/raid1/www/Hosts/bankrupt/TCREUR_Public/141111.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, November 11, 2014, Vol. 15, No. 223
Headlines
B U L G A R I A
HUVEPHARMA AD: S&P Assigns BB- Corp. Credit Rating, Outlook Pos.
D E N M A R K
OW BUNKER: Declares Bankruptcy; Sues Two Employees Over Fraud
H U N G A R Y
HUNGARY: Moody's Revises Ba1 Gov't Bond Rating Outlook to Stable
I R E L A N D
CREGSTAR BIDCO: S&P Assigns Preliminary 'B' CCR; Outlook Stable
I T A L Y
CIR-COMPAGNIE INDUSTRIALI: S&P Affirms Then Withdraws BB/B CCRs
EUROHOME MORTGAGES: S&P Cuts Rating on Class A Notes to 'BB-'
TAURUS CMBS 2: S&P Lowers Rating on Class F Notes to 'CCC-'
K A Z A K H S T A N
KAZAKHSTAN ELECTRICITY: S&P Revises Outlook & Affirms 'BB+' CCR
SAMRUK-ENERGY JSC: Fitch Lowers Foreign Currency IDR to 'BB+'
L U X E M B O U R G
APERAM SA: S&P Raises CCR to 'BB-' on Strong Cash Flows
ARCELORMITTAL: S&P Affirms 'BB+' CCR; Outlook Negative
N E T H E R L A N D S
E-MAC DE 2006-II: Moody's Cuts Ratings on 2 Note Classes to 'Ca'
GAS NATURAL: S&P Assigns 'BB+' Rating to Proposed Sub. Securities
GRESHAM CLO III: Moody's Raises Rating on Cl. F Notes to 'Caa1'
SAMVARDHANA MOTHERSON: S&P Assigns 'BB+' CCR; Outlook Stable
P O R T U G A L
DOURO MORTGAGES No.2: Moody's Lifts Rating on Cl. D Notes to Caa1
PORTUGAL: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Stable
SAGRES SOCIEDADE: Moody's Lifts Rating on Class C Notes to 'Caa1'
R U S S I A
MECHEL OAO: Russian Government to Discuss Debt Restructuring
ROSDORBANK: Moody's Changes 'B3' Deposit Rating Outlook to Stable
ROSSIYSKIY KREDIT: Moody's Cuts Nat'l Scale Rating to 'Caa3.ru'
ROSSIYSKIY KREDIT: Moody's Cuts Long-Term Deposit Ratings to Caa3
SUDOSTROITELNY BANK: S&P Lowers Ratings to 'B-/C'; Outlook Stable
S P A I N
CAMPOFRIO FOOD: S&P Raises Corp. Credit Rating to 'BB+'
FTA RMBS SANTANDER 3: Moody's Rates EUR975-Mil. C Notes '(P)Ca'
HIPOTOTTA NO. 5: Moody's Lifts Rating on Class E Notes to 'Caa1'
U N I T E D K I N G D O M
ALIZE MIDCO: Moody's Assigns 'B1' Corporate Family Rating
ALIZE MIDCO: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
ALL3MEDIA FINANCE: S&P Withdraws 'B+' Corporate Credit Rating
ANGLO INTERIORS: In Administration, 120 Jobs at Risk
CABLE & WIRELESS: S&P Puts BB CCR on Watch Neg Over Columbus Deal
CATERHAM FORMULA ONE: Crowdfunding Project Raises GBP1MM in 48Hrs
GHERKIN: Safra Group Buys Tower for About GBP726 Million
HENDERSON'S TRAVEL: McGill's Buses Buy 20 Routes
MARUSSIA F1: Ceases Trading, Cuts 200 Jobs
SERCO GROUP: Mulls GBP550MM Rights Issue; May Breach Covenant
TITAN EUROPE 2007-1: Moody's Cuts Rating on Cl. A Notes to Caa1
X X X X X X X X
* S&P Takes Various Rating Actions on European CDO Tranches
* Large Companies with Insolvent Balance Sheets
*********
===============
B U L G A R I A
===============
HUVEPHARMA AD: S&P Assigns BB- Corp. Credit Rating, Outlook Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Bulgaria-based Huvepharma AD, a
pharmaceutical company with a focus on developing, manufacturing,
and marketing animal health products and feed additives. The
outlook is positive.
At the same time, S&P assigned its 'BB-' issue rating to
Huvepharma's EUR275 million senior secured credit facilities
(including a EUR20 million revolving credit facility).
The ratings on Huvepharma reflect S&P's assessment of the
company's business risk profile as "weak" and its financial risk
profile as "significant." Together, these assessments lead S&P
to derive an anchor of 'bb-', which is S&P's starting point for
assigning an issuer credit rating under our corporate criteria.
None of the analytical modifiers have an impact the anchor,
resulting in S&P's 'BB-' long-term corporate credit rating.
S&P equalizes the issue rating on Huvepharma's senior secured
debt with the long-term corporate credit rating to reflect that
only a small amount of liabilities would rank ahead of the senior
secured debt in a potential default scenario.
Huvepharma's majority shareholder is a family-owned holding
company called Advance Properties. S&P believes Advance
Properties' other industrial activities do not affect
Huvepharma's business risk profile. In line with S&P's group
rating methodology, it also take in account Advance Properties'
exposure to additional debt. If this is consolidated with
Huvepharma's debt, however, it does not materially change the
group's credit metrics.
S&P's view of Huvepharma's "weak" business risk profile reflects
its assessments of "intermediate" country risk for companies
operating in Bulgaria and "low" industry risk for the animal
pharmaceutical sector. S&P's business risk profile assessment
mainly incorporates its opinion of the company's "weak"
competitive position, based on its relatively small size.
Huvepharma generates annual revenues of about EUR250 million in a
fragmented and competitive underlying market, dominated by large
multinational players like Zoetis Inc. (BBB-/Stable/A-3) and
Elanco (not rated).
S&P believes these negatives are partly offset by Huvepharma's
substantial organic growth and rising EBITDA margins over the
past five years, and its limited exposure to volatility. In
addition, S&P believes Huvepharma is well diversified
geographically, with a notable international presence outside
Bulgaria, such as in Western Europe and North America.
In S&P's base-case scenario, it projects a further increase in
the company's EBITDA margin to 24%-26% in the next three years,
from about 23% in 2013. S&P assumes this increase would stem
from a strong rise in revenues, which S&P forecasts at 15%-25%,
due to significant organic growth from the introduction of new
products. Specifically, this is the case at Huvepharma's large
core divisions Anticoccidials, Enzymes, and Veterinary Products,
which together accounted for about 70% of the group's
consolidated sales in 2013.
S&P assess Huvepharma's financial risk profile as "significant"
because S&P forecasts debt to EBITDA to exceed 4x in 2014, owing
to the buyout of minority shareholder The Rohatyn Group, which
owned 36.6%. The company's new capital structure after
recapitalization will comprise a EUR75 million five-year term
loan A and a EUR180 million term loan B maturing in 2020. In
addition, there will be a EUR20 million revolving credit facility
(RCF), which is to remain undrawn.
"Based on our perception of company management's relatively
conservative financial policy as part of a family-owned business,
our assumption that the company will aim to deleverage in the
near future supports the ratings. We therefore expect the ratio
of debt to EBITDA to decrease to about 3.5x in 2015 and to 3.0x
in 2016. Our calculation for 2014 includes financial debt of
EUR255 million and operating-lease-adjusted debt of about EUR1
million. In our view, Huvepharma's financial risk profile
supports the ratings. We consider both the company's solid track
record of very low historical debt to EBITDA of between 1x and 2x
from 2011 to 2013, as well as its ability to generate free cash
to reduce the leverage ratio of more than 4x that we expect in
2014. In addition, we believe family ownership further underpins
the ratings because the motivation to decrease debt should be
strong. However, we note that the spike in leverage, which far
exceeds levels in recent years, resulted from management's
financial policy," S&P said.
Under S&P's base case, it assumes:
-- Global GDP growth of 3.4% in 2014 and 3.5% in 2015; The
global pharmaceutical industry to expand by 3%-5% per year;
-- A relatively minimal impact from global macroeconomic
cycles, because the animal health industry is noncyclical
in nature;
-- Growth of the $24 billion animal health market by about 6%
per year, supported by secular trends, such as population
growth; improving standards of living, resulting in higher
meat consumption; further industrialization of food
production, leading to increased use of medications; and
bacterial and other disease pressures and increasingly
scarce natural resources to support livestock, driving a
need for better efficiency and productivity from livestock
producers;
-- Huvepharma to expand significantly faster than GDP and
industry growth rates--at between 15% and 25%--for the next
three years, based on innovation and new products; A
further increase in EBITDA margins to about 26% by 2016;
and
-- Sustained free cash flow generation of about EUR20 million
annually.
Based on these assumptions, S&P arrives at these credit measures:
-- Debt to EBITDA of 4.3x in 2014, reducing to about 3.5x in
2015 to 3.0x in 2016; and
-- A ratio of funds from operations to debt of about 20% in
2014, increasing to 22% in 2015.
S&P considers Huvepharma's liquidity to be "adequate" under its
criteria, assuming the debt placement is executed as planned.
The company's liquidity sources will likely exceed uses by about
1.2x in 2014. In addition, if EBITDA were to decline by 30%, S&P
believes net liquidity sources would remain positive.
S&P estimates that the company has the following principal
liquidity sources over the next 12-18 months:
-- The undrawn RCF of EUR20 million;
-- Cash on the balance sheet of about EUR10 million-EUR20
million per year;
-- About EUR50 million of annual funds from operations; and
-- Approximately EUR255 million from the term loans.
S&P estimates that the company has these uses of liquidity over
the same period:
-- The buyout of minority shares and refinancing of existing
debt for a total of EUR255 million;
-- Capital expenditures of about EUR22 million;
-- Bolt-on acquisitions costing about EUR22 million; and
-- Working capital cash outflow of about EUR7 million.
S&P forecasts that Huvepharma will maintain headroom of more than
15% under its RCF covenant.
The positive outlook reflects the possibility of an upgrade if
Huvepharma uses sustained free cash flow to reduce debt quickly,
so that debt to EBITDA improves to 3x-4x as of 2015 from more
than 4x in 2014, in line with S&P's base case.
A positive rating action hinges on two main developments:
-- Huvepharma's ability to sustain leverage below 3x; and
-- The second is an improvement of Huvepharma's business risk
profile that led S&P to revise its assessment to "fair"
from "weak." This could occur, for example, if the company
achieved its strong projected growth rates over the next
two years while maintaining its operating margins.
A negative rating action could follow if Huvepharma is unable to
deleverage or its business risk profile weakens, for instance,
because of the company's inability to expand or due to a loss of
market share in core segments. This scenario could also be the
consequence of a sizable debt-funded acquisition, which S&P don't
foresee at this stage.
=============
D E N M A R K
=============
OW BUNKER: Declares Bankruptcy; Sues Two Employees Over Fraud
-------------------------------------------------------------
Peter Levring at Bloomberg News reports that OW Bunker A/S, which
went public in March, has declared bankruptcy and reported two
employees at its Singapore unit to the police following
allegations of fraud.
"The board of directors and management deeply regret to inform
that it has not been possible to find a sustainable solution,"
Bloomberg quotes the company as saying on Nov. 7 in a statement.
The company, as cited by Bloomberg, said as a consequence, OW
Bunker A/S, O.W. Bunker & Trading A/S and O.W. Supply & Trading
A/S will file for bankruptcy.
OW Bunker said on Nov. 5 shortly before midnight it had lost
US$275 million through a combination of fraud committed by senior
executives at its Singapore office and poor risk management,
Bloomberg relates. Trading in its shares was suspended on Nov. 5
and the company said its banks had refused to provide more
credit, Bloomberg recounts.
Inspector Michael Kjeldgaard on Nov. 7 said police in Denmark are
still trying to establish the jurisdiction of the case and
whether fraud was actually committed, Bloomberg relays.
According to Bloomberg, the company said it lost $125 million
through the alleged fraud at its Singapore office. Separately
from that, it said it also lost $150 million following a
"significant risk management loss" and has as a result fired its
head of risk management, Jane Dahl Christensen, Bloomberg notes.
OW Bunker A/S is a Danish shipping fuel provider.
=============
H U N G A R Y
=============
HUNGARY: Moody's Revises Ba1 Gov't Bond Rating Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba1
government bond rating of Hungary to stable from negative.
Concurrently, Moody's has affirmed Hungary's Ba1 rating.
The key drivers of the outlook change are:
1. The improving medium-term economic outlook. After many years
of economy-wide deleveraging, Hungary's growth is beginning to
respond to government policy measures resulting in an improvement
in investment and consumption trends, which Moody's believes will
persist. As a result, growth should be more broad based, which
will help offset headwinds from slowdowns in the EU and in
Russia, Hungary's important trading partners.
2. The government's commitment to maintaining the headline
government deficit below 3% of GDP, which has helped stabilize
the government debt ratio, albeit at the high level of 77% of
GDP. Moody's expects the debt-to-GDP ratio to fall, very
gradually, over the medium term on the back of healthier growth
and moderate deficits.
3. Improved resilience to external shocks, as reflected in
persistent current account surpluses, high external liquidity and
the performance of the currency relative to other emerging
markets during times of market turmoil. Hungary's external debt
has fallen over the past four years, as has its vulnerability to
external risks as reflected in the reduction in the external
vulnerability indicator.
Concurrently, Moody's also affirmed the Ba1 bond rating for the
National Bank of Hungary (NBH) and changed the outlook to stable
from negative, as Hungary's government is legally responsible for
the payments on NBH's bonds.
Hungary's long-term local-currency bond and deposit ceilings
remain unchanged at Baa2. The long-term foreign-currency bond
ceiling and short-term foreign currency bond ceiling remain
unchanged at Baa2 and P-2, respectively. The long-term and short-
term foreign currency bank deposit ceilings remain unchanged at
Ba2 and Not Prime (NP), respectively.
Ratings Rationale
Rationale for Outlook Change
--- First Driver: Stronger Growth Prospects Than Expected
The first driver behind Moody's decision to change Hungary's
rating outlook to stable is its economy showing signs of
stabilization after seven years of extremely low growth,
averaging -0.4% between 2007 and 2013. Moody's expects Hungary's
real GDP growth to be around 3% in 2014 before falling slightly
to 2.4% in 2015.
Over the next three years, Moody's expects that growth will
average around 2.2%. While that is still low compared to regional
peers such as Poland, Slovakia and the Czech Republic, Hungary is
likely to be able to effectively balance risks emanating from a
slowdown in the EU and risks related to Russia-Ukraine with the
rebalancing of the economy towards domestic demand offsetting
weaker external demand.
In addition, the country's negative investment trend, which
lasted 4.5 years, began to reverse in early 2013, and now shows
signs of durability as a result of the government's low interest
rate policy, as well as the funding-for-growth scheme, which
encourages lending to small and medium-sized enterprises (SMEs).
Moreover, public investment has grown significantly due to the
higher absorption rate of EU funds.
--- Second Driver: Budget Deficit Expected to Remain Low,
General Government Debt Stabilizing
The second driver behind the outlook change is the government's
continued commitment to maintaining a budget deficit below 3% of
GDP. Based on the government's budget execution record up until
September, this year's budget deficit of 2.9% of GDP (under the
ESA2010 calculations) is within reach. Moreover, the risks to the
draft budget presented to the Parliament, which has a target of
2.4% of GDP are balanced. Notwithstanding the government's
acquisition of a number of utility companies this year, Moody's
expects overall debt-to-GDP to remain around 77% of GDP for 2014
and 2015, with debt-to-GDP ratio falling over the medium term,
but very gradually, on the back of healthier growth and moderate
deficits.
That being said the debt ratio remains vulnerable to exchange
rate fluctuations, because approximately 40% of the total debt
stock is denominated in foreign currencies. However, Moody's
notes that the debt ratio's exposure to adverse foreign-currency
movements is likely to diminish gradually as the government
redirects borrowing to the domestic market as part of the self-
financing plan, announced earlier this year.
--- Third Driver: Improved Resilience to External Shocks
The third driver supporting the outlook change is Hungary's
improved resilience to external shocks, which has allowed the
economy to withstand market turmoil related to the normalization
of US monetary policy that began late last year. Several years of
current account surpluses have generated a large foreign-exchange
buffer that as of end September stands at EUR36 billion,
representing 35% of GDP. Moreover, external debt as a proportion
of GDP has also fallen, mainly due to corporate, banking and
household sector deleveraging, and Moody's estimates that by the
end of 2014, external debt % of GDP will stand at 128% (falling
by 58 percentage points from the peak in 2009). The external
vulnerability indicator (short term debt+ currently maturing long
term debt+ non-resident deposits/foreign exchange reserves) has
also been declining, estimated to stand at 139% at the end of
2014, falling from a high 203% in 2011 reflecting the improved
resiliency in the economy.
What Could Move the Rating UP/DOWN
Moody's could consider upgrading the government bond rating if
there were signs of stronger growth prospects supported by
greater policy stability, particularly with regard to the banking
sector. Moreover, evidence of debt trending on a continued
downward path could also provide support to an upgrade.
Downward pressure on the government bond rating could arise in
the case of a reduction in policymakers' commitment to contain
the budget deficit to less than 3% of GDP and/or policy measures
that would significantly impact the outlook for growth lower than
Moody's expectation. The latter could also trigger severe
exchange-rate pressures, capital outflows and higher financing
costs, all of which could lead to an increase in the government's
debt burden.
GDP per capita (PPP basis, US$): 23,236 (2013 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 1.5% (2013 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 0.4% (2013 Actual)
Gen. Gov. Financial Balance/GDP: -2.4% (2013 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: 4.7% (2013 Actual) (also known as
External Balance)
External debt/GDP: 149.8% (2013 Actual)
Level of economic development: Moderate level of economic
resilience
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On November 4, 2014, a rating committee was called to discuss the
rating of Hungary, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's fiscal or financial strength, including its debt
profile, is stabilizing. The issuer has become less susceptible
to event risks.
The principal methodology used in these ratings was Sovereign
Bond Ratings published in September 2013.
=============
I R E L A N D
=============
CREGSTAR BIDCO: S&P Assigns Preliminary 'B' CCR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating to Ireland-based medical
devices manufacturer Cregstar Bidco Limited. The outlook is
stable.
At the same time, S&P assigned a preliminary 'B' issue rating to
the proposed $25 million credit facility and US$185 million
first-lien term loan to be issued by Cregstar Finco Ltd. S&P has
assigned preliminary recovery ratings of '3' to the first-lien
term loan and credit facility, indicating its expectation of
meaningful (50%-70%) recovery prospects in the event of a payment
default.
S&P also assigned a 'CCC+' preliminary issue rating to the
proposed US$90 million second-lien term loan to be issued by
Cregstar Finco Ltd. The preliminary recovery rating on the notes
is '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.
The final ratings and credit metrics will be subject to the
successful closing of the transaction under terms similar to
those currently indicated, and will depend on S&P's receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. If the terms and conditions of
the final transaction depart from the material S&P has already
reviewed, including the terms under the group's shareholder
loans, or if the transaction does not close within what S&P
considers to be a reasonable timeframe, S&P reserves the right to
withdraw or revise its ratings.
Creganna is a contract manufacturer for the medical device
industry, focused on surgical systems for minimally invasive
procedures. The ratings on Creganna are constrained by its small
size, product concentration and the presence of contract
cancellation risk, reflected in S&P's business risk profile
assessment of "weak." The group's financial sponsor ownership,
with adjusted leverage of around 9x pro-forma the transaction,
underpins S&P's "highly leveraged" financial risk profile
assessment. S&P expects Creganna's FFO cash interest coverage to
be close to 3x, which supports S&P's 'b' anchor rating.
S&P's business risk profile assessment is constrained by
Creganna's small size and narrow focus. The combined group will
be the largest player in metals fabrication for medical devices
for minimally-invasive procedures. However, it will remain small
in the overall contract manufacturing space, with revenues of
about US$250 million in 2014. Although Creganna will offer
products supporting multiple therapeutic areas and surgical
procedures, their addressable market remains small and 80% of
revenues stem from the vascular end-market. The group also has
significant product concentration, in that a material proportion
of revenues will be derived from its top product, hypotubes
(hypodermic tubing). Contract manufacturers often lack any
pricing power, which is often influenced by the stronger
bargaining position of its customers. S&P expects pricing
pressure to continue in Creganna's main markets in the U.S. and
Europe, which account for the majority of group revenues, as
medical devices companies continue to focus on cost savings amid
a tough reimbursement environment. Although the acquisition will
improve Creganna's manufacturing footprint, S&P notes that the
Galway facility will still contribute a significant proportion of
the group's manufacturing capacity. However, S&P expects some of
this to be transferred to Precision Wire Components' (PWC')s
lower-cost Costa Rica facility over the medium term.
These negatives are partially offset by Creganna's strong
position in the provision of outsourced surgical systems for
minimally invasive procedures, for which the company is often the
sole supplier. While the threat of customer in-sourcing remains,
S&P anticipates that outsourcing will continue to grow over the
next few years as medical device companies increasingly focus on
developing complex and customized products. The rise of
outsourcing is also supported by the growing shift toward
minimally invasive procedures, with proven medical benefits such
as reduced risk of trauma and faster recovery. S&P also
considers the group to have good earnings visibility provided by
the contracted nature of the majority of group revenues,
benefiting from established relationships with the largest
medical devices companies. This is somewhat protected by high
switching costs for customers posed by regulation and
manufacturing expertise. Furthermore, S&P views Creganna's
customer diversity as adequate, with no single customer
accounting for more than 15% of revenues. However, S&P notes the
presence of contract cancellation risk, which can have
potentially negative effects on group earnings given the small
size of the company.
"The financial risk profile is underpinned by Creganna's
ownership by financial sponsor, Permira, and our expectation that
its adjusted leverage will remain around 9x over the next 12-18
months. Our calculation includes US$275 million of financial
debt in the form of the proposed term loans, about US$20 million-
US$25 million of capitalized operating leases, and about US$145
million in the form of shareholder loans. Although we view these
latter instruments as debt-like under our criteria, we recognize
their cash-preserving function. Excluding the shareholder loans
from our debt calculation results in a debt-to-EBITDA ratio of
about 6x, still "highly leveraged." Despite some mandatory
payments under the terms of the first-lien term loan, we expect
leverage to remain high over the near term. This is partially
offset by our view of the group's relatively strong cash flow
protection, as we expect FFO cash interest coverage to remain at
close to 3x over the next two years," S&P said.
S&P's base-case assumes:
-- Revenue growth of 3%-4% over the near term, mainly driven
by increasing volumes;
-- Stable EBITDA margins in the high teens to low 20s;
-- Capital expenditure (capex) of 3%-4% of revenues per year;
and
-- Limited acquisitions in the near term, with the group
focusing on integrating PWC and improving operational
efficiencies.
Based on these assumptions, S&P arrives at these credit measures:
-- Adjusted debt to EBITDA of around 9x in 2014 and 2015; and
-- FFO cash interest coverage of 2.7x in 2014 2.8x in 2015.
The stable outlook reflects S&P's expectation that Creganna will
be able to successfully integrate the acquisition of PWC and
improve its profitability as planned. The outlook also reflects
S&P's view that the company will maintain "adequate" liquidity
and FFO cash interest coverage comfortably above 2x over the next
12 months.
S&P could lower the rating if the group's operating performance
deteriorates significantly, such that FFO cash interest coverage
falls below 2x. This could constrain the group's ability to
generate free cash flow. Such a scenario could arise if Creganna
is unable to integrate the PWC acquisition or if the group loses
one or more of its major contracts/customers. S&P could also
consider a downgrade if the group faces liquidity issues and
fails to maintain adequate headroom under its covenants.
S&P considers an upgrade as highly unlikely, due to Creganna's
high adjusted leverage and small size. That said, S&P could
consider a higher rating if the group were able to sustain
adjusted leverage below 5x. This would most likely be as a
result of a change in financial policy.
=========
I T A L Y
=========
CIR-COMPAGNIE INDUSTRIALI: S&P Affirms Then Withdraws BB/B CCRs
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB/B' corporate credit ratings on Italy-based holding company
CIR-Compagnie Industriali Riunite SpA (CIR).
S&P subsequently withdrew the ratings at the company's request.
At the time of the withdrawal, the outlook was stable.
At the time of withdrawal, the ratings on CIR reflected S&P's
view of its business risk profile as "weak" and its financial
risk profile as "intermediate."
S&P's assessment of CIR's business risk profile reflects its view
of the poor credit quality of its portfolio, with its core assets
having actual or estimated ratings in the speculative-grade
category. The presence of controlled core listed subsidiaries in
the portfolio also reduces its liquidity. In addition, CIR has
high exposure to Italy country risk and its portfolio of core
assets has generally been static, with no marked changes over the
past few years.
In July 2014, CIR signed a term-sheet agreement with the bank
creditors of Sorgenia, one of CIR's portfolio's core assets.
Based on this agreement, the banks will convert part of their
loans provided to Sorgenia into equity. CIR excluded any
participation in the capital increase, and its stake will
therefore be diluted in favor of the banks. When approving its
2013 annual report, CIR completely wrote off the investment in
Sorgenia. S&P expects the Milan court to approve Sorgenia's
restructuring plan in the next few months, after which the plan
will become effective.
S&P's assessment of CIR's financial risk profile reflects its
view of the company's moderate financial policy and its limited
appetite for leverage at the holding company level. S&P assess
CIR's liquidity as "adequate," underpinned by the sizable cash
balances held at the parent company. In Oct. 2014, CIR fully
redeemed its EUR300 million bond maturing in 2024. As a result,
CIR's capital structure displays no gross debt at the parent
level.
At the time of withdrawal, the stable outlook reflected S&P's
view that CIR has retained some financial flexibility, after
early redemption of its EUR300 million bond. This is consistent
with the track record of good financial headroom at the holding
company level. The stable outlook also reflected S&P's
expectation that the overall credit quality of CIR's core assets
will remain at least stable over the next 12-18 months.
EUROHOME MORTGAGES: S&P Cuts Rating on Class A Notes to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB- (sf)' from
'BBB (sf)' and removed from CreditWatch negative its credit
rating on Eurohome (Italy) Mortgages S.r.l.'s class A notes. At
the same time, S&P has affirmed its 'D (sf)' ratings on the class
B, C, and D notes.
On March 6, 2014, S&P placed its rating on the class A notes on
CreditWatch negative following the transaction's weak performance
and decreasing credit enhancement.
Upon publishing S&P's updated criteria for Italian residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The downgrade follows S&P's credit and cash flow analysis of the
most recent transaction information that S&P has received as of
Nov. 2014. S&P's analysis reflects the application of its RMBS
criteria. S&P's RAS criteria do not apply to this transaction as
the ratings in this transaction are below S&P's 'BBB' long-term
unsolicited rating on the Republic of Italy.
Credit enhancement, considering performing collateral only, has
been constantly decreasing for all classes of notes. Available
credit enhancement for the class A notes was 0.60% in Nov. 2014,
compared with 3.43% in Feb. 2014, and down from 4.98% in Nov.
2013.
The unpaid principal deficiency ledger (PDL) balance has
continued to increase reaching EUR46,253,896, compared with
EUR42,265,162 in February 2014 and EUR40,132,387 in Nov. 2013.
S&P expects this PDL increase to continue on subsequent interest
payment dates.
This transaction features a reserve fund, which was fully drawn
in May 2009 and was never replenished.
Severe delinquencies of more than 90 days at 9.84% are on average
higher for this transaction than S&P's Italian RMBS index.
Defaults are defined as mortgage loans in arrears for more than
12 months in this transaction. Cumulative defaults, at 27.51%,
are also considerably higher than in other RMBS transactions that
S&P rates. Prepayment levels remain low and the transaction is
unlikely to pay down significantly in the near term, in S&P's
opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in both the weighted-
average foreclosure frequency (WAFF) and in the weighted-average
loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 56.83 37.66
AA 49.27 33.93
A 39.82 27.08
BBB 32.60 23.65
BB 26.31 21.29
B 18.91 19.11
The increase in the WAFF is mainly due to higher adjustments
applied, due to the criteria update, for the many nonarchetypical
features of the pool: The entire pool was broker-originated;
there is a significant proportion of loans granted to non-Italian
citizens; a high proportion of loans granted for cash-out
reasons; there are some loans secured over commercial properties
(for the consolidation of existing liabilities; and about a third
of the outstanding pool is to self-employed borrowers.
The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions. The overall
effect is an increase in the required credit coverage for each
rating level.
Taking into account the results of S&P's updated credit and cash
flow analysis, and the transaction's performance, it considers
that the available credit enhancement for the class A notes is
now commensurate with a lower rating than previously assigned.
S&P has therefore lowered to 'BB- (sf)' from 'BBB (sf)' and
removed from CreditWatch negative its rating on the class A
notes.
The transaction has an interest deferral mechanism for the class
B, C, D, and E notes, based on the cumulative default level.
This mechanism provides additional protection to the class A
notes. If an interest deferral trigger is breached, the interest
on that class of notes is deferred until the PDL is cleared and
the principal borrowed under the principal priority of payments
is repaid. The class B, C, D, and unrated class E notes have
already breached this trigger and are not paying any interest.
S&P has therefore affirmed its 'D (sf)' ratings on the class B,
C, and D notes
In S&P's opinion, the outlook for the Italian residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 2.55% from 1.50%, when it applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation for the
remainder of 2014 and 2015.
On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Italian RMBS
index to significantly improve in 2014.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
Eurohome Italy Mortgages is an Italian RMBS transaction, which
closed in Dec. 2007. The transaction securitizes a pool of
first-ranking mortgage loans that Deutsche BAnk Mutui SpA
originated.
RATINGS LIST
Class Rating Rating
To From
Eurohome (Italy) Mortgages S.r.l.
EUR260.85 Million Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed from CreditWatch Negative
A BB- (sf) BBB (sf)/Watch Neg
Ratings Affirmed
B D (sf)
C D (sf)
D D (sf)
TAURUS CMBS 2: S&P Lowers Rating on Class F Notes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's ratings Services lowered its credit ratings on
Taurus CMBS No. 2 S.r.l.'s class E, F, and G notes. At the same
time, S&P has withdrawn its ratings on the class C and D notes.
The transaction originally securitized four loans. Three loans
have repaid since closing in Dec. 2005. The transaction is now
only secured on one loan, the Berenice loan. The transaction's
legal final maturity date is in July 2019.
The securitized Berenice loan comprises one-third of a syndicated
loan facility, which totaled EUR450.0 million at closing, with a
EUR40.0 million capital expenditure facility. The securitized
loan has decreased to EUR34.7 million from EUR150.0 million at
closing, which includes a capital expenditure facility of EUR13.3
million (EUR8.8 million remains undrawn within this facility).
The loan was originally secured on 54 properties. Following some
asset sales, 21 properties currently back the sole outstanding
loan. The reported loan-to-value (LTV) ratio is 27.1%, based on
a June 2013 valuation of EUR287 million.
S&P has assumed the loan would fully repay under a 'B' rating
stress scenario.
With an outstanding securitized note balance of EUR34.7 million,
Taurus CMBS No.2 has amortized by 91% since closing. As a
result, the notes' weighted-average margin now exceeds that of
the Berenice loan. Combined with senior expenses payable, this
has reduced the amounts available for interest payments.
S&P's cash flow analysis indicates that the class E and F notes
continue to become more vulnerable to cash flow disruptions, as a
result of loan prepayments.
The class G notes are subject to an available funds cap (AFC).
As such, under the transaction documents, the class G notes are
only entitled to receive interest up to an amount available from
loan interest, provided that the shortfall is solely attributable
to prepayments.
S&P's ratings in this transaction address the timely payment of
interest, payable quarterly in arrears, and the payment of
principal by the July 2019 legal final maturity date.
S&P has withdrawn its ratings on the class C and D notes
following its receipt of the Oct. 2014 cash manager's report,
which confirms that they fully repaid on the Oct. 2014 interest
payment date.
Although S&P considers the class E and F notes' available credit
enhancement to be adequate to mitigate the risk of principal
losses from the underlying loan in higher stress scenarios, S&P
has lowered to 'B- (sf)' from 'B (sf)' and to 'CCC- (sf)' from
'CCC (sf)' its ratings on these classes of notes, respectively.
This is because their exposure to cash flow disruptions continues
to increase, as a result of loan prepayments. In accordance with
S&P's relevant criteria, it has not lowered to 'D (sf)' its
ratings on these classes of notes because the issuer may repay
the accrued interest shortfalls by maturity. However, in S&P's
opinion, this is becoming less likely for the class F notes.
S&P has lowered to 'B- (sf)' from 'B (sf)' its rating on the
class G notes because it considers that they are becoming more
vulnerable to principal losses, if the issuer were to divert some
of its principal receipts to repay accrued interest for the
senior tranches.
RATINGS LIST
Taurus CMBS No. 2 S.r.l.
EUR403.9 mil commercial mortgage-backed floating-rate notes
Rating Rating
Class Identifier To From
C IT0003957021 NR A (sf)
D IT0003957039 NR BBB (sf)
E IT0003957047 B- (sf) B (sf)
F IT0003957054 CCC- (sf) CCC (sf)
G IT0003957062 B- (sf) B (sf)
NR -- Not Rated.
===================
K A Z A K H S T A N
===================
KAZAKHSTAN ELECTRICITY: S&P Revises Outlook & Affirms 'BB+' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Kazakhstan-based state-owned electricity transmission
monopoly Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC)
to positive from stable. At the same time, S&P affirmed its
'BB+' long-term corporate credit rating.
S&P also affirmed the 'BB+' rating on KEGOC's senior unsecured
bank loan from the European Bank for Reconstruction and
Development (EBRD). The recovery rating is unchanged at '4',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default.
The outlook change reflects S&P's view that KEGOC's credit ratios
might strengthen in the next 12 months following a tariff uplift
in Nov. 2014. As S&P understands, the government has approved a
beneficial tariff uplift for KEGOC's services, including a 50%
rise for transmission services. S&P thinks that this will result
in boosted cash flow generation and stronger leverage ratios,
which could lead us to positively reassess the company's
financial risk profile, putting it in the "significant" category.
S&P also notes that there is a possibility of a parallel rise in
capital expenditure or a requirement to pay a superdividend to
its parent, 100% state-owned national welfare fund Samruk-Kazyna,
which would cancel the benefits of improved cash flow generation
and hinder positive development of the financial profile.
KEGOC's ratings are constrained by its short-term (one year)
cost-plus-based tariff system, which lacks predictability and
transparency and does not guarantee either full or timely cost
recovery, as well as its aged asset portfolio, high country risk,
high financial leverage with 100% of debt denominated in euros or
U.S. dollars, and large investment program.
Supportive factors include strong ongoing support from the state,
a monopoly position in the stable electricity transmission
business, which S&P considers to have fairly low operating risk
because of its regulated earnings profile, as well as minimal
dividend pressure and a long-term maturity profile.
S&P regards KEGOC as a government-related entity (GRE). S&P's
rating on KEGOC incorporates its assessment of a "very high"
likelihood of timely and sufficient extraordinary government
support for the company, based on S&P's assessment of KEGOC's:
-- "Very important" role for Kazakhstan's government, given
the company's strategic importance as a monopoly provider
of essential electricity infrastructure; and
-- "Very strong" link with the government, which fully owns
KEGOC, currently guarantees about 42% of KEGOC's debt (and
possibly any new debt), and has a history of injecting
equity to cover the company's liquidity shortfalls.
S&P currently don't expect any deterioration in the likelihood of
extraordinary government support for KEGOC following the partial
IPO planned for Dec. 2014. S&P assumes that only a minor stake
(10%-15%) will be placed, and the government will retain
incentives and instruments to financially support KEGOC in case
of need.
The positive outlook reflects S&P's expectation that positive
tariff adjustments will boost KEGOC's cash flow generation. This
could lead S&P to reassess the company's financial risk profile
to "significant," raising its stand-alone credit profile (SACP)
to 'b+', if S&P believed that KEGOC's main credit metrics would
improve on a sustainable basis.
In accordance with S&P's criteria for GREs, a revision of the
SACP to 'b+' would result in a one-notch upgrade, all else being
equal.
S&P could raise the ratings within the next 12 months if it
believes that KEGOC's financial metrics will improve to a level
S&P considers in line with a "significant" financial risk profile
for the company, including debt to EBITDA below 4.0x and FFO to
debt above 20% on a sustainable basis. An upgrade would also
rely on KEGOC maintaining an "adequate" liquidity position, and
no downward changes in S&P's assessment of a "very high"
likelihood of extraordinary state support for KEGOC or our
sovereign rating on Kazakhstan.
S&P could revise the outlook to stable if KEGOC fails to achieve
stronger cash flow generation and leverage ratios, or if a higher
level of capex or excessive dividends mitigate the positive
developments in tariffs. A downgrade of Kazakhstan by one notch
or the likelihood of support falling to "high" would also
eliminate the positives stemming from the strengthening of the
financial risk profile.
SAMRUK-ENERGY JSC: Fitch Lowers Foreign Currency IDR to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based JSC Samruk-Energy's
ratings, including its Long-term foreign currency Issuer Default
Rating (IDR) to 'BBB-' from 'BBB' and foreign currency senior
unsecured rating to 'BB+' from 'BBB-'. The Outlooks on the Long-
term ratings are Stable.
The downgrade reflects the weakened legal ties between Samruk-
Energy and its sole, indirect shareholder -- the Kazakh State
(BBB+/Stable) -- due to a decline in the share of state-
guaranteed debt. The share of state-guaranteed debt had been the
key driver of the previous one-notch differential between their
ratings. Following the downgrade, the company's Long-term IDRs
are two notches lower than the sovereign's.
Fitch continues to apply a one-notch difference between the
senior unsecured ratings and the Long-term IDRs, due to evolving
financial and debt management policies and expected changes to
the group structure, as a result of planned asset disposals and
the company's acquisitive strategy.
KEY RATING DRIVERS
Weakened Legal Ties
The downgrade reflects the widening of rating differential to two
notches from a single notch between Samruk-Energy and its sole
direct shareholder JSC Sovereign Wealth Fund Samruk-Kazyna
(BBB+/Stable) and, ultimately, the State that owns 100% of
Samruk-Kazyna. This reflects Fitch's reassessment of the
strength of legal, operational and strategic ties between the
company and its sole shareholder.
While Fitch continues to view the operational and strategic ties
as strong, the legal ties have weakened as the share of fully
state-guaranteed debt (directly by the state or via Samruk-
Kazyna) in Samruk-Energy's gross debt declined to 9% as of
October 2014 from 19% as of end-1H12, due to an increase in
unguaranteed debt, including debt from Samruk-Kazyna.
Furthermore, the company's debt does not carry any cross default
provisions. Fitch views robust legal ties as a key factor for
either aligning the company's rating with, or rating it one notch
lower than, that of its shareholder.
State Support Underpins Top-Down Approach
Fitch continues to view the operational and strategic links
between Samruk-Energy and Samruk-Kazyna and, ultimately, the
State as strong, which supports the application of the top-down
rating approach. The strength of the ties is underpinned by the
company's strategic importance to the Kazakh economy as the
company controls about a half of total installed electric power
capacity in the country, by the State's approval of its strategy
and capex programme as well as by sizeable tangible financial
support from the State in the form of equity injections, assets
contribution, subordinated loans and subsidies. Samruk-Energy
received equity injections from the State of KZT111bn over 2008-
2013, KZT121bn in 2014 for funding the Ekibastuzskaya GRES-1
acquisition and expects to receive around KZT82bn over 2015-2018
for the modernization of the Almaty and Balkhash power stations.
It also received about KZT134bn over 2008-2013 in the form of
assets contribution.
Limited Impact from Planned IPO
Samruk-Kazyna plans to offer a minority stake in JSC Samruk-
Energy to the local public in a so-called People's IPO over 2015.
However, Samruk-Kazyna and thereby the government, are expected
to retain a majority stake in Samruk-Energy and continue to
support Samruk-Energy, at least within rating horizon.
Acquisition Financing
The recent acquisition of a 50% stake in LLP Ekibastuzskaya GRES-
1 for KZT236.7 billion (USD1.3 billion) by Samruk-Energy was
initially financed via a shareholder loan received from Samruk-
Kazyna for the total consideration. The company is in the
process of refinancing this shareholder loan through an equity
contribution for KZT121bn received from the State by October 2014
and an issue of subordinated bonds for KZT100bn by the end-2014 -
early 2015 to be purchased by Samruk-Kazyna. As documentation
for subordinated bonds has not yet been finalized, Fitch is
currently treating them as 100% debt in our financial analysis.
Fitch expects a substantial contribution of Ekibastuzskaya GRES-1
to the group's EBITDA from 2014 and the conversion of about half
of the acquisition loan into equity to result in a largely
neutral effect on group's credit metrics.
'B' Category Standalone Profile
Fitch views Samruk-Energy's standalone profile to be commensurate
with the mid-'B' rating category, which is reflective of its weak
credit metrics that are balanced with a solid business profile.
Fitch forecasts Samruk-Energy's funds from operations (FFO)
adjusted gross leverage in 2015 to be in line with 2013's 5.2x
and to remain well above 5x over 2015-2018, and its FFO fixed
charge cover to deteriorate to below 3x by 2016 (6.3x in 2013).
This is due to an intensive capex program of KZT486 billion
(USD2.7 billion) over 2014-2018. The forecast is also based on
Fitch's treatment of the planned subordinated bond issue for the
Ekibastuzskaya GRES-1 acquisition as 100% debt.
Tight Leverage Covenant
Fitch considers the financial covenant of debt/EBITDA below 4.5x
from 2014 set in the loan agreement with EBRD as tight given
Samruk-Energy's weak financials. Fitch estimates that its
EBITDA-based leverage metrics are likely to test this covenant in
2014, before breaching it during 2015-2018. Therefore, if the
covenant level is not reset or if the company does not receive
additional financial support from the State to improve its
financial profile, Samruk-Energy is likely to be in a recurring
breach of this leverage covenant. This will be more reflective
of the company's standalone mid-B category profile than of an
investment grade rating.
Prior-ranking Debt
The ratio of secured and prior-ranking debt at the operating
companies level improved to below Fitch's threshold of 2x of
EBITDA, at above 1x of group's 2014 EBITDA. However, Fitch
continues to notch the foreign and local currency senior
unsecured ratings down by one level from Samruk-Energy's Long-
term foreign and local currency IDRs, respectively, due to the
lack of clarity and consistency in its financial policy and group
debt management as these policies are currently under review
along with the company's long-term strategy as well as expected
changes in the group structure due to planned assets disposals
and the company's acquisitive strategy.
Generation Dominates Despite Integration
Samruk-Energy's standalone ratings benefit from the company's
gradual shift towards vertically integrated operations, with
activities ranging from coal mining to generation, transmission
and distribution of power and heat. Fitch expects the generation
segment to remain the main cash flow driver for the group. The
Ekibastuzskaya GRES-1 acquisition is expected to increase the
share of generation in Samruk-Energy's EBITDA to 84% (excluding
income from associates) in 2014, from around 60% in 2013.
Potential Assets Disposal
In April 2014 Kazakhstan's government approved the list of 106
companies earmarked for privatization over 2014-2016. The terms
and pricing details of these assets sales are not yet disclosed.
Nine of these companies are owned by Samruk-Energy. Based on
Fitch's estimates, these assets contribute on average 68% to the
group's revenue and 31% to EBITDA annually in 2014-2018 while
they accounted for 6.3% of total group debt at end-2013. Fitch's
financial forecasts do not take into account potential disposals.
Supportive Tariffs at Present
Since 2013 electricity grid companies in Kazakhstan have been
operating under three-year tariffs that are approved until 2016
and are determined by a benchmarking mechanism. Fitch believes
that longer-term tariffs establish a foundation for clearer rules
and a more stable operating environment, and the introduction of
a benchmarking mechanism should motivate companies to increase
efficiency, supporting their operational performance. A shift to
the competitive, de-regulated market for generating companies is
unlikely to happen before 2016. The Kazakh authorities expect to
implement an electricity capacity market, which should ensure
economically sound returns on investments and provide incentives
for the construction of new generation assets or for expanding
current capacity.
LIQUIDITY AND DEBT STRUCTURE
At end-1H14 Samruk-Energy's readily available cash position stood
at KZT59.2 billion (excluding cash held at Alliance Bank (RD)),
which was sufficient to cover short-term maturities of KZT28
billion. The company has a fairly balanced debt maturity profile
with a repayment peak only in 2017 of around KZT93 billion, which
is the repayment of USD500 million eurobond. However, Fitch
expects negative free cash flow over 2014-2018, driven by a
substantial investment program.
Almost all of the group's cash position is held at domestic
banks. While Fitch believes that the company's access to
liquidity for daily operations is likely to be adequate, its full
access to all the cash held at Kazakh banks may be limited. As a
result, Fitch focuses on gross leverage ratios in our analysis
rather than on net figures. At end-2013, 98% of the group's cash
position was held at the holding company level.
Samruk-Energy is exposed to currency risk as about 29% of total
debt at 1H14 was raised in USD, while the remaining debt is
denominated in KZT. Samruk-Energy's revenue and operating
expenses are mainly denominated in KZT.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
-- Positive sovereign rating action
-- Strengthening of legal ties (e.g. state guarantees for a
larger portion of the company's debt and/or cross default
provision)
-- A clearly defined debt management policy that provides for
a centralized debt management function, which would be
positive for senior unsecured ratings
Negative: Future developments that could lead to negative rating
action include:
-- Negative sovereign rating action
-- Diminishing State support
For the sovereign rating of Kazakhstan, Samruk-Energy's ultimate
parent, Fitch outlined the following sensitivities in its rating
action commentary of Nov. 7, 2014:
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently well-balanced. The
main factors that individually or collectively might lead to
rating action are:
Positive:
-- Steps to reduce the vulnerability of public finances to oil
price shocks, for example by narrowing the non-oil fiscal
deficit
-- Effective restructuring of bank balance sheets
-- Entrenching low and stable inflation under a more flexible
exchange rate regime
-- Substantial improvements in governance and institutional
strength
Negative:
-- Policy management leading to a sustained decline in
sovereign assets or reduced economic or financial stability
-- A sustained commodity price shock
-- Renewed weakness in the banking sector and crystallisation
of contingent liabilities-
-- A political risk event
FULL LIST OF RATING ACTIONS FOR JSC SAMRUK-ENERGY
Long-term foreign currency IDR: downgraded to 'BBB-' from
'BBB'; removed from RWN, Outlook Stable
Long-term local currency IDR: downgraded to 'BBB' from 'BBB+';
removed from RWN, Outlook Stable
Short-term foreign currency IDR: affirmed at 'F3'; removed from
RWN
National Long-term rating: downgraded to 'AA+(kaz)' from
'AAA(kaz)'; removed from RWN, Outlook Stable
Foreign currency senior unsecured rating: downgraded to 'BB+'
from 'BBB-'; removed from RWN
Local currency senior unsecured rating: downgraded to 'BBB-'
from 'BBB'; removed from RWN
National senior unsecured rating: downgraded to 'AA(kaz)' from
'AA+(kaz)'; removed from RWN
===================
L U X E M B O U R G
===================
APERAM SA: S&P Raises CCR to 'BB-' on Strong Cash Flows
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating on Aperam S.A. to 'BB-' from
'B+'. The outlook is stable.
At the same time, S&P raised to 'BB-' from 'B+' its issue ratings
on Aperam's senior unsecured instruments, including its US$200
million convertible notes maturing 2020 and its US$250 million
notes maturing 2018. The recovery rating on these instruments
remains unchanged, at '4'.
S&P assigned its 'BB-' issue ratings to the US$300 million senior
unsecured convertible notes issued in July 2014 and maturing in
2021, with a recovery rating of '4'. Last, S&P withdrew its 'B+'
issue rating and '4' recovery rating on the US$250 million senior
unsecured notes maturing 2016, as these have now been repaid.
The upgrade reflects S&P's revised forecast for Aperam's 2014
performance. S&P now expects EBITDA of more than Us$500 million
under its updated base case, of which US$430 million has already
been realized. This compares with S&P's previous forecast of
US$350 million-US$370 million. The subsequent strong free cash
flow generation has enabled Aperam to reduce leverage and S&P now
expects adjusted FFO to debt approaching 35% by year end. S&P
views this level as commensurate with a "significant" financial
risk profile, after adjusting for the industry's track record of
high volatility, which S&P expects to continue.
Industry conditions have been favorable this year, including
continued good demand in Aperam's main end markets in both Europe
and Brazil, despite traditional seasonality in the third quarter.
Nickel prices remained strong on average in the first nine
months, driving up volumes. S&P don't expect nickel prices to
contract going forward, after their decline over the past two
months. Improvements in the supply and demand balance for
stainless steel in Europe are also supporting Aperam's profits,
as significant excess capacity -- 20% of total according to
management -- has been shut down in recent years, and more
closures have been announced.
Aperam has delivered consistently as planned under its cost
savings program, targeting a further US$60 million by end-2015,
bringing cumulated efficiencies since 2010 to US$475 million, on
an annualized basis. Utilization rates have improved, with a
favorable impact on profitability, as Aperam optimized its
production base in Europe through rationalization,
debottlenecking, and plant closures. Also supporting
profitability, anti-dumping duties on Asian products in Brazil
have been extended for five years from 2013.
The stable outlook reflects S&P's expectation of continued good
operating performance in 2015, despite the industry's high
volatility and the limited predictability of profits. S&P
expects Aperam to continue to benefit from the restructuring
measures it has already undertaken and from the structurally
improved market environment. S&P would view adjusted FFO to debt
of above 30% under favorable industry conditions, as is currently
the case, and above 20% under depressed market conditions, as
commensurate with the 'BB-' rating.
Rating downside could arise from deteriorating market
fundamentals without prospects of recovery. This includes a drop
in nickel prices, a change in the regulatory environment
surrounding antidumping measures, or increased competition in
Europe from Asian imports. Deterioration in adjusted FFO to debt
to below 20% would be likely to lead to a downgrade. A more
aggressive financial policy that could push FFO to debt below 30%
under current industry conditions could also put pressure on the
rating.
Rating upside is limited by the industry's high volatility and
subsequent EBITDA swings seen in recent years. However, S&P
could raise the rating if further deleveraging and conservative
financial policies, together with supportive market fundamentals,
led to FFO to debt approaching 45%.
ARCELORMITTAL: S&P Affirms 'BB+' CCR; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB+' long-term corporate credit rating on Luxembourg-registered
steel group ArcelorMittal and its 'BB+' long-term rating on the
group's senior unsecured debt. S&P removed the ratings from
CreditWatch negative where it placed them on Oct. 3, 2014. The
'4' recovery rating on the senior unsecured debt is unchanged.
The outlook is negative.
At the same time, S&P affirmed its 'B' short-term corporate
credit rating on the company.
The affirmation follows solid third-quarter results, with
reported EBITDA of US$1.9 billion, supported by strong
performance of steel segments globally, and despite the drop in
profits at ArcelorMittal's iron ore division. S&P now expects
2014 EBITDA to be about US$7.5 billion -- at the top of its
previously expected range of US$7.0 billion-US$7.5 billion. S&P
also anticipates that ArcelorMittal should be able to achieve
EBITDA of at least US$8 billion or higher in 2015, despite the
drop in iron ore price. This assumes the absence of negative
nonrecurring items that affected U.S. operations earlier this
year, and also assumes a more solid performance in Europe and
Brazil than S&P previously anticipated. In combination with
management's commitment to further debt reduction, this should
lead to a ratio of funds from operations (FFO) to debt of about
20% in 2015, which S&P sees as rating commensurate.
