/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/110919.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, September 19, 2011, Vol. 12, No. 185 Headlines B U L G A R I A HOLDING ROADS: United Bulgarian Bank Freezes Accounts F R A N C E SPOTLESS HOLDING: Moody's Withdraws 'B2' Corporate Family Rating G E R M A N Y FRESENIUS MEDICAL: Moody's Assigns 'Ba2' Rating to US$960MM Notes ORION ENGINEERED: S&P Assigns 'B' Long-Term Corp. Credit Rating H U N G A R Y MAL ZRT: Hungarian Gov't Seeks to Avert Bankruptcy I R E L A N D IRISH NATIONWIDE: Moody's Withdraws 'E' BFSR After Asset Transfer MERCATOR CLO: S&P Lifts Rating on Class B-2 Def Notes to 'B-' I T A L Y WIND ACQUISITION: Moody's Affirms 'Ba3' Corporate Family Rating S L O V A K R E P U B L I C * SLOVAK REPUBLIC: Bankruptcy Law Changes May Spur More Failures S W E D E N SAAB AUTOMOBILE: Takata Files Petition to Put Firm in Bankruptcy T U R K E Y SEKERBANK SME: Moody's Assigns Ratings to Covered Bonds U K R A I N E RODOVID BANK: Central Bank Mulls Bad Bank Conversion U N I T E D K I N G D O M BAKKAVOR FINANCE: Moody's Affirms 'B2' Corporate Family Rating NEW MCCOWAN: Goes Into Administration, 103 Jobs at Risk PLYMOUTH ARGYLE: Must be Saved by End of Sept. or Fold PROVEN ENERGY: Goes Into Administration, Cuts 55 Jobs WEDGWOOD MUSEUM: High Court to Decide if Collection is Protected WHITTLEBURY HALL: Goes Into Administraion, Seeks Buyer X X X X X X X X * BOND PRICING: For the Week September 12 to September 16, 2011 ********* =============== B U L G A R I A =============== HOLDING ROADS: United Bulgarian Bank Freezes Accounts ----------------------------------------------------- Novinite.com reports that United Bulgarian Bank, a unit of the National Bank of Greece SA, has frozen the bank accounts of Holding Roads. "Accounts, receivables and bank tapes of Holding Roads at First Investment Bank and Bulbank, worth BGN7.5 million have been distrained for the benefit of United Bulgarian Bank," Novinite.com quotes a statement of the company, circulated to the media, as saying. "We are at a loss as to why the United Bulgarian Bank took these steps." A loan borrowed from the United Bulgarian Bank was due, but not paid, according to the bank, a claim that the company vehemently denies, Novinite.com states. The company argues that on Feb. 24, it signed an agreement with the bank, in which the obligation to repay the loan was deferred and new terms of payment were negotiated, Novinite.com relates. Holding Roads has not received official notification that the agreement has been terminated, Novinite.com notes. Earlier this year, an Elana trading analysts' review of indebted companies according to the main indices of the stock market SOFIX and BG40 showed that Evrohold Bulgaria, Petrol, Holding Roads and Kaolin are the companies with higher levels of debt as compared to the resources available, Novinite.com recounts. Holding Roads is a Bulgarian construction company believed to be controlled by billionaire Vassil Bozhkov. =========== F R A N C E =========== SPOTLESS HOLDING: Moody's Withdraws 'B2' Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service has withdrawn the B2 Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of Spotless Holding SAS. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. Spotless, based in Neuilly-sur-Seine, is a consumer goods company operating in niche categories within the Laundry, Insect Control and Household Care markets. The company mainly operates in France and Italy. In the financial year ending December 31, 2010, Spotless generated EUR240 million and EUR65 million in revenues and EBITDA, respectively, based on International Financial Reporting Standards (IFRS). ============= G E R M A N Y ============= FRESENIUS MEDICAL: Moody's Assigns 'Ba2' Rating to US$960MM Notes ----------------------------------------------------------------- Moody's Investors Service has assigned a definite Ba2 rating to the following bond issuances of finance companies wholly owned by Fresenius Medical Care AG & Co. KGaA: in total around US$960 million worth of senior unsecured notes by Fresenius Medical Care US Finance II, Inc. and FMC Finance VIII S.A. The FME's Ba1 Corporate Family Rating (CFR) remains unchanged. The ratings outlook is stable. Ratings Rationale Moody's definitive rating assignments on the debt obligations are in line with the provisional ratings assigned as outlined in Moody's previous press release, which provides further details on the rating rationale. The final terms of the notes are in line with the drafts reviewed for the provisional rating assignment. FME's Ba1 Corporate Family Rating (CFR) reflects its strong market position and recurring nature of its revenues. The rating remains constrained by relatively high adjusted financial leverage attributable to strong appetite for acquisitions and by exposure to tightening healthcare budgets and regulation changes. Assignments: Issuer: FMC Finance VIII S.A. -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2, LGD5, 76% Issuer: Fresenius Medical Care US Finance II, Inc -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2, LGD5, 76% The stable outlook reflects Moody's expectation of limited negative impact from reimbursement changes in US, restrain in material acquisition activity over next 12-18 months and continued improvements in company's liquidity profile. In Moody's view, downward rating pressure would likely be the result of: (i) unfavorable reimbursement changes in core markets or changes in payer mix, affecting the group's profit generation; (ii) an increase in financial leverage, evidenced by a debt/EBITDA ratio sustainably above 3.5x and a CFO/debt ratio below 15%; (iii) failure to ensure adequate funding to cover short term debt maturities as well as pending acquisitions or (iv) material litigation. Given the strategy of FME to grow the business externally an upgrade of the rating is currently unlikely. A rating upgrade would require a change in the financial policy of FME towards lower external growth and a change in the management of short term liquidity. In addition, it would require enhanced regional diversification, which appears somewhat challenging in the medium term, profitability at current levels (EBIT-margin in the high teens) and the generation of positive free cash flow applied to debt reduction contributing to gradual improvements in leverage towards 3.0 times debt/EBITDA and CFO/ debt approaching 20%. FMC is the world's leading provider of dialysis products and dialysis services, with 2010 revenues of USD12 billion. The company is a vertically integrated player with operations as a dialysis service provider, a dialysis product manufacturer for its own dialysis clinics and a supplier of dialysis products to external dialysis service providers. FMC is controlled by Fresenius SE & Co. KGaA (rated Ba1, stable), which owns slightly more than 30% of the company but controls 100% of the general partner of FMC, given FMC's legal status as a Kommanditgesellschaft auf Aktien (KGaA; partnership limited by shares). FMC 's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside FMC's core industry and believes FMC's ratings are comparable to those of other issuers with similar credit risk. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. ORION ENGINEERED: S&P Assigns 'B' Long-Term Corp. Credit Rating --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its final 'B' long- term corporate credit rating to Germany-based chemical company Orion Engineered Carbons Bondco GmbH, formerly known as Kinove German Bondco GmbH. Orion is an intermediate holding company that acquired the carbon black activities of Evonik Industries (BBB/Stable/A-2). "At the same time, we assigned a final 'B' issue and '4' recovery rating to the EUR355 million and US$350 million senior secured notes the company issued in June 2011, proceeds of which were released from escrow on July 29, 2011, when approval from competition authorities was obtained and the company established. We also assigned a final 'BB-' issue and '1' recovery rating to the supersenior US$250 million revolving credit facility. The outlook is stable," S&P stated. "The final ratings on Orion are at the same level as the preliminary ratings we assigned on June 6, 2011, as the final debt structure is in line with our expectations. We view Orion's financial risk profile as 'highly leveraged' and its business risk profile as 'weak.' This mirrors significant debt leverage and highly cyclical profits, as well as the company's limited operating and financial record as a stand-alone entity," S&P related. Orion is an intermediate holding company, which itself is owned by Orion Engineered Carbons Holdings GmbH (formerly known as (Kinove German Holdings GmbH (not rated)), a holding company funded through shareholder loans from the ultimate controlling private equity owners, Rh“ne Capital and Triton. "The stable outlook reflects our view that there is headroom for key financial metrics under our credit scenario, which assumes normalized EBITDA of EUR120 million-EUR130 million and a related adjusted FFO-to-debt ratio of around 12%. This is well below peak performance over the last 12 months, but factors in the sector's cyclicality and the worsening macroeconomic conditions," S&P related. "We could lower the ratings if profits fall severely below our baseline assumptions mentioned above, without near-term prospects of recovery and depending on management actions. Should EBITDA fall to approximately EUR95 million, this could also result in covenant pressure under the RCF, in our view," S&P said. "An upgrade is possible in future years, upon establishment of a successful track record, progress on deleveraging, and sufficiently supportive macroeconomic conditions. At the 'B+' rating level, we would likely expect an adjusted FFO-to-debt ratio of closer to 15% under our base case scenario," S&P added. ============= H U N G A R Y ============= MAL ZRT: Hungarian Gov't Seeks to Avert Bankruptcy -------------------------------------------------- Nick Thorpe at BBC News reports that the Hungarian government says it is working to prevent the bankruptcy of MAL Zrt, which was recently fined more than US$650 million (GBP412 million) for damages caused by a red sludge disaster last October. According to BBC, the company has announced it will appeal against the fine. Ten people died and two villages and a town were heavily polluted when toxic waste material leaked from a reservoir, BBC discloses. The government has made it clear that it blames the firm for the disaster which polluted a wide swathe of countryside, BBC notes. The regional environmental and water management authority issued a massive fine on Wednesday, BBC relates. Around 30 individuals affected by the red sludge are suing the company, and there is an ongoing criminal inquiry led by the National Bureau of Investigation, which has named four suspects from the company management, BBC says. For the first time, the government has publicly stated that what it called intense negotiations are under way with the company, and that it will do everything necessary to keep the company both solvent and operational, BBC states. One way to do that might be its partial nationalization, according to BBC. MAL Zrt is a Hungarian alumina producer. ============= I R E L A N D ============= IRISH NATIONWIDE: Moody's Withdraws 'E' BFSR After Asset Transfer ----------------------------------------------------------------- Moody's Investors Service has withdrawn the bank deposit ratings (Caa1/Not-Prime), the senior unsecured ((P)Caa2) and dated subordinated ((P)C) program ratings and the E bank financial strength rating of Irish Nationwide Building Society (INBS). This follows the transfer of assets and liabilities to Anglo Irish Bank (Anglo, rated Caa1 negative; E/Caa1 negative) on July 1, 2011. The outstanding senior debt of INBS, totalling EU602 million, has been assumed by Anglo and remains rated Caa2 with a negative outlook. Ratings Rationale The merger of INBS and Anglo was a criteria of the EU/IMF support package provided to Ireland in late 2010, and took place in early July 2011 following the approval of a joint-restructuring plan by the European Commission in June 2011. The merger took place through a Transfer Order issued on July 1, 2011 by the Irish High Court under the Credit Institutions (Stabilisation) Act 2010. As a result the vast majority of the assets and liabilities of INBS, including the outstanding senior unsecured debt and remaining bank deposits, have been transferred to Anglo and INBS has ceased to operate as a licensed building society. The last rating action was on June 24 2011, when the unguaranteed senior unsecured debt was downgraded to Caa2/N-P from Caa1/N-P. The following ratings were withdrawn: Irish Nationwide Building Society: Bank Financial Strength Rating: E Long-term Bank Deposit Rating: Caa1 Short-term Bank Deposit Rating: Not-Prime Senior Unsecured MTN: (P)Caa2 Other Short-term: (P)Not-Prime Subordinate MTN: (P)C Formerly headquartered in Dublin, Ireland, INBS reported consolidated assets of EUR12.1 billion at year-end 2010. MERCATOR CLO: S&P Lifts Rating on Class B-2 Def Notes to 'B-' ------------------------------------------------------------- Standard & Poor's Ratings Services raised its credit ratings on Mercator CLO I PLC's class A-2, A-3 deferrable, B-1 deferrable, and B-2 deferrable notes. "At the same time, we affirmed our rating on the class A-1 notes," S&P related. "The rating actions follow our assessment of the transaction's performance and the application of all relevant criteria for corporate CDOs (see 'Related Criteria And Research')," S&P stated. "In our opinion, the portfolio's credit quality has improved and assets are earning higher spreads than what we observed when we last took rating action on the transaction (see 'Transaction Update: Mercator CLO I PLC,' published Dec. 17, 2009). We have also observed an increase in credit enhancement," S&P related. "These factors, in our view, support the higher ratings assigned to the class A-2, A-3 deferrable, B-1 deferrable, and B-2 deferrable notes," S&P said. "Our affirmation of the rating on the class A-1 notes reflects our view that the tranche's credit support continues to be commensurate with our current rating," S&P said. "None of the ratings on the notes was constrained by the application of the largest obligor default test, a supplemental stress test that we introduced as part of our criteria update (see 'Update To Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs,' published Sept. 17, 2009) or by the largest industry default test, another of our supplemental stress tests," S&P related. "We have applied our 2010 counterparty criteria and, in our view, the participants to the transaction are appropriately rated to support the ratings on the notes (see 'Counterparty and Supporting Obligations Methodology and Assumptions,' published Dec. 6, 2010)," S&P said. Mercator CLO I is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms. Ratings List Class Rating To From Mercator CLO I PLC EUR413 Million Secured Floating-Rate Notes Ratings Raised A-2 A+ (sf) A- (sf) A-3 def BBB+ (sf) BB+ (sf) B-1 def BB+ (sf) B+ (sf) B-2 def B- (sf) CCC- (sf) Rating Affirmed A-1 AA (sf) Def--Defarrable. ========= I T A L Y ========= WIND ACQUISITION: Moody's Affirms 'Ba3' Corporate Family Rating --------------------------------------------------------------- Moody's has changed the outlook on Wind Telecomunicazioni S.p.A's ratings to negative from stable. The Ba3 corporate family rating and other ratings are affirmed. Ratings Rationale The change in outlook reflects Moody's view that: (i) the operating environment is proving more challenging for Wind to continue to grow revenue and EBITDA going forward; and (ii) the on-going 4G spectrum auction could lead to meaningful upfront cash outflow, hence reducing the group's financial flexibility within the Ba3 rating category, in the absence of any material financial support from the parent VimpelCom (Ba3, stable outlook). Although Wind