/raid1/www/Hosts/bankrupt/TCREUR_Public/120521.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, May 21, 2012, Vol. 13, No. 100
Headlines
A Z E R B A I J A N
TECHNIKABANK: Fitch Downgrades LT Issuer Default Rating to 'CC'
B U L G A R I A
DSK BANK: Moody's Reviews 'D+' BFSR for Downgrade
F R A N C E
CAISSE CENTRALE: Moody's Lowers BSFR to 'E', Maintains Review
G E O R G I A
BANK OF GEORGIA: Moody's Rates Senior Unsecured Notes '(P)Ba3'
G E R M A N Y
CONTINENTAL AG: S&P Raises Corporate Credit Rating to 'BB-'
UNITYMEDIA GMBH: S&P Affirms 'B+' Corporate Credit Rating
G R E E C E
* GREECE: To Remain in Eurozone, G8 Says
H U N G A R Y
* HUNGARY: Construction Sector Liquidations Up 30% in April
I R E L A N D
EIRCOM GROUP: Hutchison Loses Legal Challenge Over Rejected Bid
EIRCOM GROUP: Creditors Support Scheme of Arrangement
STANTON MBS I: S&P Cuts Rating on Class D Notes to 'CCC'
I T A L Y
FONDIARIA-SAI SPA: Intends to Pursue Four-Way Merger
L U X E M B O U R G
INTELSAT SA: Unit to Redeem Outstanding 9 1/2% Notes on June 15
N E T H E R L A N D S
ARES EURO I: S&P Lowers Rating on Class E Notes to 'CCC- (sf)'
TELECONNECT INC: Incurs US$810,000 Net Loss in March 31 Quarter
UPC HOLDING: S&P Affirms Issue Ratings on Senior Notes at 'B-'
* NETHERLANDS: Moody's Says Intervention Act Credit Neutral
* Moody's Says Dutch RMBS Cumulative Default Rate Stabilizes
R O M A N I A
POSTA ROMANA: Mulls Restructuring to Avert Bankruptcy
S P A I N
BANKIA SA: Not Losing Client Money, Spanish Gov't Says
OBRASCON HUARTE: Fitch Affirms LT Issuer Default Rating at 'BB-'
TDA 24: S&P Lowers Rating on Class B Notes to 'CCC-'
* SPAIN: Moody's Cuts LT Debt & Deposit Ratings of 16 Banks
* SPAIN: Moody's Takes Multiple Rating Actions on Covered Bonds
* SPAIN: Moody's Downgrades Ratings of Four Regions
* SPAIN: Bank Bad Loans Up 8.37% in March
U N I T E D K I N G D O M
BANK OF CREDIT: Deloitte Stands Down as Liquidators
GLOBAL SHIP: Reports US$7.9 Million Net Income in First Quarter
PETROPLUS HOLDINGS: Coryton Plant May Shut Down; Vitrol Drops Bid
REC PLANTATION: S&P Raises Rating on Class D Notes to 'BB-'
X X X X X X X X
* BOND PRICING: For the Week May 14 to May 18, 2012
*********
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A Z E R B A I J A N
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TECHNIKABANK: Fitch Downgrades LT Issuer Default Rating to 'CC'
---------------------------------------------------------------
Fitch Ratings has downgraded Azerbaijan-based Technikabank's (TB)
Long-term Issuer Default Rating (IDR) to 'CC' from 'B-' and
Viability Rating (VR) to 'f' from 'b-'.
The downgrade of TB's Long-term IDR reflects further
deterioration in the bank's liquidity position as a result of
continued deposit outflows and a sharp reduction in the bank's
capital ratio.
As at May 11, 2012, individuals' deposits had dropped by 55%
compared to mid-March 2012, and the cash buffer had thinned to
just AZN12m (equal to 2.5% of the bank's liabilities). In
Fitch's view, TB's tight liquidity gives rise to considerable
uncertainty about its current capacity to service its financial
obligations.
The regulatory capital adequacy ratio fell to just 2.1% at end-
April 2012 (from 16% at end-March 2012), driven by a large AZN60m
of new loan impairment provisions created following a change in
the bank's management, instigated by the Central Bank of
Azerbaijan (CBA).
The downgrade of TB's VR to 'f' reflects Fitch's view that the
bank has failed, given its weak liquidity and capital positions,
and the fact that these have already required some form of
external support or regulatory forbearance. TB's liquidity
position has benefited from an AZN18m facility (an amount which
exceeds the bank's current liquid assets) received from state-
controlled International Bank of Azerbaijan (IBAR, 'BB+'/Rating
Watch Negative), and a waiver from the CBA in respect to the
breach of capital requirements has been received.
Fitch views further external support for TB as highly uncertain.
Management has informed Fitch that the bank's controlling
shareholder, World Wines, plans to inject new equity into the
bank in the near-term. However, the absence of capital support
to date, the lack of transparency in respect to ultimate control
of the bank and the reported recent arrest of one of the bank's
key shareholders (see Fitch's comment of April 4) mean that such
support cannot be relied upon, in the agency's view. Support for
TB from the Azerbaijan authorities is possible, but also highly
uncertain given the apparent complications in relations between
the authorities and one of the bank's shareholders, and the
recent prolonged delays with the recapitalization by the
Azerbaijan authorities of IBAR.
TB's Long-term IDR could be downgraded to 'D' or 'RD' (Restricted
Default) if liquidity tightens further and it becomes clear that
the bank is no longer able to service its current obligations.
The Long-term IDR and VR could be upgraded if TB receives
substantial external support, to the extent that Fitch views the
bank once more as a viable entity.
The rating actions are as follows:
-- Long-term IDR: downgraded to 'CC' from 'B-', off Rating
Watch Negative (RWN)
-- Short-term IDR: downgraded to 'C' from 'B', off RWN
-- Viability Rating: downgraded to 'f' from 'b-', off RWN
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
===============
B U L G A R I A
===============
DSK BANK: Moody's Reviews 'D+' BFSR for Downgrade
-------------------------------------------------
Moody's Investors Service has placed on review for downgrade DSK
Bank's Baa3/Prime-3 long and short-term local and foreign-
currency deposit ratings and standalone bank financial strength
rating (BFSR) of D+, mapping to a ba1 standalone credit
assessment. The main drivers of the review are the continuation
of asset quality deterioration and the rating agency's
expectation that Bulgaria's fragile economic recovery may further
weigh on DSK's loan-book performance and profitability.
Ratings Rationale
The rating announcement is driven by Moody's concerns over:
(i) The weak operating conditions, as the deepening euro area
economic slowdown will drag on Bulgaria's already fragile
recovery;
(ii) The progressive deterioration of asset quality metrics since
2009, and Moody's view that the stabilization and improvement of
DSK's asset quality previously expected may be significantly
delayed, given the fragile economic recovery; and
(iii) The risk of downward pressure on profitability, as subdued
credit growth weighs on growth prospects and provisioning needs
absorb a high portion of the bank's pre-provision earnings.
Factors to be Considered in the Review
Moody's review of DSK's ratings will focus on an assessment of
three areas:
1. The performance of DSK's asset-quality metrics relative to its
peers and the risk of further loan-book deterioration in the weak
operating environment. Following an increase in reported non-
performing loans ('NPLs' defined as past due 90 days) to 16% of
gross loans in December 2011, from 11% in December 2010, the
fragile economic recovery may pose challenges to the
stabilization of asset-quality metrics, particularly for retail
and real-estate related lending, as unemployment continues to
increase (to 12.9% in March 2012, from 6.4% in March 2009) and
housing prices remain depressed.
2. The risk that subdued credit growth and high provisioning may
constrain net income. Between 2009 and 2011, DSK's net income
relative to risk-weighted assets declined to 1.4% from 2.4%,
owing primarily to increasing provisioning requirements. Although
Moody's expects pre-provision income to continue to benefit from
the bank's relatively healthy interest-rate margins, net income
could remain under pressure from the need to set aside high loan-
loss provisions, which absorbed 77% of the bank's pre-provision
income in 2011.
3. Moody's will also take into account the capacity of current
capital buffers and provisioning reserve to absorb losses, as
well as the stability generated by DSK's diversified funding
profile. The review will assess: (i) the loss-absorption capacity
of the bank's current capital position, with a Tier 1 ratio of
16.5% in December 2011, (ii) the bank's high provisioning
reserves relative to peers and (iii) benefits derived from the
bank's stable retail deposit base, as the second-largest deposit-
taking institution in Bulgaria.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
Headquartered in Sofia, Bulgaria, DSK Bank reported total
consolidated assets of BGN8.56 billion (EUR4.4 billion), as of
end December 2011.
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F R A N C E
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CAISSE CENTRALE: Moody's Lowers BSFR to 'E', Maintains Review
-------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength (BFSR) of Caisse Centrale du Credit Immobilier
de France (3CIF) to E/caa1, outlook developing, from C/a3 on
review for downgrade. The rating agency is maintaining the review
for downgrade initiated on February 15, 2012 on 3CIF's long- and
short-term debt and deposit ratings of A1 and P-1, respectively.
The long-term ratings now incorporate 12 notches of systemic
support (previously two notches), based on the rating agency's
view that the French public sector is highly likely to provide
both financial support over the short- to medium-term and
assistance in orchestrating a longer-term adaptation of 3CIF's
business model, which is currently unviable. Should such support
not be forthcoming promptly, or should attempts to achieve a
longer-term solution fail, Moody's would expect 3CIF's long-term
debt rating to transition down close to Caa1 (the standalone
financial strength rating implied by 3CIF's BFSR).
Ratings Rationale
Moody's decision to downgrade 3CIF's BFSR to E/caa1 from C/a3 is
based on the rating agency's assessment that the bank is no
longer viable without ongoing financial support and ultimately a
more durable solution. While 3CIF's interest margin and asset
base have shown some resilience throughout the recent crisis, its
business is entirely wholesale-funded, thus making it vulnerable
to debt market disruptions and to loss of investor confidence.
The firm currently has very limited access to private-sector
financing, and the rating agency sees no prospect of that
changing in the foreseeable future. Moody's notes that the
trading of securities issued by 3CIF and CIF Euromortgage was
suspended on May 8, 2012 at the request of the French and
Luxemburg regulators, the Autorite des Marches Financiers and the
Commission de Surveillance du Secteur Financier.
The rating agency notes that the group has a policy of
maintaining a liquidity buffer equivalent to at least six months
of financing needs. This should leave the group with sufficient
liquidity to meet maturing debt obligations for several months.
However, given recent developments, Moody's believes that there
is a high risk that this liquidity buffer will erode steadily
over that period. These significant liquidity risks imply that
the group is likely to become wholly reliant on liquidity support
from the French public sector, and ultimately to require some
form of more permanent solution, which would likely involve a
merger, strategic investment, or other joint venture with a third
party facilitated by the government. Moody's believes that the
group's adjusted BFSR/standalone credit assessment at E/caa1
reflects this risk. The developing outlook reflects the
uncertainty surrounding the strategy of the bank and the
authorities' plan to address the weakness in the bank's funding
profile, as well as the potential for the group's financial
strength to be materially improved, if a credible strategy were
to emerge.
At the same time, Moody's has raised its assumptions of systemic
support to reflect its view that the French public sector is
highly likely to provide liquidity assistance over the short- to
medium-term if required by 3CIF, in order to allow time for a
longer-term solution to be identified and implemented. Moody's
also considers it likely that the French public sector will
provide assistance in orchestrating a longer-term adaptation of
3CIF's business model. The rating agency's expectation of a
strong willingness on the part of the government to support 3CIF
reflects the importance of the bank's lending activities to the
French housing market, especially in assisting less privileged
households, and the broader implications of further disruptions
in 3CIF's operations. A further factor underpinning Moody's
assumption of government support is 3CIF's public sector
ownership via the 56 "societes anonymes cooperatives d'interet
collectif pour l'accession a la propriete" (SACICAPs), which are
social housing companies that operate under private law with a
locally-anchored and diversified ownership, spread across
"colleges" including social housing associations ("organismes
HLM") and local governments ("collectivites territoriales").
As a result of the above considerations, the A1 long-term debt
and deposit ratings now incorporate an unusually large number of
rating notches (12) above the group's standalone financial
strength. The group's long-term ratings remain on review for
downgrade to allow Moody's to assess the prospects for a longer-
term solution that would bolster 3CIF's franchise and strengthen
its funding structure. The rating agency does not believe that
public support will be open-ended, and would expect the long term
ratings to converge towards Caa1 (the standalone financial
strength rating implied by 3CIF's BFSR) should the likelihood
increase that a longer-term solution to 3CIF's problems will not
emerge.
Moody's has maintained its review for downgrade on the Prime-1
short-term rating. The P-1 rating reflects the high degree of
support the rating agency expects to be made available to 3CIF to
maintain a strong ability to repay its short-term obligations.
However, Moody's has decided to maintain the short-term rating on
review for downgrade while this support remains subject to
uncertainty.
In line with the continuing review on the long-term debt ratings,
Moody's has not changed the (P)A2 subordinated debt and the (P)A3
junior subordinated debt program's provisional ratings on review
for downgrade. However, as there is no subordinated and junior
subordinated debt outstanding, Moody's has subsequently withdrawn
the program ratings for its own business reasons.
What Could Change the Ratings Up/Down
Moody's could upgrade 3CIF's BFSR in the event of a material and
sustained improvement in funding conditions for the group.
Moreover, further comprehensive support, most likely in the form
of a strategic transaction involving a business partner of strong
credit standing, could result in a confirmation of the debt and
deposit ratings.
Conversely, Moody's could downgrade 3CIF's debt and deposit
ratings in the event of a further deterioration of the group's
funding position, in the absence of an improvement in the bank's
financing prospects or a rapid materialization of external
support.
These considerations are reflected in the rating agency's
decision to continue its review for downgrade of 3CIF's debt and
deposit ratings and to assign a developing outlook to its BFSR.
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
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G E O R G I A
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BANK OF GEORGIA: Moody's Rates Senior Unsecured Notes '(P)Ba3'
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) foreign
currency debt rating of (P)Ba3 -- stable outlook -- to senior
unsecured notes to be issued by Bank of Georgia.
Ratings Rationale
Moody's says that at (P)Ba3, the foreign-currency-denominated
senior unsecured notes are rated at the same level as Bank of
Georgia's long-term Global Local Currency (GLC) deposit rating,
unconstrained by Georgia's foreign currency debt ceiling of Ba1.
In assigning the rating, Moody's has considered Bank of Georgia's
intrinsic financial strength, given its D- standalone bank
financial strength rating (BFSR), mapping to a standalone credit
assessment of ba3. Bank of Georgia's intrinsic strength derives
from: (i) its strong franchise as the largest Georgian bank; and
(ii) overall adequate financial metrics including strong
capitalization, with a Basel 1 Tier 1 ratio of 19.9% as at
December 2011 providing a substantial loss absorption buffer, and
improving profitability with the 2011 net income-to-average risk
weighted assets at 3.6%. The bank's intrinsic strength is
constrained both by residual asset quality pressures (with
extensive foreign currency lending continuing to compound credit
risk) and by lack of geographic diversification which exposes the
bank to challenges in the domestic operating environment such as
low per capita income, developing credit culture and
susceptibility to domestic and regional event risk.
Moody's assesses that there is a very high probability of Bank of
Georgia receiving systemic support in the event of a crisis.
However, Georgia's systemic support indicator (Ba3) is at the
same level as Bank of Georgia's ba3 standalone credit assessment,
therefore the bank's long-term GLC deposit rating and the (P)Ba3
rating on the bank's senior unsecured notes do not receive any
systemic support uplift.
WHAT COULD CHANGE THE RATING - UP
Upward pressure on Bank of Georgia's D- BFSR, which drives the
rating of its foreign-currency senior unsecured notes, is linked
to the evolution of the Georgian economy, the deepening of the
financial services industry, and a sustained improvement in the
bank's asset quality metrics.
WHAT COULD CHANGE THE RATING - DOWN
Downward pressure could be exerted on the rating of Bank of
Georgia's notes by any of the following: (i) weakened operating
environment conditions causing asset quality deterioration; (ii)
resurgence of either domestic or international political risk, or
(iii) events that would lead to substantial loss of funding.
PRINCIPAL METHODOLOGIES
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
Headquartered in Tbilisi, Georgia, Bank of Georgia is the
country's largest bank, with total assets of GEL4.7 billion
(US$2.8 billion) as at December 31, 2011 -- in accordance with
audited IFRS.
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G E R M A N Y
=============
CONTINENTAL AG: S&P Raises Corporate Credit Rating to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on German automotive supplier Continental AG to 'BB-' from
'B+' to reflect both the improved credit metrics of Continental
and the better credit quality and liquidity of its parent
Schaeffler AG. The outlook is positive.
"The upgrade reflects our opinion that Continental is likely to
continue to improve its financial risk profile throughout 2012
and beyond, notably as a result of solid generation of free
operating cash flows (FOCF) and only modest dividend payments,"
S&P said.
"The upgrade also reflects the improvement in credit quality of
Continental's parent Schaeffler AG (B/Positive/--). We base our
opinion on the recovery of demand in the automotive and
industrial machinery sector that currently benefits Schaeffler.
Another influencing factor is Schaeffler's improved liquidity
position following the refinancing of its bank debt," S&P said.
"Schaeffler's credit rating is weaker than Continental's stand-
alone credit profile (SACP)--a factor that we continue to
incorporate into Continental's financial risk profile, which we
assess as 'highly leveraged.' We assess Continental's SACP as
'bbb-'," S&P said.
"We continue to view Continental's business risk profile as
'satisfactory,' underpinned by solid market shares; sustainable
market positions, size, diversity, and technological
capabilities; and an ability to generate above-industry-average
profitability. The financial risk profile is 'highly leveraged'
and reflects Schaeffler's weaker credit profile," S&P said.
"In our view, further positive rating actions are closely linked
to an improvement of the rating on Schaeffler. This is because we
primarily base the corporate credit rating on Continental on the
application of our parent-subsidiary criteria. If Schaeffler's
credit rating improves, we could upgrade Continental," S&P said.
"We could likewise raise the rating if Continental continues to
generate discretionary cash flows, leading to further significant
debt reduction. We could also raise the rating if we believe
Schaeffler's influence over Continental has diminished. This
could result if Schaeffler were to sell a significant share of
its holdings in Continental, so that Schaeffler's potential
influence over the annual shareholder meeting is substantially
lower," S&P said.
"Because the rating is primarily the result of parent-subsidiary
criteria, we view an indicative ratio for an upgrade as
insignificant. A negative rating action could occur if
Continental's operating performance were to weaken. Specifically,
FFO to debt would have to fall below 15%, something that we view
as unlikely at this stage, given our base-case scenario that
Continental is likely to achieve FFO to debt in the range of 30%
to 35% in 2012, with minor improvements beyond," S&P said.
UNITYMEDIA GMBH: S&P Affirms 'B+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Germany-based cable operator
Unitymedia GmbH. The outlook is stable.
"In addition, we are affirming our issue ratings on Unitymedia's
existing debt. The recovery ratings on these debt instruments
remain unchanged," S&P said.
"At the same time, we are withdrawing our long-term rating on
Kabel BW GmbH (KBW), following its incorporation into Unitymedia.
Furthermore, we are withdrawing our issue ratings on KBW's debt,
following the completion of the exchange offer," S&P said.
"The rating action reflects our view that, after the
incorporation of KBW, Unitymedia's leverage will gradually
decline over the next 12 to 18 months. Supporting this view is
our expectation of solid EBITDA growth through continued, strong
uptake of high-speed Internet (HSI) and telephony services
(called 'triple play' in combination with digital TV services).
However, we believe the group's financial risk profile will
remain constrained by its modest cash flow generation, given
sizable interest payments and high capital expenditures owing to
capitalization of subscriber acquisition costs, and consequently
weaker cash flow coverage ratios," S&P said.
"We understand that Unitymedia will integrate KBW into its
existing operations. Unitymedia is now the second-largest cable
operator in Germany, with 6.9 million unique subscribers on a
joint basis as of Dec. 31, 2011, after Kabel Deutschland Holding
AG (KDH; BB-/Positive/--; 8.7 million unique subscribers). We
anticipate that on a consolidated basis, Unitymedia will post
high-single-digit revenue growth in 2012 and 2013, benefiting
from KBW's largely comparable near-term revenue generation
potential. In 2011 and in the first quarter of 2012, KBW's
revenues increased by 10% and 9% year on year, respectively,
while Unitymedia posted revenues up 10% in both periods. At the
same time, we forecast that Unitymedia's consolidated EBITDA
margin will likely remain close to 60% in 2012 and 2013. We also
forecast that restructuring costs and higher marketing spending
will partly offset the group's high operating leverage and
synergies flowing in from the consolidation of KBW's operations,"
S&P said.
"The stable outlook reflects our view that although Unitymedia's
leverage, after our adjustments and following the incorporation
of KBW, could gradually approach 5x over the next 12 to 18
months, we anticipate that the group's ratio of Standard & Poor's
adjusted FFO to gross debt will remain less than 12%.
Consequently, we view Unitymedia's financial risk profile as
constrained within the 'highly leveraged' category in the near
term by its modest cash flow coverage ratios," S&P said.
"Rating upside is limited at present because of Unitymedia's high
leverage and still-weak cash flow coverage ratios. However, we
are likely to view a decrease in Unitymedia's leverage, as
adjusted by us, to 5x and below, coupled with a Standard & Poor's
adjusted ratio of FFO to debt in excess of 12%, as positive for
the rating. At the same time, before we consider a positive
rating action, we would need to assess LGI's financial policy
regarding target leverage for the German subsidiary and use of
cash," S&P said.
"Importantly, we do not view the current differential between the
credit quality of LGI and that of Unitymedia as large enough to
justify a potential notching up of our rating on Unitymedia, in
case we raised the rating on the parent," S&P said.
"We could consider a downgrade if Unitymedia's ratio of adjusted
debt to EBITDA were to increase to more than 6x, for example, as
a result of a debt refinancing or operating underperformance.
However, we view this scenario as unlikely at this stage," S&P
said.
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G R E E C E
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* GREECE: To Remain in Eurozone, G8 Says
----------------------------------------
BBC News reports that the leaders of the G8 group of the world's
most powerful economies say they want debt-stricken Greece to
remain in the eurozone.
In their summit communique, G8 leaders also committed themselves
to promoting growth alongside fiscal responsibility, BBC notes.
According to BBC, Greece's possible exit from the eurozone was
high on the agenda, following inconclusive elections there.
G8 leaders are divided on whether to continue with austerity or
back stimulus measures instead, BBC notes.
Euro Zone Exit Costs
Paul Carrel at Reuters reports that a Greek exit from the euro
zone could expose the European Central Bank and the currency bloc
it seeks to protect to hundreds of billions of euros in losses,
landing Germany and its partners with a crippling bill.
With most of Greek's private creditors having taken heavy
writedowns as part of the country's second, EUR130 billion
bailout, it is estimated that the ECB, International Monetary
Fund and euro zone nations hold approaching EUR200 billion of its
debt, Reuters notes.
"In the event of an exit, they (Greece) will default. And the
loss given default will probably be very high, high enough to
eliminate the ECB's capital," Reuters quotes Andrew Bosomworth,
senior portfolio manager at asset manager Pimco, as saying.
"They might need recapitalization from governments, who are not
exactly in the best position to provide additional capital."
Even once Greece had left the currency club, the costs to the
rest of the euro zone would continue to mount as it would
probably be compelled to avert a complete Greek collapse and
wider contagion, Reuters states.
"Large-scale ECB intervention would be necessary to stabilize the
system, along with intervention from Germany, the European
Stability Mechanism (ESM), its predecessor the European Financial
Stability Facility (EFSF) and the IMF, potentially costing
hundreds of billions of euros," Georgios Tsapouris, investment
strategist at Coutts, as cited by Reuters, said.
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H U N G A R Y
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* HUNGARY: Construction Sector Liquidations Up 30% in April
-----------------------------------------------------------
MTI-Econews reports that Opten, which compiles information on
companies, on Thursday said creditors and suppliers launched
liquidation procedures against 372 construction sector companies
in April, 30% more than in the same period last year.
The number of voluntary liquidations rose 16% in twelve months to
514 in April, MTI-Econews notes.
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I R E L A N D
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EIRCOM GROUP: Hutchison Loses Legal Challenge Over Rejected Bid
---------------------------------------------------------------
Joe Brennan at Bloomberg News reports that Hutchison Whampoa
Ltd., controlled by Hong Kong billionaire Li Ka-shing, failed in
a legal challenge to a decision by Eircom Group's examiner to
reject a EUR2 billion (US$2.5 billion) bid for the company.
Bloomberg relates that Judge Peter Kelly, who heard the Hutchison
challenge in the High Court in Dublin on Thursday, said the
examiner was running the process in a reasonable manner and that
he had identified "numerous" shortcomings in the company's bid.
"We are disappointed, however we respect the court's decision,"
Bloomberg quotes Rachel Channing, a spokeswoman for Hutchison
unit Three Ireland, as saying in an e-mailed statement on
Thursday. "Three believes its offer was best for Eircom, its
stakeholders and Ireland Inc."
Three Ireland and New York-based DW Investment Management LP,
which represents some Eircom floating-rate note investors,
started a challenge on May 15 against examiner Michael McAteer's
decision to proceed with a survival plan for the company based on
proposals from its first-lien, or most senior lenders, Bloomberg
discloses.
The examiner is overseeing a court-supervised debt restructuring
at Eircom, Bloomberg notes.
Eircom filed for examinership, an Irish version of bankruptcy
protection, on March 30 to restructure the EUR3.8 billion of net
debt accumulated in five ownership changes over 13 years,
Bloomberg recounts.
As reported by the Troubled Company Reporter-Europe on May 18,
2012, Joe Brennan at Bloomberg News related that Hutchisons' bid
for Eircom was rejected partly because it would have doubled the
losses suffered by the phone company's most senior lenders.
Bloomberg disclosed that Mr. McAteer, the examiner who turned
down the offer, said in a court filing, the first lien lenders to
the company would have recovered 70% of their debts, compared
with their own plan for 85% recovery and full equity control of
Eircom.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
EIRCOM GROUP: Creditors Support Scheme of Arrangement
-----------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eircom moved a
step closer to exiting examinership successfully on Friday after
its creditors gave the necessary support to a scheme of
arrangement that will reduce the company's gross debts to EUR2.35
billion from the current level of EUR4 billion.
All of the first lien and second lien lenders who voted on the
scheme on Friday gave their support to the examiner's proposals,
the Irish Times relates.
It is understood the floating rate noteholders (FRNs) who are
owed EUR350 million, did not support the scheme, the Irish Times
notes.
The FRNs -- namely, DW Investment Management LP -- stand to be
wiped out in the proposed debt restructuring, the Irish Times
discloses.
The first lien lenders who supported the scheme on Friday
represented 70% of the value of their EUR2.7 billion loans and 66
per cent in terms of the number of lenders, the Irish Times
states.
The second lien who supported the scheme represented 72% of the
value of the EUR350 million in loans and 56% by number, the Irish
Times says.
Michael McAteer of Grant Thornton, the company's examiner, is
expected to return to the Commercial Court today to provide it
with an update on the outcome of the creditors' meetings, the
Irish Times discloses.
Counsel for the examiner might also request a date from
Mr. Justice Kelly for a confirmation hearing to be held next
week, the Irish Times states.
According to the Irish Times, it remains to be seen whether the
FRNs or any other group of lenders seek to challenge the scheme
next week.
Under the consensual arrangement with lenders, Eircom's debt
holders have agreed to a five-year rescheduling of the company's
borrowings, the Irish Times discloses.
The first lien lenders will take a 15% hair cut on their loans
and take 100% ownership of Eircom's equity, the Irish Times says.
The examinership covers Eircom Ltd, Meteor Mobile Communications
and Irish Telecommunications Investments Ltd., the Irish Times
notes.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
STANTON MBS I: S&P Cuts Rating on Class D Notes to 'CCC'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Stanton MBS I PLC's
class A1 Rev FRN, A1 FRN, A2, B, C, and D notes.
Stanton MBS I is a cash flow collateralized debt obligation (CDO)
of asset-backed securities (ABS) transaction. Its portfolio
predominantly comprises European residential mortgage-backed
securities (RMBS).
"The rating actions follow our assessment of the transaction's
performance. We used data from the trustee report (dated
March 28, 2012), our cash flow analysis, and took into account
recent transaction developments. We applied our 2010 counterparty
criteria, our cash flow criteria, and our February 2012 CDO of
pooled structured finance criteria," S&P said.
"From our analysis, we have observed that the class B, C, and D
par coverage tests are currently below their trigger levels, and
that the portfolio credit quality has deteriorated since our
previous review of the transaction. We have observed an increase
in the amount of assets rated in the 'CCC' category (including
'CCC', 'CCC+', and 'CCC-') to EUR17 million (10.3% of the current
portfolio balance), from zero at our previous review. We have
also observed an increase in the proportion of defaulted assets
(rated 'CC', 'C', 'SD' [selective default], or 'D') to EUR6.7
million (4.1% of the current portfolio balance), from zero at our
previous Review," S&P said.
"We subjected the capital structure to our cash flow analysis,
based on the updated methodology and assumptions as outlined by
our February 2012 CDO of pooled structured finance criteria, to
determine the break-even default rate (BDR). We used the reported
portfolio balance that we considered to be performing, the
principal cash balance, the current weighted-average spread, and
the weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using various default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
rate stress scenarios," S&P said.
"We also conducted an updated credit analysis, based on our
updated assumptions, to determine the scenario default rate (SDR)
at each rating level, which we then compared with the
corresponding BDR. When we applied our February 2012 CDO of
pooled structured finance criteria, the scenario default rates
significantly increased at each rating level. At the same time,
the assumed weighted-average recoveries at each rating category
have significantly dropped," S&P said.
"Taking into account our credit and cash flow analysis, we
consider the credit enhancement available to the class A1 Rev
FRN, A1 FRN, A2, B, C, and D notes in this transaction to be
commensurate with lower ratings than we previously assigned. As a
result of these developments, we have lowered and removed from
CreditWatch negative our ratings on these classes of notes. We
originally placed these notes on CreditWatch Negative on March
19, 2012," S&P said.
"We have analyzed the counterparties' exposure to the
transaction, and we have concluded that the ratings on the
counterparties are sufficient to support the assigned ratings on
all classes of notes," 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
Stanton MBS I PLC
EUR383.32 Million Secured Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A1 Rev FRN A- (sf) AA/Watch Neg (sf)
A1 FRN A- (sf) AA/Watch Neg (sf)
A2 BBB- (sf) AA-/Watch Neg (sf)
B BB- (sf) A-/Watch Neg (sf)
C B+ (sf) BBB+/Watch Neg (sf)
D CCC (sf) BB/Watch Neg (sf)
=========
I T A L Y
=========
FONDIARIA-SAI SPA: Intends to Pursue Four-Way Merger
----------------------------------------------------
Eric Sylvers at The Financial Times reports that Fondiaria-Sai
SpA has rebuffed an offer from two private equity funds and is
moving forward with plans for a four-way merger that will create
a company it says will be better able to take on market leader
Generali.
Following a board meeting that began on Thursday afternoon and
finished early on Friday morning, Fondiaria-Sai said that while
it would continue "to look into the terms of the offer" from the
two funds, Sator and Palladio, once an agreement on the merger is
reached it would move forward with that plan, the FT relates.
Sator and Palladio, which together own 8% of Fondiaria-Sai, have
offered to pump as much as EUR400 million of their own money into
the insurance company as part of an EUR800 million cash call, the
FT discloses. The funds, which have one representative on
Fondiaria-Sai's board, would end up owning a stake of between 35%
and 45% in the insurance company, the FT discloses.
According to the FT, under the four-way merger, Unipol, Italy's
third biggest insurer by assets, would take a controlling stake
in Premafin, which owns 36% of Fondiaria-Sai. Premafin, at this
point controlled by Unipol, would then participate in a
Fondiaria-Sai capital increase. Unipol and the newly capitalized
Fondiaria-Sai would then merge with Premafin and a small
Fondiaria-Sai subsidiary, Milano Assicurazioni, the FT states.
The two funds had said they were trying to open a dialogue with
Fondiaria-Sai and that their offer was non-binding, meaning the
contested insurance company could continue to discuss the
particulars of the four-way merger, the FT notes.
As reported by the Troubled Company Reporter-Europe on April 23,
2012, Bloomberg News related that Unipol's planned rescue of
Fondiaria-SAI may be delayed after a prosecutor requested the
seizure of a 20% stake in Fondiaria's biggest investor. The
request to seize the shares in Premafin Finanziaria SpA was made
by Milan prosecutor Luigi Orsi as part of his probe into
market manipulation by the company's founder Salvatore Ligresti,
according to court documents obtained by Bloomberg News. Unipol
agreed in January to buy new shares in Ligresti's Premafin as
part of a plan to rescue the unprofitable insurer, Bloomberg
recounted.
Fondiaria-SAI SpA is an Italian insurer.
===================
L U X E M B O U R G
===================
INTELSAT SA: Unit to Redeem Outstanding 9 1/2% Notes on June 15
---------------------------------------------------------------
Intelsat Jackson Holdings S.A. issued a notice of redemption
pursuant to the indenture governing its 9 1/2% Senior Notes due
2016 that it intends to redeem all of the outstanding 9 1/2%
Notes on June 15, 2012, at a redemption price equal to 103.167%
of the principal amount of the notes, plus accrued and unpaid
interest thereon to the redemption date.
On May 14, 2012, Intelsat Jackson issued a notice of redemption
pursuant to the indenture governing its 11 1/4% Senior Notes due
2016 that it intends to redeem $434,941,000 aggregate principal
amount of the 11 1/4% Notes on June 15, 2012, at a redemption
price equal to 103.75% of the principal amount of the notes, plus
accrued and unpaid interest thereon to the redemption date.
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent. Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.
The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of
US$782.06 million in 2009.
The Company's balance sheet at March 31, 2012, showed US$17.40
billion in total assets, US$18.52 billion in total liabilities,
US$49.51 million in noncontrolling interest and a US$1.16 billion
total Intelsat S.A. shareholder's deficit.
* * *
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
=====================
N E T H E R L A N D S
=====================
ARES EURO I: S&P Lowers Rating on Class E Notes to 'CCC- (sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Ares Euro CLO I B.V.'s class A-2, A-3, B-1, B-2, and C notes. "At
the same time, we affirmed our ratings on the class A-1, D, and F
notes, and lowered our rating on the class E notes," S&P said.
"The rating actions follow our assessment of the transaction's
performance, and the application of our relevant criteria for
transactions of this type," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report (dated March 30, 2012), in addition to
our cash flow analysis. We have taken into account recent
developments in the transaction, and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.
"From our analysis, we note that there has been a considerable
improvement in the underlying credit quality of the portfolio.
For example, our analysis shows a significant reduction in the
proportion of assets that we consider being rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') since we last reviewed the
transaction. 'CCC' rated assets decreased to 3.03% from 8.69% of
the portfolio's performing asset balance since our last review.
Combined with a shorter weighted-average life, the scenario
default rates (SDRs) have reduced at each rating level since our
previous review. We have also noted an increase in the weighted-
average spread earned on Ares Euro CLO I's collateral pool," S&P
said.
"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rate. In our analysis, we
have used the reported portfolio balance that we consider to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that we
considered to be appropriate. We have incorporated various cash
flow stress scenarios using various default patterns, levels, and
timings for each liability rating category, in conjunction with
different interest rate stress scenarios. Our cash flow analysis
also considered scenarios where the derivative counterparty does
not perform, as the transaction documents reflect downgrade
provisions in line with our previous counterparty criteria and,
as a result, the transaction is exposed to greater exchange rate
risk," S&P said.
"Taking into account our credit and cash flow analysis and our
2010 counterparty criteria, we consider that the credit
enhancement available to the class A-1 notes is sufficient for
them to maintain their 'AAA (sf)' rating. Additionally, in our
view the class A-2, A-3, B-1, B-2, and C notes are commensurate
with higher ratings than we previously assigned. We have
therefore raised our ratings on these classes of notes," S&P
said.
"The ratings on the class D and E notes were constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs)," S&P said.
"For the class D notes, our cash flow and credit analysis shows
that these notes could achieve a rating higher than their current
level; however, they remain constrained at the 'B+ (sf)' rating
level by the supplemental tests. We have therefore affirmed our
rating on the class D notes," S&P said.
"Similarly, our analysis of the class E notes also shows that the
notes are commensurate with a higher rating. However, the class E
notes have now become constrained by the supplemental tests at
the 'CCC- (sf)' rating level. Previously, the notes were
constrained at 'CCC+ (sf)' under the supplemental tests. As a
result, we have lowered our rating on the class E notes to 'CCC-
(sf)' from 'CCC+ (sf)'," S&P said.
"We have affirmed our 'CCC- (sf)' rating on the class F notes, as
our cash flow and credit analysis, combined with the application
of the supplemental tests, indicates that these notes are not
able to achieve ratings any higher than their current levels,"
S&P said.
Ares Euro CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Ares Euro CLO I B.V.
EUR356 Million Floating Rate Notes
Ratings Raised
A-2 AA+ (sf) A+ (sf)
A-3 AA+ (sf) A+ (sf)
B-1 A+ (sf) BBB+ (sf)
B-2 A+ (sf) BBB+ (sf)
C BBB+ (sf) BB+ (sf)
Ratings Affirmed
A-1 AAA (sf)
D B+ (sf)
F CCC- (sf)
Rating Lowered
E CCC- (sf) CCC+ (sf)
TELECONNECT INC: Incurs US$810,000 Net Loss in March 31 Quarter
---------------------------------------------------------------
Teleconnect Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of US$810,293 on US$92,481 of sales for the three months
ended March 31, 2012, compared with a net loss of US$1.27 million
on US$7,943 of sales for the same period during the prior year.
The Company reported a net loss of US$2.04 million on US$111,866
of sales for the six months ended March 31, 2012, compared with a
net loss of US$773,280 on US$19,914 of sales for the same period
during the prior year.
The Company reported a net loss of US$3.26 million on US$112,722
of sales for the fiscal year ended Sept. 30, 2011, compared with
net income of US$1.97 million on US$254,446 of sales during the
prior year.
The Company's balance sheet at March 31, 2012, showed
US$7.21 million in total assets, US$11.08 million in total
liabilities, all current, and a US$3.87 million total
stockholders' deficit.
A copy of the Form 10-Q is available for free at:
http://is.gd/TJcqy7
About Teleconnect Inc.
Based in Breda, in The Netherlands, Teleconnect Inc. (OTC BB:
TLCO) Teleconnect Inc. (initially named Technology Systems
International Inc.) was incorporated under the laws of the State
of Florida on November 23, 1998.
Serving as a telecommunications service provider in Spain for
almost 9 years, the Company never fully reached expectations and
decided late in 2008 to change its course of business. In
November 2009, 90% of the Company's telecommunication business
was sold to a Spanish group of investors, and on October 15,
2010, the Company completed the acquisition of Hollandsche
Exploitatie Maatschappij BV (HEM), a Dutch entity established in
2007. HEM's core business involves the age validation of
consumers when purchasing products which cannot be sold to
minors, such as alcohol or tobacco. The Company regards this age
validation business as its new strategic direction. The Dutch
companies acquired in 2007 (Giga Matrix, The Netherlands, 49% and
Photowizz, The Netherlands, 100%) are considered to function
complementary to this new service offering.
Through the purchase of HEM and its ownership in Photowizz and
Giga Matrix the Company now controls all four pillars under its
business model: the manufacturing and leasing of electronic age
validation equipment, the performance of age validation
transactions remotely, the performance of market surveys and the
broadcasting of in-store commercial messages using the age
validation equipment in between age checks.
Coulter & Justus, P.C., in Knoxville, Tenn., expressed
substantial doubt about the Company's ability to continue as a
going concern following the fiscal 2011 financial results. The
independent auditors noted that the Company has suffered
recurring losses from operations and has a net capital deficiency
in addition to a working capital deficiency.
UPC HOLDING: S&P Affirms Issue Ratings on Senior Notes at 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.S.-
listed, international cable TV (CATV) operator and broadband
services provider Liberty Global Inc. (LGI) to positive from
stable. "At the same time we affirmed our 'B+' long-term
corporate credit rating on the group," S&P said.
"We also raised our issue ratings on senior secured loan
facilities issued by LGI's subsidiary UPC Broadband Holding B.V.
and related entity UPC Financing Partnership to 'BB-' from 'B+',
one notch higher than the corporate credit rating on LGI. We
raised the recovery ratings on these facilities to '2' from '3',
indicating our expectations of substantial (70%-90%) recovery
prospects in the event of a payment default," S&P said.
"At the same time, we raised the issue ratings on the senior
secured notes issued by special purchase vehicles UPCB Finance I-
III, and V-VI to 'BB-' from 'B+'," S&P said.