The above-mentioned upward revisions take into account supportive
automotive steel end markets, notably in Europe, where the major
part of ArcelorMittal's steel shipments is to the auto industry.
Given S&P's expectation for further growth in auto production for
2015 in Europe, S&P believes sales to the auto industry should
offset the overall weaker growth in the region. S&P also expects
the positive impact of the continued weakening of the Brazilian
real to partly offset lower steel demand in that country.
Finally, S&P assumes that management will continue to improve the
efficiency of operations. On the other hand, S&P has assumed
EBITDA at the iron ore segment to decline year on year by US$0.4
billion-US$0.5 billion in 2015, as a result of lower iron ore
prices. S&P also believes that prevailing high spreads between
steel end-prices and strongly decreased raw material input costs
will not be lasting in 2015.
The negative outlook on ArcelorMittal balances the company's
improving steel profits with metrics that are still weak for the
rating. Downside could therefore come from a larger slowdown in
2015 in steel demand in Europe and Brazil than S&P currently
anticipates, or from iron ore price declining further to $75 per
ton or below for a prolonged period.
S&P could lower the rating in the first half of 2015 if steel
industry conditions worsen materially and the company's EBITDA
stagnates at about $7.5 billion, or if debt doesn't continue to
decline in line with management's commitment.
S&P could revise the outlook to stable in the first half of 2015
if it sees further EBITDA improvement and sufficiently supportive
industry conditions in 2015, such that the company's adjusted FFO
to debt trends upward to the 20% level that S&P sees as
commensurate with the rating.
=====================
N E T H E R L A N D S
=====================
E-MAC DE 2006-II: Moody's Cuts Ratings on 2 Note Classes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 6 notes
and affirmed the ratings of 2 notes in 2 RMBS transactions of the
E-MAC DE German RMBS series: E-MAC DE 2006-II B.V. and E-MAC DE
2007-I B.V. The worse than expected collateral performance has
prompted the downgrade actions.
Ratings Rationale
The downgrade action takes into consideration increased portfolio
Expected Loss (EL) assumptions due to worse than expected
collateral performance and the deterioration in the level of
available credit enhancement since the last rating action.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to withstand the increase in the expected loss
assumptions.
Key Collateral Assumptions
E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V. are backed by
portfolios of first-ranking mortgage loans originated by GMAC RFC
Bank GmbH and secured on residential properties located in West
and East Germany (70.8% and 29.2% respectively in E-MAC DE 2006-
II B.V. and 61.4% and 38.6% respectively in E-MAC DE 2007-I
B.V.). The collateral consisted, at closing, of loans with a high
loan-to-foreclosure- value (LTFV), with an average current LTFV
of 104% and 106% in E-MAC DE 2006-II B.V. and E-MAC DE 2007-1
B.V. respectively. The pools also have a material exposure to
buy-to-let mortgages, representing 23.3% and 34.6% of E-MAC DE
2006-II B.V. and E-MAC DE 2007-I B.V., respectively, as of August
2014.
The performance of the E-MAC DE 2006-II B.V. and E-MAC DE 2007-I
B.V. has continued to deteriorate since the last rating action in
December 2013. Total delinquencies have risen in the past year.
Cumulative losses rose sharply from 3.86% and 3.34% in E-MAC DE
2006-II B.V. and E-MAC DE 2007-I B.V. in November-2013 to 5.75%
and 5.13% in August 2014 in both transactions respectively. The
increase in realized losses contributed to the build-up in
principal deficiency in both transaction: EUR3.16m in E-MAC DE
2006-II B.V. and EUR12.03m in E-MAC DE 2007-I B.V.
After considering the current amounts of realised losses and
completing a delinquency roll rate and analysis for the
portfolio, Moody's increased its lifetime EL assumptions to 14.6%
and 14%.0 in E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V.
respectively, from 12% of original pool balance.
Moody's has not revised MILAN CE assumption for the deals, which
remains at 28% for both transactions.
Exposure to Counterparties
Moody's rating analysis also took into consideration the exposure
to key transaction counterparties including the roles of
servicer, account bank, and swap provider. CMIS Investment B.V.
(NR) acts as servicer and cash manager in both transactions.
Intertrust Administrative Services B.V. (NR) acts as back-up
issuer administrator in both transactions. Collections are made
via direct debit into the issuer account bank held at Deutsche
Bank AG (A3/P2). The exposure to CMIS Investment B.V. (NR) in
both transactions does not constrain the ratings of the notes.
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings are better performance of the underlying assets than
Moody's expects and a decline in operational risk.
Factors or circumstances that could lead to a downgrade of the
ratings are higher delinquencies and realized losses on the
underlying assets than Moody's expects and a decline in the
credit quality of key transaction parties.
In rating these transactions, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.
List of Affected Ratings
Issuer: E-MAC DE 2006-II B.V.
EUR465.7 million A2 Notes, Downgraded to Baa3 (sf); previously
on Dec 4, 2013 Affirmed Baa1 (sf)
EUR35 million B Notes, Downgraded to Caa3 (sf); previously on
Dec 20, 2013 Downgraded to Ba3 (sf)
EUR24.5 million C Notes, Downgraded to Ca (sf); previously on
Dec 20, 2013 Downgraded to Caa2 (sf)
EUR14 million D Notes, Downgraded to Ca (sf); previously on Dec
4, 2013 Affirmed Caa3 (sf)
Issuer: E-MAC DE 2007-I B.V.
EUR19.5 million A1 Notes, Affirmed A3 (sf); previously on Dec 4,
2013 Affirmed A3 (sf)
EUR443.3 million A2 Notes, Affirmed A3 (sf); previously on Dec
4, 2013 Affirmed A3 (sf)
EUR39.1 million B Notes, Downgraded to Caa1 (sf); previously on
Dec 4, 2013 Downgraded to Ba3 (sf)
EUR33.5 million C Notes, Downgraded to Ca (sf); previously on
Dec 4, 2013 Downgraded to Caa3 (sf)
GAS NATURAL: S&P Assigns 'BB+' Rating to Proposed Sub. Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to the proposed long-dated, optionally deferrable,
and subordinated hybrid capital securities to be issued by Gas
Natural Fenosa Finance B.V., a subsidiary of Gas Natural SDG S.A.
(BBB/Stable/A-2), Spain's gas and electricity utility. Gas
Natural will guarantee the securities. The transaction remains
subject to market conditions.
S&P considers the proposed securities to have intermediate equity
content until their first call date, which falls eight years
after issuance, because they meet S&P's hybrid capital criteria
in terms of their subordination, permanence, and optional
deferability during this period.
S&P arrives at its 'BB+' issue rating on the proposed securities
by notching down from its corporate credit rating on the
guarantor, Gas Natural. The two-notch differential between the
issue rating and the stand-alone credit profile reflects S&P's
notching methodology, which calls for:
-- A one-notch deduction for subordination because S&P's
corporate credit rating on Gas Natural is investment grade
(that is, 'BBB-' or above); and
-- An additional one-notch deduction for payment flexibility
to reflect that the deferral of interest is optional.
The notching of the proposed securities reflects S&P's view that
there is a relatively low likelihood that the issuer will defer
interest. Should S&P's view change, it may increase the number
of downward notches that it applies to the issue rating.
In addition, to reflect S&P's view of the intermediate equity
content of the proposed securities, S&P allocates 50% of the
related payments on these securities as a fixed charge and 50% as
equivalent to a common dividend, in line with S&P's hybrid
capital criteria. The 50% treatment of principal and accrued
interest also applies to S&P's adjustment of debt.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S PERMANENCE
Although the proposed securities are perpetual, they can be
called at any time for tax, gross-up, rating, or accounting
events. Furthermore, Gas Natural Fenosa can redeem the proposed
securities as of the first call date, and every interest payment
date thereafter. If such event occurs, the company intends to
replace the proposed instrument, although it is not obliged to do
so. In S&P's view, this statement of intent mitigates the
issuer's ability to repurchase the notes on the open market.
Moreover, S&P sees the repurchase as unlikely due to Gas
Natural's commitment to deleveraging.
S&P understands that the interest to be paid on the proposed
securities will increase by 25 basis points 10 years from
issuance, and by a further 75 basis points 20 years after the
respective first call date. S&P considers the cumulative 100
basis points as a material step-up, which is currently
unmitigated by any commitment to replace the respective
instruments at that time. This step-up provides an incentive for
the issuer to redeem the instruments on their respective first
call dates.
Consequently, in accordance with S&P's criteria, it will no
longer recognize the instruments as having intermediate equity
content after the respective first call dates for the different
tranches because the remaining periods until their economic
maturity would, by then, be less than 20 years. However, S&P
classifies the instrument's equity content as intermediate until
its first call date, as long as S&P believes that the loss of the
beneficial intermediate equity content treatment will not cause
the issuer to call the instrument at that point. The issuer's
willingness to maintain or replace the instrument in the event of
a reclassification of equity content to minimal is underpinned by
its statement of intent.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY
In S&P's view, the issuer's option to defer payment on the
proposed securities is discretionary. This means that the issuer
may elect not to pay accrued interest on an interest payment date
because it has no obligation to do so. However, any outstanding
deferred interest payment will have to be settled in cash if Gas
Natural declares or pays an equity dividend or interest on
equally ranking securities (excluding a payment under its
existing preferred shares, issued by Union Fenosa in 2003 and in
2005) and if Gas Natural or its subsidiaries redeem or repurchase
shares or equally ranking securities. S&P sees this as a
negative factor. That said, this condition remains acceptable
under S&P's methodology because once the issuer has settled the
deferred amount, it can still choose to defer on the next
interest payment date.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION
The proposed securities (and coupons) are intended to constitute
direct, unsecured, and subordinated obligations of the issuer and
guarantor, ranking senior to share capital.
GRESHAM CLO III: Moody's Raises Rating on Cl. F Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Gresham CLO III B.V.:
EUR34 million Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Aa1 (sf); previously on Mar 31, 2014
Upgraded to A1 (sf)
EUR31 million Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to A3 (sf); previously on Mar 31, 2014
Upgraded to Baa3 (sf)
EUR33 million Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Ba2 (sf); previously on Mar 31, 2014
Upgraded to Ba3 (sf)
EUR12 million Class F Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Caa1 (sf); previously on Mar 31,
2014 Upgraded to Caa3 (sf)
Moody's also affirmed the ratings on the following notes issued
by Gresham CLO III B.V.:
EUR150 million (current outstanding balance EUR1.3M) Class A-1R
Senior Secured Revolving Floating Rate Notes due 2027, Affirmed
Aaa (sf); previously on Mar 31, 2014 Affirmed Aaa (sf)
EUR60 million (current outstanding balance EUR1.0M) Class A-1S
Senior Secured Floating Rate Notes due 2027, Affirmed Aaa (sf);
previously on Mar 31, 2014 Affirmed Aaa (sf)
EUR60 million Class A-2 Senior Secured Floating Rate Notes due
2027, Affirmed Aaa (sf); previously on Mar 31, 2014 Upgraded to
Aaa (sf)
EUR51 million Class B Senior Secured Floating Rate Notes due
2027, Affirmed Aaa (sf); previously on Mar 31, 2014 Upgraded to
Aaa (sf)
Gresham CLO III B.V issued in December 2006, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly leveraged
senior secured European loans. The portfolio is managed by
Investec Bank UK Ltd. The transaction ended its reinvestment
period in March 2012.
Ratings Rationale
The rating actions on the notes are primarily a result of the
improvement of their over-collateralization ("OC") ratios
following the September 2014 payment date, when Class A-1E notes
fully redeemed and Class A-1S and A-1R notes amortized in
aggregate by EUR87.8M or 41.8% of their original aggregate
balances.
As of the trustee's October 2014 report, Class A/B, Class C,
Class D, Class E and Class F had OC ratios of 209.06%, 160.70%,
132.71%, 111.95% and 105.92% compared with 156.13%, 134.29%,
119.10%, 106.8% and 101.49% respectively, as of the trustee's
April 2014 report.
The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR164.24M and GBP61.71M,
defaulted par of EUR17.7M, a weighted average default probability
of 22.8% (consistent with a WARF of 3,338), a weighted average
recovery rate upon default of 46.88% for a Aaa liability target
rating, a diversity score of 24 and a weighted average spread of
3.96%. The GBP denominated liabilities are naturally hedged by
the GBP assets.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate 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 92.07% of the portfolio exposed to first
lien senior secured corporate assets would recover 50% upon
default, while the 7.93% of the remaining structured finance
assets would recover 10.64%. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that Would Lead to an Upgrade or Downgrade of the Rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average spread by 30 basis
points; the model generated outputs that were within one notch
with the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Additional Uncertainty about Performance is due to the following:
Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
Around 36.3% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.
Foreign currency exposure: The deal has a significant exposure to
non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss
of rated tranches.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
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, can influence the final rating decision.
SAMVARDHANA MOTHERSON: S&P Assigns 'BB+' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to The Netherlands-based automotive
supplier Samvardhana Motherson Automotive Systems Group B.V.
(SMRP), the subsidiary of Motherson Sumi Systems Ltd. (MSSL).
The outlook is stable.
At the same time, S&P assigned its 'BB+' issue rating to SMRP's
EUR500 million senior secured notes. The recovery rating on
these instruments is '4', indicating S&P's expectation of average
(30%-50%) recovery in the event of a payment default.
The rating reflects S&P's assessment of SMRP's stand-alone credit
profile (SACP) of 'bb' and one notch of uplift to reflect its
higher group credit profile of 'bb+' for SMRP's parent MSSL.
SMRP is a global Tier-1 automotive component supplier, mainly to
large European automotive manufacturers. The company is divided
into two divisions: Samvardhana Motherson Reflectec (SMR),
acquired in March 2009; and Samvardhana Motherson Peguform (SMP),
acquired in Nov. 2011. SMR is a leading manufacturer of
automotive exterior and interior mirror systems. SMP makes
polymer-based automotive modules and specializes in interior and
exterior car components, such as bumpers, instrument panels, and
door panels. In the fiscal year ended March 31, 2014, SMRP
reported total revenues of EUR3.0 billion.
S&P's assessment of SMRP's SACP at 'bb' reflects its assessments
of its "fair" business risk profile and its "significant"
financial risk profile. In S&P's view, the group's business risk
profile is supported by SMRP's solid market positions for mirror
systems, bumpers, door, and instrument panels, longstanding
relationships with car manufacturers, and existing order backlog
for different automotive platforms. These strengths are offset
by high customer concentration -- SMRP generates about 60% of
revenues with German carmaker Volkswagen group -- and no after-
market business.
SMRP's main shareholder, with a stake of 51%, is MSSL (not
rated). Samvardhana Motherson International Ltd. (not rated)
holds the remaining 49%. As a result of the shareholder
structure, S&P applies its group rating methodology to determine
the issuer credit rating on SMRP. Under S&P's criteria, it
classifies SMRP as a "core" entity of MSSL. S&P bases this
classification on its view that SMRP is unlikely to be sold, has
MSSL's long-term commitment, constitutes a material proportion of
the consolidated MSSL group, and shares a brand with the main
group. Given that S&P's requirements for SMRP's treatment as a
"core" entity are satisfied, the rating on SMRP is equal to our
'bb+' group credit profile for MSSL.
Under S&P's base case for SMRP, it assumes:
-- Single-digit-percentage revenue growth in fiscal years 2015
and 2016. Revenue growth is closely tied to global light
vehicle production schedules of various auto manufacturers.
-- An EBITDA margin of about 7% in the same period.
-- Substantial capital expenditures (capex) of about EUR200
million in the same period, primarily related to
expansionary capex.
-- Present value of operating lease obligations, discounted at
7%, added to debt of EUR37 million under S&P's adjustments.
Pension obligations of EUR7 million and EUR140 million sale
of receivables are treated as debt-like under S&P's
criteria.
Based on these assumptions, S&P arrives at these credit measures
for fiscal years 2015 and 2016:
-- Funds from operations (FFO) to debt of about 20%; and
-- Debt to EBITDA of about 3.0x.
The stable outlook on SMRP reflects S&P's view that its operating
performance will remain resilient in the coming years, with
stable operating profitability. S&P expects that this will lead
to stable credit metrics, with FFO to debt of about 20% and debt
to EBITDA of about 3x.
An upgrade of SMRP is unlikely in the next few years, in S&P's
view, unless it revises upward its assessment of MSSL's group
credit profile. S&P would revise up its group credit profile on
MSSL by one notch if it observed improvements in MSSL's financial
risk profile. However, S&P considers this scenario unlikely,
given that SMRP constitutes a significant part of MSSL's overall
financial performance and that S&P do not envisage stronger
financials for SMRP over the next few years.
A significant weakening of SMRP's credit metrics may put pressure
on the ratings. However, S&P is unlikely to lower the ratings on
SMRP as a result of weakening credit metrics, provided the
declines are offset by resilient performance of MSSL's other
activities. This is because S&P would factor additional parental
support from MSSL into the ratings. Any negative change in
MSSL's group credit profile could negatively influence the rating
on SMRP.
Rating pressure might also arise if S&P was to reassess SMRP's
"core" status within the MSSL group, which could occur, for
example, if MSSL sold some of its shares in SMRP, ultimately
resulting in MSSL no longer having a controlling stake in SMRP.
Any loss of business from the Volkswagen group -- on which SMRP
relies heavily -- could have significant repercussions for SMRP.
===============
P O R T U G A L
===============
DOURO MORTGAGES No.2: Moody's Lifts Rating on Cl. D Notes to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 10 classes
of notes in 3 Portuguese residential mortgage-backed securities
(RMBS) transactions: Douro Mortgages No.1, Douro Mortgages No.2
and Douro Mortgages No.3.
The rating upgrades follow the upgrade of the Portuguese
sovereign rating to Ba1 from Ba2 on July 25, 2014 and the
resulting increase of the local-currency country ceiling to A3
from Baa1 which reflects the strong government commitment to
fiscal consolidation and the reduced susceptibility to even risk
associated with lower government liquidity and banking sector
risk.
The rating action concludes the review of the notes placed on
review for upgrade, following either the first upgrade of the
Portuguese sovereign rating this year to Ba2 on 9 May 2014 or the
second upgrade to Ba1 on 25 July 2014.
Ratings Rationale
The rating action reflects (1) the increase in the Portuguese
local-currency country ceiling to A3 and (2) sufficiency of
credit enhancement in the affected transactions.
For Douro Mortgages No.2 the rating action also reflects the
correction of a model input error. In prior rating actions, the
recovery rate input in the model was inconsistent with the MILAN
input, therefore the tail of the asset loss distribution was
generated incorrectly. The model has now been adjusted, and the
rating action reflects this change.
-- Reduced Sovereign Risk
The Portuguese sovereign rating was upgraded to Ba1 in July 2014,
which resulted in an increase in the local-currency country
ceiling to A3. The Portuguese country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Portuguese
issuer including structured finance transactions backed by
Portuguese receivables, is A3 (sf).
The sufficiency of credit enhancement combined with stable
performance and the reduction in sovereign risk has prompted the
upgrade of the notes.
-- Key collateral assumptions
The key collateral assumptions have not been updated as part of
this review. The performance of the underlying asset portfolios
remain in line with Moody's assumptions. Moody's also has a
stable outlook for Portuguese RMBS transactions.
-- Exposure to Counterparties
Moody's rating analysis also took into consideration the exposure
to key transaction counterparties. Including the roles of
servicer, account bank, and swap provider.
The rating action takes into account set-off exposure to Banco
BPI S.A. (rated Ba3/NP) for the three transactions.
Moody's also assessed the exposure to Banco BPI S.A. acting as
swap counterparty for Douro Mortgages No.1 and Douro Mortgages
No.3 and the Royal Bank of Scotland plc (rated Baa1/P-2) acting
as swap counterparty for Douro Mortgages No.2 when revising
ratings.
Principal Methodology:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.
List of Affected Ratings:
Issuer: DOURO MORTGAGES No.1
EUR1434 million Class A Notes, Upgraded to Baa2 (sf); previously
on Aug 7, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade
EUR24.75 million Class B Notes, Upgraded to B1 (sf); previously
on Jul 11, 2013 Downgraded to B3 (sf)
EUR22.5 million Class C Notes, Upgraded to B2 (sf); previously
on Jul 11, 2013 Downgraded to Caa1 (sf)
EUR18.75 million Class D Notes, Upgraded to B3 (sf); previously
on Jul 11, 2013 Downgraded to Caa2 (sf)
Issuer: DOURO MORTGAGES No.2
EUR315 million Class A1 Notes, Upgraded to A3 (sf); previously
on May 29, 2014 Baa3 (sf) Placed Under Review for Possible
Upgrade
EUR1125 million Class A2 Notes, Upgraded to Baa2 (sf);
previously on Jul 11, 2013 Confirmed at Ba2 (sf)
EUR27.75 million Class B Notes, Upgraded to B2 (sf); previously
on Jul 11, 2013 Downgraded to B3 (sf)
EUR18 million Class C Notes, Upgraded to B3 (sf); previously on
Jul 11, 2013 Downgraded to Caa1 (sf)
EUR14.25 million Class D Notes, Upgraded to Caa1 (sf);
previously on Jul 11, 2013 Downgraded to Caa2 (sf)
Issuer: DOURO MORTGAGES No.3
EUR1441.5 million Class A Notes, Upgraded to Baa3 (sf);
previously on May 29, 2014 Ba2 (sf) Placed Under Review for
Possible Upgrade
PORTUGAL: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited
'BB/B' long- and short-term foreign and local currency sovereign
credit ratings on the Republic of Portugal. The outlook is
stable.
RATIONALE
The ratings are supported by Portugal's relatively prosperous
economy compared with peers, expenditure-led budgetary
consolidation, improved government debt maturity profile, and
execution of important reforms. The ratings remain constrained
by what S&P considers to be very high private and public sector
indebtedness, a weak external economic balance sheet, and a weak
monetary transmission mechanism that appears to prevent parts of
Portugal's corporate sector from further improvement in cost
competitiveness, coupled with deflationary pressures.
S&P now believes that Portugal's real GDP will likely grow on
average about 1.1% annually during 2014-2015, slightly less than
S&P projected in May 2014. S&P believes that the current
weakening of eurozone (European Economic and Monetary Union)
growth prospects will affect the external demand for Portuguese
goods and services, lowering the contribution of net exports to
GDP growth. At the same time, domestic demand is recovering and
will likely contribute positively to economic growth during
2014 -- for the first time since 2010. The resumed demand should
drive imports, primarily of investment goods, but also of
consumer durables and services. Demand is increasing due to an
improved labor market.
The unemployment rate fell to 13.1% in third-quarter 2014 from
16.4% in second-quarter 2013, with absolute levels of employment
increasing by 2.1% year on year. The recent increase in
Portugal's minimum wage has also underpinned consumer confidence.
In S&P's opinion, better-than-expected employment growth reflects
labor reform measures that the government has implemented since
2011. These have raised demand for labor faster than S&P had
projected. S&P also considers that positive investment trends --
reflected in spending growth on equipment and machinery -- will
support Portugal's growth prospects in the next few years in key
sectors, such as tourism and manufacturing.
S&P believes that risks to real and nominal GDP performance
persist, however, largely due to external factors. External
demand has been weakening in most key trading partners, both
outside and inside the euro area. In S&P's view, high private
sector leverage is likely to dampen a strengthening of demand
over the coming years. Data from the Portuguese central bank,
Banco de Portugal, indicate that non-consolidated resident public
and private non-financial sector gross debt was still at a very
high 401% of nominal GDP at midyear 2014, albeit declining from
409% at the end of 2013.
S&P considers that high indebtedness may not decrease fast in
Portugal, partly because of its very low inflation. Headline
Portuguese inflation has been negative for eight consecutive
months including Sept. 2014, while average hourly earnings have
stagnated since 2011.
The deleveraging process has been accompanied by an improvement
in Portugal's current account, which ended 2013 in surplus -- the
first surplus since 1989. Given the weakening in external demand
and strengthening in domestic demand, S&P believes that the
surplus will decline somewhat this year before gradually
strengthening in the coming years, especially if the eurozone's
economic recovery moves onto a sustained track. More sizable
current account surpluses would gradually reduce the current
external vulnerabilities, with narrow net external debt S&P
currently estimates at about 300% of current account receipts
(CARs) during 2014-2015. A portion of this comes from official
Eurosystem financing to Portuguese banks.
External borrowing costs for the Portuguese economy's private
sector are still relatively high. According to European Central
Bank data, Portuguese corporate borrowers pay significantly more
on new loans than the eurozone average, pointing in S&P's view to
an impaired monetary transmission mechanism. The difficult and
expensive funding conditions for the real economy, combined with
deflationary pressures, are constraints that appear unlikely to
subside in the near term.
Falling prices and stagnating private sector wages are partly
related to the ongoing substantial adjustment in the economy,
fostered by the implementation of structural reforms contributing
to the restoration of Portugal's cost competitiveness. In
Portugal's case, this important internal devaluation process has
not been facilitated by a parallel internal revaluation in key
euro area trading partners. In short, nearly all of Portugal's
competitiveness gains since April 2007 have occurred via its very
low inflation rates, compared with its most important non-euro-
area trading partners.
Non-cost competitiveness is also reviving. Since 2009, labor
productivity gains in Portugal have been a far more important
driver of unit labor cost declines compared with wage cuts
(although much of the labor productivity gains were achieved
through higher unemployment). The Portuguese government remains
committed to further reforms to improve the business environment,
in addition to facilitating corporate debt restructuring and the
development of instruments that would support capitalization of
the corporate sector.
"We project that following the second supplementary budget
adopted by the government in late August, the Portuguese
government will likely meet its 2014 budgetary target. Although
the economic recovery, especially helped by the improving labor
market, will help reduce the deficit during this period, we think
the government may not meet its more ambitious deficit targets of
2.7% in 2015 and 2.1% in 2016. The cyclical increase in revenues
from consumption income taxes, and gradually decreased
unemployment transfers, should contribute to deficit reduction,
but at the same time we forecast slightly lower 2015 GDP growth
compared with the government, along with a low inflation
environment. We also expect that with the upcoming 2015 general
elections, ongoing socio-economic challenges, and substantially
eased capital market pressure could lead to fiscal and structural
policy slippages. This could jeopardize the government's deficit
trajectory and economic growth targets over the next few years.
For the 2015 budget, S&P understands the government has decided
to consult the Constitutional Court ahead of the submission of
the draft budget regarding public servants' pay cuts and pensions
in order to stave off constitutional risks. Moreover, S&P
believes that in the event of any future potential Constitutional
Court rulings, the government will seek offsetting measures.
S&P expects Portugal's net general government debt at about
121.6% of GDP in 2014-2015, before declining to about 119% of GDP
in 2017, excluding the guarantees related to the European
Financial Stability Facility. At the same time, average general
government interest payments will likely represent slightly less
than 11% of general government revenues during 2014-2017.
The government has already fully financed its funding needs for
2014 and S&P expects it will pre-finance more than half of its
funding needs for 2015. S&P thinks it will gradually reduce its
currently sizable cash buffer over the coming year, although the
government has ring-fenced EUR2.5 billion for potential
additional fiscal costs linked to banks' recapitalization in the
future. S&P understands the Portuguese government has negotiated
with the EU and IMF that the ring-fenced funds would be freed up
now that the European Central Bank announced its stress test
results in Oct. 2014 and if no Portuguese bank needs to tap them.
Over the past three years, Portugal's debt profile has
significantly improved. S&P understands the average maturity of
the Portuguese government's debt stock is 8.2 years, including
the extension of loans by the European Financial Stabilisation
Mechanism (EFSM). Moreover, the exact final maturity date of
each EFSM loan to Portugal will be defined when the original
loans are rolled over, and the Portuguese authorities anticipate
that Portugal will not have to refinance any of its EFSM loans
before 2026 (currently totaling EUR24 billion, or about 11% of
estimated general government debt in 2014).
Portugal's banking sector has undergone a substantial
restructuring. S&P sees the sector as stronger based on an
increase in the capital adequacy ratio to 12% in second-quarter
2014 from 10.2% in third-quarter 2011, as well as on a reduction
in the loan-to-deposit ratio to about 117% in first-quarter 2014
from its peak of 167% in second-quarter 2010. The rapid
reduction of net banking sector external debt to about 100% end-
2013 from its peak at 170% of CARs in 2009, which includes
official Eurosystem financing, partially reflects that domestic
credit to non-government sector was reduced by almost 20% of GDP
over the same period to 148% of GDP in 2013, hurting economic
growth performance. Nevertheless, S&P sees persistent challenges
in the banking sector, following the Bank of Portugal's Aug. 2014
resolution plan for Banco Espirito Santo S.A., and the Oct. 2014
results of the ECB's stress tests, indicating a capital shortfall
at Banco Comercial Portugues S.A. under the ECB's adverse
scenario. S&P notes, however, the government's liquidity
position includes EUR2.5 billion, earmarked for potential further
bank recapitalization as part of Portugal's recent EU-
International Monetary Fund economic adjustment program.
OUTLOOK
The stable outlook balances S&P's projections of improvements in
the labor market and public finances against the risks of lower
external demand, protracted private sector deleveraging, and
persistent deflationary pressures.
S&P could raise the ratings on Portugal if it observed that:
-- The government continues to implement structural reforms to
boost the economy's growth potential and contribute to its
rebalancing;
-- Budgetary consolidation brings the budget deficit down in
line with S&P's forecasts; and
-- Orderly private sector deleveraging is accelerated by a
pronounced and sustained improvement in credit conditions,
coupled with a restoration of an effective monetary
transmission mechanism.
S&P could lower the ratings if, all other things being equal, S&P
observed that:
-- Reform implementation wanes, for example due to policy
complacency ahead of the 2015 general elections;
-- Eurozone policies fail to support -- directly or
indirectly -- government borrowing costs at sustainable
levels and to stem potential capital outflows; and
-- The government's budgetary position deviates significantly
from S&P's current expectations on the back of weakening
nominal economic growth or currently unexpected one-off
expenses that would push up debt.
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 committee agreed that all key rating factors were unchanged.
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. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Ratings Affirmed
Portugal (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating BB/Stable/B
Transfer & Convertibility Assessment AAA
Comboios de Portugal E.P.E
Metropolitano de Lisboa E.P.
Caixa Geral de Depositos S.A.
Banco Espirito Santo S.A.
Senior Unsecured* BB
*Guaranteed by the Republic of Portugal.
SAGRES SOCIEDADE: Moody's Lifts Rating on Class C Notes to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six notes
and affirmed the ratings of four notes in three Portuguese
residential mortgage-backed securities (RMBS) transactions:
PELICAN MORTGAGES NO. 1 PUBLIC LIMITED COMPANY, PELICAN MORTGAGES
NO. 2 PUBLIC LIMITED COMPANY, and PELICAN MORTGAGES NO. 3 PUBLIC
LIMITED COMPANY.
The rating action concludes the review of five notes placed on
review on May 29, 2014, following the upgrade of the Portuguese
sovereign rating to Ba2 on review for upgrade from Ba3 and the
resulting increase of the local-currency country ceiling to Baa1
from Baa3. The sovereign rating upgrade reflected improvements in
institutional strength and reduced susceptibility to event risk
associated with lower government liquidity and banking sector
risks. The Portuguese sovereign rating was further upgraded to
Ba1 from Ba2 on 25 July 2014 and as a result the local-currency
ceiling was increased to A3 from Baa1, but no action was taken on
the notes in these deals which were already on review.
Ratings Rationale
The rating actions reflect (1) the increase in the Portuguese
local-currency country ceiling to A3 and (2) sufficiency of
credit enhancement.
For PELICAN MORTGAGES NO. 2 PUBLIC LIMITED COMPANY and PELICAN
MORTGAGES NO. 3 PUBLIC LIMITED COMPANY, the rating action also
reflects the correction of a model input error. In prior rating
actions, the recovery rate input in the model was inconsistent
with the MILAN input, therefore the tail of the asset loss
distribution was generated incorrectly. The model has now been
adjusted, and the rating action reflects this change.
-- Reduced Sovereign Risk
The Portuguese sovereign rating was upgraded to Ba1 in July 2014,
which resulted in an increase in the local-currency country
ceiling to A3. The Portuguese country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Portuguese
issuer including structured finance transactions backed by
Portuguese receivables, is A3 (sf).
The sufficiency of credit enhancement combined with the reduction
in sovereign risk has prompted the upgrade of the notes.
-- Key collateral assumptions
Moody's has reassessed PELICAN MORTGAGES NO. 1 PUBLIC LIMITED
COMPANY lifetime loss expectation, taking into account the
collateral performance of the transaction to date. The portfolios
show deteriorating growth rate in delinquencies and defaults. The
90 days delinquencies as a percentage of the current pool balance
reached 2.33% versus 1.90% in December 2013, while the 60 days
delinquencies over current balance increased to 2.67% up from
1.97% over the same period. As a result, Moody's increased its
Expected Loss to 1.40% up from 0.90% of the original pool
balance. Milan CE assumption was maintained at 12.5%.
The key collateral assumptions for PELICAN MORTGAGES NO. 2 PUBLIC
LIMITED COMPANY and PELICAN MORTGAGES NO. 3 PUBLIC LIMITED
COMPANY have not been updated as part of this review. The
performance of the underlying asset portfolios remain in line
with Moody's assumptions. Moody's also has a stable outlook for
Portuguese RMBS transactions.
-- Exposure to Counterparties
Moody's rating analysis also took into consideration the exposure
to key transaction counterparties, including the roles of
servicer, account bank, and swap provider.
The rating action takes into account servicer commingling and
set-off exposure to Caixa Economica Montepio Geral (B2/NP) for
all three transactions.
Principal Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.
List of Affected Ratings:
Issuer: PELICAN MORTGAGES NO. 1 PLC
EUR611 million Class A Notes, Affirmed A3 (sf); previously on
Aug 7, 2014 Upgraded to A3 (sf)
EUR16.25 million Class B Notes, Affirmed A3 (sf); previously on
Aug 7, 2014 Upgraded to A3 (sf)
EUR22.75 million Class C Notes, Upgraded to Baa2 (sf);
previously on May 29, 2014 Ba2 (sf) Placed Under Review for
Possible Upgrade
Issuer: PELICAN MORTGAGES NO.2 PLC
EUR659.75 million Class A Notes, Affirmed A3 (sf); previously on
Aug 7, 2014 Upgraded to A3 (sf)
EUR17.5 million Class B Notes, Upgraded to Baa1 (sf); previously
on May 29, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade
EUR22.75 million Class C Notes, Upgraded to Ba3 (sf); previously
on May 29, 2014 B2 (sf) Placed Under Review for Possible Upgrade
Issuer: SAGRES SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A.
EUR717.375 million Class A Notes, Upgraded to Baa3 (sf);
previously on May 29, 2014 Ba2 (sf) Placed Under Review for
Possible Upgrade
EUR14.25 million Class B Notes, Upgraded to B2 (sf); previously
on May 29, 2014 B3 (sf) Placed Under Review for Possible Upgrade
EUR12 million Class C Notes, Upgraded to Caa1 (sf); previously
on Jul 17, 2013 Downgraded to Caa2 (sf)
EUR6.375 million Class D Notes, Affirmed Caa3 (sf); previously
on Jul 17, 2013 Downgraded to Caa3 (sf)
===========
R U S S I A
===========
MECHEL OAO: Russian Government to Discuss Debt Restructuring
------------------------------------------------------------
RAPSI, citing RIA Novosti, reports that VTB Bank head Andrey
Kostin confirmed on Nov. 10 that the Russian government will
discuss Mechel OAO's debt restructuring.
Acccording to RAPSI, Kommersant daily said the government's
agenda includes two primary options. One, spearheaded by the
banks, is to convert the US$3 billion debt into 75% of capital
through additional stock emissions, RAPSI discloses. The other
suggests debt restructuration through a contract with the
creditors, who will take over the company, RAPSI relays.
As of February 2014, Mechel's net debt amounted to over US$8
billion, RAPSI states. Its net loss for the first nine months of
2013, calculated under US GAAP, reached US$2.2 billion, RAPSI
notes.
In early October, Mechel ceased paying off its debts, after which
VTB and Sberbank turned to court, RAPSI recounts.
Mechel OAO is a Russian steel and coking coal producer.
As reported by the Troubled Company Reporter-Europe on October 3,
2014, Moody's Interfax Rating Agency downgraded Mechel OAO's
national scale rating (NSR) to Caa2.ru from Ba3.ru. The outlook
on the rating is negative. Moody's Interfax is majority-owned by
Moody's Investors Service (MIS). Moody's Interfax's downgrade of
the NSR of Mechel follows MIS's downgrade of the company's
corporate family rating to Caa3 with a negative outlook.
ROSDORBANK: Moody's Changes 'B3' Deposit Rating Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on Rosdorbank's B3 long-term global foreign currency
deposit rating and its standalone E+ bank financial strength
rating ("BFSR").
Concurrently, Moody's affirmed Rosdorbank's E+ standalone BFSR,
corresponding to baseline credit assessment (BCA) of b3, and its
B3 long-term and Not Prime short-term deposit ratings.
Moody's assessment of Rosdorbank's ratings is largely based on
its audited financial statements for 2013 -- prepared under
IFRS -- as well as unaudited local GAAP financial statements for
the first nine months of 2014, and information received from the
bank.
Ratings Rationale
The action on Rosdorbank's ratings reflects recent improvement of
the bank's capital position coupled by stabilization of its
pre-provision profitability and asset quality. Moody's notes that
challenging credit conditions in Russia could exert pressure on
the bank's credit standing; however, the rating agency believes
that -- together with an anticipated RUB200 million Tier 1
capital injection from its shareholders -- Rosdorbank will be
able to absorb potential losses.
Rosdorbank reported a total regulatory capital adequacy ratio at
a comfortable 12.7% as of 1 October 2014, up from modest 10.7% as
of year-end 2013. This improvement was mainly supported by a
RUB300 million Tier 2 capital injection in 1H 2014.The bank has
also announced plans to attract an additional RUR200 million Tier
1 capital from its minority shareholders by year-end 2014, which
will provide a more ample safety cushion against potential
crystallization of problem loans in the currently challenging
credit conditions in Russia. Moody's notes that the bank's
capital flexibility is suppressed by sizeable credit risk
concentrations, with the top-20 borrowers accounting for 371% of
Tier 1 capital as at 1 July 2014, which is comparable with other
B3 rated Russian banks.
At the same time, Rosdorbank stabilized its moderate pre-
provision profitability metrics, which, however, remains
constrained by a high operating expenses burden. Aided by the re-
channelling of increased cost of funding to its borrowers, the
bank's net interest margin has improved to an annualized 4.3% in
January-September 2014, compared to 3.3% at year-end 2013,
contributing to a still modest annualized pre-provision income-
to-average assets ratio of 0.8% in Q1-Q3 2014.
Moody's notes heightened risks for Rosdorbank's satisfactory (to
date) asset quality profile. As at July 1, 2014, 90+ day overdue
credit facilities accounted for 6.2% of Rosdorbank's total loan
book (slight improvement from 7% as at year-end 2013), which --
taking into account available collateral -- were by 65% covered
by respective provisions. For the same period, the bank's
restructured portfolio accounted for an additional 4.2% (year-end
2013: 4.4%) of gross credit exposures and lacked provisioning. In
Moody's opinion, the bank's problem loans could require more
provisioning under current credit conditions, resulting in
erosion of bottom-line profitability.
What Could Move the Ratings Up/Down
Challenging credit conditions in Russia provides limited room for
positive rating adjustment. A significant strengthening of
Rosdorbank's capitalization coupled with a reduction in its
borrower concentration and business diversifications outside its
niche clientele, may result in rating upgrade.
A material weakening in Rosdorbank's capital adequacy and
profitability, or a weakening of its liquidity profile could
warrant a downgrade of the bank's ratings. A further
deterioration of the economic environment in Russia -- resulting
in larger-than-expected credit losses for the bank --may also
lead to a negative adjustment of the bank's ratings.
Principal Methodologies
The principal methodology used in this rating was Global Banks
published in July 2014.
Headquartered in Moscow, Russia, Rosdorbank reported total assets
of RUB14 billion, as at October 1, 2014, according to the bank's
unaudited local GAAP financial statements.
ROSSIYSKIY KREDIT: Moody's Cuts Nat'l Scale Rating to 'Caa3.ru'
---------------------------------------------------------------
Moody's Interfax Rating Agency has downgraded national scale
ratings (NSR) of Rossiyskiy Kredit Bank to Caa3.ru from Ba3.ru.
The NSRs carry no specific outlooks.
Ratings Rationale
The downgrade of Rossiyskiy Kredit Bank's long-term ratings
reflects its rapid loan book growth that continued in H1 2014,
i.e., amid Russia's deteriorating operating environment which
could reinforce negative trends in the bank's asset quality
performance. In H1 2014, the bank's loan book rapidly expanded
and, as at mid-2014, gross loans amounted to RUB79.4 billion, a
279% year-on-year increase. Moody's Interfax also notes that this
rapid growth was not associated with the corresponding increase
in capital, and that loans granted to borrowers in the financial
and real estate sectors accounted for 54% of the bank's gross
loans, i.e., segments that Moody's Interfax considers to be the
most vulnerable amid the deteriorating operating environment.
The significant increase in the volume of impaired and overdue
loans -- indicative of the bank's asset quality deterioration and
its exposure to the heightened risk of capital erosion -- was the
main reason for the downgrade of the bank's ratings.
According to the bank's H1 2014 report, impaired and overdue
loans totaled RUB34.4 billion and accounted for 43% of gross
loans as at end-June of 2014, representing a material increase
compared with RUB810 million or 1.7% reported at year-end 2013.
This asset quality deterioration has triggered a material
increase in the bank's loan loss reserves that rose to 6.0% of
gross loans at end-June of 2014 from 1.8% at year-end 2013.
Moody's Interfax also notes that Rossiyskiy Kredit Bank's capital
buffers are very low and might be insufficient to mitigate the
above-mentioned risks, which could result in a further downward
rating adjustment to fully reflect the continued presence of such
risks. As at end-September 2014, the bank's total regulatory
capital adequacy ratio stood at 11.12%, marginally above the 10%
regulatory minimum. Although the bank reported net income of RUB2
billion in H1 2014, Moody's Interfax notes that absent the one-
off RUB5.1 billion foreign-currency trading gain, the bank would
have been loss-making for that period and would have reported a
substantial decline in capital. The rating agency also notes
that, although the bank recognized this RUB5.1 billion trading
gain in its profits, it also reported a significant increase in
other assets (trade receivables accounted for the bulk of the
aforementioned gain) that stood at RUB6.7 billion as at mid-2014.
What Could Move the Ratings Up/Down
Rossiyskiy Kredit Bank's rating have limited upside potential.
Rossiyskiy Kredit Bank's rating could be further downgraded in
the event of any further deterioration in its capital adequacy
metrics or liquidity profile.
Principal Methodologies
The principal methodology used in this rating was Global Banks
published in July 2014.
Headquartered in Moscow, Russia, Rossiyskiy Kredit Bank reported
total (unaudited IFRS) assets of RUB110.4 billion and shareholder
equity of RUB12.3 billion as at June 30, 2014.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia. For
further information on Moody's approach to national scale
ratings, please refer to Moody's Rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
About Moody's and Moody's Interfax
Moody's Interfax Credit rating Agency (MIRA) specializes in
credit risk analysis in Russia. MIRA is a joint-venture between
Moody's Investors Service, a leading provider of credit ratings,
research and analysis covering debt instruments and securities in
the global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).
ROSSIYSKIY KREDIT: Moody's Cuts Long-Term Deposit Ratings to Caa3
-----------------------------------------------------------------
Moody's Investors Service has downgraded Rossiyskiy Kredit Bank's
long-term deposit ratings to Caa3 from Caa1. The bank's
standalone bank financial strength rating (BFSR) was affirmed at
E, but the corresponding baseline credit assessment (BCA) was
lowered to caa3 (from caa1). Moody's has also affirmed the bank's
Not-Prime short-term deposit ratings. The outlook on the bank's
long-term ratings is negative while the standalone E BFSR carries
a stable outlook.
The downgrade of the long-term ratings reflects Rossiyskiy Kredit
Bank's asset quality erosion in H1 2014 associated with its rapid
loan book growth.
Moody's assessment is largely based on Rossiyskiy Kredit Bank's
audited IFRS financial statements for 2013 and unaudited IFRS
report for the first six months of 2014.
Ratings Rationale
The downgrade of Rossiyskiy Kredit Bank's long-term ratings
reflects its rapid loan book growth that continued in H1 2014,
i.e., amid Russia's deteriorating operating environment which
could reinforce negative trends in the bank's asset quality
performance. In H1 2014, the bank's loan book rapidly expanded
and, as at mid-2014, gross loans amounted to RUB79.4 billion, a
279% year-on-year increase. Moody's also notes that this rapid
growth was not associated with the corresponding increase in
capital, and that loans granted to borrowers in the financial and
real estate sectors accounted for 54% of the bank's gross loans,
i.e., segments that Moody's considers to be the most vulnerable
amid the deteriorating operating environment.
The significant increase in the volume of impaired and overdue
loans -- indicative of the bank's asset quality deterioration and
its exposure to the heightened risk of capital erosion -- was the
main reason for Moody's downward adjustment of the BCA to caa3.
According to the bank's H1 2014 report, impaired and overdue
loans totaled RUB34.4 billion and accounted for 43% of gross
loans as at end-June of 2014, representing a material increase
compared with RUB810 million or 1.7% reported at year-end 2013.
This asset quality deterioration has triggered a material
increase in the bank's loan loss reserves that rose to 6.0% of
gross loans at end-June of 2014 from 1.8% at year-end 2013.
Moody's also notes that Rossiyskiy Kredit Bank's capital buffers
are very low and might be insufficient to mitigate the above-
mentioned risks, which could result in a further downward
adjustment of the BCA to fully reflect the continued presence of
such risks. As at end-September 2014, the bank's total regulatory
capital adequacy ratio stood at 11.12%, marginally above the 10%
regulatory minimum. Although the bank reported net income of RUB2
billion in H1 2014, Moody's notes that absent the one-off RUB5.1
billion foreign-currency trading gain, the bank would have been
loss-making for that period and would have reported a substantial
decline in capital. The rating agency also notes that, although
the bank recognized this RUB5.1 billion trading gain in its
profits, it also reported a significant increase in other assets
(trade receivables accounted for the bulk of the aforementioned
gain) that stood at RUB6.7 billion as at mid-2014.
What Could Move the Ratings Up/Down
Rossiyskiy Kredit Bank's long-term deposit ratings have limited
upside potential, as captured in the negative outlook. The rating
outlook could be changed to stable if the bank eliminates risks
of capital erosion by improving its asset quality.
Rossiyskiy Kredit Bank's ratings could be further downgraded in
the event of any further deterioration in its capital adequacy
metrics or liquidity profile.
Principal Methodologies
The principal methodology used in this rating was Global Banks
published in July 2014.
Headquartered in Moscow, Russia, Rossiyskiy Kredit Bank reported
total (unaudited IFRS) assets of RUB110.4 billion and shareholder
equity of RUB12.3 billion as at 30 June 2014.
SUDOSTROITELNY BANK: S&P Lowers Ratings to 'B-/C'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings on Russia-based Commercial Bank
Sudostroitelny Bank LLC (SB Bank) to 'B-/C' from 'B/B'. The
outlook is stable.
At the same time, S&P lowered its Russia national scale rating on
SB Bank to 'ruBBB' from 'ruBBB+'.
The downgrade reflects S&P's view that SB Bank's funding profile
has structurally weakened. S&P now assess funding as "below
average" versus its previous "average" assessment.
The bank's funding base is deteriorating, in S&P's view, with its
stable funding ratio declining to 87% at midyear 2014 from 107%
at year-end 2012, which is below its peers' average ratio of
120%. In addition, the funding profile of the bank has not
become more balanced over 2014, as S&P expected a year ago, and
its loan-to-deposit ratio has deteriorated to 135% at midyear
2014 from 118% at year-end 2012.
S&P also notes SB Bank's increasing dependence on Russian central
bank funding, which comprised almost 20% of its total liabilities
as of midyear 2014 versus 13% on Dec. 31, 2013, which is more
than the system average. Although this increase in funding from
the central bank supports the bank's liquidity position
temporarily, it indicates a weakening of the bank's funding
profile.
S&P notes that the bank managed to repay its Russian ruble (RUB)
3 billion bond maturities in 2014 (approximately US$76 million).
However, the bank may find it difficult to replace the repaid
bonds within the next six months, owing to unfavorable conditions
in the domestic debt and capital markets. As a result, S&P
thinks that its funding profile is unlikely to improve in the
next 12 months.
Moreover, customer accounts slightly reduced from 54% of total
liabilities at year-end 2013, to 52% at midyear 2014. S&P views
positively the increase of the share of individual accounts to
56% of total clients' funds as of midyear 2014 from 46% as of
year-end 2013, which offsets the reduction of corporate client
funds. Concentrations are also improving, with the top 20
depositors accounting for 17% of total customer funds as of June
30, 2014, down from 24% as of year-end 2013. However, this
concentration still makes the bank somewhat vulnerable to
potential larger client withdrawals. This is partially offset
though by the bank's longstanding relationship with some of its
larger clients.
S&P believes that SB Bank's liquidity cushion is adequate, with
broad liquid assets constituting about 27% of the balance sheet.
The bank should be able to obtain additional liquidity by
pledging or selling its securities portfolio, although S&P notes
that the bank had already used about 74% of its securities
portfolio for repos as of June 30, 2014. Moreover, S&P views
positively shareholder support in terms of subordinated loans and
cash donations, which S&P expects to be converted to subordinated
debt by end-2014. S&P assumes that the bank will make no
substantial changes to its current liquidity management in 2014.
S&P's assessment of SB Bank's business position remains weak and
is based on S&P's view of its limited market share and customer
franchise, with quite significant concentrations in the loan
book.
S&P's assessment of SB Bank's capital and earnings as moderate
reflects S&P's view of the bank's gradually declining capital
position, as its earnings capacity is lower than most peers' and
prevents internal capital buildup. This assessment is based
primarily on S&P's expectations that the risk-adjusted capital
(RAC) ratio before adjustments for concentration and
diversification will remain at 5.0%-5.5% over the next 18 months,
down from 6.1% at the end of 2013.
In S&P's view, SB Bank's overall risk position is "moderate,"
given its focus on the more risky SME segment and a likely
increase in cost of risk on the one hand, and its moderate growth
rates and reasonable risk management practice on the other. SB
Bank aims to continue focus on the SME segment, which S&P
believes is a riskier segment in Russia, with clients less
willing to pay their debt compared with other sectors. This risk
is partly mitigated by the short-term profile of the loan book
(around 80% of the loan book consists of loans of less than one
year), which reflects the bank's focus on financing clients'
working capital needs. This enables the bank to minimize losses
resulting from default, as it can cut exposures relatively
rapidly and in turn reduce risk.
The bank's nonperforming loans (NPLs) are still lower than the
system average but are likely to increase to about 4% over the
next year. S&P considers positively the ample coverage of NPLs
by reserves, which S&P expects to remain at about 160% for 2014-
2015. Still, S&P believes the bank's exposure to the risky SME
segment could impair its credit risk profile, especially if the
economic slowdown intensifies in Russia.
The stable outlook on SB Bank reflects S&P's view that the bank
will continue to focus on the SME segment while maintaining its
capitalization and risk profile at, or only marginally below,
current levels. S&P also expects the bank will be able to
maintain adequate liquidity.
S&P could consider a negative rating action if capitalization
fell, as reflected in a RAC ratio before adjustments of less than
5%. S&P could also lower the rating if NPLs increased
significantly above the system average.
Although unlikely within the next 12 months, S&P could consider a
positive rating action if it observed improvement in the Russian
banking sector's operating environment and, as a result, the bank
was able to structurally improve its funding profile by reducing
its dependence on central bank funding and making its funding
base more sustainably balanced.