has so far performed well in growing its subscriber base both in the mobile and fixed-line segments, this has not prevented a gradual slow-down in the rate of revenue growth resulting from voice-ARPU declines in both segments and lower termination rates. Moody's believes that tough competitive pressures as well as a difficult macro-economic environment in Italy could potentially contribute to ongoing slow revenue growth and a degree of pressure on margins for the group going forward. At the same time, Moody's notes that a 4G spectrum auction process is currently under way in Italy. Whilst there is limited clarity at this stage as to the timing and outcome of the bidding process, Moody's understands that additional spectrum would allow for higher mobile data-speeds and accommodate for future network capacity demands. Moody's therefore views as a key long-term objective for any significant infrastructure-based mobile player to own necessary spectrum, and conversely the lack of it as a potential longer-term competitive risk. Moody's believes that the purchase of spectrum could put pressure on Wind's financial flexibility and leverage within the Ba3 rating category in the absence of shareholder financial support, as a large portion of the license cost may have to be paid up- front. The provision of meaningful financial support from VimpelCom in the context of spectrum purchases, along with signs of resilient operating performance over the medium-term, could lead to a stabilization of the rating outlook. However, significantly debt funded spectrum investments coupled with a deterioration in operating performance such that leverage does not remain well below 5.0x adjusted debt to EBITDA with positive free cash flow, could lead to a ratings downgrade. Moody's last rating action on Wind was implemented on 5 April 2011, when the rating agency changed the outlook on Wind's rating to stable from developing following the acquisition of Wind by VimpelCom Ltd. The principal methodology used in rating Wind was Moody's "Global Telecommunications Industry Rating Methodology", published in December 2007. Based in Italy, Wind Telecomunicazioni S.p.A is the country's leading alternative integrated telecoms operator, active in the wireless market, the fixed-line voice, broadband and data services markets and the internet services market, including narrowband services. The company's mobile business is the third- largest in Italy based on the number of subscribers. Wind is Italy's second-largest fixed-line operator and the country's second-largest broadband provider, ranking behind Telecom Italia. ============================= S L O V A K R E P U B L I C ============================= * SLOVAK REPUBLIC: Bankruptcy Law Changes May Spur More Failures ---------------------------------------------------------------- The Slovak Spectator, citing Sme daily, reports that a major amendment to the law on bankruptcy elaborated by Slovakia Justice Minister Lucia Zitnanska and approved by MPs will become effective as of next year and might increase the number of bankruptcies. Under the amended law, creditors will be able to propose the bankruptcy of their debtors much earlier than they are able to now, The Slovak Spectator discloses. The amendment also aims to address speculative bankruptcies in which the creditor is someone close to the debtor, The Slovak Spectator states. When dividing the money from forced sales, the legal representatives or owners will be the last to have their claims settled, The Slovak Spectator notes. According to The Slovak Spectator, Sme reported that the amendment stops speculative bankruptcies, introduces new penalties, makes bankruptcy easier for creditors, makes forms for filing claims simpler, allows creditors to file their claims at any time, and makes the bankruptcy rules more transparent. =========== S W E D E N =========== SAAB AUTOMOBILE: Takata Files Petition to Put Firm in Bankruptcy ---------------------------------------------------------------- Ola Kinnander at Bloomberg News reports that Takata Corp., a Japanese seat-belt and air-bag maker, asked a Swedish court to put Saab Automobile into bankruptcy. According to Bloomberg, the Tokyo-based component manufacturer said in documents posted online on Friday by the Vaenersborg District Court in southwestern Sweden that Saab owes the supplier's Takata-Petri division EUR1.92 million (US$2.65 million). "The reason for the petition is that Saab Automobile is insolvent," Bloomberg quotes Takata as saying in the filing dated Sept. 15. As reported by the Troubled Company Reporter-Europe on Sept. 16, 2011, Reuters related that that a Swedish court said it would decide in the next few days whether to allow Saab to appeal a ruling denying it protection from creditors, with Saab almost certain to slide into bankruptcy if its case is rejected. "The case will be dealt with as a priority and a decision in the question of the right to appeal will probably be announced in a few days," the Court of Appeal for western Sweden was quoted by Reuters as saying in a statement. Saab wants creditor protection to give it time until a promised investment of EUR245 million from car firms Pangda Automobile Trade Co. Ltd. and Zhejiang Youngman Lotus Automobile gets the nod from Chinese authorities, Reuters noted. Saab Automobile AB is a Swedish car manufacturer owned by Dutch automobile manufacturer Swedish Automobile NV, formerly Spyker Cars NV. =========== T U R K E Y =========== SEKERBANK SME: Moody's Assigns Ratings to Covered Bonds ------------------------------------------------------- Moody's Investors Service has assigned a definitive A3 long-term rating to the covered bonds issued by Sekerbank T.A.S. (the issuer), under its TL800 million covered bond program. Issuer: Sekerbank SME - Covered Bonds -- TL 121.5M A1 2011-1, Definitive Rating Assigned A3 -- TL 61.25M A1 2011-2, Definitive Rating Assigned A3 -- TL 44.75M A1 2011-3, Definitive Rating Assigned A3 This is the first Moody's-rated covered bond issuance out of Turkey and the first covered bond transaction to be backed exclusively by loans to small- and medium-sized enterprises (SMEs). Ratings Rationale As with all covered bonds, Sekerbank's covered bonds benefit from (i) a promise from the issuer to pay interest and principal on the covered bonds; and (ii) if the issuer defaults -- or certain triggers are hit -- the economic benefit from the cover pool. This would involve the issuer paying the covered bondholders using the proceeds obtained from the cash flows generated by the assets, or through the direct liquidation of the cover pool. Turkish law provides two separate regulations, one for mortgage- backed covered bonds and the other for asset-backed covered bonds. For this program, the Turkish asset-covered bonds legislation (the Turkish ACB Legislation) governs the covered bonds, whilst English and Turkish law govern the transaction documents. The program incorporates structural features that address several risks within the overall structure, providing a combination of typical covered bond and structured finance protection for investors. The covered bond ratings take into account four principal factors: (1) Sekerbank's credit strength (long-term global local-currency rating of Ba1, stable); (2) The Turkish ACB Legislation, which provides protection for bondholders, such as: (i) The ring-fencing of the cover pool assets and a stipulation that these assets must not form part of the issuer's bankruptcy estate. (ii) The segregation of transaction accounts and cash flows from the underlying cover pool. (iii) Any issuance of covered bonds must be authorized by the Capital Market Board (CMB), following the CMB's approval and registration of the issuer. (iv) An independent party, the security supervisor, monitors the cover pool on an ongoing basis. The supervisor reports directly to the CMB. (3) The credit quality of the cover pool, which is reflected in the collateral score of 28% (the cover pool comprises a granular portfolio of Turkish SME loans, with