"Finally, we affirmed the issue ratings on UPC Holding B.V.'s
senior notes at 'B-', two notches lower than the corporate credit
rating on LGI. These notes have a recovery rating of '6',
indicating our expectation of negligible (0%-10%) recovery for
creditors in the event of a payment default," S&P said.
"The rating action follows LGI's reporting of robust operating
performance in 2011 and the first-quarter of 2012, and reflects
our expectation that sustained revenues and EBITDA growth over
the next 18 months could support significant improvement in the
group's free operating cash flow (FOCF) generation. This,
together with an expected US$1 billion in cash to be received in
coming weeks from the sale of its 54.15% stake in Australian
satellite operator Austar, could result in a gradual reduction in
LGI's adjusted gross debt-to-EBITDA ratio to below 5.25x over the
next 12 months. This is a level we would view as adequate to
consider a one-notch positive rating action," S&P said.
"That said, we see a risk that additional shareholder returns or
acquisitions that differ from our current expectations and
continued very high network and other capital investments could
prevent or delay improvement in credit measures," S&P said.
"The positive outlook reflects the possibility that we could
raise LGI's long-term rating by one notch in the next 12 months
if the group is able to post sustained EBITDA and FOCF growth,
driven by its Western European operations, and resulting in
improvement in its adjusted leverage metrics," S&P said.
"We might consider a positive rating action if LGI was able to
significantly increase its FOCF generation to close to $1
billion, implement some moderation in its financial policy,
particularly regarding the use of cash from the disposal of the
stake in Austar, and reduce the adjusted debt-to-EBITDA ratio to
below 5.25x. That said, before considering a positive rating
action, we would assess LGI management's financial policies and
plans, particularly with regard to future distributions to
shareholders and acquisitions," S&P said.
"The group's focus on its share buyback program as a means to
enhance shareholder value remains a risk from a credit
perspective and partly limits rating upside. Deteriorating
operating performance, failure to improve and sustain FOCF
generation in the US$500 million-US$1 billion range, a
significant increase in the ongoing share buyback program, or an
additional large highly leveraged acquisition would likely lead
us to revise the outlook to stable," S&P said.
* NETHERLANDS: Moody's Says Intervention Act Credit Neutral
-----------------------------------------------------------
Moody's Investors Service expects that the proposed Dutch
Intervention Act (the Act), which is due to come into force in
the Netherlands later this year, will likely be credit neutral
for structured finance transactions and covered bonds. In the
same way that it determined that similar powers granted to UK
authorities under the UK Banking Act 2009 were unlikely to be
used in a detrimental way, Moody's anticipates that the Dutch
authorities will be unlikely to use the Act's powers in a way
that would materially prejudice structured finance transactions.
However, as the potentially damaging use of such powers could be
credit negative, Moody's plans to further discuss with the Dutch
authorities exactly how they intend to use the Act's powers
before concluding on its final impact.
The Act will give wide-ranging transfer powers to the Dutch
National Bank (DNB) and the Minister of Finance to intervene in
financial institutions if they consider them to be experiencing
severe financial difficulties and/or a threat to the stability of
the Dutch financial sector.
-- DAMAGING USE OF ACT'S POWERS POTENTIALLY CREDIT NEGATIVE
Exercise of the Act's transfer powers in a manner detrimental to
structured finance transactions would be credit negative.
Transfer powers granted to the DNB would enable it, in certain
circumstances, to effect a transfer of the whole or part of a
Dutch financial institution to a third party. Transfer powers
could potentially be exercised in a manner detrimental to
structured finance transactions resulting in, for example, the
transfer of those contractual obligations to an entity that is
less likely to be able to perform them.
-- DUTCH AUTHORITIES UNLIKELY TO USE POWERS IN DETRIMENTAL WAY
However, Moody's ultimately determined that similar transfer
powers granted under the UK Banking Act 2009 were unlikely to be
exercised by UK authorities in a manner that would be detrimental
to structured finance transactions. Similarities exist between
the proposed powers under the Act and those contained in the UK
Banking Act 2009 in respect of which Moody's performed a similar
analysis in 2009. In reviewing the Banking Act proposals, Moody's
took into account both discussions it had had with the UK
authorities and various protections and policy objectives
included in the legislation that were aimed at protecting
structured finance markets.
-- FURTHER RESEARCH REQUIRED BEFORE CONCLUSION
Moody's plans to engage in a dialogue with the Dutch authorities
in order to ascertain how the transfer powers under the Act are
likely to be used in practice and what factors the authorities
will give consideration to when exercising the powers. Moody's
expects to conclude its assessment in the next two to three
months.
* Moody's Says Dutch RMBS Cumulative Default Rate Stabilizes
------------------------------------------------------------
The performance of the Dutch residential mortgage-backed
securities (RMBS) market, comprising both NHG and non-NHG
transactions, showed a stable trend in the three-month period to
March 2012, according to the latest indices published by Moody's
Investors Service. However, NHG and non-NHG transactions showed
opposite trends over the one--year period from March 2011 to
March 2012.
Moody's 60+ day delinquencies recorded a decline to 0.67% in
March 2012 from 0.80% in March 2011. This decrease was mainly
driven by non-NHG transactions. The Dutch prime RMBS market
(excluding NHG transactions) recorded a decrease of 60+ day
delinquencies index to 0.70% in March 2012 from 0.85% in March
2011, whereas the 60+ day delinquencies index of NHG transactions
had a relative increase of around 20% to 0.49% in March 2012.
Moody's 60-90 day delinquencies index of the Dutch RMBS market,
comprising both NHG and non NHG transactions, decreased to 0.19%
in March 2012 from 0.25% in March 2011.
The cumulative defaults rate of Dutch RMBS stabilized, decreasing
to 0.40% in March 2012 from 0.69% in March 2011. The cumulative
losses index remained at a low level of 0.06% in March 2012.
Moody's annualized constant prepayment rate (CPR) for the Dutch
RMBS market experienced a drop to 6.12% in March 2012 from 7.74%
in March 2011, mainly driven by NHG transactions.
As of March 2012, the Dutch prime RMBS market (comprising both
NHG and non-NHG transactions) had an outstanding pool balance of
EUR277.6 billion. This constitutes a year-over-year increase of
6%. The NHG share of the Dutch RMBS market grew to 15.4% in March
2012 from 12.9% in March 2011 (estimated as a percentage of
current balance).
On March 20, 2012, Moody's announced that in its opinion the
restructuring of Monastery 2004-I B.V. has, in and of itself, no
rating impact on the current ratings assigned to the issued
notes. On 20 March 2012, the issuer entered into an interest rate
swap agreement with the bankruptcy trustees of DSB Bank N.V.,
which replaced NIBC Bank N.V. as swap counterparty.
On March 19, 2012, Moody's assigned definitive credit ratings to
the classes of notes issued by Green Apple B.V. (2007-I NHG
Portfolio).
On March 2, 2012, Moody's announced that at that time, the
proposed restructuring of Sound II B.V. will not, in and of
itself, result in a reduction or withdrawal of the current
ratings on the notes. On 2 March 2012, the issuer entered into
supplemental and revised transaction documents in order to, among
others: (i) issue new Class S notes against partial redemption of
the Class A notes; (ii) standardize the savings mortgage sub-
participation arrangements; (iii) formalize the collection
foundation structure; and (iv) allow the swap counterparty to set
the mortgage interest rates in certain circumstances.
Moody's indices are usually published mid-month and can be found
on www.moodys.com in the Structured Finance sub-directory under
the Research & Ratings tab.
=============
R O M A N I A
=============
POSTA ROMANA: Mulls Restructuring to Avert Bankruptcy
-----------------------------------------------------
Radu Bostan at Ziarul Financiar reports that the board of Posta
Romana was on Friday set to discuss a plan to restructure the
company and avoid bankruptcy, entailing a new organization.
According to ZF, Communications Minister Dan Nica said that under
the plan, 100 managers and 1,068 technical and administrative
staff will be laid off.
Posta Romana is a Romanian state-owned postal operator.
=========
S P A I N
=========
BANKIA SA: Not Losing Client Money, Spanish Gov't Says
------------------------------------------------------
Alexandra Stevenson at The Financial Times reports that Spain's
Bankia has been hit by concerns that customers had withdrawn
EUR1 billion from the bank.
Bankia, which was recently part-nationalized, later issued a
response saying the evolution of deposits in the first half of
May was seasonal, the FT relates.
Fernando Jimenez Latorre, secretary of state for the economy,
denied the bank was losing client money, the FT notes.
As reported by the Troubled Company Reporter-Europe on May 11,
2012, BBC News related that the Spanish central bank confirmed
Bankia is to be partly nationalized. Bankia, which holds EUR32
billion (GBP25.7 billion) in distressed property assets and whose
boss has resigned, will have a EUR4.47 billion loan by the
Spanish bailout fund converted into shares, BBC disclosed.
The state fund will emerge with a stake in the bank of 45%, BBC
said. Spain's fourth-biggest bank was only created in 2010 from
a merger of seven struggling savings banks, BBC noted.
Bankia SA accepts deposits and offers commercial banking
services. The Bank offers retail banking, business banking,
corporate finance, capital markets, and asset and private banking
management services.
OBRASCON HUARTE: Fitch Affirms LT Issuer Default Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed Spain's Obrascon Huarte Lain's (OHL)
Long-term Issuer Default Rating (IDR) and senior unsecured rating
at 'BB-'. The Short-term IDR is affirmed at 'B' and the Outlook
is Stable.
"Fitch expects recourse leverage to stabilize between 3.0x - 2.5x
over FY12 and FY13 as international construction contracts more
than offset the dismal domestic construction segment. OHL's
management target to reduce recourse leverage below 2.0x by FY12
is viewed as challenging," says Anil Jhangiani, Director in
Fitch's EMEA Corporate Finance team. "Further comfort is taken
from OHL's reduced exposure to short term bank debt and raising
of medium term bonds that now represent around 65% of gross
recourse debt."
OHL recently announced divestment of its ring-fenced Brazilian
and Chilean toll roads to Abertis Infraestructuras (Abertis; 'A-
'/Stable) an infrastructure operator. The recourse group will
receive a 10% stake in Abertis (valued at EUR900 million) and a
likely upstreaming of around EUR450 million cash. The impact of
this cash is neutral on the credit metrics following an
additional 5% purchase in Abertis. Although financed using an
equity swap structure off balance sheet, Fitch fully consolidates
this debt into its forecasts, assuming this would ultimately be
refinanced or repaid by recourse cash. Expectations are that OHL
would support this financing should the Abertis share price
decline.
OHL's proforma FY11 results confirm a net debt/EBITDAR of 3.0x
(adjusted for non-recourse debt and ring-fenced concession cash
flows), which is within Fitch's guidelines for the company's 'BB-
' IDR. This level of leverage is considered relatively high risk
for a construction industry player, as tolerance to debt is low
due to significant operational risks such as cyclical demand,
project delays and cost overruns.
The FY11 results confirmed both the difficult Spanish
construction market (revenue down 18.0%) and the resilience of
the international construction business (revenue up 1.6%) in an
uncertain international environment. Construction EBITDA rose to
EUR288 million (FYE10: EUR240 million) largely driven by higher
margins from international contracts. The construction order
book increased 58.6% during 2011. The order book is now only 23%
exposed to Spain.
The group's recourse liquidity has been recently strengthened,
alongside a weak domestic bank debt market. The EUR300 million
2020 bond issue completed in March 2012 extends the debt maturity
profile and trend of disintermediation. The current undrawn
EUR240 million revolving credit facility (RCF) has been
refinanced to 2016 and increased to EUR300 million. Undrawn
committed facilities and cash available now exceed EUR1.3 billion
(currently EUR0.7 billion require yearly renewal), comfortably
covering debt maturities until 2014 of EUR421 million.
There is a risk that liquidity could deteriorate from stressed
working capital, albeit current expectations are for a net inflow
(customer advances) from the growing international order book.
Fitch believes there is sufficient headroom to withstand a severe
liquidity crisis in domestic markets, whereby a significant
proportion of yearly renewable lines are cancelled.
The Stable Outlook reflects Fitch's view that the company is
comfortably placed at the current rating. This is also supported
by the improved liquidity and expected working capital position.
A further debt funded increase in the Abertis stake could lead to
rating pressure.
TDA 24: S&P Lowers Rating on Class B Notes to 'CCC-'
----------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on
CreditWatch negative its credit rating on TDA 24, Fondo de
Titulizacion de Activos' class B notes. "At the same time, we
affirmed our 'D (sf)' ratings on the class C and D notes. The
class A1 and A2 notes are unaffected by the rating actions," S&P
said.
"On Dec. 15, 2011, we placed on CreditWatch negative our ratings
on TDA 24's class A1, A2, and B notes. This followed the findings
of an audit of TDA 28's assets originated by Credifimo, according
to which Credifimo had not originated the loans in accordance
with its internal policies," S&P said.
"The rating actions follow what we consider to be deteriorating
performance within the residential mortgage pool backing this
transaction, and a lack of information about the extent to which
the noncompliance of Credifimo with some of its representations
as originator in TDA 28, as identified by an audit of TDA 28's
assets originated by Credifimo, could be repeated in TDA 24. The
contribution of Credifimo, E.F.C., S.A.U. as originator in TDA 24
is 28.49% of the outstanding pool balance (26.80% of the original
pool balance)," S&P said.
In TDA 24, the loans originated by Credifimo have, on average,
shown weaker performance than the rest of the loans in the
portfolio. Credifimo originated 93.9% of the defaulted loans in
the pool.
"We consider delinquency levels in TDA 24's underlying mortgage
portfolio to be high (loans in arrears for more than 30 days
represented 5.73% of the outstanding pool balance as of April
2012). At the end of April 2012, the outstanding balance of
defaulted loans (loans in arrears for more than 12 months)
represented 11.08% of the collateral balance (5.27% of the
original balance)," S&P said
"Due to the high level of defaults in the securitized pool, our
rating on the class B notes depends substantially on the amount
of actual and expected recoveries on these defaulted assets. We
consider the recovery levels for these loans to be low. As of
March 2012, cumulative reported defaults were EUR26.9 million,
and reported cumulative recoveries have totaled EUR2.4 million
since closing," S&P said
"In addition, the trustee is currently in the process of
disposing of 17 unsold repossessed properties on the issuer's
behalf, and we expect the proceeds that are recovered on these
properties to be low. Due to the deterioration of the credit
quality of the portfolio and the low level of recoveries
experienced by the underlying collateral, the level of performing
collateral (nondefaulted loans) available to the transaction to
service the amounts due under the notes has continued to reduce,"
S&P said
"Based on the amount of the performing portfolio balance
available to the issuer, as of the March 2012 interest payment
date, we see that the transaction is undercollateralized by
EUR15.8 million, the class B notes being undercollateralized by
19.97% of their current balance. As of March 2011, the
transaction was undercollateralized by EUR9.9 million and the
class B notes were fully collateralized. The credit enhancement
provided by the performing balance is negative for the class B,
C, and D notes," S&P said.
"Based on the most recent data available for the transaction, our
cash flow analysis indicates that a 'BB (sf)' rating is not
commensurate with the credit enhancement available to the class B
notes, as the transaction experiences interest and principal
shortfalls under all of our cash flow scenarios," S&P said.
"The class B, C, and D notes' interest-deferral trigger levels
are 6.10%, 4.70%, and 3.50%. As of April 2012, the ratio of
cumulative defaults over the original balance was 5.75% (compared
with 4.07% a year earlier). As a result, we consider that
interest on the class B notes could be deferred and could
therefore default in the near future if cumulative defaults
continue to increase at their current pace," S&P said.
"Taking all of the factors into consideration, we have lowered to
'CCC- (sf)' and kept on CreditWatch negative our rating on TDA
24's class B notes. We are seeking further information about the
extent to which the noncompliance of Credifimo with some of its
representations as originator in TDA 28, could be repeated in TDA
24," S&P said.
"In September 2009, due to insufficient excess spread to cover
defaults, the issuer fully drew the reserve fund, which has
remained at zero since then. Furthermore, TDA 24 breached the
interest-deferral triggers on the class C, and D notes in
September 2011 and December 2010, and all the interest amounts
due under these notes have since been deferred to pay the amounts
due under the class A1, A2, and B notes. As a result, we lowered
our ratings to 'D (sf)' on the class C and D notes in December
and January 2011 respectively. We have affirmed our 'D (sf)'
ratings on the class C and D notes," S&P said.
"On April 30, 2012, we lowered our long- and short-term ratings
on Banco Santander S.A.--the account provider for TDA 24--to 'A-
/A-2' from 'A+/A-1'. Following our downgrade of Banco Santander
to below 'A-1', Banco Santander has become an ineligible
counterparty pursuant to the transaction documents. Under the
transaction documents, the transaction has entered into a 30-day
remedy period, in which Banco Santander should replace itself
with an A-1 rated entity or find an A-1 -rated guarantor," S&P
said.
"TDA 24 securitizes a portfolio of Spanish residential mortgages
originated by Caja de Ahorros Castilla La Mancha, (currently
63.64% of the total pool, versus 63.92% at closing), Credifimo,
which was acquired by Banca C¡vica S.A. (BB+/Watch Pos/B)--
currently 28.49% of the total pool, versus 26.80% at closing, and
Bankpime (currently 7.87% of the total pool, versus 9.28% at
closing. The transaction closed in December 2005 with a weighted-
average seasoning of 33.4 months," 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
TDA 24, Fondo de Titulizacion de Activos
EUR490.156 Million Residential Mortgage-Backed
Floating-Rate Notes
Rating Lowered and Remaining On CreditWatch Negative
B CCC- (sf)/Watch Neg BB (sf)/Watch Neg
Ratings Affirmed
C D (sf)
D D (sf)
Ratings Unaffected
A1 AA- (sf)/Watch Neg
A2 AA- (sf)/Watch Neg
* SPAIN: Moody's Cuts LT Debt & Deposit Ratings of 16 Banks
-----------------------------------------------------------
Moody's Investors Service has downgraded by one to three notches
the long-term debt and deposit ratings for 16 Spanish banks and
Santander UK PLC, a UK-domiciled subsidiary of Banco Santander
(Spain) SA. The rating downgrades primarily reflect the
concurrent downgrades of most of these banks' standalone credit
assessments, and in five cases also Moody's assessment that the
Spanish government's ability to provide support to the banks has
reduced.
The debt and deposit ratings declined by one notch for five
banks, by two notches for three banks and by three notches for
nine banks. The short-term ratings for 13 banks have also been
downgraded between one and two notches, triggered by the long-
term ratings changes.
The outlooks on the debt and deposit ratings for ten of the 17
banks downgraded are now negative. For the remaining seven banks
affected by the actions, their ratings remain on review for
further downgrade, for reasons specific to each bank (as
discussed separately below).
The actions reflect, to various extents across banks, four main
drivers:
1.) Adverse operating conditions, characterized by the renewed
recession, the ongoing real-estate crisis and persistent high
levels of unemployment.
2.) Reduced creditworthiness of the Spanish sovereign, which
weighs on banks' standalone profiles and affects the ability of
the government to support banks.
3.) Rapid asset-quality deterioration, with non-performing loans
to real-estate companies rising rapidly, and Moody's expecting
other loan categories to deteriorate.
4.) Restricted market funding access, with the ongoing euro area
debt crisis contributing to persistent investor concerns about
Spanish banks and the sovereign.
Moody's recognizes several positive trends that have limited the
extent and scope of the rating actions. These mitigants include
(i) the strengthening risk-absorption capacity of banks,
underpinned by stricter capital and provisioning requirements;
(ii) liquidity support from the European Central Bank (ECB) and
(iii) actual and prospective support from the Spanish government,
within the constraints of the sovereign's own reduced
creditworthiness. However, Moody's believes these positive
factors are overwhelmed by mounting asset-quality challenges that
weaken the earnings and threaten to erode the capital positions
of many banks.
Moody's debt and deposit ratings for publicly-rated Spanish banks
now range between A3 and Ba3, with an (unweighted) average
between Baa2 and Baa3. This average is below most Western
European banking systems, reflecting the severe impact of both
the difficult domestic environment and the ongoing euro area debt
crisis on Spanish banks.
A list of the Affected Credit Ratings is available at
http://is.gd/iWYsuDfrom Moody's. This list is an integral part
of the press release and identifies each affected issuer. For
additional information on bank ratings, please refer to the
webpage containing Moody's related announcements at
http://is.gd/ASKLyY
Moody's has also published a special comment titled "Key Drivers
of Spanish Bank Rating Actions" available at http://is.gd/3E3luz
- with more detail on the rationale for the actions.
AFFECTED BANK RATINGS CARRY NEGATIVE OUTLOOKS OR REMAIN ON REVIEW
The negative rating outlooks for nine Spanish banks affected by
the actions reflect Moody's expectation that banks will continue
to face highly adverse operating and market funding conditions
that pose a threat to their creditworthiness. In some cases, the
outlooks additionally reflect the negative outlook on Spain's A3
government bond rating, which incorporates downside risks to the
government's creditworthiness and therefore, to its ability to
extend support to banks. The placement on review for further
downgrade of the ratings for seven banks affected by the actions
reflects drivers specific to each bank, including in some cases
ongoing mergers
RATINGS RATIONALE -- STANDALONE CREDIT STRENGTH
Following the actions, publicly-rated Spanish banks fall into
four broad groups, based on their standalone creditworthiness:
- The first group consists of the two largest banks, Banco
Santander (Spain) SA (deposits A3, BFSR C / BCA a3) and Banco
Bilbao Vizcaya Argentaria SA (deposits A3, BFSR C / BCA a3). They
retain the highest standalone credit assessments among Spanish
banks, mainly because of the relatively stable earnings generated
by their strong, geographically diversified franchises.
- The second group includes institutions with baa standalone
credit assessments. The banks within this group have generally
solid underlying earnings and franchises relative to Spanish
peers, but are more exposed to the domestic economy and less
resilient than the two largest banks.
- The third group comprises institutions with standalone credit
assessments of ba1 and lower, reflecting elevated vulnerability
to the current challenging conditions.
- The fourth group is made up of those banks whose ratings
remain on review and can therefore not be allocated to the above
groups. In addition to the seven banks downgraded whose ratings
remain on review, the ratings for nine other banks also remain on
review.
FIRST DRIVER -- ADVERSE OPERATING CONDITIONS
The Spanish economy has fallen back into recession in first-
quarter 2012, and Moody's does not expect conditions to improve
during 2012. Moreover, the real-estate crisis that began in 2008
is ongoing, and unemployment has risen to very high levels, with
rising risks to white-collar employment (in addition to
extremely-high youth unemployment) affecting the outlook for
banks' household lending. As a result, Moody's expects bank asset
quality to deteriorate further in coming quarters, causing
persistently high loan-loss provisioning expenses that erode bank
earnings and, in some cases, might erode capital levels.
SECOND DRIVER -- REDUCED CREDITWORTHINESS OF THE SPANISH
SOVEREIGN
Amidst the ongoing euro area debt crisis, the Spanish
government's rising budget deficit and the renewed recession,
sovereign creditworthiness has declined. This decline is a driver
of the bank rating actions, and it is reflected in the recent
two-notch downgrade of the government bond rating to A3, with a
negative. Moody's says that the standalone credit strength of
many Spanish banks has weakened, as they are linked in multiple
ways to the sovereign. These linkages include (i) the impact of
the government's financial position on the domestic economy; and
(ii) the large exposures of most banks to their domestic
government and to other counterparties who depend on the
government.
Reduced government creditworthiness also affects the ability of
the government to support banks, as discussed under "Ratings
Rationale -- Senior Debt and Deposit Ratings" below.
THIRD DRIVER -- RAPID ASSET-QUALITY DETERIORATION
Another factor underpinning the rating actions is the sharp
increase of problem loans already observed and Moody's view that
loan delinquencies will continue to rise in coming quarters. The
rating agency bases this view partly on the very weak performance
of loans to companies in the real-estate and construction
sectors, which accounted for 23% of Spanish banks' lending to the
private sector at year-end 2011. Moreover, Moody's expects the
recession and very high unemployment to cause asset-quality
deterioration also for loans to households and non-real-estate-
related businesses. These loan categories have shown only
moderate weakening to date.
Accelerating problem loans in the real-estate sector have already
driven total domestic non-performing loans of the Spanish banking
system to 8.2% of total loans at the end of February 2012, up
from less than 1% at year-end 2007 (source: Bank of Spain).
Moody's notes that the amount of non-paying assets is even
higher, if real estate acquired as payment-in-kind from troubled
borrowers is included.
FOURTH DRIVER -- RESTRICTED MARKET FUNDING ACCESS
Contributing to the rating actions, Spanish banks are facing less
cost-effective, volatile and at times restricted access to
wholesale funding markets. Moody's recognizes that Spanish banks
on average funded 46% of total assets with deposits at year-end
2011 (source: ECB), a high level compared with other Western
European banking systems. Nonetheless, banks rely to varying
degrees on market funds, leaving most susceptible to the
persistent market tensions.
Partly due to market tensions, Spanish banks have increased their
ECB borrowings by more than six times since June 2011, to the
highest level in absolute terms among euro area banking systems
as of April 2012. The availability of three-year funds from the
ECB has mitigated near-term funding stress. However, significant
central bank reliance raises the issue of how Spanish banks will
be able to reduce their ECB funding reliance over time. Whilst
Spanish banks have deleveraged in 2011 by not fully renewing
maturing loans, the scope for further deleveraging is unclear.
RATINGS RATIONALE -- SENIOR DEBT AND DEPOSIT RATINGS
For five banks, the downgrades of their debt and deposit ratings
reflect not only reduced standalone credit profiles, but also
Moody's assessment that the ability of the Spanish government to
provide future support to Spanish banks has declined. Moody's
recognizes the Spanish government's supportive actions to address
banking sector challenges, most recently through stricter
provisioning requirements and a plan for banks to transfer real-
estate assets acquired from troubled borrowers to special-purpose
vehicles.
However, Moody's believes the Spanish government's ability to
support its bank's debt and deposit ratings is consistent with
the level implied by the sovereign's debt rating, currently A3.
That is, the Spanish government is unlikely to choose to
prioritize its available funds to provide capital for banks over
paying its own sovereign debt investors. Moody's had previously
assumed that the government's willingness and capacity to support
banks in a crisis could exceed its capacity to service its own
debt and thus lift a bank's ratings up to one notch above the
sovereign.
The downgrades of 13 banks' short-term ratings followed the
downgrades of their long-term ratings, consistent with Moody's
standard mapping of short-term to long-term ratings.
RATIONALE FOR DOWNGRADE OF GOVERNMENT-GUARANTEED DEBT
Following the two-notch downgrade on 13 February of the Spanish
government's bond rating to A3, Moody's has downgraded to A3 the
government-guaranteed senior debt of five Spanish banks whose
(unguaranteed) senior debt ratings were previously higher than
the government rating. The A3 ratings assigned are based on the
unconditional government guarantee, which directly links them to
the ratings of the Spanish government.
RATINGS RATIONALE -- SUBORDINATED DEBT AND HYBRID RATINGS
Moody's has downgraded the subordinated debt and hybrid ratings
of nine Spanish banks in line with the downgrades of their
standalone credit assessments. Moody's had previously removed
government support assumptions from its ratings of subordinated
debt and hybrid instruments of Spanish banks on December 12,
2011.
ACTIONS FOLLOW REVIEW ANNOUNCEMENTS ON 15 FEBRUARY 2012 AND OTHER
DATES
The rating actions follow Moody's decision to review for
downgrade the ratings for many European financial institutions,
including Spanish banks. On May 7, 2012, Moody's extended the
review for Santander to its short-term ratings. Moody's
previously placed several Spanish bank ratings on review on
December 12, 2011.
WHAT COULD MOVE THE RATINGS UP/DOWN
Moody's believes that rating upgrades are unlikely in the near
future for banks affected by the actions, for the reasons given
above. Whilst the current rating levels and outlooks incorporate
a degree of expected further deterioration, the rating agency is
of the opinion that the banks' ratings may decline further if (i)
operating conditions worsen beyond Moody's current expectations;
(ii) the Spanish sovereign's creditworthiness declines further;
(iii) asset-quality deterioration exceeds Moody's current
expectations; and (iv) pressures from market-funding restrictions
intensify.
However, Moody's believes that a limited amount of upward rating
momentum could develop if the banks substantially improve their
credit profiles and resilience to the prevailing conditions. This
may occur through increased standalone strength, for example as a
result of bolstered capital and liquidity buffers, work-out of
asset-quality challenges, improved earnings or improved funding
conditions. Ratings could also benefit from increased external
support.
METHODOLOGIES USED
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.
BANK-SPECIFIC RATING CONSIDERATIONS
BANCO SANTANDER S.A. (A3/C/a3, negative outlook)
The two-notch downgrade of Santander's BFSR and standalone credit
assessment to C/a3 from B-/a1 is driven primarily by the expected
negative impact on earnings and asset-quality indicators stemming
from the bleak economic prospects in many of Santander's core
markets, namely Spain and Portugal (and, to a lesser extent, the
UK) that together account for 67% of the group's loan book. The
downgrade is also driven by Santander's reliance on market
funding which, albeit partly mitigated by manageable debt
maturities, exposes the bank to changes in market sentiment.
Moody's believes that these credit-negative factors outweigh the
group's significant geographical diversification that makes
Santander the Spanish bank that is least exposed to the
challenging domestic operating environment as well as its proven
capacity to strengthen its risk absorption capacity during the
current crisis. Moody's expectation that these rating drivers may
persist for some time -- and possibly intensify -- underpins the
negative outlook on the bank's standalone BFSR.
Regarding the potential support that Santander could receive from
the Spanish government -- and which could influence the ratings
uplift for the debt and deposit ratings from its a3 standalone
strength -- Moody's believes the Spanish government's ability to
support Spanish banks' debt and deposit ratings is now
constrained by the level of the sovereign rating itself,
currently A3. For this reason, the government's debt rating does
not provide uplift to Santander's standalone rating, even though
Santander benefits from a very high expectation of systemic
support.
The outlook on the A3 long-term deposit rating is negative,
reflecting both the negative outlook on the Spanish government
bond rating and the negative outlook on Santander's standalone
C/a3 ratings.
BANCO ESPANOL DE CREDITO (BANESTO) (A3/C-/baa2,negative outlook)
The downgrade of Banesto's rating to A3/P-2 from A2/P-1 is driven
by the downgrade of its parent (Banco Santander) to A3/Prime-2
from Aa3/Prime-1. The standalone baa2 credit assessment was not
on review and retains a negative outlook.
SANTANDER UK (A2, negative outlook; C-/baa1, stable outlook)
The downgrade of Santander UK's long-term bank deposit and senior
debt rating to A2 from A1 is driven by the downgrade of the
standalone BFSR of its parent (Banco Santander) to C/a3 from B-
/a1. The P-1 short term rating and the standalone BFSR of C-/baa1
(which has a stable outlook) were not on review and have been
affirmed. This concludes the rating review initiated on February
21, 2012.
Moody's says that because of the downgrade of Banco Santander's
standalone rating, Santander UK now benefits from only one notch
of rating uplift from parental support. However, Santander UK
continues to benefit from one notch of uplift from UK systemic
support given (i) its nationwide network; (ii) its important role
in the UK payments system; and (iii) its large market shares in
UK deposits and loans. This means that Santander UK is now rated
one notch higher than its parent. Moody's believes that this is
appropriate, because (i) it reflects Santander UK's general
funding independence from Banco Santander; (ii) Santander UK has
no direct exposure to the Spanish government (or regional
governments); and (iii) as a systemically important bank in the
UK, Moody's believes there is a low likelihood that the FSA would
allow Santander UK to substantially weaken itself in order to
support the parent.
Moody's has also downgraded by one notch Santander UK's
subordinated debt, junior subordinated debt and preference share
ratings, as they are driven by the bank's "adjusted" standalone
rating, which is now a3 (including parental support), previously
a2. The outlook on the long-term debt and deposit rating of
Santander UK is negative, reflecting the negative outlook on the
standalone financial strength rating of Banco Santander.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A (BBVA) (A3/C/a3, negative
outlook)
BBVA's revised ratings and negative outlook reflect its
sensitivity to a further deterioration of the operating
environment. This is reflected by a vulnerability under Moody's
more stressed scenario, given the 55% weight of BBVA's loan book
in its domestic market. However, Moody's notes that the
relatively solid performance of BBVA's domestic book, compared
with those of its peers, is largely due to the early recognition
of losses that the bank incurred in 2009 in its domestic real-
estate book, which partly stabilized its asset-quality
indicators. Although BBVA has significant geographic
diversification with 72% of its earnings generated in developing
markets (with a particular strong franchise in Mexico), Spain
remains its single largest market by loan distribution;
conditions within Spain therefore significantly affect the
group's performance.
With Spain now in recession, there is potential for profitability
and asset quality to weaken further during 2012. Moody's notes
that BBVA has a relatively robust liquidity framework, including
a substantial portfolio of central bank eligible assets that are
sufficient to cover wholesale maturities for a period exceeding
12 months. However, the rating agency notes that BBVA relies
significantly on confidence-sensitive market sources, and there
is a risk that the current more restricted and costly market
access will continue for an extended period. Uncertainty
regarding when BBVA will again be able to fund itself regularly -
- and on an economic basis -- is therefore a key credit risk and
rating driver.
BBVA's A3 long-term deposit and debt rating is now at the same
level as the Spanish sovereign. Moody's believes that the Spanish
government's ability to support Spanish banks' debt and deposit
ratings is now constrained at the level of the sovereign rating,
currently A3. For this reason, although BBVA benefits from a very
high expectation of systemic support, its debt rating does not
receive any uplift from its a3 standalone credit assessment. The
outlook on the A3 long-term deposit rating is negative,
reflecting both the negative outlook on the Spanish government
bond rating and the negative outlook on BBVA's standalone BFSR.
CAIXABANK (A3/C-/baa1, review for downgrade)
Moody's says that the domestic focus of CaixaBank's loan book is
the main driver for the three-notch downgrade of the bank's
ratings. The loan-book focus on the domestic market will continue
to weigh on the bank's profitability and asset-quality metrics
until economic conditions in Spain become more favorable, which
Moody's believes is unlikely in the near-term. At end-2011,
CaixaBank reported a material increase in problem loans of 32%
reaching a problem loan ratio of 5.1% -- which is nevertheless
below the system's average of 7.6% -- and a further increase by
30% at end-March 2012, year-on-year. With a 28.16% real estate
problem-loan ratio, the bank's exposure to this sector (at 17% of
its loan book) has a particularly weak credit profile. However,
Moody's acknowledges the sound performance of CaixaBank's book of
mortgages to individuals, with a problem loan ratio of 1.57% at
end-March 2012.
Moody's notes that CaixaBank has the strongest liquidity and
funding profile amongst the largest rated Spanish banks,
underpinned by a strong retail funding base (69% of total
funding), manageable debt maturities and a sizeable portfolio of
ECB eligible assets that are sufficient to cover wholesale
maturities for a period significantly exceeding 12 months.
However, the rating agency notes that there is a risk that
restricted and costly market access might continue for an
extended period. As a result, uncertainty regarding when
Caixabank will again be able to fund itself regularly in the
markets -- and on an economic basis -- is a key credit risk and
an important rating driver.
Despite the relatively good performance of the bank's pre-
provision income, Moody's expects that the bank will find it
difficult to improve its recurring profitability given the low
interest-rate environment and subdued business growth. Moreover,
further downward pressure on CaixaBank's recurring and bottom-
line profitability will be exerted by (i) Moody's expectation of
further asset-quality deterioration; (ii) the associated loan-
loss provisions and increased pressure on funding costs; and
(iii) Spain's weakening operating environment.
In terms of capital adequacy, at 12.4% core capital, CaixaBank is
resilient to Moody's base-case scenario; however, given its
domestic focus, the bank is somewhat vulnerable to the more
stressed scenarios.
Moody's decision to extend the review for downgrade of
CaixaBank's ratings is driven by the ongoing merger process with
Banca Civica, which is not sufficiently progressed at this stage
to conclude the review. The review will focus on the credit
profile of the combined entity emerging after the integration
with Banca C¡vica, which is likely to have a weaker credit
profile than CaixaBank's standalone credit strength.
Furthermore, the rating review will focus on (i) the strategic
fit of this acquisition for CaixaBank in the challenging economic
domestic market; (ii) an assessment of the losses Moody's expects
will be embedded in the new bank's asset portfolios. This will
provide a key input to the determination of the new entity's risk
absorption capacity, its ability to withstand deterioration in
its loan book and its sovereign exposures, and its capacity to
generate capital through stressed core earnings and other
capital-growth initiatives. Moody's notes that at the inception
of the merger, the combined entity is set to take EUR3.4 billion
pre-tax fair value adjustments against Banca Civica's
shareholders equity that, consequently, will be reduced to zero.
The EUR3.4 billion comprises EUR2.8 billion associated to its
loan book, EUR300 million to acquired real estate and EUR300
million to other items. This clean-up will significantly increase
the coverage level of existing problem loans, reducing the need
for further impairments; (iii) the pro-forma risk-adjusted
recurring profitability and cost efficiency indicators of the
combined entity; and (iv) the ability of the new entity to
address debt maturities -- which will close to double the amount
of maturing debt for 2012 (EUR4.3 billion at C¡vica versus EUR2.3
billion at CaixaBank) accounting for 2% of the combined balance
sheet -- in light of the ongoing system-wide constraints to
access the capital markets for term funding.
CAJA DE AHORROS Y PENSIONES DE BARCELONA (LA CAIXA) (Baa2, review
for downgrade)
Moody's rating actions on La Caixa follow those of CaixaBank's;
La Caixa's issuer rating has thus been downgraded to Baa2 from
A2. Although La Caixa has the legal status of a savings bank, it
neither takes deposits nor carries out any banking activities. La
Caixa's rating is two notches below CaixaBank's ratings -- its
main operating subsidiary -- reflecting the structural
subordination of La Caixa's current creditors to those of the
operating bank (i.e., CaixaBank). This notching also reflects the
risk stemming from La Caixa's portfolio of real-estate assets,
which Moody's believes could be subject to additional
impairments.
CAJA RURAL DE NAVARRA (Baa1/C-/baa1, negative outlook)
Moody's says that the one-notch downgrade of Caja Rural de
Navarra's (CRN) BFSR and standalone credit assessment to C-/baa1
from C/a3 reflects Moody's expectation of further pressure on
CRN's credit fundamentals stemming from the weak operating
environment. Despite this, Moody's notes that the entity operates
in (and is predominantly focused on) the region of Navarra, one
of the wealthiest regions in Spain. In 2011, the debt-to-GDP
ratio of this region amounted to 12.9% (68.5% for Spain) and GDP
per capita increased by 1.5% (compared with a 0.7%). This region
is also less affected by the global financial crisis than other
areas of Spain, with an unemployment rate of 13.8%, compared with
the national average of 22.8% (as of December 2011).
The downgrade captures CRN's modest profitability indicators --
with a pre-provision income to risk-weighted assets ratio of
1.19% as of December 2011-- together with its weakening asset-
quality indicators. The ratio of problem loans as a percentage of
gross loans was 4.0% at end-December 2011, compared with 3.6% a
year earlier (7.6% for the system).
Moody's expects the deterioration in asset quality to continue.
However, the rating agency believes that it should be moderate
and manageable for CRN, given (i) CRN's limited exposure to risks
outside of Navarra; (ii) the relative strength of the regional
economies where it operates; and (iii) the diversified nature of
its loan book, with relatively low exposure to the real-estate
sector.
In addition, Moody's notes that CRN has very limited reliance on
wholesale funding, and it has a very strong retail-customer base,
which would allow the bank to withstand a disruption in capital
markets over the next 12 months. Furthermore, CRN displays
higher-than-average capital ratios, with the Tier 1 ratio
standing at 12.6% at end-December 2011, up from 12.0% a year
before.
BANCO COOPERATIVO ESPANOL (Baa1/C-/baa2, review for downgrade)
The three-notch downgrade of Banco Cooperativo Espanol's (BCE)
BFSR and standalone credit assessment to C-/baa2 from C+/a2
reflects its vulnerability to the weak operating environment, due
to its role as service provider and central treasury provider for
the Spanish rural credit cooperatives sector. As such, BCE's
credit-risk concentration to the rural cooperatives sector is
high, while the sector's credit profile is weakening.
In addition, the downgrade captures BCE's relatively high
exposure to sovereign risk, when weighed against its capital
base. BCE's Tier 1 ratio stood at 13.2% at end-December 2011.
However, Moody's notes that BCE's risk weighting of its assets is
very low, given that it is a wholesale oriented institution
acting on behalf of the rural credit cooperatives. Its ratio of
shareholders' equity to total assets amounted to 1.8% at the end
of 2011, and the ratio of risk-weighted assets to total assets
was 13.6%, revealing the low risk weighting of BCE's assets.
