/raid1/www/Hosts/bankrupt/TCREUR_Public/120312.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, March 12, 2012, Vol. 13, No. 51
Headlines
C Z E C H R E P U B L I C
SAZKA AS: Canero Acquires Two Subsidiaries
SAZKA AS: Insolvency Administrator Starts Payments to Creditors
G E R M A N Y
GERMAN RESIDENTIAL: S&P Affirms 'B' Rating on Class F Notes
MARSEILLE-KLINIKEN: S&P Affirms 'B' Long-Term Corp. Credit Rating
PROCREDIT HOLDING: Fitch Affirms 'BB-' Rating on Preferred Secs.
G R E E C E
LANDSBANKI ISLANDS: Malcolm Walker Buys Stake in Iceland Foods
NEW ECONOMY: Fitch Cuts Rating on EUR204.1-Mil. Notes to 'CCsf'
* GREECE: Use of CACs Trigger US$3BB Credit-Default Swap Payouts
I R E L A N D
BROOKS: Obtains Bankruptcy Protection; Interim Examiner Appointed
EIRCOM GROUP: To Press Ahead with Plans Amid Examinership Rumors
FALLON & BYRNE: Court Protection Extended to 100 Days
MR. BINMAN: Gets Offers From Potential Buyers
N E T H E R L A N D S
CAIRN CLO: S&P Raises Rating on Class D Notes to 'BB-'
ZIGGO BOND: S&P Puts 'B+' Corp. Credit Rating on Watch Positive
P O R T U G A L
BANCO SANTANDER: S&P Lowers Ratings on Mortgage Covered Bonds
* S&P Takes Various Rating Actions on Portuguese RMBS Deals
R U S S I A
CB INTERCOMMERZ: S&P Assigns 'B-/C' Counterparty Credit Ratings
CENTRAL EUROPEAN: Moody's Cuts CFR to Caa1, Notes Rating to B3
U N I T E D K I N G D O M
EPIC PLC: S&P Affirms 'BB' Rating on Class F Notes
LEHMAN BROTHERS: In Fight With Swiss Unit Over Guarantees, Loans
X X X X X X X X
* BOND PRICING: For the Week March 5 to March 9, 2012
*********
==========================
C Z E C H R E P U B L I C
==========================
SAZKA AS: Canero Acquires Two Subsidiaries
------------------------------------------
CTK, citing daily Mlada fronta Dnes, reports that investment
groups PPF and KKCG, which took over Sazka AS, have sold Agro
Tera and Arkadia, two of the company's subsidiaries, to
Amsterdam-based Canero based in Amsterdam in the Netherlands.
Agro Tera and Arkadia are real estate companies which own more
than 300 hectares of land near Prague and Trutnov, eastern
Bohemia, CTK discloses.
Canero is represented in the Czech Republic by Vaclav Stajner who
worked on real estate projects for group Penta Investments
several years ago, CTK says.
As reported by the Troubled Company Reporter-Europe on Nov. 7,
2011, CTK, citing information published in the insolvency
register, related that the Ceska sporitelna (CS) bank filed a
suit against Sazkova kancelar, the new owner of Sazka AS, as well
as against Sazka insolvency administrator Josef Cupka due to the
contract on Sazka's sale. CS, to which Sazka owes about CZK216
million, also expressed doubts about impartiality of judge
Jaromir Harmach who was in charge of Sazka's insolvency
proceedings,CTK disclosed. At the end of September, CS proposed
that the court abolish the tender for Sazka's sale and declare a
new one, CTK related. The Municipal Court in Prague, however,
turned down the request and approved the sale of Sazka to Sazkova
kancelar, a company owned jointly by the PPF and KKCG groups, CTK
noted.
Sazka AS is a provider of lotteries and sport betting games in
the Czech Republic.
SAZKA AS: Insolvency Administrator Starts Payments to Creditors
---------------------------------------------------------------
CTK reports that Lenka Ticha, the spokesman of Sazka AS
insolvency administrator Josef Cupka, on Friday started payments
to creditors of the bankrupt company and transferred
CZK567 million from the sale of the bankruptcy assets to the
account of secured creditor The Bank of New York Mellon.
Sazka was declared bankrupt at the end of May 2011, CTK recounts.
According to CTK, Mr. Cupka was able to start the payments when
the High Court confirmed the first-instance court's decision and
rejected the appeal of the firm Gladiolus. The payment to the
secured creditor was decided by the Prague City Court on
January 12, 2012, CTK relates.
Sazka AS is a provider of lotteries and sport betting games in
the Czech Republic.
=============
G E R M A N Y
=============
GERMAN RESIDENTIAL: S&P Affirms 'B' Rating on Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
German Residential Asset Note Distributor PLC's (GRAND) class A
and B notes. "At the same time, we affirmed our ratings on the
class C, D, E, and F notes, and removed from CreditWatch negative
our rating on the class A notes," S&P said.
GRAND is a secured-loan (as represented by the real-estate
funding [REF] notes issued by each of the 29 REF borrowers)
German multifamily housing transaction that closed in July 2006
with a note balance of EUR5,416,000,000 (excluding up to EUR133
million of class C treasury notes). It was originated by Barclays
Bank PLC and Citigroup Global Markets Ltd. Additionally, there is
senior, existing subsidized and nonsubsidized debt of EUR1.446
billion. Loan maturity is in July 2013 and note maturity in July
2016.
"We have taken 's rating actions in light of our view on the
significant refinance risks associated with the upcoming loan
maturity, and--given the size of the portfolio--the relatively
limited timeframe of three years to repay the loan ahead of note
maturity," S&P said.
"The current securitized loan balance is EUR4,517,208,300 and the
whole-loan balance is EUR5,669,985,662 (including senior
subsidized debt). The loan continues to perform well, in our
view, with stable financial ratios: The whole-loan loan-to-value
(LTV) ratio is 73% and the securitized LTV ratio is 59%, while
the whole-loan interest coverage ratio is 1.15x against a
covenant of 1.05x," S&P said.
"The borrower has continued to sell individual properties, with
the number of residential units now totaling 162,053--down from
164,365 at closing. During Q4 2011, the borrower sold 1,147 units
(and 818 in Q3 2011). At the portfolio level, rents have
continued to increase to EUR5.13/sq m at the end of Q4 2011 from
EUR5.07/sq m in the previous quarter, while the vacancy rate has
declined to 4.53% from 5.11%," S&P said.
"Deutsche Annington (Terra Firma) (DAIG; the borrower) and the
Blackstone Group (its financial adviser) have started considering
possible options for a future restructuring," S&P said. According
to a special notice that S&P received in October 2011:
"DAIG has informed the Issuer that it met with the Ad-Hoc Group
of noteholders on an unrestricted basis on 7 October 2011 to
discuss a revised timetable and process for agreeing the
commercial terms of the proposal to 'amend and extend' the
Grand Securitisation through a solvent scheme of arrangement. A
further notice received on March 6, 2012 stated that
discussions with the Ad-Hoc Group of noteholders were 'nearing
finality."
"We note in press reports that Deutsche Annington plans to
refinance EUR500 million per year after splitting the property
portfolio into smaller subportfolios, and that it expects an
increase in the loan and note margins in return for the debt
extension. Given the target of EUR500 million per year, compared
with an earlier media-reported figure of EUR1 billion per year,
this reduced annual refinancing target is likely to be a
reflection of the worsening European (and German) commercial
real-estate lending markets, where we have seen signs of renewed
retrenchment in recent months," S&P said.
"In 2009, we lowered our ratings on all classes of notes in the
transaction to reflect our view that, in the context of current
pressures in the lending markets, refinancing may prove difficult
given the size of the securitized loan. If the borrower fails to
repay the loan at its maturity date in 2013, only three years
will remain to recover full note proceeds, which may necessitate
splitting the portfolio into more manageable lot sizes to
refinance or sell. In our view, if current market conditions
persist, it could take more than three years to refinance or sell
a portfolio of this size, even if it is split into smaller
chunks," S&P said.
"Based purely on the loan's credit metrics, we consider that the
senior classes of notes could achieve higher ratings than those
we assigned . However, we consider that the specific nature of
this transaction results in a much higher refinance risk when
compared to smaller transactions. In our opinion, the increased
risk outweighs the positive credit indicators. Therefore, we have
lowered our ratings on the class A and B notes to 'A (sf)' and
'BBB- (sf)' to reflect our view on increased credit risk. We have
affirmed our ratings on the class C to F notes to reflect their
credit performance. In our view, refinance risk is already
reflected in our ratings on these notes," S&P said.
Potential Effects of Proposed Criteria Changes
"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review," S&P said.
"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," 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 Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Ratings List
German Residential Asset Note Distributor PLC
5.815 Billion Secured Floating-Rate Notes
Class Rating
To From
Ratings Lowered
A A (sf) A+ (sf)/Watch Neg
B BBB- (sf) BBB (sf)
Ratings Affirmed
C BB+ (sf) BB+ (sf)
D BB (sf) BB (sf)
E BB- (sf) BB- (sf)
F B (sf) B (sf)
MARSEILLE-KLINIKEN: S&P Affirms 'B' Long-Term Corp. Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'B' long-term
corporate credit rating on Germany-based private nursing-care
provider Marseille-Kliniken AG. "We subsequently withdrew the
rating. At the time we withdrew the rating, the outlook was
stable," S&P said.
"The rating reflected Marseille-Kliniken's highly leveraged
financial profile, in our opinion, including high lease-adjusted
debt levels, and our view that Marseille's corporate governance
profile is still subpar, reflecting significant management
turnover over the past few years and related-party transactions
with the majority-owner family. The rating was supported by
Marseille-Kliniken's good competitive position in highly
fragmented markets, an aging population, and the predictable
growth in future nursing-care needs," S&P said.
Marseille-Kliniken had EUR57 million total financial debt as of
Dec. 31, 2011.
PROCREDIT HOLDING: Fitch Affirms 'BB-' Rating on Preferred Secs.
----------------------------------------------------------------
Fitch Ratings has affirmed ProCredit Holding AG & Co. KGaA's
(PCH) EUR65 million issue of Tier 1 perpetual, non-cumulative,
non-voting trust preferred securities (TPS) at 'BB-'. At the
same time, the agency has removed the TPS from Rating Watch
Negative (RWN).
The TPS were placed on RWN on December 15, 2011, following the
publication of Fitch's revised criteria for assigning credit
ratings to regulatory capital and similar securities issued by
banks. As a result of this revised criteria a large number of
entities' (mainly banks) subordinated debt and hybrid securities
were placed on RWN.
Under the revised criteria, bank regulatory capital securities
are notched down from an anchor rating to reflect an assessment
of loss severity relative to the "average" recoveries assumed for
typical bank senior debt and an assessment of incremental non-
performance risk relative to the point at which a bank might be
deemed to have "failed" or become "non-viable". The anchor
rating for PCH's Tier 1 issue is its Long-term Issuer Default
Rating (IDR), as opposed to its Viability Rating, which is the
approach generally applied.
In PCH's case, the notching from the IDR reflects Fitch's opinion
that potential support from PCH's shareholders, which drives
PCH's own Long-term IDR, also helps reduce the non-performance of
these instruments. As such, their rating is sensitive to any
change in PCH's IDR. The holders of the TPS largely consist of
PCH's shareholders or creditors, who typically share PCH's
developmental goals.
The three notch difference between PCH's IDR and the rating of
the TPS consists of two notches for loss severity, to reflect the
deeply subordinated status of this instrument, and one notch for
non-performance. Notwithstanding the high probability of support
which would underpin the performance of the TPS, in Fitch's view,
the terms and conditions of the notes, and notably the triggers
for non-payment of the coupon, leave some, albeit low,
incremental risk of non-performance.
The rating actions are as follows:
-- Non-cumulative, perpetual preference shares: affirmed at
'BB-', removed from RWN.
-- Long-term foreign currency Issuer Default Rating (IDR):
'BBB-'; Outlook Stable, unaffected
-- Short-term foreign currency IDR: 'F3'; unaffected
-- Short-term foreign currency IDR: 'F3'; unaffected
-- Viability Rating 'bb-'; unaffected
-- Individual Rating 'D'; unaffected
-- Support Rating '2'; unaffected.
===========
G R E E C E
===========
LANDSBANKI ISLANDS: Malcolm Walker Buys Stake in Iceland Foods
--------------------------------------------------------------
Sarah Shannon at Bloomberg News reports that Iceland Foods Ltd.
Chief Executive Officer Malcolm Walker teamed up with investors,
including DFS Furniture founder Graham Kirkham, to acquire the
budget U.K. supermarket chain from its Icelandic owners for
GBP1.45 billion (US$2.3 billion) after fending off rival bids.
According to Bloomberg, a statement on Friday said that the CEO,
who started the chain in 1970, and the investors will buy the 77%
stake held by Landsbanki Islands hf and Glitnir Bank hf.
Mr. Walker and senior managers will own 43% of the equity, and
will take operational and board control, Bloomberg discloses.
Kirkham, South African private- equity firm Brait SE and Dubai-
based retailer Landmark Group Ltd. will hold the remaining 57%,
Bloomberg notes.
Landsbanki and Glitnir have been seeking a buyer for their stake
in the Deeside, Wales-based retailer since last year, having
gained control in 2009 after the collapse of Baugur Group hf,
Bloomberg recounts.
Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings Plc,
Nomura and Royal Bank of Scotland Group Plc provided GBP860
million in a so-called all-senior debt package, Bloomberg
discloses. Mr. Walker, who will become Iceland chairman as part
of the deal, is also receiving a GBP250 million vendor loan note,
Bloomberg says.
The transaction values all of Iceland Foods' equity at GBP1.55
billion, and gives the company an enterprise value, or the sum of
its equity and net debt, of GBP1.45 billion, Bloomberg states.
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. The bank offered online savings
accounts under the "Icesave" brand. On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008
(Bankr. S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at
Morrison & Foerster LLP, represents the Debtor. When it filed
for protection from its creditors, it listed assets and debts of
more than US$1 billion each.
NEW ECONOMY: Fitch Cuts Rating on EUR204.1-Mil. Notes to 'CCsf'
---------------------------------------------------------------
Fitch Ratings has downgraded the New Economy Development Fund
S.A.'s (Taneo) and Aeolos S.A.'s notes to 'CCsf' from 'CCCsf'.
Both transactions benefit from a direct, unconditional and
irrevocable guarantee from the Hellenic Republic in respect of
the interest and principal due and Fitch's rating approach has
always focused on this guarantee. The downgrades reflect the
uncertainty caused by the expected restricted default of the
Hellenic Republic as well as the possible event of default that
could consequently be caused for both transactions.
Taneo's notes were issued in 2003 and are due in June 2013.
Taneo is a fund of funds, whose purpose is to make investments in
funds that in turn, will invest in small- to medium-sized firms
that are located in Greece and specialize in new technologies.
As of December 2011, the principal note balance stood at EUR 105m
and the amounts realised from the fund investments that are
available for distribution under the notes amounted to EUR5.7m.
The expected shortfall upon an event of default triggered under
the notes' terms and conditions or at maturity will then be
payable by the guarantor.
Fitch has not considered the value of Taneo's assets, or any
other form of Taneo's corporate creditworthiness in its initial
and any subsequent analysis of this transaction. The assigned
rating was and remains solely based on Fitch's assessment of the
credit link to the Greek sovereign.
Aeolos' notes were issued in 2002 and are due in 2019. The notes
are backed by receivables due from route charges levied on
airlines for the use of the Greek airspace. The receivable flows
have shown a stable performance and have comfortably covered
payments according to the scheduled amortization with total debt
service coverage ratios of over 4x in the past two years. As of
September 2011, the outstanding note balance was EUR204.1 million
and it is expected to amortize to EUR182.8 million at the end of
this month. The assigned rating was and remains largely based on
Fitch's assessment of the credit link to the Greek sovereign.
Irrespective of the asset performance of both transactions, a
restricted default of the Hellenic Republic on its sovereign debt
could trigger a transaction event of default upon which the notes
would become due and payable immediately. The available funds
for each transaction are currently insufficient, such that the
guarantee would have to be called upon. Assuming stable coverage
ratios, the Aeolos notes could repay the notes in full within two
years without sovereign support and Fitch therefore expects
significant recoveries in a case of default.
The rating actions are as follows:
Aeolos S.A.:
-- EUR204.1m notes: downgraded to 'CCsf' from 'CCCsf'; Recovery
Estimate 90%
Taneo (New Economy Development Fund S.A.)
-- EUR105m notes: downgraded to 'CCsf' from 'CCCsf'; Recovery
Estimate 30%
* GREECE: Use of CACs Trigger US$3BB Credit-Default Swap Payouts
----------------------------------------------------------------
Abigail Moses and Mary Childs at Bloomberg News report that the
International Swaps & Derivatives Association said Greece's use
of collective action clauses forcing investors to take losses
under its debt restructuring triggers payouts on about US$3
billion of default insurance.
According to Bloomberg, the industry group said in a statement on
Friday that a total 4,323 credit-default swap contracts may now
be settled after ISDA's determinations committee ruled the use of
CACs is a restructuring credit event.
Bloomberg notes that while policy makers had hoped to achieve
debt sustainability in Europe's most indebted nations without
triggering default swaps, political determination to avoid the
stigma of a credit event waned as Greece struggled to meet the
terms of its bailout.
Greece reached its target for participation in the debt
restructuring after using CACs to force the hand of holdouts,
with investors in 95.7% of the bonds taking part, Bloomberg
relates.
The Depository Trust & Clearing Corp. said that credit-default
swaps on Greece now cover US$3.16 billion of debt, down from
about US$6 billion last year, Bloomberg notes. That compares
with a swaps settlement of $5.2 billion on Lehman Brothers
Holdings Inc. in 2008, Bloomberg states.
ISDA Chief Executive Officer Robert Pickel said the actual payout
on Greece credit swaps will be "much smaller" than the net amount
reported by DTCC, according to Bloomberg.
=============
I R E L A N D
=============
BROOKS: Obtains Bankruptcy Protection; Interim Examiner Appointed
-----------------------------------------------------------------
The Timber Industry Magazine reports that the High Court in
Dublin has granted bankruptcy protection to Brooks.
Kieran Wallace of KPMG has been appointed "interim examiner" of
BHT Group, which comprises Brooks, Heat Merchants and Tubs and
Tiles, TTJ relates.
Redundancies, pay cuts and branch closures are being considered
as part of a plan to save the business, TTJ notes.
BHT Group directors said the construction and DIY trades had
proved difficult in 2011 and at the start of 2012 debts totaled
EUR53 million, TTJ discloses.
The examiner has 100 days to formulate a scheme of arrangement on
the group's future, TTJ says. Until then, the business will
trade normally, TTJ states.
Brooks is Ireland's largest timber distributor and second largest
builders merchant.
EIRCOM GROUP: To Press Ahead with Plans Amid Examinership Rumors
----------------------------------------------------------------
Donal O'Donovan at Irish Independent reports that Eircom Group
will avoid a fresh round of jobs cuts and plans to press ahead
with a EUR400 million investment in super-fast broadband, even if
the company goes into examinership.
According to Irish Independent, the company looks likely to seek
examinership within weeks. Even if it does there are no plans to
reduce the overall number of employees beyond levels announced
last year, despite the fact that Eircom has been forced to
rewrite its long-term business plan because of faster than
expected falls in revenues, Irish Independent says.
The new plan has been circulated to lenders and is likely to be
at the center of an application for examinership that could be
made within weeks, Irish Independent states.
Jobs fears have risen in recent weeks, especially after the
company missed interest payments on some of its EUR3.7 billion of
debt, Irish Independent notes.
According to Irish Independent, a spokesman said some further
redundancies could not be ruled out in the coming years.
Eircom has been trying to find a buyer in recent weeks, with bids
due to be tabled by end of business next Monday, Irish
Independent relates.
Few insiders expect much interest in the company, Irish
Independent states.
The most likely scenario is for a 200-strong group of
international banks and hedge funds to take control in exchange
for writing off debts, Irish Independent says. That could be
done through an examinership, Irish Independent notes. If
lenders do take control, a 35% stake in the company that's owned
by staff and former workers through an employee trust will be
wiped out, according to Irish Independent.
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.
FALLON & BYRNE: Court Protection Extended to 100 Days
-----------------------------------------------------
Tim Healy at Irish Independent reports that Fallon & Byrne has
been thrown a lifeline with an agreement to bring fresh
investment due to be signed within this week.
The company went into examinership in January, Irish Independent
relates. It had petitioned for an examiner on grounds that it
was insolvent and was unable to pay a EUR1.4 million tax bill,
Irish Independent recounts.
Neil Hughes was appointed examiner after a report by an
independent accountant expressed the view the business could
survive if certain conditions were met, including securing new
investment, Irish Independent notes.
Mr. Justice Brian McGovern on Thursday agreed to extend the
period of protection to 100 days, Irish Independent discloses.
Fallon & Byrne operates a restaurant and gourmet food hall at
Exchequer Street, Dublin.
MR. BINMAN: Gets Offers From Potential Buyers
---------------------------------------------
InsolvencyJournal.ie reports that Mr. Binman, which is currently
in receivership, has had a least three offers to buy the
business.
Kieran Wallace and Padraic Monaghan of KPMG were appointed
interim receivers last October by the Bank of Scotland to the
family owed business when financial support for the company dried
up, InsolvencyJournal.ie recounts.
It is believed that the receivers are in negotiations with
prospective buyers for the company, which continues to trade,
InsolvencyJournal.ie relates.
According to InsolvencyJournal.ie, one of the main issues with
the business is that the planning permission on one of its sites
is due to expire in October. However, the receivers do not
anticipate this to be an issue, InsolvencyJournal.ie states
The owner of the company, Martin Sheahan, and his family is said
to be upset and has made attempts to find other financial
funding, InsolvencyJournal.ie notes.
Mr. Binman is a waste collection company. It has been in
operation since 1994 and serves in excess of 65,000 customers in
Limerick, Cork, Tipperary and Waterford. It employs 330 people.
=====================
N E T H E R L A N D S
=====================
CAIRN CLO: S&P Raises Rating on Class D Notes to 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Cairn CLO I B.V.'s class A-4, B, C, and D notes. "At the same
time, we affirmed our ratings on the class A-1-VFN, A-2, A-3, and
E notes," S&P said.
"The rating actions follow our assessment of the transaction's
performance, and the application of our relevant criteria for
transactions of this type," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report (dated Jan. 19, 2012), in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction, and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.
"From our analysis, we have observed a decline in the proportion
of assets that we consider to be rated in the 'CCC' category
('CCC+', 'CCC', and 'CCC-') and the proportion of defaulted
assets (rated 'CC', 'SD' [selective default], and 'D') in the
collateral pool since we last reviewed the transaction. We have
also noted an increase in the weighted-average spread earned on
Cairn CLO I's collateral pool, and an increase in the par
coverage test results for all classes of notes," S&P said.
"We subjected the capital structure to a cash flow analysis in
order to determine the break-even default rate. In our analysis,
we used the reported portfolio balance that we consider to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using various default patterns, levels, and
timings for each liability rating category, in conjunction with
different interest rate stress scenarios," S&P said.
