/raid1/www/Hosts/bankrupt/TCREUR_Public/110517.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, May 17, 2011, Vol. 12, No. 96
Headlines
F I N L A N D
* FINLAND: Corporate Bankruptcies Up 7.9% in First Quarter 2011
G R E E C E
ALPHA BANK: Moody's Reviews Covered Bonds for Possible Downgrade
* S&P Rates 29 Tranches Affected by Greece's 'B' Sovereign Rating
I R E L A N D
ANGLO IRISH: EC May Deliver Verdict on Merger in June Yet
IRISH NATIONWIDE: EC to Deliver Verdict on Merger in June Yet
EIRCOM GROUP: To Update Investors on Covenant Tests on May 27
EIRLES TWO: Fitch Affirms Rating on Series 279 Notes at 'BBsf'
TSAR 15 CDO: Fitch Withdraws Ratings on 3 Classes of Notes
XTRA-VISION LTD: High Court Confirms Appointment of Examiner
L U X E M B O U R G
ARD FINANCE: S&P Rates Proposed EUR395-Mil. PIK Notes at 'B-'
N E T H E R L A N D S
COPERNICUS EURO CDO: Fitch Affirms Rating on Class D Notes at 'CC'
P O R T U G A L
CHAVES SME: Moody's Downgrades Rating on Class B Note to 'Ba1'
* PORTUGAL: Finland Approves Financial Rescue Package
R U S S I A
NATIONAL RESERVE: Fitch Affirms LT Issuer Default Rating at 'B'
S L O V E N I A
NOVA KREDITNA: Fitch Cuts Hybrid Capital Instrument Rating to BB-
PROBANKA: Fitch Lowers Long-Term Issuer Default Rating to 'BB-'
T U R K E Y
DOGUS HOLDING: Moody's Affirms 'Ba3' Ratings; Outlook Positive
U K R A I N E
MHP SA: Fitch Affirms Long-Term Foreign Currency IDR at 'B'
* CITY OF LVIV: S&P Assigns 'CCC+' Rating to UAH90MM Senior Bonds
U N I T E D K I N G D O M
FMS CONSTRUCTION: Goes Into Administration, May Affect 20 Jobs
FOCUS (DIY): Jobs Under Threat at Chippenham and Devizes Stores
FORD BAKERS: Bayne's Set to Reopen Firm's Former Shops
HIGH POST: M7 Real Estate Acquires Salisbury Distribution Center
HMV GROUP: Alexander Mamut Makes Cash Offer for Waterstone's Chain
LOUGH ERNE: Goes Into Administration, Business to Operate Normally
PAN PACIFIC: Mulls Creditors Voluntary Arrangement
PHONES4U FINANCE: S&P Assigns 'B+' Long-Term Corp. Credit Rating
PRESBYTERIAN MUTUAL: Smallest Saver to Get 100% Money Back
SILENTNIGHT: HIG Europe Acquires Firm, Saves 650 Jobs
SOUTHERN CROSS: Mulls Rights Issue; Seeks Potential Buyers
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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F I N L A N D
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* FINLAND: Corporate Bankruptcies Up 7.9% in First Quarter 2011
---------------------------------------------------------------
STT reports that Statistics Finland said in a statement on Monday
that the number of bankruptcies recorded during the first quarter
of 2011 rose by 7.9% year-on-year.
The agency added that the 870 companies that had filed for
insolvency in the January to March period had employed about 3,600
people between them, down by 15% year-on-year, STT notes.
===========
G R E E C E
===========
ALPHA BANK: Moody's Reviews Covered Bonds for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on
covered bonds issued by Greek banks:
-- Covered bonds issued by Alpha Bank A.E. (Alpha) under its
Direct Issuance Covered Bond Programme (Alpha Direct
Issuance CB): Baa3, placed on review for possible downgrade;
previously on April 19, 2011, Baa3 confirmed;
-- Covered bonds issued by National Bank of Greece S.A. (NBG)
under its Covered Bond Programme II (NBG CB II): Baa3,
placed on review for possible downgrade; previously on
April 19, 2011, Baa3 confirmed.
The timely payment indicators (TPIs) of these covered bond
programs are currently "Improbable".
The covered bonds issued by NBG under its Global Covered Bond
Programme and by Eurobank EFG under its two covered bond programs
remain on review.
RATINGS RATIONALE
These rating actions on the covered bonds were prompted by Moody's
rating actions on the issuer ratings of several banks and on the
local- and foreign-currency government bond ratings of Greece:
-- Greece: B1, placed on review for possible downgrade on May
9, 2011;
-- Alpha: Ba3, placed on review for possible downgrade on
May 10, 2011;
-- NBG: Ba3, placed on review for possible downgrade on May 10,
2011.
The issuer's credit strength is a main determining factor of the
covered bond ratings. Therefore, if the issuer ratings are under
pressure, the issuers may only have a limited ability to stabilize
the covered bond ratings. If the issuer ratings are downgraded,
the TPI framework is likely to restrict the covered bond ratings
at a lower level than they are currently at.
Moody's states in the press release "Moody's places Greece's
ratings on review for possible downgrade" published on May 9, 2011
on Moodys.com that "a multi-notch downgrade is possible if it
concludes that there is large risk that Greece's debt metrics are
on an unsustainable path." Depending on the potential severity of
any future downgrade action on the senior unsecured ratings of
Greek covered bond issuers, particularly in light of at times high
exposure of Greek banks to Greek government bonds, the respective
covered bond ratings might then also be downgraded by several
notches.
The current ratings assigned to the existing covered bonds of the
above programs can expected to be assigned to all subsequent
covered bonds issued under the relevant program and any future
rating actions are expected to affect all covered bonds issued
under the program. If there are any exceptions to this, Moody's
will in each case publish details in a separate press release.
The rating assigned by Moody's addresses the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.
KEY RATING ASSUMPTIONS/FACTORS
Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL) which determines expected loss as a function of the
issuer's probability of default, measured by the issuer's senior
unsecured rating, and the stressed losses on the cover pool assets
following issuer default.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator" (TPI)
which indicates the likelihood that timely payment will be made to
covered bondholders following issuer default. The effect of the
TPI framework is to limit the covered bond rating to a certain
number of notches above the issuer's rating.
SENSITIVITY ANALYSIS
The robustness of a covered bond rating largely depends on the
credit strength of the issuer.
The number of notches by which the issuer's rating may be
downgraded before the covered bonds are downgraded under the TPI
framework is measured by the TPI Leeway.
Based on the current TPI of "Improbable" the TPI Leeway for the
covered bonds issued by Alpha, NBG is zero notches, meaning that a
downgrade of the issuer ratings would lead to a downgrade of the
covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances. Some examples might be (i) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (ii) a multiple-notch downgrade of
the issuer; or (iii) a material reduction in the cover pool's
value.
For further details on TPI Leeway across all covered bond programs
rated by Moody's, please refer to "Moody's EMEA Covered Bonds
Monitoring Overview", published quarterly. These figures are
based on the reporting by the issuer and are subject to change
over time.
The principal methodology used for these ratings is "Moody's
Approach to Rating Covered Bonds" published in March 2010.
* S&P Rates 29 Tranches Affected by Greece's 'B' Sovereign Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all Greek asset-backed securities (ABS) and residential mortgage-
backed securities (RMBS) rated 'BBB+', 'BBB', or 'BBB-'.
Specifically, S&P:
* Lowered to 'BBB-' from 'BBB+' and kept on CreditWatch
negative S&P's ratings on 17 tranches in nine RMBS
transactions;
* Lowered to 'BBB-' from 'BBB' and kept on CreditWatch
negative S&P's ratings on four tranches in four RMBS
transactions;
* Placed on CreditWatch negative a single 'BBB-' rated tranche
in one RMBS transaction;
* Lowered to 'BBB-' from 'BBB+' and kept on CreditWatch
negative S&P's ratings on three tranches in three ABS
transactions and a further three tranches in three SME CLO
(small and midsize enterprise collateralized loan
obligation) transactions; and
* Lowered to 'BBB-' from 'BBB' and kept on CreditWatch
negative S&P's ratings on a single 'BBB-' rated tranche in
one SME CLO transaction.
"These downgrades have resulted from our revised assessment of
Greek country risk in structured finance transactions backed by
Greek assets, which in turn follows our recent downgrade of
Hellenic Republic," S&P stated.
Increased County Risk Assessment for the Hellenic Republic
"We analyze country risk when assigning structured finance
ratings. In this analysis, we consider how a broad range of
political, legal, economic, and industry factors may affect the
performance of structured finance transactions and their ratings,"
S&P stated.
"Our current assessment of country risk for Hellenic Republic is
that weak and uncertain economic growth prospects, and a
deteriorating labor market together with ongoing stresses on the
Greek financial system, may adversely affect the performance of
Greek structured finance transactions," S&P noted.
Maximum Achievable Greek Structured Finance Ratings
"When rating a securitization above the foreign currency rating on
the sovereign in which the assets are located, our premise is that
the structured finance obligation would continue to perform in a
stress scenario where the government has defaulted on its
obligations," S&P stated.
S&P continued, "While we believe that this would be the case for
structured finance transactions backed by Greek assets that we
rate, we also consider that risks affecting these transactions
have increased materially due to heightened country risk, which,
in part, is reflected in the 'B/Watch Neg' long-term rating on the
Hellenic Republic. As a result, the likelihood that these
transactions could experience an unusually large adverse change in
credit quality has also increased, in our view."
"Therefore, we are limiting the maximum achievable rating for
structured finance transactions backed by Greek assets to 'BBB-
/Watch Neg'. As a consequence, we are lowering to 'BBB-'our
ratings on all Greek ABS and RMBS notes rated 'BBB+' and 'BBB' and
have kept these ratings on CreditWatch negative (additionally, we
have placed a single 'BBB-' rated tranche on CreditWatch
negative)," S&P stated.
"We may make further adjustments to the maximum achievable
structured finance rating if there is a change in our view of
country risk or, in some cases, a change to the sovereign credit
rating on the Hellenic Republic," according to S&P.
The current negative CreditWatch placement on the ratings on the
Hellenic Republic reflects the possibility of a further downgrade.
"The effect on structured finance transactions backed by Greek
assets from any future downgrade of the sovereign credit rating
might come from a combination of factors that are hard to predict
at this point. We will review our assessment of country risk and
the impact on structured finance transactions if the sovereign
credit rating on the Hellenic Republic changes," S&P added.
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I R E L A N D
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ANGLO IRISH: EC May Deliver Verdict on Merger in June Yet
---------------------------------------------------------
Laura Noonan at Irish Independent reports that the European
Commission won't deliver a verdict on Anglo Irish Bank and Irish
Nationwide's business plan until June at the earliest, in case the
latest review of the banks' loan books shows up fresh losses.
The news means the announcement of the new name for
Anglo/Nationwide and the legal merger of the two entities is
likely to be delayed until later in the summer, Irish Independent
notes.
According to Irish Independent, sources this week confirmed that
the Commission has decided not to make a decision on
Anglo/Nationwide until after it gets a new BlackRock report into
loan losses at the two institutions.
Brussels competition officials are understood to be conscious that
the BlackRock assessment could throw up further capital demands
for the merged entity, so the amount of state aid involved could
rise, Irish Independent states.
The BlackRock reports are due for publication by the end of May,
Irish Independent discloses. The Commission, Irish Independent
says, is expected to spend several weeks going through them so a
decision on the business plans won't be made until "June at the
earliest."
Drafts of the BlackRock reports have already been submitted to the
Central Bank, Irish Independent relates. The findings are
believed to show no new capital demand for Anglo, but may show
some additional losses for Nationwide, according to Irish
Independent.
The State has already committed EUR29.3 billion to Anglo and
EUR5.4 billion to Nationwide, Irish Independent notes.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
IRISH NATIONWIDE: EC to Deliver Verdict on Merger in June Yet
-------------------------------------------------------------
Laura Noonan at Irish Independent reports that the European
Commission won't deliver a verdict on Anglo Irish Bank and Irish
Nationwide's business plan until June at the earliest, in case the
latest review of the banks' loan books shows up fresh losses.