short-term maturities not exceeding 36 months); and (4) The transaction structural features that aim to mitigate various risks -- the features are: (i) Early amortization triggers, together with an extension maturity for the covered bonds, which aims to mitigate refinancing risk. (ii) A liquidity account that covers nine months' interest and the appointment of a replacement servicer, which aims to mitigate any disruption risk following an issuer default. (iii) A committed over-collateralization level of 25%, which aims to mitigate credit risk. Moody's has assigned a timely payment indicator (TPI) of "Probable-High" to this transaction. This TPI level is relatively high for covered bonds issued out of a country rated non- investment grade (Turkey, rated Ba2, outlook positive). However, based on both the strength of the Turkish ACB Legislation and the structural mechanisms implemented, Moody's believes that refinancing and operational risks are sufficiently mitigated. Moody's assessment has permitted a A3 rating on the covered bonds, one notch below the local-currency ceiling of A2. As is the case with other covered bonds, Moody's considers the transaction to be linked to Sekerbank's credit strength, particularly from a timeliness of payment perspective. If this credit strength deteriorates -- all other variables being equal - - the covered bond ratings may come under pressure. 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. The A3 rating assigned to the covered bonds is expected to be assigned to all subsequent covered bonds issued under this programme and any future rating actions are expected to affect all such covered bonds. If there are any exceptions to this, Moody's will in each case publish details in a separate press release. Key Rating Assumptions/Factors Covered bond ratings are determined after applying a two-step process: expected loss analysis and TPI framework analysis. EXPECTED LOSS: Moody's determines a rating based on the expected loss of the bond. The primary model used is Moody's Covered Bond Model (COBOL), which determines the expected loss as a function of Sekerbank's probability of default -- measured by its rating in local currency of Ba1 -- and the stressed losses on the cover pool assets, following issuer default. The cover pool losses for this program are 36.1%. This is an estimate of the losses Moody's currently models in the event of issuer default. Cover pool losses can be split between Market Risk of 8.1% and Collateral Risk of 28.0%. Market Risk measures losses as a result of refinancing risk and risks related to interest-rate and currency mismatches (these losses may also include certain legal risks). Collateral Risk measures losses resulting directly from the credit quality of the assets in the cover pool. Collateral Risk is derived from the Collateral Score, which for this program is currently 28.0%. 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 issuer rating of Ba1 in local currency and the TPI of "Probable- High" the TPI Leeway for this program is two notches, meaning a downgrade of the issuer rating below Ba3 would very likely result in a downgrade of the covered bonds, all other things being equal. A multiple-notch downgrade of the covered bonds might occur, for example, in case of (i) a sovereign downgrade negatively affecting both the issuer's unsecured debt rating and the TPI; (ii) a multiple-notch downgrade of the issuer; or (iii) a material reduction of the value of the cover pool. For further details on Cover Pool Losses, Collateral Risk, Market Risk, Collateral Score and 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 most recent cover pool information provided by the issuer and are subject to change over time. The principal methodology used in this rating was Moody's Approach to Rating Covered Bonds, published in March 2010. ============= U K R A I N E ============= RODOVID BANK: Central Bank Mulls Bad Bank Conversion ---------------------------------------------------- Kateryna Choursina at Bloomberg News reports that Ukraine's central bank proposed that state lender PAT Rodovid Bank become a bank for bad assets. According to Bloomberg, the Kiev-based central bank said in a statement on its Web site on Friday that Rodovid will accumulate bad assets of other state lenders if the government approves the plan. Bloomberg relates that the statement said temporary state management over Rodovid was removed on Thursday. The government nationalized troubled lenders PAT Rodovid, VAT Ukrgazbank and AK Bank Kiev in 2009 after the banks ran into liquidity problems, Bloomberg recounts. The bank rescue was a part of an International Monetary Fund loan agreement, Bloomberg notes. Rodovid Bank is based in Kiev. The net assets of the bank were estimated at UAH16,952.2 million as of Jan. 1, 2010, the credits and debts of clients were valued at UAH5,355.5 million, and the equity of shareholders was estimated at UAH4,336.4 million, according to Ukrainian News Agency. =========================== U N I T E D K I N G D O M =========================== BAKKAVOR FINANCE: Moody's Affirms 'B2' Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has changed to negative from stable the outlook of Bakkavor Finance (2) plc's ratings. The B2 corporate family rating, probability of default rating and senior secured bond ratings have been affirmed. Ratings Rationale "The change in the outlook to negative reflects Moody's expectation that the company's credit metrics, specifically margins, free cash flow, and leverage, may continue to weaken over the near term due to ongoing challenges in the trading environment," says Anthony Hill, a Moody's Vice President and Senior Analyst. The negative outlook reflects Moody's expectation that the company may show deteriorating operating performance and credit metrics as a result of the depressed consumer environment and the pressures that input price increases put on the business. The rating agency also has concerns that the company will continue to experience a limited ability to pass on input price increases to its retailer customers. Additionally, Moody's expects that the company's covenant headroom under its debt facilities will be tight over the next few quarters following the recent trend in earnings as well as the gradual step-up in covenant levels in 2012. In the first half of 2011, Bakkavor's adjusted EBITDA margin continued to come under pressure declining to 6.5% for the six months ended July 2, 2011 versus 7.8% at year-end 2010, and the 8.9% at year-end 2009. Additionally, Bakkavor's free cash flow performance continues to be weak due to input price inflation. The company's free cash flow was negative at half year-end 2011, and the company's cash balance had fallen from GBP41 million at year-end 2010 to only GBP25 million at half year-end 2011. This erosion of the company's cash balance highlights the company's dependence on its revolving bank facility during a harsh trading environment. While the facility is currently largely undrawn, Moody's is concerned that the company's liquidity profile may come under pressure given its dependence on the facility. "Additionally, Bakkavor's adjusted leverage of 5.6x at year end 2010 stretches the range for the B2 rating. Given the continued operational challenges facing the company, Moody's is concerned that this high leverage may persist over the near term," says Hill. The rating outlook could return to stable if Bakkavor demonstrates a track record of solid operating performance, conservative financial planning and liquidity management; with improvements in leverage, margins and free cash flow generation. However, the rating would likely be downgraded if current negative pressure is sustained on the company's credit metrics, or if covenant headroom pressure fails to ease. The principal methodology used in rating Bakkavor was the Global Packaged Goods Industry Methodology published in July 2009. Other methodologies used include Loss Given Default for Speculative- Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Headquartered