=========
S P A I N
=========
CAMPOFRIO FOOD: S&P Raises Corp. Credit Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Spanish meat processor Campofrio Food Group S.A.
(CFG) to 'BB+' from 'BB-'. The outlook is stable.
S&P also raised its ratings on CFG's existing EUR500 million
senior unsecured notes due 2016 to 'BB+' from 'BB-'. The '4'
recovery rating on this instrument remains unchanged, reflecting
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.
Mexico-based processed food producer Sigma Alimentos S.A. de C.V.
(foreign and local currency ratings BBB/Negative/--; Mexico
national scale rating mxAA+/--/--) has become the majority
stakeholder in CFG, increasing its shares to 62% from 48%. S&P's
upgrade of CFG reflects our views that the company is
"strategically important" for Sigma Alimentos, versus our initial
assessment that CFG was "moderately strategic" for its parent.
S&P's review of Sigma Alimentos' debt documentation has revealed
the existence of cross default provisions--a strong incentive for
Sigma Alimentos to provide financial support to CFG if needed.
S&P therefore thinks that CFG meets the four characteristics of a
"strategically important" subsidiary, as defined by S&P's
criteria. S&P bases its opinion on these:
-- Sigma Alimentos is unlikely to sell CFG; CFG is important
to Sigma Alimentos' long-term strategy;
-- CFG benefits from the long-term commitment of its parent;
And
-- CFG has realistic medium-term prospects of success relative
to group management's specific expectations or group
earnings norms.
In addition, S&P understands that CFG's No. 2 shareholder, China-
based company WH Group Limited (formerly Shanghui International;
not rated), does not intend to increase its 37% stake.
S&P now classifies CFG as a "strategically important" subsidiary
for Sigma Alimentos, under S&P's group rating methodology, and
consequently factor in three additional notches from S&P's 'b+'
stand-alone credit profile (SACP) for CFG into our long-term
rating on the company. The long-term issuer credit rating on CFG
meets S&P's criteria of a cap of one notch below the group credit
profile for Sigma Alimentos, which S&P assess at 'bbb'.
The rating on CFG reflects S&P's assessments of the company's
"weak" business risk profile and "aggressive" financial risk
profile. Together, S&P's assessments lead it to apply an anchor
of 'b+' to CFG. The anchor is S&P's starting point for assigning
an issuer credit rating to a company under its corporate
criteria. S&P's 'b+' SACP on CFG is at the same level as S&P's
anchor, because its other modifiers have a neutral impact on
CFG's credit quality.
In S&P's base case, it assumes:
-- Flat-to-slightly positive revenue growth year on year,
reflecting S&P's forecast of stabilizing consumer demand in
Europe and CFG's stable market shares. Slight improvement
in Standard & Poor's adjusted EBITDA margin, from 7.8% in
2013 to 8.5% in 2015, reflecting deflation in meat price,
increasing volumes and CFG's cost-optimization program.
About EUR140 million in capital expenditures over 2014 and
2015, to account for extraordinary investment projects.
S&P anticipates that capital expenditures will decrease to
approximately EUR50 million annually thereafter.
Shareholder returns and acquisitions of less than EUR50
million annually.
Based on these assumptions, S&P arrives at these credit metrics,
using a weighted average over 2012-2016, as per S&P's criteria:
-- Standard & Poor's adjusted debt to EBITDA of 4.4x.
-- Standard & Poor's adjusted funds from operations (FFO) to
debt of 14%.
The stable outlook reflects S&P's view that CFG will maintain
fairly stable revenues and slightly improving EBITDA, while
keeping adjusted debt to EBITDA at 4x-5x and FFO to debt at 12%
or higher.
S&P could raise the ratings if it was to revise upward its
assessment of CFG's SACP. This could occur if CFG improved its
performance beyond S&P's current base-case expectation. In
particular, S&P could revise its assessment of the company's
business risk profile to "fair" from "weak" if CFG's EBITDA
margin widened to close to 10% or more on a sustainable basis.
S&P could also upgrade CFG if S&P revised upward its assessment
of the company's subsidiary status to "highly strategic" from"
strategically important." Such a revision would mean that S&P
could rate CFG one notch below Sigma Alimentos.
S&P could lower the ratings if it revised downward CFG's SACP.
This could occur if CFG's performance deteriorated, causing its
credit metrics to weaken, with a debt-to-EBITDA ratio exceeding
5x or an FFO-to-debt ratio of below 12%, on a sustainable basis.
In addition, S&P could downgrade CFG if it revised downward its
assessment of the company's subsidiary status of "strategically
important," which would lead us to remove the three notches of
uplift we currently include to reflect support from Sigma
Alimentos.
FTA RMBS SANTANDER 3: Moody's Rates EUR975-Mil. C Notes '(P)Ca'
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
three classes of notes to be issued by Fondo de Titulizacion de
Activos, RMBS Santander 3:
EUR5,395 million Serie A Notes, Assigned (P)A3 (sf)
EUR1,105 million Serie B Notes, Assigned (P)B2 (sf)
EUR975 million Serie C Notes, Assigned (P)Ca (sf)
The transaction is a securitisation of Spanish prime mortgage
loans originated by Banco Santander S.A. (Spain) (Baa1/P-2) and
Banco Espanol de Credito S.A (Banesto) to obligors located in
Spain. The portfolio consists of high Loan To Value ("LTV")
mortgage loans secured by residential properties, including a
high percentage of renegotiated loans (20%).
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal for the Serie A and B notes and the ultimate
payment of principal for the Serie C notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.
Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk. Moody's will monitor this transaction on an ongoing
basis. For updated monitoring information, please contact
monitor.rmbs@moodys.com
Ratings Rationale
FTA RMBS Santander 3 is a securitization of loans granted by
Banco Santander S.A. (Spain) (Banco Santander, Baa1 / P-2) to
Spanish individuals. Banco Santander is acting as Servicer of the
loans while Santander de Titulizacion S.G.F.T., S.A. is the
Management Company ("Gestora").
The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Credit Enhancement and the portfolio expected loss.
The key drivers for the portfolio expected loss of 13% are (i)
benchmarking with comparable transactions in the Spanish market
via analysis of book data provided by the seller, (ii) the very
high proportion of renegotiated loans in the pool (20%), and
(iii) Moody's outlook on Spanish RMBS in combination with
historic recovery data of foreclosures received from the seller.
The key drivers for the 33% MILAN Credit Enhancement number,
which is higher than other Spanish HLTV RMBS transactions, are
(i) renegotiated loans represent 20.3% of the portfolio and 5% of
the pool corresponds to loans in principal grace periods; (ii)
the proportion of HLTV loans in the pool (21.1% with current LTV
> 80% based on original valuations) with Current Weighted Average
LTV of 102.1% (based on revaluations as of 2013); (iii)
approximately 13.4% of the portfolio correspond to self employed
debtors; (iv) 45% of the loans have been in arrears less than 90
days at least once since the loans was granted (v) weighted
average seasoning of 6.5 years and (vi) the geographical
concentration in Madrid (19.8%) and Andalusia (24.4%).
According to Moody's, the deal has the following credit
strengths: (i) sequential amortization of the notes (ii) a
reserve fund fully funded upfront equal to 15% of the Serie A and
B notes to cover potential shortfall in interest and principal.
The reserve fund may amortize if certain conditions are met.
The portfolio mainly contains floating-rate loans linked to 12-
month EURIBOR, and most of them reset annually; whereas the notes
are linked to three-month EURIBOR and reset quarterly. There is
no interest rate swap in place to cover this interest rate risk.
Moody's takes into account the potential interest rate exposure
as part of its cash flow analysis when determining the ratings of
the notes.
Stress Scenarios:
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.
The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.
At the time the rating was assigned, the model output indicated
that the Serie A notes would have achieved an A3 even if the
expected loss was as high as 15% and the MILAN CE was 33% and all
other factors were constant.
The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that may lead to an upgrade of the rating include a
significantly better than expected performance of the pool,
together with an increase in credit enhancement for the notes.
Factors that may cause a downgrade of the rating include
significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
Finally, a change in Spain's sovereign risk may also result in
subsequent upgrade or downgrade of the notes.
HIPOTOTTA NO. 5: Moody's Lifts Rating on Class E Notes to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of eight
notes, and affirmed the rating of one note in two Portuguese
residential mortgage-backed securities (RMBS) transactions:
Hipototta No. 1 plc and Hipototta No. 5 plc.
The rating action concludes the review of seven notes placed on
review on May 29, 2014, following the upgrade of the Portuguese
sovereign rating to Ba2 on review for upgrade from Ba3 and the
resulting increase of the local-currency country ceiling to Baa1
from Baa3. The sovereign rating upgrade reflected improvements in
institutional strength and reduced susceptibility to event risk
associated with lower government liquidity and banking sector
risks. The Portuguese sovereign rating was further upgraded to
Ba1 from Ba2 on July 25, 2014 and as a result the local-currency
ceiling was increased to A3 from Baa1.
Ratings Rationale
The rating actions reflect (1) the increase in the Portuguese
local-currency country ceiling to A3 and (2) sufficiency of
credit enhancement in the affected transactions; for the revised
rating levels.
For Hipototta No. 1 plc, the rating action also reflects the
correction of a model input error. In prior rating actions, the
recovery rate input in the model was inconsistent with the MILAN
input, therefore the tail of the asset loss distribution was
generated incorrectly. The model has now been adjusted, and the
rating action reflects this change.
-- Reduced Sovereign Risk
The Portuguese sovereign rating was upgraded to Ba1 in July 2014,
which resulted in an increase in the local-currency country
ceiling to A3. The Portuguese country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Portuguese
issuer including structured finance transactions backed by
Portuguese receivables, is A3 (sf).
The sufficiency of credit enhancement combined with the reduction
in sovereign risk has prompted the upgrade of the notes.
-- Key collateral assumptions
The key collateral assumptions for Hipototta No. 1 plc and
Hipototta No. 5 plc have not been updated as part of this review.
The performance of the underlying asset portfolios remain in line
with Moody's assumptions. Moody's also has a stable outlook for
Portuguese RMBS transactions.
-- Exposure to Counterparties
Moody's rating analysis also took into consideration the exposure
to key transaction counterparties, including the roles of
servicer, account bank, and swap provider.
The rating action takes into account servicer commingling and
set-off exposure to Banco Santander Totta, S.A. for both
transactions.
Moody's also assessed the exposure to Banco Santander S.A.
(Spain) acting as a swap counterparty in both transactions when
revising the ratings.
Principal Methodology:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expects, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.
List of Affected Ratings:
Issuer: HIPOTOTTA NO. 1 PLC
EUR1053.2 million Class A Notes, Upgraded to A3 (sf); previously
on May 29, 2014 Baa3 (sf) Placed Under Review for Possible
Upgrade
EUR32.5 million Class B Notes, Upgraded to Baa3 (sf); previously
on May 29, 2014 Ba1 (sf) Placed Under Review for Possible
Upgrade
EUR14.3 million Class C Notes, Upgraded to Ba1 (sf); previously
on May 29, 2014 Ba2 (sf) Placed Under Review for Possible
Upgrade
Issuer: HIPOTOTTA NO. 5 PLC
EUR1693 million Class A2 Notes, Upgraded to Baa1 (sf);
previously on May 29, 2014 Baa3 (sf) Placed Under Review for
Possible Upgrade
EUR26 million Class B Notes, Upgraded to Ba2 (sf); previously on
May 29, 2014 Ba3 (sf) Placed Under Review for Possible Upgrade
EUR24 million Class C Notes, Upgraded to Ba3 (sf); previously on
May 29, 2014 B2 (sf) Placed Under Review for Possible Upgrade
EUR26 million Class D Notes, Upgraded to B2 (sf); previously on
May 29, 2014 B3 (sf) Placed Under Review for Possible Upgrade
EUR31 million Class E Notes, Upgraded to Caa1 (sf); previously
on Jul 12, 2013 Confirmed at Caa2 (sf)
EUR10 million Class F Notes, Affirmed Ca (sf); previously on Mar
23, 2007 Definitive Rating Assigned Ca (sf)
===========================
U N I T E D K I N G D O M
===========================
ALIZE MIDCO: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and B1-PD probability of default rating to Alize
Midco Limited (a holding company of the Alliance Automotive
Group, or "the company" or "AAG"). Concurrently, Moody's has
assigned a provisional (P)B2 rating to the proposed EUR325
million floating and fixed rate senior secured notes due 2021 to
be issued by Alize Finco plc in support of the acquisition of AAG
by funds controlled by Blackstone. The outlook on all ratings is
stable. The transaction is expected to close on early December
2014, subject to approval by competition authorities. The
proceeds from the notes issuance will be held in escrow until
that date.
The proceeds would be used to refinance existing debt and fund a
portion of the purchase price.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation and terms and conditions, Moody's will endeavor to
assign definitive ratings. A definitive rating may differ from a
provisional rating.
Ratings Rationale
AAG's B1 Corporate Family Rating (CFR) reflects the company's:
(1) opening Moody's adjusted financial leverage of 5.0x with
limited near-term deleveraging prospects; (2) high geographic
concentration, with France accounting for 78% of sales in the
first 6 month to June 2014; (3) competitive environment with
pressure on margins, especially in the UK, (4) continued
acquisitive growth, limiting deleveraging prospects.
The CFR also reflects AAG's: (1) strong market position as one of
the leading spare parts distributors in France and the UK, with a
strong brand portfolio; (2) lower cyclicality of the automotive
aftermarket sector compared to the automotive industry; (3)
current EU legislation and economic environment (diminished
spending power and the increasing age of the car park) favoring
players in the Independent Automotive Aftermarket; (3) track-
record of successful acquisitions integration and resilient
results throughout the recent economic cycle; (4) vertically
integrated business model and extensive distribution network
allowing timely and multiple deliveries per day (5) diversified
customer base and broad product portfolio; (6) solid interest
cover and liquidity profile, despite the fairly high leverage.
The company has a proven track record of resilient financial
performance through the difficult recent years on the back of (1)
its active external growth strategy with on average three
acquisitions per annum over the last 15 years, (2) an established
business model with a large integrated distribution network,
direct access to spare parts manufacturers, large product range,
established relationships with a broad and diversified customer
base and economies of scale.
AAG's historical acquisitive growth, combined with a modest but
positive like-for-like growth of c.1.5% per annum, have
contributed to the company's significant revenue and EBITDA
growth of approximately 10% CAGR in the period between 2008 and
2013 pro forma for two large acquisitions made in FY 2013.
Synergies achieved as a result of these acquisitions, including
purchasing power and savings on central and supporting functions,
have improved AAG's reported EBITDA margin from 5.5% to 5.7% over
the period.
With the French and UK automotive aftermarket expected to show
limited near-term growth, competition will remain high and a
constant focus will be required to keep customer loyalty high
with timely service quality and through an attractive package of
training and support to affiliated clients. The company's growth
plans will therefore depend on the ability of the company to
continue to acquire businesses.
Starting with an opening Moody's-adjusted leverage of 5.0x at the
end of fiscal year 2014, and in the absence of any amortizing
debt, Moody's expects limited room for near-term deleveraging. In
addition, given the fragmented nature of the industry, Moody's
believe the company will continue to grow through small bolt-on
acquisitions, which may be financed by drawings under its EUR 50
million revolving credit facility (RCF).
Moody's considers AAG's near-term liquidity position, pro forma
for the transaction, to be good. Opening cash balance is about
EUR38 million, with additional liquidity for working capital and
acquisitions stemming from its EUR50 million RCF, which is
expected to be undrawn at closing. The capital structure will
benefit from a springing utilization ratio covenant test on the
RCF that will be triggered when more than 30% of the RCF is
drawn. The first test will occur three full quarters after
closing.
The proposed capital structure includes EUR325 million seven year
fixed and floating rate senior secured notes due 2021, and a
EUR50 million super-senior RCF maturing in 2020.
The (P)B2 rating on the senior secured notes, one notch below the
CFR, reflects the limited amount of guarantees from operational
entities for the notes, and Moody's view that the liabilities
(RCF and trade payables) rank ahead of the notes in the new
capital structure. Both the notes and RCF will benefit from first
ranking security and will be guaranteed by part of the
subsidiaries which, for the six months ended June 30 2014,
represented 41.7% and 72.8% of AAG the group's EBITDA and total
assets, respectively.
Outlook
Moody's views AAG as solidly positioned in the B1 category. The
stable outlook reflects Moody's view that the company's operating
performance will benefit from its acquisition growth strategy,
and will maintain or improve its market position while generating
modest, but positive free cash flow.
What Could Change the Ratings Up
Upward pressure on the rating could develop if Moody's adjusted
gross Debt/EBITDA ratio sustainably falls towards 4.5x and
(EBITDA-Capex) / Interest ratio stays above 3.0x.
What Could Change the Ratings Down
Downward pressure on the rating could develop if AAG's liquidity
position deteriorates, Moody's adjusted gross Debt/EBITDA ratio
trends towards 5.5x, or (EBITDA-Capex) / Interest ratio falls
below 2.0x.
Principal Methodologies
The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Founded in 1990 and headquartered in the UK, Alliance Automotive
Group is a leading player in the sale and distribution of parts
and services to the independent automotive aftermarket both in
France and the UK. The company operates as a supply link between
large automotive manufacturers and smaller garages. The company
serves a variety of customers (mainly garages,) through its
network of distributors (subsidiaries or affiliates). Alongside
its distribution activities, the group also provides services
(including branding and technical support) to a network of
approximately 2,800 independent garages in France and the United
Kingdom that use one of the company's banners. The company
employs more than 3,300 FTE and reported sales of EUR 1,155
million for the twelve months ended December 2013 pro forma for
the acquisition of Precisium (third largest spare parts trading
group in France) and TPA (second largest affiliated distributor).
AAG generated slightly over 75% of revenues in France, with the
remainder derived from the company's presence in the UK.
ALIZE MIDCO: S&P Assigns Preliminary 'B+' CCR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to U.K.-based Alize Midco PLC
(Alliance Automotive Group; AAG). The outlook is stable.
At the same time, S&P assigned its preliminary 'B+' issue rating
to the EUR325 million fixed and floating rate notes to be issued
by subsidiary Alize Finco PLC. The preliminary recovery rating
is '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.
S&P also assigned its preliminary 'BB' issue rating to the
proposed EUR50 million revolving credit facility (RCF) to be held
at Alize Bidco PLC. The preliminary recovery rating on this
facility is '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.
All the ratings depend on S&P's review of the final transaction
documentation. If S&P do not receive the final documentation
within a reasonable time frame, or if the final documentation
departs from materials S&P has reviewed, it reserves the right to
withdraw or revise its ratings. Potential changes include, but
are not limited to, utilization of loan proceeds, maturity, size,
and conditions of the term loan, financial and other covenants,
security, and debt ranking.
The preliminary ratings on AAG are based on S&P's assumption that
these steps will be completed in the next few months:
-- Funds advised and managed by the private equity firm
Blackstone, along with AAG's founding shareholders, will
acquire all of AAG's share capital. AAG announced on
Aug. 8, 2014, that it expects the buyout to close around
Dec. 1, 2014.
-- After completion of the transaction, Blackstone will own
69% of the AAG group and management will own the remaining
31%. Alize Finco will issue the EUR325 million seven-year
fixed and floating rate senior secured notes and negotiate
a EUR50 million RCF.
-- From the proceeds, the company will repay all its debt and
pay EUR264 million to its previous owners.
The stable outlook reflects S&P's view that AAG will continue to
expand mainly through acquisitions, while maintaining stable
profitability. It also factors in S&P's opinion that financial
policy decisions will not weaken AAG's credit ratios below their
post-refinancing level. S&P views an adjusted debt-to-EBITDA
ratio lower than 5x as commensurate with the current ratings.
S&P could lower the ratings if the company demonstrated a more
aggressive financial policy than S&P currently assumes, either
through large debt-funded acquisitions or significant dividend
distributions. In this case, S&P could reassess AAG's financial
policy to "Financial sponsor-6" and the financial risk profile to
"highly leveraged," leading to a downgrade of one or several
notches.
S&P could also downgrade AAG if the documentation for
Blackstone's PECs did not satisfy S&P's requirements for equity
treatment, or if AAG's operating performance deteriorated,
leading to an increase in adjusted debt to EBITDA above 5x
without near-term prospects of reduction.
S&P sees the possibility of an upgrade as remote, given AAG's
private-equity ownership.
ALL3MEDIA FINANCE: S&P Withdraws 'B+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on All3Media Finance Ltd. (All3Media) to 'B+' from
'B'. S&P subsequently withdrew the rating as the entity has
become an operating subsidiary of DLG.
At the same time, S&P assigned its 'B+' long-term final corporate
credit rating to DLG. The outlook on this entity is stable.
In addition, S&P raised the issue rating on the GBP282 million
first-lien term loan to 'B+' from 'B'. The recovery rating on
this loan is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery prospects in the event of a payment default.
Finally, S&P assigned a 'B-' issue rating to the EUR100 million
second-lien term loan issued by DLG. The recovery rating on this
loan is '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.
The rating on DLG reflects S&P's view of its "highly leveraged"
financial risk profile and "fair" business risk profile.
Post-acquisition, DLG's capital structure includes the GBP282
million first-lien term loan (which was moved up to DLG from
All3Media Finance Ltd.), a EUR100 million second-lien term loan,
and GBP8 million drawn under the GBP38 million revolving credit
facility (RCF). Meanwhile, S&P understands that the GBP516
million of subordinated preference certificates (SPCs) at the
level of All3Media Finance Ltd. were retired as part of these
transactions.
S&P estimates that DLG runs a Standard & Poor's-adjusted debt-to-
EBITDA ratio of 6.1x and an adjusted funds from operations (FFO)-
to-debt ratio of 9.6%. These ratios, combined with modest free
operating cash flow (FOCF) generation, are consistent with a
"highly leveraged" financial risk profile.
S&P's assessment of DLG's "fair" business risk profile reflects
the group's leading position in the U.K., ongoing growth in the
U.S. and Germany, and its balanced mix of more than 300
television programs a year from 18 independent production
studios. These positives are tempered by the group's sole
exposure to the TV program production market and its relatively
modest size. Moreover, in S&P's view, the group operates in a
highly competitive and fragmented industry.
The combination of a "fair" business risk profile and a "highly
leveraged" financial risk profile results in an anchor of 'b' and
a stand-alone credit profile of 'b', in accordance with S&P's
criteria.
The notch-up of the stand-alone credit profile to the 'B+' issuer
credit rating is in line with S&P's group rating methodology.
S&P assess that DLG is a "moderately strategic" subsidiary to its
new owners. S&P understands that DLG is unlikely to be sold in
the near term by its new shareholders and that there is potential
for some limited support from its parents, should it fall into
financial difficulty.
S&P's base case, pro forma the successful completion of the
acquisition, assumes:
-- About 10% revenue decline in financial 2014, due to
production revenue declines associated with lost drama
program commissions and the timing of production, as the
group is still at an early stage of the drama series
production cycle.
-- Financial 2015-2016 revenue to increase by 4% due to newly
commissioned shows and a larger digital income stream from
secondary market opportunities.
-- An increase in the EBITDA margin owing to larger production
of higher-margin recommissioned shows.
-- Capital expenditures (capex) of about GBP4 million in
financial 2015.
-- An acquisition spend (partly deferred considerations) of
GBP25 million in financial 2015. S&P assumes that this
amount will steadily decrease in the years following the
acquisition.
Based on these assumptions, S&P arrives at these credit measures
for 2015:
-- Standard & Poor's-adjusted debt to EBITDA of 5.7x and FFO
to debt of 10.1% at the end of financial 2015.
-- EBITDA cash interest coverage of about 3.1x.
-- FOCF of about GBP25 million.
The stable outlook reflects S&P's expectation that DLG will
demonstrate a moderate operating performance over the next 12
months, while maintaining its market position and profitability.
S&P views EBITDA interest coverage of more than 2x alongside
positive FOCF generation as commensurate with the rating on DLG.
S&P could lower the rating if adjusted EBITDA to interest
coverage drops to less than 2x, or if the group fails to generate
positive FOCF. This would most likely be caused by deteriorating
operating margins due to the company's inability to adjust the
cost base to market pricing. This scenario could also occur due
to stress on working capital following delays of a number of
commissioned shows, and weak growth of the TV program production
segment.
S&P could raise the rating on DLG if strong operating
performance, cash generation, and debt reduction lead to adjusted
debt to EBITDA of less than 5x, and if S&P believes that
releveraging risks are low. This would have to be coupled with
S&P's view that DLG will maintain "adequate" liquidity.
ANGLO INTERIORS: In Administration, 120 Jobs at Risk
----------------------------------------------------
Insider Media Limited reports that a shop-fitting and retail
interior design business in Cambridgeshire has entered into
administration, potentially placing more than 120 jobs at risk.
Jason Daniel Baker and Paul David Allen from FRP Advisory were
appointed as joint administrators of Anglo Interiors Ltd on
October 2, 2014.
Since the appointment, recovery and insolvency support group
Winterhill has revealed it is putting some of the company's
assets up for sale by auction, according to Insider Media
Limited.
High-tech woodworking equipment, machine tools and metal
fabrication equipment from the company's factory will be included
in an online auction, the report notes.
The report relates that Simon Creber, director of machinery and
business assets at Winterhill, said: "Anglia Interiors was a
major employer in St Neots and the firm's collapse is
tremendously sad for the whole area and no doubt a symptom of the
wider financial troubles faced by the retail sector."
However, FRP said the items being sold are under the control of a
finance company and not the administrators, the report notes.
An FRP Advisory spokesman told Insider: "The joint administrators
are continuing with their statutory duties and also continuing to
realise the assets of the company in administration.
"The items to be auctioned do not form an asset of the company
and are under the direct control of a finance company," the
spokesman added.
St Neots-based Anglo Interiors Ltd, which employed 120 permanent
staff and dozens of contract workers, had a 130,000 sq ft
manufacturing unit in the town. Its list of high-profile retail
clients included Next, Gap, Arcadia and Hotel Chocolat.
CABLE & WIRELESS: S&P Puts BB CCR on Watch Neg Over Columbus Deal
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its ratings,
including the 'BB' corporate credit rating, on U.K.-based Cable &
Wireless Communications PLC on CreditWatch with negative
implications.
"The CreditWatch listing is based on our expectation for a one-
notch downgrade of the company to 'BB-' from 'BB' following the
close of the proposed acquisition of Columbus due to the
weakening of the company's financial risk profile as a result of
this transaction," said Standard & Poor's credit analyst
Catherine Cosentino.
Upon close of the transaction, S&P expects to lower the corporate
credit rating on Cable & Wireless to 'BB-' from 'BB'. S&P also
expects to lower the rating on the senior secured debt at funding
conduit Sable International Finance Ltd. to 'BB-' from 'BB' and
to
lower the rating on unsecured debt at Cable & Wireless
International Finance to 'B' from 'B+'.
S&P's expected downgrade of the company is based on the
anticipated increase in the company's leverage pro forma for the
transaction, despite longer-term business benefits.
CATERHAM FORMULA ONE: Crowdfunding Project Raises GBP1MM in 48Hrs
-----------------------------------------------------------------
BBC News reports that a crowdfunding project to raise funds for
the stricken Caterham Formula One racing team has surpassed GBP1
million in 48 hours.
According to BBC, the administrator to the team also said that an
unnamed "new financially-sound interested party" was considering
acquiring Caterham.
Finbarr O'Connell launched the crowdfunding to raise GBP2.35
million in time for Caterham to race in the final grand prix of
the season on Nov. 23, BBC relates.
Mr. O'Connell, as cited by BBC, said the possible buyer emerged
because of the fundraising.
Crowdfunding works by people pledging donations or buying items
linked to the company.
Caterham is selling earplugs and badges and is offering people
the chance to enter a competition to have their name on a racing
car at the Abu Dhabi Grand Prix on Nov. 23 -- assuming the team
finds enough money to compete, BBC discloses.
As of late Nov. 9, Caterham's crowdfunding website showed that it
had raised GBP1.075 million from 2,199 backers, BBC relays.
The fundraising campaign closes on Nov. 14, BBC notes.
GHERKIN: Safra Group Buys Tower for About GBP726 Million
--------------------------------------------------------
Patrick Gower at Bloomberg News reports that the London tower
known as the Gherkin is being bought by the Safra Group, the
banking empire controlled by billionaire Joseph Safra.
According to Bloomberg, a person with knowledge of the deal said
the price is about GBP726 million (US$1.2 billion).
A statement on Nov. 10 said the Safra Group agreed to acquire the
180-meter (590-foot) building, the second tallest in the City of
London financial district, from receiver Deloitte LLP, Bloomberg
relates. The person, as cited by Bloomberg, said the price is
equivalent to a yield of about 3.8%.
The tower at 30 St. Mary Axe has become one of London's best-
known landmarks since it opened a decade ago, Bloomberg notes.
Deloitte was hired by the building's lenders to sell the property
in July to end years of defaults, Bloomberg relays.
A fund managed by IVG Immobilien AG, once Germany's biggest real
estate company, and London-based Evans Randall Ltd. bought the
Gherkin from reinsurer Swiss Re for GBP600 million in 2007,
Bloomberg recounts. Deloitte took control of the building in
April after the Swiss franc's appreciation caused some of the
debt payments to balloon, Bloomberg discloses.
HENDERSON'S TRAVEL: McGill's Buses Buy 20 Routes
------------------------------------------------
Daily Record reports that a lifeline bus service linking
Cambuslang with East Kilbride has been secured.
The 172 service had looked under threat when its operator,
Henderson's Travel, went into administration, according to Daily
Record.
But Greenock-based McGill's Buses has stepped in to take over all
20 of Henderson's Strathclyde Passenger Transport-subsidized
routes, the report notes.
The report relates that they will also take over the running of
the 165 linking Cairns with Rutherglen Main Street.
However, it is believed the number seven service between
Rutherglen and Fernhill is a commercial route and will not be
taken on, the report notes.
Travellers were left bemused when the 172 failed to arrive as
scheduled, the report recalls.
Some passengers were left stranded in East Kilbride after some
services ran in the morning, but no return bus came to take them
back to Cambuslang, the report discloses.
The 172 has previously been under threat several times, most
recently this year when SPT had to step in to subsidies the
service when Henderson's said it was no longer commercially
viable, the report relays.
The report notes that Ralph Roberts, Managing Director of
McGill's, said the move would secure jobs at Henderson's Blantyre
base and said McGill's would pick up the bill for unpaid wages
after staff found out on Thursday they had not been paid for the
previous fortnights work.
MARUSSIA F1: Ceases Trading, Cuts 200 Jobs
-------------------------------------------
Oxford Mail reports that Banbury-based Marussia Formula One Team
has ceased trading, it has been confirmed, with the loss of up to
200 staff.
Administrators FRP Advisory LLP announced the news.
In a statement, the company said that since the appointment of
administrators, no investment had been secured in the limited
time available to continue the company in its present form,
according to Oxford Mail.
The report notes that the statement added with no sustainable
operational or financial structure in place to maintain the group
as a going concern, the joint administrators have now ceased
trading Marussia F1 Team and unfortunately have had to make the
remaining staff redundant.
Marussia's 200 workers had been paid in full up until the end of
October.
The report relays Geoff Rowley, joint administrator, and partner
at FRP Advisory, said: "It goes without saying that it is deeply
regrettable that a business with such a great following in
British and world motorsport has had to cease trading and close
its doors.
"While the team made significant progress during its relatively
short period of operation, operating a F1 team requires
significant ongoing investment," the report quoted Mr. Rowley as
saying.
"The group was put into administration last month following a
shortfall in on-going funding and the administration process
provided a moratorium to allow for attempts to secure a long term
viable solution for the Company within in a very limited time-
frame," Mr. Rowley said.
"Sadly no solution could be achieved to allow for the business to
continue in its current form. We would like to thank all the
staff for their support during this difficult process," Mr.
Rowley added.
SERCO GROUP: Mulls GBP550MM Rights Issue; May Breach Covenant
-------------------------------------------------------------
John Aglionby at The Financial Times reports that troubled
outsourcing company Serco is planning a GBP550 million rights
issue after lowering its profit forecast for this year and next,
and identifying GBP1.5 billion of impairments.
According to the FT, Serco released the preliminary conclusions
of its strategy review and said it had found "two strategic
missteps": diversifying away from its core competencies and
concentrating too much on winning new business.
"[The company] has failed to manage effectively the fact that
over recent years there have been significant advances in public
sector contracting, particularly in the UK, with new models that
transfer substantially more risk to suppliers," the FT quotes
Serco as saying. "As a consequence, we now have a number of
contracts which are making large losses."
According to the FT, about half of the planned impairments are
related to goodwill and intangibles and GBP450 million to onerous
contract provisions, of which "a significant proportion will have
associated cash outflows over the next eight years".
Serco lowered its forecast for adjusted operating profit this
year by GBP20 million to GBP130 million-GBP140 million and
lowered its outlook for 2015, the FT discloses. That will push
the company into a breach of its debt-to-profit covenant on a
private placement loan, so it plans to hold talks with its
lenders to amend the conditions, the FT says. It will also not
pay a final dividend for the 2014 financial year, the FT states.
The GBP550 million rights issue, which has been set for the first
quarter of 2015, is fully underwritten by Bank of America Merrill
Lynch and JPMorgan Cazenove, the FT notes.
Serco Group plc is a British outsourcing company based in Hook,
Hampshire. It operates public and private transport and traffic
control, aviation, military and nuclear weapons, detention
centers, prisons and schools on behalf of the UK government.
TITAN EUROPE 2007-1: Moody's Cuts Rating on Cl. A Notes to Caa1
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Class
A Notes issued by Titan Europe 2007-1 (NHP) Limited.
Moody's rating action is as follows:
GBP435.85 million (current outstanding balance of GBP408M) A
Notes, Downgraded to Caa1 (sf); previously on Feb 12, 2013
Downgraded to Ba3 (sf)
Moody's does not rate the Class B, Class C, Class D, Class E,
Class V and the Class X Notes.
Ratings Rationale
The downgrade reflects the recent notices relating to the
enforcement of the loan security and the execution of a sale and
purchase agreement (SPA) as well as the uncertainty around the
ultimate recovery for the Class A Notes. The ultimate recovery
will depend on the ranking and the ultimate amount of swap
arrears in the transaction. Moody's notes that a determination
that the arrears rank junior will result in zero losses to the
Class A Notes, but significant losses if the full Issuer level
unpaid swap amounts plus potential accruing interest was to rank
senior to the Class A.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Main factors or circumstances that could lead to a downgrade of
the rating are generally a reduction in the anticipated recovery
rate for the Class A Noteholders, driven by an unsuccessful
completion of the borrower group sale or a determination that the
full Issuer level swap arrears rank ahead of the Class A Notes
including some accruing interest thereon.
Main factors or circumstances that could lead to an upgrade of
the rating are generally an increase in the anticipated recovery
rate for the Class A Notes, driven by a determination that the
swap arrears rank junior to the Class A Noteholders.
LOSS AND CASH FLOW ANALYSIS:
As pointed out above, the ultimate loss for Class A can be zero
if the swap arrears rank junior, but the losses can be
significant if the full Issuer level unpaid swap amounts plus
potential accruing interest was to rank senior to the Class A.
Moody's Portfolio Analysis
Titan Europe 2007-1 (NHP) Limited represents a true-sale
securitization of a GBP 610 million Senior A Loan extended to The
Libra Borrower, and secured by a portfolio of initially around
300 care homes located across the UK. Additionally, a GBP534
million Junior B Loan was provided to The Libra Borrower that has
not been securitized in this transaction, but is secured by the
same portfolio. HC-One Limited, a recently formed wholly-owned
subsidiary of the Libra Borrower that was created in 2011 prior
to the collapse of Southern Cross Healthcare, operates the
majority of care homes in the property portfolio. A mix of third
party tenants operate the remaining care homes.
On Nov. 3 and 5, the Issuer and the Special Servicer gave notices
relating to the enforcement of the loan security and the
execution of a SPA relating to the disposal of the shares in the
borrower group. As a consequence, the properties and the
operating company will be sold with a target date of November 12.
Out of the gross sales proceeds of GBP477.7 million, an estimated
GBP 457.6 million is expected to be available to the Issuer in
its Collection Account. Moreover, another GBP17.4 million are
expected to be available stemming mostly from formerly trapped
sales proceeds.
The uncertainty on the ultimate recovery of the Class A notes
centers around the amount payable to the swap counterparty on
swap arrears and the ranking of these payments. First and
foremost, the ranking of the swap arrears is still subject to a
discussion between the parties, and the Cash Manager may seek for
court direction with respect to the ranking of the payments to
the Forward Swap Provider. We have assumed swap arrears to rank
senior in Moody's analysis, even though the documentation is not
clear in Moody's view.
A November 5 notice quantified the projected Issuer level unpaid
periodic swap payments to be approximately GBP 133.1 million on
the January 2015 IPD. In case the full unpaid periodic swap
amount ranks ahead of the Class A Notes, the total loss of the
Class A can amount to just below 20% of the current outstanding
principal. This takes into account that the existing servicing
advance and accrued interest of GBP 14.9 million will rank ahead
of the Class A Notes. If the unpaid period swap amounts rank
junior, the Class A Notes will likely not experience a principal
loss. Consequently -- assuming the sale will be executed as
expected per SPA- the ultimate loss (or non loss) will depend on
the outcome of the discussions of the parties re swap ranking and
potentially sizing, or the ultimate view of the court with this
respect.
===============
X X X X X X X X
===============
* S&P Takes Various Rating Actions on European CDO Tranches
-----------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services took various credit rating actions on 17 European
synthetic collateralized debt obligation (CDO) tranches.
Specifically, S&P has:
-- Raised its ratings on three tranches;
-- Raised and removed from CreditWatch positive its ratings on
four tranches;
-- Placed on CreditWatch positive its ratings on six tranches;
and
-- Affirmed its ratings on four tranches.
The rating actions are part of S&P's regular monthly review of
European synthetic CDOs. The actions incorporate, among other
things, the effect of recent rating migration within reference
portfolios and recent credit events on corporate entities.
WHERE S&P HAS PLACED ITS RATINGS ON CREDITWATCH NEGATIVE
The SROC (synthetic rated overcollateralization) has fallen below
100% during the Sept. 2014 month-end run. This indicates to S&P
that the current credit enhancement may not be sufficient to
maintain the current tranche rating.
WHERE S&P HAS REMOVED ITS RATINGS FROM CREDITWATCH NEGATIVE
The SROC has risen above 100% during the Sept. 2014 month-end
run. This indicates to S&P that the current credit enhancement is
sufficient to maintain the current tranche rating.
WHERE S&P HAS PLACED ITS RATINGS ON CREDITWATCH POSITIVE
The tranche's current SROC exceeds 100%, which indicates to S&P
that the tranche's credit enhancement is greater than that
required to maintain the current rating. Additionally, S&P's
analysis indicates that the current SROC would be greater than
100% at a higher rating level than currently assigned.
WHERE S&P HAS LOWERED ITS RATINGS
S&P has run SROC for the current portfolio and has projected SROC
90 days into the future, while assuming no asset rating
migration.
S&P has lowered its ratings to the level at which SROC is above
or equal to 100%. However, if the SROC is below 100% at a
certain rating level but greater than 100% in the projected 90-
day run, S&P may leave the rating on CreditWatch negative at the
revised rating level.
WHERE S&P HAS RAISED ITS RATINGS
S&P has raised its ratings to the level at which SROC exceeds
100% and meets its minimum cushion requirement.
WHERE S&P HAS AFFIRMED ITS RATINGS
S&P has affirmed its ratings on those tranches for which credit
enhancement is, in S&P's opinion, still at a level commensurate
with their current ratings.
WHERE S&P HAS LOWERED ITS RATINGS TO 'CC'
S&P has lowered its ratings to 'CC' where losses in a portfolio
have already exceeded the available credit enhancement or where,
in S&P's opinion, it is highly likely that this will occur once
S&P knows final valuations. S&P has done so as it considers that
it is highly likely that the noteholders will not receive their
full principal.
WHERE S&P HAS LOWERED ITS RATINGS TO 'D'
S&P has lowered its ratings to 'D' where it has received
confirmation that losses from credit events in the underlying
portfolio have exceeded the available credit enhancement and
partially reduced the notes principal amount. This means the
noteholders did not receive interest based on the full notional
of the notes.
ANALYSIS
For all of S&P's European synthetic CDO transactions, it applies
its corporate CDO criteria. Therefore, S&P has run its analysis
on CDO Evaluator model 6.0.1, which includes the top obligor and
industry test SROCs.
In addition to the obligor and industry tests, and the Monte
Carlo default simulation results, S&P may consider certain
factors such as credit stability and rating sensitivity to
modeling parameters when assigning ratings to CDO tranches. S&P
assess these factors case-by-case and may adjust the ratings to a
rating level that is different to that indicated by the
quantitative results alone.
WHAT IS SROC?
One of the main steps in our rating analysis is the review of the
credit quality of the portfolio referenced assets. SROC is one
of the tools S&P uses when surveilling its ratings on synthetic
CDO tranches with reference portfolios.