The news means the announcement of a new name for Anglo/Nationwide
and the legal merger of the two entities is likely to be delayed
until later in the summer, Irish Independent notes.
According to Irish Independent, sources this week confirmed that
the Commission has decided not to make a decision on
Anglo/Nationwide until after it gets a new BlackRock report into
loan losses at the two institutions.
Brussels competition officials are understood to be conscious that
the BlackRock assessment could throw up further capital demands
for the merged entity, so the amount of state aid involved could
rise, Irish Independent states.
The BlackRock reports are due for publication by the end of May,
Irish Independent discloses. The Commission, Irish Independent
says, is expected to spend several weeks going through them so a
decision on the business plans won't be made until "June at the
earliest".
Drafts of the BlackRock reports have already been submitted to the
Central Bank, Irish Independent relates. The findings are
believed to show no new capital demand for Anglo, but may show
some additional losses for Nationwide, according to Irish
Independent.
The State has already committed EUR29.3 billion to Anglo and
EUR5.4 billion to Nationwide, Irish Independent notes.
Irish Nationwide Building Society is headquartered in Dublin.
* * *
As reported by the Troubled Company Reporter-Europe on March 8,
2011, Moody's Investors Service downgraded the bank deposit
ratings of Anglo Irish Bank Corporation Limited and Irish
Nationwide Building Society to Caa1/Not-Prime, from Baa3/P-3 (on
review for possible downgrade), the same level as the unguaranteed
senior unsecured debt ratings of the two institutions. The Caa1
long-term bank deposit ratings remain on review for possible
downgrade, in line with the review on the unguaranteed senior
unsecured debt ratings. S&P said there is no rating impact on the
stand-alone bank financial strength ratings, on the senior
unsecured and subordinated debt ratings, and on the government-
guaranteed debt ratings.
Irish Nationwide Building society continues to carry Moody's
Investors Service's 'E' bank financial strength rating and 'C'
subordinated debt rating with negative outlook.
Irish Nationwide also carries Fitch's 'E' bank financial strength
rating and 'C' subordinated debt rating. The individual rating
was upgraded from 'F' in September 2010. Fitch said the
upgrade of INBS's Individual Rating to 'E' recognized the
government's injection of EUR2.7 billion capital into the society,
but also acknowledged that the society was still likely to require
further external support.
EIRCOM GROUP: To Update Investors on Covenant Tests on May 27
-------------------------------------------------------------
Donal O'Donovan at The Irish Times reports that a spokesman for
Eircom Group said the company will tell investors on May 27
whether it passed the crucial 'covenant tests' on its corporate
debt at the end of March.
The statement, along with accounts for the first three months of
the year, will set the scene for the long-awaited talks on
restructuring the company's EUR3.75 billion of debt, The Irish
Times says.
Eircom has been widely tipped to miss the targets, but even if it
can show it scraped through the March tests, the company still has
to address its unsustainable debt burden, The Irish Times notes.
The covenants are conditions attached to the company's loans and
are tested every three months so that lenders can oversee the
company's performance, The Irish Times notes. If it fails the
tests, it hands the balance of power in the debt talks more firmly
to lenders, The Irish Times states.
This week will see a round of "talks about talks" as both sides
prepare to engage on the major issues after the May 27 disclosure,
The Irish Times discloses. Significantly, Eircom is expected to
formally recognize a committee representing its most senior
creditors as early as this week, according to The Irish Times.
Up to now, the senior lenders had been working together through an
ad-hoc coordinating committee, The Irish Times notes. Once a
committee is recognized, the debtor agrees not only to engage with
its advisers, it also agrees to take on the costs run up by the
group, including for legal and banking advice, The Irish Times
states.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
EIRLES TWO: Fitch Affirms Rating on Series 279 Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed Moorgate CLO 2's credit-linked
floating-rate secured notes issued under Eirles Two Limited's
(Eirles Two) secured note program:
Series 276 EUR17m (XS0266230571): affirmed at 'AAAsf'; Outlook
Negative; Loss Severity (LS) Rating 'LS-5'
Series 277 EUR20m (XS0266229565): affirmed at 'AAsf'; Outlook
Negative; 'LS-5'
Series 278 EUR10m (XS0266228831): affirmed at 'Asf'; Outlook
Negative; 'LS-5'
Series 279 EUR23.75m (XS0266228245): affirmed at 'BBsf';
Outlook Negative; 'LS-5'
The affirmation reflects that the transaction has performed in
line with Fitch's expectations.
Since the last review in April 2010, there have been seven
defaults from three issuers. The losses realized from the
settlements of these credit events, combined with trading losses
have reduced subordination to the notes by EUR11.5 million.
However, this has largely been offset by the deleveraging of the
portfolio and credit enhancement levels have thus remained
relatively stable since the last review. Additionally, the
reference portfolio credit quality has remained stable with a
weighted average rating of 'B'/'B-'. Further, the portfolio
exposure to reference entities rated 'CCC' and below has decreased
to 7.9% from 8.7%.
Portfolio replenishment is still permitted, subject to certain
conditions, and the maximum allowable reference portfolio is
EUR500 million compared to a current reference portfolio notional
of EUR408 million.
TSAR 15 CDO: Fitch Withdraws Ratings on 3 Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded and withdrawn the ratings of Tsar 15
CDO Eirles Two Ltd Series 223-227:
-- Series 223 C-1 (XS0237935399): downgraded to 'Dsf' from
'Csf'; rating withdrawn
-- Series 224 C-2 (XS0238519382): downgraded to 'Dsf' from
'Csf'; rating withdrawn
-- Series 225 D-1 (XS0238519549): downgraded to 'Dsf' from
'Csf'; rating withdrawn
-- Series 226 D-2 (XS0238518574): 'Dsf'; rating withdrawn
-- Series 227 E (XS0238519036): 'Dsf'; rating withdrawn
The ratings have been downgraded to 'Dsf' following credit events
valuations that led to writedowns on the notes. Fitch has
withdrawn all the ratings of Tsar 15 CDO Eirles Two Ltd Series
223-227 as all rated notes in the capital structure of the
transaction have defaulted.
XTRA-VISION LTD: High Court Confirms Appointment of Examiner
------------------------------------------------------------
The Irish Times reports that the High Court has confirmed the
appointment of an examiner to the Xtra-vision chain of stores.
The company was granted court protection from creditors last month
after it said it was insolvent and unable to pay its debts as they
fell due because of cash flow difficulties, The Irish Times
recounts.
The Irish Times relates that Mr. Justice Brian McGovern said he
was satisfied to confirm David Hughes of accountancy firm Ernst
and Young as examiner of Xtra-vision. Mr. Hughes was appointed
interim examiner last month, The Irish Times discloses.
According to The Irish Times, the examiner has up to 100 days to
devise a rescue plan for the company, which will then be put
before creditors and the High Court. US firm Blockbuster sold
Xtra-vision to Irish firm Birchall Investments in 2009 and the
court heard that Birchall is prepared to invest another EUR6
million in the company if a scheme of arrangement is approved, The
Irish Times notes.
Rossa Fanning, who is representing the examiner, said Mr. Hughes,
in an interim report to the court, had said he had found nothing
of significance that would cause him to question an independent
accountant's view the company has a reasonable prospect of
survival as a going concern, according to The Irish Times.
Mr. Fanning added that it was envisaged, during the period of
examinership, applications would be made to the High Court to
repudiate a number of lease agreements for premises where
Xtra-Vision operates stores, The Irish Times discloses.
The court agreed to make Ulster Bank, owed about EUR1 million; the
Revenue Commissioners, owed EUR3.3 million; and Blackpool
Developments Ltd., which leases a premises in Cork to Xtra-Vision,
notice parties to the proceedings, The Irish Times states.
Mr. Fanning, as cited by The Irish Times, said it had received
letters of support for the examinership process from Ulster Bank
and a trade union representing many of Xtra-vision's employees.
Xtra-vision is a home entertainment chain. The company has 180
stores across Ireland employing 1,300 people.
===================
L U X E M B O U R G
===================
ARD FINANCE: S&P Rates Proposed EUR395-Mil. PIK Notes at 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue rating
to the proposed EUR395 million payment-in-kind (PIK) notes due
2018, to be issued by ARD Finance S.A., the Luxembourg-
incorporated holding company of Ireland-based glass container
manufacturer Ardagh Packaging Group Plc (formerly Ardagh Glass
Group PLC; Ardagh; B+/Stable/--). The issue rating is two notches
lower than the 'B+' corporate credit rating on Ardagh''.
"At the same time, we assigned a recovery rating of '6' to the
proposed PIK notes, indicating our expectation of negligible (0%-
10%) recovery in the event of a payment default. We understand
that the notes are to be issued in two tranches of EUR185 million
and US$300 million. The long-term corporate issuer credit rating
remains unaffected by this transaction as we anticipate credit
metrics to remain in line with those commensurate with the current
'B+' rating. We would view a ratio of Standard & Poor's-adjusted
funds from operations to debt of 10%-15% and Standard & Poor's-
adjusted debt to EBITDA of 5.0x-5.5x to be in line with a 'B+'
rating for Ardagh. We expect Ardagh to sustain these ratio levels
in the near term. We note, however, that the rating headroom for
further debt-funded acquisitions is reduced, due to a higher debt
burden, and we assume that credit metrics will remain at the
weaker end of these ranges in the near term. We believe that
credit metrics could improve if part of the funds of a potential
successful IPO were allocated to debt reduction," S&P stated.
S&P continued, "The issue rating on Ardagh's various senior
secured debt instruments remains unchanged at 'BB-', with recovery
ratings unchanged at '2'. This reflects our expectation of
substantial (70%-90%) recovery in the event of a payment default.
The issue rating on Ardagh's existing senior unsecured and PIK
notes remains unchanged at 'B-', with recovery ratings unchanged
at '6'. This indicates our expectation of negligible (0%-10%)
recovery prospects in the event of a payment default. We
understand that the background to the refinancing of the existing
circa EUR244 million PIK notes with the proposed EUR395 million
PIK notes is to relax restrictive covenants in the documentation
of the existing PIK notes, providing the company with more
headroom to pursue acquisitions and incur additional debt, among
other things. Moreover, this will provide excess cash that Ardagh
can distribute to shareholders, and extend the maturity of the PIK
notes."
The proposed EUR395 million PIK notes will be secured by a first-
ranking security interest over the stock of Ardagh Group S.A., the
direct subsidiary of the issuer (which the company intends to
submit for an initial public offering). "It is our understanding
that the PIK notes will also benefit from security in the
intercompany proceeds loan to Ardagh Packaging Group PLC, which
may be repaid at any time. Moreover, according to the
documentation, Ardagh Group S.A. may issue shares free and clear
of any lien in favor of the PIK notes in connection with certain
public offerings or mergers," S&P stated.
The documentation for the proposed EUR395 million PIK notes
contains a change-of-control clause and restrictions on dividends
and incurrence of additional debt by the issuer and its restricted
group subsidiaries -- subject to a pro forma fixed-charge coverage
ratio of 2.0x with significant caveats.
It also has limitations on liens, transactions with affiliates,
and the transfer and sale of assets. The company may redeem the
PIK notes prior to final maturity. "The issue and recovery
ratings on the proposed PIK notes reflect our view of the
contractual and structural subordination of the PIK notes to the
existing secured and unsecured debt of Ardagh, as creditors would
be repaid before shareholders in a default scenario. The issue
and recovery ratings on the proposed PIK notes are based on
preliminary information and are subject to the successful issuance
of this instrument and our review of the final documentation," S&P
added.
Ratings List
New Rating
ARD Finance S.A.
