/raid1/www/Hosts/bankrupt/TCREUR_Public/120326.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 26, 2012, Vol. 13, No. 61
Headlines
A Z E R B A I J A N
* AZERBAIJAN: Moody's Issues Summary Credit Opinion
B E L A R U S
* Fitch Keeps B-/CCC Issuer Default Ratings on 7 Belarusian Banks
G E R M A N Y
BAYERNLB: German Savings Banks Pull Out of Restructuring Deal
SCHLECKER: Germany's 16 States Discuss Plans to Rescue Jobs
I R E L A N D
CHESS II: S&P Raises Rating on Series 37 Notes to 'CCC+'
KINTYRE CLO: S&P Affirms 'CCC-' Rating on Class E Def Notes
TREASURY HOLDINGS: Can Appeal NAMA's Receivership Bid
K A Z A K H S T A N
BTA BANK: Creditors Select Directors to Represent Interests
L U X E M B O U R G
MINERVA LUXEMBOURG: Fitch Rates US$350-Mil. Senior Notes 'B+'
MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds
N E T H E R L A N D S
HARBOURMASTER CLO 6: Fitch Cuts Ratings on 4 Note classes to 'B-'
QUEEN STREET I: S&P Raises Rating on Class E Notes to 'B+'
QUEEN STREET II: S&P Affirms 'B+' Rating on Class E Notes
R U S S I A
AEROLOFT OJSC: Fitch Affirms 'BB+' Issuer Default Rating
GAZPROMBANK: Moody's Issues Summary Credit Opinion
METALLOINVEST JSC: Fitch Affirms 'BB-' Senior Unsecured Rating
TINKOFF CREDIT: Fitch Affirms 'B' Issuer Default Rating
S P A I N
SANTANDER EMPRESAS: DBRS Assigns 'B' Rating on Series B Notes
T U R K E Y
* TOPLU KONUT: Moody's Issues Annual Credit Report
U N I T E D K I N G D O M
ALBA GROUP: Moody's Issues Summary Credit Opinion
CLAVIS SECURITIES: S&P Lowers Rating on Class B2a Notes to 'B-'
GAME GROUP: Set to Go Into Administration Today
IMMEO RESIDENTIAL: S&P Withdraws 'BB+' Rating on Class D Notes
JAGUAR LAND: Moody's Rates GBP500-Mil. Senior Notes 'B1'
JAGUAR LAND: Fitch Rates New Senior Unsecured Notes at 'BB-'
KEMBLE WATER: Fitch Affirms Issuer Default Rating at 'BB-'
RMAC 2005-NS3: S&P Lowers Ratings on Two Note Classes to 'B-'
YELL GROUP: Set to Appoint Financial Restructuring Advisers
X X X X X X X X
* EUROPE: Moody's Says Insurers' Capital More Resilient to Losses
* BOND PRICING: For the Week March 19 to March 23, 2012
*********
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A Z E R B A I J A N
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* AZERBAIJAN: Moody's Issues Summary Credit Opinion
---------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Azerbaijan and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for Government of Azerbaijan.
Moody's current ratings on Government of Azerbaijan are:
LT Issuer Rating domestic currency ratings of Ba1
LT Issuer Rating foreign currency ratings of Ba1
Ratings Rationale
In line with Moody's sovereign rating methodology, the country's
modest per capita GDP and a still-evolving institutional
framework translate into a low level of economic resiliency.
However, given the country's large oil and gas reserves,
Azerbaijan's medium-term economic growth potential is strong
although a lack of economic diversification could hinder growth
in the long term if not addressed.
Financial robustness is ranked high, with government debt ratios
expected to remain low in the medium term. Azerbaijan runs a
large current account surplus, which is estimated at 27.2% in
2011, slightly below its 2010 level of 29% as a result of a
temporary disruption in oil production. The government's State
Budget usually targets a modest deficit in the government's
financial balance (1.5% of GDP in the 2012 State Budget) as part
of an active policy to develop the country's domestic capital
market. The consolidated budget however, (which includes the
State Oil Fund's - SOFAZ's - revenues) usually registers sizeable
surpluses which for 2011 is estimated at 9.8%. Azerbaijan's
susceptibility to event risk is considered to be moderate,
largely due to political risks reflecting geopolitical tensions
with the autonomous region of Nagorno-Karabakh and its supporter,
Armenia. Economic and financial event risks, on the other hand,
are both ranked very low.
The outlook on the government's bond ratings is positive which
reflects Moody's expectations of further improvements in
Azerbaijan's already strong government finances as well as the
country's institutional capacity supporting the prudent
management of its oil windfall.
WHAT COULD MOVE THE RATING UP/DOWN
The ratings could come under upward pressure if the government's
economic plan increases diversification and the country continues
to accumulate foreign currency reserves. The ratings could also
be positively influenced if there is tangible progress towards
resolving the conflict in the Nagorno-Karabakh region.
Downward rating pressure might occur if there were to be a
significant deterioration in the domestic or regional political
environment or a prolonged period of fiscal deterioration as a
result of a sustained drop in global oil prices.
The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.
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B E L A R U S
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* Fitch Keeps B-/CCC Issuer Default Ratings on 7 Belarusian Banks
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of seven Belarusian banks. Belarusbank (BBK),
Belinvestbank (BIB), BPS-Sberbank (BPS), Belgazprombank (BGPB),
Belvnesheconombank (BVEB) and VTB Bank (Belarus) CJSC (VTBB) have
been affirmed at 'B-' with a Negative Outlook, and CJSC BTA Bank
(Belarus) at 'CCC'.
The ratings and Outlooks reflect the weaknesses in the banks'
stand-alone profiles, the Belarusian operating environment and
the credit profile of the Belarus sovereign. The latter limits
the extent to which Fitch incorporates potential sovereign
support into the ratings of state-owned BBK and BIB. It also
raises the risk of transfer and convertibility restrictions which
could constrain the ability of all banks, including those with
relatively strong foreign (Russian) shareholders, to service
their obligations.
In Fitch's view, asset quality in the Belarusian banking system
is likely to continue to deteriorate in the near to medium term
as a result of the severe economic and currency crisis of 2011,
portfolio seasoning and currently high interest rates.
Furthermore, capitalization of many banks is now tight as a
result of inflation of risk-weighted assets and delays with
equity injections, limiting their ability to absorb losses.
At the same time, Fitch expects the increase in reported loan
impairment ratios to be gradual due to the large proportion of
long-term loans, government subsidies on interest payments for
many borrowers, and banks' readiness in many cases to restructure
loans to troubled debtors. High inflation is also reducing the
real value of corporate and household local currency debt, which
should support loan servicing as interest rates moderate. System
liquidity also remains comfortable as deposit runs have largely
been avoided, government funding remains available and third
party foreign debt is limited.
The Belarusian economy has demonstrated some signs of
stabilization in early 2012. The currency market has stabilized
since the October 2011 devaluation, and the gross foreign
currency reserves of the National Bank (NBRB) increased to US$8.0
billion at end-11 from US$3.6 billion at end-June 2011 as a
result of privatization receipts and external borrowing, mainly
from Russia. The current account deficit has reduced to 10.6% of
GDP in 2011 (from 15% in 2010) following devaluation.
However, GDP growth slowed to 5% in 2011 and Fitch expects low
positive growth in 2012. Inflation has risen to 110% YoY as at
end-January 2012 (1.9% MoM), and the NBRB's refinancing rate
increased to 45% from 10.5% during 2011, albeit having since been
reduced to 38% in February 2012 reflecting some success in
curbing inflation.
Following a substantial BYR13 trillion recapitalization in
December 2011, BBK reports much higher capital ratios than other
Belarusian banks, with a regulatory total capital ratio of 35% at
end-11. The bank's Basel ratios based on IFRS accounts may be
somewhat lower depending on the fair value of currency swaps
entered into with the NBRB, but Fitch still believes the bank's
loss absorption capacity to be significantly higher than at other
banks. The Long-term IDRs of BBK and BIB incorporate Fitch's
view of a high propensity of the Belarusian authorities to
support the banks. However, the ability of the sovereign to
provide support is limited, in the agency's view, and the agency
notes that BIB has yet to benefit from a significant capital
injection since the onset of the crisis, meaning that its loss
absorption capacity is moderate.
The credit profiles of BPS (owned by Sberbank of Russia; 'BBB'),
BGPB (OAO Gazprom; 'BBB'), BVEB (Vnesheconombank; 'BBB') and VTBB
(Bank VTB 'BBB') benefit from what Fitch views as a high
propensity of their Russian owners to provide support if needed.
However, the ratings of the banks are constrained by heightened
Belarusian transfer and convertibility risks. BVEB and BGPB have
already received parental support in the form of capital
injections in 2011 and additional injections are expected or
received in 2012. This provides BVEB and BGPB with somewhat
greater cushion to absorb losses, while equity contributions to
BPS and VTBB are currently pending.
BTAB's 'CCC' Long-term IDR is driven by its weak stand alone
profile. BTAB is currently not compliant with minimum regulatory
capital requirements (EUR11 million against EUR25 million
required), but like other non-compliant Belarusian banks,
benefits from a waiver from NBRB until end-2012. The bank's
franchise is narrow and asset quality potentially vulnerable,
however capital ratios are currently relatively high.
Belarusian banks' ratings could be downgraded if the sovereign's
credit profile deteriorates further, reducing its ability to
support BBK and BIB, and increasing further the risk of
restrictions which would impede the ability of all banks to
service their obligations. However, the Outlooks could be
revised to Stable if the sovereign credit profile improves and
the economy continues to stabilize.
The rating actions are as follows:
BBK
-- Long-term IDR: affirmed at 'B-'; Outlook Negative
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'B-'
BIB
-- Long-term IDR: affirmed at 'B-'; Outlook Negative
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'B-'
BPS-Sberbank
-- Long-term IDR: affirmed at 'B-'; Outlook Negative
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Support Rating: affirmed at '5'
BGPB
-- Long-term IDR: affirmed at 'B-'; Outlook Negative
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Support Rating: affirmed at '5'
BVEB
-- Long-term IDR: affirmed at 'B-'; Outlook Negative
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Support Rating: affirmed at '5'
VTBB
-- Long-term IDR: affirmed at 'B-'; Outlook Negative
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Support Rating: affirmed at '5'
CJSC BTA Bank (Belarus)
-- Long-term IDR: affirmed at 'CCC'; Outlook Negative
-- Short-term IDR: affirmed at 'C'
-- Viability Rating: affirmed at 'ccc'
-- Support Rating: affirmed at '5'
=============
G E R M A N Y
=============
BAYERNLB: German Savings Banks Pull Out of Restructuring Deal
-------------------------------------------------------------
Aoife White and Jim Brunsden at Bloomberg News report that German
savings banks have pulled out of a deal on restructuring
Bayerische Landesbank (BLGZ) which may endanger European Union
approval of the lender's state bail-out.
According to Bloomberg, a person familiar with the talks said
that the banks have backtracked on an agreement on their level of
contributions toward a restructuring plan that would have
included the sale of its LBS Bayern mortgage lending unit.
Their withdrawal may endanger a deal with EU Competition
Commissioner Joaquin Almunia, who earlier told the Sueddeutsche
Zeitung that EU officials were close to an agreement with the
bank's owners, which include the German state of Bavaria, on the
terms for EU approval of BayernLB's bailout, Bloomberg says.
The European Commission, the EU's executive arm in Brussels, is
examining the restructuring measures of lenders that needed state
aid during the financial crisis, Bloomberg discloses. While
regulators approved Germany's bailout packages for HSH Nordbank
AG and WestLB AG last year, they are still holding discussions
with Munich-based BayernLB, Bloomberg notes.
The bank is Germany's second biggest state-owned lender, and the
last of the nation's so-called Landesbanken to await the EU's
verdict on its bailout conditions, according to Bloomberg.
About BayernLB
Bayerische Landesbank a.k.a BayernLB -- http://www.bayernlb.de/
-- acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks). Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management. It provides
retail and private banking services for individuals through its
Internet bank, Deutsche Kreditbank, and through banking
subsidiaries in central and southeastern Europe. BayernLB's
Landesbank Saar subsidiary (75% owned) provides financing to
small and midsized businesses in the German state of Saarland and
in France.
SCHLECKER: Germany's 16 States Discuss Plans to Rescue Jobs
-----------------------------------------------------------
Reuters reports that Germany's 16 states are discussing ways to
help the staff of Schlecker who face redundancy as the company is
due to close more than 2,000 stores.
According to Reuters, representatives from the German states met
on Thursday to discuss providing guarantees for a loan of
EUR71 million (US$93.7 million) that would finance a temporary
employment company for the more than 10,000 Schlecker employees
threatened with redundancy.
Under the model being discussed, employees would receive a large
part of their income for a year plus training for new jobs,
Reuters discloses.
As reported by the Troubled Company Reporter-Europe on March 20,
2102, Reuters related that Schlecker aims to find an investor by
the end of May. Unlisted Schlecker, which competes with
privately held peers Rossmann and dm, filed for insolvency in
January after struggling to secure funds against a gloomy
economic backdrop, Reuters recounted. Mr. Geiwitz said about two
dozen potential investors had expressed interest in Schlecker,
and that negotiations will begin once he makes a shortlist in the
coming days, Reuters disclosed. The company, which owes
suppliers including Unilever and Procter & Gamble several hundred
million euros, plans to cut about 12,000 jobs and shut more than
2,000 of its 5,400 stores, Reuters said.
Schlecker is a German drugstore chain.
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I R E L A N D
=============
CHESS II: S&P Raises Rating on Series 37 Notes to 'CCC+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised to 'CCC+ (sf)' from
'CCC- (sf)' its credit rating on Chess II Ltd.'s series 37 notes.
"We have raised the rating following our review of the current
credit quality of the reference portfolio. The upgrade
predominately reflects the reduced time to maturity, which has
led to a lower probability that losses will breach the loss
triggers and the portfolio attachment point," S&P said.
"Our ratings on loss-based transactions factor in the credit risk
associated with the reference portfolio. Losses on the underlying
reference portfolio may lead to a breach of the loss trigger,
which may cause the transaction to unwind. When reviewing a loss-
based transaction, we assess the likelihood of breaching the
attachment point, as well as the probability of breaching a loss
trigger," S&P said.
Chess II's series 37 is a European loss-trigger leveraged super
senior (LSS) collateralized debt obligation (CDO) transaction,
which closed in April 2007 and references primarily corporate
obligors.
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
KINTYRE CLO: S&P Affirms 'CCC-' Rating on Class E Def Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
KINTYRE CLO I PLC's class A, B def, and C def notes. "At the same
time, we have affirmed our ratings on the class D def and E def
notes," S&P said.
"The rating actions follow our assessment of the transaction's
performance, taking into account recent developments in the
transaction," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report dated Jan. 31, 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 that the credit quality of
the portfolio has improved since we last reviewed the
transaction. We have observed a significant decrease in the
proportion of assets in the performing portfolio that we consider
to be rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') to
7.26% from 11.08%, and in the proportion of defaulted assets to
0.77% from 4.84% (rated 'CC', 'SD' [selective default], and
'D')," S&P said.
"The credit enhancement for all classes of notes and weighted-
average spread earned on the collateral pool have increased,
which in our view supports higher ratings on the class A, B def,
and C def notes," S&P said.
"In addition, our analysis indicates that the weighted-average
maturity of the portfolio since our last transaction update has
decreased to 4.4 years from 5.78 years. This decrease, combined
with the decrease in 'CCC' rated assets, has led to a reduction
in our scenario default rates for all rating categories," S&P
said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rates. 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, B def, and C def notes to be
commensurate with higher rating levels. We have therefore raised
our ratings on these classes of notes," S&P said.
"The rating on the class C notes is constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs)," S&P said.
"The class D def and E def have deferred interest and the class E
def overcollateralization test is currently failing. Therefore,
we have affirmed our 'CCC+ (sf)' rating on the class D def notes
and our 'CCC- (sf)' rating on the class E def notes," S&P said.
KINTYRE CLO I is a cash flow collateralized loan obligation (CLO)
transaction that closed in March 2007, and securitizes loans to
primarily speculative-grade corporate firms. Since December 2011,
BNP Paribas is the new portfolio manager.
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
KINTYRE CLO I PLC
EUR350 Million Secured Floating-Rate Notes
Ratings Raised
A AA+ (sf) A+ (sf)
B def A+ (sf) BBB+ (sf)
C def BBB+ (sf) BB+ (sf)
Ratings Affirmed
D def CCC+ (sf)
E def CCC- (sf)
TREASURY HOLDINGS: Can Appeal NAMA's Receivership Bid
-----------------------------------------------------
Neil Callanan at Bloomberg News reports that Justice Mary Finlay
Geoghegan of the High Court in Dublin ruled on Thursday that
Treasury Holdings Ltd. can appeal a decision by Ireland's
National Asset Management Agency to appoint receivers for some of
the company's units.
According to Bloomberg, Justice Geoghegan wrote in the judgment
that Treasury Holdings showed grounds for its claims that NAMA
should have notified the developer it was calling in receivers
and that the agency didn't take into account potential purchasers
of the company's debts.
NAMA had set a Jan. 25 deadline for Dublin-based Treasury
Holdings to pay back part of EUR1.7 billion (US$2.2 billion) in
loans that the government agency held, Bloomberg discloses.
Treasury Holdings said it's open to proposals to secure its
future and that of its 400 staff, while satisfying the public
organizations that have supported the company during the past two
years, Bloomberg relates.
Hines Real Estate Holdings LP and Macquarie Group Ltd. made an
offer for the loans and "show continued interest and are willing
to improve their offers," Bloomberg quotes Rory Williams, a
Treasury Holdings director, as saying in a telephone interview on
Thursday.
NAMA appointed the receivers because it was "most likely to
deliver the best financial return for the taxpayer," the agency,
as cited by Bloomberg, said in a statement on Thursday. "The
receivers will remain in place pending the outcome of the
judicial review."
Treasury Holdings is an Irish property developer. The company
owns the Westin Hotel in Dublin and the Irish headquarters of
accounting firm PricewaterhouseCoopers.
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K A Z A K H S T A N
===================
BTA BANK: Creditors Select Directors to Represent Interests
-----------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank said
in a statement released on Thursday that Sergey Babayan and Jacek
Brzezinski were selected as directors representing the interests
of creditors on the Kazakh lender's board.
According to Bloomberg, BTA said in the statement that the bank's
shareholders will vote on the nominees at an extraordinary
general meeting to be held on April 11.
About BTA Bank
BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.
The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and
Turkey. In addition, the Bank maintains representative offices
in Russia, Ukraine, China, the United Arab Emirates and the
United Kingdom. The Bank has no branch or agency in the United
States, and its primary assets in the United States consist of
balances in accounts with correspondent banks in New York City.
As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan. It has no employees in the
United States. Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.
JSC BTA Bank, also known as BTA Bank of Kazakhstan, commenced
insolvency proceedings in the Specialized Financial Court of
Almaty City, Republic of Kazakhstan. Anvar Galimullaevich
Saidenov, the Chairman of the Management Board of BTA Bank, then
filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 10-10638)
on Feb. 4, 2010, estimating more than US$1 billion in assets and
debts.
On March 9, 2010, the Troubled Company Reporter-Europe reported
that JSC BTA Bank was granted relief in the U.S. under Chapter 15
when the bankruptcy judge in New York recognized the Kazakh
proceeding as the "foreign main proceeding." Consequently,
creditor actions in the U.S. were permanently halted, forcing
creditors to prosecute their claims and receive distributions
in Kazakhstan.
In the U.S., the Foreign Representative is represented by Evan C.
Hollander, Esq., Douglas P. Baumstein, Esq., and Richard A.
Graham, Esq. at White & Case LLP in New York City.
The Specialized Financial Court of Almaty approved BTA Bank's
debt restructuring on Aug. 31, 2010, trimming its obligations
from US$16.7 billion to US$4.2 billion, and extending its longest
maturity dates to 20 year from eight. Creditors who hold 92% of
BTA's debt approved the restructuring plan in May. BTA
reportedly distributed US$945 million in cash to creditors
and new debt securities including US$5.2 billion of recovery
units (representing an 18.5% equity stake) and US$2.3 billion of
senior notes on Sept. 1, 2010. BTA forecasts profit of slightly
more than US$100 million in 2011, Chief Executive Officer Anvar
Saidenov told reporters in Almaty.
===================
L U X E M B O U R G
===================
MINERVA LUXEMBOURG: Fitch Rates US$350-Mil. Senior Notes 'B+'
-------------------------------------------------------------
Fitch Ratings rates Minerva Luxembourg S.A.'s proposed reopening
of its US$350 million, 12.25% senior notes 'B+/RR4'. The notes
are unconditionally and irrevocably guaranteed by Minerva S.A.
(Minerva). Proceeds from this transaction will be used to repay
existing debt.
Fitch currently rates Minerva as follows:
Minerva:
-- Local currency Issuer Default Rating (IDR) 'B+';
-- Foreign currency IDR 'B+';
-- National scale rating 'BBB(bra)';
-- BRL200 million outstanding debentures due 2015 'BBB(bra)'.
Minerva Luxembourg:
-- Senior unsecured notes due in 2017, 2019 and 2022'B+/RR4'
Minerva's ratings are supported by the company's strong business
position as the second largest Brazilian exporter of fresh and
frozen beef. It has a low-cost structure and diversified and
flexible export revenue base. The successful execution of its
strategic plan, including an equity issuance during the
challenging operating environment of the last two years, further
supports Minerva's ratings.
The ratings incorporate risks associated with product
concentration in beef protein, the potential for disease
outbreaks, and the negative effect of foreign exchange
fluctuations. Minerva is still more exposed to these risks than
the top competitors even though exports now represent 58% of its
revenue, down from 66% in 2010.
As of Dec. 2011, Minerva's net leverage was high at 4.1 times
(x). The company's credit profile should continue to improve
from gains in market share, the growth of cash flow from
significant high-margin greenfield investments made over the past
few years, as well as an improving cattle cycle in Brazil.
Fitch expects further improvement in leverage stemming from
continued positive trends in revenue and margins, and possible
further additions to Minerva's production base. Fitch notes that
a temporary increase in leverage due to asset purchases or
acquisitions is possible in the upcoming years, as the company
strives to sustain growth. Fitch observes, however, that Minerva
has maintained a relatively disciplined approach to investing in
fairly priced long-term assets.
Minerva's liquidity relies primarily on cash on hand of BRL746
million at the end of December 2011. This compares with BRL542
million of short-term debt. Liquidity was further enhanced by
convertible debentures. Fitch expects Minerva to continue
improving its liquidity and debt maturity schedule over the next
12 months. The current note issuance should benefit the
company's debt profile as the proceeds are for repayment of
existing shorter term debts.
The operations of the company have been a significant drain on
cash primarily due to high capital expenditures. Free cash flow
(FCF), consisting of cash from operations minus capital
expenditures, was negative BRL231 million during the 2011, mainly
due to large capital expenses of BRL161 million. Fitch expects
that lower capex and working capital requirements going forward
will allow Minerva to start generating positive FCF in 2012.
A negative rating action could occur if Fitch's expectations of
positive cash flow generation fail to materialize; if net
leverage increases to more than 4.0x on a consistent basis as a
result of a large debt-financed acquisition or asset purchase; or
as a result of operational deterioration. A positive rating
action could be triggered by a significant leverage decrease from
current levels and is unlikely to be achieved solely by improving
operations in the short-to medium-term.
MINERVA SA: Moody's Assigns 'B2' Rating to US$100MM Add-On Bonds
----------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency rating
to Minerva S.A.'s reopening of its 2022 senior unsecured notes in
order to issue an additional US$100 million. The ratings outlook
is stable. The proposed notes, issued by its subsidiary Minerva
Luxembourg S.A, will be unconditionally and irrevocably
guaranteed by Minerva S.A. Proceeds from the proposed notes will
be used to refinance existing debt.
Ratings Rationale
"The B2 rating reflects the company's track record of stable
operating margins, despite the difficult environment for the
sector in 2011, with higher cattle prices and FX volatility,
factors that negatively impacted the overall meat processing
sector in Brazil", said Moody's local market analyst Marianna
Waltz. In addition, it also considers the significant improvement
in debt profile after the US$350 million issuance in February.
Moody's has also incorporated in Moody's assumptions that Minerva
will (i) focus on deleveraging; (ii) only make modest
acquisitions over the near term; (iii) continue to successfully
execute the strategies of its beef trading operations that has
delivered above average margins; and (iv) turn free cash flow
positive in 2012 and beyond. Moody's is also considering the
improvement in Minerva's liquidity levels, as evidenced by the
company's unwritten policy of keeping a minimum BRL500 million in
cash (BRL740 million as of December 2011).
Offsetting some of the positive attributes is Minerva's
relatively small size compared to local and global peers, based
on consolidated net revenues, its still high leverage, as well as
the sales concentration in live cattle, beef and beef related
products and the volatile nature of the protein business.
The stable outlook reflects Moody's view that the company will be
able to sustain its operating margins, make further progress in
reducing its financial leverage, and maintain liquidity at
current levels.
The ratings could suffer a downgrade if Minerva's liquidity
deteriorated, if market conditions cause operating margins to
decline sharply or if total adjusted debt to EBITDA is sustained
above 5.0x. The company's inability to keep CFO/Net Debt above
10% or deliver positive free cash flow in 2012 could add to
negative ratings pressure.
Minerva's ratings could be upgraded if Minerva makes additional
progress in deleveraging its balance sheet and is able to deliver
greater diversification of revenue and cash flow streams. Upwards
pressure would depend on the company's ability to reduce adjusted
total debt to EBITDA ratio to below 4.5x and increase EBITA to
Interest Expense to above 1.5x and CFO to Net Debt to above 15%.
The principal methodology used in rating Minerva was the Global
Food - Protein and Agriculture Industry Methodology published on
September 2009.
Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL3.98 billion (approximately US$2.27
billion) at FY2011 and installed slaughtering capacity of 10.480
heads of cattle per day, Minerva is the second largest Brazilian
exporter of beef and beef byproducts and has ten own beef
production facilities in Brazil as well as presence in Paraguay
and Uruguay.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico.
=====================
N E T H E R L A N D S
=====================
HARBOURMASTER CLO 6: Fitch Cuts Ratings on 4 Note classes to 'B-'
-----------------------------------------------------------------
Fitch Ratings has downgraded ten classes and affirmed one class
of Harbourmaster CLO 6 B.V.'s notes, as follows:
-- Class A1 (XS0233868107): affirmed at 'AAAsf'; Outlook Stable
-- Class A2 (XS0233873875): downgraded to 'Asf' from 'AA+sf';
Negative Outlook
-- Class A3 (XS0233875227): downgraded to 'BBBsf' from 'A-sf';
Outlook Negative
-- Class A4E (XS0233876209): downgraded to 'BBsf' from
'BBB- sf'; Outlook Negative
-- Class A4F (XS0233876381): downgraded to 'BBsf' from
'BBB-sf'; Outlook Negative
-- Class B1 (XS0233876621): downgraded to 'B-sf' from 'BBsf';
Outlook Negative
-- Class B2 (XS0233877603): downgraded to 'B-sf' from 'Bsf';
Outlook Negative
-- Class S1 Combo (XS0234258076): downgraded to 'B-sf' from
'Bsf'; Outlook Negative
-- Class S3 Combo (XS0234260643): downgraded to 'Asf' from
'AAAsf'; Negative Outlook
-- Class S4 Combo (XS0234648375): downgraded to 'B-sf' from
'B+sf'; Outlook Negative
-- Class S6 Combo (XS0234649852): downgraded to 'B-sf' from
'Bsf'; Outlook Negative
The rating actions reflect levels of credit enhancement (CE)
commensurate with their respective ratings. The ratings of the
classes S1, S3, S4 and S6 combination notes have been downgraded
in line with the rating actions of their respective rated
component notes.
The portfolio's credit quality has deteriorated since the last
review in April 2011. There are currently two defaulted assets
in the portfolio, making up 5% of the portfolio. The reported
'CCC' and below bucket including defaults has increased to 16% of
the portfolio from 10%.
