/raid1/www/Hosts/bankrupt/TCREUR_Public/120130.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, January 30, 2012, Vol. 13, No. 21
Headlines
F R A N C E
PETROPLUS HOLDINGS: Refutes Allegations of Fraudulent Bankruptcy
G E R M A N Y
ADAM OPEL: GM Faces Pressure to Speed Up Turnaround
PETROPLUS HOLDINGS: Ingolstadt Administrators In Crude Talks
I R E L A N D
EIRCOM GROUP: March 12 Deadline Set for Takeover Bids
HARVEST CLO II: S&P Affirms Ratings on Two Note Classes at 'B+'
PULS CDO 2006-1: S&P Cuts Ratings on Three Note Classes to 'CC'
L U X E M B O U R G
CODERE FINANCE: S&P Assigns 'B' Rating to US$250-Mil. Sr. Notes
N E T H E R L A N D S
DUCHESS V: S&P Raises Rating on Class E Notes to 'CCC+'
HALCYON 2006-I: S&P Raises Rating on Class E Notes to 'BB-'
NIELSEN HOLDINGS: Moody's Maintains 'Ba3' Corp. Family Ratings
R O M A N I A
BRC BUSINESS: Files for Insolvency
R U S S I A
LANTA-TUR VOYAGE: Halts Operations Due to Lack of Funds
OSAO RESO: S&P Affirms 'BB+' Counterparty Credit Rating
S P A I N
NARA CABLE: Fitch Assigns 'BB-(exp)' Rating to Notes Due 2018
NARA CABLE: S&P Assigns 'B' Rating to Proposed US$400-Mil. Notes
SPANAIR SA: Halts Operations After Takeover Talks End
S W E D E N
SAAB AUTOMOBILE: Youngman Expected to Make Takeover Bid This Week
S W I T Z E R L A N D
NEUCHATEL XAMAX: Financial Woes Prompt Bankruptcy Filing
PETROPLUS HOLDINGS: S&P Lowers Corporate Credit Rating to 'D'
U N I T E D K I N G D O M
BONMARCHE LTD: Sun Capital Unit Buys UK Retailer
GEMINI: Moody's Cuts Rating on Class A Notes to 'Caa3'
THAMESTEEL: Enters Administration After Failing to Find Investor
TURBO FINANCE: Fitch Affirms Rating on Class C Notes at 'BB+sf'
X X X X X X X X
* BOND PRICING: For the Week January 23 to January 27, 2012
*********
===========
F R A N C E
===========
PETROPLUS HOLDINGS: Refutes Allegations of Fraudulent Bankruptcy
----------------------------------------------------------------
Petroplus Holdings AG refuted all allegations of fraudulent
bankruptcy in France. At the opening of business on January 23,
2012, the total balances on bank accounts held by Petroplus'
French subsidiary, Petroplus Marketing France SAS, at Deutsche
Bank were EUR124 million and $59 million. During that day
Deutsche Bank, one of the lenders under the Revolving Credit
Facility, transferred EUR122 million and $59 million of this cash
that was held on accounts pledged under the RCF out of these
accounts. No Petroplus legal entity provided any instructions or
took any actions to transfer these funds from these French
accounts. A formal investigation has been opened by the public
prosecutor in France.
Default
As reported by the Troubled Company Reporter-Europe on Jan. 25,
2012, Petroplus Holdings AG disclosed that the company and its
subsidiaries received notices of acceleration on Jan. 23 from the
lenders under its Revolving Credit Facility. During the past
several weeks, Petroplus has been negotiating with these lenders
to reopen credit lines needed to maintain operations and meet
financial obligations. In addition, the Company has been
seeking to arrange alternative financing and liquidity
facilities, as well as other strategic options. The negotiations
with the lenders under the Revolving Credit Facility have not
been successful (despite the Company having reached an agreement
for crude oil supply) and they have served notices of
acceleration, commenced enforcement actions and appointed a
receiver in respect of Petroplus Marketing AG's assets in the UK.
Such acceleration constitutes an event of default under the
U$1.75 billion aggregate principal amount of outstanding senior
notes and convertible bonds of PetroplusFinance Limited. The
primary goal of Petroplus' Board of Directors is to ensure that
operations are safely shut down and to preserve value for all
stakeholders.
Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.
* * *
As reported by the Troubled Company Reporter-Europe on Jan. 20,
2012, Standard & Poor's Ratings Services lowered its long-term
issuer credit ratings on Switzerland-based refiner Petroplus
Holding AG to 'CC' from 'CCC+'. "At the same time, we lowered
our long-term issue ratings on senior unsecured notes totaling
US$1.6 billion and a US$150 million convertible bond issued by
finance subsidiary Petroplus Finance Ltd. (Bermuda) to 'C' from
'CCC'. The recovery ratings of '5' on all rated instruments
remain unchanged," S&P said.
=============
G E R M A N Y
=============
ADAM OPEL: GM Faces Pressure to Speed Up Turnaround
---------------------------------------------------
Tim Higgins and Alex Webb at Bloomberg News reports that the
financial crisis in Europe is adding new urgency to General
Motors Co.'s attempt to turn around its money-burning Opel unit.
GM, which has already trimmed its European work force by 5,800,
is considering a variety of additional steps to stem the losses,
Bloomberg discloses.
Tim Lee, president of GM's international operations, told
reporters this month at the Detroit auto show that the company is
looking to find greater cost savings between Opel and Chevrolet
operations in Europe, Bloomberg recounts.
According to Bloomberg, three people familiar with the matter
said that GM may move some work from Korea to Europe to boost
revenue and use assets there. In addition, Stefan Bauknecht, a
Frankfurt-based fund manager for Deutsche Bank AG investment
vehicle DWS, said this is the time for GM to work more
aggressively with unions to lower costs, Bloomberg notes.
"The negative swing in the European automotive market increases
the pressure for both the management and trade unions to find a
compromise," Bloomberg quotes Mr. Bauknecht as saying. DWS holds
US$5 million GM shares, according to Bloomberg figures, while
Deutsche Bank as a whole holds US$316 million of GM stock.
Chief Executive Officer Dan Akerson has lost more than
US$2.34 billion on GM's European operations since pushing to call
off the sale of the Opel brand in late 2009, Bloomberg states.
Plans to reach break-even on an operating basis were scrapped in
November as the continent's economy teetered, Bloomberg recounts.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
PETROPLUS HOLDINGS: Ingolstadt Administrators In Crude Talks
------------------------------------------------------------
Nidaa Bakhsh at Bloomberg News reports that administrators for
Petroplus Holdings AG's Ingolstadt refinery in Germany are
negotiating to secure crude supplies for the plant following the
company's insolvency filing.
"We are in negotiations to secure financing in order to get
additional crude supplies within the next days," Bloomberg quotes
Sebastian Brunner, a spokesman at the Jaffe Rechtsanwaelte
Insolvenzverwalter, as saying on Friday.
Mr. Brunner, as cited by Bloomberg, said that Ingolstadt is
continuing to deliver fuel to customers and the plant is running
"slightly below" 55% of capacity. The refinery has the capacity
to process 110,000 barrels of crude a day, Bloomberg discloses.
Ingolstadt and Petroplus's Coryton refinery in the U.K. were
operating at reduced capacity while plants in France, Belgium and
Switzerland were closed after lenders froze credit lines at the
end of last year, Bloomberg notes.
Coryton Refinery
Meanwhile, Amanda Jordan at Bloomberg News reports that U.K.
Energy Minister Charles Hendry said a meeting to discuss the
future of Petroplus's Coryton refinery concluded that it was
important to maintain current operations and to find a buyer as
quickly as possible.
A meeting took place on Thursday at the Department of Energy and
Climate Change in London, Bloomberg recounts.
In a separate report, Bloomberg News' Ms. Bakhsh relates that
Member of Parliament Stephen Metcalfe said talks on the future of
Petroplus's U.K. operations on Thursday must focus on getting
crude supply.
"What we need to do is secure the long-term supply line to
secure the crude and then look at ownership options," Mr.
Metcalfe, as cited by Bloomberg, said on arrival at the talks at
the Department of Energy and Climate Change in London.
Default
As reported by the Troubled Company Reporter-Europe on Jan. 25,
2012, Petroplus Holdings AG disclosed that the company and its
subsidiaries received notices of acceleration on Jan. 23 from the
lenders under its Revolving Credit Facility. During the past
several weeks, Petroplus has been negotiating with these lenders
to reopen credit lines needed to maintain operations and meet
financial obligations. In addition, the Company has been
seeking to arrange alternative financing and liquidity
facilities, as well as other strategic options. The negotiations
with the lenders under the Revolving Credit Facility have not
been successful (despite the Company having reached an agreement
for crude oil supply) and they have served notices of
acceleration, commenced enforcement actions and appointed a
receiver in respect of Petroplus Marketing AG's assets in the UK.
Such acceleration constitutes an event of default under the
U$1.75 billion aggregate principal amount of outstanding senior
notes and convertible bonds of PetroplusFinance Limited. The
primary goal of Petroplus' Board of Directors is to ensure that
operations are safely shut down and to preserve value for all
stakeholders.
Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.
* * *
As reported by the Troubled Company Reporter-Europe on Jan. 20,
2012, Standard & Poor's Ratings Services lowered its long-term
issuer credit ratings on Switzerland-based refiner Petroplus
Holding AG to 'CC' from 'CCC+'. "At the same time, we lowered
our long-term issue ratings on senior unsecured notes totaling
US$1.6 billion and a US$150 million convertible bond issued by
finance subsidiary Petroplus Finance Ltd. (Bermuda) to 'C' from
'CCC'. The recovery ratings of '5' on all rated instruments
remain unchanged," S&P said.
=============
I R E L A N D
=============
EIRCOM GROUP: March 12 Deadline Set for Takeover Bids
-----------------------------------------------------
Joe Brennan at Bloomberg News reports that Eircom Group Ltd.,
which is seeking to restructure its EUR3.75 billion
(US$4.92 billion) debt, is planning a final attempt to find a
buyer, with a March 12 bid deadline.
The company said in documents to its senior lenders that adviser
Morgan Stanley is preparing for the sale process, Bloomberg
relates.
According to Bloomberg, one of two people with knowledge of the
matter said that Eircom's board will make a final decision on its
sale plan after the first-lien lenders vote this week on a
covenant waiver extension being sought by the company, one of the
people said.
The company sought the extension after it entered talks last
month with the lenders on a debt restructuring plan, Bloomberg
recounts. Two people said on Nov. 30 that the lenders envisage
writing off about 8% of their EUR2.36 billion of loans and taking
full control of the company, Bloomberg recounts.
Three people familiar with the matter said that should Eircom
fail to draw bids, the company may file for examinership, an
Irish variant of a U.S. Chapter 11 creditor protection petition,
to facilitate a debt restructuring, Bloomberg notes.
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.
HARVEST CLO II: S&P Affirms Ratings on Two Note Classes at 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Harvest CLO II S.A.'s outstanding EUR542.07 million
notes (excluding combination notes).
Specifically, S&P:
Lowered its ratings on the class A-1B and A-2 notes;
Withdrew its rating on the class W combination notes; and
Affirmed its ratings on the class A-1A, B, C-1, C-2, D-1,
D-2, E-1, and E-2 notes, and on the class P, U, and X
combination notes.
Ratings Details
Notional
Current as of CE as of
Rating Rating notional Jan.2010 Current Jan.2010
Class to from (mil. (mil. DEF CE (%) (%)
EUR) EUR)
A-1A AA+(sf) AA+(sf) 96.96 98.43 N 39.65 39.94
A-1B AA(sf) AA+(sf) 11.00 11.00 N 32.80 33.23
A-2 AA(sf) AA+(sf) 242.61 245.91 N 32.80 33.23
B A-(sf) A-(sf) 66.15 66.15 N 20.12 20.80
C-1 BB+(sf) BB+(sf) 32.10 32.10 Y 13.39 14.21
C-2 BB+(sf) BB+(sf) 3.00 3.00 Y 13.39 14.21
D-1 BB(sf) BB(sf) 17.25 17.25 Y 9.51 10.40
D-2 BB(sf) BB(sf) 3.00 3.00 Y 9.51 10.40
E-1 B+(sf) B+(sf) 11.50 11.50 Y 6.92 7.87
E-2 B+(sf) B+(sf) 2.00 2.00 Y 6.92 7.87
F NR NR 56.50 56.50 NA 0.00 0.00
NR - Not rated.
DEF - Deferrable interest.
NA - Not applicable.
CE - Credit enhancement = (performing assets balance + cash
balance + recovery on defaulted assets - tranche balance
[including tranche balance of all senior tranches]) /
(performing assets balance + cash balance + recovery on
defaulted obligations).
"We note that since our review in January 2010, the credit
enhancement available to each of the rated notes has decreased.
This was mainly due to asset defaults and trading losses. Despite
an increase in the portfolio weighted-average spread, this had a
negative effect on the break-even default rates for each
tranche," S&P said.
"In our opinion, the credit quality of the performing assets has
remained stable since January 2010. However, the transaction
benefited from a shorter time-to-maturity, which had a positive
effect on our scenario default rates at every rating level," S&P
said.
Key Model Assumptions
Current As of
Jan. 2010
Modeled collateral balance (mil.EUR) 521.69 532.20
Weighted-average spread (bps) 3.32 2.98
AAA WARR (%) 37 37
AA WARR (%) 41 42
A WARR (%) 45 45
BBB WARR (%) 49 49
BB WARR (%) 57 57
B/CCC WARR (%) 61 60
Performing portfolio WAR B B
Modeled WAL (years) 4.23 5.55
Modeled collateral balance = performing assets balance + cash
balance + recovery on defaulted assets.
Bps--Basis points.
WARR--Weighted-average recovery rate.
WAR--Weighted-average rating.
WAL--Weighted-average life.
"The Bank of New York Mellon (AA-/Negative/A-1+) acts as account
bank, and the London branch of Deutsche Bank AG (A+/Negative/A-1)
acts as custodian. We have applied our 2010 counterparty criteria
and, in our view, these entities are appropriately rated to
support our ratings on the notes. Credit Suisse International
(A+/Negative/A-1), JP Morgan Chase Bank N.A. (A+/Stable/A-1), and
Citibank N.A. (A/Negative/A-1) currently provide currency hedges
on an aggregate EUR112.43 million of non-euro-denominated assets.
We have reviewed each counterparty's downgrade provisions, and in
our opinion, they do not comply with our 2010 counterparty
criteria. Therefore, for the class A-1A, A-1B, and A-2 notes, we
conducted our cash flow analysis assuming non-performance of one
or more counterparty," S&P said.
"As a result of the decrease in credit enhancement and due to the
stress applied to the currency hedge counterparties, we consider
that the credit enhancement available to the class A-1B and A-2
notes is no longer commensurate with a 'AA+ (sf)' rating.