Subordinated
EUR185 mil., US$300 mil. (proposed) B-
Recovery Rating 6
=====================
N E T H E R L A N D S
=====================
COPERNICUS EURO CDO: Fitch Affirms Rating on Class D Notes at 'CC'
------------------------------------------------------------------
Fitch Ratings has affirmed three classes of Copernicus Euro CDO I
B.V. (Copernicus):
-- EUR6.2m Class C-1 notes (XS0131036310): affirmed at 'Bsf';
Outlook Negative; Loss Severity (LS) Rating 'LS-4'
-- EUR14.1m Class C-2 notes (XS0131113838): affirmed at 'Bsf';
Outlook Negative; 'LS-4'
-- EUR12.7m Class D notes (XS0131037045): affirmed at 'CCsf';
Recovery Rating 'RR6'
The affirmations reflect the transaction's continued deleveraging
since the last review in April 2010. The class B notes have been
paid in full and the class C notes have started to amortize. The
portfolio is highly concentrated with eight issuers remaining and
the two largest issuers referencing 40% of the portfolio, as per
the April 2011 trustee report.
One of the key risks for the transaction is a long-dated bucket,
containing assets maturing after the transaction's legal maturity
in 2013, which has increased to 65% of the portfolio from 28% in
April 2010. Fitch believes there is uncertainty surrounding the
refinancing of the underlying assets in 2013 and 2014, and that
Copernicus is exposed to market risk from the sale of these long-
dated assets before the transaction's maturity.
The affirmations of the class C-1 and C-2 notes reflect sufficient
levels of credit enhancement for the ratings driven by the
deleveraging of the transaction. The agency believes the
repayment of the class C-1 and C-2 notional will remain highly
sensitive to interest rate movements and the sale price of the
long-dated assets. Fitch expects class C-1 and C-2 to remain
current on their interest payments but that principal proceeds
will have to continue to be used to maintain the interest payments
on these classes.
The class D notes are currently shut off from any interest
distribution and their balance has increased as a result of
deferred interest. As Fitch predicted in the last review, the
class D notes have become under-collateralized with an over-
collateralization (OC) ratio of 89.3% as principal proceeds are
being used to maintain the class C note current on their interest
payment. If the class D notes capitalize interest for a
significant period of time, repayment of the capitalized interest
will be difficult. The affirmation of the class D notes at 'CCsf'
reflects Fitch's belief that default on the notional repayment of
class D is probable.
===============
P O R T U G A L
===============
CHAVES SME: Moody's Downgrades Rating on Class B Note to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the senior notes issued
by Chaves SME CLO No. 1 (Chaves SME 1) and placed them on review
for further downgrade. Moody's had placed the senior notes on
review for downgrade Dec. 23, 2010, following the announcements
that Moody's would review for downgrade the ratings of the
Portuguese government (Dec. 21, 2010) and those of Portuguese
banks (Dec. 9, 2010).
RATING RATIONALE
The downgrade reflects Moody's expectation of continued weak
performance, as well as increasing operational risks following the
downgrade to B1 from Baa3 of the originator and servicer of the
transaction, Banco Portugues de Negocios, S.A. (BPN). Moody's
further review for downgrade will consider the additional negative
rating impact of commingling risk for the notes, in the event that
the borrower notification trigger is waived.
(1) Weak performance
Moody's has reviewed its assumptions for Chaves SME 1's collateral
portfolio taking into account the performance deterioration and
the exposure of the transaction to the real estate sector. As of
March 2011, the cumulative defaults (the balance of loans that are
more than 180 days in arrears) increased to 4.6% of the total
original balance of the portfolio plus the sum of replenishments,
compared to 3.8% in March 2010. Over the same period, the
proportions of loans in the portfolio that were more than 90 days
delinquent (including outstanding defaults), increased to 21.4%
from 11.3%. The principal deficiency ledger (PDL) stood at
EUR11.45 million, or 5.38% of the total outstanding balance of the
notes as of the latest reporting date (February 2011).
As a result, Moody's has increased its cumulative mean default
assumption to 19.0% of the current portfolio balance,
corresponding to an average rating proxy of B3 for the portfolio,
under the revised remaining weighted average life assumption of
2.8 years. This assumption on future defaults implies a revised
cumulative mean default calculation for the entire life of the
transaction of 7.9% expressed in percentage of the original
portfolio balance and all replenishments (up from 5.3% at
closing).
Given the increased borrower concentrations in the portfolio,
Moody's used a Monte Carlo simulation in CDOROM to derive the
gross default distribution. As a result, Moody's increased the
coefficient of variation (COV) of its default distribution to 58%
from 42% (from the latest revision in July 2009). Moody's
assumptions for the average recovery rate and constant prepayment
rate (CPR) remain unchanged at 45% and 10%, respectively.
(2) Increased operational risks
Today's downgrade also reflects the impact of increased
operational risks. There is no appointed back-up servicer in this
transaction. As a result, the transaction is exposed to the
ability of BPN to timely perform its collection and administration
obligations. This exposure creates credit linkage between BPN and
the rated notes in this transaction.
Moody's ratings also reflect the potential risk that borrowers set
off their deposits against outstanding loans. Moody's relies on
legal counsel's view that set-off risk crystallizes upon
assignment of the loans, thus the exposure is ascertainable.
There is no set off reserve in place in the transaction. Moody's
modeled the set-off exposure based on deposit information provided
by the originator indicating a maximum exposure of about 7% of the
total outstanding balance of the portfolio.
Finally, Moody's further review will consider the impact of
commingling risk. Although the downgrade of BPN's rating below
Baa3 has triggered a borrower notification event, Moody's
understands that the obligation to notify borrowers to pay into an
eligible collection account may be waived. If the obligation is
waived, Moody's will consider additional losses due to commingling
risk. Moody's considers that about one to two months of
collections could cease to be available to the transaction
immediately following a potential insolvency of BPN and until
collections were diverted to the transaction account.
The methodologies used in this rating were Refining the ABS SME
Approach: Moody's Probability of Defaults Assumptions in the
Rating Analysis of Granular SME Portfolios in EMEA, published in
March 2009 and Moody's Approach to Rating Granular SME
Transactions in EMEA, published in June 2007.
Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.
Moody's uses its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings address
only the credit risks associated with the transaction. Other,
non-credit risks have not been addressed but may have a
significant effect on yield to investors.
LIST OF AFFECTED SECURITIES:
Issuer: Chaves SME CLO No. 1
-- A Note, Downgraded to A3 (sf) and Remains On Review for
Possible Downgrade; previously on Dec 23, 2010 A1 (sf)
Placed Under Review for Possible Downgrade
-- B Note, Downgraded to Ba1 (sf) and Placed Under Review for
Possible Downgrade; previously on Jul 9, 2009 Downgraded to
Baa3 (sf)
REGULATORY DISCLOSURES
The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.
Information sources used to prepare the credit rating are the
following: parties involved in the ratings, public information,
and confidential and proprietary Moody's Investors Service
information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.
Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.
Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
The date on which some Credit Ratings were first released goes
back to a time before Moody's Investors Service's Credit Ratings
were fully digitized and accurate data may not be available.
Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the
information that is available to it.
* PORTUGAL: Finland Approves Financial Rescue Package
-----------------------------------------------------
BBC News reports that Finland has approved the financial rescue
package for Portugal.
BBC relates that a 25-member parliamentary committee, including
members of all eight parties, gave outgoing Finance Minister
Jyrki Katainen a mandate to support the package at the eurozone
finance ministers meeting on May 16.
There had been concerns that the bail-out may be blocked by anti-
EU parties following the April 17 election, BBC states.
Portugal, BBC says, needs EUR78 billion (US$111 billion; GBP68
billion) in loans from the European Union and International
Monetary Fund.
Finland is the only country that requires its parliament to
approve the bail-out package, BBC notes.
===========
R U S S I A
===========
NATIONAL RESERVE: Fitch Affirms LT Issuer Default Rating at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed National Reserve Bank's (NRB) Long-term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
NRB's ratings take into account its high exposure to equity
investments, narrow franchise and potential contingent risks
relating to entities of the broader National Reserve Corporation
(NRC), majority owned by prominent businessman Alexander Lebedev.
However, the ratings are supported by the bank's still solid
capitalization and currently satisfactory liquidity.
Fitch views certain recent developments as moderately negative for
the bank's credit profile. These include a large dividend payment
in Q111; the somewhat reduced capacity of the securities portfolio
to serve as a source of liquidity and some instances of apparent
pressure on the bank and/or its main owner from certain government
bodies/officials (albeit not from the Central Bank of Russia,
which completed its review of the bank in Q111). In Fitch's view,
despite these developments, the bank's credit profile remains
consistent with a 'B' Long-term IDR, and the Stable Outlook
reflects the agency's base scenario that the bank's credit profile
will not deteriorate any further. However, any additional
material erosion of the bank's capital and liquidity buffers could
lead to negative rating action.
NRB's earning assets are almost evenly split between the loan book
and securities portfolio. The quality of the loan book is weak,
although it stabilized in 2010 with non-performing loans (NPLs,
defined as more than 90 days overdue) at 13.9% of the portfolio at
end-2010 (2009: 14.9%; 2008: 2.8%). Coverage of NPLs by loan
impairment reserves was a high 123% at end-2010. The portfolio is
concentrated with the 20 largest borrowers accounting for 60% of
the loan book and loans to related parties representing 16.7% of
gross loans at end-2010.
The securities portfolio is mainly formed by equities of Aeroflot
('BB+'/Stable), Gazprom ('BBB'/Stable) and aircraft leasing
company Ilyushin Finance. NRB recently transferred a quarter of
its securities holdings into a mutual fund, which is fully owned
by the bank. This allows for a smoothing of the revaluation
impact of these securities on performance, but may complicate the
use of these securities in repo transactions. Additionally, about
half of NRB's shares in Aeroflot could soon be encumbered under a
planned exchangeable bond transaction. Finally, Fitch notes that
from July 1, 2011 the Central Bank of Russia will no longer
provide repo financing against equities.
Fitch notes the concentrated funding base of the bank with a
material share of related party funds, especially after the
sizable dividend payment completed in Q111 (RUB9 billion, or about
30% of IFRS equity at end-2010). Fitch has been informed that the
shareholders intend to keep most of this money deposited with NRB.
The risk of deposit withdrawals is largely mitigated by the
liquidity buffer (including cash and its equivalents, short-term
interbank placements, state securities and Gazprom shares directly
owned by the bank), which accounted for about 23% of total assets,
covering more than 40% of customer funds at end-Q111 under local
accounts.
Fitch estimates the total Basel I capital adequacy ratio at 35.6%
at end-2010 on a pro-forma basis (allowing for the Q111 dividend
payment (actual level was 51.5% at end-2010).
NRB is a Moscow-based bank with assets of RUB58.3 billion at end-
2010, and accounts for about two-thirds of the assets of the
broader NRC, a group with interests in the financial sector,
recreation, agriculture, oil, construction and aviation.
Alexander Lebedev is the largest shareholder of NRC, which holds a
59.8% stake in the bank. In addition, Mr. Lebedev and his son
directly hold an 18.4% stake in NRB.
The rating actions are:
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
-- National Long-term Rating: affirmed at 'BBB(rus)'; Outlook
Stable
-- Senior unsecured notes: affirmed at 'B(exp)'; Recovery
Rating 'RR4'
-- Senior unsecured notes, National rating: affirmed at
'BBB(exp) (rus)'
-- Senior unsecured convertibles: affirmed at 'B(exp)';
Recovery Rating 'RR4'
===============
S L O V E N I A
===============
NOVA KREDITNA: Fitch Cuts Hybrid Capital Instrument Rating to BB-
-----------------------------------------------------------------
Fitch Ratings has downgraded Slovenia's Nova Kreditna Banka
Maribor (NKBM) Long-term Issuer Default Rating (IDR) to 'BBB+'
from 'A-' and its Support Rating to '2' from '1'. At the same
time, these ratings have been removed from Rating Watch Negative
(RWN). The Outlook on the Long-term IDR is Stable.
The rating actions reflect a moderate downward revision in Fitch's
assessment of the probability of future support being made
available to NKBM in a timely fashion from the Slovenian
authorities (sovereign Long-term IDRs 'AA'/Stable). This follows
the dilution of the government's direct stake in NKBM to around
28% from 41% following NKBM's recent equity issue.