Notwithstanding this low risk weighting, Moody's believes that
BCE's high leverage poses a significant risk, as it provides BCE
with a very insufficient cushion against any unforeseen,
unexpected losses.
Furthermore, Moody's has maintained the review for downgrade of
BCE's ratings to account for longer-term impact on BCE's business
stemming from the adverse macro-economic environment and the
potential shift in BCE's activity. BCE's main task has
traditionally been that of managing excess liquidity for its
member banks, although Moody's notes that over recent months,
most of BCE's activity has related to the issuance of government-
guaranteed debt and access to ECB funding on behalf of its member
banks.
Moody's review will focus on (i) the wider effects on BCE's
customer base stemming from the persistent pressures and
uncertainties caused by the very difficult operating environment;
and (ii) the sustainability of BCE's franchise in light of the
consolidation movements in the rural cooperatives sector and the
changes in its traditional treasury role.
BANKINTER (Baa2/D+/baa3, negative outlook)
Despite displaying one of the strongest asset quality indicators
among Spanish banks with an NPL ratio of 3.3% as of year-end 2011
(7.6% for the system) and a relatively low exposure to the
commercial real estate segment -- which makes the bank somewhat
more resilient to the adverse domestic operating environment --,
the downgrade of Bankinter's BFSR to D+/baa3 from C/a3 is mainly
driven by the bank's substantial dependence on wholesale funding
in the current context of restricted access to market funding.
Such reliance exposes Bankinter to market disruptions and makes
it difficult to meet scheduled maturities without deleveraging or
resorting to greater central bank funding (ECB funds plus
outstanding wholesale funds totalled 45% of total funding as of
February 2012).
Weighing also negatively on the BFSR, Moody's believes it will be
difficult for Bankinter to achieve or even maintain its already
modest profitability levels, in light of the high unemployment
level and the contraction expected for the Spanish economy in
2012 and given the domestic nature of the bank's operations.
Despite the better-than-average quality of Bankinter's loan book,
its capital position would not be entirely resilient to Moody's
conservative but plausible scenarios or further deterioration in
economic conditions in Spain.
CECA (Baa2/D+/baa3, review for downgrade)
The downgrade of CECA's BFSR and standalone credit assessment to
C/a3 to D+/baa3 reflects the pressures stemming from its business
model as provider of financial services to Spanish savings banks.
CECA is heavily exposed to the savings banks industry -- in terms
of the largest exposures and by revenues. The concentration
towards savings banks represents a major rating constraint, which
is unlikely to change in the near term given the sector's
weakening credit quality and Moody's expectations of further
deterioration in the country's operating environment.
While the three notch downgrade of CECA's standalone credit
assessment is driven by the weaker credit profile of its
traditional clients, there are other factors that further
challenge the long-term sustainability of CECA's business model
and which have caused Moody's to maintain the ratings on review
for further downgrade. The ongoing consolidation and
restructuring process of the savings banks segment -- combined
with the declining level of economic activity in Spain --
indicate a reduced demand for financial services that constrains
CECA's recurrent revenue generation capacity. The breaking-up of
the savings banks segment exerts further pressure on CECA's
critical role as leading services provider for a segment that,
pre-crisis, represented half of Spanish banking assets.
In addition to these challenges, Moody's notes that a significant
part of CECA's revenues are generated from capital-market
activities. Whilst Moody's acknowledge the good performance of
this revenue line in recent years and the conservative stance
CECA has taken on capital markets investments, it is subject to
volatility because it relies on the performance of financial
markets as well as to inherent vulnerabilities, such as
confidence-sensitivity. During the review process, Moody's will
focus on the extent to which all the aforementioned factors
weaken CECA's credit profile in order to assess whether it is
consistent with the lower BFSR currently assigned.
CAJA RURAL DE GRANADA (Baa3/D+/baa3, negative outlook)
The two-notch downgrade of Caja Rural de Granada's (CRG) BFSR and
standalone credit assessment to D+/baa3 from C-/baa1 reflects its
vulnerability to an adverse domestic environment, namely its
weakening asset quality and profitability indicators. The ratio
of problem loans as a percentage of gross loans increased to
5.87% at end-December 2011 from 4.89% a year earlier (compared
with 7.6% for the system). This was mainly driven by a
deterioration of the exposures related to commercial real estate,
although Moody's notes that these exposures are relatively low
compared with those of its peers. In addition, CRG has other non-
earning assets related to real-estate acquisitions that result in
a very high non-performing asset ratio of 12.2%.
The downgrade also captures the bank's modest profitability
indicators, with the already low PPI-to-risk-weighted assets
ratio declining slightly further to 1.05% at end-December 2011
from 1.08% a year earlier. Moody's believes there is likely to be
further pressure on CRG's profitability and asset-quality
indicators, given the rating agency's expectation of a weaker
macro-economic environment in Spain.
Notwithstanding these pressures on some of the bank's credit
fundamentals, Moody's notes that the bank has very limited
reliance on wholesale funding, having a strong retail-customer
base. As a result, CRG maintains a comfortable liquidity position
and could withstand a disruption in capital markets over the next
12 months. Furthermore, the bank's capital ratios are sound, with
a Tier 1 ratio of 12.9% at end-December 2011, up from a 11.9% a
year before.
LIBERBANK (Ba1/D/ba2, negative outlook)
The downgrade of Liberbank's BFSR and standalone credit
assessment to D/ba2 from C-/baa2 captures the effects of the very
weak operating environment and constrained access to market
funding on the bank's credit profile.
Liberbank's performance deteriorated significantly throughout
2011 in terms of asset quality, with the NPL ratio raising to
7.3% as of year-end 2011 (year-end 2010: 4.2%). Profitability
also declined, with the net interest income declining by 27%
year-on-year, which makes the bank's standalone profile no longer
consistent with a baa2 standalone credit assessment.
The bank's sizeable dependence on wholesale funding (31% of total
funding as of march 2012) exerts further pressure on the ratings
given the lack of refinancing options, other than central bank
funding or severe deleveraging measures. Weighing also negatively
on the BFSR is the bank's capital position, despite recent
capital strengthening (it increased its core capital to 10.1% by
year-end 2011 from 8.8% a year before), which is vulnerable to
Moody's scenarios of further economic deterioration. According to
these scenarios, the bulk of credit losses to be recognised by
the bank would stem from its significant exposure to the
commercial real estate segment.
CAJAMAR (Ba2/D/ba2, negative outlook)
Moody's says that the downgrade of Cajamar's BFSR and standalone
credit assessment to D/ba2 from D+/baa3 reflects the bank's
weakening fundamentals in terms of profitability and asset
quality.
The NPL ratio rose to 6.03% at year-end 2011 from 4.8% by year-
end 2010, mainly driven by the deterioration of the commercial
real-estate loan book; real-estate acquisitions from troubled
borrowers raises the non-earning assets ratio to 10.7%. The
bank's traditionally modest profitability indicators declined in
2011, with the risk-weighted recurring earnings power ratio
declining to 0.69% (2010: 1.05%).
Given the domestic nature of Cajamar's operations, Moody's
expects that further deterioration is likely for the bank's
profitability and asset quality in the coming months, in light of
the low level of activity and the high levels of unemployment
within the Spanish economy. In addition, Cajamar has some
reliance on wholesale funding, at 24% of total funding as of
February 2012, mainly in the form of covered bonds and
securitization. This exerts further pressure on the bank's
standalone credit assessment, given the difficulties to rollover
market maturities and the lack of funding alternatives besides
central bank funding or deleveraging. Cajamar's BFSR is also
constrained by the vulnerability of its capital position to
scenarios of further losses, under Moody's scenario analysis.
LICO LEASING (Ba3, negative outlook)
For Lico Leasing, the deposit ratings downgrade to Ba3/Not-Prime
from Baa3/Prime-3 reflects the bank's very weak financial
fundamentals evidenced by (i) a high NPL ratio of 17% at the end
of 2011 (raising from 12.5% a year before); (ii) very weak
profitability indicators, with a severe contraction of the
recurrent earning generation power throughout 2011 (a 91% decline
year-on-year) and a reported net loss of 0.2% over average risk-
weighted assets; and (iii) a weak funding profile, due to its
high reliance on unsecured funding sources (mainly interbank
deposits). Moody's believes that the funding-profile issues pose
a material credit risk to Lico, because of the lack of liquidity
available in the system.
In addition, Lico has incurred a significant drop in the level of
business volume, as companies' investments and the need for
financial leases have declined dramatically since the current
economic crisis started (its lending volumes have reduced by
almost 60% since 2007).
However, Moody's acknowledges that Lico is a strategic provider
of leasing services to the savings banks. Therefore, its ratings
benefit from a high probability of support from its shareholders
and provides an uplift to the deposit ratings from a standalone
credit profile that would otherwise be lower.
Finally, the sovereign's reduced creditworthiness contributed to
ratings downgrades for Unicaja Banco SA (Unicaja, A3 on review
for downgrade; C/a3 on review for downgrade), Banco Popular
Espanol SA (Banco Popular, A3 on review for downgrade; C-/baa1 on
review for downgrade) and Banco Sabadell SA (Baa1 on review for
downgrade; C-/baa2 on review for downgrade). For the
aforementioned banks, reduced sovereign creditworthiness was the
only rating drivers of the actions. Moody's continues to assess
other relevant credit factors for these banks.
* SPAIN: Moody's Takes Multiple Rating Actions on Covered Bonds
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of covered
bonds issued under six programs of Spanish banks. Moody's has
also affirmed the ratings of covered bonds issued under five
programs. In addition, the ratings of covered bonds issued under
ten programmes remain or have been placed on review for
downgrade. These announcements were prompted by Moody's decision
on May 17, 2012, to downgrade the senior debt ratings of the
banks supporting the relevant covered bond programs.
A list of the affected covered bond ratings is available at
http://is.gd/WwSOqUfrom Moody's.com.
For additional information on covered bond ratings, please refer
to the webpage containing Moody's related announcements at
http://www.moodys.com/eusovereign
The downgrades and affirmations conclude the review for
downgrade, initiated on February 16, 2012. That review followed
Moody's wider review of European financial institutions driven in
part by (i) the difficult European operating environment caused
by the prolonged euro area crisis; and (ii) the deteriorating
creditworthiness of certain euro area sovereigns (including
Spain).
Ratings Rationale
The covered bond downgrades and announcements follow Moody's
rating actions on the relevant issuers' senior unsecured ratings
(issuer ratings). Moody's has downgraded the covered bonds issued
under six programs because of the impact of the issuer rating
downgrades under Moody's Timely Payment Indicator (TPI)
framework. The ratings of covered bonds issued under five
programs have been affirmed. The affirmations are due to the fact
that following the issuer downgrades (i) the expected loss of the
covered bonds remains commensurate with their current ratings --
taking into account the available over-collateralization; and
(ii) the TPI framework does not constrain the ratings below their
current level. One covered bond rating has been placed on review
while Moody's assesses the level of over-collateralization the
issuer can be expected to maintain.
Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.
(1) Expected Loss Method
Moody's expected loss analysis is negatively affected by the
downgrade of the issuer ratings. As the credit strength of the
issuer is incorporated into Moody's expected loss methodology,
any downgrade of the issuer ratings will increase the expected
loss on the covered bonds. However, Moody's notes that issuers
may be able to offset any deterioration in the expected loss
analysis if sufficient collateral is held in the cover pool.
Moody's has placed on review for downgrade BBVA's public-sector
covered bonds, because the rating agency believes that there is a
sufficient degree of uncertainty as to whether BBVA will be able
to sustain over-collateralization consistent with the current
rating of Aa2 (56%).
Moody's measures the over-collateralization percentage as the
excess of assets over the issued amount of covered bonds, divided
by the issued amount of covered bonds.
BBVA retains large amounts of public-sector covered bonds on its
balance-sheet. These bonds would be cancelled -- and thus not
reduce the over-collateralization -- if the issuer defaults and
the covered bonds are not placed at a third party. However, in
its analysis, Moody's treats these covered bonds as issued
amounts that can be sold or pledged at any time as collateral
with third parties, up to an amount that makes the issuer reach
the statutory 43% over-collateralization level.
During the review, Moody's will assess BBVA's willingness and
capacity to further strengthen its programs by holding sufficient
collateral to support the rating assigned to the covered bonds.
(2) TPI Framework
Moody's Timely Payment Indicator (TPI) framework limits a covered
bond rating to a certain number of rating levels above the issuer
rating of the relevant bank. The amount of uplift will depend on
the TPI assigned and for all Spanish covered bonds Moody's
currently assigns a TPI of "Improbable". The indicative rating
uplift for covered bonds based on TPIs can be found in Moody's
published TPI table.
However, Moody's notes that there are many factors that might
influence the application of TPIs, in particular for sub-
investment-grade-rated issuers. For such issuers, factors that
influence the maximum rating achievable include (i) the level of
over-collateralization held in the program; and (ii) the degree
of adequate asset-liability matching.
Following the downgrade of Cajamar to Ba2, Moody's downgraded the
corresponding mortgage and public-sector covered bonds to Baa1,
which is one notch above the Baa2 level indicated by the TPI
table. The higher final ratings were driven by a number of
factors (i) the limited rating uplift of four notches over and
above the issuer rating; (ii) high levels of committed over-
collateralization imposed by the law (25% for mortgage covered
bonds and 43% for public-sector covered bonds); and (iii) the
issuer rating not being on review for further downgrade, which
provides the covered bonds with a higher degree of rating
stability.
KEY RATING ASSUMPTIONS/FACTORS
The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors. Covered bond ratings are determined after applying a
two-step process: an expected loss analysis and a TPI framework
analysis.
- EXPECTED LOSS: Moody's determines a rating based on the
expected loss on the bond. The primary model used is Moody's
Covered Bond Model (COBOL), which determines expected loss as (i)
a function of the issuer's probability of default (measured by
the issuer's rating); and (ii) the stressed losses on the cover
pool assets following issuer default.
- TPI FRAMEWORK: Moody's assigns a timely payment indicator
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.
SENSITIVITY ANALYSIS
The robustness of a covered bond rating largely depends on the
issuer's credit strength.
A multi-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (i) a sovereign downgrade
that negatively affects both the issuer's senior unsecured rating
and the TPI; (ii) a multi-notch downgrade of the issuer; or (iii)
a material reduction of the value of the cover pool.
As the euro area crisis continues, the covered bond ratings
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 affect the ratings of covered
bonds.
Over and above any TPI consideration, country risk constrains the
covered bonds' ratings at Aa2. For further information please
refer to "Moody's lowers the highest achievable covered bond
ratings in Italy, Portugal and Spain following the recent
sovereign rating actions", dated 23 February 2012.
The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds", published in March 2010.
* SPAIN: Moody's Downgrades Ratings of Four Regions
---------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
Spanish regions of Catalunya, Murcia, Andalucia and Extremadura
due to their poor fiscal performance in 2011 and the low
probability that the regional governments will be able to meet
the 2012 deficit target set by the central government. At the
same time, Moody's has also confirmed the ratings of the regions
of Castilla-La Mancha and Valencia, and of four government-
related entities in Valencia, reflecting their non investment
grade ratings and the significant liquidity support from the
Spanish central government.
Further to these rating actions, all six affected regions carry
negative outlooks in line with the negative outlook carried by
the A3 sovereign bond rating of the Kingdom of Spain. The rating
actions conclude the review for downgrade that Moody's initiated
on February 15, 2012.
The ratings of the following four regions have been downgraded:
- Junta de Extremadura: long-term issuer rating downgraded by
one notch to Baa1 from A3; outlook negative
- Junta de Andalucia: long-term issuer and debt ratings
downgraded by two notches to Baa2 from A3; outlook negative
- Comunidad Autonoma de Murcia: long-term issuer and debt
ratings downgraded by two notches to Ba1 from Baa2; outlook
negative
- Catalunya: long-term issuer and debt ratings downgraded by one
notch to Ba1 from Baa3; outlook negative; short-term rating
downgraded to Not-Prime from Prime-3
The ratings of the following two regions and four government-
related entities have been confirmed:
- Castilla-La Mancha: long-term issuer and debt ratings
confirmed at Ba2; outlook negative
- Region of Valencia: debt ratings confirmed at Ba3; outlook
negative; short-term rating unchanged at Not-Prime
- Instituto Valenciano de Finanzas: debt rating confirmed at
Ba3, in line with Valencia's ratings; outlook negative.
- Notes of CACSA and Universities of Valencia (Universidad de
Valencia, Universidad de Alicante, Universidad Jaume 1 de
Castellon and Universidad Politecnica de Valencia) confirmed at
Ba3, in line with Valencia's ratings; outlook negative.
- Notes of Feria Valencia: underlying rating confirmed at Ba3
with a negative outlook (A and B Certificates); the rating of
Feria Valencia's notes remains at Aa3 on review for downgrade, in
line with the financial guarantee provided by Assured Guarantee
(Europe) Ltd.
Rationale For The Downgrades
Moody's decision to downgrade the ratings of the Spanish regions
of Extremadura, Andalucia, Murcia and Catalunya was driven by the
following factors:
1.) The poor fiscal outcomes in 2011, as evidenced by deficit-to-
regional-GDP ratios of above 3% for these four regions, which
considerably exceed the 2011 deficit target of 1.3% set by the
government for Spanish regions.
2.) The significant deterioration in the four regions' debt
metrics as a result of the refinancing of their commercial debt
with financial debt. A special fund (Fondo para la Financiacion
de los Pagos a Proveedores) has been set up by the government in
order to refinance the commercial debt of regional and local
governments. However, this refinancing of commercial debt will
further increase the regions' 2012 direct debt stock:
specifically, Moody's expects that net direct and indirect debt
will reach at least 64% of operating revenue for Extremadura, 88%
for Andalucia, 143% for Murcia and 225% for Catalunya (vs. 53%,
63%, 97% and 215% at year-end 2011, respectively).
3.) The considerable uncertainty surrounding these regions'
capacity to reach the 2012 deficit target of 1.5% of deficit to
regional GDP. While Moody's believes that the structural reforms
in healthcare and education announced in April 2012 will help
reduce the regional deficit over the medium term, the rating
agency believes that some measures will be challenging to
implement, and their effect on the 2012 budget outcomes will thus
likely be limited. Consequently, these four regions will continue
to rely on debt increases to cover their large financial
imbalances.
In particular, the downgrades of Catalunya's and Murcia's ratings
to non-investment grade reflect the regions' poor fiscal
performances in 2011 and Moody's expectation that they are likely
to miss the 2012 deficit target. Although both regions had
forecast a reduction in health and education expenditure during
2011, these cuts were not realised to the extent they were
budgeted. Coupled with lower state transfers, this led to large
financing deficits of 37% and 29% of their operating revenue,
respectively (against 30% and 28% in 2010). Looking ahead,
Moody's expects that the refinancing of the regions' outstanding
commercial debt (EUR1.9 billion for Catalunya and EUR1.2 billion
for Murcia) will significantly increase their stock of debt in
2012.
Finally, while Moody's views both regions' liquidity position as
weaker than most of their national peers' -- as evidenced by
their minimal cash reserves throughout 2011 and the extensive use
of their credit-line facilities -- Moody's considers that the
recent measures announced by the government to support regions'
liquidity largely offsets this risk. The central government
provided EUR10 billion worth of liquidity support to the Spanish
regions through the state-owned bank (Instituto de Credito
Oficial, ICO) to help them cover debt redemptions that will
become due in the first half of 2012. As only EUR3.8 billion have
been used so far, Moody's believes that the ICO credit line is
likely to be extended through the second half of the year, which
would significantly ease refinancing pressures on regions.
RATIONALE FOR RATINGS CONFIRMATION
Moody's decision to confirm Castilla -- La Mancha's Ba2 and
Valencia's Ba3 ratings reflects the following factors:
1.) The government has extended liquidity support via the ICO,
which enabled Valencia and Castilla - La Mancha to refinance
EUR2.2 billion and EUR469 million, respectively, since the
beginning of the year.
2.) In exchange for this support, Valencia and Castilla -- La
Mancha are subject to tight government control, which includes
prior authorisation of any financial operation and a monitoring
of their cash position.
Moody's notes that the refinancing of commercial debt will cause
large debt increases for Valencia and Castilla -- La Mancha.
According to Moody's estimates, their debt-to-operating-revenue
ratio would represent approximately 234% and 167%, respectively,
at year-end 2012 (against 204% and 123% in 2011). Although these
regions' financial positions remain weak, immediate liquidity
risks have been lessened leading the rating agency to confirm
their ratings.
WHAT COULD MOVE THE RATINGS UP/DOWN
A stabilization of the outlooks on the six affected regions would
require the regional and local administrations to implement
detailed plans to restore fiscal balances and reverse debt
ratios. Changes to the institutional framework that would result
in a more stable funding framework for the regions could also
exert upward pressure on the ratings.
Any further deterioration of the operating environment in Spain
that would put pressure on the sovereign rating would also have a
negative impact on the ratings of Spanish sub-sovereigns. Also,
any signal of weakening government support would be a credit-
negative factor. Finally, a failure of any individual sub-
sovereign to progress towards fiscal consolidation targets would
add pressure to that specific rating.
Methodologies Used
The methodologies used in these ratings were Regional and Local
Governments Outside the US published in May 2008, The Application
of Joint-Default Analysis to Regional and Local Governments
published in December 2008 and Government-Related Issuers:
Methodology Update published in July 2010.
Moody's methodology for rating a security insured by a financial
guarantor considers the higher of (i) the guarantor's rating, and
(ii) the underlying rating of the security.
* SPAIN: Bank Bad Loans Up 8.37% in March
-----------------------------------------
Julien Toyer and Jesus Aguado at Reuters report that Spanish bank
bad loans rose in March to their highest in 18 years,
underscoring the problems facing the government as it attempts to
clean up the sector and get its economy back on track.
Reuters relates that the Bank of Spain said bad loans rose to
8.37% of the banks' outstanding loans, the highest since August
1994 and up from 8.3% in February, which was also revised higher.
The data came as Spain was set to name independent auditors to
assess how much cash its banks are likely to need to rebuild
their balance sheets, Reuters notes.
Financial sources have said fund manager BlackRock and management
consultancy Oliver Wyman would likely be named to conduct a deep
audit of the sector, but a government source told Reuters a final
decision had not been reached and BlackRock may have a conflict
of interest.
Troubled banks, along with overspending in indebted regions, are
the two biggest risks for Spain's public finances, Reuters says.
According to Reuters, investors believe Spain needs to
aggressively address these two issues to avoid an Irish-style
bailout.
Banks expect bad loans to continue to rise this year as the
economy contracts and the jobless rate remains painfully high at
almost one in four of the workforce, the highest in the EU,
Reuters notes.
Against that backdrop, analysts estimate bad loans could rise to
well over 10% of loans, Reuters discloses.
===========================
U N I T E D K I N G D O M
===========================
BANK OF CREDIT: Deloitte Stands Down as Liquidators
---------------------------------------------------
Jane Croft at The Financial Times reports that liquidators of the
collapsed Bank of Credit and Commerce International are to stand
down after 21 years orchestrating one of the longest corporate
wind downs in history.
The collapse of BCCI in 1991 was at the time the world's biggest
liquidation and triggered more than 70,000 claims from creditors
ranging from East End market traders and local councils to Abu
Dhabi, the FT notes.
Since 1991, global liquidators led by Deloitte have recovered
US$8.5 billion to pay creditors as well as using legal action to
defeat thousands of invalid claims, the FT states.
On Thursday, more than 100 creditors gathered in central London
for a four-hour meeting at which Deloitte, which is overseeing
the UK and Cayman liquidation, were officially released as
liquidators, the FT relates. Creditors were told 90% of their
losses have been recovered and that a final dividend will be paid
in August, the FT discloses.
According to the FT, in its report to creditors, Deloitte said
that English liquidation costs and other payments such as legal
fees totaled US$1 billion in the period due to the fact that
London was BCCI's de-facto centre of business. Liquidation costs
worldwide amounted to US$1.7 billion, the FT notes.
The report also shows that Deloitte was paid US$371 million from
July 1991 to November 2011 for the English liquidation after
deducting discounts and specific individual rate reductions, the
FT says. It is to be paid a further US$4.2 million of fees for
the period from December 2011 to 2013, the FT states.
Angus Martin, lead partner on the BCCI liquidation at Deloitte,
said that all Deloitte's costs had been scrutinized by the
creditors committee and the level of realizations had been far
greater than in most wind downs where recoveries were typically
20-25%, according to the FT.
Legal and other professional expenses were US$242 million in
England with US$18 million paid to property agents, the FT says.
BCCI had a complicated international structure, with its main
banking business incorporated in Luxembourg but its chief
operations in London and interests in the Cayman Islands, the FT
notes.
GLOBAL SHIP: Reports US$7.9 Million Net Income in First Quarter
---------------------------------------------------------------
Global Ship Lease, Inc., reported net income of US$7.95 million
on US$38.35 million of time charter revenue for the three months
ended March 31, 2012, compared with net income of US$10.83
million on US$39.10 million of time charter revenue for the same
period a year ago.
The Company's balance sheet at March 31, 2012, showed US$937.52
million in total assets, US$595.25 million in total liabilities
and US$342.26 million in total stockholders' equity.
Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"We continued to generate strong financial results and achieve
high utilization levels during the first quarter of 2012, as our
entire fleet remained secured on long-term fixed rate charters.
During a time in which we completed three of seven scheduled
drydockings for 2012, we achieved EBITDA of $25.2 million and
utilization of 97%. Despite continuing macro-economic
uncertainty, a welcome positive development in our industry has
been the recent successful implementation by the liner companies
of freight rate increases. Global Ship Lease remains well
positioned for long-term success as our fleet has a weighted
average remaining lease term of 8.1 years with a contracted
revenue stream of $1.2 billion."
A copy of the press release is available at http://is.gd/cmQ58B
About Global Ship Lease
London, England-based Global Ship Lease (NYSE: GSL, GSL.U and
GSL.WS) -- http://www.globalshiplease.com/-- is a containership
charter owner. Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.
Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years. The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately $77 million each that are
scheduled to be delivered in the fourth quarter of 2010. The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.
As reported in the Dec. 1, 2012 edition of the TCR, Global Ship
Lease disclosed that it had entered into an agreement with its
lenders to waive until Nov. 30, 2012 the requirement under its
credit facility to conduct loan-to-value tests. The credit
facility requires that loan-to-value, which is the ratio of
outstanding borrowings under the credit facility to the aggregate
charter-free market value of the secured vessels, cannot exceed
75%.
PETROPLUS HOLDINGS: Coryton Plant May Shut Down; Vitrol Drops Bid
-----------------------------------------------------------------
Maria Ermakova at Bloomberg News reports that the Sunday Times
said Petroplus Holdings AG's Coryton refinery in the U.K. will
probably be shut and turned into a storage terminal.
According to Bloomberg, the newspaper, citing unidentified people
with knowledge of the matter, said that Vitol Group dropped out
of the auction for the refinery, leaving one other bidder.
Crude Deal
Simon Falush at Reuters reports that Steven Pearson, joint
administrator at PricewaterhouseCoopers had previously said that
a either a deal on Coryton would be reached by the middle of May
or it would close.
Richard Howitt, the Member of the European Parliament for the
East of England, said that a deal with the plant's crude
suppliers, Morgan Stanley and Marcel Van Poecke, expired at
midnight on May 16, and it was unclear whether it would be
extended, Reuters relates.
A tanker was due to reach the plant on May 15 with enough crude
to last 11 days and, as the original deal to supply crude has
expired, the ability of the plant to continue beyond the end of
this month is now in doubt, Reuters notes.
Petroplus filed for administration in several jurisdictions after
defaulting on US$1.75 billion of debt, Reuters recounts.
As reported by the Troubled Company Reporter-Europe on May 18,
Bloomberg News related that Mr. Howitt said administrators for
Petroplus may reach an agreement within 10 days to keep the
insolvent Swiss company's Coryton oil refinery in the U.K.
operating. Mr. Howitt didn't specify whether the plant was to be
sold or kept in operation under a long-term tolling arrangement,
Bloomberg noted.
Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.
REC PLANTATION: S&P Raises Rating on Class D Notes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
REC Plantation Place Ltd.'s class B, C, and D notes. "At the same
time, we affirmed our ratings on the class A and E notes," S&P
said.
REC Plantation Place is a single loan transaction secured by one
property, Plantation Place, a 487,000 sq ft office building
located in Fenchurch Street, London EC3. The loan matures in July
2013 with a three-year tail period to legal final maturity in
July 2016.
"Just over one year ahead of the loan's scheduled maturity, the
servicer has informed us that a third-party investor has acquired
all of the units of One Plantation Place Unit Trust, which owns
the building. The rating actions follow the recent equity
injection by the new owner. This has helped to lower the leverage
of the loan to a level where the loan-to-value (LTV) ratio
covenants are now satisfied. For the senior loan, the covenant is
77.68%, and at the whole-loan level (including the subordinated
B-Note), it is 82.14%," S&P said.
"While we view the change in ownership as credit-neutral, the
increase in the cash deposit is credit-positive because it will
be available directly to repay the loan. This is one driver of
our rating actions," S&P said.
"In the event of a potential default and subsequent workout of
the loan, the issuer would repay the notes sequentially.
Therefore, the cash deposit has a more pronounced effect at the
top of the capital structure. We have raised our ratings on the
class B notes by two notches, and, on the class C and D notes by
one notch. We have also affirmed our 'B (sf)' rating on the class
E notes," S&P said.
"Our rating on the class A notes is constrained at 'A (sf)' based
on the application of our 2010 counterparty criteria. We have
therefore affirmed our rating on this class of notes," S&P said.
OUTLOOK
"In our view, the loan and property continue to show a strong
cash flow, with the asset fully let and the income supported by
long leases to strong tenants. Of the rental income, 95% is
generated by tenants that we rate 'A' or higher. The weighted-
average lease term extends to almost 10 years past the legal
final maturity date of the notes," S&P said.
"We view the asset as a prime property, given its location in the
city of London and its income strength. Properties of this type
typically generate interest from a broader variety of potential
investors as and when they come up for sale," S&P said.
"Nevertheless, we believe that the equity injection reduces but
does not eliminate refinance risk in this transaction. We
therefore continue to rate 12.9% of the rated notes as
speculative-grade. Here, we have taken into account factors such
as the additional debt, which ranks junior to the rated notes,
and brings the total leverage of the transaction to 82%, based on
the most recent valuation and including the cash injection.
Additional debt can slow down the workout process if the loan
fails to repay at its maturity date," S&P said.
COUNTERPARTY RISK
"The ratings on the notes are constrained at 'A (sf)' in this
transaction following the application of our 2010 counterparty
criteria," S&P said.
"This is because the replacement framework in the swap documents
provides for a replacement rating trigger of 'BBB-'. Accordingly,
the swap provider can only support ratings of up to 'A-' (see
table 1 in our 2010 counterparty criteria)," S&P said.
"We recognize, however, that the swap documents comply with
previous versions of our counterparty criteria. We can therefore
assign ratings to REC Plantation Place's notes of up to one notch
above the issuer credit rating on the counterparty. Our current
rating on the guarantor for the interest rate swap provider--
Merrill Lynch & Co. Inc.--is 'A-' (plus one notch equals 'A'),"
S&P said.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review," S&P said.
"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result in
changes to the methodology and Assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
REC Plantation Place Ltd.