SROC is a measure of the degree by which the credit enhancement
(or attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario. SROC helps capture what S&P
considers to be the major influences on portfolio performance:
Credit events, asset rating migration, asset amortization, and
time to maturity. It is a comparable measure across different
tranches of the same rating.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AA LTD 2968492Z LN -1456621510 4737064769
AA PLC AA/GBX EO -1456621510 4737064769
AA PLC AA/ LN -1456621510 4737064769
AA PLC AA/GBX EU -1456621510 4737064769
AA PLC AA/ IX -1456621510 4737064769
AA PLC AA/ EB -1456621510 4737064769
AA PLC AAAAL S1 -1456621510 4737064769
AA PLC 1023859D SW -1456621510 4737064769
AA PLC 2XA GR -1456621510 4737064769
AA PLC AA/ TQ -1456621510 4737064769
AARDVARK TMC LTD 1768297Z LN -1779177.627 149732584.7
ABBOTT MEAD VICK 648824Q LN -1685905.65 168264096.2
ABF GRAIN PRODUC 1276922Z LN -48465868.55 670357516.4
ACCIONA INMOBILI 4029797Z SM -49405609 1695566442
ACEROS PARA LA 1656Z SM -263940.0005 119468482.1
ACIS GROUP LTD 4159557Z LN -21335866.02 133912152.4
ACS AIRCRAFT FIN 4491555Z ID -11819999.97 131524997.4
ACTUACIONES ACTI AGR SM -102379482.8 427577243.8
ADDASTA HOLDING 3814224Z NA -223750.1218 117273756.7
ADRIA AIRWAYS 54757Z SV -51862326.31 134757004
ADRIA CABLE BV 4044453Z NA -62348693.94 188829025.3
ADVANCE DISPLAY ADTP PZ -3015579018 2590008061
AEA TECHNOLO-FPR AATF LN -251538429 142000079.4
AEA TECHNOLO-FPR AATF PZ -251538429 142000079.4
AEA TECHNOLO-NPR AATN LN -251538429 142000079.4
AEA TECHNOLO-NPR AATN PZ -251538429 142000079.4
AEA TECHNOLOGY AAT PO -251538429 142000079.4
AEA TECHNOLOGY AAT VX -251538429 142000079.4
AEA TECHNOLOGY EAETF US -251538429 142000079.4
AEA TECHNOLOGY AAT IX -251538429 142000079.4
AEA TECHNOLOGY G AAT PZ -251538429 142000079.4
AEA TECHNOLOGY G 1005182D GR -251538429 142000079.4
AEA TECHNOLOGY G AEATF US -251538429 142000079.4
AEA TECHNOLOGY G AATGBP EO -251538429 142000079.4
AEA TECHNOLOGY G AAT LN -251538429 142000079.4
AEA TECHNOLOGY G 0884037D EO -251538429 142000079.4
AEA TECHNOLOGY G 0884036D EU -251538429 142000079.4
AEGEK AEGEK EU -107572284.1 366319845.1
AEGEK AEGEK EO -107572284.1 366319845.1
AEGEK AEGEK GA -107572284.1 366319845.1
AEGEK AGEKF US -107572284.1 366319845.1
AEGEK AEGEK PZ -107572284.1 366319845.1
AEGEK AGK GR -107572284.1 366319845.1
AEGEK S.A. AEGEKY L3 -107572284.1 366319845.1
AEGEK S.A. AEGEKY S2 -107572284.1 366319845.1
AEGEK S.A. AEGEKY B3 -107572284.1 366319845.1
AEGEK S.A. - RTS 989399Q GA -107572284.1 366319845.1
AEGEK S.A.-RTS AEGEPR GA -107572284.1 366319845.1
AEGEK S.A.-RTS AEGEKR GA -107572284.1 366319845.1
AEGEK SA-AUCTION AEGEKE GA -107572284.1 366319845.1
AEGEK-PFD 2733073Q EU -107572284.1 366319845.1
AEGEK-PFD 2733077Q EO -107572284.1 366319845.1
AEGEK-PFD AEGEP PZ -107572284.1 366319845.1
AEGEK-PFD AEGEP GA -107572284.1 366319845.1
AEGEK-PFD AUCTIO AEGEPE GA -107572284.1 366319845.1
AFFINITI INTEGRA 1651064Z LN -436307727.6 341755295.2
AFIRMA GRUPO INM AFR EO -33301815.13 950532329.1
AFIRMA GRUPO INM AFR TQ -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBX EO -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBX EU -33301815.13 950532329.1
AFIRMA GRUPO INM AFR EU -33301815.13 950532329.1
AFIRMA GRUPO INM AFR SM -33301815.13 950532329.1
AFIRMA GRUPO INM AGISF US -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBP EO -33301815.13 950532329.1
AFIRMA GRUPO-RTS AFR/D SM -33301815.13 950532329.1
AFRICA OFFSHORE AOSA NO -280249984 357512992
AG PETZETAKIS SA PETZK PZ -110809481.9 206423169.8
AG PETZETAKIS SA PTZ1 GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EO -110809481.9 206423169.8
AG PETZETAKIS SA PZETF US -110809481.9 206423169.8
AG PETZETAKIS SA PTZ GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK GA -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EU -110809481.9 206423169.8
AGOR AG DOOG IX -482467.0522 144438127.4
AGOR AG DOO GR -482467.0522 144438127.4
AGOR AG DOOD PZ -482467.0522 144438127.4
AGOR AG DOO S1 -482467.0522 144438127.4
AGOR AG DOO EU -482467.0522 144438127.4
AGOR AG NDAGF US -482467.0522 144438127.4
AGOR AG DOO EO -482467.0522 144438127.4
AGOR AG-RTS 2301918Z GR -482467.0522 144438127.4
AGORA SHOPPING C 214766Z LN -50701197.21 252336526.8
AGRUPACIO - RT AGR/D SM -102379482.8 427577243.8
AIMIA COALITION 2555794Z LN -94460222.81 621037214.8
AIR BERLIN PLC AB1 BQ -549668067 2798718267
AIR BERLIN PLC AB1 TQ -549668067 2798718267
AIR BERLIN PLC AB1GBX EO -549668067 2798718267
AIR BERLIN PLC AB1 GR -549668067 2798718267
AIR BERLIN PLC AB1 S1 -549668067 2798718267
AIR BERLIN PLC AB1 PZ -549668067 2798718267
AIR BERLIN PLC AIBEF US -549668067 2798718267
AIR BERLIN PLC AB1 EB -549668067 2798718267
AIR BERLIN PLC AB1 EO -549668067 2798718267
AIR BERLIN PLC AB1GBP EO -549668067 2798718267
AIR BERLIN PLC AB1 EU -549668067 2798718267
AIR BERLIN PLC AB1D B3 -549668067 2798718267
AIR BERLIN PLC AB1 IX -549668067 2798718267
AIR BERLIN PLC AB1GBX EU -549668067 2798718267
AIR BERLIN PLC AB1 NQ -549668067 2798718267
AIR BERLIN PLC AB1 SW -549668067 2798718267
AIR BERLIN PLC AB1 QM -549668067 2798718267
AIR BERLIN PLC AB1 TH -549668067 2798718267
AIR BERLIN PLC AB1D L3 -549668067 2798718267
AIR BERLIN PLC ABOG IX -549668067 2798718267
AIR BERLIN PLC AB1D S2 -549668067 2798718267
AIR COMMAND SYST 4470055Z FP -30657158.94 217998392.9
AIRBUS MILITARY 4456697Z SM -48974067.1 2049792335
AIRBUS OPERATION 4435153Z LN -622881599.4 5619187195
AIRTOURS PLC ATORF US -379731744 1817560463
AIRTOURS PLC AIR VX -379731744 1817560463
AIRTOURS PLC AIR LN -379731744 1817560463
AKER BRYGGE AS 4447369Z NO -48154701.45 699923492.2
AKER ELEKTRO AS 4389353Z NO -35849851.01 136482190.9
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER MARINE CONT 4414377Z NO -58718358.92 165264364
AKER STORD A/S 4498875Z NO -216314138.2 694523053.4
AKER SUBSEA AS 4394593Z NO -4078325.72 1050122582
AKERYS SERVICES 4685937Z FP -20015987.82 123238682.9
AKZO NOBEL POWDE 1472346Z LN -45561469.76 146392085.3
ALAPIS HOLDIN-RT ALAPISR GA -1446551773 135183840.6
ALAPIS HOLDING 3385874Q GA -1446551773 135183840.6
ALAPIS HOLDING I V2R GR -1446551773 135183840.6
ALAPIS HOLDING I FFEFD B3 -1446551773 135183840.6
ALAPIS HOLDING I FFEFD L3 -1446551773 135183840.6
ALAPIS HOLDING I FFEFD S2 -1446551773 135183840.6
ALAPIS HOLDING I VETER GA -1446551773 135183840.6
ALAPIS HOLDING I ALAPIS EU -1446551773 135183840.6
ALAPIS HOLDING I VTERF US -1446551773 135183840.6
ALAPIS HOLDING I FFE GR -1446551773 135183840.6
ALAPIS R-R ALAPV10 GA -1446551773 135183840.6
ALAPIS REPO ALAPL10 GA -1446551773 135183840.6
ALAPIS SA ALAPIS GA -1446551773 135183840.6
ALAPIS SA APSHF US -1446551773 135183840.6
ALAPIS SA FFEF GR -1446551773 135183840.6
ALAPIS SA ALAPI EO -1446551773 135183840.6
ALAPIS SA ALAPI EU -1446551773 135183840.6
ALAPIS SA FFEB GR -1446551773 135183840.6
ALAPIS SA ALAPIS PZ -1446551773 135183840.6
ALBERTO MARTINS 4488947Z PL -25419628.18 123489526.4
ALCATEL LUCENT N 4043757Z NA -21653637.64 116356629.5
ALCATEL-LUCENT F 3647063Z FP -794545837 4984810705
ALCHEVSKIY ALMK UZ -29316769.49 2251428423
ALELUIA-CERAMICA 4764457Z PL -10079314.35 104807491.4
ALL3MEDIA HOLDIN 4500027Z LN -566620870.4 782620326.9
ALLDAYS PLC ALDYF US -120493900 252232072.9
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLEGION PLC ALLE US -11200000 1968099968
ALLEGION PLC 60A GR -11200000 1968099968
ALLEGION PLC 0628915D US -11200000 1968099968
ALLEGION PLC-W/I ALLE-W US -11200000 1968099968
ALLIANCE & LEICE 1603082Z LN -362201146.6 3707343539
ALLIANCE FILMS U 1774537Z LN -15721068.24 102608688.7
ALLIANCE RUSSIAN ALRT RU -15214268.73 144581794
ALNO AG ANOD L3 -25345561.84 250227602.3
ALNO AG ANO TQ -25345561.84 250227602.3
ALNO AG ANO EU -25345561.84 250227602.3
ALNO AG ANO EO -25345561.84 250227602.3
ALNO AG ANO PZ -25345561.84 250227602.3
ALNO AG ANOD B3 -25345561.84 250227602.3
ALNO AG ALNO IX -25345561.84 250227602.3
ALNO AG ANOD S2 -25345561.84 250227602.3
ALNO AG ANO TH -25345561.84 250227602.3
ALNO AG ANO GR -25345561.84 250227602.3
ALNO AG ANO S1 -25345561.84 250227602.3
ALNO AG - RTS ANO2 GR -25345561.84 250227602.3
ALNO AG-NEW ANO1 GR -25345561.84 250227602.3
ALNO AG-RTS ANOB GR -25345561.84 250227602.3
ALNO AG-RTS 4123912Z GR -25345561.84 250227602.3
ALNO AG-RTS 8174351Z GR -25345561.84 250227602.3
ALNO AG-RTS 2259765Z GR -25345561.84 250227602.3
ALPHA CREDIT GRP 2398Z LN -128161721.8 6765275654
ALPOS DD APOG PZ -67350276.85 175193779.3
ALPOS DD APOG EU -67350276.85 175193779.3
ALPOS DD APOG SV -67350276.85 175193779.3
ALPOS DD APOG EO -67350276.85 175193779.3
ALSTOM WIND SLU 1009322Z SM -34872511.82 509075734.9
ALTOS HORNOS VIZ AHV SM -115822618.8 1283089189
ALUMINIUM PECHIN 3650903Z FP -613513792.8 958725015.9
AMARIN CORP -ADR EH3A TH -33856000 252476000
AMARIN CORP -ADR EH3 GR -33856000 252476000
AMARIN CORP -ADR AMRND US -33856000 252476000
AMARIN CORP -ADR AMRN US -33856000 252476000
AMARIN CORP -ADR EH3A GR -33856000 252476000
AMARIN CORP PLC AMRN PO -33856000 252476000
AMARIN CORP PLC AMRN LN -33856000 252476000
AMARIN CORP PLC AMRNF EO -33856000 252476000
AMARIN CORP PLC H2E GR -33856000 252476000
AMARIN CORP PLC H2EA GR -33856000 252476000
AMARIN CORP PLC AMRN ID -33856000 252476000
AMARIN CORP PLC AMRJF US -33856000 252476000
AMARIN CORP PLC H2E PZ -33856000 252476000
AMARIN CORP PLC AMRNF EU -33856000 252476000
AMARIN CORP PLC AMRNF US -33856000 252476000
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
AMO ZIL-CLS ZILL* RU -313328054.5 427801545.9
AMO ZIL-CLS ZILLG RU -313328054.5 427801545.9
AMO ZIL-CLS ZILL RM -313328054.5 427801545.9
AMO ZIL-CLS ZILL RU -313328054.5 427801545.9
AMPER SA AMP1 EO -84389307.66 440201335.4
AMPER SA AMPE B3 -84389307.66 440201335.4
AMPER SA APR GR -84389307.66 440201335.4
AMPER SA AMPE S2 -84389307.66 440201335.4
AMPER SA AMP1 IX -84389307.66 440201335.4
AMPER SA AMP1 EU -84389307.66 440201335.4
AMPER SA AMPS PZ -84389307.66 440201335.4
AMPER SA AMP SM -84389307.66 440201335.4
AMPER SA APMRF US -84389307.66 440201335.4
AMPER SA AMPE L3 -84389307.66 440201335.4
AMPER SA AMP1 S1 -84389307.66 440201335.4
AMPER SA AMP1 TQ -84389307.66 440201335.4
AMPER SA AMP1 EB -84389307.66 440201335.4
AMPER SA - RTS 0881324D SM -84389307.66 440201335.4
AMPER SA - RTS AMP/D SM -84389307.66 440201335.4
AMPER SA - RTS APRA GR -84389307.66 440201335.4
AMTEL-POVOLZ-BRD KIRT* RU -17984240.01 104831160.6
AMTEL-POVOLZ-BRD KIRT RU -17984240.01 104831160.6
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ANTWERP GATEWAY 496769Z BB -73080114.22 225706170.5
APK OGO OAO AOGO RU -5163579.316 164058148.4
AQUIRIS SA 559158Z BB -361572.7264 256156811.1
ARCADE PROPERTY 4461121Z ID -271769574.6 854837506.8
ARCADIA PETROLEU 645232Z LN -24184000 185991008
ARCELORMITTAL PTRO RO -61078989.5 178664384.2
ARCELORMITTAL ZA 3745088Z SM -140524021.2 177225469.5
ARCHIMEDES PHARM 533073Z LN -77549052.55 124667094.2
ARDAGH GLASS FIN 3489820Z ID -425707082.8 5124657810
ARGEK SA-PFD RTS 989391Q GA -107572284.1 366319845.1
ARGENTA UNDERWRI 2619614Z LN -3429270.883 137134947
ARNOTTS HOLDINGS 4462545Z ID -366474765.3 152226036
ARTICON-INTE-NEW AAG3 GR -7312306.971 180437345.1
ARTICON-INTE-NEW AAG1 GR -7312306.971 180437345.1
ARTICON-INTE-RTS AAG8 GR -7312306.971 180437345.1
ARTICON-INTE-RTS AAG8 NM -7312306.971 180437345.1
ARTICON-INTEGR-N AAG2 GR -7312306.971 180437345.1
ARTICON-INTEGRAL AAG NM -7312306.971 180437345.1
ARTICON-INTEGRAL 229071Q LN -7312306.971 180437345.1
ARTICON-INTEGRAL AAGN NM -7312306.971 180437345.1
ARTICON-INTEGRAL AAG GR -7312306.971 180437345.1
ARTICON-INTEGRAL AIT LI -7312306.971 180437345.1
AS ROMA SPA RO9 GR -85788785.33 226242789.1
AS ROMA SPA ASR IM -85788785.33 226242789.1
AS ROMA SPA ASRM L3 -85788785.33 226242789.1
AS ROMA SPA ASR EB -85788785.33 226242789.1
AS ROMA SPA ASRO IX -85788785.33 226242789.1
AS ROMA SPA ASR S1 -85788785.33 226242789.1
AS ROMA SPA ASR IX -85788785.33 226242789.1
AS ROMA SPA ASR TQ -85788785.33 226242789.1
AS ROMA SPA ASR PZ -85788785.33 226242789.1
AS ROMA SPA ASR QM -85788785.33 226242789.1
AS ROMA SPA ASR EO -85788785.33 226242789.1
AS ROMA SPA ASRM B3 -85788785.33 226242789.1
AS ROMA SPA ASR BQ -85788785.33 226242789.1
AS ROMA SPA ASRAF US -85788785.33 226242789.1
AS ROMA SPA ASR EU -85788785.33 226242789.1
AS ROMA SPA ASRM S2 -85788785.33 226242789.1
AS ROMA SPA RTS ASRAXM IX -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZM TQ -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZEUR EU -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZEUR EO -85788785.33 226242789.1
AS ROMA SPA RTS ASRAZA IM -85788785.33 226242789.1
AS ROMA SPA RTS ASRAXM EB -85788785.33 226242789.1
AS ROMA SPA-RTS ASRAA IM -85788785.33 226242789.1
ASCOT RACECOURSE 1965934Z LN -58031041.32 242491446.8
ASHWELL PROPERTY 4165857Z LN -192048023.3 200163088.3
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
ASPIS BANK SA ASEUF US -46224213.41 3486115450
ASPIS BANK-RIGHT 365673Q GA -46224213.41 3486115450
ASPIS BANK-RTS 839325Q GA -46224213.41 3486115450
ASPIS BANK-RTS ASPTR GA -46224213.41 3486115450
ASPIS BANK-RTS 3558423Q GA -46224213.41 3486115450
ASPIS MORT-RTS ASPTD GA -46224213.41 3486115450
ASPIS PRON-PF RT ASASPR GA -189911036.1 896550129.3
ASPIS PRONIA -PF ASAPR GA -189911036.1 896550129.3
ASPIS PRONIA GE ASASK EU -189911036.1 896550129.3
ASPIS PRONIA GE ASASK PZ -189911036.1 896550129.3
ASPIS PRONIA GE AISQF US -189911036.1 896550129.3
ASPIS PRONIA GE ASASK EO -189911036.1 896550129.3
ASPIS PRONIA GE ASASK GA -189911036.1 896550129.3
ASPIS PRONIA-PF ASASP GA -189911036.1 896550129.3
ASPIS PRONIA-PF APGV GR -189911036.1 896550129.3
ASPIS PRONIA-RT ASASKR GA -189911036.1 896550129.3
ASPIS PRONOIA GE APG GR -189911036.1 896550129.3
ASPIS PRONOIA GE APGG IX -189911036.1 896550129.3
ASR VASTGOED ONT 4039981Z NA -24447897.91 292472974.2
ASTON VILLA FOOT 1768569Z LN -211955267.1 117946484.4
ASTROC MEDITERRA ATRYF US -33301815.13 950532329.1
ASTROC MEDITERRA AST SM -33301815.13 950532329.1
ATENTO SA 0978340D US -133966000 1842179968
ATENTO SA ATTO US -133966000 1842179968
ATLANTIC COPPER 4512291Z SM -21013583.14 1043171373
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATTENDO AB 4452873Z SS -58148254.8 1244996881
ATTI-KAT ATTIK PZ -31783119.44 219443228.5
ATTI-KAT XTT GR -31783119.44 219443228.5
ATTI-KAT ATTIK EU -31783119.44 219443228.5
ATTI-KAT ATTIK EO -31783119.44 219443228.5
ATTI-KAT ATTIK GA -31783119.44 219443228.5
ATTI-KAT RTS ATTID GA -31783119.44 219443228.5
ATTI-KAT SA-AUCT ATIKE GA -31783119.44 219443228.5
ATTIKAT S.A. ATTIKY L3 -31783119.44 219443228.5
ATTIKAT S.A. ATTIKY S2 -31783119.44 219443228.5
ATTIKAT S.A. ATTIKY B3 -31783119.44 219443228.5
ATTIKAT-AUCTION ATTIKE GA -31783119.44 219443228.5
ATU AUTO-TEILE-U 3486988Z GR -571062299.6 546297842.8
AUBURN ACQUISITI 4453705Z LN -437104257 1605290465
AURIGACROWN CAR 3791672Z SM -9696676.632 319021086.5
AUTOMOBILE ASSOC 1479490Z LN -66197518.85 595410613.4
AUTOMOTIVE LIGHT 3895734Z IM -8707502.577 163886427.3
AUTOROUTES PARIS ARR FP -67014542.48 11134617648
AUTOROUTES PARIS ARR EB -67014542.48 11134617648
AUTOROUTES PARIS RK9 TH -67014542.48 11134617648
AUTOROUTES PARIS ARR EU -67014542.48 11134617648
AUTOROUTES PARIS ARRGBX EU -67014542.48 11134617648
AUTOROUTES PARIS ARR S1 -67014542.48 11134617648
AUTOROUTES PARIS ARR TQ -67014542.48 11134617648
AUTOROUTES PARIS ARR EO -67014542.48 11134617648
AUTOROUTES PARIS ARR LI -67014542.48 11134617648
AUTOROUTES PARIS ARR QM -67014542.48 11134617648
AUTOROUTES PARIS ARR1 BQ -67014542.48 11134617648
AUTOROUTES PARIS ARR IX -67014542.48 11134617648
AVANZIT SA AVZ TQ -14372275.23 222306266.2
AVANZIT SA AVZ EO -14372275.23 222306266.2
AVANZIT SA AVZ SM -14372275.23 222306266.2
AVANZIT SA AVZ EU -14372275.23 222306266.2
AVANZIT SA AVZGBX EO -14372275.23 222306266.2
AVANZIT SA AVZGBP EO -14372275.23 222306266.2
AVANZIT SA AVZGBX EU -14372275.23 222306266.2
AVANZIT SA - RTS AVZ/D SM -14372275.23 222306266.2
AVANZIT SA-RIGHT 1109551Q SM -14372275.23 222306266.2
AVANZIT SA-RTS 3185404Q SM -14372275.23 222306266.2
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVAYA HOLDINGS L 4491803Z ID -568474058.1 240668187.2
AVAYA UK 1700688Z LN -108636476.4 372961487.6
AVIS ALQUILE UN 3753296Z SM -21373936.47 271716792.1
AVIVA CENTRAL SE 4503755Z LN -66592199.44 842959793
AXON SA HOLDING AXON GA -127941241.2 833080402.6
AXON SA HOLDING AYW GR -127941241.2 833080402.6
AXON SA HOLDING AXONY S2 -127941241.2 833080402.6
AXON SA HOLDING AXONY L3 -127941241.2 833080402.6
AXON SA HOLDING AXON EU -127941241.2 833080402.6
AXON SA HOLDING AXONR GA -127941241.2 833080402.6
AXON SA HOLDING AXONY B3 -127941241.2 833080402.6
AXON SA HOLDING AXON EO -127941241.2 833080402.6
AXON SA HOLDING AXON PZ -127941241.2 833080402.6
AXON SA HOLDING AYW1 GR -127941241.2 833080402.6
AYCO GRUPO INMOB ACZ2 EU -44550881.75 109378488.8
AYCO GRUPO INMOB ACZ EU -44550881.75 109378488.8
AYCO GRUPO INMOB AYCE B3 -44550881.75 109378488.8
AYCO GRUPO INMOB AYCE L3 -44550881.75 109378488.8
AYCO GRUPO INMOB AYCE S2 -44550881.75 109378488.8
AYCO GRUPO INMOB AYC EU -44550881.75 109378488.8
AYCO GRUPO INMOB AYC SM -44550881.75 109378488.8
AYCO GRUPO INMOB ACZ SM -44550881.75 109378488.8
AYCO GRUPO INMOB ACZ PZ -44550881.75 109378488.8
AYCO GRUPO INMOB ACZ EO -44550881.75 109378488.8
AZOVZAGALMASH MA AZGM UZ -201003976.4 323492277.6
B&M EUROPEAN BMN GR -31468050.5 2018470277
B&M EUROPEAN BME1 S1 -31468050.5 2018470277
B&M EUROPEAN BME LN -31468050.5 2018470277
B&M EUROPEAN BMEL TQ -31468050.5 2018470277
B&M EUROPEAN BME1GBX EO -31468050.5 2018470277
B&M EUROPEAN BME1GBP EU -31468050.5 2018470277
B&M EUROPEAN BME1GBX EU -31468050.5 2018470277
B&M EUROPEAN BME1GBP EO -31468050.5 2018470277
B&M EUROPEAN BMEL IX -31468050.5 2018470277
B&M EUROPEAN BMEL EB -31468050.5 2018470277
B&M EUROPEAN VAL 0994508D LN -31468050.5 2018470277
BA CITYFLYER LIM 1619354Z LN -2913814.776 565315772.9
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -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 IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BADEL 1862 DD BD62RHRK EU -1401798.171 126449360
BADEL 1862 DD BD62RHRK EO -1401798.171 126449360
BADEL 1862 DD BD62RA CZ -1401798.171 126449360
BAE SYSTEMS 1538746Z LN -27870638.37 135571174.1
BAE SYSTEMS GLOB 1111359Z LN -185158798.5 505126195.8
BAE SYSTEMS INTE 2344987Z LN -150699245.3 591701047.7
BAE SYSTEMS MARI 1290786Z LN -49863659.95 723768539.3
BAE SYSTEMS PROP 1151751Z LN -80424616.73 1099382736
BAKERS AS 4527631Z NO -21452603.39 110897168.6
BALLYMORE PROPER 162707Z ID -777968838.1 565184085.1
BALTIYSKY-$BRD BALZ RU -41477621.55 203076774.8
BALTIYSKY-$BRD BALZ* RU -41477621.55 203076774.8
BALTIYSKY-BRD BALZ$ RU -41477621.55 203076774.8
BANK OF SCOTLAND 1419810Z LN -9546369.495 527923743.6
BANQ COLBERT BD FP -36259931.33 1574292181
BANQ NAT SUISS-N BNS SW -4267161939 5.52E+11
BARINA CONSTRUCT 3800988Z ID -15711770.45 142567457.5
BAS HOLDING BV 3775792Z NA -9652.300358 125821871.9
BCH GROUP PLC BCH LN -5728447.595 187998896.2
BEGAR CONSTRUCCI 4413073Z SM -154089924.8 215029526.1
BELEGGINGSMAATSC 801105Z NA -4352370.609 279285472.2
BELGES -SERIES B BELB SW -893745521.6 37018974117
BEMOG HOLDING BV 3782400Z NA -36867.13928 131874844.6
BENFICA SLBE IX -30964161.95 541880910.3
BENFICA SLBEN EU -30964161.95 541880910.3
BENFICA SLBEN TQ -30964161.95 541880910.3
BENFICA SLBEN PL -30964161.95 541880910.3
BENFICA SLBEN BQ -30964161.95 541880910.3
BENFICA SLBENX PX -30964161.95 541880910.3
BENFICA SLBEN PZ -30964161.95 541880910.3
BENFICA SLBEN EO -30964161.95 541880910.3
BENFICA SLBEN EB -30964161.95 541880910.3
BENTLEY MOTORS L 1376666Z LN -231095699.8 952710712.1
BERIEV AIRCR-BRD TAKB* RU -12753038.74 551276144.5
BERIEV AIRCR-BRD TAKB RU -12753038.74 551276144.5
BETFAIR LTD 83844Z LN -78396193.01 470492129.2
BGE UK LTD 1653368Z LN -31957706.96 460423898.3
BHFS ONE LTD 3804484Z LN -26084071.94 186362551.5
BIMBO SA 3632779Z SM -4161906.226 258795662.1
BIOTER BIOTG PZ -9837036.58 184426179.8
BIOTER BIOT1 EO -9837036.58 184426179.8
BIOTER BIOT GA -9837036.58 184426179.8
BIOTER BIOT1 EU -9837036.58 184426179.8
BIOTER S.A. BIOTY B3 -9837036.58 184426179.8
BIOTER S.A. BIOTY S2 -9837036.58 184426179.8
BIOTER S.A. BIOTY L3 -9837036.58 184426179.8
BIRMINGHAM MAILB 1781057Z LN -6609169.513 116470467.1
BIRSE CIVILS LTD 1333506Z LN -19911067.63 131366919.1
BKK VARME AS 4445833Z NO -1073759.829 155465572.1
BL SP PROPERTIES 1255Q LN -23486399.53 257455674.9
BL SP PROPERTIES STPPF US -23486399.53 257455674.9
BLACK & EDGINGTO BLE LN -104472798 111306047.8
BLACK HORSE LTD 1336426Z LN -106973288.3 4066187621
BLENHEIM GROUP 1062Q FP -152635588.1 197883920.7
BLENHEIM GROUP BEXE GR -152635588.1 197883920.7
BLENHEIM GRP-ADR BHEHY US -152635588.1 197883920.7
BLENHEIM GRP-ADR BEH$ LN -152635588.1 197883920.7
BLENHEIM SHIPPIN 1225303Z LN -33448690.06 323403866.7
BLUE SOLUTIONS BLUE IX -42690975.39 221040502
BLUE SOLUTIONS BLUE EB -42690975.39 221040502
BLUE SOLUTIONS BLUEEUR EO -42690975.39 221040502
BLUE SOLUTIONS 18B GR -42690975.39 221040502
BLUE SOLUTIONS BLUE FP -42690975.39 221040502
BLUE SOLUTIONS BLUEP L3 -42690975.39 221040502
BLUE SOLUTIONS BSOLF US -42690975.39 221040502
BLUE SOLUTIONS BLUEEUR EU -42690975.39 221040502
BLUE SOLUTIONS BLUEP S2 -42690975.39 221040502
BLUE SOLUTIONS BLUE S1 -42690975.39 221040502
BLUE SOLUTIONS BLUEP B3 -42690975.39 221040502
BLUEWATER HOLDIN 3487556Z NA -1119182968 1240432021
BMW NORGE AS 4413913Z NO -6669664.505 124748386.4
BNB RECRUITMENT BNB LN -10242626.17 103637711.2
BNB RECRUITMENT BNBRF US -10242626.17 103637711.2
BNB RECRUITMENT BQX GR -10242626.17 103637711.2
BNB RECRUITMENT BNB PO -10242626.17 103637711.2
BNB RECRUITMENT BNB IX -10242626.17 103637711.2
BNP GUYANE BNPG FP -40559116.42 352047398.5
BORGELD MANAGEME 4778257Z NA -81821.40017 246378742
BPM IRELAND PLC 4471855Z ID -4595616.014 844447724
BRADSTOCK GROUP BSKGF US -1855503.819 268572388.5
BRADSTOCK GROUP BDK LN -1855503.819 268572388.5
BRENT WALKER GRO 754087Q LN -1774306283 867084131.8
BRENT WALKER GRP BWKGF US -1774306283 867084131.8
BRIT ENERGY LTD 523362Q LN -5823025538 4921229312
BRIT ENERGY PLC BEN1 GR -5823025538 4921229312
BRIT ENERGY PLC BGYEF US -5823025538 4921229312
BRIT ENERGY PLC 555140Q VX -5823025538 4921229312
BRIT ENERGY PLC BHEGF US -5823025538 4921229312
BRIT ENERGY-A BENA GR -5823025538 4921229312
BRIT ENERGY-ADR BHEFF US -5823025538 4921229312
BRIT TELECOM BTE GR -613961782.8 42524120825
BRIT TELECOM 9484 JP -613961782.8 42524120825
BRIT TELECOM PLC BTPWF US -613961782.8 42524120825
BRIT TELECOM PLC BT/A VX -613961782.8 42524120825
BRIT TELECOM PLC BTPLF US -613961782.8 42524120825
BRIT TELECOM-ADR 1481Q CN -613961782.8 42524120825
BRIT TELECOM-ADR BTEA GR -613961782.8 42524120825
BRIT TELECOM-RTS BTY-R US -613961782.8 42524120825
BRITISH ENER-$US BGYD AR -5823025538 4921229312
BRITISH ENER-$US BGYNYD AR -5823025538 4921229312
BRITISH ENER-ADR BGYNY US -5823025538 4921229312
BRITISH ENER-BLK BGYNYB AR -5823025538 4921229312
BRITISH ENER-BLK BGYB AR -5823025538 4921229312
BRITISH ENER-C/E BGYC AR -5823025538 4921229312
BRITISH ENER-C/E BGYNYC AR -5823025538 4921229312
BRITISH ENER-CED BGY AR -5823025538 4921229312
BRITISH ENER-CED BGYNY AR -5823025538 4921229312
BRITISH ENERGY-A BGYGF US -5823025538 4921229312
BRITISH ENERGY-A BHEAF US -5823025538 4921229312
BRITISH ENERGY-A BGYA VX -5823025538 4921229312
BRITISH ENERGY-A 3012442Q LN -5823025538 4921229312
BRITISH ENERGY-A BGYA PO -5823025538 4921229312
BRITISH TELE-FP BT/F LN -613961782.8 42524120825
BRITISH TELE-NP BTPXF US -613961782.8 42524120825
BRITISH TELE-NP BT/N LN -613961782.8 42524120825
BRIXTON GREAT WE 1242343Z LN -23721762.06 160921160.6
BROKAT AG BROAF US -27134800.92 143511443.1
BROKAT AG BRKAF US -27134800.92 143511443.1
BROKAT AG BKISF US -27134800.92 143511443.1
BROKAT AG BROFQ US -27134800.92 143511443.1
BROKAT AG -NEW BRJ1 GR -27134800.92 143511443.1
BROKAT AG -NEW BRJ1 NM -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 NM -27134800.92 143511443.1
BROKAT TECH AG BSA LN -27134800.92 143511443.1
BROKAT TECH AG BRJ GR -27134800.92 143511443.1
BROKAT TECH-ADR BRJA GR -27134800.92 143511443.1
BROSTROM TANKERS 3641643Z FP -12737653.37 103954574.6
BRUESA CONSTRUCC 4283093Z SM -19748118.51 423960563.7
BSKYB LLU ASSETS ESY LN -13323427.13 573001458.7
BT GROUP PLC BT/A TQ -613961782.8 42524120825
BT GROUP PLC BTQ GR -613961782.8 42524120825
BT GROUP PLC BT/A QM -613961782.8 42524120825
BT GROUP PLC BT/A S1 -613961782.8 42524120825
BT GROUP PLC BT QX -613961782.8 42524120825
BT GROUP PLC BT/ EO -613961782.8 42524120825
BT GROUP PLC BT/AUSD EU -613961782.8 42524120825
BT GROUP PLC BT/A5 EO -613961782.8 42524120825
BT GROUP PLC BT/A LN -613961782.8 42524120825
BT GROUP PLC BT/A6 EO -613961782.8 42524120825
BT GROUP PLC BT/AGBP EO -613961782.8 42524120825
BT GROUP PLC BTQ TH -613961782.8 42524120825
BT GROUP PLC BT/A7 EO -613961782.8 42524120825
BT GROUP PLC BTQD S2 -613961782.8 42524120825
BT GROUP PLC BTL S2 -613961782.8 42524120825
BT GROUP PLC BT/A3 EO -613961782.8 42524120825
BT GROUP PLC BT/A9 EO -613961782.8 42524120825
BT GROUP PLC BTEG IX -613961782.8 42524120825
BT GROUP PLC BTQ GK -613961782.8 42524120825
BT GROUP PLC BT/APEN EU -613961782.8 42524120825
BT GROUP PLC BT/AUSD EO -613961782.8 42524120825
BT GROUP PLC BT/A NR -613961782.8 42524120825
BT GROUP PLC BT/A1 EO -613961782.8 42524120825
BT GROUP PLC BT/A2 EO -613961782.8 42524120825
BT GROUP PLC BT/A8 EO -613961782.8 42524120825
BT GROUP PLC BT/A NQ -613961782.8 42524120825
BT GROUP PLC BT/A BQ -613961782.8 42524120825
BT GROUP PLC BT IX -613961782.8 42524120825
BT GROUP PLC BT/APEN EO -613961782.8 42524120825
BT GROUP PLC BTGOF US -613961782.8 42524120825
BT GROUP PLC BT/A4 EO -613961782.8 42524120825
BT GROUP PLC BT/ VX -613961782.8 42524120825
BT GROUP PLC BT/A PO -613961782.8 42524120825
BT GROUP PLC BT/AEUR EU -613961782.8 42524120825
BT GROUP PLC BTL B3 -613961782.8 42524120825
BT GROUP PLC BT/AEUR EO -613961782.8 42524120825
BT GROUP PLC BTQD B3 -613961782.8 42524120825
BT GROUP PLC BT/A EO -613961782.8 42524120825
BT GROUP PLC BTQD L3 -613961782.8 42524120825
BT GROUP PLC BTL L3 -613961782.8 42524120825
BT GROUP PLC BT/A EU -613961782.8 42524120825
BT GROUP PLC BT PZ -613961782.8 42524120825
BT GROUP PLC BT/A EB -613961782.8 42524120825
BT GROUP PLC-ADR BT/$ LN -613961782.8 42524120825
BT GROUP PLC-W/I BTWI LN -613961782.8 42524120825
BT GROUP-ADR WI BTY-W US -613961782.8 42524120825
BT GROUP-CED BLK BTYB AR -613961782.8 42524120825
BT GROUP-CEDEAR BTD AR -613961782.8 42524120825
BT GROUP-CEDEAR BTYC AR -613961782.8 42524120825
BT GROUP-CEDEAR BTY AR -613961782.8 42524120825
BT GROUP-CEDEAR BTC AR -613961782.8 42524120825
BT GROUP-CEDEAR BTB AR -613961782.8 42524120825
BT GROUP-CEDEAR BTYD AR -613961782.8 42524120825
BT GROUP-CEDEAR BT AR -613961782.8 42524120825
BT GROUP-SPON AD BTYN MM -613961782.8 42524120825
BT GROUP-SPON AD BTN MM -613961782.8 42524120825
BT GROUP-SPON AD BT US -613961782.8 42524120825
BT GROUP-SPON AD BT MM -613961782.8 42524120825
BT GROUP-SPON AD BTQA GR -613961782.8 42524120825
BT GROUP-SPON AD BTY US -613961782.8 42524120825
BUMMASH OJSC-BRD BUMM RU -69176738.75 114087108.1
BUMMASH OJSC-BRD BUMM* RU -69176738.75 114087108.1
CAFIMA UK LTD 3795756Z LN -25305047.16 327713869.7
CAISSE D'AMORTIS 211430Z FP -1.85E+11 25139275408
CAJA ESPANA DE I 8245420Z SM -1379128733 50004534301
CALEDONIAN ENVIR 3784Z LN -18835847.24 122355857.6
CALOR SAS 4517071Z FP -2511518.436 108318885.8
CALSONIC KANSEI 1541442Z LN -13552420.65 264873165
CALSONIC KANSEI 2730264Z LN -55236864.62 299341503.4
CANARY WHARF FIN 1198063Z LN -458463527.9 3975720989
CANDYKING HOLDIN CANDYSEK EO -3740065.558 255290651.5
CANDYKING HOLDIN 3124019Z SS -3740065.558 255290651.5
CANDYKING HOLDIN CANDY BY -3740065.558 255290651.5
CANDYKING HOLDIN CANDYNOK EO -3740065.558 255290651.5
CANDYKING HOLDIN CANDYNOK EU -3740065.558 255290651.5
CANDYKING HOLDIN CANDYSEK EU -3740065.558 255290651.5
CANDYKING-W/I CANDY SS -3740065.558 255290651.5
CANTIERI DI PISA 4313125Z IM -2612001.657 105470729.3
CAPITAL HOME LOA 3809804Z LN -290874097.5 9582592884
CARCOOP FRANCE 4690569Z FP -531946.3216 185619805.2
CARGONET 81784Z NO -108989727.1 131082417.2
CARISBROOKE ANGL 3815488Z LN -67890027.38 125400359
CARLISLE GROUP L 506819Q LN -11904731.18 203553741.8
CARLSBERG IT A/S 4503891Z DC -102665678.1 387242342.2
CARREFOUR HYPERM 3897338Z FP -298103085.1 3834434516
CARRERE GROUP CRGP IX -9829883.833 279916720.4
CARRERE GROUP CRRHF US -9829883.833 279916720.4
CARRERE GROUP CAR2 EU -9829883.833 279916720.4
CARRERE GROUP CARG FP -9829883.833 279916720.4
CARRERE GROUP CAR2 EO -9829883.833 279916720.4
CARRERE GROUP CARF PZ -9829883.833 279916720.4
CARRERE GROUP XRR GR -9829883.833 279916720.4
CARRERE GROUP SA CAR FP -9829883.833 279916720.4
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 8133893Q GR -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CATTLES PLC CZS GR -599615492.2 3880885246
CATTLES PLC CTTUSD EU -599615492.2 3880885246
CATTLES PLC CTT NR -599615492.2 3880885246
CATTLES PLC CTT NQ -599615492.2 3880885246
CATTLES PLC CTTUSD EO -599615492.2 3880885246
CATTLES PLC 0960894D BQ -599615492.2 3880885246
CATTLES PLC CTTEUR EU -599615492.2 3880885246
CATTLES PLC CTT VX -599615492.2 3880885246
CATTLES PLC CTT PO -599615492.2 3880885246
CATTLES PLC CTTSEK EU -599615492.2 3880885246
CATTLES PLC 0915790D EB -599615492.2 3880885246
CATTLES PLC CTT LN -599615492.2 3880885246
CATTLES PLC CTT QM -599615492.2 3880885246
CATTLES PLC 0963776D TQ -599615492.2 3880885246
CATTLES PLC CTTGBP EO -599615492.2 3880885246
CATTLES PLC CTT EO -599615492.2 3880885246
CATTLES PLC CTT EU -599615492.2 3880885246
CATTLES PLC CTTEUR EO -599615492.2 3880885246
CATTLES PLC CTT PZ -599615492.2 3880885246
CATTLES PLC CTTSEK EO -599615492.2 3880885246
CATTLES PLC 0915787D IX -599615492.2 3880885246
CATTLES PLC CHOXF US -599615492.2 3880885246
CATTLES PLC-ADR CHOXY US -599615492.2 3880885246
CATTLES PLC-FPR CTTF PZ -599615492.2 3880885246
CATTLES PLC-FPR CTTF LN -599615492.2 3880885246
CATTLES PLC-NPR 2843730Q EU -599615492.2 3880885246
CATTLES PLC-NPR CTTN PZ -599615492.2 3880885246
CATTLES PLC-NPR CCTN PZ -599615492.2 3880885246
CATTLES PLC-NPR CTTN IX -599615492.2 3880885246
CATTLES PLC-NPR 2843726Q EO -599615492.2 3880885246
CATTLES PLC-NPR 2843734Q EO -599615492.2 3880885246
CATTLES PLC-NPR CTTN LN -599615492.2 3880885246
CATTLES PLC-RFD CTTR PZ -599615492.2 3880885246
CATTLES PLC-RFD CTTR LN -599615492.2 3880885246
CATTLES PLC-RFD CTTR IX -599615492.2 3880885246
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CELAYA EMPARANZA 3642467Z SM -46370880.14 210371904.6
CELSA MANUFACTUR 2011751Z LN -364451.9997 509121207.7
CENTAR BANKA D.D CEBAPHRK EO -3853841.592 180958181.1
CENTAR BANKA D.D CEBAPA CZ -3853841.592 180958181.1
CENTAR BANKA D.D CEBAPHRK EU -3853841.592 180958181.1
CENTAR BANKA DD CEBARHRK EO -3853841.592 180958181.1
CENTAR BANKA DD CEBARA CZ -3853841.592 180958181.1
CENTAR BANKA DD CEBARHRK EU -3853841.592 180958181.1
CENTER PARCS EUR 235619Z NA -6141720.638 682887891.2
CENTRAL EUROPEAN 3276402Z NA -4838847.523 186866740.9
CENTROSOLAR GR-N C3ON GR -16015657.93 146354372.5
CENTROSOLAR GROU C3O EU -16015657.93 146354372.5
CENTROSOLAR GROU CEOLF US -16015657.93 146354372.5
CENTROSOLAR GROU C3OA TH -16015657.93 146354372.5
CENTROSOLAR GROU CSOG IX -16015657.93 146354372.5
CENTROSOLAR GROU C3OUSD EO -16015657.93 146354372.5
CENTROSOLAR GROU C3OAD L3 -16015657.93 146354372.5
CENTROSOLAR GROU C3O TQ -16015657.93 146354372.5
CENTROSOLAR GROU C3OUSD EU -16015657.93 146354372.5
CENTROSOLAR GROU C3OA BQ -16015657.93 146354372.5
CENTROSOLAR GROU C3OA TQ -16015657.93 146354372.5
CENTROSOLAR GROU C3O S1 -16015657.93 146354372.5
CENTROSOLAR GROU C3O TH -16015657.93 146354372.5
CENTROSOLAR GROU C3OA GR -16015657.93 146354372.5
CENTROSOLAR GROU C3OAD B3 -16015657.93 146354372.5
CENTROSOLAR GROU C3OAD S2 -16015657.93 146354372.5
CENTROSOLAR GROU C3O GR -16015657.93 146354372.5
CENTROSOLAR GROU C3O BQ -16015657.93 146354372.5
CENTROSOLAR GROU C3O PZ -16015657.93 146354372.5
CENTROSOLAR GROU C3O EO -16015657.93 146354372.5
CENTROSOLAR-RTS 3434314Z GR -16015657.93 146354372.5
CEREP INVESTMENT 3638887Z SM -70598386.38 288951995.8
CEVA GROUP PLC 976811Z LN -1222932646 4466139768
CHATZIIOANNOU AV HATZC GA -54973436.99 102255716.8
CHATZIIONNOU HLD HZI GR -54973436.99 102255716.8
CHELSEA FOOTBALL 1508858Z LN -849005432.9 522910649.8
CHEMOIL EUROPE B 3898634Z NA -34470000 425707008
CHERNIGIVS M-GDR CKU GR -19979000 106551872
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHRIST WATER TEC CWT EU -5754093.459 165990091.1
CHRIST WATER TEC CWT EO -5754093.459 165990091.1
CHRIST WATER TEC 8131204Q GR -5754093.459 165990091.1
CHRIST WATER TEC CRSWF US -5754093.459 165990091.1
CHRIST WATER TEC CWT AV -5754093.459 165990091.1
CHRIST WATER TEC CWT PZ -5754093.459 165990091.1
CHRIST WATER TEC CWTE IX -5754093.459 165990091.1
CHRIST WATER-ADR CRSWY US -5754093.459 165990091.1
CHRYSALIS GROUP CHS EU -16399586.02 124836284.8
CHRYSALIS GROUP CHS PO -16399586.02 124836284.8
CHRYSALIS GROUP HR4 GR -16399586.02 124836284.8
CHRYSALIS GROUP CYGUF US -16399586.02 124836284.8
CHRYSALIS GROUP CHSEUR EU -16399586.02 124836284.8
CHRYSALIS GROUP 5CY GR -16399586.02 124836284.8
CHRYSALIS GROUP CHS EO -16399586.02 124836284.8
CHRYSALIS GROUP CLYSF US -16399586.02 124836284.8
CHRYSALIS GROUP CHS PZ -16399586.02 124836284.8
CHRYSALIS GROUP CHS VX -16399586.02 124836284.8
CHRYSALIS GROUP CHS IX -16399586.02 124836284.8
CHRYSALIS GROUP CHSUSD EU -16399586.02 124836284.8
CHRYSALIS GROUP CHSGBP EO -16399586.02 124836284.8
CHRYSALIS GROUP CHSUSD EO -16399586.02 124836284.8
CHRYSALIS GROUP CHS LN -16399586.02 124836284.8
CHRYSALIS GROUP CHSEUR EO -16399586.02 124836284.8
CIA LA GOMERA AS 4401057Z NO -14188999.71 111542579.2
CICCOLELLA SPA CUCI IX -27122576.95 360991665.9
CICCOLELLA SPA CCIM PZ -27122576.95 360991665.9
CICCOLELLA SPA CC1 EU -27122576.95 360991665.9
CICCOLELLA SPA CC BQ -27122576.95 360991665.9
CICCOLELLA SPA CCM S2 -27122576.95 360991665.9
CICCOLELLA SPA CC1 TQ -27122576.95 360991665.9
CICCOLELLA SPA CC IM -27122576.95 360991665.9
CICCOLELLA SPA CC1 EO -27122576.95 360991665.9
CICCOLELLA SPA CCM B3 -27122576.95 360991665.9
CICCOLELLA SPA CCM L3 -27122576.95 360991665.9
CIMBER STERLING CIMBE EO -5227729.207 192575891.8
CIMBER STERLING CIMBER DC -5227729.207 192575891.8
CIMBER STERLING CIMBE EU -5227729.207 192575891.8
CIMBER STERLING CIMBER BY -5227729.207 192575891.8
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
CIRIO FINANZIARI FIY GR -422095936.7 1583083044
CITY INN LTD 2196980Z LN -38681609.96 1015295311
CLARANET GROUP L 4157581Z LN -5642745.89 165416275.8
CLIPPER WINDPOWE CWPA LN -168322000 436419008
CLIPPER WINDPOWE CWP PG -168322000 436419008
CLIPPER WINDPOWE C2W GR -168322000 436419008
CLIPPER WINDPOWE CRPWF US -168322000 436419008
CLIPPER WINDPOWE CWP EU -168322000 436419008
CLIPPER WINDPOWE CWP LN -168322000 436419008
CLIPPER WINDPOWE 3470635Q LN -168322000 436419008
CLIPPER WINDPOWE CWP PZ -168322000 436419008
CLIPPER WINDPOWE CWP EO -168322000 436419008
CLIPPER WINDPOWE CWP IX -168322000 436419008
CLUB CO HOLDINGS 4500035Z LN -20732376.26 115484262.4
CMA CGM AGENCES 4746849Z FP -10638831.52 162545865.7
CO DAS ENERGIAS 3794880Z PL -2542665.906 115837812.1
CO-OPERATIVE PHA 3951852Z LN -44451069.53 168682695.3
CODERE SA CODEF US -360688681.9 2177904180
CODERE SA CDR EU -360688681.9 2177904180
CODERE SA CDRUSD EU -360688681.9 2177904180
CODERE SA CDRE S2 -360688681.9 2177904180
CODERE SA CDR EB -360688681.9 2177904180
CODERE SA CDRE PZ -360688681.9 2177904180
CODERE SA CDR EO -360688681.9 2177904180
CODERE SA CDRE B3 -360688681.9 2177904180
CODERE SA CDRE L3 -360688681.9 2177904180
CODERE SA CDRUSD EO -360688681.9 2177904180
CODERE SA CDR IX -360688681.9 2177904180
CODERE SA CDR TQ -360688681.9 2177904180
CODERE SA CDR S1 -360688681.9 2177904180
CODERE SA CDR SM -360688681.9 2177904180
CODERE SA 4CD GR -360688681.9 2177904180
CODIREP SNC 4517439Z FP -9550583.139 127897311
COGNIS GMBH 575202Z GR -745013993.7 3306935972
COIN SPA 965089Q GR -154063920.1 800559778.4
COIN SPA GUCIF US -154063920.1 800559778.4
COIN SPA GC IX -154063920.1 800559778.4
COIN SPA-RTS GCAA IM -154063920.1 800559778.4
COIN SPA/OLD GC IM -154063920.1 800559778.4
COLT TELECOM BV 4511515Z NA -15997403.43 123548994.5
COMMUNICORP GROU 1027859Z ID -10254069.02 202942157.3
COMPAGNIA ITALIA CGLUF US -137731671.1 527392123.8
COMPAGNIA ITALIA CITU IX -137731671.1 527392123.8
COMPAGNIA ITALIA ICT IM -137731671.1 527392123.8
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
CONERGY AG CGY BQ -123446974.6 312014471.7
CONERGY AG CGYGBX EO -123446974.6 312014471.7
CONERGY AG CGYK EB -123446974.6 312014471.7
CONERGY AG CGY EB -123446974.6 312014471.7
CONERGY AG CGY NQ -123446974.6 312014471.7
CONERGY AG CGYKUSD EU -123446974.6 312014471.7
CONERGY AG CGY TH -123446974.6 312014471.7
CONERGY AG CGYK EU -123446974.6 312014471.7
CONERGY AG CGYK PZ -123446974.6 312014471.7
CONERGY AG CGY IX -123446974.6 312014471.7
CONERGY AG CGYK S1 -123446974.6 312014471.7
CONERGY AG CGYK QM -123446974.6 312014471.7
CONERGY AG CGY QM -123446974.6 312014471.7
CONERGY AG CEYHF US -123446974.6 312014471.7
CONERGY AG CGY EO -123446974.6 312014471.7
CONERGY AG CGY TQ -123446974.6 312014471.7
CONERGY AG CGYKGBX EO -123446974.6 312014471.7