Therefore, we have lowered our ratings on these notes to 'AA
(sf)'," S&P said.
"In our opinion, the credit enhancement available to each of the
class A-1A, B, C-1, C-2, D-1, D-2, E-1, and E-2 notes is still
commensurate with the current ratings. Therefore, we have
affirmed our ratings on these notes," S&P said.
"None of the tranche ratings were constrained by the application
of the largest obligor default test or largest industry default
test, two supplemental stress tests we introduced as part of our
2009 criteria update for corporate collateralized debt
obligations (CDOs)," S&P said.
The rated combination notes initially comprised:
Class P: EUR2.20 million of French "obligations assimilable
du tresor" (OATs) and EUR0.95 million of class F notes;
Class U: EUR3.00 million of French OATs and EUR0.90 million
of class F notes;
Class W: EUR11.00 million of class A-1B notes and EUR2.50
million of class F notes; and
Class X: EUR3.30 million of French OATs and EUR1.00 million
of class F notes.
Combination Notes
Current rated Rated balance
Rating Rating balance as of Jan.2010
Class to from (mil. (mil. Interest
EUR) EUR)
P AA+(sf) AA+(sf) 0.02 0.65 NA
U AA+(sf) AA+(sf) 3.00 3.00 NA
W NR AA+(sf) NA 9.90 NA
X AA+(sf) AA+(Sf) 2.46 2.63 NA
NR--Not rated.
NA--Not applicable.
"The ratings on the class P, U, and X combination notes are
linked to our rating on the Republic of France (AA+/Negative/A-
1+). Therefore, we have affirmed our ratings on these notes," S&P
said.
"We have received confirmation from the trustee that the class W
combination notes were decoupled in July 2011. Therefore, we have
withdrawn our rating on these notes," S&P said.
Harvest CLO II is a cash flow collateralized loan obligation
(CLO) transaction that closed in April 2005. The portfolio of
loans to primarily speculative-grade corporate firms is managed
by 3i Debt Management Investments Ltd.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Ratings List
Class Rating
To From
Harvest CLO II S.A.
EUR573.95 Million Fixed- and Floating-Rate Notes
Ratings Lowered
A-1B AA (sf) AA+ (sf)
A-2 AA (sf) AA+ (sf)
Ratings Affirmed
A-1A AA+ (sf)
B A- (sf)
C-1 BB+ (sf)
C-2 BB+ (sf)
D-1 BB (sf)
D-2 BB (sf)
E-1 B+ (sf)
E-2 B+ (sf)
P (combo) AA+ (sf)
U (combo) AA+ (sf)
X (combo) AA+ (sf)
Rating Withdrawn
W (combo) NR AA+ (sf)
NR--Not rated.
PULS CDO 2006-1: S&P Cuts Ratings on Three Note Classes to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on PULS CDO 2006-1 PLC (PULS 2006) and PULS CDO 2007-1
Ltd. (PULS 2007).
Specifically:
S&P has lowered its ratings on PULS 2006's class A-1, A-2A,
A-2B, C-1, C-2, D, and class R combination notes. At the same
time, S&P has affirmed its ratings on the class B, E-1, E-2,
and class Q combination notes; and
S&P lowered its ratings on PULS 2007's class A-1, A-2A, A-2B,
B, and D notes. At the same time, the ratings agency has
affirmed its ratings on the class C and E notes.
"The rating actions follow a further deterioration in the credit
quality of the portfolios underlying the transactions," S&P said.
PULS CDO 2006-1 and 2007-1 are collateralized debt obligation
(CDO) transactions backed by a static portfolio of senior
unsecured and subordinated bonds issued by German, Austrian, and
Swiss small and midsize enterprises (SMEs).
PULS 2006
"Since our last rating action on Aug. 4, 2011, PULS 2006 has
experienced an additional obligor default, with a principal
balance of EUR10 million (4.5% of the current outstanding total
note balance). This brings the total number of defaulted obligors
to 16, totaling EUR95.78 million and representing about 37% of
the target par amount. Including this additional default, we
estimate the current balance of the principal deficiency ledger
(PDL) -- which represents the aggregate notional amount of
principal deficiencies incurred on the assets minus all amounts
used to redeem the notes -- to be approximately EUR84 million. As
a consequence, according to the transaction documents, on each
payment date the issuer continues to repay the class A notes
according to their order of priority, after payment of interest
on the class A, B, and C notes; while interest on the class D and
E notes is deferred until the PDL balance is cured," S&P said.
"According to the portfolio manager's October 2011 report, we see
that no significant amounts have been recovered on defaulted
assets to date. Total recoveries have been received in relation
to only four obligors, and amount to about 0.7% of the defaulted
notional," S&P said.
"We also note that a total of EUR34.7 million of asset notional
pertaining to seven obligors is on the manager's watch list, as
of the October 2011 manager's report. For a limited number of
these obligors, the issuer has either waived or accepted
postponement of interest payments, thus further reducing the
excess spread. As the available excess spread is limited, it is
highly likely in our view that the issuer will not be able to
substantially cure the PDL balance," S&P said.
"In addition, in our view, the underlying portfolio shows
significant obligor concentration, which has further increased as
a result of the defaults. According to our analysis, the top 10
obligors account for about 62% of the performing balance," S&P
said.
"Moreover, the underlying assets in PULS 2006 will largely mature
at the same time, in July 2013. In our view, this may create
challenges, particularly for weaker borrowers to refinance their
debt at maturity, which we believe introduces the risk of further
defaults," S&P said.
"As a result of these developments, the credit enhancement
available to the class A-1, A-2A, and A-2B notes is no longer
commensurate with the existing ratings, in our view. We have
therefore lowered our ratings on these notes. According to our
analysis, the available credit enhancement for the class B notes
has further reduced, and remains insufficient to cover the
default of the largest obligor in the portfolio. We have
therefore affirmed our ratings on these notes at 'CCC-'," S&P
said.
"Due to the extent of undercollateralization for the class C-1,
C-2, D, E-1, E-2, and class Q combination notes, we have lowered
our ratings on the class C-1, C-2, and D notes to 'CC (sf)', and
affirmed our ratings on the class E-1, E-2, and class Q
combination notes at 'CC', reflecting our view that these
notes are highly vulnerable to nonpayment," S&P said.
"The class R combination notes consist of a class A-1 and a class
F component. Our rating addresses the ultimate payment of
principal only. The principal amount outstanding amortizes using
all proportional interest, principal, and excess spread receipts
on the entire class A-1 notes. In our view, however, this
amortization is not fast enough for the remaining principal to
pay down prior to maturity of the notes in 2014. As such, we
believe the payment due on the class R combination notes depends
on class A-1 receiving the principal at maturity. We have
therefore lowered our rating on the class R combination notes to
'CCC (sf)'," S&P said.
PULS 2007
"PULS 2007 has experienced one additional default since our last
rating action on Aug. 4, 2011, with a total principal balance of
EUR7 million (2.7% of the outstanding note balance). This brings
the total number of defaulted obligors to 19, totaling EUR96.8
million and representing approximately 32% of the target par
amount. We also note that as of the October 2011 manager's
report, EUR29 million of assets (six obligors) are on the
manager's watch list, while an additional EUR16 million of assets
pertaining to three obligors are reported as credit-impaired,
indicating that default is likely," S&P said.
"According to the October 2011 collateral administration report,
the extent of the failure of the class D and E
overcollateralization test ratios has worsened, and both ratios
are well below 100%. As a consequence, according to the
transaction documents, the issuer continues to repay the class A
notes according to the priority of payments, using available
proceeds after payment of the class D interest, while interest on
the class E notes continues to be deferred. In our view, it is
unlikely that the issuer will be able to cure the
overcollateralization ratios, as the available excess spread is
limited," S&P said.
"According to the portfolio manager's October 2011 report, we see
that no significant amounts have been recovered on defaulted
assets to date. Total recoveries have been received for three
obligors only, and amount to about 1% of the defaulted notional,"
S&P said.
"In addition, in our view, the underlying portfolio shows
significant obligor concentration. According to our analysis, the
top 10 obligors account for about 46% of the performing balance -
- making PULS 2007 slightly less concentrated than PULS 2006. The
additional defaults have further increased the portfolio
concentration for both transactions," S&P said.
"Moreover, the underlying assets in PULS 2007 will largely mature
at the same time, in July 2014. In our view, this may create
challenges, particularly for weaker borrowers to refinance their
debt at maturity, which we believe introduces the risk of further
defaults," S&P said.
"Although in PULS 2007, single obligor concentration is slightly
less pronounced than in PULS 2006, in our view the effects of
additional defaults are similar with regard to the class A-1, A-
2A, and A-2B notes. These classes can no longer withstand
defaults among the top obligors to a level commensurate with
their current rating levels, in our opinion. We have therefore
lowered our ratings on these notes," S&P said.
"The class B and C notes, in our view, cannot sustain any further
defaults of the largest obligors in the portfolio, we have
lowered our rating on the class B notes to 'CCC-' and affirmed
our rating on the class C notes at 'CCC-'," S&P said.
"As a result of the extent of undercollateralization for the
class D and E notes, we have lowered our ratings on the class D
notes to 'CC (sf)' and affirmed our ratings on the class E notes.
In our view, these classes are highly vulnerable to nonpayment,"
S&P said.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
Ratings List
PULS CDO 2006-1 PLC
EUR266.95 Million Senior and Subordinated Deferrable Fixed-
and Floating-Rate Notes Series 2006-1
Class Rating
To From
Ratings Lowered
A-1 CCC (sf) B (sf)
A-2A B (sf) BB (sf)
A-2B CCC (sf) B (sf)
C-1 CC (sf) CCC- (sf)
C-2 CC (sf) CCC- (sf)
D CC (sf) CCC- (sf)
R[1] CCC (sf) B (sf)
Ratings Affirmed
B CCC- (sf)
E-1 CC (sf)
E-2 CC (sf)
Q[2] CC (sf)
[1] Combination note comprising EUR1.8 million class A-1 notes
and EUR150,000 class F notes.
[2] Combination note comprising EUR2.854 million class E-2 notes
and EUR2.15 million class F notes.
The ratings on the class A-1, A-2A, A-2B, B, and C notes address
timely payment of interest and ultimate payment of principal.
The ratings on the class D, E-1, and E-2 notes address ultimate
interest and ultimate principal payment. The ratings on the class
Q and R combination notes address ultimate payment of principal.
PULS CDO 2007-1 Ltd.
EUR300 Million Senior and Subordinated Deferrable
Floating-Rate Notes Series 2007-1
Class Rating
To From
Ratings Lowered
A-1 B (sf) BB (sf)
A-2A BB (sf) BBB (sf)
A-2B B (sf) BB (sf)
B CCC- (sf) CCC (sf)
D CC (sf) CCC- (sf)
Ratings Affirmed
C CCC- (sf)
E CC (sf)
The ratings on the class A-1, A-2A, A-2B, B, C-1, and C-2 notes
address timely payment of interest and ultimate payment of
principal. The ratings on the class D and E notes address
ultimate payment of interest and principal.
===================
L U X E M B O U R G
===================
CODERE FINANCE: S&P Assigns 'B' Rating to US$250-Mil. Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed US$250 million senior notes (the proposed or U.S.
dollar notes) to be issued by Codere Finance (Luxembourg) S.A.
Codere Finance is a fully-owned finance subsidiary of Spanish
gaming company Codere S.A. (B/Stable--). The 'B' issue rating is
in line with the corporate credit rating on parent company
Codere. "We also assigned a recovery rating of '3' to the
proposed notes, indicating our expectation of meaningful (50%-
70%) recovery in the event of a payment default," S&P said.
The issue and recovery ratings on the existing EUR760 million
senior notes due 2015 (the euro notes), issued by Codere Finance,
remain unchanged at 'B' and '3'.
"We understand that about US$200 million of the proceeds of the
proposed notes will be used to finance the purchase of an
additional 35.8% stake in ICELA, a 49%-owned Mexican partner.
This will increase Codere's overall stake to 84.8%. This
transaction will allow Codere to fully consolidate ICELA's
results. We understand that the remaining proceeds will be used
for general corporate purposes and transaction fees," S&P said.
"As part of our revised recovery analysis, we have moved the
hypothetical default year to 2015, when the euro notes mature,
from 2013 previously. This is because we now project that the
company will be able to refinance its EUR120 million credit
facilities due in 2013. We have also increased our estimation
of the stressed enterprise value at the point of default to
EUR920 million, from EUR780 million previously, to reflect the
additional value from the increased stake in ICELA," S&P said.
Recovery Analysis
"Our issue and recovery ratings on the existing and proposed
senior notes are supported by our valuation of Codere as a going
concern, underpinned by its leading market positions and strong
barriers to entry in the highly regulated gaming sector. At the
same time, the issue and recovery ratings are limited by our view
of the security package and noteholder protection as weak. The
ratings also reflect the uncertainties related to Codere's
operations in Latin American jurisdictions, and the company's
exposure to the Spanish insolvency regime, which we view as
unfavorable for creditors," S&P said.
"The guarantee and security package for the proposed US$250
million notes is in line with that of the euro notes. According
to the documentation, the euro and U.S. dollar notes rank pari
passu and are subordinated to the EUR120 million senior credit
facilities due 2013. The proposed notes are guaranteed on a
senior basis by Codere and Codere Internatiocional Dos, S.A.U.
Codere Internatiocional Dos is a holding company that will be put
in place for the purpose of guaranteeing the proposed notes
issuance, and will be 100% owned by Codere International S.L.U.
(a 100%-owned subsidiary of Codere). The proposed notes are also
guaranteed on a second-ranking basis by most of Codere's
operating companies. In addition, the proposed notes benefit from
a first-priority lien over a funding loan from Codere Finance to
Codere Internatiocional Dos, and from second-priority liens over
the shares of Codere's subsidiaries Codere Espana, Codere
Internacional, Codere America, Colonder, and Nididem," S&P said.
"The documentation for the proposed notes allows Codere to incur
additional debt if the fixed charge coverage ratio is above
2.25x. In addition, the company can, without any limitations,
raise up to $400 million of senior bank debt that would rank
ahead of the notes (compared with EUR200 million of senior bank
debt permitted in the euro notes' documentation)," S&P said.
"The proposed notes' documentation also includes a portability
feature that allows Codere to automatically push down the US$250
million notes to a Latin American holding entity if Codere
pursues an IPO or sells more than 20% of its Latin American
business. According to the documentation, if the push down were
to occur, holders of the U.S. dollar notes would no longer
benefit from the guarantee and security provided by non-Latin
American subsidiaries," S&P said.
"In order to determine recoveries, we simulate a default
scenario. Our hypothetical default scenario assumes some decline
in revenues and margins, primarily arising from potential
regulatory actions in Europe or Latin America. In addition, we
forecast that the difficult economic conditions in Spain will
accelerate margin decline in Codere's European business," S&P
said.