in London, Bakkavor is a leading Fresh Prepared Foods producer in the UK. The company has approximately 18,000 employees producing 18 product categories in 57 facilities based around the world but predominantly in the UK. Approximately 84% of revenue is derived from the UK, 12% in Europe and the rest in the US and Asia. For the half-year end July 2, 2011, Bakkavor reported revenues of GBP864 million and a Moody's adjusted EBITDA of GBP55.90 million. Bakkavor is approximately 34% owned by the founders, Lydur and Agust Gudmundsson and other shareholders with more than 2% of the voting rights are Icelandic pension funds and banks. NEW MCCOWAN: Goes Into Administration, 103 Jobs at Risk ------------------------------------------------------- The Falkirk Herald reports that New McCowans Ltd. said that administrators Grant Thornton had taken over the running of the Stenhousemuir business. "I have deep concerns for this well known local brand. I hope a buyer can be found and the 103 jobs saved," The Falkirk Herald quoted Falkirk Member of Parliament Eric Joyce as saying. Trevor O'Sullivan and Rob Caven from Grant Thornton Chartered Accountants have been appointed joint administrators of the firm. A spokesperson for the administrators said that "Some expressions of interest in the business have been received and we will be exploring these in the coming days," according to The Falkirk Herald. New McCowans Ltd. is a sugar-based confectionery company that manufactures a diverse range of products that appeal to a wide range of consumers and age groups and delivers those products under the McCowan, Millar and Millar McCowan brands. PLYMOUTH ARGYLE: Must be Saved by End of Sept. or Fold ------------------------------------------------------ Plymouth Argyle Football Club Chairman Peter Ridsdale told Insider Media Limited in an interview that the club must be saved by the end of September or it will fold. "I sincerely hope that either James Brent or Bishop International hurries up and completes, otherwise by the end of the month the club will go out of business," Insider Media Limited quoted Mr. Risdale as saying. Plymouth Argyle has been seeking a buyer since they plunged into administration, according to Insider Media Limited. As reported in the Troubled Company Reporter-Europe on March 8, 2011, the High Court has placed Plymouth Argyle Football Club has been placed into administration. Brendan Guilfoyle, Christopher White and John Russell of The P&A Partnership have been appointed as administrators. The TCR-Europe, citing The Guardian, reported on March 3, 2011, that Plymouth Argyle directors have been warned that the club needs an injection of around GBP3 million if it is not to be placed into administration. Peter Ridsdale, who is acting as an independent adviser to Argyle's board, has told the directors that the club does not have the money to meet its liabilities and that they are "in denial" about the seriousness of its problems, The Guardian related. Insider Media Limited notes that Mr. Guilfoyle had named consortium Bishop International as the preferred bidder but the deal is still yet to complete. The report relates that Mr. Guilfoyle admitted that he was speaking to other interested bidders, including Devon-based entrepreneur James Brent. Insider Media Limited discloses Mr. Ridsdale said that Plymouth Argyle had struggled to secure a buyer because creditors still need to be paid after a buyout. "Any other business other than football would have been able to sign off the debt. The single biggest challenge we face it that football creditor debts, which at the time of administration were GBP674,000, need to be paid by the new creditor. . . . We're in a situation in a situation where there are other clubs are on offer, that have a more attractive price. There are probably about 30 other clubs at the moment that buyers could go and chat to," Insider Media Limited quoted Mr. Ridsdale as saying. Plymouth Argyle Football Club, commonly known as Argyle, or by their nickname, The Pilgrims, is an English professional football club based in Central Park, Plymouth. It plays in Football League One, the third division of the English football league system. PROVEN ENERGY: Goes Into Administration, Cuts 55 Jobs ----------------------------------------------------- BBC News reports that Proven Energy has gone into administration with the loss of 55 jobs. Directors of Proven Energy called in the receivers after a fault was found in one of its turbines and the firm did not have the finance to keep trading, according to BBC News. The report notes that 20 people are being kept on to prepare the company for sale. BBC News discloses that the company recently suffered a significant setback following the identification of a defect in its P35-2 model, which although management believes is minor and can be repaired, resulted in the requirement to advise customers to temporarily cease using the product. The P7 and P11 models have not been affected. As a result of the product issue and the inability to obtain necessary additional funding, the directors had no option but to cease trading, the report says. BBC News notes that Blair Nimmo from KPMG, who have been appointed receivers, said: "Although Proven has achieved substantial turnover growth in recent years, the company has made significant losses as it focused on product development, making it difficult for the business to cope financially with the cost of the product failure." The turbine maker said it was hopeful that a sale of all, or parts of the business, could be achieved, the report adds. Proven Energy is a Scottish company that makes small-scale wind turbines. WEDGWOOD MUSEUM: High Court to Decide if Collection is Protected ---------------------------------------------------------------- Vibeka Mair at Civil Society Finance reports that the High Court will determine whether a 10,000-piece collection housed at the Wedgwood Museum is protected from administrators seeking funds for a GBP134 million pension shortfall. The Wedgwood Museum went into administration in April last year after it was served with a substantial pension debt by the company that was set up to manage the Wedgwood Group pension plan, according to Civil Society Finance. The report notes that the museum is in the unfortunate position because of its participation in a multi-employer pension scheme covering a number of employers in the Waterford Wedgwood Group. The report relates that five of the museum's staff is among the Wedgwood Group pension fund's 7,000 members. When the Waterford Wedgwood group went into administration in 2009, the museum found itself the remaining last employer in that scheme, Civil Society Finance notes. Civil Society Finance relates that the museum technically became responsible for a pension debt that is in the region of GBP134 million under pension legislation introduced in 2005. Bob Young and Steve Currie of corporate recovery specialists Begbies Traynor were appointed joint administrators of the Wedgwood Museum Trust in April 2010, and have since been fighting a protracted battle through the courts to determine the future of the Museum's 10,000 Wedgwood piece collection, Civil Society Finance says. Civil Society Finance discloses that The Charity Commission was asked to provide a view on whether the collection is held in permanent endowment or whether it is part of the charity's corporate property, which is available to creditors. The report relates that it reached the conclusion that the museum's collection was not protected. Civil Society Finance relays that the pair have taken the case to Birmingham High Court. "We are applying to the courts for direction on whether the collection must be sold for the benefit of the Pension Protection Fund or whether the assets can remain in trust as legal advice to date has been far from clear on this point," Civil Society Finance quoted Mr. Young as saying. The case is scheduled for a three-day hearing but no decision by the judge is expected to be made public until