GBP435 Million Commercial Mortgage-Backed Secured Floating-Rate
Notes
Ratings Raised
B A- (sf) BBB (sf)
C BBB- (sf) BB+ (sf)
D BB- (sf) B+ (sf)
Ratings Affirmed
A A (sf)
E B (sf)
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 14 to May 18, 2012
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 29.50
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 29.50
A-TEC INDUSTRIES 5.750 11/2/2010 EUR 29.50
BA CREDITANSTALT 5.470 8/28/2013 EUR 68.88
HAA-BANK INTL AG 5.270 4/7/2028 EUR 74.54
IMMOFINANZ 4.250 3/8/2018 EUR 3.68
KOMMUNALKREDIT 4.900 6/23/2031 EUR 65.00
KOMMUNALKREDIT 4.440 12/20/2030 EUR 61.13
OESTER VOLKSBK 4.170 7/29/2015 EUR 65.38
OESTER VOLKSBK 4.160 5/20/2025 EUR 73.06
OESTER VOLKSBK 5.270 2/8/2027 EUR 69.44
OESTER VOLKSBK 4.810 7/29/2025 EUR 60.25
RAIFF CENTROBANK 9.558 1/23/2013 EUR 63.24
RAIFF CENTROBANK 8.283 1/23/2013 EUR 66.65
RAIFF CENTROBANK 7.965 1/23/2013 EUR 74.34
RAIFF CENTROBANK 7.965 1/23/2013 EUR 64.47
RAIFF CENTROBANK 7.646 1/23/2013 EUR 61.75
RAIFF CENTROBANK 11.718 7/25/2012 EUR 26.19
RAIFF CENTROBANK 11.718 7/25/2012 EUR 52.33
RAIFF CENTROBANK 10.090 7/25/2012 EUR 63.73
RAIFF CENTROBANK 9.114 7/25/2012 EUR 48.54
RAIFF CENTROBANK 10.090 7/25/2012 EUR 58.80
RAIFF CENTROBANK 11.000 5/24/2012 EUR 63.35
RAIFF CENTROBANK 9.114 7/25/2012 EUR 74.58
RAIFF CENTROBANK 6.835 7/20/2012 EUR 74.11
RAIFF CENTROBANK 11.000 5/24/2012 EUR 59.89
RAIFF CENTROBANK 7.812 7/20/2012 EUR 55.95
RAIFF CENTROBANK 7.161 7/20/2012 EUR 62.49
RAIFF CENTROBANK 8.463 7/25/2012 EUR 60.16
RAIFF CENTROBANK 10.416 7/20/2012 EUR 43.96
RAIFF CENTROBANK 5.208 7/25/2012 EUR 69.62
RAIFF CENTROBANK 5.208 7/25/2012 EUR 73.30
RAIFF CENTROBANK 7.161 7/25/2012 EUR 64.63
RAIFF CENTROBANK 5.208 7/25/2012 EUR 62.77
RAIFF CENTROBANK 7.812 7/25/2012 EUR 49.15
RAIFF CENTROBANK 9.876 1/23/2013 EUR 47.46
RAIFF CENTROBANK 7.812 7/25/2012 EUR 67.10
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 62.75
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 21.56
IDEAL STANDARD I 11.750 5/1/2018 EUR 54.00
IDEAL STANDARD I 11.750 5/1/2018 EUR 53.50
CYPRUS
------
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 61.63
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 63.13
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 60.75
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 59.88
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 59.50
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 65.38
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 63.00
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 64.38
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 60.75
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 60.63
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 61.75
CYPRUS GOVT BOND 4.750 12/2/2015 EUR 69.75
CYPRUS GOVT BOND 4.500 1/2/2016 EUR 68.50
CYPRUS GOVT BOND 4.500 3/30/2016 EUR 67.25
CYPRUS GOVT BOND 4.500 6/2/2016 EUR 66.75
CYPRUS GOVT BOND 5.000 6/9/2016 EUR 69.63
CYPRUS GOVT BOND 4.500 7/11/2016 EUR 65.88
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 65.00
CYPRUS GOVT BOND 6.600 10/26/2016 EUR 71.13
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 64.00
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 63.50
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 69.07
CYPRUS GOVT BOND 4.625 2/3/2020 EUR 57.07
CYPRUS GOVT BOND 5.250 6/9/2015 EUR 73.75
CYPRUS GOVT BOND 4.750 9/30/2015 EUR 70.50
CYPRUS GOVT BOND 3.750 11/1/2015 EUR 68.00
REP OF CYPRUS 4.750 2/25/2016 EUR 57.85
REP OF CYPRUS 4.375 7/15/2014 EUR 70.53
CZECH REPUBLIC
--------------
SAZKA 9.000 7/12/2021 EUR 35.00
DENMARK
-------
KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01
KOMMUNEKREDIT 0.500 2/23/2017 ZAR 73.03
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 52.22
KOMMUNEKREDIT 0.500 1/25/2017 ZAR 73.52
VESTAS WIND SYST 4.625 3/23/2015 EUR 64.00
FINLAND
-------
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 50.62
MUNI FINANCE PLC 0.500 11/10/2021 NZD 66.71
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 58.33
MUNI FINANCE PLC 0.500 4/26/2017 ZAR 71.24
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 61.40
MUNI FINANCE PLC 0.500 11/21/2018 TRY 64.54
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 62.41
MUNI FINANCE PLC 0.500 12/14/2018 TRY 64.30
MUNI FINANCE PLC 0.500 12/21/2021 NZD 66.40
MUNI FINANCE PLC 0.500 4/26/2022 ZAR 47.01
MUNI FINANCE PLC 0.500 5/31/2022 ZAR 43.60
MUNI FINANCE PLC 0.500 3/17/2025 CAD 55.45
MUNI FINANCE PLC 0.250 6/28/2040 CAD 23.87
MUNI FINANCE PLC 0.500 3/16/2017 BRL 71.39
MUNI FINANCE PLC 0.500 2/17/2017 BRL 71.82
MUNI FINANCE PLC 0.500 2/16/2017 TRY 72.26
MUNI FINANCE PLC 0.500 12/21/2016 TRY 72.54
MUNI FINANCE PLC 1.000 6/30/2017 ZAR 69.77
MUNI FINANCE PLC 0.500 11/16/2017 TRY 68.54
MUNI FINANCE PLC 0.500 3/28/2018 BRL 65.78
MUNI FINANCE PLC 0.500 12/6/2016 TRY 72.81
MUNI FINANCE PLC 0.500 11/30/2016 BRL 72.96
MUNI FINANCE PLC 0.500 11/17/2016 BRL 73.16
MUNI FINANCE PLC 0.500 11/17/2016 ZAR 73.96
MUNI FINANCE PLC 0.500 4/26/2016 ZAR 76.90
MUNI FINANCE PLC 0.500 10/27/2016 ZAR 74.39
MUNI FINANCE PLC 0.500 10/27/2016 BRL 73.04
MUNI FINANCE PLC 0.500 10/27/2016 TRY 73.21
NOKIA CORP 6.625 5/15/2039 USD 76.25
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.64
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.77
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.82
ASSYSTEM 4.000 1/1/2017 EUR 21.98
ATOS ORIGIN SA 2.500 1/1/2016 EUR 53.83
AXA SA 5.250 4/16/2040 EUR 75.28
CAISSE CENT IMMO 7.000 5/16/2014 EUR 35.05
CAISSE CENT IMMO 7.000 9/10/2015 EUR 13.60
CAISSE CENT IMMO 7.000 5/18/2015 EUR 10.73
CALYON 6.000 6/18/2047 EUR 27.55
CAP GEMINI SOGET 3.500 1/1/2014 EUR 37.50
CGG VERITAS 1.750 1/1/2016 EUR 27.54
CLUB MEDITERRANE 5.000 6/8/2012 EUR 14.01
CLUB MEDITERRANE 6.110 11/1/2015 EUR 17.96
CMA CGM 8.500 4/15/2017 USD 56.67
CMA CGM 8.500 4/15/2017 USD 64.75
CMA CGM 8.875 4/15/2019 EUR 55.82
CMA CGM 8.875 4/15/2019 EUR 56.17
CNP ASSURANCES 6.875 9/30/2041 EUR 69.52
CNP ASSURANCES 6.000 9/14/2040 EUR 68.77
CNP ASSURANCES 7.375 9/30/2041 GBP 73.70
CRED AGRICOLE SA 3.900 4/19/2021 EUR 72.99
CRED AGRICOLE SA 4.000 9/30/2022 EUR 69.79
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 47.67
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 51.88
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 56.51
DEXIA CRED LOCAL 4.375 2/12/2019 EUR 51.19
DEXIA CRED LOCAL 4.020 3/13/2017 EUR 65.17
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 51.84
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 52.81
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 70.70
EURAZEO 6.250 6/10/2014 EUR 58.51
EUROPCAR GROUPE 9.375 4/15/2018 EUR 64.50
EUROPCAR GROUPE 9.375 4/15/2018 EUR 64.83
FAURECIA 4.500 1/1/2015 EUR 19.92
GROUPAMA SA 7.875 10/27/2039 EUR 51.44
GROUPE VIAL 2.500 1/1/2014 EUR 2.15
INGENICO 2.750 1/1/2017 EUR 44.08
MAUREL ET PROM 7.125 7/31/2014 EUR 17.66
MAUREL ET PROM 7.125 7/31/2015 EUR 15.85
NEXANS SA 4.000 1/1/2016 EUR 53.32
NEXANS SA 2.500 1/1/2019 EUR 62.11
NOVASEP HLDG 9.750 12/15/2016 USD 49.50
NOVASEP HLDG 9.750 12/15/2016 USD 49.50
NOVASEP HLDG 9.625 12/15/2016 EUR 49.13
NOVASEP HLDG 9.625 12/15/2016 EUR 49.13
ORPEA 3.875 1/1/2016 EUR 44.12
PAGESJAUNES FINA 8.875 6/1/2018 EUR 73.33
PAGESJAUNES FINA 8.875 6/1/2018 EUR 73.22
PEUGEOT SA 4.450 1/1/2016 EUR 24.13
PIERRE VACANCES 4.000 10/1/2015 EUR 73.45
PUBLICIS GROUPE 1.000 1/18/2018 EUR 51.14
PUBLICIS GROUPE 3.125 7/30/2014 EUR 36.66
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.44
SOCIETE GENERALE 0.500 12/6/2021 AUD 50.48
SOCIETE GENERALE 0.500 9/7/2021 AUD 51.42
SOITEC 6.250 9/9/2014 EUR 8.06
TEM 4.250 1/1/2015 EUR 52.89
GERMANY
-------
BAYERISCHE LNDBK 6.100 6/15/2012 EUR 32.83
BAYERISCHE LNDBK 5.800 7/13/2012 EUR 46.92
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 27.35
BAYERISCHE LNDBK 5.100 6/29/2012 EUR 50.91
BAYERISCHE LNDBK 5.500 6/29/2012 EUR 50.63
BHF-BANK AG 13.200 6/8/2012 EUR 39.33
BHF-BANK AG 7.250 6/15/2012 EUR 55.19
BHW BAUSPARKASSE 4.270 1/15/2019 EUR 73.75
BNP EMIS-U.HANDE 7.000 5/24/2012 EUR 37.18
BNP EMIS-U.HANDE 6.500 6/21/2012 EUR 70.82
BNP EMIS-U.HANDE 6.750 6/21/2012 EUR 55.89
BNP EMIS-U.HANDE 7.000 6/21/2012 EUR 71.56
BNP EMIS-U.HANDE 7.000 6/21/2012 EUR 62.62
BNP EMIS-U.HANDE 7.250 6/21/2012 EUR 60.82
BNP EMIS-U.HANDE 7.250 6/21/2012 EUR 73.82
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 52.13
BNP EMIS-U.HANDE 7.500 6/21/2012 EUR 68.76
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 65.99
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 66.71
BNP EMIS-U.HANDE 7.750 6/21/2012 EUR 52.21
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 62.44
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 56.44
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 66.31
BNP EMIS-U.HANDE 8.250 6/21/2012 EUR 68.13
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 72.59
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 62.79
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 73.90
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 64.50
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 59.28
BNP EMIS-U.HANDE 8.500 6/21/2012 EUR 64.26
BNP EMIS-U.HANDE 9.000 6/21/2012 EUR 62.78
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 37.06
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 48.60
BNP EMIS-U.HANDE 9.250 6/21/2012 EUR 66.49
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 48.45
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 70.33
BNP EMIS-U.HANDE 9.500 6/21/2012 EUR 68.89
BNP EMIS-U.HANDE 9.750 6/21/2012 EUR 72.53
BNP EMIS-U.HANDE 9.750 6/21/2012 EUR 71.76
BNP EMIS-U.HANDE 10.000 6/21/2012 EUR 50.40
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 47.48
BNP EMIS-U.HANDE 10.250 6/21/2012 EUR 52.95
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 39.87
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 41.22
BNP EMIS-U.HANDE 10.500 6/21/2012 EUR 63.49
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 33.96
BNP EMIS-U.HANDE 11.000 6/21/2012 EUR 56.69
BNP EMIS-U.HANDE 11.250 6/21/2012 EUR 68.78
BNP EMIS-U.HANDE 11.500 6/21/2012 EUR 72.72
BNP EMIS-U.HANDE 11.500 6/21/2012 EUR 41.30
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 30.92
BNP EMIS-U.HANDE 11.750 6/21/2012 EUR 61.55
BNP EMIS-U.HANDE 12.000 6/21/2012 EUR 66.60
BNP EMIS-U.HANDE 13.500 6/21/2012 EUR 40.70
BNP EMIS-U.HANDE 13.750 6/21/2012 EUR 41.94
BNP EMIS-U.HANDE 14.250 6/21/2012 EUR 31.94
BNP EMIS-U.HANDE 15.000 6/21/2012 EUR 52.90
BNP EMIS-U.HANDE 15.500 6/21/2012 EUR 17.76
BNP EMIS-U.HANDE 16.000 6/21/2012 EUR 16.03
BNP EMIS-U.HANDE 18.250 6/21/2012 EUR 6.26
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BNP EMIS-U.HANDE 5.000 7/26/2012 EUR 72.84
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 34.23
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 69.36
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 67.42
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 37.40
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 55.29
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 36.98
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 43.95
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 69.25
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 26.24
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 46.56
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 59.25
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 21.90
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 70.28
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 71.90
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 47.40
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 64.82
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 34.83
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 71.54
BNP EMIS-U.HANDE 8.500 7/26/2012 EUR 65.20
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 30.34
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 50.47
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 32.95
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 47.75
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 45.74
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 60.57
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 70.71
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 36.98
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 42.78
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 52.70
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 62.75
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 65.64
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 54.02
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 54.92
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 65.62
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 73.60
BNP EMIS-U.HANDE 5.250 5/24/2012 EUR 55.92
COMMERZBANK AG 10.000 10/1/2012 EUR 66.24
COMMERZBANK AG 9.000 10/1/2012 EUR 52.59
COMMERZBANK AG 8.250 10/1/2012 EUR 66.37
COMMERZBANK AG 7.700 9/28/2012 EUR 49.60
COMMERZBANK AG 9.000 8/3/2012 EUR 61.65
COMMERZBANK AG 8.500 8/3/2012 EUR 47.91
COMMERZBANK AG 12.000 7/6/2012 EUR 69.81
COMMERZBANK AG 11.500 7/6/2012 EUR 73.72
COMMERZBANK AG 11.500 7/6/2012 EUR 5.98
COMMERZBANK AG 10.500 7/6/2012 EUR 51.82
COMMERZBANK AG 8.250 7/6/2012 EUR 68.91
COMMERZBANK AG 9.000 10/29/2012 EUR 8.24
COMMERZBANK AG 25.000 6/22/2012 EUR 61.20
COMMERZBANK AG 19.500 6/22/2012 EUR 67.26
COMMERZBANK AG 16.000 6/22/2012 EUR 47.88
COMMERZBANK AG 16.000 6/22/2012 EUR 73.86
COMMERZBANK AG 12.500 6/22/2012 EUR 72.24
COMMERZBANK AG 11.500 6/22/2012 EUR 45.56
COMMERZBANK AG 8.000 6/22/2012 EUR 47.97
COMMERZBANK AG 8.000 6/22/2012 EUR 59.74
COMMERZBANK AG 23.000 6/21/2012 EUR 68.59
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COMMERZBANK AG 8.750 6/21/2012 EUR 52.68
COMMERZBANK AG 9.000 6/4/2012 EUR 68.36
COMMERZBANK AG 10.750 3/21/2013 EUR 74.36
COMMERZBANK AG 13.500 12/28/2012 EUR 73.91
COMMERZBANK AG 13.000 12/28/2012 EUR 74.11
COMMERZBANK AG 8.000 12/27/2012 EUR 44.93
COMMERZBANK AG 7.000 12/27/2012 EUR 59.64
COMMERZBANK AG 6.000 12/27/2012 EUR 70.06
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COMMERZBANK AG 10.000 10/29/2012 EUR 62.92
COMMERZBANK AG 8.000 11/5/2012 EUR 39.62
COMMERZBANK AG 10.000 11/5/2012 EUR 53.42
COMMERZBANK AG 8.500 10/29/2012 EUR 71.77
COMMERZBANK AG 11.500 11/5/2012 EUR 47.34
COMMERZBANK AG 8.500 12/17/2012 EUR 53.90
COMMERZBANK AG 8.750 12/17/2012 EUR 66.53
COMMERZBANK AG 6.460 6/24/2022 EUR 69.63
COMMERZBANK AG 6.360 3/15/2022 EUR 70.00
COMMERZBANK AG 6.300 3/15/2022 EUR 69.75
COMMERZBANK AG 8.400 12/30/2013 EUR 17.04
COMMERZBANK AG 14.000 8/5/2013 EUR 67.52
COMMERZBANK AG 18.500 3/21/2013 EUR 69.96
COMMERZBANK AG 14.500 3/21/2013 EUR 71.72
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 69.30
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 50.20
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 72.50
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 65.10
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 43.50
DEUTSCHE BANK AG 12.000 11/29/2012 EUR 72.00
DEUTSCHE BANK AG 9.000 11/29/2012 EUR 72.40
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 72.10
DEUTSCHE BANK AG 10.000 10/31/2012 EUR 74.50
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 49.50
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DEUTSCHE BANK AG 12.000 8/31/2012 EUR 69.10
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 75.00
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 74.00
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DEUTSCHE BANK AG 8.000 8/31/2012 EUR 74.80
DEUTSCHE BANK AG 8.000 8/6/2012 EUR 61.60
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 72.80
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DEUTSCHE BANK AG 13.000 7/31/2012 EUR 73.90
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 65.40
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 54.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 49.90
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 58.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 62.70
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 63.10
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 70.80
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DEUTSCHE BANK AG 9.000 7/31/2012 EUR 75.00
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 58.70
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 51.30
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 64.70
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 45.90
DEUTSCHE BANK AG 8.000 5/31/2012 EUR 65.90
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 61.50
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 72.20
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 50.40
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 46.20
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 63.30
DEUTSCHE BANK AG 10.000 5/31/2012 EUR 43.70
DEUTSCHE BANK AG 10.000 6/20/2012 EUR 70.30
DEUTSCHE BANK AG 14.000 6/20/2012 EUR 74.90
DEUTSCHE BANK AG 14.000 6/20/2012 EUR 59.90
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DEUTSCHE BANK AG 7.000 6/29/2012 EUR 53.50
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 61.50
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DEUTSCHE BANK AG 8.000 6/29/2012 EUR 45.60
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 65.50
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 55.40
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 59.10
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 74.10
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 49.90
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 52.10
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DEUTSCHE BANK AG 8.000 7/31/2012 EUR 70.40
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 60.00
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DEUTSCHE BANK AG 10.000 6/29/2012 EUR 70.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 71.50
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 63.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 54.00
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 54.00
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 54.00
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 68.80
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 48.00
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.40
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 73.80
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 53.00
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DEUTSCHE BANK AG 15.000 2/20/2013 EUR 73.80
DEUTSCHE BANK AG 7.000 5/31/2012 EUR 68.30
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 72.80
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 69.50
DEUTSCHE BANK AG 11.000 1/18/2013 EUR 73.70
DEUTSCHE BANK AG 8.000 6/29/2012 EUR 73.70
DRESDNER BANK AG 5.700 7/31/2023 EUR 61.13
DRESDNER BANK AG 5.290 5/31/2021 EUR 66.75
DRESDNER BANK AG 7.350 6/13/2028 EUR 64.50
DRESDNER BANK AG 6.180 2/28/2023 EUR 65.63
DRESDNER BANK AG 6.210 6/20/2022 EUR 68.13
DRESDNER BANK AG 7.160 8/14/2024 EUR 67.50
DZ BANK AG 12.000 1/2/2013 EUR 72.20
DZ BANK AG 17.750 8/10/2012 EUR 69.87
DZ BANK AG 16.500 8/10/2012 EUR 73.88
DZ BANK AG 14.500 8/10/2012 EUR 70.62
DZ BANK AG 10.500 8/10/2012 EUR 69.78
DZ BANK AG 9.500 8/10/2012 EUR 67.98
DZ BANK AG 5.000 8/10/2012 EUR 60.43
DZ BANK AG 12.700 8/3/2012 EUR 72.88
DZ BANK AG 12.750 7/31/2012 EUR 69.75
DZ BANK AG 15.500 7/27/2012 EUR 73.09
DZ BANK AG 15.250 7/27/2012 EUR 48.75
DZ BANK AG 15.000 7/27/2012 EUR 41.54
DZ BANK AG 14.750 7/27/2012 EUR 64.36
DZ BANK AG 13.100 7/27/2012 EUR 72.25
DZ BANK AG 12.750 7/27/2012 EUR 71.52
DZ BANK AG 12.700 7/27/2012 EUR 71.29
DZ BANK AG 12.500 7/27/2012 EUR 59.13
DZ BANK AG 12.250 7/27/2012 EUR 68.11
DZ BANK AG 12.000 7/27/2012 EUR 58.19
DZ BANK AG 12.000 7/27/2012 EUR 74.87
DZ BANK AG 11.750 7/27/2012 EUR 53.26
DZ BANK AG 11.500 7/27/2012 EUR 45.21
DZ BANK AG 11.250 7/27/2012 EUR 67.79
DZ BANK AG 11.250 7/27/2012 EUR 53.15
DZ BANK AG 11.250 7/27/2012 EUR 71.18
DZ BANK AG 10.750 7/27/2012 EUR 48.86
DZ BANK AG 10.500 7/27/2012 EUR 53.52
DZ BANK AG 10.000 7/27/2012 EUR 57.46
DZ BANK AG 9.800 7/27/2012 EUR 62.70
DZ BANK AG 9.250 7/27/2012 EUR 68.64
DZ BANK AG 9.250 7/27/2012 EUR 67.19
DZ BANK AG 9.000 7/27/2012 EUR 64.44
DZ BANK AG 8.750 7/27/2012 EUR 74.81
DZ BANK AG 8.000 7/27/2012 EUR 57.53
DZ BANK AG 8.000 7/27/2012 EUR 52.74
DZ BANK AG 7.500 7/27/2012 EUR 66.70
DZ BANK AG 7.250 7/27/2012 EUR 74.92
DZ BANK AG 6.500 7/27/2012 EUR 63.38
DZ BANK AG 6.500 7/27/2012 EUR 73.47
DZ BANK AG 6.000 7/27/2012 EUR 68.80
DZ BANK AG 12.500 7/13/2012 EUR 50.61
DZ BANK AG 10.250 7/13/2012 EUR 62.65
DZ BANK AG 10.000 7/13/2012 EUR 70.07
DZ BANK AG 9.750 7/13/2012 EUR 74.63
DZ BANK AG 9.500 7/13/2012 EUR 64.52
DZ BANK AG 9.250 7/13/2012 EUR 58.98
DZ BANK AG 8.500 7/13/2012 EUR 69.86
DZ BANK AG 8.500 7/13/2012 EUR 45.51
DZ BANK AG 8.500 7/13/2012 EUR 48.48
DZ BANK AG 8.250 7/13/2012 EUR 60.74
DZ BANK AG 7.750 7/13/2012 EUR 73.00
DZ BANK AG 7.500 7/13/2012 EUR 72.96
DZ BANK AG 7.500 7/13/2012 EUR 43.90
DZ BANK AG 7.250 7/13/2012 EUR 57.25
DZ BANK AG 7.250 7/13/2012 EUR 68.01
DZ BANK AG 7.250 7/13/2012 EUR 68.01
DZ BANK AG 7.000 7/13/2012 EUR 61.08
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DZ BANK AG 6.750 7/13/2012 EUR 65.39
DZ BANK AG 6.200 7/13/2012 EUR 69.78
DZ BANK AG 6.000 7/13/2012 EUR 64.02
DZ BANK AG 5.000 7/13/2012 EUR 69.36
DZ BANK AG 5.000 7/13/2012 EUR 62.31
DZ BANK AG 12.300 7/11/2012 EUR 73.55
DZ BANK AG 7.000 7/11/2012 EUR 63.91
DZ BANK AG 7.000 7/11/2012 EUR 62.07
DZ BANK AG 9.500 7/6/2012 EUR 72.23
DZ BANK AG 21.000 6/22/2012 EUR 73.71
DZ BANK AG 16.000 6/22/2012 EUR 7.32
DZ BANK AG 13.750 6/22/2012 EUR 66.61
DZ BANK AG 13.750 6/22/2012 EUR 53.64
DZ BANK AG 13.000 6/22/2012 EUR 33.87
DZ BANK AG 12.500 6/22/2012 EUR 69.98
DZ BANK AG 12.000 6/22/2012 EUR 73.85
DZ BANK AG 12.000 6/22/2012 EUR 45.07
DZ BANK AG 11.750 6/22/2012 EUR 39.64
DZ BANK AG 11.750 6/22/2012 EUR 68.14
DZ BANK AG 11.750 6/22/2012 EUR 38.40
DZ BANK AG 11.750 6/22/2012 EUR 62.13
DZ BANK AG 11.250 6/22/2012 EUR 37.00
DZ BANK AG 11.000 6/22/2012 EUR 43.05
DZ BANK AG 11.000 6/22/2012 EUR 28.25
DZ BANK AG 10.750 6/22/2012 EUR 45.40
DZ BANK AG 10.750 6/22/2012 EUR 66.44
DZ BANK AG 10.750 6/22/2012 EUR 73.82
DZ BANK AG 10.500 6/22/2012 EUR 64.97
DZ BANK AG 10.500 6/22/2012 EUR 31.16
DZ BANK AG 10.250 6/22/2012 EUR 74.17
DZ BANK AG 10.000 6/22/2012 EUR 57.36
DZ BANK AG 10.000 6/22/2012 EUR 63.15
DZ BANK AG 10.000 6/22/2012 EUR 53.11
DZ BANK AG 9.750 6/22/2012 EUR 66.76
DZ BANK AG 9.750 6/22/2012 EUR 68.10
DZ BANK AG 9.750 6/22/2012 EUR 48.86
DZ BANK AG 9.750 6/22/2012 EUR 58.56
DZ BANK AG 9.750 6/22/2012 EUR 73.31
DZ BANK AG 9.750 6/22/2012 EUR 73.62
DZ BANK AG 9.000 6/22/2012 EUR 67.75
DZ BANK AG 9.000 6/22/2012 EUR 49.18
DZ BANK AG 9.000 6/22/2012 EUR 24.04
DZ BANK AG 8.750 6/22/2012 EUR 66.10
DZ BANK AG 8.750 6/22/2012 EUR 56.39
DZ BANK AG 8.500 6/22/2012 EUR 65.58
DZ BANK AG 8.500 6/22/2012 EUR 68.66
DZ BANK AG 8.250 6/22/2012 EUR 66.82
DZ BANK AG 8.250 6/22/2012 EUR 65.96
DZ BANK AG 8.000 6/22/2012 EUR 34.38
DZ BANK AG 7.750 6/22/2012 EUR 66.01
DZ BANK AG 7.500 6/22/2012 EUR 60.22
DZ BANK AG 7.500 6/22/2012 EUR 72.96
DZ BANK AG 7.250 6/22/2012 EUR 71.41
DZ BANK AG 7.250 6/22/2012 EUR 65.16
DZ BANK AG 7.000 6/22/2012 EUR 72.50
DZ BANK AG 7.000 6/22/2012 EUR 68.30
DZ BANK AG 6.750 6/22/2012 EUR 65.17
DZ BANK AG 6.250 6/22/2012 EUR 72.44
DZ BANK AG 6.250 6/22/2012 EUR 54.45
DZ BANK AG 6.250 6/22/2012 EUR 74.94
DZ BANK AG 6.250 6/22/2012 EUR 62.12
DZ BANK AG 5.500 6/22/2012 EUR 65.93
DZ BANK AG 5.500 6/22/2012 EUR 68.09
DZ BANK AG 5.250 6/22/2012 EUR 61.49
DZ BANK AG 4.000 6/20/2012 EUR 58.61
DZ BANK AG 8.000 6/11/2012 EUR 61.48
DZ BANK AG 12.250 6/8/2012 EUR 71.86
DZ BANK AG 11.500 6/8/2012 EUR 73.84
DZ BANK AG 11.250 6/8/2012 EUR 44.31
DZ BANK AG 10.750 6/8/2012 EUR 72.60
DZ BANK AG 10.500 6/8/2012 EUR 41.04
DZ BANK AG 10.000 6/8/2012 EUR 70.10
DZ BANK AG 9.750 6/8/2012 EUR 67.45
DZ BANK AG 9.750 6/8/2012 EUR 62.94
DZ BANK AG 9.500 6/8/2012 EUR 66.56
DZ BANK AG 9.250 6/8/2012 EUR 46.23
DZ BANK AG 9.000 6/8/2012 EUR 49.40
DZ BANK AG 8.750 6/8/2012 EUR 65.77
DZ BANK AG 8.500 6/8/2012 EUR 74.68
DZ BANK AG 8.250 6/8/2012 EUR 72.29
DZ BANK AG 8.250 6/8/2012 EUR 63.57
DZ BANK AG 8.000 6/8/2012 EUR 64.81
DZ BANK AG 8.000 6/8/2012 EUR 64.99
DZ BANK AG 7.750 6/8/2012 EUR 62.35
DZ BANK AG 7.500 6/8/2012 EUR 55.73
DZ BANK AG 6.750 6/8/2012 EUR 50.92
DZ BANK AG 6.000 6/8/2012 EUR 71.71
DZ BANK AG 6.000 6/8/2012 EUR 52.61
DZ BANK AG 5.000 6/8/2012 EUR 61.49
DZ BANK AG 16.000 6/7/2012 EUR 68.27
DZ BANK AG 12.000 6/7/2012 EUR 74.65
DZ BANK AG 8.000 6/7/2012 EUR 65.88
DZ BANK AG 26.500 5/25/2012 EUR 74.74
DZ BANK AG 18.000 5/25/2012 EUR 69.99
DZ BANK AG 17.000 5/25/2012 EUR 66.39
DZ BANK AG 5.000 6/22/2018 EUR 54.97
DZ BANK AG 5.270 6/24/2013 EUR 17.90
DZ BANK AG 5.000 6/24/2013 EUR 16.90
DZ BANK AG 17.000 4/26/2013 EUR 66.40
DZ BANK AG 15.750 4/26/2013 EUR 74.21
DZ BANK AG 11.500 4/26/2013 EUR 61.89
DZ BANK AG 17.000 3/22/2013 EUR 72.92
DZ BANK AG 11.250 3/22/2013 EUR 65.56
DZ BANK AG 9.750 3/22/2013 EUR 73.16
DZ BANK AG 5.410 3/22/2013 EUR 16.00
DZ BANK AG 5.000 3/22/2013 EUR 68.28
DZ BANK AG 5.000 3/22/2013 EUR 11.00
DZ BANK AG 5.000 3/22/2013 EUR 16.00
DZ BANK AG 13.750 3/8/2013 EUR 61.37
DZ BANK AG 11.250 3/8/2013 EUR 70.67
DZ BANK AG 10.000 3/8/2013 EUR 71.39
DZ BANK AG 15.000 2/22/2013 EUR 74.83
DZ BANK AG 15.000 2/22/2013 EUR 73.69
DZ BANK AG 15.000 2/22/2013 EUR 72.59
DZ BANK AG 15.000 2/22/2013 EUR 71.52
DZ BANK AG 14.000 2/22/2013 EUR 69.65
DZ BANK AG 11.250 2/22/2013 EUR 73.51
DZ BANK AG 15.500 2/8/2013 EUR 69.31
DZ BANK AG 11.250 2/8/2013 EUR 73.53
DZ BANK AG 19.000 1/25/2013 EUR 73.69
DZ BANK AG 14.000 1/25/2013 EUR 67.27
DZ BANK AG 12.500 1/25/2013 EUR 57.65
DZ BANK AG 15.500 1/11/2013 EUR 61.60
DZ BANK AG 14.250 1/11/2013 EUR 66.30
DZ BANK AG 14.000 1/11/2013 EUR 55.89
DZ BANK AG 6.000 1/2/2013 EUR 56.15
DZ BANK AG 5.000 12/21/2012 EUR 68.13
DZ BANK AG 3.850 12/21/2012 EUR 16.50
DZ BANK AG 9.750 12/14/2012 EUR 70.74
DZ BANK AG 7.250 12/14/2012 EUR 71.23
DZ BANK AG 5.000 12/14/2012 EUR 61.93
DZ BANK AG 20.000 11/23/2012 EUR 72.09
DZ BANK AG 15.500 11/23/2012 EUR 69.05
DZ BANK AG 10.000 11/23/2012 EUR 65.16
DZ BANK AG 16.000 10/26/2012 EUR 71.90
DZ BANK AG 11.000 10/12/2012 EUR 57.69
DZ BANK AG 9.500 10/12/2012 EUR 64.08
DZ BANK AG 8.000 10/12/2012 EUR 71.33
DZ BANK AG 8.000 10/12/2012 EUR 47.39
DZ BANK AG 7.000 10/12/2012 EUR 60.58
DZ BANK AG 7.000 10/12/2012 EUR 74.54
DZ BANK AG 7.000 10/12/2012 EUR 45.54
DZ BANK AG 5.900 10/12/2012 EUR 71.87
DZ BANK AG 8.300 10/5/2012 EUR 64.37
DZ BANK AG 5.700 10/5/2012 EUR 68.65
DZ BANK AG 4.500 10/5/2012 EUR 71.09
DZ BANK AG 22.500 9/28/2012 EUR 68.25
DZ BANK AG 22.000 9/28/2012 EUR 60.39
DZ BANK AG 20.500 9/28/2012 EUR 73.91
DZ BANK AG 20.000 9/28/2012 EUR 73.33
DZ BANK AG 15.500 9/28/2012 EUR 73.79
DZ BANK AG 15.000 9/28/2012 EUR 73.39
DZ BANK AG 14.750 9/28/2012 EUR 57.30
DZ BANK AG 12.250 9/28/2012 EUR 67.26
DZ BANK AG 11.000 9/28/2012 EUR 72.59
DZ BANK AG 19.500 9/14/2012 EUR 61.95
DZ BANK AG 12.500 9/14/2012 EUR 72.01
DZ BANK AG 10.500 9/14/2012 EUR 46.92
DZ BANK AG 10.250 9/14/2012 EUR 74.44
DZ BANK AG 10.000 9/14/2012 EUR 66.84
DZ BANK AG 10.000 9/14/2012 EUR 66.58
DZ BANK AG 9.500 9/14/2012 EUR 68.71