"Under this scenario, we project a default in 2015, at which
point we forecast that EBITDA will have declined to about EUR165
million. We calculate a stressed enterprise value of about EUR920
million at our simulated point of default, which translates into
an enterprise value-to-EBITDA multiple of 5.5x," S&P said.
"From the stressed enterprise value, we deduct priority
liabilities of about EUR135 million, comprising enforcement costs
and finance leases. We also deduct EUR225 million of debt ranking
ahead of the euro and U.S. dollar senior notes, including the
debt of Codere's various subsidiaries and the EUR120 million
senior credit facilities that we assume would be fully drawn by
the point of default," S&P said.
"The residual value is sufficient for meaningful recovery in the
50%-70% range for senior noteholders, although we see some
volatility in the recovery prospects. First, according to the
proposed notes' documentation, the company can increase the
amount of debt ranking above the notes, which would reduce
recovery prospects for noteholders. Second, we believe that if
the company were to push down the proposed U.S. dollar notes to a
Latin American holding entity, recovery prospects for both the
euro and U.S. dollar notes could be affected by potential changes
in the overall capital structure and in our valuation
assumptions. Third, we consider that depreciation of the
currencies in Argentina or Mexico could lower recovery prospects
for the senior noteholders, given that the debt is denominated in
euros and U.S. dollars. Nonetheless, the diversification of the
debt profile through the proposed U.S. dollar notes will
partially mitigate this foreign exchange exposure, given that we
see the U.S. dollar as more closely correlated to the Latin
American currencies than the euro," S&P said.
Ratings List
New Rating
Codere Finance (Luxembourg) S.A.
Senior Unsecured
US$250 mil nts* B
Recovery Rating 3
*Guaranteed by Codere S.A.
=====================
N E T H E R L A N D S
=====================
DUCHESS V: S&P Raises Rating on Class E Notes to 'CCC+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Duchess V CLO B.V.'s class B, C, and E notes. At the same time,
S&P affirmed its ratings on the class A-1, D, and combination M
notes.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report
(dated November 2011), in addition to our cash flow analysis. We
have taken into account recent developments in the transaction
and reviewed it under our 2010 counterparty criteria," S&P said.
"We note from the trustee report that the overcollateralization
test results for all classes of notes have improved significantly
since our last rating review in April 2010, and are currently
passing at their required levels. At the same time, the weighted-
average spread earned on the collateral pool has also increased,"
S&P said.
"In addition, our analysis indicates that the weighted-average
maturity of the portfolio has decreased since our April 2010
review. We have also observed a general improvement in the credit
quality of the portfolio, such as a decrease in defaulted assets,
and in assets rated 'CCC'. From our analysis, 'CCC' rated assets
currently account for 5.47% of the portfolio's performing asset
balance, versus 13.41% at our previous review. As a direct
consequence, there has been a reduction in our scenario default
rates (SDRs) for all rating categories," S&P said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class, which
we then compared against its SDR to determine the rating level
for each class of notes. In our analysis, we used the reported
portfolio balance that we consider to be performing, the
weighted-average spread, and the weighted-average recovery rates
that we considered appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category that we assume for all classes
of notes, in conjunction with different interest rate stress
scenarios," S&P said.
"At closing, Duchess V CLO entered into several derivative
obligations in order to purchase assets in non-euro currencies,
and also to mitigate against losses from the devaluation in the
currencies of those assets," S&P said.
"We believe that the documentation for these derivatives does not
fully reflect our 2010 counterparty criteria. Therefore, we
conducted our cash flow analysis assuming that the transaction
does not benefit from support from the derivatives. After
conducting these cash flow analyses, we have affirmed our
rating on the class A-1 notes, at a level equivalent to the
rating on the counterparty/counterparties providing these
derivative obligations, plus one notch. We have therefore
affirmed our rating on the class A-1 notes at 'A+ (sf)'," S&P
said.
"For the class B and C notes, in our view the reduction in our
SDRs, together with our cash flow analysis, indicates that the
credit enhancement available to these notes is commensurate with
higher rating levels than previously assigned. We have therefore
raised our ratings on the class B notes to 'A+ (sf)' and on the
class C notes to 'BBB' (sf)," S&P said.
"We have affirmed our 'B+ (sf)' rating on the class D notes, as
this rating remains constrained by the application of the largest
obligor default test, a supplemental stress test we introduced in
our 2009 criteria update for corporate collateralized debt
obligations (CDOs)," S&P said.
"In our opinion, the improvements we have seen in the
transaction's performance since our last transaction update have
benefited the class E notes to the extent that these notes can be
upgraded. However, as for the class D notes, our analysis shows
that the rating on the class E notes is constrained by the
largest obligor default test, as they were in our previous
analysis. We have therefore raised our rating on the class E
notes to 'CCC+ (sf)'," S&P said.
"The class M combination notes comprise Duchess V CLO's class C
and D notes. Our affirmation of the rating on the class M combo
notes reflects the effect the transaction's performance has had
on the class C and D notes," S&P said.
Duchess V CLO is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in December 2005 and its
reinvestment period ended in February 2009. The transaction is
managed by Babson Capital Europe Ltd.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Ratings List
Class Rating
To From
Duchess V CLO B.V.
EUR505.6 Million Secured Floating-Rate Notes
Ratings Raised
B A+ (sf) BBB+ (sf)
C BBB (sf) BBB- (sf)
E CCC+ (sf) CCC (sf)
Ratings Affirmed
A-1 A+ (sf)
D B+ (sf)
M combo B+ (sf)
HALCYON 2006-I: S&P Raises Rating on Class E Notes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Halcyon Structured Asset Management European CLO 2006-
I B.V.'s outstanding EUR339.72 million notes.
Specifically, S&P:
Raised and removed from CreditWatch positive its ratings on
the class C and D notes,
Raised its rating on the class E notes, and
Affirmed its ratings on the class A-1, A-1R, and B notes.
"These rating actions follow our assessment of the transaction's
performance, as well as the application of our 2010 counterparty
criteria and our criteria for rating corporate collateralized
debt obligations (CDOs)," S&P said.
"In our opinion, the credit quality of the portfolio has
improved, and at the same time, the assets in the portfolio are
earning higher spreads than we observed in 2010. We have also
observed an increase in credit enhancement. These factors, in our
view, support higher ratings on the class C, D, and E notes," S&P
said.
"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rate for each rated tranche.
In our analysis, we have used the reported portfolio balance and
weighted-average spread, and the weighted-average recovery rates
that we consider to be appropriate. We have incorporated various
cash flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category (i.e.,
'AAA', 'AA', and 'BBB' ratings), in conjunction with different
interest rate stress scenarios," S&P said.
"We have applied our 2010 counterparty criteria and, in our view,
the hedge agreement does not entirely reflect these criteria.
Considering this, we have assessed our ratings on the tranches in
this transaction -- taking into account the transaction's
exposure to counterparties and the potential impact if they did
not perform. However, none of the ratings on any class of notes,
except the class A-1 and A-1R notes are above our long-term
issuer credit rating on the option counterparty plus one notch.
Moreover, under our criteria, our credit and cash flow analysis
suggests that our ratings on the class A-1 and A-1R notes are not
affected by the option counterparty in the transaction (Barclays
Bank PLC; A+/Stable/A-1)," S&P said.
"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our
criteria update. The test aims to measure the effect on ratings
of defaults of a specified number of largest obligors in the
portfolio with particular ratings, assuming 5% recoveries. In
addition, we applied the largest industry default test, another
of our supplemental stress tests. Our cash flow stresses support
a higher rating on the class E notes. However, the supplemental
stress tests constrain our rating on the class E notes at its
current rating level," S&P said.
"Considering all of these factors, we have raised and removed
from CreditWatch positive our ratings on the class C and D notes,
and raised our rating on the class E notes because our analysis
indicates that the credit enhancement available to each tranche
is commensurate with higher ratings than previously assigned,"
S&P said.
"We also affirmed our ratings on the class A-1, A-1R and B notes,
to reflect our view that these tranches have adequate credit
support to maintain their current rating levels. The affirmations
of the ratings on these notes are commensurate with our cash flow
stresses," S&P said.
Halcyon Structured Asset Management European CLO 2006-I is a cash
flow collateralized loan obligation (CLO) transaction that
securitizes loans to primarily speculative-grade corporate firms.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Ratings List
Class Rating
To From
Halcyon Structured Asset Management European CLO 2006-I B.V.
EUR400 Million Secured Floating-Rate Notes
Ratings Raised and Removed From CreditWatch Positive
C A- (sf) BBB (sf)/Watch Pos
D BBB (sf) BB+ (sf)/Watch Pos
Rating Raised
E BB- (sf) B+ (sf)
Ratings Affirmed
A-1 AA+ (sf)
A-1R AA+ (sf)
B A+ (sf)
NIELSEN HOLDINGS: Moody's Maintains 'Ba3' Corp. Family Ratings
--------------------------------------------------------------
Moody's Investors Service said that it had assigned a Ba2 rating
to Nielsen Finance LLC's new US$1.25 billion senior secured term
loan due January 2017. The proceeds will be used to repay term
loans due in 2013. Existing ratings including the Corporate
Family Rating (CFR) and all other debt ratings remain unchanged.
The outlook is stable.
Assignments:
Issuer: Nielsen Finance LLC
-- Senior Secured Bank Credit Facility, Assigned Ba2, 36
- LGD3
Moody's maintains these ratings on Nielsen Holdings N.V. and its
following affiliates:
Long-Term Corporate Family Ratings (domestic and foreign
currency) of Ba3
Probability of Default rating of Ba3
Nielsen Company B.V. (The)
Senior Unsecured (domestic currency) B2, 96 - LGD 6
Senior Unsecured MTN (domestic currency) (P)B2, 96 -- LGD 6
Other Short Term (domestic currency) ratings of (P)NP
Nielsen Finance LLC
Senior Secured Bank Credit Facility (domestic and foreign
currency) Ba2, 36 - LGD3
BACKED Senior Unsecured (domestic currency) B2, 88 - LGD5
Ratings Rationale
Nielsen's Ba3 CFR reflects Moody's view that the company enjoys
strong international business positions with high barriers to
entry. In addition, it is based on Moody's expectation that the
company can build on its track record to deliver continued solid
revenue growth and can thus leverage its cost base, optimized
over the last few years, to produce steady profit growth. In
addition, Moody's expects that the company will utilize free cash
flow generation mainly to reduce debt further. However, the
ratings also reflect the company's still considerable leverage,
the price challenges in Nielsen's 'Buy' division as well as
exposure, particularly in the' Watch' division to a fast moving
technological environment and a more competitive landscape in
faster growing markets (eg online).
The company has delivered consistent revenue growth over recent
years, evidencing the importance of Nielsen's services to clients
through the economic cycle, notwithstanding some cycle-
sensitivity in the company's 'Exposition' and 'Insights'
businesses. In line with company guidance, Moody's expects 2011
full year revenue growth at a similar rate to that of the first
nine months (6% at constant currency) as continued strong growth
in developing markets offsets a more sluggish environment in some
European markets. Growth trends should broadly continue into
2012, with a harsher macro-environment partly offset by the
impact of new product launches (Online Campaign Ratings) and the
revenue impact from the Walmart US co-operation agreement.
The debt reduction from the company's IPO in early 2011 and
continued Ebitda growth has resulted in improved free cash flow
generation (as measured by Moody's -- post capex and dividends),
which has to a significant extent been used for debt reduction.
As a result, Moody's expects Debt/Ebitda leverage for the full
year 2011 to fall to 5x or somewhat below, in line with Moody's
expectation for the Ba3 CFR. Moody's also assumes that the
company will apply its discretionary free cash flows in 2012 and
beyond so that it can achieve its stated deleveraging objective
(annual reduction by 0.5x Net Debt/Ebitda as measured by Nielsen)
with any residual cash flows potentially to be used for smaller
add-on acquisitions.
Rating Outlook
The stable outlook is based on Moody's expectation that Nielsen
will maintain its positive operating momentum and continue to
grow revenues in the mid single digits in 2012 and beyond. It
also reflects Moody's expectation that the company will apply
discretionary cash flows mainly to debt reduction in line with
its stated objective to reduce leverage and to achieve ratings
improvements over time.
What Could Change the Rating - Down
A ratio of Debt/Ebitda (as adjusted by Moody's, without run-rate
cost savings) higher than 5.0x and/or the absence of visible free
cash flow generation would result in downward ratings pressure.
What Could Change the Rating - Up
Steady operational performance paired with de-leveraging such
that Debt /Ebitda (as adjusted by Moody's) is moving towards 4.0x
together with sustained meaningful free cash flow generation
would likely result in positive rating pressure.
Nielsen'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 Nielsen's core industry and
believes Nielsen'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.
=============
R O M A N I A
=============
BRC BUSINESS: Files for Insolvency
----------------------------------
SeeNews, citing data posted on a Bucharest court Web site,
reports that BRC Business Group filed for insolvency on Jan. 24.
According to SeeNews, data from Romania's finance ministry Web
site show that BRC Business Group posted a net loss of
RON2.7 million (US$816,000/EUR622,400) in 2010.
BRC Business Group was established in 2006 by a group of
investors from the United Kingdom, the Netherlands and Israel.
It developed the Citadella Titan residential project in Romania's
capital Bucharest.
===========
R U S S I A
===========
LANTA-TUR VOYAGE: Halts Operations Due to Lack of Funds
-------------------------------------------------------
According to Bloomberg News' Ilya Khrennikov, RIA Novosti, citing
Oleg Moseyev, spokesman for Russia's Tourism Agency, reported
that more than 8,000 Russian tourists may be affected by the
suspension of sales at Lanta-Tur Voyage.
Lanta-Tur, which sold foreign tours to about 100,000 Russians
last year, as cited by RIA Novosti, said Friday on its Web site
that it halted operations because of a lack of funds to pay for
the services it booked, Bloomberg notes.
Lanta-Tur Voyage is one of Russia's largest tour operators.
OSAO RESO: S&P Affirms 'BB+' Counterparty Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based OSAO RESO Garantia to stable from negative. "At the same
time, we affirmed our 'BB+' long-term counterparty credit and
financial strength ratings and our 'ruAA+' Russia National Scale
ratings on the company," S&P said.
"The outlook revision reflects our view that RESO Garantia's
capitalization is now less vulnerable to the expected acquisition
of a stake of 25% plus one share in Russia-based VSK Insurance.
In the first nine months of 2011, RESO Garantia had gross premium
written of Russian ruble (RUB) 36.7 billion, while VSK had gross
premium written of RUB21.7 billion. We now understand that the
acquisition is not likely to be solely funded at the expense of
RESO Garantia; part of the transaction is funded by a convertible
US$110 million 5-year loan from the European Bank for
Reconstruction and Development," S&P said.
