057.15 115632796.2
NUTRIART SA KATSK PZ -84623057.15 115632796.2
NUTRIART SA NUTRIART GA -84623057.15 115632796.2
NUTRIART SA KATSK EU -84623057.15 115632796.2
NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
UNITED TEXTILES NAOSF US -163114842.1 286539436.9
UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
-------
AIRPLANES HOLDIN 4461857Z ID -16556589608 931628665.2
ALECTRA FINANCE 4505075Z ID -59841094.81 1863021876
ARCADE PROPERTY 4461121Z ID -271759845.9 854806905.5
ARDAGH GLASS FIN 3489820Z ID -425719878.1 5124811840
ARNOTTS HOLDINGS 4462545Z ID -345703659.3 169928201.7
AVAYA HOLDINGS L 4491803Z ID -332334120.8 255019134.5
BALLYMORE PROPER 162707Z ID -243143095.2 972399152.8
BIRCHFORD INVEST 3802508Z ID -17025540.7 218278444.2
BPM IRELAND PLC 4471855Z ID -4595598.259 844444461.6
CAMBER 4 PLC 3807980Z ID -548127044.3 336912874.6
CAPEL DEVELOPMEN 3813016Z ID -54774206.54 118764190.8
COMMUNICORP GROU 1027859Z ID -28828642.17 309423497.3
CONOCOPHILLIPS I 4526671Z ID -215725943.4 369716179.9
CONOCOPHILLIPS W 3894318Z ID -176383297.5 403120095.3
DUOMO FUNDING PL 4462513Z ID -35248.53659 1636451107
ELAN PHARMA INTE 4515071Z ID -275500000 1657900032
ELLERSTON GEMS O 4781417Z ID -4056787.085 195869209.7
EURCO FINANCE 3799980Z ID -48643223.1 679126971.7
FOL INTERNATIONA 4513251Z ID -43457938.48 343547754.8
FRESHWATER FINAN 699575Z ID -251700725.1 1588010523
FRUIT OF THE LOO 4459361Z ID -85434026.52 344655328.1
GS MULTI-CURRENC 4780921Z ID -218031502.7 1766463253
INDEP NEWS & MED INM LN -257955932.2 715040181
INDEP NEWS & MED INWS IX -257955932.2 715040181
INDEP NEWS & MED INM1 EU -257955932.2 715040181
INDEP NEWS & MED INWS ID -257955932.2 715040181
INDEP NEWS & MED INM1GBX EO -257955932.2 715040181
INDEP NEWS & MED INNS VX -257955932.2 715040181
INDEP NEWS & MED IPDC GK -257955932.2 715040181
INDEP NEWS & MED INM1GBX EU -257955932.2 715040181
INDEP NEWS & MED INM VX -257955932.2 715040181
INDEP NEWS & MED IPD PZ -257955932.2 715040181
INDEP NEWS & MED INNZF US -257955932.2 715040181
INDEP NEWS & MED INM1 EO -257955932.2 715040181
INDEP NEWS & MED INM1 NQ -257955932.2 715040181
INDEP NEWS & MED INWS PO -257955932.2 715040181
INDEP NEWS & MED INM1 EB -257955932.2 715040181
INDEP NEWS & MED INM PZ -257955932.2 715040181
INDEP NEWS & MED INP NZ -257955932.2 715040181
INDEP NEWS & MED INM ID -257955932.2 715040181
INDEP NEWS & MED IPD PO -257955932.2 715040181
INDEP NEWS & MED INWS LN -257955932.2 715040181
INDEP NEWS & MED INM1 TQ -257955932.2 715040181
INDEP NEWS & MED IPDC GR -257955932.2 715040181
INDEP NEWS & MED INM1 NR -257955932.2 715040181
INDEP NEWS & MED INM S1 -257955932.2 715040181
INDEP NEWS & MED IPD GR -257955932.2 715040181
INDEP NEWS &-F/P INWF LN -257955932.2 715040181
INDEP NEWS &-F/P IPDC ID -257955932.2 715040181
INDEP NEWS &-N/P INDB ID -257955932.2 715040181
INDEP NEWS &-N/P INWN LN -257955932.2 715040181
INDEP NEWS &-NEW IPDA GR -257955932.2 715040181
INDEP NEWS &-NEW INWN ID -257955932.2 715040181
INDEP NEWS-ADR INNZY US -257955932.2 715040181
INDEP NEWSPAPERS IPNWF US -257955932.2 715040181
INDEP NEWSPAPERS QQIAF US -257955932.2 715040181
INDEPENDENT-FPR INMF ID -257955932.2 715040181
INDEPENDENT-FPR INMF LN -257955932.2 715040181
INDEPENDENT-FPR INMF PZ -257955932.2 715040181
INDEPENDENT-NPR INMN PZ -257955932.2 715040181
INDEPENDENT-NPR INMN ID -257955932.2 715040181
INDEPENDENT-NPR INMN LN -257955932.2 715040181
IRISH NATIONWIDE 1020Z ID -24460514.19 16215850688
LCH EUROPEAN POR 3809212Z ID -91665071.77 296022574.1
LTR FINANCE NO 8 3816616Z ID -8799339.829 323480874.1
MAINAU FUNDING L 4460161Z ID -216846138.8 1309830017
MCAFEE IRELAND L 3809112Z ID -39595362.44 515570024.5
MCINERNEY HLDGS MK9 PO -137972148.5 304108432.2
MCINERNEY HLDGS MCI EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI VX -137972148.5 304108432.2
MCINERNEY HLDGS MNEYF US -137972148.5 304108432.2
MCINERNEY HLDGS MCI LN -137972148.5 304108432.2
MCINERNEY HLDGS MK9 GR -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EU -137972148.5 304108432.2
MCINERNEY HLDGS MCII IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI EU -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI ID -137972148.5 304108432.2
MCINERNEY HLDGS MK9C PZ -137972148.5 304108432.2
MCINERNEY HLDGS MCI PO -137972148.5 304108432.2
MCINERNEY PROP-A MYP LN -137972148.5 304108432.2
MCINERNEY PROP-A MCIYF US -137972148.5 304108432.2
MCINERNEY PROP-A MYP ID -137972148.5 304108432.2
MCINERNEY -RT FP MCIF LN -137972148.5 304108432.2
MCINERNEY -RT FP MCIF ID -137972148.5 304108432.2
MCINERNEY -RT NP MCIN LN -137972148.5 304108432.2
MCINERNEY -RT NP MCIN ID -137972148.5 304108432.2
MCINERNEY-ADR MNEYY US -137972148.5 304108432.2
MYRMIDON CMBS PR 3819292Z ID -106452050.5 274187079.5
NOBLE CARBON CRE 3643943Z ID -19803913.97 122514177.1
NOVELL IRELAND S 3632507Z ID -42302599.57 275653812
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
QUINN GROUP LTD 166771Z ID -228838127.1 2504412121
RHATIGAN COMMERC 3800004Z ID -196980690.9 136107436.9
SALOME FUNDING P 747246Z ID -1780227.756 2390329099
SCHWARZ PHARMA L 626603Z ID -566486089.9 327913450.8
SHENDA IRELAND L 4781889Z ID -147003552 222048024.6
SPENCER DOCK DEV 3813908Z ID -87906519 773958702
START FUNDING NO 3816392Z ID -8410425.946 624257073.1
SUSQUEHANNA EURO 4459081Z ID -1252022268 5765502698
TAKEDA PHARMA IR 4460049Z ID -553964898.1 178556098.5
TOPAZ ENERGY GRO 4508643Z ID -20430096.67 574668196.2
UPC BROADBAND IR 3633179Z ID -295261091 748962719.5
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD CRYSTA 4459209Z ID -150440252.3 114111756.9
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
CIRIO FINANZIARI FIY GR -422095936.7 1583083044
COGEME AXA COGAXA IM -77319804.75 102552226.7
COGEME AZXOBCV COGOB IM -77319804.75 102552226.7
COGEME SET SPA COG EO -77319804.75 102552226.7
COGEME SET SPA COG EU -77319804.75 102552226.7
COGEME SET SPA COG IM -77319804.75 102552226.7
COGEME SET SPA COG PZ -77319804.75 102552226.7
COGEME SET SPA CRT GR -77319804.75 102552226.7
COGEME SET SPA COGM IX -77319804.75 102552226.7
COIN SPA 965089Q GR -154057598.5 800526929.5
COIN SPA GUCIF US -154057598.5 800526929.5
COIN SPA GC IX -154057598.5 800526929.5
COIN SPA/OLD GC IM -154057598.5 800526929.5
COIN SPA-RTS GCAA IM -154057598.5 800526929.5
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
DIMA COSTRUZIONI 4526911Z IM -14681477.1 426157772.4
DIMAFIN SPA 2727163Z IM -63237953.95 270856564.4
FINMATICA SPA FIN NM -126380828.5 281244456.3
FINMATICA SPA FMTAF US -126380828.5 281244456.3
FINMATICA SPA FIN IM -126380828.5 281244456.3
FINMATICA SPA FIT GR -126380828.5 281244456.3
GABETTI AXA+W GABAAW IM -11268334.91 224454564
GABETTI PROPERTY 0617059D IM -11268334.91 224454564
GABETTI PROPERTY GABH EU -11268334.91 224454564
GABETTI PROPERTY GAB PZ -11268334.91 224454564
GABETTI PROPERTY GAB BQ -11268334.91 224454564
GABETTI PROPERTY GAB IM -11268334.91 224454564
GABETTI PROPERTY GBTTF US -11268334.91 224454564