DZ BANK AG 9.500 9/14/2012 EUR 68.41
DZ BANK AG 8.500 9/14/2012 EUR 51.44
DZ BANK AG 8.500 9/14/2012 EUR 73.23
DZ BANK AG 8.250 9/14/2012 EUR 65.64
DZ BANK AG 8.000 9/14/2012 EUR 46.81
DZ BANK AG 7.750 9/14/2012 EUR 74.28
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DZ BANK AG 7.500 9/14/2012 EUR 74.20
DZ BANK AG 7.250 9/14/2012 EUR 67.61
DZ BANK AG 6.250 9/14/2012 EUR 50.70
DZ BANK AG 6.000 9/14/2012 EUR 70.30
DZ BANK AG 6.000 9/14/2012 EUR 67.22
DZ BANK AG 5.850 9/14/2012 EUR 54.74
DZ BANK AG 5.000 9/14/2012 EUR 56.49
DZ BANK AG 21.250 8/24/2012 EUR 67.21
DZ BANK AG 21.000 8/24/2012 EUR 73.33
DZ BANK AG 21.000 8/24/2012 EUR 65.36
DZ BANK AG 19.000 8/24/2012 EUR 73.44
DZ BANK AG 18.000 8/24/2012 EUR 63.93
DZ BANK AG 17.500 8/24/2012 EUR 70.90
DZ BANK AG 17.000 8/24/2012 EUR 71.01
DZ BANK AG 16.500 8/24/2012 EUR 69.49
DZ BANK AG 15.750 8/24/2012 EUR 69.97
DZ BANK AG 14.500 8/24/2012 EUR 70.76
DZ BANK AG 14.000 8/24/2012 EUR 72.33
DZ BANK AG 14.000 8/24/2012 EUR 68.78
DZ BANK AG 13.500 8/24/2012 EUR 72.19
DZ BANK AG 12.000 8/24/2012 EUR 74.72
DZ BANK AG 12.000 8/24/2012 EUR 74.12
DZ BANK AG 10.750 8/24/2012 EUR 59.93
DZ BANK AG 21.250 8/10/2012 EUR 55.60
ESCADA AG 7.500 4/1/2012 EUR 8.67
EUROHYPO AG 3.830 9/21/2020 EUR 69.00
GOLDMAN SACHS CO 16.000 6/26/2013 EUR 73.60
GOLDMAN SACHS CO 16.000 6/26/2013 EUR 74.20
GOLDMAN SACHS CO 17.000 9/26/2012 EUR 74.30
GOLDMAN SACHS CO 16.000 9/26/2012 EUR 74.40
GOTHAER ALLG VER 5.527 9/29/2026 EUR 72.00
HECKLER & KOCH 9.500 5/15/2018 EUR 67.26
HECKLER & KOCH 9.500 5/15/2018 EUR 67.00
HEIDELBERG DRUCK 9.250 4/15/2018 EUR 74.84
HSBC TRINKAUS 15.500 3/22/2013 EUR 68.35
HSBC TRINKAUS 15.500 3/22/2013 EUR 74.89
HSBC TRINKAUS 16.000 3/22/2013 EUR 72.43
HSBC TRINKAUS 14.000 3/22/2013 EUR 72.86
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HSBC TRINKAUS 13.000 3/22/2013 EUR 67.79
HSBC TRINKAUS 12.000 6/22/2012 EUR 48.23
HSBC TRINKAUS 22.000 8/24/2012 EUR 74.91
HSBC TRINKAUS 15.500 9/28/2012 EUR 64.44
HSBC TRINKAUS 17.000 9/28/2012 EUR 70.20
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HSBC TRINKAUS 20.000 9/28/2012 EUR 72.28
HSBC TRINKAUS 21.000 9/28/2012 EUR 68.60
HSBC TRINKAUS 21.000 9/28/2012 EUR 74.19
HSBC TRINKAUS 25.000 9/28/2012 EUR 66.06
HSBC TRINKAUS 25.500 9/28/2012 EUR 74.42
HSBC TRINKAUS 27.500 9/28/2012 EUR 72.77
HSBC TRINKAUS 27.500 9/28/2012 EUR 73.09
HSBC TRINKAUS 29.500 9/28/2012 EUR 64.61
HSBC TRINKAUS 29.500 9/28/2012 EUR 70.13
HSBC TRINKAUS 8.000 3/22/2013 EUR 70.39
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HSBC TRINKAUS 14.500 3/22/2013 EUR 73.64
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HSBC TRINKAUS 26.000 6/28/2013 EUR 62.62
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HSBC TRINKAUS 22.500 6/28/2013 EUR 71.16
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HSBC TRINKAUS 14.500 3/22/2013 EUR 73.67
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HSBC TRINKAUS 18.500 6/28/2013 EUR 72.05
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HSBC TRINKAUS 17.000 6/28/2013 EUR 72.80
HSBC TRINKAUS 10.500 6/28/2013 EUR 72.50
HSBC TRINKAUS 14.000 6/28/2013 EUR 69.63
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HSBC TRINKAUS 27.000 3/22/2013 EUR 71.39
HSBC TRINKAUS 21.500 3/22/2013 EUR 73.39
HSBC TRINKAUS 22.000 3/22/2013 EUR 65.97
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LANDBK HESSEN-TH 5.000 6/28/2012 EUR 71.50
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LANDESBK BERLIN 5.500 12/23/2013 EUR 68.80
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LB BADEN-WUERTT 8.000 8/24/2012 EUR 42.30
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LB BADEN-WUERTT 10.000 8/24/2012 EUR 42.60
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LB BADEN-WUERTT 10.000 8/24/2012 EUR 22.82
LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.22
LB BADEN-WUERTT 10.000 8/24/2012 EUR 64.76
LB BADEN-WUERTT 10.000 8/24/2012 EUR 43.25
LB BADEN-WUERTT 4.000 9/28/2012 EUR 64.99
LB BADEN-WUERTT 4.000 9/28/2012 EUR 45.88
LB BADEN-WUERTT 4.000 9/28/2012 EUR 61.67
LB BADEN-WUERTT 4.000 9/28/2012 EUR 63.50
LB BADEN-WUERTT 4.000 9/28/2012 EUR 29.44
LB BADEN-WUERTT 6.000 9/28/2012 EUR 67.00
LB BADEN-WUERTT 6.000 9/28/2012 EUR 54.39
LB BADEN-WUERTT 6.000 9/28/2012 EUR 55.50
LB BADEN-WUERTT 6.000 9/28/2012 EUR 24.88
LB BADEN-WUERTT 6.000 9/28/2012 EUR 39.83
LB BADEN-WUERTT 6.000 9/28/2012 EUR 68.12
LB BADEN-WUERTT 6.000 9/28/2012 EUR 55.46
LB BADEN-WUERTT 7.000 9/28/2012 EUR 73.03
LB BADEN-WUERTT 7.500 9/28/2012 EUR 74.82
LB BADEN-WUERTT 8.000 9/28/2012 EUR 50.83
LB BADEN-WUERTT 8.000 9/28/2012 EUR 59.62
LB BADEN-WUERTT 8.000 9/28/2012 EUR 49.42
LB BADEN-WUERTT 8.000 9/28/2012 EUR 22.54
LB BADEN-WUERTT 8.000 9/28/2012 EUR 73.70
LB BADEN-WUERTT 8.000 9/28/2012 EUR 71.53
LB BADEN-WUERTT 8.000 9/28/2012 EUR 36.84
LB BADEN-WUERTT 8.000 9/28/2012 EUR 61.00
LB BADEN-WUERTT 8.000 9/28/2012 EUR 49.75
LB BADEN-WUERTT 10.000 9/28/2012 EUR 70.19
LB BADEN-WUERTT 5.000 10/26/2012 EUR 61.11
LB BADEN-WUERTT 5.000 10/26/2012 EUR 21.45
LB BADEN-WUERTT 5.000 10/26/2012 EUR 63.01
LB BADEN-WUERTT 5.000 10/26/2012 EUR 8.11
LB BADEN-WUERTT 5.000 10/26/2012 EUR 60.09
LB BADEN-WUERTT 5.000 10/26/2012 EUR 57.78
LB BADEN-WUERTT 7.500 10/26/2012 EUR 53.84
LB BADEN-WUERTT 7.500 10/26/2012 EUR 56.57
LB BADEN-WUERTT 7.500 10/26/2012 EUR 52.54
LB BADEN-WUERTT 7.500 10/26/2012 EUR 8.43
LB BADEN-WUERTT 7.500 10/26/2012 EUR 50.91
LB BADEN-WUERTT 7.500 10/26/2012 EUR 19.80
LB BADEN-WUERTT 7.500 10/26/2012 EUR 70.94
LB BADEN-WUERTT 7.500 10/26/2012 EUR 68.18
LB BADEN-WUERTT 10.000 10/26/2012 EUR 47.45
LB BADEN-WUERTT 10.000 10/26/2012 EUR 47.56
LB BADEN-WUERTT 10.000 10/26/2012 EUR 50.22
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.37
LB BADEN-WUERTT 10.000 10/26/2012 EUR 63.02
LB BADEN-WUERTT 10.000 10/26/2012 EUR 8.66
LB BADEN-WUERTT 10.000 10/26/2012 EUR 72.11
LB BADEN-WUERTT 10.000 10/26/2012 EUR 19.15
LB BADEN-WUERTT 10.000 10/26/2012 EUR 72.67
LB BADEN-WUERTT 10.000 10/26/2012 EUR 74.27
LB BADEN-WUERTT 10.000 10/26/2012 EUR 72.66
LB BADEN-WUERTT 10.000 10/26/2012 EUR 65.99
LB BADEN-WUERTT 10.000 10/26/2012 EUR 52.47
LB BADEN-WUERTT 5.000 11/23/2012 EUR 63.57
LB BADEN-WUERTT 5.000 11/23/2012 EUR 62.57
LB BADEN-WUERTT 5.000 11/23/2012 EUR 53.54
LB BADEN-WUERTT 5.000 11/23/2012 EUR 54.21
LB BADEN-WUERTT 5.000 11/23/2012 EUR 21.75
LB BADEN-WUERTT 5.000 11/23/2012 EUR 66.84
LB BADEN-WUERTT 5.000 11/23/2012 EUR 74.15
LB BADEN-WUERTT 5.000 11/23/2012 EUR 73.07
LB BADEN-WUERTT 7.500 11/23/2012 EUR 67.50
LB BADEN-WUERTT 7.500 11/23/2012 EUR 55.51
LB BADEN-WUERTT 7.500 11/23/2012 EUR 65.49
LB BADEN-WUERTT 7.500 11/23/2012 EUR 48.51
LB BADEN-WUERTT 7.500 11/23/2012 EUR 72.19
LB BADEN-WUERTT 7.500 11/23/2012 EUR 55.98
LB BADEN-WUERTT 7.500 11/23/2012 EUR 47.07
LB BADEN-WUERTT 7.500 11/23/2012 EUR 58.80
LB BADEN-WUERTT 7.500 11/23/2012 EUR 74.75
LB BADEN-WUERTT 7.500 11/23/2012 EUR 66.33
LB BADEN-WUERTT 7.500 11/23/2012 EUR 20.49
LB BADEN-WUERTT 7.500 11/23/2012 EUR 67.54
LB BADEN-WUERTT 10.000 11/23/2012 EUR 43.57
LB BADEN-WUERTT 10.000 11/23/2012 EUR 19.97
LB BADEN-WUERTT 10.000 11/23/2012 EUR 58.68
LB BADEN-WUERTT 10.000 11/23/2012 EUR 66.43
LB BADEN-WUERTT 10.000 11/23/2012 EUR 45.02
LB BADEN-WUERTT 10.000 11/23/2012 EUR 54.07
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.98
LB BADEN-WUERTT 10.000 11/23/2012 EUR 52.14
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.79
LB BADEN-WUERTT 10.000 11/23/2012 EUR 74.99
LB BADEN-WUERTT 10.000 11/23/2012 EUR 50.28
LB BADEN-WUERTT 10.000 11/23/2012 EUR 69.93
LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.92
LB BADEN-WUERTT 15.000 11/23/2012 EUR 54.03
LB BADEN-WUERTT 5.000 1/4/2013 EUR 73.25
LB BADEN-WUERTT 5.000 1/4/2013 EUR 66.93
LB BADEN-WUERTT 5.000 1/4/2013 EUR 55.69
LB BADEN-WUERTT 5.000 1/4/2013 EUR 22.29
LB BADEN-WUERTT 5.000 1/4/2013 EUR 60.12
LB BADEN-WUERTT 5.000 1/4/2013 EUR 53.07
LB BADEN-WUERTT 5.000 1/4/2013 EUR 61.75
LB BADEN-WUERTT 7.500 1/4/2013 EUR 73.79
LB BADEN-WUERTT 7.500 1/4/2013 EUR 54.20
LB BADEN-WUERTT 7.500 1/4/2013 EUR 46.93
LB BADEN-WUERTT 7.500 1/4/2013 EUR 57.24
LB BADEN-WUERTT 7.500 1/4/2013 EUR 71.85
LB BADEN-WUERTT 7.500 1/4/2013 EUR 59.20
LB BADEN-WUERTT 7.500 1/4/2013 EUR 64.73
LB BADEN-WUERTT 7.500 1/4/2013 EUR 63.29
LB BADEN-WUERTT 7.500 1/4/2013 EUR 21.06
LB BADEN-WUERTT 10.000 1/4/2013 EUR 60.59
LB BADEN-WUERTT 10.000 1/4/2013 EUR 44.61
LB BADEN-WUERTT 10.000 1/4/2013 EUR 58.78
LB BADEN-WUERTT 10.000 1/4/2013 EUR 68.62
LB BADEN-WUERTT 10.000 1/4/2013 EUR 55.83
LB BADEN-WUERTT 10.000 1/4/2013 EUR 64.83
LB BADEN-WUERTT 10.000 1/4/2013 EUR 21.04
LB BADEN-WUERTT 10.000 1/4/2013 EUR 49.93
LB BADEN-WUERTT 10.000 1/4/2013 EUR 69.22
LB BADEN-WUERTT 5.000 1/25/2013 EUR 74.31
LB BADEN-WUERTT 5.000 1/25/2013 EUR 71.69
LB BADEN-WUERTT 5.000 1/25/2013 EUR 29.32
LB BADEN-WUERTT 5.000 1/25/2013 EUR 72.81
LB BADEN-WUERTT 7.500 1/25/2013 EUR 72.23
LB BADEN-WUERTT 7.500 1/25/2013 EUR 68.75
LB BADEN-WUERTT 7.500 1/25/2013 EUR 65.79
LB BADEN-WUERTT 7.500 1/25/2013 EUR 27.36
LB BADEN-WUERTT 7.500 1/25/2013 EUR 69.17
LB BADEN-WUERTT 7.500 1/25/2013 EUR 63.18
LB BADEN-WUERTT 7.500 1/25/2013 EUR 74.49
LB BADEN-WUERTT 10.000 1/25/2013 EUR 26.59
LB BADEN-WUERTT 10.000 1/25/2013 EUR 73.17
LB BADEN-WUERTT 10.000 1/25/2013 EUR 57.61
LB BADEN-WUERTT 10.000 1/25/2013 EUR 64.15
LB BADEN-WUERTT 10.000 1/25/2013 EUR 69.16
LB BADEN-WUERTT 10.000 1/25/2013 EUR 73.81
LB BADEN-WUERTT 10.000 1/25/2013 EUR 61.08
LB BADEN-WUERTT 10.000 1/25/2013 EUR 65.38
LB BADEN-WUERTT 15.000 2/22/2013 EUR 68.05
LB BADEN-WUERTT 8.000 3/22/2013 EUR 71.35
LB BADEN-WUERTT 10.000 3/22/2013 EUR 70.10
LB BADEN-WUERTT 12.000 3/22/2013 EUR 72.70
LB BADEN-WUERTT 15.000 3/22/2013 EUR 67.75
LB BADEN-WUERTT 5.000 6/28/2013 EUR 70.51
LB BADEN-WUERTT 7.500 6/28/2013 EUR 71.22
LB BADEN-WUERTT 7.500 6/28/2013 EUR 74.99
LB BADEN-WUERTT 9.000 6/28/2013 EUR 73.25
LB BADEN-WUERTT 10.000 6/28/2013 EUR 70.79
LB BADEN-WUERTT 10.000 6/28/2013 EUR 71.75
LB BADEN-WUERTT 11.000 6/28/2013 EUR 72.59
LB BADEN-WUERTT 7.000 8/23/2013 EUR 73.49
LB BADEN-WUERTT 9.000 8/23/2013 EUR 71.77
LB BADEN-WUERTT 12.000 8/23/2013 EUR 73.56
LB BADEN-WUERTT 9.000 9/27/2013 EUR 74.89
LB BADEN-WUERTT 11.000 9/27/2013 EUR 74.83
LB BADEN-WUERTT 5.250 10/20/2015 EUR 25.98
LB BADEN-WUERTT 4.950 3/27/2017 EUR 73.35
LB BADEN-WUERTT 2.800 2/23/2037 JPY 64.85
L-BANK FOERDERBK 0.500 5/10/2027 CAD 52.18
MACQUARIE STRUCT 12.500 6/22/2012 EUR 36.42
MACQUARIE STRUCT 12.500 6/22/2012 EUR 39.70
MACQUARIE STRUCT 15.750 6/22/2012 EUR 13.20
MACQUARIE STRUCT 15.750 6/22/2012 EUR 50.25
MACQUARIE STRUCT 13.250 1/2/2013 EUR 74.90
MACQUARIE STRUCT 12.750 6/22/2012 EUR 71.24
MACQUARIE STRUCT 8.750 5/25/2012 EUR 70.80
MACQUARIE STRUCT 9.000 6/22/2012 EUR 60.02
MACQUARIE STRUCT 9.250 6/22/2012 EUR 28.19
MACQUARIE STRUCT 9.750 6/22/2012 EUR 62.13
MACQUARIE STRUCT 9.750 6/22/2012 EUR 67.95
MACQUARIE STRUCT 10.000 6/22/2012 EUR 40.82
MACQUARIE STRUCT 10.000 6/22/2012 EUR 70.51
MACQUARIE STRUCT 10.750 9/28/2012 EUR 72.75
MACQUARIE STRUCT 10.250 6/22/2012 EUR 45.74
MACQUARIE STRUCT 11.500 9/28/2012 EUR 46.66
MACQUARIE STRUCT 9.250 9/28/2012 EUR 65.55
MACQUARIE STRUCT 9.750 9/28/2012 EUR 47.95
MACQUARIE STRUCT 16.000 6/22/2012 EUR 12.78
MACQUARIE STRUCT 10.000 9/28/2012 EUR 63.55
MACQUARIE STRUCT 18.000 12/14/2012 EUR 71.13
MACQUARIE STRUCT 12.000 6/22/2012 EUR 71.86
MACQUARIE STRUCT 12.000 6/22/2012 EUR 65.62
MACQUARIE STRUCT 12.500 6/22/2012 EUR 66.68
MACQUARIE STRUCT 17.000 6/22/2012 EUR 36.37
MACQUARIE STRUCT 21.000 6/22/2012 EUR 65.68
MACQUARIE STRUCT 18.500 6/22/2012 EUR 43.87
MACQUARIE STRUCT 23.250 6/22/2012 EUR 3.56
MACQUARIE STRUCT 13.000 6/22/2012 EUR 57.75
MACQUARIE STRUCT 13.500 6/22/2012 EUR 28.02
MACQUARIE STRUCT 9.000 9/28/2012 EUR 51.95
MACQUARIE STRUCT 10.250 6/22/2012 EUR 68.08
MACQUARIE STRUCT 10.250 6/22/2012 EUR 73.02
MACQUARIE STRUCT 10.750 6/22/2012 EUR 35.15
MACQUARIE STRUCT 11.000 6/22/2012 EUR 73.57
MACQUARIE STRUCT 11.000 6/22/2012 EUR 70.84
MACQUARIE STRUCT 11.000 6/22/2012 EUR 69.81
MACQUARIE STRUCT 11.000 6/22/2012 EUR 57.67
MACQUARIE STRUCT 11.500 6/22/2012 EUR 33.63
MACQUARIE STRUCT 11.500 6/22/2012 EUR 57.13
MACQUARIE STRUCT 11.500 6/22/2012 EUR 47.68
MACQUARIE STRUCT 11.750 6/22/2012 EUR 59.00
MACQUARIE STRUCT 11.750 6/22/2012 EUR 70.47
MACQUARIE STRUCT 11.750 6/22/2012 EUR 67.91
NORDDEUTSCHE L/B 7.000 6/8/2012 EUR 50.49
PRAKTIKER BAU-UN 5.875 2/10/2016 EUR 48.01
Q-CELLS 6.750 10/21/2015 EUR 0.62
QIMONDA FINANCE 6.750 3/22/2013 USD 5.88
RENTENBANK 0.500 4/19/2017 ZAR 73.70
RENTENBANK 0.500 4/19/2017 TRY 70.89
RENTENBANK 0.500 3/15/2017 TRY 70.82
SOLARWORLD AG 6.125 1/21/2017 EUR 30.01
SOLARWORLD AG 6.375 7/13/2016 EUR 30.61
SOLON AG SOLAR 1.375 12/6/2012 EUR 1.16
TAG IMMO AG 6.500 12/10/2015 EUR 7.98
TUI AG 5.500 11/17/2014 EUR 60.05
TUI AG 2.750 3/24/2016 EUR 47.65
UNICREDIT BANK A 7.000 6/21/2012 EUR 46.70
VONTOBEL FIN PRO 11.764 9/28/2012 EUR 54.72
VONTOBEL FIN PRO 11.744 9/28/2012 EUR 71.42
VONTOBEL FIN PRO 11.698 9/28/2012 EUR 65.96
VONTOBEL FIN PRO 11.676 9/28/2012 EUR 44.82
VONTOBEL FIN PRO 11.676 9/28/2012 EUR 73.00
VONTOBEL FIN PRO 11.580 9/28/2012 EUR 69.32
VONTOBEL FIN PRO 11.577 9/28/2012 EUR 47.94
VONTOBEL FIN PRO 11.550 9/28/2012 EUR 65.02
VONTOBEL FIN PRO 11.533 9/28/2012 EUR 74.74
VONTOBEL FIN PRO 11.514 9/28/2012 EUR 64.02
VONTOBEL FIN PRO 11.502 9/28/2012 EUR 44.70
VONTOBEL FIN PRO 11.502 9/28/2012 EUR 42.36
VONTOBEL FIN PRO 11.497 9/28/2012 EUR 68.72
VONTOBEL FIN PRO 11.398 9/28/2012 EUR 69.76
VONTOBEL FIN PRO 11.357 9/28/2012 EUR 54.58
VONTOBEL FIN PRO 11.350 9/28/2012 EUR 68.74
VONTOBEL FIN PRO 11.297 9/28/2012 EUR 73.16
VONTOBEL FIN PRO 11.250 9/28/2012 EUR 70.96
VONTOBEL FIN PRO 11.245 9/28/2012 EUR 66.52
VONTOBEL FIN PRO 11.245 9/28/2012 EUR 72.14
VONTOBEL FIN PRO 11.241 9/28/2012 EUR 72.74
VONTOBEL FIN PRO 11.229 9/28/2012 EUR 60.66
VONTOBEL FIN PRO 11.197 9/28/2012 EUR 60.16
VONTOBEL FIN PRO 11.187 9/28/2012 EUR 56.92
VONTOBEL FIN PRO 11.145 9/28/2012 EUR 47.74
VONTOBEL FIN PRO 11.119 9/28/2012 EUR 56.50
VONTOBEL FIN PRO 11.119 9/28/2012 EUR 63.28
VONTOBEL FIN PRO 11.100 9/28/2012 EUR 73.30
VONTOBEL FIN PRO 11.100 9/28/2012 EUR 69.40
VONTOBEL FIN PRO 11.100 9/28/2012 EUR 64.26
VONTOBEL FIN PRO 11.077 9/28/2012 EUR 48.47
VONTOBEL FIN PRO 11.068 9/28/2012 EUR 66.38
VONTOBEL FIN PRO 11.035 9/28/2012 EUR 58.32
VONTOBEL FIN PRO 11.029 9/28/2012 EUR 73.94
VONTOBEL FIN PRO 11.028 9/28/2012 EUR 62.62
VONTOBEL FIN PRO 11.027 9/28/2012 EUR 66.00
VONTOBEL FIN PRO 11.017 9/28/2012 EUR 60.66
VONTOBEL FIN PRO 11.014 9/28/2012 EUR 72.06
VONTOBEL FIN PRO 10.989 9/28/2012 EUR 55.86
VONTOBEL FIN PRO 10.971 9/28/2012 EUR 61.12
VONTOBEL FIN PRO 10.915 9/28/2012 EUR 59.20
VONTOBEL FIN PRO 10.909 9/28/2012 EUR 58.58
VONTOBEL FIN PRO 10.905 9/28/2012 EUR 63.50
VONTOBEL FIN PRO 10.850 9/28/2012 EUR 58.30
VONTOBEL FIN PRO 10.830 9/28/2012 EUR 46.38
VONTOBEL FIN PRO 10.830 9/28/2012 EUR 64.38
VONTOBEL FIN PRO 10.830 9/28/2012 EUR 50.42
VONTOBEL FIN PRO 10.825 9/28/2012 EUR 64.78
VONTOBEL FIN PRO 10.755 9/28/2012 EUR 67.36
VONTOBEL FIN PRO 10.722 9/28/2012 EUR 62.98
VONTOBEL FIN PRO 10.678 9/28/2012 EUR 58.90
VONTOBEL FIN PRO 10.650 9/28/2012 EUR 74.98
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 70.82
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 57.16
VONTOBEL FIN PRO 10.556 9/28/2012 EUR 39.24
VONTOBEL FIN PRO 10.539 9/28/2012 EUR 50.16
VONTOBEL FIN PRO 10.494 9/28/2012 EUR 43.32
VONTOBEL FIN PRO 10.456 9/28/2012 EUR 71.07
VONTOBEL FIN PRO 10.448 9/28/2012 EUR 74.32
VONTOBEL FIN PRO 10.404 9/28/2012 EUR 71.22
VONTOBEL FIN PRO 10.366 9/28/2012 EUR 53.98
VONTOBEL FIN PRO 10.344 9/28/2012 EUR 50.10
VONTOBEL FIN PRO 10.336 9/28/2012 EUR 48.82
VONTOBEL FIN PRO 10.320 9/28/2012 EUR 66.10
VONTOBEL FIN PRO 10.286 9/28/2012 EUR 74.16
VONTOBEL FIN PRO 10.242 9/28/2012 EUR 72.24
VONTOBEL FIN PRO 10.241 9/28/2012 EUR 71.76
VONTOBEL FIN PRO 10.155 9/28/2012 EUR 66.06
VONTOBEL FIN PRO 10.123 9/28/2012 EUR 52.92
VONTOBEL FIN PRO 10.083 9/28/2012 EUR 55.66
VONTOBEL FIN PRO 10.083 9/28/2012 EUR 66.80
VONTOBEL FIN PRO 10.083 9/28/2012 EUR 73.58
VONTOBEL FIN PRO 10.070 9/28/2012 EUR 72.48
VONTOBEL FIN PRO 10.046 9/28/2012 EUR 62.28
VONTOBEL FIN PRO 10.046 9/28/2012 EUR 55.44
VONTOBEL FIN PRO 10.024 9/28/2012 EUR 74.06
VONTOBEL FIN PRO 10.014 9/28/2012 EUR 45.84
VONTOBEL FIN PRO 10.000 9/28/2012 EUR 53.56
VONTOBEL FIN PRO 9.986 9/28/2012 EUR 71.28
VONTOBEL FIN PRO 9.950 9/28/2012 EUR 51.60
VONTOBEL FIN PRO 9.926 9/28/2012 EUR 57.74
VONTOBEL FIN PRO 9.900 9/28/2012 EUR 66.42
VONTOBEL FIN PRO 9.900 9/28/2012 EUR 71.68
VONTOBEL FIN PRO 9.877 9/28/2012 EUR 50.88
VONTOBEL FIN PRO 9.860 9/28/2012 EUR 71.42
VONTOBEL FIN PRO 9.803 9/28/2012 EUR 63.72
VONTOBEL FIN PRO 9.803 9/28/2012 EUR 63.72
VONTOBEL FIN PRO 9.776 9/28/2012 EUR 59.66
VONTOBEL FIN PRO 9.730 9/28/2012 EUR 74.10
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 74.62
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 74.38
VONTOBEL FIN PRO 9.672 9/28/2012 EUR 52.04
VONTOBEL FIN PRO 12.761 9/28/2012 EUR 50.64
VONTOBEL FIN PRO 9.634 9/28/2012 EUR 48.82
VONTOBEL FIN PRO 9.557 9/28/2012 EUR 66.60
VONTOBEL FIN PRO 9.532 9/28/2012 EUR 69.30
VONTOBEL FIN PRO 9.523 9/28/2012 EUR 44.36
VONTOBEL FIN PRO 9.523 9/28/2012 EUR 58.96
VONTOBEL FIN PRO 9.492 9/28/2012 EUR 59.62
VONTOBEL FIN PRO 9.446 9/28/2012 EUR 74.66
VONTOBEL FIN PRO 9.411 9/28/2012 EUR 67.88
VONTOBEL FIN PRO 9.405 9/28/2012 EUR 65.08
VONTOBEL FIN PRO 9.400 9/28/2012 EUR 58.85
VONTOBEL FIN PRO 9.386 9/28/2012 EUR 63.62
VONTOBEL FIN PRO 9.350 9/28/2012 EUR 72.04
VONTOBEL FIN PRO 9.345 9/28/2012 EUR 62.04
VONTOBEL FIN PRO 9.335 9/28/2012 EUR 69.96
VONTOBEL FIN PRO 9.324 9/28/2012 EUR 67.12
VONTOBEL FIN PRO 9.284 9/28/2012 EUR 55.68
VONTOBEL FIN PRO 9.273 9/28/2012 EUR 60.88
VONTOBEL FIN PRO 9.112 9/28/2012 EUR 64.04
VONTOBEL FIN PRO 9.100 9/28/2012 EUR 72.42
VONTOBEL FIN PRO 9.099 9/28/2012 EUR 68.68
VONTOBEL FIN PRO 9.081 9/28/2012 EUR 71.54
VONTOBEL FIN PRO 9.063 9/28/2012 EUR 68.52
VONTOBEL FIN PRO 9.037 9/28/2012 EUR 52.92
VONTOBEL FIN PRO 9.037 9/28/2012 EUR 47.86
VONTOBEL FIN PRO 9.037 9/28/2012 EUR 71.38
VONTOBEL FIN PRO 9.030 9/28/2012 EUR 71.14
VONTOBEL FIN PRO 8.980 9/28/2012 EUR 68.66
VONTOBEL FIN PRO 8.937 9/28/2012 EUR 73.60
VONTOBEL FIN PRO 8.878 9/28/2012 EUR 67.00
VONTOBEL FIN PRO 8.862 9/28/2012 EUR 68.80
VONTOBEL FIN PRO 8.838 9/28/2012 EUR 73.80
VONTOBEL FIN PRO 8.786 9/28/2012 EUR 58.56
VONTOBEL FIN PRO 8.739 9/28/2012 EUR 59.78
VONTOBEL FIN PRO 8.705 9/28/2012 EUR 61.56
VONTOBEL FIN PRO 8.657 9/28/2012 EUR 64.98
VONTOBEL FIN PRO 8.626 9/28/2012 EUR 57.76
VONTOBEL FIN PRO 8.620 9/28/2012 EUR 53.28
VONTOBEL FIN PRO 8.581 9/28/2012 EUR 52.78
VONTOBEL FIN PRO 8.542 9/28/2012 EUR 64.68
VONTOBEL FIN PRO 8.529 9/28/2012 EUR 68.26
VONTOBEL FIN PRO 8.515 9/28/2012 EUR 68.50
VONTOBEL FIN PRO 8.440 9/28/2012 EUR 53.88
VONTOBEL FIN PRO 8.392 9/28/2012 EUR 74.20
VONTOBEL FIN PRO 8.308 9/28/2012 EUR 70.76
VONTOBEL FIN PRO 8.250 9/28/2012 EUR 70.44
VONTOBEL FIN PRO 8.242 9/28/2012 EUR 73.06
VONTOBEL FIN PRO 8.239 9/28/2012 EUR 70.96
VONTOBEL FIN PRO 8.232 9/28/2012 EUR 71.84
VONTOBEL FIN PRO 8.216 9/28/2012 EUR 65.98
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 64.40
VONTOBEL FIN PRO 8.174 9/28/2012 EUR 54.30
VONTOBEL FIN PRO 8.121 9/28/2012 EUR 57.92
VONTOBEL FIN PRO 8.100 9/28/2012 EUR 69.20
VONTOBEL FIN PRO 8.030 9/28/2012 EUR 73.47
VONTOBEL FIN PRO 8.000 9/28/2012 EUR 73.47
VONTOBEL FIN PRO 7.950 9/28/2012 EUR 68.24
VONTOBEL FIN PRO 7.939 9/28/2012 EUR 73.45
VONTOBEL FIN PRO 7.867 9/28/2012 EUR 63.56
VONTOBEL FIN PRO 7.800 9/28/2012 EUR 73.14
VONTOBEL FIN PRO 7.788 9/28/2012 EUR 73.39
VONTOBEL FIN PRO 7.758 9/28/2012 EUR 73.54
VONTOBEL FIN PRO 7.485 9/28/2012 EUR 73.25
VONTOBEL FIN PRO 7.432 9/28/2012 EUR 55.86
VONTOBEL FIN PRO 7.427 9/28/2012 EUR 62.60
VONTOBEL FIN PRO 7.369 9/28/2012 EUR 73.66
VONTOBEL FIN PRO 7.350 9/28/2012 EUR 67.06
VONTOBEL FIN PRO 7.286 9/28/2012 EUR 70.34
VONTOBEL FIN PRO 7.061 9/28/2012 EUR 73.13
VONTOBEL FIN PRO 6.771 9/28/2012 EUR 72.12
VONTOBEL FIN PRO 5.829 9/28/2012 EUR 65.52
VONTOBEL FIN PRO 12.200 8/24/2012 EUR 70.62
VONTOBEL FIN PRO 11.050 8/24/2012 EUR 64.92
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VONTOBEL FIN PRO 8.750 8/24/2012 EUR 73.98
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VONTOBEL FIN PRO 11.073 7/27/2012 EUR 72.80
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VONTOBEL FIN PRO 8.711 7/27/2012 EUR 70.84
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VONTOBEL FIN PRO 10.559 6/29/2012 EUR 71.10
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VONTOBEL FIN PRO 24.150 6/22/2012 EUR 66.38
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VONTOBEL FIN PRO 21.650 6/22/2012 EUR 74.30
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VONTOBEL FIN PRO 20.350 6/22/2012 EUR 71.94
VONTOBEL FIN PRO 20.200 6/22/2012 EUR 72.76
VONTOBEL FIN PRO 19.950 6/22/2012 EUR 69.14
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VONTOBEL FIN PRO 18.295 6/22/2012 EUR 38.26
VONTOBEL FIN PRO 9.650 9/28/2012 EUR 72.94
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VONTOBEL FIN PRO 18.150 6/22/2012 EUR 63.84
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VONTOBEL FIN PRO 10.358 5/18/2012 EUR 74.30
VONTOBEL FIN PRO 10.961 5/18/2012 EUR 48.60
VONTOBEL FIN PRO 12.168 5/18/2012 EUR 30.20
VONTOBEL FIN PRO 10.056 5/25/2012 EUR 69.60
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VONTOBEL FIN PRO 10.358 6/1/2012 EUR 54.60
VONTOBEL FIN PRO 12.369 6/1/2012 EUR 28.40
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VONTOBEL FIN PRO 11.615 6/15/2012 EUR 56.40
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VONTOBEL FIN PRO 6.697 6/22/2012 EUR 68.92
VONTOBEL FIN PRO 6.876 6/22/2012 EUR 52.52
VONTOBEL FIN PRO 6.948 6/22/2012 EUR 64.62
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VONTOBEL FIN PRO 17.950 6/22/2012 EUR 43.70
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VONTOBEL FIN PRO 17.333 6/22/2012 EUR 34.84
VONTOBEL FIN PRO 17.260 6/22/2012 EUR 14.28
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 38.60
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VONTOBEL FIN PRO 7.389 11/25/2013 EUR 29.60
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VONTOBEL FIN PRO 6.000 6/28/2013 EUR 56.86
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VONTOBEL FIN PRO 14.000 3/22/2013 EUR 70.66
VONTOBEL FIN PRO 13.200 3/22/2013 EUR 70.28
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VONTOBEL FIN PRO 10.750 3/22/2013 EUR 74.14
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VONTOBEL FIN PRO 10.930 1/2/2013 EUR 40.52
VONTOBEL FIN PRO 10.093 1/2/2013 EUR 68.29
VONTOBEL FIN PRO 9.931 1/2/2013 EUR 74.24
VONTOBEL FIN PRO 8.987 1/2/2013 EUR 32.67
VONTOBEL FIN PRO 8.393 1/2/2013 EUR 73.36
VONTOBEL FIN PRO 8.069 1/2/2013 EUR 66.87
VONTOBEL FIN PRO 8.042 1/2/2013 EUR 61.38
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 52.30
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 54.68
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 65.02
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 56.02
VONTOBEL FIN PRO 22.900 12/31/2012 EUR 72.30
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VONTOBEL FIN PRO 21.800 12/31/2012 EUR 58.76
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 66.56
VONTOBEL FIN PRO 20.650 12/31/2012 EUR 70.76
VONTOBEL FIN PRO 19.600 12/31/2012 EUR 72.58
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 62.34
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 61.22
VONTOBEL FIN PRO 18.750 12/31/2012 EUR 72.06
VONTOBEL FIN PRO 18.200 12/31/2012 EUR 74.50
VONTOBEL FIN PRO 18.050 12/31/2012 EUR 71.38
VONTOBEL FIN PRO 17.350 12/31/2012 EUR 73.96
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 60.00
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 64.02
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 65.60
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 51.52
VONTOBEL FIN PRO 16.750 12/31/2012 EUR 73.52
VONTOBEL FIN PRO 16.350 12/31/2012 EUR 56.32
VONTOBEL FIN PRO 16.150 12/31/2012 EUR 71.00
VONTOBEL FIN PRO 16.050 12/31/2012 EUR 74.16
VONTOBEL FIN PRO 15.850 12/31/2012 EUR 70.04
VONTOBEL FIN PRO 15.600 12/31/2012 EUR 73.76
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VONTOBEL FIN PRO 15.250 12/31/2012 EUR 66.16
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VONTOBEL FIN PRO 14.850 12/31/2012 EUR 65.92
VONTOBEL FIN PRO 14.750 12/31/2012 EUR 68.84
VONTOBEL FIN PRO 14.750 12/31/2012 EUR 59.02
VONTOBEL FIN PRO 14.700 12/31/2012 EUR 73.70
VONTOBEL FIN PRO 14.550 12/31/2012 EUR 73.74
VONTOBEL FIN PRO 14.505 12/31/2012 EUR 64.30
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VONTOBEL FIN PRO 14.300 12/31/2012 EUR 57.02
VONTOBEL FIN PRO 14.211 12/31/2012 EUR 42.52
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VONTOBEL FIN PRO 13.860 12/31/2012 EUR 66.74
VONTOBEL FIN PRO 13.579 12/31/2012 EUR 61.92
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 74.94
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 63.96
VONTOBEL FIN PRO 13.518 12/31/2012 EUR 70.14
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VONTOBEL FIN PRO 13.474 12/31/2012 EUR 71.04
VONTOBEL FIN PRO 13.411 12/31/2012 EUR 57.00
VONTOBEL FIN PRO 13.250 12/31/2012 EUR 62.32
VONTOBEL FIN PRO 13.200 12/31/2012 EUR 67.36
VONTOBEL FIN PRO 13.123 12/31/2012 EUR 23.46
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 64.72
VONTOBEL FIN PRO 13.000 12/31/2012 EUR 68.80
VONTOBEL FIN PRO 12.912 12/31/2012 EUR 43.72
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 59.20
VONTOBEL FIN PRO 12.877 12/31/2012 EUR 74.58
VONTOBEL FIN PRO 12.850 12/31/2012 EUR 71.66
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 62.50
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 63.84
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 46.36
VONTOBEL FIN PRO 12.593 12/31/2012 EUR 48.32
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 74.44
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 69.16
VONTOBEL FIN PRO 12.501 12/31/2012 EUR 50.03
VONTOBEL FIN PRO 12.451 12/31/2012 EUR 66.98
VONTOBEL FIN PRO 12.433 12/31/2012 EUR 66.38
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 64.46
VONTOBEL FIN PRO 12.246 12/31/2012 EUR 69.62
VONTOBEL FIN PRO 12.211 12/31/2012 EUR 66.02
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VONTOBEL FIN PRO 11.900 12/31/2012 EUR 72.42
VONTOBEL FIN PRO 11.895 12/31/2012 EUR 60.80
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VONTOBEL FIN PRO 11.790 12/31/2012 EUR 48.68
VONTOBEL FIN PRO 11.784 12/31/2012 EUR 55.67
VONTOBEL FIN PRO 11.754 12/31/2012 EUR 73.86
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 72.98
VONTOBEL FIN PRO 11.700 12/31/2012 EUR 66.94
VONTOBEL FIN PRO 11.684 12/31/2012 EUR 64.04
VONTOBEL FIN PRO 11.668 12/31/2012 EUR 59.16
VONTOBEL FIN PRO 11.649 12/31/2012 EUR 45.18
VONTOBEL FIN PRO 11.476 12/31/2012 EUR 49.41
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 64.08
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 74.74
VONTOBEL FIN PRO 11.445 12/31/2012 EUR 59.80
VONTOBEL FIN PRO 11.404 12/31/2012 EUR 61.64
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 72.86
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 66.66
VONTOBEL FIN PRO 11.368 12/31/2012 EUR 74.84
VONTOBEL FIN PRO 11.348 12/31/2012 EUR 68.98
VONTOBEL FIN PRO 11.193 12/31/2012 EUR 67.30
VONTOBEL FIN PRO 11.170 12/31/2012 EUR 50.30