the end of October, the report adds. WHITTLEBURY HALL: Goes Into Administraion, Seeks Buyer ------------------------------------------------------ AboutMyArea reports that Whittlebury Hall's business is continuing to trade despite going into administration as a buyer is sought. The administrators will be writing to creditors, many of whom may be local businesses around Towcester, according to AboutMyArea. AboutMyArea discloses that Peter Holder, Kevin Coates, Nick Cropper, and Anne O'Keefe of corporate advisory and restructuring specialists Zolfo Cooper were appointed Joint Administrators of Whittlebury Hall Limited (the Company) on Sept. 14, 2011. Administrators were appointed following a period of cash flow difficulties, according the report. Following their appointment, the Joint Administrators will continue to trade the business while they look for a buyer for the hotel as a going concern, AboutMyArea notes. The Company employs approximately 310 staff and on appointment of the administrators, no redundancies were made, the report cites. Whittlebury Hall Limited owns and operates Whittlebury Hall Hotel, which is a 211 room hotel, spa and management training centre. It is located next to the Silverstone Circuit near Towcester, Northamptonshire. =============== X X X X X X X X =============== * BOND PRICING: For the Week September 12 to September 16, 2011 --------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- BA CREDITANSTALT 5.470 8/28/2013 EUR 62.38 BAWAG 5.430 2/26/2024 EUR 70.01 BAWAG 5.400 2/12/2023 EUR 72.67 BAWAG 5.310 2/12/2023 EUR 72.12 HAA-BANK INTL AG 5.250 10/27/2015 EUR 66.25 HAA-BANK INTL AG 5.270 4/7/2028 EUR 65.97 IMMOFINANZ 4.250 3/8/2018 EUR 3.43 OESTER VOLKSBK 4.810 7/29/2025 EUR 65.13 OESTER VOLKSBK 4.170 7/29/2015 EUR 65.88 OESTER VOLKSBK 5.270 2/8/2027 EUR 61.64 RAIFF ZENTRALBK 5.500 12/29/2023 EUR 73.52 RAIFF ZENTRALBK 4.500 9/28/2035 EUR 54.37 RAIFF ZENTRALBK 5.730 12/11/2023 EUR 75.39 RAIFF ZENTRALBK 5.470 2/28/2028 EUR 69.08 ECONOCOM GROUP 4.000 6/1/2016 EUR 19.97 BELGIUM ------- IDEAL STANDARD 11.750 5/1/2018 EUR 73.88 ONTEX IV 9.000 4/15/2019 EUR 74.08 ONTEX IV 9.000 4/15/2019 EUR 74.13 CYPRUS ------ CYPRUS GOVT BOND 4.625 2/3/2020 EUR 63.81 CYPRUS GOVT BOND 6.500 8/25/2021 EUR 70.15 CYPRUS GOVT BOND 6.000 6/9/2021 EUR 68.63 CYPRUS GOVT BOND 5.350 6/9/2020 EUR 67.91 CYPRUS GOVT BOND 6.100 4/20/2020 EUR 71.93 CYPRUS GOVT BOND 4.500 4/2/2017 EUR 66.71 CYPRUS GOVT BOND 6.100 6/24/2019 EUR 71.88 CYPRUS GOVT BOND 4.600 2/26/2019 EUR 64.83 CYPRUS GOVT BOND 4.600 10/23/2018 EUR 64.96 CYPRUS GOVT BOND 4.600 4/23/2018 EUR 65.39 CYPRUS GOVT BOND 5.100 1/29/2018 EUR 67.72 CYPRUS GOVT BOND 4.500 9/28/2017 EUR 65.75 CYPRUS GOVT BOND 5.600 4/15/2017 EUR 68.65 CYPRUS GOVT BOND 4.500 2/15/2017 EUR 66.89 CYPRUS GOVT BOND 4.500 1/4/2017 EUR 67.12 CYPRUS GOVT BOND 6.600 10/26/2016 EUR 74.41 CYPRUS GOVT BOND 4.500 10/9/2016 EUR 67.54 CYPRUS GOVT BOND 4.500 7/11/2016 EUR 68.25 CYPRUS GOVT BOND 5.000 6/9/2016 EUR 68.98 CYPRUS GOVT BOND 4.500 6/2/2016 EUR 68.31 CYPRUS GOVT BOND 4.500 3/30/2016 EUR 69.05 CYPRUS GOVT BOND 4.500 1/2/2016 EUR 69.82 CYPRUS GOVT BOND 4.750 12/2/2015 EUR 70.69 CYPRUS GOVT BOND 3.750 11/1/2015 EUR 67.52 CYPRUS GOVT BOND 4.750 9/30/2015 EUR 71.43 CYPRUS GOVT BOND 5.250 6/9/2015 EUR 73.78 MARFIN POPULAR 4.350 11/20/2014 EUR 52.13 REP OF CYPRUS 4.750 2/25/2016 EUR 68.95 REP OF CYPRUS 4.375 7/15/2014 EUR 75.13 DENMARK ------- FIN-DANISH IND 4.910 7/6/2021 EUR 75.25 KOMMUNEKREDIT 0.500 12/14/2020 ZAR 46.94 FINLAND ------- MUNI FINANCE PLC 0.500 4/26/2016 ZAR 72.48 MUNI FINANCE PLC 0.500 11/25/2020 ZAR 49.16 MUNI FINANCE PLC 1.000 6/30/2017 ZAR 66.29 MUNI FINANCE PLC 0.500 3/17/2025 CAD 61.31 MUNI FINANCE PLC 0.500 4/27/2018 ZAR 59.57 MUNI FINANCE PLC 0.500 2/9/2016 ZAR 73.48 MUNI FINANCE PLC 0.250 6/28/2040 CAD 24.47 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.70 ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.33 ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.85 ASSYSTEM 4.000 1/1/2017 EUR 20.24 ATOS ORIGIN SA 2.500 1/1/2016 EUR 49.69 CALYON 5.800 10/29/2029 USD 74.74 CALYON 6.000 6/18/2047 EUR 15.95 CAP GEMINI SOGET 1.000 1/1/2012 EUR 41.89 CAP GEMINI SOGET 3.500 1/1/2014 EUR 37.65 CGG VERITAS 1.750 1/1/2016 EUR 26.01 CLUB MEDITERRANE 5.000 6/8/2012 EUR 12.75 CLUB MEDITERRANE 6.110 11/1/2015 EUR 17.87 CMA CGM 8.500 4/15/2017 USD 47.75 CMA CGM 8.500 4/15/2017 USD 80.35 CMA CGM 8.875 4/15/2019 EUR 48.67 CMA CGM 8.875 4/15/2019 EUR 48.50 CREDIT AGRI CIB 5.400 12/9/2030 USD 68.55 CREDIT AGRI CIB 5.270 8/5/2030 USD 67.92 CREDIT AGRI CIB 4.850 9/17/2030 USD 63.50 CREDIT AGRI CIB 5.300 10/7/2030 USD 67.87 CREDIT AGRI CIB 5.300 10/12/2030 USD 65.59 CREDIT AGRI CIB 5.250 10/18/2030 USD 67.45 CREDIT AGRI CIB 5.300 10/22/2030 USD 67.98 CREDIT AGRI CIB 5.350 10/29/2030 USD 68.28 CREDIT AGRI CIB 4.910 11/3/2030 USD 65.03 CREDIT AGRI CIB 5.450 11/9/2030 USD 69.19 CREDIT AGRI CIB 5.080 11/23/2030 USD 65.58 CREDIT AGRI CIB 5.690 11/26/2030 USD 71.50 CREDIT AGRI CIB 6.000 12/23/2030 USD 71.67 CREDIT AGRI CIB 6.050 1/14/2031 USD 74.78 CREDIT AGRI CIB 5.950 1/19/2031 USD 73.81 CREDIT AGRI CIB 5.880 4/8/2031 USD 74.13 CREDIT AGRI CIB 5.850 5/27/2031 USD 72.21 CREDIT AGRI CIB 5.650 6/10/2031 USD 70.25 CREDIT AGRI CIB 5.610 6/15/2031 USD 69.82 CREDIT AGRI CIB 5.830 6/30/2031 USD 71.96 CREDIT AGRI CIB 5.850 6/30/2031 USD 72.16 CREDIT AGRICOLE 4.500 12/22/2019 EUR 74.16 CREDIT LOCAL FRA 3.750 5/26/2020 EUR 68.36 DEXIA CRED LOCAL 4.550 4/2/2020 EUR 73.59 DEXIA CRED LOCAL 4.500 2/25/2020 EUR 72.95 DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 58.94 EURAZEO 6.250 6/10/2014 EUR 55.22 EUROPCAR GROUPE 9.375 4/15/2018 EUR 67.23 EUROPCAR GROUPE 9.375 4/15/2018 EUR 67.38 FAURECIA 4.500 1/1/2015 EUR 22.76 FONCIERE REGIONS 3.340 1/1/2017 EUR 72.82 GROUPAMA SA 7.875 10/27/2039 EUR 55.06 INGENICO 2.750 1/1/2017 EUR 42.27 MAUREL ET PROM 7.125 7/31/2014 EUR 17.80 MAUREL ET PROM 7.125 7/31/2015 EUR 16.79 NEXANS SA 4.000 1/1/2016 EUR 61.01 ORPEA 3.875 1/1/2016 EUR 45.49 PAGESJAUNES FINA 8.875 6/1/2018 EUR 70.25 PAGESJAUNES FINA 8.875 6/1/2018 EUR 70.53 PEUGEOT SA 4.450 1/1/2016 EUR 26.65 PUBLICIS GROUPE 1.000 1/18/2018 EUR 47.90 PUBLICIS GROUPE 3.125 7/30/2014 EUR 34.95 RHODIA SA 0.500 1/1/2014 EUR 51.98 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.38 SOCIETE GENERALE 5.920 3/17/2031 USD 69.76 SOCIETE GENERALE 5.860 4/26/2031 USD 69.45 SOCIETE GENERALE 5.900 3/10/2031 USD 69.60 SOCIETE GENERALE 5.860 3/11/2031 USD 69.17 SOCIETE GENERALE 5.940 3/14/2031 USD 69.97 SOCIETE GENERALE 6.010 3/15/2031 USD 70.63 SOCIETE GENERALE 5.910 3/16/2031 USD 69.67 SOITEC 6.250 9/9/2014 EUR 8.22 TEM 4.250 1/1/2015 EUR 53.29 THEOLIA 2.700 1/1/2041 EUR 10.65 GERMANY ------- BAYERISCHE HYPO 5.000 12/21/2029 EUR 72.86 BAYERISCHE LNDBK 4.500 2/7/2019 EUR 75.74 BHW BAUSPARKASSE 5.640 1/30/2024 EUR 69.85 BHW BAUSPARKASSE 5.450 2/20/2023 EUR 70.82 BHW BAUSPARKASSE 5.600 4/14/2023 EUR 71.71 COMMERZBANK AG 4.000 11/30/2017 EUR 38.51 COMMERZBANK AG 5.000 3/30/2018 EUR 38.67 COMMERZBANK AG 5.000 4/20/2018 EUR 38.68 COMMERZBANK AG 6.300 3/15/2022 EUR 69.68 COMMERZBANK AG 6.460 6/24/2022 EUR 70.28 COMMERZBANK AG 6.360 3/15/2022 EUR 69.83 DEUTSCHE BANK AG 5.010 3/11/2031 USD 74.88 DEUTSCHE BK LOND 4.750 12/16/2030 USD 74.45 DEUTSCHE HYP HAN 5.300 11/20/2023 EUR 71.56 DRESDNER BANK AG 6.000 2/25/2020 EUR 72.94 DRESDNER BANK AG 6.550 4/14/2020 EUR 75.43 DRESDNER BANK AG 5.290 5/31/2021 EUR 65.54 DRESDNER BANK AG 6.210 6/20/2022 EUR 68.95 DRESDNER BANK AG 6.180 2/28/2023 EUR 66.23 DRESDNER BANK AG 5.700 7/31/2023 EUR 63.80 DRESDNER BANK AG 7.350 6/13/2028 EUR 68.85 DRESDNER BANK AG 7.160 8/14/2024 EUR 70.42 EUROHYPO AG 5.560 8/18/2023 EUR 58.00 EUROHYPO AG 3.830 9/21/2020 EUR 54.75 EUROHYPO AG 6.490 7/17/2017 EUR 5.00 EUROHYPO AG 5.110 8/6/2018 EUR 69.25 GOTHAER ALLG VER 5.527 9/29/2026 EUR 68.92 HECKLER & KOCH 9.500 5/15/2018 EUR 68.13 HECKLER & KOCH 9.500 5/15/2018 EUR 68.51 HEIDELBERG DRUCK 9.250 4/15/2018 EUR 62.70 HEIDELBERG DRUCK 9.250 4/15/2018 EUR 62.88 HSH NORDBANK AG 4.375 2/14/2017 EUR 50.17 IKB DEUT INDUSTR 6.550 3/31/2012 EUR 