GABETTI PROPERTY GABH EO -11268334.91 224454564
GABETTI PROPERTY GABH TQ -11268334.91 224454564
GABETTI PROP-RTS GABAXA IM -11268334.91 224454564
GABETTI SPA GABH IM -11268334.91 224454564
GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
MAIRE TECNIMONT MTCM PZ -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
MAIRE TECNIMONT MT1 EO -18172040.27 3401620362
MAIRE TECNIMONT MRTZF US -18172040.27 3401620362
MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
MAIRE TECNIMONT MT IX -18172040.27 3401620362
MAIRE TECNIMONT MT1 NR -18172040.27 3401620362
MAIRE TECNIMONT MT1 EU -18172040.27 3401620362
MAIRE TECNIMONT MT IM -18172040.27 3401620362
MAIRE TECNIMONT MT1 QM -18172040.27 3401620362
MAIRE TECNIMONT 3OY GR -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EU -18172040.27 3401620362
MERIDIANA SPA 1163Z IM -4645217.834 187285866.9
MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI FICN AV -18419396969 4120687886
PARMALAT FINANZI PMLFF US -18419396969 4120687886
PARMALAT FINANZI PRF IM -18419396969 4120687886
PARMALAT FINANZI PAF GR -18419396969 4120687886
PARMALAT FINANZI PRFI VX -18419396969 4120687886
PARMALAT FINANZI PMT LI -18419396969 4120687886
PARMALAT FINANZI PARAF US -18419396969 4120687886
PARMALAT FINA-RT PRFR AV -18419396969 4120687886
PRAMAC SPA PRAM IX -87225647.28 314935866.6
PRAMAC SPA PRA IM -87225647.28 314935866.6
PRAMAC SPA PRA2 EU -87225647.28 314935866.6
PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
RISANAMENTO SPA RN PZ -182584482.9 2453594767
RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
RISANAMENTO SPA RN IX -182584482.9 2453594767
RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
ZORLU ENERJI ELE ZRLUF US -2128989.458 1841396734
ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
ZORLU ENERJI-RTS 0405413D TI -2128989.458 1841396734
UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
DONETSKOBLENERGO DOON UZ -350758285.3 246202249.5
KRYMENERGO KREN UZ -34125639.53 127185486.6
LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
NAFTOKHIMIK-GDR N3ZA GR -25147613.11 203369540.7
ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
ABF GRAIN PRODUC 1276922Z LN -80622502.15 405377719.8
ACE INA SERVICES 1442282Z LN -32838796.68 148703014.2
ACIS GROUP LTD 4159557Z LN -29529317.19 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
ADVANCE DISPLAY ADTP PZ -2983757364 2562677211
AEA TECHNOLO-FPR AATF PZ -251542348.1 142002291.9
AEA TECHNOLO-FPR AATF LN -251542348.1 142002291.9
AEA TECHNOLOGY EAETF US -251542348.1 142002291.9
AEA TECHNOLOGY AAT VX -251542348.1 142002291.9
AEA TECHNOLOGY AAT IX -251542348.1 142002291.9
AEA TECHNOLOGY AAT PO -251542348.1 142002291.9
AEA TECHNOLOGY G AATGBP EO -251542348.1 142002291.9
AEA TECHNOLOGY G AAT LN -251542348.1 142002291.9
AEA TECHNOLOGY G 89A GR -251542348.1 142002291.9
AEA TECHNOLOGY G AEATF US -251542348.1 142002291.9
AEA TECHNOLOGY G AAT EU -251542348.1 142002291.9
AEA TECHNOLOGY G AAT PZ -251542348.1 142002291.9
AEA TECHNOLOGY G AAT EO -251542348.1 142002291.9
AEA TECHNOLO-NPR AATN LN -251542348.1 142002291.9
AEA TECHNOLO-NPR AATN PZ -251542348.1 142002291.9
AFFINITI INTEGRA 1651064Z LN -743208854.7 241654750
AGORA SHOPPING C 214766Z LN -50700881.16 252334953.9
AIRBUS OPERATION 4435153Z LN -718055101.2 3718998325
AIRTOURS PLC AIR VX -379721780.5 1817512774
AIRTOURS PLC AIR LN -379721780.5 1817512774
AIRTOURS PLC ATORF US -379721780.5 1817512774
ALIXPARTNERS LTD 2578482Z LN -20704239.37 115351021.9
ALL3MEDIA HOLDIN 4500027Z LN -349193464.9 845096523.8
ALLDAYS PLC ALDYF US -120493900 252232072.9
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLIANCE & LEICE 1603082Z LN -362196734.3 3707298376
ALLIANCE ATLANTI 1774537Z LN -15720815.81 102607041.1
ALPHA CREDIT GRP 2398Z LN -128159653.1 6765166452
AMER BUS SYS ARB LN -497126976 121439000
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
ANGLESEY ALUMINI 3899138Z LN -31293037.69 162854170.3
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ARCADIA PETROLEU 645232Z LN -5023968.659 568408481.5
ARGENTA UNDERWRI 2619614Z LN -2675706.338 115312566.9
ARRIVA NORTH WES 1320162Z LN -1976907.097 100984405.8
ASCOT RACECOURSE 1965934Z LN -15176036.03 272434311.7
ASHWELL PROPERTY 4165857Z LN -192048023.3 200163088.3
ASPIRE HOUSING L 1820890Z LN -76622621.06 145635258.6
ASTON VILLA FOOT 1768569Z LN -147588325.5 132513030.7
ASTRIUM LTD 2568578Z LN -147720838.8 465118265.6
AT KEARNEY HOLDI 4168565Z LN -712649.2612 420870276.2
AUTOBAR GROUP LT 346661Z LN -4152320.078 257142544.7
AUTOMATIC DATA P 2807722Z LN -2691222.405 196460842.3
AUTOMOBILE ASSOC 1479490Z LN -33757452.81 1402428072
AVAYA UK 1700688Z LN -53845662.33 392389930
BAA PLC BAAPF US -305487309.1 20626980048
BAA PLC BAAG IX -305487309.1 20626980048
BAA PLC 549340Q CN -305487309.1 20626980048
BAA PLC BAA IX -305487309.1 20626980048
BAA PLC 3682837Q AU -305487309.1 20626980048
BAA PLC BAA PO -305487309.1 20626980048
BAA PLC BAA GR -305487309.1 20626980048
BAA PLC BAA VX -305487309.1 20626980048
BAA PLC - ASSD BAAB LN -305487309.1 20626980048
BAA PLC-ADR BAAPY US -305487309.1 20626980048
BAA PLC-ADR BAAPY LI -305487309.1 20626980048
BAA PLC-ASSD BAAC LN -305487309.1 20626980048
BAA PLC-ASSD BAAD LN -305487309.1 20626980048
BAA PLC-ASSD BAAA LN -305487309.1 20626980048
BAE SYSTEMS GLOB 1111359Z LN -198002524.7 433422849.4
BAE SYSTEMS INTE 2344987Z LN -76887342.6 435816042
BAE SYSTEMS PROP 1151751Z LN -87647151.12 896957185.8
BANK OF SCOTLAND 1419810Z LN -9546216.212 527915266.9
BARCHESTER HOLDC 4391889Z LN -29571912.71 1847591976
BARRACUDA GROUP 3636Z LN -395586366.9 328358578
BASINGHALL FINAN 1127799Z LN -9318896.893 1118303697
BAT UK & EXPORT 4509491Z LN -190548587.2 881692782.5
BCH GROUP PLC BCH LN -5728273.973 187993198.2
BDP HOLDINGS LTD 3796920Z LN -5521777.438 114452852
BENTLEY MOTORS L 1376666Z LN -511844321.8 792321913.9
BETFAIR LTD 83844Z LN -26079415.01 461076110.5
BGE UK LTD 1653368Z LN -31309521.84 451744849.3
BIRMINGHAM MAILB 1781057Z LN -6608952.843 116466648.8
BIRSE CIVILS LTD 1333506Z LN -3991231.995 184394918.2
BLACKWELL PUBLIS 80044Z LN -1289834.531 223671685.3
BNB RECRUITMENT BNB IX -10242625.55 103637705
BNB RECRUITMENT BNB PO -10242625.55 103637705
BNB RECRUITMENT BNB LN -10242625.55 103637705
BNB RECRUITMENT BNBRF US -10242625.55 103637705
BNB RECRUITMENT BQX GR -10242625.55 103637705
BOLTON WANDERERS 1274042Z LN -109297588 124148929.4
BOOKER PLC 1330Q GR -59832893.13 1298182549
BOOKER PLC BKERF US -59832893.13 1298182549
BOOKER PLC 987188Q LN -59832893.13 1298182549
BOOKER PLC-ADR BKRUY US -59832893.13 1298182549
BOOKER PLC-ADR BOK$ LN -59832893.13 1298182549
BOSTON MAYFLOWER 1845650Z LN -38702577.78 104489726.5
BRADSTOCK GROUP BSKGF US -1855444.639 268563822.5
BRADSTOCK GROUP BDK LN -1855444.639 268563822.5
BRB RESIDUARY LT 2872503Z LN -271034725.2 371470513.4
BRENT WALKER GRP 754087Q LN -1774306283 867084131.8
BRENT WALKER GRP BWKGF US -1774306283 867084131.8