"We also understand management intends to more actively maintain
capital adequacy by retaining profits. Previous high dividend pay
outs (RUB2.8 billion for 2010) are not expected in 2012," S&P
said.
"Though there is limited information about the VSK acquisition in
the public domain, we expect that the process will be lengthy, as
consequent plans may include taking full control of VSK. However
the first stage (the acquisition of 25% plus one share) is likely
to be completed by year-end 2012. The acquisition is subject to
approval from the anti-monopoly and insurance regulators," S&P
said.
"The ratings on RESO Garantia continue to reflect our view of its
marginal capitalization and investments and the high industry
risk it faces in Russia," S&P said.
The company's good competitive position, good operating
performance, and adequate financial flexibility somewhat offset
these weaknesses. The current ratings do not reflect any synergy
benefits RESO Garantia might receive from the VSK acquisition.
"Our overall view of RESO Garantia's capitalization is
constrained by what we regard as the company's currently marginal
capital adequacy, but supported by adequate reserving and
reinsurance protection. Capital adequacy continues to be
pressured by increased asset risk due to existing financial
leverage. Despite our marginal assessment of capitalization, we
note that that capital levels are safely above regulatory
requirements," S&P said.
"The stable outlook incorporates our view that RESO Garantia's
capitalization will not be significantly affected in the medium
term by the transaction with VSK," S&P said.
=========
S P A I N
=========
NARA CABLE: Fitch Assigns 'BB-(exp)' Rating to Notes Due 2018
-------------------------------------------------------------
Fitch Ratings has assigned Nara Cable Funding's proposed 2018
senior secured US dollar issue, an expected rating of 'BB-(exp)'
and an expected Recovery Rating of 'RR2'. Nara Cable is a
finance vehicle for Cableuropa S.A.
The final rating of the notes is subject to completion of the
transaction and final terms conforming to information received
and reviewed by Fitch.
The purpose of the issuance is to refinance part of Cableuropa's
secured bank debt, the majority of which currently matures in
2013. Subject to a marginal increase in ongoing interest costs,
the transaction will be leverage neutral and improve the group's
overall maturity profile. In this respect, Fitch views the
transaction positively in terms of the company's ongoing progress
in addressing the overall profile of its borrowings. The
transaction further diversifies the company's funding sources and
replaces near-term maturities with funding maturing in 2018.
Cableuropa's Long term IDR of 'B'/Positive takes into account the
company's revenue and cash flow resilience, despite a difficult
economy and communications market; with Spain's overall telecoms
revenues down 4.8% yoy in Q311, according to market regulator,
CMT. The company is reporting good service bundle metrics across
the subscriber base, which itself remains stable, while the
business is achieving ARPU growth despite the economy and
austerity measures.
Leverage (net debt EBITDA) of 4.6x and free cash flow margin
approaching double digits are potentially already in line with a
'B+' rating. Resilience and visibility of cash flows, even in
the event of renewed austerity driven top-line pressure suggest
these metrics will be sustained.
Concerns over the economy and the risk of renewed pressure on the
consumer -- the company's primary source of revenues are
constraining factors. Net FFO leverage below 5.0x (correlating
to around 4.5x net debt EBITDA) and FCF margin sustained at
current levels in 2012 should justify an upgrade of the rating.
Further progress in addressing the 2013 bank refinancing will
also be a key consideration. Financial metrics trending wider
than current levels and an absence of a successful bank
refinancing are likely to be negative for the rating or Outlook.
NARA CABLE: S&P Assigns 'B' Rating to Proposed US$400-Mil. Notes
----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' issue rating
to the proposed US$400 million senior secured notes, due 2018, to
be issued by the special-purpose vehicle (SPV) Nara Cable Funding
Ltd. Nara Cable Funding is borrowing on behalf of the Spanish
cable operator Cableuropa S.A.U. (B/Stable/--). The proposed
issuance is an addition to the EUR700 million and EUR300 million
senior secured notes issued in October 2010 and July 2011. "We
have not assigned a recovery rating to the proposed or existing
notes," S&P said.
"We understand that Nara Cable Funding will lend the proceeds of
the proposed notes, if issued successfully, to Cableuropa through
a new loan facility. The proceeds will be used to pay down
Cableuropa's existing senior secured debt facilities maturing in
2012 and 2013. We have assigned an issue rating of 'B' to the
proposed loan facility, in line with the corporate credit rating
on Cableuropa. We also assigned a recovery rating of '3' to the
proposed loan facility, reflecting our expectation of meaningful
(50%-70%) recovery for the lenders in the event of a payment
default," S&P said.
"We anticipate that any additional amounts raised as part of the
proposed issuance will be used to pay down Cableuropa's existing
senior secured credit facilities," S&P said.
"The ratings on the proposed notes and the proposed SPV Tranche 3
facility are based on preliminary information and are subject to
our review of the final documentation. In the event of any
changes to the amount, terms, or conditions of the proposed
issuance, the issue and recovery ratings might be subject to
further review," S&P said.
The issue and recovery ratings on Cableuropa's other debt
instruments are unchanged.
Recovery Analysis
"In order to determine recoveries, we simulate a hypothetical
default scenario. In particular, we believe that a default would
most likely result from excessive leverage and Cableuropa's
inability to refinance its senior secured credit facilities
maturing in 2013 (about EUR1.7 billion), as a result of operating
underperformance," S&P said.
"We value the group on a going-concern basis, given Cableuropa's
solid market positions and the cable sector's significant
barriers to entry that result from the industry's high capital
intensiveness. At the hypothetical point of default in 2013, we
value the group at about EUR3.08 billion," S&P said.
"We assume a total of EUR3.4 billion of debt outstanding at the
point of default, including a fully drawn revolving credit
facility (RCF). We assume the RCF would be drawn on the path to
default to support operations in the event of an insolvency
filing," S&P said.
"The issue and recovery ratings on the existing secured SPV
Tranche 1 and 2 facilities and the proposed SPV Tranche 3
facility reflect the estimated value available and accessible to
the respective creditors, the likelihood of insolvency
proceedings being adversely influenced by Cableuropa's Spanish
domicile, and the high proportion of senior secured debt
instruments in the capital structure. The ratings also reflect
the weak security package, including a first-ranking share pledge
over Cableuropa and any material subsidiaries (no assets are
pledged)," S&P said.
"With regard to the pass-through transaction, although we have
not assigned a recovery rating to the proposed senior secured
notes, we believe that recovery prospects for these notes are
intrinsically linked to the recovery prospects on the senior
secured SPV Tranche facilities. We base this view on the
assignment of rights granted to noteholders under the SPV tranche
facilities. We consider that potential recovery for noteholders
would rely entirely on the effective operation of the pass-
through structure between the corporate entity (Cableuropa) and
the issuer (Nara Cable Funding)," S&P said.
Ratings List
New Ratings
Nara Cable Funding Ltd.
Senior Secured Debt B
Cableuropa S.A.U.
Senior Secured B
US$400 mil. 8.875% bank ln
due 12/01/2018
Recovery Rating 3
SPANAIR SA: Halts Operations After Takeover Talks End
-----------------------------------------------------
Manuel Baigorri at Bloomberg News reports that Spanair SA, the
Spanish airline involved in a crash that killed 154 people in
2008, ceased operations after Qatar Airways Ltd. halted takeover
talks and the regional government refused to provide further
funding.
According to Bloomberg, the carrier said in an e-mailed statement
that the final flight landed at about 10:00 p.m. on Friday,
citing "a lack of financial visibility for the coming months."
"We were in a very advanced process of finding a financial
partner, but we were notified by the regional government that it
couldn't finance our operations anymore and that Qatar wouldn't
invest," Bloomberg quotes Chairman Ferran Soriano as saying on
state-owned TVE. Closing operations was "the most prudent and
safe" decision.
Closely held Spanair wouldn't confirm a statement made by former
owner SAS AB that it had filed for bankruptcy, Bloomberg notes.
According to Bloomberg, the country's development ministry said
on Friday that Spanair is legally obliged to take care of
estimated 23,000 travelers affected by the closure and must
produce a plan to help them.
Spain's development ministry said in an e-mailed statement on
Saturday that it has started the procedure of fining Spanair for
two infringements of the nation's Air Security Law, Bloomberg
notes. The ministry, as cited by Bloomberg, said that those
fines could each be of as much as EUR4.5 million (US$5.9
million), and the airline could lose its operating license.
The Spanish airline, which has more than 2,000 employees, is
looking at options "including seeking protection from creditors
or filing for bankruptcy," though no decision has yet been made,
Bloomberg quotes spokeswoman Sandra Melendez as saying on
Saturday.
"The airline industry has become a game of big players and
Spanair was tremendously weak," Francisco Salvador, a Madrid-
based strategist at FGA/MG Valores, as cited by Bloomberg, said
on Saturday. "Tough competition from carriers such as Vueling
Airlines or Ryanair and the Spanish economic crisis didn't help
either."
Bloomberg relates that SAS, which sold 80% of the airline in
March 2009 and now holds 11%, said in a statement it will write
down the value of its remaining stake by SEK1.7 billion (US$252
million).
Spanair SA is the fifth-largest airline by passengers in Spain.
Founded in 1986, operated from 15 Spanish airports and had routes
to Europe, Africa and the Middle East. The airline carried 12.56
million passengers in 2011
===========
S W E D E N
===========
SAAB AUTOMOBILE: Youngman Expected to Make Takeover Bid This Week
-----------------------------------------------------------------
Radio Sweden reports that a bid on the bankruptcy estate of Saab
Automobile may come in as early as this week.
According to Radio Sweden, news agency TT reported that big
delegation from the Chinese car manufacturer, Youngman, is coming
to Sweden today to hold discussions with Saab's bankruptcy
administrator. Swedish Radio P4 Vast reported it is possible
Youngman will make a bid for the estate, Radio Sweden notes.
On Friday, it was announced that the Swedish National Debt
Office, a Saab guarantor, had paid back the car company's loan to
the European Investment Bank, Radio Sweden relates. This means
the Debt Office now holds a claim of up to US$325 million on
Saab's bankruptcy estate, Radio Sweden says.
Communications director of the Debt Office, Unni Jerndal, told
Swedish Radio p4 Vast that the Office will continue to recommend
that Saab be sold in its entirety, rather than piecemeal,
according to Radio Sweden.
The Debt Office can now claim the biggest share of Saab's
bankruptcy estate, Radio Sweden discloses. As security for its
claim, the Debt Office can be entitled to shares of Saab's spare
parts and tools subsidiaries, Saab Parts and Saab Tools,
respectively, Radio Sweden states.
About Saab
Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division. In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly-
owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.
Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg. Saab Cars North America is located in Royal Oak,
Michigan employing approximately 50 people responsible for sales,
marketing and administration duties for the North American
market.
On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB (Saab Automobile), Saab Automobile Tools AB and
Saab Powertrain AB filed for bankruptcy with the District Court
in Vanersborg, Sweden. After having received the recent position
of GM on the contemplated transaction with Saab Automobile,
Youngman informed Saab Automobile that the funding to continue
and complete the reorganization of Saab Automobile could not be
concluded. The Board of Saab Automobile subsequently decided
that the company without further funding will be insolvent and
that filing bankruptcy is in the best interests of its creditors.
Swan does not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.
=====================
S W I T Z E R L A N D
=====================
NEUCHATEL XAMAX: Financial Woes Prompt Bankruptcy Filing
--------------------------------------------------------
Football.co.uk reports that Neuchatel Xamax, owned by Chechen
businessman Bulat Chagaev, said Thursday it has filed for
bankruptcy.
According to football.co.uk, the club's board said in a statement
it made the decision due to the withdrawal of the club's license
and its financial situation.
"The board also decided to immediately release the players from
their obligations," football.co.uk quotes the board as saying.
The Swiss Football League said on Xamax was left out of last
week's Swiss Super League's championship race due to
Mr. Chagaev's actions, football.co.uk notes.
Mr. Chagaev bought Xamax in May 2011 from its former president
Sylvio Bernasconi, for an estimated CHF1.2 million
(EUR1 million), football.co.uk recounts.
Among the accusations he faces are failing to pay his players for
several months and not paying payroll taxes, football.co.uk
notes.
The disciplinary committee of the SFL also cited a probe into
allegations Mr. Chagaev submitted a falsified bank document to
prove his solvency during a bankruptcy trial, football.co.uk
discloses.
Neuchatel Xamax is a Swiss football club.
PETROPLUS HOLDINGS: S&P Lowers Corporate Credit Rating to 'D'
-------------------------------------------------------------
Standard and Poor's Ratings Services lowered its long-term
corporate credit rating on Switzerland-based refiner Petroplus
Holdings AG to 'D' (Default) from 'CC'.
"At the same time, we lowered to 'D' from 'C' our senior
unsecured debt ratings on notes totaling US$1.6 billion and a
US$150 million convertible bond issued by Petroplus Finance Ltd.
(Bermuda). At the time of default, the recovery rating on these
instruments was unchanged at '5', indicating our expectation of
modest (10%-30%) recovery prospects," S&P said.
"In addition, all ratings were removed from CreditWatch, where
they were placed with negative implications on Dec. 29, 2011,"
S&P said.
"The downgrades reflect our understanding that Petroplus has
received notices of acceleration from its banks under its US$2.1
billion committed and uncommitted revolving credit facilities.
Such acceleration constitutes an event of default under the
US$1.75 billion aggregate principal amount of outstanding senior
notes and convertible bonds of Petroplus Finance," S&P said.
"As Petroplus is unable to reopen its working capital lines, it
has started to close down operations at its refineries. In
addition, we understand that the board of directors plans to file
for insolvency," S&P said.
===========================
U N I T E D K I N G D O M
===========================
BONMARCHE LTD: Sun Capital Unit Buys UK Retailer
------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that an affiliate of
private equity firm Sun Capital Partners Inc. has bought
Bonmarche Ltd. for an undisclosed sum, the clothing chain's
insolvency administrator said.
Law360 relates that Sun European Partners LLP acquired the
chain's 389 stores after KPMG LLP was tapped as Bonmarche's
administrator. The sale excludes a handful of the chain's stores
and a few employees.
Based in Wakefield, the United Kingdom, Bonmarche, Ltd. retails
women's wear in a range of sizes. Bonmarche, Ltd. operates as a
subsidiary of The Peacock Group plc.
GEMINI: Moody's Cuts Rating on Class A Notes to 'Caa3'
------------------------------------------------------
Moody's Investors Service has downgraded the Class A Notes issued
by Gemini (Eclipse 2006-3) plc (amounts reflect initial
outstandings):
-- GBP615M Class A Notes, Downgraded to Caa3 (sf); previously
on Aug 11, 2010 Downgraded to Caa1 (sf)
Moody's does not rate the Class E, Class F, Class G and the Class
X Notes.