CONERGY AG CGYKUSD EO -123446974.6 312014471.7
CONERGY AG CGYUSD EU -123446974.6 312014471.7
CONERGY AG CGYUSD EO -123446974.6 312014471.7
CONERGY AG CGY S1 -123446974.6 312014471.7
CONERGY AG CGYK EO -123446974.6 312014471.7
CONERGY AG CGYGBP EO -123446974.6 312014471.7
CONERGY AG CGYK BQ -123446974.6 312014471.7
CONERGY AG CGYK GR -123446974.6 312014471.7
CONERGY AG CGYK TH -123446974.6 312014471.7
CONERGY AG CGYKGBP EO -123446974.6 312014471.7
CONERGY AG CGY PZ -123446974.6 312014471.7
CONERGY AG CGYK IX -123446974.6 312014471.7
CONERGY AG CGY EU -123446974.6 312014471.7
CONERGY AG CGY GR -123446974.6 312014471.7
CONERGY AG CGYK TQ -123446974.6 312014471.7
CONERGY AG -RTS CGYB GR -123446974.6 312014471.7
CONERGY AG-ALTAK CGY2 GR -123446974.6 312014471.7
CONERGY AG-RTS 9274362Z GR -123446974.6 312014471.7
CONNECT GROU-ADR SMWPY US -88064132.7 447285313.7
CONNECT GROUP PL NWS1 BQ -88064132.7 447285313.7
CONNECT GROUP PL CNCT IX -88064132.7 447285313.7
CONNECT GROUP PL NWS EB -88064132.7 447285313.7
CONNECT GROUP PL NWS2 TQ -88064132.7 447285313.7
CONNECT GROUP PL NWS S1 -88064132.7 447285313.7
CONNECT GROUP PL CNCT EB -88064132.7 447285313.7
CONNECT GROUP PL CNCTL B3 -88064132.7 447285313.7
CONNECT GROUP PL CNCT PZ -88064132.7 447285313.7
CONNECT GROUP PL CNCTGBP EO -88064132.7 447285313.7
CONNECT GROUP PL CNCT TQ -88064132.7 447285313.7
CONNECT GROUP PL CNCTGBP EU -88064132.7 447285313.7
CONNECT GROUP PL CNCT LN -88064132.7 447285313.7
CONNECT GROUP PL CNCTL L3 -88064132.7 447285313.7
CONNECT GROUP PL CNCT BQ -88064132.7 447285313.7
CONNECT GROUP PL CNCTL S2 -88064132.7 447285313.7
CONNECT GROUP PL CNCT S1 -88064132.7 447285313.7
CONNECT GROUP PL CNCTEUR EU -88064132.7 447285313.7
CONNECT GROUP PL CNCTEUR EO -88064132.7 447285313.7
CONNECT GROUP PL CNCT1GBP EO -88064132.7 447285313.7
CONNECT UTILITIE 2112683Z LN -8340151.746 137723814.6
CONOCOPHILLIPS I 4526671Z ID -170674999.4 628206992.2
CONOCOPHILLIPS W 3894318Z ID -178050000 436843008
CONTENTFILM INTE 2532058Z LN -9300904.46 126058510.9
CONVENIENCE FOOD 1555794Z LN -134874451.3 765640046.7
COOPERATIE VOEDI 4378105Z NA -142026.7053 639612430
COPERFIL GROUP 704457Z SM -3700821.321 403822614.4
CORAL ESTATES LT 1077210Z LN -3811477.291 130784942.2
COSMOS SHIPPING 4174421Z NA -1136567.873 304070874
CP - COMBOIOS DE 1005Z PL -4195211526 1509194227
CPI MORTARS LTD 1751696Z LN -29967019.24 109083038.2
CRAEGMOOR LTD 1652880Z LN -13908471.04 565526373.2
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CRESPI SPA LG5 GR -31539726.86 283701481.7
CRESPI SPA CRE BQ -31539726.86 283701481.7
CRESPI SPA CRE IM -31539726.86 283701481.7
CRESPI SPA CRE1 TQ -31539726.86 283701481.7
CRESPI SPA CRE1 EO -31539726.86 283701481.7
CRESPI SPA GVCIF US -31539726.86 283701481.7
CRESPI SPA CRE1 PZ -31539726.86 283701481.7
CRESPI SPA CRE1 EU -31539726.86 283701481.7
CRESPI SPA CRE1 IX -31539726.86 283701481.7
CRESPI SPA CRE EB -31539726.86 283701481.7
CSC COMPUTER SCI 3894278Z LN -153050119.7 2920396956
CUCINA LUX INVES 4503083Z LN -823469393.1 3170276006
D/S TORM 3424559Q IX -103200000 1720099968
D/S TORM ADSSF US -103200000 1720099968
D/S TORM TORDF US -103200000 1720099968
D/S TORM TORM NR -103200000 1720099968
DAGESTAN ENERGY DASB RU -270759989.2 115660592.8
DAGESTAN ENERGY DASBG RU -270759989.2 115660592.8
DAGESTAN ENERGY DASB RM -270759989.2 115660592.8
DAGESTAN ENERGY DASB* RU -270759989.2 115660592.8
DANA PETROLEUM N ENER NO -49442800.46 261409223.6
DANIILIDIS PA-RT DANILR GA -60522431.53 735697511.6
DANIILIDIS PANAG DANIL GA -60522431.53 735697511.6
DANKA BUS SYSTEM 3205287Q EU -497126976 121439000
DANKA BUS SYSTEM 3205283Q EO -497126976 121439000
DANKA BUS SYSTEM DANKF US -497126976 121439000
DANKA BUS SYSTEM DNK PZ -497126976 121439000
DANKA BUS SYSTEM 3205291Q EO -497126976 121439000
DANKA BUS SYSTEM DNK IX -497126976 121439000
DANKA BUS SYSTEM DNK VX -497126976 121439000
DANKA BUS SYSTEM DNK PO -497126976 121439000
DANKA BUS SYSTEM DNK LN -497126976 121439000
DANKA BUS-$US CE DANKD AR -497126976 121439000
DANKA BUS-ADR DB6 GR -497126976 121439000
DANKA BUS-ADR DANKE US -497126976 121439000
DANKA BUS-ADR AP39 LI -497126976 121439000
DANKA BUS-ADR DANKY 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
DANNEMORA MI-NEW DMABBTA1 SS -3793151.343 188258194.6
DANNEMORA MI-RTS DMABTRB SS -3793151.343 188258194.6
DANNEMORA MINE-A 0122312D SS -3793151.343 188258194.6
DANNEMORA MINERA DMABBNOK EO -3793151.343 188258194.6
DANNEMORA MINERA DMABB BY -3793151.343 188258194.6
DANNEMORA MINERA DMAB SS -3793151.343 188258194.6
DANNEMORA MINERA DMABBO B3 -3793151.343 188258194.6
DANNEMORA MINERA DMABB EU -3793151.343 188258194.6
DANNEMORA MINERA DMABB EO -3793151.343 188258194.6
DANNEMORA MINERA DMABBNOK BY -3793151.343 188258194.6
DANNEMORA MINERA DMABNOK SS -3793151.343 188258194.6
DANNEMORA MINERA 59P GR -3793151.343 188258194.6
DANNEMORA MINERA DMABBO L3 -3793151.343 188258194.6
DANNEMORA MINERA DMABBO S2 -3793151.343 188258194.6
DANNEMORA MINERA DMABB NO -3793151.343 188258194.6
DANNEMORA MINERA DMABB SS -3793151.343 188258194.6
DANNEMORA MINERA DMABBNOK EU -3793151.343 188258194.6
DANNEMORA MINERA DMABB PZ -3793151.343 188258194.6
DARTY PLC DRTY1 EB -438442925.5 1678340661
DARTY PLC DRTYUSD EO -438442925.5 1678340661
DARTY PLC DRTY EU -438442925.5 1678340661
DARTY PLC DRTYEUR EU -438442925.5 1678340661
DARTY PLC DRTYI GR -438442925.5 1678340661
DARTY PLC KESA9 EO -438442925.5 1678340661
DARTY PLC KESA NR -438442925.5 1678340661
DARTY PLC KES1 EO -438442925.5 1678340661
DARTY PLC DRTYUSD EU -438442925.5 1678340661
DARTY PLC DRTY TQ -438442925.5 1678340661
DARTY PLC DRTYP S2 -438442925.5 1678340661
DARTY PLC KESA5 EO -438442925.5 1678340661
DARTY PLC KESAF US -438442925.5 1678340661
DARTY PLC DRTY EO -438442925.5 1678340661
DARTY PLC KE4 GK -438442925.5 1678340661
DARTY PLC KESA QM -438442925.5 1678340661
DARTY PLC KESA NQ -438442925.5 1678340661
DARTY PLC DRTY QM -438442925.5 1678340661
DARTY PLC DRTY IX -438442925.5 1678340661
DARTY PLC KESA4 EO -438442925.5 1678340661
DARTY PLC KESA IX -438442925.5 1678340661
DARTY PLC DRTYP B3 -438442925.5 1678340661
DARTY PLC DRTY1 IX -438442925.5 1678340661
DARTY PLC KESA8 EO -438442925.5 1678340661
DARTY PLC DRTYL L3 -438442925.5 1678340661
DARTY PLC DRTYP L3 -438442925.5 1678340661
DARTY PLC KESA S1 -438442925.5 1678340661
DARTY PLC DRTYGBP EO -438442925.5 1678340661
DARTY PLC KESA EO -438442925.5 1678340661
DARTY PLC DRTY FP -438442925.5 1678340661
DARTY PLC DRTYL S2 -438442925.5 1678340661
DARTY PLC KESA7 EO -438442925.5 1678340661
DARTY PLC DRTYEUR EO -438442925.5 1678340661
DARTY PLC KESA BQ -438442925.5 1678340661
DARTY PLC DRTY1 TQ -438442925.5 1678340661
DARTY PLC KESA6 EO -438442925.5 1678340661
DARTY PLC KESA3 EO -438442925.5 1678340661
DARTY PLC KSA FP -438442925.5 1678340661
DARTY PLC KE4 GR -438442925.5 1678340661
DARTY PLC DRTYL B3 -438442925.5 1678340661
DARTY PLC DRTY LN -438442925.5 1678340661
DARTY PLC DRTY EB -438442925.5 1678340661
DARTY PLC KESA2 EO -438442925.5 1678340661
DARTY PLC KESA TQ -438442925.5 1678340661
DARTY PLC KESA EB -438442925.5 1678340661
DAVENHAM GROUP P DAV PZ -57318753.57 114702989.3
DAVENHAM GROUP P DAVEUR EO -57318753.57 114702989.3
DAVENHAM GROUP P DAH TH -57318753.57 114702989.3
DAVENHAM GROUP P DAV PG -57318753.57 114702989.3
DAVENHAM GROUP P DAV EO -57318753.57 114702989.3
DAVENHAM GROUP P DAV LN -57318753.57 114702989.3
DAVENHAM GROUP P DAH GR -57318753.57 114702989.3
DAVENHAM GROUP P DAV EU -57318753.57 114702989.3
DE LA RUE PLC DL1C GR -117201923.4 803931943.1
DE LA RUE PLC DLARL B3 -117201923.4 803931943.1
DE LA RUE PLC DLARUSD EO -117201923.4 803931943.1
DE LA RUE PLC DLAR6 EO -117201923.4 803931943.1
DE LA RUE PLC DLAR BQ -117201923.4 803931943.1
DE LA RUE PLC DL1C GK -117201923.4 803931943.1
DE LA RUE PLC DLAR LN -117201923.4 803931943.1
DE LA RUE PLC DLA EO -117201923.4 803931943.1
DE LA RUE PLC DL1B GR -117201923.4 803931943.1
DE LA RUE PLC DLAR IX -117201923.4 803931943.1
DE LA RUE PLC DLAR3 EO -117201923.4 803931943.1
DE LA RUE PLC DLAR VX -117201923.4 803931943.1
DE LA RUE PLC DLAR PZ -117201923.4 803931943.1
DE LA RUE PLC DLAR7 EO -117201923.4 803931943.1
DE LA RUE PLC DLAR QX -117201923.4 803931943.1
DE LA RUE PLC DLAR NR -117201923.4 803931943.1
DE LA RUE PLC DLAR4 EO -117201923.4 803931943.1
DE LA RUE PLC DLRUF US -117201923.4 803931943.1
DE LA RUE PLC DLAREUR EU -117201923.4 803931943.1
DE LA RUE PLC DLAR TQ -117201923.4 803931943.1
DE LA RUE PLC DELRF US -117201923.4 803931943.1
DE LA RUE PLC DLAR EB -117201923.4 803931943.1
DE LA RUE PLC DLAR2 EO -117201923.4 803931943.1
DE LA RUE PLC DLARL S2 -117201923.4 803931943.1
DE LA RUE PLC DLAREUR EO -117201923.4 803931943.1
DE LA RUE PLC DLAR EU -117201923.4 803931943.1
DE LA RUE PLC DLAR NQ -117201923.4 803931943.1
DE LA RUE PLC DL1A GR -117201923.4 803931943.1
DE LA RUE PLC DLAR PO -117201923.4 803931943.1
DE LA RUE PLC DLAR QM -117201923.4 803931943.1
DE LA RUE PLC DLARGBP EO -117201923.4 803931943.1
DE LA RUE PLC DLAR8 EO -117201923.4 803931943.1
DE LA RUE PLC DLARCHF EO -117201923.4 803931943.1
DE LA RUE PLC DLARF US -117201923.4 803931943.1
DE LA RUE PLC DLARL L3 -117201923.4 803931943.1
DE LA RUE PLC DLAR9 EO -117201923.4 803931943.1
DE LA RUE PLC DL1 GR -117201923.4 803931943.1
DE LA RUE PLC DLAR EO -117201923.4 803931943.1
DE LA RUE PLC DLARUSD EU -117201923.4 803931943.1
DE LA RUE PLC DLAR1 EO -117201923.4 803931943.1
DE LA RUE PLC DLARCHF EU -117201923.4 803931943.1
DE LA RUE PLC DLAR5 EO -117201923.4 803931943.1
DE LA RUE PLC DLAR S1 -117201923.4 803931943.1
DE LA RUE-ADR DERUY US -117201923.4 803931943.1
DE LA RUE-ADR DLUEY US -117201923.4 803931943.1
DE LA RUE-PREF DLAP LN -117201923.4 803931943.1
DE LA RUE-PREF 3115438Q EU -117201923.4 803931943.1
DE LA RUE-PREF DLAP PZ -117201923.4 803931943.1
DE STEFANO INVES 3814768Z LN -1732230.02 173800412
DESMET BALLESTRA 2850262Z BB -53278497.25 285006991.6
DEVELICA DEUTSCH DDE LN -79827494.88 1139643575
DEVELICA DEUTSCH D4B GR -79827494.88 1139643575
DEVELICA DEUTSCH DDE PZ -79827494.88 1139643575
DEVELICA DEUTSCH DDE IX -79827494.88 1139643575
DEVELICA DEUTSCH DDE PG -79827494.88 1139643575
DIAMOND RESORT H 1710824Z LN -56236300.33 207842375.5
DIAMOND RESORTS 1578906Z LN -9597397.72 221635081.8
DIAS AQUA-R REPO DIFFV11 GA -91570508.17 151745904.4
DIAS AQUACU-REPO DIFFL11 GA -91570508.17 151745904.4
DIAS AQUACULTURE DIFF EO -91570508.17 151745904.4
DIAS AQUACULTURE DIFF GA -91570508.17 151745904.4
DIAS AQUACULTURE DIFF EU -91570508.17 151745904.4
DIAS AQUACULTURE DIFFY B3 -91570508.17 151745904.4
DIAS AQUACULTURE DIFFY S2 -91570508.17 151745904.4
DIAS AQUACULTURE DIFF PZ -91570508.17 151745904.4
DIAS AQUACULTURE DIFFY L3 -91570508.17 151745904.4
DIBAQ DIPROTEG 937530Z SM -6314112.019 147817872.4
DIMA COSTRUZIONI 4526911Z IM -14681477.1 426157772.4
DIMAFIN SPA 2727163Z IM -63237310.55 270853808.6
DIOKI DD DIOKRA CZ -38207781.04 346383251.3
DIOKI DD DIOKRHRK EO -38207781.04 346383251.3
DIOKI DD DIOKRHRK EU -38207781.04 346383251.3
DIRECT ENERGIE ALDIR FP -44827553.48 1104547436
DIRECT ENERGIE ALPWO EU -44827553.48 1104547436
DIRECT ENERGIE 4PO GR -44827553.48 1104547436
DIRECT ENERGIE ALPWO EO -44827553.48 1104547436
DISENOS URBANOS 4367969Z SM -2536463.405 337554175.8
DISPOSABLE SOFT 1124335Z LN -55495561.19 182341357.2
DLJ UK HOLDING 1774497Z LN -96350000 13366606848
DNEPROPETROVSK DMZP UZ -135620115 517236634.7
DNIP METAL-Y Z-D DMZK UZ -5182981.244 100742357.9
DNIPROVSKY IRON DMKD UZ -377295526 1251619779
DONCASTERS GROUP 996146Z LN -520880935.7 1738381297
DRIVE ASSIST HOL 3641135Z LN -526668613.4 370637648.1
DSS DSS EO -166261774 117382164.4
DSS DSS PW -166261774 117382164.4
DSS DSS EU -166261774 117382164.4
DSS SA DSSW S2 -166261774 117382164.4
DSS SA DSSW L3 -166261774 117382164.4
DSS SA DSSW B3 -166261774 117382164.4
DSS-PDA DSSA PW -166261774 117382164.4
DTZ DEBENHAM TIE 1637608Z LN -127198668.5 136733329.8
DUFERCO LA LOUVI 4169149Z BB -102578634.2 322222513.5
DUNLOP OIL & MAR 1787361Z LN -901430.9925 178852029.9
E ON UK CHP LTD 2642428Z LN -549915134.6 296660127.5
EAST LONDON BUS 4453289Z LN -25646993.29 493649937.7
EAST-SIBERIA-BRD VSNK* RU -92283731.58 299863617.2
EAST-SIBERIA-BRD VSNK RU -92283731.58 299863617.2
EAST-SIBERIAN-BD VSNK$ RU -92283731.58 299863617.2
EASYDIS SAS 4470559Z FP -7560619.382 256995570.2
EASYNET GROUP ESY VX -13323427.13 573001458.7
EASYNET GROUP EAY GR -13323427.13 573001458.7
EASYNET GROUP ESY PO -13323427.13 573001458.7
EASYNET GROUP EZNGF US -13323427.13 573001458.7
EASYNET GROUP-CV 91009Z LN -13323427.13 573001458.7
EATON ELECTRIC B 2017671Z NA -1841796.041 130595897
ECONOMIST NEWSPA 6888Z LN -17266078.7 388318853.7
ECS COMPUTER SYS ECS FP -109890400.7 681800759.1
EDENRED EDENP B3 -1922075941 5280232751
EDENRED QSV TH -1922075941 5280232751
EDENRED EDENUSD EO -1922075941 5280232751
EDENRED EDEN QM -1922075941 5280232751
EDENRED EDENP S2 -1922075941 5280232751
EDENRED EDEN EO -1922075941 5280232751
EDENRED QSV GR -1922075941 5280232751
EDENRED EDEN FP -1922075941 5280232751
EDENRED EDEN EB -1922075941 5280232751
EDENRED EDEN BQ -1922075941 5280232751
EDENRED EDEN TQ -1922075941 5280232751
EDENRED EDENP L3 -1922075941 5280232751
EDENRED EDEN EU -1922075941 5280232751
EDENRED EDEN PZ -1922075941 5280232751
EDENRED EDEN S1 -1922075941 5280232751
EDENRED EDEN IX -1922075941 5280232751
EDENRED EDEN QX -1922075941 5280232751
EDENRED EDENUSD EU -1922075941 5280232751
EDENRED EDNMF US -1922075941 5280232751
EDENRED - NEW EDENV EU -1922075941 5280232751
EDENRED - NEW EDENV FP -1922075941 5280232751
EDENRED - NEW EDENVEUR EO -1922075941 5280232751
EDENRED - NEW 09317EUR EO -1922075941 5280232751
EDENRED - NEW 09317EUR EU -1922075941 5280232751
EDENRED - NEW 0931985D FP -1922075941 5280232751
EDENRED SA-ADR EDNMY US -1922075941 5280232751
EDENRED-NEW 0931986D FP -1922075941 5280232751
EDENRED-NEW 0675161D FP -1922075941 5280232751
EDF EN OUTRE MER 4679713Z FP -10380130.59 110553300
EDF ENERGY 1 LTD 1201287Z LN -176604137.1 557591129.7
EDRASIS C. PSALL EDRAR GA -114527235.1 168611130.1
EDRASIS PSALIDAS EDRA PZ -114527235.1 168611130.1
EDRASIS PSALIDAS EDRA EU -114527235.1 168611130.1
EDRASIS PSALIDAS EPP GR -114527235.1 168611130.1
EDRASIS PSALIDAS EDRA EO -114527235.1 168611130.1
EDRASIS PSALIDAS EDRA GA -114527235.1 168611130.1
EDRASIS-AUCTION EDRAE GA -114527235.1 168611130.1
EITZEN CHEMI-ADR EITZY US -132635000 865660992
EITZEN CHEMICAL ECHEM PZ -132635000 865660992
EITZEN CHEMICAL ECHEM TQ -132635000 865660992
EITZEN CHEMICAL ECHEM SS -132635000 865660992
EITZEN CHEMICAL CHEM NO -132635000 865660992
EITZEN CHEMICAL ECHEMO B3 -132635000 865660992
EITZEN CHEMICAL ECHM IX -132635000 865660992
EITZEN CHEMICAL ECHEMEUR EO -132635000 865660992
EITZEN CHEMICAL ECHEMO S2 -132635000 865660992
EITZEN CHEMICAL ECHEM NO -132635000 865660992
EITZEN CHEMICAL ECHEM EU -132635000 865660992
EITZEN CHEMICAL E8H GR -132635000 865660992
EITZEN CHEMICAL ECHEMEUR EU -132635000 865660992
EITZEN CHEMICAL ECHEMO L3 -132635000 865660992
EITZEN CHEMICAL ECHEM EO -132635000 865660992
EITZEN CHEMICAL ECHEM BY -132635000 865660992
EITZEN CHEMICAL EITZF US -132635000 865660992
ELITE HOTELS ROT 3818480Z LN -9353175.991 160453512.8
ELITE SHIPPING ELSP DC -27715992.18 100892901.9
ELLERSTON GEMS O 4781417Z ID -4056745.81 195867216.9
EM.TV & MERC-NEW ETV1 NM -22067243.56 849175624.7
EM.TV & MERC-NEW ETV1 GR -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 GR -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 NM -22067243.56 849175624.7
EM.TV & MERCHAND 985403Q GR -22067243.56 849175624.7
EM.TV & MERCHAND ETV LN -22067243.56 849175624.7
EM.TV & MERCHAND ETV NM -22067243.56 849175624.7
EM.TV & MERCHAND 0881480D US -22067243.56 849175624.7
EM.TV & MERCHAND ETV VX -22067243.56 849175624.7
EM.TV & MERCHAND EMTVF US -22067243.56 849175624.7
EMCOR GROUP UK P 376717Z LN -6538600.194 173540446
EMI GROUP -ASSD EMIA LN -2265973885 2950096964
EMI GROUP LTD EMI LN -2265973885 2950096964
EMI GROUP PLC EMI PO -2265973885 2950096964
EMI GROUP PLC EMI VX -2265973885 2950096964
EMI GROUP PLC 3020138Q GR -2265973885 2950096964
EMI GROUP PLC EMIPF US -2265973885 2950096964
EMI GROUP PLC EMI IX -2265973885 2950096964
EMI GROUP PLC-B 1019425Q LN -2265973885 2950096964
EMI GROUP-ADR EMI$ LN -2265973885 2950096964
EMI GROUP-ADR 38IS LN -2265973885 2950096964
EMI GROUP-ADR EMIPY US -2265973885 2950096964
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
EMPRESA DE DESEN 3635623Z PL -474057586.2 908088594.2
ENER PETROLEUM A ENEPF US -49442800.46 261409223.6
ENERGY POWER RES 510443Z LN -44526127.81 138151227.6
EQUINITI LTD 977621Z LN -190266907.4 912192915.6
EQUITY INSURANCE 1675200Z LN -111525678.8 387274841.6
ERM GROUP HOLDIN 3125976Z LN -175924992 616248000
ESPORTA HEALTH & 1689624Z LN -27473342.77 278556794.5
ESTALEIROS NAVAI 4507307Z PL -182902840 188576452
ETHEL AUSTIN INV 1089202Z LN -38259689.04 225745160.1
ETHICAL HLDG-ADR ETHCY US -33856000 252476000
EUPHONY HOLDINGS 4449041Z LN -22471921.86 112865190.8
EURCO FINANCE 3799980Z ID -48644964.48 679151283.8
EURO DISNEY SCA EDIS CN -285631281.5 2901760504
EURO DISNEY SCA EUDI LI -285631281.5 2901760504
EURO DISNEY SCA EDLP S2 -285631281.5 2901760504
EURO DISNEY SCA EDLB BB -285631281.5 2901760504
EURO DISNEY SCA EDIS BB -285631281.5 2901760504
EURO DISNEY SCA EDLP L3 -285631281.5 2901760504
EURO DISNEY SCA EDLP B3 -285631281.5 2901760504
EURO DISNEY-ADR 1800P US -285631281.5 2901760504
EURO DISNEY-NEW EDLN FP -285631281.5 2901760504
EURO DISNEY-NONR 2862678Q EU -285631281.5 2901760504
EURO DISNEY-NONR 3663498Q PZ -285631281.5 2901760504
EURO DISNEY-NONR EDIG IX -285631281.5 2901760504
EURO DISNEY-NONR EDLNR FP -285631281.5 2901760504
EURO DISNEY-NONR EDI GR -285631281.5 2901760504
EURO DISNEY-NONR EDLY IX -285631281.5 2901760504
EURO DISNEY-NONR ERDBF US -285631281.5 2901760504
EURO DISNEY-NONR 2862682Q EO -285631281.5 2901760504
EURO DISNEY-NP EUDN LN -285631281.5 2901760504
EURO DISNEY-OLD EURD BB -285631281.5 2901760504
EURO DISNEY-RCPT EUD VX -285631281.5 2901760504
EURO DISNEY-RCPT ERDDF US -285631281.5 2901760504
EURO DISNEY-RCPT EUD PO -285631281.5 2901760504
EURO DISNEY-RCPT EUD LN -285631281.5 2901760504
EURO DISNEY-REGR EDL IX -285631281.5 2901760504
EURO DISNEY-REGR EDIA GR -285631281.5 2901760504
EURO DISNEY-REGR EDL QM -285631281.5 2901760504
EURO DISNEY-REGR EDL1 TH -285631281.5 2901760504
EURO DISNEY-REGR EDLP IX -285631281.5 2901760504
EURO DISNEY-REGR EDL EU -285631281.5 2901760504
EURO DISNEY-REGR EUDSF US -285631281.5 2901760504
EURO DISNEY-REGR EDL TQ -285631281.5 2901760504
EURO DISNEY-REGR EDIA TH -285631281.5 2901760504
EURO DISNEY-REGR EDLP PZ -285631281.5 2901760504
EURO DISNEY-REGR EDL BQ -285631281.5 2901760504
EURO DISNEY-REGR EDL EB -285631281.5 2901760504
EURO DISNEY-REGR EDL S1 -285631281.5 2901760504
EURO DISNEY-REGR EDL EO -285631281.5 2901760504
EURO DISNEY-REGR EDL FP -285631281.5 2901760504
EURO DISNEY-RGT EDI1 GR -285631281.5 2901760504
EURO DISNEY-RGT EDLDS FP -285631281.5 2901760504
EURO DISNEY-RTS 2761245Q FP -285631281.5 2901760504
EURO DISNEY-RTS EDISS5 BB -285631281.5 2901760504
EUROCEANICA UK L 3640775Z LN -59513000 127740000
EUROCOMMERCE HOL 4174085Z NA -1476.300001 1442043983
EURODEP 4680905Z FP -20980092.52 199599003.5
EUROMEDICA EUMED GA -127941241.2 833080402.6
EUROMEDICA SA DNX GR -60522431.53 735697511.6
EUROMEDICA SA EUROMY S2 -60522431.53 735697511.6
EUROMEDICA SA EUROM EU -60522431.53 735697511.6
EUROMEDICA SA DNXA GR -60522431.53 735697511.6
EUROMEDICA SA EUMDF US -127941241.2 833080402.6
EUROMEDICA SA EUROM EO -60522431.53 735697511.6
EUROMEDICA SA EUROMY L3 -60522431.53 735697511.6
EUROMEDICA SA EUROMY B3 -60522431.53 735697511.6
EUROMEDICA SA EUROM PZ -60522431.53 735697511.6
EUROMEDICA SA EUROM GA -60522431.53 735697511.6
EUROPEAN HOME EHREUR EU -14328734.27 110864074.5
EUROPEAN HOME EHR7 EO -14328734.27 110864074.5
EUROPEAN HOME EHREUR EO -14328734.27 110864074.5
EUROPEAN HOME EHR EU -14328734.27 110864074.5
EUROPEAN HOME EHR LN -14328734.27 110864074.5
EUROPEAN HOME EHR PZ -14328734.27 110864074.5
EUROPEAN HOME EHR3 EO -14328734.27 110864074.5
EUROPEAN HOME EHR8 EO -14328734.27 110864074.5
EUROPEAN HOME EHRGBP EO -14328734.27 110864074.5
EUROPEAN HOME EHR6 EO -14328734.27 110864074.5
EUROPEAN HOME KLZ VX -14328734.27 110864074.5
EUROPEAN HOME EHR2 EO -14328734.27 110864074.5
EUROPEAN HOME FPAKF US -14328734.27 110864074.5
EUROPEAN HOME EHR1 EO -14328734.27 110864074.5
EUROPEAN HOME EHR PO -14328734.27 110864074.5
EUROPEAN HOME EHR10 EO -14328734.27 110864074.5
EUROPEAN HOME EHR9 EO -14328734.27 110864074.5
EUROPEAN HOME EHR5 EO -14328734.27 110864074.5
EUROPEAN HOME EHR4 EO -14328734.27 110864074.5
EUROPEAN HOME EHR EO -14328734.27 110864074.5
EUROPEAN HOME KLZ PO -14328734.27 110864074.5
EUROPEAN HOME EHR VX -14328734.27 110864074.5
EUROPEAN MARITIM 4523543Z NA -34804363.97 347312502.4
EXOVA GROUP L-WI 0276626D LN -197135399.8 847847879.2
EXOVA GROUP PLC EXO1 IX -197135399.8 847847879.2
EXOVA GROUP PLC EXOL S1 -197135399.8 847847879.2
EXOVA GROUP PLC EXOGBX EO -197135399.8 847847879.2
EXOVA GROUP PLC 219 GR -197135399.8 847847879.2
EXOVA GROUP PLC EXOL TQ -197135399.8 847847879.2
EXOVA GROUP PLC EXO1 EB -197135399.8 847847879.2
EXOVA GROUP PLC EXOGBX EU -197135399.8 847847879.2
EXOVA GROUP PLC EXOL B3 -197135399.8 847847879.2
EXOVA GROUP PLC EXOL L3 -197135399.8 847847879.2
EXOVA GROUP PLC EXOL S2 -197135399.8 847847879.2
EXOVA GROUP PLC EXO1 BQ -197135399.8 847847879.2
EXOVA GROUP PLC EXO LN -197135399.8 847847879.2
EXOVA PLC 4507835Z LN -23478995.65 727816532.4
EXPERT NORGE AS 4444681Z NO -7915470.255 138176736
EXPLORER NV 4289181Z BB -30272569.33 247298625.7
EXXONMOBIL MARIN 1196527Z LN -11135515.11 247074913.1
F.C. PORTO FCP PL -42858205.32 244984137.8
F.C. PORTO FBC GR -42858205.32 244984137.8
F.C. PORTO FCP EO -42858205.32 244984137.8
F.C. PORTO FCP EB -42858205.32 244984137.8
F.C. PORTO FCP IX -42858205.32 244984137.8
F.C. PORTO FCP TQ -42858205.32 244984137.8
F.C. PORTO FCP PZ -42858205.32 244984137.8
F.C. PORTO 0967973D TQ -42858205.32 244984137.8
F.C. PORTO FCP EU -42858205.32 244984137.8
F.C. PORTO FCPX PX -42858205.32 244984137.8
F.C.PORTO FCPA PL -42858205.32 244984137.8
FACEO FM 4690137Z FP -1109089.079 243429434.2
FACONNABLE SA 226782Z FP -89346646.31 148629491.9
FAR EASTERN GENE DVGC RU -287701852.5 1300213857
FAREPAK PLC FPK LN -14328734.27 110864074.5
FBEX PROMO INMOB 3745024Z SM -820030.3857 1142978438
FENERBAHCE FEBHF US -100650956.7 166259494.6
FENERBAHCE FUTBO FENER TI -100650956.7 166259494.6
FERDINAND STINGE 4040837Z NA -197824.2002 1420305383
FERGO AISA -RTS AISA/D SM -102379482.8 427577243.8
FERGO AISA SA AISA EO -102379482.8 427577243.8
FERGO AISA SA AISA SM -102379482.8 427577243.8
FERGO AISA SA AISA PZ -102379482.8 427577243.8
FERGO AISA SA AISA EU -102379482.8 427577243.8
FERGO AISA SA AISA TQ -102379482.8 427577243.8
FINAN ST FIACRE STFI FP -1274873.644 111191494.1
FINANCIAL LEASIN 137282Z RU -223005888.9 203003201.1
FINANCIAL LEASIN FLKO RU -223005888.9 203003201.1
FINANCIAL LEASIN FLKO* RU -223005888.9 203003201.1
FINANCIAL LEASIN FLKO RM -223005888.9 203003201.1
FINANCIAL SERVIC 2630281Z LN -105700509.6 414966448.4
FINANCIETOREN NV 3729210Z BB -62644343.22 728523980
FINANSIERINGSSEL 3977156Z DC -2410330.413 110737438.4
FINMATICA SPA FIN IM -126386016.2 281256000.7
FINMATICA SPA 0882440D GR -126386016.2 281256000.7
FINMATICA SPA FIN NM -126386016.2 281256000.7
FINMATICA SPA FMTAF US -126386016.2 281256000.7
FIRST CHOICE HOL 1098394Z LN -599861682.6 608849393.2
FIRST HYDRO HOLD 3640695Z LN -138234986.9 787284226.6
FIRST MILK CHEES 2747070Z LN -2831489.514 219885072.7
FLAMEL TECH-ADR FL3 GR -9512000 116252000
FLAMEL TECH-ADR FLML US -9512000 116252000
FLAMEL TECH-ADR FLMLY US -9512000 116252000
FLAMEL TECH-ADR+ FLML ES -9512000 116252000
FLAMEL TECHNOLOG 223386Z FP -9512000 116252000
FLECTAT LTD 1160967Z LN -63473735.47 1370214089
FLOWTECH FLUIDPO FLO LN -21847240.78 106259293.7
FLOWTECH FLUIDPO 0984685D LN -21847240.78 106259293.7
FLOWTECH FLUIDPO FLOGBX EO -21847240.78 106259293.7
FLOWTECH FLUIDPO FLOL B3 -21847240.78 106259293.7
FLOWTECH FLUIDPO FLOGBX EU -21847240.78 106259293.7
FLOWTECH FLUIDPO FLOL S2 -21847240.78 106259293.7
FLOWTECH FLUIDPO FLOL L3 -21847240.78 106259293.7
FLOWTECH LTD 499847Z LN -18077345.85 100846577.2
FLYBE LTD 6621Z LN -49079850.55 583184106.6
FNAC DIRECT SA 4517575Z FP -1415497.026 186135619.4
FNAC PARIS SA 4517559Z FP -17638041.28 142283698.6
FOL INTERNATIONA 4513251Z ID -58270033.92 351871611.7
FORD MOTOR CO LT 1291306Z LN -1778499089 4554256762
FORTHNET R-R FORTV10 GA -131226101.1 813393945.9
FORTHNET REPO FORTL10 GA -131226101.1 813393945.9
FORTHNET SA FORTH GA -131226101.1 813393945.9
FORTHNET SA FRHNF US -131226101.1 813393945.9
FORTHNET SA FN6 GR -131226101.1 813393945.9
FORTHNET SA FORTH EU -131226101.1 813393945.9
FORTHNET SA FNETF US -131226101.1 813393945.9
FORTHNET SA FORTHY S2 -131226101.1 813393945.9
FORTHNET SA FORTHY B3 -131226101.1 813393945.9
FORTHNET SA FORTH EO -131226101.1 813393945.9
FORTHNET SA FORTHY L3 -131226101.1 813393945.9
FORTHNET SA FN61 GR -131226101.1 813393945.9
FORTHNET SA FORTH PZ -131226101.1 813393945.9
FORTHNET SA- RTS FORTHR GA -131226101.1 813393945.9
FORTHNET SA- RTS FORTHEUR EO -131226101.1 813393945.9
FORTHNET SA- RTS FORTHEUR EU -131226101.1 813393945.9
FORTHNET SA-RT 2905043Q GA -131226101.1 813393945.9
FORTHNET SA-RTS 0918102D GA -131226101.1 813393945.9
FORTHNET-AUCTION FORTHE GA -131226101.1 813393945.9
FOTOVISTA 666680Z FP -164906523.7 144423244.8
FOUR SEASONS HEA 1865450Z LN -84016616.9 292940709.6
FRANFINANCE LOCA 4689993Z FP -69780272.15 1638836238
FREE RECORD SHOP 776709Q US -1845202.816 135750172.5
FREE RECORD SHOP FRSHN NA -1845202.816 135750172.5
FREE RECORD-NEW 2922Q US -1845202.816 135750172.5
FREE RECORD-STK FREES NA -1845202.816 135750172.5
FRENCH CONNECTIO 1092170Z LN -40929520.56 129544535.9
FRESHWATER FINAN 699575Z ID -356859861.6 2117171097
FRUIT OF THE LOO 4459361Z ID -129450693 366080811.1
FUGRO-GEOTEAM AS 4777049Z NO -26835943.96 280819059.2
FUND FOR ORDERED 3451402Z SM -2411855924 12405762920
FUNDING CORP LTD 4157637Z LN -10945761.45 110862719.6
FUTEBOL CLUBE DO FCPU B3 -42858205.32 244984137.8
FUTEBOL CLUBE DO FCPU L3 -42858205.32 244984137.8
FUTEBOL CLUBE DO FCPU S2 -42858205.32 244984137.8
FW FARNSWORTH LT 1293386Z LN -65739932.28 107240946.6
G4S SECURE SOL 1383954Z LN -98910616.11 439870371.2
GALATASARAY SPOR GSRAY TI -22365114.5 326484624.9
GALATASARAY SPOR GSY GR -22365114.5 326484624.9
GALATASARAY SPOR GATSF US -22365114.5 326484624.9
GALATASARAY SPOR GALA IX -22365114.5 326484624.9
GALATASARAY SPOR GSRAYR TI -22365114.5 326484624.9
GALATASARAY-NEW GSRAYY TI -22365114.5 326484624.9
GALIFORM CORPORA 1478794Z LN -42240607.6 356838258.9
GALLAGHER UK LTD 4422897Z LN -8986482.825 196569821.2
GARTLAND WHALLEY GWB LN -10987103.36 145356463.2
GAZ-FINANS OOO GAZF RU -56134.51002 232319894.6
GCE CAR LEASE 4702065Z FP -7806755.31 182812509.2
GE POWER CONTROL 3744144Z SM -96711575.3 106573693.4
GENERAL MOTORS 1062338Z LN -1338828101 1405907508
GENERAL MOTORS E 4286805Z SM -130164650.7 1247917529
GENERAL MOTORS N 3894534Z NA -3395588.107 324227866.3
GEOBAN UK LTD 1207967Z LN -151608.7187 126736022.7
GERIMEX BV 3820372Z NA -944079.0697 121833289.5
GESTESA DESARROL 3797476Z SM -17369623.2 398147084.9
GFI SOFTWARE S.A 0620577D US -102039000 369868992
GFI SOFTWARE S.A GFIX US -102039000 369868992
GFI SOFTWARE S.A GFIS US -102039000 369868992
GGT GROUP PLC 500970Q LN -156372272 408211200.9
GGT GROUP-ADR GGTRY US -156372272 408211200.9
GLAXOSMITHKLINE 1426Z LN -4969083.544 12826999154
GLENCORE ESPANA 3752336Z SM -113656.5233 446394459.3
GLOBAL CROSSING 3629883Z LN -557337702.6 411789919.4
GONDOLA GROUP LT 4499995Z LN -566856039 1428301072
GOODYEAR DUNLOP 3894550Z LN -22810264.61 231945503.3
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDES ALMACENE 4376721Z SM -6342478.213 162039364.8
GRANDS MOU PARIS 2034Q FP -11018592.03 208032635
GRAZHDANSKIE SAM GSSU RU -275658016 2386185984
GREAT EASTERN HO 1708272Z LN -2658815.378 146098413
GREEN WIND ENERG GW DC -11320362.36 176234024
GREEN WIND ENERG GWEUR EO -11320362.36 176234024
GREEN WIND ENERG G7W1 GR -11320362.36 176234024
GREEN WIND ENERG GW EO -11320362.36 176234024
GREEN WIND ENERG GW PZ -11320362.36 176234024
GREEN WIND ENERG GW BY -11320362.36 176234024
GREEN WIND ENERG GW EU -11320362.36 176234024
GREEN WIND ENERG GWEUR EU -11320362.36 176234024
GROUPE PROGRES S 4734137Z FP -128396484.9 136275389.6
GRUPO EZENTIS SA AVZ NR -14372275.23 222306266.2
GRUPO EZENTIS SA EZEGBX EO -14372275.23 222306266.2
GRUPO EZENTIS SA 0678040D SM -14372275.23 222306266.2
GRUPO EZENTIS SA RDT GR -14372275.23 222306266.2
GRUPO EZENTIS SA EZE IX -14372275.23 222306266.2
GRUPO EZENTIS SA EZEGBP EO -14372275.23 222306266.2
GRUPO EZENTIS SA EZE SM -14372275.23 222306266.2
GRUPO EZENTIS SA 1003287D SM -14372275.23 222306266.2
GRUPO EZENTIS SA AVZ PZ -14372275.23 222306266.2
GRUPO EZENTIS SA EZE EU -14372275.23 222306266.2
GRUPO EZENTIS SA EZED EB -14372275.23 222306266.2
GRUPO EZENTIS SA EZED IX -14372275.23 222306266.2
GRUPO EZENTIS SA EZE EO -14372275.23 222306266.2
GRUPO EZENTIS SA EZE TQ -14372275.23 222306266.2
GRUPO EZENTIS SA AVZTF US -14372275.23 222306266.2
GRUPO EZENTIS SA EZED TQ -14372275.23 222306266.2
GRUPO EZENTIS SA EZE EB -14372275.23 222306266.2
GRUPO EZENTIS SA EZE PZ -14372275.23 222306266.2
GRUPO EZENTIS SA EZEGBX EU -14372275.23 222306266.2
GRUPO EZENTIS SA EZE/DEUR EU -14372275.23 222306266.2
GRUPO EZENTIS SA EZE/DEUR EO -14372275.23 222306266.2
GRUPO EZENTIS SA EZE/D SM -14372275.23 222306266.2
GRUPO EZENTIS SA EZE S1 -14372275.23 222306266.2
GRUPO EZENTIS SA EZEE B3 -14372275.23 222306266.2
GRUPO EZENTIS SA EZEE L3 -14372275.23 222306266.2
GRUPO EZENTIS SA EZEE S2 -14372275.23 222306266.2
GRUPO PICKING PA GPP SM -92173952.82 105149402.3
GRUPO PICKING PA GPPKF US -92173952.82 105149402.3
GRUPO PICKING PA GPP VX -92173952.82 105149402.3
GRUPO PICKING-RT GPP/D SM -92173952.82 105149402.3
GRUPO TAVEX SA TVX IX -10622070.67 655950832
GRUPO TAVEX SA TVX SM -10622070.67 655950832
GRUPO TAVEX SA TVXAF US -10622070.67 655950832
GRUPO TAVEX SA TV3 GR -10622070.67 655950832
GRUPO TAVEX SA TVXE B3 -10622070.67 655950832
GRUPO TAVEX SA TVX TQ -10622070.67 655950832
GRUPO TAVEX SA TVXE L3 -10622070.67 655950832
GRUPO TAVEX SA TVX EU -10622070.67 655950832
GRUPO TAVEX SA TVXE S2 -10622070.67 655950832
GRUPO TAVEX SA TVX EB -10622070.67 655950832
GRUPO TAVEX SA TVX S1 -10622070.67 655950832
GRUPO TAVEX SA TVX EO -10622070.67 655950832
GS MULTI-CURRENC 4780921Z ID -218031502.7 1766463253
GUENTHER & SOHN GUS EU -9612095.264 130075209
GUENTHER & SOHN GUS EO -9612095.264 130075209
GUENTHER & SOHN 0876248D PZ -9612095.264 130075209
GUENTHER & SOHN GUS GR -9612095.264 130075209
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
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 -21861848.05 194042457.9
GURIEVSKY-BRD GUMZ RU -21861848.05 194042457.9
HALCROW HOLDINGS 3892894Z LN -450918508.2 264786827
HARMSWORTH PRINT 1552314Z LN -5997756.143 101541044.1
HARMSWORTH QUAYS 1552378Z LN -98887198.25 199544701.9
HARVEY NORMAN HO 4781809Z ID -119046067 111163663.4
HATZIOANNOU HATZK PZ -54973436.99 102255716.8
HATZIOANNOU HATZK GA -54973436.99 102255716.8
HATZIOANNOU HZI1 GR -54973436.99 102255716.8
HATZIOANNOU HATZK EO -54973436.99 102255716.8
HATZIOANNOU HATZK EU -54973436.99 102255716.8
HATZIOANNOU ANON HATZP PZ -54973436.99 102255716.8
HATZIOANNOU ANON HATZP EO -54973436.99 102255716.8
HATZIOANNOU ANON HATZP EU -54973436.99 102255716.8
HATZIOANNOU ANON HATZP GA -54973436.99 102255716.8
HATZIOANNOU-RTS HATZKR GA -54973436.99 102255716.8
HAYMARKET GROUP 4158941Z LN -72068008.6 252361040.7
HBPOLSKA HBP LI -239476687.5 175703330.6
HBPOLSKA HBP EO -239476687.5 175703330.6
HBPOLSKA HBP EU -239476687.5 175703330.6
HBPOLSKA HBPEUR EU -239476687.5 175703330.6
HBPOLSKA HBW PW -239476687.5 175703330.6
HBPOLSKA HBPEUR EO -239476687.5 175703330.6
HBPOLSKA HBWL PZ -239476687.5 175703330.6
HBPOLSKA HBP PW -239476687.5 175703330.6
HBPOLSKA-PD-ALLT HBPA PW -239476687.5 175703330.6
HEEGH AUTOLINERS 4389209Z NO -812350.1488 537484504.9
HELI-ONE NORWAY 4632761Z NO -79370156.68 663779418
HELLAS ONLIN-RTS HOLR GA -14593256.38 387577431.6
HELLAS ONLINE SA HOLY L3 -14593256.38 387577431.6
HELLAS ONLINE SA HOL GA -14593256.38 387577431.6
HELLAS ONLINE SA HOLY S2 -14593256.38 387577431.6
HELLAS ONLINE SA BRAIN PZ -14593256.38 387577431.6
HELLAS ONLINE SA 0394471Q GA -14593256.38 387577431.6
HELLAS ONLINE SA HOLY B3 -14593256.38 387577431.6
HELLAS ONLINE SA BRAIN EO -14593256.38 387577431.6
HELLAS ONLINE SA BRAIN EU -14593256.38 387577431.6
HELLAS ONLINE SA BRAIN GA -14593256.38 387577431.6
HELLAS ONLINE SA UN5 GR -14593256.38 387577431.6
HELLENIC FAB-RTS ELYFD GA -17797878.31 143247083.6
HELLENIC FABRICS ELYFY S2 -17797878.31 143247083.6
HELLENIC FABRICS ELYF EU -17797878.31 143247083.6
HELLENIC FABRICS ELYFY L3 -17797878.31 143247083.6
HELLENIC FABRICS ELYFY B3 -17797878.31 143247083.6
HELLENIC FABRICS ELYF PZ -17797878.31 143247083.6
HELLENIC FABRICS ELYF EO -17797878.31 143247083.6
HELLENIC FABRICS ELYF GA -17797878.31 143247083.6
HELLENIC FISH FA ELFISY L3 -5132660.7 111346543.2
HELLENIC FISH FA ELFIS GA -5132660.7 111346543.2
HELLENIC FISH FA ELFISY S2 -5132660.7 111346543.2
HELLENIC FISH FA ELFISY B3 -5132660.7 111346543.2
HELLENIC FISH FA ELFIS EO -5132660.7 111346543.2
HELLENIC FISH FA ELFIS PZ -5132660.7 111346543.2
HELLENIC FISH FA ELFIS EU -5132660.7 111346543.2
HERSAL-INVESTIME 4764577Z PL -25242472.01 595266653.4
HESS INDONESIA P 1705776Z LN -22193000 816726976
HEWLETT-PACKARD 4470239Z FP -124782071.4 1142068103
HEWLETT-PACKARD 1963382Z LN -909454604.5 4585176328
HIBU PLC YELL7 EO -2257521127 2120614224
HIBU PLC HIBU EB -2257521127 2120614224
HIBU PLC HIBUEUR EU -2257521127 2120614224
HIBU PLC YELL6 EO -2257521127 2120614224
HIBU PLC HIBU LN -2257521127 2120614224
HIBU PLC HIBU IX -2257521127 2120614224
HIBU PLC YELL2 EO -2257521127 2120614224
HIBU PLC YELL8 EO -2257521127 2120614224
HIBU PLC YELLEUR EO -2257521127 2120614224
HIBU PLC YEL EO -2257521127 2120614224
HIBU PLC YELL EU -2257521127 2120614224
HIBU PLC YELLEUR EU -2257521127 2120614224
HIBU PLC YELLUSD EU -2257521127 2120614224
HIBU PLC YELLGBP EO -2257521127 2120614224
HIBU PLC YELL EO -2257521127 2120614224
HIBU PLC YELL IX -2257521127 2120614224
HIBU PLC YELL BQ -2257521127 2120614224
HIBU PLC YELL EB -2257521127 2120614224
HIBU PLC YELL QM -2257521127 2120614224
HIBU PLC YELL TQ -2257521127 2120614224
HIBU PLC YE1 GR -2257521127 2120614224
HIBU PLC YELL NR -2257521127 2120614224
HIBU PLC HIBU1 EO -2257521127 2120614224
HIBU PLC HIBU PZ -2257521127 2120614224
HIBU PLC HIBUGBP EO -2257521127 2120614224
HIBU PLC HIBU EU -2257521127 2120614224
HIBU PLC HIBU QM -2257521127 2120614224
HIBU PLC YE1 GK -2257521127 2120614224
HIBU PLC YELGF US -2257521127 2120614224
HIBU PLC HIBUI GR -2257521127 2120614224
HIBU PLC YELL9 EO -2257521127 2120614224
HIBU PLC HIBU EO -2257521127 2120614224
HIBU PLC YELL S1 -2257521127 2120614224
HIBU PLC YELL3 EO -2257521127 2120614224
HIBU PLC YELL5 EO -2257521127 2120614224
HIBU PLC YELL1 EO -2257521127 2120614224
HIBU PLC YELLUSD EO -2257521127 2120614224
HIBU PLC HIBU BQ -2257521127 2120614224
HIBU PLC YELL4 EO -2257521127 2120614224
HIBU PLC HIBU TQ -2257521127 2120614224
HIBU PLC HIBUUSD EU -2257521127 2120614224
HIBU PLC-ADR YELGY US -2257521127 2120614224
HIDRODATA SA 3635591Z SM -25880106.23 316307850.4
HIGHLANDS & ISLA 3965324Z LN -17267598.2 151175056.7
HIPPO GESTION ET 4732841Z FP -10616040.3 103203918.6
HISPAVIC IBERICA 4369473Z SM -7466862.615 129050823.9
HMV GROUP -GDR 276960Q GR -218494079.6 415854059.2
HMV GROUP -GDR 29362Z US -218494079.6 415854059.2
HMV GROUP PLC HMV S1 -218494079.6 415854059.2
HMV GROUP PLC HMV EO -218494079.6 415854059.2
HMV GROUP PLC HMV TQ -218494079.6 415854059.2
HMV GROUP PLC HMV EU -218494079.6 415854059.2
HMV GROUP PLC HMV1 EO -218494079.6 415854059.2
HMV GROUP PLC HMV NR -218494079.6 415854059.2
HMV GROUP PLC HMV2 EO -218494079.6 415854059.2
HMV GROUP PLC HMV PO -218494079.6 415854059.2
HMV GROUP PLC HM4 GK -218494079.6 415854059.2
HMV GROUP PLC HMV3 EO -218494079.6 415854059.2
HMV GROUP PLC HMV NQ -218494079.6 415854059.2
HMV GROUP PLC HMV PZ -218494079.6 415854059.2
HMV GROUP PLC HMV IX -218494079.6 415854059.2
HMV GROUP PLC HMV BQ -218494079.6 415854059.2
HMV GROUP PLC HMV9 EO -218494079.6 415854059.2
HMV GROUP PLC HMV LN -218494079.6 415854059.2
HMV GROUP PLC HMVEUR EU -218494079.6 415854059.2
HMV GROUP PLC HMV EB -218494079.6 415854059.2
HMV GROUP PLC HMV VX -218494079.6 415854059.2
HMV GROUP PLC HMVUSD EU -218494079.6 415854059.2
HMV GROUP PLC HM4 GR -218494079.6 415854059.2
HMV GROUP PLC HMVEUR EO -218494079.6 415854059.2
HMV GROUP PLC HMV QM -218494079.6 415854059.2
HMV GROUP PLC HMV7 EO -218494079.6 415854059.2
HMV GROUP PLC HMV5 EO -218494079.6 415854059.2
HMV GROUP PLC HMVGBP EO -218494079.6 415854059.2
HMV GROUP PLC HMVMF US -218494079.6 415854059.2
HMV GROUP PLC HMVUSD EO -218494079.6 415854059.2
HMV GROUP PLC HMV6 EO -218494079.6 415854059.2
HMV GROUP PLC HMV4 EO -218494079.6 415854059.2
HMV GROUP PLC HMV8 EO -218494079.6 415854059.2
HMV GROUP PLC HMV10 EO -218494079.6 415854059.2
HOEGH AUTOLINERS 4288645Z NO -79685780.8 1940832344
HOGG ROBINSON GR HRG11 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG S1 -31233189.25 701856693.1
HOGG ROBINSON GR HRG PZ -31233189.25 701856693.1