BRIT ENERGY LTD 523362Q LN -5822867501 4921095750
BRIT ENERGY PLC BHEGF US -5822867501 4921095750
BRIT ENERGY PLC 555140Q VX -5822867501 4921095750
BRIT ENERGY PLC BGYEF US -5822867501 4921095750
BRIT ENERGY PLC BEN1 GR -5822867501 4921095750
BRIT ENERGY-A BENA GR -5822867501 4921095750
BRIT ENERGY-ADR BHEFF US -5822867501 4921095750
BRITISH ENER-$US BGYD AR -5822867501 4921095750
BRITISH ENER-$US BGYNYD AR -5822867501 4921095750
BRITISH ENER-ADR BGYNY US -5822867501 4921095750
BRITISH ENER-BLK BGYB AR -5822867501 4921095750
BRITISH ENER-BLK BGYNYB AR -5822867501 4921095750
BRITISH ENER-C/E BGYC AR -5822867501 4921095750
BRITISH ENER-C/E BGYNYC AR -5822867501 4921095750
BRITISH ENER-CED BGYNY AR -5822867501 4921095750
BRITISH ENER-CED BGY AR -5822867501 4921095750
BRITISH ENERGY-A BGYA VX -5822867501 4921095750
BRITISH ENERGY-A 3012442Q LN -5822867501 4921095750
BRITISH ENERGY-A BHEAF US -5822867501 4921095750
BRITISH ENERGY-A BGYA PO -5822867501 4921095750
BRITISH ENERGY-A BGYGF US -5822867501 4921095750
BRITVIC PLC BVIC LN -1427723.98 1647117616
BRITVIC PLC BVI2 EO -1427723.98 1647117616
BRITVIC PLC BVIC EU -1427723.98 1647117616
BRITVIC PLC B6S GR -1427723.98 1647117616
BRITVIC PLC BVICGBP EO -1427723.98 1647117616
BRITVIC PLC BVIC BQ -1427723.98 1647117616
BRITVIC PLC BVIC5 EO -1427723.98 1647117616
BRITVIC PLC BVIC EO -1427723.98 1647117616
BRITVIC PLC BVICUSD EO -1427723.98 1647117616
BRITVIC PLC BVIC TQ -1427723.98 1647117616
BRITVIC PLC BVICPEN EU -1427723.98 1647117616
BRITVIC PLC BVIC S1 -1427723.98 1647117616
BRITVIC PLC BVIC4 EO -1427723.98 1647117616
BRITVIC PLC BVICEUR EO -1427723.98 1647117616
BRITVIC PLC BTVCF US -1427723.98 1647117616
BRITVIC PLC BVICEUR EU -1427723.98 1647117616
BRITVIC PLC BVIC9 EO -1427723.98 1647117616
BRITVIC PLC BVIC8 EO -1427723.98 1647117616
BRITVIC PLC BVICPEN EO -1427723.98 1647117616
BRITVIC PLC B6S GK -1427723.98 1647117616
BRITVIC PLC BVIC EB -1427723.98 1647117616
BRITVIC PLC BVIC2 EO -1427723.98 1647117616
BRITVIC PLC BVIC NQ -1427723.98 1647117616
BRITVIC PLC BVIC6 EO -1427723.98 1647117616
BRITVIC PLC BVIC QM -1427723.98 1647117616
BRITVIC PLC BVIC3 EO -1427723.98 1647117616
BRITVIC PLC BVIC1 EO -1427723.98 1647117616
BRITVIC PLC BVIC PZ -1427723.98 1647117616
BRITVIC PLC BVICUSD EU -1427723.98 1647117616
BRITVIC PLC BVIC IX -1427723.98 1647117616
BRITVIC PLC BVIC VX -1427723.98 1647117616
BRITVIC PLC BVIC NR -1427723.98 1647117616
BRITVIC PLC BVIC7 EO -1427723.98 1647117616
BRITVIC PLC-ADR BTVCY US -1427723.98 1647117616
BRIXTON GREAT WE 1242343Z LN -24193317.48 164120047.9
BUNZL VENDING SE 1626514Z LN -3627717.453 117295226
BURNDEN LEISURE BDL LN -92092299.62 136726201.7
CALSONIC KANSEI 2730264Z LN -112686897.5 233439821
CALSONIC KANSEI 1541442Z LN -38998494.18 298627314.6
CAPITAL HOME LOA 3809804Z LN -15503258.05 16833730499
CARISBROOKE ANGL 3815488Z LN -67887962.81 125396545.6
CARLISLE GROUP 506819Q LN -11904428.42 203548565
CATTLES PLC CTT EB -599615492.2 3880885246
CATTLES PLC CTT IX -599615492.2 3880885246
CATTLES PLC CTT LN -599615492.2 3880885246
CATTLES PLC CTTEUR EU -599615492.2 3880885246
CATTLES PLC CTTUSD EU -599615492.2 3880885246
CATTLES PLC CTT TQ -599615492.2 3880885246
CATTLES PLC CTT EU -599615492.2 3880885246
CATTLES PLC CZS GR -599615492.2 3880885246
CATTLES PLC CTTSEK EU -599615492.2 3880885246
CATTLES PLC CTTEUR EO -599615492.2 3880885246
CATTLES PLC CTT NQ -599615492.2 3880885246
CATTLES PLC CTTUSD EO -599615492.2 3880885246
CATTLES PLC CTTGBP EO -599615492.2 3880885246
CATTLES PLC CTTSEK EO -599615492.2 3880885246
CATTLES PLC CTT NR -599615492.2 3880885246
CATTLES PLC CTT PZ -599615492.2 3880885246
CATTLES PLC CHOXF US -599615492.2 3880885246
CATTLES PLC CTT EO -599615492.2 3880885246
CATTLES PLC CTT QM -599615492.2 3880885246
CATTLES PLC CTT PO -599615492.2 3880885246
CATTLES PLC CTT VX -599615492.2 3880885246
CATTLES PLC CTT BQ -599615492.2 3880885246
CATTLES PLC-ADR CHOXY US -599615492.2 3880885246
CATTLES PLC-FPR CTTF LN -599615492.2 3880885246
CATTLES PLC-FPR CTTF PZ -599615492.2 3880885246
CATTLES PLC-NPR CTTN LN -599615492.2 3880885246
CATTLES PLC-NPR CTTN IX -599615492.2 3880885246
CATTLES PLC-NPR CTTN PZ -599615492.2 3880885246
CATTLES PLC-NPR 2843730Q EU -599615492.2 3880885246
CATTLES PLC-NPR 2843726Q EO -599615492.2 3880885246
CATTLES PLC-NPR 2843734Q EO -599615492.2 3880885246
CATTLES PLC-NPR CCTN PZ -599615492.2 3880885246
CATTLES PLC-RFD CTTR LN -599615492.2 3880885246
CATTLES PLC-RFD CTTR PZ -599615492.2 3880885246
CATTLES PLC-RFD CTTR IX -599615492.2 3880885246
CEVA GROUP PLC 976811Z LN -404835205.1 5085742264
CHANNEL 5 TELEVI 93306Z LN -3955940.23 440416449.8
CHELSEA FOOTBALL 1508858Z LN -645325606.2 325028457.3
CHILTERN RAILWAY 1691664Z LN -18440739.08 143929126.6
CHRYSALIS GROUP CHS EU -16399845.81 124838262.3
CHRYSALIS GROUP CHS PZ -16399845.81 124838262.3
CHRYSALIS GROUP CYGUF US -16399845.81 124838262.3
CHRYSALIS GROUP CHSEUR EU -16399845.81 124838262.3
CHRYSALIS GROUP CHS PO -16399845.81 124838262.3
CHRYSALIS GROUP CHSEUR EO -16399845.81 124838262.3
CHRYSALIS GROUP CHS EO -16399845.81 124838262.3
CHRYSALIS GROUP HR4 GR -16399845.81 124838262.3
CHRYSALIS GROUP 5CY GR -16399845.81 124838262.3
CHRYSALIS GROUP CHSUSD EU -16399845.81 124838262.3
CHRYSALIS GROUP CHS VX -16399845.81 124838262.3
CHRYSALIS GROUP CLYSF US -16399845.81 124838262.3
CHRYSALIS GROUP CHSGBP EO -16399845.81 124838262.3
CHRYSALIS GROUP CHS LN -16399845.81 124838262.3
CHRYSALIS GROUP CHS IX -16399845.81 124838262.3
CHRYSALIS GROUP CHSUSD EO -16399845.81 124838262.3
CLASSIC HOSPITAL 802723Z LN -6453011.416 212249352.1
CLIPPER WINDPOWE CWP EO -168322000 436419008
CLIPPER WINDPOWE CWP IX -168322000 436419008
CLIPPER WINDPOWE C2W GR -168322000 436419008
CLIPPER WINDPOWE CWP LN -168322000 436419008
CLIPPER WINDPOWE CWP PG -168322000 436419008
CLIPPER WINDPOWE CWPA LN -168322000 436419008
CLIPPER WINDPOWE CWP PZ -168322000 436419008
CLIPPER WINDPOWE CWP EU -168322000 436419008
CLIPPER WINDPOWE 3470635Q LN -168322000 436419008
CLIPPER WINDPOWE CRPWF US -168322000 436419008
COMMUNITY HOUSIN 4448257Z LN -3215992.54 202983429.4
COMO HOLDINGS UK 3818576Z LN -23709992.86 122013803.9
COMPASS GROU-OLD 1259Q LN -668101173.9 2972459078
COMPASS GROUP QOP GR -668101173.9 2972459078
COMPASS GRP-ADR CMSGY US -668101173.9 2972459078
COMPASS GRP-ADR CMSJY US -668101173.9 2972459078
CONNECT UTILITIE 2112683Z LN -6756036.693 135500422.8
CONVENIENCE FOOD 1555794Z LN -76242510.77 781213617
COOLKEERAGH ESB 4471679Z LN -21270460.2 308163645.9
CPI MORTARS LTD 1751696Z LN -22518097.49 110009816.1
CROSBY GROUP PLC 237335Z LN -122188674.2 211009635.6
CROWN BLUE LINE 1369234Z LN -5491244.659 143228058.8
CSC METROCENTRE 1203663Z LN -177523497.7 231888247
CUCINA LUX INVES 4503083Z LN -332083965.3 3040705457
DANKA BUS SYSTEM DNK LN -497126976 121439000
DANKA BUS SYSTEM 3205291Q EO -497126976 121439000
DANKA BUS SYSTEM DNK VX -497126976 121439000
DANKA BUS SYSTEM DNK IX -497126976 121439000