"Taking into account our credit and cash flow analyses and our
2010 counterparty criteria, we consider the credit enhancement
available to the class A-4, B, C, and D notes in this transaction
to be commensurate with higher ratings. On the other hand, we
consider the credit enhancement for the class A-1-VFN, A-2, A-3,
and E notes to be commensurate with their current ratings," S&P
said.
"We have analyzed the derivative counterparties' exposure to the
transaction under scenarios where individual counterparties
failed to perform. We have concluded that the derivative exposure
is currently sufficiently limited so as not to affect the ratings
assigned," S&P said.
Cairn CLO 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
Cairn CLO I B.V.
EUR333.45 Million and GBP11.45 Million Secured Variable Funding
And Floating-Rate Notes
Ratings Raised
A-4 AA+ (sf) AA (sf)
B A+ (sf) A- (sf)
C BBB- (sf) BB+ (sf)
D BB- (sf) B+ (sf)
Ratings Affirmed
A-1-VFN AA+ (sf)
A-2 AA+ (sf)
A-3 AA+ (sf)
E B- (sf)
ZIGGO BOND: S&P Puts 'B+' Corp. Credit Rating on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on The Netherlands-based leading cable
operator Ziggo Bond Co. B.V. on CreditWatch with positive
implications.
"We also placed our 'BB' issue rating on Ziggo's senior secured
notes and our 'B' issue rating on its senior notes on CreditWatch
positive," S&P said.
"The CreditWatch placement reflects our view that, if successful,
the IPO and the conversion of shareholder loans into common
equity should significantly and durably improve our assessment of
the company's financial risk profile," S&P said.
"In addition, we believe management's guidance on Ziggo's future
financial policy -- with a net debt to EBITDA target of about
3.5x -- will also contribute to this sustainable improvement,"
S&P said.
"Our main adjustment to Ziggo's debt is the addition of
shareholder loans at holding company Zesko B.V. As of year-end
2011, Standard & Poor's-adjusted debt included EUR2.3 billion of
shareholder loans, resulting in an adjusted debt-to-EBITDA ratio
of more than 6x. Excluding shareholder loans and accrued
interests, adjusted debt to EBITDA would have amounted to about
4x on Dec. 31, 2011," S&P said.
"We aim to resolve the CreditWatch positive placement upon
completion of the IPO," S&P said.
"If the IPO is successful and all shareholder loans (included
accrued interest) are converted into common equity, we could
raise the corporate credit rating and issue ratings by one or two
notches, provided we continue to expect that adjusted leverage
will fall toward 4x," S&P said.
"The CreditWatch resolution will also critically depend on the
ultimate ownership structure and our understanding of the
potential exit strategy of private equity sponsors. We believe
that continuing control by private equity sponsors will likely
continue to constrain the rating," S&P said.
===============
P O R T U G A L
===============
BANCO SANTANDER: S&P Lowers Ratings on Mortgage Covered Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BBB' from 'A-' and
removed from CreditWatch negative its credit ratings on Banco
Santander Totta S.A.'s (BB/Negative/B) mortgage covered bond
program and related series of covered bonds ('obrigacoes
hipotecarias') issued under the program. "At the same time, we
assigned a negative outlook to the ratings on these covered
bonds," S&P said.
"The rating actions follow the Feb. 14, 2012 downgrade of our
long-term counterparty rating on Banco Santander Totta to 'BB'
from 'BBB-'," S&P said.
"On Dec. 15, 2011, we placed on CreditWatch negative our ratings
on Banco Santander Totta's mortgage covered bond program and
related series following the CreditWatch negative placement of
our ratings on 15 European Economic and Monetary Union (EMU or
eurozone) members on Dec. 5, as well as the CreditWatch negative
placement of the rating on the issuer," S&P said.
"On Jan. 31, 2012, we lowered our ratings on Banco Santander
Totta's mortgage covered bond program and related series to
reflect the changed sovereign ratings following the lowering of
our ratings on Portugal on Jan. 13. We kept our ratings on the
covered bond program and related series on CreditWatch negative
due to the CreditWatch placement of the issuer credit rating
(ICR) on the bank," S&P said.
Credit And Cash Flow Analysis
"We have applied our five-step approach for rating covered bonds
to evaluate the maximum potential covered bonds ratings uplift
for the mortgage covered bonds. In step 1 of our rating approach,
we used our assessment of the program's asset-liability mismatch
(ALMM) risk to determine an ALMM classification of 'high'. In
step 2, we categorized Banco Santander Totta's mortgage covered
bonds in category '2'. This combination enables us to assign to
the covered bonds a maximum potential ratings uplift of four
notches above our long-term rating on Banco Santander Totta (step
3)," S&P said.
"In step 4 of our analysis, we analyzed the credit and market
risks, to determine the target credit enhancement that we
consider to be commensurate with the maximum potential uplift
that we determined in step 3," S&P said.
"Due to our Jan. 13 downgrade of the Republic of Portugal, we
have increased our assumption for the assumed weighted-average
foreclosure frequency (WAFF) in the cover pool and have increased
our assumption for the program's refinancing spread," S&P said.
Higher Waff Assumption
"When rating a covered bond program above the foreign currency
rating on the sovereign in which the assets are located, our
premise is that the covered bonds would continue to perform in a
stress scenario where the government has defaulted on its
obligations," S&P said.
"While we believe that this would be the case for covered bond
programs backed by Portuguese assets that we rate, we also
consider that risks affecting these transactions have increased
materially due to heightened country risk, which, in part, is
reflected in the 'BB/Negative' long-term rating on Portugal. As a
result, the likelihood that these transactions could experience
an unusually large adverse change in credit quality has also
increased, in our view," S&P said.
"In our opinion, the economic recession and rising unemployment
associated with increased country risk may negatively affect the
willingness and ability of obligors to repay their debts, with
transactions experiencing higher defaults and delinquencies and
ultimately decreased cash flow. To absorb this increased credit
risk, we believe that cover bonds should be able to withstand
losses that would be at least 1.3 times the initial loss
expectations for our rating scenario. We have based these
adjustments on historically observed data from transactions that
have experienced similar sovereign-stressed environments. The
application of these assumptions may be revised from time to time
as future actual performance is observed. These increased loss
assumptions would apply to the ratings on any outstanding covered
bonds, as well as to the ratings on any new covered bonds backed
by Portuguese assets," S&P said.
As a result of these adjustments the WAFF in Banco Santander
Totta's mortgage covered bond program's cover pool has increased
to 18.85% from 14.50%.
Higher Refinancing Spread Assumption
"We model market value risk in terms of a 'spread shock'. Here,
we calculate the net present value of the projected cash flows of
the assets using a discount rate, which we base on the target
asset spreads over the relevant funding rate, e.g., Euro
Interbank Offered Rate (EURIBOR). We derive these target asset
spreads based, in part, on the widest observed spread for
securitizations or issuances of similar assets," S&P said.
"The application of the target asset spreads results in a reduced
asset value, which we use as an input in our cash flow analysis
to calculate the likely proceeds the issuer would receive if it
borrows from a third party or sells assets," S&P said.
"Our spread assumptions are specific to jurisdiction and cover
pool assets, and we update these assumptions on a regular basis
to respond to fundamental changes in market conditions. Due to
the heightened observed spreads in Portuguese mortgage-backed
assets, we have increased our target asset spread to 1,000 basis
points (bps) from 700 bps," S&P said.
"With an unchanged asset and liability structure, our increased
WAFF and refinancing spread assumptions have led to an increase
in the target credit enhancement needed to support the maximum
uplift for the covered bond ratings. As the available credit
enhancement in Banco Santander Totta's mortgage covered bond
program is lower than the target credit enhancement and only
commensurate with three notches of uplift above the ICR, we have
lowered our ratings to 'BBB' from 'A-' on the mortgage covered
bond program and related series. We have also removed from
CreditWatch negative our ratings on these covered bonds because
the ICR is no longer on CreditWatch negative," S&P said.
EMU Criteria
"We have also applied our criteria for rating nonsovereign
issuers and structured finance transactions--including covered
bonds--above the rating on the related sovereign in the eurozone
('EMU criteria') when determining the credit rating on the
covered bonds. Our EMU criteria determine the maximum rating
differential between sovereign and covered bond ratings based on
the sovereign rating level and the covered bond program's
country-risk exposure," S&P said.
"Under our EMU criteria, a mortgage covered bond program that has
what we consider to be a 'low' country-risk exposure would
typically achieve a maximum uplift of six notches above the
investment-grade rating on the country in which the cover pool
assets are located. If the sovereign rating is in the
speculative-grade category, the maximum uplift is five notches.
As our long-term rating on Portugal is currently 'BB', our EMU
criteria do not constrain our rating on Banco Santander Totta's
mortgage covered bond program and related series," S&P said.
Outlook
"We have assigned a negative outlook to the ratings on the
covered bonds as all else being equal, any future downgrade of
Banco Santander Totta would automatically lead to a downgrade of
the covered bond program and related series. The negative outlook
reflects the negative outlook for both the ICR and the sovereign
rating," S&P said.
Potential Effects of Proposed Criteria Changes
"We have taken the rating actions on these covered bonds based on
our criteria for rating covered bonds. As part of our cash flow
analysis, we used Standard & Poor's Covered Bond Monitor to
calculate the target credit enhancement for the covered bonds.
However, the assumptions and methodologies used in this cash
flow analysis are under review," S&P said.
"This review may result in further changes to the criteria. As a
result, our future assumptions and methodologies used in our
Covered Bond Monitor model may differ from our current criteria.
The criteria change may affect the ratings on all outstanding
covered bonds in this program. Until such time that we adopt new
criteria for rating covered bonds, we will continue to rate and
surveil these covered bonds using our existing criteria," S&P
said.
Ratings List
Rating
Program/ To From
Country: Covered Bond Type
Ratings Lowered and Removed From CreditWatch Negative;
Negative Outlook Assigned
Banco Santander Totta S.A.
BBB/Negative A-/Watch Neg
Portugal: Mortgage Covered Bonds (Obrigacoes Hipotecarias)
* S&P Takes Various Rating Actions on Portuguese RMBS Deals
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on various Portuguese residential mortgage-backed
securities (RMBS) and asset-backed securities (ABS)
transactions.
Specifically, S&P has, taken these rating actions:
* Affirmed its ratings on 65 tranches in 36 RMBS transactions;
* Lowered its ratings on 40 tranches in 17 RMBS transactions;
* Lowered and removed from CreditWatch negative its rating on
one RMBS tranche in one transaction;
* Placed on CreditWatch negative its ratings on three RMBS
tranches in one transaction;
* Kept its rating on one tranche in one RMBS transaction on
CreditWatch negative;
* Withdrawn its rating on one tranche in one RMBS transaction as
the tranche has paid down;
* Affirmed its ratings on 16 tranches in 10 ABS transactions;
and
* Lowered its ratings on three tranches in two ABS transactions.
"On Jan. 13, 2012, we lowered our long-term rating on the
Republic of Portugal to 'BB' from 'BBB-'. We have subsequently
revised our assessment of Portuguese country risk and how it
might affect the ratings on the notes of Portuguese
securitizations that we rate," S&P said.
"When rating a securitization above the foreign currency rating
on the sovereign in which the assets are located, our premise is
that the structured finance obligation would continue to perform
in a stress scenario where the government has defaulted on its
obligations," S&P said.
"While we believe that this would be the case for structured
finance transactions backed by Portuguese assets that we rate, we
also consider that risks affecting these transactions have
increased materially due to heightened country risk, which, in
part, is reflected in the 'BB/Negative' long-term rating on the
Republic of Portugal. As a result, we are of the view that there
is an increased likelihood that these transactions could
experience an unusually large adverse change in credit quality,"
S&P said.
"In our opinion, the economic recession and rising unemployment
associated with increased country risk may decrease the
willingness and ability of obligors to repay their debts, with
transactions experiencing higher defaults and delinquencies and
ultimately decreased cash flow. On the basis of this increased
credit risk, we believe that projected losses could increase by
up to 30% from the initial loss expectations for each rating
level. We have estimated these increased losses based on our
assessment of the economic and industry risk that we consider to
be prevalent in Portugal, and historically observed data from
transactions that have experienced similar sovereign-stressed
environments, among other factors. The application of these
assumptions may be revised from time to time as future actual
performance is observed," S&P said.
"These increased loss assumptions will apply to the ratings on
any outstanding notes, as well as to the ratings on any new notes
backed by Portuguese assets," S&P said.
"Based on the analysis, for Portuguese RMBS transactions, we have
affirmed our ratings on 65 tranches in 36 transactions, lowered
our ratings on 40 tranches in 17 transactions, lowered and
removed from CreditWatch negative our rating on one tranche,
placed on CreditWatch negative our ratings on three tranches in
one transaction, and kept our rating on one tranche on
CreditWatch negative," S&P said.
"Similarly, for Portuguese ABS transactions, we have affirmed our
ratings on 16 tranches in 10 transactions and lowered our ratings
on three tranches in two transactions," S&P said.
"We have also withdrawn our rating on one RMBS tranche that has
paid down," S&P said.
"Our analysis assessed the collateral performance, the risk
profile of the residual collateral pool, the deleveraging of the
portfolio, and the increase in available credit enhancement, all
within our current country risk assessment," 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 Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
===========
R U S S I A
===========
CB INTERCOMMERZ: S&P Assigns 'B-/C' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
and 'C' short-term counterparty credit ratings to Russia-based CB
Intercommerz Ltd. The outlook is stable. "At the same time, we
assigned our 'ruBBB-' Russia national scale rating" S&P siad.
"The ratings on Intercommerz reflect our view of the bank's
'weak' business position, 'moderate' capital and earnings, 'weak'
risk position, 'average' funding, and 'adequate' liquidity, as
our criteria define these terms. The stand-alone credit profile
is 'b-'," S&P said.
"Under our bank criteria, we use the Banking Industry Country
Risk Assessment economic and industry risk scores to determine a
bank's anchor, the starting point in assigning an issuer credit
rating. Our anchor for a commercial bank operating only in Russia
is 'bb'," S&P said.
"Russia's economic risk score is '7'. This reflects Russia's only
moderate growth prospects, the moderate pace of credit expansion,
the economy's moderate level of debt, and very high credit risk
in the economy due to foreign currency lending, the poor credit
standing of the nonexport economy, and Russia's weak and
arbitrary legal system. The industry risk score is '7'. This is
based on our view of deficiencies in Russia's bank supervision;
the dominance of state-owned banks, which unfavorably distorts
competition for private sector banks; and the risky bank funding
markets characterized by a lack of long-term financing in rubles
and prevalent use of foreign currency. Nonetheless, bank funding
has improved since 2008 due to a significant increase in retail
deposits and the Russian Central Bank's regular and effective
liquidity support operations," S&P said.
"We consider Intercommerz's business profile to be 'weak', owing
to the bank's limited customer base and business diversification
as well as existing corporate governance issues. Established in
1991, Intercommerz is a midsize Russian commercial bank focusing
on corporate clientele. With total assets of Russian rubles (RUB)
34 billion ($1.06 billion) as of year-end 2011, it ranks 97th
among 978 banks operating in Russia. In 2010, Intercommerz
acquired small Moscow-based corporate bank, Evrazbank. During the
last three years, Intercommerz increased its assets four-fold,
which we view as a very aggressive pace of growth. Intercommerz's
strategy includes plans to acquire a regional retail bank with
RUB1 billion of capital to strengthen franchise and develop
retail lines of business. We are concerned, however, that post-
acquisition strategic repositioning will raise additional
operational and credit risks," S&P said.
"The bank's ultimate beneficiaries are not indicated in the
official disclosure of the shareholders' structure. This lack of
transparency creates corporate governance issues, in our view. At
the same time, we understand that one of the bank's priorities
for 2012 is to increase business transparency to facilitate
interactions with international financial institutions," S&P
said.
"We view capital and earnings as 'moderate', reflecting a
projected risk-adjusted capital (RAC) ratio before adjustments
for diversification in the 6%-7% range over the next 12-18
months. According to our criteria, however, a 'moderate'
assessment of capital and earnings is a neutral rating factor for
banks with a 'bb' anchor. Our assumptions stipulate that, in case
of acquisition, it will be financed by shareholders, keeping
capitalization of the new structure at least at current levels.
Intercommerz has acceptable quality of earnings, in our view. Net
interest income accounted for 75% of operating revenues for the
first nine months of 2011 (a level comparable to peers) in
comparison to 60% in 2010. This change in the revenue composition
could be partly explained by the increase in the net interest
margin from 5% in 2010 to more than 6% in 2011," S&P said.
"In our view, Intercommerz's overall risk position is 'weak'. Our
assessment primarily reflects high single-name concentrations in
the loan book. As of year-end 2011, top-20 borrowers accounted
for 35% of the loan portfolio and 3x adjusted total equity (ATE),
which is higher than the domestic and regional peer average.
Intercommerz has moderate asset quality with nonperforming loans
(overdue by more than 90 days) accounting for only 1.7% of total
loan portfolio, but restructured loans making another 11% of the
loan book as of year-end 2011. We believe that the bank's rapid
asset growth could lead to an increase in the level of
nonperforming loans," S&P said.
"We consider Intercommerz's funding to be 'average' and its
liquidity position 'adequate'. Overall, we believe these two
factors are neutral to the ratings. We view Intercommerz's
funding position as close to industry average; however, the top-
20 deposits are concentrated and account for 43% of customer
deposits or 35% of total liabilities as of year-end 2011. More
than half of the bank's deposits were corporate current accounts,
forcing the bank to maintain a significant liquidity cushion.
Cash and cash equivalents and corresponding accounts in other
financial institutions accounted for 18% of total assets as of
Dec. 31, 2011. We do not expect material changes in the bank's
funding structure in the next two-to-three years as
Intercommerz's access to long-term funding via international
markets is still very limited," S&P said.
"The issuer credit rating does not include any notches for
extraordinary parental support, which we view as uncertain. We
consider the bank to be of 'low' systemic importance and do not
incorporate any uplift for extraordinary government support in
the rating," S&P said.
"The stable outlook on Intercommerz reflects our expectation that
the bank will continue strengthening its franchise, while keeping
capitalization and asset quality metrics at current levels. We
expect that its funding and liquidity profile will remain broadly
unchanged," S&P said.
"We could consider lowering the ratings if Intercommerz suffered
from significant losses, leading to a deterioration in its
capitalization, with its projected RAC ratio before adjustments
for concentration and diversification falling below 5%.
Significant strain on Intercommerz's liquidity could also lead to
a downgrade," S&P said.
"We are not likely to raise the ratings over the outlook horizon.
In the longer term we could consider upgrading the bank if we
were to see improvements in its risk position, with better
diversification of the loan portfolio, and growth rates closer to
industry average (about 20% per year), combined with more-
sophisticated risk management systems, with all other factors
including capitalization staying at least at current levels," S&P
said.
"Despite likely penetration of the retail market in 2012, we
would need to see a positive track record in this segment before
giving Intercommerz any ratings uplift in terms of business
diversity and, subsequently, business position," S&P said.
CENTRAL EUROPEAN: Moody's Cuts CFR to Caa1, Notes Rating to B3
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and probability of default rating (PDR) of Central
European Distribution Corporation (CEDC) to Caa1 from B3.
Concurrently, Moody's has also downgraded to B3 from B2 the
rating on the senior secured notes due in 2016 issued by CEDC
Finance Corporation International. These ratings remain on review
for downgrade.
Ratings Rationale
"T[he] rating action reflects the ongoing deterioration in CEDC's
operating profitability, which is reflected in a decline in
EBITDA to USD124 million for FY 2011 from USD167.1 million a year
ago, resulting in a financial leverage, as adjusted by Moody's,
exceeding 10x for 2011. In Moody's view currently depressed
profitability level will challenge the company to sustain its
current debt burden," says Paolo Leschiutta, a Moody's Vice
President -- Senior Credit Officer and lead analyst for CEDC.
The downgrade also reflects Moody's expectation that CEDC's
profitability is likely to remain below historical levels over
the short term as the company continues to face difficult market
conditions in Russia, increasing raw material and marketing
costs, as well as high competition. The current Caa1 rating,
however, reflects also the potentially good cash generation
capability of CEDC business and the fact that we would expect a
degree of recovery in profitability over the medium term.
In Moody's view, however, the fragile financial environment and
the current weak profitability could challenge the company to
address the refinancing needs associated with its USD310 million
of convertible notes coming due in March 2013.
The ratings remain on review mainly due to the ongoing
uncertainty related to the company's future capital structure,
including its refinancing plans, and the ongoing difficulties
experienced in Russia. Moody's understands that CEDC is, with the
assistance of financial and legal advisors, reviewing
alternatives to addressing its convertible notes maturity. In
this context, Moody's notes that a successful refinancing, with
no loss for bondholders, would reduce most of the liquidity
concerns we have on the company, although key credit metrics are
likely to remain weak over the short term.
Focus of the Review
Moody's rating review will focus on (i) CEDC capability to
address the maturity of its USD310 million of convertible notes
over the next few weeks; (ii) the possibility that the current
creditors might suffer losses; (iii) the liquidity profile of the
group going forward; (iv) CEDC success in improving its operating
activity in Russia; and (v) CEDC's credit metrics evolution over
the short to medium term.
The inability to show progress in addressing its refinancing
needs over the next few weeks or any transaction that could
qualify as a distressed exchange under Moody's definitions,
leading to potential losses for bond holders, could trigger
further negative actions on CEDC's ratings. Moody's methodology
for evaluating a distressed exchange considers inter alia whether
(1) the issuer would be offering creditors a new package of
security or cash that amount to a diminished financial obligation
relative to the original obligation prescribed by the notes'
indentures and (2) the exchange is apparently being offered to
allow the issuer to avoid a bankruptcy or payment default. For
further details on this topic, please see our Rating
Implementation Guidance "Moody's Approach to Evaluating
Distressed Exchanges," published March 2009.
Downgrades:
Issuer: Central European Distribution Corporation
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1 from B3
Issuer: CEDC Finance Corporation International
Senior Secured Regular Bond/Debenture, Downgraded to B3 from B2
Principal Methodology
The principal methodology used in rating CEDC was Moody's "Global
Alcoholic Beverage Rating Methodology", published in September
2009.
Headquartered in Warsaw, Poland, CEDC is one of the largest vodka
producers in the world, with annual sales of around 33.2 million
nine-litre cases, mainly in Russia and Poland. Following
investments in Russia over the past two years and the
consolidation since February 2011 of Whitehall Group, an importer
and distributor of premium spirits and wine, CEDC generated net
revenues of around USD878 million during FYE December 2011.
===========================
U N I T E D K I N G D O M
===========================
EPIC PLC: S&P Affirms 'BB' Rating on Class F Notes
--------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Epic (More London) PLC's class C and D commercial mortgage-backed
notes. "At the same time, we have affirmed our ratings on the
class E and F notes," S&P said.
Epic (More London) is a U.K. commercial mortgage-backed
securities (CMBS) transaction backed by a single loan to London
Bridge Holdings Ltd which matures in July 2014.