18.39 L-BANK FOERDERBK 0.500 5/10/2027 CAD 54.36 LB BADEN-WUERTT 5.250 10/20/2015 EUR 28.30 LB BADEN-WUERTT 2.800 2/23/2037 JPY 67.17 Q-CELLS 6.750 10/21/2015 EUR 1.56 QIMONDA FINANCE 6.750 3/22/2013 USD 1.50 RHEINISCHE HYPBK 6.600 5/29/2022 EUR 66.50 SOLON AG SOLAR 1.375 12/6/2012 EUR 19.93 TAG IMMO AG 6.500 12/10/2015 EUR 7.43 TUI AG 5.500 11/17/2014 EUR 55.28 TUI AG 2.750 3/24/2016 EUR 36.34 GREECE ------ ATHENS URBAN TRN 5.008 7/18/2017 EUR 38.74 ATHENS URBAN TRN 4.851 9/19/2016 EUR 38.80 ATHENS URBAN TRN 4.301 8/12/2014 EUR 40.77 ATHENS URBAN TRN 4.057 3/26/2013 EUR 50.79 HELLENIC RAILWAY 4.500 12/6/2016 JPY 39.98 HELLENIC REP I/L 2.900 7/25/2025 EUR 27.37 HELLENIC REP I/L 2.300 7/25/2030 EUR 36.65 HELLENIC REPUB 2.125 7/5/2013 CHF 54.63 HELLENIC REPUB 4.625 6/25/2013 USD 76.50 HELLENIC REPUB 4.590 4/8/2016 EUR 37.75 HELLENIC REPUB 5.000 3/11/2019 EUR 38.38 HELLENIC REPUB 6.140 4/14/2028 EUR 35.63 HELLENIC REPUB 5.200 7/17/2034 EUR 35.25 HELLENIC REPUBLI 6.500 1/11/2014 EUR 47.85 HELLENIC REPUBLI 4.600 7/20/2018 EUR 40.42 HELLENIC REPUBLI 6.000 7/19/2019 EUR 40.42 HELLENIC REPUBLI 4.427 7/31/2013 EUR 43.65 HELLENIC REPUBLI 3.900 7/3/2013 EUR 40.63 HELLENIC REPUBLI 7.500 5/20/2013 EUR 52.87 HELLENIC REPUBLI 4.600 5/20/2013 EUR 49.08 HELLENIC REPUBLI 4.700 3/20/2024 EUR 33.31 HELLENIC REPUBLI 5.900 10/22/2022 EUR 34.94 HELLENIC REPUBLI 6.250 6/19/2020 EUR 42.52 HELLENIC REPUBLI 6.500 10/22/2019 EUR 41.08 HELLENIC REPUBLI 4.506 3/31/2013 EUR 47.12 HELLENIC REPUBLI 4.100 8/20/2012 EUR 51.53 HELLENIC REPUBLI 1.000 6/30/2012 EUR 69.63 HELLENIC REPUBLI 5.250 6/20/2012 EUR 72.50 HELLENIC REPUBLI 5.250 5/18/2012 EUR 53.88 HELLENIC REPUBLI 4.300 3/20/2012 EUR 55.06 HELLENIC REPUBLI 4.590 4/3/2018 EUR 45.30 HELLENIC REPUBLI 4.675 10/9/2017 EUR 45.08 HELLENIC REPUBLI 4.300 7/20/2017 EUR 40.41 HELLENIC REPUBLI 5.900 4/20/2017 EUR 41.06 HELLENIC REPUBLI 4.225 3/1/2017 EUR 43.70 HELLENIC REPUBLI 4.020 9/13/2016 EUR 43.18 HELLENIC REPUBLI 3.600 7/20/2016 EUR 41.44 HELLENIC REPUBLI 3.700 11/10/2015 EUR 38.75 HELLENIC REPUBLI 3.702 9/30/2015 EUR 42.24 HELLENIC REPUBLI 6.100 8/20/2015 EUR 41.76 HELLENIC REPUBLI 3.700 7/20/2015 EUR 41.33 HELLENIC REPUBLI 4.113 9/30/2014 EUR 42.09 HELLENIC REPUBLI 5.500 8/20/2014 EUR 42.81 HELLENIC REPUBLI 4.500 5/20/2014 EUR 44.71 HELLENIC REPUBLI 4.500 9/20/2037 EUR 32.65 HELLENIC REPUBLI 4.600 9/20/2040 EUR 32.01 HELLENIC REPUBLI 4.520 9/30/2013 EUR 46.75 HELLENIC REPUBLI 4.000 8/20/2013 EUR 47.24 HELLENIC REPUBLI 3.985 7/25/2014 EUR 41.46 HELLENIC REPUBLI 5.300 3/20/2026 EUR 33.75 HELLENIC REPUBLI 4.500 7/1/2014 EUR 42.63 NATL BK GREECE 3.875 10/7/2016 EUR 58.15 GUERNSEY -------- CREDIT AGRICOLE 5.600 2/25/2030 USD 72.09 IRELAND ------- AIB MORTGAGE BNK 5.580 4/28/2028 EUR 52.67 AIB MORTGAGE BNK 5.000 3/1/2030 EUR 47.05 AIB MORTGAGE BNK 5.000 2/12/2030 EUR 47.09 AIB MORTGAGE BNK 4.875 6/29/2017 EUR 72.71 ALLIED IRISH BKS 5.625 11/12/2014 EUR 70.79 ALLIED IRISH BKS 4.000 3/19/2015 EUR 73.45 ALLIED IRISH BKS 12.500 6/25/2035 GBP 23.50 ANGLO IRISH BANK 4.000 4/15/2015 EUR 72.48 BANK OF IRELAND 5.600 9/18/2023 EUR 36.88 BANK OF IRELAND 10.000 2/12/2020 EUR 30.25 BANK OF IRELAND 4.473 11/30/2016 EUR 53.50 BANK OF IRELAND 10.000 2/12/2020 GBP 44.38 BANK OF IRELAND 3.585 4/21/2015 EUR 61.63 BANK OF IRELAND 3.780 4/1/2015 EUR 74.51 BK IRELAND MTGE 5.760 9/7/2029 EUR 49.44 BK IRELAND MTGE 5.360 10/12/2029 EUR 46.66 BK IRELAND MTGE 5.400 11/6/2029 EUR 46.86 BK IRELAND MTGE 5.450 3/1/2030 EUR 46.44 BK IRELAND MTGE 3.250 6/22/2015 EUR 74.00 DEPFA ACS BANK 5.125 3/16/2037 USD 73.42 DEPFA ACS BANK 0.500 3/3/2025 CAD 39.66 DEPFA ACS BANK 4.900 8/24/2035 CAD 67.05 EBS BLDG SOCIETY 4.000 2/25/2015 EUR 72.20 IRISH LIFE PERM 4.000 3/10/2015 EUR 71.97 IRISH NATIONWIDE 6.250 6/26/2012 GBP 82.13 ONO FINANCE II 11.125 7/15/2019 EUR 71.51 ONO FINANCE II 10.875 7/15/2019 USD 82.75 ONO FINANCE II 11.125 7/15/2019 EUR 71.50 UT2 FUNDING PLC 5.321 6/30/2016 EUR 65.04 ITALY ----- BANCA POP LODI 5.250 4/3/2029 EUR 76.59 BANCA POP MILANO 4.500 4/18/2018 EUR 74.15 BANCO POPOLARE 6.375 5/31/2021 EUR 73.20 BTPS 4.000 2/1/2037 EUR 73.67 BTPS I/L 2.350 9/15/2035 EUR 69.52 BTPS I/L 2.550 9/15/2041 EUR 67.83 COMUNE DI MILANO 4.019 6/29/2035 EUR 73.33 DEXIA CREDIOP 4.790 12/17/2043 EUR 72.81 MONTE DEI PASCHI 5.750 9/30/2016 GBP 67.99 REP OF ITALY 2.000 9/15/2062 EUR 50.39 REP OF ITALY 2.870 5/19/2036 JPY 68.04 REP OF ITALY 1.850 9/15/2057 EUR 49.70 REP OF ITALY 2.200 9/15/2058 EUR 55.87 REP OF ITALY 4.850 6/11/2060 EUR 71.82 SEAT PAGINE 10.500 1/31/2017 EUR 69.85 SEAT PAGINE 10.500 1/31/2017 EUR 69.53 SEAT PAGINE 10.500 1/31/2017 EUR 69.38 SEAT PAGINE 10.500 1/31/2017 EUR 69.25 TELECOM ITALIA 5.250 3/17/2055 EUR 66.13 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 23.61 BEVERAGE PACK 9.500 6/15/2017 EUR 73.88 BEVERAGE PACK 9.500 6/15/2017 EUR 73.25 CONTROLINVESTE 3.000 1/28/2015 EUR 71.35 ESPIRITO SANTO F 6.875 10/21/2019 EUR 54.17 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 14.17 LIGHTHOUSE INTL 8.000 4/30/2014 EUR 13.50 UBI BANCA INT 8.750 10/29/2012 EUR 68.77 NETHERLANDS ----------- APP INTL FINANCE 11.750 10/1/2005 USD 0.01 BK NED GEMEENTEN 0.500 6/22/2021 ZAR 44.62 BK NED GEMEENTEN 0.500 3/29/2021 NZD 65.13 BK NED GEMEENTEN 0.500 5/12/2021 ZAR 44.81 BK NED GEMEENTEN 0.500 2/24/2025 CAD 60.98 BK NED GEMEENTEN 0.500 3/3/2021 NZD 65.49 BLT FINANCE BV 7.500 5/15/2014 USD 53.25 BLT FINANCE BV 7.500 5/15/2014 USD 58.50 BRIT INSURANCE 6.625 12/9/2030 GBP 60.11 CEMEX FIN EUROPE 4.750 3/5/2014 EUR 74.95 EDP FINANCE BV 4.900 10/1/2019 USD 76.40 EDP FINANCE BV 4.900 10/1/2019 USD 73.78 EDP FINANCE BV 4.125 6/29/2020 EUR 73.77 ELEC DE CAR FIN 8.500 4/10/2018 USD 56.00 FINANCE & CREDIT 10.500 1/25/2014 USD 79.27 FRIESLAND BANK 4.210 12/29/2025 EUR 68.44 INDAH KIAT INTL 12.500 6/15/2006 USD 0.01 ING BANK NV 4.200 12/19/2035 EUR 66.21 ING VERZEKERING 6.375 5/7/2027 EUR 72.61 IVG FINANCE BV 1.750 3/29/2017 EUR 70.04 MARFRIG HLDG EUR 8.375 5/9/2018 USD 74.00 MARFRIG HLDG EUR 8.375 5/9/2018 USD 75.86 NATL INVESTER BK 25.983 5/7/2029 EUR 20.07 NED WATERSCHAPBK 0.500 3/11/2025 CAD 60.79 NIB CAPITAL BANK 4.510 12/16/2035 EUR 62.99 PORTUGAL TEL FIN 4.500 6/16/2025 EUR 66.06 Q-CELLS INTERNAT 1.375 2/28/2012 EUR 54.63 Q-CELLS INTERNAT 5.750 5/26/2014 EUR 32.90 RBS NV EX-ABN NV 5.000 2/27/2037 EUR 75.69 RBS NV EX-ABN NV 2.910 6/21/2036 JPY 70.65 SIDETUR FINANCE 10.000 4/20/2016 USD 68.13 SNS BANK 6.250 10/26/2020 EUR 69.01 SRLEV NV 9.000 4/15/2041 EUR 62.83 TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.00 NORWAY ------ EKSPORTFINANS 0.500 5/9/2030 CAD 48.79 KOMMUNALBANKEN 0.500 3/1/2016 ZAR 74.10 KOMMUNALBANKEN 0.500 1/27/2016 ZAR 74.69 KOMMUNALBANKEN 0.500 7/29/2016 ZAR 71.02 KOMMUNALBANKEN 0.500 5/25/2016 ZAR 72.61 KOMMUNALBANKEN 0.500 5/25/2018 ZAR 59.91 KOMMUNALBANKEN 0.500 3/24/2016 ZAR 73.67 KOMMUNALBANKEN 0.500 7/26/2016 ZAR 72.14 NORSKE SKOGIND 7.000 6/26/2017 EUR 48.75 NORSKE SKOGIND 6.125 10/15/2015 USD 61.75 NORSKE SKOGIND 6.125 10/15/2015 USD 61.75 NORSKE SKOGIND 11.750 6/15/2016 EUR 58.38 NORSKE SKOGIND 7.125 10/15/2033 USD 42.25 NORSKE SKOGIND 11.750 6/15/2016 EUR 58.85 NORSKE SKOGIND 7.125 10/15/2033 USD 42.25 RENEWABLE CORP 6.500 6/4/2014 EUR 73.68 PORTUGAL -------- BANCO COM PORTUG 3.750 10/8/2016 EUR 66.35 BANCO COM PORTUG 4.750 6/22/2017 EUR 67.05 BANCO COM PORTUG 5.625 4/23/2014 EUR 70.00 BANCO ESPIRITO 6.160 7/23/2015 EUR 70.88 BANCO ESPIRITO 3.875 1/21/2015 EUR 68.78 BANCO ESPIRITO 4.600 1/26/2017 EUR 67.75 BANCO ESPIRITO 4.600 9/15/2016 EUR 69.59 BANCO ESPIRITO 6.875 7/15/2016 EUR 66.38 BRISA 4.500 12/5/2016 EUR 72.71 CAIXA GERAL DEPO 5.380 10/1/2038 EUR 52.79 CAIXA GERAL DEPO 5.980 3/3/2028 EUR 51.13 CAIXA GERAL DEPO 4.250 1/27/2020 EUR 65.31 CAIXA GERAL DEPO 4.400 10/8/2019 EUR 58.84 CAIXA GERAL DEPO 5.500 11/13/2017 EUR 70.00 CAIXA GERAL DEPO 5.090 6/8/2016 EUR 74.25 CAIXA GERAL DEPO 4.750 3/14/2016 EUR 73.88 CAIXA GERAL DEPO 4.455 8/20/2017 EUR 69.50 CAIXA GERAL DEPO 3.875 12/6/2016 EUR 69.47 CAIXA GERAL DEPO 5.165 7/8/2016 EUR 74.25 CAIXA GERAL DEPO 4.750 2/14/2016 EUR 66.78 CAIXA GERAL FR 3.384 12/15/2014 EUR 75.38 METRO