DANKA BUS SYSTEM DNK PO -497126976 121439000
DANKA BUS SYSTEM DNK PZ -497126976 121439000
DANKA BUS SYSTEM 3205283Q EO -497126976 121439000
DANKA BUS SYSTEM DANKF US -497126976 121439000
DANKA BUS SYSTEM 3205287Q EU -497126976 121439000
DANKA BUS-$US CE DANKD AR -497126976 121439000
DANKA BUS-ADR DANKY US -497126976 121439000
DANKA BUS-ADR AP39 LI -497126976 121439000
DANKA BUS-ADR DB6 GR -497126976 121439000
DANKA BUS-ADR DANKE US -497126976 121439000
DANKA BUS-BLK CE DANKB AR -497126976 121439000
DANKA BUS-C/E CE DANKC AR -497126976 121439000
DANKA BUS-CEDEAR DANK AR -497126976 121439000
DARTY PLC KESA QM -154779892.4 1917418684
DARTY PLC DRTYUSD EU -154779892.4 1917418684
DARTY PLC KESA5 EO -154779892.4 1917418684
DARTY PLC KESA IX -154779892.4 1917418684
DARTY PLC KESA2 EO -154779892.4 1917418684
DARTY PLC KESA EO -154779892.4 1917418684
DARTY PLC DRTY EO -154779892.4 1917418684
DARTY PLC KESA3 EO -154779892.4 1917418684
DARTY PLC KESA6 EO -154779892.4 1917418684
DARTY PLC DRTY QM -154779892.4 1917418684
DARTY PLC DRTY LN -154779892.4 1917418684
DARTY PLC KESA9 EO -154779892.4 1917418684
DARTY PLC DRTY EU -154779892.4 1917418684
DARTY PLC DRTYGBP EO -154779892.4 1917418684
DARTY PLC KE4 GR -154779892.4 1917418684
DARTY PLC DRTY IX -154779892.4 1917418684
DARTY PLC KESA TQ -154779892.4 1917418684
DARTY PLC KESAF US -154779892.4 1917418684
DARTY PLC KESA8 EO -154779892.4 1917418684
DARTY PLC KESA4 EO -154779892.4 1917418684
DARTY PLC DRTY TQ -154779892.4 1917418684
DARTY PLC DRTYEUR EO -154779892.4 1917418684
DARTY PLC KESA BQ -154779892.4 1917418684
DARTY PLC DRTYEUR EU -154779892.4 1917418684
DARTY PLC KESA NR -154779892.4 1917418684
DARTY PLC DRTYI GR -154779892.4 1917418684
DARTY PLC KESA NQ -154779892.4 1917418684
DARTY PLC DRTY EB -154779892.4 1917418684
DARTY PLC KE4 GK -154779892.4 1917418684
DARTY PLC DRTYUSD EO -154779892.4 1917418684
DARTY PLC DRTY FP -154779892.4 1917418684
DARTY PLC KES1 EO -154779892.4 1917418684
DARTY PLC KSA FP -154779892.4 1917418684
DARTY PLC KESA7 EO -154779892.4 1917418684
DARTY PLC KESA S1 -154779892.4 1917418684
DARTY PLC KESA EB -154779892.4 1917418684
DAVENHAM GROUP P DAV EO -57317833.22 114701147.6
DAVENHAM GROUP P DAV EU -57317833.22 114701147.6
DAVENHAM GROUP P DAV PZ -57317833.22 114701147.6
DAVENHAM GROUP P DAH GR -57317833.22 114701147.6
DAVENHAM GROUP P DAV PG -57317833.22 114701147.6
DAVENHAM GROUP P DAH TH -57317833.22 114701147.6
DAVENHAM GROUP P DAV LN -57317833.22 114701147.6
DAVENHAM GROUP P DAVEUR EO -57317833.22 114701147.6
DCK GROUP LTD 4006628Z LN -23972516.74 108515833.6
DE LA RUE PLC DLAR TQ -72920095.83 652922700.1
DE LA RUE PLC DLAREUR EU -72920095.83 652922700.1
DE LA RUE PLC DL1C GK -72920095.83 652922700.1
DE LA RUE PLC DLARUSD EO -72920095.83 652922700.1
DE LA RUE PLC DLAR LN -72920095.83 652922700.1
DE LA RUE PLC DL1 GR -72920095.83 652922700.1
DE LA RUE PLC DELRF US -72920095.83 652922700.1
DE LA RUE PLC DLAR EB -72920095.83 652922700.1
DE LA RUE PLC DLAR8 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR BQ -72920095.83 652922700.1
DE LA RUE PLC DLAR NR -72920095.83 652922700.1
DE LA RUE PLC DLAR PZ -72920095.83 652922700.1
DE LA RUE PLC DLRUF US -72920095.83 652922700.1
DE LA RUE PLC DLAR1 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR NQ -72920095.83 652922700.1
DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
DE LA RUE PLC DLAR4 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR S1 -72920095.83 652922700.1
DE LA RUE PLC DLARUSD EU -72920095.83 652922700.1
DE LA RUE PLC DLARF US -72920095.83 652922700.1
DE LA RUE PLC DL1A GR -72920095.83 652922700.1
DE LA RUE PLC DL1C GR -72920095.83 652922700.1
DE LA RUE PLC DLA EO -72920095.83 652922700.1
DE LA RUE PLC DLAR IX -72920095.83 652922700.1
DE LA RUE PLC DLAR7 EO -72920095.83 652922700.1
DE LA RUE PLC DL1B GR -72920095.83 652922700.1
DE LA RUE PLC DLAR QM -72920095.83 652922700.1
DE LA RUE PLC DLAREUR EO -72920095.83 652922700.1
DE LA RUE PLC DLAR EO -72920095.83 652922700.1
DE LA RUE PLC DLARCHF EO -72920095.83 652922700.1
DE LA RUE PLC DLAR VX -72920095.83 652922700.1
DE LA RUE PLC DLARGBP EO -72920095.83 652922700.1
DE LA RUE PLC DLAR9 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR EU -72920095.83 652922700.1
DE LA RUE PLC DLAR5 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR3 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR PO -72920095.83 652922700.1
DE LA RUE PLC DLAR6 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR2 EO -72920095.83 652922700.1
DE LA RUE-ADR DERUY US -72920095.83 652922700.1
DE LA RUE-ADR DLUEY US -72920095.83 652922700.1
DE LA RUE-PREF 3115438Q EU -72920095.83 652922700.1
DE LA RUE-PREF DLAP PZ -72920095.83 652922700.1
DE LA RUE-PREF DLAP LN -72920095.83 652922700.1
DE STEFANO INVES 3814768Z LN -10968616.22 208612111
DIAMOND RESORT H 1710824Z LN -36346087.76 199633867
DIAMOND RESORTS 1578906Z LN -55241260.22 185000514.5
DISPOSABLE SOFT 1124335Z LN -25554763.54 154077028.1
DONVAND LTD 2564906Z LN -8746031.883 235830922.7
DRIVE ASSIST HOL 3641135Z LN -129629293.2 804046536.3
DTZ DEBENHAM TIE 1637608Z LN -65367918.17 431959182
E ON RUHRGAS UK 1671208Z LN -203389128.9 397727814.9
E ON UK CHP LTD 2642428Z LN -441420879.2 292251726.5
EASYNET GROUP EZNGF US -60380605.51 334049332.2
EASYNET GROUP ESY PO -60380605.51 334049332.2
EASYNET GROUP ESY LN -60380605.51 334049332.2
EASYNET GROUP ESY VX -60380605.51 334049332.2
EASYNET GROUP EAY GR -60380605.51 334049332.2
EASYNET GROUP-CV 91009Z LN -60380605.51 334049332.2
EC HARRIS LLP 4448521Z LN -16034293.72 122879662.7
EDF ENERGY 1 LTD 1201287Z LN -173168019.1 373323626.4
EDF ENERGY CUSTO LON LN -998743443.7 5451617395
ELE INVTS LTD ELCT US -50659516.57 281969290.1
EMI GROUP -ASSD EMIA LN -2265916257 2950021937
EMI GROUP LTD EMI LN -2265916257 2950021937
EMI GROUP PLC EMI VX -2265916257 2950021937
EMI GROUP PLC 3020138Q GR -2265916257 2950021937
EMI GROUP PLC EMI IX -2265916257 2950021937
EMI GROUP PLC EMIPF US -2265916257 2950021937
EMI GROUP PLC EMI PO -2265916257 2950021937
EMI GROUP PLC-B 1019425Q LN -2265916257 2950021937
EMI GROUP-ADR EMI$ LN -2265916257 2950021937
EMI GROUP-ADR EMIPY US -2265916257 2950021937
EMI GROUP-ADR 38IS LN -2265916257 2950021937
EQUINITI LTD 977621Z LN -91870053.33 903061439.5
EQUITY INSURANCE 1284698Z LN -29894777.4 147890791
ERM GROUP HOLDIN 3125976Z LN -175924992 616248000
ERM-EUROPE LTD 1539482Z LN -5766265.722 206231135.2
ESPORTA HEALTH & 1689624Z LN -34019016.45 143720210.5
EUROPEAN HOME EHR EU -14328735.16 110864081.4
EUROPEAN HOME EHR3 EO -14328735.16 110864081.4
EUROPEAN HOME FPAKF US -14328735.16 110864081.4
EUROPEAN HOME EHR5 EO -14328735.16 110864081.4
EUROPEAN HOME EHR6 EO -14328735.16 110864081.4
EUROPEAN HOME EHREUR EO -14328735.16 110864081.4
EUROPEAN HOME EHR LN -14328735.16 110864081.4
EUROPEAN HOME KLZ PO -14328735.16 110864081.4
EUROPEAN HOME EHR2 EO -14328735.16 110864081.4
EUROPEAN HOME KLZ VX -14328735.16 110864081.4