HOGG ROBINSON GR HRG8 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG6 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG2 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG IX -31233189.25 701856693.1
HOGG ROBINSON GR HRG EU -31233189.25 701856693.1
HOGG ROBINSON GR HRGEUR EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG7 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG9 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRGL L3 -31233189.25 701856693.1
HOGG ROBINSON GR HRG5 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG4 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRG3 EO -31233189.25 701856693.1
HOGG ROBINSON GR HOGGF US -31233189.25 701856693.1
HOGG ROBINSON GR HRGEUR EU -31233189.25 701856693.1
HOGG ROBINSON GR HRG10 EO -31233189.25 701856693.1
HOGG ROBINSON GR HRGGBP EO -31233189.25 701856693.1
HOGG ROBINSON GR HRGL S2 -31233189.25 701856693.1
HOGG ROBINSON GR HRG EO -31233189.25 701856693.1
HOGG ROBINSON GR DQX GR -31233189.25 701856693.1
HOGG ROBINSON GR HRG LN -31233189.25 701856693.1
HOGG ROBINSON GR HRG VX -31233189.25 701856693.1
HOGG ROBINSON GR HRGL B3 -31233189.25 701856693.1
HOLCIM ARIDOS SL 4371033Z SM -11196144.03 158669280.5
HOLDINGSELSKABET BODIL DC -11320362.36 176234024
HOLDINGSELSKABET BOHC IX -11320362.36 176234024
HOMEFIELD PVT UK 4501835Z LN -137159188.5 565018471.7
HOOGE RAEDT GROE 4173317Z NA -2184.103504 215791305.5
HOSPITAL DE FARO 3789880Z PL -39940408.05 525339055.1
HOSPITAL DO DIVI 3789932Z PL -185292405 172409324.6
HOTEL CORP PLC HCP PO -234301624.4 370818125.8
HOTEL CORP PLC HCP PZ -234301624.4 370818125.8
HOTEL CORP PLC HHA GR -234301624.4 370818125.8
HOTEL CORP PLC HCP LN -234301624.4 370818125.8
HOTEL CORP PLC HCP EU -234301624.4 370818125.8
HOTEL CORP PLC HHA TH -234301624.4 370818125.8
HOTEL CORP PLC HCPEUR EO -234301624.4 370818125.8
HOTEL CORP PLC HCP EO -234301624.4 370818125.8
HOTEL CORP PLC HCP PG -234301624.4 370818125.8
HOTEL CORP PLC/T HCPL B3 -234301624.4 370818125.8
HOTEL CORP PLC/T HCPL L3 -234301624.4 370818125.8
HOTEL CORP PLC/T HCPL S2 -234301624.4 370818125.8
HOTEL CORP-RFD HCPA LN -234301624.4 370818125.8
HUISVUILCENTRALE 4777713Z NA -89739.60018 1385912033
HUNE PLATAFORMAS 4284309Z SM -34729091.55 417373379.8
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
HUTCHISON 3G UK 265923Z LN -2558478023 10215382954
HYDREX HOLDINGS 4156949Z LN -150851800.9 145586068.7
HZIAM OAO HZAM UZ -541299968 170562496
I VIAGGI DEL VEN VVE TQ -209432168.7 202700610
I VIAGGI DEL VEN IV7 GR -209432168.7 202700610
I VIAGGI DEL VEN VVE IM -209432168.7 202700610
I VIAGGI DEL VEN VVE IX -209432168.7 202700610
I VIAGGI DEL VEN IVGIF US -209432168.7 202700610
I VIAGGI DEL VEN VVE PZ -209432168.7 202700610
I VIAGGI DEL VEN VVE EU -209432168.7 202700610
I VIAGGI DEL VEN VVE EO -209432168.7 202700610
I VIAGGI-RTS VVEAA IM -209432168.7 202700610
ICA NORGE AS 4511499Z NO -10597581.14 609028093.3
IDEAL STANDARD I 0288212Z LX -1224021795 1698321891
IDEAL STANDARD I 4492755Z BB -676586892.7 1579994753
IG GROUP LTD IGI LN -1338038148 453218507.9
IG GROUP PLC IGGPF US -1338038148 453218507.9
IG GROUP-ASSD IGIA LN -1338038148 453218507.9
IKON OFFICE SOLU ERHI LN -5243199.076 130041029.9
INCISIVE MED-ASD INMA LN -86381452.08 110502446.1
INCISIVE MEDIA 4030Z LN -86381452.08 110502446.1
INCISIVE MEDIA INM PO -86381452.08 110502446.1
INCISIVE MEDIA 2290657Q LN -86381452.08 110502446.1
INCISIVE MEDIA 2290661Q PZ -86381452.08 110502446.1
INCISIVE MEDIA 2292912Q VX -86381452.08 110502446.1
INCISIVE MEDIA 997071Q GR -86381452.08 110502446.1
INCISIVE MEDIA INM IX -86381452.08 110502446.1
INDUSTRIBO-B FRMHB DC -49485067.68 159639319.3
INDUSTRIBO-B INBOB DC -49485067.68 159639319.3
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
INFRAESTRUCTURAS 3639039Z SM -14511951.75 257249100.4
INFRASERV GMBH & 3999Z GR -1643026.503 1298455493
INFRATEK ENTREPR 4402489Z NO -8851664.805 122555001.7
ING LEASE FRANCE 4699881Z FP -40970505.14 342324424.9
ING RE DORTMUND/ 3819456Z NA -89466987.51 138523135
ING REIM DEVELOP 3811140Z NA -224924377.7 373174398
INTEGRALIS AG AAGN PZ -7312306.971 180437345.1
INTEGRALIS AG AAGN TH -7312306.971 180437345.1
INTEGRALIS AG ACIRF US -7312306.971 180437345.1
INTEGRALIS AG AAGN IX -7312306.971 180437345.1
INTEGRALIS-NEW AAGM GR -7312306.971 180437345.1
INTEGRALIS-NEW AAGM EO -7312306.971 180437345.1
INTEGRALIS-NEW AAGM EU -7312306.971 180437345.1
INTELSAT GLOBAL 0440101D US -782483008 16716809216
INTELSAT SA I US -782483008 16716809216
INTELSAT SA IJSA GR -782483008 16716809216
INTERCONTIN-ADR IC1C GR -89000000 3047000064
INTERCONTIN-ADR IHGA LN -89000000 3047000064
INTERCONTIN-ADR IHG US -89000000 3047000064
INTERCONTIN-ADR IHG-W US -89000000 3047000064
INTERCONTIN-ADR IC1E GR -89000000 3047000064
INTERCONTINENTAL IHGL L3 -89000000 3047000064
INTERCONTINENTAL IHG7 EO -89000000 3047000064
INTERCONTINENTAL IHGOF US -89000000 3047000064
INTERCONTINENTAL IHG S1 -89000000 3047000064
INTERCONTINENTAL IHGPEN EO -89000000 3047000064
INTERCONTINENTAL IHG TQ -89000000 3047000064
INTERCONTINENTAL IHG PZ -89000000 3047000064
INTERCONTINENTAL IHG11 EO -89000000 3047000064
INTERCONTINENTAL IHG EB -89000000 3047000064
INTERCONTINENTAL IHGUSD EO -89000000 3047000064
INTERCONTINENTAL IHG EO -89000000 3047000064
INTERCONTINENTAL IHG5 EO -89000000 3047000064
INTERCONTINENTAL IC1B GR -89000000 3047000064
INTERCONTINENTAL IHG QM -89000000 3047000064
INTERCONTINENTAL IHG8 EO -89000000 3047000064
INTERCONTINENTAL IHG VX -89000000 3047000064
INTERCONTINENTAL IC1A GK -89000000 3047000064
INTERCONTINENTAL IC1 GR -89000000 3047000064
INTERCONTINENTAL IHG PO -89000000 3047000064
INTERCONTINENTAL IHGL S2 -89000000 3047000064
INTERCONTINENTAL IHG QX -89000000 3047000064
INTERCONTINENTAL IHG10 EO -89000000 3047000064
INTERCONTINENTAL IHGCHF EO -89000000 3047000064
INTERCONTINENTAL IHG6 EO -89000000 3047000064
INTERCONTINENTAL 0615615D GR -89000000 3047000064
INTERCONTINENTAL ICHGD US -89000000 3047000064
INTERCONTINENTAL IHGGBP EO -89000000 3047000064
INTERCONTINENTAL IHGCHF EU -89000000 3047000064
INTERCONTINENTAL IHG EU -89000000 3047000064
INTERCONTINENTAL IHG2 EO -89000000 3047000064
INTERCONTINENTAL INCNF US -89000000 3047000064
INTERCONTINENTAL IHG NR -89000000 3047000064
INTERCONTINENTAL IHG3 EO -89000000 3047000064
INTERCONTINENTAL IC1A GR -89000000 3047000064
INTERCONTINENTAL IHGL B3 -89000000 3047000064
INTERCONTINENTAL IHGUSD EU -89000000 3047000064
INTERCONTINENTAL IHGEUR EU -89000000 3047000064
INTERCONTINENTAL IHG4 EO -89000000 3047000064
INTERCONTINENTAL IHG NQ -89000000 3047000064
INTERCONTINENTAL IHG IX -89000000 3047000064
INTERCONTINENTAL IHG9 EO -89000000 3047000064
INTERCONTINENTAL IHGPEN EU -89000000 3047000064
INTERCONTINENTAL ICHGF US -89000000 3047000064
INTERCONTINENTAL 0616112D NR -89000000 3047000064
INTERCONTINENTAL IHG BQ -89000000 3047000064
INTERCONTINENTAL IHG LN -89000000 3047000064
INTERCONTINENTAL 988082Q GR -89000000 3047000064
INTERCONTINENTAL IHGEUR EO -89000000 3047000064
INTERCONTINENTAL IC1D GR -89000000 3047000064
INTU METROCENTRE 1203663Z LN -177523497.7 231888247
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRANIAN OIL CO U 1380570Z LN -202472920.8 279941193.8
IRISH NATIONWIDE 1020Z ID -24459779.01 16215363311
IRUS ZWEIBRUCKEN 3738979Z BB -241717.0423 109895201.2
ISTRABENZ ITBG EO -72101031.26 270907162.5
ISTRABENZ ITBGT S2 -72101031.26 270907162.5
ISTRABENZ ITBGT B3 -72101031.26 270907162.5
ISTRABENZ ITBG SV -72101031.26 270907162.5
ISTRABENZ ITBG EU -72101031.26 270907162.5
ISTRABENZ ITBG PZ -72101031.26 270907162.5
ISTRABENZ ITBGT L3 -72101031.26 270907162.5
ITM REGION PARIS 4681817Z FP -49661385.76 124319348.6
IZHAVTO OAO IZAV RU -94100838.46 443610350.5
JACOBS UK HOLDIN 3638823Z LN -21104249.79 705658066.8
JAMES HARDIE -CD JHXCD AU -199000000 2106499968
JAMES HARDIE IND HAH NZ -199000000 2106499968
JAMES HARDIE IND 726824Z NA -199000000 2106499968
JAMES HARDIE IND 600241Q GR -199000000 2106499968
JAMES HARDIE IND HAH AU -199000000 2106499968
JAMES HARDIE NV JHXCC AU -199000000 2106499968
JAMES HARDIE-ADR JHX SP -199000000 2106499968
JAMES HARDIE-ADR JHX US -199000000 2106499968
JAMES HARDIE-ADR JHINY US -199000000 2106499968
JAMES HARDIE-CDI JHX AU -199000000 2106499968
JAMES HARDIE-CDI JHXEUR EO -199000000 2106499968
JAMES HARDIE-CDI JHIUF US -199000000 2106499968
JAMES HARDIE-CDI JHXEUR EU -199000000 2106499968
JAMES HARDIE-CDI JHA GR -199000000 2106499968
JAMES HARDIE-CDI JHA TH -199000000 2106499968
JARVIS PLC JRVS9 EO -64738078.31 130947476.6
JARVIS PLC JRVS6 EO -64738078.31 130947476.6
JARVIS PLC JRVS IX -64738078.31 130947476.6
JARVIS PLC JRVS7 EO -64738078.31 130947476.6
JARVIS PLC JRVS4 EO -64738078.31 130947476.6
JARVIS PLC JRVS EO -64738078.31 130947476.6
JARVIS PLC JRVS2 EO -64738078.31 130947476.6
JARVIS PLC JRVSGBP EO -64738078.31 130947476.6
JARVIS PLC JRVS PZ -64738078.31 130947476.6
JARVIS PLC JRVSEUR EO -64738078.31 130947476.6
JARVIS PLC JRVS5 EO -64738078.31 130947476.6
JARVIS PLC JRVS3 EO -64738078.31 130947476.6
JARVIS PLC JVR GR -64738078.31 130947476.6
JARVIS PLC JRVS LN -64738078.31 130947476.6
JARVIS PLC JRVS1 EO -64738078.31 130947476.6
JARVIS PLC JRV EO -64738078.31 130947476.6
JARVIS PLC JRVS PO -64738078.31 130947476.6
JARVIS PLC JRVS8 EO -64738078.31 130947476.6
JARVIS PLC JRVS VX -64738078.31 130947476.6
JARVIS PLC JRVSEUR EU -64738078.31 130947476.6
JARVIS PLC JRVS EU -64738078.31 130947476.6
JARVIS PLC JVSPF US -64738078.31 130947476.6
JDR ENTERPRISES 3947788Z LN -49810965.18 161039428.7
JESSOPS PLC JS4 GR -42703065.53 112966830.6
JESSOPS PLC JSP PO -42703065.53 112966830.6
JESSOPS PLC JSP LN -42703065.53 112966830.6
JESSOPS PLC JSP EU -42703065.53 112966830.6
JESSOPS PLC JSP PZ -42703065.53 112966830.6
JESSOPS PLC JSP IX -42703065.53 112966830.6
JESSOPS PLC JSP EO -42703065.53 112966830.6
JESSOPS PLC JSPGBP EO -42703065.53 112966830.6
JESSOPS PLC JSPEUR EU -42703065.53 112966830.6
JESSOPS PLC JSP VX -42703065.53 112966830.6
JESSOPS PLC JSPEUR EO -42703065.53 112966830.6
JEUDAN III A/S 3986972Z DC -80338193.89 277838976.7
JP MCDOUGALL & C 1293298Z LN -59332025.51 108780794.1
JPMORGAN CAZENOV 1076890Z LN -3273441.597 147502007.3
JULIE LH BVBA 3739923Z BB -65462971.58 119397670.6
JVC EUROPE LTD 2667041Z LN -2824796.147 131998340.5
KABEL DEUT-ASST KD8V GR -2342985645 3448036454
KABEL DEUTS-CW10 DB7KWG GR -2342985645 3448036454
KABEL DEUTSC-ADR KBDHY US -2342985645 3448036454
KABEL DEUTSC-NEW KD8VEUR EO -2342985645 3448036454
KABEL DEUTSC-NEW KD8VEUR EU -2342985645 3448036454
KABEL DEUTSCHLAN KD8 QM -2342985645 3448036454
KABEL DEUTSCHLAN KD8 NR -2342985645 3448036454
KABEL DEUTSCHLAN KD8 BQ -2342985645 3448036454
KABEL DEUTSCHLAN KD8 PZ -2342985645 3448036454
KABEL DEUTSCHLAN KD8 QX -2342985645 3448036454
KABEL DEUTSCHLAN KD8 EB -2342985645 3448036454
KABEL DEUTSCHLAN KD8D B3 -2342985645 3448036454
KABEL DEUTSCHLAN KD8 TQ -2342985645 3448036454
KABEL DEUTSCHLAN KD8 SW -2342985645 3448036454
KABEL DEUTSCHLAN KD8 GR -2342985645 3448036454
KABEL DEUTSCHLAN KD8 TH -2342985645 3448036454
KABEL DEUTSCHLAN KD8 IX -2342985645 3448036454
KABEL DEUTSCHLAN KD8 EO -2342985645 3448036454
KABEL DEUTSCHLAN KD8USD EO -2342985645 3448036454
KABEL DEUTSCHLAN KD8 S1 -2342985645 3448036454
KABEL DEUTSCHLAN KD8 EU -2342985645 3448036454
KABEL DEUTSCHLAN KD8GBP EO -2342985645 3448036454
KABEL DEUTSCHLAN KD8USD EU -2342985645 3448036454
KABEL DEUTSCHLAN KD8D S2 -2342985645 3448036454
KABEL DEUTSCHLAN KD8D L3 -2342985645 3448036454
KABEL DEUTSCHLAN KBDHF US -2342985645 3448036454
KARENI BV 3140496Z NA -22200.29082 127062363.4
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
KCA DEUTAG DRILL 2173132Z LN -40951514.04 214072287.9
KEREVITAS GIDA KERVT TI -13266347.68 177912535.2
KEREVITAS GIDA KVTGF US -13266347.68 177912535.2
KERLING PLC 3537299Z LN -110412955.5 2082150198
KESA ELECTRI-ADR KESAY US -438442925.5 1678340661
KESA ELECTRICALS KESA LN -438442925.5 1678340661
KESA ELECTRICALS KESAEUR EU -438442925.5 1678340661
KESA ELECTRICALS KES EO -438442925.5 1678340661
KESA ELECTRICALS KESA PO -438442925.5 1678340661
KESA ELECTRICALS KESA EU -438442925.5 1678340661
KESA ELECTRICALS KESAUSD EU -438442925.5 1678340661
KESA ELECTRICALS KESA VX -438442925.5 1678340661
KESA ELECTRICALS KESAI IX -438442925.5 1678340661
KESA ELECTRICALS KESAEUR EO -438442925.5 1678340661
KESA ELECTRICALS KESAUSD EO -438442925.5 1678340661
KESA ELECTRICALS KESA PZ -438442925.5 1678340661
KESA ELECTRICALS KESAGBP EO -438442925.5 1678340661
KESTREL HOLDINGS 4499515Z LN -256353316.2 592639967.4
KILMARTIN HOLDIN 3589161Z LN -32468603.82 576745598.9
KIMBERLY - CLARK 1298434Z LN -97807698.98 891995975.8
KIROV TIRE PLANT KIRT$ RU -17984240.01 104831160.6
KLEENEZE PLC KLZ LN -14328734.27 110864074.5
KME FRANCE SAS 4714545Z FP -16294335.93 135361629.3
KONINKLIJKE BOON 4173173Z NA -22200.29082 129620421.6
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KONINKLIJKE JOH 4041093Z NA -294192.0009 113260032.3
KRONOS EUROPE SA 3643983Z BB -6946196.597 143876670.7
KROSNO KRS1EUR EU -2241576.868 111836250.4
KROSNO KRS PW -2241576.868 111836250.4
KROSNO KRS LI -2241576.868 111836250.4
KROSNO KRS1EUR EO -2241576.868 111836250.4
KROSNO KROS IX -2241576.868 111836250.4
KROSNO SA KROSNO PW -2241576.868 111836250.4
KROSNO SA KRNFF US -2241576.868 111836250.4
KROSNO SA KRS1 EU -2241576.868 111836250.4
KROSNO SA KRS1 EO -2241576.868 111836250.4
KROSNO SA KRS PZ -2241576.868 111836250.4
KROSNO SA-RTS KRSP PW -2241576.868 111836250.4
KROSNO-PDA-ALLT KRSA PW -2241576.868 111836250.4
KRUINENBORGH BEH 4377225Z NA -614989.4228 234051736.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
KUZNETSOV-BRD MTST* RU -1447901.309 550023663.4
KUZNETSOV-BRD MTSTP* RU -1447901.309 550023663.4
KUZNETSOV-BRD MTST RU -1447901.309 550023663.4
KUZNETSOV-BRD MTSTP RU -1447901.309 550023663.4
LA GIOVANNI-RTS CREAXA IM -31539726.86 283701481.7
LA HALLE SA 4681697Z FP -9779394.712 506881489.8
LA SEDA DE B-RTS SED/B SM -716967355 694658120
LA SEDA DE BA-RT 1015153Q SM -716967355 694658120
LA SEDA DE BARCE 3687081Q SM -716967355 694658120
LA SEDA DE BARCE SEDE L3 -716967355 694658120
LA SEDA DE BARCE SEDE B3 -716967355 694658120
LA SEDA DE BARCE 0543025D SM -716967355 694658120
LA SEDA DE BARCE SEDE S2 -716967355 694658120
LA SEDA DE BARCE SED/D SM -716967355 694658120
LAB DOLISOS DOLI FP -27753198.79 110489533.6
LAB DOLISOS LADL FP -27753198.79 110489533.6
LABORDE GESTION 4518583Z FP -7674864.492 146438008.6
LAMBRAKIS PR -RT DOLD GA -96141268.95 196197413.3
LAMBRAKIS PRESS DOL PZ -96141268.95 196197413.3
LAMBRAKIS PRESS DOL GA -96141268.95 196197413.3
LAMBRAKIS PRESS LMBKF US -96141268.95 196197413.3
LAMBRAKIS PRESS DOL EO -96141268.95 196197413.3
LAMBRAKIS PRESS DOLR GA -96141268.95 196197413.3
LAMBRAKIS PRESS LA3 GR -96141268.95 196197413.3
LAMBRAKIS PRESS DOL EU -96141268.95 196197413.3
LAMBRAKIS PRESS LA3A GR -96141268.95 196197413.3
LAMBRAKIS R-R DOLV10 GA -96141268.95 196197413.3
LAMBRAKIS REPO DOLL10 GA -96141268.95 196197413.3
LAMBRAKIS-AUC DOLE GA -96141268.95 196197413.3
LANCASTER INVEST 1575538Z LN -87465972.36 102198480.6
LANCELOT LAND BV 4044589Z NA -97554863.6 159989870.7
LAND VAN HOP NV 3727898Z BB -4232246.124 117433048.7
LAPSENT LTD 203678Z LN -52500640.36 290374473.6
LAST MINUTE NETW 1180895Z LN -783648895.1 392455442.7
LASTAS A/S-A 0122306D DC -49485067.68 159639319.3
LASTAS A/S-B SHS LASTB EU -49485067.68 159639319.3
LASTAS A/S-B SHS LASTB BY -49485067.68 159639319.3
LASTAS A/S-B SHS LAST/B PZ -49485067.68 159639319.3
LASTAS A/S-B SHS LASTB DC -49485067.68 159639319.3
LASTAS A/S-B SHS LASTB EO -49485067.68 159639319.3
LASTAS A/S-B SHS INBO IX -49485067.68 159639319.3
LASTAS A/S-B SHS LASTBEUR EO -49485067.68 159639319.3
LASTAS A/S-B SHS LASTBEUR EU -49485067.68 159639319.3
LATIMER GROUP LT 4089809Z LN -879564577.7 791552405.4
LAVIPHARM S.A. LAVIY S2 -20633860.36 148970845.9
LAVIPHARM S.A. LAVIY B3 -20633860.36 148970845.9
LAVIPHARM S.A. LAVIY L3 -20633860.36 148970845.9
LAVIPHARM SA LAVI EO -20633860.36 148970845.9
LAVIPHARM SA BXA GR -20633860.36 148970845.9
LAVIPHARM SA LVIXF US -20633860.36 148970845.9
LAVIPHARM SA LVP GR -20633860.36 148970845.9
LAVIPHARM SA LAVI GA -20633860.36 148970845.9
LAVIPHARM SA LAVI PZ -20633860.36 148970845.9
LAVIPHARM SA LAVI EU -20633860.36 148970845.9
LAVIPHARM SA-RTS LAVIR GA -20633860.36 148970845.9
LAVIPHARM SA-RTS LAVID GA -20633860.36 148970845.9
LAVIPHARM-AUC LAVIE GA -20633860.36 148970845.9
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
LEEDS SPORTING LES LN -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.7
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LENOVO BELGIUM S 3740171Z BB -104525176.2 1113548956
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -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
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LBROF US -110486313.8 174004185
LINO MANAGEMENT 3774416Z NA -394579184.5 685321652.6
LIONCOVER INSURA 1120431Z LN -221634.5078 741448932.8
LIVERPOOL FOOTBA 1273434Z LN -67663901.97 349487574.1
LKAB NORGE AS 4401353Z NO -460925.3937 430135628.2
LLOYDS BANK EQUI 1214495Z LN -661502.0787 334567903.1
LLOYDS BANK EQUI 1238423Z LN -1919497.182 270431461.4
LLOYDS BANK FINA 1427642Z LN -29419134.35 7131680126
LOEWE AG LOEK GR -2861100.078 140584053.8
LOEWE AG LOE TQ -2861100.078 140584053.8
LOEWE AG LOE TH -2861100.078 140584053.8
LOEWE AG LOE GR -2861100.078 140584053.8
LOEWE AG LOEG IX -2861100.078 140584053.8
LOEWE AG LOE S1 -2861100.078 140584053.8
LOEWE AG LOEEF US -2861100.078 140584053.8
LOEWE AG LOEK BQ -2861100.078 140584053.8
LOEWE AG LOEK TQ -2861100.078 140584053.8
LOEWE AG LOE EO -2861100.078 140584053.8
LOEWE AG LOE EU -2861100.078 140584053.8
LOEWE AG LOE PZ -2861100.078 140584053.8
LOEWE AG LOE BQ -2861100.078 140584053.8
LOFTUS ROAD PLC LFURF US -193935862.6 120047585.7
LOMBARD CORPORAT 1162975Z LN -7309362.404 198951662.4
LONDON TOWN PLC LOU GR -21897636.36 175672299.2
LONDON TOWN PLC LTW PZ -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -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 LTW PO -21897636.36 175672299.2
LONDON TOWN PLC LTWR LN -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
LTR FINANCE NO 8 3816616Z ID -5725709.873 192004847.4
LUGANSKOBLENERGO LOEN UZ -15333824.91 193193520.1
LUNDBECK SAS 4690609Z FP -22481947.35 112816360.1
M 2003 PLC 203055Q LN -2203513803 7204891602
M 2003 PLC MTWOF US -2203513803 7204891602
M 2003 PLC-ADR MTWOE US -2203513803 7204891602
M 2003 PLC-ADR MTWOY US -2203513803 7204891602
M-INDUSTRIYA SOMI RU -1939922.304 224642713.4
MAGMA DD MGMARHRK EU -14866764.5 104029160.5
MAGMA DD MGMARHRK EO -14866764.5 104029160.5
MAGMA DD MGMARA CZ -14866764.5 104029160.5
MAGNETI MARELLI 3643903Z SM -249160.3447 256260168.7
MAGNETI MARELLI 4470247Z FP -6937148.231 258493334.7
MAGYAR TELECOM B 363945Z HB -143800696.4 397462304.9
MAILLIS MLISF US -108664218.5 343500549.5
MAILLIS -RTS MAIKR GA -108664218.5 343500549.5
MAILLIS-SPON ADR MJMSY US -108664218.5 343500549.5
MAINAU FUNDING L 4460161Z ID -210886395.2 1273830985
MAKRO CASH & CAR 4281845Z PL -5353005.422 208082462.7
MAKRO SELF SERVI 1373618Z LN -60067907.22 319992553.1
MAN LAST OG BUSS 4521719Z NO -670202.3737 175532977.5
MAN VEHICULOS IN 3634127Z SM -6234511.698 332429019.1
MANIA TECHNOLOGI MNI NM -35060806.41 107465704.6
MANIA TECHNOLOGI MNI S1 -35060806.41 107465704.6
MANIA TECHNOLOGI MIAVF US -35060806.41 107465704.6
MANIA TECHNOLOGI MNI1 EO -35060806.41 107465704.6
MANIA TECHNOLOGI MNI TH -35060806.41 107465704.6
MANIA TECHNOLOGI MNI GR -35060806.41 107465704.6
MANIA TECHNOLOGI 2260970Z GR -35060806.41 107465704.6
MANIA TECHNOLOGI MNI1 EU -35060806.41 107465704.6
MANIA TECHNOLOGI MNI PZ -35060806.41 107465704.6
MANIA TECHNOLOGI MNIG IX -35060806.41 107465704.6
MAPELEY STEPS CO 1914846Z LN -43332031.44 121423566.8
MARCONI PLC MRCQF US -2203513803 7204891602
MARCONI PLC MONI BB -2203513803 7204891602
MARCONI PLC MY2 GR -2203513803 7204891602
MARCONI PLC MNI LN -2203513803 7204891602
MARCONI PLC 203083Q VX -2203513803 7204891602
MARCONI PLC MNI BB -2203513803 7204891602
MARCONI PLC-ADR MCBA GR -2203513803 7204891602
MARCONI PLC-ADR MY2A GR -2203513803 7204891602
MARCONI PLC-ADR MONIE 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 MRCQY US -2203513803 7204891602
MARINE SUBSEA AS MSAS NO -280249984 357512992
MARINOTEIS-SOCIE 4753761Z PL -14953194.76 133756219.5
MARITIME CO -RTS 2749585Q GA -106982273.2 179470608.3
MARITIME CO LESB NELD GA -106982273.2 179470608.3
MARITIME CO LESB MEKD CH -106982273.2 179470608.3
MARITIME CO LESV NEL EO -106982273.2 179470608.3
MARITIME CO LESV MCV GR -106982273.2 179470608.3
MARITIME CO LESV NEL GA -106982273.2 179470608.3
MARITIME CO LESV NEL EU -106982273.2 179470608.3
MARITIME CO LESV MTMLF US -106982273.2 179470608.3
MARITIME CO LESV NEL PZ -106982273.2 179470608.3
MARITIME CO-RTS 5078509Q GA -106982273.2 179470608.3
MARITIME COM-RTS NELR GA -106982273.2 179470608.3
MARITIME COMPANY NELY B3 -106982273.2 179470608.3
MARITIME COMPANY NELY L3 -106982273.2 179470608.3
MARITIME COMPANY NELE GA -106982273.2 179470608.3
MARITIME COMPANY NELY S2 -106982273.2 179470608.3
MARITIME LESV-RT NELBR GA -106982273.2 179470608.3
MARTINSA FADESA 4PU GR -5913566026 3756927517
MARTINSA FADESA MTF1 LI -5913566026 3756927517
MARTINSA FADESA MTF EO -5913566026 3756927517
MARTINSA FADESA MTF EU -5913566026 3756927517
MARTINSA FADESA MTF SM -5913566026 3756927517
MARTINSA FADESA MFAD PZ -5913566026 3756927517
MARTINSA-FADESA MTF NR -5913566026 3756927517
MATERNUS KLINI-N MAK1 GR -44477800.05 168038275.8
MATERNUS-KLINIKE MNUKF US -44477800.05 168038275.8
MATERNUS-KLINIKE MAK GR -44477800.05 168038275.8
MATERNUS-KLINIKE MAKD S2 -44477800.05 168038275.8
MATERNUS-KLINIKE MAK PZ -44477800.05 168038275.8
MATERNUS-KLINIKE MAKG IX -44477800.05 168038275.8
MATERNUS-KLINIKE MAK S1 -44477800.05 168038275.8
MATERNUS-KLINIKE MAK TH -44477800.05 168038275.8
MATERNUS-KLINIKE MAK EU -44477800.05 168038275.8
MATERNUS-KLINIKE MAKD L3 -44477800.05 168038275.8
MATERNUS-KLINIKE MAK EO -44477800.05 168038275.8
MATERNUS-KLINIKE MAKD B3 -44477800.05 168038275.8
MATUSSIERE & FOR MTUSF US -77899559.39 293879179.1
MATUSSIERE & FOR 1007765Q FP -77899559.39 293879179.1
MAYBOURNE HOTELS 1824362Z LN -8957462.925 417749122.1
MCGRAW-HILL INTE 1275642Z LN -397583.9996 122720927.9
MCINERNEY -RT FP MCIF LN -137972148.5 304108432.2
MCINERNEY -RT FP MCIF ID -137972148.5 304108432.2
MCINERNEY -RT NP MCIN ID -137972148.5 304108432.2
MCINERNEY -RT NP MCIN LN -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EU -137972148.5 304108432.2
MCINERNEY HLDGS MCI EU -137972148.5 304108432.2
MCINERNEY HLDGS MK9 PO -137972148.5 304108432.2
MCINERNEY HLDGS MCI ID -137972148.5 304108432.2
MCINERNEY HLDGS MCI LN -137972148.5 304108432.2
MCINERNEY HLDGS MK9 GR -137972148.5 304108432.2
MCINERNEY HLDGS MNEYF US -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
MCINERNEY HLDGS MCII IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI EO -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EO -137972148.5 304108432.2
MCINERNEY HLDGS MK9C PZ -137972148.5 304108432.2
MCINERNEY HLDGS MCI PO -137972148.5 304108432.2
MCINERNEY HLDGS MCI IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI VX -137972148.5 304108432.2
MCINERNEY PROP-A MCIYF US -137972148.5 304108432.2
MCINERNEY PROP-A MYP LN -137972148.5 304108432.2
MCINERNEY PROP-A MYP ID -137972148.5 304108432.2
MCINERNEY-ADR MNEYY US -137972148.5 304108432.2
MEADOWHALL FINAN 3560793Z LN -6035585.406 1318976857
MECHANGROEP BV 4501491Z NA -154404.9003 124805349
MEDIAEDGE CIA UK 1912470Z LN -12672443.58 247008178
MEDIMMUNE LTD 1596402Z LN -753144808.1 392707180.7
MERIDIANA SPA 1163Z IM -4509241.938 181803591.5
MERLIN PROPERTIE MRL SM -153310244.4 1466403680
MERLIN PROPERTIE MRLE IX -153310244.4 1466403680
MERLIN PROPERTIE MRLE S1 -153310244.4 1466403680
MERLIN PROPERTIE 1008762D SM -153310244.4 1466403680
MERLIN PROPERTIE MRLEUR EO -153310244.4 1466403680
MERLIN PROPERTIE MRLEUR EU -153310244.4 1466403680
MERLIN PROPERTIE MEQA GR -153310244.4 1466403680
MERLIN PROPERTIE MRLE EB -153310244.4 1466403680
MERLIN PROPERTIE MEQ GR -153310244.4 1466403680
METALLURGIC-BRD METZ RU -1136275.166 384654426.2
METALLURGIC-BRD METZ* RU -1136275.166 384654426.2
METALLURGIC-PFD METZP RU -1136275.166 384654426.2
METALLURGIC-PFD METZP* RU -1136275.166 384654426.2
METRO DO PORTO S 4473963Z PL -1539365046 3027538897
METROPOLITANO DE 1009Z PL -1208063687 6484900913
MICRO FOCUS INTE MCROL B3 -16251000 605017024
MICRO FOCUS INTE MCROL L3 -16251000 605017024
MICRO FOCUS INTE MCROL S2 -16251000 605017024
MICRO FOCUS INTL MCRO NR -16251000 605017024
MICRO FOCUS INTL MCRO3 EO -16251000 605017024
MICRO FOCUS INTL M7Q GK -16251000 605017024
MICRO FOCUS INTL MCRO EO -16251000 605017024
MICRO FOCUS INTL MCROEUR EU -16251000 605017024
MICRO FOCUS INTL MCRO2 EO -16251000 605017024
MICRO FOCUS INTL MCFUF US -16251000 605017024
MICRO FOCUS INTL MCRO5 EO -16251000 605017024
MICRO FOCUS INTL MCROEUR EO -16251000 605017024
MICRO FOCUS INTL MCRO8 EO -16251000 605017024
MICRO FOCUS INTL MCROUSD EU -16251000 605017024
MICRO FOCUS INTL MCRO6 EO -16251000 605017024
MICRO FOCUS INTL MCROUSD EO -16251000 605017024
MICRO FOCUS INTL MCRO VX -16251000 605017024
MICRO FOCUS INTL MCRO EB -16251000 605017024
MICRO FOCUS INTL MCRO S1 -16251000 605017024
MICRO FOCUS INTL MCRO LN -16251000 605017024
MICRO FOCUS INTL MCRO QM -16251000 605017024
MICRO FOCUS INTL MCFUD US -16251000 605017024
MICRO FOCUS INTL MCROPEN EO -16251000 605017024
MICRO FOCUS INTL M7Q2 GR -16251000 605017024
MICRO FOCUS INTL MCRO PO -16251000 605017024
MICRO FOCUS INTL MCRO EU -16251000 605017024
MICRO FOCUS INTL M7Q1 GR -16251000 605017024
MICRO FOCUS INTL MCRO9 EO -16251000 605017024
MICRO FOCUS INTL MCRO QX -16251000 605017024
MICRO FOCUS INTL MCRO NQ -16251000 605017024
MICRO FOCUS INTL M7Q3 GR -16251000 605017024
MICRO FOCUS INTL MCRO TQ -16251000 605017024
MICRO FOCUS INTL MCROGBP EO -16251000 605017024
MICRO FOCUS INTL MCR2 EO -16251000 605017024
MICRO FOCUS INTL MCRO1 EO -16251000 605017024
MICRO FOCUS INTL MCRO4 EO -16251000 605017024
MICRO FOCUS INTL MCRO7 EO -16251000 605017024
MICRO FOCUS INTL MCROPEN EU -16251000 605017024
MICRO FOCUS INTL MCRO PZ -16251000 605017024
MICRO FOCUS INTL MCRO BQ -16251000 605017024
MICRO FOCUS INTL MCRO IX -16251000 605017024
MICRO FOCUS INTL M7Q GR -16251000 605017024
MICRO FOCUS-ADR MCFUY US -16251000 605017024
MIDLAND EXPRESSW 583730Z LN -228268314.5 1057402943
MIKRON-BRD MKRO RU -6366526.768 704144845.5
MIKRON-BRD MKRO* RU -6366526.768 704144845.5
MILLENNIUM STADI 1727672Z LN -35927709.3 143590875.7
MILLER FREEMAN W 9595335Q LN -152635588.1 197883920.7
MILLIMAGES MILT FP -1006036.19 113452793.4
MILLIMAGES MLMG IX -1006036.19 113452793.4
MILLIMAGES 8131905Q FP -1006036.19 113452793.4
MILLIMAGES MILI FP -1006036.19 113452793.4
MILLIMAGES MLIGF US -1006036.19 113452793.4
MILLIMAGES MIL S1 -1006036.19 113452793.4
MILLIMAGES MIL1 EU -1006036.19 113452793.4
MILLIMAGES MILF PZ -1006036.19 113452793.4
MILLIMAGES MG6 GR -1006036.19 113452793.4
MILLIMAGES MIL1 PZ -1006036.19 113452793.4
MILLIMAGES MIL1 EO -1006036.19 113452793.4
MILLIMAGES - RTS 0134468D FP -1006036.19 113452793.4
MILLIMAGES -NREG MILNR FP -1006036.19 113452793.4
MILLIMAGES -NREG MILNREUR EO -1006036.19 113452793.4
MILLIMAGES -NREG MILNREUR EU -1006036.19 113452793.4
MILLIMAGES -REGR MIL1EUR EO -1006036.19 113452793.4
MILLIMAGES -REGR MIL FP -1006036.19 113452793.4
MILLIMAGES -REGR MIL TQ -1006036.19 113452793.4
MILLIMAGES -REGR MIL1EUR EU -1006036.19 113452793.4
MILLIMAGES -REGR MIL EB -1006036.19 113452793.4
MILLIMAGES -REGR MIL IX -1006036.19 113452793.4
MILLIMAGES NR - MILNRP B3 -1006036.19 113452793.4
MILLIMAGES NR - MILP B3 -1006036.19 113452793.4
MILLIMAGES NR - MILNRP L3 -1006036.19 113452793.4
MILLIMAGES NR - MILP S2 -1006036.19 113452793.4
MILLIMAGES NR - MILNRP S2 -1006036.19 113452793.4
MILLIMAGES NR - MILP L3 -1006036.19 113452793.4
MILLIMAGES-RTS 760037Q FP -1006036.19 113452793.4
MILLIMAGES-RTS MILDS FP -1006036.19 113452793.4
MJ MAILLIS S.A. MJL GR -108664218.5 343500549.5
MJ MAILLIS S.A. MAIK EU -108664218.5 343500549.5
MJ MAILLIS S.A. MAIKY B3 -108664218.5 343500549.5
MJ MAILLIS S.A. MAIK GA -108664218.5 343500549.5
MJ MAILLIS S.A. MAIK EO -108664218.5 343500549.5
MJ MAILLIS S.A. MAIKY L3 -108664218.5 343500549.5
MJ MAILLIS S.A. MAIKY S2 -108664218.5 343500549.5
MJ MAILLIS S.A. MAIK PZ -108664218.5 343500549.5
MOBILE TELESYSTE 4115696Z LX -348018999 808519791.7
MONARCH HOLDINGS 4502027Z LN -249731094.1 658980214.4
MONTE MARE GRADO 4359985Z IM -535795.2118 100538343.7
MOSPROMSTROY-BRD MPSM RU -40317492.82 257095111.4
MOSPROMSTROY-BRD MPSM* RU -40317492.82 257095111.4
MOSPROMSTROY-PFD MPSMP RU -40317492.82 257095111.4
MOSPROMSTROY-PFD MPSMP* RU -40317492.82 257095111.4
MOTO HOSPITALITY 1344378Z LN -139041358 1143143841
MOUCHEL GROUP PL MCHL TQ -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL EO -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL NR -62838511.24 491368809.7
MOUCHEL GROUP PL MO6 GR -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL EB -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL BQ -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL EU -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL PZ -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL VX -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL LN -62838511.24 491368809.7
MOUCHEL GROUP PL MOUCF US -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL S1 -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL NQ -62838511.24 491368809.7
MOUCHEL GROUP PL MCHLEUR EO -62838511.24 491368809.7
MOUCHEL GROUP PL MCHLGBP EO -62838511.24 491368809.7
MOUCHEL GROUP PL MCHLEUR EU -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL QM -62838511.24 491368809.7
MOUCHEL GROUP PL MCHL IX -62838511.24 491368809.7
MOUCHEL PARKMAN MCHL PO -62838511.24 491368809.7
MSREF ELBA BV 4043045Z NA -87419.09909 568916342.9
MVCI HOLIDAYS FR 4524959Z FP -108431736 225667433.5
MYRMIDON CMBS PR 3819292Z ID -106451277.7 274185088.8
MYTRAVEL GROUP MT/S PO -379731744 1817560463
MYTRAVEL GROUP MYTPF US -379731744 1817560463
MYTRAVEL GROUP MT/S VX -379731744 1817560463
MYTRAVEL GROUP MT/S LN -379731744 1817560463
MYTRAVEL GROUP 3544280Q IX -379731744 1817560463
MYTRAVEL GROUP ARO2 GR -379731744 1817560463
MYTRAVEL GROUP P MYTGF US -379731744 1817560463
MYTRAVEL GROUP P MT/ LN -379731744 1817560463
MYTRAVEL GROUP P 1018144Q GR -379731744 1817560463
MYTRAVEL GROUP P MT/ VX -379731744 1817560463
MYTRAVEL GROUP-A MYTVF US -379731744 1817560463
MYTRAVEL GROUP-A 2281919Q GR -379731744 1817560463
MYTRAVEL TOUR OP 1190295Z LN -2772041051 706177528.1
NAFTOKHIMIK PRIC NAFP UZ -15122638.98 167861356.9
NAFTOKHIMIK-GDR N3ZA GR -15122638.98 167861356.9
NAOUSSA SPIN -RT NAOYD GA -163112562.6 286535432.7
NAOUSSA SPIN-AUC NAOYKE GA -163112562.6 286535432.7
NAOUSSA SPIN-RTS NAOYKR GA -163112562.6 286535432.7
NAOUSSA SPINNING NML GR -163112562.6 286535432.7
NATURGAS ENERGIA 4365797Z SM -14710105.75 418158346
NCC CONSTRUCTION 4389745Z NO -7109783.015 480936679.5
NCC ROADS AS 4401305Z NO -15956764.57 169875159.1
NCR FRANCE SNC 4525407Z FP -1685809.858 259305615.3
NCR LTD 3083521Z LN -374259543.3 431632783.6
NDS GROUP HOLDIN 0112196D US -720982016 649305984
NDS GROUP HOLDIN NDSG US -720982016 649305984
NERVACERO SA 4469951Z SM -82189596.47 625780626.1
NESTLE UK LTD 1274562Z LN -392617862.7 4269323540
NESTLE WATERS SU 3634887Z FP -21571029.7 180359767.6
NEW LOOK RETAIL 2711544Z LN -651436258.7 2033386885
NEW STAR ASSET 3226439Q EU -397728016.9 292980082.9
NEW STAR ASSET NSAM PO -397728016.9 292980082.9
NEW STAR ASSET NSAM IX -397728016.9 292980082.9
NEW STAR ASSET 3226443Q EO -397728016.9 292980082.9
NEW STAR ASSET NSAM PZ -397728016.9 292980082.9
NEW STAR ASSET NSAA LN -397728016.9 292980082.9
NEW STAR ASSET 3226447Q EO -397728016.9 292980082.9
NEW STAR ASSET NWSAF US -397728016.9 292980082.9
NEW STAR ASSET N6S GR -397728016.9 292980082.9
NEW STAR ASSET NSAM TQ -397728016.9 292980082.9
NEW STAR ASSET 3226431Q EU -397728016.9 292980082.9
NEW STAR ASSET 3226435Q EO -397728016.9 292980082.9
NEW STAR ASSET M NSAM LN -397728016.9 292980082.9
NEW WORLD R-A SH NWR NR -422677842.5 1206255068
NEW WORLD R-A SH NWR TQ -422677842.5 1206255068
NEW WORLD R-A SH NWR EO -422677842.5 1206255068
NEW WORLD R-A SH NWR BQ -422677842.5 1206255068
NEW WORLD R-A SH NWR EU -422677842.5 1206255068
NEW WORLD R-A SH NWR1 TQ -422677842.5 1206255068
NEW WORLD R-A SH NWR QM -422677842.5 1206255068
NEW WORLD R-A SH NWR S1 -422677842.5 1206255068
NEW WORLD R-A SH NWRUK TQ -422677842.5 1206255068
NEW WORLD R-A SH NWR EB -422677842.5 1206255068
NEW WORLD R-A SH NWR IX -422677842.5 1206255068
NEW WORLD R-A SH NWR PW -422677842.5 1206255068
NEW WORLD R-A SH NWR CP -422677842.5 1206255068
NEW WORLD R-A SH NWR PZ -422677842.5 1206255068
NEW WORLD R-A SH NW5 GR -422677842.5 1206255068
NEW WORLD R-A SH NWR LN -422677842.5 1206255068
NEW WORLD R-B 0743168D LN -422677842.5 1206255068
NEW WORLD RESOUR NWRUKK L3 -422677842.5 1206255068
NEW WORLD RESOUR NWRL L3 -422677842.5 1206255068
NEW WORLD RESOUR NWRW L3 -422677842.5 1206255068
NEW WORLD RESOUR NW5D S2 -422677842.5 1206255068
NEW WORLD RESOUR NWRUKK S2 -422677842.5 1206255068
NEW WORLD RESOUR NWRL S2 -422677842.5 1206255068
NEW WORLD RESOUR NW5D L3 -422677842.5 1206255068
NEW WORLD RESOUR NWRW S2 -422677842.5 1206255068
NEW WORLD RESOUR NWRW B3 -422677842.5 1206255068
NEW WORLD RESOUR NWRL B3 -422677842.5 1206255068
NEW WORLD RESOUR NWRUKK B3 -422677842.5 1206255068
NEW WORLD RESOUR NW5D B3 -422677842.5 1206255068
NEWCASTLE UNITED 1060322Z LN -49091585.54 238073462.4
NEWCASTLE UNITED 4380361Z LN -33690958.84 234612813.1
NEXANS COPPER FR 4744809Z FP -22661844.26 308623822.2
NIKAS SA - RTS NIKAR GA -20069595.16 104893930.7
NISSAN FORKLIFT 4507803Z NA -13548401.61 114988998.1
NIZHMASHZAVO-BRD NMSZ* RU -41368012.16 574396318.4
NIZHMASHZAVO-BRD NMSZ RU -41368012.16 574396318.4
NIZHMASHZAVO-PFD NMSZP* RU -41368012.16 574396318.4
NIZHMASHZAVO-PFD NMSZP RU -41368012.16 574396318.4
NIZHMASHZAVOD-BD NMSZ$ RU -41368012.16 574396318.4
NORBAIN GROUP LT 4007676Z LN -18880913.74 122682534.9
NORDAG AG DOO1 GR -482467.0522 144438127.4
NORDAG AG-PFD DOO3 GR -482467.0522 144438127.4
NORDAG AG-RTS DOO8 GR -482467.0522 144438127.4
NORDENIA INTERNA NOD GR -74469671.73 729606340.7
NORDENIA INTL AG NOD8 GR -74469671.73 729606340.7
NORDIC SHIPHOLDI NORDI TQ -43100000 135400000
NORDIC SHIPHOLDI NORDIEUR EU -43100000 135400000
NORDIC SHIPHOLDI NORDI EU -43100000 135400000
NORDIC SHIPHOLDI NORDIC IX -43100000 135400000
NORDIC SHIPHOLDI NORDIC S2 -43100000 135400000
NORDIC SHIPHOLDI DTQ GR -43100000 135400000
NORDIC SHIPHOLDI NORDI BY -43100000 135400000
NORDIC SHIPHOLDI NORDIC EB -43100000 135400000
NORDIC SHIPHOLDI NORDI EO -43100000 135400000
NORDIC SHIPHOLDI NORDIEUR EO -43100000 135400000
NORDIC SHIPHOLDI NORDIC B3 -43100000 135400000
NORDIC SHIPHOLDI NORDIC L3 -43100000 135400000
NORDIC SHIPHOLDI NORDIC DC -43100000 135400000
NORDIC TANKE-NEW NORDICN DC -43100000 135400000
NORDIC TANKE-RTS NORDICT DC -43100000 135400000
NORDIC TANKERS A NORDIC PZ -43100000 135400000
NORDICOM A/S NRDCC S2 -27413160.84 501988437.8
NORDICOM A/S NRDCC L3 -27413160.84 501988437.8
NORDICOM A/S NRDCC B3 -27413160.84 501988437.8
NORDICOM A/S-RTS NRDCT DC -27413160.84 501988437.8
NORDICOM AS NRDCC EB -27413160.84 501988437.8
NORDICOM AS NRDCEUR EO -27413160.84 501988437.8
NORDICOM AS NRDC DC -27413160.84 501988437.8
NORDICOM AS NRDC EU -27413160.84 501988437.8
NORDICOM AS NRDC BY -27413160.84 501988437.8
NORDICOM AS CEPH DC -27413160.84 501988437.8
NORDICOM AS NRDC PZ -27413160.84 501988437.8
NORDICOM AS NRDC TQ -27413160.84 501988437.8
NORDICOM AS NRDC IX -27413160.84 501988437.8
NORDICOM AS NRDCEUR EU -27413160.84 501988437.8
NORDICOM AS NRDC EO -27413160.84 501988437.8
NORDICOM AS-NEW NORN DC -27413160.84 501988437.8
NORDSEE AG 533061Q GR -8200576.76 194617530.6
NORDSEE GMBH 3988724Z GR -81591772.37 201788718.4
NORFOLK HOLDINGS 779151Z NA -192035.398 782945491.9
NORSK STEIN AS 4394889Z NO -1237127.989 254760725.7
NORTHCLIFFE MEDI 1294954Z LN -231086140.5 141497063.7
NORTHERN FO-ASSD NFDA LN -70166768.88 924680805.3
NORTHERN FOO-NEW NFDN LN -70166768.88 924680805.3
NORTHERN FOO-RFD 650060Q LN -70166768.88 924680805.3
NORTHERN FOODS NFO GK -70166768.88 924680805.3
NORTHERN FOODS NFDSUSD EU -70166768.88 924680805.3
NORTHERN FOODS NFDS VX -70166768.88 924680805.3
NORTHERN FOODS NFDS QM -70166768.88 924680805.3
NORTHERN FOODS NFDS PZ -70166768.88 924680805.3
NORTHERN FOODS NFO GR -70166768.88 924680805.3
NORTHERN FOODS NFDS EO -70166768.88 924680805.3
NORTHERN FOODS NFDS EB -70166768.88 924680805.3
NORTHERN FOODS NFDS NR -70166768.88 924680805.3
NORTHERN FOODS NFDSGBP EO -70166768.88 924680805.3
NORTHERN FOODS NFDS BQ -70166768.88 924680805.3
NORTHERN FOODS NFDSEUR EU -70166768.88 924680805.3
NORTHERN FOODS NFDSEUR EO -70166768.88 924680805.3
NORTHERN FOODS NFDS PO -70166768.88 924680805.3
NORTHERN FOODS NFDS S1 -70166768.88 924680805.3
NORTHERN FOODS NFDS EU -70166768.88 924680805.3
NORTHERN FOODS NFDS TQ -70166768.88 924680805.3
NORTHERN FOODS NFDS IX -70166768.88 924680805.3
NORTHERN FOODS NTFOF US -70166768.88 924680805.3
NORTHERN FOODS NFDS NQ -70166768.88 924680805.3
NORTHERN FOODS NFDSUSD EO -70166768.88 924680805.3
NORTHERN FOODS L NFDS LN -70166768.88 924680805.3
NORTHERN FOODS P NFDR LN -70166768.88 924680805.3