Since the last review, the transaction has delevered further with
the class A1 notes being paid down to 80.2% from 96.9% of their
original balance. This has mitigated the deterioration in the
portfolio credit quality for the senior notes and contributed to
an increase in their CE levels. However, the agency believes
this was insufficient to maintain classes A2 to B2 at their
previous ratings, and hence has downgraded these notes.
Despite the relatively high level of 'CCC' and below assets in
the portfolio, the class B2 over-collateralization (OC) test and
the additional coverage test have only started to fail recently.
This is largely because the OC tests, other than the class A2 OC
test, mark all 'CCC' assets at par. The agency believes that the
marking at par of all 'CCC' assets makes the OC tests (other than
the class A2 OC test) less efficient in diverting excess spread
to mitigate the recent portfolio deterioration, compared to if
there was a haircut on 'CCC' assets for the purpose of
calculating the OC tests.
There has been limited trading of assets since the last review.
The reinvestment period ended in January 2011 but unscheduled
proceeds can be reinvested until January 2013 subject to certain
conditions.
The Negative Outlooks on the mezzanine and junior notes reflect
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market due to the
approaching refinancing wall.
QUEEN STREET I: S&P Raises Rating on Class E Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
seven classes of notes in Queen Street CLO I B.V. "At the same
time, we affirmed our rating on the class A1 notes," S&P said.
"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 20, 2012. We have taken into account recent
developments in the transaction and reviewed the transaction
under our December 2010 counterparty criteria," S&P said.
"The trustee report shows that all overcollateralization tests
are currently passing, and that the reported weighted-average
spread earned on the collateral pool has increased to 3.1% from
2.7% since our last transaction update. It also shows that the
percentage of portfolio assets that we consider in our analysis
as defaulted (i.e., debt obligations of obligors rated 'CC', 'SD'
[selective default], or 'D') has decreased since our previous
review, to 2.7% from 3.8%. The credit enhancement available to
all classes of notes has remained stable since our last review,"
S&P said.
"From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity to 4.3 years from 5.5
years, and improved credit quality of the portfolio. Both
developments have resulted in lower scenario default rates across
all rating levels calculated by our CDO Evaluator 5.1," S&P said.
"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. In our analysis, we used the EUR442.9 million
portfolio balance that we consider to be performing (i.e., of
assets rated 'CCC-' or above), the reported weighted-average
spread of 3.1%, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
in conjunction with different interest rate stress scenarios,"
S&P said.
"We have observed from our analysis that the credit support
available to seven classes of notes is now commensurate with
higher ratings, and we have therefore raised our ratings on the
class A2, B, C1, C2, D1, D2, and E notes. We have also affirmed
our 'AAA (sf)' rating on the class A1 notes," S&P said.
"Approximately 19.1% of the assets in the transaction's portfolio
are non-euro denominated. To mitigate the risk of foreign
Exchange-related losses, the issuer has entered into asset swap
agreements throughout the life of the transaction," S&P said.
"Under our 2010 counterparty criteria, our analysis of the swap
counterparty and the associated documentation indicates that the
counterparty cannot support a rating higher than 'AA-'. To assess
the potential impact of this on our ratings, we have assumed that
the transaction does not benefit from the swap transactions. We
concluded that, in this scenario, the class A1 notes would still
be able to achieve a 'AAA (sf)' rating, and that the class A2
notes would still be able to achieve a 'AA+ (sf)' rating. Thus,
we have raised our ratings on these classes of notes. Under our
2010 counterparty criteria, our ratings on the class B, C1, C2,
D1, D2, and E notes are supported by our rating on the swap
counterparty. Hence, we have applied no additional foreign-
exchange-related stresses to the class B to E notes," S&P said.
Queen Street CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
January 2007 and is managed by Indicus Advisors LLP.
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
RATING LIST
Class Rating
To From
Queen Street CLO I B.V.
EUR550.14 Million Senior Secured Fixed- And Floating-Rate Notes
And Subordinated
Notes
Ratings Raised
A2 AA+ (sf) AA (sf)
B A+ (sf) A- (sf)
C1 BBB+ (sf) BB+ (sf)
C2 BBB+ (sf) BB+ (sf)
D1 BB+ (sf) BB- (sf)
D2 BB+ (sf) BB- (sf)
E B+ (sf) B- (sf)
Rating Affirmed
A1 AAA (sf)
QUEEN STREET II: S&P Affirms 'B+' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in Queen Street CLO II B.V.
"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 3, 2012. We have taken into account recent
developments in the transaction and reviewed it under our
December 2010 counterparty criteria," S&P said.
"We last reviewed the transaction in September 2010 and raised
our ratings on all notes to their current levels. This was due to
an increase in the aggregate collateral balance, a reduction in
the level of defaulted assets, and an increase in the proportion
of assets rated 'BB-' or higher," S&P said.
"The February 2012 trustee report shows that all
overcollateralization tests are currently passing, and that the
reported weighted-average spread earned on the collateral pool
has increased to 3.2% from 2.8% since our last transaction
update. It also shows that the percentage of portfolio assets
that we consider in our analysis as defaulted (i.e., debt
obligations of obligors rated 'CC', 'SD' [selective default], or
'D') has decreased since our previous review, to 1.3% from 2.3%.
The credit enhancement available to all classes of notes has
remained stable since our last review," S&P said.
"From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity to 4.4 years from 4.6
years, which has resulted in lower scenario default rates across
all rating levels calculated by our CDO Evaluator 5.1," S&P said.
"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. In our analysis, we used the EUR409.2 million
portfolio balance that we consider to be performing (i.e., of
assets rated 'CCC-' or above), the reported weighted-average
spread of 3.2%, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
in conjunction with different interest rate stress scenarios,"
S&P said.
"We have observed from our analysis that the credit support
available to all classes of notes remains commensurate with the
current ratings assigned, and we have therefore affirmed our
ratings on all classes of notes," S&P said.
"Approximately 19.4% of the assets in the transaction's portfolio
are non-euro-denominated. To mitigate the risk of foreign-
exchange-related losses, the issuer has entered into asset-swap
agreements throughout the life of the transaction," S&P said.
"Under our 2010 counterparty criteria, our analysis of the swap
counterparty and the associated documentation indicates that the
counterparty cannot support a rating higher than 'AA-'. To assess
the potential impact of this on our ratings, we have assumed that
the transaction does not benefit from the swap transactions. We
concluded that, in this scenario, the class A-1 notes would still
be able to achieve a 'AAA (sf)' rating, and that the class A-2
notes would be able to achieve a 'AA' (sf) rating. Thus, we have
affirmed our ratings on these classes of notes. Under our 2010
counterparty criteria, our ratings on the class B, C1, C2, D1,
D2, and E notes are supported by our rating on the swap
counterparty. Hence, we have applied no additional foreign-
exchange-related stresses to these notes," S&P said.
Queen Street CLO II is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in June
2007 and is managed by Indicus Advisors LLP.
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
RATING LIST
Class Rating
Queen Street CLO II B.V.
EUR464 Million Senior Secured Floating-Rate And Subordinated
Notes
Ratings Affirmed
A-1 AAA (sf)
A-2 AA (sf)
B A+ (sf)
C BBB (sf)
D BB+ (sf)
E B+ (sf)
===========
R U S S I A
===========
AEROLOFT OJSC: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed OJSC Aeroflot's Long-term foreign
currency Issuer Default Rating (IDR) at 'BB+', with a Stable
Outlook.
Fitch continues to assess Aeroflot's standalone credit profile as
commensurate with a 'BB' rating but emphasizes that there is
considerable pressure on the rating given the company's newly
proposed finance and operating lease plan. The agency views this
as a material shift in the company's fleet expansion program.
Fitch now forecasts gross adjusted debt/EBITDAR will approach
5.0x, levels considered high for the current standalone rating
level and close to Fitch's negative rating action guidance.
Gross leverage is unlikely to fall below 4.0x as previously
anticipated. There is little to no headroom in expected leverage
metrics to sustain even a moderate downturn in performance.
However, the company has some flexibility to reduce both its
capex plans and operating leases, and Fitch would expect the
company to moderate its expenditure plans in order to remain
below 5.0x gross lease-adjusted debt/EBITDAR.
Leverage is further exacerbated by the addition of c.USD827m debt
owing to the consolidation of the Rostechnologii stakes, which
was taken into consideration in Fitch's previous forecasts. The
deconsolidation of Terminal D in Q411 will enable a decrease in
reported debt. However, this debt had been historically treated
as non-recourse debt by Fitch and therefore also has no material
impact on Fitch's forecasted ratios.
The 'BB' standalone rating continues to reflect the group's
dominant position as Russia's national flag carrier, in a highly
fragmented market. In the past, Aeroflot has experienced strong
growth driven by organic expansion but also acquisitions. This
is expected to continue given forecasted Russian GDP growth,
increased mobility of Russian citizens, favorable government
legislation and the integration of the Rostechnologii airline
stakes. In the short-term these assets will be significant in
terms of further strengthening its dominant position in Russia's
airline sector but also extending Aeroflot's network and
segmentation in order to broaden the company's customer base.
Although Fitch expects Aeroflot's margins to remain strong
compared to European peers, given its relatively flexible cost
base in terms of staff costs and operating lease strategy,
EBITDAR margins are forecasted by the agency to fall to below
previous levels of 20% in the medium-term. This is expected to
be driven, among other things, by increased exposure to the
Russian airline market and continually high fuel costs.
Whilst a potential downturn in Europe continues to be the most
significant risk to Aeroflot's earnings, integration of the
Rostechnologii airlines will increase Aeroflot's exposure to
Russian domestic flights, which are generally loss-making, or
break-even, on an operating level at best. Cost-savings from the
centralization of business activities at the parent level will
have some offsetting impact, but the effects are not expected to
have a noteworthy impact in the immediate term. Management
targets synergy prospects of US$160 million-US$240 million by
2015 and given its limited experience of integrating assets on
such a large scale, execution risks for the expected synergies
remain high. Fuel costs are also expected to continue to depress
margins as evidenced in 9M11. The company has begun to develop
its fuel hedging program but these measures remain less
comprehensive when compared with international peers.
In accordance with Fitch's Parent and Subsidiary Rating Linkage
Criteria, Aeroflot's IDR continues to benefit from a one-notch
uplift due to parental support. The Russian Federation
('BBB'/Stable/'F3') owns a 51.2% direct stake in addition to a
9.48% indirect stake and strategic and operational ties are
considered by the agency to be relatively strong. On 15 November
2011, the transfer of five stakes in regional airlines,
previously owned by the state-owned organization, Rostechnologii,
was yet further evidence of the strong relationship between the
group and its parent. The transaction emphasizes the importance
of Aeroflot in facilitating the state's strategy to consolidate
the Russian airline industry with an increased focus on safety
and financial stability. Fitch acknowledges the potential
negative implications of state links, for example an aggressive
consolidation and acquisition plans at the expense of Aeroflot's
credit profile, but highlights that the Rostechnologii
transaction, whilst proposed by the state, was to some extent at
Aeroflot's discretion and following due diligence process.
Cash and unused committed short-term facilities amounted to
US$723 million and more than sufficiently cover short-term debt
of US$368 million as at FY11. However, in FY13, further
maturities of US$377 million are also due. These are expected to
be repaid from current liquidity, but this will be dependent on
the company's ability to meet its capital commitments of US$2.7
billion (as at 9M11) through future finance leases. Assuming
planned finance leasing of aircraft, free cash flow generation is
expected to be positive over the medium-term, although net debt
will increase given these finance leases.
The rating actions are as follows:
-- Foreign currency Long-term IDR affirmed at 'BB+'; Stable
Outlook
-- Foreign currency Short-term IDR affirmed at 'B'
-- Foreign currency senior unsecured rating affirmed at 'BB+'
-- Local currency Long-term IDR affirmed at 'BB+'; Stable
Outlook
-- Local currency Short-term IDR affirmed at 'B'
-- Local currency senior unsecured rating affirmed at 'BB+'
-- National Long-term rating affirmed at 'AA(rus)'; Stable
Outlook
-- National Short-term rating affirmed at 'F1+(rus)'
-- National senior unsecured rating affirmed at 'AA(rus)'
GAZPROMBANK: Moody's Issues Summary Credit Opinion
--------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Gazprombank and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for Gazprombank.
Moody's current ratings on Gazprombank are:
Senior Unsecured (domestic and foreign currency) ratings of Baa3
Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3
Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3
Bank Financial Strength ratings of E+
Short Term Bank Deposits (foreign currency) ratings of P-3
BACKED Senior Unsecured (foreign currency) ratings of Baa3
Rating Rationale
Moody's assigns a standalone bank financial strength rating
(BFSR) of E+ (positive outlook) to Gazprombank (GPB), which maps
to B1 on the long-term scale. GPB is Russia's third largest bank
and was originally set up to facilitate financial operations of
its strategic shareholder - state-controlled OJSC Gazprom
("Gazprom", Baa1 foreign currency issuer rating), the world's
largest integrated gas company and the most strategic company of
the Russian Federation. However, Moody's notes positive as well
as negative rating implications as regards (i) GPB's position as
one of the country's largest banks, (ii) its strong involvement
in servicing strategic industries for the Russian Federation and
(iii) its strong links with both Gazprom and the Russian State.
The E+ BFSR is constrained by potential corporate governance
weaknesses which may result in GPB fulfilling economic objectives
for Gazprom, the state authorities and certain business groups.
GPB has been involved in (i) financing projects and undertaking
acquisitions for Gazprom (especially in the past), (ii)
supporting the banking sector and the real economy in times of
crisis, (iii) bailing out troubled strategic companies, (iv)
supporting the interbank market, and (v) providing finance for
acquisitions, among other things.
Furthermore, the bank is quite active in private equity projects
to facilitate restructuring of ownership in the real economy and
provision of financing to such entities in order to support their
activities. Several deals are concluded based on GPB's appetite
for these risks; however, in Moody's view, GPB's policy role and
its niche in servicing interests of certain business groups is
also a relevant component. GPB's decision-making process can
potentially be overridden by either the shareholder or the state,
due to the current shareholder structure, the level of corporate
governance in the bank and the extent of institutional
developments in Russia, thus also exposing the bank to political
risk.
GPB's credit risk in fulfilling its policy role is partially
mitigated by (i) state backing for state-related transactions
(through state guarantees or state funding), (ii) the strategic
nature of these projects, which eventually will continue to
operate as going concerns; and/or (iii) collateral. However,
occasionally, market risk from these operations can be
significant and could erode GPB's capital base, even if these
private equity projects are substituted by acquisition finance
(e.g. negative valuation). In addition, these investments lock in
capital, exert pressure on stable income generation and result in
an inability to reach full stable earnings capacity - albeit to a
lesser extent than in the past given a conversion of significant
portion of these investments into acquisition loans as well as
disposal of a portion of such investments.
In general, GPB's market-risk appetite is higher than average -
albeit lower than the previously high levels - which has resulted
in significant one-off losses from its derivatives positions. In
addition, similar to other Commonwealth of Independent States
(CIS) banks, GPB has high single-name and sectoral concentrations
on both sides of its balance sheet. Although it has achieved
significant scale to capitalize on its own brand, in Moody's
view, GPB's franchise distribution remains partly dependent on
links with the shareholder and the state, both of which
facilitate access to the country's major franchises.
GPB's capitalization is adequate, although Tier 1 capitalization
remains moderate (albeit improved) after incurring significant
market losses from securities and derivatives positions in H2
2008, when it had to increase leverage to hedge against further
losses. However, the pressure on capitalization is mitigated by
the sound credit quality of its largest borrowers. GPB's
capitalization is improving, but its recovery depends
significantly on the crystallization of credit risks from the
financing of disposals of some investments. If this occurs, GPB
would have to increase its exposure to market risk, which could
lead to further volatility of the capital base. The increase in
Tier 1 as a proportion of total capital (including from possible
conversion of subordinated loans into Tier 1 capital) could be
beneficial for capital quality.
At the same time, GPB's status as a Gazprom and state-related
institution confers strong franchise value (one of the best in
Russia) - servicing the country's leading companies, (i.e., those
in the cash-rich natural resources sector, including its largest
shareholder). GPB's importance to the shareholder and state,
combined with its strong brand name, confers better-than-average
access to relatively prolific liquidity and funding through
customer funds and direct financing from other state banks and/or
the Central Bank of Russia (CBR), in case of need.
The nature of GPB's franchise, together with its historically
low-risk appetite in the construction and small and medium-sized
enterprise (SME) sectors, ensures better-than-average asset
quality in its loan book compared with asset quality across the
banking system. At the same time, plans to increase the share of
investment loans to over 35% of the corporate loan book by 2015
(from 28% at end-H1 2011) could increase risks (e.g., greater
sensitivity to business cycles), although these loans are usually
of a strategic nature. Access to cheaper-than-average funding,
with relatively good pricing power, enables GPB to attain stable
net interest margins, while servicing leading companies enables
it to achieve strong and stable fee and commission income, as
well as economies of scale.
The bank's Baa3 global local currency (GLC) deposit rating
incorporates (i) the B1 standalone credit strength, mapped from
the E+ BFSR; (ii) Moody's assessment of a moderate probability of
support from Gazprom in the event of need, based on GPB's
importance to Gazprom's operations; and (iii) the very high
probability of support from Russian authorities, given its
importance to the economy and the banking system as a whole (as
the third-largest bank in Russia servicing the country's leading
companies) and GPB's effective ultimate control by the Russian
authorities.
At the same time, although capitalization is currently adequate,
future capitalization sources are unclear because Gazprom
requires resources to accomplish its own investment programs and
lacks willingness to capitalize its non-core asset (like GPB).
The uncertainty over future capitalization sources from Gazprom
could potentially jeopardize parental support assumptions. State
support is more likely to be the first layer of support, in case
of need. The bank's Aaa.ru National Scale Rating reflects its
credit standing relative to Russian peers.
Rating Outlook
The outlook on the bank's E+ BFSR is positive, while long-term
global scale ratings carry a stable outlook.
What Could Change the Rating - Up
Moody's notes a high probability of an upgrade of the bank's
BFSR's over the medium term as reflected in the positive outlook
on E+ BFSR, and could be driven by improvements in Gazprombank's
total capitalization. Quality of capital should improve on a
consistent basis, as a result of: (i) continuing strong income
generation and (ii) improvement in asset quality as reflected in
decrease in provisions. The positive outlook also incorporates
Moody's expectations of an improved track record of capital
management and the bank's ability to maintain adequate capital
positions against unexpected losses from credit and market risks.
Sustainability of reduced market risk appetite - with no
significant rise in credit risks and evidence of improvement in
asset quality - is also likely to lead to an upgrade of
Gazprombank's BFSR to the D- level. The long-term rating could be
upgraded as a result of increased strategic importance to the
state.
What Could Change the Rating - Down
The BFSR is unlikely to be downgraded. However, the standalone
credit strength could be negatively affected by deterioration in
GPB's asset quality or losses from its strategic investments (or
acquisition finance loans) which significantly impair Tier 1
capital. In addition, the standalone credit strength could be
negatively affected by an increased appetite to the acquisition
of higher-risk assets, which could impair GPB's flexibility of
capital and liquidity, and by increased activity in acquisition
and project finance.
Given the strong dependence of GPB's deposit ratings on implicit
support from Gazprom and the government, any material change in
the bank's control or its importance to the group/the economy,
resulting in a reduction of Moody's support assessment, would be
likely to have negative rating implications. Moody's notes
concerns about the diminishing capability and willingness of the
major shareholder to capitalize the bank, and this could
potentially lead to reassessment of parental support assumptions.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.
METALLOINVEST JSC: Fitch Affirms 'BB-' Senior Unsecured Rating
--------------------------------------------------------------
Fitch Ratings has affirmed JSC Holding Company Metalloinvest's
foreign and local currency Long-Term Issuer Default Ratings (IDR)
and foreign currency senior unsecured rating at 'BB-'and National
Long-Term Rating at 'A+'(rus). The Outlooks on the Long-term
ratings are Stable.
The affirmations follow the launch of Metalloinvest's
RUB50 billion bond issue program in Q112.
Metalloinvest has already placed RUB15 billion of its RUB50
billion ten-year bond issue program on March 19, 2012, with
RUB10bn to be placed on March 22, 2012. The ruble bond issues
have three-year put option and unlike the US$750 million
Eurobonds issued in 2011, have no corporate guarantees from the
Metalloinvest's operating companies, which could imply weaker
comfort for ruble bondholders. Most of the ruble bonds proceeds
will be used to refinance Metalloinvest's existing debt.
Metalloinvest is one of the largest metals and mining company in
Russia, primarily engaged in iron ore mining and processing and
focused on further increase of high value added products
contribution. The company has a strong position on the global
production cost curve, which results in strong operating margins
and cash flows throughout the cycle. Fitch expects Metalloinvest
to maintain the ability to generate sufficient operational cash
flow and positive free cash flow given adequate cost control and
capex.
TINKOFF CREDIT: Fitch Affirms 'B' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Tinkoff Credit Systems' (TCS) Long-
term foreign currency Issuer Default Rating (IDR) at 'B' and
revised the Outlook to Positive from Stable. At the same time,
TCS's National Long-Term Rating has been upgraded to 'BBB+(rus)'
from 'BBB(rus)' with a Positive Outlook.
The revision of the Outlook to Positive reflects Fitch's opinion
about the consistent development of TCS's business, its greater
track record of attracting wholesale funding and managing
liquidity, strong profitability and slightly improved
capitalization.
TCS's credit card receivables almost doubled from a low base in
2011. However, the franchise is still relatively small and
concentrated by sales channels mainly represented by internet and
direct mailing, while the retail book is characterized by a
rather high attrition rate. Fitch believes that the next big
challenge for TCS will be to materially expand the franchise,
which may require finding alternative distribution channels,
while maintaining reasonable customer acquisition costs. If
successful and other risks remain manageable, the bank's ratings
could be upgraded to 'B+'. However, if the business stagnates
and/or liquidity or asset quality risks intensify, the Outlook
may be revised back to Stable.
TCS's currently high profitability (return on average assets of
10.1% in 2011) may come under pressure, because customer
acquisition costs may grow, and TCS may lower interest rates to
retain better-quality clients. Offsetting this to an extent is
the company's capacity to realise some economies of scale.
Anyway TCS's ultimate performance will depend on its ability to
solicit underbanked customers in a way that allows it to avoid
direct competition with mainstream banks. There is a remote risk
that any strengthening of the legal framework nationally aimed at
giving retail borrowers greater protection, could have an impact
on TCS's yields and business.
TCS's credit risk is high due to its focus on the low mass market
segment, albeit well managed on a risk-return basis. The credit
quality worsened somewhat in 2011, with annual loss rate of about
10%, although this is well covered by the wide margin (42% in
2011) and low fixed costs.
Retail deposits accounted for 44% funding at end-2011 and are
primarily collected online. These are expensive, price-sensitive
and could become flighty in a stressed environment, although the
bank has significant room to increase the rates if necessary to
retain clients. As a mitigant, 70% of deposits are covered by
the Deposit Insurance Agency.
Refinancing risk is moderate with only RUB1.5bn bonds (6% of end-
2011 liabilities) coming due in August 2012. Repayments are
concentrated towards September-December 2013 with RUB4.8bn (18%
of liabilities) needing to be refinanced. To limit potential
refinancing risk TCS has to issue debt regularly and hence is
sensitive to investor sentiment, especially for Russian consumer
lenders.
As market liquidity tensed since September 2011, TCS accumulated
a significant liquidity cushion equal to 18% of total assets at
end-2011. However, as liquidity concerns eased somewhat, this may
gradually be used to fund new loan issuance. Positively, the cash
generation capacity of receivables, at least in a short
timeframe, is relatively strong. Consequently, the bank received
about RUB3bn repayments a month (11% of outstanding receivables)
in January-February 2012. However, the ability to deleverage at
this pace for a prolonged period of time is less certain.
The Basel I capital ratio improved to 15.6% at end-2011 on the
back of strong internal capital generation which outpaced the
rapid growth. Capitalization remains rather modest given the
high credit risk and potential changes in performance and
leverage.
TCS is the first and currently only credit card monoline company
in Russia, established in 2006 by Russian businessman Oleg
Tinkov. A 29% stake was subsequently sold to Goldman Sachs and
Scandinavian private equity fund Vostok-Nafta. Following rapid
growth in 2011, the bank had a market share of approximately 6%
of credit card receivables at year end.
The rating actions are as follows:
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
revised to Positive from Stable
-- Long-term local currency IDR: affirmed at 'B'; Outlook
revised to Positive from Stable
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- Senior Unsecured Debt: affirmed at 'B'; Recovery Rating
'RR4'
-- National Long-term Rating: upgraded to 'BBB+(rus)' from
'BBB(rus)'; Outlook Positive
=========
S P A I N
=========
SANTANDER EMPRESAS: DBRS Assigns 'B' Rating on Series B Notes
-------------------------------------------------------------
DBRS Ratings Limited has assigned final ratings to the notes
issued by F.T.A. SANTANDER EMPRESAS 11, as follows:
* EUR2,120 million Series A Notes: AA (sf)
* EUR530 million Series B Notes: B (sf)
* EUR742 million Series C Notes: C (sf)
The transaction is a cash flow securitization collateralized by a
portfolio of bank loans and credit lines originated by Banco
Santander, S.A. to Spanish corporates and small-and medium-sized
enterprises ("SMEs"). As of March 13, 2012, the transaction's
final portfolio included 8,608 loans granted to 8,041 borrowers
with a notional amount of EUR2,650 million.
These ratings are based upon DBRS's review of the following
analytical considerations:
- Transaction structure, the form and sufficiency of available
credit enhancement.
- Credit enhancement is in the form of subordination, through
the Reserve Fund and excess spread. The current credit
enhancement level of 48% is sufficient to support the AA (sf)
rating for the Series A Notes, and the current credit enhancement
level of 28% is sufficient to support the B (sf) rating for the
Series B Notes.
- The Series C Notes have been issued for the purpose of funding
the Cash Reserve Fund. The Reserve Fund has been initially set at
28% of the aggregate balance of the Series A and Series B Notes,
or EUR742 million. The Reserve Fund is available to cover
shortfalls in the senior expenses, interest and principal
throughout the life of the Notes.
- The Reserve Fund can amortize after the first two years if
certain Conditions -- relating to the performance of the
portfolio and deleveraging of the transaction -- are met.
- The portfolio is composed of mainly unsecured credit lines and
term loans. The credit lines represent 67.3% of the final
portfolio's outstanding balance. The total exposure to the credit
lines could increase by a further EUR729 million if the borrowers
draw on the credit lines to their maximum limits. This could
potentially result in an increase of the portfolio to a maximum
of EUR3,379 million and result in a dilution of the credit
enhancement available to support the Series A and Series B.
This risk was taken into consideration in the DBRS analysis.
- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the approved terms.
For this transaction, the rating of the Series A Notes addresses
the timely payments of interest, as defined in the transaction
documents, and the timely payments of principal on each Payment
Date during the transaction, and, in any case, at their Legal
Final Maturities on February 16, 2045. The rating of the Series B
Notes addresses the ultimate payment of interest, as defined in
the transaction documents, and the ultimate payment of principal
on each Payment Date during the transaction, and, in any case, at
their Legal Final Maturities on February 16, 2045. Interest
and principal payments on the Notes will be made quarterly,
generally on the 16th day of February, May, August and November,
with the first payment date on May 16, 2012.
- The transaction parties' financial strength and capabilities
to perform their respective duties, and the quality of
origination, underwriting and servicing practices.
- Soundness of the legal structure and presence of legal
opinions which address the true sale of the assets to the trust
and the non-consolidation of the special purpose vehicle, as well
as the consistency with the DBRS Legal Criteria for European
Structured Finance Transactions.
- The rating of the Series C Notes is based upon DBRS's review
of the following considerations:
* The Series C Notes are in the first loss position.
* As such, the Series C Notes are highly likely to default.
* Under the transaction documents the payments on the Series C
notes can be deferred during the life of the transaction.
Therefore, the default most likely would occur at the
maturity of the transaction.