EUROPEAN HOME EHR PZ -14328735.16 110864081.4
EUROPEAN HOME EHR PO -14328735.16 110864081.4
EUROPEAN HOME EHR9 EO -14328735.16 110864081.4
EUROPEAN HOME EHR EO -14328735.16 110864081.4
EUROPEAN HOME EHR10 EO -14328735.16 110864081.4
EUROPEAN HOME EHREUR EU -14328735.16 110864081.4
EUROPEAN HOME EHR4 EO -14328735.16 110864081.4
EUROPEAN HOME EHR8 EO -14328735.16 110864081.4
EUROPEAN HOME EHR1 EO -14328735.16 110864081.4
EUROPEAN HOME EHR VX -14328735.16 110864081.4
EUROPEAN HOME EHR7 EO -14328735.16 110864081.4
EUROPEAN HOME EHRGBP EO -14328735.16 110864081.4
EUROSTAR INTERNA 4379945Z LN -2296294817 600452807.4
EXOVA PLC 4507835Z LN -23478618.65 727804846.1
EXXONMOBIL MARIN 1196527Z LN -10207264.01 337580273
FAIRLINE BOATS H 4498779Z LN -13944238.58 114504852.8
FAREPAK PLC FPK LN -14328735.16 110864081.4
FINANCIAL SERVIC 2630281Z LN -150518742.9 432118909.8
FIRST CHOICE HOL 1098394Z LN -599861682.6 608849393.2
FITNESS FIRST GR 4501843Z LN -959590355.8 1731530545
FLECTAT LTD 1160967Z LN -53267356.38 102516976.5
FOOTBALL FOUNDAT 3958180Z LN -1856870.101 108334858
FORD MOTOR CO LT 1291306Z LN -198002524.7 4858077693
FORENSIC SCIENCE 2616518Z LN -114373361.6 144478716.5
FOUR SEASONS HEA 1865450Z LN -126472163.8 267951983.6
FRENCH CONNECTIO 1092170Z LN -21270716.65 169362489.9
FUNDING CORP LTD 4157637Z LN -28925795.68 201083535.3
FW FARNSWORTH LT 1293386Z LN -44420065.35 102695080.1
GALA ELECTRIC CA 1228295Z LN -1443271177 5858442731
GALIFORM CORPORA 1478794Z LN -49876078.98 987241731.3
GALLAGHER UK LTD 4422897Z LN -14056336.1 197494963.7
GAMESTEC LEISURE 1432626Z LN -22918299.36 107315419.3
GARTLAND WHALLEY GWB LN -10986768.6 145352034.5
GE CALEDONIAN LT 2178340Z LN -152040000 333438016
GENERAL MOTORS 1062338Z LN -1258953111 1981116650
GGT GROUP PLC 500970Q LN -156372272 408211200.9
GGT GROUP-ADR GGTRY US -156372272 408211200.9
GLADEDALE VENTUR 2209596Z LN -40300529.62 104554687.5
GLAXOSMITHKLINE 1426Z LN -9429285.587 13095256920
GLOBAL CROSSING 3629883Z LN -353965082.8 492328850.3
GLOBAL RADIO SER 4171741Z LN -62302229.74 181387133.2
GONDOLA GROUP LT 4499995Z LN -284524422.8 1496226646
GONDOLA HOLD 913024Q GR -368104339.6 1568916934
GONDOLA HOLD GND VX -368104339.6 1568916934
GONDOLA HOLDINGS GND LN -368104339.6 1568916934
GONDOLA HOLDINGS GND IX -368104339.6 1568916934
GONDOLA HOLD-NEW GNDA LN -368104339.6 1568916934
GONDOLA HOLD-NEW GNDB LN -368104339.6 1568916934
GOODRICH CONTROL 3631571Z LN -203464797 600544111.2
GOODYEAR DUNLOP 3894550Z LN -191322012.8 287023355
GRANT THORNTON U 961842Z LN -87634636.95 389831122.7
HARMSWORTH PRINT 1552314Z LN -17382531.76 325365175.8
HARMSWORTH PRINT 1719464Z LN -46809590.17 171744856.2
HARMSWORTH QUAYS 1552378Z LN -109747106.9 292508124.8
HAS ACCIDENT MAN 3815368Z LN -71038252.12 266645094.8
HAYMARKET GROUP 4158941Z LN -100498143 307693877.6
HENDERSON ADMINI 1296626Z LN -14041029.43 1007142193
HESS INDONESIA P 1705776Z LN -90105554.61 634894802.5
HMV GROUP -GDR 276960Q GR -218490042.1 415846374.8
HMV GROUP -GDR 29362Z US -218490042.1 415846374.8
HMV GROUP PLC HMV1 EO -218490042.1 415846374.8
HMV GROUP PLC HMVMF US -218490042.1 415846374.8
HMV GROUP PLC HMV NQ -218490042.1 415846374.8
HMV GROUP PLC HMV4 EO -218490042.1 415846374.8
HMV GROUP PLC HMVUSD EU -218490042.1 415846374.8
HMV GROUP PLC HMV2 EO -218490042.1 415846374.8
HMV GROUP PLC HMVEUR EO -218490042.1 415846374.8
HMV GROUP PLC HMVUSD EO -218490042.1 415846374.8
HMV GROUP PLC HMVGBP EO -218490042.1 415846374.8
HMV GROUP PLC HMV IX -218490042.1 415846374.8
HMV GROUP PLC HMV10 EO -218490042.1 415846374.8
HMV GROUP PLC HMV3 EO -218490042.1 415846374.8
HMV GROUP PLC HMV BQ -218490042.1 415846374.8
HMV GROUP PLC HM4 GK -218490042.1 415846374.8
HMV GROUP PLC HM4 GR -218490042.1 415846374.8
HMV GROUP PLC HMV EB -218490042.1 415846374.8
HMV GROUP PLC HMV PZ -218490042.1 415846374.8
HMV GROUP PLC HMVEUR EU -218490042.1 415846374.8
HMV GROUP PLC HMV VX -218490042.1 415846374.8
HMV GROUP PLC HMV9 EO -218490042.1 415846374.8
HMV GROUP PLC HMV TQ -218490042.1 415846374.8
HMV GROUP PLC HMV S1 -218490042.1 415846374.8
HMV GROUP PLC HMV8 EO -218490042.1 415846374.8
HMV GROUP PLC HMV EO -218490042.1 415846374.8
HMV GROUP PLC HMV7 EO -218490042.1 415846374.8
HMV GROUP PLC HMV5 EO -218490042.1 415846374.8
HMV GROUP PLC HMV QM -218490042.1 415846374.8
HMV GROUP PLC HMV PO -218490042.1 415846374.8
HMV GROUP PLC HMV EU -218490042.1 415846374.8
HMV GROUP PLC HMV LN -218490042.1 415846374.8
HMV GROUP PLC HMV NR -218490042.1 415846374.8
HMV GROUP PLC HMV6 EO -218490042.1 415846374.8
HOLIDAY AUTOS IN 1155863Z LN -47020142.86 391438531.3
HOMEFIELD PVT UK 4501835Z LN -13668996.51 455224068.7
HOTEL CORP PLC HHA TH -234303120.5 370820493.6
HOTEL CORP PLC HCP EU -234303120.5 370820493.6
HOTEL CORP PLC HCP LN -234303120.5 370820493.6
HOTEL CORP PLC HHA GR -234303120.5 370820493.6
HOTEL CORP PLC HCP PO -234303120.5 370820493.6
HOTEL CORP PLC HCPEUR EO -234303120.5 370820493.6
HOTEL CORP PLC HCP PZ -234303120.5 370820493.6
HOTEL CORP PLC HCP PG -234303120.5 370820493.6
HOTEL CORP PLC HCP EO -234303120.5 370820493.6
HOTEL CORP-RFD HCPA LN -234303120.5 370820493.6
HOUSE FRASER-ADR HOFSY US -14410799.86 200149998.1
HOUSE FRASER-ADR HSFRY US -14410799.86 200149998.1
HOUSE OF FRASER HSFRF US -14410799.86 200149998.1
HOUSE OF FRASER HOF VX -14410799.86 200149998.1
HOUSE OF FRASER HOF PO -14410799.86 200149998.1
HOUSE OF FRASER HOF PZ -14410799.86 200149998.1
HOUSE OF FRASER HOF LN -14410799.86 200149998.1
HOUSE OF FRASER HOF IX -14410799.86 200149998.1
HUTCHISON 3G UK 265923Z LN -2558478023 10215382954
HYDREX HOLDINGS 4156949Z LN -150849963.2 145584295.2
IGLO FOODS GROUP 2332487Z LN -536668915.5 4700658208
IKANO FINANCIAL 2599182Z LN -11016514.34 150562302.2
INCISIVE MED-ASD INMA LN -35359948.83 1084526802
INCISIVE MEDIA 2290661Q PZ -35359948.83 1084526802
INCISIVE MEDIA 997071Q GR -35359948.83 1084526802
INCISIVE MEDIA INM IX -35359948.83 1084526802
INCISIVE MEDIA INM PO -35359948.83 1084526802
INCISIVE MEDIA 2292912Q VX -35359948.83 1084526802
INCISIVE MEDIA 4030Z LN -35359948.83 1084526802
INCISIVE MEDIA 2290657Q LN -35359948.83 1084526802
INCOMMUNITIES GR 4508531Z LN -76955719.31 411468753.5
INEOS GROUP HLDG 6623Z LN -417958386.5 12037072140
INEOS MANUFACTUR 2170452Z LN -6726362.412 1831309315
INEOS VINYLS UK 1072618Z LN -15123027.48 219361852.2
INFORMA UK LTD 699186Z LN -267015729.6 1019729118
INSPIRED GAMING 1181783Z LN -87284373.38 396170831.1
INTELLIGENT FINA 1645352Z LN -18029143.28 152828326.7
INTERFLOOR GROUP 317371Z LN -6491968.079 102342688.7
INTERNATIONAL MA 2842386Z LN -3474420.46 109056784.7
INTERNATIONAL RE 1074242Z LN -43752001.08 114451373.2
IRANIAN OIL CO U 1380570Z LN -137208702.6 280446335.8
JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
JARVIS PLC JRVS4 EO -64739862.73 130951086
JARVIS PLC JRVS3 EO -64739862.73 130951086
JARVIS PLC JRVS EO -64739862.73 130951086
JARVIS PLC JVR GR -64739862.73 130951086
JARVIS PLC JRVS2 EO -64739862.73 130951086