While Fitch recognizes that the ultimate level of state ownership
in NKBM has been maintained at about 51%, the government's delayed
and only indirect participation in the capital increase constitute
key factors in the agency's decision to downgrade the bank's Long-
term IDR and Support Rating. Fitch also notes conflicting policy
statements during the capital raising with respect to maintaining
the state's stake in the bank, as well as a lack of clear strategy
from the government regarding NKBM's future ownership structure.
NKBM's Long-term IDR and Support rating continue to reflect
Fitch's assessment of a still high probability of support for
NKBM, in case of need, from the Slovenian authorities. This takes
into account the bank's majority public sector ownership and its
high systemic importance,
The 'C/D' Individual Rating reflects the rapid recent
deterioration of NKBM's asset quality, its still only moderate
capitalization and the challenging operating environment.
However, these factors are balanced by its well-established
franchise, stable retail funding base and adequate liquidity.
In the agency's view, the bank's capitalization continues to be
only moderate given the high level of unreserved non-performing
loans (NPLs) and sizeable exposures to the troubled
construction/real estate industry and holding companies. The
bank's level of internal capital generation is also weak in light
of moderate pre-impairment profit, a high level of loan impairment
charges and sluggish demand for new credit in the economy. NKBM's
consolidated Tier 1 capital ratio stood at 8.15% at end-Q111 (or
10.2% on a pro forma basis, allowing for the Q211 EUR104.3m equity
injection).
Asset quality is likely to deteriorate further in 2011, albeit at
a slower pace than in 2010, as reflected in a slower pace of
growth of new bad debt in Q111. At end-Q111, NPLs (defined as all
loans in categories 'D' and 'E', and 'C' category exposures 90
days overdue) stood at 15.2% of total gross loans.
NKBM's liquidity buffer remains adequate in view of the bank's
refinancing needs in 2011. At end-Q111, it totalled EUR760
million and mainly comprised unencumbered assets eligible for
refinancing with the ECB. At end-Q111, the amount of wholesale
liabilities falling due to end-2011 totalled around EUR550 million
and was concentrated in May-June (about EUR280 million) and
November-December (about EUR215 million). NKBM plans to replace
these facilities through a bond issue of around EUR500 million in
autumn this year.
At end 2010, NKBM was the second-largest banking group in
Slovenia, with a market share of about 11% of total assets and
around 15% of customer deposits.
The rating actions are:
-- Long-term foreign currency IDR: downgraded to 'BBB+' from
'A-', removed from RWN; Stable Outlook assigned
-- Short-term foreign currency IDR: affirmed at 'F2'
-- Support Rating: downgraded to '2' from '1', removed from RWN
-- Individual Rating: affirmed at 'C/D'
-- Support Rating Floor: downgraded to 'BBB+' from 'A-',
removed from RWN
-- Hybrid capital instrument: downgraded to 'BB-' from 'BB'
PROBANKA: Fitch Lowers Long-Term Issuer Default Rating to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded Slovenia-based Probanka d.d.'s Long-
term Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook
is Stable. The bank's other ratings have been affirmed.
The rating action reflects the bank's high level of non-performing
loans (NPLs) and weak profitability, in light of which
capitalization is only modest. Liquidity is also only moderate.
However, these factors are balanced by the bank's regional
corporate franchise and the Slovenian economy's return to moderate
growth.
NPLs, defined as category 'D' and 'E' loans plus category 'C'
loans overdue by 90 days rose sharply in 2010. They stood at 14%
of consolidated customer loans at end-2010 up from 6.5% at end-
2009. NPLs are concentrated, reflecting a high level of borrower
concentration in the loan book. In addition, reserve coverage of
NPLs is fairly low (around 25% at end-2010), reflecting strong
reliance on collateral in the form of real estate, and to a lesser
extent, equities, both of which are proving illiquid in the
current environment.
In light of the above, and given a high level of single-name
borrower concentration, equities exposures and related-party
lending, Probanka's capitalization is only modest. The bank's
consolidated Tier 1 ratio stood at 7.8% at end-2010. However, it
could come under further pressure from rising loan impairment
charges whilst internal capital generation remains weak due to
moderate pre-impairment profit, significant loan impairment
charges and limited demand for new credit in the economy.
To strengthen its capital position, Probanka aims to raise EUR10
million of capital from a new strategic 'partner' by end-Q311,
which in Fitch's view could prove challenging in the current
environment.
Funding is sourced largely from short-term customer deposits or
from the Slovene Export and Development Bank for longer-term
funding. Growth in stable retail deposits is a strategic priority
for Probanka. The bank has had some success in growing its retail
deposit base in 2010/Q111. However, funding costs are likely to
rise as a result of this, putting pressure on the bank's already
low net interest margin.
Liquidity is only moderate with liquid assets accounting for
around 17% of total consolidated assets at end-2010. The
loans/deposits ratio is fairly high.
Further deterioration in asset quality, resulting in additional
pressure on capitalization, could put further downward pressure on
the bank's ratings. Upside to the ratings is limited in the
medium term given the bank's small size and limited franchise, and
Fitch's expectation that the bank's main immediate focus will be
in managing asset quality and protecting its capital position.
Probanka is a medium-sized universal bank based in Maribor with a
strong focus on corporate lending. At end-2010 it had a 2.6%
share of banking sector assets (ranked 12th) and a 3.2% share of
deposits. Its single largest shareholder (19.97% voting stake),
Medaljon, is owned by management.
The rating actions are:
-- Long-term foreign currency IDR: downgraded to 'BB-' from
'BB'; Outlook Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- Individual Rating: affirmed at 'D'
-- Support Rating Floor: affirmed at 'B+'
===========
T U R K E Y
===========
DOGUS HOLDING: Moody's Affirms 'Ba3' Ratings; Outlook Positive
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR) and probability of default rating (PDR) of Dogus
Holding A.S. and changed the outlook on the ratings to positive
from stable.
RATINGS RATIONALE
The outlook for Dogus's rating is positive and reflects the
commitment of management to maintain debt levels on a consolidated
basis (but excluding debt at Garanti Bank) of US$1.8 billion.
"Moody's affirmation of Dogus's ratings and the change of outlook
to positive from stable follows the early amortization of nearly
US$250 million worth of debt at the holding level, in combination
with management's commitment to further reduce debt during 2011
and thereafter to maintain it at around US$1.8 billion," says
Martin Kohlhase, a Moody's Assistant Vice President and lead
analyst for Dogus. "The proceeds of the US$2.1 billion generated
as a result of Dogus's disposal of 6.29% of its stake in Garanti
Bank has allowed the company to lower its debt load to around
US$754 million, which clearly sets its rating on a positive
trajectory."
Dogus's ratings remain constrained at the Ba3 level, as Dogus's
assets continue to be concentrated in Turkey, namely Garanti Bank
(rated Ba3), which represents approximately 80% of the company's
investment portfolio. The dividend contribution received from
other investments has so far been limited to TRY15 million (around
US$10 million) from Dogus Construction. Moody's notes that
activities in Dogus's four other industry verticals have yet to
break even, which limits the company's ability to upstream
surpluses to the rated parent company. More positively, Moody's
expects Dogus's growing property portfolio -- including shopping
malls, office buildings, hospitality and leisure assets -- to
contribute recurring rental income. Moody's could upgrade the
ratings if contributions from other segments were to become more
material and Dogus were to consequently become less reliant on a
single major income source, which is currently Garanti Bank.
Despite Dogus's strong financial profile suggesting a higher
rating than the assigned Ba3, the current rating assumes that the
company will continue to deploy its cash surplus in a mix of new
investments, shareholder returns and debt repayment, but that it
clearly remains focused on investments where the risk-return
profile remains uncertain. Dogus's financial metrics position the
rating below that of Ordu Yardimlasma Kurumu (Oyak), the Turkish
Armed Forces Pension Fund (rated Ba2), with cash coverage at 3.4x
(Oyak: 8.8x) and less diversified dividend sources.
LAST RATING ACTION & PRINCIPAL METHODOLOGY
The principal methodology used in rating Dogus was the Global
Investment Holding Companies Rating Methodology, published in
October 2007.
Headquartered in Istanbul, Turkey, Dogus Holding A.S. is an
investment holding company owned by the Sahenk family. It
comprises more than 120 companies, which are active in seven
sectors: financial services, automotive, construction, media,
tourism & services, real estate and energy. The company's main
activities are tied to the Turkish economy, but Dogus is aiming to
create regional leaders in the respective industries. As at the
end of December 2010, Dogus's combined assets under management
amounted to US$103 billion, of which US$88 billion were related to
its investments in financial services, and consist of a stake in
Garanti Bank of approximately 30.24%.
=============
U K R A I N E
=============
MHP SA: Fitch Affirms Long-Term Foreign Currency IDR at 'B'
-----------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based agricultural producer MHP
S.A.'s (MHP) Long-term foreign currency Issuer Default Rating
(IDR) at 'B' with a Stable Outlook. The rating is capped by
Ukraine's Country Ceiling of 'B'. Fitch has also affirmed the
company's Long-term local currency IDR at 'B+' with a Stable
Outlook. The senior unsecured rating applicable to MHP's
guaranteed bonds has been affirmed at 'B' with a Recovery Rating
of 'RR4'.
The affirmation of MHP's Long-term local currency IDR reflects the
company's steady operating performance and credit profile, which
were both in line with expectations in 2010 overall. The ratings
also factor in the expectation of steady results and credit
metrics through to 2012 as capex is deployed in the Vinnitsa
project, which will increase the production capacity to 580,000
tonnes of chicken meat/year by 2015 from the current 360,000
tonnes. The first two phases, for a total cost of US$750 million
(gross capex before equipment financing), of which US$100 million
was spent in 2010, are on track to come on stream from 2013.
The ratings continue to reflect MHP's leading position in the
Ukrainian poultry market, supported by its high level of vertical
integration, which together with government subsidies enables MHP
to generate EBITDA margins in excess of 30%. Negative rating
factors include the narrow focus of MHP's business on the
Ukrainian poultry market, and the degree of currency mismatch
between revenues and profits denominated in USD (24% of sales in
2010) compared with debt in USD (89% of total debt, including the
almost US$600 million outstanding Eurobonds).
The operating environment remains positive for MHP, as consumers
continue to substitute chicken for more expensive pork and beef,
and to shift purchases to industrialized products (MHP controls
50% of all industrially produced poultry in Ukraine). The
company's market presence continues to improve as it takes market
share from other producers. Chicken prices have trended higher in
UAH terms (+6.7% in 2010 and +3.6% in Q111) despite the stable
exchange rate at around 8 UAH/USD, as prices adjust to the
international price for chicken. In USD terms, domestic prices
have fluctuated around US$1.60-1.72/Kg, still below the peak of
US$2.28/Kg in 2008 as a result of the sharp devaluation of the UAH
in 2009.
As the group is vertically integrated into grain growing, it is
almost entirely self-sufficient in corn, and partially in
sunflower seeds, for the production of fodder. This is a
competitive advantage over international competitors. Operating
profit margins above 20% (24.3% in FY10) therefore compare
favorably with other protein producers such as Tyson Foods ('BBB-
'/Stable), or Brazilian operators: Brasil Foods ('BBB-'/Stable),
JBS ('BB-'/Stable) and Marfrig Alimentos ('B+'/Stable), all of
which show mid-single digit EBIT margins.
Following the five-year USD330 million Eurobond and the exchange
of 96% (US$240 million) of its existing Eurobond due 2011, both
completed in April 2010, MHP has strengthened its debt maturity
profile (only 28% concentrated in year 1 and 2 now, compared with
90% in 2009).
MHP began a modest share repurchase program in October 2009, under
which it spent US$46 million in 2010. This appears to have been
an opportunistic repurchase. Fitch expects MHP to concentrate
resources on its capex plan in 2011 and hence, does not expect
meaningful cash deployed to either share buy backs, dividends or
acquisitions. The company's leverage (adjusted net debt/EBITDAR)
in FY10 has increased to 2.45x (FY09: 2.26x) and is expected to
remain at this level in FY11. As capex declines after 2012, Fitch
expects free cash flow to turn positive and a faster de-leveraging
below 2.0x thereafter, as smaller capex associated with the next
investment phase in 2013-2014 should be covered with FCF.