Ratings Rationale
The downgrade of the Class A Notes reflects the continuing
weakness of the secondary quality assets securing the single loan
in the transaction, combined with increased senior ranking
hedging claims that will reduce the recovery amounts available to
repay the Class A Notes. Moody's value of the portfolio is
GBP405 million, based on current net cash flows of roughly
GBP38 million that Moody's expects to deteriorate further. Taking
into account the reported mark-to-market of the hedging
instruments of GBP229.19 million as of October 2011, this
increases the note to value ratio ("NTV") of the Class A Notes to
197%. This compares to a NTV of 136% in Moody's last review,
mainly increased due to an increased senior hedging claim and a
further decline in property values. Despite the possible
reduction of the senior ranking claim over time, a full recovery
of the principal of the Class A Notes is unlikely. The rating
action also takes into account the uncertainty regarding the
senior ranking position of the liquidity facility to payments of
interest and principal under the Notes as described in Moody's
press release of June 8, 2011.
The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.
Moody's rating of the Class A Notes is sensitive to (i) the
interest rate swap development that influences the large senior
ranking claim of the hedge counterparty, (ii) the ongoing
performance and market value of the secondary real estate backing
the loan.
In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.
Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fueled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels.
As noted in Moody's comment 'Rising Severity of Euro Area
Sovereign Crisis Threatens Credit Standing of All EU Sovereigns'
(November 28, 2011), the risk of sovereign defaults or the exit
of countries from the Euro area is rising. As a result, Moody's
could lower the maximum achievable rating for structured finance
transactions in some countries, which could result in rating
downgrades.
Moody's Portfolio Analysis
Gemini (Eclipse 2006-3) plc closed in November 2006 and
represents the true-sale securitization of an initially GBP 918.9
million senior loan (the "Senior Loan") secured by a portfolio of
initially 36 commercial properties throughout the UK. The
predominant property types were retail (59%) and office (21%).
The GBP105.8 million junior loan (the "Junior Loan") has not been
securitized in this transaction but is secured by the same
properties. The relationship between the Senior Loan lenders and
Junior Loan lenders is governed by an intercreditor agreement.
The Senior Loan and the Junior Loan combined are the initially
GBP1,041.4 million whole loan ("Whole Loan"), which matures in
July 2016. Following a property disposal, the Senior Loan
currently amounts to GBP850.4 million and the Junior Loan to
GBP105.2 million. The predominant property types are still retail
(55%) and office (21%).
Portfolio performance. The vacancy level of the portfolio has
increased to 18.61% in the last year up to Q4 2011, in part due
to the administration of a gym operator that still occupies 2
properties of the portfolio. The portfolio still has a relatively
healthy WA lease term of 9 years to break, but Moody's
nevertheless expects that the vacancy rate will continue to be
under pressure and net rents to decline further. The current
level of net rents is volatile given numerous one-off effects on
the cash flow in the last quarters, but Moody's assumes a net
cash flow of currently GBP38 million annually to be available to
service the debt. This net cash flow is expected to decrease
further.
The special servicer commissioned a new valuation dated September
2011. According to the valuation, the portfolio has a combined
value of GBP469.6 million as of this date. Moody's uses a value
of GBP405 million in its analysis, based on the secondary nature
of the properties and the expectation of further falls in net
cash flows.
The Borrower Level Interest Rate Hedging. The borrower has
entered into an interest rate swap and a collar that matures in
2026. Upon termination of the hedges due to a default of the
borrower or refinancing of the loan, the swap counterparty ranks
senior to the Senior Loan in terms of swap breakage costs. Given
the current low interest rate environment, the hedging
instruments are in the money for the counterparty. As of October
2011, the exposure to the hedging agreements amounted to
GBP229.19 million. At the same time, even assuming constant
interest rates, the negative swap exposure would decline over
time as the remaining tenor of the swap shortens. Moody's
continues to assume that the existence of the swap and the
currently significant potential termination costs will impact the
Special Servicer's enforcement strategy and make an outright sale
of a large portion of the property portfolio unlikely. Since
Moody's assumes that swap termination costs are also payable upon
a partial prepayment of the loan, the swap structure continues to
complicate selected property disposals for the foreseeable
future.
Portfolio Loss Exposure: Moody's expects very large amount of
losses on the securitized portfolio, stemming from the secondary
nature of the portfolio, the continuing pressure on net rents
from high vacancies and limited tenant demand, and the limited
investment appetite for secondary property that Moody's does not
expect to change over the coming years. Moody's anticipates that
the Special Servicer will have to start recovering some amounts
towards the maturity of the loan in 2016 at latest, at which
point the losses will start crystallizing.
Rating Methodology
The methodologies used in this rating were Moody's Approach to
Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE
Portfolio) published in April 2006, and Update on Moody's Real
Estate Analysis for CMBS Transactions in EMEA published in June
2005.
Other factors used in this rating are described in EMEA CMBS:
2011 Central Scenarios published in February 2011.
The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated 11 August 2010. The last Performance Overview for
this transaction was published on 10 January 2012.
In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
THAMESTEEL: Enters Administration After Failing to Find Investor
----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Thamesteel has entered into
administration after failing to secure an investor to rescue it
from financial difficulties, members of the Community Union said.
Thamesteel is a U.K. steel producer, which is owned by Saudi-
based Al-Tuwairqi Group.
TURBO FINANCE: Fitch Affirms Rating on Class C Notes at 'BB+sf'
---------------------------------------------------------------
Fitch Ratings has upgraded Turbo Finance Plc's class B notes,
affirmed the class A and C notes and revised class C's Outlook to
Positive, as follows:
-- Class A notes affirmed at 'AAAsf'; Outlook Stable,
-- Class B notes upgraded to 'AAsf' from 'Asf'; Outlook Stable,
-- Class C notes affirmed at 'BB+sf'; Outlook revised to
Positive from Stable.
The rating actions reflect the transaction's robust performance
as demonstrated by the low delinquency rates and the cumulative
default ratios to date remaining below Fitch's base case
assumptions set at closing. Although the underlying contracts do
not feature any direct residual value risk, Fitch notes that
91.5% of the underlying receivables are regulated by the Consumer
Credit Act and are therefore exposed to losses resulting from
borrowers exercising their voluntary termination (VT) right.
However, given used car prices were quite stable since
transaction closing, the number of VT cases remained at a low
level (0.2% by initial portfolio amount).
The fast amortization together with the solid performance has led
to significantly increased credit enhancement levels. Fitch
believes that Turbo Finance Plc could therefore withstand
increased stress levels and has thus upgraded the class B and
assigned the class C a Positive Outlook.
The transaction is a securitization of UK auto loan receivables
originated by FirstRand Bank Limited, London Branch (FRB;
'BBB+'/Stable/'F2') under the trading name of Carlyle Finance.
Carlyle Finance was acquired by FRB in 2006 and is the fourth
largest independent provider of point-of-sale (POS) car finance
in the UK.
The portfolio, as of December 2011, comprised 45,174 loans with
an average current balance of GBP4,119. The portfolio consists
primarily of used car loans (89% by balance), with weighted
average seasoning of 22 months and a weighted average remaining
term of 29.5 months. The portfolio is diverse with respect to
regional and manufacturer distribution.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 23 to January 27, 2012
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
BA CREDITANSTALT 5.470 8/28/2013 EUR 63.25
BAWAG 5.400 2/12/2023 EUR 68.01
BAWAG 5.430 2/26/2024 EUR 65.20
BAWAG 5.310 2/12/2023 EUR 67.48
BUNDES IMMOBIL 4.070 1/19/2032 EUR 98.79
HAA-BANK INTL AG 5.270 4/7/2028 EUR 62.74
HYPO NOE GRUPPE 4.000 1/24/2029 EUR 97.46
IMMOFINANZ 4.250 3/8/2018 EUR 3.51
KOMMUNALKREDIT 5.430 2/13/2024 EUR 63.50
KOMMUNALKREDIT 4.440 12/20/2030 EUR 48.38
KOMMUNALKREDIT 4.900 6/23/2031 EUR 51.50
OEBB INFRASTRUKT 4.000 12/9/2031 EUR 103.06
OESTER VOLKSBK 5.270 2/8/2027 EUR 58.65
OESTER VOLKSBK 4.170 7/29/2015 EUR 62.00
OESTER VOLKSBK 4.750 4/30/2021 EUR 68.10
OESTER VOLKSBK 4.160 5/20/2025 EUR 69.29
OESTER VOLKSBK 4.810 7/29/2025 EUR 63.75
RAIFF ZENTRALBK 5.500 12/29/2023 EUR 69.87
RAIFF ZENTRALBK 5.730 12/11/2023 EUR 71.74
RAIFF ZENTRALBK 5.470 2/28/2028 EUR 64.10
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 50.84
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 20.11
IDEAL STANDARD I 11.750 5/1/2018 EUR 64.75
IDEAL STANDARD I 11.750 5/1/2018 EUR 64.75
ONTEX IV 9.000 4/15/2019 EUR 72.63
BULGARIA
--------
BULGARIA GOVT 4.500 1/18/2019 EUR 100.81
PETROL AD-SOFIA 8.375 1/26/2017 EUR 79.75
AVANGARDCO INVES 10.000 10/29/2015 USD 77.00
CYPRUS
------
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 63.25
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 71.45
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 62.00
CYPRUS GOVT BOND 6.000 1/4/2015 EUR 77.29
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 59.68
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 63.75
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 58.13
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 63.63
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 64.13
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 61.32
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 63.68
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 64.63