JARVIS PLC JRVS1 EO -64739862.73 130951086
JARVIS PLC JVSPF US -64739862.73 130951086
JARVIS PLC JRVS IX -64739862.73 130951086
JARVIS PLC JRVS PZ -64739862.73 130951086
JARVIS PLC JRVS VX -64739862.73 130951086
JARVIS PLC JRVSEUR EO -64739862.73 130951086
JARVIS PLC JRVS9 EO -64739862.73 130951086
JARVIS PLC JRVS6 EO -64739862.73 130951086
JARVIS PLC JRV EO -64739862.73 130951086
JARVIS PLC JRVS5 EO -64739862.73 130951086
JARVIS PLC JRVS PO -64739862.73 130951086
JARVIS PLC JRVSGBP EO -64739862.73 130951086
JARVIS PLC JRVS EU -64739862.73 130951086
JARVIS PLC JRVS8 EO -64739862.73 130951086
JARVIS PLC JRVS7 EO -64739862.73 130951086
JDR ENTERPRISES 3947788Z LN -18283944.55 190661628.9
JESSOPS PLC JSP LN -42702018.35 112964060.4
JESSOPS PLC JSP EO -42702018.35 112964060.4
JESSOPS PLC JSPEUR EO -42702018.35 112964060.4
JESSOPS PLC JSP IX -42702018.35 112964060.4
JESSOPS PLC JSP PZ -42702018.35 112964060.4
JESSOPS PLC JSP EU -42702018.35 112964060.4
JESSOPS PLC JSP PO -42702018.35 112964060.4
JESSOPS PLC JSPGBP EO -42702018.35 112964060.4
JESSOPS PLC JS4 GR -42702018.35 112964060.4
JESSOPS PLC JSPEUR EU -42702018.35 112964060.4
JESSOPS PLC JSP VX -42702018.35 112964060.4
JP MCDOUGALL & C 1293298Z LN -38788226.87 105778561.4
JVC EUROPE LTD 2667041Z LN -2824766.239 131996942.9
KBC LEASE UK LTD 2682395Z LN -182770025.2 231589490.3
KCA DEUTAG DRILL 2173132Z LN -44273052.72 185361544.7
KERLING PLC 3537299Z LN -6358587.289 2646257974
KESA ELECTRI-ADR KESAY US -154779892.4 1917418684
KESA ELECTRICALS KESAEUR EO -154779892.4 1917418684
KESA ELECTRICALS KESAGBP EO -154779892.4 1917418684
KESA ELECTRICALS KESA VX -154779892.4 1917418684
KESA ELECTRICALS KESA PO -154779892.4 1917418684
KESA ELECTRICALS KESAI IX -154779892.4 1917418684
KESA ELECTRICALS KESA PZ -154779892.4 1917418684
KESA ELECTRICALS KESAUSD EU -154779892.4 1917418684
KESA ELECTRICALS KESAUSD EO -154779892.4 1917418684
KESA ELECTRICALS KES EO -154779892.4 1917418684
KESA ELECTRICALS KESAEUR EU -154779892.4 1917418684
KESA ELECTRICALS KESA LN -154779892.4 1917418684
KESA ELECTRICALS KESA EU -154779892.4 1917418684
KESTREL HOLDINGS 4499515Z LN -3577225.606 950172823.8
KILMARTIN HOLDIN 3589161Z LN -32467784.16 576731039.1
KILMARTIN PROPER 534862Z LN -37743228.9 444220212.7
KLEENEZE PLC KLZ LN -14328735.16 110864081.4
KODAK LTD 1275242Z LN -180673404.9 661044368.6
LANCASTER INVEST 1575538Z LN -54823340.19 121302849.6
LAND SECURITIES 1371626Z LN -103330200.3 4796043425
LAPSENT LTD 203678Z LN -26875940.03 200397842.7
LAST MINUTE NETW 1180895Z LN -624958331.1 357173156
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
LEEDS SPORTING LES LN -73166148.8 143762193.7
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.7
LGC LTD 161695Z LN -44759203.51 163172696.4
LHR AIRPORTS LTD BAA LN -305487309.1 20626980048
LINK FINANCIAL 3041Z LN -77907330.21 237500167.3
LIONCOVER INSURA 1120431Z LN -221632.1611 741441082.5
LLOYDS TSB EQUIP 1238423Z LN -1919544.165 270438080.8
LLOYDS TSB EQUIP 1214495Z LN -661481.4498 334557469.7
LOMBARD CORPORAT 1162975Z LN -7309362.404 198951662.4
LONDON ELEC-ADR 3165952Q US -998743443.7 5451617395
LONDON TOWN PLC LTW PZ -21897636.36 175672299.2
LONDON TOWN PLC LTW EO -21897636.36 175672299.2
LONDON TOWN PLC LTW EU -21897636.36 175672299.2
LONDON TOWN PLC LOU GR -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
LONDON TOWN PLC LTWR LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -21897636.36 175672299.2
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PO -21897636.36 175672299.2
LOTUS CARS LTD 1361858Z LN -35114342.56 198253618.4
LOTUS GROUP INTE 144299Z LN -36824866.02 207696437.1
M 2003 PLC MTWOF US -2203513803 7204891602
M 2003 PLC 203055Q LN -2203513803 7204891602
M 2003 PLC-ADR MTWOY US -2203513803 7204891602
M 2003 PLC-ADR MTWOE US -2203513803 7204891602
MANCHESTER CITY 2348397Z LN -585663648.2 853089281.3
MANSFORD HOLDING 253659Z LN -4565898.062 650742111.3
MARCONI PLC MNI LN -2203513803 7204891602
MARCONI PLC MY2 GR -2203513803 7204891602
MARCONI PLC MNI BB -2203513803 7204891602
MARCONI PLC 203083Q VX -2203513803 7204891602
MARCONI PLC MONI BB -2203513803 7204891602
MARCONI PLC MRCQF US -2203513803 7204891602
MARCONI PLC-ADR MY2A GR -2203513803 7204891602
MARCONI PLC-ADR MONIE US -2203513803 7204891602
MARCONI PLC-ADR MRCQY US -2203513803 7204891602
MARCONI PLC-ADR QUQMON AU -2203513803 7204891602
MARCONI PLC-ADR MCONY US -2203513803 7204891602
MARCONI PLC-ADR MONI US -2203513803 7204891602
MARCONI PLC-ADR MONIY US -2203513803 7204891602
MARCONI PLC-ADR MCBA GR -2203513803 7204891602
MAYBOURNE HOTELS 1824362Z LN -7394692.715 356529270.5
MCINERNEY GROUP 1967014Z LN -174737505.4 140489212.7
MEADOWHALL FINAN 3560793Z LN -6035547.782 1318968635
MEDIAEDGE CIA UK 1912470Z LN -30968632.67 193466296
MEDIMMUNE LTD 1596402Z LN -246912279 292289144.3
MENZIES HOTELS H 4496419Z LN -100398281.3 322775887.8
MENZIES HOTELS L 1136583Z LN -13067356.23 180728283.4
MENZIES HOTELS O 2527986Z LN -154664298.1 147542502.3
MERLIN ENTERTAIN 305364Z LN -223818.382 152824734.8
MIDLAND EXPRESSW 583730Z LN -96899629.27 1076416510
MILLENNIUM STADI 1727672Z LN -19667498.58 154757357.6
MILLER HOMES LTD 2220892Z LN -221920899.9 657431424.2
MONARCH HOLDINGS 4502027Z LN -69668058.94 698208587.3
MOTO HOSPITALITY 1344378Z LN -271958905.3 941107670.9
MOUCHEL GROUP PL MCHL BQ -62837312.61 491359437
MOUCHEL GROUP PL MCHLEUR EU -62837312.61 491359437
MOUCHEL GROUP PL MCHLEUR EO -62837312.61 491359437
MOUCHEL GROUP PL MCHL PZ -62837312.61 491359437
MOUCHEL GROUP PL MCHL NQ -62837312.61 491359437
MOUCHEL GROUP PL MOUCF US -62837312.61 491359437
MOUCHEL GROUP PL MCHL EU -62837312.61 491359437
MOUCHEL GROUP PL MCHL TQ -62837312.61 491359437
MOUCHEL GROUP PL MCHL LN -62837312.61 491359437
MOUCHEL GROUP PL MCHL S1 -62837312.61 491359437
MOUCHEL GROUP PL MCHL EB -62837312.61 491359437
MOUCHEL GROUP PL MCHLGBP EO -62837312.61 491359437
MOUCHEL GROUP PL MCHL IX -62837312.61 491359437
MOUCHEL GROUP PL MCHL QM -62837312.61 491359437
MOUCHEL GROUP PL MCHL NR -62837312.61 491359437
MOUCHEL GROUP PL MCHL VX -62837312.61 491359437
MOUCHEL GROUP PL MO6 GR -62837312.61 491359437
MOUCHEL GROUP PL MCHL EO -62837312.61 491359437
MOUCHEL PARKMAN MCHL PO -62837312.61 491359437
MYTRAVEL GROUP MT/S VX -379721780.5 1817512774
MYTRAVEL GROUP ARO2 GR -379721780.5 1817512774
MYTRAVEL GROUP MYTPF US -379721780.5 1817512774
MYTRAVEL GROUP MT/S LN -379721780.5 1817512774
MYTRAVEL GROUP 3544280Q IX -379721780.5 1817512774
MYTRAVEL GROUP MT/S PO -379721780.5 1817512774
MYTRAVEL GROUP P 1018144Q GR -379721780.5 1817512774
MYTRAVEL GROUP P MYTGF US -379721780.5 1817512774
MYTRAVEL GROUP P MT/ LN -379721780.5 1817512774
MYTRAVEL GROUP P MT/ VX -379721780.5 1817512774
MYTRAVEL GROUP-A MYTVF US -379721780.5 1817512774
MYTRAVEL GROUP-A 2281919Q GR -379721780.5 1817512774
MYTRAVEL TOUR OP 1190295Z LN -1444587831 1560632416
NATIONS HEALTHCA 623142Z LN -73694956.7 114365932.5