DBRS determined key inputs used in its analysis based on
historical performance data provided for the originator and
servicer as well as analysis of the current economic environment.
The principal methodology is Master European Granular Corporate
Securitisations (SME CLOs), which can be found on www.dbrs.com.
The sources of information used for this rating include F.T.A.
SANTANDER EMPRESAS 11, Santander de Titulizacion, S.G.F.T., S.A.
and Banco Santander, S.A. DBRS considers the information
available to it for the purposes of providing this rating was of
satisfactory quality.
===========
T U R K E Y
===========
* TOPLU KONUT: Moody's Issues Annual Credit Report
--------------------------------------------------
In its annual report on the Turkish housing administration, TOKI,
Moody's Investors Service says the Ba2 (global scale, local and
foreign currency) and A3.tr (Turkey national scale) issuer
ratings reflect the company's close linkages with the Turkish
government, given its role in executing its housing and
urbanisation policies. The outlook on TOKI's Ba2 rating is
positive, in line with the outlook on Turkey's sovereign rating.
Moody's notes that TOKI's ratings are also supported by its solid
sales performance, its positive financial results, which have
benefitted from substantial asset expansion, and its limited
financial debt, which reflects its robust self-financing
capacity. Going forward, Moody's is confident that TOKI will
effectively manage the execution of its large investment program
without significantly stressing its finances, given a stable
legal framework and continued support and oversight by the
central government.Greater sales in both its social housing (85%
of TOKI's revenue) and commercial activities (15%) largely
reflect a higher number of land plots allocated to TOKI by the
government for new social housing development. This sales growth
has supported an increase in revenue to around TL6.2 billion in
FY 2010 from TL1.1 billion in 2005, which combined with more
limited growth in operating costs has led to a operating surplus
of 46% of revenue.
Moody's notes that at FYE 2010, TOKI's financial debt was TL1.5
billion, which is equivalent to 0.2x revenues and 5% of assets.
This is low when compared with its international peers and
reflects TOKI's good self-financing capacity to date. Moreover,
according to management's forecasts, financial debt is expected
to remain stable despite TOKI's ambitious development plans.
TOKI is a not-for-profit public sector entity that operates under
a mandate from the central government and the direction of the
prime minister's office. TOKI's ratings are underpinned by its
public sector status and its strategic role in executing the
government's housing policies. Its management practices are
oriented towards improving operational efficiency, albeit within
limits and principles embedded in its social role, and has thus
far adequately managed operational risks associated with its
development-for-sale model.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".tr" for Turkey.
===========================
U N I T E D K I N G D O M
===========================
ALBA GROUP: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on ALBA
Group plc & Co. KG and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for ALBA Group.
Moody's current ratings on ALBA Group are:
LT Corporate Family Rating (domestic currency) of B1
Senior Unsecured (domestic currency) rating of B3
LGD Senior Unsecured (domestic currency) rating of LGD5-84%
Probability of Default rating of B1
Ratings Rationale
The B1 corporate family rating (CFR) recognizes ALBA Group's long
track record of operations and well-established position as one
of the leading waste and recycling operators in Eastern Germany
but also its increasing presence in other parts of Europe. The
rating also reflects the group's diverse operations across the
whole value chain of waste management and recycling activities,
which limits its reliance on any particular market or business
line.
At the same time, the rating reflects the competitive nature of
the markets in which ALBA Group operates, its limited scale and
the group's high financial leverage (initially calculated by
Moody's at around 4.6x on a debt/EBITDA basis, although expected
to decrease as required by bank covenants). The group's credit
quality is further constrained by the ALBA Group's structurally
low margin, in particular in the case of the low value added
steel and metals trading business, as well as the cyclicality of
its key markets.
The B3 rating assigned to the notes reflects the fact that they
rank pari passu with the senior secured bank facilities (term
loans and RCF) but they do not benefit from the same security
package.
The current stable outlook reflects Moody's view that (i) ALBA
Group's capital structure is reasonably resilient to downside
sensitivities, (ii) the group should generate sufficient free
cash flow to support its debt service, and (iii) the group will
maintain an adequate liquidity profile.
Upward pressure on the rating would require ALBA Group to (i)
achieve solid cash flow generation on a sustainable basis so that
leverage trends consistently below 3.0x and (ii) maintain a
record of managing the working capital needs of the consolidated
ALBA Group.
Downward rating pressure could develop if the group was not able
to demonstrate a trajectory of deleveraging below 4.5x on a net
debt to EBITDA basis in the short term and/or liquidity concerns
arise.
ALBA Group's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside ALBA Group's core industry
and believes ALBA Group's ratings are comparable to those of
other issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA published June 2009.
CLAVIS SECURITIES: S&P Lowers Rating on Class B2a Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Clavis Securities
PLC's series 2006-01 class M1a, M1b, M2a, B1a, B1b, and B2a
notes, and series 2007-01 class AZa, M1a, M1b, M2a, M2b, B1a,
B1b, and B2a notes. "At the same time, we have affirmed and
removed from CreditWatch negative our ratings on the class A3a
and A3b notes in both series," S&P said.
"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received
(November 2011). Our analysis reflects our recently published
U.K. residential mortgage-backed securities (RMBS) criteria, and
other relevant criteria," S&P said.
SERIES 2006-01
Credit enhancement is increasing only at a marginal rate, as the
transaction is paying pro rata and the reserve fund has amortized
to its floor.
"If 90+ day arrears increase above 17% or the current note
balance is less than 10% of the initial note balance, then the
transaction will pay sequentially. Current 90+ day arrears only
increased by 0.08% over the past 12 months to 12.15% so we do not
expect 90+ day arrears to increase above 17% over the next couple
of years. The percentage of interest-only loans has increased to
86.96%. Therefore we would expect the pool to amortize at a slow
rate, which, together with our expectation of continued low
prepayments, in our opinion will result in a slowdown in the
deleveraging of the transaction. As a result of this, although
the current note balance is 16% of the initial note balance, we
do not expect the note balance to reduce below 10% over the next
year. Therefore, we do not expect the deal to pay sequentially in
the near future and our cash flow analysis takes account of
this," S&P said.
There have been no draws on the liquidity facility over the life
of the transaction and it is currently amortizing.
SERIES 2007-01
The reserve fund is fully funded and cannot amortize as
cumulative foreclosures are greater than 2.35% (currently 3.43%).
There have been no draws on the liquidity facility over the life
of the transaction and it is currently amortizing.
"Credit enhancement is increasing at a marginal rate, as the
transaction is paying pro rata. However, if 90+ day arrears
increase above 17%, the deal will pay sequentially, which will
increase credit enhancement for the senior notes. Over the past
12 months, 90+ day arrears increased by 1.91%, to 15.67%.
Therefore, we have considered the likelihood of the transaction
paying sequentially in our cash flow analysis. This, combined
with higher arrears, means the impact of our cash flow stresses
on the junior notes is more significant in this series than for
series 2006-01," S&P said.
APPLICATION OF OUR UPDATED U.K. RMBS CRITERIA
"After applying our updated U.K. RMBS criteria to series 2006-01,
our credit analysis results show an increase in the weighted-
average foreclosure frequency (WAFF) for all rating levels (with
the exception of 'AAA') and an increase in the weighted-average
loss severity (WALS) for each rating level. For series 2007-01,
the results of our credit analysis show a decrease in the WAFF
for all rating levels above 'BB' and an increase in the WALS for
each rating level. The change in the WALS is mainly due to the
application of our market value decline assumptions. The combined
result is an increase in the required credit coverage for each
rating level for both series," S&P said.
"Under our updated U.K. RMBS criteria, we model varying recession
timings, with the furthest recession timing starting at the end
of the third year. Our scenario with the recession starting in
month 37 is the most stressful scenario in our analysis, as the
liquidity facility amortizes to its floor before defaults are
applied. This means that there is insufficient liquidity in the
transaction for all classes of notes (with the exception of the
class A3a and A3b notes) to maintain their current ratings,
according to our cash flow analysis. The results from this
scenario are the main factor in our rating decision," S&P said.
"The application of our updated U.K. RMBS criteria has therefore
led us to lower and remove from CreditWatch negative our ratings
on the series 2006-01 class M1a, M1b, M2a, B1a, B1b, and B2a
notes, and series 2007-01 class AZa, M1a, M1b, M2a, M2b, B1a,
B1b, and B2a notes," S&P said.
"The class A3a and A3b notes in both series pass our cash flow
scenarios at a higher rating level after the application of our
updated U.K. RMBS criteria. However, we do not consider the
guaranteed investment contract (GIC) documentation and liquidity
facility documentation to be in line with our 2010 counterparty
criteria. Under our 2010 counterparty criteria, the highest
potential rating on the notes is the long-term issuer credit
rating on the GIC and liquidity facility provider, Danske Bank
A/S (A/Negative/A-1). We have therefore affirmed and removed from
CreditWatch negative our ratings on the class A3a and A3b notes,"
S&P said.
"In addition to our standard cash flow runs, we also consider
credit stability in our analysis, to determine whether or not an
issuer or security has a high likelihood of experiencing adverse
changes in the credit quality of its pool when moderate stresses
are applied," S&P said.
"For these transactions, we adjusted the WAFF assumptions by
projecting the arrears level for two scenarios based on the
transaction's historical performance. Our results from this
analysis show that the maximum projected deterioration--under
moderate stress conditions that we associate with each rating
level for time horizons of one year and three years--comply with
our credit stability," S&P said.
Clavis Securities' series 2006-01 and series 2007-01 are U.K.
RMBS transactions backed by residential mortgages originated by
GMAC Residential Funding Co. LLC.
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
Clavis Securities PLC
EUR333.25 Million and GBP371.35 Million Mortgage-Backed Floating-
Rate Notes Series 2006-01
Ratings Affirmed and Removed From CreditWatch Negative
A3a A (sf) A (sf)/Watch Neg
A3b A (sf) A (sf)/Watch Neg
Ratings Lowered and Removed From CreditWatch Negative
M1a BBB- (sf) A (sf)/Watch Neg
M1b BBB- (sf) A (sf)/Watch Neg
M2a BB (sf) A (sf)/Watch Neg
B1a B+ (sf) BBB+ (sf)/Watch Neg
B1b B+ (sf) BBB+ (sf)/Watch Neg
B2a B- (sf) BB+ (sf)/Watch Neg
Clavis Securities PLC
EUR314.6 Million and GBP338.9 Million Mortgage-Backed Floating-
Rate Notes Series 2007-01
Ratings Affirmed and Removed From CreditWatch Negative
A3a A (sf) A (sf)/Watch Neg
A3b A (sf) A (sf)/Watch Neg
Ratings Lowered and Removed From CreditWatch Negative
AZa BBB+ (sf) A (sf)/Watch Neg
M1a BBB- (sf) A (sf)/Watch Neg
M1b BBB- (sf) A (sf)/Watch Neg
M2a BB- (sf) A (sf)/Watch Neg
M2b BB- (sf) A (sf)/Watch Neg
B1a B (sf) BBB (sf)/Watch Neg
B1b B (sf) BBB (sf)/Watch Neg
B2a B- (sf) BB (sf)/Watch Neg
GAME GROUP: Set to Go Into Administration Today
-----------------------------------------------
Graham Ruddick and James Quinn at The Telegraph report that Game
Group is to be placed into administration today as talks between
suppliers and lenders continue about the future of the
beleaguered company.
Accountancy giant PricewaterhouseCoopers is to be formally
appointed as administrator, the Telegraph discloses. The
company's six lenders, led by Royal Bank of Scotland, are
understood to remain hopeful that some form of a rescue deal may
be reached for the 600-shop chain, the Telegraph notes.
It is understood that talks are currently focused on a slimmed-
down version of Game Group being sold to either OpCapita or
GameStop, with the rest of the shops being placed into a company
voluntary arrangement, the Telegraph states.
Another option is that Game Group will be broken up, with a fire
sale of shops to the highest bidders, according to the Telegraph.
Hilco, the restructuring specialist, is thought to be interested
in some of Game Group's international assets, the Telegraph says.
According to BreakingNews.ie, the Sunday Times said that the
consortium of existing banks led by state-backed Royal Bank of
Scotland is among three potential bidders.
PwC, BreakingNews.ie says, is likely to announce the closure of
loss-making stores within the 600-strong store estate, triggering
job losses among the 6,000-strong UK workforce, before selling a
profitable "phoenix" company.
The RBS-led consortium is expected to roll the existing debt of
about GBP85 million (EUR101.76 million) into the new company,
BreakingNews.ie discloses.
Game Group has a GBP12 million (EUR14.37 million) wage bill due
this weekend, although PwC is expected to honor any wages owed,
BreakingNews.ie notes.
There is also GBP10 million (EUR11.97 million) in VAT and
GBP40 million (EUR47.88 million) owed to suppliers,
BreakingNews.ie states.
As reported by the Troubled Company Reporter-Europe on March 23,
2012, The Financial Times related that after requesting a
suspension of trading in its shares before the London Stock
Exchange opened on Wednesday, Game Group later said it had filed
a notice of intention to appoint an administrator. "Further to
the announcement of the suspension of trading in shares of GAME
Group plc, the board has concluded that its discussions with all
stakeholders and other parties have not made sufficient progress
in the time available to offer a realistic prospect for a solvent
solution for the business. The board has therefore filed a
notice of intention to appoint an administrator. In the short
term, the Board's intention is that the business will continue to
trade and discussions with lenders and third parties will
continue under the protection of the interim moratorium," Game
said.
Game Group is a video games retailer.
IMMEO RESIDENTIAL: S&P Withdraws 'BB+' Rating on Class D Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
ratings on Immeo Residential Finance No.2 Ltd.'s class A, B, C,
and D notes, due to the redemption of the notes. At the time of
withdrawal, the class A and B notes were on CreditWatch negative.
"The scheduled maturity date of the class A, B, C, and D notes
was in December 2016. However, we have received confirmation from
Wells Fargo Trust Corporation Ltd. (the calculation and reporting
agent in this transaction), that all of the notes have been fully
repaid from the principal received under the loan. We have taken
's rating actions in this context. We had placed the ratings on
the class A and B notes on CreditWatch negative in January, in
connection with counterparty downgrades," S&P said.
The transaction closed in August 2007. The loan backing the
transaction was secured on 39,180 residential units, 153
commercial units, 7,659 car spaces, and 999 other properties in
Germany, with the highest concentration in Duisburg.
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
Class Ratings
To From
Immeo Residential Finance No.2 Ltd.
GBP550 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Withdrawn
A NR AA- (sf)/Watch Neg
B NR A+ (sf)/Watch Neg
C NR A- (sf)
D NR BB+ (sf)
NR - Not rated.
JAGUAR LAND: Moody's Rates GBP500-Mil. Senior Notes 'B1'
--------------------------------------------------------
Moody's Investors Service has assigned a B1/loss-given default
(LGD) 3 rating to Jaguar Land Rover PLC's GBP500 million worth of
senior unsecured notes due 2020. The notes are guaranteed on a
senior unsecured basis by JLR's key operating subsidiaries Jaguar
Cars Limited, Land Rover, Jaguar Land Rover North America, LLC,
Land Rover Exports Limited and Jaguar Cars Exports Limited.
Moody's current ratings on Jaguar Land Rover Plc and its
affiliates are:
Long-Term Corporate Family Ratings (domestic and foreign
currency) of B1
Probability of Default ratings of B1
Senior Unsecured (domestic and foreign currency) ratings of B1;
47 - LGD3
Tata Motors Limited
Long-Term Corporate Family Ratings (domestic currency) of Ba3
Ratings Rationale
JLR's B1 corporate family rating reflects: (i) its small scale as
a niche player with a currently limited product range and
materially less financial strengths than other premium car
manufacturers; (ii) the strong focus on the mature markets of
Europe and North America (together 67% of unit sales) and to some
extent offset by its exposure to the growing Chinese market (17%
of unit sales); (iii) challenges to meet the required emission
and fuel consumption levels in Europe and the US for its model
range; (iv) the expectation of a sizeable increase in capex and
research & development expenditure for the envisaged model
expansion, which will burden free cash flow generation in the
short to medium term, hence the current bond issue will support
the funding requirements of JLR ; (v) the cyclical industry with
high fixed costs; (vi) a high foreign exchange rate exposure; and
(vii) the limited track record of growth and profitability.
However, JLR's B1 corporate family rating also reflects certain
positives: (i) the company's strong brand names and design teams,
which JLR can lever for the launch of new products; (ii) a
moderate leverage of 1.6x adjusted debt/ EBITDA in FYE 2010/11
and (iii) the commitment of its sole shareholder Tata Motors to
support Jaguar Land Rover.
The rating benefits from Moody's understanding that JLR's
ultimate parent Tata Motors Limited ("TML") will continue to
support the business plan and financial standing of JLR in line
with previous practice. Although, there is no legal obligation to
back the debt of JLR, Moody's nonetheless gains some comfort from
the past when TML converted GBP1.0 billion of preference shares
(treated as debt by Moody's) in JLR into equity (ordinary
shares). The strategic importance and size of JLR relative to TML
are strong arguments in Moody's view for TML also to support JLR
in the future should such need become necessary. Moody's notes
that for the nine month period April to December 2011, JLR
generated around 70% of consolidated revenues and about 80% of
consolidated reported EBITDA and thus is of considerable
strategic importance to the group.
For the first nine month April-December 2011, JLR sold approx.
216,000 units, an increase of 22% compared to the same period in
the previous year and generated revenues of nearly GBP9.4 billion
(+31% yoy). Reported profit before tax increased by 20% to GBP976
million over the nine month period 2011 compared with the same
period 2010.
The stable outlook incorporates Moody's expectation that (i) JLR
will be able to successfully execute its product and geographic
expansion plan and; (ii) JLR receives the respective consumer's
acceptance of its products; (iii) negative free cash flow will be
less than GBP500 million p.a. for the next two years (which is
more negative than JLR's expectation) and resulting in a only
moderate increase in debt levels and financial leverage compared
to FY2011 with adjusted Debt/EBITDA anticipated to remain below
2.5x.
What Could Change the Rating UP/Down
The rating could come under pressure if JLR's negative free cash
flow exceeded GBP500 million p.a. for the next two years with a
deterioration of leverage to above 2.5x gross adjusted debt/
EBITDA on a sustainable basis.
Upward pressure could result if JLR was able to maintain a gross
adjusted debt/ EBITDA ratio below 2.0x and was able to generate
positive free cash flows on a sustainable basis.
JLR has a good liquidity profile over the next 12 months. As of
December 31, 2011 the company reported available cash and cash
equivalents of around GBP1.7 billion. Together with its undrawn
committed revolving credit facilities of GBP610 million and the
anticipated funds generated from operations this should be
sufficient to cover the next 12 months expected cash uses
including capex, debt maturities, cash for day-to-day operations
and working capital needs.
The principal methodology used in rating Jaguar Land Rover Plc
was the Global Automobile Manufacture Industry Methodology,
published June 2011. Other methodologies used include Loss Given
Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009.
Jaguar Land Rover, domiciled in Coventry, UK is a manufacturer of
passenger cars under the Jaguar and Land Rover brands. JLR
operates five sites in the UK, thereof three major production
facilities and two advanced design and engineering facilities. In
financial year ending (FYE) March 2011, JLR sold 243,621 units
with the large majority attributable to Land Rover and generated
revenues of approx. GBP9.9 billion. In terms of geographic
diversification in the first nine months ended December 31, 2011,
the company generates the majority of volumes in Europe (42% of
unit sales), North America (19%) and China (17%).
JAGUAR LAND: Fitch Rates New Senior Unsecured Notes at 'BB-'
--------------------------------------------------------------
Fitch Ratings has assigned Jaguar Land Rover PLC's (JLR) proposed
senior unsecured notes issue a 'BB-(exp)' expected rating. The
final rating is contingent upon the receipt of final documents
conforming to information already received. The notes are
expected to rank equally with JLR's outstanding US$820 million
and GBP500 million senior unsecured notes, which have also been
affirmed at 'BB-' Fitch has also affirmed JLR's and its India-
based parent's -- Tata Motors Ltd (TML) -- Foreign Currency
Issuer Default Ratings (IDRs) at 'BB' and 'BB-', respectively,
both with a Stable Outlook.
Using the top-down approach under its "Parent and Subsidiary
Rating Linkage Criteria", Fitch continues to rate JLR at a notch
below TML's rating to reflect strong linkages between the two
entities and JLR's strategic importance to TML, as reflected by
its large contribution to TML's consolidated revenues and EBITDA
(around 70% and 80%, respectively, in 9MFY12), and the
direct/indirect support provided by TML since the acquisition in
FY09.
JLR's ratings factor in strong revenue growth of 31% yoy to
GBP9,386.9 million and high operating profitability of 16.8%
(9MFY11: 16.5%) in the nine months ended December 31, 2011
(9MFY12), driven by the high volumes of Land Rover vehicles and
increased contribution from emerging markets. TML (standalone)
registered 15.7% yoy revenue growth to INR379,158 million in this
period, although EBITDA margins declined to 7.5% from 10.8% due
to higher input costs and pricing pressures.
On a consolidated basis, despite a significant increase in debt
in FY12 (partly attributed to JLR's notes issuances), Fitch
expects TML's leverage (net adjusted debt/operating EBITDA) to
remain below 1.6x at FYE12. This is due to JLR's large cash
balances from internal accruals and the unused portion of its
notes issuances. Despite higher interest costs in the year,
Fitch expects TML's FY12 coverage metrics to remain comfortable
at over 7.5x in line with its 9MFY12 performance.
TML's rating factors in a one-notch uplift for potential support
from the Tata Group. Any weakening of linkages between the group
and TML would be negative for the rating. Similarly, any
weakening of linkage between TML and JLR would be negative for
JLR's ratings.
Also, consolidated financial leverage (excluding TML's financial
subsidiary - Tata Motor Finance Limited) exceeding 2.0x on a
sustained basis due to reduced sales or profitability, or higher-
than-expected debt levels would be negative for TML's unsupported
rating.
Positive rating action could result from a substantial
improvement in JLR's geographic and product diversification,
together with successful product development plans. A
significant improvement in market share in the smaller luxury
cars and SUVs segment and higher-than-expected growth in
traditional markets on a sustained basis while maintaining low
leverage would also be positive rating guidelines.
For FY11, on a consolidated basis, TML reported revenues of
INR1,231.3 billion (FY10: INR925.2 billion), an EBITDA of
INR177.8 billion (INR86.1 billion), EBITDA gross interest
coverage of 8.69x (3.85x) and a net adjusted debt/EBITDA of 1.39x
(3.37x). During the same period, JLR reported revenues of
GBP9,870.7 million (GBP6,527.2 million), an EBITDA of GBP1,465.3
million (GBP321.5 million), EBITDA gross interest coverage of
44.27x (6.07x) and a net adjusted debt/EBITDA of 0.35x (2.13x).
KEMBLE WATER: Fitch Affirms Issuer Default Rating at 'BB-'
----------------------------------------------------------
Fitch Ratings has affirmed Kemble Water Finance Limited's Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook and senior
secured rating at 'BB'. The agency has also affirmed Thames
Water (Kemble) Finance PLC's (TWKF) GBP400 million senior secured
bond issue at 'BB', which is guaranteed by Kemble Water.
Kemble Water is a holding company of Thames Water Utilities
Limited (Thames Water), the regulated monopoly provider for water
and wastewater services in London and surrounding areas.
The ratings reflect the regulatory environment in which Thames
Water operates, its first/second quartile positions in the water
industry in terms of operational and regulatory performance, the
subordinated nature of financial obligations at the holding
company level, as well as structural enhancements included in the
documentation through covenants and security.
The bond documentation provides Kemble Water with scope to
increase consolidated leverage in terms of net debt/regulatory
asset value (RAV) up to 92.5% (dividend lock-up level).
Covenants ensure that the group's business risk does not
materially change through a limitation on acquisitions and the
requirement to retain ownership of Thames Water. Additionally,
Kemble Water provides security over substantially all its assets,
including ownership of the corporate group above Thames Water.
Fitch expects Kemble Water to maintain gearing slightly above 90%
pension-adjusted net debt/RAV and dividend cover of around 2.5x
(both calculations under Fitch methodology). Forecast financial
metrics are somewhat stronger than expected previously, due to
higher than assumed outturn inflation, sound cost control in
terms of operating expenditure and part of the holding company
debt being drawn on a floating rate basis (i.e. cheaper than a
longer-term fixed rate). These metrics are comfortably within
the range that Fitch deems commensurate with Kemble Water's 'BB-'
IDR. The senior secured ratings benefit from a one-notch uplift
for above-average recovery prospects in case of a default, in
line with Fitch's approach to rating debt instruments issued by
regulated utilities (operating and holding companies).
The rated bonds represent holding company debt, which is
structurally and contractually subordinated to debt at the
operating company level. This risk is partially mitigated by the
stable cash flow characteristics of Thames Water and covenants
included in the TWKF bond documentation. However, such features
cannot fully mitigate the level of subordination that is embedded
into the financing structure which is reflected in the rating.
Kemble Water has access to a committed GBP75 million revolving
credit facility that can be used to bridge short-term liquidity
needs. However, if Thames Water faced restrictions on paying
dividends, Kemble Water's management would have to decide whether
it is appropriate to draw down this facility.
Thames Water met leakage targets and maintained stable asset
serviceability through FY10 and FY11, while many other companies
reported rather mediocre results in terms of operational and
regulatory performance due to severe winter weather. The only
issue that was revealed by the regulator's summary of performance
for FY11 for Thames Water related to the information kept by the
company on the properties at risk of sewer flooding in its
service area. Management is assisting with ongoing
investigations and endeavors to address the regulator's concerns.
Overall, it appears that Thames Water continues to move towards a
market leading position in the sector.
RMAC 2005-NS3: S&P Lowers Ratings on Two Note Classes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on RMAC 2005-NS3 PLC and RMAC 2005-NS4 PLC's notes.
"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received for
RMAC 2005-NS3 and RMAC 2005-NS4 (December 2011). Our analysis
reflects our recently published U.K. residential mortgage-backed
securities (RMBS) criteria, among others," S&P said.
"In these transactions, our updated credit adjustments give rise
to a lower weighted-average foreclosure frequency, but a higher
weighted-average loss severity--leading to an overall increase in
our required credit enhancement at each rating level, as per our
updated U.K. RMBS criteria," S&P said.
Rating Action on RMAC 2005 NS3:
Specifically, S&P:
-- lowered and removed from CreditWatch negative its ratings on
the class M2 and B1 notes; and
-- said its ratings on the class A2 and M1 notes are no longer
on CreditWatch negative for credit and cash flow reasons, but
they remain on CreditWatch negative for counterparty
reasons.
"The performance of the transaction has improved since the peak
in delinquencies in March 2009. Credit enhancement has increased
for all classes of notes due to the deleveraging of the
transaction. The reserve fund remains fully funded, there is
excess spread in the transaction, and total arrears, while high,
are stable," S&P said.
"Our 'AA- (sf)' ratings on the class A2a, A2c, M1a, and M1c notes
are no longer on CreditWatch negative for credit and cash flow
reasons, but we have kept them on CreditWatch negative for
counterparty reasons following the expiry of their remedy
period," S&P said.
"We have lowered and removed from CreditWatch negative our
ratings on the class M2a and M2c notes to 'BBB (sf)' following
our updated cash flow analysis," S&P said.
"Based on our credit and cash flow analysis, along with the
recent performance of the transaction, we have lowered to 'B-
(sf)' and removed from CreditWatch negative our ratings on the
class B1a and B1c notes. These tranches do not pass our 'B' cash
flow stress; however, in our view there is a low risk of default
in the near term," S&P said.
Rating Actions on RMAC 2005 NS4:
Specifically, S&P:
-- has lowered and removed from CreditWatch negative its
ratings on the class M2 and B1 notes; and
-- said its ratings on the class A3 and M1 notes are no longer
on CreditWatch negative for credit and cash flow reasons,
but they remain on CreditWatch negative for counterparty
reasons.