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 59.63
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 60.61
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 69.18
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 66.88
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 67.63
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 68.63
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 71.89
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 72.00
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 66.50
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 65.13
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 65.50
CYPRUS GOVT BOND 5.250 6/9/2015 EUR 75.05
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 72.53
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 60.50
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 59.00
MARFIN POPULAR 4.350 11/20/2014 EUR 53.13
REP OF CYPRUS 4.750 2/25/2016 EUR 62.44
REP OF CYPRUS 4.375 7/15/2014 EUR 72.81
DENMARK
-------
DONG A/S 4.875 1/12/2032 GBP 100.02
FIN-DANISH IND 4.910 7/6/2021 EUR 63.63
KOMMUNEKREDIT 0.500 2/3/2016 TRY 75.32
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 58.95
NYKREDIT 3.500 10/1/2044 DKK 96.57
REALKREDIT DNMRK 2.000 1/1/2020 EUR 91.79
REALKREDIT DNMRK 2.000 4/1/2023 DKK 92.68
REALKREDIT DNMRK 2.000 1/1/2023 EUR 89.19
REALKREDIT DNMRK 2.000 1/1/2022 EUR 88.13
REALKREDIT DNMRK 2.000 4/1/2014 EUR 100.62
WELLTEC A/S 8.000 2/1/2019 USD 96.25
FINLAND
-------
MUNI FINANCE PLC 0.500 10/27/2016 TRY 75.28
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 73.33
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 73.57
MUNI FINANCE PLC 0.250 6/28/2040 CAD 20.89
MUNI FINANCE PLC 0.500 11/10/2021 NZD 64.39
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 50.22
MUNI FINANCE PLC 0.500 3/17/2025 CAD 53.91
MUNI FINANCE PLC 0.500 12/21/2016 TRY 74.64
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 64.62
MUNI FINANCE PLC 0.500 9/24/2020 CAD 70.79
MUNI FINANCE PLC 0.500 11/16/2017 TRY 63.50
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 71.52
MUNI FINANCE PLC 9.750 1/2/2013 TRY 101.32
MUNI FINANCE PLC 5.500 3/25/2014 MXN 102.51
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 65.78
FRANCE
------
AGENCE FRANCAISE 3.125 1/4/2024 EUR 93.59
AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.01
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.67
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.70
ASSYSTEM 4.000 1/1/2017 EUR 20.55
ATOS ORIGIN SA 2.500 1/1/2016 EUR 51.28
BANQ FED CRD MUT 5.300 12/6/2018 EUR 95.36
BANQUE PSA FIN 6.000 7/16/2014 EUR 103.17
BNP PARIBAS 10.050 7/24/2012 USD 33.63
BNP PARIBAS 2.890 5/16/2036 JPY 56.74
BPCE 3.455 9/16/2025 EUR 71.18
BPCE SFH 4.000 3/23/2022 EUR 99.90
CAISSE AMORT DET 5.120 12/1/2025 NOK 110.55
CAISSE AMORT DET 2.625 1/15/2015 EUR 101.59
CAISSE AMORT DET 4.125 4/25/2023 EUR 102.69
CAISSE AMORT DET 4.000 12/15/2025 EUR 100.30
CALYON 6.000 6/18/2047 EUR 16.12
CAP GEMINI SOGET 3.500 1/1/2014 EUR 37.52
CGG VERITAS 1.750 1/1/2016 EUR 29.00
CLUB MEDITERRANE 5.000 6/8/2012 EUR 15.66
CLUB MEDITERRANE 6.110 11/1/2015 EUR 19.03
CMA CGM 8.500 4/15/2017 USD 45.50
CMA CGM 8.875 4/15/2019 EUR 44.38
CMA CGM 8.875 4/15/2019 EUR 44.40
CMA CGM 8.500 4/15/2017 USD 44.63
CNP ASSURANCES 6.875 9/30/2041 EUR 74.01
CNP ASSURANCES 6.000 9/14/2040 EUR 72.67
CRED AGRICOLE SA 4.000 9/30/2022 EUR 76.46
CRED MUT ARK HL 4.650 12/13/2041 EUR 101.68
CREDIT FONCIER 4.250 2/24/2018 EUR 97.83
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 56.42
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 65.47
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 62.07
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 60.83
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 60.96
DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 73.48
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 59.57
DEXIA MUNI AGNCY 2.875 4/23/2030 CHF 72.39
ELEC DE FRANCE 3.875 1/18/2022 EUR 100.97
EURAZEO 6.250 6/10/2014 EUR 55.27
EUROPCAR GROUPE 9.375 4/15/2018 EUR 57.64
EUROPCAR GROUPE 9.375 4/15/2018 EUR 58.13
FAURECIA 4.500 1/1/2015 EUR 22.34
FONCIERE REGIONS 3.340 1/1/2017 EUR 73.65
GROUPAMA SA 7.875 10/27/2039 EUR 55.40
HOPITAUX DE PARI 4.100 1/5/2032 EUR 98.52
INGENICO 2.750 1/1/2017 EUR 43.08
IXIS CIB 5.400 1/9/2033 EUR 71.92
MAUREL ET PROM 7.125 7/31/2014 EUR 18.08
MAUREL ET PROM 7.125 7/31/2015 EUR 16.79
NEXANS SA 4.000 1/1/2016 EUR 59.73
ORPEA 3.875 1/1/2016 EUR 42.39
PAGESJAUNES FINA 8.875 6/1/2018 EUR 64.13
PAGESJAUNES FINA 8.875 6/1/2018 EUR 63.75
PEUGEOT SA 4.450 1/1/2016 EUR 24.68
PIERRE VACANCES 4.000 10/1/2015 EUR 69.87
PUBLICIS GROUPE 1.000 1/18/2018 EUR 50.16
PUBLICIS GROUPE 3.125 7/30/2014 EUR 38.99
RCI BANQUE 5.625 3/13/2015 EUR 104.10
RESEAU FERRE FRA 4.250 10/7/2026 EUR 102.52
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.92
SOITEC 6.250 9/9/2014 EUR 8.37
TEM 4.250 1/1/2015 EUR 52.86
THEOLIA 2.700 1/1/2041 EUR 9.06
VIVENDI SA 4.125 7/18/2017 EUR 102.29
ZLOMREX INT FIN 8.500 2/1/2014 EUR 74.50
ZLOMREX INT FIN 8.500 2/1/2014 EUR 74.50
GERMANY
-------
AAREAL BANK AG 2.000 6/15/2015 EUR 100.40
AAREAL BANK AG 2.250 1/30/2013 EUR 98.79
AAREAL BANK AG 2.850 6/10/2016 EUR 94.50
AAREAL BANK AG 2.000 2/1/2016 EUR 100.32
BAYERISCHE HYPO 5.000 12/21/2029 EUR 63.89
BAYERISCHE LNDBK 2.000 12/9/2014 EUR 101.52
BAYERISCHE LNDBK 3.375 5/3/2021 EUR 99.10
BAYERISCHE LNDBK 4.500 2/7/2019 EUR 68.93
BAYERNLABO 1.150 1/15/2013 EUR 99.89
BHW BAUSPARKASSE 5.600 4/14/2023 EUR 65.88
BHW BAUSPARKASSE 5.640 1/30/2024 EUR 64.88
BHW BAUSPARKASSE 4.270 1/15/2019 EUR 68.13
BHW BAUSPARKASSE 5.450 2/20/2023 EUR 65.13
BREMER LANDESBK 3.250 1/10/2022 EUR 83.66
BREMER LANDESBK 2.020 11/25/2014 EUR 101.11
BREMER LANDESBK 2.000 1/30/2015 EUR 94.69
BREMER LANDESBK 2.875 6/21/2017 EUR 92.17
COMMERZBANK AG 5.625 11/29/2017 EUR 71.16
COMMERZBANK AG 5.000 4/20/2018 EUR 28.01
COMMERZBANK AG 5.000 3/30/2018 EUR 28.02
COMMERZBANK AG 6.625 8/30/2019 GBP 74.77
COREALCREDIT 1.000 12/20/2013 EUR 98.08
DEUTSCHE HYP HAN 2.000 1/9/2014 EUR 99.59
DEUTSCHE HYP HAN 6.050 9/27/2022 EUR 69.50
DEUTSCHE HYP HAN 5.300 11/20/2023 EUR 63.00
DRESDNER BANK AG 6.000 2/25/2020 EUR 74.02
DRESDNER BANK AG 5.290 5/31/2021 EUR 65.87
DRESDNER BANK AG 5.700 7/31/2023 EUR 61.90
DRESDNER BANK AG 6.210 6/20/2022 EUR 68.24
DT PFANDBRIEFBAN 2.250 1/18/2016 EUR 100.29
DZ BANK AG 1.460 9/15/2014 EUR 99.50
DZ BANK AG 2.820 12/9/2020 EUR 97.94
ERSTE ABWICKLUNG 1.660 1/20/2016 EUR 99.87
ERSTE ABWICKLUNG 1.200 12/6/2012 EUR 100.09
ESCADA AG 7.500 4/1/2012 EUR 8.13
EUROHYPO AG 6.490 7/17/2017 EUR 68.63
EUROHYPO AG 5.110 8/6/2018 EUR 60.75
EUROHYPO AG 3.830 9/21/2020 EUR 50.38
EUROHYPO AG 5.560 8/18/2023 EUR 53.13
FMS WERTMANAGE 1.695 1/25/2017 EUR 99.26
FRANKFURT SPARKA 2.700 6/1/2015 EUR 96.03
FRANKFURT SPARKA 2.900 6/1/2016 EUR 94.73
GEM DT LAENDER 1.625 1/26/2017 EUR 99.54
GOTHAER ALLG VER 5.527 9/29/2026 EUR 74.51
HAMBURG FREIE HA 1.670 1/25/2017 EUR 98.43
HAMBURGER SPARKA 2.500 11/11/2019 EUR 96.71
HAMBURGER SPARKA 1.710 10/31/2017 EUR 95.68
HAPAG-LLOYD 9.750 10/15/2017 USD 82.38
HECKLER & KOCH 9.500 5/15/2018 EUR 68.50
HECKLER & KOCH 9.500 5/15/2018 EUR 68.50
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 61.99
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 62.25
HSH NORDBANK AG 2.000 7/18/2014 EUR 95.94
HSH NORDBANK AG 2.375 4/15/2016 EUR 93.04
HSH NORDBANK AG 4.375 2/14/2017 EUR 60.66
KREISSPK KOELN 1.660 9/29/2017 EUR 97.37
L-BANK FOERDERBK 0.500 5/10/2027 CAD 50.90
LAND HESSEN 1.750 2/10/2017 EUR 100.18
LANDBK HESSEN-TH 2.750 12/15/2017 EUR 101.83
LANDESBK BERLIN 2.500 1/16/2018 EUR 88.86
LANDESBK BERLIN 2.330 12/16/2016 EUR 90.99
LB BADEN-WUERTT 1.375 11/14/2012 EUR 100.16
LB BADEN-WUERTT 1.750 11/28/2012 EUR 100.13
LB BADEN-WUERTT 1.320 1/4/2013 EUR 99.75
LB BADEN-WUERTT 1.250 1/21/2013 EUR 99.66
LB BADEN-WUERTT 5.250 10/20/2015 EUR 26.68
LB BADEN-WUERTT 2.500 12/16/2016 EUR 97.68
LB BADEN-WUERTT 4.070 12/9/2019 EUR 110.54
LB BADEN-WUERTT 2.800 2/23/2037 JPY 46.46
LFA FOERDERBK BY 1.500 12/15/2015 EUR 99.69
METRO AG 3.000 2/1/2016 EUR 99.29
MUNCHEN HYPOBANK 1.280 1/31/2013 EUR 97.85
NORDDEUTSCHE L/B 2.125 11/25/2013 EUR 100.69
NORDDEUTSCHE L/B 2.250 12/8/2014 EUR 100.43
NORDRHEIN-WEST 0.875 12/19/2012 EUR 99.89
Q-CELLS 6.750 10/21/2015 EUR 0.60
QIMONDA FINANCE 6.750 3/22/2013 USD 1.00
RHEINISCHE HYPBK 6.600 5/29/2022 EUR 59.25
SACHSEN - ANHALT 1.000 1/23/2014 EUR 99.85
SOLARWORLD AG 6.375 7/13/2016 EUR 62.49
SOLARWORLD AG 6.125 1/21/2017 EUR 58.99
SOLON AG SOLAR 1.375 12/6/2012 EUR 1.67
THUERINGEN LAND 2.250 1/13/2020 EUR 97.60
TUI AG 5.500 11/17/2014 EUR 66.06
TUI AG 2.750 3/24/2016 EUR 43.58
UNICREDIT BANK A 2.700 12/14/2018 EUR 96.42
VOLKSWAGEN BANK 5.500 6/7/2024 EUR 67.61
VOLKSWAGEN BANK 5.400 9/26/2023 EUR 69.08
WESTLB AG 2.490 1/11/2016 EUR 94.09
WESTLB AG 3.230 12/9/2016 EUR 98.34
WESTLB AG 2.500 12/29/2014 EUR 96.24
WGZ BANK 2.125 11/7/2016 EUR 96.65
WL BANK 1.250 1/6/2014 EUR 100.15
WL BANK 1.710 1/23/2017 EUR 96.78
GREECE
------
ATHENS URBAN TRN 4.851 9/19/2016 EUR 16.06
FAGE DAIRY IND 7.500 1/15/2015 EUR 79.25
HELLENIC REP I/L 2.300 7/25/2030 EUR 18.50
HELLENIC REP I/L 2.900 7/25/2025 EUR 19.00
HELLENIC REPUB 5.200 7/17/2034 EUR 24.75
HELLENIC REPUB 4.625 6/25/2013 USD 35.50
HELLENIC REPUB 2.125 7/5/2013 CHF 39.00
HELLENIC REPUB 4.590 4/8/2016 EUR 21.13
HELLENIC REPUB 5.000 3/11/2019 EUR 23.13
HELLENIC REPUB 6.140 4/14/2028 EUR 11.25
HELLENIC REPUBLI 4.020 9/13/2016 EUR 19.66
HELLENIC REPUBLI 4.225 3/1/2017 EUR 19.65
HELLENIC REPUBLI 5.900 4/20/2017 EUR 20.09
HELLENIC REPUBLI 4.300 7/20/2017 EUR 20.35
HELLENIC REPUBLI 4.675 10/9/2017 EUR 20.53
HELLENIC REPUBLI 4.590 4/3/2018 EUR 20.34
HELLENIC REPUBLI 4.600 7/20/2018 EUR 21.31
HELLENIC REPUBLI 5.014 2/27/2019 EUR 21.06
HELLENIC REPUBLI 5.959 3/4/2019 EUR 22.11
HELLENIC REPUBLI 6.000 7/19/2019 EUR 20.29
HELLENIC REPUBLI 6.500 10/22/2019 EUR 21.02
HELLENIC REPUBLI 6.250 6/19/2020 EUR 22.54
HELLENIC REPUBLI 5.900 10/22/2022 EUR 20.79
HELLENIC REPUBLI 4.700 3/20/2024 EUR 19.55
HELLENIC REPUBLI 4.300 3/20/2012 EUR 37.74
HELLENIC REPUBLI 5.300 3/20/2026 EUR 20.51
HELLENIC REPUBLI 4.500 7/1/2014 EUR 26.13
HELLENIC REPUBLI 4.500 9/20/2037 EUR 22.19
HELLENIC REPUBLI 4.600 9/20/2040 EUR 22.58
HELLENIC REPUBLI 4.500 5/20/2014 EUR 20.51
HELLENIC REPUBLI 6.500 1/11/2014 EUR 23.41
HELLENIC REPUBLI 4.520 9/30/2013 EUR 25.38
HELLENIC REPUBLI 4.113 9/30/2014 EUR 21.89
HELLENIC REPUBLI 3.700 7/20/2015 EUR 20.91
HELLENIC REPUBLI 6.100 8/20/2015 EUR 21.00
HELLENIC REPUBLI 3.702 9/30/2015 EUR 19.76
HELLENIC REPUBLI 3.700 11/10/2015 EUR 23.50
HELLENIC REPUBLI 3.600 7/20/2016 EUR 21.54
HELLENIC REPUBLI 4.000 8/20/2013 EUR 22.67
HELLENIC REPUBLI 5.250 6/20/2012 EUR 65.25
HELLENIC REPUBLI 5.250 5/18/2012 EUR 31.66