NCR LTD 3083521Z LN -312454220.3 410209794.2
NDS GROUP HOLDIN 0112196D US -720982016 649305984
NDS GROUP HOLDIN NDSG US -720982016 649305984
NESTLE UK LTD 1274562Z LN -431385112.4 1655061910
NEW LOOK RETAIL 2711544Z LN -463020028.6 2346673230
NEW STAR ASSET 3226447Q EO -397718038 292972732.1
NEW STAR ASSET 3226431Q EU -397718038 292972732.1
NEW STAR ASSET 3226435Q EO -397718038 292972732.1
NEW STAR ASSET 3226443Q EO -397718038 292972732.1
NEW STAR ASSET NSAM IX -397718038 292972732.1
NEW STAR ASSET NSAM PZ -397718038 292972732.1
NEW STAR ASSET NSAM TQ -397718038 292972732.1
NEW STAR ASSET 3226439Q EU -397718038 292972732.1
NEW STAR ASSET NSAA LN -397718038 292972732.1
NEW STAR ASSET NSAM LN -397718038 292972732.1
NEW STAR ASSET N6S GR -397718038 292972732.1
NEW STAR ASSET NSAM PO -397718038 292972732.1
NEW STAR ASSET NWSAF US -397718038 292972732.1
NEWCASTLE UNITED 4380361Z LN -102558583.4 184539911.8
NEWCASTLE UNITED 1060322Z LN -112290583.6 186651205.2
NORBAIN GROUP LT 4007676Z LN -15436972.45 108956420.2
NORTHERN FO-ASSD NFDA LN -70166103.48 924672036.4
NORTHERN FOODS NFDS BQ -70166103.48 924672036.4
NORTHERN FOODS NFO GK -70166103.48 924672036.4
NORTHERN FOODS NFO GR -70166103.48 924672036.4
NORTHERN FOODS NFDS IX -70166103.48 924672036.4
NORTHERN FOODS NFDS EB -70166103.48 924672036.4
NORTHERN FOODS NFDS NR -70166103.48 924672036.4
NORTHERN FOODS NFDS EU -70166103.48 924672036.4
NORTHERN FOODS NTFOF US -70166103.48 924672036.4
NORTHERN FOODS NFDS PO -70166103.48 924672036.4
NORTHERN FOODS NFDSUSD EU -70166103.48 924672036.4
NORTHERN FOODS NFDSEUR EO -70166103.48 924672036.4
NORTHERN FOODS NFDSUSD EO -70166103.48 924672036.4
NORTHERN FOODS NFDS VX -70166103.48 924672036.4
NORTHERN FOODS NFDSGBP EO -70166103.48 924672036.4
NORTHERN FOODS NFDS TQ -70166103.48 924672036.4
NORTHERN FOODS NFDSEUR EU -70166103.48 924672036.4
NORTHERN FOODS NFDS LN -70166103.48 924672036.4
NORTHERN FOODS NFDS NQ -70166103.48 924672036.4
NORTHERN FOODS NFDS EO -70166103.48 924672036.4
NORTHERN FOODS NFDS PZ -70166103.48 924672036.4
NORTHERN FOODS NFDS QM -70166103.48 924672036.4
NORTHERN FOODS NFDS S1 -70166103.48 924672036.4
NORTHERN FOODS P NFDR LN -70166103.48 924672036.4
NORTHERN FOO-NEW NFDN LN -70166103.48 924672036.4
NORTHERN FOO-RFD 650060Q LN -70166103.48 924672036.4
NOVAR ED&S LTD 1286578Z LN -12362003.04 176723922
NOVELIS UK LTD 1295610Z LN -29354907.35 167393334.2
NPIL HOLDCO LTD 3641071Z LN -174437379.8 865144704.3
NPOWER GAS LTD 1689816Z LN -381274433.9 500408294.4
NPOWER LTD 1185599Z LN -399535772.9 3443512739
ODEON AND UCI CI 3489372Z LN -9566081.035 1177725714
O-I MANUFACTURIN 1320610Z LN -7063615.875 126090273.5
OPTIMUM CARE LTD 3951796Z LN -23827846.5 131314548.6
ORANGE LTD 951641Q LN -593935104.1 2902299502
ORANGE PLC 1460Q GR -593935104.1 2902299502
ORANGE PLC ORNGF US -593935104.1 2902299502
ORANGE PLC-ADR ORNGY US -593935104.1 2902299502
ORANGE PLC-ADR 0212530D GR -593935104.1 2902299502
ORANGE PLC-ADR ORA$ LN -593935104.1 2902299502
ORBIS PLC RLP GR -4168493.8 127701679.5
ORBIS PLC OBS PZ -4168493.8 127701679.5
ORBIS PLC OBS PO -4168493.8 127701679.5
ORBIS PLC OBG PO -4168493.8 127701679.5
ORBIS PLC OBS LN -4168493.8 127701679.5
ORBIS PLC OBS IX -4168493.8 127701679.5
ORBIS PLC ORBSF US -4168493.8 127701679.5
OUTDOOR GROUP LT 1318338Z LN -31903137.7 118192441
PARK FOOD GROUP PKFD LN -25106261.06 129310037.5
PARK GROUP PLC PKG VX -25106261.06 129310037.5
PARK GROUP PLC PKG LN -25106261.06 129310037.5
PARK GROUP PLC PKGGBP EO -25106261.06 129310037.5
PARK GROUP PLC PKG PO -25106261.06 129310037.5
PARK GROUP PLC PKG EO -25106261.06 129310037.5
PARK GROUP PLC PKG EU -25106261.06 129310037.5
PARK GROUP PLC PRKG IX -25106261.06 129310037.5
PARK GROUP PLC PRKGF US -25106261.06 129310037.5
PARK GROUP PLC PKG PZ -25106261.06 129310037.5
PARTNERSHIPS IN 551109Z LN -14369275.52 130118066.9
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC PTL IX -54677284.64 124948245.8
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PD PORT SERVICES 1407442Z LN -25765273.42 161208354.8
PD PORTCO LTD 3233785Z LN -119608128.7 1023253296
PENDRAGON PREMIE 1858506Z LN -9649115.162 154892542
PEUGEOT CITROEN 1974702Z LN -72708407.45 266912249
PHS GROUP HOLDIN 3173182Z LN -211011146 1915467185
PHS GROUP PLC 592449Z LN -211011146 1915467185
PIPEX UK LTD 3956092Z LN -94417178.6 115954049.3
PLACES FOR PEOPL 1914158Z LN -73518044.71 609139900.7
PLANNED MAINTENA 1344714Z LN -57648953.97 148147314.6
PLUS HOUSING GRO 4015788Z LN -10023120.58 371941616.5
PORTSMOUTH FOOTB 2253627Z LN -93977761.27 177073811.1
POST OFFICE LTD 1542650Z LN -810274769.8 1745713935
POWERCORP INTERN 4449033Z LN -9367176.049 129787793.6
PREMIER PROPERTY 4006740Z LN -154087010.7 766206481.6
PRESTBURY WENTWO 3814856Z LN -84753043.56 659529899
PRINOVIS LIVERPO 2074147Z LN -2988243.19 248605708.8
PRODUCTION SERVI 2278723Z LN -2446188.672 198707226.6
PROSTRAKAN GROUP PSK VX -9666264.987 134080449.8
PROSTRAKAN GROUP PSK IX -9666264.987 134080449.8
PROSTRAKAN GROUP PSK PO -9666264.987 134080449.8
PROSTRAKAN GROUP PSK LN -9666264.987 134080449.8
PROSTRAKAN GROUP PSKEUR EO -9666264.987 134080449.8
PROSTRAKAN GROUP PSKGBP EO -9666264.987 134080449.8
PROSTRAKAN GROUP PSK EU -9666264.987 134080449.8
PROSTRAKAN GROUP PSK PZ -9666264.987 134080449.8
PROSTRAKAN GROUP PSK S1 -9666264.987 134080449.8
PROSTRAKAN GROUP PSKEUR EU -9666264.987 134080449.8
PROSTRAKAN GROUP PKNGF US -9666264.987 134080449.8
PROSTRAKAN GROUP PSK EO -9666264.987 134080449.8
QHOTELS GROUP LT 759287Z LN -184737716 699448824.7
QUINN BUILDING P 3949900Z LN -103500752.8 1203590333
QUINN RADIATORS 1405898Z LN -237606147.8 154925282.5
R&R ICE CREAM LT 3624280Z LN -111988803.7 916794825.4
RANDSTAD EMPLOYM 1585810Z LN -26968879.31 105042678
RAYTHEON SYSTEMS 1068610Z LN -32601425.32 346298511
RBS MEZZANINE LT 2198564Z LN -96650177.27 156895953.3
REGARD HOLDINGS 4157517Z LN -2678709.275 159772566.2
REGUS LTD 273187Q LN -46111832.15 367181111
REGUS PLC 2296Z LN -46111832.15 367181111
REGUS PLC REGSF US -46111832.15 367181111
REGUS PLC 273195Q VX -46111832.15 367181111
REGUS PLC RGU GR -46111832.15 367181111
REGUS PLC-ADS REGSY US -46111832.15 367181111
REGUS PLC-ADS REGSV US -46111832.15 367181111
REGUS PLC-ADS REGS US -46111832.15 367181111
REGUS PLC-ADS RGUA GR -46111832.15 367181111
RENTOKIL INITIAL RTO EB -265497954 2695753100
RENTOKIL INITIAL RTOEUR EO -265497954 2695753100
RENTOKIL INITIAL RTO IX -265497954 2695753100
RENTOKIL INITIAL RTO NR -265497954 2695753100
RENTOKIL INITIAL RTO S1 -265497954 2695753100
RENTOKIL INITIAL RTO1 GR -265497954 2695753100
RENTOKIL INITIAL RTO QM -265497954 2695753100
RENTOKIL INITIAL RKLIF US -265497954 2695753100
RENTOKIL INITIAL RTO BQ -265497954 2695753100
RENTOKIL INITIAL RTOUSD EO -265497954 2695753100
RENTOKIL INITIAL RTO LN -265497954 2695753100
RENTOKIL INITIAL RTO EU -265497954 2695753100
RENTOKIL INITIAL RTO TQ -265497954 2695753100
RENTOKIL INITIAL RTOGBP EO -265497954 2695753100