MHP's foreign currency rating is considered constrained by the
sovereign's country ceiling. Despite moderate levels of foreign
currency risk, MHP's strong business and financial profile and
robust governance and financial disclosure standards would lead to
a foreign currency IDR of 'B+'. Positive rating factors (assuming
no sovereign constraints) thus include continuing strong operating
performance and free cash flow generation along with sustained
financial deleveraging below 2.0x, FFO interest coverage
comfortably above 5.0x, as well as diversification of the
company's revenue streams to include more export sales.
Potential negative rating factors include continuing negative free
cash flow after 2012, or a sizeable debt-financed acquisition or
more aggressive share repurchase program that pushes an increase
in adjusted net debt/EBITDAR to above 2.5x on a permanent basis,
or FFO-interest coverage below 3.0x.
Fitch has also taken these rating actions on MHP's subsidiary OJSC
Myronivsky Hliboproduct:
-- Long-term foreign currency IDR: affirmed at 'B'; Stable
Outlook
-- Long-term local currency IDR: affirmed at 'B+'; Stable
Outlook
-- National Long-term rating: affirmed at 'AA+(ukr)'; Stable
Outlook
* CITY OF LVIV: S&P Assigns 'CCC+' Rating to UAH90MM Senior Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' long-term
local currency debt rating and its 'uaBB' Ukraine national scale
rating to a proposed UAH90 million (about US$12 million) senior
unsecured bond to be issued by the Ukrainian City of Lviv
(CCC+/Stable/--; Ukraine national scale 'uaBB'). The recovery
rating on the bond is '4'.
The proceeds will be used to repay the remaining UAH90 million of
a 20% UAH200 million bond due 2014. The issue will have quarterly
fixed coupon payments of not more than 14% a year and three-year
maturities.
The ratings on the bond mirror those on the city, which reflect
its low financial flexibility within Ukraine's system of
interbudgetary relations and ongoing expenditure pressures,
including pressure from Lviv's commitment to upgrade its
infrastructure to host several of the Union of European Football
Associations' championship matches in 2012 (EURO 2012). The
city's weak liquidity and what Standard & Poor's Ratings Services
sees as a weak credit culture, reflected in nonpayment on
guarantees, also constrain the rating, as do its low wealth levels
in an international context.
Lviv's modest debt service and debt and its importance as one of
western Ukraine's commercial centers, with a diversified economic
structure, help offset these negative factors.
===========================
U N I T E D K I N G D O M
===========================
FMS CONSTRUCTION: Goes Into Administration, May Affect 20 Jobs
--------------------------------------------------------------
The Courier reports that FMS Construction has gone into
administration. The affairs of the company and its sister
operation FMS Developments are now in the hands of Glasgow-based
business restructuring experts, and it is understood up to 20
posts may be affected, according to The Courier.
FMS Construction's collapse is being handled by Glasgow-based BDO,
who were unable to provide The Courier with exact details of the
staff numbers affected.
Forfar-based firm FMS Construction has been involved in projects
across Angus, including recent development in Forfar's Lochside
Road and Market Street, close to their base, as well as Dundee's
Milton Street and, in Perthshire at Birnam and Balbeggie.
FOCUS (DIY): Jobs Under Threat at Chippenham and Devizes Stores
---------------------------------------------------------------
Victoria Ashford at Gazette Herald reports that jobs are under
threat in Chippenham and Devizes with the news that Focus (DIY)
has gone into administration. Around 20 jobs in Chippenham and
another 26 in Devizes could be lost following the announcement,
according to the report.
As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's 144 stores, which
continue to trade as normal, according to H&V News.
Gazette Herald notes that questions were first raised about the
future of the Chippenham Focus earlier this year when site owners
Legal and General applied for planning permission to turn the
building in to three separate retail units. Both the Devizes and
Chippenham branches are continuing to trade.
Gazette Herald discloses that at a notice at the store off London
Road, Devizes said that on May 5, Simon Allport, Alan Hudson and
Thomas Jack had been appointed joint administrators and the store
would continue to trade until further notice.
Focus DIY was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England. The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.
FORD BAKERS: Bayne's Set to Reopen Firm's Former Shops
------------------------------------------------------
Perry Gourley at Scotland on Sunday reports that bakery group
Bayne's is expanding by reopening a clutch of shops run by Fords
Bakers.
The Fife-based Bayne's, which employs about 400 staff, is opening
five shops to take its total to 48 in central Scotland, according
to Scotland on Sunday. The report relates that the stores, two in
Musselburgh and one each in Prestonpans, Portobello and Currie,
are all in units formerly occupied by Fords Bakers outlets.
Scotland on Sunday notes that Fords Bakers went into
administration last year and although its bakery business was sold
to Glasgow firm Scullions in a deal that saved 87 jobs, the retail
arm and its nine shops were closed.
The report notes that most of the staff employed in the Bayne's
outlets will be former Ford employees.
Fords Bakers supplies supermarkets, food service companies and
independent bakeries in east and central Scotland.
HIGH POST: M7 Real Estate Acquires Salisbury Distribution Center
----------------------------------------------------------------
BBC News says that High Post, a Salisbury distribution centre that
went into administration in September, has been bought by M7 Real
Estate.
M7 Real Estate said it hoped to start work turning the 20-acre
site at High Post into a business park this month, according to
BBC News.
The former tenant at the site, a car parts supplier, moved its
base to Shropshire with the loss of more than 500 jobs, the report
notes.
BBC News relates that Philip Holford, of Myddelton and Major, the
consultancy firm which handled the deal, said: "This is fantastic
news for the local and regional economy. High Post is clearly an
asset with great potential -- the aim is to create a thriving,
regional commercial employment site with hundreds of people on
site."
HMV GROUP: Alexander Mamut Makes Cash Offer for Waterstone's Chain
------------------------------------------------------------------
Claer Barrett at The Financial Times reports that Russian
billionaire Alexander Mamut has made a GBP43 million (US$70
million) cash offer to buy the Waterstone's book chain from HMV
Group.
According to the FT, people familiar with the situation said that
in spite of recent speculation that bid talks had hit an impasse,
a GBP43 million offer has now been received by HMV and Nomura, its
adviser.
Mr. Mamut, who is being advised by Credit Suisse, is a 6%
shareholder in HMV Group, the FT discloses.
Mr. Mamut's bid is higher than previous speculation that he would
offer GBP35 million for the chain, which has 298 UK stores and is
expected to make a pre-tax contribution to the group of about GBP5
million this year, the FT notes.
The retailer has issued three profit warnings this year and its
share price collapsed when it revealed it was on course to breach
banking covenants following its April year-end, the FT relates.
The group, which has a market capitalization of GBP42 million,
expects to report full-year pre-tax profits of about GBP30 million
in June, but net debt has ballooned to GBP130 million, resulting
in pressure to sell off parts of the business to raise cash, the
FT states.
HMV's consortium of eight lenders has agreed to waive covenant
tests until July, allowing the group time to explore its options,
the FT discloses. It is expected to announce the sale of its
Canadian business for about GBP5 million in the coming weeks,
according to the FT.
United Kingdom-based HMV Group plc is engaged in retailing of pre-
recorded music, video, electronic games and related entertainment
products under the HMV and Fopp brands, and the retailing of books
principally under the Waterstone's brand. The Company operates in
four segments: HMV UK & Ireland, HMV International, HMV Live and
Waterstone's. HMV International consists of HMV Canada, HMV Hong
Kong and HMV Singapore. Waterstone's is a bookseller, which
operates through 314 stores and a transactional Web site for the
sale of both physical and e-books for download. The Company has
operations in seven countries, with principal markets being the
United Kingdom and Canada. Its retail businesses operate through
417 stores in the United Kingdom, Canada, Hong Kong and Singapore.
On Jan. 29, 2010, the Company completed the acquisition of MAMA
Group Plc. Its subsidiaries include HMV Canada Inc, HMV Guernsey
Limited, HMV Hong Kong Limited and HMV (IP) Limited.
LOUGH ERNE: Goes Into Administration, Business to Operate Normally
------------------------------------------------------------------
Belfast Telegraph reports that Lough Erne Resort has gone into
administration and has appointed KPMG as administrators, but has
assured customers that bookings are safe, with the business to
operate as usual.
John Hansen and Stuart Irwin of KPMG have said the aim is to sell
the luxury facility as a going concern, saying "an experienced
hotel operator" would keep the resort trading, according to
Belfast Telegraph. The report relates that several industry
experts have come forward to say the banks could be to blame for
the Lough Erne Resort's difficulties.
Janice Gault, chief executive of the Northern Ireland Hotel
Federation, said the difficult economic climate was affecting all
sectors, and the hotel industry was no exception, Belfast
Telegraph notes. The Irish government's support measures, which
will cut VAT for hotels and abolish air passenger duty in the
Republic, would add pressure to the industry here, she added.
Belfast Telegraph notes that Kenneth Sharpe, who runs the Triage
Hospitality consultancy and has worked with the Lough Erne Resort
on its marketing and customer service, believes the break-up of
Bank of Scotland (Ireland) -- whom it is understood the resort's
owners had finance with has been the primary reason for the
complex being placed into administration.
The bank was shut down by parent company Lloyds after massive
losses on loans and its loan book is being wound down by a company
called Certus, Belfast Telegraph notes.
PAN PACIFIC: Mulls Creditors Voluntary Arrangement
--------------------------------------------------
StockMarketWire.com reports that Pan Pacific Aggregates plc
unveiled a restructuring and rescue plan following the halt of its
reverse takeover.
According to StockMarketWire.com, the company plans to enter a
Creditors Voluntary Arrangement and has appointed Kingston Smith
and Partners in relation to the CVA as a part of its restructuring
and rescue plan.
It says it aims to have trading in its shares resumed as soon as
possible and is in discussions to obtain funding to ensure that
Quadling Quarry continues trading and carries out its development
plans, StockMarketWire.com discloses.
The company, StockMarketWire.com says, envisages short-term
funding will be achieved by securing a loan against the shares of
Pan Pacific Quadling Quarry Ltd.
A further equity fund-raising will then be sought to repay the
loan, provide 12-18 months of working capital for the quarry's
next development phase, and pay all creditors under the CVA,
StockMarketWire.com notes.
StockMarketWire.com relates that Pan Pacific said the quarry
continued to be fully operational.
Pan Pacific Aggregates plc is a publicly held, asset holding
company registered in the United Kingdom. The assets of the
Company include: Pan Pacific Aggregates Ltd., a wholly owned
subsidiary incorporated in British Columbia, Canada in November
2004; Consolidated Tri-Sil Minerals Inc., acquired in January 2005
(97.3 percent of the share capital); Global Industrial Services
Canada Inc. acquired in March 2005 (100% of the share capital) and
Pumptown Quarry Inc., a wholly owned subsidiary incorporated in
British Columbia, Canada acquired in June 2008.
PHONES4U FINANCE: S&P Assigns 'B+' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to U.K.-based mobile phone retailer
Phones4u Finance PLC (Phones4u). The outlook is stable.
"At the same time, we assigned an issue rating of 'BB' and a
recovery rating of '1' to Phones4u's GBP125 million super senior
revolving credit facility (RCF). In addition, we assigned an
issue rating of 'B+' and a recovery rating of '3' to the company's
œ430 million senior secured notes," S&P stated.
"The ratings on Phones4u reflect our assessment of the company's
financial risk profile as aggressive following its acquisition by
private equity group BC Partners (not rated) on April 27, 2011.
As a result of the associated refinancing, Phones4u has
consolidated gross financial debt of about GBP480 million," S&P
related.
"We assess Phones4u's financial structure as aggressive in the
context of the company's business risk profile, which we consider
to be weak. This reflects our view of the company's position as
one of the two largest independent retailers in the mature, but
highly competitive, U.K. mobile phone market. The market is
characterized, in our opinion, by volatile demand due to its
dependency on discretionary consumer spending. This risk is
further aggravated by the inherent revenue volatility from ongoing
innovation in mobile devices; retailers' ability to access the
latest devices; and Phones4u's dependency on maintaining strong
relationships with mobile telecommunications companies," S&P
continued.
"Mitigating Phones4u's weak business risk profile and relatively
high leverage are, in our view, the company's low capital-
intensive business model and capacity to generate free cash flow,"
noted S&P.
"In our view, over the coming year, Phones4u's cash generation
capacity will enable it to sustain an adjusted debt-to-EBITDA
ratio of at least 4.0x-4.5x by the end of 2011. All else being
equal, we think that a 100 basis-point decline in the company's
EBITDA margin would increase adjusted debt to EBITDA by about
0.3x," S&P stated.
"The ratings exclude the potential for releveraging, for example,
through the take-out of common equity through debt-equivalent
instruments in the capital structure. In particular, we could
lower the ratings if additional debt or adverse operating
developments were to affect cash flow generation and cause
the company's adjusted debt to EBITDA to exceed 5.0x," S&P said.
"We could raise the ratings if, based on significantly better-
than-anticipated operating conditions, adjusted debt to EBITDA
were to decline to less than 3.5x on a sustainable basis.
However, we consider the potential for such a positive rating
movement to be unlikely over the next 12 months," S&P added.
PRESBYTERIAN MUTUAL: Smallest Saver to Get 100% Money Back
----------------------------------------------------------
News Letter reports that the smallest savers in the Presbyterian
Mutual Society will get 100% of their money back.
A third of larger PMS savers have voluntarily voted to defer
removing all funds eligible to them in a government rescue
package, so as to allow those with less than GBP20,000 saved as
shares to get a complete refund, according to News Letter.
The GBP300 million entity has some 9500 members and went into
administration in 2008 after suffering a run during the British
banking crisis, News Letter notes. The Treasury Select Committee
later found its members had been "innocent victims" of "a fatal
regulatory gap" by the government, News Letter relates.
News Letter says the UK government has put up GBP200 million in
loans while the Treasury is making a GBP25 million contribution to
the rescue package and the Presbyterian Church is giving GBP1
million.
The GBP200-million loan must be repaid by selling off the
society's property portfolio as it recovers over the next 10
years, but this will not be enough to refund all savings, News
Letter says. The largest PMS savers are only guaranteed 77% of
their money back, as part of a sliding scale.
News Letter discloses that more than 99% of PMS members and
creditors who voted for the rescue package, both in number and by
value of their holdings, were in favor of the proposed scheme, the
administrator Arthur Boyd said, News Letter notes. There was a
valid vote of 87% of all savers.
News Letter relates that if a third of larger PMS savers
(creditors) had not voted in favor of helping the smaller PMS
savers (shareholders), the smaller members would only have got 97p
in the pound returned, as opposed to the 100p they will now
receive.
If the overall scheme had not been approved by members, there
would have been an immediate fire sale of all PMS assets, News
Letter says. The PMS administrator estimated this would have
given larger savers 5% less in the pound and returned nothing to
the smaller savers, the report relates.
News Letter notes that while there has been some criticism of the
PMS for supposedly limiting its services to Presbyterians only, a
number of its directors are facing disqualification by the
Department of Enterprise -- one of the key charges against them is
that they allegedly allowed non-Presbyterians to become members of
the PMS.
Subject to court approval and the absence of legal challenges, PMS
savers should get their payments in early July, the report adds.
About Presbyterian Mutual Society
Presbyterian Mutual Society is based in Belfast, Northern Ireland.
As reported by the Troubled Company Reporter-Europe, the Financial
Times said the society had assets of around EUR300 million when it
was forced into administration in 2008 after suffering a run of
withdrawals at the onset of the global financial crisis.
SILENTNIGHT: HIG Europe Acquires Firm, Saves 650 Jobs
-----------------------------------------------------
pendletoday.co.uk reports that Silentnight Holdings Plc's future
and its 650 Pendle jobs were secured after it was bought by HIG
Europe.
As reported in the Troubled Company Reporter-Europe on April 26,
2011, Lancashire Telegraph related that Silentnight Holdings Plc
chiefs were battling to save 650 jobs after the extent of its cash
crisis emerged. Silentnight Holdings chiefs have given the stark
warning that the firm will go into administration unless it
offloads a pension fund with a GBP100 million black hole,
according to Lancashire Telegraph. The report notes that the
company is trying to solve its financial difficulties, but as an
alternative rescue option, the company has been put up for sale in
a bid for a buyer who can secure its future.
HIG Europe, an arm of global private equity investment firm HIG
Capital, stepped in and has bought Silentnight's business
interests, including its brands and all other assets, according to
pendletoday.co.uk.
pendletoday.co.uk discloses that Pendle MP Andrew Stephenson has
since met representatives of the Pension Protection Fund and said
he felt the buy-out was "not an absolutely brilliant outcome but
perhaps the best given the circumstances". The report relates MP
Stephenson said he would be sitting down with the new owners to
make sure everybody involved has their interests protected.
Silentnight Holdings Plc was founded in 1946 and supplies about
500,000 beds a year to retailers. It employs about 1,250 staff at
sites across Barnoldswick, Cumbria, West Yorkshire and Ireland.
SOUTHERN CROSS: Mulls Rights Issue; Seeks Potential Buyers
----------------------------------------------------------
Graham Ruddick at The Sunday Telegraph reports that Greenhill,
which Southern Cross said it had hired to help with its
restructuring process, is also working on a search for potential
buyers.
According to The Sunday Telegraph, a source confirmed that the
boutique investment bank has been hired to run a two-track process
either to raise money through a rights issue or find a willing
buyer.
Both options are highly unlikely to occur unless a deal with
landlords can be struck, The Sunday Telegraph says.
At the same time, it is understood that a number of the company's
landlords have indicated they are reluctant to offer concessions
to the company, despite management proposing new rescue measures,
The Sunday Telegraph notes.
Southern Cross, which looks after more than 31,000 residents in
750 locations, told investors on Thursday night that the company
had asked landlords to reduce its rent bill by 30% over the next
four months so that a longer-term deal can be agreed, The Sunday
Telegraph relates.
It also said landlords had agreed to form an official committee to
conduct talks with Southern Cross, which will be chaired by Daniel
Smith of Grant Thornton and has the support of NHP, the biggest
landlord, according to The Sunday Telegraph.
The care home group is expected to report annual results this week
and it is understood that it could announce that its banks have
agreed to extend a postponement of a crucial covenant test beyond
May 31, The Sunday Telegraph states.
Southern Cross is battling to survive as it struggles under the
burden of a GBP250 million annual rent bill and local authorities
paying it lower fees to look after patients, The Sunday Telegraph
discloses.
Shares in the company fell by 65% in one day in March after it
warned that rental payments were "unsustainable" and that it was
on the verge of breaching banking covenants, The Sunday Telegraph
recounts.
Separately, Scotsman reports that Southern Cross is looking to
raise GBP100 million as part of efforts to secure its future.
Scotsman says a restructuring plan drawn up by chief executive
Jamie Buchan could also see it jettison up to 200 homes and give
landlords a share of the business.
Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations. Its also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
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BELGIUM
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CYPRUS
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CZECH REPUBLIC
--------------
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DENMARK
-------
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FRANCE
------
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PAGESJAUNES GRP PAJP IX -2806466942 928971577.5
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RESEAU FERRE FRA 224063Z FP -1967530419 70147358617
RHODIA SA RHA VX -726840112.3 5945870566
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RODIGUEZ GROUP RGX GR -71997955.94 457127473.1
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RODRIGUEZ GROUP RDGP IX -71997955.94 457127473.1
RODRIGUEZ GROUP ROD EU -71997955.94 457127473.1
SDR CENTREST 117241Q FP -132420119.6 252176017.2
SOBIESKI BVD PW -240506200.5 1000204586
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
TROUVAY CAUVIN TVYCF US -396977.9956 133986439.7
GEORGIA
-------
DEVELICA DEUTSCH DDE PG -86990929.38 1142447974
DEVELICA DEUTSCH D4B GR -86990929.38 1142447974
DEVELICA DEUTSCH DDE PZ -86990929.38 1142447974
DEVELICA DEUTSCH DDE IX -86990929.38 1142447974
DEVELICA DEUTSCH DDE LN -86990929.38 1142447974
PEARL HOLDING 3622Z LN -133833007.2 968234065.8
GERMANY
-------
AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
AGOR AG DOOG IX -482446.6262 144432986.2
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AGOR AG DOO EU -482446.6262 144432986.2
AGOR AG DOOD PZ -482446.6262 144432986.2
AGOR AG-RTS 2301918Z GR -482446.6262 144432986.2
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DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.7
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.7
EDOB ABWICKLUNGS ESC EO -22323463.23 425598807.8
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EDOB ABWICKLUNGS ESCDF US -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC TH -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC TQ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC EU -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC PZ -22323463.23 425598807.8
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EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.7
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ESCADA AG ESCG IX -22323463.23 425598807.8
ESCADA AG -PFD ESC3 GR -22323463.23 425598807.8
ESCADA AG-NEW ESCC GR -22323463.23 425598807.8
ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.8
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ESCADA AG-NEW 835345Q GR -22323463.23 425598807.8
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ESCADA AG-SP ADR ESCDY US -22323463.23 425598807.8
KABEL DEUTSCHLAN KD8USD EO -1938688429 2845375250
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KABEL DEUTSCHLAN KD8 QM -1938688429 2845375250
KABEL DEUTSCHLAN KD8 EB -1938688429 2845375250
KABEL DEUTSCHLAN KD8 TH -1938688429 2845375250
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KABEL DEUTSCHLAN KD8 NR -1938688429 2845375250
KABEL DEUTSCHLAN KD8GBP EO -1938688429 2845375250
KABEL DEUTS-CW10 DB7KWG GR -1938688429 2845375250
KAUFRING AG KFR GR -19296489.56 150995473.8
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KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.6
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MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.6
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.6
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -14400749.54 155241036.1
MATERNUS-KLINIKE MAKG IX -14400749.54 155241036.1
MATERNUS-KLINIKE MAK TH -14400749.54 155241036.1
MATERNUS-KLINIKE MAK GR -14400749.54 155241036.1
MATERNUS-KLINIKE MAK EU -14400749.54 155241036.1
MATERNUS-KLINIKE MNUKF US -14400749.54 155241036.1
MATERNUS-KLINIKE MAK PZ -14400749.54 155241036.1
MATERNUS-KLINIKE MAK EO -14400749.54 155241036.1
NORDAG AG DOO1 GR -482446.6262 144432986.2
NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRCG PZ -18656728.68 610380925.7
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PRIMACOM AG PRC2 GR -18656728.68 610380925.7
PRIMACOM AG PRC TH -18656728.68 610380925.7
PRIMACOM AG PRC EO -18656728.68 610380925.7
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PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
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RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB EO -2.7111 168095049.1
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RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
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ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744121.914 217776125.8
ROSENTHAL AG-REG ROSG IX -1744121.914 217776125.8
SANDER (JIL) AG SAD GR -6153256.917 127546738.8
SANDER (JIL) AG JLSDF US -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.917 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127546738.8
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
SPRINGER SCIENCE 648808Z GR -610692611.7 3462165070
STROER OUT-OF-HO SAX EO -62153916.21 1072778885
STROER OUT-OF-HO SAX EU -62153916.21 1072778885
STROER OUT-OF-HO SAX GR -62153916.21 1072778885
TA TRIUMPH-ACQ TWNA EU -124531122.1 313411495.3
TA TRIUMPH-ACQ TWNA GR -124531122.1 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531122.1 313411495.3
TA TRIUMPH-ADLER TWN EU -124531122.1 313411495.3
TA TRIUMPH-ADLER TTZAF US -124531122.1 313411495.3
TA TRIUMPH-ADLER TWN GR -124531122.1 313411495.3
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TA TRIUMPH-ADLER TWN PZ -124531122.1 313411495.3
TA TRIUMPH-A-RTS 1018916Z GR -124531122.1 313411495.3
TA TRIUMPH-NEW TWN1 GR -124531122.1 313411495.3
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TOM TAILOR HOLD TTI EO -97711555.56 358434780
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TOM TAILOR HOLD TTI TH -97711555.56 358434780
TOM TAILOR HOLD TTI EU -97711555.56 358434780
GREECE
------
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AG PETZETAKIS SA PETZK GA -58119017.89 197258023
AG PETZETAKIS SA PETZK PZ -58119017.89 197258023
AG PETZETAKIS SA PZETF US -58119017.89 197258023
AG PETZETAKIS SA PETZK EU -58119017.89 197258023
AG PETZETAKIS SA PTZ1 GR -58119017.89 197258023
ALTEC HOLDINGS S ALTEC EO -47497062.28 116742573.1
ALTEC HOLDINGS S ALTEC EU -47497062.28 116742573.1
ALTEC HOLDINGS S ALTEC PZ -47497062.28 116742573.1
ALTEC HOLDINGS S AXY GR -47497062.28 116742573.1
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ALTEC SA INFO-RT ALTED GA -47497062.28 116742573.1
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
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ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
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ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA1 EO -27331872.51 354883771.3
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ATLANTIC SUPERMA ATLA1 EU -27331872.51 354883771.3
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
GEN HELLENIC-RTS 588494Q GA -48074406.22 5484269349
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GENIKI BANK SA TGEN PZ -48074406.22 5484269349
GENIKI BANK SA TGEN EO -48074406.22 5484269349
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GENIKI BANK SA GHB GR -48074406.22 5484269349
GENIKI BANK SA GHLCF US -48074406.22 5484269349
GENIKI BANK-AUC TGENE GA -48074406.22 5484269349
GENIKI BANK-RTS 2272580Q GA -48074406.22 5484269349
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KOUMBAS INSUR-RT KOUMD GA -64617679.4 161224903.6
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KOUMBAS SYNERGY KOUM PZ -64617679.4 161224903.6
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KOUMBAS SYNERGY KOUM EO -64617679.4 161224903.6
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NAOUSSA SPIN -RT NAOYD GA -163114853.6 286539436.9
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NAOUSSA SPINNING NML1 GR -163114853.6 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114853.6 286539436.9
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PETZET - PFD-RTS PETZPD GA -58119017.89 197258023
PETZETAKIS - RTS PETZKD GA -58119017.89 197258023
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THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
UNITED TEXTILES UTEX EU -163114853.6 286539436.9
UNITED TEXTILES UTEX GA -163114853.6 286539436.9
UNITED TEXTILES NAOYK GA -163114853.6 286539436.9
UNITED TEXTILES UTEX PZ -163114853.6 286539436.9
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WIND HELLAS TELE 3351088Z GA -1698260717 4035059308
HUNGARY
-------
BRODOGRADE INDUS 3MAJRA CZ -464934142.4 272013070.7
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
INVITEL HOLD-ADR IHO US -73724000 827192000
INVITEL HOLD-ADR 0IN GR -73724000 827192000
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INVITEL HOLDINGS 3212873Z HB -73724000 827192000
IPK OSIJEK DD OS IPKORA CZ -3959722.961 117585184.1
MALEV LTD MALEV HB -75737819.4 251668964.4
OT OPTIMA TELEKO 2299892Z CZ -67294802 105169944.1
OT-OPTIMA TELEKO OPTERA CZ -67294802 105169944.1
ICELAND
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AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780352 2277882368
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EIMSKIPAFELAG HF HFEIMEUR EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF AVION IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780352 2277882368
IRELAND
-------
IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND 600241Q GR -26700000 2132000000
JAMES HARDIE IND 726824Z NA -26700000 2132000000
JAMES HARDIE IND HAH NZ -26700000 2132000000
JAMES HARDIE IND HAH AU -26700000 2132000000
JAMES HARDIE NV JHXCC AU -26700000 2132000000
JAMES HARDIE-ADR JHINY US -26700000 2132000000
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JAMES HARDIE-CDI JHA GR -26700000 2132000000
JAMES HARDIE-CDI JHA TH -26700000 2132000000
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MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -132691148.8 374303706.5
MCINERNEY -RT FP MCIF ID -132691148.8 374303706.5
MCINERNEY -RT FP MCIF LN -132691148.8 374303706.5
MCINERNEY -RT NP MCIN ID -132691148.8 374303706.5
MCINERNEY -RT NP MCIN LN -132691148.8 374303706.5
MCINERNEY-ADR MNEYY US -132691148.8 374303706.5
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
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WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
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WATERFORD WED-RT 586556Q LN -505729895.2 820803256
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WATERFORD WED-RT WTFR LN -505729895.2 820803256
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WATERFORD WED-UT WWW PO -505729895.2 820803256
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WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
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WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
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WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ITALY
-----
BINDA SPA BND IM -11146475.29 128859802.9
BINDA SPA BNDAF US -11146475.29 128859802.9
BIOERA BIE1 IX -6731364.698 131141946.1
BIOERA BIE1 PZ -6731364.698 131141946.1
BIOERA BIE EU -6731364.698 131141946.1
BIOERA B2A GR -6731364.698 131141946.1
BIOERA BIE IM -6731364.698 131141946.1
BIOERA BIE EO -6731364.698 131141946.1
CART SOTTRI-BIND DEM IM -11146475.29 128859802.9
CIRIO FINANZIARI FIY GR -422095869.5 1583083044
CIRIO FINANZIARI CRO IM -422095869.5 1583083044
COIN SPA GC IX -154057608.3 800526929.5
COIN SPA GUCIF US -154057608.3 800526929.5
COIN SPA 965089Q GR -154057608.3 800526929.5
COIN SPA/OLD GC IM -154057608.3 800526929.5
COIN SPA-RTS GCAA IM -154057608.3 800526929.5
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
EUROFLY SPA EEZ IX -14153158.14 356030320.5
EUROFLY SPA -RTS EEZAXA IM -14153158.14 356030320.5
EUROFLY SPA-RTS EURAXA IM -14153158.14 356030320.5
I VIAGGI DEL VEN VVE IM -194331003.9 255327730
I VIAGGI DEL VEN VVE EU -194331003.9 255327730
I VIAGGI DEL VEN VVE PZ -194331003.9 255327730
I VIAGGI DEL VEN VVE EO -194331003.9 255327730
I VIAGGI DEL VEN VVE IX -194331003.9 255327730
I VIAGGI DEL VEN IV7 GR -194331003.9 255327730
I VIAGGI DEL VEN VVE TQ -194331003.9 255327730
I VIAGGI DEL VEN IVGIF US -194331003.9 255327730
I VIAGGI-RTS VVEAA IM -194331003.9 255327730
MERIDIANA FLY MEF EB -14153158.14 356030320.5
MERIDIANA FLY EEZ IM -14153158.14 356030320.5
MERIDIANA FLY EEZ TQ -14153158.14 356030320.5
MERIDIANA FLY MEF IX -14153158.14 356030320.5
MERIDIANA FLY E7N GR -14153158.14 356030320.5
MERIDIANA FLY EEZ EU -14153158.14 356030320.5
MERIDIANA FLY EEZ QM -14153158.14 356030320.5
MERIDIANA FLY EEZ EO -14153158.14 356030320.5
MERIDIANA FLY MEF IM -14153158.14 356030320.5
MERIDIANA FLY EEZ PZ -14153158.14 356030320.5
MERIDIANA FLY EFLYF US -14153158.14 356030320.5
MERIDIANA FLY SP MEFAXA IM -14153158.14 356030320.5
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
PARMALAT FINANZI FICN AV -18419390029 4120687886
PARMALAT FINANZI PMT LI -18419390029 4120687886
PARMALAT FINANZI PMLFF US -18419390029 4120687886
PARMALAT FINANZI PAF GR -18419390029 4120687886
PARMALAT FINANZI PRF IM -18419390029 4120687886
PARMALAT FINANZI PRFI VX -18419390029 4120687886
PARMALAT FINANZI PARAF US -18419390029 4120687886
PARMALAT FINA-RT PRFR AV -18419390029 4120687886
RISANAMEN-RNC OP RNROPA IM -51818228.1 3959683341
RISANAMENTO NAPO RN5 GR -51818228.1 3959683341
RISANAMENTO -OPA RNOPA IM -51818228.1 3959683341
RISANAMENTO -RNC RNR IM -51818228.1 3959683341
RISANAMENTO SPA RN EO -51818228.1 3959683341
RISANAMENTO SPA RNGBX EO -51818228.1 3959683341
RISANAMENTO SPA RNGBP EO -51818228.1 3959683341
RISANAMENTO SPA RN IX -51818228.1 3959683341
RISANAMENTO SPA RNGBX EU -51818228.1 3959683341
RISANAMENTO SPA RN PZ -51818228.1 3959683341
RISANAMENTO SPA RN IM -51818228.1 3959683341
RISANAMENTO SPA RN TQ -51818228.1 3959683341
RISANAMENTO SPA RN EU -51818228.1 3959683341
RISANAMENTO SPA RSMNF US -51818228.1 3959683341
RISANAMENTO-RTS RNAA IM -51818228.1 3959683341
SNIA BPD SN GR -141933883.9 150445252.4
SNIA BPD-ADR SBPDY US -141933883.9 150445252.4
SNIA SPA SN IM -141933883.9 150445252.4
SNIA SPA SIAI PZ -141933883.9 150445252.4
SNIA SPA SBPDF US -141933883.9 150445252.4
SNIA SPA SN EU -141933883.9 150445252.4
SNIA SPA SN TQ -141933883.9 150445252.4
SNIA SPA SSMLF US -141933883.9 150445252.4
SNIA SPA SNIXF US -141933883.9 150445252.4
SNIA SPA SNIA GR -141933883.9 150445252.4
SNIA SPA SNIB GR -141933883.9 150445252.4
SNIA SPA SIAI IX -141933883.9 150445252.4
SNIA SPA SN EO -141933883.9 150445252.4
SNIA SPA - RTS SNAAW IM -141933883.9 150445252.4
SNIA SPA- RTS SNAXW IM -141933883.9 150445252.4
SNIA SPA-2003 SH SN03 IM -141933883.9 150445252.4
SNIA SPA-CONV SA SPBDF US -141933883.9 150445252.4
SNIA SPA-DRC SNR00 IM -141933883.9 150445252.4
SNIA SPA-NEW SN00 IM -141933883.9 150445252.4
SNIA SPA-NON CON SPBNF US -141933883.9 150445252.4
SNIA SPA-RCV SNR IM -141933883.9 150445252.4
SNIA SPA-RCV SNIVF US -141933883.9 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933883.9 150445252.4
SNIA SPA-RNC SNRNC IM -141933883.9 150445252.4
SNIA SPA-RNC SNIWF US -141933883.9 150445252.4
SNIA SPA-RTS SNAA IM -141933883.9 150445252.4
SNIA SPA-RTS SNSO IM -141933883.9 150445252.4
SOCOTHERM SPA SCTM IX -161739278.5 398222827.1
SOCOTHERM SPA SCT EO -161739278.5 398222827.1
SOCOTHERM SPA SCT EU -161739278.5 398222827.1
SOCOTHERM SPA SCTI PZ -161739278.5 398222827.1
SOCOTHERM SPA SCT TQ -161739278.5 398222827.1
SOCOTHERM SPA SCT IM -161739278.5 398222827.1
SOCOTHERM SPA SOCEF US -161739278.5 398222827.1
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TIQA GR -98435968.67 498535068.5
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TISCALI SPA TIS PZ -98435968.67 498535068.5
TISCALI SPA TISGBX EO -98435968.67 498535068.5
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TISCALI SPA TIS IM -98435968.67 498535068.5
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TISCALI SPA TIQG IX -98435968.67 498535068.5
TISCALI SPA TIS NA -98435968.67 498535068.5
TISCALI SPA TIS QM -98435968.67 498535068.5
TISCALI SPA TIS FP -98435968.67 498535068.5
TISCALI SPA TIQ1 GR -98435968.67 498535068.5
TISCALI SPA TISN NA -98435968.67 498535068.5
TISCALI SPA TIS NQ -98435968.67 498535068.5
TISCALI SPA TIS NR -98435968.67 498535068.5
TISCALI SPA TISN IM -98435968.67 498535068.5
TISCALI SPA TISN VX -98435968.67 498535068.5
TISCALI SPA TISN IX -98435968.67 498535068.5
TISCALI SPA TIQ GR -98435968.67 498535068.5
TISCALI SPA TIS VX -98435968.67 498535068.5
TISCALI SPA TISGBX EU -98435968.67 498535068.5
TISCALI SPA TIS TQ -98435968.67 498535068.5
TISCALI SPA TIS EU -98435968.67 498535068.5
TISCALI SPA TIS EB -98435968.67 498535068.5
TISCALI SPA- RTS TISAXA IM -98435968.67 498535068.5
TISCALI SPA- RTS 3391621Q GR -98435968.67 498535068.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT ILMA GR -488887008 17331793920
INTELSAT SA 2237Z US -488887008 17331793920
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
CEVA GROUP PLC 976811Z NA -310987042.7 5613530996
LIBERTY GL EU-A UPC NA -5505478850 5112616630
SPYKER CARS NV SPYKF US -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
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 UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
ZESKO HOLDING BV 2938133Z NA -958614022.1 8358218597
POLAND
------
DRKENDY DRK PW -91135239.68 521942177.4
INTEROIL EXPLORA IOX PZ -46843000 189680992
INTEROIL EXPLORA IOX BY -46843000 189680992
INTEROIL EXPLORA IROIF US -46843000 189680992
INTEROIL EXPLORA IOX IX -46843000 189680992
INTEROIL EXPLORA IOXUSD EO -46843000 189680992
INTEROIL EXPLORA IOX EU -46843000 189680992
INTEROIL EXPLORA IOX EO -46843000 189680992
INTEROIL EXPLORA IOXEUR EO -46843000 189680992
INTEROIL EXPLORA IOXUSD EU -46843000 189680992
INTEROIL EXPLORA IOX NO -46843000 189680992
INTEROIL EXPLORA INOX NO -46843000 189680992
INTEROIL EXPLORA IOXEUR EU -46843000 189680992
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFSI IX -4067307.986 329785890.1
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
COFINA SGPS SA COFI EB -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORCELANA VISTA PVAL PL -61651485.35 126605006.5
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VAA VISTA ALEGRE VAF EU -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PL -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PZ -61651485.35 126605006.5
VAA VISTA ALEGRE VAF EO -61651485.35 126605006.5
VAA VISTA ALEGRE VAFX PX -61651485.35 126605006.5
VAA VISTA AL-RTS VAA9S PL -61651485.35 126605006.5
VAA VISTA AL-RTS VAAS PL -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EU -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PZ -61651485.35 126605006.5
VAA VISTA ALTAN VAFKX PX -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EO -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PL -61651485.35 126605006.5
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85860271.6 137059051.4
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -76809638.66 360473673
AMO ZIL-CLS ZILL* RU -76809638.66 360473673
AMO ZIL-CLS ZILL RU -76809638.66 360473673
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -5137634.738 179599559.3
BUMMASH OJSC-BRD BUMM* RU -5137634.738 179599559.3
DAGESTAN ENERGY DASB RU -31976921.34 172137243.4
DAGESTAN ENERGY DASB RM -31976921.34 172137243.4
DAGESTAN ENERGY DASB* RU -31976921.34 172137243.4
EAST-SIBERIA-BRD VSNK* RU -17335212.17 224008514.4
EAST-SIBERIA-BRD VSNK RU -17335212.17 224008514.4
EAST-SIBERIAN-BD VSNK$ RU -17335212.17 224008514.4
FINANCIAL LEASIN FLKO RM -80794530.71 373269665.9
FINANCIAL LEASIN 137282Z RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO* RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO RU -80794530.71 373269665.9
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KARUSEL FINANS KAFI RU -3988742.669 101528630.9
KOMPANIYA GL-BRD GMST* RU -22053203.7 1135310362
KOMPANIYA GL-BRD GMST RU -22053203.7 1135310362
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE$ RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE* RU -14527137.73 208754934.6
PARNAS-M PRSM RU -138592.4742 127637318.8
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -18554700.19 275723244.2
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRTG RU -13189413.03 138268688.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
URGALUGOL-BRD YRGL* RU -23085070.94 101919650.9
URGALUGOL-BRD YRGL RU -23085070.94 101919650.9
URGALUGOL-BRD-PF YRGLP RU -23085070.94 101919650.9
VIMPEL SHIP-BRD SOVP* RU -85860271.6 137059051.4
VIMPEL SHIP-BRD SOVP RU -85860271.6 137059051.4
VOLGOGRAD KHIM VHIM RU -27435278.35 139073353.6
VOLGOGRAD KHIM VHIM* RU -27435278.35 139073353.6
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP* RU -1082254.288 127026139.3
ZAPSIBGASPROM-B ZSGP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP* RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP RU -1082254.288 127026139.3
ZIL AUTO PLANT ZILL$ RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RM -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP* RU -76809638.66 360473673
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SWEDEN
------
ALLOKTON AB ALOKB SS -65101427.97 472693765.1
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
SLOVENIA
--------
ISTRABENZ ITBG PZ -2656618.996 1087540134
ISTRABENZ ITBG SV -2656618.996 1087540134
ISTRABENZ ITBG EO -2656618.996 1087540134
ISTRABENZ ITBG EU -2656618.996 1087540134
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
FERGO AISA -RTS AISA/D SM -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
INDO INTER-RTS IDO/D SM -3523887.56 101210953.5
INDO INTL SA IDOS PZ -3523887.56 101210953.5
INDO INTL SA IDO SM -3523887.56 101210953.5
INDO INTL SA IDO EU -3523887.56 101210953.5
INDO INTL SA IDO EO -3523887.56 101210953.5
INDO INTL SA-OLD IND SM -3523887.56 101210953.5
MARTINSA FADESA 4PU GR -1841778505 6778902268
MARTINSA FADESA MFAD PZ -1841778505 6778902268
MARTINSA FADESA MTF1 LI -1841778505 6778902268
MARTINSA FADESA MTF EO -1841778505 6778902268
MARTINSA FADESA MTF SM -1841778505 6778902268
MARTINSA FADESA MTF EU -1841778505 6778902268
MARTINSA-FADESA MTF NR -1841778505 6778902268
REYAL URBIS SA REY1 EU -175599903.7 5742241668
REYAL URBIS SA REY1 EO -175599903.7 5742241668
REYAL URBIS SA REY SM -175599903.7 5742241668
REYAL URBIS SA REYU PZ -175599903.7 5742241668
TURKEY
------
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY TI -12825040.91 182756610.7
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249434.54 336677635.6
DONETSKOBLENERGO DOON UZ -215735271.8 391924242.8
IVANO-FRANKIVSKG FGAZ UZ -358461.9249 108886163.6
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
LUGANSKOBLENERGO LOEN UZ -28172021.03 200011380.2
NAFTOKHIMIK PRIC NAFP UZ -23616113.15 520766522.6
NAFTOKHIMIK-GDR N3ZA GR -23616113.15 520766522.6
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
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BT GROUP PLC BT PZ -3378667779 43333137474
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SKYEPHARMA PLC SKYEF US -119704799.7 123295943.6
SKYEPHARMA PLC SKP IX -119704799.7 123295943.6
SKYEPHARMA -SUB 2976665Z LN -119704799.7 123295943.6
SKYEPHARMA-ADR SK8 GR -119704799.7 123295943.6
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SKYEPHARMA-ADR SKYPY US -119704799.7 123295943.6
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SKYEPHAR-RTS N/P SKPN VX -119704799.7 123295943.6
SKYEPHAR-RTS N/P SKPN LN -119704799.7 123295943.6
SMG PLC SMG LN -61797602.82 173123066.5
SMG PLC SMG PO -61797602.82 173123066.5
SMG PLC-FUL PAID SMGF LN -61797602.82 173123066.5
SMG PLC-NIL PAID SMGN LN -61797602.82 173123066.5
SMITHS NEWS PLC NWS PO -95712237.17 277933611.8
SMITHS NEWS PLC NWS PZ -95712237.17 277933611.8
SMITHS NEWS PLC NWS IX -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 TQ -95712237.17 277933611.8
SMITHS NEWS PLC SMWPF US -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 BQ -95712237.17 277933611.8
SMITHS NEWS PLC NWS LN -95712237.17 277933611.8
SMITHS NEWS PLC NWS2GBP EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS1GBP EO -95712237.17 277933611.8
SMITHS NEWS PLC SMWPY US -95712237.17 277933611.8
SMITHS NEWS PLC NWS2 EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2EUR EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS VX -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 EU -95712237.17 277933611.8
SMITHS NEWS PLC NWS1 EO -95712237.17 277933611.8
SMITHS NEWS PLC NWS2EUR EO -95712237.17 277933611.8
STV GROUP PLC SMG PZ -61797602.82 173123066.5
STV GROUP PLC SMG VX -61797602.82 173123066.5
STV GROUP PLC STVGEUR EU -61797602.82 173123066.5
STV GROUP PLC STVG LN -61797602.82 173123066.5
STV GROUP PLC STVGEUR EO -61797602.82 173123066.5
STV GROUP PLC STVG EU -61797602.82 173123066.5
STV GROUP PLC SMG IX -61797602.82 173123066.5
STV GROUP PLC SMGPF US -61797602.82 173123066.5
STV GROUP PLC STVGGBP EO -61797602.82 173123066.5
STV GROUP PLC STVG VX -61797602.82 173123066.5
STV GROUP PLC STVG EO -61797602.82 173123066.5
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
TOPPS TILES PLC TPT VX -49423537.13 155303750.4
TOPPS TILES PLC TPTJY US -49423537.13 155303750.4
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
TOPPS TILES PLC TPT BQ -49423537.13 155303750.4
TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
TOPPS TILES PLC TPT EO -49423537.13 155303750.4
TOPPS TILES PLC TPT PZ -49423537.13 155303750.4
TOPPS TILES PLC TPT TQ -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNGPF US -21397232.94 474779161.6
UNIGATE PLC UNGAF US -21397232.94 474779161.6
UNIGATE PLC 1577Q GR -21397232.94 474779161.6
UNIGATE PLC UNIG LN -21397232.94 474779161.6
UNIGATE PLC-ADR UNGAY US -21397232.94 474779161.6
UNIQ PLC UNIQ LN -21397232.94 474779161.6
UNIQ PLC UNIQ VX -21397232.94 474779161.6
UNIQ PLC UGE GR -21397232.94 474779161.6
UNIQ PLC UNIQEUR EU -21397232.94 474779161.6
UNIQ PLC UNIQF US -21397232.94 474779161.6
UNIQ PLC UNIQ IX -21397232.94 474779161.6
UNIQ PLC UNQPF US -21397232.94 474779161.6
UNIQ PLC UNIQGBP EO -21397232.94 474779161.6
UNIQ PLC UNIQ EU -21397232.94 474779161.6
UNIQ PLC UNIQEUR EO -21397232.94 474779161.6
UNIQ PLC UNIQ EO -21397232.94 474779161.6
UNIQ PLC UNIQ PZ -21397232.94 474779161.6
UNIQ PLC UNIQ PO -21397232.94 474779161.6
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
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VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
WARNER ESTATE WNER PO -6076459.885 426871306.9
WARNER ESTATE WNER LN -6076459.885 426871306.9
WARNER ESTATE WNERGBP EO -6076459.885 426871306.9
WARNER ESTATE WNER EU -6076459.885 426871306.9
WARNER ESTATE WNER EO -6076459.885 426871306.9
WARNER ESTATE WNER IX -6076459.885 426871306.9
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WARNER ESTATE WRL GR -6076459.885 426871306.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN VX -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
*********
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., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2011. 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$625 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 Christopher Beard at 240/629-3300.
* * * End of Transmission * * *