NOVAR ED&S LTD 1286578Z LN -62804565.08 129403261.3
NOVELIS FOIL FRA 4678593Z FP -49448141.87 103051804.1
NPIL HOLDCO LTD 3641071Z LN -174439226.7 865153864.4
NPOWER GAS LTD 1689816Z LN -356242279.8 692311995.8
NPOWER LTD 1185599Z LN -280336917.7 4234776781
NRJ 12 4681713Z FP -7657615.259 104653825.6
NTT COM SECURITY AAGN GR -7312306.971 180437345.1
NTT COM SECURITY AAGND S1 -7312306.971 180437345.1
NTT COM SECURITY AAGN EO -7312306.971 180437345.1
NTT COM SECURITY AAGN EU -7312306.971 180437345.1
NTT COM SECURITY AAGND L3 -7312306.971 180437345.1
NTT COM SECURITY AAGN TQ -7312306.971 180437345.1
NTT COM SECURITY AAGND B3 -7312306.971 180437345.1
NTT COM SECURITY AAGND S2 -7312306.971 180437345.1
NTT COM SECURITY AAGN S1 -7312306.971 180437345.1
NUERNB HYPO-RTS NUE8 GR -2104112446 5.86E+11
NUERNB HYPOTHEK 0478131D GR -2104112446 5.86E+11
NUTRIBIO SAS 4508451Z FP -1696894.018 126986380.2
NYESA VALORES CO BES EU -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 TQ -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
O'KANE & DEVINE 3803556Z LN -4358107.011 464658271.9
O-I MANUFACTURIN 1320610Z LN -12628154.89 101145430
OBTEC OBTEC DC -15214157.39 146307717.3
OBTEC OBT DC -15214157.39 146307717.3
OBTEC-NEW SHARES OBTECN DC -15214157.39 146307717.3
OBTEC-OLD OBTN DC -15214157.39 146307717.3
ODEON & UCI CINE 3489372Z LN -830950559.2 1305400799
ODESSA OIL REFIN ONPZ UZ -389476260.1 147828436.7
OESIA NETWORKS S 4369433Z SM -23680696.85 179103096.4
OKI EUROPE LTD 3912252Z LN -391269747.1 204284621.3
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
OMRON EUROPE BV/ 4489339Z NA -309562.197 569956799.6
OPTIMUM CARE LTD 3951796Z LN -33380376.38 106846682.7
ORACLE FRANCE SA 4525191Z FP -4835581.451 722616022.4
ORANGE LTD 951641Q LN -593935104.1 2902299502
ORANGE PLC ORNGF US -593935104.1 2902299502
ORANGE PLC 1460Q GR -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 OBS IX -4168493.8 127701679.5
ORBIS PLC OBS LN -4168493.8 127701679.5
ORBIS PLC OBS PO -4168493.8 127701679.5
ORBIS PLC OBS PZ -4168493.8 127701679.5
ORBIS PLC OBG PO -4168493.8 127701679.5
ORBIS PLC ORBSF US -4168493.8 127701679.5
ORBIS PLC RLP GR -4168493.8 127701679.5
OROSDI OROSP L3 -51388258.12 181261665.1
OROSDI OROS EO -51388258.12 181261665.1
OROSDI OROSP B3 -51388258.12 181261665.1
OROSDI OROS PZ -51388258.12 181261665.1
OROSDI OROS EU -51388258.12 181261665.1
OROSDI OROSP S2 -51388258.12 181261665.1
OROSDI OROS S1 -51388258.12 181261665.1
OROSDI OROS EB -51388258.12 181261665.1
OROSDI OROS FP -51388258.12 181261665.1
OROSDI OROS IX -51388258.12 181261665.1
OROSDI-BACK BACK IX -51388258.12 181261665.1
OROSDI-BACK ORBA FP -51388258.12 181261665.1
OROSDI-RTS ORODS FP -51388258.12 181261665.1
OT OPTIMA TELEKO 2299892Z CZ -113047998.1 107299044.1
OT-OPTIMA TELEKO OPTERA CZ -113047998.1 107299044.1
OT-OPTIMA TELEKO OPTERHRK EU -113047998.1 107299044.1
OT-OPTIMA TELEKO OPTERHRK EO -113047998.1 107299044.1
OUTDOOR GROUP LT 1318338Z LN -31904183.63 118196315.8
OXEA SARL 3682535Z LX -24721940.15 956415604.2
OXEA SARL 3682535Z GR -24721940.15 956415604.2
P.G. NIKAS SA NIKASY S2 -20069595.16 104893930.7
P.G. NIKAS SA NIKASY L3 -20069595.16 104893930.7
P.G. NIKAS SA NIKASY B3 -20069595.16 104893930.7
PAGESJAUNES GRP PGJUF US -2574016244 1103160018
PAGESJAUNES GRP PAJ LI -2574016244 1103160018
PAGESJAUNES GRP PAJ NQ -2574016244 1103160018
PAGESJAUNES GRP PAJ VX -2574016244 1103160018
PAGESJAUNES GRP PAJ PZ -2574016244 1103160018
PAGESJAUNES GRP PAJ FP -2574016244 1103160018
PAGESJAUNES GRP PAJP IX -2574016244 1103160018
PANAXIA AB PAXA EO -13977243.64 102375892.6
PANAXIA AB PAXAEUR EU -13977243.64 102375892.6
PANAXIA AB PAXA BY -13977243.64 102375892.6
PANAXIA AB PAXA SS -13977243.64 102375892.6
PANAXIA AB PAXA EU -13977243.64 102375892.6
PANAXIA AB PAXA PZ -13977243.64 102375892.6
PANAXIA AB PAXAEUR EO -13977243.64 102375892.6
PANAXIA AB-NEW PAXABT SS -13977243.64 102375892.6
PANAXIA AB-NEW PAXABT BY -13977243.64 102375892.6
PANAXIA AB-RTS PAXATR BY -13977243.64 102375892.6
PANAXIA AB-RTS PAXATR SS -13977243.64 102375892.6
PANAXIA-NEW 8292193Q SS -13977243.64 102375892.6
PANAXIA-RTS 8292189Q SS -13977243.64 102375892.6
PARAGON HOTELS L 4452665Z LN -3769909.891 107328514.4
PARAGON MORTGAGE 2002551Z LN -750891.1819 737656750.8
PARK FOOD GROUP PKFD LN -20141361.32 279211765.5
PARK GROUP PLC PKGL L3 -20141361.32 279211765.5
PARK GROUP PLC PKG LN -20141361.32 279211765.5
PARK GROUP PLC PKGL B3 -20141361.32 279211765.5
PARK GROUP PLC PRKGF US -20141361.32 279211765.5
PARK GROUP PLC PKG VX -20141361.32 279211765.5
PARK GROUP PLC PKG EO -20141361.32 279211765.5
PARK GROUP PLC PRKG IX -20141361.32 279211765.5
PARK GROUP PLC PKG PO -20141361.32 279211765.5
PARK GROUP PLC PKGGBP EO -20141361.32 279211765.5
PARK GROUP PLC PKGL S2 -20141361.32 279211765.5
PARK GROUP PLC PKG EU -20141361.32 279211765.5
PARK GROUP PLC PKG PZ -20141361.32 279211765.5
PARMALAT FINA-RT PRFR AV -18420075679 4120839723
PARMALAT FINANZI FICN AV -18420075679 4120839723
PARMALAT FINANZI PRF IM -18420075679 4120839723
PARMALAT FINANZI PARAF US -18420075679 4120839723
PARMALAT FINANZI PRFI VX -18420075679 4120839723
PARMALAT FINANZI PMLFF US -18420075679 4120839723
PARMALAT FINANZI PMT LI -18420075679 4120839723
PARMALAT FINANZI PAF GR -18420075679 4120839723
PARQUES REUN-RTS PQR/D SM -36793493.63 2314365176
PARQUES REUNIDOS PQR SM -36793493.63 2314365176
PARQUES REUNIDOS PQR GR -36793493.63 2314365176
PATIENTLINE PLC PTL PO -54678675.23 124951423.6
PATIENTLINE PLC 2928903Q EU -54678675.23 124951423.6
PATIENTLINE PLC PTL IX -54678675.23 124951423.6
PATIENTLINE PLC 2928907Q EO -54678675.23 124951423.6
PATIENTLINE PLC 2928899Q EO -54678675.23 124951423.6
PATIENTLINE PLC PTL LN -54678675.23 124951423.6
PATIENTLINE PLC PTL PZ -54678675.23 124951423.6
PATIENTLINE PLC PTL VX -54678675.23 124951423.6
PAYZONE PLC PAYZ EU -138034037.7 510021617
PAYZONE PLC PAYZ PZ -138034037.7 510021617
PAYZONE PLC PAYZ LN -138034037.7 510021617
PAYZONE PLC PAYZ PG -138034037.7 510021617
PAYZONE PLC PAYZ EO -138034037.7 510021617
PAYZONE PLC 4P6 GR -138034037.7 510021617
PAYZONE PLC PAYZ IX -138034037.7 510021617
PBG PBG LI -248138966.9 850379428.1
PBG PBG1 EO -248138966.9 850379428.1
PBG PBG1EUR EO -248138966.9 850379428.1
PBG PBG1USD EO -248138966.9 850379428.1
PBG PBG PW -248138966.9 850379428.1
PBG PBG1EUR EU -248138966.9 850379428.1
PBG PBG PZ -248138966.9 850379428.1
PBG PBG1 EU -248138966.9 850379428.1
PBG PBGZF US -248138966.9 850379428.1
PBG PBG1USD EU -248138966.9 850379428.1
PBG S.A. 887076Q PW -248138966.9 850379428.1
PBG SA PBGW S2 -248138966.9 850379428.1
PBG SA PBGG IX -248138966.9 850379428.1
PBG SA PBGW L3 -248138966.9 850379428.1
PBG SA PBGW B3 -248138966.9 850379428.1
PBG SA - ADR PBGZY US -248138966.9 850379428.1
PBG SA - CERT A 899644Z PW -248138966.9 850379428.1
PBG SA -CERT A PBGA PW -248138966.9 850379428.1
PBG SA-A 0122073D PW -248138966.9 850379428.1
PBG SA-ALLOT CE 903059Q PW -248138966.9 850379428.1
PBG SA-ALLOT CER 685728Q PW -248138966.9 850379428.1
PBG SA-RTS PBGP PW -248138966.9 850379428.1
PD PORT SERVICES 1407442Z LN -64613923.86 170018006.2
PD PORTCO LTD 3233785Z LN -286512126 1076498649
PEGASUS PUB-RTS PEGASR GA -84903492.7 221907245.7
PEGASUS PUBLISHI PEGASY S2 -84903492.7 221907245.7
PEGASUS PUBLISHI PEGASY B3 -84903492.7 221907245.7
PEGASUS PUBLISHI PEGA1 EU -84903492.7 221907245.7
PEGASUS PUBLISHI PGPBF US -84903492.7 221907245.7
PEGASUS PUBLISHI PEGASY L3 -84903492.7 221907245.7
PEGASUS PUBLISHI PEGA1 EO -84903492.7 221907245.7
PEGASUS PUBLISHI PEGAS PZ -84903492.7 221907245.7
PEGASUS PUBLISHI PEGAS GA -84903492.7 221907245.7
PEGASUS PUBLISHI JE5 GR -84903492.7 221907245.7
PEGUFORM IBERICA 4512107Z SM -25951900.55 189870518.2
PENOPLEX-FINANS PNPF RU -776342.4125 143683074
PESCANOVA PVA EO -1962474395 3604665666
PESCANOVA PVA SM -1962474395 3604665666
PESCANOVA PVA EB -1962474395 3604665666
PESCANOVA PVA TQ -1962474395 3604665666
PESCANOVA PNV GR -1962474395 3604665666
PESCANOVA PVA IX -1962474395 3604665666
PESCANOVA PVA S1 -1962474395 3604665666
PESCANOVA PVA PZ -1962474395 3604665666
PESCANOVA PVA NR -1962474395 3604665666
PESCANOVA PVA QM -1962474395 3604665666
PESCANOVA PNVAF US -1962474395 3604665666
PESCANOVA PVA EU -1962474395 3604665666
PESCANOVA SA 0572074D SM -1962474395 3604665666
PESCANOVA SA PCV/P SM -1962474395 3604665666
PESCANOVA SA PVAE L3 -1962474395 3604665666
PESCANOVA SA PVAE S2 -1962474395 3604665666
PESCANOVA SA PVAE B3 -1962474395 3604665666
PESCANOVA SA-RTS PVA/D SM -1962474395 3604665666
PESCANOVA SA-RTS 0561516D SM -1962474395 3604665666
PESCANOVA SA-RTS 3414736Q SM -1962474395 3604665666
PESCANOVA-OLD RT 1004Q SM -1962474395 3604665666
PETRO GEO-SERV PGS VX -18066142.02 399710319.4
PETRO GEO-SERV PGS GR -18066142.02 399710319.4
PETRO GEO-SERV 265143Q NO -18066142.02 399710319.4
PETRO GEO-SERV-N PGSN NO -18066142.02 399710319.4
PETRO GEO-SV-ADR PGSA GR -18066142.02 399710319.4
PETRO GEO-SV-ADR PGOGY US -18066142.02 399710319.4
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROMARINE SA 3652071Z FP -23734181.65 320658299.5
PETZET - PFD-RTS PETZPD GA -110809481.9 206423169.8
PETZETAKIS - RTS PETZKD GA -110809481.9 206423169.8
PETZETAKIS-AUC PETZKE GA -110809481.9 206423169.8
PETZETAKIS-PFD PTZ3 GR -110809481.9 206423169.8
PETZETAKIS-PFD PETZP GA -110809481.9 206423169.8
PEUGEOT CITROEN 1974702Z LN -80701624.73 849472808.9
PEUGEOT CITROEN 3652807Z FP -253020802.7 19788050597
PEUGEOT CITROEN 3637183Z FP -387705605.4 308658679.1
PG NIKAS SA NIKAS PZ -20069595.16 104893930.7
PG NIKAS SA NKS GR -20069595.16 104893930.7
PG NIKAS SA NIKAS EO -20069595.16 104893930.7
PG NIKAS SA NIKAS GA -20069595.16 104893930.7
PG NIKAS SA NIKAS EU -20069595.16 104893930.7
PHILIPS GMBH 2645Z GR -967234526 2127723302
PHS GROUP HOLDIN 3173182Z LN -451952499.8 1982894328
PIRELLI & C REAL PRS1 NQ -109148609.4 827830825.9
PIRELLI RE AXA PRSAXA IM -109148609.4 827830825.9
PLACES FOR PEOPL 1914158Z LN -89782697.51 596233572.7
PLANES E INVERSI 3795524Z SM -167827051.7 107554336.1
PLANNED MAINTENA 1344714Z LN -135825348.1 149134042.8
PLANOFORM VASTGO 4047197Z NA -119232.0004 209987003
PLANTASJEN NORGE 4398073Z NO -940365.3882 110815351.7
PORTO F.C.-B FCPB PL -42858205.32 244984137.8
POST OFFICE LTD 1542650Z LN -196775599.5 1694809196
POSTAL SERVICES 3900202Z LN -2013775993 9943515171
POSTNL NV PNL2GBX EU -837827974.3 3354049722
POSTNL NV TNT PZ -837827974.3 3354049722
POSTNL NV PNL NA -837827974.3 3354049722
POSTNL NV PNL2USD EO -837827974.3 3354049722
POSTNL NV PNLA L3 -837827974.3 3354049722
POSTNL NV PNL2NOK EO -837827974.3 3354049722
POSTNL NV PNL2CHF EU -837827974.3 3354049722
POSTNL NV PNL TQ -837827974.3 3354049722
POSTNL NV PNL2USD EU -837827974.3 3354049722
POSTNL NV PNL2AUD EU -837827974.3 3354049722
POSTNL NV PNL2NOK EU -837827974.3 3354049722
POSTNL NV PNL2PLN EU -837827974.3 3354049722
POSTNL NV PNL QM -837827974.3 3354049722
POSTNL NV PNLA B3 -837827974.3 3354049722
POSTNL NV PNL2GBP EO -837827974.3 3354049722
POSTNL NV PNL BQ -837827974.3 3354049722
POSTNL NV PNL2 EO -837827974.3 3354049722
POSTNL NV TNTC GR -837827974.3 3354049722
POSTNL NV TNT LI -837827974.3 3354049722
POSTNL NV PNL QX -837827974.3 3354049722
POSTNL NV PNL2PLN EO -837827974.3 3354049722
POSTNL NV TNTFF US -837827974.3 3354049722
POSTNL NV TNTC TH -837827974.3 3354049722
POSTNL NV PNL MT -837827974.3 3354049722
POSTNL NV PNL1 IX -837827974.3 3354049722
POSTNL NV PNL1 S1 -837827974.3 3354049722
POSTNL NV PNL GK -837827974.3 3354049722
POSTNL NV PNL2 EU -837827974.3 3354049722
POSTNL NV PNL2GBX EO -837827974.3 3354049722
POSTNL NV PNL EB -837827974.3 3354049722
POSTNL NV PNL2AUD EO -837827974.3 3354049722
POSTNL NV PNL2CHF EO -837827974.3 3354049722
POSTNL NV PNL SW -837827974.3 3354049722
POSTNL NV PNLA S2 -837827974.3 3354049722
POSTNL NV-ADR PNLYY US -837827974.3 3354049722
POSTNL NV-ADR TNTTY US -837827974.3 3354049722
POWEO ALPF IX -44827553.48 1104547436
POWEO MLPWO FP -44827553.48 1104547436
POWEO PWOPF US -44827553.48 1104547436
POWEO - RTS PWODS FP -44827553.48 1104547436
POWEO - RTS POWDS FP -44827553.48 1104547436
POWEO DIRECT ENE ALPWO FP -44827553.48 1104547436
POWEO-ADR PWOPY US -44827553.48 1104547436
POWER LEISURE BO 1855610Z LN -56174112.96 131926215.6
POWERCORP INTERN 4449033Z LN -9367275.229 129789167.8
PPG METRO 500 LT 2224564Z LN -15545472.43 116336000.6
PRAMAC SPA 6PA GR -87225984.26 314937083.3
PRAMAC SPA PRAM IX -87225984.26 314937083.3
PRAMAC SPA PRA2 EO -87225984.26 314937083.3
PRAMAC SPA PRAM PZ -87225984.26 314937083.3
PRAMAC SPA PRA2 EU -87225984.26 314937083.3
PRAMAC SPA PRA IM -87225984.26 314937083.3
PRELIOS SPA PIE1 GR -109148609.4 827830825.9
PRELIOS SPA PRS BQ -109148609.4 827830825.9
PRELIOS SPA PLLRF US -109148609.4 827830825.9
PRELIOS SPA PRSI PZ -109148609.4 827830825.9
PRELIOS SPA PRS EB -109148609.4 827830825.9
PRELIOS SPA PRS1GBX EU -109148609.4 827830825.9
PRELIOS SPA PRSM S2 -109148609.4 827830825.9
PRELIOS SPA PIE GR -109148609.4 827830825.9
PRELIOS SPA PRS1USD EU -109148609.4 827830825.9
PRELIOS SPA PRS2 S1 -109148609.4 827830825.9
PRELIOS SPA PRS1 TQ -109148609.4 827830825.9
PRELIOS SPA PRSM L3 -109148609.4 827830825.9
PRELIOS SPA PRSM B3 -109148609.4 827830825.9
PRELIOS SPA PRS1 EO -109148609.4 827830825.9
PRELIOS SPA PRS1USD EO -109148609.4 827830825.9
PRELIOS SPA PRS1 IX -109148609.4 827830825.9
PRELIOS SPA PRS1GBX EO -109148609.4 827830825.9
PRELIOS SPA PRS1 QM -109148609.4 827830825.9
PRELIOS SPA PRS1 NR -109148609.4 827830825.9
PRELIOS SPA PRS1 EU -109148609.4 827830825.9
PRELIOS SPA PRS IM -109148609.4 827830825.9
PRELIOS SPA PRS1GBP EO -109148609.4 827830825.9
PRELIOS SPA-RTS PRSAZA IM -109148609.4 827830825.9
PRELIOS SPA-RTS PLLSF US -109148609.4 827830825.9
PREMIER PROPERTY 4006740Z LN -383762892.9 196967668.2
PRESTBURY HOTELS 397501Z LN -140719863.3 732561072.1
PRESTBURY WENTWO 3814856Z LN -113574624.2 682578779
PRISA PRS2 VX -780193119.9 6162139632
PRISA 0557149D LN -780193119.9 6162139632
PRISA PRS NR -780193119.9 6162139632
PRISA - A GPOPF US -780193119.9 6162139632
PRISA - A PRSGBP EO -780193119.9 6162139632
PRISA - A PRSE B3 -780193119.9 6162139632
PRISA - A PRSE L3 -780193119.9 6162139632
PRISA - A PRSGBX EU -780193119.9 6162139632
PRISA - A PRS TQ -780193119.9 6162139632
PRISA - A PRSE S2 -780193119.9 6162139632
PRISA - A PRS1 S1 -780193119.9 6162139632
PRISA - A PRS1 EB -780193119.9 6162139632
PRISA - A PRSUSD EU -780193119.9 6162139632
PRISA - A PRS EO -780193119.9 6162139632
PRISA - A PZ4 GR -780193119.9 6162139632
PRISA - A PRSS PZ -780193119.9 6162139632
PRISA - A PRSE S1 -780193119.9 6162139632
PRISA - A PRSGBX EO -780193119.9 6162139632
PRISA - A PRS EU -780193119.9 6162139632
PRISA - A PRSUSD EO -780193119.9 6162139632
PRISA - A PRS2 IX -780193119.9 6162139632
PRISA - A PRS SM -780193119.9 6162139632
PRISA - B PRSP EB -780193119.9 6162139632
PRISA - B PRS/P SM -780193119.9 6162139632
PRISA - B PRSP IX -780193119.9 6162139632
PRISA - B PRS/P EO -780193119.9 6162139632
PRISA - B PRS/P TQ -780193119.9 6162139632
PRISA A-ADR PRIS US -780193119.9 6162139632
PRISA B-ADR PRIS/B US -780193119.9 6162139632
PRISA B-RTS PRS/EEUR EU -780193119.9 6162139632
PRISA B-RTS PRS/EEUR EO -780193119.9 6162139632
PRISA B-RTS PRS/E SM -780193119.9 6162139632
PRISA-A RTS PRS/DEUR EO -780193119.9 6162139632
PRISA-A RTS PRS/D SM -780193119.9 6162139632
PRISA-A RTS PRS/DEUR EU -780193119.9 6162139632
PRISA-A RTS PRSD TQ -780193119.9 6162139632
PRISA-UNSP ADR GPOPY US -780193119.9 6162139632
PRITCHARD GROUP 3805716Z LN -40198600.41 187982923.5
PROCTER & GAMBLE 4525303Z FP -65885750.72 335937615.8
PRODRIVE HOLDING 3776836Z NA -286440.2865 111639311.2
PROMOTORA DE INF 0852003D SM -780193119.9 6162139632
PROMOTORA DE INF 1003328D SM -780193119.9 6162139632
PROMOTORA DE-ADR PTRSV US -780193119.9 6162139632
PROMOTORA DE-ADR PRIS-W US -780193119.9 6162139632
PROMOTORA DE-ADR PRIS/B-W US -780193119.9 6162139632
PROMOTORA DE-NEW 0096859D SM -780193119.9 6162139632
PROMTRACTOR-FINA PTRF RU -57517044.18 208661031
PROSTRAKAN GROUP PSK EU -9666420.197 134082602.7
PROSTRAKAN GROUP PSKEUR EU -9666420.197 134082602.7
PROSTRAKAN GROUP PSK EO -9666420.197 134082602.7
PROSTRAKAN GROUP PSK IX -9666420.197 134082602.7
PROSTRAKAN GROUP PSK LN -9666420.197 134082602.7
PROSTRAKAN GROUP PSKGBP EO -9666420.197 134082602.7
PROSTRAKAN GROUP PSK S1 -9666420.197 134082602.7
PROSTRAKAN GROUP PSK PZ -9666420.197 134082602.7
PROSTRAKAN GROUP PSKEUR EO -9666420.197 134082602.7
PROSTRAKAN GROUP PSK PO -9666420.197 134082602.7
PROSTRAKAN GROUP PKNGF US -9666420.197 134082602.7
PROSTRAKAN GROUP PSK VX -9666420.197 134082602.7
PULLMANTUR SA 301590Z SM -120068945.6 200674891.5
PUMA PREMIER LTD 2111827Z LN -1724900.386 187562614.4
Q-PARK LTD 1471762Z LN -13998966.69 211684232.1
QMH LTD QMOT LN -39143219.67 831590393.1
QPR HOLDINGS LTD LFT LN -193935862.6 120047585.7
QUABIT INMOBILIA QBT IX -33301815.13 950532329.1
QUABIT INMOBILIA QBTGBP EO -33301815.13 950532329.1
QUABIT INMOBILIA QBT TQ -33301815.13 950532329.1
QUABIT INMOBILIA QBT PZ -33301815.13 950532329.1
QUABIT INMOBILIA ZVY GR -33301815.13 950532329.1
QUABIT INMOBILIA QBMMF US -33301815.13 950532329.1
QUABIT INMOBILIA QBT EU -33301815.13 950532329.1
QUABIT INMOBILIA QBTGBX EO -33301815.13 950532329.1
QUABIT INMOBILIA ASTS PZ -33301815.13 950532329.1
QUABIT INMOBILIA QBTE L3 -33301815.13 950532329.1
QUABIT INMOBILIA QBTGBX EU -33301815.13 950532329.1
QUABIT INMOBILIA QBT EB -33301815.13 950532329.1
QUABIT INMOBILIA QBTE B3 -33301815.13 950532329.1
QUABIT INMOBILIA QBT EO -33301815.13 950532329.1
QUABIT INMOBILIA QBT S1 -33301815.13 950532329.1
QUABIT INMOBILIA QBT SM -33301815.13 950532329.1
QUABIT INMOBILIA QBTE S2 -33301815.13 950532329.1
QUEENS MOAT HSES QMTHF US -39143219.67 831590393.1
QUINN BUILDING P 3949900Z LN -18251135.25 238239265.2
QUINN GROUP LTD 166771Z ID -228834929.2 2504377123
R&R ICE CREAM LT 3624280Z LN -218326760.7 959915732.9
RADIO E TELEVISA 1227Z PL -109978276.6 477215725.6
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIOTRONICA SA RAD SM -14372275.23 222306266.2
RADIOTRONICA SA RDNTF US -14372275.23 222306266.2
RADIOTRONICA-RTS RAD/D SM -14372275.23 222306266.2
RAG ABWICKL-REG ROS S1 -1744186.284 217783877.8
RAG ABWICKL-REG RSTHF US -1744186.284 217783877.8
RAG ABWICKL-REG ROS1 EU -1744186.284 217783877.8
RAG ABWICKL-REG ROS GR -1744186.284 217783877.8
RAG ABWICKL-REG ROS1 EO -1744186.284 217783877.8
RAG ABWICKL-REG ROSG PZ -1744186.284 217783877.8
RAMBO A LTD 4501843Z LN -2076739509 891693401.1
RANDSTAD EMPLOYM 1585810Z LN -33905632.17 105871649.3
RBS MEZZANINE LT 2198564Z LN -111641535.2 344709233.7
RDB SPA RDBI IX -143727976.4 142633893.2
RDB SPA RDB EO -143727976.4 142633893.2
RDB SPA RDB TQ -143727976.4 142633893.2
RDB SPA RDB IM -143727976.4 142633893.2
RDB SPA RDB EU -143727976.4 142633893.2
RDB SPA RDB BQ -143727976.4 142633893.2
RDB SPA AZN GR -143727976.4 142633893.2
RDB SPA RDB PZ -143727976.4 142633893.2
REAL ESTATE OP-O REO VX -1109587250 1668412128
REAL ESTATE OP-O REO EU -1109587250 1668412128
REAL ESTATE OP-O REO EO -1109587250 1668412128
REAL ESTATE OP-O REO ID -1109587250 1668412128
REAL ESTATE OP-O REOGBP EO -1109587250 1668412128
REAL ESTATE OP-O REA GR -1109587250 1668412128
REAL ESTATE OP-O REO PZ -1109587250 1668412128
REAL ESTATE OP-O REO IX -1109587250 1668412128
REAL ESTATE OP-O REO LN -1109587250 1668412128
REAL ZARAGOZA SA 4285533Z SM -29195361.56 191997001.6
REDE FERROVIARIA 1250Z PL -2486654844 6950137352
REGARD HOLDINGS 4157517Z LN -2986461.558 138603527.1
REGUS LTD 273187Q 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 2296Z LN -46111832.15 367181111
REGUS PLC-ADS REGS US -46111832.15 367181111
REGUS PLC-ADS RGUA GR -46111832.15 367181111
REGUS PLC-ADS REGSV US -46111832.15 367181111
REGUS PLC-ADS REGSY US -46111832.15 367181111
RENTA CORP REN1 TQ -45668469.6 171969667.7
RENTA CORP REN1USD EO -45668469.6 171969667.7
RENTA CORP REN1 EU -45668469.6 171969667.7
RENTA CORP REN1GBX EU -45668469.6 171969667.7
RENTA CORP REN1GBX EO -45668469.6 171969667.7
RENTA CORP REN1 EO -45668469.6 171969667.7
RENTA CORP REN1USD EU -45668469.6 171969667.7
RENTA CORP REN SM -45668469.6 171969667.7
RENTA CORP RENS PZ -45668469.6 171969667.7
RENTA CORP REN1 S1 -45668469.6 171969667.7
RENTA CORP REN1GBP EO -45668469.6 171969667.7
RENTA CORP RTACF US -45668469.6 171969667.7
RENTA CORP REAL RENE B3 -45668469.6 171969667.7
RENTA CORP REAL REN/D SM -45668469.6 171969667.7
RENTA CORP REAL RENE S2 -45668469.6 171969667.7
RENTA CORP REAL RENE L3 -45668469.6 171969667.7
RESEAU FERRE FRA 224063Z FP -1502193646 75168386409
RETAIL GROUP RTGR UZ -32256396.75 252571056.9
REXAM BEVERAGE C 1120903Z LN -22213349.38 126325689.5
REYAL URBIS SA REY1 EU -3401133138 2718536405
REYAL URBIS SA REY SM -3401133138 2718536405
REYAL URBIS SA REYU PZ -3401133138 2718536405
REYAL URBIS SA REY EB -3401133138 2718536405
REYAL URBIS SA REY1 IX -3401133138 2718536405
REYAL URBIS SA REY S1 -3401133138 2718536405
REYAL URBIS SA REY1 TQ -3401133138 2718536405
REYAL URBIS SA REY1 EO -3401133138 2718536405
RHODIA SA RHA BQ -72549998.76 7951479864
RHODIA SA RHAGBX EU -72549998.76 7951479864
RHODIA SA RHA EB -72549998.76 7951479864
RHODIA SA 2324015Q EO -72549998.76 7951479864
RHODIA SA RHA VX -72549998.76 7951479864
RHODIA SA RHA TQ -72549998.76 7951479864
RHODIA SA RHA NQ -72549998.76 7951479864
RHODIA SA RHAUSD EU -72549998.76 7951479864
RHODIA SA RHDI TH -72549998.76 7951479864
RHODIA SA RHA EU -72549998.76 7951479864
RHODIA SA RHD GR -72549998.76 7951479864
RHODIA SA RHA EO -72549998.76 7951479864
RHODIA SA RHA QM -72549998.76 7951479864
RHODIA SA RHAGBX EO -72549998.76 7951479864
RHODIA SA RHA IX -72549998.76 7951479864
RHODIA SA RHADF US -72549998.76 7951479864
RHODIA SA RHAY IX -72549998.76 7951479864
RHODIA SA RHDI GR -72549998.76 7951479864
RHODIA SA 2324011Q EU -72549998.76 7951479864
RHODIA SA RHAUSD EO -72549998.76 7951479864
RHODIA SA RHDAF US -72549998.76 7951479864
RHODIA SA RHANR PZ -72549998.76 7951479864
RHODIA SA RHA FP -72549998.76 7951479864
RHODIA SA RHAGBP EO -72549998.76 7951479864
RHODIA SA RHA S1 -72549998.76 7951479864
RHODIA SA RHA PZ -72549998.76 7951479864
RHODIA SA RHA GK -72549998.76 7951479864
RHODIA SA 3218857Q IX -72549998.76 7951479864
RHODIA SA - NEW 3506266Q FP -72549998.76 7951479864
RHODIA SA - NEW RHANV FP -72549998.76 7951479864
RHODIA SA - NEW 2335921Q FP -72549998.76 7951479864
RHODIA SA - NEW 3156011Q FP -72549998.76 7951479864
RHODIA SA - NEW 8125782Q FP -72549998.76 7951479864
RHODIA SA-ADR RHAYY US -72549998.76 7951479864
RHODIA SA-NON RE RHANR FP -72549998.76 7951479864
RHODIA SA-RIGHTS RHADS FP -72549998.76 7951479864
RHODIA SA-RIGHTS 653447Q FP -72549998.76 7951479864
RINOL AG RILBD B3 -1.1716 168101243
RINOL AG RIL GR -1.1716 168101243
RINOL AG RILBD L3 -1.1716 168101243
RINOL AG RILB PZ -1.1716 168101243
RINOL AG RILBD S2 -1.1716 168101243
RINOL AG RILB EO -1.1716 168101243
RINOL AG RILB S1 -1.1716 168101243
RINOL AG RILB EU -1.1716 168101243
RINOL AG RNLAF US -1.1716 168101243
RINOL AG RILB GR -1.1716 168101243
RINOL AG RILB IX -1.1716 168101243
RISANAMEN-RNC OP RNROPA IM -319999944.9 2467223105
RISANAMENTO -OPA RNOPA IM -319999944.9 2467223105
RISANAMENTO -RNC RNR IM -319999944.9 2467223105
RISANAMENTO SPA RNM S2 -319999944.9 2467223105
RISANAMENTO SPA RNGBX EU -319999944.9 2467223105
RISANAMENTO SPA RNM B3 -319999944.9 2467223105
RISANAMENTO SPA RN IM -319999944.9 2467223105
RISANAMENTO SPA RN5 GR -319999944.9 2467223105
RISANAMENTO SPA RNM L3 -319999944.9 2467223105
RISANAMENTO SPA RN EU -319999944.9 2467223105
RISANAMENTO SPA RSMNF US -319999944.9 2467223105
RISANAMENTO SPA RN EO -319999944.9 2467223105
RISANAMENTO SPA RN EB -319999944.9 2467223105
RISANAMENTO SPA RN TQ -319999944.9 2467223105
RISANAMENTO SPA RN IX -319999944.9 2467223105
RISANAMENTO SPA RNGBX EO -319999944.9 2467223105
RISANAMENTO SPA RNGBP EO -319999944.9 2467223105
RISANAMENTO SPA RN BQ -319999944.9 2467223105
RISANAMENTO SPA RN PZ -319999944.9 2467223105
RISANAMENTO-RTS RNAXA IM -319999944.9 2467223105
RISANAMENTO-RTS RNAA IM -319999944.9 2467223105
RISANAMENTO-RTS RNAXO IM -319999944.9 2467223105
RITZ HOTEL LTD/T 1274338Z LN -28035315.97 274954318.9
RIVNEAZOT RAZT UZ -144037013.2 625895879.8
ROAD MGMT CONS 1239Z LN -24814.39972 315566259.7
ROBINS & DAY LTD 1280922Z LN -5192567.357 147402645.6
ROSENTHAL AG 2644179Q GR -1744186.284 217783877.8
ROSENTHAL AG-ACC ROS4 GR -1744186.284 217783877.8
ROSENTHAL AG-ADR RSTHY US -1744186.284 217783877.8
ROSENTHAL AG-REG ROSG IX -1744186.284 217783877.8
ROSKILDE BAN-NEW ROSKN DC -532863325.9 7876605869
ROSKILDE BAN-RTS ROSKT DC -532863325.9 7876605869
ROSKILDE BANK ROSK EU -532863325.9 7876605869
ROSKILDE BANK ROSK DC -532863325.9 7876605869
ROSKILDE BANK ROSKF US -532863325.9 7876605869
ROSKILDE BANK ROSK PZ -532863325.9 7876605869
ROSKILDE BANK ROSBF US -532863325.9 7876605869
ROSKILDE BANK RKI GR -532863325.9 7876605869
ROSKILDE BANK RSKC IX -532863325.9 7876605869
ROSKILDE BANK ROSK EO -532863325.9 7876605869
ROSKILDE BANK-RT 916603Q DC -532863325.9 7876605869
ROSYTH ROYAL DOC 2184524Z LN -63165615.71 165882297.4
ROTTERDAM LEISUR 3822680Z NA -121031.0998 120401466.1
RUSSIAN TEXT-CLS ALRT* RU -15214268.73 144581794
RUSSIAN TEXT-CLS ALRTG RU -15214268.73 144581794
S&T SYSTEM I-ADR STSQY US -38840367.34 182827447.9
S&T SYSTEM INTEG STSQF US -38840367.34 182827447.9
S&T SYSTEM INTEG SNT AV -38840367.34 182827447.9
S&T SYSTEM INTEG SYA EX -38840367.34 182827447.9
S&T SYSTEM INTEG SLSYF US -38840367.34 182827447.9
S&T SYSTEM INTEG 0960262D GR -38840367.34 182827447.9
S&T SYSTEM INTEG SNTS ES -38840367.34 182827447.9
S&T SYSTEM INTEG SNTS IX -38840367.34 182827447.9
S&T SYSTEM INTEG SYAG IX -38840367.34 182827447.9
S&T SYSTEM INTEG SNTA PZ -38840367.34 182827447.9
S&T SYSTEM INTEG SNT EU -38840367.34 182827447.9
S&T SYSTEM INTEG SNT EO -38840367.34 182827447.9
SA DE SUPERMERCA 4373489Z SM -24371663.66 162581700.7
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -122111348.6 156331971.4
SCANDINAVIAN BRA SBS1EUR EO -15214157.39 146307717.3
SCANDINAVIAN BRA SBS1 EO -15214157.39 146307717.3
SCANDINAVIAN BRA SBSD PZ -15214157.39 146307717.3
SCANDINAVIAN BRA SBS1 BY -15214157.39 146307717.3
SCANDINAVIAN BRA SBS1 TQ -15214157.39 146307717.3
SCANDINAVIAN BRA SBS1 EU -15214157.39 146307717.3
SCANDINAVIAN BRA SBSC B3 -15214157.39 146307717.3
SCANDINAVIAN BRA SBS1EUR EU -15214157.39 146307717.3
SCANDINAVIAN BRA SBSC IX -15214157.39 146307717.3
SCANDINAVIAN BRA SBSC L3 -15214157.39 146307717.3
SCANDINAVIAN BRA SBSC S2 -15214157.39 146307717.3
SCANDINAVIAN BRA SBSC EB -15214157.39 146307717.3
SCANDINAVIAN BRA SBS DC -15214157.39 146307717.3
SCHWEIZ NATB-REG SWZNF US -4267161939 5.52E+11
SCHWEIZ NATB-REG SNBN IX -4267161939 5.52E+11
SCHWEIZ NATB-REG SNBN EB -4267161939 5.52E+11
SCHWEIZ NATB-REG SNBN TQ -4267161939 5.52E+11
SCHWEIZ NATB-REG SNBN EU -4267161939 5.52E+11
SCHWEIZ NATB-REG SNBN EO -4267161939 5.52E+11
SCHWEIZ NATB-REG SNBN SW -4267161939 5.52E+11
SCHWEIZERISCH NA SNBNZ S2 -4267161939 5.52E+11
SCHWEIZERISCH NA SNBNZ B3 -4267161939 5.52E+11
SCHWEIZERISCH NA SNBNZ L3 -4267161939 5.52E+11
SCOTTISHPOWER EN 2211292Z LN -1949039.984 1678935474
SDR CENTREST 117241Q FP -132420129 252176016.3
SDR PICARDIE 44428Q FP -135351884.3 413398133.1
SEAFRANCE SA 1707464Z FP -1015369.615 247030885.4
SEAT PAGINE SEEA LN -1824874893 1089606820
SEAT PAGINE PG1 QM -1824874893 1089606820
SEAT PAGINE PG1 EO -1824874893 1089606820
SEAT PAGINE PG VX -1824874893 1089606820
SEAT PAGINE 283147Q IM -1824874893 1089606820
SEAT PAGINE PG1GBP EO -1824874893 1089606820
SEAT PAGINE PGI1 IX -1824874893 1089606820
SEAT PAGINE PG1USD EO -1824874893 1089606820
SEAT PAGINE PG BQ -1824874893 1089606820
SEAT PAGINE PG PZ -1824874893 1089606820
SEAT PAGINE PG1GBX EO -1824874893 1089606820
SEAT PAGINE SP7 GR -1824874893 1089606820
SEAT PAGINE PG1USD EU -1824874893 1089606820
SEAT PAGINE PG1 EU -1824874893 1089606820
SEAT PAGINE PG IM -1824874893 1089606820
SEAT PAGINE PG1 NQ -1824874893 1089606820
SEAT PAGINE SPGMF US -1824874893 1089606820
SEAT PAGINE PG S1 -1824874893 1089606820
SEAT PAGINE PG1 TQ -1824874893 1089606820
SEAT PAGINE PG1 EB -1824874893 1089606820
SEAT PAGINE PG1 NR -1824874893 1089606820
SEAT PAGINE SP7A GR -1824874893 1089606820
SEAT PAGINE GIAL PGM B3 -1824874893 1089606820
SEAT PAGINE GIAL PGM S2 -1824874893 1089606820
SEAT PAGINE GIAL PGM L3 -1824874893 1089606820
SEAT PAGINE-ADR SPGMY US -1824874893 1089606820
SEAT PAGINE-RSP PGR EO -1824874893 1089606820
SEAT PAGINE-RSP 0746311D PZ -1824874893 1089606820
SEAT PAGINE-RSP PGR IX -1824874893 1089606820
SEAT PAGINE-RSP SPGBF US -1824874893 1089606820
SEAT PAGINE-RSP PGRM L3 -1824874893 1089606820
SEAT PAGINE-RSP PGRM S2 -1824874893 1089606820
SEAT PAGINE-RSP PGRM B3 -1824874893 1089606820
SEAT PAGINE-RSP PGR TQ -1824874893 1089606820
SEAT PAGINE-RSP PGR IM -1824874893 1089606820
SEAT PAGINE-RSP PGR EU -1824874893 1089606820
SEAT-PAGINE GIAL PGAP GR -84834143.26 355814760.1
SEAT-PAGINE GIAL SGLSF US -84834143.26 355814760.1
SEAT-PAGINE GIAL SPG FP -84834143.26 355814760.1
SEAT-PAGINE GIAL SPG IM -84834143.26 355814760.1
SEAT-PAGINE-RNC SPGR IM -84834143.26 355814760.1
SEATPG AXA PGAXA IM -1824874893 1089606820
SECURE INCOME RE 0991780D LN -182956902.1 2427346370
SECURE INCOME RE SIR LN -182956902.1 2427346370
SECURE INCOME RE SIRGBX EU -182956902.1 2427346370
SECURE INCOME RE SIRGBX EO -182956902.1 2427346370
SEDA DE BARCEL SEDGBX EO -716967355 694658120
SEDA DE BARCEL SED IX -716967355 694658120
SEDA DE BARCEL SDY1 GR -716967355 694658120
SEDA DE BARCEL SED TQ -716967355 694658120
SEDA DE BARCEL SEDGBX EU -716967355 694658120
SEDA DE BARCEL SED EO -716967355 694658120
SEDA DE BARCEL SED EB -716967355 694658120
SEDA DE BARCEL SED EU -716967355 694658120
SEDA DE BARCEL SED S1 -716967355 694658120
SEDA DE BARCEL SED SM -716967355 694658120
SEDA DE BARCEL SEDGBP EO -716967355 694658120
SEDA DE BARCEL-A SDB SM -716967355 694658120
SEDA DE BARCEL-B SED NR -716967355 694658120
SEDA DE BARCEL-B SDY GR -716967355 694658120
SEDA DE BARCEL-B SEDS PZ -716967355 694658120
SEDA DE BARCEL-B LSDBF US -716967355 694658120
SEDA DE BARCEL-B 0882460D TQ -716967355 694658120
SELONDA AQU-AUCT SELOE GA -52954130.32 290994550.7
SELONDA AQUACULT SELO EO -52954130.32 290994550.7
SELONDA AQUACULT SELOY B3 -52954130.32 290994550.7
SELONDA AQUACULT SELO EU -52954130.32 290994550.7
SELONDA AQUACULT SELOY S2 -52954130.32 290994550.7
SELONDA AQUACULT SELO PZ -52954130.32 290994550.7
SELONDA AQUACULT SELO GA -52954130.32 290994550.7
SELONDA AQUACULT SELOY L3 -52954130.32 290994550.7
SELONDA FISHERIE SELOR GA -52954130.32 290994550.7
SERVICE POI-RTS 3452211Q SM -92173952.82 105149402.3
SERVICE POINT SPS TQ -92173952.82 105149402.3
SERVICE POINT SPS IX -92173952.82 105149402.3
SERVICE POINT SPS EO -92173952.82 105149402.3
SERVICE POINT SPS S1 -92173952.82 105149402.3
SERVICE POINT SPS EU -92173952.82 105149402.3
SERVICE POINT SPS EB -92173952.82 105149402.3
SERVICE POINT SPS1 PZ -92173952.82 105149402.3
SERVICE POINT GPPA GR -92173952.82 105149402.3
SERVICE POINT SPS SM -92173952.82 105149402.3
SERVICE POINT SO GPCKF US -92173952.82 105149402.3
SERVICE POINT SO SPSE L3 -92173952.82 105149402.3
SERVICE POINT SO SPSL VX -92173952.82 105149402.3
SERVICE POINT SO SPSE S2 -92173952.82 105149402.3
SERVICE POINT SO SPSE B3 -92173952.82 105149402.3
SERVICE POINT SO GPP GR -92173952.82 105149402.3
SERVICE POINT SO 8230641Q SM -92173952.82 105149402.3
SERVICE POINT-N SPS/N SM -92173952.82 105149402.3
SERVICE POINT-RT SPS/B SM -92173952.82 105149402.3
SERVICE POINT-RT 2670737Q SM -92173952.82 105149402.3
SERVICE POINT-RT SVPUF US -92173952.82 105149402.3
SERVICE POINT-RT SPS/D SM -92173952.82 105149402.3
SERVICO DE SAUDE 3790200Z PL -196629155.9 607613361.3
SETON HEALTHCARE 2290Z LN -10585505.26 156827663.2
SETUZA AS 2994763Q EU -61453559.45 138581811.9
SETUZA AS 2994755Q EU -61453559.45 138581811.9
SETUZA AS 2994759Q EO -61453559.45 138581811.9
SETUZA AS SETUZA PZ -61453559.45 138581811.9
SETUZA AS 2994767Q EO -61453559.45 138581811.9
SETUZA AS SZA EX -61453559.45 138581811.9
SETUZA AS SZA GR -61453559.45 138581811.9
SETUZA AS SETU IX -61453559.45 138581811.9
SETUZA AS SETUZA CP -61453559.45 138581811.9
SEVERNAYA KAZNA SVKB* RU -65841683.17 279147737.1
SEVERNAYA KAZNA SVKB RU -65841683.17 279147737.1
SEVKABEL-FINANS SVKF RU -83036.45789 102680368.9
SFAKIANAKIS S.A. SFAY S2 -39267918.53 463104354.4
SFAKIANAKIS S.A. SFAY L3 -39267918.53 463104354.4
SFAKIANAKIS S.A. SFAY B3 -39267918.53 463104354.4
SFAKIANAKIS SA SFA GA -39267918.53 463104354.4
SFAKIANAKIS SA SFAG PZ -39267918.53 463104354.4
SFAKIANAKIS SA SFA EU -39267918.53 463104354.4
SFAKIANAKIS SA SFA EO -39267918.53 463104354.4
SFAKIANAKIS-AUC SFAE GA -39267918.53 463104354.4
SFI GROUP PLC SUF LN -108070418.7 177652965.6
SFI GROUP PLC SUYFF US -108070418.7 177652965.6
SGAL-SOCIEDADE G 4473915Z PL -121711881.8 518682472
SHEET ANCHOR FRA 4745417Z FP -1306930.585 146330806.8
SHELL ESPANA SA 4514247Z SM -293761250.9 183588746.2
SHELMAN SWH GR -8106820.918 269503085.6
SHELMAN SELMK GA -8106820.918 269503085.6
SHELMAN 3001167Q GR -8106820.918 269503085.6
SHELMAN SELMK EO -8106820.918 269503085.6
SHELMAN SELMK PZ -8106820.918 269503085.6
SHELMAN SELMK EU -8106820.918 269503085.6
SHELMAN -RTS 4466796Q GA -8106820.918 269503085.6
SHELMAN HELLENIC SELMKY B3 -8106820.918 269503085.6
SHELMAN HELLENIC SELMKY S2 -8106820.918 269503085.6
SHELMAN HELLENIC SELMKY L3 -8106820.918 269503085.6
SHELMAN-PFD SELMP GA -8106820.918 269503085.6
SHELMAN-PFD SWH3 GR -8106820.918 269503085.6
SHELMAN-RTS SELMKR GA -8106820.918 269503085.6
SIDMA SA SIDMA EU -6013172.151 182480246.2
SIDMA SA SIDMAY B3 -6013172.151 182480246.2
SIDMA SA SIDMA PZ -6013172.151 182480246.2
SIDMA SA SIDMAY S2 -6013172.151 182480246.2
SIDMA SA SIDMA EO -6013172.151 182480246.2
SIDMA SA SIDMA GA -6013172.151 182480246.2
SIDMA SA SIDMAY L3 -6013172.151 182480246.2
SIEMENS TRANSMIS 4678865Z FP -30490786.14 344619846.7
SIEMENS VAI META 4634441Z FP -1582460.45 139901607.2
SIFAS SIFAS TI -15438691.22 130603844.8
SIMED HEALTH CAR 3775544Z NA -34197.38617 130252722.2
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
SIS INTL SIS DC -31099624.83 338785645.1
SIS INTL SK DC -31099624.83 338785645.1
SIS INTL-NEW SKN DC -31099624.83 338785645.1
SISAL GROUP SPA 0775998D IM -69603688.38 2259110767
SITA NV 4037469Z NA -13967000.11 1071182037
SITROL CONC-ADR STRLY US -119433664.7 940394639.1
SITROL CONC-ADR SVX EX -119433664.7 940394639.1
SKANDIA LIFE BUS 1451642Z LN -8125872.532 125021169.8
SKYEPHAR-RTS F/P SKPF VX -104472798 111306047.8
SKYEPHAR-RTS F/P SKPF LN -104472798 111306047.8
SKYEPHAR-RTS N/P SKPN LN -104472798 111306047.8
SKYEPHAR-RTS N/P SKPN VX -104472798 111306047.8
SKYEPHAR-SUB SHS 0966322D LN -104472798 111306047.8
SKYEPHARMA -SUB 2976665Z LN -104472798 111306047.8
SKYEPHARMA PLC SKP8 EO -104472798 111306047.8
SKYEPHARMA PLC SKP VX -104472798 111306047.8
SKYEPHARMA PLC SKP1 EO -104472798 111306047.8
SKYEPHARMA PLC SKP PO -104472798 111306047.8
SKYEPHARMA PLC SKPL B3 -104472798 111306047.8
SKYEPHARMA PLC SKP4 EO -104472798 111306047.8
SKYEPHARMA PLC SKP3 EO -104472798 111306047.8
SKYEPHARMA PLC SKP TQ -104472798 111306047.8
SKYEPHARMA PLC SKP7 EO -104472798 111306047.8
SKYEPHARMA PLC SKPL S1 -104472798 111306047.8
SKYEPHARMA PLC SKP IX -104472798 111306047.8
SKYEPHARMA PLC SKP6 EO -104472798 111306047.8
SKYEPHARMA PLC SKP LN -104472798 111306047.8
SKYEPHARMA PLC SKP EU -104472798 111306047.8
SKYEPHARMA PLC SKP2 EO -104472798 111306047.8
SKYEPHARMA PLC SKPGBP EO -104472798 111306047.8
SKYEPHARMA PLC SKPEUR EU -104472798 111306047.8
SKYEPHARMA PLC SKP PZ -104472798 111306047.8
SKYEPHARMA PLC SKP9 EO -104472798 111306047.8
SKYEPHARMA PLC 0746133D PZ -104472798 111306047.8
SKYEPHARMA PLC SK8C GR -104472798 111306047.8
SKYEPHARMA PLC SKPEUR EO -104472798 111306047.8
SKYEPHARMA PLC SKP BQ -104472798 111306047.8
SKYEPHARMA PLC SKPL S2 -104472798 111306047.8
SKYEPHARMA PLC SK8A GR -104472798 111306047.8
SKYEPHARMA PLC SKP EO -104472798 111306047.8
SKYEPHARMA PLC SKP10 EO -104472798 111306047.8
SKYEPHARMA PLC SKYEF US -104472798 111306047.8
SKYEPHARMA PLC SKP1 VX -104472798 111306047.8
SKYEPHARMA PLC SKP5 EO -104472798 111306047.8
SKYEPHARMA PLC SKPL L3 -104472798 111306047.8
SKYEPHARMA-ADR SKYE US -104472798 111306047.8
SKYEPHARMA-ADR SKYEY US -104472798 111306047.8
SKYEPHARMA-ADR SKYPY US -104472798 111306047.8
SKYEPHARMA-ADR SK8 GR -104472798 111306047.8
SKYEPHARMA-ADR AP80 LI -104472798 111306047.8
SKYEPHARMA-ADR SK8N GR -104472798 111306047.8
SKYEUROPE SKYP PW -89483677.73 159082240
SKYEUROPE SKY PW -89483677.73 159082240
SKYEUROPE HLDG 0619064D GR -89483677.73 159082240
SKYEUROPE HLDG SKY AV -89483677.73 159082240
SKYEUROPE HLDG SKY EO -89483677.73 159082240
SKYEUROPE HLDG SKYPLN EU -89483677.73 159082240
SKYEUROPE HLDG SKY LI -89483677.73 159082240
SKYEUROPE HLDG SKYV IX -89483677.73 159082240
SKYEUROPE HLDG SKYA PZ -89483677.73 159082240
SKYEUROPE HLDG SKURF US -89483677.73 159082240
SKYEUROPE HLDG SKYPLN EO -89483677.73 159082240
SKYEUROPE HLDG SKY EU -89483677.73 159082240
SKYEUROPE HOL-RT SK1 AV -89483677.73 159082240
SLOVENSKE ENERGE SES EU -23148900.63 177594994.7
SLOVENSKE ENERGE SES SK -23148900.63 177594994.7
SLOVENSKE ENERGE 1SES2T L3 -23148900.63 177594994.7
SLOVENSKE ENERGE SES02 SK -23148900.63 177594994.7
SLOVENSKE ENERGE 1SES2T B3 -23148900.63 177594994.7
SLOVENSKE ENERGE 1SES1T B3 -23148900.63 177594994.7
SLOVENSKE ENERGE 1SES2T S2 -23148900.63 177594994.7