RENTOKIL INITIAL RTOPEN EU -265497954 2695753100
RENTOKIL INITIAL RTO PO -265497954 2695753100
RENTOKIL INITIAL RTO1 GK -265497954 2695753100
RENTOKIL INITIAL RTO NQ -265497954 2695753100
RENTOKIL INITIAL RTOPEN EO -265497954 2695753100
RENTOKIL INITIAL RTO GR -265497954 2695753100
RENTOKIL INITIAL RTO PZ -265497954 2695753100
RENTOKIL INITIAL RTO VX -265497954 2695753100
RENTOKIL INITIAL RTOUSD EU -265497954 2695753100
RENTOKIL INITIAL RTO1 EO -265497954 2695753100
RENTOKIL INITIAL RTO EO -265497954 2695753100
RENTOKIL INITIAL RTOG IX -265497954 2695753100
RENTOKIL INITIAL RTOKF US -265497954 2695753100
RENTOKIL INITIAL RTOEUR EU -265497954 2695753100
RENTOKIL-SP ADR RTOKY US -265497954 2695753100
RENTOKIL-SP ADR AP76 LI -265497954 2695753100
REXAM BEVERAGE C 1120903Z LN -15123027.48 118921563.6
ROAD MGMT CONS 1239Z LN -24813.99918 315561166
ROSEMONT HOLDING 4391905Z LN -34807182.85 158222622.5
ROSYTH ROYAL DOC 2184524Z LN -38831265.46 176808921.7
ROYAL BANK LEASI 2177244Z LN -96708288.01 12689075410
ROYAL MAIL HOLDI 3900202Z LN -4979588987 9290852179
SAFFRON HOUSING 4448377Z LN -3777866.1 124457507.9
SCOTTISH MEDIA SSMR LN -44693985.16 126240905.5
SCOTTISH MEDIA SSM LN -44693985.16 126240905.5
SCOTTISH MEDIA 1442Q GR -44693985.16 126240905.5
SCOTTISH TELEV SCTVF US -44693985.16 126240905.5
SCOTTISHPOWER EN 2211292Z LN -85593217.38 2705930566
SCOTTS CO UK LTD 1154459Z LN -42301127.16 119882290.9
SETON HEALTHCARE 2290Z LN -10585183.94 156822902.8
SEVERN VALE HOUS 4287717Z LN -43910018.24 115584900.8
SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SHEFFIELD UNITED 1275418Z LN -17712590.52 101590746.2
SIMON CARVES LTD 1209367Z LN -309426997.2 105356699.7
SKANDIA LIFE BUS 1451642Z LN -16563612.78 132120692.5
SLP ENGINEERING 1855186Z LN -32035150.2 111509874.7
SMG PLC SMG LN -44693985.16 126240905.5
SMG PLC SMG PO -44693985.16 126240905.5
SMG PLC-FUL PAID SMGF LN -44693985.16 126240905.5
SMG PLC-NIL PAID SMGN LN -44693985.16 126240905.5
SMITHS NEWS PLC NWS6 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS S1 -82175781.01 424997909.9
SMITHS NEWS PLC NWS2GBP EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS9 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS PO -82175781.01 424997909.9
SMITHS NEWS PLC NWS2 TQ -82175781.01 424997909.9
SMITHS NEWS PLC NWS PZ -82175781.01 424997909.9
SMITHS NEWS PLC NWS10 EO -82175781.01 424997909.9
SMITHS NEWS PLC SMWPF US -82175781.01 424997909.9
SMITHS NEWS PLC NWS IX -82175781.01 424997909.9
SMITHS NEWS PLC NWS11 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS12 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS2 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS2EUR EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS LN -82175781.01 424997909.9
SMITHS NEWS PLC NWS2EUR EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS8 EO -82175781.01 424997909.9
SMITHS NEWS PLC SMWPY US -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 BQ -82175781.01 424997909.9
SMITHS NEWS PLC NWS1GBP EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS7 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS5 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS4 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS13 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS VX -82175781.01 424997909.9
SONY COMPUTER EN 3893902Z LN -533552800 1312733888
SONY UNITED KING 1591658Z LN -1219147829 2550391748
SOUTH STAFFORDSH 4049781Z LN -12127094.81 148602864.7
SOUTHERN CROSS SCHEEUR EO -456945463.9 226544692
SOUTHERN CROSS SCHE EO -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EU -456945463.9 226544692
SOUTHERN CROSS SCHE8 EO -456945463.9 226544692
SOUTHERN CROSS SCHE EU -456945463.9 226544692
SOUTHERN CROSS SCHE NQ -456945463.9 226544692
SOUTHERN CROSS SCHE PZ -456945463.9 226544692
SOUTHERN CROSS SOCHF US -456945463.9 226544692
SOUTHERN CROSS SCHE QM -456945463.9 226544692
SOUTHERN CROSS SCHE2 EO -456945463.9 226544692
SOUTHERN CROSS SCH3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE7 EO -456945463.9 226544692
SOUTHERN CROSS SCHE VX -456945463.9 226544692
SOUTHERN CROSS SCH4 EO -456945463.9 226544692
SOUTHERN CROSS SCHE TQ -456945463.9 226544692
SOUTHERN CROSS SCHE3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE S1 -456945463.9 226544692
SOUTHERN CROSS SCHE LN -456945463.9 226544692
SOUTHERN CROSS SCHE NR -456945463.9 226544692
SOUTHERN CROSS SCHE5 EO -456945463.9 226544692
SOUTHERN CROSS SCHE6 EO -456945463.9 226544692
SOUTHERN CROSS F2Z TH -456945463.9 226544692
SOUTHERN CROSS SCHE BQ -456945463.9 226544692
SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
SOUTHERN CROSS SCH5 EO -456945463.9 226544692
SOUTHERN CROSS F2Z GR -456945463.9 226544692
SOUTHERN CROSS SCHE PO -456945463.9 226544692
SOUTHERN CROSS SCHE IX -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
SOUTHERN ELECTRI 2635379Z LN -102487682 1339407981
SPEAR GROUP HOLD 4470999Z LN -91133585.59 140447896.6
SPEEDY SUPPORT S 1601730Z LN -34304692.53 146096457.3
SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
STAGECOACH GROUP SGC1PEN EU -93023113.56 2711144845
STAGECOACH GROUP SGC IX -93023113.56 2711144845
STAGECOACH GROUP SAGKF US -93023113.56 2711144845
STAGECOACH GROUP SGC1USD EU -93023113.56 2711144845
STAGECOACH GROUP SGCG PZ -93023113.56 2711144845
STAGECOACH GROUP SGC1EUR EO -93023113.56 2711144845
STAGECOACH GROUP SGC1EUR EU -93023113.56 2711144845
STAGECOACH GROUP SGC2 VX -93023113.56 2711144845
STAGECOACH GROUP SGC1USD EO -93023113.56 2711144845
STAGECOACH GROUP SGC1AUD EU -93023113.56 2711144845
STAGECOACH GROUP SGC S1 -93023113.56 2711144845
STAGECOACH GROUP SGC1 EB -93023113.56 2711144845
STAGECOACH GROUP SGC1AUD EO -93023113.56 2711144845
STAGECOACH GROUP SGC1 TQ -93023113.56 2711144845
STAGECOACH GROUP SGC1GBP EO -93023113.56 2711144845
STAGECOACH GROUP SGC1 EU -93023113.56 2711144845
STAGECOACH GROUP SGC PO -93023113.56 2711144845
STAGECOACH GROUP SGC1 QM -93023113.56 2711144845
STAGECOACH GROUP SGC LN -93023113.56 2711144845
STAGECOACH GROUP SGC1 NQ -93023113.56 2711144845
STAGECOACH GROUP SGC1 NR -93023113.56 2711144845
STAGECOACH GROUP SGC1 BQ -93023113.56 2711144845
STAGECOACH GROUP SHP GR -93023113.56 2711144845
STAGECOACH GROUP SGC1PEN EO -93023113.56 2711144845
STAGECOACH GROUP SHP4 GR -93023113.56 2711144845
STAGECOACH GROUP SHP5 GR -93023113.56 2711144845
STAGECOACH GROUP SGC1 EO -93023113.56 2711144845
STAGECOACH GROUP SHP4 GK -93023113.56 2711144845
STAGECOACH GRP-B SGCB LN -93023113.56 2711144845
STAGECOACH-NEW SGCN LN -93023113.56 2711144845
STAGECOA-SPN ADR SAGKY US -93023113.56 2711144845
STJAMES'S PLACE 4451825Z LN -40027613.56 444219054.8
STV GROUP PLC SMG VX -44693985.16 126240905.5
STV GROUP PLC STVG EO -44693985.16 126240905.5
STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
STV GROUP PLC STVG S1 -44693985.16 126240905.5
STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
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 * * *