HELLENIC REPUBLI 5.500 8/20/2014 EUR 20.50
HELLENIC REPUBLI 4.427 7/31/2013 EUR 32.47
HELLENIC REPUBLI 3.900 7/3/2013 EUR 32.63
HELLENIC REPUBLI 7.500 5/20/2013 EUR 28.84
HELLENIC REPUBLI 4.600 5/20/2013 EUR 22.08
HELLENIC REPUBLI 4.506 3/31/2013 EUR 38.31
HELLENIC REPUBLI 4.100 8/20/2012 EUR 29.36
HELLENIC REPUBLI 1.000 6/30/2012 EUR 63.38
NATL BK GREECE 3.875 10/7/2016 EUR 67.99
YIOULA GLASSWORK 9.000 12/1/2015 EUR 44.50
YIOULA GLASSWORK 9.000 12/1/2015 EUR 44.50
GUERNSEY
--------
CREDIT AGRICOLE 4.050 6/27/2021 EUR 93.33
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 59.00
HUNGARY
-------
HUNGARY INT BILL 6.500 12/12/2012 HUF 99.26
HUNGARY INT BILL 6.000 11/28/2012 HUF 98.90
HUNGARY INT BILL 6.750 1/2/2013 HUF 99.43
OTP BANK 2.750 9/22/2012 EUR 99.32
OTP BANK 2.750 11/17/2012 EUR 95.00
REP OF HUNGARY 2.110 10/26/2017 JPY 65.82
IRELAND
-------
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 44.93
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 44.97
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 50.23
ALLIED IRISH BKS 12.500 6/25/2035 GBP 75.00
ALLIED IRISH BKS 10.000 7/28/2016 EUR 81.13
BANESTO FINANC 5.000 3/23/2030 EUR 72.10
BANK OF IRELAND 5.600 9/18/2023 EUR 41.25
BANK OF IRELAND 10.000 7/30/2016 EUR 74.38
BANK OF IRELAND 4.473 11/30/2016 EUR 63.63
BANK OF IRELAND 10.000 2/12/2020 EUR 60.25
BANK OF IRELAND 10.000 2/12/2020 GBP 71.25
BK IRELAND MTGE 5.400 11/6/2029 EUR 46.72
BK IRELAND MTGE 5.760 9/7/2029 EUR 49.29
BK IRELAND MTGE 5.450 3/1/2030 EUR 46.59
BK IRELAND MTGE 5.360 10/12/2029 EUR 46.49
DEPFA ACS BANK 3.250 7/31/2031 CHF 74.45
DEPFA ACS BANK 5.125 3/16/2037 USD 69.60
DEPFA ACS BANK 4.900 8/24/2035 CAD 70.13
DEPFA ACS BANK 0.500 3/3/2025 CAD 52.49
DEPFA ACS BANK 5.125 3/16/2037 USD 69.00
IRISH GOVT 4.500 2/18/2015 EUR 97.29
UT2 FUNDING PLC 5.321 6/30/2016 EUR 66.00
BANCA MARCHE 4.000 5/26/2021 EUR 69.64
BANCA MARCHE 4.700 8/16/2021 EUR 74.09
BANCA MARCHE 4.360 1/4/2022 ITL 71.29
BANCA MARCHE 5.125 5/14/2024 ITL 70.19
BANCA MARCHE 5.500 9/16/2030 EUR 64.21
BANCA MARCHE 3.600 11/12/2020 EUR 69.46
BANCA MARCHE 3.700 9/1/2020 EUR 70.95
BANCA MARCHE 3.900 8/17/2020 EUR 72.17
BANCA MARCHE 4.000 1/10/2021 EUR 71.03
BANCA MARCHE 4.000 7/9/2020 EUR 73.15
BANCA POP BERGAM 2.550 11/22/2014 EUR 90.00
BANCA POP BERGAM 5.320 11/27/2022 EUR 73.14
BANCA POP LODI 5.250 4/3/2029 EUR 65.48
BANCA POP MILANO 4.000 4/23/2020 EUR 75.24
BANCA POP MILANO 4.500 4/18/2018 EUR 74.38
BANCA POP VICENT 3.250 8/26/2014 EUR 91.90
BANCA POP VICENT 4.000 10/28/2014 EUR 93.45
BANCA POP VICENT 4.970 4/20/2027 EUR 63.87
BTPS 4.000 2/1/2037 EUR 73.15
BTPS I/L 2.350 9/15/2035 EUR 64.65
BTPS I/L 2.550 9/15/2041 EUR 65.52
CASS RISP PARMA 2.500 3/6/2014 EUR 97.74
CASSA RISP FERRA 3.400 9/17/2017 EUR 69.75
CASSA RISP FERRA 4.500 11/2/2020 EUR 63.75
CITY OF ROME 5.345 1/27/2048 EUR 70.85
CITY OF VENICE 4.265 3/26/2026 EUR 66.30
CITY OF VENICE 4.265 3/26/2026 EUR 66.69
CO BRAONE 4.567 6/30/2037 EUR 65.73
CO CASTELMASSA 3.960 3/31/2026 EUR 64.08
CO MANERBA GARDA 4.640 6/30/2024 EUR 72.15
COMUNE DI MILANO 4.019 6/29/2035 EUR 59.25
FINMECCANICA SPA 4.875 3/24/2025 EUR 72.87
MONTE DEI PASCHI 5.750 9/30/2016 GBP 71.51
REGION OF CAMPAN 4.849 6/29/2026 EUR 67.41
REGION OF LAZIO 5.695 6/23/2028 EUR 73.67
REGION OF LAZIO 5.695 6/23/2028 EUR 74.30
REGION OF LIGURI 4.795 11/22/2034 EUR 67.54
REGION OF LOMBAR 5.804 10/25/2032 USD 68.68
REGION OF MARCHE 4.648 6/27/2023 EUR 74.43
REGION OF UMBRIA 5.087 6/15/2037 EUR 70.40
REP OF ITALY 2.200 9/15/2058 EUR 52.94
REP OF ITALY 2.000 9/15/2062 EUR 48.05
REP OF ITALY 5.250 12/7/2034 GBP 71.64
REP OF ITALY 4.490 4/5/2027 EUR 73.69
REP OF ITALY 5.200 7/31/2034 EUR 73.12
REP OF ITALY 2.870 5/19/2036 JPY 43.19
REP OF ITALY 1.850 9/15/2057 EUR 45.75
REP OF ITALY 4.850 6/11/2060 EUR 67.36
SEAT PAGINE 10.500 1/31/2017 EUR 50.13
SEAT PAGINE 10.500 1/31/2017 EUR 50.70
SEAT PAGINE 10.500 1/31/2017 EUR 49.88
SEAT PAGINE 10.500 1/31/2017 EUR 50.30
TELECOM ITALIA 5.250 3/17/2055 EUR 69.37
UBI BANCA SPCA 6.250 11/18/2018 EUR 50.28
UNICREDIT SPA 5.050 4/25/2022 EUR 73.77
UNICREDIT SPA 4.730 1/31/2014 EUR 100.88
UNICREDITO ITALI 4.750 4/12/2027 EUR 75.19
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 55.00
LITHUANIA
---------
LITHUANIA 6.625 2/1/2022 USD 100.92
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 24.38
CONTROLINVESTE 3.000 1/28/2015 EUR 69.24
ESFG INTERNATION 6.875 10/21/2019 EUR 61.83
FMC FINANCE VIII 5.250 7/31/2019 EUR 104.47
INTRALOT LUX SA 2.250 12/20/2013 EUR 71.54
UBI BANCA INT 8.750 10/29/2012 EUR 72.91
UNICREDITO LUXEM 6.000 10/31/2017 USD 81.32
NETHERLANDS
-----------
ABN AMRO BANK NV 4.750 1/11/2019 EUR 104.25
AI FINANCE B.V. 10.875 7/15/2012 USD 74.63
APP INTL FINANCE 11.750 10/1/2005 USD 0.01
BK NED GEMEENTEN 0.500 5/25/2016 TRY 72.94
BK NED GEMEENTEN 0.500 4/27/2016 TRY 73.34
BK NED GEMEENTEN 0.500 3/17/2016 TRY 73.96
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 45.53
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 46.00
BK NED GEMEENTEN 0.500 3/29/2021 NZD 67.13
BK NED GEMEENTEN 0.500 3/29/2021 USD 75.36
BK NED GEMEENTEN 0.500 3/3/2021 NZD 67.39
BK NED GEMEENTEN 0.500 9/15/2016 TRY 71.29
BK NED GEMEENTEN 0.500 6/22/2016 TRY 72.52
BK NED GEMEENTEN 0.500 2/24/2025 CAD 64.46
BLT FINANCE BV 7.500 5/15/2014 USD 27.25
BLT FINANCE BV 7.500 5/15/2014 USD 28.50
BMW FINANCE NV 2.125 1/13/2015 EUR 101.02
BMW FINANCE NV 3.500 7/17/2015 NOK 100.83
BMW FINANCE NV 3.250 1/14/2019 EUR 101.44
BRIT INSURANCE 6.625 12/9/2030 GBP 54.97
DEXIA FUNDING 5.875 2/9/2017 GBP 94.95
ENEXIS HOLDING 3.375 1/26/2022 EUR 98.92
FINANCE & CREDIT 10.500 1/25/2014 USD 55.00
FRIESLAND BANK 4.210 12/29/2025 EUR 72.63
ING BANK NV 4.200 12/19/2035 EUR 68.30
ING BANK NV 5.400 2/1/2032 USD 99.18
LEHMAN BROS TSY 4.870 10/8/2013 USD 34.50
MAGYAR TELECOM 9.500 12/15/2016 EUR 69.88
MAGYAR TELECOM 9.500 12/15/2016 EUR 69.88
NATL INVESTER BK 25.983 5/7/2029 EUR 13.04
NED WATERSCHAPBK 0.500 3/11/2025 CAD 60.37
NED WATERSCHAPBK 3.875 8/3/2016 NOK 104.13
NEDER FINANCIER 1.390 1/25/2017 EUR 96.27
NETHERLANDS GOVT 0.750 4/15/2015 EUR 100.06
NIB CAPITAL BANK 4.510 12/16/2035 EUR 54.94
PORTUGAL TEL FIN 5.000 11/4/2019 EUR 69.14
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 60.00
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 16.27
Q-CELLS INTERNAT 1.375 2/28/2012 EUR 44.67
RABOBANK 2.125 2/10/2014 CAD 99.69
RABOBANK 2.000 2/6/2019 CHF 100.30
RABOBANK 0.500 1/30/2017 AUD 76.92
RABOBANK 0.500 10/27/2016 ZAR 71.54
RABOBANK 3.000 2/16/2015 EUR 102.07
RABOBANK 3.000 1/20/2015 NOK 99.23
RABOBANK 4.030 12/29/2014 AUD 96.55
RBS NV 5.208 11/16/2030 USD 71.00
RBS NV 2.000 10/29/2020 USD 74.50
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 62.24
REPSOL INTL FIN 4.875 2/19/2019 EUR 103.35
SNS BANK 5.215 12/3/2027 EUR 60.43
SNS BANK 5.250 4/11/2023 EUR 68.05
SNS BANK 5.300 1/27/2023 EUR 69.10
SNS BANK 4.650 10/19/2021 EUR 68.42
SNS BANK 6.625 5/14/2018 EUR 69.75
SNS BANK 4.580 3/20/2026 EUR 57.36
SRLEV NV 9.000 4/15/2041 EUR 69.97
TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01
VOLKSWAGEN FIN 3.500 2/2/2016 NOK 99.39
VOLKSWAGEN FIN 4.625 11/24/2014 NZD 101.10
VOLKSWAGEN INTFN 3.250 1/21/2019 EUR 101.60
VOLKSWAGEN INTFN 2.125 1/19/2015 EUR 100.89
NORWAY
------
BUSKERUD FYLKES 2.502 4/17/2012 NOK 100.03
DNB BANK 4.250 1/18/2022 EUR 100.90
KOMMUNALBANKEN 0.500 3/24/2016 ZAR 75.02
KOMMUNALBANKEN 0.500 7/29/2016 ZAR 72.91
KOMMUNALBANKEN 0.500 7/29/2016 TRY 75.31
KOMMUNALBANKEN 0.500 5/25/2016 ZAR 73.99
KOMMUNALBANKEN 0.500 7/26/2016 ZAR 73.00
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 62.25
NORSKE SKOGIND 11.750 6/15/2016 EUR 69.88
NORSKE SKOGIND 11.750 6/15/2016 EUR 70.38
NORSKE SKOGIND 6.125 10/15/2015 USD 63.25
NORSKE SKOGIND 6.125 10/15/2015 USD 63.25
NORSKE SKOGIND 7.000 6/26/2017 EUR 60.51
NORSKE SKOGIND 7.125 10/15/2033 USD 46.50
NORSKE SKOGIND 7.125 10/15/2033 USD 46.50
RENEWABLE CORP 6.500 6/4/2014 EUR 58.27
RENEWABLE CORP 9.750 5/3/2018 NOK 69.41
SANDNES KOMMUNE 2.537 4/20/2012 NOK 99.99
TERRA BOLIGKR 2.250 1/25/2017 EUR 99.35
TROMSO KOMMUNE 2.527 4/20/2012 NOK 99.99
POLAND
------
REP OF POLAND 2.648 3/29/2034 JPY 74.47
REP OF POLAND 5.125 10/15/2024 EUR 97.39
PORTUGAL
--------
BANCO COM PORTUG 3.750 10/8/2016 EUR 69.27
BANCO COM PORTUG 4.750 6/22/2017 EUR 69.19
BANCO ESPIRITO 4.600 9/15/2016 EUR 71.29
BANCO ESPIRITO 4.600 1/26/2017 EUR 69.23
BRISA 4.500 12/5/2016 EUR 65.29
CAIXA GERAL DEPO 5.320 8/5/2021 EUR 62.75
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 50.71
CAIXA GERAL DEPO 4.455 8/20/2017 EUR 71.13
CAIXA GERAL DEPO 5.980 3/3/2028 EUR 62.63
CAIXA GERAL DEPO 3.875 12/6/2016 EUR 73.48
CAIXA GERAL DEPO 4.250 1/27/2020 EUR 68.10
CAIXA GERAL DEPO 4.400 10/8/2019 EUR 62.63
COMBOIOS DE PORT 4.170 10/16/2019 EUR 48.48
METRO DE LISBOA 4.061 12/4/2026 EUR 41.63
METRO DE LISBOA 4.799 12/7/2027 EUR 45.88
METRO DE LISBOA 5.750 2/4/2019 EUR 47.63
METRO DE LISBOA 7.300 12/23/2025 EUR 56.50
MONTEPIO GERAL 5.000 2/8/2017 EUR 61.63
PARPUBLICA 4.191 10/15/2014 EUR 68.00
PARPUBLICA 3.500 7/8/2013 EUR 74.88
PARPUBLICA 4.200 11/16/2026 EUR 30.00
PARPUBLICA 5.250 9/28/2017 EUR 70.34
PARPUBLICA 3.567 9/22/2020 EUR 46.13
PORTUGAL (REP) 3.500 3/25/2015 USD 70.54
PORTUGAL (REP) 3.500 3/25/2015 USD 70.54
PORTUGUESE OT'S 4.950 10/25/2023 EUR 44.48
PORTUGUESE OT'S 3.850 4/15/2021 EUR 45.54
PORTUGUESE OT'S 4.800 6/15/2020 EUR 46.23
PORTUGUESE OT'S 4.750 6/14/2019 EUR 46.68
PORTUGUESE OT'S 4.450 6/15/2018 EUR 48.07
PORTUGUESE OT'S 4.350 10/16/2017 EUR 49.20
PORTUGUESE OT'S 4.200 10/15/2016 EUR 54.79
PORTUGUESE OT'S 6.400 2/15/2016 EUR 63.93
PORTUGUESE OT'S 3.350 10/15/2015 EUR 61.00
PORTUGUESE OT'S 3.600 10/15/2014 EUR 66.42
PORTUGUESE OT'S 4.375 6/16/2014 EUR 71.62
PORTUGUESE OT'S 4.100 4/15/2037 EUR 40.59
REFER 4.047 11/16/2026 EUR 38.00
REFER 4.675 10/16/2024 EUR 37.75
REFER 4.250 12/13/2021 EUR 30.25
REFER 5.875 2/18/2019 EUR 47.25
REFER 4.000 3/16/2015 EUR 39.38
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 49.76
DVTG-FINANS 17.000 8/29/2013 RUB 55.55
DVTG-FINANS 7.750 7/18/2013 RUB 20.29
GAZPROMBANK OJSC 8.500 12/20/2014 RUB 100.54
KAZAN 8.000 12/21/2016 RUB 100.00
MIRAX 17.000 9/17/2012 RUB 21.20
MOSMART FINANS 0.010 4/12/2012 RUB 2.00
NOK 12.500 8/26/2014 RUB 5.00
PROMPEREOSNASTKA 1.000 12/17/2012 RUB 0.01
PROTON-FINANCE 9.000 6/12/2012 RUB 65.00
RBC OJSC 7.000 4/23/2015 RUB 70.00
RBC OJSC 7.000 4/23/2015 RUB 68.53
RBC OJSC 3.270 4/19/2018 RUB 39.00
RUSSIAN STANDARD 11.000 11/7/2014 RUB 101.28
SPAIN
-----
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 65.36
AYT CEDULAS CAJA 4.000 3/24/2021 EUR 72.00
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 63.71
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 56.27
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 62.73