The transaction closed in April 2006 and is scheduled to mature
in July 2017. A tap issuance in November 2006 took the total
securitized note balance to GBP670 million. , the securitized
loan balance is GBP646.42 million and the whole-loan balance is
GBP750.87 million.
The loan was restructured in March 2011 to remedy a loan event of
default which occurred as a result of technical insolvency of the
borrower (following unrealized losses on the loan swaps).
Under the terms of this restructuring:
* The sponsor injected GBP10 million of equity to reduce the
securitized loan balance (GBP9.084 million loan and GBP916,000
break costs);
* The whole-loan loan-to-value (LTV) ratio covenant is waived
until April 2012, when the covenant will be reset to 97.5%
(from 87.5%);
* A portion of the junior loan was written off by the lender
(GBP20 million); and
* The junior lender will receive certain deferred amounts at
maturity and an increased coupon on the retained junior loan.
Both payments are subordinated and not payable until the
securitized loan is fully repaid.
"The borrower owns the freehold in the entire More London
development. More London is a commercial master-planned
development located on the south bank of the River Thames,
adjacent to Tower Bridge in Central London. The buildings are
predominantly let as office space with ancillary retail units,
restaurants, and leisure offerings at the base of the buildings.
We consider the development prime within its location. Six of the
purpose-built detached offices (1-4 and 6 More London, and City
Hall) and a stand-alone Kiosk retail unit secure the loan," S&P
said.
"Four of the buildings are substantially let to single tenants
and the remaining two are multi-let. Key tenants include
internationally recognized law and accounting firms. The
weighted-average unexpired lease term across the securitized
assets exceeds 10 years and less than 10% of income is subject to
break options during the loan term. The occupancy across the
assets has improved since the transaction's issuance in 2006,"
S&P said.
The loan has a current reported senior LTV ratio of 71% based on
a revaluation of the buildings by CBRE in March 2011 at GBP906.45
million. This compares to a reported value in 2009 of GBP772.9
million.
"The borrower has an interest rate swap agreement with The Royal
Bank of Scotland on the securitized loan. Under this agreement,
the borrower pays a fixed rate to the swap counterparty in return
for a floating rate. If the loan defaults before maturity, swap
breakage costs could be incurred by the borrower. These would be
payable in priority to the securitized loan, and would reduce the
level of recoveries available to noteholders," S&P said.
"In our view, this transaction is performing well with prime
assets occupied by high-quality tenants backing the loan. In our
base case scenario, the loan does not default during the term,
the swap expires at loan maturity, and therefore no breakage
costs are incurred. However, in our stressed scenarios, a loan
default occurs during the term, and in such a case, the swap
breakage costs payable by the borrower could be material," S&P
said.
Rating Actions
"We have lowered our rating on the class C notes by two notches,
and on the class D notes by one notch, to reflect this risk. We
have affirmed our ratings on the class E and F notes," S&P said.
"We have taken no action on our ratings on the class A and B
notes, as these classes are currently on CreditWatch negative due
to a change in the rating on the liquidity facility provider, The
Royal Bank Of Scotland. We will resolve this CreditWatch
placement separately," S&P said.
Potential Effects of Proposed Criteria Changes
"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.
"As highlighted in the Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result in
changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," 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 Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Ratings List
Class Rating
To From
Epic (More London) PLC
GBP670 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
C BBB+ (sf) A (sf)
D BBB (sf) BBB+ (sf)
Ratings Affirmed
E BB+ (sf)
F BB (sf)
Ratings Unaffected
A A+ (sf)/Watch Neg
B A+ (sf)/Watch Neg
LEHMAN BROTHERS: In Fight With Swiss Unit Over Guarantees, Loans
----------------------------------------------------------------
Lehman Brothers Holdings Inc. is locked in a battle with Lehman
Brothers Finance AG over billions of dollars in guarantees and
intercompany loans, according to a March 2 report by Daily
Bankruptcy Review.
The dispute, which threatens to delay recoveries for creditors,
involves claims and counterclaims with respect to derivatives
guarantees and intercompany loans.
Switzerland-based LB Finance, a former Lehman derivatives
subsidiary, conducted most of the company's foreign derivatives
business and half of its equity derivatives trades.
LB Finance says it is owed US$15.4 billion by Lehman, a claim the
latter described as "grossly excessive." Lehman, meanwhile, says
the Swiss unit owes it US$14.2 billion and that the two claims
should be "setoff," leaving a net claim of US$1.2 billion against
the company.
According to a court transcript, Judge James Peck said it
appeared that LB Finance and its insolvency administrators
appeared to be "incredibly unreasonable" and likened the firm to
a "renegade." The bankruptcy judge eventually ordered Lehman to
reserve US$3 billion for the Swiss unit's claim so the company
could begin making its initial distribution to creditors.
Lehman is set to make initial distribution to creditors on
April 17. A second distribution is tentatively scheduled for
September 30.
Depending on the outcome of LB Finance's legal efforts, creditors
could see a reduced payout in the second distribution as a result
of the Swiss unit's legal proceedings, Daily Bankruptcy Review
reported.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16. Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 5 to March 9, 2012
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
BA CREDITANSTALT 5.470 8/28/2013 EUR 72.38
ERSTE BANK 6.000 7/31/2014 EUR 69.13
ERSTE BANK 6.000 2/1/2014 EUR 72.88
HAA-BANK INTL AG 5.270 4/7/2028 EUR 72.82
IMMOFINANZ 4.250 3/8/2018 EUR 3.77
KOMMUNALKREDIT 4.900 6/23/2031 EUR 71.63
KOMMUNALKREDIT 4.440 12/20/2030 EUR 67.50
OESTER VOLKSBK 4.750 4/30/2021 EUR 74.90
OESTER VOLKSBK 5.270 2/8/2027 EUR 68.34
OESTER VOLKSBK 4.170 7/29/2015 EUR 66.75
OESTER VOLKSBK 4.810 7/29/2025 EUR 65.13
RAIFF CENTROBANK 9.876 1/23/2013 EUR 60.89
RAIFF CENTROBANK 7.965 1/23/2013 EUR 71.70
RAIFF CENTROBANK 11.718 7/25/2012 EUR 64.40
RAIFF CENTROBANK 7.646 1/23/2013 EUR 74.24
RAIFF CENTROBANK 10.090 7/25/2012 EUR 74.73
RAIFF CENTROBANK 10.090 7/25/2012 EUR 67.53
RAIFF CENTROBANK 11.718 7/25/2012 EUR 30.42
RAIFF CENTROBANK 8.463 7/25/2012 EUR 72.63
RAIFF CENTROBANK 7.812 7/25/2012 EUR 64.50
RAIFF CENTROBANK 7.812 7/25/2012 EUR 55.59
RAIFF CENTROBANK 10.416 7/20/2012 EUR 58.36
RAIFF CENTROBANK 9.114 7/25/2012 EUR 56.57
RAIFF CENTROBANK 7.161 7/20/2012 EUR 67.40
RAIFF CENTROBANK 11.000 5/24/2012 EUR 70.30
RAIFF CENTROBANK 7.812 7/20/2012 EUR 68.53
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 60.04
RAIFF ZENTRALBK 5.470 2/28/2028 EUR 74.70
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 20.79
IDEAL STANDARD I 11.750 5/1/2018 EUR 55.50
IDEAL STANDARD I 11.750 5/1/2018 EUR 56.63
CYPRUS
------
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 73.66
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 62.77
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 61.61
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 60.27
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 64.14
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 58.05
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 63.25
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 57.38
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 58.13
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 59.25
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 61.88
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 60.75
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 68.51
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 62.50
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 63.00
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 63.50
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 71.13
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 64.63
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 65.75
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 70.08
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 66.25
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 67.25
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 68.88
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 72.47
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 69.73
MARFIN POPULAR 4.350 11/20/2014 EUR 69.25
REP OF CYPRUS 4.750 2/25/2016 EUR 66.18
DENMARK
-------
FIN-DANISH IND 4.910 7/6/2021 EUR 68.63
KALMAR STRUCTRD 7.500 9/30/2013 EUR 2.51
KOMMUNEKREDIT 0.500 1/25/2017 ZAR 70.68
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 50.68
KOMMUNEKREDIT 0.500 2/23/2017 ZAR 70.22
FINLAND
-------
MUNI FINANCE PLC 0.500 11/16/2017 TRY 70.45
MUNI FINANCE PLC 0.250 6/28/2040 CAD 20.42
MUNI FINANCE PLC 0.500 3/17/2025 CAD 52.44
MUNI FINANCE PLC 0.500 10/27/2016 TRY 74.60
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 70.16
MUNI FINANCE PLC 0.500 12/6/2016 TRY 74.70
MUNI FINANCE PLC 0.500 12/21/2016 TRY 74.08
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 69.12
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 59.48
MUNI FINANCE PLC 0.500 9/24/2020 CAD 70.12
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 46.39
MUNI FINANCE PLC 0.500 11/21/2018 TRY 66.69
MUNI FINANCE PLC 0.500 12/14/2018 TRY 66.47
MUNI FINANCE PLC 0.500 11/10/2021 NZD 64.11
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 57.33
MUNI FINANCE PLC 0.500 12/21/2021 NZD 64.32
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 62.17
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 73.55
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 70.55
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.60
ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.01
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.08
ASSYSTEM 4.000 1/1/2017 EUR 21.28
ATOS ORIGIN SA 2.500 1/1/2016 EUR 53.79
BNP PARIBAS 2.890 5/16/2036 JPY 66.33
BNP PARIBAS 10.050 7/24/2012 USD 33.63
CAISSE CENT IMMO 7.000 5/18/2015 EUR 15.10
CAISSE CENT IMMO 7.000 9/10/2015 EUR 17.01
CAISSE CENT IMMO 7.000 5/16/2014 EUR 38.54
CALYON 6.000 6/18/2047 EUR 27.49
CAP GEMINI SOGET 3.500 1/1/2014 EUR 39.72
CGG VERITAS 1.750 1/1/2016 EUR 29.89
CLUB MEDITERRANE 5.000 6/8/2012 EUR 16.41
CLUB MEDITERRANE 6.110 11/1/2015 EUR 19.54
CMA CGM 8.500 4/15/2017 USD 65.17
CMA CGM 8.875 4/15/2019 EUR 67.40
CMA CGM 8.500 4/15/2017 USD 66.94
CMA CGM 8.875 4/15/2019 EUR 66.03
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 65.66
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 72.27
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 70.70
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 74.12
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 70.59
DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 74.55
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 66.22
EURAZEO 6.250 6/10/2014 EUR 58.25
EUROPCAR GROUPE 9.375 4/15/2018 EUR 74.50
EXANE FINANCE 18.150 5/17/2012 CHF 45.20
FAURECIA 4.500 1/1/2015 EUR 23.97
GROUPAMA SA 7.875 10/27/2039 EUR 60.72
GROUPE VIAL 2.500 1/1/2014 EUR 2.56
INGENICO 2.750 1/1/2017 EUR 46.98
MAUREL ET PROM 7.125 7/31/2015 EUR 18.19
MAUREL ET PROM 7.125 7/31/2014 EUR 19.19
NEXANS SA 2.500 1/1/2019 EUR 73.10
NEXANS SA 4.000 1/1/2016 EUR 62.29
ORPEA 3.875 1/1/2016 EUR 44.30
PAGESJAUNES FINA 8.875 6/1/2018 EUR 74.00
PEUGEOT SA 4.450 1/1/2016 EUR 25.29
PIERRE VACANCES 4.000 10/1/2015 EUR 71.23
PUBLICIS GROUPE 1.000 1/18/2018 EUR 52.53
PUBLICIS GROUPE 3.125 7/30/2014 EUR 41.55
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.91
SOITEC 6.250 9/9/2014 EUR 8.85
TEM 4.250 1/1/2015 EUR 55.04
THEOLIA 2.700 1/1/2041 EUR 9.07
GERMANY
-------
BAYERISCHE LNDBK 5.100 6/29/2012 EUR 63.19
BAYERISCHE LNDBK 6.100 6/15/2012 EUR 44.77
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 66.40
BAYERISCHE LNDBK 5.500 6/29/2012 EUR 71.37
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 38.98
BHF-BANK AG 13.200 6/8/2012 EUR 65.67
BHF-BANK AG 7.250 6/15/2012 EUR 71.60
BHW BAUSPARKASSE 4.270 1/15/2019 EUR 74.75
BNP EMIS-U.HANDE 8.500 3/22/2012 EUR 67.10
BNP EMIS-U.HANDE 8.500 3/22/2012 EUR 65.53
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 58.02
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 55.72
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 72.14
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 67.95
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 74.75
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 66.10
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 50.89
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 56.80
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 68.58
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 69.69
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 65.73
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 72.58
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 68.76
BNP EMIS-U.HANDE 7.250 6/21/2012 EUR 74.82
BNP EMIS-U.HANDE 6.750 6/21/2012 EUR 73.38
BNP EMIS-U.HANDE 7.000 5/24/2012 EUR 57.78
BNP EMIS-U.HANDE 5.250 5/24/2012 EUR 70.67
BNP EMIS-U.HANDE 9.000 4/26/2012 EUR 58.72
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 68.70
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 53.33
BNP EMIS-U.HANDE 5.000 4/26/2012 EUR 69.07
BNP EMIS-U.HANDE 19.000 3/22/2012 EUR 8.90
BNP EMIS-U.HANDE 15.500 3/22/2012 EUR 37.54
BNP EMIS-U.HANDE 14.250 3/22/2012 EUR 60.62
BNP EMIS-U.HANDE 13.000 3/22/2012 EUR 51.72
BNP EMIS-U.HANDE 11.250 3/22/2012 EUR 68.34
BNP EMIS-U.HANDE 10.750 3/22/2012 EUR 73.32
BNP EMIS-U.HANDE 10.750 3/22/2012 EUR 51.57
BNP EMIS-U.HANDE 10.500 3/22/2012 EUR 72.06
BNP EMIS-U.HANDE 10.250 3/22/2012 EUR 73.55
BNP EMIS-U.HANDE 9.500 3/22/2012 EUR 69.63
BNP EMIS-U.HANDE 9.250 3/22/2012 EUR 73.03
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 67.91
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 69.07
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 75.22
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 71.28
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 58.95
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 66.56
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 51.24
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 69.92
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 41.62
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 45.07
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 63.97
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 57.77
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 69.09
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 55.17
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 64.61
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 49.70
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 62.32
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 56.62
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 41.65
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 46.36
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 68.57
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 49.98
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 72.19
BNP EMIS-U.HANDE 16.000 6/21/2012 EUR 31.60
BNP EMIS-U.HANDE 19.250 6/21/2012 EUR 15.76
BNP EMIS-U.HANDE 18.250 6/21/2012 EUR 13.32
BNP EMIS-U.HANDE 13.750 6/21/2012 EUR 66.87
BNP EMIS-U.HANDE 15.500 6/21/2012 EUR 35.33