SLOVENSKE ENERGE 1SES1T S2 -23148900.63 177594994.7
SLOVENSKE ENERGE 1SES01A PZ -23148900.63 177594994.7
SLOVENSKE ENERGE SES02 EO -23148900.63 177594994.7
SLOVENSKE ENERGE SES02 EU -23148900.63 177594994.7
SLOVENSKE ENERGE 1SES1T L3 -23148900.63 177594994.7
SLOVENSKE ENERGE SES EO -23148900.63 177594994.7
SMITHS HEIMANN S 4513283Z FP -19134635.11 123528857.5
SMITHS NEWS PLC NWS1 EU -88064132.7 447285313.7
SMITHS NEWS PLC NWS1 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS4 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS1GBP EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS LN -88064132.7 447285313.7
SMITHS NEWS PLC NWS PO -88064132.7 447285313.7
SMITHS NEWS PLC NWS11 EO -88064132.7 447285313.7
SMITHS NEWS PLC SMWPF US -88064132.7 447285313.7
SMITHS NEWS PLC NWS2 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS PZ -88064132.7 447285313.7
SMITHS NEWS PLC NWS7 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS2EUR EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS13 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS VX -88064132.7 447285313.7
SMITHS NEWS PLC NWS5 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS10 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS8 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS2GBP EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS9 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS IX -88064132.7 447285313.7
SMITHS NEWS PLC NWS12 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS6 EO -88064132.7 447285313.7
SMITHS NEWS PLC NWS2EUR EU -88064132.7 447285313.7
SNC L EQUIPE 4698761Z FP -20855303.6 128912614.3
SNCB HOLDING SNCBPD BB -893745521.6 37018974117
SNCB HOLDING SNCVP BB -893745521.6 37018974117
SNCB HOLDING-1 0742715D BB -893745521.6 37018974117
SNCB HOLDING-2 0742716D BB -893745521.6 37018974117
SNCB HOLDING-DVD 0742717D BB -893745521.6 37018974117
SNCB HOLDING-ORD 0742718D BB -893745521.6 37018974117
SNCB-JOUISSANCE 146453Z BB -893745521.6 37018974117
SNCB-PRIV HOLLAN SNCBPB BB -893745521.6 37018974117
SNCB-PRIV SUISSE SNCBPA BB -893745521.6 37018974117
SNIA BPD SN GR -141935918.3 150447396.9
SNIA BPD-ADR SBPDY US -141935918.3 150447396.9
SNIA SPA SN EU -141935918.3 150447396.9
SNIA SPA SIAI IX -141935918.3 150447396.9
SNIA SPA SN EO -141935918.3 150447396.9
SNIA SPA SNIXF US -141935918.3 150447396.9
SNIA SPA SNIB GR -141935918.3 150447396.9
SNIA SPA SN TQ -141935918.3 150447396.9
SNIA SPA SNIA GR -141935918.3 150447396.9
SNIA SPA SBPDF US -141935918.3 150447396.9
SNIA SPA SSMLF US -141935918.3 150447396.9
SNIA SPA SN IM -141935918.3 150447396.9
SNIA SPA SIAI PZ -141935918.3 150447396.9
SNIA SPA - RTS SNAAW IM -141935918.3 150447396.9
SNIA SPA- RTS SNAXW IM -141935918.3 150447396.9
SNIA SPA-2003 SH SN03 IM -141935918.3 150447396.9
SNIA SPA-CONV SA SPBDF US -141935918.3 150447396.9
SNIA SPA-DRC SNR00 IM -141935918.3 150447396.9
SNIA SPA-NEW SN00 IM -141935918.3 150447396.9
SNIA SPA-NON CON SPBNF US -141935918.3 150447396.9
SNIA SPA-RCV SNIVF US -141935918.3 150447396.9
SNIA SPA-RCV SNR IM -141935918.3 150447396.9
SNIA SPA-RIGHTS SNAW IM -141935918.3 150447396.9
SNIA SPA-RNC SNIWF US -141935918.3 150447396.9
SNIA SPA-RNC SNRNC IM -141935918.3 150447396.9
SNIA SPA-RTS SNSO IM -141935918.3 150447396.9
SNIA SPA-RTS SNAA IM -141935918.3 150447396.9
SOCIEDADE DE CON 3903002Z PL -18190940.15 130209277.6
SOCIEDADE DE TRA 1253Z PL -583270000.3 125409558.7
SOCIETE D'AGENCE 4741441Z FP -43587917.41 235960903.5
SOCIETE DES AUTO ARR1 VX -67014542.48 11134617648
SOCIETE DES AUTO ARR1 PZ -67014542.48 11134617648
SOCIETE DES AUTO ARRGBX EO -67014542.48 11134617648
SOCIETE DES AUTO ARR BQ -67014542.48 11134617648
SOCIETE DES AUTO RK9 GR -67014542.48 11134617648
SOCIETE DES AUTO SEAUF US -67014542.48 11134617648
SOCIETE DES AUTO ARRGBP EO -67014542.48 11134617648
SOCIETE DES-ADR SEAUY US -67014542.48 11134617648
SOCIETE FINANCIE SFAL FP -304909149.1 6618643415
SODERAG SDRA FP -2861533.316 404179878.4
SODERAG-NEW SDRN FP -2861533.316 404179878.4
SOGARA FRANCE 4674897Z FP -112661311.2 297852595.4
SOLOCAL GROU-RTS LOCDSEUR EU -2574016244 1103160018
SOLOCAL GROU-RTS LOCDS FP -2574016244 1103160018
SOLOCAL GROU-RTS LOCDSEUR EO -2574016244 1103160018
SOLOCAL GROU-RTS LOCDS TQ -2574016244 1103160018
SOLOCAL GROUP PAJ QM -2574016244 1103160018
SOLOCAL GROUP LOCALP L3 -2574016244 1103160018
SOLOCAL GROUP QS3 TH -2574016244 1103160018
SOLOCAL GROUP PAJ EO -2574016244 1103160018
SOLOCAL GROUP LOCAL TQ -2574016244 1103160018
SOLOCAL GROUP LOCAL FP -2574016244 1103160018
SOLOCAL GROUP PAJGBX EU -2574016244 1103160018
SOLOCAL GROUP PAJUSD EO -2574016244 1103160018
SOLOCAL GROUP QS3 GR -2574016244 1103160018
SOLOCAL GROUP PAJ GK -2574016244 1103160018
SOLOCAL GROUP LOCAL EU -2574016244 1103160018
SOLOCAL GROUP LOCALP S2 -2574016244 1103160018
SOLOCAL GROUP PAJGBX EO -2574016244 1103160018
SOLOCAL GROUP PAJUSD EU -2574016244 1103160018
SOLOCAL GROUP LOCAL IX -2574016244 1103160018
SOLOCAL GROUP PAJ BQ -2574016244 1103160018
SOLOCAL GROUP PAJ EU -2574016244 1103160018
SOLOCAL GROUP PAJ EB -2574016244 1103160018
SOLOCAL GROUP PAJ TQ -2574016244 1103160018
SOLOCAL GROUP PAJ IX -2574016244 1103160018
SOLOCAL GROUP LOCAL EB -2574016244 1103160018
SOLOCAL GROUP LOCALP B3 -2574016244 1103160018
SOLOCAL GROUP LOCAL QX -2574016244 1103160018
SOLOCAL GROUP PAJ S1 -2574016244 1103160018
SOLOCAL GROUP PAJGBP EO -2574016244 1103160018
SOLON AG FU-MEW 532564Q GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOO4 GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOO3 GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOOJ GR -138663225.9 627116116.4
SOLON AG FUE-RTS 2292896Z 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 SE SOO1 EO -138663225.9 627116116.4
SOLON SE SOON EU -138663225.9 627116116.4
SOLON SE SOO1USD EU -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
SOLON SE SNBZF US -138663225.9 627116116.4
SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1 BQ -138663225.9 627116116.4
SOLON SE SOO1 TQ -138663225.9 627116116.4
SOLON SE SOO1 PZ -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 EU -138663225.9 627116116.4
SOLON SE SOON GR -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SOO1 S1 -138663225.9 627116116.4
SOLON SE SOON EO -138663225.9 627116116.4
SOLON SE-RTS 3664247Z GR -138663225.9 627116116.4
SOMERSTON HOTELS 1231735Z LN -41262222.44 103352288.9
SOMERSTON HOTELS 1167535Z LN -189322116.8 379519378.5
SONY COMPUTER EN 3893902Z LN -484038262.1 1249348085
SONY EUROPE LTD 1591658Z LN -1422571087 1480717806
SOPAF SPA SSZ HK -24220244 153759286.6
SOPAF SPA SOCAF US -24220244 153759286.6
SOPAF SPA SPF EB -24220244 153759286.6
SOPAF SPA SPF EO -24220244 153759286.6
SOPAF SPA SPF TQ -24220244 153759286.6
SOPAF SPA SOPAF US -24220244 153759286.6
SOPAF SPA SPF EU -24220244 153759286.6
SOPAF SPA SPF QM -24220244 153759286.6
SOPAF SPA SPF PZ -24220244 153759286.6
SOPAF SPA SPF IM -24220244 153759286.6
SOPAF SPA SPF BQ -24220244 153759286.6
SOPAF SPA SPFI IX -24220244 153759286.6
SOPAF SPA-NEW 97 SPF97 IM -24220244 153759286.6
SOPAF SPA-RNC SOPCF US -24220244 153759286.6
SOPAF SPA-RNC SPFN IM -24220244 153759286.6
SOPAF SPA-RT SPFOB IM -24220244 153759286.6
SOUTHERN CROSS SCHE EO -456945463.9 226544692
SOUTHERN CROSS SCHE VX -456945463.9 226544692
SOUTHERN CROSS SCHE EU -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
SOUTHERN CROSS SCHE PO -456945463.9 226544692
SOUTHERN CROSS SCHE IX -456945463.9 226544692
SOUTHERN CROSS SCHE LN -456945463.9 226544692
SOUTHERN CROSS SCH4 EO -456945463.9 226544692
SOUTHERN CROSS SCHE8 EO -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EO -456945463.9 226544692
SOUTHERN CROSS F2Z TH -456945463.9 226544692
SOUTHERN CROSS SCHE BQ -456945463.9 226544692
SOUTHERN CROSS SCHE6 EO -456945463.9 226544692
SOUTHERN CROSS SCHE NQ -456945463.9 226544692
SOUTHERN CROSS SCHE S1 -456945463.9 226544692
SOUTHERN CROSS SCH3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHE5 EO -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
SOUTHERN CROSS SCHE7 EO -456945463.9 226544692
SOUTHERN CROSS SCHE NR -456945463.9 226544692
SOUTHERN CROSS SOCHF US -456945463.9 226544692
SOUTHERN CROSS SCHE2 EO -456945463.9 226544692
SOUTHERN CROSS SCHE TQ -456945463.9 226544692
SOUTHERN CROSS F2Z GR -456945463.9 226544692
SOUTHERN CROSS SCH5 EO -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EU -456945463.9 226544692
SOUTHERN CROSS SCHE QM -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE PZ -456945463.9 226544692
SOUTHERN ELE-ADR SOELY US -267583953 1807293418
SOUTHERN ELEC 619136Q LN -267583953 1807293418
SOUTHERN ELEC-B SELB LN -267583953 1807293418
SPANAIR 1174Z SM -224908325.6 350100970.3
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPENCER DOCK DEV 3813908Z ID -87906519 773958702
SPIE BATIGNOLLES SPIE FP -15843540.88 5280931385
SPIRE HEALTHC PL SPI1GBX EO -424420919.6 2675077678
SPIRE HEALTHC PL SPI1GBX EU -424420919.6 2675077678
SPIRE HEALTHC PL SPIL TQ -424420919.6 2675077678
SPIRE HEALTHC PL SPIL IX -424420919.6 2675077678
SPIRE HEALTHC PL S00 GR -424420919.6 2675077678
SPIRE HEALTHC PL SPIL EB -424420919.6 2675077678
SPIRE HEALTHC PL SPI LN -424420919.6 2675077678
SPIRE HEALTHCARE 1025367D LN -424420919.6 2675077678
SPORT LISBOA E B 1249Z PL -30964161.95 541880910.3
SPORT LISBOA E B SLBENU S2 -30964161.95 541880910.3
SPORT LISBOA E B SLBENU L3 -30964161.95 541880910.3
SPORT LISBOA E B SLBENU B3 -30964161.95 541880910.3
SPRINGER SCIENCE 648808Z GR -664638301.8 3767996594
SQUARE ENIX LTD 1826770Z LN -332218913.1 298496661.4
SSP GROUP LTD 3566446Z LN -315730322.4 1992289134
SSP GROUP PLC SSPGL EB -315730322.4 1992289134
SSP GROUP PLC SSPGGBX EO -315730322.4 1992289134
SSP GROUP PLC SSPG LN -315730322.4 1992289134
SSP GROUP PLC SSPGGBX EU -315730322.4 1992289134
SSP GROUP PLC 83S GR -315730322.4 1992289134
SSP GROUP PLC SSPGL S1 -315730322.4 1992289134
SSP GROUP PLC SSPGL IX -315730322.4 1992289134
ST FIACRE (FIN) 132143Q FP -1274873.644 111191494.1
ST GOBAIN SEKURI 3737571Z BB -71323279.72 142248917.8
STAGECOACH SERVI 1584258Z LN -10812732.14 260459727.4
STAPLES UK RETAI 1592994Z LN -80237154.66 170116799
START FUNDING NO 3816392Z ID -49647004.37 505142087.3
STEMCOR UK LTD 1071106Z LN -139791008 244452000
STIROL CONC -ADR SVX GR -119433664.7 940394639.1
STIROL CONC -ADR STIR009 RU -119433664.7 940394639.1
STIROL CONC -ADR SRLLY US -119433664.7 940394639.1
STIROL CONC -ADR SVXF IX -119433664.7 940394639.1
STIROL CONCERN STRLF US -119433664.7 940394639.1
STIROL CONCERN STIR UZ -119433664.7 940394639.1
STIROL CONCERN SRLLF US -119433664.7 940394639.1
STJAMES'S PLACE 4451825Z LN -69492713.34 762546232.1
STOREBRAND EIEND 4288341Z NO -1122201535 3712340671
SUMITOMO ELECTRI 4512059Z LN -20488938.23 502804063
SUN CHEMICAL LTD 2569274Z LN -7896860.334 228952115.7
SUN VALLEY FOODS 2346003Z LN -10931349.79 194740084.6
SUNDERLAND ASSOC 1274418Z LN -55274632.43 153207257.5
SUSQUEHANNA EURO 4459081Z ID -1526322048 6118562816
SUZLON WIND ENER 3985532Z DC -50030921.82 151671945.3
SUZLON WIND ENER 3809140Z SM -4604655.096 154658232.2
SVOBODNY SOKOL LMZSS RU -41208689.47 113787633.5
SWEDBANK OJSC SWED UZ -44198510.26 336243971.2
SWEDISH M-UN ADR SWMAY US -121242024.4 2205528534
SWEDISH MA-RE RT SWMASR SS -121242024.4 2205528534
SWEDISH MAT-ADR 3053566Q US -121242024.4 2205528534
SWEDISH MAT-ADR SWMA GR -121242024.4 2205528534
SWEDISH MAT-RTS SWMYR US -121242024.4 2205528534
SWEDISH MATCH SWD LI -121242024.4 2205528534
SWEDISH MATCH AB SWMA EU -121242024.4 2205528534
SWEDISH MATCH AB SWMA NQ -121242024.4 2205528534
SWEDISH MATCH AB SWMD L3 -121242024.4 2205528534
SWEDISH MATCH AB SWMA LI -121242024.4 2205528534
SWEDISH MATCH AB SWMD S2 -121242024.4 2205528534
SWEDISH MATCH AB SWMA EB -121242024.4 2205528534
SWEDISH MATCH AB SWMA SS -121242024.4 2205528534
SWEDISH MATCH AB SWMAUSD EO -121242024.4 2205528534
SWEDISH MATCH AB SWMA EO -121242024.4 2205528534
SWEDISH MATCH AB SWMA NR -121242024.4 2205528534
SWEDISH MATCH AB SWMAS S2 -121242024.4 2205528534
SWEDISH MATCH AB SWMDF US -121242024.4 2205528534
SWEDISH MATCH AB SWMA QM -121242024.4 2205528534
SWEDISH MATCH AB SWMA PZ -121242024.4 2205528534
SWEDISH MATCH AB SWM TH -121242024.4 2205528534
SWEDISH MATCH AB SWMA IX -121242024.4 2205528534
SWEDISH MATCH AB SWMAF US -121242024.4 2205528534
SWEDISH MATCH AB SWMD B3 -121242024.4 2205528534
SWEDISH MATCH AB SWMA S1 -121242024.4 2205528534
SWEDISH MATCH AB SWMA TQ -121242024.4 2205528534
SWEDISH MATCH AB SWM VX -121242024.4 2205528534
SWEDISH MATCH AB SWMAGBX EU -121242024.4 2205528534
SWEDISH MATCH AB SWMAGBX EO -121242024.4 2205528534
SWEDISH MATCH AB SWMA GK -121242024.4 2205528534
SWEDISH MATCH AB SWMAS L3 -121242024.4 2205528534
SWEDISH MATCH AB SWMA BY -121242024.4 2205528534
SWEDISH MATCH AB SWMAS B3 -121242024.4 2205528534
SWEDISH MATCH AB SWMA BQ -121242024.4 2205528534
SWEDISH MATCH AB SWMAEUR EO -121242024.4 2205528534
SWEDISH MATCH AB SWM GR -121242024.4 2205528534
SWEDISH MATCH AB SWMAUSD EU -121242024.4 2205528534
SWEDISH MATCH AB SWMAEUR EU -121242024.4 2205528534
SWEDISH MATCH AB SWMA QX -121242024.4 2205528534
SWEDISH MATCH AB SWMA SW -121242024.4 2205528534
SWEDISH MATCH AB SWMAGBP EO -121242024.4 2205528534
SWEDISH MATCH- B SWMWF US -121242024.4 2205528534
SWEDISH MATCH-B 3033P US -121242024.4 2205528534
SWIFT TECHNICAL 4287133Z LN -30630787.54 151146426.5
SWISS NATIONBANK SN SW -4267161939 5.52E+11
T BANK TBANK GA -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
TA TRIUMPH-A-RTS 1018916Z GR -124531131.9 313411495.3
TA TRIUMPH-ACQ TWNA GR -124531131.9 313411495.3
TA TRIUMPH-ACQ TWNA EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EO -124531131.9 313411495.3
TA TRIUMPH-ADLER 0292922D GR -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN PZ -124531131.9 313411495.3
TA TRIUMPH-ADLER TTZAF US -124531131.9 313411495.3
TA TRIUMPH-NEW TWN1 GR -124531131.9 313411495.3
TA TRIUMPH-RT TWN8 GR -124531131.9 313411495.3
TA TRIUMPH-RTS 3158577Q GR -124531131.9 313411495.3
TABASA INFRAESTR 3747640Z SM -174949990 118045845.5
TABLEROS DE FI-N TFI/N SM -3977144.266 206497154.6
TABLEROS DE FI-R TFI/D SM -3977144.266 206497154.6
TABLEROS DE FIBR TRFSF US -3977144.266 206497154.6
TAFISA TFI SM -3977144.266 206497154.6
TAKEDA IRELAND L 4506443Z ID -223676175.6 345943597.1
TAKEDA PHARMA IR 4460049Z ID -553964898.1 178556098.5
TAKKER EUROPA AP 3972332Z DC -83653640.05 206327420.9
TALISMAN ENERGY 3641763Z NO -331083562.7 2451136755
TAP SGPS TAP PL -502548349 2178435425
TATA CHEMICALS 1626874Z LN -6488265.073 183288170.1
TATA CMMNCTNS UK 2534722Z LN -75280704 149990416
TAVEX - RTS ASA/D SM -10622070.67 655950832
TAVEX ALGODO-RTS 613781Q SM -10622070.67 655950832
TAVEX ALGODO-RTS 2773473Q SM -10622070.67 655950832
TAVEX ALGODON-NE ASA/N SM -10622070.67 655950832
TAVEX ALGODONERA ASA PZ -10622070.67 655950832
TAVEX ALGODONERA ASA EU -10622070.67 655950832
TAVEX ALGODONERA ASA EO -10622070.67 655950832
TAVEX ALGODONERA ASA SM -10622070.67 655950832
TEAM PARTNER-RTS 633323Q FP -13557467.93 129831049
TEAM PARTNER-RTS 2841653Q FP -13557467.93 129831049
TEAM PARTNERS TIP PZ -13557467.93 129831049
TEAM PARTNERS 2347985Q EO -13557467.93 129831049
TEAM PARTNERS 2347981Q EU -13557467.93 129831049
TEAM PARTNERS TIP FP -13557467.93 129831049
TEAM PARTNERS TPTRF US -13557467.93 129831049
TEAM PARTNERS TPGY IX -13557467.93 129831049
TEAM PARTNERS GR TIPA EO -13557467.93 129831049
TEAM PARTNERS GR TIPA EU -13557467.93 129831049
TEAM PARTNERS GR TIPNV FP -13557467.93 129831049
TEAM PARTNERS GR TIPA FP -13557467.93 129831049
TEAM PARTNERS GR TIPDS FP -13557467.93 129831049
TEAM PARTNERS GR TPGP IX -13557467.93 129831049
TEAM PARTNERS GR TPGP PZ -13557467.93 129831049
TEAM PARTNERS-N TIPN FP -13557467.93 129831049
TECNODIFF ITALIA 0965585D GR -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -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
TEL IT MEDIA-RTS TMERAA IM -84834143.26 355814760.1
TELECOM IT-RTS TMEAA IM -84834143.26 355814760.1
TELECOM ITAL RSP TMERM S2 -84834143.26 355814760.1
TELECOM ITAL RSP TMER EO -84834143.26 355814760.1
TELECOM ITAL RSP TMER PZ -84834143.26 355814760.1
TELECOM ITAL RSP TMERM L3 -84834143.26 355814760.1
TELECOM ITAL RSP TMERM B3 -84834143.26 355814760.1
TELECOM ITAL RSP TMER EU -84834143.26 355814760.1
TELECOM ITAL RSP TMER TQ -84834143.26 355814760.1
TELECOM ITAL RSP TMER IM -84834143.26 355814760.1
TELECOM ITAL RSP TCMN IX -84834143.26 355814760.1
TELECOM ITAL RSP TIAZF US -84834143.26 355814760.1
TELECOM ITAL-ADR TIAMY US -84834143.26 355814760.1
TELECOM ITAL-RTS TMIDS FP -84834143.26 355814760.1
TELECOM ITALIA M TME IX -84834143.26 355814760.1
TELECOM ITALIA M TME EU -84834143.26 355814760.1
TELECOM ITALIA M TCM IX -84834143.26 355814760.1
TELECOM ITALIA M TME TQ -84834143.26 355814760.1
TELECOM ITALIA M TME S1 -84834143.26 355814760.1
TELECOM ITALIA M TME QM -84834143.26 355814760.1
TELECOM ITALIA M PGA VX -84834143.26 355814760.1
TELECOM ITALIA M PGA GR -84834143.26 355814760.1
TELECOM ITALIA M TME EB -84834143.26 355814760.1
TELECOM ITALIA M TMEM S2 -84834143.26 355814760.1
TELECOM ITALIA M TMEM B3 -84834143.26 355814760.1
TELECOM ITALIA M TME NR -84834143.26 355814760.1
TELECOM ITALIA M TME IM -84834143.26 355814760.1
TELECOM ITALIA M TMI FP -84834143.26 355814760.1
TELECOM ITALIA M TME PZ -84834143.26 355814760.1
TELECOM ITALIA M TME EO -84834143.26 355814760.1
TELECOM ITALIA M TMEM L3 -84834143.26 355814760.1
TELECOM ITALIA M TMEGBX EO -84834143.26 355814760.1
TELECOM ITALIA M TCLM LN -84834143.26 355814760.1
TELECOM ITALIA M TME BQ -84834143.26 355814760.1
TELECOM ITALIA M PGA1 GR -84834143.26 355814760.1
TELECOM ITALIA M TIAMF US -84834143.26 355814760.1
TELECOM ITALIA M TME NQ -84834143.26 355814760.1
TELECOM ITALIA M PGA2 GR -84834143.26 355814760.1
TELECOM ITALIA M TMEAZA IM -84834143.26 355814760.1
TELEFONICA CABLE 4374649Z SM -13714272.04 108786240.3
TELENET GRP HLDG TNET PZ -1963967252 4661718482
TELENET GRP HLDG TNET SW -1963967252 4661718482
TELENET GRP HLDG TNETB S2 -1963967252 4661718482
TELENET GRP HLDG TNETB B3 -1963967252 4661718482
TELENET GRP HLDG TNET BQ -1963967252 4661718482
TELENET GRP HLDG TNET QX -1963967252 4661718482
TELENET GRP HLDG TNET EU -1963967252 4661718482
TELENET GRP HLDG TNET TQ -1963967252 4661718482
TELENET GRP HLDG TNET GK -1963967252 4661718482
TELENET GRP HLDG TNETUSD EU -1963967252 4661718482
TELENET GRP HLDG TNETGBX EO -1963967252 4661718482
TELENET GRP HLDG T4I TH -1963967252 4661718482
TELENET GRP HLDG TNET IX -1963967252 4661718482
TELENET GRP HLDG TNETGBX EU -1963967252 4661718482
TELENET GRP HLDG TNETUSD EO -1963967252 4661718482
TELENET GRP HLDG TNET EO -1963967252 4661718482
TELENET GRP HLDG TNETGBP EO -1963967252 4661718482
TELENET GRP HLDG TNETB L3 -1963967252 4661718482
TELENET GRP HLDG TNET S1 -1963967252 4661718482
TELENET GRP HLDG 3218105Q IX -1963967252 4661718482
TELENET GRP HLDG T4I GR -1963967252 4661718482
TELENET GRP HLDG TNET EB -1963967252 4661718482
TELENET GRP HLDG TNET MT -1963967252 4661718482
TELENET GRP HLDG TNET QM -1963967252 4661718482
TELENET GRP HLDG TNET BB -1963967252 4661718482
TELENET GRP HLDG TNET NQ -1963967252 4661718482
TELENET GRP HLDG TLGHF US -1963967252 4661718482
TELENET GRP HLDG TNET LI -1963967252 4661718482
TELENET-STRP TNETS BB -1963967252 4661718482
TELENET-UNS ADR TLGHY US -1963967252 4661718482
TELEWEST COM-ADR TWT$ LN -3702338522 7581233764
TELEWEST COM-ADR 940767Q GR -3702338522 7581233764
TELEWEST COM-ADR TWSTD US -3702338522 7581233764
TELEWEST COM-ADR TWSTY US -3702338522 7581233764
TELEWEST COMM TWT VX -3702338522 7581233764
TELEWEST COMM 604296Q GR -3702338522 7581233764
TELEWEST COMM TWSTF US -3702338522 7581233764
TELEWEST COMM 715382Q LN -3702338522 7581233764
TELEWEST COMMUNI 1608194Z LN -231755458.9 7589121370
TELEWEST COMMUNI 2188148Z LN -134462644.3 131792459.5
TELEWEST COMMUNI 1646328Z LN -411234443 843091340.2
TEMENOS UK LTD 1510258Z LN -45594601.76 174643741.6
TF1 VIDEO SASU 4516855Z FP -18656465.65 113026097.4
THALES CORPORATE 4633289Z FP -7172516.727 191896690.5
THALES CORPORATE 1083706Z LN -214805320.8 1108687019
THALES RAIL SIGN 2812334Z LN -63902524.27 110625885.3
THALES SECURITY 4701729Z FP -426153529.7 822653430.4
THALES TRANSPORT 1163839Z LN -10173988.72 253071459.5
THARISA PLC THA SJ -71816000 369281984
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THOMSON REUTERS 4777193Z NO -130942490.2 119378624.6
THORN EMI PLC THNE FP -2265973885 2950096964
THORN EMI-ADR THN$ LN -2265973885 2950096964
THORN EMI-ADR TORNY US -2265973885 2950096964
THORN EMI-CDR THN NA -2265973885 2950096964
THORN EMI-REGD 1772Q GR -2265973885 2950096964
TISCALI - RTS TISAAW IM -195929423.4 324115820.8
TISCALI - RTS TIQA GR -195929423.4 324115820.8
TISCALI SPA TISN FP -195929423.4 324115820.8
TISCALI SPA TISM L3 -195929423.4 324115820.8
TISCALI SPA TISGBX EU -195929423.4 324115820.8
TISCALI SPA TIS BQ -195929423.4 324115820.8
TISCALI SPA TISM IX -195929423.4 324115820.8
TISCALI SPA TIS IX -195929423.4 324115820.8
TISCALI SPA TIS NQ -195929423.4 324115820.8
TISCALI SPA TIS VX -195929423.4 324115820.8
TISCALI SPA TIS NR -195929423.4 324115820.8
TISCALI SPA TISM B3 -195929423.4 324115820.8
TISCALI SPA TIQ1 GR -195929423.4 324115820.8
TISCALI SPA TISN NA -195929423.4 324115820.8
TISCALI SPA TIS EO -195929423.4 324115820.8
TISCALI SPA TIS IM -195929423.4 324115820.8
TISCALI SPA TISGBP EO -195929423.4 324115820.8
TISCALI SPA TISM S2 -195929423.4 324115820.8
TISCALI SPA TISN VX -195929423.4 324115820.8
TISCALI SPA TISN IM -195929423.4 324115820.8
TISCALI SPA TIQ GR -195929423.4 324115820.8
TISCALI SPA TSCXF US -195929423.4 324115820.8
TISCALI SPA TISGBX EO -195929423.4 324115820.8
TISCALI SPA TIS EB -195929423.4 324115820.8
TISCALI SPA TIS1 S1 -195929423.4 324115820.8
TISCALI SPA TISN IX -195929423.4 324115820.8
TISCALI SPA TIS NA -195929423.4 324115820.8
TISCALI SPA TIS TQ -195929423.4 324115820.8
TISCALI SPA TIS PZ -195929423.4 324115820.8
TISCALI SPA TIS EU -195929423.4 324115820.8
TISCALI SPA TIS FP -195929423.4 324115820.8
TISCALI SPA TIS QM -195929423.4 324115820.8
TISCALI SPA TIQG IX -195929423.4 324115820.8
TISCALI SPA- RTS TISAXA IM -195929423.4 324115820.8
TISCALI SPA- RTS 3391621Q GR -195929423.4 324115820.8
TIUTA PLC 3814936Z LN -56307814.14 182365274.9
TNT NV TNT TQ -837827974.3 3354049722
TNT NV TNTCHF EU -837827974.3 3354049722
TNT NV TNT EO -837827974.3 3354049722
TNT NV TNTUSD EU -837827974.3 3354049722
TNT NV TNTPLN EO -837827974.3 3354049722
TNT NV TNT EU -837827974.3 3354049722
TNT NV TNT EB -837827974.3 3354049722
TNT NV TPG NA -837827974.3 3354049722
TNT NV TPG VX -837827974.3 3354049722
TNT NV TPG GR -837827974.3 3354049722
TNT NV TNT GK -837827974.3 3354049722
TNT NV TNT VX -837827974.3 3354049722
TNT NV TNT S1 -837827974.3 3354049722
TNT NV TNT NQ -837827974.3 3354049722
TNT NV TNT BQ -837827974.3 3354049722
TNT NV TNTP IX -837827974.3 3354049722
TNT NV TNT QM -837827974.3 3354049722
TNT NV TNT NA -837827974.3 3354049722
TNT NV TNTGBX EU -837827974.3 3354049722
TNT NV TNTGBP EO -837827974.3 3354049722
TNT NV TNTAUD EU -837827974.3 3354049722
TNT NV TPGNF US -837827974.3 3354049722
TNT NV TNTPLN EU -837827974.3 3354049722
TNT NV TNT GR -837827974.3 3354049722
TNT NV TPG LN -837827974.3 3354049722
TNT NV TNTGBX EO -837827974.3 3354049722
TNT NV TPG LI -837827974.3 3354049722
TNT NV TNTAUD EO -837827974.3 3354049722
TNT NV TNTNOK EU -837827974.3 3354049722
TNT NV TNTCHF EO -837827974.3 3354049722
TNT NV TNTUSD EO -837827974.3 3354049722
TNT NV TNTNOK EO -837827974.3 3354049722
TNT NV-ADR TP US -837827974.3 3354049722
TNT NV-ADR TNT US -837827974.3 3354049722
TNT NV-ADR TPGA GR -837827974.3 3354049722
TNT POST GRP-STK TPGS NA -837827974.3 3354049722
TOORA 2916661Q EO -288811.9236 147001663
TOORA TOR PW -288811.9236 147001663
TOORA TOR PZ -288811.9236 147001663
TOORA 2916665Q EU -288811.9236 147001663
TOORA-ALLOT CERT 1025366D PW -288811.9236 147001663
TOPAZ ENERGY GRO 4508643Z ID -61682466.52 512166489.3
TOPLAND PORTFOLI 1939134Z LN -70350009.57 188623384.4
TOPPS TILES PLC TPT LN -8870544.083 142382125.3
TOPPS TILES PLC TPT6 EO -8870544.083 142382125.3
TOPPS TILES PLC TPT S1 -8870544.083 142382125.3
TOPPS TILES PLC TPTEUR EO -8870544.083 142382125.3
TOPPS TILES PLC TPT3 EO -8870544.083 142382125.3
TOPPS TILES PLC TPT7 EO -8870544.083 142382125.3
TOPPS TILES PLC TPTL L3 -8870544.083 142382125.3
TOPPS TILES PLC TPTGBP EO -8870544.083 142382125.3
TOPPS TILES PLC TPTJY US -8870544.083 142382125.3
TOPPS TILES PLC TPTEUR EU -8870544.083 142382125.3
TOPPS TILES PLC TPT PO -8870544.083 142382125.3
TOPPS TILES PLC TPT EB -8870544.083 142382125.3
TOPPS TILES PLC TPT9 EO -8870544.083 142382125.3
TOPPS TILES PLC TPT EO -8870544.083 142382125.3
TOPPS TILES PLC TPTJF US -8870544.083 142382125.3
TOPPS TILES PLC TPT PZ -8870544.083 142382125.3
TOPPS TILES PLC TPT2 EO -8870544.083 142382125.3
TOPPS TILES PLC TPTL S2 -8870544.083 142382125.3
TOPPS TILES PLC TPT BQ -8870544.083 142382125.3
TOPPS TILES PLC TPT IX -8870544.083 142382125.3
TOPPS TILES PLC TPT4 EO -8870544.083 142382125.3
TOPPS TILES PLC TPTL B3 -8870544.083 142382125.3
TOPPS TILES PLC TPT5 EO -8870544.083 142382125.3
TOPPS TILES PLC TPT TQ -8870544.083 142382125.3
TOPPS TILES PLC TPT1 EO -8870544.083 142382125.3
TOPPS TILES PLC TPT VX -8870544.083 142382125.3
TOPPS TILES PLC TPT EU -8870544.083 142382125.3
TOPPS TILES PLC TPT10 EO -8870544.083 142382125.3
TOPPS TILES PLC TPT8 EO -8870544.083 142382125.3
TOPPS TILES-NEW TPTN LN -8870544.083 142382125.3
TORM A/S TORM PZ -103200000 1720099968
TORM A/S TORM S1 -103200000 1720099968
TORM A/S TORMEUR EO -103200000 1720099968
TORM A/S DSKBF US -103200000 1720099968
TORM A/S TORMC S2 -103200000 1720099968
TORM A/S TORM BY -103200000 1720099968
TORM A/S TORMGBP EO -103200000 1720099968
TORM A/S TORM EB -103200000 1720099968
TORM A/S TORMC L3 -103200000 1720099968
TORM A/S TORM NQ -103200000 1720099968
TORM A/S TORM DC -103200000 1720099968
TORM A/S TORM IX -103200000 1720099968
TORM A/S TORMUSD EO -103200000 1720099968
TORM A/S TORM BQ -103200000 1720099968
TORM A/S TORM QM -103200000 1720099968
TORM A/S TORM EO -103200000 1720099968
TORM A/S TORMUSD EU -103200000 1720099968
TORM A/S TORMC B3 -103200000 1720099968
TORM A/S TORMEUR EU -103200000 1720099968
TORM A/S TORMCHF EU -103200000 1720099968
TORM A/S TORM TQ -103200000 1720099968
TORM A/S D8D GR -103200000 1720099968
TORM A/S TORM EU -103200000 1720099968
TORM A/S TORMCHF EO -103200000 1720099968
TORM A/S-ADR TRMD US -103200000 1720099968
TORM A/S-ADR D8DA GR -103200000 1720099968
TORM A/S-ADR D8DB GR -103200000 1720099968
TOUGHER'S OIL DI 3807844Z ID -36877649 104267886.6
TOWER GROUP A/S TOWER EU -31099624.83 338785645.1
TOWER GROUP A/S TOWEREUR EO -31099624.83 338785645.1
TOWER GROUP A/S TOWEREUR EU -31099624.83 338785645.1
TOWER GROUP A/S TOWER BY -31099624.83 338785645.1
TOWER GROUP A/S TOWER DC -31099624.83 338785645.1
TOWER GROUP A/S SICC IX -31099624.83 338785645.1
TOWER GROUP A/S TOWER EO -31099624.83 338785645.1
TOWER GROUP A/S TOWER PZ -31099624.83 338785645.1
TOWER GROUP-NEW TOWERN DC -31099624.83 338785645.1
TOWER GROUP-RTS 3536132Q DC -31099624.83 338785645.1
TOWER GROUP-RTS TOWERT DC -31099624.83 338785645.1
TPG NV TNT LN -837827974.3 3354049722
TRADER MEDIA COR 1809857Z LN -68377500.77 1067600712
TRANSGAS SA 3794668Z PL -13556500.82 194101307.5
TRANSPORT D-NEW TNLN FP -1572304.543 109252407
TRANSPORT D-RTS TNLR FP -1572304.543 109252407
TRAVELEX HOLDING 2917958Z LN -1199322153 2381975765
TRINITY MIRROR P 1511258Z LN -132394036.6 576545175.1
TROUVAY CAUVIN ETEC FP -396977.8818 133986439.7
TROUVAY CAUVIN TVYCF US -396977.8818 133986439.7
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -207142395 3158921524
TUILERIES FINANC 4701769Z FP -3956981.588 125941142.6
TURKINGTON HOLDI 3801364Z LN -15589164.43 119397179.6
TUTUNBANK TUT TI -948074542.1 622746433.4
TYCZKA TOTALGAZ 4167649Z GR -19820668.04 135795251
ULSTERBUS LTD 3820392Z LN -10764138.12 304076265.4
UMBRO INTERNATIO UMBROZ HK -23446865.21 108386366.5
UNEDIC 220055Z FP -13751596343 9133559737
UNILEVER UK CENT 1273034Z LN -2756213843 12331717140
UNITEC UNION TIE 3801344Z SM -23208240.29 131217999.9
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED TEXTILES NML1 GR -163112562.6 286535432.7
UNITED TEXTILES UTEX GA -163112562.6 286535432.7
UNITED TEXTILES UTEX EU -163112562.6 286535432.7
UNITED TEXTILES NAOYK GA -163112562.6 286535432.7
UNITED TEXTILES UTEX PZ -163112562.6 286535432.7
UNITED TEXTILES NAOSF US -163112562.6 286535432.7
UNITED TEXTILES UTEX EO -163112562.6 286535432.7
UNIVEG BELGIUM 3734462Z BB -11873866.5 120521250.8
UNIVERSAL LEASIN 2581586Z LN -28689717.99 155124932.2
UNIVERSAL PICTUR 1083202Z LN -2532348.67 192370246.4
UPC HOLDING BV 3590264Z NA -14797906248 15074616529
UPP NOTTINGHAM L 1958934Z LN -41006312.76 172101149.9
URBAN SPLASH GRO 4286109Z LN -54469749.91 294837811
URBAS GRUPO FINA UBS EB -53065589.57 121242544.8
URBAS GRUPO FINA UBS S1 -53065589.57 121242544.8
URBAS GRUPO FINA UBS EO -53065589.57 121242544.8
URBAS GRUPO FINA UZY GR -53065589.57 121242544.8
URBAS GRUPO FINA UBSE B3 -53065589.57 121242544.8
URBAS GRUPO FINA UBS NR -53065589.57 121242544.8
URBAS GRUPO FINA UBSE L3 -53065589.57 121242544.8
URBAS GRUPO FINA UBS TQ -53065589.57 121242544.8
URBAS GRUPO FINA UBS EU -53065589.57 121242544.8
URBAS GRUPO FINA UBS SM -53065589.57 121242544.8
URBAS GRUPO FINA UBSE S2 -53065589.57 121242544.8
URBAS GRUPO FINA UBS IX -53065589.57 121242544.8
URBAS GUADAHERMO URBZF US -53065589.57 121242544.8
URBAS GUADAHERMO UBSS PZ -53065589.57 121242544.8
URBAS SA - RT UBS/D SM -53065589.57 121242544.8
US JUNCTION LTD 4448681Z LN -34382425.75 143550635.9
USINES CHAUSSO-B USCH FP -23067631.26 249374198.4
USINES CHAUSSON USCS FP -23067631.26 249374198.4
UTC GROUP UGR LN -11904731.18 203553741.8
UTKILEN SHIPPING 4446161Z NO -1914233.387 153603650.5
VALE DO LOBO - R 4764257Z PL -77564257.57 440086474.5
VECTURA AS 4414505Z NO -7960396.671 246417342.6
VEOLIA ES LANDFI 1377362Z LN -21590467.78 361889226.2
VEOLIA TRANSPORT 4030437Z NA -12976610.13 100639002.5
VERNEUIL PARTICI VRNL S1 -1572304.543 109252407
VERNEUIL PARTICI VRNL EB -1572304.543 109252407
VERNEUIL PARTICI VRNL IX -1572304.543 109252407
VERNEUIL PARTICI TCNP IX -1572304.543 109252407
VERNEUIL PARTICI VRNLP B3 -1572304.543 109252407
VERNEUIL PARTICI VEPA FP -1572304.543 109252407
VERNEUIL PARTICI VRNL PZ -1572304.543 109252407
VERNEUIL PARTICI VRNLP L3 -1572304.543 109252407
VERNEUIL PARTICI VRNL EU -1572304.543 109252407
VERNEUIL PARTICI VRNL FP -1572304.543 109252407
VERNEUIL PARTICI VRNL TQ -1572304.543 109252407
VERNEUIL PARTICI VRNL EO -1572304.543 109252407
VERNEUIL PARTICI VRNLP S2 -1572304.543 109252407
VESTAS TECHNOLOG 1665752Z LN -9443098.721 125412602
VETERIN - RIGHTS VETR GA -1446551773 135183840.6
VIA CAVOUR SRL 3997892Z IM -1947582.88 168856438.8
VIALTIS 4730449Z FP -2969942.626 141404113.3
VINK HOLDINGS LT 4380233Z LN -13477512.44 132006628.3
VION FOOD GROUP 661873Z NA -34576140.07 2937603388
VION HOLDING NV 3899346Z NA -34576140.07 2937603388
VIOTER VIOTF US -9837036.58 184426179.8
VIOTER S.A.-RTS BIOTR GA -9837036.58 184426179.8
VIOTER SA-AUCTIO BIOTE GA -9837036.58 184426179.8
VIRGIN HOTELS GR 4288389Z LN -30191617.1 109996972.6
VIRGIN MOB-ASSD VMOC LN -392176531.7 166074713.7
VIRGIN MOB-ASSD VMOA LN -392176531.7 166074713.7
VIRGIN MOBILE VMOB PO -392176531.7 166074713.7
VIRGIN MOBILE VGMHF US -392176531.7 166074713.7
VIRGIN MOBILE UEM GR -392176531.7 166074713.7
VIRGIN MOBILE VMOB VX -392176531.7 166074713.7
VIRGIN MOBILE HO VMOB LN -392176531.7 166074713.7
VIRIDOR WASTE EX 1428546Z LN -22087452.25 120614872.4
VNG NORGE AS 4513147Z NO -87651824.24 256963958.9
VOLGOGAZ-BRD VLGG RU -7710563.18 198473012.5
VOLGOGAZ-BRD VLGG* RU -7710563.18 198473012.5
VOLGOGRAD - PFD VGSBP RU -23680279.45 368752507.8
VOLGOGRAD - PFD VGSBP RM -23680279.45 368752507.8
VOLGOGRAD - PFD VGSBP* RU -23680279.45 368752507.8
VOLGOGRAD - PFD VGSBPG RU -23680279.45 368752507.8
VOLGOGRAD ENERGO VGSB RU -23680279.45 368752507.8
VOLGOGRAD ENERGO VGSB RM -23680279.45 368752507.8
VOLGOGRAD ENERGO VGSB* RU -23680279.45 368752507.8
VOLGOGRAD ENERGO VGSBG RU -23680279.45 368752507.8
VOLGOGRAD KHIM VHIM RU -126558518.8 153595253.5
VOLGOGRAD KHIM VHIM* RU -126558518.8 153595253.5
VOLKERWESSELS BO 4062101Z NA -47509.2001 172069084.8
VOLUTION GROUP FANGBX EU -38034452.35 359782466.5
VOLUTION GROUP FANL EB -38034452.35 359782466.5
VOLUTION GROUP FANL S1 -38034452.35 359782466.5
VOLUTION GROUP VO1 GR -38034452.35 359782466.5
VOLUTION GROUP FANGBX EO -38034452.35 359782466.5
VOLUTION GROUP FANL IX -38034452.35 359782466.5
VOLUTION GROUP FAN LN -38034452.35 359782466.5
VOLUTION GROUP P 4453393Z LN -38034452.35 359782466.5
VORWERK & CO KG VORW GR -1423024.853 5009284697
VOYAGE GROUP LTD 4168725Z LN -89544630.84 572211682.5
VT SUPPORT SERVI 1761897Z LN -3791466.085 345328841.8
VUE ENTERTAINMEN 4514631Z LN -116156914 894935082.8
W2005 W2007 CARN 3824100Z NA -90774192.62 313655754.3
WARNER CHILCOT-A G3LA TH -427000000 3832000000
WARNER CHILCOT-A WCRX US -427000000 3832000000
WARNER CHILCOT-A G3L GR -427000000 3832000000
WARNER CHILCOT-A G3LA GR -427000000 3832000000
WARNER MUSIC GRO 3809048Z ID -104416.9967 209719016.9
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD CRYSTA 4459209Z ID -150437387.1 114109583.5
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-RT WTFR 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-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU VX -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 WTFU ID -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEPA LILLE SAS 4752385Z FP -2548678.548 108654870.9
WESCOT TOPCO LTD 4007020Z LN -24133448.87 109740838.3
WEST HAM UNITED 1275834Z LN -180012199.9 135176063.9
WESTA INTERNATIO WESW S2 -58977000 246270000
WESTA INTERNATIO WESW L3 -58977000 246270000
WESTA INTERNATIO WESW B3 -58977000 246270000
WESTAISIC WESPLN EO -58977000 246270000
WESTAISIC WES PW -58977000 246270000
WHELCO HOLDINGS 2741744Z LN -1295294.241 100785295.7
WHITE HART LANE 2004631Z LN -1123372.612 151053464.8
WILLIAM HILL CRE 1068754Z LN -1909844.938 260315941.5
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -445194319.3 781800711.2
WINCANTON PLC WIN1USD EO -445194319.3 781800711.2
WINCANTON PLC WINL S2 -445194319.3 781800711.2
WINCANTON PLC WIN1USD EU -445194319.3 781800711.2
WINCANTON PLC WIN1 BQ -445194319.3 781800711.2
WINCANTON PLC WIN1 EO -445194319.3 781800711.2
WINCANTON PLC WIN1EUR EO -445194319.3 781800711.2
WINCANTON PLC WNCNF US -445194319.3 781800711.2
WINCANTON PLC WIN IX -445194319.3 781800711.2
WINCANTON PLC WIN PZ -445194319.3 781800711.2
WINCANTON PLC WIN1 TQ -445194319.3 781800711.2
WINCANTON PLC WIN PO -445194319.3 781800711.2
WINCANTON PLC WIN VX -445194319.3 781800711.2
WINCANTON PLC WIN1 S1 -445194319.3 781800711.2
WINCANTON PLC WIN8 EO -445194319.3 781800711.2
WINCANTON PLC WIN10 EO -445194319.3 781800711.2
WINCANTON PLC WINL B3 -445194319.3 781800711.2
WINCANTON PLC WIN9 EO -445194319.3 781800711.2
WINCANTON PLC WIN7 EO -445194319.3 781800711.2
WINCANTON PLC WIN5 EO -445194319.3 781800711.2
WINCANTON PLC WIN1GBP EO -445194319.3 781800711.2
WINCANTON PLC WIN4 EO -445194319.3 781800711.2
WINCANTON PLC WIN1EUR EU -445194319.3 781800711.2
WINCANTON PLC WINL L3 -445194319.3 781800711.2
WINCANTON PLC WIN11 EO -445194319.3 781800711.2
WINCANTON PLC WIN1 NQ -445194319.3 781800711.2
WINCANTON PLC WIN1 QM -445194319.3 781800711.2
WINCANTON PLC WIN1 EU -445194319.3 781800711.2
WINCANTON PLC WIN LN -445194319.3 781800711.2
WINCANTON PLC WIN1 EB -445194319.3 781800711.2
WINCANTON PLC WIN6 EO -445194319.3 781800711.2
WINCANTON PLC WIN13 EO -445194319.3 781800711.2
WINCANTON PLC WIN12 EO -445194319.3 781800711.2
WINDSOR TELEVISI 1475394Z LN -285930662.4 328647122.1
XCHANGING UK LTD 1814130Z LN -63394768.74 447098103.7
XFERA MOVILE SA 1236Z SM -136161367.5 1448667759
XSTRATA SERVICES 1975918Z LN -2581782.821 151944610.4
YANG MING UK LTD 1756777Z LN -82951196.78 273789409.4
YASARBANK YABNK TI -948074542.1 622746433.4
YELL GROUP PLC YELL NQ -2257521127 2120614224
YELL GROUP PLC YELL PO -2257521127 2120614224
YELL GROUP PLC YELL VX -2257521127 2120614224
YELL GROUP PLC YELL PZ -2257521127 2120614224
YELL GROUP PLC YELL LN -2257521127 2120614224
YELL GROUP- SUB 3449192Z LN -2257521127 2120614224
YELL LTD 1941670Z LN -910931167.6 1175550564
YORK REFRIGERATI 1846666Z LN -33510192.51 1093012767
YPSO FRANCE SAS 711227Z FP -603437932.8 3840966218
YUASA BATTERY UK 1449090Z LN -7606058.565 109145700.5
ZERNOVAYA KOMPAN ONAST RU -27299614.73 611985879.9
ZIL AUTO PLANT ZILL$ RU -313328054.5 427801545.9
ZIL AUTO PLANT-P ZILLP* RU -313328054.5 427801545.9
ZIL AUTO PLANT-P ZILLP RU -313328054.5 427801545.9
ZIL AUTO PLANT-P ZILLP RM -313328054.5 427801545.9
ZINVEST FASHION 3775412Z NA -296493.9562 180637333.9
ZKD-BRD ZKRD RU -21744775.12 136822054.1
ZKD-BRD ZKRD* RU -21744775.12 136822054.1
ZURICH EMPLOYMEN 1292298Z LN -571647918 152143800.5
ZVON ENA HOLDING ZVHR PZ -304033160.5 774883403.9
ZVON ENA HOLDING ZVHR EU -304033160.5 774883403.9
ZVON ENA HOLDING ZVHR SV -304033160.5 774883403.9
ZVON ENA HOLDING ZVHR EO -304033160.5 774883403.9
ZWINGER OPCO 6 B 3821644Z NA -103722296.7 611138495.1
*********
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, and Peter A. Chapman,
Editors.
Copyright 2014. 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
202-362-8552.
* * * End of Transmission * * *