"The performance of the transaction has improved since the peak
in delinquencies in March 2009. Credit enhancement has increased
for all classes of notes due to the deleveraging of the
transaction. The reserve fund remains fully funded, excess spread
continues to build up, and 90+ day arrears, while high, are
stable," S&P said.
"Our 'AA- (sf)' ratings on the class A3 and M1 notes are no
longer on CreditWatch negative for credit and cash flow reasons,
but we have kept them on CreditWatch negative for counterparty
reasons following the expiry of their remedy period," S&P said.
"We have lowered to 'A (sf)' and removed from CreditWatch
negative our rating on the class M2 notes, following our updated
cash flow analysis," S&P said.
"We have lowered to 'B- (sf)' and removed from CreditWatch
negative our rating on the class B1 notes, based on the credit
and cash flow analysis in line with our updated U.K. RMBS
criteria. Again, this tranche does not pass our 'B' cash flow
stress, but we do not believe that there is a high risk of
default on the class B1 notes in the near term due to the fully
funded reserve fund," S&P said.
CREDIT STABILITY
"We also consider credit stability in our analysis, to determine
whether or not an issuer or security has a high likelihood of
experiencing adverse changes in the credit quality of its pool
when moderate stresses are applied. However, the scenarios that
we have considered under moderate stress conditions did not
result in the ratings deteriorating below the maximum projected
deterioration that we would associate with each relevant rating
level, as outlined in our credit stability criteria," S&P said.
"We expect severe arrears to remain at their current levels, as
there are a number of downside risks for nonconforming borrowers.
These include inflation, weak economic growth, high unemployment,
and fiscal tightening. On the positive side, we expect interest
rates to remain low for the foreseeable future," 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
RMAC 2005-NS3 PLC
GBP397.5 Million and EUR448.2 Million
Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
M2a BBB (sf) A (sf)/Watch Neg
M2c BBB (sf) A (sf)/Watch Neg
B1a B- (sf) BB (sf)/Watch Neg
B1c B- (sf) BB (sf)/Watch Neg
Ratings No Longer on CreditWatch Negative for Credit and
Cash Flow Reasons, But Remaining on CreditWatch Negative
for Counterparty Reasons
A2a AA- (sf)/Watch Neg
A2c AA- (sf)/Watch Neg
M1a AA- (sf)/Watch Neg
M1c AA- (sf)/Watch Neg
RMAC 2005-NS4 PLC
GBP280 Million, US$206 Million Mortgage-Backed
Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
M2 A (sf) A+ (sf)/Watch Neg
B1 B- (sf) BB+ (sf)/Watch Neg
Ratings No Longer on CreditWatch Negative for Credit and
Cash Flow Reasons, But Remaining on CreditWatch Negative
for Counterparty Reasons
A3 AA- (sf)/Watch Neg
M1 AA- (sf)/Watch Neg
YELL GROUP: Set to Appoint Financial Restructuring Advisers
-----------------------------------------------------------
Ben Harrington at The Telegraph reports that Yell Group is poised
to appoint heavyweight banking advisers ahead of another
financial restructuring of its multi-billion pound debts.
London-listed Yell has been talking to investment banks prior to
further negotiations with lenders about relaxing banking
covenants for 2014, the Telegraph notes.
According to the Telegraph, although no formal appointment has
been made by Yell, well-placed sources said bankers from Goldman
Sachs and Greenhill are the "favorites" to advise the company on
any further restructuring.
The potential appointment of fresh advisers comes after Yell
reached a compromise agreement with lenders in December over some
of the terms of its GBP2.5 billion debt pile, the Telegraph
relates.
That agreement gave Yell more headroom within its banking
covenants until 2013, which gives the embattled company extra
time to implement a relatively new turnaround strategy, the
Telegraph state.
However, people familiar with the matter said the company is
concerned that the operation may need more headroom within its
banking covenants after 2013 and is keen to start considering new
terms earlier than expected, according to the Telegraph.
When Yell restructured the terms of some of its debt in December,
the company had to pay GBP22 million in fees to the banks in
return for the extra flexibility on its loan covenants, the
Telegraph recounts.
Yell's lenders include Royal Bank of Scotland, HSBC and Deutsche
Bank while an estimated 300 hedge funds own the rest of the
company's debt, the Telegraph discloses.
Bankers and analysts have speculated that another financial
restructuring may eventually lead to a debt-for-equity swap, the
Telegraph says.
About Yell Group
Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US. Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.
* * *
As reported by the Troubled Company Reporter-Europe on Jan. 27,
2012, Standard & Poor's Ratings Services raised its long-term
corporate credit rating on U.K.-based classified directories
publisher Yell Group PLC to 'B-' from 'SD' (Selective Default).
The outlook is negative. "The upgrade reflects our reassessment
of Yell's credit profile after the completion of its first subpar
debt repurchase on Jan. 19, 2012."
===============
X X X X X X X X
===============
* EUROPE: Moody's Says Insurers' Capital More Resilient to Losses
-----------------------------------------------------------------
Credit insurers' capital would be more resilient to losses than
in the 2008 crisis, according to stress-test scenarios, although
there would be a diminished ability to rebound, says Moody's
Investors Service in a new Industry Outlook published on
March 22.
"While we do not know how the next credit crisis will develop,
all macro-economic indicators suggest that the probability of an
imminent severe credit crisis is increasing, especially in
Europe," explains Benjamin Serra, a Moody's analyst and author of
the report.
Credit insurers took drastic underwriting measures to cope with
the 2008-09 credit crisis, but Moody's reports that underwriting
discipline has relaxed in the industry in the past two years. The
amount of insured risks has increased and prices have gone down,
with credit insurers' resultant vulnerability to any new crisis
increasing.
"Nonetheless, the current level of risk borne by credit insurers
remains lower than pre-2008 crisis levels and our stress testing
suggests that if a crisis with the same level of default rates as
in the 2008-09 crisis were to re-occur in the near future, credit
insurers' losses would be smaller than in the previous crisis.
However, a more severe scenario, with for example a similar
increase in default rates to the one observed between 2008-09,
would still lead to a material amount of underwriting losses",
says Mr. Serra.
In addition, although capital resilience is now stronger Moody's
believes that credit insurers' ability to rebound after a crisis
has weakened since 2009. This is mainly because credit insurers'
earnings are already constrained and would be even more
constrained in the wake of a new crisis. This rebound capacity is
an important component of Moody's assessment of credit insurers'
financial strength, as a reduced ability to rebound makes credit
insurers more vulnerable to subsequent shocks.
Moody's new Industry Outlook, entitled "European Credit Insurers:
Stronger Capital Positions Offset by Reduced Ability to Rebound",
is available on http://www.moodys.com/
* BOND PRICING: For the Week March 19 to March 23, 2012
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
BA CREDITANSTALT 5.470 8/28/2013 EUR 73.63
ERSTE BANK 6.000 2/1/2014 EUR 72.50
ERSTE BANK 6.000 7/31/2014 EUR 68.88
IMMOFINANZ 4.250 3/8/2018 EUR 3.87
KOMMUNALKREDIT 4.440 12/20/2030 EUR 68.50
KOMMUNALKREDIT 4.900 6/23/2031 EUR 72.63
OESTER VOLKSBK 4.810 7/29/2025 EUR 57.25
OESTER VOLKSBK 4.170 7/29/2015 EUR 66.25
RAIFF CENTROBANK 8.463 7/25/2012 EUR 73.95
RAIFF CENTROBANK 9.114 7/25/2012 EUR 55.05
RAIFF CENTROBANK 11.000 5/24/2012 EUR 71.54
RAIFF CENTROBANK 9.876 1/23/2013 EUR 60.02
RAIFF CENTROBANK 7.161 7/20/2012 EUR 66.91
RAIFF CENTROBANK 10.090 7/25/2012 EUR 73.28
RAIFF CENTROBANK 10.090 7/25/2012 EUR 63.10
RAIFF CENTROBANK 11.718 7/25/2012 EUR 32.64
RAIFF CENTROBANK 11.718 7/25/2012 EUR 65.40
RAIFF CENTROBANK 7.646 1/23/2013 EUR 73.06
RAIFF CENTROBANK 7.812 7/20/2012 EUR 67.26
RAIFF CENTROBANK 10.416 7/20/2012 EUR 57.36
RAIFF CENTROBANK 5.208 7/25/2012 EUR 74.83
RAIFF CENTROBANK 7.812 7/25/2012 EUR 63.69
RAIFF CENTROBANK 7.812 7/25/2012 EUR 57.82
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 67.10
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 21.38
IDEAL STANDARD I 11.750 5/1/2018 EUR 60.13
IDEAL STANDARD I 11.750 5/1/2018 EUR 60.00
CYPRUS
------
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 72.88
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 68.25
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 69.63
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 67.75
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 66.63
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 73.25
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 65.75
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 65.25
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 64.75
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 70.97
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 63.25
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 64.75
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 71.75
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 62.25
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 61.25
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 60.75
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 66.88
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 59.90
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 66.00
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 62.13
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 64.88
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 68.16
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 63.63
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 70.50
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 69.00
REP OF CYPRUS 4.750 2/25/2016 EUR 67.92
DENMARK
-------
FIN-DANISH IND 4.910 7/6/2021 EUR 69.25
KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 51.18
KOMMUNEKREDIT 0.500 2/23/2017 ZAR 69.62
KOMMUNEKREDIT 0.500 1/25/2017 ZAR 70.11
FINLAND
-------
MUNI FINANCE PLC 0.500 11/10/2021 NZD 61.73
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 62.33
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 59.69
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 69.32
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 47.88
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 69.71
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 73.05
MUNI FINANCE PLC 0.500 9/24/2020 CAD 69.08
MUNI FINANCE PLC 0.250 6/28/2040 CAD 20.35
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 68.82
MUNI FINANCE PLC 0.500 4/26/2017 ZAR 67.85
MUNI FINANCE PLC 0.500 2/16/2017 TRY 73.36
MUNI FINANCE PLC 0.500 12/21/2016 TRY 72.46
MUNI FINANCE PLC 0.500 12/6/2016 TRY 72.97
MUNI FINANCE PLC 0.500 3/17/2025 CAD 51.30
MUNI FINANCE PLC 0.500 11/21/2018 TRY 64.80
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 57.24
MUNI FINANCE PLC 0.500 12/14/2018 TRY 64.58
MUNI FINANCE PLC 0.500 12/21/2021 NZD 61.72
MUNI FINANCE PLC 0.500 10/27/2016 TRY 73.11
MUNI FINANCE PLC 0.500 2/9/2016 ZAR 74.54
MUNI FINANCE PLC 0.500 11/16/2017 TRY 68.58
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.58
ALCATEL-LUCENT 5.000 1/1/2015 EUR 3.06
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.43
ASSYSTEM 4.000 1/1/2017 EUR 22.17
ATOS ORIGIN SA 2.500 1/1/2016 EUR 53.83
BNP PARIBAS 2.890 5/16/2036 JPY 72.48
CAISSE CENT IMMO 7.000 5/18/2015 EUR 16.14
CAISSE CENT IMMO 7.000 5/16/2014 EUR 41.10
CAISSE CENT IMMO 7.000 9/10/2015 EUR 18.72
CALYON 6.000 6/18/2047 EUR 33.48
CAP GEMINI SOGET 3.500 1/1/2014 EUR 39.36
CGG VERITAS 1.750 1/1/2016 EUR 29.79
CLUB MEDITERRANE 5.000 6/8/2012 EUR 16.40
CLUB MEDITERRANE 6.110 11/1/2015 EUR 19.57
CMA CGM 8.500 4/15/2017 USD 59.00
CMA CGM 8.500 4/15/2017 USD 64.83
CMA CGM 8.875 4/15/2019 EUR 64.83
CMA CGM 8.875 4/15/2019 EUR 64.43
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 64.16
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 70.64
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 69.07
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 72.82
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 69.15
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 68.20
DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 71.47
EURAZEO 6.250 6/10/2014 EUR 56.76
EUROPCAR GROUPE 9.375 4/15/2018 EUR 71.72
EUROPCAR GROUPE 9.375 4/15/2018 EUR 71.88
EXANE FINANCE 18.150 5/17/2012 CHF 45.80
FAURECIA 4.500 1/1/2015 EUR 23.39
GROUPAMA SA 7.875 10/27/2039 EUR 62.25
GROUPE VIAL 2.500 1/1/2014 EUR 2.54
INGENICO 2.750 1/1/2017 EUR 45.89
MAUREL ET PROM 7.125 7/31/2015 EUR 17.74
MAUREL ET PROM 7.125 7/31/2014 EUR 18.90
NEXANS SA 4.000 1/1/2016 EUR 61.53
NEXANS SA 2.500 1/1/2019 EUR 71.30
ORPEA 3.875 1/1/2016 EUR 44.54
PEUGEOT SA 4.450 1/1/2016 EUR 25.72
PIERRE VACANCES 4.000 10/1/2015 EUR 70.32
PUBLICIS GROUPE 3.125 7/30/2014 EUR 40.71
PUBLICIS GROUPE 1.000 1/18/2018 EUR 51.87
SOC AIR FRANCE 2.750 4/1/2020 EUR 21.02
SOCIETE GENERALE 0.500 12/6/2021 AUD 45.57
SOCIETE GENERALE 0.500 9/7/2021 AUD 46.48
SOITEC 6.250 9/9/2014 EUR 8.80
TEM 4.250 1/1/2015 EUR 55.06
THEOLIA 2.700 1/1/2041 EUR 9.82
GERMANY
-------
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 65.16
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 40.25
BAYERISCHE LNDBK 5.500 6/29/2012 EUR 70.21
BAYERISCHE LNDBK 5.100 6/29/2012 EUR 67.26
BAYERISCHE LNDBK 6.100 6/15/2012 EUR 46.88
BHF-BANK AG 7.250 6/15/2012 EUR 75.71
BHF-BANK AG 13.200 6/8/2012 EUR 67.57
BNP EMIS-U.HANDE 10.500 3/22/2012 EUR 72.23
BNP EMIS-U.HANDE 10.250 3/22/2012 EUR 73.95
BNP EMIS-U.HANDE 8.500 3/22/2012 EUR 65.73
BNP EMIS-U.HANDE 11.500 6/21/2012 EUR 70.94
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 51.70
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 61.38
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 70.71
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 52.87
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 70.99
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 74.82
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 71.23
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 65.01
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 60.99
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 71.14
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 67.46
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 69.43
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 68.75
BNP EMIS-U.HANDE 7.250 6/21/2012 EUR 72.48
BNP EMIS-U.HANDE 6.750 6/21/2012 EUR 73.45
BNP EMIS-U.HANDE 7.000 5/24/2012 EUR 60.76
BNP EMIS-U.HANDE 5.250 5/24/2012 EUR 70.78
BNP EMIS-U.HANDE 9.000 4/26/2012 EUR 61.03
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 54.68
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 72.92
BNP EMIS-U.HANDE 5.000 4/26/2012 EUR 72.17
BNP EMIS-U.HANDE 19.000 3/22/2012 EUR 9.83
BNP EMIS-U.HANDE 15.500 3/22/2012 EUR 36.55
BNP EMIS-U.HANDE 14.250 3/22/2012 EUR 62.01
BNP EMIS-U.HANDE 13.000 3/22/2012 EUR 52.72
BNP EMIS-U.HANDE 11.250 3/22/2012 EUR 69.20
BNP EMIS-U.HANDE 10.750 3/22/2012 EUR 54.56
BNP EMIS-U.HANDE 10.750 3/22/2012 EUR 74.12
BNP EMIS-U.HANDE 9.500 3/22/2012 EUR 73.78
BNP EMIS-U.HANDE 8.500 3/22/2012 EUR 67.75
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 61.79
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 71.39
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 73.03
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 73.73
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 56.70
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 60.50
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 66.49
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 46.73
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 43.10
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 67.10
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 72.49
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 60.88
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 40.91
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 56.38
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 63.68
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 48.88
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 63.04
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 65.41
BNP EMIS-U.HANDE 19.250 6/21/2012 EUR 16.84
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 72.79
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 67.70
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 48.28
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 72.29
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 52.11
BNP EMIS-U.HANDE 13.500 6/21/2012 EUR 61.58
BNP EMIS-U.HANDE 18.250 6/21/2012 EUR 13.96
BNP EMIS-U.HANDE 16.000 6/21/2012 EUR 30.66
BNP EMIS-U.HANDE 15.500 6/21/2012 EUR 34.34
BNP EMIS-U.HANDE 14.250 6/21/2012 EUR 54.44
BNP EMIS-U.HANDE 13.750 6/21/2012 EUR 65.23
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 59.75
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 52.54
COMMERZBANK AG 7.700 9/28/2012 EUR 68.38
COMMERZBANK AG 9.000 8/3/2012 EUR 73.08
COMMERZBANK AG 8.500 10/29/2012 EUR 72.67
COMMERZBANK AG 8.000 6/22/2012 EUR 72.06
COMMERZBANK AG 8.000 6/4/2012 EUR 75.48
COMMERZBANK AG 9.000 10/29/2012 EUR 13.98
COMMERZBANK AG 9.000 10/1/2012 EUR 71.48
COMMERZBANK AG 10.000 11/5/2012 EUR 70.43
COMMERZBANK AG 7.000 12/27/2012 EUR 72.16
COMMERZBANK AG 8.000 12/27/2012 EUR 60.34
COMMERZBANK AG 8.400 12/30/2013 EUR 21.78
COMMERZBANK AG 8.000 11/5/2012 EUR 68.20
COMMERZBANK AG 8.000 5/7/2012 EUR 52.59
COMMERZBANK AG 10.800 3/30/2012 EUR 73.82
COMMERZBANK AG 10.500 7/6/2012 EUR 69.95
COMMERZBANK AG 11.500 6/22/2012 EUR 64.71
COMMERZBANK AG 8.500 8/3/2012 EUR 57.37
COMMERZBANK AG 11.500 7/6/2012 EUR 12.44
COMMERZBANK AG 5.000 3/30/2018 EUR 65.38
COMMERZBANK AG 7.250 5/7/2012 EUR 70.32
COMMERZBANK AG 12.100 4/27/2012 EUR 23.98
COMMERZBANK AG 7.250 5/7/2012 EUR 57.01
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 73.40
DEUTSCHE BANK AG 6.500 3/29/2012 EUR 71.20
DEUTSCHE BANK AG 6.500 3/29/2012 EUR 66.00
DEUTSCHE BANK AG 7.000 3/29/2012 EUR 68.70
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 68.20
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 73.80
DEUTSCHE BANK AG 7.500 3/29/2012 EUR 62.60
DEUTSCHE BANK AG 8.000 3/29/2012 EUR 72.80
DEUTSCHE BANK AG 8.000 3/29/2012 EUR 65.10
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 61.30
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 65.50
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 69.90
DEUTSCHE BANK AG 9.500 3/29/2012 EUR 74.30
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 72.80
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 63.90
DEUTSCHE BANK AG 10.000 3/29/2012 EUR 69.20
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 67.60
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 66.60
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 65.00
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 75.50
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 63.40
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 70.50
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 61.10
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 72.00
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 62.60
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 67.10
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 63.60
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 74.80
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 71.90
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 70.20
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 61.10
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 75.20
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 68.50
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 74.30
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 58.50
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 67.60
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 66.10
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 72.50
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 62.80
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 74.70
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 73.80
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 74.60
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 60.50
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 73.50
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 71.10
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 70.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 72.00
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 58.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 66.40
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 72.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 68.50
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 71.00
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 68.60
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 73.60
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 66.00
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 71.60
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 57.80
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.40
DEUTSCHE BK LOND 2.100 3/23/2017 EUR 44.60
DRESDNER BANK AG 5.700 7/31/2023 EUR 73.13
DZ BANK AG 6.250 9/14/2012 EUR 66.43
DZ BANK AG 5.850 9/14/2012 EUR 71.45
DZ BANK AG 5.000 9/14/2012 EUR 74.39
DZ BANK AG 15.250 7/27/2012 EUR 69.17
DZ BANK AG 15.000 7/27/2012 EUR 59.33
DZ BANK AG 12.500 7/27/2012 EUR 71.25
DZ BANK AG 12.000 7/27/2012 EUR 70.11
DZ BANK AG 11.500 7/27/2012 EUR 64.07
DZ BANK AG 11.250 7/27/2012 EUR 74.63
DZ BANK AG 10.750 7/27/2012 EUR 65.03
DZ BANK AG 10.500 7/27/2012 EUR 70.65
DZ BANK AG 9.800 7/27/2012 EUR 71.97
DZ BANK AG 8.000 7/27/2012 EUR 69.85
DZ BANK AG 8.000 7/27/2012 EUR 75.49
DZ BANK AG 12.500 7/13/2012 EUR 71.19
DZ BANK AG 8.500 7/13/2012 EUR 64.25
DZ BANK AG 8.500 7/13/2012 EUR 60.41
DZ BANK AG 8.250 7/13/2012 EUR 73.08
DZ BANK AG 7.500 7/13/2012 EUR 58.19
DZ BANK AG 7.250 7/13/2012 EUR 68.84
DZ BANK AG 7.000 7/13/2012 EUR 69.75
DZ BANK AG 5.000 7/13/2012 EUR 70.86
DZ BANK AG 7.000 7/11/2012 EUR 73.65
DZ BANK AG 6.750 7/13/2012 EUR 73.83
DZ BANK AG 3.850 12/21/2012 EUR 21.50
DZ BANK AG 5.000 3/22/2013 EUR 21.50
DZ BANK AG 8.000 10/12/2012 EUR 65.25
DZ BANK AG 5.410 3/22/2013 EUR 10.00
DZ BANK AG 5.000 6/24/2013 EUR 21.50
DZ BANK AG 5.000 3/22/2013 EUR 25.00
DZ BANK AG 5.760 12/23/2013 EUR 73.14
DZ BANK AG 3.400 3/25/2015 EUR 66.09
DZ BANK AG 5.270 6/24/2013 EUR 21.50
DZ BANK AG 0.525 12/27/2016 EUR 21.50
DZ BANK AG 5.000 6/22/2018 EUR 50.00
DZ BANK AG 5.500 3/25/2015 EUR 21.50
DZ BANK AG 13.000 6/22/2012 EUR 48.72
DZ BANK AG 12.000 6/22/2012 EUR 60.73
DZ BANK AG 16.000 6/22/2012 EUR 15.22
DZ BANK AG 7.000 10/12/2012 EUR 59.70
DZ BANK AG 11.750 6/22/2012 EUR 59.12
DZ BANK AG 11.750 6/22/2012 EUR 74.90
DZ BANK AG 11.750 6/22/2012 EUR 56.58
DZ BANK AG 11.000 6/22/2012 EUR 61.21
DZ BANK AG 11.000 6/22/2012 EUR 48.10
DZ BANK AG 10.750 6/22/2012 EUR 58.97
DZ BANK AG 11.250 6/22/2012 EUR 52.87
DZ BANK AG 10.500 6/22/2012 EUR 44.91
DZ BANK AG 10.000 6/22/2012 EUR 66.66
DZ BANK AG 16.500 4/27/2012 EUR 1.90
DZ BANK AG 7.000 10/12/2012 EUR 72.24
DZ BANK AG 8.300 10/5/2012 EUR 63.00
DZ BANK AG 5.700 10/5/2012 EUR 66.70
DZ BANK AG 4.500 10/5/2012 EUR 68.88
DZ BANK AG 10.500 9/14/2012 EUR 65.16
DZ BANK AG 8.500 9/14/2012 EUR 71.29
DZ BANK AG 8.000 9/14/2012 EUR 61.57
DZ BANK AG 7.500 9/14/2012 EUR 69.11
DZ BANK AG 10.750 6/22/2012 EUR 61.35
DZ BANK AG 7.250 6/22/2012 EUR 72.16
DZ BANK AG 6.250 6/22/2012 EUR 76.32
DZ BANK AG 5.250 6/22/2012 EUR 73.94
DZ BANK AG 4.000 6/20/2012 EUR 67.27
DZ BANK AG 8.000 6/11/2012 EUR 69.74
DZ BANK AG 11.250 6/8/2012 EUR 63.18
DZ BANK AG 10.500 6/8/2012 EUR 58.56
DZ BANK AG 9.750 6/8/2012 EUR 73.02
DZ BANK AG 9.250 6/8/2012 EUR 61.70
DZ BANK AG 9.000 6/8/2012 EUR 70.26
DZ BANK AG 8.000 6/8/2012 EUR 74.37
DZ BANK AG 8.000 6/8/2012 EUR 73.47
DZ BANK AG 7.750 6/8/2012 EUR 74.68
DZ BANK AG 7.500 6/8/2012 EUR 67.22
DZ BANK AG 6.750 6/8/2012 EUR 67.85
DZ BANK AG 6.000 6/8/2012 EUR 69.56
DZ BANK AG 8.000 6/7/2012 EUR 75.32
DZ BANK AG 9.250 5/11/2012 EUR 65.45
DZ BANK AG 8.750 3/23/2012 EUR 49.99
DZ BANK AG 9.000 3/23/2012 EUR 62.48
DZ BANK AG 14.500 3/23/2012 EUR 61.66
DZ BANK AG 21.500 3/23/2012 EUR 11.14
DZ BANK AG 7.250 4/27/2012 EUR 73.59
DZ BANK AG 9.000 4/27/2012 EUR 50.96
DZ BANK AG 10.000 4/27/2012 EUR 73.49
DZ BANK AG 11.250 4/27/2012 EUR 60.34
DZ BANK AG 15.500 4/27/2012 EUR 69.38
DZ BANK AG 9.750 6/22/2012 EUR 66.49
DZ BANK AG 9.750 6/22/2012 EUR 72.41
DZ BANK AG 9.000 6/22/2012 EUR 65.77
DZ BANK AG 9.000 6/22/2012 EUR 39.38
DZ BANK AG 8.750 6/22/2012 EUR 74.60
DZ BANK AG 8.000 6/22/2012 EUR 49.13
DZ BANK AG 7.500 6/22/2012 EUR 72.46
ESCADA AG 7.500 4/1/2012 EUR 8.57
EUROHYPO AG 3.830 9/21/2020 EUR 73.63
GOTHAER ALLG VER 5.527 9/29/2026 EUR 74.85
HECKLER & KOCH 9.500 5/15/2018 EUR 65.44
HECKLER & KOCH 9.500 5/15/2018 EUR 64.63
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 73.70
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 73.75
L-BANK FOERDERBK 0.500 5/10/2027 CAD 48.26
LB BADEN-WUERTT 8.000 9/28/2012 EUR 38.51
LB BADEN-WUERTT 8.000 9/28/2012 EUR 51.44
LB BADEN-WUERTT 5.000 10/26/2012 EUR 11.79
LB BADEN-WUERTT 8.000 9/28/2012 EUR 66.90
LB BADEN-WUERTT 7.500 10/26/2012 EUR 71.40
LB BADEN-WUERTT 5.000 10/26/2012 EUR 36.81
LB BADEN-WUERTT 7.500 10/26/2012 EUR 72.99
LB BADEN-WUERTT 7.500 10/26/2012 EUR 33.55
LB BADEN-WUERTT 7.500 10/26/2012 EUR 12.22
LB BADEN-WUERTT 7.500 10/26/2012 EUR 70.49
LB BADEN-WUERTT 10.000 10/26/2012 EUR 65.89
LB BADEN-WUERTT 10.000 10/26/2012 EUR 12.49
LB BADEN-WUERTT 10.000 10/26/2012 EUR 31.97
LB BADEN-WUERTT 10.000 10/26/2012 EUR 65.32
LB BADEN-WUERTT 10.000 10/26/2012 EUR 74.41
LB BADEN-WUERTT 10.000 10/26/2012 EUR 68.16
LB BADEN-WUERTT 5.000 11/23/2012 EUR 37.24
LB BADEN-WUERTT 10.000 10/26/2012 EUR 75.19
LB BADEN-WUERTT 7.500 11/23/2012 EUR 72.10
LB BADEN-WUERTT 5.000 11/23/2012 EUR 71.88
LB BADEN-WUERTT 7.500 11/23/2012 EUR 34.53
LB BADEN-WUERTT 7.500 11/23/2012 EUR 64.33
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.65
LB BADEN-WUERTT 10.000 11/23/2012 EUR 76.19
LB BADEN-WUERTT 10.000 11/23/2012 EUR 72.94
LB BADEN-WUERTT 10.000 11/23/2012 EUR 67.48
LB BADEN-WUERTT 10.000 11/23/2012 EUR 33.04
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.54
LB BADEN-WUERTT 10.000 11/23/2012 EUR 59.87
LB BADEN-WUERTT 5.000 1/4/2013 EUR 74.14
LB BADEN-WUERTT 5.000 1/4/2013 EUR 61.78
LB BADEN-WUERTT 7.500 1/4/2013 EUR 76.07
LB BADEN-WUERTT 5.000 1/4/2013 EUR 37.91
LB BADEN-WUERTT 7.500 1/4/2013 EUR 54.94
LB BADEN-WUERTT 7.500 1/4/2013 EUR 69.57
LB BADEN-WUERTT 10.000 1/4/2013 EUR 34.25
LB BADEN-WUERTT 7.500 1/4/2013 EUR 35.04
LB BADEN-WUERTT 10.000 1/4/2013 EUR 72.48
LB BADEN-WUERTT 10.000 1/4/2013 EUR 64.34
LB BADEN-WUERTT 5.000 1/25/2013 EUR 48.80
LB BADEN-WUERTT 7.500 1/25/2013 EUR 45.17
LB BADEN-WUERTT 10.000 1/4/2013 EUR 52.43
LB BADEN-WUERTT 10.000 1/25/2013 EUR 73.36
LB BADEN-WUERTT 10.000 1/25/2013 EUR 74.44
LB BADEN-WUERTT 10.000 1/25/2013 EUR 43.24
LB BADEN-WUERTT 5.250 10/20/2015 EUR 26.36
LB BADEN-WUERTT 8.000 5/25/2012 EUR 71.70
LB BADEN-WUERTT 5.000 6/22/2012 EUR 65.36
LB BADEN-WUERTT 6.000 6/22/2012 EUR 55.34
LB BADEN-WUERTT 6.000 6/22/2012 EUR 65.13
LB BADEN-WUERTT 6.000 6/22/2012 EUR 70.70
LB BADEN-WUERTT 6.000 6/22/2012 EUR 57.60
LB BADEN-WUERTT 7.500 6/22/2012 EUR 66.82
LB BADEN-WUERTT 7.500 6/22/2012 EUR 33.84
LB BADEN-WUERTT 7.500 6/22/2012 EUR 66.20
LB BADEN-WUERTT 7.500 6/22/2012 EUR 73.74
LB BADEN-WUERTT 7.500 6/22/2012 EUR 13.05
LB BADEN-WUERTT 7.500 6/22/2012 EUR 72.57
LB BADEN-WUERTT 7.500 6/22/2012 EUR 59.45
LB BADEN-WUERTT 7.500 6/22/2012 EUR 74.95
LB BADEN-WUERTT 8.000 6/22/2012 EUR 74.24
LB BADEN-WUERTT 8.000 6/22/2012 EUR 74.34
LB BADEN-WUERTT 8.000 6/22/2012 EUR 63.40
LB BADEN-WUERTT 8.000 6/22/2012 EUR 71.63
LB BADEN-WUERTT 8.000 6/22/2012 EUR 51.33
LB BADEN-WUERTT 8.000 6/22/2012 EUR 59.46
LB BADEN-WUERTT 8.000 6/22/2012 EUR 49.72
LB BADEN-WUERTT 8.000 6/22/2012 EUR 74.81
LB BADEN-WUERTT 10.000 6/22/2012 EUR 71.67
LB BADEN-WUERTT 10.000 6/22/2012 EUR 31.80
LB BADEN-WUERTT 10.000 6/22/2012 EUR 11.93
LB BADEN-WUERTT 10.000 6/22/2012 EUR 71.13
LB BADEN-WUERTT 10.000 6/22/2012 EUR 74.30
LB BADEN-WUERTT 10.000 6/22/2012 EUR 65.94
LB BADEN-WUERTT 10.000 6/22/2012 EUR 62.76
LB BADEN-WUERTT 10.000 6/22/2012 EUR 55.55
LB BADEN-WUERTT 10.000 6/22/2012 EUR 69.64
LB BADEN-WUERTT 10.000 6/22/2012 EUR 74.15
LB BADEN-WUERTT 10.000 6/22/2012 EUR 67.43
LB BADEN-WUERTT 10.000 6/22/2012 EUR 62.46
LB BADEN-WUERTT 4.000 7/27/2012 EUR 69.79
LB BADEN-WUERTT 4.000 7/27/2012 EUR 74.00
LB BADEN-WUERTT 5.000 7/27/2012 EUR 19.95
LB BADEN-WUERTT 5.000 7/27/2012 EUR 63.11
LB BADEN-WUERTT 5.000 7/27/2012 EUR 59.19
LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.45
LB BADEN-WUERTT 5.000 7/27/2012 EUR 38.26
LB BADEN-WUERTT 5.000 7/27/2012 EUR 63.68
LB BADEN-WUERTT 5.000 7/27/2012 EUR 75.24
LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.95
LB BADEN-WUERTT 6.000 7/27/2012 EUR 40.91
LB BADEN-WUERTT 6.000 7/27/2012 EUR 74.08
LB BADEN-WUERTT 6.000 7/27/2012 EUR 66.50
LB BADEN-WUERTT 6.000 7/27/2012 EUR 59.51
LB BADEN-WUERTT 7.500 7/27/2012 EUR 20.78
LB BADEN-WUERTT 7.500 7/27/2012 EUR 69.33
LB BADEN-WUERTT 7.500 7/27/2012 EUR 53.49
LB BADEN-WUERTT 7.500 7/27/2012 EUR 58.65
LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.38
LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.71
LB BADEN-WUERTT 7.500 7/27/2012 EUR 35.61
LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.43
LB BADEN-WUERTT 7.500 7/27/2012 EUR 52.37
LB BADEN-WUERTT 8.000 7/27/2012 EUR 75.65
LB BADEN-WUERTT 8.000 7/27/2012 EUR 69.31
LB BADEN-WUERTT 8.000 7/27/2012 EUR 54.17
LB BADEN-WUERTT 8.000 7/27/2012 EUR 60.36
LB BADEN-WUERTT 10.000 7/27/2012 EUR 21.59
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.55
LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.20
LB BADEN-WUERTT 10.000 7/27/2012 EUR 49.94
LB BADEN-WUERTT 8.000 3/23/2012 EUR 42.29
LB BADEN-WUERTT 8.000 3/23/2012 EUR 50.15
LB BADEN-WUERTT 8.000 3/23/2012 EUR 74.45
LB BADEN-WUERTT 8.000 3/23/2012 EUR 10.91
LB BADEN-WUERTT 8.000 3/23/2012 EUR 71.57
LB BADEN-WUERTT 8.000 3/23/2012 EUR 45.86
LB BADEN-WUERTT 8.000 3/23/2012 EUR 70.95
LB BADEN-WUERTT 10.000 7/27/2012 EUR 55.01
LB BADEN-WUERTT 10.000 7/27/2012 EUR 33.91
LB BADEN-WUERTT 10.000 7/27/2012 EUR 65.48
LB BADEN-WUERTT 8.000 3/23/2012 EUR 63.01
LB BADEN-WUERTT 8.000 3/23/2012 EUR 44.61
LB BADEN-WUERTT 6.000 3/23/2012 EUR 67.70
LB BADEN-WUERTT 6.000 3/23/2012 EUR 64.79
LB BADEN-WUERTT 10.000 7/27/2012 EUR 76.48
LB BADEN-WUERTT 10.000 7/27/2012 EUR 63.49
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.72
LB BADEN-WUERTT 6.000 3/23/2012 EUR 11.71
LB BADEN-WUERTT 6.000 3/23/2012 EUR 45.44
LB BADEN-WUERTT 6.000 3/23/2012 EUR 51.20
LB BADEN-WUERTT 6.000 3/23/2012 EUR 54.39
LB BADEN-WUERTT 6.000 3/23/2012 EUR 51.23
LB BADEN-WUERTT 6.000 3/23/2012 EUR 73.02
LB BADEN-WUERTT 4.000 3/23/2012 EUR 51.21
LB BADEN-WUERTT 4.000 3/23/2012 EUR 75.00
LB BADEN-WUERTT 4.000 3/23/2012 EUR 11.67
LB BADEN-WUERTT 4.000 3/23/2012 EUR 63.42
LB BADEN-WUERTT 4.000 3/23/2012 EUR 59.55
LB BADEN-WUERTT 4.000 3/23/2012 EUR 60.28
LB BADEN-WUERTT 10.000 7/27/2012 EUR 48.67
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.78
LB BADEN-WUERTT 4.000 8/24/2012 EUR 57.51
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.89
LB BADEN-WUERTT 5.000 8/24/2012 EUR 46.30
LB BADEN-WUERTT 5.000 8/24/2012 EUR 59.67
LB BADEN-WUERTT 6.000 8/24/2012 EUR 75.52
LB BADEN-WUERTT 6.000 8/24/2012 EUR 75.96
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.43
LB BADEN-WUERTT 6.000 8/24/2012 EUR 49.91
LB BADEN-WUERTT 7.500 8/24/2012 EUR 54.19
LB BADEN-WUERTT 7.500 8/24/2012 EUR 76.53
LB BADEN-WUERTT 7.500 8/24/2012 EUR 41.71
LB BADEN-WUERTT 7.500 8/24/2012 EUR 70.77
LB BADEN-WUERTT 8.000 8/24/2012 EUR 74.88
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.59
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.61
LB BADEN-WUERTT 8.000 8/24/2012 EUR 45.64
LB BADEN-WUERTT 8.000 8/24/2012 EUR 73.87
LB BADEN-WUERTT 8.000 8/24/2012 EUR 65.62
LB BADEN-WUERTT 8.000 8/24/2012 EUR 73.25
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.91
LB BADEN-WUERTT 10.000 8/24/2012 EUR 50.82
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.83
LB BADEN-WUERTT 10.000 8/24/2012 EUR 74.44
LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.99
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.39
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.66
LB BADEN-WUERTT 10.000 8/24/2012 EUR 74.02
LB BADEN-WUERTT 10.000 8/24/2012 EUR 39.29
LB BADEN-WUERTT 10.000 8/24/2012 EUR 66.28
LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.00
LB BADEN-WUERTT 4.000 9/28/2012 EUR 50.36
LB BADEN-WUERTT 4.000 9/28/2012 EUR 63.19
LB BADEN-WUERTT 6.000 9/28/2012 EUR 72.77
LB BADEN-WUERTT 6.000 9/28/2012 EUR 55.41
LB BADEN-WUERTT 8.000 9/28/2012 EUR 71.29
LB BADEN-WUERTT 6.000 9/28/2012 EUR 42.67
LB BADEN-WUERTT 2.800 2/23/2037 JPY 49.43
LB BADEN-WUERTT 8.000 5/25/2012 EUR 73.15
LB BADEN-WUERTT 8.000 5/25/2012 EUR 58.31
LB BADEN-WUERTT 8.000 5/25/2012 EUR 47.88
LB BADEN-WUERTT 6.000 5/25/2012 EUR 52.50
LB BADEN-WUERTT 6.000 5/25/2012 EUR 63.73
LB BADEN-WUERTT 6.000 5/25/2012 EUR 72.69
LB BADEN-WUERTT 4.000 5/25/2012 EUR 71.95
LB BADEN-WUERTT 4.000 5/25/2012 EUR 64.40
LB BADEN-WUERTT 8.000 4/27/2012 EUR 71.12
LB BADEN-WUERTT 8.000 4/27/2012 EUR 76.20
LB BADEN-WUERTT 8.000 4/27/2012 EUR 43.91
LB BADEN-WUERTT 8.000 4/27/2012 EUR 70.38
LB BADEN-WUERTT 8.000 4/27/2012 EUR 73.13
LB BADEN-WUERTT 8.000 4/27/2012 EUR 13.13
LB BADEN-WUERTT 8.000 4/27/2012 EUR 55.09
LB BADEN-WUERTT 8.000 4/27/2012 EUR 33.26
LB BADEN-WUERTT 8.000 4/27/2012 EUR 65.07
LB BADEN-WUERTT 8.000 4/27/2012 EUR 11.92
LB BADEN-WUERTT 8.000 4/27/2012 EUR 68.29
LB BADEN-WUERTT 8.000 4/27/2012 EUR 47.73
LB BADEN-WUERTT 8.000 4/27/2012 EUR 71.49
LB BADEN-WUERTT 8.000 4/27/2012 EUR 58.81
LB BADEN-WUERTT 8.000 4/27/2012 EUR 69.91
LB BADEN-WUERTT 8.000 4/27/2012 EUR 56.94
LB BADEN-WUERTT 6.000 4/27/2012 EUR 62.66
LB BADEN-WUERTT 6.000 4/27/2012 EUR 74.49
LB BADEN-WUERTT 6.000 4/27/2012 EUR 36.01
LB BADEN-WUERTT 6.000 4/27/2012 EUR 69.33
LB BADEN-WUERTT 6.000 4/27/2012 EUR 15.18
LB BADEN-WUERTT 6.000 4/27/2012 EUR 64.30
LB BADEN-WUERTT 6.000 4/27/2012 EUR 49.94
LB BADEN-WUERTT 6.000 4/27/2012 EUR 59.78
LB BADEN-WUERTT 6.000 4/27/2012 EUR 12.96
LB BADEN-WUERTT 6.000 4/27/2012 EUR 73.59
LB BADEN-WUERTT 6.000 4/27/2012 EUR 50.93
LB BADEN-WUERTT 4.000 4/27/2012 EUR 71.60
LB BADEN-WUERTT 4.000 4/27/2012 EUR 55.42
LB BADEN-WUERTT 4.000 4/27/2012 EUR 75.76
LB BADEN-WUERTT 4.000 4/27/2012 EUR 14.28
LB BADEN-WUERTT 4.000 4/27/2012 EUR 39.32
LB BADEN-WUERTT 4.000 4/27/2012 EUR 60.92
LB BADEN-WUERTT 4.000 4/27/2012 EUR 73.61
LB BADEN-WUERTT 4.000 4/27/2012 EUR 15.01
LB BADEN-WUERTT 4.000 4/27/2012 EUR 66.41
LB BADEN-WUERTT 8.000 3/23/2012 EUR 58.73
LB BADEN-WUERTT 8.000 3/23/2012 EUR 68.66
LB BADEN-WUERTT 8.000 3/23/2012 EUR 73.79
LB BADEN-WUERTT 8.000 5/25/2012 EUR 72.63
LB BADEN-WUERTT 8.000 5/25/2012 EUR 66.07
LB BADEN-WUERTT 8.350 5/25/2012 EUR 56.12
LB BADEN-WUERTT 4.000 6/22/2012 EUR 74.42
LB BADEN-WUERTT 4.000 6/22/2012 EUR 69.85
LB BADEN-WUERTT 4.000 6/22/2012 EUR 62.43
LB BADEN-WUERTT 5.000 6/22/2012 EUR 37.35
LB BADEN-WUERTT 5.000 6/22/2012 EUR 73.37
LB BADEN-WUERTT 5.000 6/22/2012 EUR 14.15
LB BADEN-WUERTT 5.000 6/22/2012 EUR 71.97
MACQUARIE STRUCT 14.250 3/23/2012 EUR 63.03
MACQUARIE STRUCT 13.500 3/23/2012 EUR 72.80
MACQUARIE STRUCT 13.250 3/23/2012 EUR 52.07
MACQUARIE STRUCT 13.250 3/23/2012 EUR 37.64
MACQUARIE STRUCT 12.000 3/23/2012 EUR 67.21
MACQUARIE STRUCT 11.250 3/23/2012 EUR 74.03
MACQUARIE STRUCT 11.000 3/23/2012 EUR 65.74
MACQUARIE STRUCT 10.750 3/23/2012 EUR 74.73
MACQUARIE STRUCT 10.500 3/23/2012 EUR 49.61
MACQUARIE STRUCT 9.750 3/23/2012 EUR 55.21
MACQUARIE STRUCT 8.750 3/23/2012 EUR 69.23
MACQUARIE STRUCT 15.000 3/23/2012 EUR 34.66
MACQUARIE STRUCT 14.750 3/23/2012 EUR 45.38
MACQUARIE STRUCT 7.250 3/23/2012 EUR 71.32
MACQUARIE STRUCT 9.250 9/28/2012 EUR 74.58
MACQUARIE STRUCT 9.000 9/28/2012 EUR 68.50
MACQUARIE STRUCT 23.250 6/22/2012 EUR 8.18
MACQUARIE STRUCT 17.000 6/22/2012 EUR 56.08
MACQUARIE STRUCT 16.000 6/22/2012 EUR 27.98
MACQUARIE STRUCT 15.750 6/22/2012 EUR 71.85
MACQUARIE STRUCT 15.750 6/22/2012 EUR 25.37
MACQUARIE STRUCT 13.500 6/22/2012 EUR 40.45
MACQUARIE STRUCT 13.000 6/22/2012 EUR 73.21
MACQUARIE STRUCT 12.500 6/22/2012 EUR 45.11
MACQUARIE STRUCT 12.500 6/22/2012 EUR 55.47
MACQUARIE STRUCT 11.750 6/22/2012 EUR 71.38
MACQUARIE STRUCT 11.500 6/22/2012 EUR 63.90
MACQUARIE STRUCT 11.500 6/22/2012 EUR 71.47
MACQUARIE STRUCT 11.500 6/22/2012 EUR 44.41
MACQUARIE STRUCT 11.000 6/22/2012 EUR 74.24
MACQUARIE STRUCT 10.750 6/22/2012 EUR 42.65
MACQUARIE STRUCT 10.250 6/22/2012 EUR 61.30
MACQUARIE STRUCT 10.000 6/22/2012 EUR 59.71
MACQUARIE STRUCT 9.750 6/22/2012 EUR 71.28
MACQUARIE STRUCT 9.250 6/22/2012 EUR 72.11
MACQUARIE STRUCT 9.250 6/22/2012 EUR 46.90
MACQUARIE STRUCT 9.000 6/22/2012 EUR 72.21
MACQUARIE STRUCT 13.250 4/27/2012 EUR 62.37
MACQUARIE STRUCT 10.500 4/27/2012 EUR 59.31
MACQUARIE STRUCT 26.000 3/23/2012 EUR 70.90
MACQUARIE STRUCT 23.750 3/23/2012 EUR 9.10
MACQUARIE STRUCT 11.500 9/28/2012 EUR 64.95
MACQUARIE STRUCT 9.750 9/28/2012 EUR 63.20
NORDDEUTSCHE L/B 7.000 6/8/2012 EUR 69.72
PRAKTIKER BAU-UN 5.875 2/10/2016 EUR 38.00
Q-CELLS 6.750 10/21/2015 EUR 0.86
QIMONDA FINANCE 6.750 3/22/2013 USD 7.00
RENTENBANK 0.500 3/15/2017 TRY 73.77
SOLARWORLD AG 6.125 1/21/2017 EUR 40.05
SOLON AG SOLAR 1.375 12/6/2012 EUR 1.33
TAG IMMO AG 6.500 12/10/2015 EUR 7.57
TUI AG 2.750 3/24/2016 EUR 49.69
TUI AG 5.500 11/17/2014 EUR 65.85
UNICREDIT BANK A 7.000 6/21/2012 EUR 55.79
VONTOBEL FIN PRO 9.165 3/23/2012 EUR 72.72
VONTOBEL FIN PRO 6.613 3/23/2012 EUR 63.10
VONTOBEL FIN PRO 6.702 3/23/2012 EUR 74.60
VONTOBEL FIN PRO 7.226 3/23/2012 EUR 63.94
VONTOBEL FIN PRO 7.340 3/23/2012 EUR 62.16
VONTOBEL FIN PRO 7.638 3/23/2012 EUR 69.24
VONTOBEL FIN PRO 7.708 3/23/2012 EUR 73.40
VONTOBEL FIN PRO 7.733 3/23/2012 EUR 58.48
VONTOBEL FIN PRO 7.839 3/23/2012 EUR 70.14
VONTOBEL FIN PRO 7.897 3/23/2012 EUR 64.86
VONTOBEL FIN PRO 7.928 3/23/2012 EUR 70.26
VONTOBEL FIN PRO 8.051 3/23/2012 EUR 57.38
VONTOBEL FIN PRO 8.061 3/23/2012 EUR 69.38
VONTOBEL FIN PRO 8.186 3/23/2012 EUR 44.04
VONTOBEL FIN PRO 8.321 3/23/2012 EUR 74.82
VONTOBEL FIN PRO 8.333 3/23/2012 EUR 48.44
VONTOBEL FIN PRO 8.463 3/23/2012 EUR 69.56
VONTOBEL FIN PRO 8.476 3/23/2012 EUR 59.68
VONTOBEL FIN PRO 8.584 3/23/2012 EUR 50.16
VONTOBEL FIN PRO 8.584 3/23/2012 EUR 57.86
VONTOBEL FIN PRO 8.626 3/23/2012 EUR 54.16
VONTOBEL FIN PRO 8.662 3/23/2012 EUR 70.28
VONTOBEL FIN PRO 8.758 3/23/2012 EUR 60.52
VONTOBEL FIN PRO 8.759 3/23/2012 EUR 67.48
VONTOBEL FIN PRO 8.835 3/23/2012 EUR 70.14
VONTOBEL FIN PRO 8.842 3/23/2012 EUR 68.80
VONTOBEL FIN PRO 8.901 3/23/2012 EUR 67.82
VONTOBEL FIN PRO 8.929 3/23/2012 EUR 65.56
VONTOBEL FIN PRO 8.934 3/23/2012 EUR 51.90
VONTOBEL FIN PRO 9.000 3/23/2012 EUR 55.56
VONTOBEL FIN PRO 9.064 3/23/2012 EUR 54.32
VONTOBEL FIN PRO 9.108 3/23/2012 EUR 74.40
VONTOBEL FIN PRO 10.879 3/23/2012 EUR 67.34
VONTOBEL FIN PRO 9.168 3/23/2012 EUR 75.00
VONTOBEL FIN PRO 9.175 3/23/2012 EUR 69.90
VONTOBEL FIN PRO 9.177 3/23/2012 EUR 74.60
VONTOBEL FIN PRO 9.193 3/23/2012 EUR 71.62
VONTOBEL FIN PRO 9.312 3/23/2012 EUR 74.84
VONTOBEL FIN PRO 9.335 3/23/2012 EUR 65.54
VONTOBEL FIN PRO 9.372 3/23/2012 EUR 65.56
VONTOBEL FIN PRO 9.460 3/23/2012 EUR 57.90
VONTOBEL FIN PRO 9.506 3/23/2012 EUR 71.96
VONTOBEL FIN PRO 9.546 3/23/2012 EUR 70.18
VONTOBEL FIN PRO 9.587 3/23/2012 EUR 65.90
VONTOBEL FIN PRO 9.595 3/23/2012 EUR 65.14
VONTOBEL FIN PRO 9.624 3/23/2012 EUR 71.98
VONTOBEL FIN PRO 9.661 3/23/2012 EUR 74.76
VONTOBEL FIN PRO 9.666 3/23/2012 EUR 67.52
VONTOBEL FIN PRO 9.728 3/23/2012 EUR 67.20
VONTOBEL FIN PRO 9.743 3/23/2012 EUR 54.26
VONTOBEL FIN PRO 9.744 3/23/2012 EUR 69.58
VONTOBEL FIN PRO 9.810 3/23/2012 EUR 71.00
VONTOBEL FIN PRO 9.891 3/23/2012 EUR 69.18
VONTOBEL FIN PRO 9.908 3/23/2012 EUR 63.46
VONTOBEL FIN PRO 10.005 3/23/2012 EUR 69.14
VONTOBEL FIN PRO 10.029 3/23/2012 EUR 71.10
VONTOBEL FIN PRO 10.034 3/23/2012 EUR 73.24
VONTOBEL FIN PRO 10.117 3/23/2012 EUR 62.36
VONTOBEL FIN PRO 10.212 3/23/2012 EUR 46.30
VONTOBEL FIN PRO 10.219 3/23/2012 EUR 44.80
VONTOBEL FIN PRO 10.279 3/23/2012 EUR 73.42
VONTOBEL FIN PRO 10.324 3/23/2012 EUR 59.78
VONTOBEL FIN PRO 10.436 3/23/2012 EUR 66.04
VONTOBEL FIN PRO 10.442 3/23/2012 EUR 64.88
VONTOBEL FIN PRO 10.470 3/23/2012 EUR 62.26
VONTOBEL FIN PRO 10.475 3/23/2012 EUR 60.92
VONTOBEL FIN PRO 10.485 3/23/2012 EUR 67.98
VONTOBEL FIN PRO 10.515 3/23/2012 EUR 63.34
VONTOBEL FIN PRO 10.556 3/23/2012 EUR 65.58
VONTOBEL FIN PRO 10.574 3/23/2012 EUR 72.74
VONTOBEL FIN PRO 10.582 3/23/2012 EUR 69.14
VONTOBEL FIN PRO 10.641 3/23/2012 EUR 51.46
VONTOBEL FIN PRO 10.686 3/23/2012 EUR 46.32
VONTOBEL FIN PRO 10.686 3/23/2012 EUR 63.20
VONTOBEL FIN PRO 10.693 3/23/2012 EUR 65.56
VONTOBEL FIN PRO 10.733 3/23/2012 EUR 71.98
VONTOBEL FIN PRO 10.753 3/23/2012 EUR 68.02
VONTOBEL FIN PRO 10.781 3/23/2012 EUR 57.40
VONTOBEL FIN PRO 10.787 3/23/2012 EUR 71.08
VONTOBEL FIN PRO 10.800 3/23/2012 EUR 44.08
VONTOBEL FIN PRO 10.812 3/23/2012 EUR 70.62
VONTOBEL FIN PRO 10.812 3/23/2012 EUR 63.50
VONTOBEL FIN PRO 10.861 3/23/2012 EUR 53.44
VONTOBEL FIN PRO 10.985 3/23/2012 EUR 56.64
VONTOBEL FIN PRO 11.038 3/23/2012 EUR 53.36
VONTOBEL FIN PRO 11.071 3/23/2012 EUR 62.30
VONTOBEL FIN PRO 11.080 3/23/2012 EUR 47.94
VONTOBEL FIN PRO 11.084 3/23/2012 EUR 63.70
VONTOBEL FIN PRO 11.099 3/23/2012 EUR 67.78
VONTOBEL FIN PRO 11.115 3/23/2012 EUR 74.78
VONTOBEL FIN PRO 11.115 3/23/2012 EUR 70.66
VONTOBEL FIN PRO 11.238 3/23/2012 EUR 33.44
VONTOBEL FIN PRO 11.244 3/23/2012 EUR 60.76
VONTOBEL FIN PRO 11.256 3/23/2012 EUR 66.86
VONTOBEL FIN PRO 11.298 3/23/2012 EUR 70.64
VONTOBEL FIN PRO 11.310 3/23/2012 EUR 71.02
VONTOBEL FIN PRO 11.368 3/23/2012 EUR 68.00
VONTOBEL FIN PRO 11.387 3/23/2012 EUR 70.16
VONTOBEL FIN PRO 11.434 3/23/2012 EUR 67.76
VONTOBEL FIN PRO 11.437 3/23/2012 EUR 50.34
VONTOBEL FIN PRO 11.455 3/23/2012 EUR 50.34
VONTOBEL FIN PRO 11.464 3/23/2012 EUR 43.42
VONTOBEL FIN PRO 11.489 3/23/2012 EUR 72.72
VONTOBEL FIN PRO 11.508 3/23/2012 EUR 74.62
VONTOBEL FIN PRO 11.594 3/23/2012 EUR 61.46
VONTOBEL FIN PRO 11.599 3/23/2012 EUR 67.50
VONTOBEL FIN PRO 11.639 3/23/2012 EUR 64.96
VONTOBEL FIN PRO 11.674 3/23/2012 EUR 50.84
VONTOBEL FIN PRO 11.732 3/23/2012 EUR 72.72
VONTOBEL FIN PRO 11.750 3/23/2012 EUR 66.16
VONTOBEL FIN PRO 11.774 3/23/2012 EUR 60.02
VONTOBEL FIN PRO 11.777 3/23/2012 EUR 51.48
VONTOBEL FIN PRO 11.825 3/23/2012 EUR 74.20
VONTOBEL FIN PRO 11.846 3/23/2012 EUR 61.54
VONTOBEL FIN PRO 11.863 3/23/2012 EUR 33.48
VONTOBEL FIN PRO 11.865 3/23/2012 EUR 61.20
VONTOBEL FIN PRO 11.869 3/23/2012 EUR 52.86
VONTOBEL FIN PRO 11.904 3/23/2012 EUR 49.86
VONTOBEL FIN PRO 11.910 3/23/2012 EUR 72.80
VONTOBEL FIN PRO 11.986 3/23/2012 EUR 59.32
VONTOBEL FIN PRO 12.045 3/23/2012 EUR 66.52
VONTOBEL FIN PRO 12.045 3/23/2012 EUR 70.22
VONTOBEL FIN PRO 12.045 3/23/2012 EUR 47.92
VONTOBEL FIN PRO 12.083 3/23/2012 EUR 62.20
VONTOBEL FIN PRO 12.134 3/23/2012 EUR 72.78
VONTOBEL FIN PRO 12.135 3/23/2012 EUR 56.48
VONTOBEL FIN PRO 12.146 3/23/2012 EUR 50.74
VONTOBEL FIN PRO 12.168 3/23/2012 EUR 69.60
VONTOBEL FIN PRO 12.197 3/23/2012 EUR 53.86
VONTOBEL FIN PRO 12.332 3/23/2012 EUR 44.08
VONTOBEL FIN PRO 12.335 3/23/2012 EUR 56.48
VONTOBEL FIN PRO 12.589 3/23/2012 EUR 60.56
VONTOBEL FIN PRO 12.605 3/23/2012 EUR 70.94
VONTOBEL FIN PRO 12.632 3/23/2012 EUR 64.48
VONTOBEL FIN PRO 12.680 3/23/2012 EUR 60.82
VONTOBEL FIN PRO 12.701 3/23/2012 EUR 56.16
VONTOBEL FIN PRO 12.745 3/23/2012 EUR 72.40
VONTOBEL FIN PRO 12.761 3/23/2012 EUR 42.12
VONTOBEL FIN PRO 12.765 3/23/2012 EUR 72.82
VONTOBEL FIN PRO 12.779 3/23/2012 EUR 72.00
VONTOBEL FIN PRO 12.782 3/23/2012 EUR 40.88
VONTOBEL FIN PRO 12.812 3/23/2012 EUR 70.32
VONTOBEL FIN PRO 12.818 3/23/2012 EUR 48.94
VONTOBEL FIN PRO 12.824 3/23/2012 EUR 70.64
VONTOBEL FIN PRO 12.947 3/23/2012 EUR 52.86
VONTOBEL FIN PRO 12.964 3/23/2012 EUR 43.04
VONTOBEL FIN PRO 12.973 3/23/2012 EUR 63.42
VONTOBEL FIN PRO 13.007 3/23/2012 EUR 51.92
VONTOBEL FIN PRO 13.124 3/23/2012 EUR 62.52
VONTOBEL FIN PRO 13.188 3/23/2012 EUR 64.58
VONTOBEL FIN PRO 13.275 3/23/2012 EUR 47.34
VONTOBEL FIN PRO 13.314 3/23/2012 EUR 46.24
VONTOBEL FIN PRO 13.314 3/23/2012 EUR 49.64
VONTOBEL FIN PRO 13.358 3/23/2012 EUR 44.54
VONTOBEL FIN PRO 13.366 3/23/2012 EUR 46.18
VONTOBEL FIN PRO 13.426 3/23/2012 EUR 59.60
VONTOBEL FIN PRO 13.426 3/23/2012 EUR 67.96
VONTOBEL FIN PRO 13.457 3/23/2012 EUR 52.86
VONTOBEL FIN PRO 13.534 3/23/2012 EUR 44.56
VONTOBEL FIN PRO 13.612 3/23/2012 EUR 70.20
VONTOBEL FIN PRO 13.620 3/23/2012 EUR 69.18
VONTOBEL FIN PRO 13.648 3/23/2012 EUR 63.56
VONTOBEL FIN PRO 13.669 3/23/2012 EUR 62.06
VONTOBEL FIN PRO 13.714 3/23/2012 EUR 48.66
VONTOBEL FIN PRO 13.719 3/23/2012 EUR 60.12
VONTOBEL FIN PRO 13.733 3/23/2012 EUR 74.22
VONTOBEL FIN PRO 13.735 3/23/2012 EUR 49.82
VONTOBEL FIN PRO 13.737 3/23/2012 EUR 72.62
VONTOBEL FIN PRO 13.790 3/23/2012 EUR 55.40
VONTOBEL FIN PRO 13.802 3/23/2012 EUR 47.96
VONTOBEL FIN PRO 13.869 3/23/2012 EUR 65.12
VONTOBEL FIN PRO 13.909 3/23/2012 EUR 57.84
VONTOBEL FIN PRO 13.911 3/23/2012 EUR 74.68
VONTOBEL FIN PRO 14.016 3/23/2012 EUR 46.34
VONTOBEL FIN PRO 14.132 3/23/2012 EUR 73.88
VONTOBEL FIN PRO 14.170 3/23/2012 EUR 59.12
VONTOBEL FIN PRO 14.208 3/23/2012 EUR 51.94
VONTOBEL FIN PRO 14.211 3/23/2012 EUR 63.60
VONTOBEL FIN PRO 14.228 3/23/2012 EUR 58.34
VONTOBEL FIN PRO 14.346 3/23/2012 EUR 42.40
VONTOBEL FIN PRO 14.391 3/23/2012 EUR 74.08
VONTOBEL FIN PRO 14.391 3/23/2012 EUR 49.86
VONTOBEL FIN PRO 14.400 3/23/2012 EUR 63.18
VONTOBEL FIN PRO 14.614 3/23/2012 EUR 71.48
VONTOBEL FIN PRO 14.625 3/23/2012 EUR 53.54
VONTOBEL FIN PRO 14.636 3/23/2012 EUR 47.36
VONTOBEL FIN PRO 14.669 3/23/2012 EUR 46.24
VONTOBEL FIN PRO 14.754 3/23/2012 EUR 55.28
VONTOBEL FIN PRO 14.805 3/23/2012 EUR 50.88
VONTOBEL FIN PRO 14.895 3/23/2012 EUR 59.34
VONTOBEL FIN PRO 14.978 3/23/2012 EUR 40.42
VONTOBEL FIN PRO 15.158 3/23/2012 EUR 31.76
VONTOBEL FIN PRO 15.203 3/23/2012 EUR 51.08
VONTOBEL FIN PRO 15.215 3/23/2012 EUR 53.04
VONTOBEL FIN PRO 15.303 3/23/2012 EUR 50.70
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VONTOBEL FIN PRO 15.421 3/23/2012 EUR 73.28
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VONTOBEL FIN PRO 14.717 6/22/2012 EUR 49.60
VONTOBEL FIN PRO 14.791 6/22/2012 EUR 33.36
VONTOBEL FIN PRO 14.821 6/22/2012 EUR 46.40
VONTOBEL FIN PRO 15.091 6/22/2012 EUR 68.28
VONTOBEL FIN PRO 15.167 6/22/2012 EUR 62.50
VONTOBEL FIN PRO 15.308 6/22/2012 EUR 56.26
VONTOBEL FIN PRO 15.370 6/22/2012 EUR 46.12
VONTOBEL FIN PRO 15.448 6/22/2012 EUR 60.66
VONTOBEL FIN PRO 15.526 6/22/2012 EUR 72.08
VONTOBEL FIN PRO 15.840 6/22/2012 EUR 47.36
VONTOBEL FIN PRO 15.920 6/22/2012 EUR 29.14
VONTOBEL FIN PRO 15.940 6/22/2012 EUR 49.16
VONTOBEL FIN PRO 15.950 6/22/2012 EUR 73.90
VONTOBEL FIN PRO 16.110 6/22/2012 EUR 27.98
VONTOBEL FIN PRO 16.150 6/22/2012 EUR 60.90
VONTOBEL FIN PRO 16.156 6/22/2012 EUR 70.60
VONTOBEL FIN PRO 16.293 6/22/2012 EUR 68.98
VONTOBEL FIN PRO 16.488 6/22/2012 EUR 35.64
VONTOBEL FIN PRO 16.497 6/22/2012 EUR 33.80
VONTOBEL FIN PRO 16.595 6/22/2012 EUR 72.32
VONTOBEL FIN PRO 16.667 6/22/2012 EUR 35.86
VONTOBEL FIN PRO 16.746 6/22/2012 EUR 32.14
VONTOBEL FIN PRO 16.864 6/22/2012 EUR 74.84
VONTOBEL FIN PRO 17.189 6/22/2012 EUR 66.16
VONTOBEL FIN PRO 17.260 6/22/2012 EUR 26.38
VONTOBEL FIN PRO 17.333 6/22/2012 EUR 59.72
VONTOBEL FIN PRO 17.712 6/22/2012 EUR 27.24
VONTOBEL FIN PRO 17.784 6/22/2012 EUR 45.08
VONTOBEL FIN PRO 18.036 6/22/2012 EUR 64.42
VONTOBEL FIN PRO 18.164 6/22/2012 EUR 26.74
VONTOBEL FIN PRO 18.289 6/22/2012 EUR 26.36
VONTOBEL FIN PRO 18.295 6/22/2012 EUR 42.78
VONTOBEL FIN PRO 21.456 6/22/2012 EUR 60.18
VONTOBEL FIN PRO 22.800 6/22/2012 EUR 73.86
VONTOBEL FIN PRO 12.067 6/29/2012 EUR 73.10
VONTOBEL FIN PRO 12.067 6/29/2012 EUR 60.10
VONTOBEL FIN PRO 11.514 7/6/2012 EUR 60.70
VONTOBEL FIN PRO 11.061 7/13/2012 EUR 69.30
VONTOBEL FIN PRO 10.860 7/20/2012 EUR 62.90
VONTOBEL FIN PRO 11.061 7/20/2012 EUR 74.40
VONTOBEL FIN PRO 11.564 7/27/2012 EUR 73.90
VONTOBEL FIN PRO 12.864 7/27/2012 EUR 75.10
VONTOBEL FIN PRO 7.432 9/28/2012 EUR 72.54
VONTOBEL FIN PRO 8.174 9/28/2012 EUR 70.74
VONTOBEL FIN PRO 8.440 9/28/2012 EUR 71.02
VONTOBEL FIN PRO 8.581 9/28/2012 EUR 69.60
VONTOBEL FIN PRO 8.786 9/28/2012 EUR 70.70
VONTOBEL FIN PRO 8.878 9/28/2012 EUR 75.42
VONTOBEL FIN PRO 9.037 9/28/2012 EUR 69.02
VONTOBEL FIN PRO 9.284 9/28/2012 EUR 73.28
VONTOBEL FIN PRO 9.400 9/28/2012 EUR 68.06
VONTOBEL FIN PRO 9.405 9/28/2012 EUR 68.64
VONTOBEL FIN PRO 9.492 9/28/2012 EUR 63.08
VONTOBEL FIN PRO 9.523 9/28/2012 EUR 50.34
VONTOBEL FIN PRO 9.634 9/28/2012 EUR 70.82
VONTOBEL FIN PRO 9.672 9/28/2012 EUR 68.70
VONTOBEL FIN PRO 9.860 9/28/2012 EUR 75.00
VONTOBEL FIN PRO 9.877 9/28/2012 EUR 67.08
VONTOBEL FIN PRO 9.950 9/28/2012 EUR 67.46
VONTOBEL FIN PRO 10.000 9/28/2012 EUR 63.82
VONTOBEL FIN PRO 10.014 9/28/2012 EUR 60.02
VONTOBEL FIN PRO 10.046 9/28/2012 EUR 74.08
VONTOBEL FIN PRO 10.046 9/28/2012 EUR 59.04
VONTOBEL FIN PRO 10.083 9/28/2012 EUR 73.40
VONTOBEL FIN PRO 10.336 9/28/2012 EUR 63.90
VONTOBEL FIN PRO 10.344 9/28/2012 EUR 74.36
VONTOBEL FIN PRO 10.366 9/28/2012 EUR 73.90
VONTOBEL FIN PRO 10.494 9/28/2012 EUR 49.24
VONTOBEL FIN PRO 10.556 9/28/2012 EUR 64.06
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 74.32
VONTOBEL FIN PRO 10.830 9/28/2012 EUR 65.96
VONTOBEL FIN PRO 10.830 9/28/2012 EUR 67.68
VONTOBEL FIN PRO 10.850 9/28/2012 EUR 66.40
VONTOBEL FIN PRO 11.017 9/28/2012 EUR 72.28
VONTOBEL FIN PRO 11.027 9/28/2012 EUR 74.70
VONTOBEL FIN PRO 11.077 9/28/2012 EUR 72.21
VONTOBEL FIN PRO 11.145 9/28/2012 EUR 62.58
VONTOBEL FIN PRO 11.187 9/28/2012 EUR 74.58
VONTOBEL FIN PRO 11.357 9/28/2012 EUR 71.72
VONTOBEL FIN PRO 11.497 9/28/2012 EUR 72.54
VONTOBEL FIN PRO 11.502 9/28/2012 EUR 73.12
VONTOBEL FIN PRO 11.502 9/28/2012 EUR 48.26
VONTOBEL FIN PRO 11.577 9/28/2012 EUR 71.58
VONTOBEL FIN PRO 11.676 9/28/2012 EUR 65.44
VONTOBEL FIN PRO 11.764 9/28/2012 EUR 71.94
VONTOBEL FIN PRO 11.790 9/28/2012 EUR 72.22
VONTOBEL FIN PRO 11.797 9/28/2012 EUR 69.83
VONTOBEL FIN PRO 11.895 9/28/2012 EUR 61.50
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 71.68
VONTOBEL FIN PRO 12.067 9/28/2012 EUR 61.42
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 64.42
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 75.06
VONTOBEL FIN PRO 12.398 9/28/2012 EUR 56.12
VONTOBEL FIN PRO 12.761 9/28/2012 EUR 69.88
VONTOBEL FIN PRO 12.847 9/28/2012 EUR 68.98
VONTOBEL FIN PRO 12.857 9/28/2012 EUR 58.34
VONTOBEL FIN PRO 13.257 9/28/2012 EUR 63.36
VONTOBEL FIN PRO 13.259 9/28/2012 EUR 69.06
VONTOBEL FIN PRO 13.352 9/28/2012 EUR 59.30
VONTOBEL FIN PRO 13.469 9/28/2012 EUR 73.49
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 62.70
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 71.42
VONTOBEL FIN PRO 14.154 9/28/2012 EUR 66.64
VONTOBEL FIN PRO 14.191 9/28/2012 EUR 69.22
VONTOBEL FIN PRO 14.500 9/28/2012 EUR 75.52
VONTOBEL FIN PRO 14.853 9/28/2012 EUR 74.98
VONTOBEL FIN PRO 14.895 9/28/2012 EUR 68.36
VONTOBEL FIN PRO 16.183 9/28/2012 EUR 61.92
VONTOBEL FIN PRO 17.000 9/28/2012 EUR 68.96
VONTOBEL FIN PRO 11.500 12/14/2012 EUR 4.44
VONTOBEL FIN PRO 5.006 12/28/2012 EUR 60.12
VONTOBEL FIN PRO 7.050 12/31/2012 EUR 72.26
VONTOBEL FIN PRO 8.230 12/31/2012 EUR 72.24
VONTOBEL FIN PRO 8.246 12/31/2012 EUR 54.18
VONTOBEL FIN PRO 8.300 12/31/2012 EUR 65.44
VONTOBEL FIN PRO 8.526 12/31/2012 EUR 34.84
VONTOBEL FIN PRO 8.877 12/31/2012 EUR 72.90
VONTOBEL FIN PRO 9.123 12/31/2012 EUR 73.82
VONTOBEL FIN PRO 9.193 12/31/2012 EUR 53.12
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 62.40
VONTOBEL FIN PRO 9.700 12/31/2012 EUR 72.80
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 52.52
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 74.72
VONTOBEL FIN PRO 9.841 12/31/2012 EUR 67.36
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 75.42
VONTOBEL FIN PRO 10.175 12/31/2012 EUR 52.20
VONTOBEL FIN PRO 10.421 12/31/2012 EUR 71.50
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 71.50
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 34.68
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 72.82
VONTOBEL FIN PRO 11.476 12/31/2012 EUR 71.91
VONTOBEL FIN PRO 11.649 12/31/2012 EUR 71.76
VONTOBEL FIN PRO 11.784 12/31/2012 EUR 74.53
VONTOBEL FIN PRO 11.790 12/31/2012 EUR 69.50
VONTOBEL FIN PRO 12.501 12/31/2012 EUR 72.69
VONTOBEL FIN PRO 12.593 12/31/2012 EUR 76.22
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 72.86
VONTOBEL FIN PRO 12.912 12/31/2012 EUR 69.26
VONTOBEL FIN PRO 13.123 12/31/2012 EUR 34.76
VONTOBEL FIN PRO 13.518 12/31/2012 EUR 73.64
VONTOBEL FIN PRO 14.150 12/31/2012 EUR 66.32
VONTOBEL FIN PRO 14.211 12/31/2012 EUR 67.06
VONTOBEL FIN PRO 8.042 1/2/2013 EUR 69.88
VONTOBEL FIN PRO 8.987 1/2/2013 EUR 44.65
VONTOBEL FIN PRO 10.930 1/2/2013 EUR 64.88
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 47.30
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 49.90
WESTLB AG 5.000 3/22/2012 EUR 70.85
WESTLB AG 5.000 3/22/2012 EUR 72.68
WESTLB AG 4.500 3/22/2012 EUR 50.19
WESTLB AG 5.000 4/12/2016 EUR 29.01
WESTLB AG 0.100 9/27/2012 EUR 57.88
WESTLB AG 0.075 9/27/2012 EUR 73.07
WESTLB AG 6.750 7/30/2012 EUR 73.74
WESTLB AG 8.500 6/21/2012 EUR 62.75
WESTLB AG 8.500 6/21/2012 EUR 71.20
WESTLB AG 5.250 5/21/2012 EUR 69.32
WESTLB AG 6.000 3/26/2012 EUR 49.79
WESTLB AG 8.000 3/22/2012 EUR 72.74
WESTLB AG 8.000 3/22/2012 EUR 63.63
WESTLB AG 7.500 3/22/2012 EUR 60.25
WESTLB AG 7.500 3/22/2012 EUR 69.43
WESTLB AG 7.000 3/22/2012 EUR 50.21
WGZ BANK 8.000 6/13/2012 EUR 45.15
WGZ BANK 8.000 6/21/2012 EUR 75.14
WGZ BANK 8.000 12/20/2012 EUR 74.87
WGZ BANK 7.000 12/28/2012 EUR 73.74
WGZ BANK 8.000 12/28/2012 EUR 70.36
WGZ BANK 7.000 3/27/2012 EUR 74.60
WGZ BANK 8.000 3/27/2012 EUR 73.33
WGZ BANK 9.000 3/27/2012 EUR 72.10
WGZ BANK 4.000 6/13/2012 EUR 56.99
WGZ BANK 5.000 6/13/2012 EUR 51.33
WGZ BANK 6.000 6/13/2012 EUR 49.05
WGZ BANK 7.000 6/13/2012 EUR 47.00
GREECE
------
HELLENIC REPUB 5.000 3/11/2019 EUR 21.63
HELLENIC REPUB 3.187 7/7/2024 EUR 10.75
HELLENIC REPUB 6.140 4/14/2028 EUR 14.63
HELLENIC REPUB 5.200 7/17/2034 EUR 21.13
HELLENIC REPUB 4.625 6/25/2013 USD 37.38
HELLENIC REPUB 2.125 7/5/2013 CHF 36.00
HELLENIC REPUB 4.590 4/8/2016 EUR 25.25
NATL BK GREECE 3.875 10/7/2016 EUR 68.86
YIOULA GLASSWORK 9.000 12/1/2015 EUR 57.25
YIOULA GLASSWORK 9.000 12/1/2015 EUR 57.25
GUERNSEY
--------
BCV GUERNSEY 7.250 5/25/2012 CHF 68.27
BCV GUERNSEY 8.500 5/25/2012 EUR 65.11
BCV GUERNSEY 8.020 3/1/2013 EUR 73.32
BCV GUERNSEY 8.500 3/30/2012 CHF 74.88
BCV GUERNSEY 8.120 5/11/2012 CHF 75.68
BCV GUERNSEY 9.500 4/13/2012 EUR 33.30
BCV GUERNSEY 7.200 4/13/2012 CHF 70.93
BCV GUERNSEY 18.600 5/17/2012 USD 44.25
BCV GUERNSEY 19.200 5/17/2012 EUR 45.44
BCV GUERNSEY 10.000 5/18/2012 CHF 52.79
BCV GUERNSEY 13.000 5/18/2012 CHF 66.57
BCV GUERNSEY 18.150 5/17/2012 CHF 44.11
BKB FINANCE 8.900 9/27/2012 CHF 63.24
BKB FINANCE 9.050 8/9/2012 CHF 58.06
BKB FINANCE 9.200 6/21/2012 CHF 65.88
BKB FINANCE 7.650 6/14/2012 CHF 67.50
BKB FINANCE 6.850 6/14/2012 CHF 66.76
BKB FINANCE 7.750 6/7/2012 CHF 40.57
BKB FINANCE 7.750 5/31/2012 CHF 71.22
BKB FINANCE 6.400 5/10/2012 CHF 69.86
BKB FINANCE 8.050 5/3/2012 CHF 68.66
BKB FINANCE 8.500 3/29/2012 CHF 66.54
BKB FINANCE 7.800 5/3/2012 CHF 57.35
BKB FINANCE 7.000 3/29/2012 CHF 73.58
BKB FINANCE 8.350 1/14/2013 CHF 68.09
BKB FINANCE 9.850 4/26/2012 CHF 57.69
EFG FINANCIAL PR 8.250 7/4/2012 EUR 73.88
EFG FINANCIAL PR 10.500 7/5/2012 CHF 46.19
EFG FINANCIAL PR 10.250 7/25/2012 CHF 46.22
EFG FINANCIAL PR 17.700 3/23/2012 USD 36.02
EFG FINANCIAL PR 11.000 3/28/2012 EUR 56.54
EFG FINANCIAL PR 8.500 3/29/2012 CHF 60.15
EFG FINANCIAL PR 18.000 4/4/2012 CHF 17.72
EFG FINANCIAL PR 7.200 4/5/2012 USD 74.03
EFG FINANCIAL PR 8.500 4/5/2012 USD 74.58
EFG FINANCIAL PR 8.550 4/5/2012 USD 51.22
EFG FINANCIAL PR 9.500 4/5/2012 USD 51.42
EFG FINANCIAL PR 9.500 4/5/2012 EUR 51.38
EFG FINANCIAL PR 10.400 4/5/2012 USD 75.25
EFG FINANCIAL PR 12.100 4/5/2012 USD 74.43
EFG FINANCIAL PR 9.000 4/11/2012 USD 71.90
EFG FINANCIAL PR 9.300 4/11/2012 USD 51.21
EFG FINANCIAL PR 10.750 3/28/2012 EUR 52.29
EFG FINANCIAL PR 9.600 4/11/2012 USD 74.42
EFG FINANCIAL PR 10.000 4/19/2012 CHF 66.43
EFG FINANCIAL PR 10.500 4/19/2012 CHF 66.78
EFG FINANCIAL PR 13.050 4/19/2012 USD 51.56
EFG FINANCIAL PR 14.150 4/19/2012 EUR 51.53
EFG FINANCIAL PR 16.500 4/19/2012 EUR 64.06
EFG FINANCIAL PR 18.110 4/19/2012 EUR 64.21
EFG FINANCIAL PR 9.450 4/20/2012 CHF 64.87
EFG FINANCIAL PR 10.000 4/20/2012 USD 52.61
EFG FINANCIAL PR 10.500 4/20/2012 USD 52.74
EFG FINANCIAL PR 11.000 4/20/2012 USD 70.52
EFG FINANCIAL PR 8.650 4/23/2012 USD 63.50
EFG FINANCIAL PR 10.250 4/26/2012 EUR 51.16
EFG FINANCIAL PR 11.300 4/27/2012 EUR 68.63
EFG FINANCIAL PR 10.800 5/2/2012 CHF 72.31
EFG FINANCIAL PR 6.500 5/3/2012 USD 65.12
EFG FINANCIAL PR 9.500 5/4/2012 CHF 68.25
EFG FINANCIAL PR 10.500 5/4/2012 CHF 71.93
EFG FINANCIAL PR 11.000 5/4/2012 USD 71.68
EFG FINANCIAL PR 14.750 5/4/2012 EUR 47.28
EFG FINANCIAL PR 18.600 5/4/2012 CHF 69.56
EFG FINANCIAL PR 7.000 5/7/2012 CHF 72.10
EFG FINANCIAL PR 9.000 5/7/2012 USD 49.04
EFG FINANCIAL PR 10.600 5/9/2012 CHF 30.79
EFG FINANCIAL PR 10.000 5/11/2012 CHF 26.36
EFG FINANCIAL PR 10.050 5/11/2012 CHF 59.23
EFG FINANCIAL PR 11.000 5/11/2012 EUR 26.43
EFG FINANCIAL PR 8.950 5/14/2012 CHF 70.36
EFG FINANCIAL PR 8.400 9/30/2013 CHF 73.03
EFG FINANCIAL PR 6.500 8/27/2013 CHF 62.37
EFG FINANCIAL PR 14.000 2/19/2013 CHF 23.95
EFG FINANCIAL PR 5.800 1/23/2013 CHF 60.92
EFG FINANCIAL PR 16.500 1/18/2013 CHF 56.35
EFG FINANCIAL PR 12.500 1/15/2013 CHF 52.59
EFG FINANCIAL PR 10.250 1/15/2013 CHF 30.43
EFG FINANCIAL PR 9.000 1/15/2013 CHF 49.27
EFG FINANCIAL PR 8.830 12/28/2012 USD 68.15
EFG FINANCIAL PR 12.000 12/27/2012 CHF 17.36
EFG FINANCIAL PR 17.500 12/14/2012 EUR 64.16
EFG FINANCIAL PR 13.750 12/6/2012 CHF 60.50
EFG FINANCIAL PR 16.000 11/27/2012 EUR 60.93
EFG FINANCIAL PR 14.500 11/27/2012 CHF 53.48
EFG FINANCIAL PR 14.800 11/20/2012 EUR 70.61
EFG FINANCIAL PR 11.500 11/20/2012 EUR 70.60
EFG FINANCIAL PR 8.000 11/20/2012 CHF 75.04
EFG FINANCIAL PR 17.000 11/13/2012 EUR 66.75
EFG FINANCIAL PR 14.000 11/13/2012 USD 34.06
EFG FINANCIAL PR 13.000 11/13/2012 CHF 33.65
EFG FINANCIAL PR 12.750 11/13/2012 CHF 31.41
EFG FINANCIAL PR 9.330 10/29/2012 USD 60.41
EFG FINANCIAL PR 21.000 10/26/2012 USD 38.68
EFG FINANCIAL PR 20.500 10/26/2012 EUR 38.58
EFG FINANCIAL PR 20.000 10/26/2012 CHF 38.16
EFG FINANCIAL PR 17.000 10/26/2012 EUR 59.89
EFG FINANCIAL PR 16.750 10/26/2012 CHF 43.54
EFG FINANCIAL PR 11.250 10/26/2012 CHF 75.32
EFG FINANCIAL PR 6.250 10/25/2012 CHF 66.57
EFG FINANCIAL PR 12.000 10/19/2012 USD 65.57
EFG FINANCIAL PR 17.250 10/12/2012 CHF 74.24
EFG FINANCIAL PR 20.000 10/11/2012 CHF 35.93
EFG FINANCIAL PR 12.500 10/11/2012 CHF 75.45
EFG FINANCIAL PR 10.620 10/3/2012 USD 46.09
EFG FINANCIAL PR 9.930 10/3/2012 EUR 46.02
EFG FINANCIAL PR 10.000 10/1/2012 CHF 75.33
EFG FINANCIAL PR 11.250 9/25/2012 CHF 74.75
EFG FINANCIAL PR 9.000 9/10/2012 CHF 64.57
EFG FINANCIAL PR 9.040 3/26/2012 USD 58.10
EFG FINANCIAL PR 11.000 7/25/2012 CHF 24.47
EFG FINANCIAL PR 7.000 9/7/2012 CHF 60.42
EFG FINANCIAL PR 7.000 9/7/2012 EUR 65.14
EFG FINANCIAL PR 9.600 9/4/2012 USD 63.61
EFG FINANCIAL PR 9.500 9/4/2012 USD 50.69
EFG FINANCIAL PR 10.500 9/3/2012 CHF 63.48
EFG FINANCIAL PR 22.000 8/24/2012 USD 26.01
EFG FINANCIAL PR 14.000 8/24/2012 CHF 38.84
EFG FINANCIAL PR 11.750 8/24/2012 CHF 68.41
EFG FINANCIAL PR 11.500 8/24/2012 CHF 62.00
EFG FINANCIAL PR 11.800 8/17/2012 CHF 65.80
EFG FINANCIAL PR 11.600 8/17/2012 EUR 65.07
EFG FINANCIAL PR 12.000 8/16/2012 EUR 39.10
EFG FINANCIAL PR 13.750 8/14/2012 EUR 74.65
EFG FINANCIAL PR 12.750 8/14/2012 CHF 63.90
EFG FINANCIAL PR 11.000 8/14/2012 CHF 59.17
EFG FINANCIAL PR 3.850 8/13/2012 EUR 55.33
EFG FINANCIAL PR 12.800 8/10/2012 CHF 60.09
EFG FINANCIAL PR 11.700 8/10/2012 USD 45.29
EFG FINANCIAL PR 19.000 8/8/2012 USD 65.02
EFG FINANCIAL PR 11.000 8/7/2012 CHF 53.68
EFG FINANCIAL PR 10.000 8/7/2012 CHF 63.91
EFG FINANCIAL PR 9.000 8/3/2012 CHF 56.85
EFG FINANCIAL PR 9.000 8/3/2012 CHF 65.34
EFG FINANCIAL PR 9.000 8/3/2012 CHF 14.35
EFG FINANCIAL PR 11.750 7/31/2012 CHF 63.87
EFG FINANCIAL PR 11.750 7/31/2012 CHF 63.94
EFG FINANCIAL PR 11.500 7/31/2012 EUR 59.72
EFG FINANCIAL PR 10.000 7/31/2012 CHF 63.12
EFG FINANCIAL PR 9.000 5/16/2012 CHF 73.53
EFG FINANCIAL PR 10.830 5/18/2012 CHF 6.67
EFG FINANCIAL PR 12.960 5/21/2012 EUR 25.54
EFG FINANCIAL PR 10.750 5/22/2012 CHF 69.88
EFG FINANCIAL PR 11.250 5/22/2012 CHF 63.80
EFG FINANCIAL PR 12.750 5/22/2012 EUR 68.07
EFG FINANCIAL PR 14.000 5/22/2012 EUR 72.88
EFG FINANCIAL PR 8.000 5/24/2012 USD 58.43
EFG FINANCIAL PR 7.440 5/25/2012 EUR 61.23
EFG FINANCIAL PR 10.570 5/25/2012 EUR 74.28
EFG FINANCIAL PR 11.200 5/25/2012 CHF 70.29
EFG FINANCIAL PR 10.910 5/29/2012 EUR 48.94
EFG FINANCIAL PR 10.000 5/30/2012 CHF 62.42
EFG FINANCIAL PR 12.750 6/6/2012 CHF 72.77
EFG FINANCIAL PR 12.750 6/6/2012 EUR 74.60
EFG FINANCIAL PR 10.000 6/8/2012 CHF 34.76
EFG FINANCIAL PR 12.250 6/8/2012 EUR 68.11
EFG FINANCIAL PR 5.200 6/14/2012 CHF 69.95
EFG FINANCIAL PR 12.250 6/15/2012 EUR 16.15
EFG FINANCIAL PR 13.110 6/18/2012 USD 56.74
EFG FINANCIAL PR 9.650 6/20/2012 USD 56.58
EFG FINANCIAL PR 7.000 6/21/2012 CHF 65.21
EFG FINANCIAL PR 10.000 6/22/2012 CHF 44.54
EFG FINANCIAL PR 11.300 6/28/2012 EUR 68.81
EFG FINANCIAL PR 6.600 7/4/2012 CHF 73.69
MARE BALTIC PCC 3.000 11/17/2014 DKK 22.00
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 3.000 11/1/2012 DKK 30.05
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
ZURCHER KANT FIN 7.844 5/18/2012 CHF 66.89
ZURCHER KANT FIN 7.340 4/16/2013 CHF 64.71
ZURCHER KANT FIN 5.330 11/30/2012 CHF 72.68
ZURCHER KANT FIN 9.250 11/9/2012 CHF 70.54
ZURCHER KANT FIN 10.250 7/19/2012 CHF 73.66
ZURCHER KANT FIN 11.000 7/13/2012 CHF 72.82
ZURCHER KANT FIN 9.000 6/18/2012 CHF 65.41
ZURCHER KANT FIN 13.575 6/15/2012 CHF 74.45
ZURCHER KANT FIN 7.721 3/30/2012 CHF 74.73
ZURCHER KANT FIN 11.000 4/20/2012 CHF 57.11
ZURCHER KANT FIN 8.000 6/15/2012 CHF 69.26
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 54.75
IRELAND
-------
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 64.93
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 58.49
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 58.46
BANK OF IRELAND 5.600 9/18/2023 EUR 57.88
BK IRELAND MTGE 5.400 11/6/2029 EUR 64.09
BK IRELAND MTGE 5.450 3/1/2030 EUR 64.31
BK IRELAND MTGE 5.760 9/7/2029 EUR 67.29
BK IRELAND MTGE 5.360 10/12/2029 EUR 63.81
DEPFA ACS BANK 4.900 8/24/2035 CAD 68.65
DEPFA ACS BANK 5.125 3/16/2037 USD 74.43
DEPFA ACS BANK 5.125 3/16/2037 USD 74.00
DEPFA ACS BANK 0.500 3/3/2025 CAD 41.20
FIRST ACTIVE PLC 6.375 4/4/2018 GBP 73.38
KALVEBOD PLC 2.000 5/1/2106 DKK 31.50
ITALY
-----
BTPS I/L 2.550 9/15/2041 EUR 75.08
BTPS I/L 2.350 9/15/2035 EUR 75.11
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 63.50
REP OF ITALY 2.870 5/19/2036 JPY 55.30
REP OF ITALY 2.000 9/15/2062 EUR 56.82
REP OF ITALY 5.250 12/7/2034 GBP 72.17
REP OF ITALY 4.850 6/11/2060 EUR 72.59
REP OF ITALY 2.200 9/15/2058 EUR 62.19
REP OF ITALY 1.850 9/15/2057 EUR 55.17
SEAT PAGINE 10.500 1/31/2017 EUR 66.16
SEAT PAGINE 10.500 1/31/2017 EUR 64.92
UBI BANCA SPCA 6.250 11/18/2018 EUR 52.08
UNICREDITO ITALI 4.748 2/15/2035 EUR 95.00
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 69.05
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 23.78
CONTROLINVESTE 3.000 1/28/2015 EUR 73.96
DEXIA BQ INT LUX 6.000 7/2/2018 EUR 72.02
ESFG INTERNATION 6.875 10/21/2019 EUR 68.30
ESPIRITO SANTO F 9.750 12/19/2025 EUR 66.03
FORTIS LUX FIN 3.420 6/29/2021 EUR 65.00
FORTIS LUX FINAN 6.500 10/22/2012 EUR 75.00
INTRALOT LUX SA 2.250 12/20/2013 EUR 68.73
VIVALDIS 0.500 8/8/2028 EUR 70.50
VIVALDIS 0.500 6/13/2028 EUR 65.85
VIVALDIS 0.500 6/13/2013 EUR 65.85
KAZAKHSTAN
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APP INTL FINANCE 11.750 10/1/2005 USD 1.00
BK NED GEMEENTEN 0.500 6/22/2016 TRY 72.23
BK NED GEMEENTEN 0.500 3/17/2016 TRY 73.56
BK NED GEMEENTEN 0.500 4/27/2016 TRY 72.99
BK NED GEMEENTEN 0.500 5/25/2016 TRY 72.61
BK NED GEMEENTEN 0.500 9/15/2016 TRY 71.10
BK NED GEMEENTEN 0.500 3/3/2021 NZD 69.91
BK NED GEMEENTEN 0.500 3/29/2021 NZD 69.67
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 48.75
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 48.24
BK NED GEMEENTEN 0.500 2/24/2025 CAD 62.62
BLT FINANCE BV 7.500 5/15/2014 USD 29.50
BRIT INSURANCE 6.625 12/9/2030 GBP 62.04
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 68.93
KBC IFIMA NV 7.500 4/30/2012 EUR 57.04
LEHMAN BROS TSY 6.000 2/15/2035 EUR 8.00
LEHMAN BROS TSY 4.870 10/8/2013 USD 34.50
LEHMAN BROS TSY 8.250 3/16/2035 EUR 8.00
LEHMAN BROS TSY 7.000 5/17/2035 EUR 8.00
LEHMAN BROS TSY 7.250 10/5/2035 EUR 7.10
LEHMAN BROS TSY 6.000 11/2/2035 EUR 6.55
NATL INVESTER BK 25.983 5/7/2029 EUR 25.36
NED WATERSCHAPBK 0.500 3/11/2025 CAD 60.05
NIB CAPITAL BANK 4.510 12/16/2035 EUR 67.94
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 69.69
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 19.02
RABOBANK 0.500 11/26/2021 ZAR 47.87
RABOBANK 0.500 10/27/2016 ZAR 72.06
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 62.72
SNS BANK 4.996 1/26/2035 EUR 65.55
SNS BANK 4.580 3/20/2026 EUR 67.08
SNS BANK 5.215 12/3/2027 EUR 70.25
NORWAY
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KOMMUNALBANKEN 0.500 5/25/2016 ZAR 73.35
KOMMUNALBANKEN 0.500 7/29/2016 ZAR 72.22
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 61.59
KOMMUNALBANKEN 0.500 3/24/2016 ZAR 74.44
KOMMUNALBANKEN 0.500 3/1/2016 ZAR 74.95
KOMMUNALBANKEN 0.500 7/26/2016 ZAR 72.28
NORSKE SKOGIND 7.125 10/15/2033 USD 55.88
NORSKE SKOGIND 7.125 10/15/2033 USD 55.88
NORSKE SKOGIND 6.125 10/15/2015 USD 71.50
NORSKE SKOGIND 7.000 6/26/2017 EUR 65.22
NORSKE SKOGIND 6.125 10/15/2015 USD 71.50
RENEWABLE CORP 6.500 6/4/2014 EUR 64.13
POLAND
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POLAND-REGD-RSTA 2.810 11/16/2037 JPY 73.88
REP OF POLAND 2.648 3/29/2034 JPY 73.14
PORTUGAL
--------
CAIXA GERAL DEPO 4.400 10/8/2019 EUR 68.00
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 58.80
CAIXA GERAL DEPO 5.320 8/5/2021 EUR 68.75
CAIXA GERAL DEPO 4.250 1/27/2020 EUR 74.06
COMBOIOS DE PORT 4.170 10/16/2019 EUR 48.24
METRO DE LISBOA 4.061 12/4/2026 EUR 46.63
METRO DE LISBOA 4.799 12/7/2027 EUR 44.00
METRO DE LISBOA 7.300 12/23/2025 EUR 51.88
METRO DE LISBOA 5.750 2/4/2019 EUR 54.63
MONTEPIO GERAL 5.000 2/8/2017 EUR 61.25
PARPUBLICA 4.200 11/16/2026 EUR 47.25
PARPUBLICA 3.567 9/22/2020 EUR 54.67
PORTUGAL (REP) 3.500 3/25/2015 USD 70.67
PORTUGAL (REP) 3.500 3/25/2015 USD 70.67
PORTUGUESE OT'S 3.850 4/15/2021 EUR 54.33
PORTUGUESE OT'S 4.450 6/15/2018 EUR 58.57
PORTUGUESE OT'S 4.350 10/16/2017 EUR 61.32
PORTUGUESE OT'S 4.750 6/14/2019 EUR 57.26
PORTUGUESE OT'S 6.400 2/15/2016 EUR 73.20
PORTUGUESE OT'S 3.350 10/15/2015 EUR 69.50
PORTUGUESE OT'S 4.100 4/15/2037 EUR 44.03
PORTUGUESE OT'S 4.950 10/25/2023 EUR 53.10
PORTUGUESE OT'S 4.200 10/15/2016 EUR 64.76
PORTUGUESE OT'S 4.800 6/15/2020 EUR 56.07
REFER 4.675 10/16/2024 EUR 44.39
REFER 5.875 2/18/2019 EUR 52.91
REFER 4.250 12/13/2021 EUR 44.88
REFER 4.000 3/16/2015 EUR 55.01
REFER 4.047 11/16/2026 EUR 43.66
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 47.74
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 15.00
MOSMART FINANS 0.010 4/12/2012 RUB 6.50
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 3.270 4/19/2018 RUB 46.00
SATURN 8.000 6/6/2014 RUB 3.00
SERBIA T-BONDS 5.850 2/16/2026 EUR 73.88
SPAIN
-----
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 67.69
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 66.68
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 69.24
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 60.86
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 63.75
BANCAJA 1.500 5/22/2018 EUR 69.90
BANCAJA EMI SA 2.755 5/11/2037 JPY 71.94
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 61.43
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 74.90
BANCO CASTILLA 1.500 6/23/2021 EUR 69.64
BASQUE GOV'T 4.600 1/7/2025 EUR 74.80
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 52.71
CAIXA TERRASSA 4.700 8/9/2021 EUR 73.20
CAJA MADRID 5.116 7/15/2015 EUR 73.88
CAJA MADRID 5.405 7/21/2038 EUR 74.92
CAJA MADRID 4.125 3/24/2036 EUR 69.31
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 56.41
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 61.85
CEDULAS TDA A-5 4.250 3/28/2027 EUR 61.80
COMUN AUTO CANAR 4.200 10/25/2036 EUR 49.41
COMUN AUTO CANAR 3.900 11/30/2035 EUR 48.77
COMUN AUTO CANAR 5.750 10/15/2029 EUR 71.58
COMUN NAVARRA 4.000 11/23/2021 EUR 70.97
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 53.93
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 74.05
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 46.75
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 69.34
COMUNIDAD MADRID 4.300 9/15/2026 EUR 69.29
DIPUTACION FOR 4.323 12/29/2023 EUR 66.94
GEN DE CATALUNYA 4.220 4/26/2035 EUR 49.56
GEN DE CATALUNYA 2.965 9/8/2039 JPY 51.01
GEN DE CATALUNYA 6.350 11/30/2041 EUR 66.54
GEN DE CATALUNYA 4.950 2/11/2020 EUR 75.03
GEN DE CATALUNYA 4.690 10/28/2034 EUR 53.99
GEN DE CATALUNYA 4.801 7/31/2020 EUR 73.06
GEN DE CATALUNYA 4.900 9/15/2021 EUR 71.36
GEN DE CATALUNYA 5.250 10/5/2023 EUR 70.11
GEN DE CATALUNYA 5.325 10/5/2028 EUR 64.48
GEN DE CATALUNYA 5.219 9/10/2029 EUR 62.36
GEN DE CATALUNYA 5.400 5/13/2030 EUR 63.04
GEN DE CATALUNYA 5.900 5/28/2030 EUR 67.68
GEN DE CATALUNYA 5.950 10/1/2030 EUR 66.94
GENERAL DE ALQUI 2.750 8/20/2012 EUR 73.35
GENERAL VALENCIA 4.900 3/17/2020 EUR 61.50
GENERAL VALENCIA 5.900 11/30/2032 EUR 47.63
GENERAL VALENCIA 4.000 11/2/2016 EUR 79.64
IM CEDULAS 5 3.500 6/15/2020 EUR 73.41
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 74.70
INSTITUT CATALA 4.250 6/15/2024 EUR 64.52
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 71.87
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 71.65
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 67.51
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 72.19
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 57.87
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 48.48
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 54.81
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 71.80
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 56.18
JUNTA CASTILLA 4.650 11/8/2022 EUR 68.10
JUNTA LA MANCHA 7.705 2/15/2033 EUR 68.63
JUNTA LA MANCHA 5.950 9/9/2030 EUR 57.46
JUNTA LA MANCHA 4.875 3/18/2020 EUR 75.88
JUNTA LA MANCHA 3.875 1/31/2036 EUR 36.00
JUNTA LA MANCHA 2.810 10/14/2022 JPY 69.75
JUNTA LA MANCHA 4.625 11/30/2022 EUR 63.25
MAPFRE SA 5.921 7/24/2037 EUR 71.95
SACYR VALLEHERM 6.500 5/1/2016 EUR 64.18
XUNTA DE GALICIA 4.025 11/28/2035 EUR 46.52
XUNTA DE GALICIA 5.350 11/22/2028 EUR 63.31
SWEDEN
------
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 48.28
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 71.37
SWEDISH EXP CRED 0.500 9/20/2016 ZAR 71.51
SWEDISH EXP CRED 0.500 8/26/2016 ZAR 71.97
SWEDISH EXP CRED 0.500 8/25/2016 ZAR 71.96
SWEDISH EXP CRED 0.500 6/29/2016 TRY 71.43
SWEDISH EXP CRED 0.500 6/14/2016 ZAR 73.21
SWEDISH EXP CRED 0.500 11/27/2015 TRY 74.50
SWEDISH EXP CRED 7.500 6/12/2012 USD 7.06
SWEDISH EXP CRED 9.250 4/27/2012 USD 8.45
SWEDISH EXP CRED 0.500 1/25/2028 USD 54.77
SWEDISH EXP CRED 0.500 12/17/2027 USD 55.19
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 46.11
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 46.33
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 47.52
SWEDISH EXP CRED 0.500 8/26/2021 AUD 63.32
SWEDISH EXP CRED 9.750 3/23/2012 USD 8.96
SWITZERLAND
-----------
BANK JULIUS BAER 13.600 3/30/2012 EUR 67.65
BANK JULIUS BAER 7.200 4/12/2012 CHF 64.00
BANK JULIUS BAER 12.000 4/16/2012 EUR 64.80
BANK JULIUS BAER 11.700 4/20/2012 EUR 70.15
BANK JULIUS BAER 11.000 4/5/2012 CHF 69.75
BANK JULIUS BAER 12.300 4/20/2012 CHF 65.70
BANK JULIUS BAER 15.600 4/20/2012 EUR 51.55
BANK JULIUS BAER 12.500 3/23/2012 CHF 71.35
BANK JULIUS BAER 13.000 3/23/2012 EUR 74.95
BANK JULIUS BAER 7.700 3/30/2012 EUR 61.95
BANK JULIUS BAER 8.300 3/30/2012 EUR 73.70
BANK JULIUS BAER 9.200 3/30/2012 EUR 70.50
BANK JULIUS BAER 9.200 3/30/2012 EUR 68.40
BANK JULIUS BAER 8.200 4/26/2012 EUR 71.70
BANK JULIUS BAER 10.500 4/26/2012 CHF 68.65
BANK JULIUS BAER 12.100 3/30/2012 EUR 70.95
BANK JULIUS BAER 7.100 5/9/2012 CHF 75.05
BANK JULIUS BAER 10.500 5/9/2012 EUR 68.40
BANK JULIUS BAER 10.500 5/9/2012 EUR 68.95
BANK JULIUS BAER 13.200 4/12/2012 CHF 63.75
BANK JULIUS BAER 12.200 4/12/2012 CHF 5.15
BANK JULIUS BAER 10.000 4/12/2012 CHF 51.35
BANK JULIUS BAER 9.200 4/12/2012 CHF 56.35
BANK JULIUS BAER 7.400 4/12/2012 CHF 36.75
BANK JULIUS BAER 7.100 5/10/2012 CHF 66.10
BANK JULIUS BAER 6.200 5/11/2012 USD 57.55
BANK JULIUS BAER 8.300 5/11/2012 CHF 60.15
BANK JULIUS BAER 10.000 5/11/2012 CHF 70.25
BANK JULIUS BAER 8.200 5/18/2012 EUR 74.80
BANK JULIUS BAER 8.400 5/23/2012 CHF 69.60
BANK JULIUS BAER 9.200 5/25/2012 EUR 64.40
BANK JULIUS BAER 9.000 5/30/2012 CHF 61.35
BANK JULIUS BAER 10.000 6/1/2012 CHF 70.70
BANK JULIUS BAER 13.000 6/1/2012 USD 62.90
BANK JULIUS BAER 10.100 7/6/2012 CHF 42.20
BANK JULIUS BAER 11.300 7/6/2012 CHF 42.95
BANK JULIUS BAER 11.900 7/6/2012 CHF 65.10
BANK JULIUS BAER 11.900 7/6/2012 CHF 72.00
BANK JULIUS BAER 12.400 7/6/2012 CHF 52.85
BANK JULIUS BAER 14.300 7/13/2012 CHF 61.90
BANK JULIUS BAER 10.500 7/18/2012 CHF 74.95
BANK JULIUS BAER 9.000 9/17/2012 CHF 58.75
BANK JULIUS BAER 12.000 4/9/2013 CHF 72.35
BANK JULIUS BAER 10.500 4/13/2012 EUR 68.55
BANK JULIUS BAER 6.600 4/5/2012 CHF 60.80
BANK JULIUS BAER 9.300 4/5/2012 CHF 66.50
BANK JULIUS BAER 9.500 4/5/2012 CHF 65.10
BANK JULIUS BAER 12.100 4/20/2012 EUR 71.05
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 71.54
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 66.43
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 67.80
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 68.26
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 65.07
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 72.61
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 66.30
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 67.83
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 67.54
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 70.92
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 71.80
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 104.75
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 71.82
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 74.70
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 74.24
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 72.84
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 72.41
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 70.42
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 73.96
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 64.84
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 65.23
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 70.95
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 68.01
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 111.20
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 70.39
CLARIDEN LEU NAS 9.250 3/22/2012 CHF 70.60
CLARIDEN LEU NAS 12.000 3/22/2012 EUR 72.80
CLARIDEN LEU NAS 12.000 3/28/2012 CHF 66.19
CLARIDEN LEU NAS 15.250 3/28/2012 EUR 51.19
CLARIDEN LEU NAS 8.250 4/4/2012 CHF 66.92
CLARIDEN LEU NAS 13.500 4/4/2012 CHF 17.54
CLARIDEN LEU NAS 7.700 4/5/2012 CHF 38.18
CLARIDEN LEU NAS 8.500 4/5/2012 CHF 99.50
CLARIDEN LEU NAS 15.000 4/5/2012 USD 57.53
CLARIDEN LEU NAS 9.500 4/11/2012 CHF 60.73
CLARIDEN LEU NAS 10.000 4/11/2012 USD 32.06
CLARIDEN LEU NAS 11.000 4/11/2012 GBP 75.73
CLARIDEN LEU NAS 9.500 4/12/2012 CHF 42.46
CLARIDEN LEU NAS 11.000 4/12/2012 EUR 52.29
CLARIDEN LEU NAS 9.650 4/13/2012 CHF 36.99
CLARIDEN LEU NAS 9.000 4/19/2012 CHF 69.91
CLARIDEN LEU NAS 10.000 4/26/2012 CHF 72.41
CLARIDEN LEU NAS 11.250 4/26/2012 USD 69.84
CLARIDEN LEU NAS 8.500 4/27/2012 USD 71.51
CLARIDEN LEU NAS 9.000 4/27/2012 USD 99.72
CLARIDEN LEU NAS 9.000 4/27/2012 USD 69.16
CLARIDEN LEU NAS 12.400 4/27/2012 EUR 74.33
CLARIDEN LEU NAS 13.000 4/27/2012 CHF 20.04
CLARIDEN LEU NAS 9.500 5/2/2012 EUR 67.02
CLARIDEN LEU NAS 10.500 5/2/2012 EUR 70.29
CLARIDEN LEU NAS 11.000 5/2/2012 CHF 68.81
CLARIDEN LEU NAS 8.000 5/3/2012 GBP 74.83
CLARIDEN LEU NAS 8.250 5/3/2012 GBP 70.75
CLARIDEN LEU NAS 9.500 5/3/2012 CHF 67.42
CLARIDEN LEU NAS 10.250 5/4/2012 CHF 100.12
CLARIDEN LEU NAS 7.300 5/9/2012 CHF 67.67
CLARIDEN LEU NAS 9.000 5/9/2012 EUR 68.49
CLARIDEN LEU NAS 9.600 5/9/2012 CHF 72.44
CLARIDEN LEU NAS 10.750 5/9/2012 CHF 74.83
CLARIDEN LEU NAS 10.750 5/11/2012 CHF 70.51
CLARIDEN LEU NAS 12.000 5/11/2012 EUR 65.87
CLARIDEN LEU NAS 12.850 5/15/2012 CHF 75.52
CLARIDEN LEU NAS 10.000 5/16/2012 EUR 74.15
CLARIDEN LEU NAS 10.550 5/16/2012 EUR 64.82
CLARIDEN LEU NAS 10.600 5/18/2012 CHF 70.06
CLARIDEN LEU NAS 12.000 5/18/2012 EUR 65.36
CLARIDEN LEU NAS 10.000 5/23/2012 NOK 71.47
CLARIDEN LEU NAS 13.000 5/23/2012 CHF 21.43
CLARIDEN LEU NAS 14.000 5/23/2012 EUR 21.60
CLARIDEN LEU NAS 12.750 5/24/2012 EUR 62.32
CLARIDEN LEU NAS 10.750 5/30/2012 CHF 72.07
CLARIDEN LEU NAS 12.250 5/31/2012 EUR 58.08
CLARIDEN LEU NAS 7.500 6/1/2012 EUR 74.37
CLARIDEN LEU NAS 12.500 6/1/2012 CHF 101.12
CLARIDEN LEU NAS 13.250 6/1/2012 USD 101.25
CLARIDEN LEU NAS 10.000 6/6/2012 NOK 73.65
CLARIDEN LEU NAS 7.500 6/8/2012 GBP 75.01
CLARIDEN LEU NAS 8.500 6/8/2012 CHF 66.79
CLARIDEN LEU NAS 13.500 6/8/2012 EUR 66.22
CLARIDEN LEU NAS 9.000 6/14/2012 CHF 72.30
CLARIDEN LEU NAS 12.000 6/14/2012 CHF 41.24
CLARIDEN LEU NAS 3.550 6/20/2012 CHF 58.51
CLARIDEN LEU NAS 10.250 6/20/2012 SEK 73.46
CLARIDEN LEU NAS 12.000 6/20/2012 USD 75.62
CLARIDEN LEU NAS 10.000 6/21/2012 EUR 68.16
CLARIDEN LEU NAS 10.500 6/21/2012 EUR 69.64
CLARIDEN LEU NAS 11.250 6/22/2012 CHF 63.29
CLARIDEN LEU NAS 15.500 6/29/2012 EUR 61.84
CLARIDEN LEU NAS 10.000 7/11/2012 CHF 74.35
CLARIDEN LEU NAS 12.500 7/11/2012 EUR 73.24
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 64.44
CLARIDEN LEU NAS 11.000 8/2/2012 USD 71.80
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 72.30
CLARIDEN LEU NAS 7.000 8/16/2012 CHF 71.84
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 62.98
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 59.01
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 71.86
CREDIT SUISSE LD 4.000 12/10/2012 EUR 45.40
SARASIN CI LTD 12.500 5/11/2012 CHF 60.96
SARASIN CI LTD 7.000 5/24/2012 CHF 60.93
SARASIN CI LTD 5.538 6/18/2012 CHF 69.12
SARASIN CI LTD 12.000 6/27/2012 CHF 46.33
SARASIN CI LTD 10.200 3/30/2012 CHF 60.11
SARASIN CI LTD 8.500 4/26/2012 CHF 56.58
SARASIN CI LTD 10.500 4/26/2012 CHF 63.73
SARASIN CI LTD 11.000 4/26/2012 CHF 67.33
SARASIN CI LTD 10.080 5/4/2012 CHF 41.53
SARASIN CI LTD 11.000 5/9/2012 CHF 67.66
SARASIN CI LTD 8.000 9/3/2012 CHF 42.58
SARASIN/GUERNSEY 7.200 7/16/2012 CHF 56.22
SARASIN/GUERNSEY 10.000 8/10/2012 EUR 70.80
UBS AG 10.070 3/23/2012 USD 35.65
UBS AG 21.530 3/23/2012 EUR 72.63
UBS AG 24.890 3/23/2012 EUR 70.08
UBS AG 25.660 3/23/2012 EUR 73.87
UBS AG 26.070 3/23/2012 EUR 73.54
UBS AG 28.140 3/23/2012 EUR 72.89
UBS AG 28.180 3/23/2012 EUR 71.54
UBS AG 29.120 3/23/2012 EUR 71.05
UBS AG 7.020 3/26/2012 EUR 37.35
UBS AG 7.190 3/26/2012 EUR 72.00
UBS AG 7.380 3/26/2012 EUR 37.36
UBS AG 7.590 3/26/2012 EUR 50.99
UBS AG 7.610 3/26/2012 EUR 72.01
UBS AG 7.730 3/26/2012 EUR 37.36
UBS AG 8.000 3/26/2012 EUR 72.01
UBS AG 8.060 3/26/2012 EUR 37.36
UBS AG 8.240 3/26/2012 EUR 54.28
UBS AG 8.270 3/26/2012 EUR 71.69
UBS AG 8.340 3/26/2012 EUR 72.01
UBS AG 8.380 3/26/2012 EUR 51.00
UBS AG 8.380 3/26/2012 EUR 37.37
UBS AG 8.640 3/26/2012 EUR 72.02
UBS AG 8.710 3/26/2012 EUR 70.31
UBS AG 8.720 3/26/2012 EUR 51.93
UBS AG 8.900 3/26/2012 EUR 72.02
UBS AG 8.960 3/26/2012 EUR 37.37
UBS AG 9.120 3/26/2012 EUR 51.00
UBS AG 9.220 3/26/2012 EUR 73.67
UBS AG 9.230 3/26/2012 EUR 49.77
UBS AG 9.480 3/26/2012 EUR 37.38
UBS AG 9.630 3/26/2012 EUR 67.71
UBS AG 9.750 3/26/2012 EUR 47.79
UBS AG 9.800 3/26/2012 EUR 51.01
UBS AG 9.810 3/26/2012 EUR 71.04
UBS AG 9.920 3/26/2012 EUR 37.38
UBS AG 10.010 3/26/2012 EUR 68.36
UBS AG 10.280 3/26/2012 EUR 37.39
UBS AG 10.290 3/26/2012 EUR 45.95
UBS AG 10.410 3/26/2012 EUR 68.60
UBS AG 10.410 3/26/2012 EUR 51.02
UBS AG 10.530 3/26/2012 EUR 68.37
UBS AG 10.580 3/26/2012 EUR 37.39
UBS AG 10.600 3/26/2012 EUR 65.31
UBS AG 10.850 3/26/2012 EUR 44.26
UBS AG 10.940 3/26/2012 EUR 51.03
UBS AG 11.000 3/26/2012 EUR 68.37
UBS AG 11.010 3/26/2012 EUR 66.31
UBS AG 11.400 3/26/2012 EUR 51.03
UBS AG 11.430 3/26/2012 EUR 42.68
UBS AG 11.430 3/26/2012 EUR 68.38
UBS AG 11.610 3/26/2012 EUR 63.05
UBS AG 11.620 3/26/2012 EUR 64.17
UBS AG 11.790 3/26/2012 EUR 51.03
UBS AG 11.820 3/26/2012 EUR 68.38
UBS AG 12.030 3/26/2012 EUR 41.22
UBS AG 12.100 3/26/2012 EUR 51.04
UBS AG 12.160 3/26/2012 EUR 68.39
UBS AG 12.230 3/26/2012 EUR 62.17
UBS AG 12.350 3/26/2012 EUR 51.04
UBS AG 12.460 3/26/2012 EUR 68.39
UBS AG 12.540 3/26/2012 EUR 51.04
UBS AG 12.640 3/26/2012 EUR 39.85
UBS AG 12.660 3/26/2012 EUR 60.95
UBS AG 12.720 3/26/2012 EUR 68.39
UBS AG 12.850 3/26/2012 EUR 60.29
UBS AG 12.910 3/26/2012 EUR 73.82
UBS AG 12.940 3/26/2012 EUR 68.40
UBS AG 13.130 3/26/2012 EUR 68.40
UBS AG 13.270 3/26/2012 EUR 38.57
UBS AG 13.280 3/26/2012 EUR 68.40
UBS AG 13.400 3/26/2012 EUR 68.40
UBS AG 13.470 3/26/2012 EUR 58.52
UBS AG 13.490 3/26/2012 EUR 68.40
UBS AG 13.730 3/26/2012 EUR 59.00
UBS AG 13.910 3/26/2012 EUR 37.38
UBS AG 13.980 3/26/2012 EUR 73.62
UBS AG 14.100 3/26/2012 EUR 56.85
UBS AG 14.130 3/26/2012 EUR 73.53
UBS AG 14.180 3/26/2012 EUR 70.99
UBS AG 14.550 3/26/2012 EUR 36.25
UBS AG 14.720 3/26/2012 EUR 55.27
UBS AG 14.810 3/26/2012 EUR 57.15
UBS AG 15.210 3/26/2012 EUR 35.19
UBS AG 15.350 3/26/2012 EUR 53.78
UBS AG 15.460 3/26/2012 EUR 68.36
UBS AG 15.600 3/26/2012 EUR 67.56
UBS AG 15.880 3/26/2012 EUR 34.19
UBS AG 15.980 3/26/2012 EUR 52.37
UBS AG 16.550 3/26/2012 EUR 33.25
UBS AG 16.610 3/26/2012 EUR 51.03
UBS AG 16.960 3/26/2012 EUR 72.17
UBS AG 17.220 3/26/2012 EUR 32.36
UBS AG 17.240 3/26/2012 EUR 49.65
UBS AG 18.020 3/26/2012 EUR 60.46
UBS AG 18.370 3/26/2012 EUR 68.31
UBS AG 18.790 3/26/2012 EUR 46.84
UBS AG 8.020 4/16/2012 CHF 73.59
UBS AG 9.050 4/16/2012 CHF 52.27
UBS AG 10.290 4/16/2012 CHF 70.00
UBS AG 7.810 4/19/2012 CHF 59.05
UBS AG 7.910 4/19/2012 CHF 67.22
UBS AG 10.100 4/19/2012 CHF 67.36
UBS AG 10.780 4/19/2012 CHF 57.35
UBS AG 8.000 4/20/2012 CHF 65.15
UBS AG 11.930 4/20/2012 CHF 41.00
UBS AG 8.500 5/3/2012 CHF 66.80
UBS AG 15.000 5/3/2012 EUR 55.00
UBS AG 6.550 5/11/2012 EUR 72.64
UBS AG 6.600 5/11/2012 USD 70.25
UBS AG 6.870 5/11/2012 EUR 59.98
UBS AG 9.110 5/11/2012 EUR 68.62
UBS AG 9.170 5/11/2012 EUR 67.99
UBS AG 9.170 5/11/2012 EUR 67.99
UBS AG 9.880 5/11/2012 EUR 60.55
UBS AG 10.060 5/11/2012 EUR 65.86
UBS AG 10.940 5/11/2012 EUR 53.67
UBS AG 11.240 5/11/2012 EUR 62.62
UBS AG 12.900 5/11/2012 EUR 55.68
UBS AG 13.150 5/11/2012 EUR 60.97
UBS AG 15.150 5/11/2012 EUR 56.10
UBS AG 13.300 5/23/2012 USD 3.76
UBS AG 13.700 5/23/2012 USD 13.57
UBS AG 14.000 5/23/2012 USD 8.96
UBS AG 17.720 6/4/2012 EUR 65.99
UBS AG 10.000 6/6/2012 CHF 75.15
UBS AG 15.000 6/6/2012 CHF 70.95
UBS AG 19.000 6/22/2012 EUR 75.31
UBS AG 20.120 6/22/2012 EUR 74.13
UBS AG 21.370 6/22/2012 EUR 73.36
UBS AG 22.200 6/22/2012 EUR 72.28
UBS AG 7.110 6/25/2012 EUR 39.26
UBS AG 7.410 6/25/2012 EUR 39.33
UBS AG 7.420 6/25/2012 EUR 68.81
UBS AG 7.690 6/25/2012 EUR 39.40
UBS AG 7.710 6/25/2012 EUR 50.09
UBS AG 7.720 6/25/2012 EUR 75.72
UBS AG 7.890 6/25/2012 EUR 68.94
UBS AG 7.960 6/25/2012 EUR 39.46
UBS AG 8.000 6/25/2012 EUR 75.79
UBS AG 8.220 6/25/2012 EUR 39.52
UBS AG 8.270 6/25/2012 EUR 75.85
UBS AG 8.320 6/25/2012 EUR 69.02
UBS AG 8.490 6/25/2012 EUR 50.25
UBS AG 8.510 6/25/2012 EUR 75.91
UBS AG 8.690 6/25/2012 EUR 39.64
UBS AG 8.720 6/25/2012 EUR 69.14
UBS AG 8.720 6/25/2012 EUR 75.96
UBS AG 8.910 6/25/2012 EUR 76.00
UBS AG 9.080 6/25/2012 EUR 76.04
UBS AG 9.080 6/25/2012 EUR 69.22
UBS AG 9.090 6/25/2012 EUR 39.73
UBS AG 9.220 6/25/2012 EUR 50.43
UBS AG 9.330 6/25/2012 EUR 76.10
UBS AG 9.390 6/25/2012 EUR 69.30
UBS AG 9.430 6/25/2012 EUR 39.81
UBS AG 9.660 6/25/2012 EUR 69.36
UBS AG 9.710 6/25/2012 EUR 39.88
UBS AG 9.890 6/25/2012 EUR 69.39
UBS AG 9.900 6/25/2012 EUR 50.59
UBS AG 9.920 6/25/2012 EUR 39.93
UBS AG 10.040 6/25/2012 EUR 66.04
UBS AG 10.420 6/25/2012 EUR 66.13
UBS AG 10.500 6/25/2012 EUR 50.73
UBS AG 10.770 6/25/2012 EUR 66.21
UBS AG 11.080 6/25/2012 EUR 66.29
UBS AG 11.360 6/25/2012 EUR 66.35
UBS AG 11.480 6/25/2012 EUR 50.96
UBS AG 11.600 6/25/2012 EUR 66.44
UBS AG 11.810 6/25/2012 EUR 66.46
UBS AG 11.860 6/25/2012 EUR 51.05
UBS AG 11.990 6/25/2012 EUR 66.50
UBS AG 12.140 6/25/2012 EUR 66.54
UBS AG 12.170 6/25/2012 EUR 51.12
UBS AG 12.270 6/25/2012 EUR 66.57
UBS AG 12.370 6/25/2012 EUR 66.59
UBS AG 12.410 6/25/2012 EUR 51.18
UBS AG 12.450 6/25/2012 EUR 66.61
UBS AG 12.510 6/25/2012 EUR 66.63
UBS AG 12.610 6/25/2012 EUR 51.23
UBS AG 12.750 6/25/2012 EUR 51.30
UBS AG 14.400 6/29/2012 CHF 65.90
UBS AG 8.460 7/31/2012 USD 35.27
UBS AG 11.760 7/31/2012 USD 28.35
UBS AG 12.040 7/31/2012 USD 18.00
UBS AG 10.500 8/2/2012 EUR 65.50
UBS AG 11.000 8/2/2012 EUR 67.50
UBS AG 9.500 8/10/2012 USD 28.40
UBS AG 17.250 8/15/2012 EUR 74.60
UBS AG 8.650 8/29/2012 USD 33.17
UBS AG 9.430 8/31/2012 USD 34.09
UBS AG 9.070 9/3/2012 EUR 74.37
UBS AG 10.740 9/17/2012 USD 33.58
UBS AG 18.220 9/28/2012 EUR 75.86
UBS AG 7.140 10/1/2012 EUR 41.09
UBS AG 7.240 10/1/2012 EUR 70.64
UBS AG 7.380 10/1/2012 EUR 41.21
UBS AG 7.610 10/1/2012 EUR 70.83
UBS AG 7.620 10/1/2012 EUR 41.33
UBS AG 7.660 10/1/2012 EUR 51.93
UBS AG 7.840 10/1/2012 EUR 41.44
UBS AG 7.940 10/1/2012 EUR 70.99
UBS AG 8.050 10/1/2012 EUR 41.55
UBS AG 8.240 10/1/2012 EUR 71.17
UBS AG 8.310 10/1/2012 EUR 52.26
UBS AG 8.420 10/1/2012 EUR 41.73
UBS AG 8.500 10/1/2012 EUR 71.27
UBS AG 8.720 10/1/2012 EUR 71.38
UBS AG 8.730 10/1/2012 EUR 41.89
UBS AG 8.910 10/1/2012 EUR 52.56
UBS AG 8.910 10/1/2012 EUR 71.48
UBS AG 9.060 10/1/2012 EUR 71.60
UBS AG 9.200 10/1/2012 EUR 42.12
UBS AG 9.360 10/1/2012 EUR 42.20
UBS AG 9.440 10/1/2012 EUR 52.83
UBS AG 9.540 10/1/2012 EUR 67.85
UBS AG 9.860 10/1/2012 EUR 68.06
UBS AG 9.900 10/1/2012 EUR 42.48
UBS AG 9.910 10/1/2012 EUR 53.06
UBS AG 10.150 10/1/2012 EUR 68.15
UBS AG 10.310 10/1/2012 EUR 53.26
UBS AG 10.410 10/1/2012 EUR 68.28
UBS AG 10.640 10/1/2012 EUR 68.40
UBS AG 10.650 10/1/2012 EUR 53.44
UBS AG 10.840 10/1/2012 EUR 68.50
UBS AG 10.930 10/1/2012 EUR 53.58
UBS AG 11.010 10/1/2012 EUR 68.58
UBS AG 11.150 10/1/2012 EUR 53.69
UBS AG 11.160 10/1/2012 EUR 68.66
UBS AG 11.280 10/1/2012 EUR 68.72
UBS AG 11.330 10/1/2012 EUR 53.78
UBS AG 11.380 10/1/2012 EUR 68.77
UBS AG 11.460 10/1/2012 EUR 53.84
UBS AG 11.460 10/1/2012 EUR 68.81
UBS AG 11.530 10/1/2012 EUR 68.84
UBS AG 11.560 10/1/2012 EUR 53.89
UBS AG 11.580 10/1/2012 EUR 68.87
UBS AG 13.340 10/24/2012 USD 46.27
UBS AG 6.070 11/12/2012 EUR 74.50
UBS AG 6.700 11/12/2012 EUR 63.11
UBS AG 8.280 11/12/2012 EUR 70.67
UBS AG 8.280 11/12/2012 EUR 70.67
UBS AG 8.370 11/12/2012 EUR 69.42
UBS AG 8.590 11/12/2012 EUR 71.41
UBS AG 9.470 11/12/2012 EUR 58.22
UBS AG 9.650 11/12/2012 EUR 64.66
UBS AG 10.930 11/12/2012 EUR 67.63
UBS AG 11.260 11/12/2012 EUR 65.45
UBS AG 11.660 11/12/2012 EUR 60.96
UBS AG 13.560 11/12/2012 EUR 70.19
UBS AG 13.600 11/12/2012 EUR 62.64
UBS AG 10.390 1/18/2013 USD 38.04
UBS AG 9.580 2/28/2013 USD 35.76
UBS AG 9.590 2/28/2013 USD 35.76
UBS AG 10.080 2/28/2013 USD 16.50
UBS AG 13.760 3/6/2013 USD 6.38
UBS AG 8.100 3/8/2013 USD 21.33
UBS AG 3.900 3/12/2013 USD 12.10
UBS AG 4.280 3/12/2013 USD 12.96
UBS AG 6.280 3/12/2013 USD 45.80
UBS AG 6.400 3/12/2013 USD 18.77
UBS AG 6.420 3/12/2013 USD 18.77
UBS AG 8.000 3/12/2013 USD 60.78
UBS AG 8.670 3/12/2013 USD 2.43
UBS AG 11.920 3/12/2013 USD 16.25
UBS AG 16.640 3/12/2013 USD 25.80
UBS AG 5.540 3/14/2013 USD 30.13
UBS AG 5.760 3/14/2013 USD 31.66
UBS AG 6.500 3/14/2013 USD 19.04
UBS AG 7.990 3/19/2013 USD 20.90
UBS AG 9.650 8/23/2013 USD 32.42
UBS AG 10.770 9/6/2013 USD 17.40
UBS AG 11.020 10/21/2013 USD 58.85
UBS AG 13.830 12/17/2013 USD 20.11
UBS AG 11.000 3/4/2014 USD 19.73
UBS AG 11.030 6/25/2012 EUR 50.89
UBS AG JERSEY 3.220 7/31/2012 EUR 38.08
UNITED KINGDOM
--------------
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 79.00
BANK OF SCOTLAND 2.650 6/21/2026 JPY 72.27
BANK OF SCOTLAND 2.550 4/23/2037 JPY 56.25
BANK OF SCOTLAND 2.359 3/27/2029 JPY 62.98
BANK OF SCOTLAND 2.408 2/9/2027 JPY 67.86
BANK OF SCOTLAND 2.340 12/28/2026 JPY 68.62
BANK OF SCOTLAND 2.650 8/10/2026 JPY 71.95
BANK OF SCOTLAND 2.595 5/8/2037 JPY 56.33
BARCLAYS BK PLC 12.250 3/23/2012 EUR 67.14
BARCLAYS BK PLC 8.500 10/16/2012 USD 10.94
BARCLAYS BK PLC 10.500 3/23/2012 EUR 72.14
BARCLAYS BK PLC 10.500 3/23/2012 EUR 64.64
BARCLAYS BK PLC 10.000 3/23/2012 EUR 71.53
BARCLAYS BK PLC 9.750 3/23/2012 EUR 73.04
BARCLAYS BK PLC 9.000 3/23/2012 EUR 67.52
BARCLAYS BK PLC 8.750 3/23/2012 EUR 69.15
BARCLAYS BK PLC 13.500 3/23/2012 EUR 59.54
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.59
BARCLAYS BK PLC 9.000 10/1/2012 USD 9.97
BARCLAYS BK PLC 13.500 9/28/2012 EUR 73.86
BARCLAYS BK PLC 13.000 9/28/2012 EUR 68.17
BARCLAYS BK PLC 11.750 9/28/2012 EUR 72.83
BARCLAYS BK PLC 10.500 9/28/2012 EUR 75.20
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.75
BARCLAYS BK PLC 12.000 9/14/2012 EUR 72.60
BARCLAYS BK PLC 11.000 9/14/2012 EUR 74.27
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.60
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.76
BARCLAYS BK PLC 9.000 8/28/2012 USD 10.41
BARCLAYS BK PLC 10.800 7/31/2012 USD 26.64
BARCLAYS BK PLC 11.500 7/27/2012 USD 9.60
BARCLAYS BK PLC 7.000 7/27/2012 USD 10.12
BARCLAYS BK PLC 10.000 7/20/2012 USD 7.40
BARCLAYS BK PLC 8.000 6/29/2012 USD 10.17
BARCLAYS BK PLC 15.000 6/22/2012 EUR 70.58
BARCLAYS BK PLC 14.500 6/22/2012 EUR 65.20
BARCLAYS BK PLC 14.500 6/22/2012 EUR 74.50
BARCLAYS BK PLC 13.750 6/22/2012 EUR 75.06
BARCLAYS BK PLC 12.750 6/22/2012 EUR 70.38
BARCLAYS BK PLC 12.000 6/22/2012 EUR 70.05
BARCLAYS BK PLC 12.000 6/22/2012 EUR 61.58
BARCLAYS BK PLC 11.750 6/22/2012 EUR 68.59
BARCLAYS BK PLC 11.500 6/22/2012 EUR 72.74
BARCLAYS BK PLC 11.000 6/22/2012 EUR 63.82
BARCLAYS BK PLC 10.750 6/22/2012 EUR 74.87
BARCLAYS BK PLC 10.750 6/22/2012 EUR 71.22
BARCLAYS BK PLC 10.500 6/22/2012 EUR 65.62
BARCLAYS BK PLC 10.500 6/22/2012 EUR 64.63
BARCLAYS BK PLC 9.750 6/22/2012 EUR 68.57
BARCLAYS BK PLC 9.500 6/22/2012 EUR 74.56
BARCLAYS BK PLC 8.500 6/22/2012 EUR 69.10
BARCLAYS BK PLC 8.250 6/22/2012 EUR 69.95
BARCLAYS BK PLC 8.000 6/22/2012 EUR 75.22
BARCLAYS BK PLC 8.000 6/22/2012 EUR 66.64
BARCLAYS BK PLC 7.250 6/22/2012 EUR 71.86
BARCLAYS BK PLC 7.000 6/22/2012 EUR 73.07
BARCLAYS BK PLC 6.000 6/22/2012 EUR 75.65
BARCLAYS BK PLC 6.000 6/22/2012 EUR 71.95
BARCLAYS BK PLC 13.000 6/8/2012 EUR 70.33
BARCLAYS BK PLC 12.500 6/8/2012 EUR 71.18
BARCLAYS BK PLC 11.750 6/8/2012 EUR 70.27
BARCLAYS BK PLC 11.090 6/8/2012 EUR 67.03
BARCLAYS BK PLC 14.000 3/23/2012 EUR 62.34
BARCLAYS BK PLC 15.000 3/23/2012 EUR 71.12
BARCLAYS BK PLC 8.000 3/23/2012 EUR 74.40
BARCLAYS BK PLC 11.000 6/8/2012 EUR 70.93
BARCLAYS BK PLC 10.780 6/8/2012 EUR 74.38
BARCLAYS BK PLC 10.500 6/8/2012 EUR 60.41
BARCLAYS BK PLC 12.950 4/20/2012 USD 23.40
BARCLAYS BK PLC 10.250 6/8/2012 EUR 75.91
BARCLAYS BK PLC 9.250 6/8/2012 EUR 71.59
BARCLAYS BK PLC 8.000 3/23/2012 EUR 66.28
BARCLAYS BK PLC 6.750 3/23/2012 EUR 72.87
BARCLAYS BK PLC 7.000 6/8/2012 EUR 74.28
BARCLAYS BK PLC 8.000 6/8/2012 EUR 64.46
BARCLAYS BK PLC 8.250 6/8/2012 EUR 67.65
BARCLAYS BK PLC 6.000 3/23/2012 EUR 70.97
BARCLAYS BK PLC 0.500 9/24/2019 AUD 60.55
BARCLAYS BK PLC 0.500 12/3/2017 AUD 69.27
BARCLAYS BK PLC 11.500 6/28/2013 EUR 72.17
BARCLAYS BK PLC 11.000 6/28/2013 EUR 74.66
BARCLAYS BK PLC 11.500 3/22/2013 EUR 71.59
BARCLAYS BK PLC 10.750 3/22/2013 EUR 75.01
BARCLAYS BK PLC 12.000 1/2/2013 EUR 70.24
BARCLAYS BK PLC 11.000 1/2/2013 EUR 74.20
BARCLAYS BK PLC 11.000 12/14/2012 EUR 74.70
BARCLAYS BK PLC 12.500 3/23/2012 EUR 69.77
BARCLAYS BK PLC 11.750 3/23/2012 EUR 68.40
BARCLAYS BK PLC 11.500 3/23/2012 EUR 63.85
BARCLAYS BK PLC 11.000 3/23/2012 EUR 63.95
BARCLAYS BK PLC 9.000 10/16/2012 USD 11.03
BRADFORD&BIN BLD 4.910 2/1/2047 EUR 78.60
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 72.45
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 73.23
EFG HELLAS PLC 5.400 11/2/2047 EUR 29.38
EFG HELLAS PLC 6.010 1/9/2036 EUR 30.25
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 47.88
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 74.63
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 47.38
ENTERPRISE INNS 6.375 9/26/2031 GBP 65.23
ENTERPRISE INNS 6.875 5/9/2025 GBP 68.25
ENTERPRISE INNS 6.875 2/15/2021 GBP 71.25
ESSAR ENERGY 4.250 2/1/2016 USD 64.33
F&C ASSET MNGMT 6.750 12/20/2026 GBP 67.04
GALA ELECTRIC CA 11.500 6/1/2019 GBP 70.07
GALA ELECTRIC CA 11.500 6/1/2019 GBP 70.25
GS INTERNATIONAL 13.000 6/28/2012 CHF 69.40
GS INTERNATIONAL 9.500 4/20/2012 CHF 56.20
GS INTERNATIONAL 9.750 5/22/2012 CHF 61.20
HBOS PLC 5.374 6/30/2021 EUR 72.25
HBOS PLC 4.500 3/18/2030 EUR 64.75
HBOS PLC 6.000 11/1/2033 USD 74.99
HBOS PLC 6.000 11/1/2033 USD 74.99
HSBC BANK PLC 0.500 11/29/2017 AUD 74.26
HSBC BANK PLC 0.500 11/30/2017 AUD 74.25
HSBC BANK PLC 0.500 9/28/2018 AUD 70.74
HSBC BANK PLC 0.500 11/16/2018 AUD 70.18
HSBC BANK PLC 0.500 12/29/2026 AUD 43.03
HSBC BANK PLC 0.500 2/24/2023 AUD 54.45
HSBC BANK PLC 0.500 11/22/2021 AUD 58.68
HSBC BANK PLC 0.500 12/2/2022 AUD 55.20
HSBC BANK PLC 0.500 12/8/2026 AUD 43.18
HSBC BANK PLC 0.500 2/2/2023 AUD 54.65
HSBC BANK PLC 0.500 4/3/2023 AUD 54.18
HSBC BANK PLC 0.500 12/29/2022 AUD 54.96
MARSTONS ISSUER 5.641 7/15/2035 GBP 74.18
MATALAN 9.625 3/31/2017 GBP 66.00
MATALAN 9.625 3/31/2017 GBP 66.07
MAX PETROLEUM 6.750 9/8/2013 USD 53.26
NOMURA BANK INTL 0.800 12/21/2020 EUR 67.95
OTE PLC 4.625 5/20/2016 EUR 72.78
PRIVATBANK 5.799 2/9/2016 USD 74.97
PUNCH TAVERNS 5.883 10/15/2026 GBP 62.65
PUNCH TAVERNS 8.374 7/15/2029 GBP 56.01
ROYAL BK SCOTLND 20.000 2/23/2017 SEK 65.00
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 53.00
ROYAL BK SCOTLND 5.168 6/29/2030 EUR 62.05
ROYAL BK SCOTLND 4.692 6/9/2025 EUR 67.68
ROYAL BK SCOTLND 2.300 11/26/2024 JPY 73.57
SPIRIT ISSUER 5.472 12/28/2028 GBP 73.02
THOMAS COOK GR 6.750 6/22/2015 EUR 65.00
THOMAS COOK GR 7.750 6/22/2017 GBP 56.54
UNIQUE PUB FIN 5.659 6/30/2027 GBP 74.50
WESSEX WATER FIN 1.499 11/29/2058 GBP 68.85
WESSEX WATER FIN 1.369 7/31/2057 GBP 68.56
*********
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 * * *