BNP EMIS-U.HANDE 14.250 6/21/2012 EUR 52.20
BNP EMIS-U.HANDE 11.500 6/21/2012 EUR 68.94
BNP EMIS-U.HANDE 13.500 6/21/2012 EUR 59.32
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 50.27
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 54.02
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 66.68
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 68.68
COMMERZBANK AG 9.000 10/29/2012 EUR 14.42
COMMERZBANK AG 8.500 10/29/2012 EUR 74.36
COMMERZBANK AG 9.000 10/1/2012 EUR 72.33
COMMERZBANK AG 7.700 9/28/2012 EUR 64.54
COMMERZBANK AG 9.000 8/3/2012 EUR 74.17
COMMERZBANK AG 8.500 8/3/2012 EUR 59.22
COMMERZBANK AG 11.500 7/6/2012 EUR 13.09
COMMERZBANK AG 10.500 7/6/2012 EUR 70.84
COMMERZBANK AG 11.500 6/22/2012 EUR 62.37
COMMERZBANK AG 8.000 6/22/2012 EUR 74.77
COMMERZBANK AG 8.000 6/4/2012 EUR 75.50
COMMERZBANK AG 7.250 5/7/2012 EUR 71.38
COMMERZBANK AG 7.250 5/7/2012 EUR 52.99
COMMERZBANK AG 12.100 4/27/2012 EUR 24.70
COMMERZBANK AG 10.800 3/30/2012 EUR 69.95
COMMERZBANK AG 10.100 4/27/2012 EUR 72.29
COMMERZBANK AG 8.400 12/30/2013 EUR 21.92
COMMERZBANK AG 8.000 12/27/2012 EUR 61.11
COMMERZBANK AG 7.000 12/27/2012 EUR 73.47
COMMERZBANK AG 11.500 11/5/2012 EUR 71.90
COMMERZBANK AG 10.000 11/5/2012 EUR 71.18
COMMERZBANK AG 8.000 11/5/2012 EUR 63.00
COMMERZBANK AG 8.000 5/7/2012 EUR 53.32
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 58.10
DEUTSCHE BANK AG 6.500 3/29/2012 EUR 71.30
DEUTSCHE BANK AG 6.500 3/29/2012 EUR 62.40
DEUTSCHE BANK AG 6.500 3/29/2012 EUR 74.50
DEUTSCHE BANK AG 7.000 3/29/2012 EUR 65.00
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 72.90
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 70.80
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 59.20
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 68.40
DEUTSCHE BANK AG 8.000 3/29/2012 EUR 61.70
DEUTSCHE BANK AG 8.000 3/29/2012 EUR 74.00
DEUTSCHE BANK AG 8.000 3/29/2012 EUR 73.00
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 75.90
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 65.70
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 67.10
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 69.40
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 60.60
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 70.00
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 69.50
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 72.80
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 73.30
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 70.40
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 63.00
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 67.80
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 70.50
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 65.20
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 60.10
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 67.70
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 73.80
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 64.60
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 58.00
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 62.90
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 67.30
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 70.40
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 63.80
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 68.00
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 72.80
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 66.30
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 70.00
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 74.50
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 64.80
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 61.40
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 62.60
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 64.10
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 67.70
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 71.30
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 58.90
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 62.90
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 70.70
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 73.00
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 72.20
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 70.20
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 66.10
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 69.60
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 69.60
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 68.20
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 60.70
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 58.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 63.00
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 68.30
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 67.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 65.90
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 71.10
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 71.10
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 68.70
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 68.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 66.20
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 67.00
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 72.90
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 71.40
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 73.80
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 55.30
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.30
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 72.20
DRESDNER BANK AG 7.350 6/13/2028 EUR 73.13
DRESDNER BANK AG 5.290 5/31/2021 EUR 73.90
DRESDNER BANK AG 5.700 7/31/2023 EUR 71.43
DRESDNER BANK AG 6.180 2/28/2023 EUR 72.00
DZ BANK AG 10.750 6/22/2012 EUR 62.14
DZ BANK AG 10.750 6/22/2012 EUR 56.50
DZ BANK AG 10.750 6/22/2012 EUR 70.86
DZ BANK AG 10.500 6/22/2012 EUR 43.41
DZ BANK AG 10.000 6/22/2012 EUR 65.94
DZ BANK AG 9.750 6/22/2012 EUR 69.64
DZ BANK AG 9.750 6/22/2012 EUR 67.68
DZ BANK AG 9.000 6/22/2012 EUR 39.76
DZ BANK AG 9.000 6/22/2012 EUR 62.29
DZ BANK AG 8.750 6/22/2012 EUR 74.56
DZ BANK AG 8.500 6/22/2012 EUR 71.56
DZ BANK AG 8.250 6/22/2012 EUR 72.07
DZ BANK AG 8.000 6/22/2012 EUR 47.30
DZ BANK AG 7.500 6/22/2012 EUR 69.73
DZ BANK AG 7.250 6/22/2012 EUR 73.77
DZ BANK AG 6.250 6/22/2012 EUR 72.41
DZ BANK AG 5.500 6/22/2012 EUR 72.91
DZ BANK AG 5.250 6/22/2012 EUR 74.39
DZ BANK AG 4.000 6/20/2012 EUR 66.20
DZ BANK AG 8.000 6/11/2012 EUR 64.94
DZ BANK AG 12.250 6/8/2012 EUR 73.84
DZ BANK AG 11.250 6/8/2012 EUR 60.43
DZ BANK AG 10.750 6/8/2012 EUR 74.29
DZ BANK AG 10.500 6/8/2012 EUR 56.10
DZ BANK AG 5.500 6/22/2012 EUR 74.70
DZ BANK AG 9.500 6/8/2012 EUR 72.05
DZ BANK AG 9.250 6/8/2012 EUR 61.84
DZ BANK AG 9.000 6/8/2012 EUR 67.13
DZ BANK AG 8.000 6/8/2012 EUR 68.38
DZ BANK AG 8.000 6/8/2012 EUR 70.11
DZ BANK AG 7.750 6/8/2012 EUR 72.07
DZ BANK AG 7.500 6/8/2012 EUR 64.70
DZ BANK AG 6.750 6/8/2012 EUR 64.12
DZ BANK AG 6.200 7/13/2012 EUR 73.40
DZ BANK AG 9.750 6/8/2012 EUR 72.16
DZ BANK AG 7.000 7/13/2012 EUR 65.77
DZ BANK AG 7.250 7/13/2012 EUR 66.27
DZ BANK AG 7.500 7/13/2012 EUR 58.29
DZ BANK AG 8.250 7/13/2012 EUR 70.37
DZ BANK AG 8.500 7/13/2012 EUR 64.36
DZ BANK AG 8.500 7/13/2012 EUR 60.54
DZ BANK AG 12.500 7/13/2012 EUR 67.75
DZ BANK AG 6.000 7/27/2012 EUR 72.34
DZ BANK AG 8.000 7/27/2012 EUR 66.17
DZ BANK AG 6.750 7/13/2012 EUR 68.70
DZ BANK AG 9.250 7/27/2012 EUR 71.28
DZ BANK AG 9.800 7/27/2012 EUR 66.82
DZ BANK AG 10.000 7/27/2012 EUR 72.27
DZ BANK AG 10.500 7/27/2012 EUR 70.71
DZ BANK AG 10.750 7/27/2012 EUR 61.79
DZ BANK AG 11.250 7/27/2012 EUR 71.08
DZ BANK AG 11.500 7/27/2012 EUR 61.47
DZ BANK AG 12.000 7/27/2012 EUR 67.93
DZ BANK AG 12.500 7/27/2012 EUR 69.05
DZ BANK AG 9.000 7/27/2012 EUR 74.36
DZ BANK AG 15.250 7/27/2012 EUR 66.38
DZ BANK AG 5.000 9/14/2012 EUR 70.32
DZ BANK AG 5.850 9/14/2012 EUR 71.30
DZ BANK AG 6.250 9/14/2012 EUR 66.44
DZ BANK AG 7.500 9/14/2012 EUR 66.60
DZ BANK AG 8.000 9/14/2012 EUR 61.67
DZ BANK AG 8.500 9/14/2012 EUR 67.62
DZ BANK AG 10.500 9/14/2012 EUR 62.02
DZ BANK AG 4.500 10/5/2012 EUR 68.25
DZ BANK AG 5.700 10/5/2012 EUR 66.12
DZ BANK AG 15.000 7/27/2012 EUR 57.29
DZ BANK AG 7.000 10/12/2012 EUR 69.62
DZ BANK AG 7.000 10/12/2012 EUR 59.77
DZ BANK AG 8.000 10/12/2012 EUR 61.84
DZ BANK AG 3.850 12/21/2012 EUR 28.50
DZ BANK AG 5.000 3/22/2013 EUR 18.55
DZ BANK AG 5.000 3/22/2013 EUR 18.51
DZ BANK AG 5.410 3/22/2013 EUR 21.50
DZ BANK AG 5.000 6/24/2013 EUR 20.28
DZ BANK AG 5.270 6/24/2013 EUR 35.00
DZ BANK AG 5.760 12/23/2013 EUR 69.78
DZ BANK AG 8.300 10/5/2012 EUR 62.60
DZ BANK AG 5.500 3/25/2015 EUR 20.25
DZ BANK AG 0.526 12/27/2016 EUR 19.45
DZ BANK AG 5.000 6/22/2018 EUR 49.66
DZ BANK AG 6.000 6/8/2012 EUR 69.48
DZ BANK AG 8.000 6/7/2012 EUR 69.80
DZ BANK AG 5.000 7/13/2012 EUR 66.70
DZ BANK AG 7.000 7/11/2012 EUR 72.58
DZ BANK AG 16.000 6/22/2012 EUR 14.12
DZ BANK AG 13.000 6/22/2012 EUR 46.99
DZ BANK AG 12.000 6/22/2012 EUR 57.71
DZ BANK AG 11.750 6/22/2012 EUR 72.47
DZ BANK AG 11.750 6/22/2012 EUR 60.54
DZ BANK AG 11.750 6/22/2012 EUR 54.33
DZ BANK AG 11.250 6/22/2012 EUR 50.81
DZ BANK AG 11.000 6/22/2012 EUR 58.59
DZ BANK AG 11.000 6/22/2012 EUR 45.97
DZ BANK AG 3.400 3/25/2015 EUR 65.96
DZ BANK AG 9.250 5/11/2012 EUR 64.69
DZ BANK AG 16.500 4/27/2012 EUR 2.34
DZ BANK AG 15.500 4/27/2012 EUR 71.97
DZ BANK AG 11.250 4/27/2012 EUR 61.13
DZ BANK AG 9.000 4/27/2012 EUR 45.96
DZ BANK AG 21.500 3/23/2012 EUR 9.54
DZ BANK AG 14.500 3/23/2012 EUR 59.30
DZ BANK AG 10.250 3/23/2012 EUR 74.41
DZ BANK AG 9.000 3/23/2012 EUR 57.40
DZ BANK AG 8.750 3/23/2012 EUR 49.75
DZ BANK AG 7.250 3/23/2012 EUR 70.94
DZ BANK AG 10.000 3/9/2012 EUR 69.38
DZ BANK AG 7.250 3/9/2012 EUR 67.01
ESCADA AG 7.500 4/1/2012 EUR 8.64
EUROHYPO AG 3.830 9/21/2020 EUR 73.00
HECKLER & KOCH 9.500 5/15/2018 EUR 64.88
HECKLER & KOCH 9.500 5/15/2018 EUR 64.00
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 72.67
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 72.75
IKB DEUT INDUSTR 6.500 3/31/2012 EUR 17.42
L-BANK FOERDERBK 0.500 5/10/2027 CAD 50.33
LANDESBK BERLIN 5.500 12/23/2013 EUR 71.75
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.91
LB BADEN-WUERTT 10.000 10/26/2012 EUR 68.33
LB BADEN-WUERTT 5.000 11/23/2012 EUR 67.45
LB BADEN-WUERTT 10.000 10/26/2012 EUR 33.32
LB BADEN-WUERTT 7.500 11/23/2012 EUR 71.99
LB BADEN-WUERTT 7.500 11/23/2012 EUR 60.80
LB BADEN-WUERTT 7.500 11/23/2012 EUR 75.67
LB BADEN-WUERTT 7.500 11/23/2012 EUR 35.87
LB BADEN-WUERTT 5.000 11/23/2012 EUR 38.60
LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.98
LB BADEN-WUERTT 10.000 11/23/2012 EUR 34.41
LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.44
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.49
LB BADEN-WUERTT 7.500 11/23/2012 EUR 74.87
LB BADEN-WUERTT 10.000 11/23/2012 EUR 67.64
LB BADEN-WUERTT 15.000 11/23/2012 EUR 74.31
LB BADEN-WUERTT 3.750 12/20/2012 EUR 17.00
LB BADEN-WUERTT 5.000 1/4/2013 EUR 39.25
LB BADEN-WUERTT 10.000 11/23/2012 EUR 57.00
LB BADEN-WUERTT 5.000 1/4/2013 EUR 69.17
LB BADEN-WUERTT 7.500 1/4/2013 EUR 72.70
LB BADEN-WUERTT 7.500 1/4/2013 EUR 36.39
LB BADEN-WUERTT 7.500 1/4/2013 EUR 71.18
LB BADEN-WUERTT 5.000 1/4/2013 EUR 58.36
LB BADEN-WUERTT 7.500 1/4/2013 EUR 52.37
LB BADEN-WUERTT 10.000 1/4/2013 EUR 64.52
LB BADEN-WUERTT 10.000 1/4/2013 EUR 73.19
LB BADEN-WUERTT 10.000 1/4/2013 EUR 72.73
LB BADEN-WUERTT 7.500 1/4/2013 EUR 69.54
LB BADEN-WUERTT 10.000 1/4/2013 EUR 50.24
LB BADEN-WUERTT 10.000 1/4/2013 EUR 68.95
LB BADEN-WUERTT 5.000 1/25/2013 EUR 50.15
LB BADEN-WUERTT 7.500 1/25/2013 EUR 72.14
LB BADEN-WUERTT 10.000 1/4/2013 EUR 35.60
LB BADEN-WUERTT 10.000 1/25/2013 EUR 44.75
LB BADEN-WUERTT 10.000 1/25/2013 EUR 68.87
LB BADEN-WUERTT 10.000 1/25/2013 EUR 72.69
LB BADEN-WUERTT 10.000 1/25/2013 EUR 74.73
LB BADEN-WUERTT 7.500 1/25/2013 EUR 46.64
LB BADEN-WUERTT 4.000 9/20/2014 EUR 17.34
LB BADEN-WUERTT 4.500 12/20/2014 EUR 17.00
LB BADEN-WUERTT 5.250 10/20/2015 EUR 26.49
LB BADEN-WUERTT 6.750 12/31/2020 EUR 72.10
LB BADEN-WUERTT 15.000 2/22/2013 EUR 74.36
LB BADEN-WUERTT 7.500 6/22/2012 EUR 54.07
LB BADEN-WUERTT 8.000 3/23/2012 EUR 9.64
LB BADEN-WUERTT 8.000 3/23/2012 EUR 47.06
LB BADEN-WUERTT 8.000 3/23/2012 EUR 68.85
LB BADEN-WUERTT 8.000 3/23/2012 EUR 59.82
LB BADEN-WUERTT 6.000 3/23/2012 EUR 52.83
LB BADEN-WUERTT 6.000 3/23/2012 EUR 65.83
LB BADEN-WUERTT 6.000 3/23/2012 EUR 52.17
LB BADEN-WUERTT 7.500 6/22/2012 EUR 10.77
LB BADEN-WUERTT 7.500 6/22/2012 EUR 72.58
LB BADEN-WUERTT 7.500 6/22/2012 EUR 72.56
LB BADEN-WUERTT 7.500 6/22/2012 EUR 74.39
LB BADEN-WUERTT 7.500 6/22/2012 EUR 62.61
LB BADEN-WUERTT 7.500 6/22/2012 EUR 35.19
LB BADEN-WUERTT 7.500 6/22/2012 EUR 66.91
LB BADEN-WUERTT 7.500 6/22/2012 EUR 68.60
LB BADEN-WUERTT 7.500 6/22/2012 EUR 73.46
LB BADEN-WUERTT 8.000 6/22/2012 EUR 68.34
LB BADEN-WUERTT 8.000 6/22/2012 EUR 61.39
LB BADEN-WUERTT 8.000 6/22/2012 EUR 51.54
LB BADEN-WUERTT 8.000 6/22/2012 EUR 56.29
LB BADEN-WUERTT 8.000 6/22/2012 EUR 72.96
LB BADEN-WUERTT 8.000 6/22/2012 EUR 74.36
LB BADEN-WUERTT 8.000 6/22/2012 EUR 69.04
LB BADEN-WUERTT 8.000 6/22/2012 EUR 49.09
LB BADEN-WUERTT 10.000 6/22/2012 EUR 72.46
LB BADEN-WUERTT 10.000 6/22/2012 EUR 67.99
LB BADEN-WUERTT 10.000 6/22/2012 EUR 33.17
LB BADEN-WUERTT 10.000 6/22/2012 EUR 50.71
LB BADEN-WUERTT 10.000 6/22/2012 EUR 73.92
LB BADEN-WUERTT 10.000 6/22/2012 EUR 10.13
LB BADEN-WUERTT 10.000 6/22/2012 EUR 62.99
LB BADEN-WUERTT 10.000 6/22/2012 EUR 69.09
LB BADEN-WUERTT 10.000 6/22/2012 EUR 62.78
LB BADEN-WUERTT 10.000 6/22/2012 EUR 69.49
LB BADEN-WUERTT 10.000 6/22/2012 EUR 68.25
LB BADEN-WUERTT 10.000 6/22/2012 EUR 59.23
LB BADEN-WUERTT 10.000 6/22/2012 EUR 72.55
LB BADEN-WUERTT 4.000 7/27/2012 EUR 71.55
LB BADEN-WUERTT 4.000 7/27/2012 EUR 65.66
LB BADEN-WUERTT 5.000 7/27/2012 EUR 70.96
LB BADEN-WUERTT 5.000 7/27/2012 EUR 39.64
LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.26
LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.10
LB BADEN-WUERTT 5.000 7/27/2012 EUR 59.21
LB BADEN-WUERTT 5.000 7/27/2012 EUR 16.02
LB BADEN-WUERTT 5.000 7/27/2012 EUR 57.70
LB BADEN-WUERTT 5.000 7/27/2012 EUR 58.50
LB BADEN-WUERTT 6.000 7/27/2012 EUR 40.06
LB BADEN-WUERTT 6.000 7/27/2012 EUR 56.48
LB BADEN-WUERTT 6.000 7/27/2012 EUR 72.94
LB BADEN-WUERTT 6.000 7/27/2012 EUR 64.30
LB BADEN-WUERTT 7.500 7/27/2012 EUR 36.99
LB BADEN-WUERTT 7.500 7/27/2012 EUR 72.78
LB BADEN-WUERTT 7.500 7/27/2012 EUR 65.52
LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.73
LB BADEN-WUERTT 7.500 7/27/2012 EUR 50.89
LB BADEN-WUERTT 7.500 7/27/2012 EUR 69.11
LB BADEN-WUERTT 7.500 7/27/2012 EUR 69.03
LB BADEN-WUERTT 7.500 7/27/2012 EUR 16.94
LB BADEN-WUERTT 7.500 7/27/2012 EUR 53.39
LB BADEN-WUERTT 7.500 7/27/2012 EUR 74.35
LB BADEN-WUERTT 7.500 7/27/2012 EUR 54.08
LB BADEN-WUERTT 8.000 7/27/2012 EUR 71.33
LB BADEN-WUERTT 8.000 7/27/2012 EUR 58.46
LB BADEN-WUERTT 8.000 7/27/2012 EUR 71.84
LB BADEN-WUERTT 8.000 7/27/2012 EUR 68.43
LB BADEN-WUERTT 8.000 7/27/2012 EUR 51.67
LB BADEN-WUERTT 10.000 7/27/2012 EUR 35.34
LB BADEN-WUERTT 10.000 7/27/2012 EUR 72.86
LB BADEN-WUERTT 10.000 7/27/2012 EUR 17.86
LB BADEN-WUERTT 10.000 7/27/2012 EUR 63.82
LB BADEN-WUERTT 10.000 7/27/2012 EUR 72.09
LB BADEN-WUERTT 10.000 7/27/2012 EUR 63.69
LB BADEN-WUERTT 10.000 7/27/2012 EUR 50.30
LB BADEN-WUERTT 10.000 7/27/2012 EUR 62.10
LB BADEN-WUERTT 10.000 7/27/2012 EUR 47.79
LB BADEN-WUERTT 10.000 7/27/2012 EUR 64.09
LB BADEN-WUERTT 10.000 7/27/2012 EUR 68.75
LB BADEN-WUERTT 10.000 7/27/2012 EUR 50.45
LB BADEN-WUERTT 10.000 7/27/2012 EUR 70.06
LB BADEN-WUERTT 4.000 8/24/2012 EUR 54.60
LB BADEN-WUERTT 5.000 8/24/2012 EUR 47.86
LB BADEN-WUERTT 5.000 8/24/2012 EUR 56.57
LB BADEN-WUERTT 6.000 8/24/2012 EUR 74.45
LB BADEN-WUERTT 6.000 8/24/2012 EUR 47.55
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.58
LB BADEN-WUERTT 6.000 8/24/2012 EUR 72.89
LB BADEN-WUERTT 6.000 3/23/2012 EUR 64.25
LB BADEN-WUERTT 6.000 3/23/2012 EUR 10.32
LB BADEN-WUERTT 6.000 3/23/2012 EUR 73.20
LB BADEN-WUERTT 6.000 3/23/2012 EUR 49.07
LB BADEN-WUERTT 6.000 3/23/2012 EUR 43.53
LB BADEN-WUERTT 4.000 3/23/2012 EUR 58.53
LB BADEN-WUERTT 4.000 3/23/2012 EUR 10.27
LB BADEN-WUERTT 7.500 8/24/2012 EUR 70.79
LB BADEN-WUERTT 7.500 8/24/2012 EUR 43.24
LB BADEN-WUERTT 7.500 8/24/2012 EUR 71.91
LB BADEN-WUERTT 4.000 3/23/2012 EUR 71.15
LB BADEN-WUERTT 4.000 3/23/2012 EUR 60.72
LB BADEN-WUERTT 4.000 3/23/2012 EUR 49.03
LB BADEN-WUERTT 4.000 3/23/2012 EUR 60.65
LB BADEN-WUERTT 7.500 8/24/2012 EUR 74.08
LB BADEN-WUERTT 7.500 8/24/2012 EUR 71.29
LB BADEN-WUERTT 7.500 8/24/2012 EUR 51.71
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.91
LB BADEN-WUERTT 8.000 8/24/2012 EUR 72.17
LB BADEN-WUERTT 8.000 8/24/2012 EUR 72.22
LB BADEN-WUERTT 8.000 8/24/2012 EUR 68.88
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.75
LB BADEN-WUERTT 8.000 8/24/2012 EUR 68.08
LB BADEN-WUERTT 8.000 8/24/2012 EUR 43.81
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.45
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.19
LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.15
LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.64
LB BADEN-WUERTT 8.000 8/24/2012 EUR 68.66
LB BADEN-WUERTT 10.000 8/24/2012 EUR 48.68
LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.19
LB BADEN-WUERTT 10.000 8/24/2012 EUR 66.47
LB BADEN-WUERTT 10.000 8/24/2012 EUR 68.51
LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.60
LB BADEN-WUERTT 10.000 8/24/2012 EUR 40.87
LB BADEN-WUERTT 10.000 8/24/2012 EUR 67.56
LB BADEN-WUERTT 4.000 9/28/2012 EUR 51.82
LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.42
LB BADEN-WUERTT 6.000 9/28/2012 EUR 68.78
LB BADEN-WUERTT 6.000 9/28/2012 EUR 73.82
LB BADEN-WUERTT 4.000 9/28/2012 EUR 59.57
LB BADEN-WUERTT 6.000 9/28/2012 EUR 52.61
LB BADEN-WUERTT 8.000 9/28/2012 EUR 67.16
LB BADEN-WUERTT 6.000 9/28/2012 EUR 44.20
LB BADEN-WUERTT 8.000 9/28/2012 EUR 39.99
LB BADEN-WUERTT 8.000 9/28/2012 EUR 63.37
LB BADEN-WUERTT 8.000 9/28/2012 EUR 49.10
LB BADEN-WUERTT 5.000 10/26/2012 EUR 73.83
LB BADEN-WUERTT 5.000 10/26/2012 EUR 10.04
LB BADEN-WUERTT 5.000 10/26/2012 EUR 38.15
LB BADEN-WUERTT 7.500 10/26/2012 EUR 10.76
LB BADEN-WUERTT 7.500 10/26/2012 EUR 74.04
LB BADEN-WUERTT 7.500 10/26/2012 EUR 66.77
LB BADEN-WUERTT 7.500 10/26/2012 EUR 72.96
LB BADEN-WUERTT 7.500 10/26/2012 EUR 67.16
LB BADEN-WUERTT 7.500 10/26/2012 EUR 34.87
LB BADEN-WUERTT 10.000 10/26/2012 EUR 62.64
LB BADEN-WUERTT 10.000 10/26/2012 EUR 11.37
LB BADEN-WUERTT 10.000 10/26/2012 EUR 61.95
LB BADEN-WUERTT 10.000 10/26/2012 EUR 69.62
LB BADEN-WUERTT 2.800 2/23/2037 JPY 48.08
LB BADEN-WUERTT 6.000 6/22/2012 EUR 68.39
LB BADEN-WUERTT 6.000 6/22/2012 EUR 61.52
LB BADEN-WUERTT 6.000 6/22/2012 EUR 54.96
LB BADEN-WUERTT 5.000 6/22/2012 EUR 67.89
LB BADEN-WUERTT 5.000 6/22/2012 EUR 38.79
LB BADEN-WUERTT 5.000 6/22/2012 EUR 11.45
LB BADEN-WUERTT 5.000 6/22/2012 EUR 71.36
LB BADEN-WUERTT 5.000 6/22/2012 EUR 73.29
LB BADEN-WUERTT 5.000 6/22/2012 EUR 59.24
LB BADEN-WUERTT 4.000 6/22/2012 EUR 63.96
LB BADEN-WUERTT 4.000 6/22/2012 EUR 70.14
LB BADEN-WUERTT 4.000 6/22/2012 EUR 65.91
LB BADEN-WUERTT 8.350 5/25/2012 EUR 53.74
LB BADEN-WUERTT 8.000 5/25/2012 EUR 45.78
LB BADEN-WUERTT 8.000 5/25/2012 EUR 63.04
LB BADEN-WUERTT 8.000 5/25/2012 EUR 65.86
LB BADEN-WUERTT 8.000 5/25/2012 EUR 73.85
LB BADEN-WUERTT 8.000 5/25/2012 EUR 70.03
LB BADEN-WUERTT 8.000 5/25/2012 EUR 55.29
LB BADEN-WUERTT 6.000 5/25/2012 EUR 75.13
LB BADEN-WUERTT 6.000 5/25/2012 EUR 69.24
LB BADEN-WUERTT 6.000 5/25/2012 EUR 73.69
LB BADEN-WUERTT 6.000 5/25/2012 EUR 50.05
LB BADEN-WUERTT 6.000 5/25/2012 EUR 60.31
LB BADEN-WUERTT 4.000 5/25/2012 EUR 60.99
LB BADEN-WUERTT 4.000 5/25/2012 EUR 67.94
LB BADEN-WUERTT 8.000 4/27/2012 EUR 56.95
LB BADEN-WUERTT 8.000 4/27/2012 EUR 68.36
LB BADEN-WUERTT 8.000 4/27/2012 EUR 73.86
LB BADEN-WUERTT 8.000 4/27/2012 EUR 46.06
LB BADEN-WUERTT 8.000 4/27/2012 EUR 70.00
LB BADEN-WUERTT 8.000 4/27/2012 EUR 74.17
LB BADEN-WUERTT 8.000 4/27/2012 EUR 10.80
LB BADEN-WUERTT 8.000 4/27/2012 EUR 50.19
LB BADEN-WUERTT 8.000 4/27/2012 EUR 69.44
LB BADEN-WUERTT 8.000 4/27/2012 EUR 69.81
LB BADEN-WUERTT 8.000 4/27/2012 EUR 9.84
LB BADEN-WUERTT 8.000 4/27/2012 EUR 61.67
LB BADEN-WUERTT 8.000 4/27/2012 EUR 71.18
LB BADEN-WUERTT 8.000 4/27/2012 EUR 72.55
LB BADEN-WUERTT 8.000 4/27/2012 EUR 54.49
LB BADEN-WUERTT 8.000 4/27/2012 EUR 42.01
LB BADEN-WUERTT 8.000 4/27/2012 EUR 34.51
LB BADEN-WUERTT 6.000 4/27/2012 EUR 74.48
LB BADEN-WUERTT 6.000 4/27/2012 EUR 49.13
LB BADEN-WUERTT 6.000 4/27/2012 EUR 12.31
LB BADEN-WUERTT 6.000 4/27/2012 EUR 75.32
LB BADEN-WUERTT 6.000 4/27/2012 EUR 65.55
LB BADEN-WUERTT 6.000 4/27/2012 EUR 62.15
LB BADEN-WUERTT 6.000 4/27/2012 EUR 47.64
LB BADEN-WUERTT 6.000 4/27/2012 EUR 54.34
LB BADEN-WUERTT 6.000 4/27/2012 EUR 37.26
LB BADEN-WUERTT 6.000 4/27/2012 EUR 74.59
LB BADEN-WUERTT 6.000 4/27/2012 EUR 59.65
LB BADEN-WUERTT 6.000 4/27/2012 EUR 10.55
LB BADEN-WUERTT 4.000 4/27/2012 EUR 53.27
LB BADEN-WUERTT 4.000 4/27/2012 EUR 71.01
LB BADEN-WUERTT 4.000 4/27/2012 EUR 71.50
LB BADEN-WUERTT 4.000 4/27/2012 EUR 60.23
LB BADEN-WUERTT 4.000 4/27/2012 EUR 57.94
LB BADEN-WUERTT 4.000 4/27/2012 EUR 67.97
LB BADEN-WUERTT 4.000 4/27/2012 EUR 12.06
LB BADEN-WUERTT 4.000 4/27/2012 EUR 11.48
LB BADEN-WUERTT 4.000 4/27/2012 EUR 40.60
LB BADEN-WUERTT 8.000 3/23/2012 EUR 72.72
LB BADEN-WUERTT 8.000 3/23/2012 EUR 59.70
LB BADEN-WUERTT 8.000 3/23/2012 EUR 70.00
LB BADEN-WUERTT 8.000 3/23/2012 EUR 71.42
LB BADEN-WUERTT 8.000 3/23/2012 EUR 40.53
LB BADEN-WUERTT 8.000 3/23/2012 EUR 48.73
LB BADEN-WUERTT 8.000 3/23/2012 EUR 42.76
LB BADEN-WUERTT 6.000 6/22/2012 EUR 74.49
LB BADEN-WUERTT 6.000 6/22/2012 EUR 57.08
MACQUARIE STRUCT 11.500 9/28/2012 EUR 62.05
MACQUARIE STRUCT 9.250 6/22/2012 EUR 44.22
MACQUARIE STRUCT 9.750 6/22/2012 EUR 66.33
MACQUARIE STRUCT 9.250 6/22/2012 EUR 70.03
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MACQUARIE STRUCT 7.000 5/11/2012 EUR 72.89
MACQUARIE STRUCT 13.250 4/27/2012 EUR 60.10
MACQUARIE STRUCT 10.500 4/27/2012 EUR 59.44
MACQUARIE STRUCT 26.000 3/23/2012 EUR 67.63
MACQUARIE STRUCT 23.750 3/23/2012 EUR 7.88
MACQUARIE STRUCT 15.000 3/23/2012 EUR 34.44
MACQUARIE STRUCT 14.750 3/23/2012 EUR 38.33
MACQUARIE STRUCT 14.250 3/23/2012 EUR 56.72
MACQUARIE STRUCT 13.500 3/23/2012 EUR 71.69
MACQUARIE STRUCT 13.250 3/23/2012 EUR 37.88
MACQUARIE STRUCT 13.250 3/23/2012 EUR 48.50
MACQUARIE STRUCT 12.000 3/23/2012 EUR 66.59
MACQUARIE STRUCT 11.250 3/23/2012 EUR 71.49
MACQUARIE STRUCT 11.000 3/23/2012 EUR 62.57
MACQUARIE STRUCT 10.750 3/23/2012 EUR 72.49
MACQUARIE STRUCT 10.500 3/23/2012 EUR 50.28
MACQUARIE STRUCT 9.750 3/23/2012 EUR 51.59
MACQUARIE STRUCT 8.750 3/23/2012 EUR 67.28
MACQUARIE STRUCT 7.250 3/23/2012 EUR 66.79
MACQUARIE STRUCT 9.750 9/28/2012 EUR 63.26
MACQUARIE STRUCT 10.000 9/28/2012 EUR 73.16
MACQUARIE STRUCT 9.000 9/28/2012 EUR 64.76
MACQUARIE STRUCT 9.250 9/28/2012 EUR 69.57
MACQUARIE STRUCT 18.500 6/22/2012 EUR 73.79
MACQUARIE STRUCT 23.250 6/22/2012 EUR 9.15
MACQUARIE STRUCT 16.000 6/22/2012 EUR 30.49
MACQUARIE STRUCT 17.000 6/22/2012 EUR 54.41
MACQUARIE STRUCT 15.750 6/22/2012 EUR 26.19
MACQUARIE STRUCT 15.750 6/22/2012 EUR 68.85
MACQUARIE STRUCT 13.000 6/22/2012 EUR 75.02
MACQUARIE STRUCT 13.500 6/22/2012 EUR 37.31
MACQUARIE STRUCT 12.500 6/22/2012 EUR 52.62
MACQUARIE STRUCT 12.500 6/22/2012 EUR 44.42
MACQUARIE STRUCT 11.750 6/22/2012 EUR 68.87
MACQUARIE STRUCT 12.000 6/22/2012 EUR 75.62
MACQUARIE STRUCT 11.500 6/22/2012 EUR 43.00
MACQUARIE STRUCT 11.500 6/22/2012 EUR 64.07
MACQUARIE STRUCT 10.750 6/22/2012 EUR 41.68
MACQUARIE STRUCT 11.500 6/22/2012 EUR 70.12
MACQUARIE STRUCT 10.000 6/22/2012 EUR 57.49
MACQUARIE STRUCT 10.250 6/22/2012 EUR 57.94
NORDDEUTSCHE L/B 7.000 6/8/2012 EUR 68.13
PRAKTIKER BAU-UN 5.875 2/10/2016 EUR 30.00
Q-CELLS 6.750 10/21/2015 EUR 0.76
QIMONDA FINANCE 6.750 3/22/2013 USD 1.00
SOLARWORLD AG 6.125 1/21/2017 EUR 47.01
SOLARWORLD AG 6.375 7/13/2016 EUR 46.49
TAG IMMO AG 6.500 12/10/2015 EUR 7.55
TUI AG 5.500 11/17/2014 EUR 67.50
TUI AG 2.750 3/24/2016 EUR 49.81
UNICREDIT BANK A 7.000 6/21/2012 EUR 53.74
VONTOBEL FIN PRO 10.128 3/23/2012 EUR 74.18
VONTOBEL FIN PRO 11.564 3/16/2012 EUR 50.70
VONTOBEL FIN PRO 6.613 3/23/2012 EUR 63.26
VONTOBEL FIN PRO 6.702 3/23/2012 EUR 74.06
VONTOBEL FIN PRO 7.226 3/23/2012 EUR 61.96
VONTOBEL FIN PRO 7.340 3/23/2012 EUR 59.08
VONTOBEL FIN PRO 7.489 3/23/2012 EUR 73.94
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VONTOBEL FIN PRO 8.333 3/23/2012 EUR 46.30
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VONTOBEL FIN PRO 9.335 3/23/2012 EUR 64.82
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VONTOBEL FIN PRO 11.825 3/23/2012 EUR 71.72
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VONTOBEL FIN PRO 11.904 3/23/2012 EUR 49.08
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VONTOBEL FIN PRO 12.197 3/23/2012 EUR 51.50
VONTOBEL FIN PRO 12.332 3/23/2012 EUR 42.20
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VONTOBEL FIN PRO 12.745 3/23/2012 EUR 72.42
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VONTOBEL FIN PRO 12.782 3/23/2012 EUR 41.12
VONTOBEL FIN PRO 12.812 3/23/2012 EUR 71.64
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VONTOBEL FIN PRO 12.824 3/23/2012 EUR 70.14
VONTOBEL FIN PRO 12.947 3/23/2012 EUR 51.32
VONTOBEL FIN PRO 12.964 3/23/2012 EUR 44.32
VONTOBEL FIN PRO 12.973 3/23/2012 EUR 64.62
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VONTOBEL FIN PRO 13.124 3/23/2012 EUR 60.62
VONTOBEL FIN PRO 13.188 3/23/2012 EUR 61.76
VONTOBEL FIN PRO 13.275 3/23/2012 EUR 48.54
VONTOBEL FIN PRO 13.314 3/23/2012 EUR 49.88
VONTOBEL FIN PRO 13.314 3/23/2012 EUR 43.52
VONTOBEL FIN PRO 13.358 3/23/2012 EUR 43.88
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VONTOBEL FIN PRO 13.426 3/23/2012 EUR 65.88
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VONTOBEL FIN PRO 13.733 3/23/2012 EUR 71.78
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VONTOBEL FIN PRO 13.737 3/23/2012 EUR 68.26
VONTOBEL FIN PRO 13.774 3/23/2012 EUR 71.02
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VONTOBEL FIN PRO 13.869 3/23/2012 EUR 63.16
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VONTOBEL FIN PRO 14.391 3/23/2012 EUR 72.64
VONTOBEL FIN PRO 14.400 3/23/2012 EUR 63.46
VONTOBEL FIN PRO 14.420 3/23/2012 EUR 71.04
VONTOBEL FIN PRO 14.614 3/23/2012 EUR 69.14
VONTOBEL FIN PRO 14.625 3/23/2012 EUR 50.38
VONTOBEL FIN PRO 14.636 3/23/2012 EUR 48.56
VONTOBEL FIN PRO 14.669 3/23/2012 EUR 43.54
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VONTOBEL FIN PRO 12.800 9/28/2012 EUR 73.82
VONTOBEL FIN PRO 12.847 9/28/2012 EUR 70.78
VONTOBEL FIN PRO 12.857 9/28/2012 EUR 52.52
VONTOBEL FIN PRO 13.257 9/28/2012 EUR 60.40
VONTOBEL FIN PRO 13.259 9/28/2012 EUR 66.36
VONTOBEL FIN PRO 13.352 9/28/2012 EUR 57.16
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 59.44
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 68.58
VONTOBEL FIN PRO 14.154 9/28/2012 EUR 68.52
VONTOBEL FIN PRO 14.191 9/28/2012 EUR 67.96
VONTOBEL FIN PRO 14.500 9/28/2012 EUR 71.48
VONTOBEL FIN PRO 14.895 9/28/2012 EUR 61.58
VONTOBEL FIN PRO 14.906 9/28/2012 EUR 73.48
VONTOBEL FIN PRO 16.183 9/28/2012 EUR 59.20
VONTOBEL FIN PRO 17.000 9/28/2012 EUR 70.54
VONTOBEL FIN PRO 11.500 12/14/2012 EUR 3.91
VONTOBEL FIN PRO 5.006 12/28/2012 EUR 62.60
VONTOBEL FIN PRO 7.050 12/31/2012 EUR 65.16
VONTOBEL FIN PRO 8.019 12/31/2012 EUR 71.96
VONTOBEL FIN PRO 8.163 12/31/2012 EUR 72.44
VONTOBEL FIN PRO 8.230 12/31/2012 EUR 72.30
VONTOBEL FIN PRO 8.246 12/31/2012 EUR 51.14
VONTOBEL FIN PRO 8.300 12/31/2012 EUR 65.40
VONTOBEL FIN PRO 8.526 12/31/2012 EUR 34.32
VONTOBEL FIN PRO 8.877 12/31/2012 EUR 73.90
VONTOBEL FIN PRO 9.123 12/31/2012 EUR 70.40
VONTOBEL FIN PRO 9.193 12/31/2012 EUR 50.24
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 58.90
VONTOBEL FIN PRO 9.700 12/31/2012 EUR 68.26
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 49.76
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 75.52
VONTOBEL FIN PRO 9.841 12/31/2012 EUR 67.40
VONTOBEL FIN PRO 10.175 12/31/2012 EUR 49.48
VONTOBEL FIN PRO 10.421 12/31/2012 EUR 68.28
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 69.74
VONTOBEL FIN PRO 10.611 12/31/2012 EUR 70.42
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 73.70
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 34.30
VONTOBEL FIN PRO 10.900 12/31/2012 EUR 74.74
VONTOBEL FIN PRO 11.476 12/31/2012 EUR 73.25
VONTOBEL FIN PRO 11.649 12/31/2012 EUR 68.94
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 68.84
VONTOBEL FIN PRO 11.784 12/31/2012 EUR 70.05
VONTOBEL FIN PRO 11.790 12/31/2012 EUR 66.44
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 73.80
VONTOBEL FIN PRO 12.501 12/31/2012 EUR 74.07
VONTOBEL FIN PRO 12.593 12/31/2012 EUR 73.24
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 69.92
VONTOBEL FIN PRO 12.912 12/31/2012 EUR 66.70
VONTOBEL FIN PRO 13.123 12/31/2012 EUR 34.52
VONTOBEL FIN PRO 13.518 12/31/2012 EUR 67.26
VONTOBEL FIN PRO 14.150 12/31/2012 EUR 64.94
VONTOBEL FIN PRO 14.211 12/31/2012 EUR 64.74
VONTOBEL FIN PRO 8.042 1/2/2013 EUR 68.88
VONTOBEL FIN PRO 8.987 1/2/2013 EUR 42.79
VONTOBEL FIN PRO 10.930 1/2/2013 EUR 63.54
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 45.70
VONTOBEL FIN PRO 5.474 3/17/2014 EUR 72.70
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 46.80
WESTLB AG 7.000 6/21/2012 EUR 73.13
WESTLB AG 7.000 6/21/2012 EUR 74.10
WESTLB AG 5.250 5/21/2012 EUR 69.30
WESTLB AG 6.000 3/26/2012 EUR 47.45
WESTLB AG 8.000 3/22/2012 EUR 59.06
WESTLB AG 8.000 3/22/2012 EUR 73.24
WESTLB AG 8.000 3/22/2012 EUR 67.46
WESTLB AG 7.500 3/22/2012 EUR 57.86
WESTLB AG 7.500 3/22/2012 EUR 64.40
WESTLB AG 7.000 3/22/2012 EUR 48.24
WESTLB AG 6.500 3/22/2012 EUR 73.22
WESTLB AG 6.500 3/22/2012 EUR 74.65
WESTLB AG 5.000 3/22/2012 EUR 67.97
WESTLB AG 5.000 3/22/2012 EUR 67.39
WESTLB AG 4.500 3/22/2012 EUR 70.74
WESTLB AG 4.500 3/22/2012 EUR 48.18
WESTLB AG 5.000 4/12/2016 EUR 29.01
WESTLB AG 0.100 9/27/2012 EUR 56.38
WESTLB AG 0.100 9/27/2012 EUR 75.50
WESTLB AG 0.075 9/27/2012 EUR 71.94
WESTLB AG 0.075 9/27/2012 EUR 73.01
WESTLB AG 6.750 7/30/2012 EUR 73.67
WESTLB AG 8.500 6/21/2012 EUR 67.74
WESTLB AG 8.500 6/21/2012 EUR 62.84
WGZ BANK 7.000 12/21/2012 EUR 73.25
WGZ BANK 8.000 12/20/2012 EUR 72.33
WGZ BANK 7.000 12/20/2012 EUR 73.72
WGZ BANK 8.000 6/21/2012 EUR 75.24
WGZ BANK 8.000 6/13/2012 EUR 43.63
WGZ BANK 7.000 6/13/2012 EUR 45.33
WGZ BANK 6.000 6/13/2012 EUR 47.22
WGZ BANK 5.000 6/13/2012 EUR 49.32
WGZ BANK 4.000 6/13/2012 EUR 54.55
WGZ BANK 8.000 3/29/2012 EUR 70.85
WGZ BANK 7.000 3/29/2012 EUR 72.18
WGZ BANK 6.000 3/29/2012 EUR 73.56
WGZ BANK 9.000 3/27/2012 EUR 68.33
WGZ BANK 8.000 3/27/2012 EUR 69.47
WGZ BANK 7.000 3/27/2012 EUR 70.65
WGZ BANK 6.000 3/27/2012 EUR 73.20
WGZ BANK 7.000 12/28/2012 EUR 73.71
WGZ BANK 8.000 12/28/2012 EUR 70.50
WGZ BANK 8.000 12/21/2012 EUR 71.84
GREECE
------
HELLENIC REP I/L 2.300 7/25/2030 EUR 19.00
HELLENIC REP I/L 2.900 7/25/2025 EUR 19.00
HELLENIC REPUB 4.625 6/25/2013 USD 38.63
HELLENIC REPUB 2.125 7/5/2013 CHF 39.75
HELLENIC REPUB 4.590 4/8/2016 EUR 23.75
HELLENIC REPUB 5.000 3/11/2019 EUR 22.38
HELLENIC REPUB 3.187 7/7/2024 EUR 10.75
HELLENIC REPUB 6.140 4/14/2028 EUR 19.63
HELLENIC REPUB 5.200 7/17/2034 EUR 21.25
HELLENIC REPUBLI 6.500 1/11/2014 EUR 19.38
HELLENIC REPUBLI 4.500 5/20/2014 EUR 18.51
HELLENIC REPUBLI 4.500 7/1/2014 EUR 19.88
HELLENIC REPUBLI 5.500 8/20/2014 EUR 18.50
HELLENIC REPUBLI 4.113 9/30/2014 EUR 20.41
HELLENIC REPUBLI 3.700 7/20/2015 EUR 18.50
HELLENIC REPUBLI 6.100 8/20/2015 EUR 18.00
HELLENIC REPUBLI 3.702 9/30/2015 EUR 18.32
HELLENIC REPUBLI 3.700 11/10/2015 EUR 20.38
HELLENIC REPUBLI 3.600 7/20/2016 EUR 17.50
HELLENIC REPUBLI 4.020 9/13/2016 EUR 17.78
HELLENIC REPUBLI 4.225 3/1/2017 EUR 17.97
HELLENIC REPUBLI 5.900 4/20/2017 EUR 18.13
HELLENIC REPUBLI 4.300 7/20/2017 EUR 17.00
HELLENIC REPUBLI 4.675 10/9/2017 EUR 18.49
HELLENIC REPUBLI 4.590 4/3/2018 EUR 18.15
HELLENIC REPUBLI 4.600 7/20/2018 EUR 19.01
HELLENIC REPUBLI 5.014 2/27/2019 EUR 19.04
HELLENIC REPUBLI 5.959 3/4/2019 EUR 20.07
HELLENIC REPUBLI 6.000 7/19/2019 EUR 18.88
HELLENIC REPUBLI 5.161 9/17/2019 EUR 19.15
HELLENIC REPUBLI 6.500 10/22/2019 EUR 19.01
HELLENIC REPUBLI 6.250 6/19/2020 EUR 19.51
HELLENIC REPUBLI 5.900 10/22/2022 EUR 19.01
HELLENIC REPUBLI 2.000 2/24/2023 EUR 25.30
HELLENIC REPUBLI 2.000 2/24/2024 EUR 25.50
HELLENIC REPUBLI 4.700 3/20/2024 EUR 18.01
HELLENIC REPUBLI 2.000 2/24/2025 EUR 24.50
HELLENIC REPUBLI 1.000 6/30/2012 EUR 68.00
HELLENIC REPUBLI 2.000 2/24/2026 EUR 24.37
HELLENIC REPUBLI 5.300 3/20/2026 EUR 18.50
HELLENIC REPUBLI 2.000 2/24/2027 EUR 24.39
HELLENIC REPUBLI 2.000 2/24/2028 EUR 22.24
HELLENIC REPUBLI 2.000 2/24/2029 EUR 23.92
HELLENIC REPUBLI 2.000 2/24/2030 EUR 23.92
HELLENIC REPUBLI 5.250 6/20/2012 EUR 70.13
HELLENIC REPUBLI 2.000 2/24/2031 EUR 23.42
HELLENIC REPUBLI 2.000 2/24/2032 EUR 23.42
HELLENIC REPUBLI 2.000 2/24/2033 EUR 23.42
HELLENIC REPUBLI 2.000 2/24/2034 EUR 23.42
HELLENIC REPUBLI 2.000 2/24/2035 EUR 23.42
HELLENIC REPUBLI 2.000 2/24/2036 EUR 23.17
HELLENIC REPUBLI 2.000 2/24/2037 EUR 23.19
HELLENIC REPUBLI 4.500 9/20/2037 EUR 17.50
HELLENIC REPUBLI 2.000 2/24/2038 EUR 23.19
HELLENIC REPUBLI 2.000 2/24/2039 EUR 23.19
HELLENIC REPUBLI 2.000 2/24/2040 EUR 23.19
HELLENIC REPUBLI 4.600 9/20/2040 EUR 17.50
HELLENIC REPUBLI 2.000 2/24/2041 EUR 23.45
HELLENIC REPUBLI 2.000 2/24/2042 EUR 22.50
HELLENIC REPUBLI 4.100 8/20/2012 EUR 15.13
HELLENIC REPUBLI 5.250 5/18/2012 EUR 18.64
HELLENIC REPUBLI 4.300 3/20/2012 EUR 27.97
HELLENIC REPUBLI 4.506 3/31/2013 EUR 37.99
HELLENIC REPUBLI 4.600 5/20/2013 EUR 17.50
HELLENIC REPUBLI 7.500 5/20/2013 EUR 17.50
HELLENIC REPUBLI 3.900 7/3/2013 EUR 16.13
HELLENIC REPUBLI 4.427 7/31/2013 EUR 30.78
HELLENIC REPUBLI 4.000 8/20/2013 EUR 17.50
HELLENIC REPUBLI 4.520 9/30/2013 EUR 24.75
NATL BK GREECE 3.875 10/7/2016 EUR 68.87
YIOULA GLASSWORK 9.000 12/1/2015 EUR 51.50
YIOULA GLASSWORK 9.000 12/1/2015 EUR 51.63
GUERNSEY
--------
BCV GUERNSEY 7.850 5/18/2012 CHF 74.76
BCV GUERNSEY 13.000 5/18/2012 CHF 62.19
BCV GUERNSEY 10.000 5/18/2012 CHF 54.32
BCV GUERNSEY 8.500 5/25/2012 EUR 59.34
BCV GUERNSEY 18.150 5/17/2012 CHF 43.47
BCV GUERNSEY 18.600 5/17/2012 USD 43.56
BCV GUERNSEY 19.200 5/17/2012 EUR 44.76
BCV GUERNSEY 7.250 5/25/2012 CHF 72.01
BCV GUERNSEY 7.500 3/8/2012 USD 65.88
BCV GUERNSEY 8.500 3/30/2012 CHF 70.35
BCV GUERNSEY 7.200 4/13/2012 CHF 66.61
BCV GUERNSEY 9.500 4/13/2012 EUR 34.65
BCV GUERNSEY 10.030 4/20/2012 CHF 69.78
BCV GUERNSEY 10.030 5/11/2012 CHF 74.36
BKB FINANCE 5.300 3/8/2012 CHF 72.04
BKB FINANCE 7.000 3/29/2012 CHF 70.35
BKB FINANCE 8.500 3/29/2012 CHF 62.83
BKB FINANCE 9.850 4/26/2012 CHF 60.29
BKB FINANCE 7.800 5/3/2012 CHF 60.24
BKB FINANCE 8.050 5/3/2012 CHF 67.61
BKB FINANCE 6.400 5/10/2012 CHF 65.47
BKB FINANCE 7.150 5/10/2012 CHF 74.00
BKB FINANCE 7.750 5/31/2012 CHF 71.87
BKB FINANCE 7.650 6/14/2012 CHF 70.53
BKB FINANCE 9.200 6/21/2012 CHF 68.65
BKB FINANCE 7.400 6/28/2012 CHF 71.92
BKB FINANCE 8.350 1/14/2013 CHF 64.18
BKB FINANCE 7.750 6/7/2012 CHF 41.75
BKB FINANCE 6.850 6/14/2012 CHF 68.36
BKB FINANCE 8.900 9/27/2012 CHF 64.91
BKB FINANCE 9.050 8/9/2012 CHF 59.65
BKB FINANCE 6.300 7/12/2012 CHF 72.29
EFG FINANCIAL PR 10.500 9/3/2012 CHF 59.51
EFG FINANCIAL PR 4.200 3/9/2012 CHF 69.03
EFG FINANCIAL PR 7.250 3/9/2012 EUR 36.96
EFG FINANCIAL PR 7.400 3/9/2012 EUR 74.87
EFG FINANCIAL PR 11.500 3/9/2012 EUR 68.40
EFG FINANCIAL PR 15.000 3/14/2012 USD 66.93
EFG FINANCIAL PR 17.500 3/14/2012 EUR 67.58
EFG FINANCIAL PR 8.000 3/15/2012 CHF 59.87
EFG FINANCIAL PR 10.850 3/16/2012 USD 55.92
EFG FINANCIAL PR 16.250 3/16/2012 USD 58.66
EFG FINANCIAL PR 16.500 3/16/2012 USD 72.32
EFG FINANCIAL PR 19.400 3/16/2012 USD 26.10
EFG FINANCIAL PR 8.000 3/19/2012 CHF 61.11
EFG FINANCIAL PR 10.000 3/19/2012 CHF 47.59
EFG FINANCIAL PR 11.550 3/19/2012 CHF 40.62
EFG FINANCIAL PR 10.000 3/20/2012 CHF 57.99
EFG FINANCIAL PR 15.500 3/20/2012 EUR 75.20
EFG FINANCIAL PR 10.000 3/22/2012 CHF 61.29
EFG FINANCIAL PR 17.700 3/23/2012 USD 36.38
EFG FINANCIAL PR 9.040 3/26/2012 USD 59.25
EFG FINANCIAL PR 10.750 3/28/2012 EUR 53.70
EFG FINANCIAL PR 11.000 3/28/2012 EUR 55.83
EFG FINANCIAL PR 8.500 3/29/2012 CHF 60.84
EFG FINANCIAL PR 8.400 9/30/2013 CHF 69.13
EFG FINANCIAL PR 6.500 8/27/2013 CHF 58.61
EFG FINANCIAL PR 7.000 4/19/2013 EUR 73.78
EFG FINANCIAL PR 14.000 2/19/2013 CHF 24.07
EFG FINANCIAL PR 5.800 1/23/2013 CHF 72.33
EFG FINANCIAL PR 16.500 1/18/2013 CHF 73.51
EFG FINANCIAL PR 12.500 1/15/2013 CHF 53.71
EFG FINANCIAL PR 10.250 1/15/2013 CHF 31.42
EFG FINANCIAL PR 9.000 1/15/2013 CHF 50.71
EFG FINANCIAL PR 8.830 12/28/2012 USD 64.96
EFG FINANCIAL PR 12.000 12/27/2012 CHF 17.29
EFG FINANCIAL PR 9.300 12/21/2012 CHF 73.24
EFG FINANCIAL PR 17.500 12/14/2012 EUR 62.13
EFG FINANCIAL PR 13.750 12/6/2012 CHF 60.52
EFG FINANCIAL PR 16.000 11/27/2012 EUR 58.97
EFG FINANCIAL PR 14.500 11/27/2012 CHF 55.57
EFG FINANCIAL PR 11.250 11/27/2012 CHF 74.02
EFG FINANCIAL PR 14.800 11/20/2012 EUR 71.91
EFG FINANCIAL PR 11.500 11/20/2012 EUR 71.22
EFG FINANCIAL PR 8.000 11/20/2012 CHF 70.53
EFG FINANCIAL PR 17.000 11/13/2012 EUR 67.57
EFG FINANCIAL PR 14.000 11/13/2012 USD 34.27
EFG FINANCIAL PR 13.000 11/13/2012 CHF 33.98
EFG FINANCIAL PR 12.750 11/13/2012 CHF 31.33
EFG FINANCIAL PR 10.500 11/13/2012 CHF 72.19
EFG FINANCIAL PR 10.500 11/13/2012 CHF 73.03
EFG FINANCIAL PR 9.330 10/29/2012 USD 59.22
EFG FINANCIAL PR 21.000 10/26/2012 USD 39.05
EFG FINANCIAL PR 20.500 10/26/2012 EUR 39.01
EFG FINANCIAL PR 20.000 10/26/2012 CHF 38.56
EFG FINANCIAL PR 17.000 10/26/2012 EUR 58.11
EFG FINANCIAL PR 16.750 10/26/2012 CHF 42.94
EFG FINANCIAL PR 13.250 10/26/2012 CHF 72.98
EFG FINANCIAL PR 11.250 10/26/2012 CHF 71.14
EFG FINANCIAL PR 6.250 10/25/2012 CHF 68.46
EFG FINANCIAL PR 12.000 10/19/2012 USD 65.09
EFG FINANCIAL PR 20.000 10/11/2012 CHF 36.58
EFG FINANCIAL PR 18.000 10/11/2012 EUR 75.24
EFG FINANCIAL PR 12.500 10/11/2012 CHF 71.38
EFG FINANCIAL PR 10.620 10/3/2012 USD 47.55
EFG FINANCIAL PR 9.930 10/3/2012 EUR 47.56
EFG FINANCIAL PR 10.000 10/1/2012 CHF 70.77
EFG FINANCIAL PR 11.250 9/25/2012 CHF 70.47
EFG FINANCIAL PR 9.000 9/10/2012 CHF 64.94
EFG FINANCIAL PR 7.000 9/7/2012 EUR 69.07
EFG FINANCIAL PR 7.000 9/7/2012 CHF 56.44
EFG FINANCIAL PR 9.600 9/4/2012 USD 62.29
EFG FINANCIAL PR 9.500 9/4/2012 USD 50.52
EFG FINANCIAL PR 14.150 4/19/2012 EUR 49.23
EFG FINANCIAL PR 22.000 8/24/2012 USD 26.72
EFG FINANCIAL PR 14.000 8/24/2012 CHF 40.20
EFG FINANCIAL PR 11.750 8/24/2012 CHF 68.88
EFG FINANCIAL PR 11.500 8/24/2012 CHF 58.01
EFG FINANCIAL PR 11.800 8/17/2012 CHF 61.58
EFG FINANCIAL PR 11.600 8/17/2012 EUR 64.77
EFG FINANCIAL PR 12.000 8/16/2012 EUR 39.43
EFG FINANCIAL PR 13.750 8/14/2012 EUR 70.73
EFG FINANCIAL PR 12.750 8/14/2012 CHF 59.85
EFG FINANCIAL PR 11.000 8/14/2012 CHF 57.55
EFG FINANCIAL PR 8.500 8/14/2012 CHF 74.43
EFG FINANCIAL PR 3.850 8/13/2012 EUR 52.63
EFG FINANCIAL PR 12.800 8/10/2012 CHF 61.87
EFG FINANCIAL PR 11.700 8/10/2012 USD 47.11
EFG FINANCIAL PR 19.000 8/8/2012 USD 64.12
EFG FINANCIAL PR 11.000 8/7/2012 CHF 52.01
EFG FINANCIAL PR 10.000 8/7/2012 CHF 59.97
EFG FINANCIAL PR 9.000 8/3/2012 CHF 14.25
EFG FINANCIAL PR 9.000 8/3/2012 CHF 58.47
EFG FINANCIAL PR 9.000 8/3/2012 CHF 69.56
EFG FINANCIAL PR 11.750 7/31/2012 CHF 59.88
EFG FINANCIAL PR 11.750 7/31/2012 CHF 59.83
EFG FINANCIAL PR 11.500 7/31/2012 EUR 61.25
EFG FINANCIAL PR 10.000 7/31/2012 CHF 59.17
EFG FINANCIAL PR 11.000 7/25/2012 CHF 25.98
EFG FINANCIAL PR 10.250 7/25/2012 CHF 47.76
EFG FINANCIAL PR 10.500 7/5/2012 CHF 47.72
EFG FINANCIAL PR 11.300 6/28/2012 EUR 63.86
EFG FINANCIAL PR 10.000 6/22/2012 CHF 46.04
EFG FINANCIAL PR 7.000 6/21/2012 CHF 63.19
EFG FINANCIAL PR 9.650 6/20/2012 USD 57.75
EFG FINANCIAL PR 13.110 6/18/2012 USD 57.36
EFG FINANCIAL PR 12.250 6/15/2012 EUR 14.61
EFG FINANCIAL PR 5.200 6/14/2012 CHF 65.69
EFG FINANCIAL PR 12.250 6/8/2012 EUR 68.63
EFG FINANCIAL PR 10.000 6/8/2012 CHF 33.40
EFG FINANCIAL PR 12.750 6/6/2012 CHF 68.18
EFG FINANCIAL PR 12.750 6/6/2012 EUR 73.99
EFG FINANCIAL PR 10.000 5/30/2012 CHF 64.35
EFG FINANCIAL PR 10.910 5/29/2012 EUR 46.48
EFG FINANCIAL PR 11.200 5/25/2012 CHF 72.68
EFG FINANCIAL PR 7.440 5/25/2012 EUR 59.91
EFG FINANCIAL PR 8.000 5/24/2012 USD 60.37
EFG FINANCIAL PR 14.000 5/22/2012 EUR 73.87
EFG FINANCIAL PR 12.750 5/22/2012 EUR 65.81
EFG FINANCIAL PR 11.250 5/22/2012 CHF 59.73
EFG FINANCIAL PR 10.750 5/22/2012 CHF 69.62
EFG FINANCIAL PR 12.960 5/21/2012 EUR 26.53
EFG FINANCIAL PR 10.830 5/18/2012 CHF 6.29
EFG FINANCIAL PR 9.000 5/16/2012 CHF 73.11
EFG FINANCIAL PR 8.950 5/14/2012 CHF 65.82
EFG FINANCIAL PR 11.000 5/11/2012 EUR 27.37
EFG FINANCIAL PR 10.050 5/11/2012 CHF 62.34
EFG FINANCIAL PR 10.000 5/11/2012 CHF 27.29
EFG FINANCIAL PR 10.600 5/9/2012 CHF 31.71
EFG FINANCIAL PR 9.290 5/7/2012 CHF 70.87
EFG FINANCIAL PR 9.000 5/7/2012 USD 52.79
EFG FINANCIAL PR 7.000 5/7/2012 CHF 73.58
EFG FINANCIAL PR 18.600 5/4/2012 CHF 69.02
EFG FINANCIAL PR 14.750 5/4/2012 EUR 45.69
EFG FINANCIAL PR 11.000 5/4/2012 USD 65.53
EFG FINANCIAL PR 10.500 5/4/2012 CHF 75.24
EFG FINANCIAL PR 9.500 5/4/2012 CHF 64.13
EFG FINANCIAL PR 6.500 5/3/2012 USD 63.52
EFG FINANCIAL PR 10.800 5/2/2012 CHF 68.92
EFG FINANCIAL PR 11.300 4/27/2012 EUR 68.00
EFG FINANCIAL PR 10.250 4/26/2012 EUR 49.23
EFG FINANCIAL PR 8.650 4/23/2012 USD 66.76
EFG FINANCIAL PR 11.000 4/20/2012 USD 69.45
EFG FINANCIAL PR 10.500 4/20/2012 USD 53.49
EFG FINANCIAL PR 10.000 4/20/2012 USD 53.56
EFG FINANCIAL PR 9.450 4/20/2012 CHF 60.92
EFG FINANCIAL PR 18.110 4/19/2012 EUR 65.75
EFG FINANCIAL PR 16.500 4/19/2012 EUR 65.54
EFG FINANCIAL PR 13.050 4/19/2012 USD 49.12
EFG FINANCIAL PR 10.500 4/19/2012 CHF 62.62
EFG FINANCIAL PR 10.000 4/19/2012 CHF 62.56
EFG FINANCIAL PR 9.600 4/11/2012 USD 62.07
EFG FINANCIAL PR 9.300 4/11/2012 USD 51.86
EFG FINANCIAL PR 9.000 4/11/2012 USD 70.26
EFG FINANCIAL PR 12.100 4/5/2012 USD 63.02
EFG FINANCIAL PR 10.400 4/5/2012 USD 62.45
EFG FINANCIAL PR 9.500 4/5/2012 USD 51.97
EFG FINANCIAL PR 9.500 4/5/2012 EUR 51.95
EFG FINANCIAL PR 8.550 4/5/2012 USD 51.74
EFG FINANCIAL PR 8.500 4/5/2012 USD 61.98
EFG FINANCIAL PR 7.200 4/5/2012 USD 61.66
EFG FINANCIAL PR 18.000 4/4/2012 CHF 19.34
MARE BALTIC PCC 3.000 11/1/2012 DKK 36.00
MARE BALTIC PCC 3.000 11/17/2014 DKK 22.00
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
ZURCHER KANT FIN 9.250 11/9/2012 CHF 66.29
ZURCHER KANT FIN 7.340 4/16/2013 CHF 68.55
ZURCHER KANT FIN 9.000 6/18/2012 CHF 61.47
ZURCHER KANT FIN 11.000 7/13/2012 CHF 75.08
ZURCHER KANT FIN 8.548 7/6/2012 EUR 70.66
ZURCHER KANT FIN 7.844 5/18/2012 CHF 64.53
ZURCHER KANT FIN 13.575 6/15/2012 CHF 75.79
ZURCHER KANT FIN 8.000 6/15/2012 CHF 66.62
ZURCHER KANT FIN 12.334 3/15/2012 CHF 72.85
ZURCHER KANT FIN 11.000 3/16/2012 CHF 71.79
ZURCHER KANT FIN 7.721 3/30/2012 CHF 69.99
ZURCHER KANT FIN 13.000 4/19/2012 CHF 73.61
ZURCHER KANT FIN 11.783 4/27/2012 CHF 74.34
ZURCHER KANT FIN 11.000 4/20/2012 CHF 53.97
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 54.38
IRELAND
-------
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 52.67
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 52.65
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 58.65
BANK OF IRELAND 5.600 9/18/2023 EUR 56.25
BANK OF IRELAND 10.000 2/12/2020 EUR 78.33
BK IRELAND MTGE 5.400 11/6/2029 EUR 59.33
BK IRELAND MTGE 5.450 3/1/2030 EUR 59.60
BK IRELAND MTGE 5.760 9/7/2029 EUR 62.37
BK IRELAND MTGE 5.360 10/12/2029 EUR 59.06
DEPFA ACS BANK 0.500 3/3/2025 CAD 39.57
DEPFA ACS BANK 5.125 3/16/2037 USD 72.20
DEPFA ACS BANK 5.125 3/16/2037 USD 72.20
DEPFA ACS BANK 4.900 8/24/2035 CAD 69.83
KALVEBOD PLC 2.000 5/1/2106 DKK 32.50
ITALY
-----
BANCA POP VICENT 4.970 4/20/2027 EUR 71.92
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 61.75
MONTE DEI PASCHI 29.540 10/31/2018 EUR 40.00
REGION OF LOMBAR 5.804 10/25/2032 USD 75.61
REP OF ITALY 2.200 9/15/2058 EUR 64.30
REP OF ITALY 1.850 9/15/2057 EUR 57.10
REP OF ITALY 2.870 5/19/2036 JPY 51.70
REP OF ITALY 5.250 12/7/2034 GBP 74.89
REP OF ITALY 2.000 9/15/2062 EUR 58.84
REP OF ITALY 4.850 6/11/2060 EUR 74.47
SEAT PAGINE 10.500 1/31/2017 EUR 65.00
SEAT PAGINE 10.500 1/31/2017 EUR 63.38
UBI BANCA SPCA 6.250 11/18/2018 EUR 51.18
UNICREDITO ITALI 4.748 2/15/2035 EUR 95.00
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 69.02
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 23.91
CONTROLINVESTE 3.000 1/28/2015 EUR 73.08
DEXIA BQ INT LUX 6.000 7/2/2018 EUR 71.45
ESFG INTERNATION 6.875 10/21/2019 EUR 62.11
ESPIRITO SANTO F 9.750 12/19/2025 EUR 65.62
FORTIS LUX FIN 3.420 6/29/2021 EUR 57.00
FORTIS LUX FINAN 6.500 10/22/2012 EUR 67.50
INTRALOT LUX SA 2.250 12/20/2013 EUR 68.57
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 14.00
VIVALDIS 0.500 8/8/2028 EUR 70.14
VIVALDIS 0.500 6/13/2013 EUR 65.57
VIVALDIS 0.500 6/13/2028 EUR 65.57
KAZAKHSTAN
----------
APP INTL FINANCE 11.750 10/1/2005 USD 0.00
ASTANA FINANCE 7.875 6/8/2010 EUR 3.25
BK NED GEMEENTEN 0.500 2/24/2025 CAD 63.35
BK NED GEMEENTEN 0.500 3/17/2016 TRY 74.44
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 47.35
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 47.84
BK NED GEMEENTEN 0.500 9/15/2016 TRY 72.41
BK NED GEMEENTEN 0.500 3/3/2021 NZD 70.42
BK NED GEMEENTEN 0.500 4/27/2016 TRY 73.96
BK NED GEMEENTEN 0.500 5/25/2016 TRY 73.64
BK NED GEMEENTEN 0.500 6/22/2016 TRY 73.33
BK NED GEMEENTEN 0.500 3/29/2021 NZD 70.18
BLT FINANCE BV 7.500 5/15/2014 USD 25.50
BRIT INSURANCE 6.625 12/9/2030 GBP 62.05
FRIESLAND BANK 4.210 12/29/2025 EUR 72.65
INDAH KIAT INTL 11.875 6/15/2002 USD 0.01
INDAH KIAT INTL 12.500 6/15/2006 USD 0.01
ING BANK NV 4.200 12/19/2035 EUR 64.24
KBC IFIMA NV 7.500 4/30/2012 EUR 56.55
LEHMAN BROS TSY 4.870 10/8/2013 USD 34.50
LEHMAN BROS TSY 7.250 10/5/2035 EUR 7.10
LEHMAN BROS TSY 7.000 5/17/2035 EUR 7.00
LEHMAN BROS TSY 8.250 3/16/2035 EUR 6.05
LEHMAN BROS TSY 6.000 2/15/2035 EUR 6.00
LEHMAN BROS TSY 6.000 11/2/2035 EUR 6.50
NATL INVESTER BK 25.983 5/7/2029 EUR 20.42
NED WATERSCHAPBK 0.500 3/11/2025 CAD 61.21
NIB CAPITAL BANK 4.510 12/16/2035 EUR 62.37
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 68.23
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 18.72
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 22.25
RABOBANK 0.500 11/26/2021 ZAR 47.17
RABOBANK 0.500 10/27/2016 ZAR 72.31
RBS NV 0.474 12/13/2028 USD 72.22
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 64.20
RBS NV EX-ABN NV 6.500 5/17/2018 AUD 71.62
SNS BANK 5.215 12/3/2027 EUR 68.23
SNS BANK 5.250 4/11/2023 EUR 74.97
SNS BANK 4.580 3/20/2026 EUR 64.98
SNS BANK 6.625 5/14/2018 EUR 88.59
SNS BANK 4.996 1/26/2035 EUR 62.80
NORWAY
------
KOMMUNALBANKEN 0.500 5/25/2016 ZAR 73.69
KOMMUNALBANKEN 0.500 7/26/2016 ZAR 72.65
KOMMUNALBANKEN 0.500 7/29/2016 ZAR 72.59
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 61.84
KOMMUNALBANKEN 0.500 3/24/2016 ZAR 74.74
NORSKE SKOGIND 7.125 10/15/2033 USD 52.00
NORSKE SKOGIND 7.125 10/15/2033 USD 52.00
NORSKE SKOGIND 7.000 6/26/2017 EUR 64.41
NORSKE SKOGIND 6.125 10/15/2015 USD 68.88
NORSKE SKOGIND 6.125 10/15/2015 USD 68.88
RENEWABLE CORP 6.500 6/4/2014 EUR 63.15
POLAND
------
POLAND GOVT BOND 5.000 4/25/2037 PLN 60.76
POLAND-REGD-RSTA 2.810 11/16/2037 JPY 74.49
REP OF POLAND 2.648 3/29/2034 JPY 73.39
PORTUGAL
--------
BANCO COM PORTUG 3.750 10/8/2016 EUR 74.31
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 58.07
CAIXA GERAL DEPO 4.400 10/8/2019 EUR 67.00
CAIXA GERAL DEPO 5.320 8/5/2021 EUR 67.75
CAIXA GERAL DEPO 4.250 1/27/2020 EUR 74.68
COMBOIOS DE PORT 4.170 10/16/2019 EUR 50.38
METRO DE LISBOA 7.300 12/23/2025 EUR 48.38
METRO DE LISBOA 4.799 12/7/2027 EUR 44.38
METRO DE LISBOA 5.750 2/4/2019 EUR 53.38
METRO DE LISBOA 4.061 12/4/2026 EUR 46.00
MONTEPIO GERAL 5.000 2/8/2017 EUR 61.50
PARPUBLICA 4.200 11/16/2026 EUR 45.00
PARPUBLICA 4.191 10/15/2014 EUR 76.93
PARPUBLICA 3.567 9/22/2020 EUR 50.66
PORTUGAL (REP) 3.500 3/25/2015 USD 71.48
PORTUGAL (REP) 3.500 3/25/2015 USD 71.48
PORTUGUESE OT'S 4.950 10/25/2023 EUR 49.67
PORTUGUESE OT'S 4.100 4/15/2037 EUR 41.86
PORTUGUESE OT'S 3.850 4/15/2021 EUR 50.00
PORTUGUESE OT'S 4.800 6/15/2020 EUR 52.27
PORTUGUESE OT'S 4.750 6/14/2019 EUR 53.48
PORTUGUESE OT'S 4.450 6/15/2018 EUR 55.02
PORTUGUESE OT'S 4.350 10/16/2017 EUR 56.97
PORTUGUESE OT'S 4.200 10/15/2016 EUR 62.56
PORTUGUESE OT'S 6.400 2/15/2016 EUR 70.96
PORTUGUESE OT'S 3.350 10/15/2015 EUR 67.00
REFER 4.675 10/16/2024 EUR 43.13
REFER 4.250 12/13/2021 EUR 38.00
REFER 5.875 2/18/2019 EUR 51.25
REFER 4.000 3/16/2015 EUR 48.01
REFER 4.047 11/16/2026 EUR 39.00
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 49.14
DVTG-FINANS 7.750 7/18/2013 RUB 20.29
DVTG-FINANS 17.000 8/29/2013 RUB 55.55
MIRAX 17.000 9/17/2012 RUB 21.11
MOSMART FINANS 0.010 4/12/2012 RUB 1.81
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 75.00
RBC OJSC 7.000 4/23/2015 RUB 75.00
RBC OJSC 3.270 4/19/2018 RUB 42.50
SATURN 8.000 6/6/2014 RUB 2.02
SERBIA T-BONDS 5.850 2/16/2026 EUR 72.88
SPAIN
-----
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 58.29
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 65.43
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 68.72
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 66.80
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 64.39
BANCAJA 1.500 5/22/2018 EUR 68.64
BANCAJA EMI SA 2.755 5/11/2037 JPY 72.05
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 73.95
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 60.35
BANCO CASTILLA 1.500 6/23/2021 EUR 71.42
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 51.30
CAIXA TERRASSA 4.700 8/9/2021 EUR 58.71
CAJA MADRID 5.116 7/15/2015 EUR 74.00
CAJA MADRID 4.125 3/24/2036 EUR 70.28
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 56.42
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 61.13
CEDULAS TDA A-4 4.125 4/10/2021 EUR 74.42
CEDULAS TDA A-5 4.250 3/28/2027 EUR 60.42
COMUN AUTO CANAR 3.900 11/30/2035 EUR 49.62
COMUN AUTO CANAR 4.200 10/25/2036 EUR 50.55
COMUN AUTO CANAR 5.750 10/15/2029 EUR 71.17
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 70.96
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 47.32
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 70.44
COMUNIDAD MADRID 4.300 9/15/2026 EUR 70.54
DIPUTACION FOR 4.323 12/29/2023 EUR 67.13
GEN DE CATALUNYA 4.690 10/28/2034 EUR 53.92
GEN DE CATALUNYA 5.950 10/1/2030 EUR 66.95
GEN DE CATALUNYA 5.900 5/28/2030 EUR 67.51
GEN DE CATALUNYA 5.219 9/10/2029 EUR 61.83
GEN DE CATALUNYA 5.325 10/5/2028 EUR 64.37
GEN DE CATALUNYA 5.400 5/13/2030 EUR 62.89
GEN DE CATALUNYA 4.900 9/15/2021 EUR 71.92
GEN DE CATALUNYA 4.801 7/31/2020 EUR 73.70
GEN DE CATALUNYA 5.250 10/5/2023 EUR 68.97
GEN DE CATALUNYA 6.350 11/30/2041 EUR 67.02
GEN DE CATALUNYA 4.220 4/26/2035 EUR 50.06
GEN DE CATALUNYA 2.965 9/8/2039 JPY 50.90
GENERAL DE ALQUI 2.750 8/20/2012 EUR 72.43
GENERAL VALENCIA 4.000 11/2/2016 EUR 79.79
GENERAL VALENCIA 4.900 3/17/2020 EUR 70.50
GENERAL VALENCIA 5.900 11/30/2032 EUR 59.38
IM CEDULAS 10 4.500 2/21/2022 EUR 74.72
IM CEDULAS 5 3.500 6/15/2020 EUR 73.77
INSTITUT CATALA 4.250 6/15/2024 EUR 64.65
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 73.42
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 73.06
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 68.05
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 49.49
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 53.23
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 58.97
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 54.58
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 73.76
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 73.65
JUNTA CASTILLA 4.650 11/8/2022 EUR 69.35
JUNTA LA MANCHA 4.875 3/18/2020 EUR 67.88
JUNTA LA MANCHA 4.625 11/30/2022 EUR 62.88
JUNTA LA MANCHA 2.810 10/14/2022 JPY 69.13
JUNTA LA MANCHA 7.705 2/15/2033 EUR 65.75
JUNTA LA MANCHA 5.950 9/9/2030 EUR 55.42
JUNTA LA MANCHA 3.875 1/31/2036 EUR 33.25
MAPFRE SA 5.921 7/24/2037 EUR 72.26
SACYR VALLEHERM 6.500 5/1/2016 EUR 64.35
XUNTA DE GALICIA 4.025 11/28/2035 EUR 47.36
XUNTA DE GALICIA 5.350 11/22/2028 EUR 63.28
SWEDEN
------
SWEDISH EXP CRED 0.500 1/25/2028 USD 53.78
SWEDISH EXP CRED 0.500 8/25/2016 ZAR 72.64
SWEDISH EXP CRED 0.500 8/26/2016 ZAR 72.66
SWEDISH EXP CRED 7.500 6/12/2012 USD 7.92
SWEDISH EXP CRED 9.250 4/27/2012 USD 8.23
SWEDISH EXP CRED 9.750 3/23/2012 USD 8.74
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.72
SWEDISH EXP CRED 7.000 3/9/2012 USD 10.89
SWEDISH EXP CRED 0.500 9/20/2016 ZAR 72.20
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 72.07
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 48.37
SWEDISH EXP CRED 0.500 12/17/2027 USD 54.24
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 48.03
SWEDISH EXP CRED 0.500 8/26/2021 AUD 63.95
SWEDISH EXP CRED 0.500 6/29/2016 TRY 72.64
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 46.57
SWEDISH EXP CRED 0.500 6/14/2016 ZAR 73.86
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 46.37
SWITZERLAND
-----------
BANK JULIUS BAER 7.200 4/12/2012 CHF 65.55
BANK JULIUS BAER 12.000 4/9/2013 CHF 65.90
BANK JULIUS BAER 9.000 9/17/2012 CHF 55.20
BANK JULIUS BAER 22.800 8/3/2012 USD 71.56
BANK JULIUS BAER 10.500 7/18/2012 CHF 72.00
BANK JULIUS BAER 14.300 7/13/2012 CHF 66.25
BANK JULIUS BAER 12.400 7/6/2012 CHF 55.35
BANK JULIUS BAER 11.900 7/6/2012 CHF 74.85
BANK JULIUS BAER 11.900 7/6/2012 CHF 67.35
BANK JULIUS BAER 11.300 7/6/2012 CHF 43.50
BANK JULIUS BAER 10.100 7/6/2012 CHF 42.70
BANK JULIUS BAER 13.000 6/1/2012 USD 61.75
BANK JULIUS BAER 10.000 6/1/2012 CHF 66.20
BANK JULIUS BAER 9.000 5/30/2012 CHF 59.35
BANK JULIUS BAER 9.200 5/25/2012 EUR 65.60
BANK JULIUS BAER 8.400 5/23/2012 CHF 65.25
BANK JULIUS BAER 8.200 5/18/2012 EUR 73.15
BANK JULIUS BAER 13.500 5/11/2012 EUR 74.45
BANK JULIUS BAER 10.000 5/11/2012 CHF 65.85
BANK JULIUS BAER 8.300 5/11/2012 CHF 63.10
BANK JULIUS BAER 6.200 5/11/2012 USD 60.25
BANK JULIUS BAER 7.100 5/10/2012 CHF 67.65
BANK JULIUS BAER 10.500 5/9/2012 EUR 70.50
BANK JULIUS BAER 10.500 5/9/2012 EUR 67.75
BANK JULIUS BAER 10.500 4/26/2012 CHF 64.40
BANK JULIUS BAER 8.200 4/26/2012 EUR 73.30
BANK JULIUS BAER 15.600 4/20/2012 EUR 53.55
BANK JULIUS BAER 12.300 4/20/2012 CHF 61.70
BANK JULIUS BAER 12.100 4/20/2012 EUR 72.80
BANK JULIUS BAER 11.700 4/20/2012 EUR 70.05
BANK JULIUS BAER 12.000 4/16/2012 EUR 61.30
BANK JULIUS BAER 10.500 4/13/2012 EUR 68.40
BANK JULIUS BAER 7.200 4/13/2012 CHF 73.85
BANK JULIUS BAER 13.200 4/12/2012 CHF 60.45
BANK JULIUS BAER 12.200 4/12/2012 CHF 5.65
BANK JULIUS BAER 10.000 4/12/2012 CHF 54.20
BANK JULIUS BAER 9.200 4/12/2012 CHF 53.65
BANK JULIUS BAER 7.400 4/12/2012 CHF 37.60
BANK JULIUS BAER 11.000 4/5/2012 CHF 68.65
BANK JULIUS BAER 9.500 4/5/2012 CHF 64.30
BANK JULIUS BAER 9.300 4/5/2012 CHF 62.40
BANK JULIUS BAER 8.300 4/5/2012 CHF 74.75
BANK JULIUS BAER 6.600 4/5/2012 CHF 58.85
BANK JULIUS BAER 13.600 3/30/2012 EUR 65.95
BANK JULIUS BAER 12.100 3/30/2012 EUR 70.85
BANK JULIUS BAER 9.200 3/30/2012 EUR 69.70
BANK JULIUS BAER 9.200 3/30/2012 EUR 72.40
BANK JULIUS BAER 8.300 3/30/2012 EUR 72.00
BANK JULIUS BAER 7.700 3/30/2012 EUR 64.65
BANK JULIUS BAER 13.000 3/23/2012 EUR 71.70
BANK JULIUS BAER 12.500 3/23/2012 CHF 64.40
BANK JULIUS BAER 9.000 3/15/2012 EUR 73.25
BANK JULIUS BAER 7.000 3/9/2012 CHF 72.95
CLARIDEN LEU NAS 8.750 3/14/2012 USD 68.94
CLARIDEN LEU NAS 9.000 3/14/2012 EUR 71.37
CLARIDEN LEU NAS 7.000 3/14/2012 CHF 57.63
CLARIDEN LEU NAS 10.750 3/16/2012 EUR 55.59
CLARIDEN LEU NAS 12.250 5/31/2012 EUR 60.00
CLARIDEN LEU NAS 10.750 5/30/2012 CHF 67.70
CLARIDEN LEU NAS 12.750 5/24/2012 EUR 63.98
CLARIDEN LEU NAS 14.000 5/23/2012 EUR 22.91
CLARIDEN LEU NAS 13.000 5/23/2012 CHF 22.72
CLARIDEN LEU NAS 12.000 5/18/2012 EUR 66.90
CLARIDEN LEU NAS 10.600 5/18/2012 CHF 65.78
CLARIDEN LEU NAS 10.550 5/16/2012 EUR 63.21
CLARIDEN LEU NAS 12.000 5/11/2012 EUR 64.28
CLARIDEN LEU NAS 10.750 5/11/2012 CHF 66.24
CLARIDEN LEU NAS 10.750 5/9/2012 CHF 72.87
CLARIDEN LEU NAS 9.000 5/9/2012 EUR 69.33
CLARIDEN LEU NAS 7.300 5/9/2012 CHF 63.45
CLARIDEN LEU NAS 10.250 5/4/2012 CHF 62.15
CLARIDEN LEU NAS 9.500 5/3/2012 CHF 63.35
CLARIDEN LEU NAS 8.250 5/3/2012 GBP 74.38
CLARIDEN LEU NAS 11.000 5/2/2012 CHF 64.68
CLARIDEN LEU NAS 10.500 5/2/2012 EUR 70.32
CLARIDEN LEU NAS 9.500 5/2/2012 EUR 67.92
CLARIDEN LEU NAS 13.000 4/27/2012 CHF 21.29
CLARIDEN LEU NAS 12.400 4/27/2012 EUR 73.56
CLARIDEN LEU NAS 9.000 4/27/2012 USD 20.26
CLARIDEN LEU NAS 9.000 4/27/2012 USD 70.36
CLARIDEN LEU NAS 8.500 4/27/2012 USD 75.31
CLARIDEN LEU NAS 11.250 4/26/2012 USD 71.23
CLARIDEN LEU NAS 10.000 4/26/2012 CHF 71.58
CLARIDEN LEU NAS 9.000 4/19/2012 CHF 66.65
CLARIDEN LEU NAS 15.250 3/28/2012 EUR 54.26
CLARIDEN LEU NAS 13.500 4/4/2012 CHF 18.83
CLARIDEN LEU NAS 7.700 4/5/2012 CHF 39.46
CLARIDEN LEU NAS 10.250 3/14/2012 USD 67.63
CLARIDEN LEU NAS 8.250 4/4/2012 CHF 62.73
CLARIDEN LEU NAS 8.500 4/5/2012 CHF 60.32
CLARIDEN LEU NAS 12.500 3/14/2012 USD 63.47
CLARIDEN LEU NAS 9.650 4/13/2012 CHF 37.46
CLARIDEN LEU NAS 7.250 3/14/2012 CHF 67.36
CLARIDEN LEU NAS 11.250 3/21/2012 EUR 65.59
CLARIDEN LEU NAS 10.000 3/16/2012 CHF 60.73
CLARIDEN LEU NAS 12.000 3/28/2012 CHF 65.33
CLARIDEN LEU NAS 9.250 3/22/2012 CHF 63.60
CLARIDEN LEU NAS 6.500 3/21/2012 EUR 74.48
CLARIDEN LEU NAS 15.000 4/5/2012 USD 56.52
CLARIDEN LEU NAS 12.000 3/22/2012 EUR 70.10
CLARIDEN LEU NAS 10.000 4/11/2012 USD 33.65
CLARIDEN LEU NAS 9.500 4/11/2012 CHF 59.75
CLARIDEN LEU NAS 11.000 4/12/2012 EUR 54.55
CLARIDEN LEU NAS 9.500 4/12/2012 CHF 44.74
CLARIDEN LEU NAS 8.500 3/8/2012 CHF 69.97
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 73.85
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 72.27
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 64.76
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 69.43
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 68.43
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 73.85
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 70.42
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 69.15
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 61.78
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 61.38
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 70.51
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 73.09
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 71.58
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 66.49
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 68.28
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 70.00
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 41.47
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 67.54
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 67.41
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 67.68
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 63.53
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 63.88
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 62.38
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 66.00
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 64.10
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 63.84
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 62.41
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 70.23
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 58.15
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 59.29
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 68.23
CLARIDEN LEU NAS 11.000 8/2/2012 USD 72.87
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 65.41
CLARIDEN LEU NAS 8.750 7/26/2012 CHF 74.89
CLARIDEN LEU NAS 9.000 7/19/2012 CHF 74.58
CLARIDEN LEU NAS 10.500 7/12/2012 CHF 74.00
CLARIDEN LEU NAS 12.500 7/11/2012 EUR 74.93
CLARIDEN LEU NAS 10.500 7/4/2012 EUR 73.82
CLARIDEN LEU NAS 15.500 6/29/2012 EUR 64.16
CLARIDEN LEU NAS 11.250 6/22/2012 CHF 65.78
CLARIDEN LEU NAS 10.000 6/22/2012 CHF 71.83
CLARIDEN LEU NAS 10.500 6/21/2012 EUR 72.14
CLARIDEN LEU NAS 10.000 6/21/2012 EUR 67.50
CLARIDEN LEU NAS 9.000 6/21/2012 CHF 70.92
CLARIDEN LEU NAS 10.250 6/20/2012 SEK 73.54
CLARIDEN LEU NAS 3.550 6/20/2012 CHF 54.08
CLARIDEN LEU NAS 12.000 6/14/2012 CHF 40.79
CLARIDEN LEU NAS 9.000 6/14/2012 CHF 68.04
CLARIDEN LEU NAS 13.500 6/8/2012 EUR 68.17
CLARIDEN LEU NAS 8.500 6/8/2012 CHF 67.95
CLARIDEN LEU NAS 13.250 6/1/2012 USD 24.37
CLARIDEN LEU NAS 12.500 6/1/2012 CHF 24.34
CRED SUIS NY 8.000 1/25/2013 USD 48.69
CREDIT SUISSE LD 4.000 12/10/2012 EUR 45.80
SARASIN CI LTD 10.500 4/26/2012 CHF 61.65
SARASIN CI LTD 8.500 4/26/2012 CHF 58.69
SARASIN CI LTD 10.200 3/30/2012 CHF 63.06
SARASIN CI LTD 7.000 5/24/2012 CHF 64.00
SARASIN CI LTD 8.600 5/16/2012 CHF 74.77
SARASIN CI LTD 12.500 5/11/2012 CHF 63.36
SARASIN CI LTD 11.000 5/9/2012 CHF 63.60
SARASIN CI LTD 10.080 5/4/2012 CHF 43.85
SARASIN CI LTD 11.000 4/26/2012 CHF 63.25
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SARASIN CI LTD 5.538 6/18/2012 CHF 64.63
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UBS AG 14.540 6/22/2012 EUR 74.57
UBS AG 15.000 6/6/2012 CHF 72.35
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UBS AG 10.470 6/4/2012 EUR 74.66
UBS AG 9.820 6/4/2012 EUR 74.73
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UBS AG 13.300 5/23/2012 USD 3.76
UBS AG 15.150 5/11/2012 EUR 57.68
UBS AG 13.150 5/11/2012 EUR 62.27
UBS AG 12.900 5/11/2012 EUR 52.88
UBS AG 11.240 5/11/2012 EUR 64.17
UBS AG 10.940 5/11/2012 EUR 54.72
UBS AG 10.060 5/11/2012 EUR 66.07
UBS AG 9.880 5/11/2012 EUR 57.31
UBS AG 9.170 5/11/2012 EUR 70.79
UBS AG 15.610 6/22/2012 EUR 73.51
UBS AG 9.110 5/11/2012 EUR 69.87
UBS AG 6.870 5/11/2012 EUR 60.94
UBS AG 6.600 5/11/2012 USD 65.75
UBS AG 6.550 5/11/2012 EUR 72.67
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UBS AG 7.500 5/3/2012 EUR 71.80
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UBS AG 7.910 4/19/2012 CHF 66.21
UBS AG 7.810 4/19/2012 CHF 57.00
UBS AG 10.290 4/16/2012 CHF 68.85
UBS AG 9.050 4/16/2012 CHF 54.98
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UBS AG 18.370 3/26/2012 EUR 63.74
UBS AG 18.020 3/26/2012 EUR 58.97
UBS AG 17.240 3/26/2012 EUR 48.32
UBS AG 17.220 3/26/2012 EUR 31.50
UBS AG 16.960 3/26/2012 EUR 67.32
UBS AG 16.610 3/26/2012 EUR 49.54
UBS AG 16.550 3/26/2012 EUR 32.35
UBS AG 15.980 3/26/2012 EUR 50.82
UBS AG 15.880 3/26/2012 EUR 33.24
UBS AG 15.870 3/26/2012 EUR 69.38
UBS AG 15.600 3/26/2012 EUR 65.81
UBS AG 15.540 3/26/2012 EUR 71.41
UBS AG 15.460 3/26/2012 EUR 62.96
UBS AG 15.350 3/26/2012 EUR 52.17
UBS AG 8.020 4/16/2012 CHF 69.74
UBS AG 15.050 3/26/2012 EUR 71.94
UBS AG 15.010 3/26/2012 EUR 74.84
UBS AG 14.810 3/26/2012 EUR 55.67
UBS AG 14.720 3/26/2012 EUR 53.60
UBS AG 14.550 3/26/2012 EUR 35.20
UBS AG 14.240 3/26/2012 EUR 74.67
UBS AG 14.180 3/26/2012 EUR 65.34
UBS AG 14.130 3/26/2012 EUR 72.83
UBS AG 14.120 3/26/2012 EUR 75.97
UBS AG 14.100 3/26/2012 EUR 55.11
UBS AG 13.980 3/26/2012 EUR 71.66
UBS AG 13.910 3/26/2012 EUR 36.28
UBS AG 13.730 3/26/2012 EUR 57.45
UBS AG 13.490 3/26/2012 EUR 66.59
UBS AG 13.470 3/26/2012 EUR 56.72
UBS AG 15.210 3/26/2012 EUR 34.20
UBS AG 13.280 3/26/2012 EUR 66.59
UBS AG 13.270 3/26/2012 EUR 37.42
UBS AG 13.130 3/26/2012 EUR 66.58
UBS AG 12.940 3/26/2012 EUR 66.58
UBS AG 12.910 3/26/2012 EUR 67.92
UBS AG 12.850 3/26/2012 EUR 58.41
UBS AG 12.720 3/26/2012 EUR 66.57
UBS AG 12.660 3/26/2012 EUR 59.32
UBS AG 12.640 3/26/2012 EUR 38.65
UBS AG 12.540 3/26/2012 EUR 49.49
UBS AG 12.460 3/26/2012 EUR 66.57
UBS AG 12.350 3/26/2012 EUR 49.48
UBS AG 12.230 3/26/2012 EUR 60.22
UBS AG 12.160 3/26/2012 EUR 66.56
UBS AG 12.100 3/26/2012 EUR 49.47
UBS AG 13.400 3/26/2012 EUR 66.59
UBS AG 11.820 3/26/2012 EUR 66.55
UBS AG 11.790 3/26/2012 EUR 49.46
UBS AG 11.760 3/26/2012 EUR 71.37
UBS AG 11.670 3/26/2012 EUR 70.71
UBS AG 11.620 3/26/2012 EUR 62.15
UBS AG 11.610 3/26/2012 EUR 61.33
UBS AG 11.530 3/26/2012 EUR 71.36
UBS AG 11.430 3/26/2012 EUR 41.36
UBS AG 11.430 3/26/2012 EUR 66.54
UBS AG 11.400 3/26/2012 EUR 49.46
UBS AG 11.220 3/26/2012 EUR 71.35
UBS AG 11.010 3/26/2012 EUR 64.20
UBS AG 11.000 3/26/2012 EUR 66.52
UBS AG 10.940 3/26/2012 EUR 49.45
UBS AG 10.850 3/26/2012 EUR 42.86
UBS AG 10.820 3/26/2012 EUR 71.34
UBS AG 10.600 3/26/2012 EUR 63.51
UBS AG 10.580 3/26/2012 EUR 36.24
UBS AG 12.030 3/26/2012 EUR 39.95
UBS AG 10.470 3/26/2012 EUR 73.75
UBS AG 10.410 3/26/2012 EUR 49.43
UBS AG 10.410 3/26/2012 EUR 66.39
UBS AG 10.330 3/26/2012 EUR 71.33
UBS AG 10.290 3/26/2012 EUR 44.49
UBS AG 10.280 3/26/2012 EUR 36.23
UBS AG 10.020 3/26/2012 EUR 74.18
UBS AG 10.010 3/26/2012 EUR 66.50
UBS AG 9.920 3/26/2012 EUR 36.22
UBS AG 9.810 3/26/2012 EUR 68.75
UBS AG 9.800 3/26/2012 EUR 49.41
UBS AG 9.750 3/26/2012 EUR 46.25
UBS AG 9.740 3/26/2012 EUR 71.31
UBS AG 9.660 3/26/2012 EUR 74.17
UBS AG 9.630 3/26/2012 EUR 65.83
UBS AG 9.480 3/26/2012 EUR 36.21
UBS AG 9.430 3/26/2012 EUR 74.16
UBS AG 9.230 3/26/2012 EUR 48.15
UBS AG 9.220 3/26/2012 EUR 71.28
UBS AG 9.170 3/26/2012 EUR 74.16
UBS AG 9.120 3/26/2012 EUR 49.39
UBS AG 10.530 3/26/2012 EUR 66.51
UBS AG 8.960 3/26/2012 EUR 36.20
UBS AG 8.900 3/26/2012 EUR 69.99
UBS AG 8.890 3/26/2012 EUR 74.15
UBS AG 8.720 3/26/2012 EUR 50.22
UBS AG 8.710 3/26/2012 EUR 68.33
UBS AG 8.640 3/26/2012 EUR 69.99
UBS AG 8.640 3/26/2012 EUR 74.00
UBS AG 8.570 3/26/2012 EUR 74.14
UBS AG 8.380 3/26/2012 EUR 49.37
UBS AG 8.380 3/26/2012 EUR 36.18
UBS AG 8.340 3/26/2012 EUR 69.98
UBS AG 8.290 3/26/2012 EUR 71.27
UBS AG 8.270 3/26/2012 EUR 69.67
UBS AG 8.240 3/26/2012 EUR 52.49
UBS AG 8.220 3/26/2012 EUR 74.13
UBS AG 8.060 3/26/2012 EUR 36.17
UBS AG 8.030 3/26/2012 EUR 74.17
UBS AG 8.000 3/26/2012 EUR 69.97
UBS AG 7.850 3/26/2012 EUR 74.12
UBS AG 7.780 3/26/2012 EUR 74.17
UBS AG 7.730 3/26/2012 EUR 36.16
UBS AG 7.610 3/26/2012 EUR 69.96
UBS AG 7.590 3/26/2012 EUR 49.35
UBS AG 7.490 3/26/2012 EUR 74.16
UBS AG 7.460 3/26/2012 EUR 71.25
UBS AG 7.380 3/26/2012 EUR 36.15
UBS AG 7.190 3/26/2012 EUR 69.95
UBS AG 9.060 3/26/2012 EUR 71.29
UBS AG 7.020 3/26/2012 EUR 36.14
UBS AG 29.120 3/23/2012 EUR 67.66
UBS AG 28.180 3/23/2012 EUR 69.75
UBS AG 28.140 3/23/2012 EUR 68.98
UBS AG 26.070 3/23/2012 EUR 69.95
UBS AG 25.660 3/23/2012 EUR 71.98
UBS AG 24.890 3/23/2012 EUR 65.99
UBS AG 24.840 3/23/2012 EUR 71.32
UBS AG 23.230 3/23/2012 EUR 74.36
UBS AG 23.100 3/23/2012 EUR 72.43
UBS AG 21.670 3/23/2012 EUR 73.84
UBS AG 21.530 3/23/2012 EUR 68.31
UBS AG 18.350 3/23/2012 EUR 70.81
UBS AG 16.850 3/23/2012 EUR 72.15
UBS AG 15.410 3/23/2012 EUR 73.54
UBS AG 14.050 3/23/2012 EUR 74.99
UBS AG 10.070 3/23/2012 USD 35.65
UBS AG 8.500 3/21/2012 CHF 61.30
UBS AG 11.330 10/1/2012 EUR 52.64
UBS AG 11.280 10/1/2012 EUR 71.23
UBS AG 11.160 10/1/2012 EUR 71.17
UBS AG 11.150 10/1/2012 EUR 52.54
UBS AG 11.010 10/1/2012 EUR 71.09
UBS AG 10.930 10/1/2012 EUR 52.42
UBS AG 10.840 10/1/2012 EUR 70.99
UBS AG 10.740 10/1/2012 EUR 74.86
UBS AG 10.650 10/1/2012 EUR 52.27
UBS AG 10.640 10/1/2012 EUR 70.89
UBS AG 10.620 10/1/2012 EUR 74.85
UBS AG 10.440 10/1/2012 EUR 74.69
UBS AG 10.410 10/1/2012 EUR 70.76
UBS AG 10.310 10/1/2012 EUR 52.09
UBS AG 10.220 10/1/2012 EUR 74.58
UBS AG 10.150 10/1/2012 EUR 70.62
UBS AG 9.930 10/1/2012 EUR 74.42
UBS AG 9.910 10/1/2012 EUR 51.87
UBS AG 9.900 10/1/2012 EUR 41.20
UBS AG 9.860 10/1/2012 EUR 70.52
UBS AG 9.580 10/1/2012 EUR 74.23
UBS AG 9.540 10/1/2012 EUR 70.29
UBS AG 9.440 10/1/2012 EUR 51.62
UBS AG 9.360 10/1/2012 EUR 40.91
UBS AG 9.200 10/1/2012 EUR 40.82
UBS AG 9.160 10/1/2012 EUR 74.00
UBS AG 9.060 10/1/2012 EUR 70.75
UBS AG 8.910 10/1/2012 EUR 51.33
UBS AG 8.910 10/1/2012 EUR 70.62
UBS AG 8.730 10/1/2012 EUR 40.57
UBS AG 8.720 10/1/2012 EUR 70.52
UBS AG 8.660 10/1/2012 EUR 73.73
UBS AG 8.500 10/1/2012 EUR 70.40
UBS AG 8.420 10/1/2012 EUR 40.40
UBS AG 8.310 10/1/2012 EUR 51.01
UBS AG 8.240 10/1/2012 EUR 70.29
UBS AG 8.090 10/1/2012 EUR 73.42
UBS AG 8.050 10/1/2012 EUR 40.20
UBS AG 7.940 10/1/2012 EUR 70.10
UBS AG 7.840 10/1/2012 EUR 40.08
UBS AG 7.660 10/1/2012 EUR 50.66
UBS AG 7.620 10/1/2012 EUR 39.97
UBS AG 7.610 10/1/2012 EUR 69.92
UBS AG 7.380 10/1/2012 EUR 39.84
UBS AG 7.240 10/1/2012 EUR 69.72
UBS AG 7.140 10/1/2012 EUR 39.71
UBS AG 17.090 9/28/2012 EUR 72.24
UBS AG 15.370 9/28/2012 EUR 73.57
UBS AG 13.700 9/28/2012 EUR 75.09
UBS AG 10.740 9/17/2012 USD 33.58
UBS AG 9.430 8/31/2012 USD 33.68
UBS AG 8.650 8/29/2012 USD 33.17
UBS AG 17.250 8/15/2012 EUR 69.25
UBS AG 9.500 8/10/2012 USD 28.50
UBS AG 11.000 8/2/2012 EUR 69.05
UBS AG 10.500 8/2/2012 EUR 66.60
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UBS AG 11.760 7/31/2012 USD 28.35
UBS AG 8.460 7/31/2012 USD 35.27
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UBS AG 14.400 6/29/2012 CHF 67.85
UBS AG 12.510 6/25/2012 EUR 69.39
UBS AG 12.610 6/25/2012 EUR 50.07
UBS AG 12.410 6/25/2012 EUR 50.01
UBS AG 12.450 6/25/2012 EUR 69.37
UBS AG 12.270 6/25/2012 EUR 69.32
UBS AG 12.370 6/25/2012 EUR 69.35
UBS AG 12.140 6/25/2012 EUR 69.29
UBS AG 12.170 6/25/2012 EUR 49.95
UBS AG 11.860 6/25/2012 EUR 49.86
UBS AG 11.990 6/25/2012 EUR 69.25
UBS AG 11.600 6/25/2012 EUR 69.18
UBS AG 11.810 6/25/2012 EUR 69.20
UBS AG 11.380 6/25/2012 EUR 73.38
UBS AG 11.480 6/25/2012 EUR 49.76
UBS AG 11.180 6/25/2012 EUR 73.32
UBS AG 11.360 6/25/2012 EUR 69.07
UBS AG 11.030 6/25/2012 EUR 49.67
UBS AG 11.080 6/25/2012 EUR 69.00
UBS AG 10.770 6/25/2012 EUR 68.91
UBS AG 10.920 6/25/2012 EUR 73.25
UBS AG 10.500 6/25/2012 EUR 49.49
UBS AG 10.590 6/25/2012 EUR 73.16
UBS AG 10.190 6/25/2012 EUR 73.05
UBS AG 10.420 6/25/2012 EUR 68.81
UBS AG 9.920 6/25/2012 EUR 38.65
UBS AG 10.040 6/25/2012 EUR 68.71
UBS AG 9.890 6/25/2012 EUR 68.60
UBS AG 9.900 6/25/2012 EUR 49.32
UBS AG 9.700 6/25/2012 EUR 72.92
UBS AG 9.710 6/25/2012 EUR 38.59
UBS AG 9.610 6/25/2012 EUR 74.58
UBS AG 9.660 6/25/2012 EUR 68.56
UBS AG 9.390 6/25/2012 EUR 68.49
UBS AG 9.430 6/25/2012 EUR 38.52
UBS AG 9.220 6/25/2012 EUR 49.13
UBS AG 9.130 6/25/2012 EUR 72.76
UBS AG 9.090 6/25/2012 EUR 38.42
UBS AG 9.080 6/25/2012 EUR 68.40
UBS AG 9.310 6/25/2012 EUR 74.46
UBS AG 8.720 6/25/2012 EUR 68.30
UBS AG 8.690 6/25/2012 EUR 38.31
UBS AG 8.540 6/25/2012 EUR 74.28
UBS AG 8.490 6/25/2012 EUR 48.93
UBS AG 8.950 6/25/2012 EUR 74.39
UBS AG 8.320 6/25/2012 EUR 68.16
UBS AG 8.220 6/25/2012 EUR 38.18
UBS AG 8.070 6/25/2012 EUR 74.12
UBS AG 7.960 6/25/2012 EUR 38.11
UBS AG 7.890 6/25/2012 EUR 68.07
UBS AG 7.870 6/25/2012 EUR 73.51
UBS AG 7.770 6/25/2012 EUR 72.41
UBS AG 7.710 6/25/2012 EUR 48.74
UBS AG 7.690 6/25/2012 EUR 38.04
UBS AG 7.670 6/25/2012 EUR 73.46
UBS AG 8.490 6/25/2012 EUR 72.58
UBS AG 7.420 6/25/2012 EUR 67.92
UBS AG 7.420 6/25/2012 EUR 73.39
UBS AG 7.410 6/25/2012 EUR 37.96
UBS AG 7.150 6/25/2012 EUR 73.31
UBS AG 7.110 6/25/2012 EUR 37.88
UBS AG 7.010 6/25/2012 EUR 73.83
UBS AG 26.100 6/22/2012 EUR 73.53
UBS AG 24.690 6/22/2012 EUR 73.39
UBS AG 24.260 6/22/2012 EUR 75.06
UBS AG 22.360 6/22/2012 EUR 75.10
UBS AG 22.200 6/22/2012 EUR 72.94
UBS AG 21.370 6/22/2012 EUR 68.97
UBS AG 20.120 6/22/2012 EUR 74.70
UBS AG 19.000 6/22/2012 EUR 70.64
UBS AG 16.710 6/22/2012 EUR 72.49
UBS AG 7.160 3/26/2012 EUR 74.15
UBS AG 9.250 3/20/2012 USD 14.33
UBS AG 8.720 3/20/2012 USD 32.17
UBS AG 9.750 3/12/2012 CHF 74.98
UBS AG 14.050 3/9/2012 EUR 57.60
UBS AG 13.860 3/9/2012 EUR 51.11
UBS AG 13.370 3/9/2012 EUR 59.34
UBS AG 12.730 3/9/2012 EUR 57.20
UBS AG 12.070 3/9/2012 EUR 51.70
UBS AG 11.480 3/9/2012 EUR 41.13
UBS AG 10.240 3/9/2012 EUR 66.57
UBS AG 9.160 3/9/2012 EUR 64.70
UBS AG 9.040 3/9/2012 EUR 69.87
UBS AG 8.000 3/8/2012 EUR 60.25
UBS AG 11.000 3/4/2014 USD 19.73
UBS AG 13.830 12/17/2013 USD 20.11
UBS AG 10.770 9/6/2013 USD 17.40
UBS AG 9.650 8/23/2013 USD 33.90
UBS AG 16.640 3/12/2013 USD 25.80
UBS AG 11.920 3/12/2013 USD 16.25
UBS AG 8.670 3/12/2013 USD 2.43
UBS AG 8.000 3/12/2013 USD 60.78
UBS AG 6.420 3/12/2013 USD 18.77
UBS AG 6.400 3/12/2013 USD 18.77
UBS AG 6.280 3/12/2013 USD 45.80
UBS AG 4.280 3/12/2013 USD 12.96
UBS AG 3.900 3/12/2013 USD 12.10
UBS AG 8.100 3/8/2013 USD 21.33
UBS AG 10.080 2/28/2013 USD 16.50
UBS AG 9.590 2/28/2013 USD 35.76
UBS AG 9.580 2/28/2013 USD 35.76
UBS AG 14.690 12/21/2012 EUR 74.10
UBS AG 13.600 11/12/2012 EUR 64.06
UBS AG 13.560 11/12/2012 EUR 68.76
UBS AG 11.660 11/12/2012 EUR 58.11
UBS AG 11.260 11/12/2012 EUR 66.61
UBS AG 10.930 11/12/2012 EUR 68.86
UBS AG 9.650 11/12/2012 EUR 61.44
UBS AG 9.470 11/12/2012 EUR 59.20
UBS AG 8.590 11/12/2012 EUR 72.41
UBS AG 8.370 11/12/2012 EUR 69.49
UBS AG 8.280 11/12/2012 EUR 72.95
UBS AG 8.280 11/12/2012 EUR 72.95
UBS AG 6.700 11/12/2012 EUR 64.02
UBS AG 6.070 11/12/2012 EUR 74.36
UBS AG 13.340 10/24/2012 USD 46.27
UBS AG 11.580 10/1/2012 EUR 71.39
UBS AG 11.560 10/1/2012 EUR 52.76
UBS AG 11.530 10/1/2012 EUR 71.37
UBS AG 11.460 10/1/2012 EUR 71.33
UBS AG 11.460 10/1/2012 EUR 52.71
UBS AG 11.380 10/1/2012 EUR 71.29
UBS AG JERSEY 3.220 7/31/2012 EUR 39.47
UNITED KINGDOM
--------------
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 74.26
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 78.25
BANK OF SCOTLAND 2.650 8/10/2026 JPY 71.30
BANK OF SCOTLAND 2.340 12/28/2026 JPY 68.02
BANK OF SCOTLAND 2.408 2/9/2027 JPY 67.23
BANK OF SCOTLAND 2.550 4/23/2037 JPY 55.42
BANK OF SCOTLAND 2.359 3/27/2029 JPY 62.42
BANK OF SCOTLAND 2.650 6/21/2026 JPY 71.61
BANK OF SCOTLAND 2.595 5/8/2037 JPY 55.48
BARCLAYS BK PLC 8.000 3/23/2012 EUR 73.04
BARCLAYS BK PLC 8.000 3/23/2012 EUR 74.36
BARCLAYS BK PLC 8.000 3/23/2012 EUR 70.52
BARCLAYS BK PLC 8.000 3/23/2012 EUR 65.54
BARCLAYS BK PLC 9.500 3/23/2012 EUR 65.24
BARCLAYS BK PLC 9.000 3/23/2012 EUR 66.78
BARCLAYS BK PLC 8.500 3/23/2012 EUR 72.26
BARCLAYS BK PLC 8.750 3/23/2012 EUR 68.38
BARCLAYS BK PLC 12.750 6/22/2012 EUR 68.58
BARCLAYS BK PLC 8.000 3/9/2012 EUR 66.61
BARCLAYS BK PLC 10.500 3/9/2012 EUR 71.86
BARCLAYS BK PLC 10.750 3/9/2012 EUR 69.79
BARCLAYS BK PLC 8.000 3/9/2012 EUR 69.97
BARCLAYS BK PLC 11.000 1/2/2013 EUR 72.25
BARCLAYS BK PLC 10.000 1/2/2013 EUR 74.09
BARCLAYS BK PLC 9.500 1/2/2013 EUR 74.73
BARCLAYS BK PLC 11.000 12/14/2012 EUR 72.69
BARCLAYS BK PLC 9.000 10/16/2012 USD 10.82
BARCLAYS BK PLC 8.500 10/16/2012 USD 11.29
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.08
BARCLAYS BK PLC 9.000 10/1/2012 USD 10.03
BARCLAYS BK PLC 13.500 9/28/2012 EUR 73.48
BARCLAYS BK PLC 13.000 9/28/2012 EUR 66.36
BARCLAYS BK PLC 11.750 9/28/2012 EUR 70.78
BARCLAYS BK PLC 10.500 9/28/2012 EUR 73.02
BARCLAYS BK PLC 10.000 9/28/2012 EUR 74.23
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.59
BARCLAYS BK PLC 12.000 9/14/2012 EUR 70.59
BARCLAYS BK PLC 11.000 9/14/2012 EUR 73.75
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.92
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.94
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BARCLAYS BK PLC 11.500 7/27/2012 USD 9.27
BARCLAYS BK PLC 7.000 7/27/2012 USD 9.88
BARCLAYS BK PLC 10.000 7/20/2012 USD 7.62
BARCLAYS BK PLC 8.000 6/29/2012 USD 9.80
BARCLAYS BK PLC 15.000 6/22/2012 EUR 70.37
BARCLAYS BK PLC 14.500 6/22/2012 EUR 74.19
BARCLAYS BK PLC 14.500 6/22/2012 EUR 63.65
BARCLAYS BK PLC 12.250 3/9/2012 EUR 70.41
BARCLAYS BK PLC 12.250 3/9/2012 EUR 60.62
BARCLAYS BK PLC 11.000 6/22/2012 EUR 60.95
BARCLAYS BK PLC 12.500 3/9/2012 EUR 69.74
BARCLAYS BK PLC 12.720 3/9/2012 EUR 67.91
BARCLAYS BK PLC 11.500 6/22/2012 EUR 70.79
BARCLAYS BK PLC 13.500 6/22/2012 EUR 72.57
BARCLAYS BK PLC 13.750 6/22/2012 EUR 74.70
BARCLAYS BK PLC 6.000 3/23/2012 EUR 70.16
BARCLAYS BK PLC 11.750 6/22/2012 EUR 65.50
BARCLAYS BK PLC 6.000 3/23/2012 EUR 74.93
BARCLAYS BK PLC 12.000 6/22/2012 EUR 61.73
BARCLAYS BK PLC 12.000 6/22/2012 EUR 67.59
BARCLAYS BK PLC 9.750 3/23/2012 EUR 74.60
BARCLAYS BK PLC 6.750 3/23/2012 EUR 69.06
BARCLAYS BK PLC 10.750 6/22/2012 EUR 68.65
BARCLAYS BK PLC 10.750 6/22/2012 EUR 72.82
BARCLAYS BK PLC 10.500 6/22/2012 EUR 61.69
BARCLAYS BK PLC 10.500 6/22/2012 EUR 65.69
BARCLAYS BK PLC 9.750 6/22/2012 EUR 65.39
BARCLAYS BK PLC 9.500 6/22/2012 EUR 71.77
BARCLAYS BK PLC 8.750 6/22/2012 EUR 72.87
BARCLAYS BK PLC 8.500 6/22/2012 EUR 69.06
BARCLAYS BK PLC 8.250 6/22/2012 EUR 69.90
BARCLAYS BK PLC 8.000 6/22/2012 EUR 69.72
BARCLAYS BK PLC 8.000 6/22/2012 EUR 66.60
BARCLAYS BK PLC 7.250 6/22/2012 EUR 68.39
BARCLAYS BK PLC 7.000 6/22/2012 EUR 72.93
BARCLAYS BK PLC 6.000 6/22/2012 EUR 71.79
BARCLAYS BK PLC 6.000 6/22/2012 EUR 75.42
BARCLAYS BK PLC 13.000 6/8/2012 EUR 68.53
BARCLAYS BK PLC 12.500 6/8/2012 EUR 70.83
BARCLAYS BK PLC 11.750 6/8/2012 EUR 68.46
BARCLAYS BK PLC 11.090 6/8/2012 EUR 67.09
BARCLAYS BK PLC 11.000 6/8/2012 EUR 68.35
BARCLAYS BK PLC 10.780 6/8/2012 EUR 71.63
BARCLAYS BK PLC 10.520 6/8/2012 EUR 75.21
BARCLAYS BK PLC 10.500 6/8/2012 EUR 60.49
BARCLAYS BK PLC 9.750 6/8/2012 EUR 75.07
BARCLAYS BK PLC 9.250 6/8/2012 EUR 70.72
BARCLAYS BK PLC 8.500 6/8/2012 EUR 74.39
BARCLAYS BK PLC 8.250 6/8/2012 EUR 64.41
BARCLAYS BK PLC 8.000 6/8/2012 EUR 73.32
BARCLAYS BK PLC 8.000 6/8/2012 EUR 74.43
BARCLAYS BK PLC 8.000 6/8/2012 EUR 64.41
BARCLAYS BK PLC 7.000 6/8/2012 EUR 74.12
BARCLAYS BK PLC 12.950 4/20/2012 USD 23.40
BARCLAYS BK PLC 15.000 3/23/2012 EUR 68.56
BARCLAYS BK PLC 14.500 3/23/2012 EUR 72.57
BARCLAYS BK PLC 14.000 3/23/2012 EUR 63.71
BARCLAYS BK PLC 13.500 3/23/2012 EUR 58.93
BARCLAYS BK PLC 13.250 3/23/2012 EUR 71.15
BARCLAYS BK PLC 13.250 3/23/2012 EUR 73.91
BARCLAYS BK PLC 12.500 3/23/2012 EUR 65.26
BARCLAYS BK PLC 12.250 3/23/2012 EUR 68.60
BARCLAYS BK PLC 11.750 3/23/2012 EUR 64.87
BARCLAYS BK PLC 11.500 3/23/2012 EUR 63.17
BARCLAYS BK PLC 11.000 3/23/2012 EUR 60.65
BARCLAYS BK PLC 10.000 3/23/2012 EUR 73.06
BARCLAYS BK PLC 10.500 3/23/2012 EUR 61.30
BARCLAYS BK PLC 10.500 3/23/2012 EUR 67.46
BARCLAYS BK PLC 11.500 6/28/2013 EUR 70.53
BARCLAYS BK PLC 11.000 6/28/2013 EUR 72.85
BARCLAYS BK PLC 10.000 6/28/2013 EUR 74.79
BARCLAYS BK PLC 11.500 3/22/2013 EUR 69.65
BARCLAYS BK PLC 10.750 3/22/2013 EUR 72.85
BARCLAYS BK PLC 10.000 3/22/2013 EUR 74.21
BARCLAYS BK PLC 12.000 1/2/2013 EUR 68.47
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 72.44
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 72.42
CO-OPERATIVE BNK 5.625 11/16/2021 GBP 75.50
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 72.90
EFG HELLAS PLC 6.010 1/9/2036 EUR 38.13
EFG HELLAS PLC 5.400 11/2/2047 EUR 23.13
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 41.00
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 40.63
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 67.00
ENTERPRISE INNS 6.375 9/26/2031 GBP 64.70
ENTERPRISE INNS 6.875 5/9/2025 GBP 67.00
ENTERPRISE INNS 6.875 2/15/2021 GBP 70.67
ESSAR ENERGY 4.250 2/1/2016 USD 53.28
F&C ASSET MNGMT 6.750 12/20/2026 GBP 66.04
GALA ELECTRIC CA 11.500 6/1/2019 GBP 71.83
GALA ELECTRIC CA 11.500 6/1/2019 GBP 71.79
GS INTERNATIONAL 9.500 4/20/2012 CHF 52.60
GS INTERNATIONAL 13.000 6/28/2012 CHF 65.40
GS INTERNATIONAL 9.750 5/22/2012 CHF 57.60
HBOS PLC 5.374 6/30/2021 EUR 72.13
HBOS PLC 6.000 11/1/2033 USD 70.55
HBOS PLC 6.000 11/1/2033 USD 70.55
HBOS PLC 4.500 3/18/2030 EUR 65.17
MARSTONS ISSUER 5.641 7/15/2035 GBP 73.90
MATALAN 9.625 3/31/2017 GBP 64.83
MATALAN 9.625 3/31/2017 GBP 64.44
MAX PETROLEUM 6.750 9/8/2013 USD 53.31
NOMURA BANK INTL 0.800 12/21/2020 EUR 67.91
OTE PLC 4.625 5/20/2016 EUR 65.88
PUNCH TAVERNS 7.567 4/15/2026 GBP 56.67
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 53.01
ROYAL BK SCOTLND 20.000 2/23/2017 SEK 65.00
ROYAL BK SCOTLND 2.300 11/26/2024 JPY 74.79
ROYAL BK SCOTLND 6.132 4/4/2025 USD 55.05
ROYAL BK SCOTLND 5.168 6/29/2030 EUR 59.66
ROYAL BK SCOTLND 4.692 6/9/2025 EUR 66.60
SPIRIT ISSUER 5.472 12/28/2028 GBP 72.82
THOMAS COOK GR 6.750 6/22/2015 EUR 51.17
THOMAS COOK GR 7.750 6/22/2017 GBP 47.84
UNIQUE PUB FIN 5.659 6/30/2027 GBP 73.25
WESSEX WATER FIN 1.499 11/29/2058 GBP 69.91
WESSEX WATER FIN 1.369 7/31/2057 GBP 69.54
*********
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 * * *