DE LISBOA 5.750 2/4/2019 EUR 60.74 METRO DE LISBOA 4.061 12/4/2026 EUR 57.34 METRO DE LISBOA 7.300 12/23/2025 EUR 61.99 METRO DE LISBOA 4.799 12/7/2027 EUR 47.53 MONTEPIO GERAL 5.000 2/8/2017 EUR 61.00 PARPUBLICA 4.191 10/15/2014 EUR 72.75 PARPUBLICA 3.500 7/8/2013 EUR 79.25 PARPUBLICA 4.200 11/16/2026 EUR 40.50 PARPUBLICA 3.567 9/22/2020 EUR 49.63 PORTUGAL (REP) 3.500 3/25/2015 USD 70.73 PORTUGAL (REP) 3.500 3/25/2015 USD 70.57 PORTUGUESE OT'S 4.350 10/16/2017 EUR 64.79 PORTUGUESE OT'S 4.450 6/15/2018 EUR 64.30 PORTUGUESE OT'S 4.750 6/14/2019 EUR 62.42 PORTUGUESE OT'S 4.800 6/15/2020 EUR 61.29 PORTUGUESE OT'S 3.850 4/15/2021 EUR 58.18 PORTUGUESE OT'S 4.950 10/25/2023 EUR 58.76 PORTUGUESE OT'S 4.100 4/15/2037 EUR 49.80 PORTUGUESE OT'S 3.350 10/15/2015 EUR 71.16 PORTUGUESE OT'S 3.600 10/15/2014 EUR 74.26 PORTUGUESE OT'S 4.200 10/15/2016 EUR 69.25 REFER 4.675 10/16/2024 EUR 45.75 REFER 4.047 11/16/2026 EUR 52.56 REFER 4.250 12/13/2021 EUR 47.25 REFER 4.000 3/16/2015 EUR 53.88 REFER 5.875 2/18/2019 EUR 61.63 RUSSIA ------ APK ARKADA 17.500 5/23/2012 RUB 0.38 ARIZK 3.000 12/20/2030 RUB 50.88 BELON-FINANS 0.010 2/23/2012 RUB 85.00 DVTG-FINANS 7.750 7/18/2013 RUB 20.29 DVTG-FINANS 17.000 8/29/2013 RUB 55.55 IART 8.500 8/4/2013 RUB 1.00 MIRAX 17.000 9/17/2012 RUB 31.00 MOSMART FINANS 0.010 4/12/2012 RUB 1.81 NOK 10.000 9/22/2011 RUB 49.90 NOK 12.500 8/26/2014 RUB 5.00 PROTON-FINANCE 9.000 6/12/2012 RUB 65.00 RAZGULYAY-FINANS 17.000 9/27/2011 RUB 99.51 RBC OJSC 3.270 4/19/2018 RUB 42.20 RBC OJSC 7.000 4/23/2015 RUB 70.60 RBC OJSC 7.000 4/23/2015 RUB 68.01 SAHO 10.000 5/21/2012 RUB 75.01 SATURN 8.500 6/6/2014 RUB 1.00 SEVKABEL-FINANS 10.500 3/27/2012 RUB 3.40 TERNA-FINANS 1.000 11/4/2011 RUB 6.01 SPAIN ----- AYT CEDULAS CAJA 3.750 12/14/2022 EUR 69.22 AYT CEDULAS CAJA 4.750 5/25/2027 EUR 69.28 AYT CEDULAS CAJA 3.750 6/30/2025 EUR 61.40 AYT CEDULAS CAJA 4.250 10/25/2023 EUR 72.06 BANCAJA 1.500 5/22/2018 EUR 65.49 BANCO PASTOR 4.550 7/31/2020 EUR 72.99 BBVA SUB CAP UNI 2.750 10/22/2035 JPY 72.55 CAJA CASTIL-MAN 1.500 6/23/2021 EUR 59.87 CAJA MADRID 4.125 3/24/2036 EUR 67.26 CAJA MADRID 4.000 2/3/2025 EUR 75.10 CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 59.15 CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 63.91 CEDULAS TDA A-5 4.250 3/28/2027 EUR 63.34 COMUN AUTO CANAR 3.900 11/30/2035 EUR 62.84 COMUN AUTO CANAR 4.200 10/25/2036 EUR 66.07 COMUNIDAD BALEAR 4.063 11/23/2035 EUR 66.95 COMUNIDAD MADRID 4.300 9/15/2026 EUR 73.96 GEN DE CATALUNYA 2.315 9/10/2015 CHF 71.58 GEN DE CATALUNYA 2.355 11/10/2015 CHF 70.60 GEN DE CATALUNYA 2.750 3/24/2016 CHF 69.10 GEN DE CATALUNYA 4.690 10/28/2034 EUR 70.73 GEN DE CATALUNYA 4.220 4/26/2035 EUR 65.17 GENERAL DE ALQUI 2.750 8/20/2012 EUR 71.48 IM CEDULAS 5 3.500 6/15/2020 EUR 74.09 INSTIT CRDT OFCL 3.250 6/28/2024 CHF 72.38 INSTIT CRDT OFCL 2.570 10/22/2021 CHF 71.67 JUNTA ANDALUCIA 4.250 10/31/2036 EUR 66.56 JUNTA LA MANCHA 3.875 1/31/2036 EUR 56.62 MAPFRE SA 5.921 7/24/2037 EUR 63.03 SPANISH GOV'T 4.200 1/31/2037 EUR 75.77 XUNTA DE GALICIA 4.025 11/28/2035 EUR 73.57 SWEDEN ------ STENA AB 5.875 2/1/2019 EUR 73.88 SWEDISH EXP CRED 0.500 8/25/2021 ZAR 43.01 SWEDISH EXP CRED 0.500 9/30/2016 ZAR 69.47 SWEDISH EXP CRED 0.500 8/26/2016 ZAR 69.94 SWEDISH EXP CRED 0.500 8/25/2016 ZAR 70.05 SWEDISH EXP CRED 0.500 6/29/2016 TRY 73.65 SWEDISH EXP CRED 0.500 6/14/2016 ZAR 71.43 SWEDISH EXP CRED 0.500 3/3/2016 ZAR 73.21 SWEDISH EXP CRED 0.500 8/26/2021 AUD 63.00 SWEDISH EXP CRED 0.500 12/21/2015 ZAR 74.53 SWEDISH EXP CRED 7.500 6/12/2012 USD 8.10 SWEDISH EXP CRED 9.250 4/27/2012 USD 7.86 SWEDISH EXP CRED 9.750 3/23/2012 USD 8.22 SWEDISH EXP CRED 7.000 3/9/2012 USD 10.54 SWEDISH EXP CRED 0.500 1/25/2028 USD 58.46 SWEDISH EXP CRED 0.500 12/17/2027 USD 58.91 SWEDISH EXP CRED 8.000 10/21/2011 USD 9.17 SWEDISH EXP CRED 8.000 11/4/2011 USD 7.21 SWEDISH EXP CRED 2.000 12/7/2011 USD 10.20 SWEDISH EXP CRED 2.130 1/10/2012 USD 9.47 SWEDISH EXP CRED 6.500 1/27/2012 USD 7.51 SWEDISH EXP CRED 8.000 1/27/2012 USD 6.91 SWEDISH EXP CRED 7.500 2/28/2012 USD 7.71 SWEDISH EXP CRED 7.000 3/9/2012 USD 9.53 SWITZERLAND ----------- CRED SUIS NY 8.000 8/3/2012 USD 56.60 CYTOS BIOTECH 2.875 2/20/2012 CHF 53.03 UBS AG 9.640 11/14/2011 USD 12.06 UBS AG 10.530 1/23/2012 USD 39.04 UBS AG 8.380 3/20/2012 USD 32.03 UBS AG 9.250 3/20/2012 USD 10.83 UBS AG 10.070 3/23/2012 USD 27.66 UBS AG JERSEY 10.140 12/30/2011 USD 14.66 UBS AG JERSEY 9.450 9/21/2011 USD 49.91 UKRAINE ------- LVIV CITY 9.950 12/19/2012 UAH 95.61 UNITED KINGDOM -------------- ABBEY NATL TREAS 5.000 8/26/2030 USD 61.83 ALPHA CREDIT GRP 3.250 2/25/2013 EUR 73.63 ALPHA CREDIT GRP 5.500 6/20/2013 EUR 74.75 ALPHA CREDIT GRP 4.500 6/21/2013 EUR 71.75 ALPHA CREDIT GRP 6.000 6/20/2014 EUR 69.25 BAKKAVOR FIN 2 8.250 2/15/2018 GBP 68.61 BANK OF SCOTLAND 2.359 3/27/2029 JPY 73.11 BARCLAYS BK PLC 10.650 1/31/2012 USD 34.34 BARCLAYS BK PLC 9.250 1/31/2012 USD 9.42 BARCLAYS BK PLC 10.350 1/23/2012 USD 26.49 BARCLAYS BK PLC 8.550 1/23/2012 USD 10.67 BARCLAYS BK PLC 8.000 6/29/2012 USD 9.17 BARCLAYS BK PLC 10.000 7/20/2012 USD 7.45 BARCLAYS BK PLC 7.000 7/27/2012 USD 8.34 BARCLAYS BK PLC 11.000 7/27/2012 USD 7.58 BARCLAYS BK PLC 9.400 7/31/2012 USD 10.21 BARCLAYS BK PLC 10.800 7/31/2012 USD 25.08 BARCLAYS BK PLC 9.250 8/31/2012 USD 31.83 BARCLAYS BK PLC 8.000 9/11/2012 USD 9.92 BARCLAYS BK PLC 9.500 8/31/2012 USD 21.15 BARCLAYS BK PLC 5.420 5/5/2031 USD 74.34 BARCLAYS BK PLC 5.100 5/26/2031 USD 72.49 BARCLAYS BK PLC 5.390 8/4/2031 USD 73.82 BARCLAYS BK PLC 5.200 8/25/2031 USD 71.53 BARCLAYS BK PLC 5.230 8/26/2031 USD 71.58 BARCLAYS BK PLC 5.200 8/29/2031 USD 71.21 BARCLAYS BK PLC 5.250 8/29/2031 USD 71.42 BARCLAYS BK PLC 5.000 6/3/2041 USD 66.39 BARCLAYS BK PLC 8.800 9/22/2011 USD 15.57 BARCLAYS BK PLC 8.750 9/22/2011 USD 71.36 BARCLAYS BK PLC 7.500 9/22/2011 USD 17.07 BARCLAYS BK PLC 8.950 4/20/2012 USD 16.29 BARCLAYS BK PLC 12.950 4/20/2012 USD 23.45 BARCLAYS BK PLC 13.050 4/27/2012 USD 25.83 BRADFORD&BIN BLD 4.910 2/1/2047 EUR 73.59 CEVA GROUP PLC 8.500 6/30/2018 EUR 60.75 CEVA GROUP PLC 10.000 6/30/2018 EUR 65.38 CO-OPERATIVE BNK 5.875 3/28/2033 GBP 66.88 EFG HELLAS PLC 4.375 2/11/2013 EUR 71.67 EFG HELLAS PLC 6.010 1/9/2036 EUR 32.75 EFG HELLAS PLC 5.400 11/2/2047 EUR 22.00 EMPORIKI GRP FIN 4.000 2/28/2013 EUR 66.75 EMPORIKI GRP FIN 4.000 2/28/2013 EUR 66.75 EMPORIKI GRP FIN 4.350 7/22/2014 EUR 51.50 ENTERPRISE INNS 6.875 5/9/2025 GBP 63.88 ENTERPRISE INNS 6.500 12/6/2018 GBP 70.15 ENTERPRISE INNS 6.375 9/26/2031 GBP 59.38 ENTERPRISE INNS 6.875 2/15/2021 GBP 67.13 ESSAR ENERGY 4.250 2/1/2016 USD 63.39 F&C ASSET MNGMT 6.750 12/20/2026 GBP 64.00 GALA ELECTRIC CA 11.500 6/1/2019 GBP 70.34 GALA ELECTRIC CA 11.500 6/1/2019 GBP 70.00 HBOS PLC 4.500 3/18/2030 EUR 66.51 HBOS PLC 6.000 11/1/2033 USD 82.11 HBOS PLC 6.000 11/1/2033 USD 82.11 HEALTHCARE SUPP 2.067 2/19/2043 GBP 72.57 LBG CAPITAL NO.1 7.975 9/15/2024 GBP 66.51 LBG CAPITAL NO.1 7.875 11/1/2020 USD 77.00 LBG CAPITAL NO.1 6.439 5/23/2020 EUR 67.38 LBG CAPITAL NO.1 7.588 5/12/2020 GBP 71.07 LBG CAPITAL NO.1 7.375 3/12/2020 EUR 72.25 LBG CAPITAL NO.1 7.867 12/17/2019 GBP 71.15 LBG CAPITAL NO.1 7.625 10/14/2020 EUR 73.15 LBG CAPITAL NO.1 7.869 8/25/2020 GBP 71.33 LBG CAPITAL NO.2 7.625 12/9/2019 GBP 70.64 LBG CAPITAL NO.2 9.000 7/15/2029 GBP 75.52 LBG CAPITAL NO.2 8.500 6/7/2032 GBP 70.11 LBG CAPITAL NO.2 6.385 5/12/2020 EUR 67.38 MATALAN 9.625 3/31/2017 GBP 67.87 MATALAN 9.625 3/31/2017 GBP 68.25 MAX PETROLEUM 6.750 9/8/2013 USD 56.42 NOMURA BANK INTL 0.800 12/21/2020 EUR 65.32 NORTHERN ROCK 5.750 2/28/2017 GBP 65.86 OTE PLC 5.000 8/5/2013 EUR 62.43 OTE PLC 7.250 4/8/2014 EUR 61.61 OTE PLC 4.625 5/20/2016 EUR 54.05 PHONES4U FINANCE 9.500 4/1/2018 GBP 74.84 PIRAEUS GRP FIN 4.000 9/17/2012 EUR 69.30 ROYAL BK SCOTLND 5.250 11/14/2033 EUR 73.75 ROYAL BK SCOTLND 4.625 9/22/2021 EUR 74.04 ROYAL BK SCOTLND 4.350 1/23/2017 EUR 74.27 THOMAS COOK GR 7.750 6/22/2017 GBP 68.18 TXU EASTERN FNDG 6.450 5/15/2005 USD 0.13 ********* 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, 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 * * *