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 63.60
BANCAJA 1.500 5/22/2018 EUR 62.67
BANCAJA EMI SA 2.755 5/11/2037 JPY 73.88
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 58.18
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 70.88
BANCO CASTILLA 1.500 6/23/2021 EUR 62.54
BANCO POP ESPAN 5.702 12/22/2019 EUR 70.43
BANKINTER SA 4.625 12/29/2014 EUR 101.83
BANKINTER SA 6.000 12/18/2028 EUR 73.21
BANKINTER SA 4.675 1/24/2016 EUR 98.59
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 50.47
BBVA SUB CAP UNI 5.750 3/11/2018 GBP 75.03
CAIXA TERRASSA 4.700 8/9/2021 EUR 46.00
CAIXABANK 4.250 1/26/2017 EUR 97.40
CAJA ESPANA 5.500 4/17/2017 EUR 96.48
CAJA MADRID 5.020 2/26/2038 EUR 74.48
CAJA MADRID 4.125 3/24/2036 EUR 66.80
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 59.28
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 53.90
CEDULAS TDA A-4 4.125 4/10/2021 EUR 73.79
CEDULAS TDA A-5 4.250 3/28/2027 EUR 58.57
COMUN AUTO CANAR 4.200 10/25/2036 EUR 53.73
COMUN AUTO CANAR 3.900 11/30/2035 EUR 51.27
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 53.99
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 71.63
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 52.76
COMUNIDAD MADRID 4.300 9/15/2026 EUR 72.81
DIPUTACION FOR 4.323 12/29/2023 EUR 71.70
GEN DE CATALUNYA 5.250 10/5/2023 EUR 66.82
GEN DE CATALUNYA 5.325 10/5/2028 EUR 61.97
GEN DE CATALUNYA 5.219 9/10/2029 EUR 60.19
GEN DE CATALUNYA 5.900 5/28/2030 EUR 65.15
GEN DE CATALUNYA 5.400 5/13/2030 EUR 60.75
GEN DE CATALUNYA 5.900 5/20/2024 EUR 70.24
GEN DE CATALUNYA 5.950 10/1/2030 EUR 64.48
GEN DE CATALUNYA 4.690 10/28/2034 EUR 54.06
GEN DE CATALUNYA 4.220 4/26/2035 EUR 49.61
GEN DE CATALUNYA 6.350 11/30/2041 EUR 66.46
GEN DE CATALUNYA 2.965 9/8/2039 JPY 42.45
GEN DE CATALUNYA 4.900 9/15/2021 EUR 70.09
GEN DE CATALUNYA 4.801 7/31/2020 EUR 71.88
GEN DE CATALUNYA 4.950 2/11/2020 EUR 75.41
GEN DE CATALUNYA 2.750 3/24/2016 CHF 69.28
GEN DE CATALUNYA 2.355 11/10/2015 CHF 69.92
GEN DE CATALUNYA 2.315 9/10/2015 CHF 70.86
GENERAL DE ALQUI 2.750 8/20/2012 EUR 67.39
GENERAL VALENCIA 3.250 7/6/2015 EUR 82.50
GENERAL VALENCIA 4.000 11/2/2016 EUR 78.75
GENERAL VALENCIA 4.900 3/17/2020 EUR 72.88
GENERAL VALENCIA 5.900 11/30/2032 EUR 61.63
GRP BANCA CIVICA 6.750 1/25/2018 EUR 99.84
IBERDROLA FIN SA 4.750 1/25/2016 EUR 103.07
IM CEDULAS 10 4.500 2/21/2022 EUR 74.11
IM CEDULAS 5 3.500 6/15/2020 EUR 72.62
IM CEDULAS 7 4.000 3/31/2021 EUR 75.23
INSTIT CRDT OFCL 3.250 2/10/2015 EUR 98.68
INSTIT CRDT OFCL 3.875 10/31/2014 EUR 101.23
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 69.56
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 70.36
INSTIT CRDT OFCL 4.875 2/1/2018 EUR 99.59
INSTIT CRDT OFCL 4.625 1/31/2017 EUR 101.46
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 68.54
INSTITUT CATALA 4.250 6/15/2024 EUR 66.82
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 45.53
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 46.68
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 45.46
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 53.88
JUNTA ANDALUCIA 7.500 11/30/2030 EUR 74.45
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 67.09
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 61.95
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 68.19
JUNTA ANDALUCIA 3.050 12/10/2020 JPY 74.60
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 74.77
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 71.90
JUNTA CASTILLA 4.650 11/8/2022 EUR 72.94
JUNTA LA MANCHA 6.000 1/31/2021 EUR 72.21
JUNTA LA MANCHA 2.810 10/14/2022 JPY 60.63
JUNTA LA MANCHA 4.625 11/30/2022 EUR 56.63
JUNTA LA MANCHA 3.875 1/31/2036 EUR 32.38
JUNTA LA MANCHA 7.705 2/15/2033 EUR 61.38
JUNTA LA MANCHA 5.950 9/9/2030 EUR 50.69
JUNTA LA MANCHA 4.875 3/18/2020 EUR 68.25
JUNTA LA MANCHA 6.000 1/15/2021 EUR 74.00
JUNTA LA MANCHA 5.800 1/30/2021 EUR 70.88
MAPFRE SA 5.921 7/24/2037 EUR 67.15
SACYR VALLEHERM 6.500 5/1/2016 EUR 69.73
SANTANDER ISSUAN 5.750 1/31/2018 GBP 71.99
SANTANDER ISSUAN 6.533 10/24/2017 GBP 75.26
XUNTA DE GALICIA 4.025 11/28/2035 EUR 46.69
XUNTA DE GALICIA 5.350 11/22/2028 EUR 62.00
SWEDEN
------
EILEME 2 AB 11.750 1/31/2020 EUR 98.15
EILEME 2 AB 11.625 1/31/2020 USD 103.00
LANSFORSAKRINGAR 4.500 6/21/2017 SEK 106.40
NORDEA BANK AB 3.350 7/11/2014 SEK 100.18
NORDEA BANK AB 3.200 1/10/2014 SEK 100.11
SKANDINAV ENSKIL 3.875 4/12/2017 EUR 102.49
SVENSKA HNDLSBKN 3.375 7/17/2017 EUR 101.69
SWEDISH EXP CRED 9.250 4/27/2012 USD 8.54
SWEDISH EXP CRED 7.500 6/12/2012 USD 7.89
SWEDISH EXP CRED 6.800 1/27/2015 TRY 94.82
SWEDISH EXP CRED 0.500 11/27/2015 TRY 74.14
SWEDISH EXP CRED 0.500 6/14/2016 ZAR 73.99
SWEDISH EXP CRED 0.500 9/29/2015 TRY 74.98
SWEDISH EXP CRED 0.500 8/25/2016 ZAR 72.85
SWEDISH EXP CRED 0.500 8/26/2016 ZAR 72.87
SWEDISH EXP CRED 0.500 6/29/2016 TRY 70.86
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 72.32
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 49.90
SWEDISH EXP CRED 0.500 9/20/2016 ZAR 72.43
SWEDISH EXP CRED 0.500 12/17/2027 USD 56.57
SWEDISH EXP CRED 0.500 1/25/2028 USD 56.06
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.50
SWEDISH EXP CRED 7.500 2/28/2012 USD 9.17
SWEDISH EXP CRED 8.000 1/27/2012 USD 3.36
SWEDISH EXP CRED 6.500 1/27/2012 USD 10.01
SWEDISH EXP CRED 0.500 8/26/2021 AUD 62.45
SWEDISH EXP CRED 9.750 3/23/2012 USD 8.62
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.78
SWITZERLAND
-----------
ABB LTD 1.500 11/23/2018 CHF 99.99
ADECCO SA 2.125 2/8/2016 CHF 100.30
BALOISE HOLDING 2.250 3/1/2019 CHF 100.52
BANQ CANTON FRIB 1.125 2/1/2022 CHF 99.55
CREDIT SUIS GUER 2.125 1/18/2017 EUR 99.35
PFAND SCHWZ HYPO 0.625 1/23/2017 CHF 100.44
PFAND SCHWZ HYPO 1.500 1/21/2028 CHF 100.01
PFANDBRIEFZENT 1.250 2/3/2022 CHF 100.50
SWISS REINS CO L 2.125 9/22/2017 CHF 102.99
UBS AG 12.400 3/14/2012 USD 11.51
UBS AG 8.380 3/20/2012 USD 26.93
UBS AG 8.720 3/20/2012 USD 31.70
UBS AG 9.250 3/20/2012 USD 11.41
UBS AG 10.070 3/23/2012 USD 35.17
UBS AG 9.400 8/23/2013 USD 54.92
UBS AG 9.430 8/31/2012 USD 33.26
UBS AG 8.650 8/29/2012 USD 33.23
UBS AG 9.500 8/10/2012 USD 28.25
UBS AG 12.040 7/31/2012 USD 22.69
UBS AG 11.760 7/31/2012 USD 27.80
UBS AG 10.960 7/20/2012 USD 22.14
UBS AG 13.300 5/23/2012 USD 3.42
UBS AG JERSEY 1.650 8/13/2013 USD 98.40
UBS AG JERSEY 3.220 7/31/2012 EUR 42.15
UBS AG JERSEY 1.650 7/24/2013 USD 98.37
UBS AG JERSEY 2.700 1/20/2014 CAD 100.01
UBS AG LONDON 1.875 1/23/2015 USD 100.21
ZUERCHER KBK 1.250 1/31/2022 CHF 100.89
UNITED KINGDOM
--------------
ABBEY NATL TREAS 4.250 4/12/2021 EUR 100.45
ALPHA CREDIT GRP 6.000 6/20/2014 EUR 69.38
ALPHA CREDIT GRP 4.500 6/21/2013 EUR 74.75
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 72.11
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 72.00
BANK OF SCOTLAND 2.340 12/28/2026 JPY 63.24
BANK OF SCOTLAND 2.408 2/9/2027 JPY 62.50
BANK OF SCOTLAND 2.359 3/27/2029 JPY 57.08
BARCLAYS BK PLC 8.500 10/16/2012 USD 10.39
BARCLAYS BK PLC 5.000 12/22/2031 USD 100.00
BARCLAYS BK PLC 4.000 11/10/2023 USD 91.07
BARCLAYS BK PLC 4.250 3/2/2022 EUR 104.98
BARCLAYS BK PLC 4.000 1/26/2022 USD 99.45
BARCLAYS BK PLC 4.500 12/22/2021 USD 99.45
BARCLAYS BK PLC 4.125 1/12/2020 USD 98.95
BARCLAYS BK PLC 5.000 12/23/2018 USD 98.85
BARCLAYS BK PLC 3.250 1/26/2018 USD 99.60
BARCLAYS BK PLC 3.250 2/2/2017 USD 100.00
BARCLAYS BK PLC 3.000 1/26/2016 USD 99.73
BARCLAYS BK PLC 3.125 1/12/2016 USD 100.00
BARCLAYS BK PLC 3.000 1/30/2015 USD 99.45
BARCLAYS BK PLC 1.000 1/13/2015 JPY 96.32
BARCLAYS BK PLC 3.250 12/30/2014 USD 99.95
BARCLAYS BK PLC 2.125 9/8/2014 EUR 100.37
BARCLAYS BK PLC 9.000 10/16/2012 USD 10.55
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.27
BARCLAYS BK PLC 9.000 10/1/2012 USD 10.16
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.36
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.46
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.38
BARCLAYS BK PLC 9.000 8/28/2012 USD 10.41
BARCLAYS BK PLC 10.800 7/31/2012 USD 24.71
BARCLAYS BK PLC 11.500 7/27/2012 USD 8.88
BARCLAYS BK PLC 7.000 7/27/2012 USD 9.87
BARCLAYS BK PLC 10.000 7/20/2012 USD 8.01
BARCLAYS BK PLC 8.000 6/29/2012 USD 9.80
BARCLAYS BK PLC 10.650 1/31/2012 USD 19.78
BARCLAYS BK PLC 9.250 1/31/2012 USD 7.32
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 64.72
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 69.13
CO-OPERATIVE BNK 5.625 11/16/2021 GBP 70.74
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 68.09
CO-OPERATIVE BNK 4.750 11/11/2021 GBP 100.36
EFG HELLAS PLC 6.010 1/9/2036 EUR 20.75
EFG HELLAS PLC 4.375 2/11/2013 EUR 65.14
EFG HELLAS PLC 5.400 11/2/2047 EUR 13.38
EMPORIKI GRP FIN 4.000 2/28/2013 EUR 76.00
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 58.50
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 35.25
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 35.63
ENTERPRISE INNS 6.875 2/15/2021 GBP 65.74
ENTERPRISE INNS 6.500 12/6/2018 GBP 70.65
ENTERPRISE INNS 6.375 9/26/2031 GBP 58.12
ENTERPRISE INNS 6.875 5/9/2025 GBP 60.75
ESSAR ENERGY 4.250 2/1/2016 USD 47.61
GALA ELECTRIC CA 11.500 6/1/2019 GBP 64.25
GALA ELECTRIC CA 11.500 6/1/2019 GBP 63.88
HBOS PLC 4.500 3/18/2030 EUR 61.31
HBOS PLC 6.305 10/18/2017 GBP 74.96
HBOS PLC 4.375 10/30/2019 EUR 73.77
HBOS PLC 5.374 6/30/2021 EUR 67.63
HBOS PLC 6.000 11/1/2033 USD 73.70
HBOS PLC 6.000 11/1/2033 USD 73.70
LBG CAPITAL NO.2 8.500 6/7/2032 GBP 73.38
LLOYDS TSB BANK 3.500 1/11/2017 EUR 101.49
LLOYDS TSB BANK 5.125 3/7/2025 GBP 101.95
LLOYDS TSB BANK 11.875 12/16/2021 EUR 108.66
LLOYDS TSB BANK 10.750 12/16/2021 GBP 104.35
LLOYDS TSB BANK 4.500 2/2/2017 USD 100.00
MATALAN 9.625 3/31/2017 GBP 56.38
MATALAN 9.625 3/31/2017 GBP 56.73
MAX PETROLEUM 6.750 9/8/2013 USD 43.70
MORRISON(WM) SUP 4.625 12/8/2023 GBP 105.93
NOMURA BANK INTL 0.800 12/21/2020 EUR 65.94
OTE PLC 4.625 5/20/2016 EUR 63.92
OTE PLC 7.250 4/8/2014 EUR 70.09
PUNCH TAVERNS 8.374 7/15/2029 GBP 58.29
ROYAL BK SCOTLND 4.692 6/9/2025 EUR 58.66
ROYAL BK SCOTLND 2.300 11/26/2024 JPY 73.22
ROYAL BK SCOTLND 4.625 9/22/2021 EUR 73.11
ROYAL BK SCOTLND 4.700 7/3/2018 USD 76.12
ROYAL BK SCOTLND 3.375 11/23/2016 EUR 100.86
ROYAL BK SCOTLND 4.250 2/15/2015 USD 100.00
ROYAL BK SCOTLND 4.750 12/15/2014 USD 100.13
ROYAL BK SCOTLND 6.000 12/7/2014 AUD 95.30
ROYAL BK SCOTLND 5.125 1/13/2024 GBP 102.35
SPIRIT ISSUER 5.472 12/28/2028 GBP 68.93
THOMAS COOK GR 6.750 6/22/2015 EUR 40.50
THOMAS COOK GR 7.750 6/22/2017 GBP 38.30
UK TSY I/L GILT 0.125 3/22/2029 GBP 103.71
UNIQUE PUB FIN 5.659 6/30/2027 GBP 64.38
WELLINGTON PUB 7.335 1/15/2029 GBP 64.86
WESSEX WATER FIN 1.499 11/29/2058 GBP 74.11
WESSEX WATER FIN 1.369 7/31/2057 GBP 73.81
*********
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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *