/raid1/www/Hosts/bankrupt/TCREUR_Public/120416.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, April 16, 2012, Vol. 13, No. 75
Headlines
B E L G I U M
DEXIA SA: Explores Options Into Ex-Chairman's Severance Package
B U L G A R I A
EVROPA TOWER: Goes Bust Following Owner's Bankruptcy
D E N M A R K
TORM A/S: Creditor Banks Extend Deferral of Debt Payments
F R A N C E
WENDEL: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable
G E R M A N Y
* GERMANY: Corporate Insolvencies Up 0.7% in January 2012
G R E E C E
PIRAEUS GROUP: S&P Raises Ratings on Medium-Term Notes to 'CC'
I R E L A N D
EUROCREDIT VIII: S&P Raises Rating on Class E Notes to 'B-'
WINDMILL CLO I: S&P Affirms 'B' Rating on Class E Notes
L U X E M B O U R G
INTELSAT JACKSON: Moody's Rates New $800MM Sr. Unsec. Notes 'B3'
N E T H E R L A N D S
HYVA GLOBAL: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
STORM 2012-II: Moody's Rates EUR9-Mil. Class E Notes 'Ba1(sf)'
P O L A N D
POLDIM SA: Files for Bankruptcy
R U S S I A
SISTEMA JSFC: Moody's Issues Summary Credit Opinion
S P A I N
BBVA-3 FTPYME: S&P Lowers Rating on Class C Notes to 'B+'
S W E D E N
SAAB AUTOMOBILE: Administrators Evaluate Bids
U N I T E D K I N G D O M
PREMIER FOODS: S&P Lowers Long-Term Issuer Credit Rating to 'B'
PORT VALE: HMRC Opposes Company Voluntary Arrangement
PORTSMOUTH FOOTBALL: Administrator Reveals Two New Bidders
RANGERS FOOTBALL: Bidders Still Interested Despite SPL Plans
X X X X X X X X
* S&P Withdraws 'D' Ratings on 16 European Synthetic CDO Tranches
* Analyst Expects More Bankruptcies in the Solar Sector
* BOND PRICING: For the Week April 9 to April 13, 2012
*********
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B E L G I U M
=============
DEXIA SA: Explores Options Into Ex-Chairman's Severance Package
---------------------------------------------------------------
Matthieu Protard at Reuters reports that Dexia SA, the bailed-out
Franco-Belgian lender, said on Wednesday it was looking into a
severance package granted to former chairman Pierre Richard, who
was forced to resign after the group's initial rescue.
The French government, which injected EUR3 billion (US$3.94
billion) into Dexia's 2008 rescue alongside 3.4 billion from
Belgium and Luxembourg, earlier this year asked the bank to
examine how it could recover funds paid to the former chairman as
part of his exit package, Reuters recounts.
According to Reuters, newspaper Le Monde reported that Dexia's
board had mandated a labor law specialist to look into the case.
Dexia said in February it risked going out of business as it
reported an EUR11.6 billion 2011 net loss, hit by its breakup and
exposure to Greek debt and other toxic assets, Reuters relates.
Dexia SA -- http://www.dexia.com/-- is a Belgian-based bank and
insurance carrier that focuses on Public and Wholesale Banking,
providing local public finance actors with banking and financial
solutions, and on Retail and Commercial Banking in Europe, mainly
Belgium, France, Luxembourg and Turkey.
===============
B U L G A R I A
===============
EVROPA TOWER: Goes Bust Following Owner's Bankruptcy
----------------------------------------------------
FOCUS News Agency, citing Presa daily, reports that Evropa Tower,
the project for the tallest building in Bulgaria, has collapsed
even before construction actually began.
The project was being developed by a German-Bulgarian consortium,
FOCUS discloses. However, the Sofia City Court pronounced the
owner of the terrain bankrupt in March, FOCUS recounts. This
happened after UniCredit Bulbank initiated a bankruptcy
procedure, looking to recover the EUR5.8 million loan it lent
back in 2008, FOCUS notes. The credit should have been paid back
until mid-2011 and, since this did not happen, UniCredit will try
to get the money back by selling the mortgaged terrain, FOCUS
states.
=============
D E N M A R K
=============
TORM A/S: Creditor Banks Extend Deferral of Debt Payments
---------------------------------------------------------
Peter Levring at Bloomberg News reports that Torm A/S said it
reached a temporary agreement with a group of creditor banks to
extend deferral of payments on debts and covenants till the end
of this month.
According to Bloomberg, Torm said that the "vast majority" of
ship owners from whom the company charters tankers also agreed to
align charter fees to the current spot rates.
The company said that both agreements are subject to progress
being made in talks over a new financing agreement, Bloomberg
notes.
As reported by the Troubled Company Reporter-Europe on April 9,
2012, The Financial Times related that shareholders in Torm are
facing heavy dilution of their stakes under an agreement with the
owners of the company's ships and its banks. The collapse of
efforts to arrange an injection of US$100 million to US$200
million in new equity that Torm had hoped would improve its
financial position, the FT disclosed. The deal's collapse left
the company's banks to devise a means to reduce its US$1.9
billion debt burden and rescue it from potential insolvency, the
FT said.
Torm A/S is a Danish oil tanker operator. The company operates
about 140 tankers for oil products such as petrol and 10 ships
for carrying dry bulk commodities such as iron ore. It is
majority owned by the Greek Panayotides shipping family.
===========
F R A N C E
===========
WENDEL: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on France-based holding company Wendel to 'BB' from
'BB-'. "At the same time, we affirmed the short-term credit
rating at 'B'. The outlook is stable," S&P said.
"We also raised our issue ratings on Wendel's senior unsecured
debt to 'BB' from 'BB-'. The recovery ratings are unchanged at
'3', indicating our expectation of meaningful (50%-70%) recovery
in case of a payment default," S&P said.
"The positive rating action reflects management's continuous
efforts to reduce debt since late 2009, and the more recent,
significant drop in Standard & Poor's loan-to-value (LTV) ratio
for Wendel to below 45%, a level commensurate with a 'BB' rating.
This follows the completion of the sale of electronic connections
provider Deutsch Group SAS (Deutsch) to Swiss electronics firm TE
Connectivity Ltd. (BBB/Positive/A-2)," S&P said.
"On April 10, 2012, Wendel's LTV ratio stood at about 40%. On
that date, assuming no cash reinvested in the assets portfolio,
it would have taken a 10% decline in asset values for our 45% LTV
guidance to be reached. Because part of the debt that Wendel used
to finance the acquisition of a stake in construction and
engineered materials manufacturer and distributor Compagnie de
Saint-Gobain (Saint-Gobain; BBB/Stable/A-2) is subject to margin
calls, we consolidate this debt (EUR1.4 billion) in our LTV
calculation, although it is technically nonrecourse to Wendel,"
S&P said.
"After the sale of Deutsch, and assuming unchanged unlisted asset
value from March 12, 2012, when the last figures were made
available, three listed assets currently represent close to 85%
of Wendel's portfolio value: Saint-Gobain, in which Wendel holds
a 17% interest; testing, inspection and certification company
Bureau Veritas (not rated), of which it owns 52%; and low-voltage
electrical fittings manufacturer Legrand SA (A-/Stable/A-2), in
which it owns 6%. Large majority stakes in much smaller and more
indebted unlisted corporate entities round out Wendel's
portfolio," S&P said.
"We believe that Wendel's financial flexibility is still
stretched and that the main rating constraint remains its
aggressive financial risk profile. We note that cash burn remains
significant at the holding level, with total coverage of fixed
charges by dividends of only about 0.5x in 2009-2011. We also
understand that Wendel will reinvest part of the Deutsch
proceeds. We estimate that EUR100 million reinvested would
increase LTV by almost 1%," S&P said.
"The stable outlook reflects our expectation that, based on
current portfolio composition and assets flexibility, Wendel
should be able to maintain an LTV ratio below 45%, and adequate
liquidity," S&P said.
"Significant deterioration in the share prices of Wendel's key
listed investments or a financial policy more aggressive than we
currently expect could lead us to consider a negative rating
action. Deteriorating liquidity to below our 'adequate' category
would put pressure on the ratings, although we consider this as
an unlikely scenario for the near future," S&P said.
"We might consider a positive rating action, assuming broadly
unchanged portfolio liquidity, quality and diversity, if we saw
that the company had established a track record of an LTV ratio
below 40% and appeared able to maintain it. A further
prerequisite would also be a significant reduction in cash burn
at the holding level. We would also examine the operating
performance of its main subsidiaries and would expect
acquisitions to be pre-financed by disposals to a large extent,"
S&P said.
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G E R M A N Y
=============
* GERMANY: Corporate Insolvencies Up 0.7% in January 2012
---------------------------------------------------------
RTT News reports that the Federal Statistical Office said Friday
German insolvency courts reported 2,321 business insolvencies in
January, up 0.7% from a year ago.
The number of consumer insolvencies totaled 8,236, which was 2.6%
less than in January 2011, RTT discloses.
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G R E E C E
===========
PIRAEUS GROUP: S&P Raises Ratings on Medium-Term Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'CC' from 'D' its
issue ratings on the series 21 subordinated medium-term notes due
2016 issued by Piraeus Group Finance PLC and guaranteed by
Piraeus Bank S.A. (Piraeus; CCC/Negative/C). "At the same time,
we raised to 'CC' from 'C' our issue ratings on the series A
outstanding preferred securities issued by Piraeus Group Capital
Ltd. and guaranteed by Piraeus," S&P said.
"The rating actions follow Piraeus' announcement, on March 16,
2012, of the completion of its tender offer launched on its
outstanding hybrid capital and dated subordinated debt
securities. These rating actions do not affect the counterparty
credit ratings on Piraeus or any other debt issue rating," S&P
said.
"In our previous article published on March 6, 2012, we said that
we considered Piraeus' proposed tender offer to be a 'distressed
exchange' under our criteria, and we accordingly lowered our
issue ratings to 'C' on its series A outstanding preferred
securities and to 'D' on its series 21 subordinated medium-term
notes due 2016. We said that we would review the rating on any
hybrid securities subject to the offer but that had not been
purchased upon completion of the offer," S&P said.
"On March 16, 2012, Piraeus announced it had completed its offer
and accepted a total amount of about EUR144 million tendered for
purchase under the offer. Following the settlement of the
purchase, the remaining outstanding amount of preferred
securities is about EUR158 million and the remaining amount of
dated subordinated debt is about EUR330 million," S&P said.
"Based on our criteria, we have reviewed the issue ratings on the
securities that have not been purchased after the completion of
the tender offer, and have decided to raise them to 'CC', in line
with the stand-alone credit profile (SACP) assigned to Piraeus.
According to our general criteria, we consider obligations rated
'CC' as currently highly vulnerable to nonpayment," S&P said.
"In line with our criteria, our issue ratings on hybrid
instruments and nondeferrable subordinated debt are derived from
Piraeus' SACP, which, at this level, reflects the very high risks
that we believe continue to weigh on the bank's solvency. In our
view, Piraeus is directly and significantly exposed to Greek
sovereign risk through its large Greek government bond portfolio.
We therefore believe that the bank will likely incur sizable
losses on its government bond holdings upon completion of the
exchange offer launched by the Greek government on Feb. 24, 2012.
In our view, the potential impact these losses might have on the
bank's distributable funds, as defined by Greek regulation, could
eventually trigger a deferral of the coupon payment on the bank's
hybrid capital instruments," S&P said.
"According to our criteria, if Piraeus were to suspend the coupon
payment on its hybrid capital instruments, or if any of these
notes were to be subject to any tender offer that we considered
to be a distressed exchange, we could lower the issue rating on
the hybrids to 'C'," S&P said.
RATINGS LIST
Upgraded
To From
Piraeus Group Capital Ltd.
Preferred Stock (Series A) CC C
Piraeus Group Finance PLC
Subordinated (Series 21) CC D
=============
I R E L A N D
=============
EUROCREDIT VIII: S&P Raises Rating on Class E Notes to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eurocredit CDO VIII Ltd.'s class B, C, D, and E notes. "At the
same time, we have affirmed our ratings on the class A notes,"
S&P said.
"The rating actions follow our assessment of the transaction's
performance and our application of relevant criteria for
transactions of this type," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report dated Feb. 29, 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.
"The trustee report shows that the class E notes are not
currently passing the overcollateralization test. However, it
also shows that the reported weighted-average spread earned on
the collateral pool has increased to 3.3% from 3.0% since we last
reviewed the transaction," S&P said.
"Moreover, we note in our analysis that the portfolio's weighted-
average maturity has reduced by about 1.3 years. This led to a
decrease in scenario default rates across all rating levels
calculated by our CDO Evaluator model, when compared to our last
transaction review," S&P said.
"At the same time, according to our analysis, the percentage of
assets that we consider as defaulted (i.e., debt obligations of
obligors rated 'CC', 'SD' [selective default], or 'D') has
decreased since our previous review to 2.5% from 3.3% of the
total portfolio amount. Combined with the amortization of the
class A notes, this has resulted in higher levels of credit
enhancement available to all of the classes of notes," S&P said.
"We subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate. In our
analysis, we used the portfolio balance that we consider to be
performing of EUR485 million (i.e., of assets rated 'CCC-' or
above), the reported weighted-average spread of 3.3%, 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
liability rating category, in conjunction with different interest
rate stress scenarios," S&P said.
"Based on our analysis, we consider the credit enhancement
available to the class B, C, D, and E notes to be commensurate
with higher rating levels. We have therefore raised our ratings
on these classes of notes," S&P said.
"About 28.5% of the assets in the transaction's portfolio are
non-euro-denominated. The issuer has entered into portfolio
currency swap and currency options agreements to mitigate the
risk of foreign-exchange-related losses," S&P said.
"In our view, the derivative documentation is not in line with
our 2010 counterparty criteria. As such, we have assumed that the
transaction does not benefit from the support of the portfolio
currency swap and currency options. We concluded that, under this
scenario and following the application of our 2010 counterparty
criteria, the class A and B notes can achieve a 'AA- (sf)'
rating. We have therefore raised our rating on the class B notes
and affirmed our 'AA- (sf)' rating on the class A notes," S&P
said.
"However, under our 2010 counterparty criteria, our ratings on
the class C, D, and E notes are supported by our rating on the
derivatives counterparty. We have therefore not applied any
additional foreign-exchange-related stresses to those notes," S&P
said.
"Eurocredit CDO VIII is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to
speculative-grade corporate firms. The transaction closed in
December 2007 and is managed by Intermediate Capital Group PLC,"
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
Eurocredit CDO VIII Ltd.
EUR636 Million Senior and Secured Deferrable Floating-Rate Notes
Ratings Raised
B AA- (sf) A (sf)
C A (sf) BBB- (sf)
D BBB- (sf) BB (sf)
E B- (sf) CCC+ (sf)
Rating Affirmed
A AA- (sf)
WINDMILL CLO I: S&P Affirms 'B' Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Windmill CLO I Ltd.'s class C notes, and affirmed its ratings on
all other classes of notes in the transaction.
"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 29, 2012. We have taken into account recent
developments in the transaction and reviewed it under our
December 2010 counterparty criteria," 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 3.3% from 2.8% since we published our last
review in October 2010. The trustee report 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 increased since our previous
review, to 1.2% from zero," S&P said.
"From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity, to 5.2 years from 7.0
years--which has resulted in lower scenario default rates across
all rating levels calculated by our CDO Evaluator 6.0," 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 EUR481.6 million
portfolio balance that we consider to be performing (i.e., of
assets rated 'CCC-' or above), the reported weighted-average
spread of 3.3%, 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 rates," S&P said.
"We have observed from our analysis that the credit support
available to the class C notes is now commensurate with a higher
rating, and we have raised the rating to 'BBB- (sf)'. The credit
enhancement available to all other rated classes of notes remains
commensurate with the current ratings assigned, and we have
therefore affirmed our ratings on the class A-1R, A-1T, A-2A, A-
2B, B, and E notes," S&P said.
"Approximately 20.4% 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
counterparties and the associated documentation indicates that
the counterparties cannot support a rating higher than 'AA-
(sf)'. 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-1R and A-1T notes would still be able to achieve 'AAA (sf)'
ratings, and that the class A-2A and A-2B notes would be able to
achieve 'AA+' (sf) ratings. Thus, we have affirmed our ratings on
these classes of notes. Under our 2010 counterparty criteria, our
ratings on the class B, C, and E notes are supported by our
ratings on the swap counterparties. Hence, we have applied no
additional foreign-exchange-related stresses to these notes," S&P
said.
Windmill CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
October 2007 and is managed by 3i Debt Management Investments
Ltd.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATING LIST
Class Rating
To From
Windmill CLO I Ltd.
EUR600 Million Fixed- Floating-Rate Notes and Subordinated Notes
Rating Raised
C BBB- (sf) BB+ (sf)
Ratings Affirmed
A-1R AAA (sf)
A-1T AAA (sf)
A-2A AA+ (sf)
A-2B AA+ (sf)
B A- (sf)
E B (sf)
===================
L U X E M B O U R G
===================
INTELSAT JACKSON: Moody's Rates New $800MM Sr. Unsec. Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Intelsat
Jackson Holdings S.A.'s new $800 million senior unsecured
guaranteed notes issue. Jackson is an indirect, wholly-owned
subsidiary of Intelsat S.A. As the senior-most issuer in the
Intelsat group of companies, Intelsat is the entity at which
Moody's maintains corporate family and probability of default
ratings (CFR and PDR respectively), both of which remain
unchanged at Caa1. As well, the corporate family's speculative
grade liquidity rating remains unchanged at SGL-3 (indicating
adequate liquidity) and the outlook remains unchanged at stable.
The new notes (which reference Jackson's existing 7.25% senior
unsecured notes due 2020) are being issued to fund tender offers
that contemplate retiring approximately $310 million of Jackson's
$702 million 9.50% senior notes due June 15, 2016 and
approximately $470 million of Jackson's $1,048 million 11.25%
senior unsecured notes due June 15, 2016. With Intelsat's
consolidated debt not affected the transaction is leverage
neutral and therefore has no impact on Intelsat's CFR and PDR and
both ratings were affirmed at Caa1. Similarly, as the transaction
has no impact on liquidity, Intelsat's SGL-3 liquidity rating
(indicating adequate liquidity) was also affirmed.
Since the $800 million new issue benefits from guarantees
provided by Jackson's guarantor subsidiaries while Jackson's
Caa2-rated 11.25% senior unsecured notes are not guaranteed, the
transaction has negative ratings' implications for B3-rated
guaranteed debt holders as the amount of loss absorption capacity
provided by junior-ranking debt decreases. While the B3 ratings
remain unchanged, the loss given default estimates for entire
tranche of B3-rated debt will be at the edge of an inflection
point such that any further erosion of loss absorption capacity
would cause a downgrade. Otherwise, all other ratings remain
unchanged and were affirmed.
The following summarizes Moody's ratings and today's rating
actions for Intelsat:
Assignments:
Issuer: Intelsat Jackson Holdings S.A.
Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD3,
41%)
Other Actions:
Issuer: Intelsat S.A.
Senior Unsecured Regular Bond/Debenture, Unchanged at Caa3
(LGD6, 96%)
Issuer: Intelsat (Luxembourg) S.A.
Senior Unsecured Regular Bond/Debenture, Unchanged at Caa3
(LGD5, 85%)
Issuer: Intelsat Jackson Holdings S.A.
Senior Secured Bank Credit Facility, Unchanged at B1 (LGD1,
7%)
Senior Unsecured Regular Bond/Debenture, Unchanged at B3
(LGD3, 41%)
Senior Unsecured Regular Bond/Debenture, Unchanged at Caa2
with the loss given default assessment revised to LGD4, 69%
from LGD4, 68%
Rating Rationale
Intelsat's Caa1 ratings are influenced primarily by concerns that
the company's capital structure may not be sustainable over a
prolonged period. Financial leverage is elevated (LTM Debt-to-
EBITDA at December 31, 2011, incorporating Moody's standard
adjustments, is 8.3x) as a consequence of debt-financed ownership
changes and significant capital expenditures, and it is not clear
that the EBITDA stream is large enough -- or can grow
sufficiently in a reasonable time frame -- to fund all of
operating costs, interest expense, cash taxes, and capital
expenditures. This background also serves to highlight the very
important role that the company's liquidity arrangements play.
With persistent negative/weak free cash generation, having the
resources to address FCF shortfalls without jeopardizing overall
financing arrangements is crucial, as is the ability to refinance
debts as they come due. The company's strong business profile
supports the rating. Key features are a large 50-plus satellite
fleet covering 99% of the globe's populated regions, growing
demand, and a stable contract-based revenue stream with a solid
$10.7 billion revenue backlog (over 4 years of revenue) booked
with well-regarded customers.
Rating Outlook
As noted above, the ratings outlook is stable. With modest EBITDA
growth and liquidity sufficient to fund the next several
quarters, downwards pressure is manageable. However, until
positive free cash flow can be anticipated to be sustained,
upwards ratings momentum is limited.
What Could Change the Rating - Up
A ratings upgrade is not expected until Intelsat can substantiate
the ability to be cash flow self-sustaining. Given the current
debt load, this should be observed when EBITDA approaches $2.4
billion and Debt/EBITDA approaches and then falls below 6.5x.
Upon this milestone being observed/anticipated and supported by
trends that are expected to be sustained, and presuming solid
liquidity arrangements, upwards rating pressure would result.
What Could Change the Rating - Down
In the near term, Intelsat's rating is tied to its liquidity
arrangements; they will provide the initial warnings of the
company's plan coming under stress. In this regard financial
covenants (and restricted payment baskets) will be key. Should
applicable cushions be permanently eroded, downwards ratings
actions may be required.
The principal methodology used in rating Intelsat S.A. was the
Global Communications Infrastructure Industry Methodology
published in June 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
=====================
N E T H E R L A N D S
=====================
HYVA GLOBAL: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services had revised the outlook on
Hyva Global B.V., a Netherlands-headquartered provider of
hydraulic systems, to negative from stable. "We also affirmed our
'B+' long-term corporate credit rating on Hyva and our 'B+' issue
rating on the company's outstanding senior secured notes. At the
same time, we lowered the Greater China credit scale rating on
Hyva to 'cnBB-' from 'cnBB'," S&P said.
"We revised the outlook to reflect increased uncertainty over
Hyva's ability to significantly improve its EBITDA margin over
the next 12 months," said Standard & Poor's credit analyst Jerry
Fang. "Prospects of a recovery in demand in the Chinese truck
market are also uncertain, in our view. Demand for Hyva's main
products is highly correlated to sales of heavy duty trucks."
"In our view, Hyva's business risk profile is 'weak'. We expect
the company's credit measures to remain under pressure over the
next 12 months. The company's profitability in 2011 was lower
than we expected and its credit protection metrics deteriorated.
We attribute Hyva's lower profitability to a rise in key raw
material costs and the company's inability to pass on the higher
costs to customers," S&P said.
"We are uncertain if truck demand in China has bottomed out or if
growth in other regions can offset a decline in demand in China.
Truck sales in China grew about 19% year over year in February
2012, the first increase since April 2011," S&P said.
"We expect Hyva's financial risk profile to remain 'aggressive'
over the next 12 months. The company's one-off cost adjustment
and expenses due to a change in ownership dented its financial
performance in 2011. Hyva's performance in 2012 is likely to
depend on the company's ability to improve its gross margin, as
well as its prospects in China for the rest of 2012. In our base-
case scenario, excluding preferred shares, we expect the ratio of
total debt to EBITDA to remain between 5.2x and 4.6x over the
next 12 months," S&P said.
"We could lower the rating if Hyva fails to significantly improve
its profitability and its credit measures weaken," said Mr. Fang.
"An adjusted ratio of total debt to EBITDA of more than 5x
(excluding preferred shares) without a sign of improvement would
indicate such deterioration. This could happen if: (1) Hyva
cannot materially reduce costs by streamlining procurement
processes; or (2) truck demand in China remains sluggish to the
extent that growth in other regions cannot offset the impact. We
could also downgrade Hyva if it engages in major debt-funded
acquisitions or its shareholders aggressively extract value from
the company."
"We could revise the outlook to stable if the company can
significantly improve its profitability to restore its credit
measures. An adjusted ratio of total debt to EBITDA of
consistently less than 5x (excluding preferred shares) would
indicate such improvement," S&P said.
STORM 2012-II: Moody's Rates EUR9-Mil. Class E Notes 'Ba1(sf)'
--------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to the following classes of notes issued by STORM 2012-II B.V.:
EUR180M A1 Notes, Definitive Rating Assigned Aaa (sf)
EUR665M A2 Notes, Definitive Rating Assigned Aaa (sf)
EUR16.1M B Notes, Definitive Rating Assigned Aa1 (sf)
EUR13.4M C Notes, Definitive Rating Assigned Aa3 (sf)
EUR15.1M D Notes, Definitive Rating Assigned A2 (sf)
EUR9M E Notes, Definitive Rating Assigned Ba1 (sf)
The transaction represents the securitization of Dutch prime
mortgage loans backed by residential properties located in the
Netherlands and originated by Obvion N.V. (not rated). The
portfolio will be serviced by Obvion.
Ratings Rationale
The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss.
The expected portfolio loss of 0.65% of the portfolio at closing
and the MILAN Aaa required Credit Enhancement of 7.3% served as
input parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution as described in the report
"The Lognormal Method Applied to ABS Analysis", published in July
2000. The key drivers for the MILAN Aaa Credit Enhancement
number, which is in line with other prime Dutch RMBS transactions
which closed during the past twelve months, are (i) the weighted
average loan-to-foreclosure-value (LTFV) of 91.8%, which is in
line with other prime Dutch RMBS transactions, (ii) the
proportion of interest-only loan parts (78.0%) which is slightly
higher than for other prime Dutch RMBS transactions, (iii) the
weighted average seasoning of 3.6 years, (iv) the limited
possibility for the seller to substitute new loans or further
advances into the subject structure, and (v) the availability of
the NHG-guarantee for 3.8% of the loans in the pool.
The key drivers for the portfolio expected loss are (i) the
performance of the seller's precedent transactions as well as the
performance on the seller's book ,(ii) benchmarking with
comparable transactions in the Dutch RMBS market, and (iii) the
current economic conditions in the Netherlands in combination
with historic recovery data of foreclosures received from the
seller.
Approximately 5.6% of the portfolio is linked to life insurance
policies (life mortgage loans), which are exposed to set-off risk
in case an insurance company goes bankrupt. The seller has
provided loan-by-loan insurance company counterparty data.
Moody's considered the set-off risk in the cash flow analysis.
The transaction benefits from a non-amortizing reserve fund that
will be funded at 1.0% of the total class A1, A2, B, C and D
notes outstanding at closing and will build up to 1.3% by
trapping available excess spread. The total credit enhancement
for the Aaa rated notes is 6.0%. Apart from the reserve fund, the
transaction benefits from an excess margin of 50 bps through the
swap agreement. The swap counterparty is Obvion and the back-up
swap counterparty is Rabobank (Aaa possible downgrade/P-1).
Rabobank is obliged to assume the obligations of Obvion under the
swap agreement in case of Obvion's default. The transaction also
benefits from an amortizing liquidity facility of 2% of the
outstanding principal amount of the notes (including the class E
notes) with a floor of 1.45% of the outstanding principal amount
of the notes (including the class E notes) as of closing.
Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that class A2 would have
achieved Aa2 if the expected loss was as high as 2.0% assuming
MILAN Aaa CE increased to 11.7% and all other factors remained
the same. Class A1 would have achieved Aaa in all tested
scenarios.
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.
The V Score for this transaction is Low/Medium, which is in line
with the V Score assigned for the Dutch RMBS sector, mainly due
to the fact that it is a standard Dutch prime RMBS structure for
which Moody's has over 10 years of historical performance data on
precedent transactions. The primary source of uncertainty relates
to operational risks relating to the servicing arrangement. The
contractual servicer (Obvion) is not rated by Moody's. This risk
is mitigated by the fact that Stater Nederland N.V. will be
appointed at closing as sub-agent of Obvion and will perform the
loan administration. In case of the default of Obvion in its
capacity as servicer, Stater Nederland N.V. will be obligated to
perform mortgage administration for the period of nine months
while the new servicer is being appointed. Another source of
uncertainty is the fact that the swap counterparty is unrated and
that the swap will be automatically novated to the back-up swap
counterparty upon occurrence of certain credit events relating to
the swap counterparty. The swap novation mechanism makes this
transaction more complex than the standard Dutch RMBS
transaction. V Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
according to the report "V Scores and Parameter Sensitivities in
the Major EMEA RMBS Sectors" published in April 2009.
The methodologies used in this rating were Moody's Approach to
Rating RMBS in Europe, Middle East, and Africa published in
October 2009, Moody's Updated MILAN Methodology for Rating Dutch
RMBS published in October 2009, Cash Flow Analysis in EMEA RMBS:
Testing Structural Features with the MARCO Model (Moody's
Analyser of Residential Cash Flows) published in January 2006,
Moody's Updated Approach to NHG Mortgages in Rating Dutch RMBS
published in March 2009, and Moody's Updated Methodology for Set-
Off in Dutch RMBS published in November 2009.
Other Factors used in this rating are described in The Lognormal
Method Applied to ABS Analysis published in July 2000, and Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk published in June 2011.
In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other noncredit risks have not been
addressed, but may have a significant effect on yield to
investors.
Moody's will monitor this transaction on an ongoing basis.
As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes.
===========
P O L A N D
===========
POLDIM SA: Files for Bankruptcy
-------------------------------
Maciej Martewicz at Bloomberg News reports that Trakcja-Tiltra SA
said its unit Poldim SA filed for bankruptcy.
Trakcja-Tiltra SA is a Polish railway and road builder.
===========
R U S S I A
===========
SISTEMA JSFC: Moody's Issues Summary Credit Opinion
---------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Sistema JSFC and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for Sistema JSFC and its
affiliates.
Moody's current ratings on Sistema JSFC and its affiliates are:
Sistema JSFC:
Long Term Corporate Family (foreign currency) ratings of Ba3
Probability of Default rating of Ba3
Mobile TeleSystems OJSC:
Long Term Corporate Family (foreign currency) ratings of Ba2
Probability of Default rating of Ba2
MTS International Funding Limited:
Senior Unsecured (foreign currency) ratings of Ba2
LGD Senior Unsecured (foreign currency) rating of 58 - LGD4
Sistema Capital S.A.
Senior Unsecured MTN (foreign currency) ratings of (P)Ba3
LGD Senior Unsecured MTN (foreign currency) ratings of 50 - LGD4
Sitronics JSC
Long Term Corporate Family Ratings (foreign currency) of B3 on
review for downgrade
Probability of Default Rating of B3 on review for downgrade
RATINGS RATIONALE
Sistema's ratings reflect strong consolidated financial metrics,
underpinned by the vigorous organic development of its key
underlying telecoms and oil & energy assets. Sistema's telecoms
business has proven relatively resilient in the face of market
pressures in recent months and even resumed moderate growth. On a
consolidated basis, Sistema maintains good balance sheet
liquidity, relatively moderate leverage (further supported by a
substantial cash cushion at MTS and Bashneft) and a predominantly
long-term debt structure.
While Sistema demonstrates robust financial performance on a
consolidated basis, Moody's notes substantial improvements in the
holding company's standalone profile due to sustainable
broadening of the dividend base (for 2010, in addition to the
attributable 51% of MTS's RUB30 billion dividend, Sistema
received its share (73%) of the RUB48 billion dividend payout
from Bashneft).
The reorganization of telecom assets under MTS resulted in the
transfer of approximately US$2.2 billion during the past 18
months to Sistema thereby underpinning its financial flexibility.
Sistema's parent company standalone liquidity and capital
structure has furthermore been significantly strengthened by
shifting the debt associated with the acquisition of Bashneft
from the holding company level to Bashneft along with steps
undertaken to stabilize the business and financial profiles of
its weaker subsidiaries.
Sistema is in the process of strategically evolving toward being
more of an investment company managing the various investments it
has across its various strategic areas of focus. Moody's
recognizes Sistema's efforts to evolve as a financial
corporation; in particular, Moody's notes (i) the company's
announced intention to further diversify into downstream
petrochemicals production on the platform of the existing
exploration, production and refinery business, and (ii) steps
undertaken to reduce direct involvement in the subsidiaries and
associates' operating activities. At this juncture Moody's,
however, retain Moody's approach to rating Sistema as an
industrial and service sector conglomerate, and conduct Moody's
analysis in accordance with Moody's guidelines for assessing
conglomerate structures, based on the individual credit profiles
of its various holdings including their stand-alone operating and
financial performance metrics such as leverage, profitability and
coverage while also taking into account the liquidity and cash
flow profiles of Sistema on a parent company basis. The
application of the guidelines results in an indicative rating in
the mid 'Ba' range. The ratings remain constrained by the group's
complexity, the existence of minority shareholdings at various
levels, and pending event risk associated with Sistema's appetite
for opportunistic investment.
Rating Outlook
The outlook on the ratings is stable.
What Could Change the Rating - Up
Moody's believes that upward pressure could be exerted on the
rating if the consolidated leverage -- as measured by gross
adjusted debt to OIBDA -- improves to below 2.0x. Moody's notes
positively that the company has already reduced the debt at the
holding company level as percentage of consolidated gross debt to
9%. Any upward rating pressure will be contingent upon the group
continuing to demonstrate improvement in the performance of its
weaker subsidiaries, resulting in an improving balance and
diversification of cash flow contributions across its portfolio
of holdings.
What Could Change the Rating - Down
Moody's notes that the event risk associated with Sistema's
activities will remain embedded in the company's ratings given
its ambitious development plans. Moody's will also assess the
rating impact of any opportunistic M&A and investment activities
that materially alters the business mix and exercises pressure on
the leverage and coverage metrics. Downward pressure could be
exerted on the rating if the company failed to sustainably
maintain debt service coverage at the Sistema holding level --
measured as dividends and other distributions received from
subsidiaries to gross interest in the range of 2.0x-3.0x.
The principal methodology used in these ratings was Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
Other factors used in these ratings are described in Moody's
Special Comment "Analytical Considerations in Assessing
Conglomerates" published in September 2007.
=========
S P A I N
=========
BBVA-3 FTPYME: S&P Lowers Rating on Class C Notes to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
BBVA-3 FTPYME, Fondo de Titulizacion de Activos' class C notes.
"At the same time, we affirmed our ratings on the class A2(G) and
B notes," S&P said.
"The rating actions follow our review of the composition and
credit quality of the underlying collateral, and structural
features of the transaction--taking into account the latest data
provided by the transaction's trustee, Europea de Titulizacion,"
S&P said.
"We have taken [the] rating actions in light of what we consider
to be the stable performance to date of the underlying
collateral, but also risks due to obligor concentration. These
factors have made this transaction sensitive to top obligors'
credit deterioration. Additionally, the transaction's lack of
structural features has reduced the class C notes' credit
enhancement level, which could leave them undercollateralized and
cause principal losses," S&P said.
"The underlying pool is highly seasoned with a low pool factor of
6.75%. After reaching their peak in July 2010, long-term
delinquencies in this transaction have been decreasing and are
now low; they currently represent less than 0.50% of the
outstanding collateral," S&P said.
"Additionally, the rollover rate of long-term delinquencies into
defaults (defined as loans in arrears for more than 12 months)
has been low, with cumulative defaults at 1.01% of the closing
portfolio balance. This indicates to us that Banco Bilbao Vizcaya
Argentaria S.A. (BBVA; A/Negative/A-1), the portfolio servicer,
is experiencing a high level of recoveries on delinquent assets.
Consequently, default levels are among the lowest in the Spanish
small and midsize enterprise collateralized loan obligation (SME
CLO) market. Although still accruing in the portfolio, new
defaults enter at a very slow pace, and recoveries from defaults
are now stable at about 38%," S&P said.
"As the portfolio now mainly comprises loans secured by real
estate mortgages (83% of the outstanding portfolio balance,
compared with 47% at closing), we do not forecast any significant
increase in recoveries because the foreclosure process of the
security attached to these loans will take place in a depressed
real estate market, which is showing further signs of upcoming
deterioration," S&P said.
"Although we acknowledge the underlying collateral's stable
performance, outstanding defaults represent 9.70% of the current
portfolio balance, and there are in our view, material risks from
obligor concentration: The top one, five, 10, and 20 obligors
account for 3.56%, 11.41%, 17.24%, and 25.51% of the outstanding
portfolio balance. The entire portfolio currently features 1,090
obligors," S&P said.
"This degree of concentration, in our view, makes the
transaction's future performance sensitive to the credit quality
deterioration of a limited number of obligors. Therefore, the
structure relies significantly on the timing of defaults and
recoveries on these defaults that could arise in respect of a few
obligors," S&P said.
"In our opinion, this could leave the class C notes
undercollateralized, as the performing balance available to
service the amounts due under this class of notes will be
reduced, and the reserve fund balance fund may not be sufficient
to cover a potential principal shortfall at legal final maturity
of the notes," S&P said.
"In our analysis, we have therefore taken into account levels of
delinquencies, defaults, and recoveries--factoring in the
underlying portfolio's seasoning. We have also considered the
increase in obligor concentration risk, heightened exposure to
the real estate risk (31.85% of the outstanding portfolio), and
the current level of credit support available to the class C
notes -- as per the latest structural features," S&P said.
"Based on our analysis, we have lowered to 'B+ (sf)' from 'BBB
(sf)' our rating on the class C notes. The new rating reflects
our view that the class C notes could be vulnerable to nonpayment
of principal when exposed to adverse business, financial, or
economic risk, in accordance with Standard & Poor's ratings
definitions," S&P said.
"We have affirmed our 'AAA (sf)' and 'A (sf)' ratings on the
class A2(G) and B notes because our analysis indicates that
levels of credit support remain commensurate with the current
ratings," S&P said.
"The collateral backing BBVA-3 FTPYME comprises a portfolio of
loans to Spanish SMEs, originated and serviced by BBVA. The
transaction closed in December 2004. It comprises loans
originated mainly in 2002 (19.50% of the outstanding portfolio),
2003 (45.00%), and 2004 (23.50%). Borrower concentration is in
the Andalucia, Catalonia, Valencia, and Madrid areas; there is
significant exposure to the real estate and construction sector,
retail industry, and manufacturing sector," 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
BBVA-3 FTPYME, Fondo de Titulizacion de Activos
EUR1 Billion Floating-Rate Notes
Rating Lowered
C B+ (sf) BBB (sf)
Ratings Affirmed
A2(G) AAA (sf)
B A (sf)
===========
S W E D E N
===========
SAAB AUTOMOBILE: Administrators Evaluate Bids
---------------------------------------------
The New Zealand Herald reports that Saab Automobile's bankruptcy
administrators say they are evaluating bids for the Swedish brand
and aim to make a decision in the next two months.
The administrators did not disclose the bidders after a final
deadline passed last week, NZ Herald notes.
Chinese carmaker Youngman is the only company to publicly
register its interest in buying the company, NZ Herald discloses.
According to NZ Herald, media reports have said that India
carmaker Mahindra & Mahindra has made an offer and so has a
Japanese-Chinese consortium that wants to produce electric
vehicles at Saab.
Bankruptcy administrator Hans Bergqvist told the Swedish press
that all the bidders want to restart car production at Saab's
plant in Trollhatten, Sweden, NZ Herald relates. He said the
bids were being evaluated as a base for continued discussions, NZ
Herald recounts.
Mr. Bergqvist, as cited by NZ Herald, said Saab has debts of
SEK13 billion (US$1.9 billion) and assets of just SEK3.6 billion.
He said he hoped the successful bidder would pay more than the
assets were worth, NZ Herald notes.
About Saab
Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division. In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly
owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.
Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg. Saab Cars North America is located in Royal Oak,
Michigan employing approximately 50 people responsible for sales,
marketing and administration duties for the North American
market.
On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB (Saab Automobile), Saab Automobile Tools AB and
Saab Powertrain AB filed for bankruptcy with the District Court
in Vanersborg, Sweden. After having received the recent position
of GM on the contemplated transaction with Saab Automobile,
Youngman informed Saab Automobile that the funding to continue
and complete the reorganization of Saab Automobile could not be
concluded. The Board of Saab Automobile subsequently decided
that the company without further funding will be insolvent and
that filing bankruptcy is in the best interests of its creditors.
Swan does not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.
===========================
U N I T E D K I N G D O M
===========================
PREMIER FOODS: S&P Lowers Long-Term Issuer Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on U.K.-headquartered packaged food producer
Premier Foods PLC to 'B' from 'B+', and removed the rating from
CreditWatch, where it was originally placed with negative
implications on Oct. 18, 2011. The outlook is negative.
"The downgrade and negative outlook reflect our view that,
despite the successful completion of its bank refinancing,
Premier Foods is exposed to execution risk in conjunction with
the disposal program," S&P said.
"Under the terms of its revised bank agreement, Premier Foods
must generate disposal proceeds of GBP330 million by June 30,
2014, and meet certain progress milestones from Dec. 31, 2013. In
our opinion, notwithstanding a stabilizing outlook for the U.K.
food processing industry, the timing, scale, and achievable
multiple for disposals depends on market conditions, and credit
market volatility may constrain demand among potential buyers for
these assets," S&P said.
"The rating reflects our view of Premier Foods' 'highly
leveraged' financial risk profile and 'fair' business risk
profile, as our criteria define these terms," S&P said.
The negative outlook reflects the risk of a downgrade within the
next year if Premier Foods does not sufficiently deliver on its
disposal program to ensure continued financial covenant
compliance.
"We could lower the rating if unexpected adverse operating
developments caused the company's cash interest cover to fall
below 2x. This could result from an extraordinary spike in raw
material costs without a corresponding increase in prices," S&P
said.
"We could revise the outlook to stable if we felt that Premier
Foods were able to lower its debt and maintain consistently
adequate covenant headroom, as well as cash interest cover in
excess of 2x, which we consider commensurate with the 'B'
rating," S&P said.
PORT VALE: HMRC Opposes Company Voluntary Arrangement
-----------------------------------------------------
Thisisstaffordshire.co.uk reports that the HM Revenue & Customs
looks certain to vote against a proposed deal to pay off Vale's
creditors -- but their opposition won't be enough to derail the
takeover.
HMR is owed GBP189,965 by Vale, making them the third largest
creditor of the club, which entered administration in March,
thisisstaffordshire.co.uk discloses.
Vale's administrator, Begbies Traynor, has set out a Company
Voluntary Arrangement, which will be voted on by creditors at a
meeting on April 26, thisisstaffordshire.co.uk relates.
According to thisisstaffordshire.co.uk, the arrangement requires
approval from 75% of the value of the club's GBP2.69 million debt
to be passed. But only those creditors who vote will be counted
in the calculations, thisisstaffordshire.co.uk notes.
If approved, it will clear the path for Lancashire businessman
Keith Ryder to complete his GBP1.4 million takeover,
thisisstaffordshire.co.uk says.
However, the deal involves unsecured creditors, like HMRC,
receiving 3p for each GBP1 they are owed, which would pocket them
just GBP5,700, thisisstaffordshire.co.uk notes.
All football creditors, including players who have wage arrears,
are paid in full, which reduces the available cash for other
parties, thisisstaffordshire.co.uk states.
According to thisisstaffordshire.co.uk, a Revenue and Customs
spokesman said: "HMRC has a long-standing policy that we will not
support a CVA which seeks to give preference to one class of
unsecured creditor over another.
"HMRC has challenged the operation of the football creditor rule
in the High Court, since this rule seeks to give an advantage to
unsecured football creditors over other non-football unsecured
creditors.
"The practical application of the so-called 'football creditor
rule' can mean that the risk of revenue losses in the football
sector can be particularly high.
"HMRC's view is that the rule is unfair, unlawful and
unacceptable which is why we are challenging it in the courts."
If the CVA is not approved by creditors, Mr. Ryder could still
complete his deal, although Vale could be hit with a further
deduction of between 15 and 20 points if they exit administration
without an agreement in place, thisisstaffordshire.co.uk notes.
However, it is the approval of Vale's largest creditor, Stoke-on-
Trent City Council, which holds the key to the green light being
given, thisisstaffordshire.co.uk notes.
They are owed GBP1.859 million, giving them a 69% share of the
debt, compared to HMRC's 7%, thisisstaffordshire.co.uk discloses.
The city council have yet to reveal whether they will back the
proposals, although it is believed the club are confident they
will support the agreement, thisisstaffordshire.co.uk says.
Port Vale F.C. is a football club based in Burslem,
Staffordshire.
PORTSMOUTH FOOTBALL: Administrator Reveals Two New Bidders
----------------------------------------------------------
Rory McKeown at The News reports that Portsmouth Football Club
administrator Trevor Birch is hopeful of securing the club's
future after revealing two new interested parties have come to
the table.
In a web chat hosted by The News, Mr. Birch confirmed he was
approached in the "last two or three weeks" and the new parties
do not have history of owning football clubs either in the UK or
abroad.
They are separate to the Pompey Supporters' Trust's bid,
according to the administrator, who revealed the club will
"probably" be sold in the region of between GBP5 million-GBP10
million, The News discloses.
It comes as Mr. Birch stressed the club is heading to a crucial
date on June 2, where the Football League holds its annual
meeting, The News notes.
Mr. Birch said the trust's share scheme could work if enough fans
back it and said a 50-50 buy out with the trust and another
interested bidder would be a "feasible" option, The News relates.
Mr. Birch, as cited by The News, said the club's debt of GBP59
million will be written off in a prospective Company Voluntary
Arrangement (CVA) by "way of a dividend".
According to The News, during the chat, the administrator
confirmed the club's former owner Balram Chainrai is owed "around
GBP17 million" by the club and has "a debenture and charge" over
it.
He also confirmed he would have to accept a bid from Mr. Chainrai
if he returned to Pompey, in the interests of the creditors, The
News notes.
About Portsmouth Football
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League. Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.
RANGERS FOOTBALL: Bidders Still Interested Despite SPL Plans
------------------------------------------------------------
STV reports that Rangers administrators claim three bidders are
still in contention for the crisis-hit club despite proposed
Scottish Premier League rule changes.
Duff and Phelps said on Friday that the three interested parties
have made changes to the conditions of their offers on the back
of resolutions about clubs in insolvency that the SPL will vote
on at the end of the month, STV relates.
According to STV, the insolvency firm said that it hoped to be
able to announce a preferred bidder for the Ibrox club before the
SPL general meeting vote on April 30.
Under the SPL plans to be voted on, Rangers would face a 75%
reduction in league income and ten points deductions for two
seasons, should the assets of the club be sold to a "newco" and
the old one liquidated, STV discloses. The proposed rules
describe the newco switch as an "insolvency transfer events",
where an insolvent club creates a new company and transfers its
SPL share and membership to the new entity, as could still happen
in the case of the Ibrox club, STV notes.
All three bidders have stated they hope for the company voluntary
arrangement (CVA) route out of administration which requires the
support of 75% of creditors by size, according to STV.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
===============
X X X X X X X X
===============
* S&P Withdraws 'D' Ratings on 16 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
23 European synthetic collateralized debt obligation (CDO)
tranches.
"We," S&P said, "have withdrawn our ratings on these tranches for
different reasons, including:"
* The issuer has fully repurchased and cancelled the notes,
* The notes have been redeemed earlier, and
* The principal amount of the notes has been reduced due to
losses.
"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P said.
"We have lowered to 'D (sf)' and subsequently withdrawn our
ratings on 16 tranches' downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination date for these tranches. The ratings lowered to
'D (sf)' will remain at 'D (sf)' for a period of 30 days before
the withdrawals becomes effective," 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
* Analyst Expects More Bankruptcies in the Solar Sector
-------------------------------------------------------
StreetInsider.com reports that Chardan analyst Jay Srivatsa said
more bankruptcy in the solar sector are coming over the next 2-3
quarters.
Mr. Jay Srivatsa said the outlook for the solar sector is
"dismal" and even large companies like First Solar are idling
production lines and still others have suspended commercial
production.
Mr. Srivatsa remains bearish on the sector and doesn't expect a
snap back until later this year, StreetInsider.com notes.
* BOND PRICING: For the Week April 9 to April 13, 2012
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 5.750 11/2/2010 EUR 30.75
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 30.88
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 30.75
BA CREDITANSTALT 5.470 8/28/2013 EUR 70.13
ERSTE BANK 6.000 7/31/2014 EUR 50.13
IMMOFINANZ 4.250 3/8/2018 EUR 3.81
KOMMUNALKREDIT 4.440 12/20/2030 EUR 63.25
KOMMUNALKREDIT 4.900 6/23/2031 EUR 67.13
OESTER VOLKSBK 4.170 7/29/2015 EUR 65.63
OESTER VOLKSBK 4.750 4/30/2021 EUR 70.92
OESTER VOLKSBK 5.270 2/8/2027 EUR 73.82
OESTER VOLKSBK 4.160 5/20/2025 EUR 70.59
OESTER VOLKSBK 4.810 7/29/2025 EUR 58.13
RAIFF CENTROBANK 9.876 1/23/2013 EUR 51.59
RAIFF CENTROBANK 11.000 5/24/2012 EUR 64.12
RAIFF CENTROBANK 11.000 5/24/2012 EUR 71.81
RAIFF CENTROBANK 7.161 7/20/2012 EUR 65.99
RAIFF CENTROBANK 7.812 7/20/2012 EUR 61.35
RAIFF CENTROBANK 5.208 7/25/2012 EUR 69.30
RAIFF CENTROBANK 7.161 7/25/2012 EUR 73.16
RAIFF CENTROBANK 7.812 7/25/2012 EUR 67.78
RAIFF CENTROBANK 7.812 7/25/2012 EUR 53.81
RAIFF CENTROBANK 8.463 7/25/2012 EUR 64.16
RAIFF CENTROBANK 9.114 7/25/2012 EUR 50.86
RAIFF CENTROBANK 10.090 7/25/2012 EUR 63.63
RAIFF CENTROBANK 10.090 7/25/2012 EUR 66.70
RAIFF CENTROBANK 10.416 7/20/2012 EUR 48.43
RAIFF CENTROBANK 11.718 7/25/2012 EUR 56.23
RAIFF CENTROBANK 7.646 1/23/2013 EUR 67.22
RAIFF CENTROBANK 7.965 1/23/2013 EUR 71.49
RAIFF CENTROBANK 8.283 1/23/2013 EUR 70.18
RAIFF CENTROBANK 9.558 1/23/2013 EUR 70.81
RAIFF CENTROBANK 11.718 7/25/2012 EUR 28.86
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 66.28
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 21.39
IDEAL STANDARD I 11.750 5/1/2018 EUR 52.00
IDEAL STANDARD I 11.750 5/1/2018 EUR 51.84
CYPRUS
------
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 68.88
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 67.75
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 74.25
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 66.63
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 66.13
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 62.25
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 73.50
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 64.75
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 62.63
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 61.63
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 61.00
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 67.00
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 60.38
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 66.00
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 69.22
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 72.63
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 71.50
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 70.13
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 69.25
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 70.88
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 63.63
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 65.63
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 71.68
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 64.00
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 65.25
MARFIN POPULAR 4.350 11/20/2014 EUR 74.50
REP OF CYPRUS 4.750 2/25/2016 EUR 69.25
CZECH REPUBLIC
--------------
SAZKA 9.000 7/12/2021 EUR 50.00
DENMARK
-------
KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 50.48
KOMMUNEKREDIT 0.500 1/25/2017 ZAR 71.02
KOMMUNEKREDIT 0.500 2/23/2017 ZAR 70.54
FINLAND
-------
MUNI FINANCE PLC 0.500 3/17/2025 CAD 52.22
MUNI FINANCE PLC 0.250 6/28/2040 CAD 19.90
MUNI FINANCE PLC 0.500 12/21/2021 NZD 62.94
MUNI FINANCE PLC 0.500 11/10/2021 NZD 63.11
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 46.24
MUNI FINANCE PLC 0.500 9/24/2020 CAD 70.50
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 58.77
MUNI FINANCE PLC 0.500 12/14/2018 TRY 64.22
MUNI FINANCE PLC 0.500 11/21/2018 TRY 64.46
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 57.25
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 62.29
MUNI FINANCE PLC 0.500 11/16/2017 TRY 68.51
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 69.31
MUNI FINANCE PLC 0.500 4/26/2017 ZAR 67.45
MUNI FINANCE PLC 0.500 2/16/2017 TRY 72.83
MUNI FINANCE PLC 0.500 12/21/2016 TRY 72.56
MUNI FINANCE PLC 0.500 12/6/2016 TRY 72.94
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 70.25
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 70.64
MUNI FINANCE PLC 0.500 10/27/2016 TRY 73.22
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 73.99
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.61
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.98
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.17
ASSYSTEM 4.000 1/1/2017 EUR 22.75
ATOS ORIGIN SA 2.500 1/1/2016 EUR 54.79
CAISSE CENT IMMO 7.000 5/16/2014 EUR 36.35
CAISSE CENT IMMO 7.000 5/18/2015 EUR 12.23
CAISSE CENT IMMO 7.000 9/10/2015 EUR 14.96
CALYON 6.000 6/18/2047 EUR 35.63
CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.33
CGG VERITAS 1.750 1/1/2016 EUR 28.68
CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.50
CLUB MEDITERRANE 5.000 6/8/2012 EUR 14.85
CMA CGM 8.875 4/15/2019 EUR 59.80
CMA CGM 8.500 4/15/2017 USD 60.25
CMA CGM 8.875 4/15/2019 EUR 59.63
CMA CGM 8.500 4/15/2017 USD 60.13
CNP ASSURANCES 6.000 9/14/2040 EUR 73.28
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 63.03
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 71.69
DEXIA CRED LOCAL 4.375 2/12/2019 EUR 57.23
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 67.84
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 69.45
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 67.97
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 69.18
EURAZEO 6.250 6/10/2014 EUR 56.75
EXANE FINANCE 18.150 5/17/2012 CHF 44.25
FAURECIA 4.500 1/1/2015 EUR 21.60
GROUPAMA SA 7.875 10/27/2039 EUR 58.57
GROUPE VIAL 2.500 1/1/2014 EUR 2.71
INGENICO 2.750 1/1/2017 EUR 46.39
MAUREL ET PROM 7.125 7/31/2014 EUR 18.30
MAUREL ET PROM 7.125 7/31/2015 EUR 16.81
NEXANS SA 4.000 1/1/2016 EUR 59.27
NEXANS SA 2.500 1/1/2019 EUR 68.53
NOVASEP HLDG 9.750 12/15/2016 USD 48.50
NOVASEP HLDG 9.625 12/15/2016 EUR 49.38
NOVASEP HLDG 9.625 12/15/2016 EUR 49.38
NOVASEP HLDG 9.750 12/15/2016 USD 48.50
ORPEA 3.875 1/1/2016 EUR 44.72
PAGESJAUNES FINA 8.875 6/1/2018 EUR 73.36
PAGESJAUNES FINA 8.875 6/1/2018 EUR 73.75
PEUGEOT SA 4.450 1/1/2016 EUR 24.76
PIERRE VACANCES 4.000 10/1/2015 EUR 74.30
PUBLICIS GROUPE 3.125 7/30/2014 EUR 39.81
PUBLICIS GROUPE 1.000 1/18/2018 EUR 51.91
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.87
SOCIETE GENERALE 0.500 9/7/2021 AUD 47.12
SOCIETE GENERALE 0.500 12/6/2021 AUD 46.27
SOITEC 6.250 9/9/2014 EUR 8.37
TEM 4.250 1/1/2015 EUR 53.30
THEOLIA 2.700 1/1/2041 EUR 8.47
GERMANY
-------
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 33.15
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 48.59
BAYERISCHE LNDBK 5.500 6/29/2012 EUR 52.36
BAYERISCHE LNDBK 5.100 6/29/2012 EUR 56.43
BAYERISCHE LNDBK 6.100 6/15/2012 EUR 39.39
BHF-BANK AG 13.200 6/8/2012 EUR 51.36
BHF-BANK AG 7.250 6/15/2012 EUR 64.45
BHW BAUSPARKASSE 4.270 1/15/2019 EUR 73.38
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 60.73
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 57.77
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 53.99
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 69.56
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 63.02
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 52.36
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 60.39
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 66.90
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 73.59
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 57.68
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 71.19
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 68.72
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 44.65
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 53.48
BNP EMIS-U.HANDE 9.000 6/21/2012 EUR 70.08
BNP EMIS-U.HANDE 8.750 6/21/2012 EUR 68.54
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 70.05
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 68.39
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 69.23
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 71.70
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 68.54
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 67.02
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 73.56
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 59.89
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 58.20
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 72.00
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 74.55
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 61.66
BNP EMIS-U.HANDE 7.250 6/21/2012 EUR 64.38
BNP EMIS-U.HANDE 7.000 6/21/2012 EUR 69.74
BNP EMIS-U.HANDE 6.750 6/21/2012 EUR 65.98
BNP EMIS-U.HANDE 7.000 5/24/2012 EUR 47.40
BNP EMIS-U.HANDE 5.250 5/24/2012 EUR 63.47
BNP EMIS-U.HANDE 9.000 4/26/2012 EUR 51.38
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 61.50
BNP EMIS-U.HANDE 6.000 4/26/2012 EUR 45.91
BNP EMIS-U.HANDE 5.000 4/26/2012 EUR 61.05
BNP EMIS-U.HANDE 5.000 4/26/2012 EUR 71.43
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 70.25
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 57.26
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 63.33
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 67.72
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 71.27
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 36.49
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 48.51
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 51.27
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 56.98
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 59.67
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 39.58
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 69.73
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 51.09
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 71.32
BNP EMIS-U.HANDE 8.500 7/26/2012 EUR 69.93
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 47.31
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 41.68
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 55.51
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 70.87
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 31.50
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 26.37
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 44.17
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 63.89
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 57.40
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 74.06
BNP EMIS-U.HANDE 19.250 6/21/2012 EUR 8.70
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 65.06
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 44.58
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 40.91
BNP EMIS-U.HANDE 18.250 6/21/2012 EUR 6.96
BNP EMIS-U.HANDE 16.000 6/21/2012 EUR 20.11
BNP EMIS-U.HANDE 15.500 6/21/2012 EUR 22.22
BNP EMIS-U.HANDE 14.250 6/21/2012 EUR 42.53
BNP EMIS-U.HANDE 13.750 6/21/2012 EUR 48.89
BNP EMIS-U.HANDE 13.500 6/21/2012 EUR 57.54
BNP EMIS-U.HANDE 12.000 6/21/2012 EUR 71.96
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 41.05
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 67.57
BNP EMIS-U.HANDE 11.500 6/21/2012 EUR 54.16
BNP EMIS-U.HANDE 11.250 6/21/2012 EUR 72.17
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 45.09
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 64.94
COMMERZBANK AG 10.000 11/5/2012 EUR 62.51
COMMERZBANK AG 11.500 11/5/2012 EUR 58.75
COMMERZBANK AG 8.500 12/17/2012 EUR 64.05
COMMERZBANK AG 6.000 12/27/2012 EUR 73.31
COMMERZBANK AG 7.000 12/27/2012 EUR 64.52
COMMERZBANK AG 8.000 12/27/2012 EUR 52.90
COMMERZBANK AG 14.000 8/5/2013 EUR 73.02
COMMERZBANK AG 8.400 12/30/2013 EUR 19.85
COMMERZBANK AG 5.000 3/30/2018 EUR 29.50
COMMERZBANK AG 8.500 8/3/2012 EUR 50.61
COMMERZBANK AG 11.500 7/6/2012 EUR 10.11
COMMERZBANK AG 10.500 7/6/2012 EUR 61.31
COMMERZBANK AG 16.000 6/22/2012 EUR 67.44
COMMERZBANK AG 11.500 6/22/2012 EUR 54.14
COMMERZBANK AG 9.000 8/3/2012 EUR 66.28
COMMERZBANK AG 7.500 6/22/2012 EUR 69.10
COMMERZBANK AG 8.750 6/21/2012 EUR 62.48
COMMERZBANK AG 8.000 6/4/2012 EUR 65.76
COMMERZBANK AG 8.000 5/7/2012 EUR 45.92
COMMERZBANK AG 7.250 5/7/2012 EUR 63.67
COMMERZBANK AG 12.100 4/27/2012 EUR 22.80
COMMERZBANK AG 8.000 6/22/2012 EUR 52.69
COMMERZBANK AG 8.250 10/1/2012 EUR 72.03
COMMERZBANK AG 9.000 10/1/2012 EUR 62.40
COMMERZBANK AG 8.500 10/29/2012 EUR 64.35
COMMERZBANK AG 9.000 10/29/2012 EUR 11.85
COMMERZBANK AG 10.000 10/29/2012 EUR 70.50
COMMERZBANK AG 8.000 11/5/2012 EUR 49.83
COMMERZBANK AG 7.700 9/28/2012 EUR 58.95
COMMERZBANK AG 7.250 5/7/2012 EUR 41.04
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 53.40
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 60.60
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 70.40
DEUTSCHE BANK AG 7.000 4/30/2012 EUR 56.20
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 58.30
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 67.60
DEUTSCHE BANK AG 8.000 4/30/2012 EUR 72.00
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 68.50
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 64.20
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 71.50
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 51.40
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 73.00
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 56.00
DEUTSCHE BANK AG 10.000 4/30/2012 EUR 73.30
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 60.30
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 63.50
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 57.10
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 74.60
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 59.30
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 57.40
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 54.80
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 71.60
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 71.10
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 56.60
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 55.70
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 52.40
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 69.00
DEUTSCHE BANK AG 14.000 6/20/2012 EUR 70.10
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 56.40
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 73.80
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 70.80
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 64.90
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 63.90
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 54.30
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 61.80
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 68.10
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 59.70
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 71.10
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 52.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 68.70
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 60.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 65.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 56.20
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 70.10
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 71.70
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 63.90
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 72.70
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 66.80
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 70.20
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 69.30
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 61.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 65.10
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 65.50
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 68.10
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 72.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 59.30
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 73.10
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 49.00
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 57.50
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 71.90
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.10
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 69.80
DRESDNER BANK AG 6.210 6/20/2022 EUR 73.88
DRESDNER BANK AG 6.180 2/28/2023 EUR 72.00
DRESDNER BANK AG 5.700 7/31/2023 EUR 68.00
DRESDNER BANK AG 7.350 6/13/2028 EUR 74.50
DRESDNER BANK AG 5.450 2/22/2029 EUR 9.31
DRESDNER BANK AG 5.290 5/31/2021 EUR 70.88
DZ BANK AG 8.000 7/27/2012 EUR 58.76
DZ BANK AG 7.500 7/27/2012 EUR 73.34
DZ BANK AG 6.500 7/27/2012 EUR 70.34
DZ BANK AG 12.500 7/13/2012 EUR 60.76
DZ BANK AG 9.250 7/13/2012 EUR 71.55
DZ BANK AG 8.500 7/13/2012 EUR 54.37
DZ BANK AG 8.500 7/13/2012 EUR 57.86
DZ BANK AG 8.250 7/13/2012 EUR 70.61
DZ BANK AG 7.500 7/13/2012 EUR 52.39
DZ BANK AG 9.250 7/27/2012 EUR 73.27
DZ BANK AG 7.250 7/13/2012 EUR 71.06
DZ BANK AG 7.250 7/13/2012 EUR 71.06
DZ BANK AG 7.000 7/13/2012 EUR 63.97
DZ BANK AG 6.750 7/13/2012 EUR 70.83
DZ BANK AG 5.000 7/13/2012 EUR 65.06
DZ BANK AG 7.000 7/11/2012 EUR 69.65
DZ BANK AG 7.000 7/11/2012 EUR 73.33
DZ BANK AG 16.000 6/22/2012 EUR 7.67
DZ BANK AG 13.000 6/22/2012 EUR 41.19
DZ BANK AG 12.000 6/22/2012 EUR 50.78
DZ BANK AG 14.750 7/27/2012 EUR 71.63
DZ BANK AG 12.500 7/27/2012 EUR 68.37
DZ BANK AG 12.250 7/27/2012 EUR 74.58
DZ BANK AG 12.000 7/27/2012 EUR 67.28
DZ BANK AG 11.500 7/27/2012 EUR 54.16
DZ BANK AG 11.250 7/27/2012 EUR 63.39
DZ BANK AG 11.250 7/27/2012 EUR 74.03
DZ BANK AG 10.750 7/27/2012 EUR 54.69
DZ BANK AG 10.500 7/27/2012 EUR 63.41
DZ BANK AG 10.000 7/27/2012 EUR 64.12
DZ BANK AG 9.800 7/27/2012 EUR 68.59
DZ BANK AG 9.250 7/27/2012 EUR 71.88
DZ BANK AG 8.000 7/27/2012 EUR 67.92
DZ BANK AG 7.250 7/13/2012 EUR 66.53
DZ BANK AG 16.500 4/27/2012 EUR 0.73
DZ BANK AG 9.250 5/11/2012 EUR 61.37
DZ BANK AG 8.000 6/7/2012 EUR 71.88
DZ BANK AG 5.000 6/8/2012 EUR 72.66
DZ BANK AG 6.000 6/8/2012 EUR 62.36
DZ BANK AG 6.750 6/8/2012 EUR 56.81
DZ BANK AG 7.500 6/8/2012 EUR 64.93
DZ BANK AG 7.750 6/8/2012 EUR 71.89
DZ BANK AG 8.000 6/8/2012 EUR 70.40
DZ BANK AG 8.000 6/8/2012 EUR 68.15
DZ BANK AG 8.750 6/8/2012 EUR 72.53
DZ BANK AG 9.000 6/8/2012 EUR 59.36
DZ BANK AG 9.250 6/8/2012 EUR 55.44
DZ BANK AG 9.500 6/8/2012 EUR 69.92
DZ BANK AG 9.750 6/8/2012 EUR 70.75
DZ BANK AG 9.750 6/8/2012 EUR 68.55
DZ BANK AG 10.500 6/8/2012 EUR 49.57
DZ BANK AG 10.750 6/8/2012 EUR 72.28
DZ BANK AG 11.250 6/8/2012 EUR 53.50
DZ BANK AG 12.250 6/8/2012 EUR 71.70
DZ BANK AG 8.000 6/11/2012 EUR 66.81
DZ BANK AG 4.000 6/20/2012 EUR 63.70
DZ BANK AG 7.200 6/21/2012 EUR 72.84
DZ BANK AG 10.900 6/21/2012 EUR 69.20
DZ BANK AG 5.250 6/22/2012 EUR 63.91
DZ BANK AG 5.500 6/22/2012 EUR 71.36
DZ BANK AG 5.500 6/22/2012 EUR 71.12
DZ BANK AG 6.250 6/22/2012 EUR 73.40
DZ BANK AG 6.250 6/22/2012 EUR 64.88
DZ BANK AG 6.750 6/22/2012 EUR 70.67
DZ BANK AG 11.750 6/22/2012 EUR 47.92
DZ BANK AG 15.000 7/27/2012 EUR 50.12
DZ BANK AG 15.250 7/27/2012 EUR 58.51
DZ BANK AG 5.000 8/10/2012 EUR 71.16
DZ BANK AG 21.250 8/10/2012 EUR 72.48
DZ BANK AG 5.000 9/14/2012 EUR 62.67
DZ BANK AG 7.250 6/22/2012 EUR 70.26
DZ BANK AG 5.850 9/14/2012 EUR 64.40
DZ BANK AG 6.250 9/14/2012 EUR 60.09
DZ BANK AG 7.250 9/14/2012 EUR 74.19
DZ BANK AG 7.500 9/14/2012 EUR 66.83
DZ BANK AG 8.000 9/14/2012 EUR 55.60
DZ BANK AG 8.500 9/14/2012 EUR 60.88
DZ BANK AG 9.500 9/14/2012 EUR 74.19
DZ BANK AG 10.250 9/14/2012 EUR 74.11
DZ BANK AG 10.500 9/14/2012 EUR 55.88
DZ BANK AG 4.500 10/5/2012 EUR 60.63
DZ BANK AG 5.700 10/5/2012 EUR 58.70
DZ BANK AG 8.300 10/5/2012 EUR 55.37
DZ BANK AG 7.000 10/12/2012 EUR 69.93
DZ BANK AG 7.000 10/12/2012 EUR 53.97
DZ BANK AG 8.000 10/12/2012 EUR 56.13
DZ BANK AG 16.000 11/23/2012 EUR 68.17
DZ BANK AG 5.000 12/14/2012 EUR 72.15
DZ BANK AG 3.850 12/21/2012 EUR 18.00
DZ BANK AG 6.000 1/2/2013 EUR 68.91
DZ BANK AG 14.000 1/11/2013 EUR 70.56
DZ BANK AG 5.000 3/22/2013 EUR 18.00
DZ BANK AG 5.000 3/22/2013 EUR 18.00
DZ BANK AG 5.410 3/22/2013 EUR 17.50
DZ BANK AG 18.000 3/22/2013 EUR 73.71
DZ BANK AG 5.000 6/24/2013 EUR 18.00
DZ BANK AG 5.270 6/24/2013 EUR 18.00
DZ BANK AG 3.400 3/25/2015 EUR 69.08
DZ BANK AG 5.000 6/22/2018 EUR 51.92
DZ BANK AG 11.750 6/22/2012 EUR 44.58
DZ BANK AG 11.750 6/22/2012 EUR 71.90
DZ BANK AG 11.250 6/22/2012 EUR 44.76
DZ BANK AG 11.000 6/22/2012 EUR 51.90
DZ BANK AG 11.000 6/22/2012 EUR 37.44
DZ BANK AG 10.750 6/22/2012 EUR 54.36
DZ BANK AG 10.750 6/22/2012 EUR 54.03
DZ BANK AG 10.750 6/22/2012 EUR 72.69
DZ BANK AG 10.500 6/22/2012 EUR 71.53
DZ BANK AG 10.500 6/22/2012 EUR 37.83
DZ BANK AG 10.000 6/22/2012 EUR 69.06
DZ BANK AG 10.000 6/22/2012 EUR 62.55
DZ BANK AG 10.000 6/22/2012 EUR 63.78
DZ BANK AG 9.750 6/22/2012 EUR 69.66
DZ BANK AG 9.750 6/22/2012 EUR 67.78
DZ BANK AG 9.750 6/22/2012 EUR 55.94
DZ BANK AG 9.750 6/22/2012 EUR 67.52
DZ BANK AG 9.000 6/22/2012 EUR 70.98
DZ BANK AG 9.000 6/22/2012 EUR 30.45
DZ BANK AG 9.000 6/22/2012 EUR 55.06
DZ BANK AG 8.750 6/22/2012 EUR 72.86
DZ BANK AG 8.750 6/22/2012 EUR 66.91
DZ BANK AG 8.500 6/22/2012 EUR 74.49
DZ BANK AG 8.250 6/22/2012 EUR 70.05
DZ BANK AG 8.250 6/22/2012 EUR 68.32
DZ BANK AG 8.000 6/22/2012 EUR 41.45
DZ BANK AG 7.750 6/22/2012 EUR 72.68
DZ BANK AG 7.500 6/22/2012 EUR 70.04
DZ BANK AG 7.250 6/22/2012 EUR 65.08
DZ BANK AG 7.250 4/27/2012 EUR 64.80
DZ BANK AG 8.250 4/27/2012 EUR 69.53
DZ BANK AG 9.000 4/27/2012 EUR 43.08
DZ BANK AG 10.000 4/27/2012 EUR 59.40
DZ BANK AG 11.250 4/27/2012 EUR 52.96
DZ BANK AG 15.500 4/27/2012 EUR 65.24
EUROHYPO AG 3.830 9/21/2020 EUR 69.88
GOTHAER ALLG VER 5.527 9/29/2026 EUR 74.39
HECKLER & KOCH 9.500 5/15/2018 EUR 63.25
HECKLER & KOCH 9.500 5/15/2018 EUR 63.30
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 72.25
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 72.41
HSBC TRINKAUS 30.000 6/28/2013 EUR 71.18
HSBC TRINKAUS 27.500 3/22/2013 EUR 68.64
HSBC TRINKAUS 26.000 6/28/2013 EUR 71.12
L-BANK FOERDERBK 0.500 5/10/2027 CAD 49.54
LANDESBK BERLIN 5.500 12/23/2013 EUR 72.05
LB BADEN-WUERTT 7.500 10/26/2012 EUR 7.66
LB BADEN-WUERTT 7.500 10/26/2012 EUR 66.19
LB BADEN-WUERTT 7.500 10/26/2012 EUR 64.91
LB BADEN-WUERTT 7.500 10/26/2012 EUR 22.59
LB BADEN-WUERTT 7.500 10/26/2012 EUR 61.75
LB BADEN-WUERTT 7.500 10/26/2012 EUR 59.68
LB BADEN-WUERTT 10.000 10/26/2012 EUR 56.21
LB BADEN-WUERTT 10.000 10/26/2012 EUR 72.31
LB BADEN-WUERTT 10.000 10/26/2012 EUR 55.80
LB BADEN-WUERTT 10.000 10/26/2012 EUR 8.36
LB BADEN-WUERTT 10.000 10/26/2012 EUR 21.94
LB BADEN-WUERTT 10.000 10/26/2012 EUR 60.66
LB BADEN-WUERTT 10.000 10/26/2012 EUR 61.59
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.01
LB BADEN-WUERTT 5.000 11/23/2012 EUR 70.43
LB BADEN-WUERTT 5.000 11/23/2012 EUR 24.76
LB BADEN-WUERTT 5.000 11/23/2012 EUR 68.69
LB BADEN-WUERTT 5.000 11/23/2012 EUR 72.58
LB BADEN-WUERTT 5.000 11/23/2012 EUR 62.69
LB BADEN-WUERTT 7.500 11/23/2012 EUR 55.46
LB BADEN-WUERTT 7.500 11/23/2012 EUR 61.81
LB BADEN-WUERTT 7.500 11/23/2012 EUR 23.42
LB BADEN-WUERTT 7.500 11/23/2012 EUR 62.38
LB BADEN-WUERTT 7.500 11/23/2012 EUR 68.38
LB BADEN-WUERTT 10.000 11/23/2012 EUR 68.11
LB BADEN-WUERTT 10.000 11/23/2012 EUR 22.89
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.06
LB BADEN-WUERTT 10.000 11/23/2012 EUR 63.16
LB BADEN-WUERTT 7.500 11/23/2012 EUR 65.44
LB BADEN-WUERTT 10.000 11/23/2012 EUR 56.87
LB BADEN-WUERTT 10.000 11/23/2012 EUR 51.49
LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.75
LB BADEN-WUERTT 15.000 11/23/2012 EUR 72.75
LB BADEN-WUERTT 10.000 11/23/2012 EUR 57.44
LB BADEN-WUERTT 5.000 1/4/2013 EUR 25.45
LB BADEN-WUERTT 5.000 1/4/2013 EUR 64.96
LB BADEN-WUERTT 5.000 1/4/2013 EUR 52.44
LB BADEN-WUERTT 5.000 1/4/2013 EUR 69.73
LB BADEN-WUERTT 5.000 1/4/2013 EUR 73.61
LB BADEN-WUERTT 7.500 1/4/2013 EUR 66.74
LB BADEN-WUERTT 7.500 1/4/2013 EUR 24.08
LB BADEN-WUERTT 7.500 1/4/2013 EUR 63.10
LB BADEN-WUERTT 7.500 1/4/2013 EUR 46.64
LB BADEN-WUERTT 7.500 1/4/2013 EUR 65.32
LB BADEN-WUERTT 10.000 1/4/2013 EUR 70.10
LB BADEN-WUERTT 10.000 1/4/2013 EUR 44.67
LB BADEN-WUERTT 10.000 1/4/2013 EUR 58.22
LB BADEN-WUERTT 10.000 1/4/2013 EUR 24.09
LB BADEN-WUERTT 7.500 1/4/2013 EUR 72.63
LB BADEN-WUERTT 10.000 1/4/2013 EUR 61.80
LB BADEN-WUERTT 10.000 1/4/2013 EUR 69.62
LB BADEN-WUERTT 10.000 1/4/2013 EUR 68.52
LB BADEN-WUERTT 5.000 1/25/2013 EUR 33.16
LB BADEN-WUERTT 10.000 1/4/2013 EUR 74.13
LB BADEN-WUERTT 7.500 1/25/2013 EUR 73.07
LB BADEN-WUERTT 7.500 1/25/2013 EUR 73.82
LB BADEN-WUERTT 7.500 1/25/2013 EUR 31.04
LB BADEN-WUERTT 10.000 1/25/2013 EUR 30.24
LB BADEN-WUERTT 7.500 1/25/2013 EUR 72.59
LB BADEN-WUERTT 10.000 1/25/2013 EUR 70.12
LB BADEN-WUERTT 10.000 1/25/2013 EUR 66.71
LB BADEN-WUERTT 10.000 1/25/2013 EUR 70.22
LB BADEN-WUERTT 15.000 2/22/2013 EUR 67.71
LB BADEN-WUERTT 10.000 1/25/2013 EUR 70.78
LB BADEN-WUERTT 7.500 6/28/2013 EUR 71.99
LB BADEN-WUERTT 5.250 10/20/2015 EUR 26.28
LB BADEN-WUERTT 2.500 1/30/2034 EUR 74.96
LB BADEN-WUERTT 2.800 2/23/2037 JPY 58.59
LB BADEN-WUERTT 5.000 6/28/2013 EUR 70.67
LB BADEN-WUERTT 8.000 4/27/2012 EUR 74.26
LB BADEN-WUERTT 8.000 4/27/2012 EUR 62.50
LB BADEN-WUERTT 8.000 4/27/2012 EUR 73.73
LB BADEN-WUERTT 8.000 4/27/2012 EUR 66.15
LB BADEN-WUERTT 8.000 4/27/2012 EUR 71.49
LB BADEN-WUERTT 8.000 4/27/2012 EUR 58.79
LB BADEN-WUERTT 8.000 4/27/2012 EUR 66.92
LB BADEN-WUERTT 8.000 4/27/2012 EUR 62.53
LB BADEN-WUERTT 8.000 4/27/2012 EUR 44.93
LB BADEN-WUERTT 8.000 4/27/2012 EUR 47.85
LB BADEN-WUERTT 8.000 4/27/2012 EUR 66.03
LB BADEN-WUERTT 8.000 4/27/2012 EUR 5.68
LB BADEN-WUERTT 8.000 4/27/2012 EUR 54.83
LB BADEN-WUERTT 8.000 4/27/2012 EUR 6.28
LB BADEN-WUERTT 8.000 4/27/2012 EUR 64.39
LB BADEN-WUERTT 8.000 4/27/2012 EUR 39.92
LB BADEN-WUERTT 8.000 4/27/2012 EUR 21.61
LB BADEN-WUERTT 8.000 4/27/2012 EUR 36.80
LB BADEN-WUERTT 6.000 4/27/2012 EUR 7.17
LB BADEN-WUERTT 6.000 4/27/2012 EUR 23.48
LB BADEN-WUERTT 6.000 4/27/2012 EUR 6.22
LB BADEN-WUERTT 6.000 4/27/2012 EUR 42.73
LB BADEN-WUERTT 6.000 4/27/2012 EUR 41.95
LB BADEN-WUERTT 6.000 4/27/2012 EUR 52.77
LB BADEN-WUERTT 6.000 4/27/2012 EUR 58.55
LB BADEN-WUERTT 6.000 4/27/2012 EUR 67.03
LB BADEN-WUERTT 6.000 4/27/2012 EUR 72.26
LB BADEN-WUERTT 6.000 4/27/2012 EUR 66.81
LB BADEN-WUERTT 6.000 4/27/2012 EUR 60.87
LB BADEN-WUERTT 6.000 4/27/2012 EUR 62.45
LB BADEN-WUERTT 6.000 4/27/2012 EUR 68.59
LB BADEN-WUERTT 6.000 4/27/2012 EUR 72.00
LB BADEN-WUERTT 6.000 4/27/2012 EUR 49.35
LB BADEN-WUERTT 5.000 4/27/2012 EUR 69.15
LB BADEN-WUERTT 4.000 4/27/2012 EUR 6.91
LB BADEN-WUERTT 10.000 6/22/2012 EUR 20.70
LB BADEN-WUERTT 10.000 6/22/2012 EUR 52.29
LB BADEN-WUERTT 10.000 6/22/2012 EUR 70.49
LB BADEN-WUERTT 10.000 6/22/2012 EUR 68.21
LB BADEN-WUERTT 10.000 6/22/2012 EUR 6.31
LB BADEN-WUERTT 10.000 6/22/2012 EUR 56.35
LB BADEN-WUERTT 10.000 6/22/2012 EUR 56.13
LB BADEN-WUERTT 10.000 6/22/2012 EUR 64.42
LB BADEN-WUERTT 10.000 6/22/2012 EUR 55.70
LB BADEN-WUERTT 4.000 7/27/2012 EUR 59.47
LB BADEN-WUERTT 4.000 7/27/2012 EUR 56.99
LB BADEN-WUERTT 5.000 7/27/2012 EUR 24.87
LB BADEN-WUERTT 5.000 7/27/2012 EUR 49.56
LB BADEN-WUERTT 5.000 7/27/2012 EUR 10.48
LB BADEN-WUERTT 5.000 7/27/2012 EUR 73.78
LB BADEN-WUERTT 5.000 7/27/2012 EUR 69.12
LB BADEN-WUERTT 5.000 7/27/2012 EUR 63.38
LB BADEN-WUERTT 5.000 7/27/2012 EUR 66.43
LB BADEN-WUERTT 5.000 7/27/2012 EUR 65.00
LB BADEN-WUERTT 5.000 7/27/2012 EUR 73.32
LB BADEN-WUERTT 5.000 7/27/2012 EUR 37.21
LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.96
LB BADEN-WUERTT 5.000 7/27/2012 EUR 67.24
LB BADEN-WUERTT 6.000 7/27/2012 EUR 33.84
LB BADEN-WUERTT 6.000 7/27/2012 EUR 50.88
LB BADEN-WUERTT 6.000 7/27/2012 EUR 50.47
LB BADEN-WUERTT 6.000 7/27/2012 EUR 69.96
LB BADEN-WUERTT 7.500 7/27/2012 EUR 60.89
LB BADEN-WUERTT 7.500 7/27/2012 EUR 58.64
LB BADEN-WUERTT 7.500 7/27/2012 EUR 58.28
LB BADEN-WUERTT 7.500 7/27/2012 EUR 59.68
LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.60
LB BADEN-WUERTT 7.500 7/27/2012 EUR 44.75
LB BADEN-WUERTT 7.500 7/27/2012 EUR 34.23
LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.90
LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.12
LB BADEN-WUERTT 7.500 7/27/2012 EUR 71.84
LB BADEN-WUERTT 7.500 7/27/2012 EUR 11.16
LB BADEN-WUERTT 7.500 7/27/2012 EUR 23.31
LB BADEN-WUERTT 7.500 7/27/2012 EUR 62.63
LB BADEN-WUERTT 8.000 7/27/2012 EUR 45.88
LB BADEN-WUERTT 8.000 7/27/2012 EUR 69.29
LB BADEN-WUERTT 8.000 7/27/2012 EUR 46.09
LB BADEN-WUERTT 8.000 7/27/2012 EUR 68.26
LB BADEN-WUERTT 8.000 7/27/2012 EUR 72.88
LB BADEN-WUERTT 8.000 7/27/2012 EUR 65.37
LB BADEN-WUERTT 8.000 7/27/2012 EUR 72.43
LB BADEN-WUERTT 10.000 7/27/2012 EUR 55.79
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.26
LB BADEN-WUERTT 10.000 7/27/2012 EUR 56.98
LB BADEN-WUERTT 10.000 7/27/2012 EUR 41.77
LB BADEN-WUERTT 10.000 7/27/2012 EUR 60.63
LB BADEN-WUERTT 10.000 7/27/2012 EUR 67.59
LB BADEN-WUERTT 10.000 7/27/2012 EUR 53.56
LB BADEN-WUERTT 10.000 7/27/2012 EUR 55.02
LB BADEN-WUERTT 10.000 7/27/2012 EUR 22.37
LB BADEN-WUERTT 10.000 7/27/2012 EUR 12.08
LB BADEN-WUERTT 10.000 7/27/2012 EUR 70.27
LB BADEN-WUERTT 10.000 7/27/2012 EUR 57.38
LB BADEN-WUERTT 10.000 7/27/2012 EUR 31.92
LB BADEN-WUERTT 10.000 7/27/2012 EUR 62.22
LB BADEN-WUERTT 10.000 7/27/2012 EUR 72.42
LB BADEN-WUERTT 10.000 7/27/2012 EUR 68.51
LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.94
LB BADEN-WUERTT 4.000 8/24/2012 EUR 65.69
LB BADEN-WUERTT 4.000 8/24/2012 EUR 71.64
LB BADEN-WUERTT 4.000 8/24/2012 EUR 48.92
LB BADEN-WUERTT 5.000 8/24/2012 EUR 30.24
LB BADEN-WUERTT 5.000 8/24/2012 EUR 71.66
LB BADEN-WUERTT 5.000 8/24/2012 EUR 70.81
LB BADEN-WUERTT 5.000 8/24/2012 EUR 50.16
LB BADEN-WUERTT 5.000 8/24/2012 EUR 59.92
LB BADEN-WUERTT 6.000 8/24/2012 EUR 65.16
LB BADEN-WUERTT 6.000 8/24/2012 EUR 68.38
LB BADEN-WUERTT 6.000 8/24/2012 EUR 42.37
LB BADEN-WUERTT 6.000 8/24/2012 EUR 72.39
LB BADEN-WUERTT 6.000 8/24/2012 EUR 58.99
LB BADEN-WUERTT 6.000 8/24/2012 EUR 69.30
LB BADEN-WUERTT 6.000 8/24/2012 EUR 73.71
LB BADEN-WUERTT 7.500 8/24/2012 EUR 63.82
LB BADEN-WUERTT 7.500 8/24/2012 EUR 63.84
LB BADEN-WUERTT 7.500 8/24/2012 EUR 27.44
LB BADEN-WUERTT 7.500 8/24/2012 EUR 73.83
LB BADEN-WUERTT 7.500 8/24/2012 EUR 67.97
LB BADEN-WUERTT 7.500 8/24/2012 EUR 45.53
LB BADEN-WUERTT 7.500 8/24/2012 EUR 70.01
LB BADEN-WUERTT 7.500 8/24/2012 EUR 68.74
LB BADEN-WUERTT 7.500 8/24/2012 EUR 73.95
LB BADEN-WUERTT 7.500 8/24/2012 EUR 55.29
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.22
LB BADEN-WUERTT 8.000 8/24/2012 EUR 61.48
LB BADEN-WUERTT 4.000 4/27/2012 EUR 46.58
LB BADEN-WUERTT 4.000 4/27/2012 EUR 73.43
LB BADEN-WUERTT 4.000 4/27/2012 EUR 60.45
LB BADEN-WUERTT 4.000 4/27/2012 EUR 25.73
LB BADEN-WUERTT 4.000 4/27/2012 EUR 7.35
LB BADEN-WUERTT 4.000 4/27/2012 EUR 64.09
LB BADEN-WUERTT 8.000 8/24/2012 EUR 63.02
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.47
LB BADEN-WUERTT 8.000 8/24/2012 EUR 38.72
LB BADEN-WUERTT 4.000 4/27/2012 EUR 67.77
LB BADEN-WUERTT 4.000 4/27/2012 EUR 56.50
LB BADEN-WUERTT 4.000 4/27/2012 EUR 69.50
LB BADEN-WUERTT 4.000 4/27/2012 EUR 51.39
LB BADEN-WUERTT 8.000 8/24/2012 EUR 61.47
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.14
LB BADEN-WUERTT 8.000 8/24/2012 EUR 64.42
LB BADEN-WUERTT 8.000 8/24/2012 EUR 54.68
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.03
LB BADEN-WUERTT 8.000 8/24/2012 EUR 69.23
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.36
LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.69
LB BADEN-WUERTT 10.000 8/24/2012 EUR 63.90
LB BADEN-WUERTT 10.000 8/24/2012 EUR 69.95
LB BADEN-WUERTT 10.000 8/24/2012 EUR 42.72
LB BADEN-WUERTT 10.000 8/24/2012 EUR 59.63
LB BADEN-WUERTT 10.000 8/24/2012 EUR 26.08
LB BADEN-WUERTT 10.000 8/24/2012 EUR 62.71
LB BADEN-WUERTT 10.000 8/24/2012 EUR 58.48
LB BADEN-WUERTT 10.000 8/24/2012 EUR 69.54
LB BADEN-WUERTT 10.000 8/24/2012 EUR 64.66
LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.66
LB BADEN-WUERTT 10.000 8/24/2012 EUR 48.71
LB BADEN-WUERTT 4.000 9/28/2012 EUR 33.11
LB BADEN-WUERTT 4.000 9/28/2012 EUR 54.14
LB BADEN-WUERTT 4.000 9/28/2012 EUR 70.08
LB BADEN-WUERTT 6.000 9/28/2012 EUR 61.52
LB BADEN-WUERTT 6.000 9/28/2012 EUR 28.13
LB BADEN-WUERTT 6.000 9/28/2012 EUR 71.74
LB BADEN-WUERTT 6.000 9/28/2012 EUR 47.28
LB BADEN-WUERTT 6.000 9/28/2012 EUR 69.33
LB BADEN-WUERTT 8.000 9/28/2012 EUR 63.76
LB BADEN-WUERTT 8.000 9/28/2012 EUR 64.49
LB BADEN-WUERTT 8.000 9/28/2012 EUR 71.40
LB BADEN-WUERTT 8.000 9/28/2012 EUR 69.48
LB BADEN-WUERTT 8.000 9/28/2012 EUR 25.65
LB BADEN-WUERTT 8.000 9/28/2012 EUR 56.49
LB BADEN-WUERTT 8.000 9/28/2012 EUR 43.84
LB BADEN-WUERTT 5.000 10/26/2012 EUR 66.42
LB BADEN-WUERTT 5.000 10/26/2012 EUR 70.99
LB BADEN-WUERTT 5.000 10/26/2012 EUR 6.90
LB BADEN-WUERTT 5.000 10/26/2012 EUR 24.34
LB BADEN-WUERTT 5.000 10/26/2012 EUR 73.11
LB BADEN-WUERTT 5.000 10/26/2012 EUR 73.06
LB BADEN-WUERTT 10.000 6/22/2012 EUR 68.16
LB BADEN-WUERTT 10.000 6/22/2012 EUR 59.08
LB BADEN-WUERTT 10.000 6/22/2012 EUR 54.64
LB BADEN-WUERTT 10.000 6/22/2012 EUR 71.96
LB BADEN-WUERTT 8.000 6/22/2012 EUR 70.72
LB BADEN-WUERTT 8.000 6/22/2012 EUR 43.28
LB BADEN-WUERTT 8.000 6/22/2012 EUR 64.92
LB BADEN-WUERTT 8.000 6/22/2012 EUR 73.18
LB BADEN-WUERTT 8.000 6/22/2012 EUR 48.16
LB BADEN-WUERTT 8.000 6/22/2012 EUR 49.80
LB BADEN-WUERTT 8.000 6/22/2012 EUR 68.74
LB BADEN-WUERTT 8.000 6/22/2012 EUR 66.83
LB BADEN-WUERTT 8.000 6/22/2012 EUR 32.19
LB BADEN-WUERTT 7.500 6/22/2012 EUR 21.94
LB BADEN-WUERTT 7.500 6/22/2012 EUR 59.94
LB BADEN-WUERTT 7.500 6/22/2012 EUR 60.49
LB BADEN-WUERTT 7.500 6/22/2012 EUR 64.88
LB BADEN-WUERTT 7.500 6/22/2012 EUR 61.48
LB BADEN-WUERTT 7.500 6/22/2012 EUR 55.48
LB BADEN-WUERTT 7.500 6/22/2012 EUR 6.73
LB BADEN-WUERTT 7.500 6/22/2012 EUR 68.03
LB BADEN-WUERTT 7.500 6/22/2012 EUR 57.29
LB BADEN-WUERTT 6.000 6/22/2012 EUR 69.26
LB BADEN-WUERTT 6.000 6/22/2012 EUR 54.61
LB BADEN-WUERTT 6.000 6/22/2012 EUR 35.83
LB BADEN-WUERTT 6.000 6/22/2012 EUR 48.65
LB BADEN-WUERTT 6.000 6/22/2012 EUR 53.89
LB BADEN-WUERTT 5.000 6/22/2012 EUR 68.92
LB BADEN-WUERTT 5.000 6/22/2012 EUR 66.73
LB BADEN-WUERTT 5.000 6/22/2012 EUR 60.40
LB BADEN-WUERTT 5.000 6/22/2012 EUR 62.88
LB BADEN-WUERTT 5.000 6/22/2012 EUR 7.24
LB BADEN-WUERTT 5.000 6/22/2012 EUR 24.11
LB BADEN-WUERTT 5.000 6/22/2012 EUR 67.02
LB BADEN-WUERTT 5.000 6/22/2012 EUR 72.23
LB BADEN-WUERTT 5.000 6/22/2012 EUR 66.05
LB BADEN-WUERTT 4.000 6/22/2012 EUR 40.59
LB BADEN-WUERTT 4.000 6/22/2012 EUR 61.36
LB BADEN-WUERTT 4.000 6/22/2012 EUR 62.50
LB BADEN-WUERTT 4.000 6/22/2012 EUR 59.19
LB BADEN-WUERTT 8.350 5/25/2012 EUR 47.36
LB BADEN-WUERTT 8.000 5/25/2012 EUR 69.78
LB BADEN-WUERTT 8.000 5/25/2012 EUR 69.73
LB BADEN-WUERTT 8.000 5/25/2012 EUR 73.95
LB BADEN-WUERTT 8.000 5/25/2012 EUR 68.70
LB BADEN-WUERTT 8.000 5/25/2012 EUR 64.59
LB BADEN-WUERTT 8.000 5/25/2012 EUR 71.87
LB BADEN-WUERTT 8.000 5/25/2012 EUR 63.27
LB BADEN-WUERTT 8.000 5/25/2012 EUR 40.26
LB BADEN-WUERTT 8.000 5/25/2012 EUR 49.16
LB BADEN-WUERTT 8.000 5/25/2012 EUR 62.72
LB BADEN-WUERTT 6.000 5/25/2012 EUR 69.76
LB BADEN-WUERTT 6.000 5/25/2012 EUR 67.45
LB BADEN-WUERTT 6.000 5/25/2012 EUR 53.84
LB BADEN-WUERTT 6.000 5/25/2012 EUR 69.70
LB BADEN-WUERTT 6.000 5/25/2012 EUR 44.24
LB BADEN-WUERTT 4.000 5/25/2012 EUR 54.40
LB BADEN-WUERTT 4.000 5/25/2012 EUR 60.87
LB BADEN-WUERTT 4.000 5/25/2012 EUR 74.63
LB BADEN-WUERTT 8.000 4/27/2012 EUR 55.94
LB BADEN-WUERTT 8.000 4/27/2012 EUR 68.26
LB BADEN-WUERTT 8.000 4/27/2012 EUR 66.88
MACQUARIE STRUCT 10.500 4/27/2012 EUR 52.77
MACQUARIE STRUCT 9.250 6/22/2012 EUR 37.04
MACQUARIE STRUCT 9.750 6/22/2012 EUR 67.84
MACQUARIE STRUCT 10.000 6/22/2012 EUR 49.65
MACQUARIE STRUCT 10.250 6/22/2012 EUR 51.28
MACQUARIE STRUCT 10.250 6/22/2012 EUR 73.27
MACQUARIE STRUCT 10.750 6/22/2012 EUR 35.51
MACQUARIE STRUCT 11.000 6/22/2012 EUR 74.05
MACQUARIE STRUCT 11.000 6/22/2012 EUR 73.30
MACQUARIE STRUCT 11.500 6/22/2012 EUR 57.06
MACQUARIE STRUCT 11.500 6/22/2012 EUR 63.33
MACQUARIE STRUCT 11.500 6/22/2012 EUR 37.34
MACQUARIE STRUCT 9.000 6/22/2012 EUR 69.40
MACQUARIE STRUCT 13.250 4/27/2012 EUR 52.21
MACQUARIE STRUCT 23.250 6/22/2012 EUR 5.94
MACQUARIE STRUCT 17.000 6/22/2012 EUR 52.07
MACQUARIE STRUCT 18.500 6/22/2012 EUR 57.53
MACQUARIE STRUCT 11.500 9/28/2012 EUR 55.54
MACQUARIE STRUCT 10.000 9/28/2012 EUR 72.96
MACQUARIE STRUCT 9.750 9/28/2012 EUR 56.76
MACQUARIE STRUCT 9.250 9/28/2012 EUR 71.18
MACQUARIE STRUCT 9.000 9/28/2012 EUR 57.74
MACQUARIE STRUCT 11.750 6/22/2012 EUR 68.47
MACQUARIE STRUCT 12.000 6/22/2012 EUR 72.05
MACQUARIE STRUCT 12.500 6/22/2012 EUR 49.15
MACQUARIE STRUCT 12.500 6/22/2012 EUR 43.46
MACQUARIE STRUCT 13.000 6/22/2012 EUR 64.12
MACQUARIE STRUCT 13.500 6/22/2012 EUR 34.11
MACQUARIE STRUCT 15.750 6/22/2012 EUR 16.56
MACQUARIE STRUCT 15.750 6/22/2012 EUR 60.82
MACQUARIE STRUCT 16.000 6/22/2012 EUR 20.41
NORDDEUTSCHE L/B 7.000 6/8/2012 EUR 61.11
PRAKTIKER BAU-UN 5.875 2/10/2016 EUR 40.00
Q-CELLS 6.750 10/21/2015 EUR 0.52
QIMONDA FINANCE 6.750 3/22/2013 USD 7.00
RENTENBANK 0.500 3/15/2017 TRY 73.00
RENTENBANK 0.500 4/19/2017 ZAR 72.06
SOLARWORLD AG 6.125 1/21/2017 EUR 33.00
SOLARWORLD AG 6.375 7/13/2016 EUR 36.82
SOLON AG SOLAR 1.375 12/6/2012 EUR 1.92
TAG IMMO AG 6.500 12/10/2015 EUR 7.87
TUI AG 2.750 3/24/2016 EUR 48.62
TUI AG 5.500 11/17/2014 EUR 65.51
UNICREDIT BANK A 6.900 5/17/2012 EUR 57.98
UNICREDIT BANK A 7.000 6/21/2012 EUR 46.51
UNICREDIT BANK A 6.800 5/17/2012 EUR 68.14
VONTOBEL FIN PRO 6.876 6/22/2012 EUR 52.66
VONTOBEL FIN PRO 10.307 4/13/2012 EUR 65.50
VONTOBEL FIN PRO 12.469 4/13/2012 EUR 53.30
VONTOBEL FIN PRO 10.028 4/20/2012 EUR 41.70
VONTOBEL FIN PRO 11.031 4/20/2012 EUR 70.20
VONTOBEL FIN PRO 10.659 4/27/2012 EUR 64.50
VONTOBEL FIN PRO 10.056 5/4/2012 EUR 73.50
VONTOBEL FIN PRO 12.067 5/4/2012 EUR 57.00
VONTOBEL FIN PRO 13.173 5/4/2012 EUR 47.50
VONTOBEL FIN PRO 10.056 5/11/2012 EUR 56.00
VONTOBEL FIN PRO 10.961 5/18/2012 EUR 55.10
VONTOBEL FIN PRO 12.168 5/18/2012 EUR 38.00
VONTOBEL FIN PRO 11.564 5/25/2012 EUR 43.60
VONTOBEL FIN PRO 10.358 6/1/2012 EUR 63.60
VONTOBEL FIN PRO 12.369 6/1/2012 EUR 38.60
VONTOBEL FIN PRO 7.889 6/6/2012 EUR 59.70
VONTOBEL FIN PRO 10.056 6/8/2012 EUR 71.10
VONTOBEL FIN PRO 11.464 6/8/2012 EUR 65.70
VONTOBEL FIN PRO 10.358 6/15/2012 EUR 46.30
VONTOBEL FIN PRO 10.458 6/15/2012 EUR 52.00
VONTOBEL FIN PRO 11.615 6/15/2012 EUR 66.40
VONTOBEL FIN PRO 6.444 6/22/2012 EUR 65.96
VONTOBEL FIN PRO 6.697 6/22/2012 EUR 74.54
VONTOBEL FIN PRO 8.407 6/22/2012 EUR 45.38
VONTOBEL FIN PRO 6.948 6/22/2012 EUR 72.36
VONTOBEL FIN PRO 7.010 6/22/2012 EUR 64.20
VONTOBEL FIN PRO 7.094 6/22/2012 EUR 59.92
VONTOBEL FIN PRO 7.101 6/22/2012 EUR 46.76
VONTOBEL FIN PRO 7.156 6/22/2012 EUR 72.10
VONTOBEL FIN PRO 7.228 6/22/2012 EUR 68.54
VONTOBEL FIN PRO 7.236 6/22/2012 EUR 59.92
VONTOBEL FIN PRO 7.299 6/22/2012 EUR 72.68
VONTOBEL FIN PRO 7.299 6/22/2012 EUR 68.50
VONTOBEL FIN PRO 7.355 6/22/2012 EUR 70.22
VONTOBEL FIN PRO 7.370 6/22/2012 EUR 67.92
VONTOBEL FIN PRO 7.473 6/22/2012 EUR 64.64
VONTOBEL FIN PRO 7.488 6/22/2012 EUR 67.38
VONTOBEL FIN PRO 7.500 6/22/2012 EUR 52.18
VONTOBEL FIN PRO 7.509 6/22/2012 EUR 51.70
VONTOBEL FIN PRO 7.562 6/22/2012 EUR 61.94
VONTOBEL FIN PRO 7.720 6/22/2012 EUR 72.50
VONTOBEL FIN PRO 7.754 6/22/2012 EUR 55.12
VONTOBEL FIN PRO 7.812 6/22/2012 EUR 70.04
VONTOBEL FIN PRO 7.855 6/22/2012 EUR 68.92
VONTOBEL FIN PRO 7.942 6/22/2012 EUR 66.88
VONTOBEL FIN PRO 7.956 6/22/2012 EUR 63.90
VONTOBEL FIN PRO 7.974 6/22/2012 EUR 53.98
VONTOBEL FIN PRO 7.974 6/22/2012 EUR 38.62
VONTOBEL FIN PRO 7.996 6/22/2012 EUR 66.42
VONTOBEL FIN PRO 8.008 6/22/2012 EUR 63.08
VONTOBEL FIN PRO 8.013 6/22/2012 EUR 58.50
VONTOBEL FIN PRO 8.014 6/22/2012 EUR 61.46
VONTOBEL FIN PRO 8.015 6/22/2012 EUR 62.68
VONTOBEL FIN PRO 8.031 6/22/2012 EUR 70.66
VONTOBEL FIN PRO 8.038 6/22/2012 EUR 70.21
VONTOBEL FIN PRO 8.068 6/22/2012 EUR 60.10
VONTOBEL FIN PRO 8.108 6/22/2012 EUR 68.64
VONTOBEL FIN PRO 8.113 6/22/2012 EUR 66.48
VONTOBEL FIN PRO 8.135 6/22/2012 EUR 67.04
VONTOBEL FIN PRO 8.152 6/22/2012 EUR 64.56
VONTOBEL FIN PRO 8.185 6/22/2012 EUR 49.80
VONTOBEL FIN PRO 8.189 6/22/2012 EUR 36.98
VONTOBEL FIN PRO 8.189 6/22/2012 EUR 67.18
VONTOBEL FIN PRO 8.229 6/22/2012 EUR 69.70
VONTOBEL FIN PRO 8.267 6/22/2012 EUR 65.14
VONTOBEL FIN PRO 8.278 6/22/2012 EUR 62.22
VONTOBEL FIN PRO 8.284 6/22/2012 EUR 46.74
VONTOBEL FIN PRO 8.302 6/22/2012 EUR 59.68
VONTOBEL FIN PRO 8.327 6/22/2012 EUR 64.22
VONTOBEL FIN PRO 8.328 6/22/2012 EUR 73.20
VONTOBEL FIN PRO 8.340 6/22/2012 EUR 19.60
VONTOBEL FIN PRO 8.340 6/22/2012 EUR 59.62
VONTOBEL FIN PRO 8.347 6/22/2012 EUR 70.94
VONTOBEL FIN PRO 8.347 6/22/2012 EUR 54.40
VONTOBEL FIN PRO 8.347 6/22/2012 EUR 68.36
VONTOBEL FIN PRO 8.377 6/22/2012 EUR 43.74
VONTOBEL FIN PRO 8.433 6/22/2012 EUR 67.36
VONTOBEL FIN PRO 8.460 6/22/2012 EUR 48.66
VONTOBEL FIN PRO 8.466 6/22/2012 EUR 37.14
VONTOBEL FIN PRO 8.466 6/22/2012 EUR 58.82
VONTOBEL FIN PRO 8.487 6/22/2012 EUR 66.44
VONTOBEL FIN PRO 8.491 6/22/2012 EUR 52.68
VONTOBEL FIN PRO 8.491 6/22/2012 EUR 55.60
VONTOBEL FIN PRO 8.495 6/22/2012 EUR 73.68
VONTOBEL FIN PRO 8.496 6/22/2012 EUR 73.78
VONTOBEL FIN PRO 8.525 6/22/2012 EUR 60.26
VONTOBEL FIN PRO 8.528 6/22/2012 EUR 67.72
VONTOBEL FIN PRO 8.528 6/22/2012 EUR 66.80
VONTOBEL FIN PRO 8.566 6/22/2012 EUR 57.54
VONTOBEL FIN PRO 8.581 6/22/2012 EUR 64.48
VONTOBEL FIN PRO 8.597 6/22/2012 EUR 65.34
VONTOBEL FIN PRO 8.640 6/22/2012 EUR 29.50
VONTOBEL FIN PRO 8.642 6/22/2012 EUR 54.45
VONTOBEL FIN PRO 8.667 6/22/2012 EUR 67.28
VONTOBEL FIN PRO 8.676 6/22/2012 EUR 73.92
VONTOBEL FIN PRO 8.676 6/22/2012 EUR 70.70
VONTOBEL FIN PRO 8.679 6/22/2012 EUR 65.64
VONTOBEL FIN PRO 8.679 6/22/2012 EUR 60.84
VONTOBEL FIN PRO 8.681 6/22/2012 EUR 58.58
VONTOBEL FIN PRO 8.690 6/22/2012 EUR 57.14
VONTOBEL FIN PRO 8.701 6/22/2012 EUR 42.70
VONTOBEL FIN PRO 8.720 6/22/2012 EUR 71.76
VONTOBEL FIN PRO 8.747 6/22/2012 EUR 72.98
VONTOBEL FIN PRO 8.753 6/22/2012 EUR 70.18
VONTOBEL FIN PRO 8.755 6/22/2012 EUR 45.86
VONTOBEL FIN PRO 8.755 6/22/2012 EUR 62.70
VONTOBEL FIN PRO 8.755 6/22/2012 EUR 66.24
VONTOBEL FIN PRO 8.757 6/22/2012 EUR 60.37
VONTOBEL FIN PRO 8.793 6/22/2012 EUR 61.52
VONTOBEL FIN PRO 8.795 6/22/2012 EUR 51.22
VONTOBEL FIN PRO 8.795 6/22/2012 EUR 71.20
VONTOBEL FIN PRO 8.795 6/22/2012 EUR 62.26
VONTOBEL FIN PRO 8.806 6/22/2012 EUR 69.52
VONTOBEL FIN PRO 8.806 6/22/2012 EUR 60.14
VONTOBEL FIN PRO 8.830 6/22/2012 EUR 66.60
VONTOBEL FIN PRO 8.835 6/22/2012 EUR 55.54
VONTOBEL FIN PRO 8.845 6/22/2012 EUR 67.56
VONTOBEL FIN PRO 8.850 6/22/2012 EUR 73.26
VONTOBEL FIN PRO 8.875 6/22/2012 EUR 59.36
VONTOBEL FIN PRO 8.877 6/22/2012 EUR 66.76
VONTOBEL FIN PRO 8.889 6/22/2012 EUR 61.26
VONTOBEL FIN PRO 8.891 6/22/2012 EUR 66.92
VONTOBEL FIN PRO 8.892 6/22/2012 EUR 56.66
VONTOBEL FIN PRO 8.900 6/22/2012 EUR 56.54
VONTOBEL FIN PRO 8.906 6/22/2012 EUR 51.22
VONTOBEL FIN PRO 8.920 6/22/2012 EUR 71.84
VONTOBEL FIN PRO 8.943 6/22/2012 EUR 73.42
VONTOBEL FIN PRO 8.944 6/22/2012 EUR 74.26
VONTOBEL FIN PRO 9.019 6/22/2012 EUR 46.86
VONTOBEL FIN PRO 9.026 6/22/2012 EUR 72.18
VONTOBEL FIN PRO 9.071 6/22/2012 EUR 68.32
VONTOBEL FIN PRO 9.072 6/22/2012 EUR 68.94
VONTOBEL FIN PRO 9.072 6/22/2012 EUR 54.66
VONTOBEL FIN PRO 9.097 6/22/2012 EUR 73.04
VONTOBEL FIN PRO 9.125 6/22/2012 EUR 74.30
VONTOBEL FIN PRO 9.134 6/22/2012 EUR 70.90
VONTOBEL FIN PRO 9.142 6/22/2012 EUR 63.46
VONTOBEL FIN PRO 9.162 6/22/2012 EUR 66.20
VONTOBEL FIN PRO 9.180 6/22/2012 EUR 66.86
VONTOBEL FIN PRO 9.208 6/22/2012 EUR 49.42
VONTOBEL FIN PRO 9.250 6/22/2012 EUR 68.82
VONTOBEL FIN PRO 9.274 6/22/2012 EUR 62.10
VONTOBEL FIN PRO 9.283 6/22/2012 EUR 45.60
VONTOBEL FIN PRO 9.290 6/22/2012 EUR 64.08
VONTOBEL FIN PRO 9.292 6/22/2012 EUR 50.00
VONTOBEL FIN PRO 9.316 6/22/2012 EUR 60.26
VONTOBEL FIN PRO 9.332 6/22/2012 EUR 66.04
VONTOBEL FIN PRO 9.373 6/22/2012 EUR 44.63
VONTOBEL FIN PRO 9.389 6/22/2012 EUR 46.44
VONTOBEL FIN PRO 9.396 6/22/2012 EUR 67.86
VONTOBEL FIN PRO 9.405 6/22/2012 EUR 72.38
VONTOBEL FIN PRO 9.411 6/22/2012 EUR 74.32
VONTOBEL FIN PRO 9.414 6/22/2012 EUR 57.80
VONTOBEL FIN PRO 9.448 6/22/2012 EUR 71.12
VONTOBEL FIN PRO 9.454 6/22/2012 EUR 39.28
VONTOBEL FIN PRO 9.461 6/22/2012 EUR 64.38
VONTOBEL FIN PRO 9.466 6/22/2012 EUR 59.68
VONTOBEL FIN PRO 9.472 6/22/2012 EUR 34.57
VONTOBEL FIN PRO 9.472 6/22/2012 EUR 58.30
VONTOBEL FIN PRO 9.511 6/22/2012 EUR 62.62
VONTOBEL FIN PRO 9.524 6/22/2012 EUR 68.40
VONTOBEL FIN PRO 9.534 6/22/2012 EUR 70.32
VONTOBEL FIN PRO 9.547 6/22/2012 EUR 60.92
VONTOBEL FIN PRO 9.550 6/22/2012 EUR 73.84
VONTOBEL FIN PRO 9.553 6/22/2012 EUR 61.90
VONTOBEL FIN PRO 9.553 6/22/2012 EUR 74.54
VONTOBEL FIN PRO 9.556 6/22/2012 EUR 25.74
VONTOBEL FIN PRO 9.557 6/22/2012 EUR 70.92
VONTOBEL FIN PRO 9.576 6/22/2012 EUR 60.44
VONTOBEL FIN PRO 9.606 6/22/2012 EUR 66.64
VONTOBEL FIN PRO 9.623 6/22/2012 EUR 46.32
VONTOBEL FIN PRO 9.623 6/22/2012 EUR 37.24
VONTOBEL FIN PRO 9.627 6/22/2012 EUR 54.20
VONTOBEL FIN PRO 9.658 6/22/2012 EUR 65.71
VONTOBEL FIN PRO 9.673 6/22/2012 EUR 50.70
VONTOBEL FIN PRO 9.684 6/22/2012 EUR 70.78
VONTOBEL FIN PRO 9.689 6/22/2012 EUR 64.32
VONTOBEL FIN PRO 9.689 6/22/2012 EUR 73.64
VONTOBEL FIN PRO 9.689 6/22/2012 EUR 70.78
VONTOBEL FIN PRO 9.698 6/22/2012 EUR 58.76
VONTOBEL FIN PRO 9.699 6/22/2012 EUR 48.66
VONTOBEL FIN PRO 9.709 6/22/2012 EUR 42.46
VONTOBEL FIN PRO 9.709 6/22/2012 EUR 47.32
VONTOBEL FIN PRO 9.716 6/22/2012 EUR 69.28
VONTOBEL FIN PRO 9.724 6/22/2012 EUR 68.92
VONTOBEL FIN PRO 9.781 6/22/2012 EUR 51.40
VONTOBEL FIN PRO 9.797 6/22/2012 EUR 54.80
VONTOBEL FIN PRO 9.832 6/22/2012 EUR 71.92
VONTOBEL FIN PRO 9.832 6/22/2012 EUR 71.38
VONTOBEL FIN PRO 9.839 6/22/2012 EUR 72.90
VONTOBEL FIN PRO 9.871 6/22/2012 EUR 65.50
VONTOBEL FIN PRO 9.880 6/22/2012 EUR 69.28
VONTOBEL FIN PRO 9.887 6/22/2012 EUR 59.84
VONTOBEL FIN PRO 9.892 6/22/2012 EUR 65.48
VONTOBEL FIN PRO 9.918 6/22/2012 EUR 58.44
VONTOBEL FIN PRO 9.921 6/22/2012 EUR 63.82
VONTOBEL FIN PRO 9.957 6/22/2012 EUR 55.52
VONTOBEL FIN PRO 9.969 6/22/2012 EUR 45.22
VONTOBEL FIN PRO 9.991 6/22/2012 EUR 56.86
VONTOBEL FIN PRO 10.000 6/22/2012 EUR 67.98
VONTOBEL FIN PRO 10.026 6/22/2012 EUR 64.52
VONTOBEL FIN PRO 10.028 6/22/2012 EUR 60.34
VONTOBEL FIN PRO 10.028 6/22/2012 EUR 67.24
VONTOBEL FIN PRO 10.030 6/22/2012 EUR 67.94
VONTOBEL FIN PRO 10.038 6/22/2012 EUR 51.44
VONTOBEL FIN PRO 10.048 6/22/2012 EUR 73.72
VONTOBEL FIN PRO 10.050 6/22/2012 EUR 70.20
VONTOBEL FIN PRO 10.073 6/22/2012 EUR 70.06
VONTOBEL FIN PRO 10.098 6/22/2012 EUR 69.00
VONTOBEL FIN PRO 10.100 6/22/2012 EUR 58.50
VONTOBEL FIN PRO 10.107 6/22/2012 EUR 71.74
VONTOBEL FIN PRO 10.110 6/22/2012 EUR 37.46
VONTOBEL FIN PRO 10.116 6/22/2012 EUR 57.90
VONTOBEL FIN PRO 10.142 6/22/2012 EUR 64.00
VONTOBEL FIN PRO 10.167 6/22/2012 EUR 51.14
VONTOBEL FIN PRO 10.167 6/22/2012 EUR 67.22
VONTOBEL FIN PRO 10.186 6/22/2012 EUR 63.64
VONTOBEL FIN PRO 10.207 6/22/2012 EUR 61.72
VONTOBEL FIN PRO 10.222 6/22/2012 EUR 71.52
VONTOBEL FIN PRO 10.222 6/22/2012 EUR 64.42
VONTOBEL FIN PRO 10.241 6/22/2012 EUR 72.42
VONTOBEL FIN PRO 10.244 6/22/2012 EUR 69.80
VONTOBEL FIN PRO 10.254 6/22/2012 EUR 62.40
VONTOBEL FIN PRO 10.257 6/22/2012 EUR 54.38
VONTOBEL FIN PRO 10.260 6/22/2012 EUR 45.34
VONTOBEL FIN PRO 10.264 6/22/2012 EUR 54.75
VONTOBEL FIN PRO 10.272 6/22/2012 EUR 71.52
VONTOBEL FIN PRO 10.273 6/22/2012 EUR 56.72
VONTOBEL FIN PRO 10.274 6/22/2012 EUR 72.94
VONTOBEL FIN PRO 10.278 6/22/2012 EUR 45.60
VONTOBEL FIN PRO 10.286 6/22/2012 EUR 61.46
VONTOBEL FIN PRO 10.325 6/22/2012 EUR 65.98
VONTOBEL FIN PRO 10.364 6/22/2012 EUR 70.30
VONTOBEL FIN PRO 10.364 6/22/2012 EUR 70.30
VONTOBEL FIN PRO 10.371 6/22/2012 EUR 57.60
VONTOBEL FIN PRO 10.389 6/22/2012 EUR 72.10
VONTOBEL FIN PRO 10.402 6/22/2012 EUR 56.74
VONTOBEL FIN PRO 10.415 6/22/2012 EUR 70.65
VONTOBEL FIN PRO 10.438 6/22/2012 EUR 61.90
VONTOBEL FIN PRO 10.439 6/22/2012 EUR 45.80
VONTOBEL FIN PRO 10.440 6/22/2012 EUR 60.64
VONTOBEL FIN PRO 10.458 6/22/2012 EUR 66.70
VONTOBEL FIN PRO 10.476 6/22/2012 EUR 27.66
VONTOBEL FIN PRO 10.478 6/22/2012 EUR 68.48
VONTOBEL FIN PRO 10.479 6/22/2012 EUR 73.02
VONTOBEL FIN PRO 10.486 6/22/2012 EUR 38.32
VONTOBEL FIN PRO 10.490 6/22/2012 EUR 44.90
VONTOBEL FIN PRO 10.500 6/22/2012 EUR 51.84
VONTOBEL FIN PRO 10.520 6/22/2012 EUR 45.38
VONTOBEL FIN PRO 10.528 6/22/2012 EUR 61.09
VONTOBEL FIN PRO 10.539 6/22/2012 EUR 71.18
VONTOBEL FIN PRO 10.548 6/22/2012 EUR 53.68
VONTOBEL FIN PRO 10.567 6/22/2012 EUR 58.04
VONTOBEL FIN PRO 10.577 6/22/2012 EUR 60.62
VONTOBEL FIN PRO 10.607 6/22/2012 EUR 53.78
VONTOBEL FIN PRO 10.611 6/22/2012 EUR 73.64
VONTOBEL FIN PRO 10.612 6/22/2012 EUR 64.60
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VONTOBEL FIN PRO 11.229 9/28/2012 EUR 71.42
VONTOBEL FIN PRO 11.250 9/28/2012 EUR 71.54
VONTOBEL FIN PRO 11.357 9/28/2012 EUR 64.06
VONTOBEL FIN PRO 11.497 9/28/2012 EUR 73.70
VONTOBEL FIN PRO 11.502 9/28/2012 EUR 43.14
VONTOBEL FIN PRO 11.502 9/28/2012 EUR 56.72
VONTOBEL FIN PRO 11.514 9/28/2012 EUR 68.92
VONTOBEL FIN PRO 11.577 9/28/2012 EUR 54.60
VONTOBEL FIN PRO 11.580 9/28/2012 EUR 71.46
VONTOBEL FIN PRO 11.676 9/28/2012 EUR 58.58
VONTOBEL FIN PRO 11.698 9/28/2012 EUR 71.00
VONTOBEL FIN PRO 11.764 9/28/2012 EUR 64.22
VONTOBEL FIN PRO 11.790 9/28/2012 EUR 57.52
VONTOBEL FIN PRO 11.797 9/28/2012 EUR 60.03
VONTOBEL FIN PRO 11.895 9/28/2012 EUR 48.86
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 61.00
VONTOBEL FIN PRO 12.056 9/28/2012 EUR 61.32
VONTOBEL FIN PRO 12.067 9/28/2012 EUR 55.44
VONTOBEL FIN PRO 12.086 9/28/2012 EUR 73.46
VONTOBEL FIN PRO 12.131 9/28/2012 EUR 64.02
VONTOBEL FIN PRO 12.211 9/28/2012 EUR 74.10
VONTOBEL FIN PRO 12.211 9/28/2012 EUR 74.10
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 57.24
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 53.40
VONTOBEL FIN PRO 12.398 9/28/2012 EUR 56.94
VONTOBEL FIN PRO 12.398 9/28/2012 EUR 72.34
VONTOBEL FIN PRO 12.436 9/28/2012 EUR 68.78
VONTOBEL FIN PRO 12.471 9/28/2012 EUR 69.22
VONTOBEL FIN PRO 12.676 9/28/2012 EUR 70.70
VONTOBEL FIN PRO 12.761 9/28/2012 EUR 60.06
VONTOBEL FIN PRO 12.770 9/28/2012 EUR 72.56
VONTOBEL FIN PRO 12.800 9/28/2012 EUR 68.68
VONTOBEL FIN PRO 12.847 9/28/2012 EUR 52.60
VONTOBEL FIN PRO 12.857 9/28/2012 EUR 59.14
VONTOBEL FIN PRO 12.965 9/28/2012 EUR 70.78
VONTOBEL FIN PRO 13.071 9/28/2012 EUR 68.18
VONTOBEL FIN PRO 13.135 9/28/2012 EUR 62.48
VONTOBEL FIN PRO 13.150 9/28/2012 EUR 73.00
VONTOBEL FIN PRO 13.257 9/28/2012 EUR 56.64
VONTOBEL FIN PRO 13.259 9/28/2012 EUR 54.94
VONTOBEL FIN PRO 13.352 9/28/2012 EUR 47.18
VONTOBEL FIN PRO 13.469 9/28/2012 EUR 56.27
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 55.74
VONTOBEL FIN PRO 14.108 9/28/2012 EUR 70.90
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 56.98
VONTOBEL FIN PRO 14.154 9/28/2012 EUR 50.84
VONTOBEL FIN PRO 14.191 9/28/2012 EUR 53.68
VONTOBEL FIN PRO 14.209 9/28/2012 EUR 68.70
VONTOBEL FIN PRO 14.303 9/28/2012 EUR 65.80
VONTOBEL FIN PRO 14.500 9/28/2012 EUR 66.24
VONTOBEL FIN PRO 14.600 9/28/2012 EUR 71.92
VONTOBEL FIN PRO 14.662 9/28/2012 EUR 71.44
VONTOBEL FIN PRO 14.853 9/28/2012 EUR 57.52
VONTOBEL FIN PRO 14.895 9/28/2012 EUR 69.32
VONTOBEL FIN PRO 14.900 9/28/2012 EUR 72.22
VONTOBEL FIN PRO 14.906 9/28/2012 EUR 69.56
VONTOBEL FIN PRO 15.000 9/28/2012 EUR 69.98
VONTOBEL FIN PRO 16.000 9/28/2012 EUR 71.94
VONTOBEL FIN PRO 16.183 9/28/2012 EUR 55.34
VONTOBEL FIN PRO 16.337 9/28/2012 EUR 71.62
VONTOBEL FIN PRO 16.400 9/28/2012 EUR 73.88
VONTOBEL FIN PRO 17.000 9/28/2012 EUR 48.74
VONTOBEL FIN PRO 19.000 9/28/2012 EUR 67.66
VONTOBEL FIN PRO 20.400 9/28/2012 EUR 71.10
VONTOBEL FIN PRO 20.950 9/28/2012 EUR 66.48
VONTOBEL FIN PRO 21.500 9/28/2012 EUR 66.86
VONTOBEL FIN PRO 22.050 9/28/2012 EUR 68.18
VONTOBEL FIN PRO 25.200 9/28/2012 EUR 63.56
VONTOBEL FIN PRO 27.550 9/28/2012 EUR 60.26
VONTOBEL FIN PRO 28.700 9/28/2012 EUR 70.14
VONTOBEL FIN PRO 28.900 9/28/2012 EUR 60.98
VONTOBEL FIN PRO 11.500 12/14/2012 EUR 4.63
VONTOBEL FIN PRO 5.006 12/28/2012 EUR 59.28
VONTOBEL FIN PRO 6.175 12/31/2012 EUR 69.52
VONTOBEL FIN PRO 7.050 12/31/2012 EUR 73.82
VONTOBEL FIN PRO 7.100 12/31/2012 EUR 73.86
VONTOBEL FIN PRO 7.250 12/31/2012 EUR 68.78
VONTOBEL FIN PRO 7.494 12/31/2012 EUR 73.02
VONTOBEL FIN PRO 7.754 12/31/2012 EUR 73.38
VONTOBEL FIN PRO 8.019 12/31/2012 EUR 73.64
VONTOBEL FIN PRO 8.050 12/31/2012 EUR 72.42
VONTOBEL FIN PRO 8.163 12/31/2012 EUR 64.90
VONTOBEL FIN PRO 8.230 12/31/2012 EUR 65.58
VONTOBEL FIN PRO 8.246 12/31/2012 EUR 48.68
VONTOBEL FIN PRO 8.300 12/31/2012 EUR 59.46
VONTOBEL FIN PRO 8.526 12/31/2012 EUR 25.02
VONTOBEL FIN PRO 8.737 12/31/2012 EUR 69.46
VONTOBEL FIN PRO 8.842 12/31/2012 EUR 71.66
VONTOBEL FIN PRO 8.877 12/31/2012 EUR 63.30
VONTOBEL FIN PRO 8.895 12/31/2012 EUR 70.60
VONTOBEL FIN PRO 8.950 12/31/2012 EUR 63.80
VONTOBEL FIN PRO 9.123 12/31/2012 EUR 66.90
VONTOBEL FIN PRO 9.193 12/31/2012 EUR 47.80
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 53.26
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 73.54
VONTOBEL FIN PRO 9.605 12/31/2012 EUR 73.02
VONTOBEL FIN PRO 9.700 12/31/2012 EUR 63.60
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 47.32
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 67.40
VONTOBEL FIN PRO 9.841 12/31/2012 EUR 61.24
VONTOBEL FIN PRO 10.035 12/31/2012 EUR 70.14
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 68.88
VONTOBEL FIN PRO 10.175 12/31/2012 EUR 47.04
VONTOBEL FIN PRO 10.207 12/31/2012 EUR 70.18
VONTOBEL FIN PRO 10.211 12/31/2012 EUR 73.90
VONTOBEL FIN PRO 10.231 12/31/2012 EUR 70.08
VONTOBEL FIN PRO 10.421 12/31/2012 EUR 64.68
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 51.78
VONTOBEL FIN PRO 10.759 12/31/2012 EUR 72.62
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 25.34
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 65.54
VONTOBEL FIN PRO 10.900 12/31/2012 EUR 71.78
VONTOBEL FIN PRO 10.912 12/31/2012 EUR 73.04
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 70.16
VONTOBEL FIN PRO 11.170 12/31/2012 EUR 64.34
VONTOBEL FIN PRO 11.193 12/31/2012 EUR 72.46
VONTOBEL FIN PRO 11.404 12/31/2012 EUR 72.12
VONTOBEL FIN PRO 11.445 12/31/2012 EUR 67.38
VONTOBEL FIN PRO 11.476 12/31/2012 EUR 55.85
VONTOBEL FIN PRO 11.649 12/31/2012 EUR 57.84
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 72.48
VONTOBEL FIN PRO 11.784 12/31/2012 EUR 65.19
VONTOBEL FIN PRO 11.790 12/31/2012 EUR 62.74
VONTOBEL FIN PRO 11.895 12/31/2012 EUR 71.22
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 69.28
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 72.18
VONTOBEL FIN PRO 12.211 12/31/2012 EUR 71.14
VONTOBEL FIN PRO 12.433 12/31/2012 EUR 71.54
VONTOBEL FIN PRO 12.501 12/31/2012 EUR 56.57
VONTOBEL FIN PRO 12.593 12/31/2012 EUR 61.78
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 59.08
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 66.52
VONTOBEL FIN PRO 12.912 12/31/2012 EUR 55.84
VONTOBEL FIN PRO 13.123 12/31/2012 EUR 25.86
VONTOBEL FIN PRO 13.411 12/31/2012 EUR 72.76
VONTOBEL FIN PRO 13.860 12/31/2012 EUR 72.20
VONTOBEL FIN PRO 14.150 12/31/2012 EUR 48.12
VONTOBEL FIN PRO 14.211 12/31/2012 EUR 54.18
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 71.00
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 74.52
VONTOBEL FIN PRO 16.350 12/31/2012 EUR 71.42
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 63.14
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 65.30
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 67.38
VONTOBEL FIN PRO 21.800 12/31/2012 EUR 64.30
VONTOBEL FIN PRO 22.600 12/31/2012 EUR 59.44
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 61.36
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 71.16
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 60.08
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 57.58
VONTOBEL FIN PRO 8.042 1/2/2013 EUR 66.22
VONTOBEL FIN PRO 8.069 1/2/2013 EUR 72.69
VONTOBEL FIN PRO 8.987 1/2/2013 EUR 38.53
VONTOBEL FIN PRO 10.930 1/2/2013 EUR 50.76
VONTOBEL FIN PRO 17.400 3/22/2013 EUR 70.82
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 38.10
VONTOBEL FIN PRO 5.474 3/17/2014 EUR 71.80
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 43.90
WESTLB AG 0.100 9/27/2012 EUR 48.32
WESTLB AG 5.000 4/12/2016 EUR 29.01
WESTLB AG 0.075 9/27/2012 EUR 73.25
WESTLB AG 5.250 5/21/2012 EUR 61.84
WESTLB AG 6.000 6/21/2012 EUR 68.21
WESTLB AG 6.000 6/21/2012 EUR 67.95
WESTLB AG 7.000 6/21/2012 EUR 64.61
WESTLB AG 8.500 6/21/2012 EUR 56.07
WESTLB AG 8.500 6/21/2012 EUR 60.18
WESTLB AG 6.750 7/30/2012 EUR 66.23
WESTLB AG 0.075 9/27/2012 EUR 70.28
WESTLB AG 0.075 9/27/2012 EUR 65.74
WESTLB AG 0.100 9/27/2012 EUR 73.25
WGZ BANK 7.000 12/21/2012 EUR 74.35
WGZ BANK 8.000 12/21/2012 EUR 72.65
WGZ BANK 8.000 12/28/2012 EUR 63.61
WGZ BANK 6.000 12/28/2012 EUR 70.52
WGZ BANK 4.000 6/13/2012 EUR 48.51
WGZ BANK 5.000 6/13/2012 EUR 43.69
WGZ BANK 6.000 6/13/2012 EUR 41.72
WGZ BANK 7.000 6/13/2012 EUR 39.95
WGZ BANK 8.000 6/13/2012 EUR 38.36
WGZ BANK 6.000 6/21/2012 EUR 72.25
WGZ BANK 7.000 6/21/2012 EUR 69.71
WGZ BANK 8.000 6/21/2012 EUR 67.35
WGZ BANK 8.000 12/20/2012 EUR 71.97
WGZ BANK 7.000 12/28/2012 EUR 66.85
GREECE
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HELLENIC REPUB 5.000 3/11/2019 EUR 27.38
HELLENIC REPUB 6.140 4/14/2028 EUR 18.00
HELLENIC REPUB 5.200 7/17/2034 EUR 15.75
HELLENIC REPUB 4.625 6/25/2013 USD 23.75
HELLENIC REPUB 2.125 7/5/2013 CHF 36.25
NATL BK GREECE 3.875 10/7/2016 EUR 69.52
YIOULA GLASSWORK 9.000 12/1/2015 EUR 52.83
YIOULA GLASSWORK 9.000 12/1/2015 EUR 53.00
GUERNSEY
--------
BCV GUERNSEY 7.850 5/18/2012 CHF 71.03
BCV GUERNSEY 10.000 5/18/2012 CHF 51.97
BCV GUERNSEY 8.020 3/1/2013 EUR 70.32
BCV GUERNSEY 9.100 5/25/2012 CHF 65.84
BCV GUERNSEY 8.500 5/25/2012 EUR 56.39
BCV GUERNSEY 7.250 5/25/2012 CHF 72.38
BCV GUERNSEY 10.100 5/23/2012 EUR 70.29
BCV GUERNSEY 7.200 4/13/2012 CHF 66.83
BCV GUERNSEY 9.500 4/13/2012 EUR 27.08
BCV GUERNSEY 10.030 4/20/2012 CHF 67.83
BCV GUERNSEY 8.120 5/11/2012 CHF 71.23
BCV GUERNSEY 10.030 5/11/2012 CHF 72.23
BCV GUERNSEY 18.150 5/17/2012 CHF 42.24
BCV GUERNSEY 18.600 5/17/2012 USD 42.53
BCV GUERNSEY 19.200 5/17/2012 EUR 44.23
BCV GUERNSEY 13.000 5/18/2012 CHF 59.97
BKB FINANCE 8.350 1/14/2013 CHF 61.34
BKB FINANCE 9.850 4/26/2012 CHF 54.50
BKB FINANCE 7.700 4/12/2012 CHF 72.80
BKB FINANCE 7.800 5/3/2012 CHF 60.37
BKB FINANCE 8.050 5/3/2012 CHF 65.23
BKB FINANCE 6.400 5/10/2012 CHF 62.56
BKB FINANCE 7.150 5/10/2012 CHF 67.69
BKB FINANCE 7.750 5/31/2012 CHF 66.37
BKB FINANCE 7.750 6/7/2012 CHF 36.34
BKB FINANCE 6.850 6/14/2012 CHF 65.65
BKB FINANCE 7.650 6/14/2012 CHF 71.12
BKB FINANCE 9.200 6/21/2012 CHF 62.46
BKB FINANCE 7.400 6/28/2012 CHF 68.84
BKB FINANCE 6.300 7/12/2012 CHF 67.89
BKB FINANCE 9.050 8/9/2012 CHF 52.37
BKB FINANCE 8.900 9/27/2012 CHF 57.52
BKB FINANCE 11.400 11/8/2012 CHF 72.02
EFG FINANCIAL PR 11.250 11/27/2012 CHF 71.30
EFG FINANCIAL PR 9.000 4/19/2012 USD 63.61
EFG FINANCIAL PR 10.000 4/19/2012 CHF 62.43
EFG FINANCIAL PR 10.500 4/19/2012 CHF 62.67
EFG FINANCIAL PR 13.050 4/19/2012 USD 46.08
EFG FINANCIAL PR 14.150 4/19/2012 EUR 46.38
EFG FINANCIAL PR 16.500 4/19/2012 EUR 52.48
EFG FINANCIAL PR 18.110 4/19/2012 EUR 52.51
EFG FINANCIAL PR 9.450 4/20/2012 CHF 58.64
EFG FINANCIAL PR 10.000 4/20/2012 USD 43.06
EFG FINANCIAL PR 10.500 4/20/2012 USD 43.18
EFG FINANCIAL PR 11.000 4/20/2012 USD 62.25
EFG FINANCIAL PR 8.650 4/23/2012 USD 55.89
EFG FINANCIAL PR 10.250 4/26/2012 EUR 43.10
EFG FINANCIAL PR 11.300 4/27/2012 EUR 58.11
EFG FINANCIAL PR 10.800 5/2/2012 CHF 64.27
EFG FINANCIAL PR 6.500 5/3/2012 USD 63.09
EFG FINANCIAL PR 7.500 5/4/2012 CHF 72.51
EFG FINANCIAL PR 9.500 5/4/2012 CHF 61.16
EFG FINANCIAL PR 10.500 5/4/2012 CHF 71.00
EFG FINANCIAL PR 11.000 5/4/2012 USD 68.34
EFG FINANCIAL PR 14.750 5/4/2012 EUR 36.57
EFG FINANCIAL PR 18.600 5/4/2012 CHF 65.82
EFG FINANCIAL PR 7.000 5/7/2012 CHF 66.98
EFG FINANCIAL PR 9.000 5/7/2012 USD 42.96
EFG FINANCIAL PR 9.290 5/7/2012 CHF 69.81
EFG FINANCIAL PR 10.600 5/9/2012 CHF 24.71
EFG FINANCIAL PR 10.000 5/11/2012 CHF 20.60
EFG FINANCIAL PR 8.400 9/30/2013 CHF 67.05
EFG FINANCIAL PR 6.500 8/27/2013 CHF 56.71
EFG FINANCIAL PR 12.000 4/26/2013 CHF 71.76
EFG FINANCIAL PR 7.000 4/19/2013 EUR 63.57
EFG FINANCIAL PR 14.000 2/19/2013 CHF 17.20
EFG FINANCIAL PR 5.800 1/23/2013 CHF 55.96
EFG FINANCIAL PR 16.500 1/18/2013 CHF 65.92
EFG FINANCIAL PR 12.500 1/15/2013 CHF 48.65
EFG FINANCIAL PR 10.250 1/15/2013 CHF 27.10
EFG FINANCIAL PR 9.000 1/15/2013 CHF 45.51
EFG FINANCIAL PR 8.830 12/28/2012 USD 63.75
EFG FINANCIAL PR 12.000 12/27/2012 CHF 11.93
EFG FINANCIAL PR 10.900 12/21/2012 CHF 72.82
EFG FINANCIAL PR 9.300 12/21/2012 CHF 70.48
EFG FINANCIAL PR 17.500 12/14/2012 EUR 53.60
EFG FINANCIAL PR 8.500 12/14/2012 CHF 65.92
EFG FINANCIAL PR 13.750 12/6/2012 CHF 73.65
EFG FINANCIAL PR 16.000 11/27/2012 EUR 51.48
EFG FINANCIAL PR 14.500 11/27/2012 CHF 51.49
EFG FINANCIAL PR 15.000 8/14/2012 EUR 71.26
EFG FINANCIAL PR 9.250 11/27/2012 CHF 71.40
EFG FINANCIAL PR 14.800 11/20/2012 EUR 56.86
EFG FINANCIAL PR 11.500 11/20/2012 EUR 63.93
EFG FINANCIAL PR 8.000 11/20/2012 CHF 68.19
EFG FINANCIAL PR 17.000 11/13/2012 EUR 54.93
EFG FINANCIAL PR 14.500 11/13/2012 EUR 66.28
EFG FINANCIAL PR 14.000 11/13/2012 USD 30.53
EFG FINANCIAL PR 13.000 11/13/2012 CHF 30.03
EFG FINANCIAL PR 12.750 11/13/2012 CHF 28.09
EFG FINANCIAL PR 10.500 11/13/2012 CHF 70.44
EFG FINANCIAL PR 10.500 11/13/2012 CHF 69.94
EFG FINANCIAL PR 11.050 11/8/2012 USD 66.47
EFG FINANCIAL PR 9.330 10/29/2012 USD 60.47
EFG FINANCIAL PR 21.000 10/26/2012 USD 35.08
EFG FINANCIAL PR 20.500 10/26/2012 EUR 34.97
EFG FINANCIAL PR 20.000 10/26/2012 CHF 34.39
EFG FINANCIAL PR 17.000 10/26/2012 EUR 50.25
EFG FINANCIAL PR 16.750 10/26/2012 CHF 42.10
EFG FINANCIAL PR 13.250 10/26/2012 CHF 70.80
EFG FINANCIAL PR 11.250 10/26/2012 CHF 68.55
EFG FINANCIAL PR 6.250 10/25/2012 CHF 60.45
EFG FINANCIAL PR 12.000 10/19/2012 USD 55.15
EFG FINANCIAL PR 17.250 10/12/2012 CHF 67.80
EFG FINANCIAL PR 20.000 10/11/2012 CHF 22.82
EFG FINANCIAL PR 18.000 10/11/2012 EUR 56.54
EFG FINANCIAL PR 12.500 10/11/2012 CHF 62.85
EFG FINANCIAL PR 10.620 10/3/2012 USD 35.61
EFG FINANCIAL PR 9.930 10/3/2012 EUR 35.70
EFG FINANCIAL PR 10.000 10/1/2012 CHF 63.50
EFG FINANCIAL PR 12.000 9/25/2012 EUR 70.85
EFG FINANCIAL PR 11.250 9/25/2012 CHF 62.63
EFG FINANCIAL PR 10.750 9/25/2012 CHF 65.84
EFG FINANCIAL PR 10.000 9/21/2012 USD 75.24
EFG FINANCIAL PR 9.000 9/10/2012 CHF 58.06
EFG FINANCIAL PR 8.500 9/7/2012 USD 47.88
EFG FINANCIAL PR 7.000 9/7/2012 EUR 58.34
EFG FINANCIAL PR 7.000 9/7/2012 CHF 54.36
EFG FINANCIAL PR 9.600 9/4/2012 USD 62.27
EFG FINANCIAL PR 9.500 9/4/2012 USD 39.06
EFG FINANCIAL PR 10.500 9/3/2012 CHF 57.30
EFG FINANCIAL PR 22.000 8/24/2012 USD 23.21
EFG FINANCIAL PR 14.000 8/24/2012 CHF 37.36
EFG FINANCIAL PR 12.250 8/24/2012 EUR 72.46
EFG FINANCIAL PR 11.750 8/24/2012 CHF 65.79
EFG FINANCIAL PR 11.500 8/24/2012 CHF 56.09
EFG FINANCIAL PR 11.800 8/17/2012 CHF 59.35
EFG FINANCIAL PR 11.600 8/17/2012 EUR 58.16
EFG FINANCIAL PR 12.000 8/16/2012 EUR 31.59
EFG FINANCIAL PR 12.750 5/22/2012 EUR 60.41
EFG FINANCIAL PR 13.750 8/14/2012 EUR 69.52
EFG FINANCIAL PR 12.750 8/14/2012 CHF 57.80
EFG FINANCIAL PR 11.000 8/14/2012 CHF 56.14
EFG FINANCIAL PR 8.500 8/14/2012 CHF 69.28
EFG FINANCIAL PR 3.850 8/13/2012 EUR 56.18
EFG FINANCIAL PR 12.800 8/10/2012 CHF 54.99
EFG FINANCIAL PR 11.700 8/10/2012 USD 43.71
EFG FINANCIAL PR 19.000 8/8/2012 USD 50.77
EFG FINANCIAL PR 11.000 8/7/2012 CHF 42.34
EFG FINANCIAL PR 10.000 8/7/2012 CHF 57.62
EFG FINANCIAL PR 9.000 8/3/2012 CHF 62.25
EFG FINANCIAL PR 9.000 8/3/2012 CHF 52.25
EFG FINANCIAL PR 9.000 8/3/2012 CHF 9.43
EFG FINANCIAL PR 11.750 7/31/2012 CHF 57.72
EFG FINANCIAL PR 11.750 7/31/2012 CHF 57.74
EFG FINANCIAL PR 11.500 7/31/2012 EUR 53.71
EFG FINANCIAL PR 10.000 7/31/2012 CHF 57.03
EFG FINANCIAL PR 11.000 7/25/2012 CHF 20.19
EFG FINANCIAL PR 10.250 7/25/2012 CHF 41.41
EFG FINANCIAL PR 9.770 7/23/2012 EUR 73.53
EFG FINANCIAL PR 9.300 7/6/2012 CHF 73.09
EFG FINANCIAL PR 10.500 7/5/2012 CHF 41.30
EFG FINANCIAL PR 8.250 7/5/2012 CHF 72.69
EFG FINANCIAL PR 8.250 7/4/2012 EUR 66.05
EFG FINANCIAL PR 6.600 7/4/2012 CHF 65.68
EFG FINANCIAL PR 12.000 6/28/2012 USD 71.14
EFG FINANCIAL PR 11.300 6/28/2012 EUR 58.16
EFG FINANCIAL PR 10.100 6/28/2012 EUR 73.78
EFG FINANCIAL PR 10.000 6/22/2012 CHF 39.94
EFG FINANCIAL PR 7.000 6/21/2012 CHF 61.79
EFG FINANCIAL PR 9.650 6/20/2012 USD 50.70
EFG FINANCIAL PR 13.110 6/18/2012 USD 53.60
EFG FINANCIAL PR 12.250 6/15/2012 EUR 7.85
EFG FINANCIAL PR 5.200 6/14/2012 CHF 63.02
EFG FINANCIAL PR 12.250 6/8/2012 EUR 57.28
EFG FINANCIAL PR 10.000 6/8/2012 CHF 33.25
EFG FINANCIAL PR 12.750 6/6/2012 CHF 65.87
EFG FINANCIAL PR 12.750 6/6/2012 EUR 64.83
EFG FINANCIAL PR 8.000 6/6/2012 CHF 71.91
EFG FINANCIAL PR 12.500 5/30/2012 EUR 59.55
EFG FINANCIAL PR 10.000 5/30/2012 CHF 59.61
EFG FINANCIAL PR 10.910 5/29/2012 EUR 41.83
EFG FINANCIAL PR 11.200 5/25/2012 CHF 68.56
EFG FINANCIAL PR 10.570 5/25/2012 EUR 69.66
EFG FINANCIAL PR 7.440 5/25/2012 EUR 59.20
EFG FINANCIAL PR 6.100 5/25/2012 EUR 73.58
EFG FINANCIAL PR 8.000 5/24/2012 USD 44.08
EFG FINANCIAL PR 14.000 5/22/2012 EUR 67.04
EFG FINANCIAL PR 11.250 5/22/2012 CHF 57.44
EFG FINANCIAL PR 10.750 5/22/2012 CHF 62.35
EFG FINANCIAL PR 12.960 5/21/2012 EUR 21.99
EFG FINANCIAL PR 10.830 5/18/2012 CHF 0.50
EFG FINANCIAL PR 10.100 5/16/2012 USD 74.58
EFG FINANCIAL PR 9.000 5/16/2012 CHF 70.01
EFG FINANCIAL PR 8.950 5/14/2012 CHF 63.77
EFG FINANCIAL PR 11.000 5/11/2012 EUR 20.61
EFG FINANCIAL PR 10.050 5/11/2012 CHF 62.12
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
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
SARASIN CI LTD 6.000 6/9/2014 EUR 67.86
ZURCHER KANT FIN 11.783 4/27/2012 CHF 72.31
ZURCHER KANT FIN 11.000 4/20/2012 CHF 52.43
ZURCHER KANT FIN 11.765 5/11/2012 CHF 73.31
ZURCHER KANT FIN 13.000 4/19/2012 CHF 73.73
ZURCHER KANT FIN 7.844 5/18/2012 CHF 64.20
ZURCHER KANT FIN 7.340 4/16/2013 CHF 64.26
ZURCHER KANT FIN 9.250 11/9/2012 CHF 64.28
ZURCHER KANT FIN 10.250 7/19/2012 CHF 70.79
ZURCHER KANT FIN 11.000 7/13/2012 CHF 70.00
ZURCHER KANT FIN 8.548 7/6/2012 EUR 73.04
ZURCHER KANT FIN 9.000 6/18/2012 CHF 59.53
ZURCHER KANT FIN 13.575 6/15/2012 CHF 72.90
ZURCHER KANT FIN 8.000 6/15/2012 CHF 66.44
HUNGARY
-------
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 60.88
REP OF HUNGARY 2.110 10/26/2017 JPY 68.13
IRELAND
-------
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 59.93
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 59.91
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 66.34
BANK OF IRELAND 5.600 9/18/2023 EUR 56.63
BK IRELAND MTGE 5.450 3/1/2030 EUR 64.68
BK IRELAND MTGE 5.360 10/12/2029 EUR 64.13
BK IRELAND MTGE 5.400 11/6/2029 EUR 64.41
BK IRELAND MTGE 5.760 9/7/2029 EUR 67.59
DEPFA ACS BANK 5.125 3/16/2037 USD 70.86
DEPFA ACS BANK 0.500 3/3/2025 CAD 43.35
DEPFA ACS BANK 3.250 7/31/2031 CHF 70.28
DEPFA ACS BANK 4.900 8/24/2035 CAD 70.98
DEPFA ACS BANK 5.125 3/16/2037 USD 71.69
KALVEBOD PLC 2.000 5/1/2106 DKK 34.00
ITALY
-----
BANCA POP VICENT 4.970 4/20/2027 EUR 71.29
BTPS I/L 2.350 9/15/2035 EUR 71.45
BTPS I/L 2.550 9/15/2041 EUR 71.76
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 60.25
REGION OF LOMBAR 5.804 10/25/2032 USD 79.33
REP OF ITALY 5.250 12/7/2034 GBP 74.93
REP OF ITALY 2.870 5/19/2036 JPY 48.38
REP OF ITALY 2.000 9/15/2062 EUR 53.46
REP OF ITALY 4.850 6/11/2060 EUR 68.72
REP OF ITALY 2.200 9/15/2058 EUR 58.67
REP OF ITALY 1.850 9/15/2057 EUR 51.94
SEAT PAGINE 10.500 1/31/2017 EUR 67.04
SEAT PAGINE 10.500 1/31/2017 EUR 66.75
SEAT PAGINE 10.500 1/31/2017 EUR 66.50
SEAT PAGINE 10.500 1/31/2017 EUR 66.25
TELECOM ITALIA 5.250 3/17/2055 EUR 71.46
UBI BANCA SPCA 6.250 11/18/2018 EUR 50.69
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 66.93
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 22.49
CONTROLINVESTE 3.000 1/28/2015 EUR 74.37
DEXIA BQ INT LUX 6.000 7/2/2018 EUR 74.58
ESFG INTERNATION 6.875 10/21/2019 EUR 67.50
ESPIRITO SANTO F 9.750 12/19/2025 EUR 63.27
FORTIS LUX FINAN 6.500 10/22/2012 EUR 73.52
HELLAS III 8.500 10/15/2013 EUR 0.25
HELLAS III 8.500 10/15/2013 EUR 0.25
INTRALOT LUX SA 2.250 12/20/2013 EUR 70.74
IT HOLDING FIN 9.875 11/15/2012 EUR 0.88
IT HOLDING FIN 9.875 11/15/2012 EUR 0.88
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 13.75
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 13.75
VIVALDIS 0.500 6/13/2028 EUR 59.44
VIVALDIS 0.500 8/8/2028 EUR 63.58
VIVALDIS 0.500 6/13/2013 EUR 59.41
KAZAKHSTAN
----------
APP INTL FINANCE 11.750 10/1/2005 USD 0.01
ASTANA FINANCE 9.000 11/16/2011 USD 3.00
ASTANA FINANCE 14.500 7/2/2013 USD 3.00
BK NED GEMEENTEN 0.500 3/3/2021 NZD 70.45
BK NED GEMEENTEN 0.500 3/29/2021 NZD 70.22
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 48.93
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 48.47
BK NED GEMEENTEN 0.500 2/24/2025 CAD 63.85
BK NED GEMEENTEN 0.500 5/25/2016 TRY 73.51
BK NED GEMEENTEN 0.500 4/27/2016 TRY 73.89
BK NED GEMEENTEN 0.500 3/17/2016 TRY 74.46
BK NED GEMEENTEN 0.500 6/22/2016 TRY 73.13
BK NED GEMEENTEN 0.500 9/15/2016 TRY 72.00
BK NED GEMEENTEN 0.500 5/10/2017 TRY 73.55
BLT FINANCE BV 7.500 5/15/2014 USD 29.13
BLT FINANCE BV 7.500 5/15/2014 USD 25.25
BLT FINANCE BV 12.000 2/10/2015 USD 25.38
BRIT INSURANCE 6.625 12/9/2030 GBP 60.36
BULGARIA STEEL 12.000 5/4/2013 EUR 5.88
BULGARIA STEEL 12.000 5/4/2013 EUR 5.88
GREENWICH AVENUE 10.000 6/30/2013 USD 1.25
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 71.33
KBC IFIMA NV 7.500 4/30/2012 EUR 53.91
LEHMAN BROS TSY 6.000 2/15/2035 EUR 5.00
LEHMAN BROS TSY 8.250 3/16/2035 EUR 5.00
LEHMAN BROS TSY 7.000 5/17/2035 EUR 5.02
LEHMAN BROS TSY 7.250 10/5/2035 EUR 7.10
LEHMAN BROS TSY 6.000 11/2/2035 EUR 7.50
NATL INVESTER BK 25.983 5/7/2029 EUR 28.29
NED WATERSCHAPBK 0.500 3/11/2025 CAD 62.65
NIB CAPITAL BANK 4.510 12/16/2035 EUR 71.85
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 67.19
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 12.80
RABOBANK 0.500 11/26/2021 ZAR 43.99
RABOBANK 0.500 10/27/2016 ZAR 72.65
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 64.64
SNS BANK 5.215 12/3/2027 EUR 72.99
SNS BANK 4.580 3/20/2026 EUR 69.87
TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01
NORWAY
------
KOMMUNALBANKEN 0.500 7/26/2016 ZAR 72.77
KOMMUNALBANKEN 0.500 5/25/2016 ZAR 73.87
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 61.22
KOMMUNALBANKEN 0.500 7/29/2016 ZAR 72.71
NORSKE SKOGIND 7.125 10/15/2033 USD 53.00
NORSKE SKOGIND 7.125 10/15/2033 USD 53.00
NORSKE SKOGIND 6.125 10/15/2015 USD 71.00
NORSKE SKOGIND 6.125 10/15/2015 USD 71.00
NORSKE SKOGIND 7.000 6/26/2017 EUR 61.45
RENEWABLE CORP 6.500 6/4/2014 EUR 60.98
POLAND
------
POLAND-REGD-RSTA 2.810 11/16/2037 JPY 73.67
REP OF POLAND 2.648 3/29/2034 JPY 74.09
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 61.38
CAIXA GERAL DEPO 4.400 10/8/2019 EUR 73.63
COMBOIOS DE PORT 4.170 10/16/2019 EUR 50.38
METRO DE LISBOA 4.799 12/7/2027 EUR 46.88
METRO DE LISBOA 5.750 2/4/2019 EUR 55.38
METRO DE LISBOA 4.061 12/4/2026 EUR 46.00
METRO DE LISBOA 7.300 12/23/2025 EUR 45.38
MONTEPIO GERAL 5.000 2/8/2017 EUR 62.50
PARPUBLICA 3.567 9/22/2020 EUR 56.94
PARPUBLICA 4.200 11/16/2026 EUR 51.85
PORTUGAL (REP) 3.500 3/25/2015 USD 71.32
PORTUGAL (REP) 3.500 3/25/2015 USD 71.32
PORTUGUESE OT'S 4.800 6/15/2020 EUR 56.19
PORTUGUESE OT'S 3.850 4/15/2021 EUR 54.60
PORTUGUESE OT'S 4.950 10/25/2023 EUR 54.83
PORTUGUESE OT'S 4.100 4/15/2037 EUR 44.18
PORTUGUESE OT'S 3.350 10/15/2015 EUR 71.73
PORTUGUESE OT'S 4.200 10/15/2016 EUR 68.65
PORTUGUESE OT'S 4.350 10/16/2017 EUR 63.17
PORTUGUESE OT'S 4.450 6/15/2018 EUR 59.68
PORTUGUESE OT'S 4.750 6/14/2019 EUR 57.67
REFER 4.047 11/16/2026 EUR 44.03
REFER 4.675 10/16/2024 EUR 45.91
REFER 4.250 12/13/2021 EUR 44.24
REFER 5.875 2/18/2019 EUR 54.09
REFER 4.000 3/16/2015 EUR 57.99
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 49.69
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 30.51
MOSMART FINANS 0.010 4/12/2012 RUB 7.00
NOK 12.500 8/26/2014 RUB 5.00
PROMPEREOSNASTKA 1.000 12/17/2012 RUB 0.01
PROTON-FINANCE 9.000 6/12/2012 RUB 65.00
RBC OJSC 3.270 4/19/2018 RUB 49.50
SATURN 8.000 6/6/2014 RUB 2.02
SERBIA T-BONDS 5.850 2/16/2026 EUR 73.13
SPAIN
-----
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 68.40
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 69.94
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 60.98
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 67.08
AYUNTAM DE MADRD 4.350 6/16/2021 EUR 73.85
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 53.41
BANCAJA 1.500 5/22/2018 EUR 67.69
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 63.29
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 74.31
BANCO CASTILLA 1.500 6/23/2021 EUR 64.85
BASQUE GOV'T 4.600 1/7/2025 EUR 73.43
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 61.97
CAIXA TERRASSA 1.700 3/12/2022 EUR 66.59
CAIXA TERRASSA 4.700 8/9/2021 EUR 67.76
CAJA MADRID 5.116 7/15/2015 EUR 73.88
CAJA MADRID 4.125 3/24/2036 EUR 69.32
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 61.45
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 58.69
CEDULAS TDA A-5 4.250 3/28/2027 EUR 61.28
COMUN AUTO CANAR 4.200 10/25/2036 EUR 50.72
COMUN AUTO CANAR 3.900 11/30/2035 EUR 48.61
COMUN AUTO CANAR 5.750 10/15/2029 EUR 72.47
COMUN NAVARRA 4.000 11/23/2021 EUR 71.83
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 57.40
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 71.83
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 47.31
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 65.93
COMUNIDAD MADRID 4.300 9/15/2026 EUR 66.18
DIPUTACION FOR 4.323 12/29/2023 EUR 67.25
GEN DE CATALUNYA 6.350 11/30/2041 EUR 69.39
GEN DE CATALUNYA 2.965 9/8/2039 JPY 48.39
GEN DE CATALUNYA 4.220 4/26/2035 EUR 52.38
GEN DE CATALUNYA 4.690 10/28/2034 EUR 56.85
GEN DE CATALUNYA 5.950 10/1/2030 EUR 68.74
GEN DE CATALUNYA 5.900 5/28/2030 EUR 69.46
GEN DE CATALUNYA 5.400 5/13/2030 EUR 64.76
GEN DE CATALUNYA 5.219 9/10/2029 EUR 63.85
GEN DE CATALUNYA 5.325 10/5/2028 EUR 66.21
GEN DE CATALUNYA 5.250 10/5/2023 EUR 68.26
GEN DE CATALUNYA 4.801 7/31/2020 EUR 71.11
GEN DE CATALUNYA 4.900 9/15/2021 EUR 67.78
GENERAL VALENCIA 4.900 3/17/2020 EUR 65.13
GENERAL VALENCIA 4.000 11/2/2016 EUR 78.13
GENERAL VALENCIA 5.900 11/30/2032 EUR 53.00
IM CEDULAS 5 3.500 6/15/2020 EUR 74.11
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 71.70
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 71.87
INSTITUT CATALA 4.250 6/15/2024 EUR 64.91
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 71.57
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 53.50
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 52.15
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 49.00
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 58.62
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 68.68
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 70.34
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 72.54
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 73.39
JUNTA CASTILLA 4.650 11/8/2022 EUR 69.01
JUNTA LA MANCHA 7.705 2/15/2033 EUR 69.75
JUNTA LA MANCHA 5.950 9/9/2030 EUR 58.03
JUNTA LA MANCHA 3.875 1/31/2036 EUR 36.75
JUNTA LA MANCHA 4.625 11/30/2022 EUR 63.25
JUNTA LA MANCHA 2.810 10/14/2022 JPY 69.38
MAPFRE SA 5.921 7/24/2037 EUR 67.08
SACYR VALLEHERM 6.500 5/1/2016 EUR 63.80
SPANISH GOV'T 4.200 1/31/2037 EUR 72.51
XUNTA DE GALICIA 4.025 11/28/2035 EUR 47.59
XUNTA DE GALICIA 5.350 11/22/2028 EUR 65.58
SWEDEN
------
SWEDISH EXP CRED 0.500 8/26/2021 AUD 64.82
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 46.51
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 45.76
SWEDISH EXP CRED 0.500 8/25/2016 ZAR 72.57
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 47.56
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 72.00
SWEDISH EXP CRED 0.500 9/20/2016 ZAR 72.13
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 45.56
SWEDISH EXP CRED 0.500 12/17/2027 USD 58.19
SWEDISH EXP CRED 0.500 1/25/2028 USD 57.78
SWEDISH EXP CRED 0.500 6/29/2016 TRY 71.07
SWEDISH EXP CRED 0.500 6/14/2016 ZAR 73.77
SWEDISH EXP CRED 7.500 6/12/2012 USD 7.03
SWEDISH EXP CRED 0.500 8/26/2016 ZAR 72.58
SWEDISH EXP CRED 9.250 4/27/2012 USD 8.09
SWEDISH EXP CRED 0.500 11/27/2015 TRY 74.37
SWITZERLAND
-----------
BANK JULIUS BAER 9.200 5/25/2012 EUR 56.65
BANK JULIUS BAER 10.000 5/25/2012 CHF 73.75
BANK JULIUS BAER 9.000 5/30/2012 CHF 57.80
BANK JULIUS BAER 10.000 6/1/2012 CHF 62.95
BANK JULIUS BAER 7.200 4/12/2012 CHF 64.35
BANK JULIUS BAER 13.200 4/12/2012 CHF 60.85
BANK JULIUS BAER 11.200 6/1/2012 CHF 69.90
BANK JULIUS BAER 12.200 4/12/2012 CHF 1.20
BANK JULIUS BAER 11.700 4/20/2012 EUR 56.70
BANK JULIUS BAER 12.100 4/20/2012 EUR 65.30
BANK JULIUS BAER 12.300 4/20/2012 CHF 58.60
BANK JULIUS BAER 15.600 4/20/2012 EUR 37.85
BANK JULIUS BAER 8.200 4/26/2012 EUR 65.50
BANK JULIUS BAER 10.500 4/26/2012 CHF 61.20
BANK JULIUS BAER 10.000 4/27/2012 CHF 72.10
BANK JULIUS BAER 14.000 4/27/2012 EUR 74.05
BANK JULIUS BAER 8.400 5/23/2012 CHF 62.10
BANK JULIUS BAER 7.100 5/9/2012 CHF 72.30
BANK JULIUS BAER 10.500 5/9/2012 EUR 56.80
BANK JULIUS BAER 10.500 5/9/2012 EUR 61.05
BANK JULIUS BAER 13.000 6/1/2012 USD 60.55
BANK JULIUS BAER 10.000 4/12/2012 CHF 51.90
BANK JULIUS BAER 7.100 5/10/2012 CHF 64.70
BANK JULIUS BAER 7.400 4/12/2012 CHF 33.30
BANK JULIUS BAER 11.300 7/6/2012 CHF 38.65
BANK JULIUS BAER 10.100 7/6/2012 CHF 38.00
BANK JULIUS BAER 9.000 7/6/2012 EUR 69.75
BANK JULIUS BAER 11.900 6/29/2012 EUR 66.50
BANK JULIUS BAER 14.000 6/28/2012 EUR 65.55
BANK JULIUS BAER 6.200 5/11/2012 USD 59.80
BANK JULIUS BAER 7.400 6/14/2012 CAD 62.10
BANK JULIUS BAER 10.000 5/11/2012 CHF 62.65
BANK JULIUS BAER 8.300 5/11/2012 CHF 63.45
BANK JULIUS BAER 9.300 7/27/2012 EUR 67.00
BANK JULIUS BAER 9.000 9/17/2012 CHF 52.55
BANK JULIUS BAER 12.000 4/9/2013 CHF 61.70
BANK JULIUS BAER 8.700 8/5/2013 CHF 67.57
BANK JULIUS BAER 10.500 7/18/2012 CHF 69.70
BANK JULIUS BAER 14.300 7/13/2012 CHF 58.05
BANK JULIUS BAER 14.800 7/6/2012 EUR 67.95
BANK JULIUS BAER 12.400 7/6/2012 CHF 49.60
BANK JULIUS BAER 12.000 7/6/2012 EUR 65.40
BANK JULIUS BAER 11.900 7/6/2012 CHF 65.25
BANK JULIUS BAER 10.500 4/13/2012 EUR 59.95
BANK JULIUS BAER 12.000 4/16/2012 EUR 62.25
BANK JULIUS BAER 13.500 5/11/2012 EUR 72.10
BANK JULIUS BAER 13.400 4/12/2012 EUR 74.30
BANK JULIUS BAER 7.200 4/13/2012 CHF 71.15
BANK JULIUS BAER 8.200 5/18/2012 EUR 65.35
BANK JULIUS BAER 9.200 4/12/2012 CHF 56.45
BANK JULIUS BAER 10.000 5/23/2012 CHF 74.00
BANK JULIUS BAER 11.500 5/7/2012 CHF 71.40
CLARIDEN LEU NAS 10.500 5/2/2012 EUR 59.46
CLARIDEN LEU NAS 9.500 5/2/2012 EUR 60.51
CLARIDEN LEU NAS 13.000 4/27/2012 CHF 16.03
CLARIDEN LEU NAS 12.400 4/27/2012 EUR 70.01
CLARIDEN LEU NAS 9.000 4/27/2012 USD 15.34
CLARIDEN LEU NAS 9.000 4/27/2012 USD 70.07
CLARIDEN LEU NAS 8.500 4/27/2012 USD 64.43
CLARIDEN LEU NAS 11.250 4/26/2012 USD 64.79
CLARIDEN LEU NAS 10.000 4/26/2012 CHF 73.87
CLARIDEN LEU NAS 10.000 4/26/2012 CHF 63.56
CLARIDEN LEU NAS 10.500 4/20/2012 EUR 68.88
CLARIDEN LEU NAS 8.250 4/20/2012 EUR 72.21
CLARIDEN LEU NAS 11.000 4/19/2012 USD 61.88
CLARIDEN LEU NAS 9.250 4/19/2012 EUR 66.43
CLARIDEN LEU NAS 9.000 4/19/2012 CHF 62.49
CLARIDEN LEU NAS 11.650 4/18/2012 EUR 68.01
CLARIDEN LEU NAS 11.000 4/13/2012 USD 74.15
CLARIDEN LEU NAS 9.650 4/13/2012 CHF 32.53
CLARIDEN LEU NAS 11.000 4/12/2012 EUR 44.50
CLARIDEN LEU NAS 9.500 4/12/2012 CHF 40.33
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 59.67
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 61.22
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 60.58
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 64.75
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 64.69
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 64.60
CLARIDEN LEU NAS 10.500 11/26/2012 EUR 68.45
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 41.17
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 67.71
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 66.84
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 73.00
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 65.48
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 72.59
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 65.89
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 68.45
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 68.58
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 68.03
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 58.92
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 59.40
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 62.35
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 63.27
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 70.97
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 65.58
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 65.02
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 60.25
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 70.50
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 63.90
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 69.97
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 61.19
CLARIDEN LEU NAS 9.000 9/24/2012 CHF 66.07
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 60.95
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 59.61
CLARIDEN LEU NAS 11.000 9/10/2012 EUR 71.04
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 64.69
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 48.02
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 56.39
CLARIDEN LEU NAS 7.000 8/16/2012 CHF 61.54
CLARIDEN LEU NAS 10.000 8/10/2012 EUR 72.33
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 68.73
CLARIDEN LEU NAS 11.000 8/2/2012 USD 72.30
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 58.42
CLARIDEN LEU NAS 8.750 7/26/2012 CHF 66.18
CLARIDEN LEU NAS 9.250 7/25/2012 CHF 69.04
CLARIDEN LEU NAS 10.750 7/19/2012 EUR 71.41
CLARIDEN LEU NAS 9.000 7/19/2012 CHF 71.50
CLARIDEN LEU NAS 11.000 7/18/2012 EUR 72.53
CLARIDEN LEU NAS 7.900 7/18/2012 USD 70.53
CLARIDEN LEU NAS 10.500 7/12/2012 CHF 70.20
CLARIDEN LEU NAS 12.500 7/11/2012 EUR 64.98
CLARIDEN LEU NAS 10.500 7/4/2012 EUR 65.90
CLARIDEN LEU NAS 10.000 7/4/2012 CHF 73.30
CLARIDEN LEU NAS 8.750 7/4/2012 CHF 73.28
CLARIDEN LEU NAS 8.500 7/4/2012 EUR 73.78
CLARIDEN LEU NAS 15.500 6/29/2012 EUR 47.23
CLARIDEN LEU NAS 11.250 6/22/2012 CHF 56.73
CLARIDEN LEU NAS 10.000 6/22/2012 CHF 68.32
CLARIDEN LEU NAS 10.500 6/21/2012 EUR 58.88
CLARIDEN LEU NAS 10.000 6/21/2012 EUR 63.56
CLARIDEN LEU NAS 9.000 6/21/2012 CHF 67.60
CLARIDEN LEU NAS 10.250 6/20/2012 SEK 70.29
CLARIDEN LEU NAS 3.550 6/20/2012 CHF 51.01
CLARIDEN LEU NAS 10.500 6/15/2012 CHF 71.44
CLARIDEN LEU NAS 12.000 6/14/2012 CHF 38.50
CLARIDEN LEU NAS 9.250 6/14/2012 CHF 72.64
CLARIDEN LEU NAS 9.000 6/14/2012 CHF 64.93
CLARIDEN LEU NAS 13.500 6/8/2012 EUR 58.74
CLARIDEN LEU NAS 8.500 6/8/2012 CHF 63.66
CLARIDEN LEU NAS 0.000 6/8/2012 CHF 69.42
CLARIDEN LEU NAS 10.000 6/6/2012 NOK 71.12
CLARIDEN LEU NAS 13.250 6/1/2012 USD 18.91
CLARIDEN LEU NAS 12.500 6/1/2012 CHF 18.91
CLARIDEN LEU NAS 7.500 6/1/2012 EUR 68.01
CLARIDEN LEU NAS 12.250 5/31/2012 EUR 44.18
CLARIDEN LEU NAS 10.750 5/30/2012 CHF 64.45
CLARIDEN LEU NAS 10.500 5/30/2012 EUR 72.17
CLARIDEN LEU NAS 12.750 5/24/2012 EUR 54.29
CLARIDEN LEU NAS 14.000 5/23/2012 EUR 17.38
CLARIDEN LEU NAS 13.000 5/23/2012 CHF 17.30
CLARIDEN LEU NAS 10.000 5/23/2012 NOK 68.96
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CLARIDEN LEU NAS 10.600 5/18/2012 CHF 62.47
CLARIDEN LEU NAS 10.000 5/18/2012 EUR 68.45
CLARIDEN LEU NAS 10.550 5/16/2012 EUR 55.08
CLARIDEN LEU NAS 10.000 5/16/2012 EUR 61.01
CLARIDEN LEU NAS 12.000 5/11/2012 EUR 50.15
CLARIDEN LEU NAS 10.750 5/11/2012 CHF 62.97
CLARIDEN LEU NAS 10.750 5/9/2012 EUR 72.14
CLARIDEN LEU NAS 10.750 5/9/2012 CHF 66.75
CLARIDEN LEU NAS 9.600 5/9/2012 CHF 71.73
CLARIDEN LEU NAS 9.000 5/9/2012 EUR 62.55
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CLARIDEN LEU NAS 8.000 5/4/2012 CHF 73.37
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CLARIDEN LEU NAS 0.000 9/10/2014 CHF 69.13
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CREDIT SUISSE LD 4.000 12/10/2012 EUR 43.80
CREDIT SUISSE LD 8.900 3/25/2013 EUR 64.01
SARASIN CI LTD 10.500 4/26/2012 CHF 60.05
SARASIN CI LTD 8.500 4/26/2012 CHF 53.60
SARASIN CI LTD 8.000 9/3/2012 CHF 44.57
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UBS AG 11.920 3/12/2013 USD 16.25
UBS AG 8.670 3/12/2013 USD 2.43
UBS AG 8.000 3/12/2013 USD 60.78
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UBS AG 3.900 3/12/2013 USD 12.10
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UBS AG 10.080 2/28/2013 USD 16.50
UBS AG 9.590 2/28/2013 USD 35.76
UBS AG 9.580 2/28/2013 USD 35.76
UBS AG 10.390 1/18/2013 USD 38.04
UBS AG 15.930 12/21/2012 EUR 70.73
UBS AG 14.740 12/21/2012 EUR 71.94
UBS AG 13.560 12/21/2012 EUR 73.27
UBS AG 13.600 11/12/2012 EUR 48.46
UBS AG 13.560 11/12/2012 EUR 55.04
UBS AG 11.660 11/12/2012 EUR 55.09
UBS AG 11.260 11/12/2012 EUR 58.96
UBS AG 10.930 11/12/2012 EUR 52.15
UBS AG 9.650 11/12/2012 EUR 58.55
UBS AG 9.470 11/12/2012 EUR 49.65
UBS AG 9.020 11/12/2012 EUR 61.48
UBS AG 8.590 11/12/2012 EUR 64.47
UBS AG 8.370 11/12/2012 EUR 62.96
UBS AG 8.280 11/12/2012 EUR 69.56
UBS AG 8.280 11/12/2012 EUR 69.56
UBS AG 6.700 11/12/2012 EUR 53.71
UBS AG 6.070 11/12/2012 EUR 67.86
UBS AG 12.500 11/1/2012 EUR 73.28
UBS AG 13.340 10/24/2012 USD 46.27
UBS AG 11.580 10/1/2012 EUR 67.32
UBS AG 11.560 10/1/2012 EUR 41.45
UBS AG 11.530 10/1/2012 EUR 67.30
UBS AG 11.460 10/1/2012 EUR 41.41
UBS AG 11.460 10/1/2012 EUR 67.27
UBS AG 11.380 10/1/2012 EUR 67.23
UBS AG 11.330 10/1/2012 EUR 41.35
UBS AG 11.280 10/1/2012 EUR 67.19
UBS AG 11.160 10/1/2012 EUR 67.14
UBS AG 11.150 10/1/2012 EUR 41.27
UBS AG 11.010 10/1/2012 EUR 67.07
UBS AG 10.930 10/1/2012 EUR 41.17
UBS AG 10.840 10/1/2012 EUR 66.99
UBS AG 10.740 10/1/2012 EUR 71.76
UBS AG 10.650 10/1/2012 EUR 41.05
UBS AG 10.640 10/1/2012 EUR 66.90
UBS AG 10.620 10/1/2012 EUR 71.76
UBS AG 10.440 10/1/2012 EUR 71.63
UBS AG 10.410 10/1/2012 EUR 66.80
UBS AG 10.310 10/1/2012 EUR 40.90
UBS AG 10.220 10/1/2012 EUR 71.53
UBS AG 10.150 10/1/2012 EUR 66.69
UBS AG 9.930 10/1/2012 EUR 71.40
UBS AG 9.910 10/1/2012 EUR 40.72
UBS AG 9.900 10/1/2012 EUR 36.24
UBS AG 9.860 10/1/2012 EUR 66.60
UBS AG 9.580 10/1/2012 EUR 71.25
UBS AG 9.540 10/1/2012 EUR 66.41
UBS AG 9.440 10/1/2012 EUR 40.51
UBS AG 9.360 10/1/2012 EUR 35.95
UBS AG 9.200 10/1/2012 EUR 35.88
UBS AG 9.160 10/1/2012 EUR 71.06
UBS AG 9.060 10/1/2012 EUR 67.66
UBS AG 8.910 10/1/2012 EUR 40.27
UBS AG 8.910 10/1/2012 EUR 67.55
UBS AG 8.730 10/1/2012 EUR 35.67
UBS AG 8.720 10/1/2012 EUR 70.25
UBS AG 8.720 10/1/2012 EUR 67.47
UBS AG 8.660 10/1/2012 EUR 70.84
UBS AG 8.530 10/1/2012 EUR 70.16
UBS AG 8.500 10/1/2012 EUR 67.37
UBS AG 8.420 10/1/2012 EUR 35.57
UBS AG 8.400 10/1/2012 EUR 70.11
UBS AG 8.310 10/1/2012 EUR 40.04
UBS AG 8.260 10/1/2012 EUR 70.05
UBS AG 8.240 10/1/2012 EUR 67.28
UBS AG 8.090 10/1/2012 EUR 69.97
UBS AG 8.090 10/1/2012 EUR 70.58
UBS AG 8.050 10/1/2012 EUR 35.37
UBS AG 7.940 10/1/2012 EUR 67.16
UBS AG 7.900 10/1/2012 EUR 69.88
UBS AG 7.840 10/1/2012 EUR 35.27
UBS AG 7.680 10/1/2012 EUR 69.79
UBS AG 7.660 10/1/2012 EUR 39.72
UBS AG 7.620 10/1/2012 EUR 35.18
UBS AG 7.610 10/1/2012 EUR 67.01
UBS AG 7.470 10/1/2012 EUR 74.16
UBS AG 7.450 10/1/2012 EUR 69.68
UBS AG 7.380 10/1/2012 EUR 35.07
UBS AG 7.240 10/1/2012 EUR 66.84
UBS AG 7.190 10/1/2012 EUR 72.68
UBS AG 7.140 10/1/2012 EUR 34.96
UBS AG 7.040 10/1/2012 EUR 74.00
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UBS AG 20.920 9/28/2012 EUR 72.62
UBS AG 19.880 9/28/2012 EUR 72.43
UBS AG 19.580 9/28/2012 EUR 73.94
UBS AG 18.580 9/28/2012 EUR 73.52
UBS AG 18.220 9/28/2012 EUR 68.39
UBS AG 17.090 9/28/2012 EUR 72.96
UBS AG 16.720 9/28/2012 EUR 69.81
UBS AG 15.370 9/28/2012 EUR 74.55
UBS AG 15.240 9/28/2012 EUR 71.37
UBS AG 13.800 9/28/2012 EUR 73.08
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UBS AG 9.500 8/10/2012 USD 28.61
UBS AG 11.000 8/2/2012 EUR 66.70
UBS AG 10.500 8/2/2012 EUR 56.05
UBS AG 10.000 8/2/2012 CHF 70.60
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UBS AG 8.460 7/31/2012 USD 35.27
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UBS AG 12.750 6/25/2012 EUR 38.72
UBS AG 12.610 6/25/2012 EUR 38.66
UBS AG 12.510 6/25/2012 EUR 64.87
UBS AG 12.450 6/25/2012 EUR 64.86
UBS AG 12.410 6/25/2012 EUR 38.63
UBS AG 12.370 6/25/2012 EUR 64.84
UBS AG 12.270 6/25/2012 EUR 64.82
UBS AG 12.170 6/25/2012 EUR 38.58
UBS AG 12.140 6/25/2012 EUR 64.80
UBS AG 11.990 6/25/2012 EUR 64.77
UBS AG 11.860 6/25/2012 EUR 38.53
UBS AG 11.810 6/25/2012 EUR 64.74
UBS AG 11.600 6/25/2012 EUR 64.73
UBS AG 11.480 6/25/2012 EUR 38.46
UBS AG 11.380 6/25/2012 EUR 69.61
UBS AG 11.360 6/25/2012 EUR 64.66
UBS AG 11.180 6/25/2012 EUR 69.58
UBS AG 11.080 6/25/2012 EUR 64.61
UBS AG 11.030 6/25/2012 EUR 38.40
UBS AG 10.920 6/25/2012 EUR 69.53
UBS AG 10.770 6/25/2012 EUR 64.55
UBS AG 10.590 6/25/2012 EUR 69.47
UBS AG 10.500 6/25/2012 EUR 38.29
UBS AG 10.420 6/25/2012 EUR 64.49
UBS AG 10.190 6/25/2012 EUR 69.40
UBS AG 10.040 6/25/2012 EUR 64.42
UBS AG 9.920 6/25/2012 EUR 33.61
UBS AG 9.900 6/25/2012 EUR 38.18
UBS AG 9.890 6/25/2012 EUR 65.37
UBS AG 9.710 6/25/2012 EUR 33.57
UBS AG 9.700 6/25/2012 EUR 69.31
UBS AG 9.660 6/25/2012 EUR 65.35
UBS AG 9.610 6/25/2012 EUR 72.66
UBS AG 9.430 6/25/2012 EUR 33.52
UBS AG 9.390 6/25/2012 EUR 65.30
UBS AG 9.330 6/25/2012 EUR 68.40
UBS AG 9.310 6/25/2012 EUR 72.58
UBS AG 9.220 6/25/2012 EUR 38.06
UBS AG 9.130 6/25/2012 EUR 69.21
UBS AG 9.090 6/25/2012 EUR 33.46
UBS AG 9.080 6/25/2012 EUR 68.35
UBS AG 9.080 6/25/2012 EUR 65.24
UBS AG 8.950 6/25/2012 EUR 72.54
UBS AG 8.910 6/25/2012 EUR 68.32
UBS AG 8.720 6/25/2012 EUR 68.29
UBS AG 8.720 6/25/2012 EUR 65.18
UBS AG 8.690 6/25/2012 EUR 33.39
UBS AG 8.540 6/25/2012 EUR 72.46
UBS AG 8.510 6/25/2012 EUR 68.25
UBS AG 8.490 6/25/2012 EUR 69.09
UBS AG 8.490 6/25/2012 EUR 37.93
UBS AG 8.320 6/25/2012 EUR 65.09
UBS AG 8.270 6/25/2012 EUR 68.21
UBS AG 8.220 6/25/2012 EUR 33.31
UBS AG 8.070 6/25/2012 EUR 72.36
UBS AG 8.000 6/25/2012 EUR 68.16
UBS AG 7.890 6/25/2012 EUR 65.03
UBS AG 7.770 6/25/2012 EUR 68.98
UBS AG 7.720 6/25/2012 EUR 68.11
UBS AG 7.710 6/25/2012 EUR 37.80
UBS AG 7.690 6/25/2012 EUR 33.21
UBS AG 7.560 6/25/2012 EUR 72.27
UBS AG 7.420 6/25/2012 EUR 64.94
UBS AG 7.410 6/25/2012 EUR 33.19
UBS AG 7.110 6/25/2012 EUR 33.12
UBS AG 7.010 6/25/2012 EUR 72.18
UBS AG 28.770 6/22/2012 EUR 70.60
UBS AG 27.030 6/22/2012 EUR 72.42
UBS AG 26.850 6/22/2012 EUR 72.86
UBS AG 26.100 6/22/2012 EUR 68.30
UBS AG 24.900 6/22/2012 EUR 68.12
UBS AG 24.690 6/22/2012 EUR 71.48
UBS AG 24.260 6/22/2012 EUR 70.00
UBS AG 23.100 6/22/2012 EUR 69.51
UBS AG 22.490 6/22/2012 EUR 72.68
UBS AG 22.440 6/22/2012 EUR 71.83
UBS AG 22.200 6/22/2012 EUR 64.38
UBS AG 21.370 6/22/2012 EUR 69.26
UBS AG 21.300 6/22/2012 EUR 70.99
UBS AG 20.650 6/22/2012 EUR 73.80
UBS AG 20.120 6/22/2012 EUR 66.15
UBS AG 19.530 6/22/2012 EUR 72.57
UBS AG 19.000 6/22/2012 EUR 71.24
UBS AG 18.080 6/22/2012 EUR 68.08
UBS AG 16.710 6/22/2012 EUR 73.43
UBS AG 16.110 6/22/2012 EUR 70.19
UBS AG 7.960 6/25/2012 EUR 33.26
UBS AG 15.000 6/6/2012 CHF 69.25
UBS AG 10.000 6/6/2012 CHF 73.60
UBS AG 17.720 6/4/2012 EUR 49.72
UBS AG 15.860 6/4/2012 EUR 70.43
UBS AG 13.680 6/4/2012 EUR 73.44
UBS AG 10.470 6/4/2012 EUR 58.27
UBS AG 9.820 6/4/2012 EUR 72.84
UBS AG 14.000 5/23/2012 USD 8.96
UBS AG 13.700 5/23/2012 USD 13.57
UBS AG 13.300 5/23/2012 USD 3.80
UBS AG 9.000 5/18/2012 EUR 73.40
UBS AG 15.150 5/11/2012 EUR 41.56
UBS AG 13.150 5/11/2012 EUR 54.11
UBS AG 12.900 5/11/2012 EUR 49.19
UBS AG 11.240 5/11/2012 EUR 46.57
UBS AG 10.940 5/11/2012 EUR 44.81
UBS AG 10.060 5/11/2012 EUR 58.88
UBS AG 9.880 5/11/2012 EUR 53.68
UBS AG 9.170 5/11/2012 EUR 66.41
UBS AG 9.170 5/11/2012 EUR 66.41
UBS AG 9.110 5/11/2012 EUR 61.17
UBS AG 6.870 5/11/2012 EUR 50.29
UBS AG 6.600 5/11/2012 USD 62.85
UBS AG 6.550 5/11/2012 EUR 65.17
UBS AG 8.000 5/9/2012 CHF 72.55
UBS AG 15.000 5/3/2012 EUR 40.15
UBS AG 8.500 5/3/2012 CHF 59.60
UBS AG 7.500 5/3/2012 EUR 70.10
UBS AG 11.930 4/20/2012 CHF 44.00
UBS AG 8.000 4/20/2012 CHF 59.55
UBS AG 7.820 4/20/2012 CHF 73.32
UBS AG 10.780 4/19/2012 CHF 60.70
UBS AG 10.100 4/19/2012 CHF 69.05
UBS AG 7.910 4/19/2012 CHF 67.98
UBS AG 7.810 4/19/2012 CHF 59.50
UBS AG 10.290 4/16/2012 CHF 70.45
UBS AG 9.050 4/16/2012 CHF 57.93
UBS AG 8.020 4/16/2012 CHF 73.58
UBS AG 14.210 6/22/2012 EUR 72.51
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UBS AG 11.020 10/21/2013 USD 58.10
UBS AG 13.830 12/17/2013 USD 20.11
UBS AG 11.000 3/4/2014 USD 19.73
UBS AG JERSEY 3.220 7/31/2012 EUR 32.56
UKRAINE
-------
PROCREDIT BANK 13.500 5/11/2015 UAH 96.09
UNITED KINGDOM
--------------
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 74.65
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 77.19
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BARCLAYS BK PLC 12.500 12/14/2012 EUR 73.81
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BARCLAYS BK PLC 13.750 9/14/2012 EUR 71.90
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BARCLAYS BK PLC 11.000 9/14/2012 EUR 60.55
BARCLAYS BK PLC 10.250 9/14/2012 EUR 66.39
BARCLAYS BK PLC 9.250 9/14/2012 EUR 61.55
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BARCLAYS BK PLC 15.000 6/22/2012 EUR 73.18
BARCLAYS BK PLC 15.000 6/22/2012 EUR 56.89
BARCLAYS BK PLC 14.500 6/22/2012 EUR 49.70
BARCLAYS BK PLC 7.000 6/8/2012 EUR 66.71
BARCLAYS BK PLC 7.000 6/8/2012 EUR 72.26
BARCLAYS BK PLC 8.000 6/8/2012 EUR 57.74
BARCLAYS BK PLC 8.000 6/8/2012 EUR 65.61
BARCLAYS BK PLC 14.500 6/22/2012 EUR 60.09
BARCLAYS BK PLC 13.750 6/22/2012 EUR 59.53
BARCLAYS BK PLC 13.750 6/22/2012 EUR 60.56
BARCLAYS BK PLC 13.500 6/22/2012 EUR 72.44
BARCLAYS BK PLC 13.000 6/22/2012 EUR 66.75
BARCLAYS BK PLC 12.750 6/22/2012 EUR 53.75
BARCLAYS BK PLC 12.000 6/22/2012 EUR 67.50
BARCLAYS BK PLC 12.000 6/22/2012 EUR 55.03
BARCLAYS BK PLC 11.750 6/22/2012 EUR 57.40
BARCLAYS BK PLC 11.500 6/22/2012 EUR 55.62
BARCLAYS BK PLC 11.500 6/22/2012 EUR 62.54
BARCLAYS BK PLC 11.000 6/22/2012 EUR 53.39
BARCLAYS BK PLC 10.750 6/22/2012 EUR 57.33
BARCLAYS BK PLC 10.750 6/22/2012 EUR 68.70
BARCLAYS BK PLC 10.500 6/22/2012 EUR 58.73
BARCLAYS BK PLC 10.500 6/22/2012 EUR 54.10
BARCLAYS BK PLC 10.500 6/22/2012 EUR 65.73
BARCLAYS BK PLC 10.000 6/22/2012 EUR 64.11
BARCLAYS BK PLC 9.750 6/22/2012 EUR 57.42
BARCLAYS BK PLC 9.500 6/22/2012 EUR 72.02
BARCLAYS BK PLC 8.500 6/22/2012 EUR 61.97
BARCLAYS BK PLC 8.250 6/22/2012 EUR 62.74
BARCLAYS BK PLC 8.000 6/22/2012 EUR 59.85
BARCLAYS BK PLC 8.000 6/22/2012 EUR 63.09
BARCLAYS BK PLC 8.000 6/22/2012 EUR 70.54
BARCLAYS BK PLC 8.000 6/22/2012 EUR 59.74
BARCLAYS BK PLC 7.250 6/22/2012 EUR 60.25
BARCLAYS BK PLC 7.000 6/22/2012 EUR 72.08
BARCLAYS BK PLC 7.000 6/22/2012 EUR 65.19
BARCLAYS BK PLC 7.000 6/22/2012 EUR 65.65
BARCLAYS BK PLC 6.000 6/22/2012 EUR 67.72
BARCLAYS BK PLC 8.000 6/8/2012 EUR 65.53
BARCLAYS BK PLC 6.000 6/22/2012 EUR 68.07
BARCLAYS BK PLC 6.000 6/22/2012 EUR 68.23
BARCLAYS BK PLC 8.250 6/8/2012 EUR 69.53
BARCLAYS BK PLC 6.000 6/22/2012 EUR 64.66
BARCLAYS BK PLC 15.750 6/8/2012 EUR 69.35
BARCLAYS BK PLC 14.220 6/8/2012 EUR 68.12
BARCLAYS BK PLC 13.000 6/8/2012 EUR 53.55
BARCLAYS BK PLC 12.500 6/8/2012 EUR 57.31
BARCLAYS BK PLC 8.250 6/8/2012 EUR 56.61
BARCLAYS BK PLC 12.000 6/8/2012 EUR 64.12
BARCLAYS BK PLC 11.750 6/8/2012 EUR 53.80
BARCLAYS BK PLC 11.090 6/8/2012 EUR 59.94
BARCLAYS BK PLC 11.000 6/8/2012 EUR 73.64
BARCLAYS BK PLC 8.500 6/8/2012 EUR 58.65
BARCLAYS BK PLC 11.000 6/8/2012 EUR 68.40
BARCLAYS BK PLC 11.000 6/8/2012 EUR 62.56
BARCLAYS BK PLC 9.250 6/8/2012 EUR 67.68
BARCLAYS BK PLC 11.000 6/8/2012 EUR 63.89
BARCLAYS BK PLC 9.500 6/8/2012 EUR 71.02
BARCLAYS BK PLC 10.780 6/8/2012 EUR 71.77
BARCLAYS BK PLC 10.520 6/8/2012 EUR 66.14
BARCLAYS BK PLC 10.500 6/8/2012 EUR 54.00
BARCLAYS BK PLC 10.250 6/8/2012 EUR 61.28
BARCLAYS BK PLC 9.750 6/8/2012 EUR 59.18
BARCLAYS BK PLC 6.000 6/8/2012 EUR 70.18
BARCLAYS BK PLC 5.000 6/8/2012 EUR 72.29
BARCLAYS BK PLC 12.950 4/20/2012 USD 23.40
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 73.70
CO-OPERATIVE BNK 5.625 11/16/2021 GBP 76.23
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 72.76
DUNFERMLINE BS 6.000 3/31/2015 GBP 0.63
EFG HELLAS PLC 6.010 1/9/2036 EUR 33.63
EFG HELLAS PLC 5.400 11/2/2047 EUR 37.13
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 50.25
EMPORIKI GRP FIN 5.000 2/24/2022 EUR 49.75
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 50.75
ENTERPRISE INNS 6.875 2/15/2021 GBP 72.13
ENTERPRISE INNS 6.375 9/26/2031 GBP 65.70
ENTERPRISE INNS 6.875 5/9/2025 GBP 68.36
ESSAR ENERGY 4.250 2/1/2016 USD 65.90
F&C ASSET MNGMT 6.750 12/20/2026 GBP 67.01
GALA ELECTRIC CA 11.500 6/1/2019 GBP 65.11
GALA ELECTRIC CA 11.500 6/1/2019 GBP 65.83
GS INTERNATIONAL 8.250 12/17/2012 EUR 69.85
GS INTERNATIONAL 13.000 6/28/2012 CHF 63.40
GS INTERNATIONAL 9.750 5/22/2012 CHF 55.80
GS INTERNATIONAL 9.500 4/20/2012 CHF 51.80
HBOS PLC 6.305 10/18/2017 GBP 75.00
HBOS PLC 4.500 3/18/2030 EUR 63.32
HBOS PLC 5.374 6/30/2021 EUR 68.63
HBOS PLC 6.000 11/1/2033 USD 74.19
HBOS PLC 6.000 11/1/2033 USD 74.19
HOUSING FIN CORP 9.625 7/4/2025 GBP 152.57
HSBC BANK PLC 0.500 2/2/2023 AUD 52.32
HSBC BANK PLC 0.500 2/24/2023 AUD 53.73
HSBC BANK PLC 0.500 11/16/2018 AUD 69.35
HSBC BANK PLC 0.500 4/3/2023 AUD 55.53
HSBC BANK PLC 0.500 12/8/2026 AUD 44.52
HSBC BANK PLC 0.500 12/29/2026 AUD 44.37
HSBC BANK PLC 0.500 9/28/2018 AUD 72.14
HSBC BANK PLC 0.500 12/2/2022 AUD 56.60
HSBC BANK PLC 0.500 12/29/2022 AUD 54.01
HSBC BANK PLC 0.500 11/22/2021 AUD 60.09
MARSTONS ISSUER 5.641 7/15/2035 GBP 74.01
MATALAN 9.625 3/31/2017 GBP 65.29
MATALAN 9.625 3/31/2017 GBP 65.13
MAX PETROLEUM 6.750 9/8/2013 USD 49.83
NOMURA BANK INTL 0.800 12/21/2020 EUR 67.28
OTE PLC 4.625 5/20/2016 EUR 66.96
PRIVATBANK 5.799 2/9/2016 USD 70.03
PUNCH TAVERNS 7.567 4/15/2026 GBP 54.68
PUNCH TAVERNS 5.883 10/15/2026 GBP 62.79
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 52.05
ROYAL BK SCOTLND 20.000 2/23/2017 SEK 65.00
SKIPTON BUILDING 5.625 1/18/2018 GBP 68.16
SPIRIT ISSUER 5.472 12/28/2028 GBP 73.16
THOMAS COOK GR 7.750 6/22/2017 GBP 57.92
THOMAS COOK GR 6.750 6/22/2015 EUR 67.22
UNIQUE PUB FIN 7.395 3/28/2024 GBP 61.57
UNIQUE PUB FIN 5.659 6/30/2027 GBP 74.42
UNIQUE PUB FIN 6.464 3/30/2032 GBP 43.46
WESSEX WATER FIN 1.499 11/29/2058 GBP 64.30
WESSEX WATER FIN 1.369 7/31/2057 GBP 63.85
*********
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 * * *