VONTOBEL FIN PRO 10.912 12/31/2012 EUR 72.86
VONTOBEL FIN PRO 10.912 12/31/2012 EUR 62.52
VONTOBEL FIN PRO 10.900 12/31/2012 EUR 56.48
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 56.28
VONTOBEL FIN PRO 10.807 12/31/2012 EUR 23.08
VONTOBEL FIN PRO 10.800 12/31/2012 EUR 66.76
VONTOBEL FIN PRO 10.702 12/31/2012 EUR 72.26
VONTOBEL FIN PRO 10.700 12/31/2012 EUR 70.28
VONTOBEL FIN PRO 10.700 12/31/2012 EUR 70.38
VONTOBEL FIN PRO 10.621 12/31/2012 EUR 71.93
VONTOBEL FIN PRO 10.611 12/31/2012 EUR 74.28
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 48.00
VONTOBEL FIN PRO 10.456 12/31/2012 EUR 63.46
VONTOBEL FIN PRO 10.421 12/31/2012 EUR 50.14
VONTOBEL FIN PRO 10.352 12/31/2012 EUR 73.78
VONTOBEL FIN PRO 10.351 12/31/2012 EUR 66.66
VONTOBEL FIN PRO 10.351 12/31/2012 EUR 66.70
VONTOBEL FIN PRO 10.281 12/31/2012 EUR 73.92
VONTOBEL FIN PRO 10.231 12/31/2012 EUR 62.46
VONTOBEL FIN PRO 10.211 12/31/2012 EUR 68.70
VONTOBEL FIN PRO 10.207 12/31/2012 EUR 60.16
VONTOBEL FIN PRO 10.200 12/31/2012 EUR 70.24
VONTOBEL FIN PRO 10.175 12/31/2012 EUR 47.14
VONTOBEL FIN PRO 10.140 12/31/2012 EUR 73.34
VONTOBEL FIN PRO 10.105 12/31/2012 EUR 64.10
VONTOBEL FIN PRO 10.100 12/31/2012 EUR 69.86
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 58.92
VONTOBEL FIN PRO 10.035 12/31/2012 EUR 68.22
VONTOBEL FIN PRO 9.965 12/31/2012 EUR 66.10
VONTOBEL FIN PRO 9.950 12/31/2012 EUR 67.16
VONTOBEL FIN PRO 9.856 12/31/2012 EUR 67.52
VONTOBEL FIN PRO 9.850 12/31/2012 EUR 70.90
VONTOBEL FIN PRO 9.841 12/31/2012 EUR 52.20
VONTOBEL FIN PRO 9.825 12/31/2012 EUR 65.26
VONTOBEL FIN PRO 9.800 12/31/2012 EUR 70.92
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 57.98
VONTOBEL FIN PRO 9.754 12/31/2012 EUR 47.48
VONTOBEL FIN PRO 9.700 12/31/2012 EUR 54.34
VONTOBEL FIN PRO 9.700 12/31/2012 EUR 63.56
VONTOBEL FIN PRO 9.682 12/31/2012 EUR 73.20
VONTOBEL FIN PRO 9.650 12/31/2012 EUR 74.22
VONTOBEL FIN PRO 9.649 12/31/2012 EUR 75.00
VONTOBEL FIN PRO 9.605 12/31/2012 EUR 63.16
VONTOBEL FIN PRO 9.600 12/31/2012 EUR 74.76
VONTOBEL FIN PRO 9.509 12/31/2012 EUR 65.20
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 73.84
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 74.34
VONTOBEL FIN PRO 9.333 12/31/2012 EUR 71.12
VONTOBEL FIN PRO 9.300 12/31/2012 EUR 70.38
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 53.90
VONTOBEL FIN PRO 9.193 12/31/2012 EUR 48.04
VONTOBEL FIN PRO 9.188 12/31/2012 EUR 74.77
VONTOBEL FIN PRO 9.150 12/31/2012 EUR 69.78
VONTOBEL FIN PRO 9.123 12/31/2012 EUR 51.92
VONTOBEL FIN PRO 9.123 12/31/2012 EUR 69.52
VONTOBEL FIN PRO 8.950 12/31/2012 EUR 69.20
VONTOBEL FIN PRO 8.950 12/31/2012 EUR 56.86
VONTOBEL FIN PRO 8.912 12/31/2012 EUR 66.34
VONTOBEL FIN PRO 8.900 12/31/2012 EUR 72.40
VONTOBEL FIN PRO 8.895 12/31/2012 EUR 63.68
VONTOBEL FIN PRO 8.877 12/31/2012 EUR 60.74
VONTOBEL FIN PRO 8.842 12/31/2012 EUR 69.82
VONTOBEL FIN PRO 8.737 12/31/2012 EUR 67.30
VONTOBEL FIN PRO 8.737 12/31/2012 EUR 59.90
VONTOBEL FIN PRO 8.702 12/31/2012 EUR 68.10
VONTOBEL FIN PRO 8.650 12/31/2012 EUR 69.32
VONTOBEL FIN PRO 8.526 12/31/2012 EUR 22.90
VONTOBEL FIN PRO 8.334 12/31/2012 EUR 74.72
VONTOBEL FIN PRO 8.316 12/31/2012 EUR 72.82
VONTOBEL FIN PRO 8.300 12/31/2012 EUR 50.68
VONTOBEL FIN PRO 8.246 12/31/2012 EUR 49.06
VONTOBEL FIN PRO 8.230 12/31/2012 EUR 55.74
VONTOBEL FIN PRO 8.200 12/31/2012 EUR 74.72
VONTOBEL FIN PRO 8.163 12/31/2012 EUR 58.68
VONTOBEL FIN PRO 8.050 12/31/2012 EUR 62.40
VONTOBEL FIN PRO 8.039 12/31/2012 EUR 70.98
VONTOBEL FIN PRO 8.019 12/31/2012 EUR 68.24
VONTOBEL FIN PRO 7.850 12/31/2012 EUR 71.46
VONTOBEL FIN PRO 7.754 12/31/2012 EUR 71.64
VONTOBEL FIN PRO 7.719 12/31/2012 EUR 69.60
VONTOBEL FIN PRO 7.509 12/31/2012 EUR 70.32
VONTOBEL FIN PRO 7.494 12/31/2012 EUR 65.98
VONTOBEL FIN PRO 7.400 12/31/2012 EUR 62.34
VONTOBEL FIN PRO 7.368 12/31/2012 EUR 72.82
VONTOBEL FIN PRO 7.368 12/31/2012 EUR 74.66
VONTOBEL FIN PRO 7.241 12/31/2012 EUR 74.04
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VONTOBEL FIN PRO 6.421 12/31/2012 EUR 72.82
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VONTOBEL FIN PRO 16.350 9/28/2012 EUR 66.90
VONTOBEL FIN PRO 16.337 9/28/2012 EUR 60.84
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VONTOBEL FIN PRO 16.050 9/28/2012 EUR 73.98
VONTOBEL FIN PRO 16.000 9/28/2012 EUR 55.92
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VONTOBEL FIN PRO 14.957 9/28/2012 EUR 60.62
VONTOBEL FIN PRO 14.950 9/28/2012 EUR 67.74
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VONTOBEL FIN PRO 14.900 9/28/2012 EUR 57.52
VONTOBEL FIN PRO 14.895 9/28/2012 EUR 64.08
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VONTOBEL FIN PRO 14.786 9/28/2012 EUR 69.80
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VONTOBEL FIN PRO 14.303 9/28/2012 EUR 60.90
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VONTOBEL FIN PRO 14.209 9/28/2012 EUR 54.48
VONTOBEL FIN PRO 14.200 9/28/2012 EUR 59.70
VONTOBEL FIN PRO 14.191 9/28/2012 EUR 42.24
VONTOBEL FIN PRO 14.154 9/28/2012 EUR 44.44
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 73.14
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 44.10
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 54.72
VONTOBEL FIN PRO 13.469 9/28/2012 EUR 49.39
VONTOBEL FIN PRO 13.352 9/28/2012 EUR 36.46
VONTOBEL FIN PRO 13.259 9/28/2012 EUR 42.42
VONTOBEL FIN PRO 13.257 9/28/2012 EUR 43.30
VONTOBEL FIN PRO 13.150 9/28/2012 EUR 61.98
VONTOBEL FIN PRO 13.135 9/28/2012 EUR 52.76
VONTOBEL FIN PRO 13.100 9/28/2012 EUR 67.68
VONTOBEL FIN PRO 13.071 9/28/2012 EUR 57.72
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VONTOBEL FIN PRO 12.965 9/28/2012 EUR 60.00
VONTOBEL FIN PRO 12.943 9/28/2012 EUR 68.18
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VONTOBEL FIN PRO 12.857 9/28/2012 EUR 66.78
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VONTOBEL FIN PRO 12.847 9/28/2012 EUR 46.08
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VONTOBEL FIN PRO 10.098 6/22/2012 EUR 66.98
VONTOBEL FIN PRO 10.100 6/22/2012 EUR 58.00
VONTOBEL FIN PRO 10.107 6/22/2012 EUR 55.70
VONTOBEL FIN PRO 10.110 6/22/2012 EUR 36.86
VONTOBEL FIN PRO 10.113 6/22/2012 EUR 60.74
VONTOBEL FIN PRO 10.116 6/22/2012 EUR 52.98
VONTOBEL FIN PRO 10.135 6/22/2012 EUR 72.40
VONTOBEL FIN PRO 10.142 6/22/2012 EUR 56.00
VONTOBEL FIN PRO 10.146 6/22/2012 EUR 72.20
VONTOBEL FIN PRO 10.148 6/22/2012 EUR 71.82
VONTOBEL FIN PRO 10.167 6/22/2012 EUR 45.54
VONTOBEL FIN PRO 10.185 6/22/2012 EUR 69.42
VONTOBEL FIN PRO 10.186 6/22/2012 EUR 58.68
VONTOBEL FIN PRO 10.200 6/22/2012 EUR 72.56
VONTOBEL FIN PRO 10.204 6/22/2012 EUR 66.72
VONTOBEL FIN PRO 10.207 6/22/2012 EUR 52.16
VONTOBEL FIN PRO 10.222 6/22/2012 EUR 69.42
VONTOBEL FIN PRO 10.222 6/22/2012 EUR 54.46
VONTOBEL FIN PRO 10.241 6/22/2012 EUR 67.54
VONTOBEL FIN PRO 10.244 6/22/2012 EUR 64.72
VONTOBEL FIN PRO 10.246 6/22/2012 EUR 61.64
VONTOBEL FIN PRO 10.254 6/22/2012 EUR 52.28
VONTOBEL FIN PRO 10.257 6/22/2012 EUR 48.46
VONTOBEL FIN PRO 10.260 6/22/2012 EUR 44.58
VONTOBEL FIN PRO 10.264 6/22/2012 EUR 45.79
VONTOBEL FIN PRO 10.272 6/22/2012 EUR 69.42
VONTOBEL FIN PRO 10.273 6/22/2012 EUR 47.40
VONTOBEL FIN PRO 10.274 6/22/2012 EUR 64.88
VONTOBEL FIN PRO 10.278 6/22/2012 EUR 44.88
VONTOBEL FIN PRO 10.286 6/22/2012 EUR 67.04
VONTOBEL FIN PRO 10.293 6/22/2012 EUR 71.68
VONTOBEL FIN PRO 10.297 6/22/2012 EUR 73.66
VONTOBEL FIN PRO 10.311 6/22/2012 EUR 72.40
VONTOBEL FIN PRO 10.325 6/22/2012 EUR 60.86
VONTOBEL FIN PRO 16.150 6/22/2012 EUR 52.10
VONTOBEL FIN PRO 16.110 6/22/2012 EUR 15.20
VONTOBEL FIN PRO 16.000 6/22/2012 EUR 73.98
VONTOBEL FIN PRO 15.979 6/22/2012 EUR 51.38
VONTOBEL FIN PRO 15.950 6/22/2012 EUR 62.04
VONTOBEL FIN PRO 15.944 6/22/2012 EUR 67.88
VONTOBEL FIN PRO 15.940 6/22/2012 EUR 28.60
VONTOBEL FIN PRO 15.920 6/22/2012 EUR 15.88
VONTOBEL FIN PRO 15.889 6/22/2012 EUR 68.30
VONTOBEL FIN PRO 15.856 6/22/2012 EUR 63.02
VONTOBEL FIN PRO 15.840 6/22/2012 EUR 42.98
VONTOBEL FIN PRO 15.526 6/22/2012 EUR 42.02
VONTOBEL FIN PRO 15.448 6/22/2012 EUR 38.74
VONTOBEL FIN PRO 15.370 6/22/2012 EUR 42.00
VONTOBEL FIN PRO 15.308 6/22/2012 EUR 32.90
VONTOBEL FIN PRO 15.258 6/22/2012 EUR 56.98
VONTOBEL FIN PRO 15.250 6/22/2012 EUR 46.36
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VONTOBEL FIN PRO 15.091 6/22/2012 EUR 51.88
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VONTOBEL FIN PRO 14.643 6/22/2012 EUR 73.86
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VONTOBEL FIN PRO 14.595 6/22/2012 EUR 56.60
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VONTOBEL FIN PRO 14.561 6/22/2012 EUR 54.82
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VONTOBEL FIN PRO 14.447 6/22/2012 EUR 58.18
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VONTOBEL FIN PRO 14.345 6/22/2012 EUR 45.02
VONTOBEL FIN PRO 14.302 6/22/2012 EUR 17.02
VONTOBEL FIN PRO 14.278 6/22/2012 EUR 40.84
VONTOBEL FIN PRO 14.276 6/22/2012 EUR 56.10
VONTOBEL FIN PRO 14.229 6/22/2012 EUR 33.94
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VONTOBEL FIN PRO 14.172 6/22/2012 EUR 54.76
VONTOBEL FIN PRO 14.167 6/22/2012 EUR 61.26
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VONTOBEL FIN PRO 14.100 6/22/2012 EUR 74.48
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VONTOBEL FIN PRO 13.974 6/22/2012 EUR 59.30
VONTOBEL FIN PRO 13.973 6/22/2012 EUR 63.53
VONTOBEL FIN PRO 13.968 6/22/2012 EUR 52.66
VONTOBEL FIN PRO 13.961 6/22/2012 EUR 65.42
VONTOBEL FIN PRO 13.944 6/22/2012 EUR 66.28
VONTOBEL FIN PRO 13.886 6/22/2012 EUR 47.30
VONTOBEL FIN PRO 13.860 6/22/2012 EUR 45.82
VONTOBEL FIN PRO 13.846 6/22/2012 EUR 48.14
VONTOBEL FIN PRO 13.832 6/22/2012 EUR 50.62
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VONTOBEL FIN PRO 13.829 6/22/2012 EUR 45.82
VONTOBEL FIN PRO 13.812 6/22/2012 EUR 41.78
VONTOBEL FIN PRO 13.809 6/22/2012 EUR 72.84
VONTOBEL FIN PRO 13.803 6/22/2012 EUR 40.32
VONTOBEL FIN PRO 13.800 6/22/2012 EUR 59.64
VONTOBEL FIN PRO 13.792 6/22/2012 EUR 48.30
VONTOBEL FIN PRO 13.778 6/22/2012 EUR 55.32
VONTOBEL FIN PRO 13.778 6/22/2012 EUR 71.72
VONTOBEL FIN PRO 13.758 6/22/2012 EUR 26.14
VONTOBEL FIN PRO 13.748 6/22/2012 EUR 35.34
VONTOBEL FIN PRO 13.748 6/22/2012 EUR 56.90
VONTOBEL FIN PRO 13.700 6/22/2012 EUR 65.82
VONTOBEL FIN PRO 13.667 6/22/2012 EUR 63.00
VONTOBEL FIN PRO 13.650 6/22/2012 EUR 50.96
VONTOBEL FIN PRO 13.627 6/22/2012 EUR 67.12
VONTOBEL FIN PRO 13.615 6/22/2012 EUR 43.70
VONTOBEL FIN PRO 13.556 6/22/2012 EUR 69.54
VONTOBEL FIN PRO 13.536 6/22/2012 EUR 29.88
VONTOBEL FIN PRO 13.522 6/22/2012 EUR 47.26
VONTOBEL FIN PRO 13.521 6/22/2012 EUR 36.08
VONTOBEL FIN PRO 13.514 6/22/2012 EUR 74.74
VONTOBEL FIN PRO 13.500 6/22/2012 EUR 29.08
VONTOBEL FIN PRO 13.463 6/22/2012 EUR 27.42
VONTOBEL FIN PRO 13.461 6/22/2012 EUR 63.30
VONTOBEL FIN PRO 13.388 6/22/2012 EUR 63.30
VONTOBEL FIN PRO 13.355 6/22/2012 EUR 38.44
VONTOBEL FIN PRO 13.343 6/22/2012 EUR 49.22
VONTOBEL FIN PRO 13.293 6/22/2012 EUR 58.00
VONTOBEL FIN PRO 13.288 6/22/2012 EUR 34.50
VONTOBEL FIN PRO 13.283 6/22/2012 EUR 35.92
VONTOBEL FIN PRO 13.253 6/22/2012 EUR 39.58
VONTOBEL FIN PRO 13.224 6/22/2012 EUR 49.00
VONTOBEL FIN PRO 13.208 6/22/2012 EUR 42.82
VONTOBEL FIN PRO 13.200 6/22/2012 EUR 57.42
VONTOBEL FIN PRO 13.200 6/22/2012 EUR 68.62
VONTOBEL FIN PRO 13.150 6/22/2012 EUR 40.20
VONTOBEL FIN PRO 13.150 6/22/2012 EUR 70.68
VONTOBEL FIN PRO 13.123 6/22/2012 EUR 74.50
VONTOBEL FIN PRO 13.111 6/22/2012 EUR 38.68
VONTOBEL FIN PRO 13.084 6/22/2012 EUR 50.40
VONTOBEL FIN PRO 13.055 6/22/2012 EUR 70.10
VONTOBEL FIN PRO 13.035 6/22/2012 EUR 70.28
VONTOBEL FIN PRO 13.035 6/22/2012 EUR 62.60
VONTOBEL FIN PRO 13.032 6/22/2012 EUR 28.38
VONTOBEL FIN PRO 13.027 6/22/2012 EUR 65.44
VONTOBEL FIN PRO 13.024 6/22/2012 EUR 61.06
VONTOBEL FIN PRO 13.000 6/22/2012 EUR 20.56
VONTOBEL FIN PRO 13.000 6/22/2012 EUR 72.78
VONTOBEL FIN PRO 12.978 6/22/2012 EUR 74.48
VONTOBEL FIN PRO 12.964 6/22/2012 EUR 51.96
VONTOBEL FIN PRO 12.926 6/22/2012 EUR 62.88
VONTOBEL FIN PRO 12.890 6/22/2012 EUR 66.68
VONTOBEL FIN PRO 12.880 6/22/2012 EUR 59.28
VONTOBEL FIN PRO 12.878 6/22/2012 EUR 60.84
VONTOBEL FIN PRO 12.870 6/22/2012 EUR 50.88
VONTOBEL FIN PRO 12.857 6/22/2012 EUR 70.08
VONTOBEL FIN PRO 12.851 6/22/2012 EUR 74.94
VONTOBEL FIN PRO 12.830 6/22/2012 EUR 32.62
VONTOBEL FIN PRO 12.799 6/22/2012 EUR 54.68
VONTOBEL FIN PRO 12.789 6/22/2012 EUR 68.22
VONTOBEL FIN PRO 12.740 6/22/2012 EUR 67.64
VONTOBEL FIN PRO 12.716 6/22/2012 EUR 31.10
VONTOBEL FIN PRO 12.689 6/22/2012 EUR 51.14
VONTOBEL FIN PRO 12.685 6/22/2012 EUR 36.80
VONTOBEL FIN PRO 12.679 6/22/2012 EUR 52.51
VONTOBEL FIN PRO 12.672 6/22/2012 EUR 33.82
VONTOBEL FIN PRO 12.672 6/22/2012 EUR 62.84
VONTOBEL FIN PRO 12.667 6/22/2012 EUR 63.68
VONTOBEL FIN PRO 12.652 6/22/2012 EUR 59.38
VONTOBEL FIN PRO 12.627 6/22/2012 EUR 37.86
VONTOBEL FIN PRO 12.623 6/22/2012 EUR 31.46
VONTOBEL FIN PRO 12.600 6/22/2012 EUR 52.48
VONTOBEL FIN PRO 12.595 6/22/2012 EUR 41.16
VONTOBEL FIN PRO 12.578 6/22/2012 EUR 34.90
VONTOBEL FIN PRO 12.578 6/22/2012 EUR 56.38
VONTOBEL FIN PRO 12.556 6/22/2012 EUR 73.14
VONTOBEL FIN PRO 12.550 6/22/2012 EUR 69.64
VONTOBEL FIN PRO 12.547 6/22/2012 EUR 57.82
VONTOBEL FIN PRO 12.544 6/22/2012 EUR 42.32
VONTOBEL FIN PRO 12.537 6/22/2012 EUR 44.90
VONTOBEL FIN PRO 12.536 6/22/2012 EUR 49.88
VONTOBEL FIN PRO 12.532 6/22/2012 EUR 52.96
VONTOBEL FIN PRO 12.520 6/22/2012 EUR 44.81
VONTOBEL FIN PRO 12.512 6/22/2012 EUR 47.36
VONTOBEL FIN PRO 12.500 6/22/2012 EUR 58.76
VONTOBEL FIN PRO 12.500 6/22/2012 EUR 67.24
VONTOBEL FIN PRO 12.472 6/22/2012 EUR 63.18
VONTOBEL FIN PRO 12.462 6/22/2012 EUR 57.82
VONTOBEL FIN PRO 12.456 6/22/2012 EUR 51.66
VONTOBEL FIN PRO 12.451 6/22/2012 EUR 48.10
VONTOBEL FIN PRO 12.420 6/22/2012 EUR 21.88
VONTOBEL FIN PRO 12.414 6/22/2012 EUR 73.44
VONTOBEL FIN PRO 12.405 6/22/2012 EUR 72.06
VONTOBEL FIN PRO 12.403 6/22/2012 EUR 61.48
VONTOBEL FIN PRO 12.398 6/22/2012 EUR 60.66
VONTOBEL FIN PRO 12.393 6/22/2012 EUR 55.48
VONTOBEL FIN PRO 12.389 6/22/2012 EUR 42.90
VONTOBEL FIN PRO 12.382 6/22/2012 EUR 47.92
VONTOBEL FIN PRO 12.352 6/22/2012 EUR 49.96
VONTOBEL FIN PRO 12.348 6/22/2012 EUR 59.26
VONTOBEL FIN PRO 12.343 6/22/2012 EUR 40.12
VONTOBEL FIN PRO 12.340 6/22/2012 EUR 37.38
VONTOBEL FIN PRO 12.340 6/22/2012 EUR 56.91
VONTOBEL FIN PRO 12.334 6/22/2012 EUR 68.56
VONTOBEL FIN PRO 12.323 6/22/2012 EUR 30.86
VONTOBEL FIN PRO 12.311 6/22/2012 EUR 74.26
VONTOBEL FIN PRO 12.306 6/22/2012 EUR 65.68
VONTOBEL FIN PRO 12.303 6/22/2012 EUR 67.78
VONTOBEL FIN PRO 12.300 6/22/2012 EUR 50.16
VONTOBEL FIN PRO 12.298 6/22/2012 EUR 42.34
VONTOBEL FIN PRO 12.276 6/22/2012 EUR 41.96
VONTOBEL FIN PRO 12.264 6/22/2012 EUR 72.72
VONTOBEL FIN PRO 12.264 6/22/2012 EUR 65.38
VONTOBEL FIN PRO 12.260 6/22/2012 EUR 47.06
VONTOBEL FIN PRO 12.247 6/22/2012 EUR 44.52
VONTOBEL FIN PRO 12.226 6/22/2012 EUR 16.82
VONTOBEL FIN PRO 12.216 6/22/2012 EUR 55.78
VONTOBEL FIN PRO 12.204 6/22/2012 EUR 42.82
VONTOBEL FIN PRO 12.168 6/22/2012 EUR 46.18
VONTOBEL FIN PRO 12.164 6/22/2012 EUR 57.28
VONTOBEL FIN PRO 12.162 6/22/2012 EUR 60.36
VONTOBEL FIN PRO 12.148 6/22/2012 EUR 66.86
VONTOBEL FIN PRO 12.144 6/22/2012 EUR 56.62
VONTOBEL FIN PRO 12.123 6/22/2012 EUR 44.32
VONTOBEL FIN PRO 12.118 6/22/2012 EUR 57.98
VONTOBEL FIN PRO 12.117 6/22/2012 EUR 31.04
VONTOBEL FIN PRO 12.111 6/22/2012 EUR 57.66
VONTOBEL FIN PRO 12.103 6/22/2012 EUR 47.51
VONTOBEL FIN PRO 12.091 6/22/2012 EUR 65.40
VONTOBEL FIN PRO 12.038 6/22/2012 EUR 64.03
VONTOBEL FIN PRO 12.025 6/22/2012 EUR 64.18
VONTOBEL FIN PRO 12.017 6/22/2012 EUR 55.42
VONTOBEL FIN PRO 12.015 6/22/2012 EUR 72.54
VONTOBEL FIN PRO 12.013 6/22/2012 EUR 37.80
VONTOBEL FIN PRO 12.000 6/22/2012 EUR 64.86
VONTOBEL FIN PRO 12.000 6/22/2012 EUR 55.42
VONTOBEL FIN PRO 12.000 6/22/2012 EUR 59.72
VONTOBEL FIN PRO 11.983 6/22/2012 EUR 62.94
VONTOBEL FIN PRO 11.967 6/22/2012 EUR 43.88
VONTOBEL FIN PRO 11.962 6/22/2012 EUR 73.96
VONTOBEL FIN PRO 11.959 6/22/2012 EUR 70.98
VONTOBEL FIN PRO 11.955 6/22/2012 EUR 35.60
VONTOBEL FIN PRO 11.952 6/22/2012 EUR 49.08
VONTOBEL FIN PRO 11.944 6/22/2012 EUR 52.16
VONTOBEL FIN PRO 11.917 6/22/2012 EUR 61.04
VONTOBEL FIN PRO 11.910 6/22/2012 EUR 51.04
VONTOBEL FIN PRO 11.900 6/22/2012 EUR 59.98
VONTOBEL FIN PRO 11.888 6/22/2012 EUR 66.28
VONTOBEL FIN PRO 11.877 6/22/2012 EUR 67.19
VONTOBEL FIN PRO 11.867 6/22/2012 EUR 65.02
VONTOBEL FIN PRO 11.844 6/22/2012 EUR 47.84
VONTOBEL FIN PRO 11.819 6/22/2012 EUR 58.84
VONTOBEL FIN PRO 11.814 6/22/2012 EUR 70.14
VONTOBEL FIN PRO 11.811 6/22/2012 EUR 35.80
VONTOBEL FIN PRO 11.808 6/22/2012 EUR 55.90
VONTOBEL FIN PRO 11.807 6/22/2012 EUR 46.04
VONTOBEL FIN PRO 11.807 6/22/2012 EUR 48.94
VONTOBEL FIN PRO 11.800 6/22/2012 EUR 62.76
VONTOBEL FIN PRO 11.798 6/22/2012 EUR 74.14
VONTOBEL FIN PRO 11.793 6/22/2012 EUR 74.52
VONTOBEL FIN PRO 11.791 6/22/2012 EUR 57.04
VONTOBEL FIN PRO 11.778 6/22/2012 EUR 43.44
VONTOBEL FIN PRO 11.776 6/22/2012 EUR 66.80
VONTOBEL FIN PRO 11.774 6/22/2012 EUR 42.50
VONTOBEL FIN PRO 11.755 6/22/2012 EUR 71.76
VONTOBEL FIN PRO 11.750 6/22/2012 EUR 40.44
VONTOBEL FIN PRO 11.736 6/22/2012 EUR 32.52
VONTOBEL FIN PRO 11.713 6/22/2012 EUR 66.88
VONTOBEL FIN PRO 11.705 6/22/2012 EUR 38.91
VONTOBEL FIN PRO 11.705 6/22/2012 EUR 74.14
VONTOBEL FIN PRO 11.693 6/22/2012 EUR 38.44
VONTOBEL FIN PRO 11.682 6/22/2012 EUR 73.20
VONTOBEL FIN PRO 11.678 6/22/2012 EUR 71.08
VONTOBEL FIN PRO 11.647 6/22/2012 EUR 68.48
VONTOBEL FIN PRO 11.622 6/22/2012 EUR 53.46
VONTOBEL FIN PRO 11.614 6/22/2012 EUR 46.58
VONTOBEL FIN PRO 11.600 6/22/2012 EUR 52.30
VONTOBEL FIN PRO 11.591 6/22/2012 EUR 59.18
VONTOBEL FIN PRO 11.586 6/22/2012 EUR 48.55
VONTOBEL FIN PRO 11.585 6/22/2012 EUR 61.12
VONTOBEL FIN PRO 11.582 6/22/2012 EUR 52.26
VONTOBEL FIN PRO 11.581 6/22/2012 EUR 44.10
VONTOBEL FIN PRO 11.566 6/22/2012 EUR 41.34
VONTOBEL FIN PRO 11.565 6/22/2012 EUR 74.12
VONTOBEL FIN PRO 11.560 6/22/2012 EUR 36.06
VONTOBEL FIN PRO 11.556 6/22/2012 EUR 71.04
VONTOBEL FIN PRO 11.554 6/22/2012 EUR 64.62
VONTOBEL FIN PRO 11.554 6/22/2012 EUR 57.94
VONTOBEL FIN PRO 11.550 6/22/2012 EUR 69.40
VONTOBEL FIN PRO 11.546 6/22/2012 EUR 68.82
VONTOBEL FIN PRO 11.534 6/22/2012 EUR 54.56
VONTOBEL FIN PRO 11.534 6/22/2012 EUR 66.46
VONTOBEL FIN PRO 11.533 6/22/2012 EUR 63.86
VONTOBEL FIN PRO 11.514 6/22/2012 EUR 62.60
VONTOBEL FIN PRO 11.484 6/22/2012 EUR 51.60
VONTOBEL FIN PRO 11.472 6/22/2012 EUR 72.94
VONTOBEL FIN PRO 11.463 6/22/2012 EUR 70.98
VONTOBEL FIN PRO 11.455 6/22/2012 EUR 43.34
VONTOBEL FIN PRO 11.443 6/22/2012 EUR 59.66
VONTOBEL FIN PRO 11.430 6/22/2012 EUR 64.28
VONTOBEL FIN PRO 11.425 6/22/2012 EUR 57.54
VONTOBEL FIN PRO 11.425 6/22/2012 EUR 43.82
VONTOBEL FIN PRO 11.422 6/22/2012 EUR 43.42
VONTOBEL FIN PRO 11.409 6/22/2012 EUR 55.92
VONTOBEL FIN PRO 11.405 6/22/2012 EUR 67.58
VONTOBEL FIN PRO 11.405 6/22/2012 EUR 63.52
VONTOBEL FIN PRO 11.396 6/22/2012 EUR 45.61
VONTOBEL FIN PRO 11.394 6/22/2012 EUR 68.16
VONTOBEL FIN PRO 10.333 6/22/2012 EUR 61.64
VONTOBEL FIN PRO 10.364 6/22/2012 EUR 61.46
VONTOBEL FIN PRO 11.389 6/22/2012 EUR 60.16
VONTOBEL FIN PRO 11.389 6/22/2012 EUR 58.92
VONTOBEL FIN PRO 11.388 6/22/2012 EUR 69.98
VONTOBEL FIN PRO 11.377 6/22/2012 EUR 39.32
VONTOBEL FIN PRO 11.366 6/22/2012 EUR 47.24
VONTOBEL FIN PRO 11.361 6/22/2012 EUR 44.26
VONTOBEL FIN PRO 11.356 6/22/2012 EUR 56.14
VONTOBEL FIN PRO 11.350 6/22/2012 EUR 65.68
VONTOBEL FIN PRO 10.364 6/22/2012 EUR 61.46
VONTOBEL FIN PRO 10.371 6/22/2012 EUR 50.12
VONTOBEL FIN PRO 11.342 6/22/2012 EUR 68.68
VONTOBEL FIN PRO 11.333 6/22/2012 EUR 67.08
VONTOBEL FIN PRO 11.328 6/22/2012 EUR 59.04
VONTOBEL FIN PRO 11.319 6/22/2012 EUR 36.32
VONTOBEL FIN PRO 11.314 6/22/2012 EUR 69.22
VONTOBEL FIN PRO 11.305 6/22/2012 EUR 65.34
VONTOBEL FIN PRO 11.304 6/22/2012 EUR 46.24
VONTOBEL FIN PRO 11.296 6/22/2012 EUR 55.88
VONTOBEL FIN PRO 11.287 6/22/2012 EUR 58.58
VONTOBEL FIN PRO 11.283 6/22/2012 EUR 37.26
VONTOBEL FIN PRO 11.268 6/22/2012 EUR 74.92
VONTOBEL FIN PRO 11.243 6/22/2012 EUR 70.18
VONTOBEL FIN PRO 11.239 6/22/2012 EUR 68.44
VONTOBEL FIN PRO 10.389 6/22/2012 EUR 66.86
VONTOBEL FIN PRO 11.238 6/22/2012 EUR 40.06
VONTOBEL FIN PRO 11.237 6/22/2012 EUR 67.50
VONTOBEL FIN PRO 11.227 6/22/2012 EUR 66.84
VONTOBEL FIN PRO 11.219 6/22/2012 EUR 55.73
VONTOBEL FIN PRO 11.219 6/22/2012 EUR 53.06
VONTOBEL FIN PRO 11.215 6/22/2012 EUR 74.10
VONTOBEL FIN PRO 11.194 6/22/2012 EUR 68.66
VONTOBEL FIN PRO 11.194 6/22/2012 EUR 61.72
VONTOBEL FIN PRO 11.172 6/22/2012 EUR 73.76
VONTOBEL FIN PRO 11.161 6/22/2012 EUR 72.72
VONTOBEL FIN PRO 11.138 6/22/2012 EUR 64.02
VONTOBEL FIN PRO 11.135 6/22/2012 EUR 64.16
VONTOBEL FIN PRO 11.130 6/22/2012 EUR 65.65
VONTOBEL FIN PRO 11.129 6/22/2012 EUR 63.52
VONTOBEL FIN PRO 11.123 6/22/2012 EUR 67.68
VONTOBEL FIN PRO 11.117 6/22/2012 EUR 59.52
VONTOBEL FIN PRO 11.103 6/22/2012 EUR 59.00
VONTOBEL FIN PRO 11.098 6/22/2012 EUR 59.66
VONTOBEL FIN PRO 11.080 6/22/2012 EUR 56.16
VONTOBEL FIN PRO 11.080 6/22/2012 EUR 70.26
VONTOBEL FIN PRO 11.056 6/22/2012 EUR 63.28
VONTOBEL FIN PRO 11.052 6/22/2012 EUR 37.72
VONTOBEL FIN PRO 11.052 6/22/2012 EUR 74.53
VONTOBEL FIN PRO 11.032 6/22/2012 EUR 70.98
VONTOBEL FIN PRO 11.029 6/22/2012 EUR 57.84
WESTLB AG 0.100 9/27/2012 EUR 56.72
WESTLB AG 0.075 9/27/2012 EUR 68.34
WESTLB AG 5.250 5/21/2012 EUR 57.66
WESTLB AG 12.000 9/27/2012 EUR 74.92
WESTLB AG 7.000 6/21/2012 EUR 58.08
WESTLB AG 7.000 6/21/2012 EUR 70.38
WESTLB AG 7.000 6/21/2012 EUR 71.23
WESTLB AG 7.000 6/21/2012 EUR 70.08
WESTLB AG 6.000 6/21/2012 EUR 61.20
WESTLB AG 8.500 6/21/2012 EUR 47.27
WESTLB AG 6.000 6/21/2012 EUR 57.86
WESTLB AG 8.500 6/21/2012 EUR 50.38
WESTLB AG 0.100 9/27/2012 EUR 47.61
WESTLB AG 5.000 4/12/2016 EUR 29.01
WESTLB AG 6.750 7/30/2012 EUR 56.21
WESTLB AG 8.500 6/21/2012 EUR 65.96
WESTLB AG 6.500 6/18/2012 EUR 70.62
WESTLB AG 0.100 9/27/2012 EUR 66.51
WESTLB AG 0.075 9/27/2012 EUR 68.03
WESTLB AG 0.075 9/27/2012 EUR 56.02
WESTLB AG 0.075 9/27/2012 EUR 73.66
WESTLB AG 0.075 9/27/2012 EUR 63.46
WGZ BANK 8.000 6/21/2012 EUR 57.06
WGZ BANK 5.000 12/20/2012 EUR 73.25
WGZ BANK 6.000 12/20/2012 EUR 68.71
WGZ BANK 7.000 12/20/2012 EUR 64.78
WGZ BANK 8.000 6/13/2012 EUR 32.08
WGZ BANK 4.000 6/13/2012 EUR 41.08
WGZ BANK 8.000 12/20/2012 EUR 63.31
WGZ BANK 6.000 12/21/2012 EUR 74.44
WGZ BANK 7.000 12/21/2012 EUR 69.89
WGZ BANK 8.000 12/21/2012 EUR 68.13
WGZ BANK 4.000 12/28/2012 EUR 69.50
WGZ BANK 5.000 12/28/2012 EUR 64.94
WGZ BANK 6.000 12/28/2012 EUR 60.98
WGZ BANK 7.000 12/28/2012 EUR 57.60
WGZ BANK 8.000 12/28/2012 EUR 54.69
WGZ BANK 7.000 6/13/2012 EUR 33.51
WGZ BANK 6.000 6/13/2012 EUR 35.09
WGZ BANK 7.000 6/15/2012 EUR 74.41
WGZ BANK 8.000 6/15/2012 EUR 71.41
WGZ BANK 4.000 6/21/2012 EUR 66.72
WGZ BANK 5.000 6/21/2012 EUR 63.98
WGZ BANK 6.000 6/21/2012 EUR 61.48
WGZ BANK 7.000 6/21/2012 EUR 59.18
WGZ BANK 5.000 6/13/2012 EUR 36.85
GREECE
------
EFG EUROBANK 6.010 1/9/2036 EUR 34.25
HELLENIC REPUB 4.625 6/25/2013 EUR 30.50
HELLENIC REPUB 4.625 6/25/2013 USD 30.75
HELLENIC REPUB 2.125 7/5/2013 CHF 28.75
HELLENIC REPUB 5.800 7/14/2015 JPY 30.50
HELLENIC REPUB 5.800 7/14/2015 JPY 28.88
HELLENIC REPUB 5.250 2/1/2016 JPY 29.50
HELLENIC REPUB 5.250 2/1/2016 JPY 30.50
HELLENIC REPUB 5.000 8/22/2016 JPY 31.50
HELLENIC REPUB 5.000 8/22/2016 JPY 30.50
HELLENIC REPUB 4.500 11/8/2016 JPY 30.50
HELLENIC REPUB 4.500 7/3/2017 JPY 29.88
HELLENIC REPUB 3.800 8/8/2017 JPY 29.50
HELLENIC REPUB 5.000 3/11/2019 EUR 30.13
HELLENIC REPUB 5.000 3/11/2019 EUR 30.50
HELLENIC REPUB 6.140 4/14/2028 EUR 28.00
HELLENIC REPUB 5.200 7/17/2034 EUR 26.88
HELLENIC REPUB 2.085 7/25/2057 EUR 7.63
NATL BK GREECE 3.875 10/7/2016 EUR 70.00
YIOULA GLASSWORK 9.000 12/1/2015 EUR 42.83
YIOULA GLASSWORK 9.000 12/1/2015 EUR 42.00
GUERNSEY
--------
BCV GUERNSEY 8.020 3/1/2013 EUR 51.95
BCV GUERNSEY 7.850 5/18/2012 CHF 65.72
BCV GUERNSEY 10.000 5/18/2012 CHF 54.57
BCV GUERNSEY 13.000 5/18/2012 CHF 59.11
BCV GUERNSEY 10.100 5/23/2012 EUR 70.99
BCV GUERNSEY 9.030 7/13/2012 EUR 62.03
BCV GUERNSEY 9.200 5/31/2012 CHF 72.12
BCV GUERNSEY 9.100 5/25/2012 CHF 58.79
BCV GUERNSEY 8.500 5/25/2012 EUR 52.42
BCV GUERNSEY 14.000 5/22/2012 USD 69.55
BCV GUERNSEY 10.530 6/29/2012 CHF 68.64
BKB FINANCE 6.250 5/23/2012 CHF 67.92
BKB FINANCE 6.250 7/12/2012 CHF 69.57
BKB FINANCE 7.750 5/31/2012 CHF 56.89
BKB FINANCE 9.300 5/31/2012 CHF 67.79
BKB FINANCE 8.350 1/14/2013 CHF 50.37
BKB FINANCE 7.750 6/7/2012 CHF 40.04
BKB FINANCE 6.520 7/6/2012 EUR 70.40
BKB FINANCE 8.300 6/7/2012 CHF 62.64
BKB FINANCE 6.300 7/12/2012 CHF 57.28
BKB FINANCE 9.050 8/9/2012 CHF 57.74
BKB FINANCE 8.900 9/27/2012 CHF 63.32
BKB FINANCE 6.850 6/14/2012 CHF 69.56
BKB FINANCE 9.200 6/21/2012 CHF 57.88
BKB FINANCE 7.400 6/28/2012 CHF 55.70
BKB FINANCE 6.850 5/31/2012 CHF 67.50
EFG FINANCIAL PR 9.000 11/13/2012 CHF 74.06
EFG FINANCIAL PR 6.000 11/12/2015 EUR 73.67
EFG FINANCIAL PR 5.850 10/14/2014 CHF 63.82
EFG FINANCIAL PR 8.160 4/25/2014 EUR 62.32
EFG FINANCIAL PR 19.000 10/3/2013 GBP 72.08
EFG FINANCIAL PR 8.400 9/30/2013 CHF 56.67
EFG FINANCIAL PR 6.500 8/27/2013 CHF 47.83
EFG FINANCIAL PR 12.000 4/26/2013 CHF 64.51
EFG FINANCIAL PR 7.000 4/19/2013 EUR 56.83
EFG FINANCIAL PR 15.370 4/2/2013 USD 72.25
EFG FINANCIAL PR 11.750 3/26/2013 EUR 70.98
EFG FINANCIAL PR 10.750 3/19/2013 USD 69.81
EFG FINANCIAL PR 7.500 3/18/2013 CHF 72.37
EFG FINANCIAL PR 6.750 3/11/2013 EUR 62.69
EFG FINANCIAL PR 10.000 3/6/2013 USD 69.49
EFG FINANCIAL PR 14.000 2/19/2013 CHF 17.60
EFG FINANCIAL PR 5.800 1/23/2013 CHF 68.41
EFG FINANCIAL PR 13.000 1/15/2013 CHF 71.20
EFG FINANCIAL PR 12.500 1/15/2013 CHF 53.33
EFG FINANCIAL PR 11.250 1/15/2013 GBP 68.95
EFG FINANCIAL PR 10.250 1/15/2013 CHF 21.49
EFG FINANCIAL PR 9.000 1/15/2013 CHF 50.09
EFG FINANCIAL PR 8.830 12/28/2012 USD 53.23
EFG FINANCIAL PR 12.000 12/27/2012 CHF 12.08
EFG FINANCIAL PR 12.600 12/21/2012 CHF 61.14
EFG FINANCIAL PR 10.900 12/21/2012 CHF 60.20
EFG FINANCIAL PR 10.300 12/21/2012 CHF 74.78
EFG FINANCIAL PR 9.400 12/21/2012 CHF 73.51
EFG FINANCIAL PR 9.300 12/21/2012 CHF 58.98
EFG FINANCIAL PR 7.000 12/19/2012 USD 71.87
EFG FINANCIAL PR 7.000 12/19/2012 CHF 72.32
EFG FINANCIAL PR 7.000 12/19/2012 EUR 72.51
EFG FINANCIAL PR 17.500 12/14/2012 EUR 45.84
EFG FINANCIAL PR 14.250 12/14/2012 GBP 74.76
EFG FINANCIAL PR 14.250 12/14/2012 EUR 69.79
EFG FINANCIAL PR 12.750 12/14/2012 CHF 73.74
EFG FINANCIAL PR 10.250 12/14/2012 CHF 72.11
EFG FINANCIAL PR 8.500 12/14/2012 CHF 65.64
EFG FINANCIAL PR 9.750 12/3/2012 CHF 73.00
EFG FINANCIAL PR 16.000 11/27/2012 EUR 43.39
EFG FINANCIAL PR 14.500 11/27/2012 CHF 73.25
EFG FINANCIAL PR 14.500 11/27/2012 CHF 36.61
EFG FINANCIAL PR 13.250 11/27/2012 CHF 74.40
EFG FINANCIAL PR 11.250 11/27/2012 CHF 61.46
EFG FINANCIAL PR 10.500 11/27/2012 CHF 74.99
EFG FINANCIAL PR 9.250 11/27/2012 CHF 67.54
EFG FINANCIAL PR 14.800 11/20/2012 EUR 44.71
EFG FINANCIAL PR 11.500 11/20/2012 EUR 51.14
EFG FINANCIAL PR 9.400 11/20/2012 EUR 69.23
EFG FINANCIAL PR 9.300 11/20/2012 CHF 70.20
EFG FINANCIAL PR 8.400 11/20/2012 CHF 69.16
EFG FINANCIAL PR 8.300 11/20/2012 CHF 63.91
EFG FINANCIAL PR 8.000 11/20/2012 CHF 53.15
EFG FINANCIAL PR 8.000 11/20/2012 CHF 70.90
EFG FINANCIAL PR 7.000 11/20/2012 CHF 67.09
EFG FINANCIAL PR 12.830 11/19/2012 CHF 63.54
EFG FINANCIAL PR 11.600 11/19/2012 CHF 69.17
EFG FINANCIAL PR 17.000 11/13/2012 EUR 42.24
EFG FINANCIAL PR 14.750 11/13/2012 CHF 65.63
EFG FINANCIAL PR 14.500 11/13/2012 EUR 52.57
EFG FINANCIAL PR 14.000 11/13/2012 USD 17.85
EFG FINANCIAL PR 13.000 11/13/2012 CHF 66.02
EFG FINANCIAL PR 13.000 11/13/2012 CHF 17.67
EFG FINANCIAL PR 12.750 11/13/2012 CHF 16.55
EFG FINANCIAL PR 12.750 11/13/2012 CHF 63.32
EFG FINANCIAL PR 12.500 11/13/2012 EUR 65.22
EFG FINANCIAL PR 12.250 11/13/2012 CHF 71.89
EFG FINANCIAL PR 12.000 11/13/2012 CHF 69.43
EFG FINANCIAL PR 11.000 11/13/2012 CHF 74.19
EFG FINANCIAL PR 10.750 11/13/2012 CHF 73.60
EFG FINANCIAL PR 10.500 11/13/2012 CHF 54.60
EFG FINANCIAL PR 10.500 11/13/2012 CHF 54.41
EFG FINANCIAL PR 6.000 11/12/2012 CHF 49.49
EFG FINANCIAL PR 6.000 11/12/2012 EUR 51.18
EFG FINANCIAL PR 11.050 11/8/2012 USD 52.16
EFG FINANCIAL PR 13.080 11/5/2012 CHF 67.25
EFG FINANCIAL PR 9.330 10/29/2012 USD 51.70
EFG FINANCIAL PR 21.000 10/26/2012 USD 19.74
EFG FINANCIAL PR 20.500 10/26/2012 EUR 19.92
EFG FINANCIAL PR 20.000 10/26/2012 CHF 19.34
EFG FINANCIAL PR 17.000 10/26/2012 EUR 34.84
EFG FINANCIAL PR 16.750 10/26/2012 CHF 30.18
EFG FINANCIAL PR 15.000 10/26/2012 CHF 67.92
EFG FINANCIAL PR 13.250 10/26/2012 CHF 53.97
EFG FINANCIAL PR 13.250 10/26/2012 EUR 59.53
EFG FINANCIAL PR 12.000 10/26/2012 CHF 59.00
EFG FINANCIAL PR 11.250 10/26/2012 CHF 53.18
EFG FINANCIAL PR 11.000 10/26/2012 USD 71.58
EFG FINANCIAL PR 10.500 10/26/2012 CHF 71.65
EFG FINANCIAL PR 6.250 10/25/2012 CHF 67.07
EFG FINANCIAL PR 13.750 10/24/2012 USD 58.46
EFG FINANCIAL PR 12.000 10/19/2012 USD 45.84
EFG FINANCIAL PR 17.250 10/12/2012 CHF 71.81
EFG FINANCIAL PR 16.250 10/12/2012 CHF 74.87
EFG FINANCIAL PR 14.500 10/12/2012 CHF 74.63
EFG FINANCIAL PR 20.000 10/11/2012 CHF 18.18
EFG FINANCIAL PR 18.000 10/11/2012 EUR 50.47
EFG FINANCIAL PR 12.500 10/11/2012 GBP 63.79
EFG FINANCIAL PR 12.500 10/11/2012 CHF 52.87
EFG FINANCIAL PR 12.250 10/11/2012 EUR 64.03
EFG FINANCIAL PR 12.250 10/11/2012 EUR 72.03
EFG FINANCIAL PR 12.000 10/11/2012 USD 63.82
EFG FINANCIAL PR 11.500 10/11/2012 CHF 63.76
EFG FINANCIAL PR 9.750 10/11/2012 CHF 70.69
EFG FINANCIAL PR 10.620 10/3/2012 USD 27.34
EFG FINANCIAL PR 9.930 10/3/2012 EUR 27.28
EFG FINANCIAL PR 10.000 10/2/2012 EUR 73.44
EFG FINANCIAL PR 10.000 10/1/2012 CHF 52.91
EFG FINANCIAL PR 8.500 10/1/2012 CHF 74.01
EFG FINANCIAL PR 12.000 9/25/2012 EUR 66.19
EFG FINANCIAL PR 11.750 9/25/2012 EUR 74.92
EFG FINANCIAL PR 11.250 9/25/2012 CHF 74.61
EFG FINANCIAL PR 11.250 9/25/2012 EUR 69.54
EFG FINANCIAL PR 11.250 9/25/2012 CHF 52.08
EFG FINANCIAL PR 11.000 9/25/2012 USD 69.03
EFG FINANCIAL PR 10.750 9/25/2012 CHF 53.91
EFG FINANCIAL PR 10.250 9/25/2012 CHF 69.09
EFG FINANCIAL PR 10.000 9/21/2012 USD 47.56
EFG FINANCIAL PR 9.350 9/18/2012 EUR 74.73
EFG FINANCIAL PR 8.650 9/18/2012 EUR 74.65
EFG FINANCIAL PR 8.210 9/18/2012 EUR 74.38
EFG FINANCIAL PR 11.450 9/17/2012 CHF 73.42
EFG FINANCIAL PR 11.000 9/17/2012 USD 66.66
EFG FINANCIAL PR 11.000 9/10/2012 EUR 70.62
EFG FINANCIAL PR 11.000 9/10/2012 EUR 70.46
EFG FINANCIAL PR 10.000 9/10/2012 EUR 65.44
EFG FINANCIAL PR 9.800 9/10/2012 AUD 71.22
EFG FINANCIAL PR 9.000 9/10/2012 CHF 48.21
EFG FINANCIAL PR 8.250 9/10/2012 EUR 74.78
EFG FINANCIAL PR 7.500 9/10/2012 CHF 71.05
EFG FINANCIAL PR 8.500 9/7/2012 USD 38.48
EFG FINANCIAL PR 7.250 9/7/2012 EUR 65.34
EFG FINANCIAL PR 7.000 9/7/2012 EUR 50.80
EFG FINANCIAL PR 7.000 9/7/2012 CHF 45.25
EFG FINANCIAL PR 9.600 9/4/2012 USD 53.91
EFG FINANCIAL PR 9.500 9/4/2012 USD 34.92
EFG FINANCIAL PR 12.250 9/3/2012 CHF 66.97
EFG FINANCIAL PR 12.200 9/3/2012 CHF 68.03
EFG FINANCIAL PR 12.000 9/3/2012 EUR 65.05
EFG FINANCIAL PR 10.500 9/3/2012 CHF 47.90
EFG FINANCIAL PR 10.260 8/31/2012 EUR 65.58
EFG FINANCIAL PR 14.750 8/30/2012 EUR 71.86
EFG FINANCIAL PR 12.250 8/30/2012 USD 72.41
EFG FINANCIAL PR 10.000 8/30/2012 EUR 65.54
EFG FINANCIAL PR 22.000 8/24/2012 USD 18.95
EFG FINANCIAL PR 14.000 8/24/2012 CHF 25.10
EFG FINANCIAL PR 13.000 8/24/2012 EUR 66.51
EFG FINANCIAL PR 12.500 8/24/2012 CHF 66.66
EFG FINANCIAL PR 12.250 8/24/2012 EUR 63.80
EFG FINANCIAL PR 11.750 8/24/2012 CHF 53.93
EFG FINANCIAL PR 11.500 8/24/2012 CHF 46.92
EFG FINANCIAL PR 10.250 8/24/2012 CHF 69.70
EFG FINANCIAL PR 9.000 8/24/2012 CHF 71.11
EFG FINANCIAL PR 11.800 8/17/2012 CHF 50.07
EFG FINANCIAL PR 11.600 8/17/2012 EUR 56.10
EFG FINANCIAL PR 19.600 8/16/2012 EUR 61.66
EFG FINANCIAL PR 12.000 8/16/2012 EUR 24.52
EFG FINANCIAL PR 15.000 8/14/2012 EUR 67.71
EFG FINANCIAL PR 14.000 8/14/2012 EUR 66.68
EFG FINANCIAL PR 13.750 8/14/2012 EUR 67.24
EFG FINANCIAL PR 13.250 8/14/2012 GBP 66.59
EFG FINANCIAL PR 13.000 8/14/2012 EUR 66.47
EFG FINANCIAL PR 12.750 8/14/2012 CHF 48.40
EFG FINANCIAL PR 12.500 8/14/2012 CHF 66.13
EFG FINANCIAL PR 11.000 8/14/2012 CHF 53.90
EFG FINANCIAL PR 10.000 8/14/2012 CHF 72.21
EFG FINANCIAL PR 8.500 8/14/2012 CHF 65.37
EFG FINANCIAL PR 3.850 8/13/2012 EUR 42.59
EFG FINANCIAL PR 12.800 8/10/2012 CHF 58.01
EFG FINANCIAL PR 12.500 8/10/2012 EUR 73.12
EFG FINANCIAL PR 11.700 8/10/2012 USD 25.56
EFG FINANCIAL PR 10.000 8/10/2012 CHF 66.70
EFG FINANCIAL PR 19.000 8/8/2012 USD 39.92
EFG FINANCIAL PR 12.000 8/7/2012 CHF 73.15
EFG FINANCIAL PR 11.000 8/7/2012 CHF 33.91
EFG FINANCIAL PR 11.000 8/7/2012 CHF 70.68
EFG FINANCIAL PR 10.250 8/7/2012 CHF 67.73
EFG FINANCIAL PR 10.000 8/7/2012 CHF 47.97
EFG FINANCIAL PR 7.250 8/7/2012 CHF 70.75
EFG FINANCIAL PR 9.000 8/3/2012 CHF 9.61
EFG FINANCIAL PR 9.000 8/3/2012 CHF 57.76
EFG FINANCIAL PR 9.000 8/3/2012 CHF 74.13
EFG FINANCIAL PR 9.000 8/3/2012 CHF 71.10
EFG FINANCIAL PR 9.000 8/3/2012 CHF 53.61
EFG FINANCIAL PR 8.000 8/3/2012 EUR 71.39
EFG FINANCIAL PR 15.500 7/31/2012 GBP 70.06
EFG FINANCIAL PR 15.000 7/31/2012 CHF 69.71
EFG FINANCIAL PR 11.750 7/31/2012 CHF 48.31
EFG FINANCIAL PR 11.750 7/31/2012 CHF 48.11
EFG FINANCIAL PR 11.500 7/31/2012 EUR 52.31
EFG FINANCIAL PR 10.000 7/31/2012 CHF 72.43
EFG FINANCIAL PR 10.000 7/31/2012 CHF 47.75
EFG FINANCIAL PR 9.500 7/31/2012 CHF 72.24
EFG FINANCIAL PR 12.000 7/25/2012 GBP 63.77
EFG FINANCIAL PR 11.750 7/25/2012 EUR 67.59
EFG FINANCIAL PR 11.300 7/25/2012 CHF 62.99
EFG FINANCIAL PR 11.000 7/25/2012 CHF 13.37
EFG FINANCIAL PR 11.000 7/25/2012 CHF 63.50
EFG FINANCIAL PR 11.000 7/25/2012 EUR 70.95
EFG FINANCIAL PR 10.250 7/25/2012 CHF 45.36
EFG FINANCIAL PR 10.000 7/25/2012 CHF 62.03
EFG FINANCIAL PR 8.500 7/25/2012 CHF 71.81
EFG FINANCIAL PR 9.770 7/23/2012 EUR 62.47
EFG FINANCIAL PR 10.830 7/20/2012 CHF 73.60
EFG FINANCIAL PR 6.000 7/13/2012 EUR 69.54
EFG FINANCIAL PR 12.750 7/12/2012 EUR 65.42
EFG FINANCIAL PR 9.300 7/6/2012 CHF 59.13
EFG FINANCIAL PR 19.570 7/5/2012 EUR 64.39
EFG FINANCIAL PR 10.500 7/5/2012 CHF 45.37
EFG FINANCIAL PR 8.250 7/5/2012 CHF 66.56
EFG FINANCIAL PR 13.250 7/4/2012 EUR 69.65
EFG FINANCIAL PR 12.500 7/4/2012 USD 69.61
EFG FINANCIAL PR 12.100 7/4/2012 CHF 69.69
EFG FINANCIAL PR 11.500 7/4/2012 EUR 69.03
EFG FINANCIAL PR 8.250 7/4/2012 EUR 67.42
EFG FINANCIAL PR 6.600 7/4/2012 CHF 67.14
EFG FINANCIAL PR 13.200 6/28/2012 EUR 63.01
EFG FINANCIAL PR 12.000 6/28/2012 USD 66.62
EFG FINANCIAL PR 11.300 6/28/2012 EUR 54.99
EFG FINANCIAL PR 8.200 6/28/2012 GBP 73.37
EFG FINANCIAL PR 8.100 6/28/2012 USD 72.98
EFG FINANCIAL PR 16.500 6/27/2012 GBP 55.30
EFG FINANCIAL PR 6.750 6/27/2012 EUR 63.67
EFG FINANCIAL PR 16.020 6/26/2012 CHF 74.87
EFG FINANCIAL PR 10.000 6/22/2012 CHF 43.82
EFG FINANCIAL PR 7.000 6/21/2012 CHF 52.54
EFG FINANCIAL PR 9.650 6/20/2012 USD 40.76
EFG FINANCIAL PR 13.110 6/18/2012 USD 48.79
EFG FINANCIAL PR 12.250 6/15/2012 EUR 8.00
EFG FINANCIAL PR 11.500 6/15/2012 EUR 62.42
EFG FINANCIAL PR 8.800 6/15/2012 CHF 70.92
EFG FINANCIAL PR 5.200 6/14/2012 CHF 51.39
EFG FINANCIAL PR 12.250 6/8/2012 EUR 49.77
EFG FINANCIAL PR 10.000 6/8/2012 CHF 28.91
EFG FINANCIAL PR 12.750 6/6/2012 EUR 58.37
EFG FINANCIAL PR 12.750 6/6/2012 CHF 55.08
EFG FINANCIAL PR 10.000 6/6/2012 CHF 66.25
EFG FINANCIAL PR 8.000 6/6/2012 CHF 66.12
EFG FINANCIAL PR 8.320 6/5/2012 CHF 73.31
EFG FINANCIAL PR 16.000 5/31/2012 GBP 69.19
EFG FINANCIAL PR 6.000 5/31/2012 USD 70.01
EFG FINANCIAL PR 12.500 5/30/2012 EUR 52.67
EFG FINANCIAL PR 10.000 5/30/2012 EUR 63.04
EFG FINANCIAL PR 10.000 5/30/2012 CHF 56.37
EFG FINANCIAL PR 8.400 5/30/2012 EUR 68.96
EFG FINANCIAL PR 10.910 5/29/2012 EUR 36.87
EFG FINANCIAL PR 12.840 5/25/2012 EUR 70.07
EFG FINANCIAL PR 11.200 5/25/2012 CHF 60.63
EFG FINANCIAL PR 10.650 5/25/2012 EUR 67.90
EFG FINANCIAL PR 10.570 5/25/2012 EUR 53.30
EFG FINANCIAL PR 10.440 5/25/2012 EUR 73.40
EFG FINANCIAL PR 9.430 5/25/2012 EUR 70.36
EFG FINANCIAL PR 7.440 5/25/2012 EUR 51.16
EFG FINANCIAL PR 6.100 5/25/2012 EUR 67.56
EFG FINANCIAL PR 9.000 5/24/2012 CHF 66.64
EFG FINANCIAL PR 8.000 5/24/2012 USD 39.20
EFG FINANCIAL PR 14.000 5/22/2012 EUR 65.94
EFG FINANCIAL PR 12.750 5/22/2012 EUR 64.71
EFG FINANCIAL PR 11.250 5/22/2012 CHF 49.89
EFG FINANCIAL PR 10.750 5/22/2012 CHF 64.36
EFG FINANCIAL PR 12.960 5/21/2012 EUR 15.81
EFG FINANCIAL PR 12.500 5/18/2012 EUR 71.69
EFG FINANCIAL PR 10.830 5/18/2012 CHF 0.96
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 3.000 11/17/2014 DKK 20.00
SARASIN CI LTD 10.250 5/25/2012 EUR 71.60
SARASIN CI LTD 6.000 6/9/2014 EUR 59.06
ZURCHER KANT FIN 8.000 6/15/2012 CHF 59.09
ZURCHER KANT FIN 6.769 5/23/2012 CHF 74.43
ZURCHER KANT FIN 9.050 6/29/2012 CHF 67.14
ZURCHER KANT FIN 7.721 6/22/2012 CHF 62.36
ZURCHER KANT FIN 9.000 6/18/2012 CHF 50.16
ZURCHER KANT FIN 13.575 6/15/2012 CHF 70.53
ZURCHER KANT FIN 11.263 6/15/2012 CHF 65.25
ZURCHER KANT FIN 9.700 6/15/2012 EUR 68.61
ZURCHER KANT FIN 8.548 7/6/2012 EUR 68.30
ZURCHER KANT FIN 7.844 5/18/2012 CHF 58.69
ZURCHER KANT FIN 8.000 7/13/2012 CHF 65.05
ZURCHER KANT FIN 11.000 7/13/2012 CHF 66.37
ZURCHER KANT FIN 12.067 7/13/2012 CHF 70.23
ZURCHER KANT FIN 10.250 7/19/2012 CHF 67.10
ZURCHER KANT FIN 9.250 11/9/2012 CHF 55.05
ZURCHER KANT FIN 7.340 4/16/2013 CHF 56.30
HUNGARY
-------
FHB MORTGAGE BAN 4.500 3/22/2022 EUR 62.38
IRELAND
-------
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 55.79
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 55.81
AIB MORTGAGE BNK 5.580 4/28/2028 EUR 61.83
BANK OF IRELAND 5.600 9/18/2023 EUR 57.13
BANK OF IRELAND 4.473 11/30/2016 EUR 73.75
BK IRELAND MTGE 5.760 9/7/2029 EUR 66.65
BK IRELAND MTGE 5.400 11/6/2029 EUR 63.51
BK IRELAND MTGE 5.360 10/12/2029 EUR 63.23
BK IRELAND MTGE 5.450 3/1/2030 EUR 63.59
DEPFA ACS BANK 5.125 3/16/2037 USD 70.43
DEPFA ACS BANK 0.500 3/3/2025 CAD 45.21
DEPFA ACS BANK 4.900 8/24/2035 CAD 73.50
DEPFA ACS BANK 3.250 7/31/2031 CHF 68.63
DEPFA ACS BANK 5.125 3/16/2037 USD 70.88
FIRST ACTIVE PLC 6.375 4/4/2018 GBP 74.60
KALVEBOD PLC 2.000 5/1/2106 DKK 35.00
ITALY
-----
BANCA MARCHE 4.000 5/26/2021 EUR 74.50
BANCA MARCHE 3.700 9/1/2020 EUR 74.75
BANCA POP MILANO 4.500 4/18/2018 EUR 74.88
BANCA POP VICENT 4.970 4/20/2027 EUR 65.95
BP CIVIDALE 3.180 5/19/2020 EUR 69.88
BTPS I/L 2.550 9/15/2041 EUR 69.32
BTPS I/L 2.350 9/15/2035 EUR 69.19
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 58.00
INTESA SANPAOLO 2.882 4/20/2020 EUR 74.00
INTESA SANPAOLO 3.750 3/2/2020 EUR 74.81
MONTE DEI PASCHI 5.750 9/30/2016 GBP 76.12
REP OF ITALY 2.870 5/19/2036 JPY 54.09
REP OF ITALY 5.250 12/7/2034 GBP 75.93
REP OF ITALY 1.850 9/15/2057 EUR 49.72
REP OF ITALY 2.200 9/15/2058 EUR 56.23
REP OF ITALY 4.850 6/11/2060 EUR 73.05
REP OF ITALY 2.000 9/15/2062 EUR 51.16
SANPAOLO IMI 5.625 3/18/2024 GBP 76.21
SEAT PAGINE 10.500 1/31/2017 EUR 64.17
SEAT PAGINE 10.500 1/31/2017 EUR 65.00
TELECOM ITALIA 5.250 3/17/2055 EUR 69.97
UBI BANCA SPCA 6.250 11/18/2018 EUR 51.44
UNICREDIT SPA 5.050 4/25/2022 EUR 73.10
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 64.00
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 21.95
CONTROLINVESTE 3.000 1/28/2015 EUR 73.98
DEXIA BQ INT LUX 6.000 7/2/2018 EUR 74.59
ESFG INTERNATION 6.875 10/21/2019 EUR 67.00
ESPIRITO SANTO F 9.750 12/19/2025 EUR 65.52
FORTIS LUX FINAN 6.500 10/22/2012 EUR 73.00
HELLAS III 8.500 10/15/2013 EUR 0.25
HELLAS III 8.500 10/15/2013 EUR 0.25
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 11.63
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 11.63
ORCO PROPERTY GR 1.000 4/30/2020 EUR 43.75
VIVALDIS 0.500 8/8/2028 EUR 60.47
VIVALDIS 0.500 6/13/2028 EUR 56.50
VIVALDIS 0.500 6/13/2013 EUR 56.50
NETHERLANDS
-----------
APP INTL FINANCE 11.750 10/1/2005 USD 8.75
ASTANA FINANCE 9.000 11/16/2011 USD 3.00
ASTANA FINANCE 7.875 6/8/2010 EUR 2.83
ASTANA FINANCE 14.500 7/2/2013 USD 3.00
BK NED GEMEENTEN 0.500 9/15/2016 TRY 74.03
BK NED GEMEENTEN 0.500 6/22/2016 TRY 74.95
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 50.97
BK NED GEMEENTEN 0.500 5/10/2017 TRY 72.40
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 51.47
BK NED GEMEENTEN 0.500 3/29/2021 NZD 68.99
BK NED GEMEENTEN 0.500 5/22/2017 ZAR 74.28
BK NED GEMEENTEN 0.500 3/3/2021 NZD 69.25
BK NED GEMEENTEN 0.500 6/12/2017 TRY 73.18
BK NED GEMEENTEN 0.500 2/24/2025 CAD 65.75
BK NED GEMEENTEN 0.500 6/7/2022 ZAR 50.10
BLT FINANCE BV 7.500 5/15/2014 USD 17.88
BLT FINANCE BV 7.500 5/15/2014 USD 23.00
BLT FINANCE BV 12.000 2/10/2015 USD 24.13
BRIT INSURANCE 6.625 12/9/2030 GBP 57.86
BULGARIA STEEL 12.000 5/4/2013 EUR 5.88
BULGARIA STEEL 12.000 5/4/2013 EUR 5.88
ENEL FIN INTL NV 5.750 9/14/2040 GBP 75.53
GREENWICH AVENUE 10.000 6/30/2013 USD 0.63
ING BANK NV 4.200 12/19/2035 EUR 66.60
LEHMAN BROS TR B 3.500 9/29/2017 EUR 5.25
LEHMAN BROS TSY 2.500 8/15/2012 CHF 5.25
LEHMAN BROS TSY 13.000 7/25/2012 EUR 16.00
LEHMAN BROS TSY 4.000 7/20/2012 EUR 5.25
LEHMAN BROS TSY 9.250 6/20/2012 USD 5.25
LEHMAN BROS TSY 4.300 6/4/2012 USD 16.00
LEHMAN BROS TSY 6.600 5/23/2012 AUD 16.00
LEHMAN BROS TSY 1.000 5/9/2012 EUR 5.25
LEHMAN BROS TSY 6.750 4/5/2012 EUR 5.25
LEHMAN BROS TSY 0.750 3/29/2012 EUR 5.25
LEHMAN BROS TSY 8.000 3/19/2012 USD 5.25
LEHMAN BROS TSY 3.630 3/2/2012 EUR 16.00
LEHMAN BROS TSY 6.600 2/22/2012 EUR 16.00
LEHMAN BROS TSY 1.460 2/19/2012 JPY 16.00
LEHMAN BROS TSY 7.000 2/15/2012 EUR 16.00
LEHMAN BROS TSY 6.000 2/14/2012 EUR 16.00
LEHMAN BROS TSY 1.500 2/8/2012 CHF 5.25
LEHMAN BROS TSY 10.000 1/3/2012 BRL 5.25
LEHMAN BROS TSY 7.750 1/3/2012 AUD 16.00
LEHMAN BROS TSY 11.000 12/19/2011 USD 5.25
LEHMAN BROS TSY 2.500 12/15/2011 GBP 16.00
LEHMAN BROS TSY 5.000 12/6/2011 EUR 5.25
LEHMAN BROS TSY 4.600 11/9/2011 EUR 5.25
LEHMAN BROS TSY 2.500 11/9/2011 CHF 5.25
LEHMAN BROS TSY 3.500 10/31/2011 USD 5.25
LEHMAN BROS TSY 1.500 10/25/2011 EUR 5.25
LEHMAN BROS TSY 3.500 10/24/2011 USD 5.25
LEHMAN BROS TSY 3.860 9/21/2011 SGD 16.00
LEHMAN BROS TSY 7.000 9/20/2011 USD 5.25
LEHMAN BROS TSY 6.000 9/20/2011 EUR 5.25
LEHMAN BROS TSY 6.250 9/5/2011 EUR 5.25
LEHMAN BROS TSY 5.000 9/1/2011 EUR 5.25
LEHMAN BROS TSY 6.650 8/24/2011 AUD 16.00
LEHMAN BROS TSY 3.000 8/13/2011 EUR 5.25
LEHMAN BROS TSY 4.000 7/27/2011 EUR 5.25
LEHMAN BROS TSY 7.625 7/22/2011 HKD 16.00
LEHMAN BROS TSY 12.000 7/4/2011 EUR 16.00
LEHMAN BROS TSY 11.000 7/4/2011 CHF 16.00
LEHMAN BROS TSY 11.000 7/4/2011 USD 16.00
LEHMAN BROS TSY 2.000 6/28/2011 EUR 5.25
LEHMAN BROS TSY 6.000 6/21/2011 EUR 5.25
LEHMAN BROS TSY 2.000 6/21/2011 EUR 5.25
LEHMAN BROS TSY 3.500 6/20/2011 EUR 5.25
LEHMAN BROS TSY 2.400 6/20/2011 JPY 5.25
LEHMAN BROS TSY 4.000 6/5/2011 USD 16.00
LEHMAN BROS TSY 5.000 5/12/2011 CHF 5.25
LEHMAN BROS TSY 6.700 4/21/2011 USD 5.25
LEHMAN BROS TSY 4.000 4/13/2011 CHF 5.25
LEHMAN BROS TSY 15.000 3/30/2011 EUR 5.25
LEHMAN BROS TSY 6.000 3/17/2011 EUR 5.25
LEHMAN BROS TSY 6.000 3/14/2011 EUR 5.25
LEHMAN BROS TSY 4.000 3/10/2011 EUR 5.25
LEHMAN BROS TSY 8.875 1/28/2011 HKD 16.00
LEHMAN BROS TSY 4.000 1/4/2011 USD 16.00
LEHMAN BROS TSY 8.000 12/31/2010 USD 16.00
LEHMAN BROS TSY 4.500 12/30/2010 USD 16.00
LEHMAN BROS TSY 9.300 12/21/2010 EUR 16.00
LEHMAN BROS TSY 9.300 12/21/2010 EUR 16.00
LEHMAN BROS TSY 6.000 12/21/2010 USD 16.00
LEHMAN BROS TSY 8.050 12/20/2010 HKD 16.00
LEHMAN BROS TSY 14.900 11/16/2010 EUR 16.00
LEHMAN BROS TSY 1.280 11/6/2010 JPY 16.00
LEHMAN BROS TSY 7.000 10/22/2010 EUR 5.25
LEHMAN BROS TSY 4.000 10/12/2010 USD 16.00
LEHMAN BROS TSY 1.500 10/12/2010 EUR 5.25
LEHMAN BROS TSY 4.100 8/23/2010 USD 16.00
LEHMAN BROS TSY 4.000 8/11/2010 USD 5.25
LEHMAN BROS TSY 10.500 8/9/2010 EUR 16.00
LEHMAN BROS TSY 6.000 7/28/2010 EUR 16.00
LEHMAN BROS TSY 6.000 7/28/2010 EUR 16.00
LEHMAN BROS TSY 7.000 7/11/2010 EUR 5.25
LEHMAN BROS TSY 5.500 6/22/2010 USD 5.25
LEHMAN BROS TSY 1.600 6/21/2010 JPY 5.25
LEHMAN BROS TSY 7.250 6/20/2010 USD 5.25
LEHMAN BROS TSY 3.100 6/4/2010 USD 16.00
LEHMAN BROS TSY 3.000 6/3/2010 EUR 5.25
LEHMAN BROS TSY 7.500 5/30/2010 AUD 16.00
LEHMAN BROS TSY 4.000 5/30/2010 USD 16.00
LEHMAN BROS TSY 4.000 5/17/2010 USD 5.25
LEHMAN BROS TSY 2.000 5/17/2010 EUR 16.00
LEHMAN BROS TSY 4.250 5/15/2010 EUR 5.25
LEHMAN BROS TSY 7.600 3/4/2010 NZD 16.00
LEHMAN BROS TSY 11.750 3/1/2010 EUR 16.00
LEHMAN BROS TSY 4.000 2/28/2010 EUR 16.00
LEHMAN BROS TSY 1.000 2/26/2010 USD 5.25
LEHMAN BROS TSY 6.450 2/20/2010 AUD 16.00
LEHMAN BROS TSY 4.100 2/19/2010 EUR 5.25
LEHMAN BROS TSY 7.000 2/15/2010 CHF 16.00
LEHMAN BROS TSY 7.500 2/14/2010 AUD 16.00
LEHMAN BROS TSY 1.750 2/7/2010 EUR 16.00
LEHMAN BROS TSY 10.000 1/4/2010 USD 5.25
LEHMAN BROS TSY 8.800 12/27/2009 EUR 16.00
LEHMAN BROS TSY 7.585 11/22/2009 MXN 16.00
LEHMAN BROS TSY 2.000 11/16/2009 EUR 5.25
LEHMAN BROS TSY 2.750 10/28/2009 EUR 16.00
LEHMAN BROS TSY 3.820 10/20/2009 USD 16.00
LEHMAN BROS TSY 3.400 9/21/2009 HKD 16.00
LEHMAN BROS TSY 7.500 9/13/2009 CHF 16.00
LEHMAN BROS TSY 16.800 8/21/2009 USD 16.00
LEHMAN BROS TSY 8.000 8/3/2009 USD 16.00
LEHMAN BROS TSY 4.500 8/2/2009 USD 16.00
LEHMAN BROS TSY 8.500 7/6/2009 CHF 16.00
LEHMAN BROS TSY 11.000 6/29/2009 EUR 16.00
LEHMAN BROS TSY 3.000 6/23/2009 EUR 5.25
LEHMAN BROS TSY 10.000 6/17/2009 USD 16.00
LEHMAN BROS TSY 5.750 6/15/2009 CHF 16.00
LEHMAN BROS TSY 5.500 6/15/2009 CHF 16.00
LEHMAN BROS TSY 9.000 6/13/2009 USD 16.00
LEHMAN BROS TSY 3.700 6/6/2009 EUR 5.25
LEHMAN BROS TSY 15.000 6/4/2009 CHF 16.00
LEHMAN BROS TSY 17.000 6/2/2009 USD 16.00
LEHMAN BROS TSY 13.500 6/2/2009 USD 16.00
LEHMAN BROS TSY 10.000 5/22/2009 USD 16.00
LEHMAN BROS TSY 8.000 5/22/2009 USD 16.00
LEHMAN BROS TSY 8.000 5/22/2009 USD 16.00
LEHMAN BROS TSY 4.100 5/20/2009 USD 16.00
LEHMAN BROS TSY 16.200 5/14/2009 USD 16.00
LEHMAN BROS TSY 2.480 5/12/2009 USD 5.25
LEHMAN BROS TSY 2.250 5/12/2009 USD 5.25
LEHMAN BROS TSY 4.000 4/24/2009 USD 16.00
LEHMAN BROS TSY 3.850 4/24/2009 USD 16.00
LEHMAN BROS TSY 8.000 4/20/2009 EUR 5.25
LEHMAN BROS TSY 16.000 10/8/2008 CHF 16.00
LEHMAN BROS TSY 7.250 10/6/2008 EUR 16.00
LEHMAN BROS TSY 10.000 10/22/2008 USD 16.00
LEHMAN BROS TSY 8.000 10/23/2008 USD 16.00
LEHMAN BROS TSY 5.000 10/24/2008 CHF 16.00
LEHMAN BROS TSY 6.000 10/24/2008 EUR 16.00
LEHMAN BROS TSY 7.500 10/24/2008 USD 16.00
LEHMAN BROS TSY 16.000 10/28/2008 USD 16.00
LEHMAN BROS TSY 13.150 10/30/2008 USD 16.00
LEHMAN BROS TSY 16.000 11/9/2008 USD 16.00
LEHMAN BROS TSY 14.100 11/12/2008 USD 16.00
LEHMAN BROS TSY 10.442 11/22/2008 CHF 16.00
LEHMAN BROS TSY 7.000 11/28/2008 CHF 16.00
LEHMAN BROS TSY 16.000 12/26/2008 USD 16.00
LEHMAN BROS TSY 6.720 12/29/2008 EUR 5.25
LEHMAN BROS TSY 13.432 1/8/2009 ILS 16.00
LEHMAN BROS TSY 7.750 1/30/2009 EUR 16.00
LEHMAN BROS TSY 6.600 2/9/2009 EUR 5.25
LEHMAN BROS TSY 0.500 2/16/2009 EUR 16.00
LEHMAN BROS TSY 10.000 2/16/2009 CHF 16.00
LEHMAN BROS TSY 11.000 2/16/2009 CHF 16.00
LEHMAN BROS TSY 13.000 2/16/2009 CHF 16.00
LEHMAN BROS TSY 5.000 3/13/2009 EUR 5.25
LEHMAN BROS TSY 9.000 3/17/2009 GBP 16.00
LEHMAN BROS TSY 4.050 9/16/2008 EUR 5.25
LEHMAN BROS TSY 23.300 9/16/2008 USD 16.00
LEHMAN BROS TSY 7.375 9/20/2008 EUR 16.00
LEHMAN BROS TSY 18.250 10/2/2008 USD 16.00
LEHMAN BROS TSY 10.000 3/27/2009 USD 5.25
LEHMAN BROS TSY 7.000 4/14/2009 EUR 16.00
LEHMAN BROS TSY 5.103 6/22/2046 EUR 16.00
LEHMAN BROS TSY 4.680 12/12/2045 EUR 16.00
LEHMAN BROS TSY 10.000 8/2/2037 JPY 5.25
LEHMAN BROS TSY 4.820 12/18/2036 EUR 16.00
LEHMAN BROS TSY 4.950 10/25/2036 EUR 5.25
LEHMAN BROS TSY 3.000 9/12/2036 JPY 5.25
LEHMAN BROS TSY 6.000 11/2/2035 EUR 5.25
LEHMAN BROS TSY 7.250 10/5/2035 EUR 5.38
LEHMAN BROS TSY 7.500 8/1/2035 EUR 5.25
LEHMAN BROS TSY 7.000 5/17/2035 EUR 5.38
LEHMAN BROS TSY 8.250 3/16/2035 EUR 5.63
LEHMAN BROS TSY 6.000 2/15/2035 EUR 5.63
LEHMAN BROS TSY 5.000 2/28/2032 EUR 5.25
LEHMAN BROS TSY 3.500 12/20/2027 USD 5.25
LEHMAN BROS TSY 5.120 4/30/2027 EUR 16.00
LEHMAN BROS TSY 6.500 7/24/2026 EUR 5.25
LEHMAN BROS TSY 5.250 5/26/2026 EUR 5.25
LEHMAN BROS TSY 5.000 8/1/2025 EUR 5.25
LEHMAN BROS TSY 5.220 3/1/2024 EUR 16.00
LEHMAN BROS TSY 5.250 4/1/2023 EUR 16.00
LEHMAN BROS TSY 6.000 2/19/2023 USD 5.25
LEHMAN BROS TSY 9.000 5/15/2022 USD 5.25
LEHMAN BROS TSY 5.000 5/2/2022 EUR 16.00
LEHMAN BROS TSY 4.250 3/13/2021 EUR 16.00
LEHMAN BROS TSY 4.150 8/25/2020 EUR 16.00
LEHMAN BROS TSY 0.500 8/1/2020 EUR 16.00
LEHMAN BROS TSY 4.900 7/28/2020 EUR 5.25
LEHMAN BROS TSY 0.500 7/2/2020 EUR 16.00
LEHMAN BROS TSY 0.500 6/2/2020 EUR 16.00
LEHMAN BROS TSY 11.000 5/9/2020 USD 5.25
LEHMAN BROS TSY 6.300 12/21/2018 USD 5.25
LEHMAN BROS TSY 9.750 6/22/2018 USD 5.25
LEHMAN BROS TSY 6.000 5/23/2018 CZK 5.25
LEHMAN BROS TSY 9.500 4/1/2018 USD 5.25
LEHMAN BROS TSY 7.800 3/31/2018 USD 5.25
LEHMAN BROS TSY 8.000 3/21/2018 USD 5.25
LEHMAN BROS TSY 5.200 3/19/2018 EUR 16.00
LEHMAN BROS TSY 2.600 3/19/2018 JPY 16.00
LEHMAN BROS TSY 5.000 2/15/2018 EUR 5.25
LEHMAN BROS TSY 6.000 12/30/2017 EUR 5.25
LEHMAN BROS TSY 4.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 4.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 4.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 USD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 0.500 12/20/2017 AUD 5.25
LEHMAN BROS TSY 12.220 11/21/2017 USD 5.25
LEHMAN BROS TSY 4.600 10/11/2017 ILS 16.00
LEHMAN BROS TSY 5.000 8/16/2017 EUR 8.88
LEHMAN BROS TSY 3.000 8/15/2017 EUR 5.25
LEHMAN BROS TSY 3.000 8/8/2017 EUR 5.25
LEHMAN BROS TSY 7.500 6/15/2017 USD 5.25
LEHMAN BROS TSY 7.000 6/6/2017 EUR 5.25
LEHMAN BROS TSY 6.000 5/12/2017 EUR 5.25
LEHMAN BROS TSY 5.100 5/8/2017 HKD 15.00
LEHMAN BROS TSY 7.390 5/4/2017 USD 5.25
LEHMAN BROS TSY 7.500 5/2/2017 EUR 5.25
LEHMAN BROS TSY 4.500 5/2/2017 EUR 5.25
LEHMAN BROS TSY 5.000 4/24/2017 EUR 5.25
LEHMAN BROS TSY 4.690 2/19/2017 EUR 16.00
LEHMAN BROS TSY 4.000 2/16/2017 EUR 5.25
LEHMAN BROS TSY 0.800 12/30/2016 EUR 5.25
LEHMAN BROS TSY 6.000 12/6/2016 USD 16.00
LEHMAN BROS TSY 4.000 11/24/2016 EUR 5.25
LEHMAN BROS TSY 3.350 10/13/2016 EUR 5.25
LEHMAN BROS TSY 4.350 8/8/2016 SGD 16.00
LEHMAN BROS TSY 4.600 7/6/2016 EUR 5.25
LEHMAN BROS TSY 8.500 7/5/2016 EUR 5.25
LEHMAN BROS TSY 4.700 3/23/2016 EUR 5.25
LEHMAN BROS TSY 4.700 3/23/2016 EUR 5.25
LEHMAN BROS TSY 8.000 2/16/2016 EUR 5.25
LEHMAN BROS TSY 8.250 2/3/2016 EUR 5.25
LEHMAN BROS TSY 8.250 12/3/2015 EUR 5.25
LEHMAN BROS TSY 6.500 5/16/2015 EUR 5.25
LEHMAN BROS TSY 7.050 4/8/2015 USD 5.25
LEHMAN BROS TSY 5.400 3/18/2015 USD 5.25
LEHMAN BROS TSY 5.000 3/18/2015 EUR 5.75
LEHMAN BROS TSY 5.550 3/12/2015 EUR 16.00
LEHMAN BROS TSY 4.500 3/7/2015 EUR 5.25
LEHMAN BROS TSY 1.680 3/5/2015 EUR 5.25
LEHMAN BROS TSY 5.400 3/4/2015 USD 5.25
LEHMAN BROS TSY 5.000 2/25/2015 EUR 5.25
LEHMAN BROS TSY 5.000 2/16/2015 EUR 5.25
LEHMAN BROS TSY 3.025 1/31/2015 EUR 5.25
LEHMAN BROS TSY 8.000 10/17/2014 EUR 5.25
LEHMAN BROS TSY 5.000 9/22/2014 EUR 5.25
LEHMAN BROS TSY 4.500 7/24/2014 EUR 5.25
LEHMAN BROS TSY 0.250 7/21/2014 EUR 5.25
LEHMAN BROS TSY 5.250 7/8/2014 EUR 16.00
LEHMAN BROS TSY 4.100 6/10/2014 SGD 16.00
LEHMAN BROS TSY 2.300 4/28/2014 JPY 5.25
LEHMAN BROS TSY 5.300 4/23/2014 EUR 5.25
LEHMAN BROS TSY 10.600 4/22/2014 MXN 5.25
LEHMAN BROS TSY 5.000 2/27/2014 EUR 5.25
LEHMAN BROS TSY 5.375 2/4/2014 USD 5.25
LEHMAN BROS TSY 7.000 11/26/2013 EUR 5.25
LEHMAN BROS TSY 1.950 11/4/2013 EUR 16.00
LEHMAN BROS TSY 4.870 10/8/2013 USD 16.00
LEHMAN BROS TSY 6.000 8/7/2013 EUR 5.25
LEHMAN BROS TSY 4.600 8/1/2013 EUR 5.25
LEHMAN BROS TSY 2.370 7/15/2013 USD 5.25
LEHMAN BROS TSY 2.300 6/27/2013 USD 16.00
LEHMAN BROS TSY 2.300 6/6/2013 USD 16.00
LEHMAN BROS TSY 3.450 5/23/2013 USD 5.25
LEHMAN BROS TSY 6.700 5/21/2013 USD 5.25
LEHMAN BROS TSY 7.150 3/21/2013 USD 5.25
LEHMAN BROS TSY 2.875 3/14/2013 CHF 16.88
LEHMAN BROS TSY 4.500 3/6/2013 CHF 5.25
LEHMAN BROS TSY 7.600 1/31/2013 AUD 16.00
LEHMAN BROS TSY 13.000 12/14/2012 USD 5.25
LEHMAN BROS TSY 3.000 12/3/2012 EUR 5.25
LEHMAN BROS TSY 6.250 11/30/2012 EUR 5.25
LEHMAN BROS TSY 5.500 11/30/2012 CZK 5.25
LEHMAN BROS TSY 5.000 11/22/2012 EUR 5.25
LEHMAN BROS TSY 6.000 10/30/2012 EUR 5.25
LEHMAN BROS TSY 6.000 10/30/2012 USD 5.25
LEHMAN BROS TSY 4.000 10/24/2012 EUR 5.25
LEHMAN BROS TSY 0.250 10/19/2012 CHF 5.25
LEHMAN BROS TSY 2.500 8/23/2012 GBP 16.00
NATL INVESTER BK 25.983 5/7/2029 EUR 25.02
NED WATERSCHAPBK 0.500 3/11/2025 CAD 64.76
NIB CAPITAL BANK 4.510 12/16/2035 EUR 67.84
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 69.28
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 13.33
RABOBANK 0.500 11/26/2021 ZAR 46.07
RABOBANK 0.500 10/27/2016 ZAR 73.86
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 69.87
RBS NV EX-ABN NV 6.500 5/17/2018 AUD 71.34
SNS BANK 6.250 10/26/2020 EUR 73.92
SNS BANK 4.580 3/20/2026 EUR 65.94
SNS BANK 5.215 12/3/2027 EUR 69.06
SRLEV NV 9.000 4/15/2041 EUR 73.21
TJIWI KIMIA FIN 13.250 8/1/2001 USD 0.01
NORWAY
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KOMMUNALBANKEN 0.500 5/25/2018 ZAR 63.06
KOMMUNALBANKEN 0.500 3/29/2017 BRL 70.10
KOMMUNALBANKEN 0.500 5/10/2017 BRL 69.95
KOMMUNALBANKEN 0.500 3/28/2017 BRL 70.58
KOMMUNALBANKEN 0.500 7/26/2016 BRL 74.26
KOMMUNALBANKEN 0.500 7/28/2016 BRL 73.81
KOMMUNALBANKEN 0.500 7/29/2016 TRY 74.92
KOMMUNALBANKEN 0.500 8/16/2016 BRL 73.53
KOMMUNALBANKEN 0.500 3/7/2017 BRL 70.89
KOMMUNALBANKEN 0.500 3/2/2018 BRL 65.82
NORSKE SKOGIND 6.125 10/15/2015 USD 71.33
NORSKE SKOGIND 7.000 6/26/2017 EUR 61.21
NORSKE SKOGIND 7.125 10/15/2033 USD 52.38
NORSKE SKOGIND 7.125 10/15/2033 USD 52.38
NORSKE SKOGIND 6.125 10/15/2015 USD 71.00
RENEWABLE CORP 6.500 6/4/2014 EUR 60.32
RENEWABLE CORP 9.750 5/3/2018 NOK 70.62
POLAND
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POLAND GOVT BOND 5.000 4/25/2037 PLN 63.50
PORTUGAL
--------
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 60.26
CAIXA GERAL DEPO 4.250 1/27/2020 EUR 75.94
COMBOIOS DE PORT 4.170 10/16/2019 EUR 50.18
COMBOIOS DE PORT 5.700 2/5/2030 EUR 59.98
METRO DE LISBOA 5.750 2/4/2019 EUR 57.93
METRO DE LISBOA 4.061 12/4/2026 EUR 48.50
METRO DE LISBOA 4.799 12/7/2027 EUR 48.66
METRO DE LISBOA 7.300 12/23/2025 EUR 54.38
MONTEPIO GERAL 4.000 2/8/2015 EUR 74.38
MONTEPIO GERAL 5.000 2/8/2017 EUR 61.63
PARPUBLICA 5.250 9/28/2017 EUR 69.75
PARPUBLICA 4.200 11/16/2026 EUR 50.25
PARPUBLICA 3.567 9/22/2020 EUR 55.54
PORTUGAL (REP) 3.500 3/25/2015 USD 75.22
PORTUGUESE OT'S 4.200 10/15/2016 EUR 68.09
PORTUGUESE OT'S 4.350 10/16/2017 EUR 62.88
PORTUGUESE OT'S 4.450 6/15/2018 EUR 60.40
PORTUGUESE OT'S 4.750 6/14/2019 EUR 59.42
PORTUGUESE OT'S 4.800 6/15/2020 EUR 58.01
PORTUGUESE OT'S 3.850 4/15/2021 EUR 55.95
PORTUGUESE OT'S 4.100 4/15/2037 EUR 46.49
PORTUGUESE OT'S 4.950 10/25/2023 EUR 56.70
PORTUGUESE OT'S 3.350 10/15/2015 EUR 72.46
REFER 4.000 3/16/2015 EUR 57.02
REFER 5.875 2/18/2019 EUR 59.53
REFER 4.047 11/16/2026 EUR 46.99
REFER 4.250 12/13/2021 EUR 44.99
REFER 4.675 10/16/2024 EUR 48.14
RUSSIA
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ARIZK 3.000 12/20/2030 RUB 44.03
DVTG-FINANS 17.000 8/29/2013 RUB 55.55
DVTG-FINANS 7.750 7/18/2013 RUB 20.29
MIRAX 17.000 9/17/2012 RUB 31.51
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 45.00
RBC OJSC 7.000 4/23/2015 RUB 70.00
RBC OJSC 7.000 4/23/2015 RUB 71.50
SATURN 8.000 6/6/2014 RUB 2.00
SPAIN
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AYT CEDULAS CAJA 4.750 5/25/2027 EUR 66.02
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 67.67
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 69.70
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 59.36
AYUNTAM DE MADRD 4.350 6/16/2021 EUR 65.91
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 47.78
BANCAJA 1.500 5/22/2018 EUR 61.36
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 57.64
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 71.59
BANCO BILBAO VIZ 4.375 10/20/2019 EUR 74.07
BANCO CASTILLA 1.500 6/23/2021 EUR 63.95
BANCO POP ESPAN 5.702 12/22/2019 EUR 73.00
BASQUE GOV'T 4.600 1/7/2025 EUR 71.79
BBVA SUB CAP UNI 2.750 10/22/2035 JPY 66.72
BPE FINANCIACION 6.873 10/22/2020 EUR 72.17
CAIXA TERRASSA 1.700 3/12/2022 EUR 65.66
CAIXA TERRASSA 4.700 8/9/2021 EUR 67.19
CAIXABANK 4.000 2/9/2022 EUR 72.35
CAJA MADRID 5.116 7/15/2015 EUR 72.50
CAJA MADRID 4.125 3/24/2036 EUR 68.67
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 61.85
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 57.37
CEDULAS TDA A-5 4.250 3/28/2027 EUR 61.79
COMUN AUTO CANAR 3.900 11/30/2035 EUR 46.00
COMUN AUTO CANAR 4.200 10/25/2036 EUR 48.28
COMUN AUTO CANAR 4.450 11/17/2019 EUR 72.24
COMUN AUTO CANAR 5.750 10/15/2029 EUR 69.36
COMUN NAVARRA 4.000 11/23/2021 EUR 73.17
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 55.26
COMUNIDAD ARAGON 4.470 7/12/2021 EUR 72.66
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 71.99
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 65.47
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 43.62
COMUNIDAD BALEAR 4.796 3/4/2020 EUR 73.49
COMUNIDAD MADRID 4.300 9/15/2026 EUR 63.35
DIPUTACION FOR 4.323 12/29/2023 EUR 64.49
GEN DE CATALUNYA 5.950 10/1/2030 EUR 60.18
GEN DE CATALUNYA 2.965 9/8/2039 JPY 43.56
GEN DE CATALUNYA 4.220 4/26/2035 EUR 44.64
GEN DE CATALUNYA 4.690 10/28/2034 EUR 48.85
GEN DE CATALUNYA 6.350 11/30/2041 EUR 61.66
GEN DE CATALUNYA 2.125 10/1/2014 CHF 74.96
GEN DE CATALUNYA 2.315 9/10/2015 CHF 72.42
GEN DE CATALUNYA 2.355 11/10/2015 CHF 71.51
GEN DE CATALUNYA 2.750 3/24/2016 CHF 70.26
GEN DE CATALUNYA 4.801 7/31/2020 EUR 70.49
GEN DE CATALUNYA 4.900 9/15/2021 EUR 68.32
GEN DE CATALUNYA 5.250 10/5/2023 EUR 65.26
GEN DE CATALUNYA 5.900 5/20/2024 EUR 68.77
GEN DE CATALUNYA 5.325 10/5/2028 EUR 57.24
GEN DE CATALUNYA 5.219 9/10/2029 EUR 55.31
GEN DE CATALUNYA 5.400 5/13/2030 EUR 56.32
GEN DE CATALUNYA 5.900 5/28/2030 EUR 60.60
GENERAL VALENCIA 4.000 11/2/2016 EUR 72.50
GENERAL VALENCIA 4.900 3/17/2020 EUR 64.38
GENERAL VALENCIA 5.900 11/30/2032 EUR 50.63
IM CEDULAS 5 3.500 6/15/2020 EUR 74.18
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 67.98
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 70.13
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 67.83
INSTITUT CATALA 4.250 6/15/2024 EUR 59.47
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 46.30
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 72.34
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 47.50
JUNTA ANDALUCIA 3.050 12/10/2020 JPY 73.62
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 68.01
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 64.21
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 70.25
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 55.20
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 68.77
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 44.57
JUNTA CASTILLA 4.650 11/8/2022 EUR 69.58
JUNTA LA MANCHA 3.875 1/31/2036 EUR 40.00
JUNTA LA MANCHA 7.705 2/15/2033 EUR 72.50
JUNTA LA MANCHA 4.625 11/30/2022 EUR 63.25
JUNTA LA MANCHA 4.875 3/18/2020 EUR 72.38
JUNTA LA MANCHA 2.810 10/14/2022 JPY 62.63
JUNTA LA MANCHA 5.950 9/9/2030 EUR 60.19
MAPFRE SA 5.921 7/24/2037 EUR 63.23
SACYR VALLEHERM 6.500 5/1/2016 EUR 59.06
SANTANDER ISSUAN 5.750 1/31/2018 GBP 73.02
SANTANDER ISSUAN 5.435 10/24/2017 EUR 77.00
SANTANDER ISSUAN 4.250 5/30/2018 EUR 72.00
SANTANDER ISSUAN 4.750 5/29/2019 EUR 71.75
SANTANDER ISSUAN 4.500 9/30/2019 EUR 70.01
SPANISH GOV'T 4.200 1/31/2037 EUR 71.48
XUNTA DE GALICIA 5.350 11/22/2028 EUR 62.82
XUNTA DE GALICIA 4.205 11/30/2019 EUR 73.98
XUNTA DE GALICIA 4.025 11/28/2035 EUR 46.61
SWEDEN
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ASSA ABLOY AB 4.000 2/15/2027 EUR 74.13
SAS AB 7.500 4/1/2015 SEK 74.48
SWEDISH EXP CRED 7.500 6/12/2012 USD 6.95
SWEDISH EXP CRED 0.500 11/27/2015 TRY 74.50
SWEDISH EXP CRED 0.500 5/27/2016 BRL 74.94
SWEDISH EXP CRED 0.500 6/29/2016 TRY 71.36
SWEDISH EXP CRED 0.500 6/29/2016 BRL 74.40
SWEDISH EXP CRED 0.500 8/25/2016 BRL 73.88
SWEDISH EXP CRED 0.500 9/14/2016 BRL 73.57
SWEDISH EXP CRED 0.500 9/30/2016 ZAR 74.79
SWEDISH EXP CRED 0.500 12/14/2016 BRL 72.09
SWEDISH EXP CRED 0.500 12/21/2016 BRL 71.98
SWEDISH EXP CRED 0.500 1/26/2017 BRL 71.41
SWEDISH EXP CRED 0.500 12/17/2027 USD 61.06
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 42.43
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 42.69
SWEDISH EXP CRED 0.500 7/21/2017 BRL 68.68
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 44.95
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 43.28
SWEDISH EXP CRED 0.500 8/26/2021 AUD 66.13
SWEDISH EXP CRED 0.500 12/22/2016 BRL 71.96
SWEDISH EXP CRED 0.500 3/10/2017 BRL 70.70
SWEDISH EXP CRED 0.500 2/3/2017 BRL 71.33
SWEDISH EXP CRED 0.500 6/30/2017 BRL 68.99
SWEDISH EXP CRED 0.500 6/21/2017 BRL 69.12
SWEDISH EXP CRED 0.500 1/25/2028 USD 60.70
SWITZERLAND
-----------
BANK JULIUS BAER 12.000 7/6/2012 EUR 54.65
BANK JULIUS BAER 11.900 7/6/2012 CHF 60.55
BANK JULIUS BAER 11.300 7/6/2012 CHF 42.45
BANK JULIUS BAER 10.700 7/6/2012 CHF 73.60
BANK JULIUS BAER 10.500 7/6/2012 USD 63.30
BANK JULIUS BAER 9.000 9/17/2012 CHF 42.55
BANK JULIUS BAER 10.500 12/14/2012 USD 69.25
BANK JULIUS BAER 10.000 1/28/2013 CHF 68.05
BANK JULIUS BAER 17.300 2/1/2013 EUR 63.95
BANK JULIUS BAER 12.000 4/9/2013 CHF 48.15
BANK JULIUS BAER 8.700 8/5/2013 CHF 64.37
BANK JULIUS BAER 8.750 6/15/2012 CHF 70.05
BANK JULIUS BAER 10.500 7/6/2012 CHF 69.35
BANK JULIUS BAER 10.100 7/6/2012 CHF 41.85
BANK JULIUS BAER 14.800 7/6/2012 EUR 52.05
BANK JULIUS BAER 14.300 7/13/2012 CHF 47.85
BANK JULIUS BAER 10.500 7/18/2012 CHF 57.20
BANK JULIUS BAER 5.500 7/20/2012 CHF 69.90
BANK JULIUS BAER 11.700 7/20/2012 EUR 71.25
BANK JULIUS BAER 8.750 7/26/2012 EUR 71.40
BANK JULIUS BAER 9.300 7/27/2012 EUR 65.15
BANK JULIUS BAER 11.000 7/27/2012 CHF 71.15
BANK JULIUS BAER 12.000 7/27/2012 EUR 71.30
BANK JULIUS BAER 9.000 7/6/2012 EUR 64.85
BANK JULIUS BAER 8.600 7/6/2012 CHF 69.60
BANK JULIUS BAER 11.900 6/29/2012 EUR 60.45
BANK JULIUS BAER 8.000 6/29/2012 EUR 71.45
BANK JULIUS BAER 14.000 6/28/2012 EUR 58.05
BANK JULIUS BAER 8.600 6/27/2012 CHF 73.20
BANK JULIUS BAER 10.000 6/22/2012 CHF 71.35
BANK JULIUS BAER 7.500 6/15/2012 CHF 74.75
BANK JULIUS BAER 7.000 6/15/2012 CHF 70.70
BANK JULIUS BAER 7.400 6/14/2012 CAD 51.75
BANK JULIUS BAER 8.200 6/8/2012 CHF 67.90
BANK JULIUS BAER 13.000 6/1/2012 USD 51.15
BANK JULIUS BAER 11.200 6/1/2012 CHF 64.80
BANK JULIUS BAER 12.400 7/6/2012 CHF 49.70
BANK JULIUS BAER 10.600 6/1/2012 EUR 73.45
BANK JULIUS BAER 10.300 6/1/2012 EUR 72.95
BANK JULIUS BAER 10.000 6/1/2012 CHF 50.65
BANK JULIUS BAER 9.750 6/1/2012 EUR 72.10
BANK JULIUS BAER 9.000 5/30/2012 CHF 50.45
BANK JULIUS BAER 10.000 5/25/2012 CHF 65.10
BANK JULIUS BAER 9.200 5/25/2012 EUR 48.20
BANK JULIUS BAER 8.600 5/25/2012 EUR 71.75
BANK JULIUS BAER 8.500 5/25/2012 CHF 65.60
BANK JULIUS BAER 14.000 5/24/2012 EUR 70.20
BANK JULIUS BAER 8.200 5/18/2012 EUR 66.95
BANK JULIUS BAER 9.700 5/18/2012 USD 69.70
BANK JULIUS BAER 11.600 5/18/2012 USD 74.85
BANK JULIUS BAER 8.400 5/23/2012 CHF 50.40
BANK JULIUS BAER 10.000 5/23/2012 CHF 66.55
BANK JULIUS BAER 11.300 8/3/2012 CHF 66.92
BANK JULIUS BAER 22.800 8/3/2012 USD 56.11
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 57.66
CLARIDEN LEU NAS 9.500 7/13/2012 EUR 47.81
CLARIDEN LEU NAS 11.750 7/12/2012 USD 59.16
CLARIDEN LEU NAS 10.500 7/12/2012 CHF 57.39
CLARIDEN LEU NAS 12.500 7/11/2012 EUR 62.19
CLARIDEN LEU NAS 11.250 7/6/2012 GBP 71.98
CLARIDEN LEU NAS 10.000 7/6/2012 EUR 67.72
CLARIDEN LEU NAS 10.000 7/6/2012 CHF 70.26
CLARIDEN LEU NAS 11.000 7/5/2012 CHF 59.60
CLARIDEN LEU NAS 10.500 7/4/2012 EUR 63.11
CLARIDEN LEU NAS 10.250 7/4/2012 EUR 53.09
CLARIDEN LEU NAS 10.000 7/4/2012 CHF 59.21
CLARIDEN LEU NAS 9.500 7/4/2012 CHF 66.50
CLARIDEN LEU NAS 9.250 7/4/2012 EUR 72.99
CLARIDEN LEU NAS 8.750 7/4/2012 CHF 61.74
CLARIDEN LEU NAS 8.500 7/4/2012 EUR 68.49
CLARIDEN LEU NAS 8.000 7/4/2012 CHF 74.27
CLARIDEN LEU NAS 6.250 7/4/2012 CHF 74.12
CLARIDEN LEU NAS 15.500 6/29/2012 EUR 40.95
CLARIDEN LEU NAS 14.000 6/29/2012 CHF 73.44
CLARIDEN LEU NAS 10.000 6/27/2012 CHF 71.84
CLARIDEN LEU NAS 12.500 6/22/2012 EUR 72.64
CLARIDEN LEU NAS 11.250 6/22/2012 CHF 47.00
CLARIDEN LEU NAS 10.000 6/22/2012 CHF 55.03
CLARIDEN LEU NAS 10.500 6/21/2012 EUR 53.46
CLARIDEN LEU NAS 10.000 6/21/2012 EUR 57.38
CLARIDEN LEU NAS 9.000 6/21/2012 CHF 54.54
CLARIDEN LEU NAS 12.000 6/20/2012 USD 58.02
CLARIDEN LEU NAS 10.250 6/20/2012 SEK 66.97
CLARIDEN LEU NAS 8.500 6/20/2012 CHF 71.12
CLARIDEN LEU NAS 3.550 6/20/2012 CHF 47.66
CLARIDEN LEU NAS 10.500 6/15/2012 CHF 64.33
CLARIDEN LEU NAS 9.000 6/15/2012 CHF 63.32
CLARIDEN LEU NAS 12.000 6/14/2012 CHF 30.65
CLARIDEN LEU NAS 11.750 6/14/2012 EUR 68.41
CLARIDEN LEU NAS 9.250 6/14/2012 CHF 67.44
CLARIDEN LEU NAS 9.000 6/14/2012 CHF 52.35
CLARIDEN LEU NAS 13.500 6/8/2012 EUR 49.73
CLARIDEN LEU NAS 8.500 6/8/2012 CHF 61.83
CLARIDEN LEU NAS 7.500 6/8/2012 GBP 64.44
CLARIDEN LEU NAS 0.000 6/8/2012 CHF 60.03
CLARIDEN LEU NAS 12.500 6/6/2012 EUR 73.14
CLARIDEN LEU NAS 11.000 6/6/2012 CAD 67.33
CLARIDEN LEU NAS 10.000 6/6/2012 NOK 60.63
CLARIDEN LEU NAS 10.000 6/6/2012 CHF 67.60
CLARIDEN LEU NAS 13.250 6/1/2012 USD 11.51
CLARIDEN LEU NAS 12.500 6/1/2012 CHF 11.54
CLARIDEN LEU NAS 11.500 6/1/2012 EUR 69.03
CLARIDEN LEU NAS 7.500 6/1/2012 EUR 63.06
CLARIDEN LEU NAS 12.250 5/31/2012 EUR 38.33
CLARIDEN LEU NAS 10.750 5/30/2012 CHF 51.74
CLARIDEN LEU NAS 10.500 5/30/2012 EUR 64.95
CLARIDEN LEU NAS 10.500 5/25/2012 CHF 65.67
CLARIDEN LEU NAS 12.750 5/24/2012 EUR 48.52
CLARIDEN LEU NAS 10.500 5/24/2012 EUR 71.20
CLARIDEN LEU NAS 14.000 5/23/2012 EUR 10.69
CLARIDEN LEU NAS 13.000 5/23/2012 CHF 10.66
CLARIDEN LEU NAS 12.750 5/23/2012 EUR 74.96
CLARIDEN LEU NAS 11.500 5/23/2012 USD 59.96
CLARIDEN LEU NAS 10.000 5/23/2012 CHF 69.01
CLARIDEN LEU NAS 10.000 5/23/2012 NOK 58.90
CLARIDEN LEU NAS 12.000 5/18/2012 EUR 51.02
CLARIDEN LEU NAS 10.600 5/18/2012 CHF 51.30
CLARIDEN LEU NAS 10.000 5/18/2012 EUR 64.30
CLARIDEN LEU NAS 21.650 11/25/2014 EUR 73.81
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 56.15
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 51.74
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 52.34
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 43.70
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 46.71
CLARIDEN LEU NAS 4.500 8/6/2014 EUR 71.30
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 58.95
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 56.59
CLARIDEN LEU NAS 0.000 6/3/2014 CHF 68.57
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 58.78
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 58.16
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 49.86
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 49.43
CLARIDEN LEU NAS 18.400 12/20/2013 EUR 68.57
CLARIDEN LEU NAS 0.000 11/4/2013 USD 73.86
CLARIDEN LEU NAS 0.000 11/4/2013 CHF 73.79
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 48.90
CLARIDEN LEU NAS 0.000 9/16/2013 USD 68.27
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 48.10
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 65.75
CLARIDEN LEU NAS 13.000 7/15/2013 CHF 68.62
CLARIDEN LEU NAS 10.000 6/10/2013 CHF 57.26
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 60.44
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 52.92
CLARIDEN LEU NAS 0.000 4/4/2013 CHF 73.29
CLARIDEN LEU NAS 10.750 3/27/2013 USD 74.42
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 53.97
CLARIDEN LEU NAS 12.000 3/8/2013 USD 73.61
CLARIDEN LEU NAS 12.500 3/1/2013 USD 73.69
CLARIDEN LEU NAS 20.000 2/27/2013 USD 69.09
CLARIDEN LEU NAS 11.000 2/21/2013 USD 73.68
CLARIDEN LEU NAS 13.500 2/15/2013 EUR 69.40
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 62.08
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 68.60
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 63.28
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 63.79
CLARIDEN LEU NAS 18.000 12/28/2012 USD 66.49
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 63.50
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 62.98
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 51.45
CLARIDEN LEU NAS 10.500 11/26/2012 EUR 58.87
CLARIDEN LEU NAS 8.000 11/20/2012 CHF 67.48
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 52.85
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 53.41
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 52.92
CLARIDEN LEU NAS 7.250 11/13/2012 CHF 68.73
CLARIDEN LEU NAS 20.750 11/2/2012 GBP 70.61
CLARIDEN LEU NAS 19.000 10/18/2012 USD 74.25
CLARIDEN LEU NAS 10.250 10/18/2012 EUR 72.20
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 49.33
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 49.95
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 48.47
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 61.52
CLARIDEN LEU NAS 10.500 10/8/2012 CHF 71.86
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 52.34
CLARIDEN LEU NAS 9.000 10/8/2012 CHF 71.06
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 49.73
CLARIDEN LEU NAS 10.000 9/25/2012 CHF 74.67
CLARIDEN LEU NAS 9.500 9/24/2012 CHF 62.38
CLARIDEN LEU NAS 9.000 9/24/2012 CHF 62.21
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 49.34
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 48.35
CLARIDEN LEU NAS 11.000 9/10/2012 EUR 64.86
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 59.85
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 38.20
CLARIDEN LEU NAS 10.500 9/4/2012 USD 63.58
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 45.76
CLARIDEN LEU NAS 11.250 8/22/2012 CHF 67.89
CLARIDEN LEU NAS 7.000 8/16/2012 CHF 50.70
CLARIDEN LEU NAS 12.000 8/15/2012 USD 68.09
CLARIDEN LEU NAS 10.000 8/10/2012 EUR 66.66
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 61.69
CLARIDEN LEU NAS 10.750 8/8/2012 EUR 72.19
CLARIDEN LEU NAS 10.000 8/8/2012 USD 62.48
CLARIDEN LEU NAS 9.250 8/8/2012 EUR 72.79
CLARIDEN LEU NAS 10.000 8/3/2012 CHF 71.61
CLARIDEN LEU NAS 13.000 8/2/2012 EUR 70.07
CLARIDEN LEU NAS 11.000 8/2/2012 USD 56.61
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 49.40
CLARIDEN LEU NAS 10.250 8/2/2012 CHF 62.31
CLARIDEN LEU NAS 9.750 8/2/2012 CHF 72.97
CLARIDEN LEU NAS 12.000 7/26/2012 EUR 72.30
CLARIDEN LEU NAS 11.000 7/26/2012 CHF 72.74
CLARIDEN LEU NAS 10.500 7/26/2012 CHF 69.20
CLARIDEN LEU NAS 8.750 7/26/2012 CHF 59.34
CLARIDEN LEU NAS 11.000 7/25/2012 NOK 67.57
CLARIDEN LEU NAS 10.250 7/25/2012 EUR 71.82
CLARIDEN LEU NAS 10.250 7/25/2012 USD 66.48
CLARIDEN LEU NAS 9.250 7/25/2012 CHF 66.42
CLARIDEN LEU NAS 12.250 7/20/2012 USD 59.09
CLARIDEN LEU NAS 9.500 7/20/2012 CHF 61.61
CLARIDEN LEU NAS 10.750 7/19/2012 EUR 65.78
CLARIDEN LEU NAS 9.000 7/19/2012 CHF 58.56
CLARIDEN LEU NAS 11.000 7/18/2012 EUR 67.56
CLARIDEN LEU NAS 10.500 7/18/2012 CHF 60.02
CLARIDEN LEU NAS 7.900 7/18/2012 USD 65.67
CLARIDEN LEU NAS 11.750 7/13/2012 EUR 68.41
CREDIT SUISSE LD 8.900 3/25/2013 EUR 59.06
CREDIT SUISSE LD 4.000 12/10/2012 EUR 41.80
S-AIR GROUP 4.250 2/2/2007 CHF 10.38
S-AIR GROUP 2.125 11/4/2004 CHF 10.38
S-AIR GROUP 0.125 7/7/2005 CHF 10.38
SARASIN CI LTD 8.400 5/30/2012 CHF 65.32
SARASIN CI LTD 7.743 6/8/2012 CHF 66.45
SARASIN CI LTD 5.538 6/18/2012 CHF 50.04
SARASIN CI LTD 9.300 6/20/2012 CHF 70.81
SARASIN CI LTD 12.000 6/27/2012 CHF 45.24
SARASIN CI LTD 8.000 4/27/2015 CHF 63.37
SARASIN CI LTD 4.154 6/11/2012 CHF 66.58
SARASIN CI LTD 8.000 9/3/2012 CHF 57.23
SARASIN/GUERNSEY 7.600 7/13/2012 EUR 63.55
SARASIN/GUERNSEY 10.000 7/20/2012 EUR 70.27
SARASIN/GUERNSEY 12.100 7/12/2012 CHF 56.77
SARASIN/GUERNSEY 15.400 7/12/2012 EUR 66.21
SARASIN/GUERNSEY 10.000 8/10/2012 EUR 51.51
SARASIN/GUERNSEY 7.200 7/16/2012 CHF 56.06
SARASIN/GUERNSEY 7.200 7/19/2012 CHF 70.51
SARASIN/GUERNSEY 17.000 10/12/2012 EUR 73.02
SWISSAIR 6.250 4/12/2005 CHF 10.38
SWISSAIR 5.500 7/23/2003 CHF 10.38
SWISSAIR 6.250 10/27/2002 CHF 10.38
SWISSAIR 2.750 7/30/2004 CHF 10.38
SWISSAIR 2.750 7/30/2004 CHF 10.38
UBS AG 9.000 5/18/2012 EUR 69.05
UBS AG 13.300 5/23/2012 USD 3.41
UBS AG 13.700 5/23/2012 USD 13.94
UBS AG 14.000 5/23/2012 USD 8.96
UBS AG 11.740 6/1/2012 EUR 73.44
UBS AG 13.130 6/1/2012 EUR 71.52
UBS AG 14.620 6/1/2012 EUR 69.70
UBS AG 9.820 6/4/2012 EUR 69.08
UBS AG 9.850 6/4/2012 EUR 69.94
UBS AG 10.470 6/4/2012 EUR 44.54
UBS AG 10.740 6/4/2012 EUR 71.88
UBS AG 12.410 6/4/2012 EUR 72.54
UBS AG 12.650 6/4/2012 EUR 73.68
UBS AG 13.680 6/4/2012 EUR 73.50
UBS AG 15.860 6/4/2012 EUR 62.48
UBS AG 17.720 6/4/2012 EUR 37.38
UBS AG 6.700 6/6/2012 CHF 72.20
UBS AG 8.000 6/6/2012 CHF 64.95
UBS AG 10.000 6/6/2012 CHF 63.25
UBS AG 10.600 6/6/2012 CHF 65.10
UBS AG 15.000 6/6/2012 CHF 59.30
UBS AG 8.000 6/14/2012 CHF 68.75
UBS AG 9.000 6/14/2012 EUR 69.00
UBS AG 8.700 6/22/2012 EUR 74.00
UBS AG 9.140 6/22/2012 EUR 68.36
UBS AG 9.930 6/22/2012 EUR 70.80
UBS AG 10.620 6/22/2012 EUR 74.90
UBS AG 10.710 6/22/2012 EUR 65.56
UBS AG 11.230 6/22/2012 EUR 67.88
UBS AG 11.430 6/22/2012 EUR 73.80
UBS AG 11.510 6/22/2012 EUR 74.10
UBS AG 11.540 6/22/2012 EUR 73.40
UBS AG 11.830 6/22/2012 EUR 74.82
UBS AG 12.400 6/22/2012 EUR 63.00
UBS AG 12.500 6/22/2012 EUR 71.98
UBS AG 12.620 6/22/2012 EUR 65.20
UBS AG 12.710 6/22/2012 EUR 71.92
UBS AG 12.910 6/22/2012 EUR 71.60
UBS AG 13.500 6/22/2012 EUR 70.60
UBS AG 13.690 6/22/2012 EUR 71.90
UBS AG 13.940 6/22/2012 EUR 69.86
UBS AG 14.080 6/22/2012 EUR 62.76
UBS AG 14.210 6/22/2012 EUR 60.68
UBS AG 14.470 6/22/2012 EUR 69.54
UBS AG 14.540 6/22/2012 EUR 69.30
UBS AG 15.190 6/22/2012 EUR 67.94
UBS AG 15.610 6/22/2012 EUR 68.06
UBS AG 15.620 6/22/2012 EUR 60.52
UBS AG 15.690 6/22/2012 EUR 69.24
UBS AG 16.100 6/22/2012 EUR 67.62
UBS AG 16.110 6/22/2012 EUR 58.54
UBS AG 16.460 6/22/2012 EUR 66.12
UBS AG 16.710 6/22/2012 EUR 66.88
UBS AG 17.230 6/22/2012 EUR 58.46
UBS AG 17.400 6/22/2012 EUR 74.06
UBS AG 17.730 6/22/2012 EUR 64.42
UBS AG 17.790 6/22/2012 EUR 65.82
UBS AG 17.830 6/22/2012 EUR 66.82
UBS AG 18.080 6/22/2012 EUR 56.60
UBS AG 18.350 6/22/2012 EUR 72.32
UBS AG 18.910 6/22/2012 EUR 56.58
UBS AG 19.000 6/22/2012 EUR 64.64
UBS AG 19.020 6/22/2012 EUR 62.82
UBS AG 19.290 6/22/2012 EUR 70.68
UBS AG 19.440 6/22/2012 EUR 74.74
UBS AG 19.530 6/22/2012 EUR 64.12
UBS AG 20.060 6/22/2012 EUR 64.58
UBS AG 20.120 6/22/2012 EUR 54.80
UBS AG 20.320 6/22/2012 EUR 61.30
UBS AG 20.650 6/22/2012 EUR 54.82
UBS AG 21.180 6/22/2012 EUR 67.60
UBS AG 21.300 6/22/2012 EUR 62.54
UBS AG 21.370 6/22/2012 EUR 62.58
UBS AG 21.590 6/22/2012 EUR 74.80
UBS AG 21.630 6/22/2012 EUR 59.86
UBS AG 22.200 6/22/2012 EUR 53.14
UBS AG 22.360 6/22/2012 EUR 62.54
UBS AG 22.370 6/22/2012 EUR 74.54
UBS AG 22.440 6/22/2012 EUR 53.20
UBS AG 22.490 6/22/2012 EUR 71.82
UBS AG 22.970 6/22/2012 EUR 58.50
UBS AG 23.060 6/22/2012 EUR 64.78
UBS AG 23.100 6/22/2012 EUR 61.06
UBS AG 23.850 6/22/2012 EUR 72.82
UBS AG 24.260 6/22/2012 EUR 51.70
UBS AG 24.310 6/22/2012 EUR 57.22
UBS AG 24.690 6/22/2012 EUR 60.64
UBS AG 24.900 6/22/2012 EUR 59.66
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UBS AG 26.850 6/22/2012 EUR 59.90
UBS AG 27.030 6/22/2012 EUR 54.86
UBS AG 28.770 6/22/2012 EUR 57.76
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UBS AG 7.070 6/25/2012 EUR 57.30
UBS AG 7.110 6/25/2012 EUR 27.40
UBS AG 7.150 6/25/2012 EUR 69.48
UBS AG 7.350 6/25/2012 EUR 66.94
UBS AG 7.400 6/25/2012 EUR 57.34
UBS AG 7.410 6/25/2012 EUR 27.44
UBS AG 7.420 6/25/2012 EUR 69.50
UBS AG 7.420 6/25/2012 EUR 59.52
UBS AG 7.560 6/25/2012 EUR 68.78
UBS AG 7.670 6/25/2012 EUR 69.52
UBS AG 7.690 6/25/2012 EUR 27.44
UBS AG 7.710 6/25/2012 EUR 28.90
UBS AG 7.720 6/25/2012 EUR 57.36
UBS AG 7.770 6/25/2012 EUR 51.82
UBS AG 7.870 6/25/2012 EUR 67.00
UBS AG 7.870 6/25/2012 EUR 69.54
UBS AG 7.890 6/25/2012 EUR 59.58
UBS AG 7.960 6/25/2012 EUR 27.48
UBS AG 8.000 6/25/2012 EUR 57.38
UBS AG 8.070 6/25/2012 EUR 68.82
UBS AG 8.220 6/25/2012 EUR 27.50
UBS AG 8.270 6/25/2012 EUR 57.40
UBS AG 8.320 6/25/2012 EUR 59.60
UBS AG 8.360 6/25/2012 EUR 67.02
UBS AG 8.490 6/25/2012 EUR 51.88
UBS AG 8.490 6/25/2012 EUR 28.96
UBS AG 8.510 6/25/2012 EUR 57.42
UBS AG 8.540 6/25/2012 EUR 68.86
UBS AG 8.690 6/25/2012 EUR 27.54
UBS AG 8.720 6/25/2012 EUR 59.64
UBS AG 8.720 6/25/2012 EUR 57.44
UBS AG 8.810 6/25/2012 EUR 67.06
UBS AG 8.910 6/25/2012 EUR 57.46
UBS AG 8.950 6/25/2012 EUR 68.90
UBS AG 9.080 6/25/2012 EUR 59.68
UBS AG 9.080 6/25/2012 EUR 57.48
UBS AG 9.090 6/25/2012 EUR 27.56
UBS AG 9.130 6/25/2012 EUR 51.92
UBS AG 9.200 6/25/2012 EUR 67.10
UBS AG 9.220 6/25/2012 EUR 29.02
UBS AG 9.310 6/25/2012 EUR 68.92
UBS AG 9.330 6/25/2012 EUR 57.50
UBS AG 9.390 6/25/2012 EUR 59.70
UBS AG 9.430 6/25/2012 EUR 27.60
UBS AG 9.550 6/25/2012 EUR 67.12
UBS AG 9.610 6/25/2012 EUR 68.96
UBS AG 9.660 6/25/2012 EUR 59.72
UBS AG 9.700 6/25/2012 EUR 51.98
UBS AG 9.710 6/25/2012 EUR 27.62
UBS AG 9.860 6/25/2012 EUR 67.16
UBS AG 9.890 6/25/2012 EUR 59.74
UBS AG 9.900 6/25/2012 EUR 29.08
UBS AG 9.920 6/25/2012 EUR 27.64
UBS AG 10.040 6/25/2012 EUR 56.44
UBS AG 10.120 6/25/2012 EUR 67.18
UBS AG 10.190 6/25/2012 EUR 52.02
UBS AG 10.330 6/25/2012 EUR 67.18
UBS AG 10.420 6/25/2012 EUR 56.46
UBS AG 10.500 6/25/2012 EUR 29.12
UBS AG 10.510 6/25/2012 EUR 67.20
UBS AG 10.590 6/25/2012 EUR 52.06
UBS AG 10.650 6/25/2012 EUR 67.22
UBS AG 10.770 6/25/2012 EUR 56.50
UBS AG 10.920 6/25/2012 EUR 52.08
UBS AG 11.030 6/25/2012 EUR 29.18
UBS AG 11.080 6/25/2012 EUR 56.52
UBS AG 11.180 6/25/2012 EUR 52.10
UBS AG 11.360 6/25/2012 EUR 56.54
UBS AG 11.380 6/25/2012 EUR 52.12
UBS AG 11.480 6/25/2012 EUR 29.20
UBS AG 11.600 6/25/2012 EUR 56.58
UBS AG 11.810 6/25/2012 EUR 56.58
UBS AG 11.860 6/25/2012 EUR 29.24
UBS AG 11.990 6/25/2012 EUR 56.60
UBS AG 12.140 6/25/2012 EUR 56.60
UBS AG 12.170 6/25/2012 EUR 29.26
UBS AG 12.270 6/25/2012 EUR 56.62
UBS AG 12.370 6/25/2012 EUR 56.62
UBS AG 12.410 6/25/2012 EUR 29.28
UBS AG 12.450 6/25/2012 EUR 56.64
UBS AG 12.510 6/25/2012 EUR 56.64
UBS AG 12.610 6/25/2012 EUR 29.30
UBS AG 12.750 6/25/2012 EUR 29.32
UBS AG 10.200 6/29/2012 CHF 71.30
UBS AG 12.000 6/29/2012 EUR 56.70
UBS AG 12.100 6/29/2012 CHF 66.30
UBS AG 13.700 6/29/2012 EUR 73.20
UBS AG 14.400 6/29/2012 CHF 42.45
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UBS AG 10.600 7/20/2012 CHF 60.00
UBS AG 10.960 7/20/2012 USD 24.73
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UBS AG 12.040 7/31/2012 USD 12.70
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UBS AG 10.200 8/2/2012 CHF 71.45
UBS AG 10.500 8/2/2012 EUR 53.75
UBS AG 11.000 8/2/2012 EUR 54.30
UBS AG 11.500 8/2/2012 CHF 63.75
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UBS AG 17.250 8/15/2012 EUR 49.05
UBS AG 14.000 8/27/2012 CHF 67.65
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UBS AG 11.460 8/31/2012 EUR 73.62
UBS AG 12.570 8/31/2012 EUR 72.10
UBS AG 9.070 9/3/2012 EUR 57.60
UBS AG 11.600 9/3/2012 EUR 74.74
UBS AG 13.630 9/3/2012 EUR 71.22
UBS AG 13.980 9/3/2012 EUR 69.58
UBS AG 15.150 9/3/2012 EUR 68.86
UBS AG 16.600 9/3/2012 EUR 71.10
UBS AG 17.640 9/3/2012 EUR 65.54
UBS AG 17.730 9/3/2012 EUR 64.20
UBS AG 18.180 9/3/2012 EUR 73.38
UBS AG 19.660 9/3/2012 EUR 65.78
UBS AG 20.830 9/3/2012 EUR 71.04
UBS AG 13.000 9/21/2012 EUR 61.74
UBS AG 22.700 9/21/2012 EUR 58.70
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UBS AG 8.810 9/28/2012 EUR 72.42
UBS AG 9.750 9/28/2012 EUR 67.80
UBS AG 9.830 9/28/2012 EUR 69.96
UBS AG 10.440 9/28/2012 EUR 74.24
UBS AG 10.580 9/28/2012 EUR 74.46
UBS AG 10.900 9/28/2012 EUR 67.70
UBS AG 11.040 9/28/2012 EUR 65.66
UBS AG 11.130 9/28/2012 EUR 74.12
UBS AG 11.320 9/28/2012 EUR 73.32
UBS AG 11.360 9/28/2012 EUR 72.68
UBS AG 12.020 9/28/2012 EUR 65.62
UBS AG 12.030 9/28/2012 EUR 74.76
UBS AG 12.100 9/28/2012 EUR 72.24
UBS AG 12.290 9/28/2012 EUR 71.18
UBS AG 12.300 9/28/2012 EUR 72.42
UBS AG 12.390 9/28/2012 EUR 63.72
UBS AG 12.890 9/28/2012 EUR 71.20
UBS AG 13.180 9/28/2012 EUR 63.72
UBS AG 13.230 9/28/2012 EUR 69.74
UBS AG 13.490 9/28/2012 EUR 72.54
UBS AG 13.500 9/28/2012 EUR 70.84
UBS AG 13.700 9/28/2012 EUR 70.22
UBS AG 13.800 9/28/2012 EUR 61.96
UBS AG 14.180 9/28/2012 EUR 68.38
UBS AG 14.390 9/28/2012 EUR 62.00
UBS AG 14.740 9/28/2012 EUR 69.38
UBS AG 15.020 9/28/2012 EUR 70.52
UBS AG 15.130 9/28/2012 EUR 67.08
UBS AG 15.240 9/28/2012 EUR 60.38
UBS AG 15.370 9/28/2012 EUR 68.40
UBS AG 15.640 9/28/2012 EUR 60.42
UBS AG 15.770 9/28/2012 EUR 74.50
UBS AG 16.000 9/28/2012 EUR 68.02
UBS AG 16.090 9/28/2012 EUR 65.86
UBS AG 16.490 9/28/2012 EUR 73.26
UBS AG 16.620 9/28/2012 EUR 68.70
UBS AG 16.720 9/28/2012 EUR 58.94
UBS AG 16.930 9/28/2012 EUR 59.00
UBS AG 17.050 9/28/2012 EUR 64.72
UBS AG 17.090 9/28/2012 EUR 66.78
UBS AG 17.280 9/28/2012 EUR 66.76
UBS AG 17.920 9/28/2012 EUR 70.92
UBS AG 18.020 9/28/2012 EUR 63.62
UBS AG 18.220 9/28/2012 EUR 57.66
UBS AG 18.240 9/28/2012 EUR 57.70
UBS AG 18.250 9/28/2012 EUR 67.04
UBS AG 18.580 9/28/2012 EUR 65.60
UBS AG 19.000 9/28/2012 EUR 62.60
UBS AG 19.330 9/28/2012 EUR 68.72
UBS AG 19.580 9/28/2012 EUR 56.54
UBS AG 19.880 9/28/2012 EUR 64.52
UBS AG 19.910 9/28/2012 EUR 65.54
UBS AG 19.990 9/28/2012 EUR 61.64
UBS AG 20.740 9/28/2012 EUR 66.72
UBS AG 20.920 9/28/2012 EUR 55.46
UBS AG 21.970 9/28/2012 EUR 59.86
UBS AG 22.150 9/28/2012 EUR 64.88
UBS AG 23.560 9/28/2012 EUR 63.18
UBS AG 24.960 9/28/2012 EUR 61.64
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UBS AG 7.040 10/1/2012 EUR 70.60
UBS AG 7.140 10/1/2012 EUR 29.28
UBS AG 7.190 10/1/2012 EUR 59.14
UBS AG 7.210 10/1/2012 EUR 71.28
UBS AG 7.240 10/1/2012 EUR 61.44
UBS AG 7.380 10/1/2012 EUR 29.36
UBS AG 7.380 10/1/2012 EUR 71.34
UBS AG 7.380 10/1/2012 EUR 68.70
UBS AG 7.450 10/1/2012 EUR 59.24
UBS AG 7.460 10/1/2012 EUR 53.78
UBS AG 7.470 10/1/2012 EUR 70.74
UBS AG 7.610 10/1/2012 EUR 61.58
UBS AG 7.620 10/1/2012 EUR 29.44
UBS AG 7.660 10/1/2012 EUR 30.90
UBS AG 7.680 10/1/2012 EUR 59.32
UBS AG 7.810 10/1/2012 EUR 68.86
UBS AG 7.840 10/1/2012 EUR 29.52
UBS AG 7.850 10/1/2012 EUR 70.88
UBS AG 7.900 10/1/2012 EUR 59.40
UBS AG 7.940 10/1/2012 EUR 61.70
UBS AG 8.050 10/1/2012 EUR 29.60
UBS AG 8.090 10/1/2012 EUR 59.46
UBS AG 8.090 10/1/2012 EUR 53.96
UBS AG 8.200 10/1/2012 EUR 68.98
UBS AG 8.200 10/1/2012 EUR 71.00
UBS AG 8.240 10/1/2012 EUR 61.82
UBS AG 8.260 10/1/2012 EUR 59.52
UBS AG 8.310 10/1/2012 EUR 31.12
UBS AG 8.400 10/1/2012 EUR 59.58
UBS AG 8.420 10/1/2012 EUR 29.72
UBS AG 8.490 10/1/2012 EUR 71.10
UBS AG 8.500 10/1/2012 EUR 61.88
UBS AG 8.530 10/1/2012 EUR 59.62
UBS AG 8.540 10/1/2012 EUR 69.10
UBS AG 8.720 10/1/2012 EUR 61.96
UBS AG 8.720 10/1/2012 EUR 59.68
UBS AG 8.730 10/1/2012 EUR 29.82
UBS AG 8.740 10/1/2012 EUR 71.18
UBS AG 8.850 10/1/2012 EUR 69.22
UBS AG 8.910 10/1/2012 EUR 31.34
UBS AG 8.910 10/1/2012 EUR 62.04
UBS AG 8.950 10/1/2012 EUR 71.30
UBS AG 9.060 10/1/2012 EUR 62.12
UBS AG 9.110 10/1/2012 EUR 69.34
UBS AG 9.160 10/1/2012 EUR 54.34
UBS AG 9.200 10/1/2012 EUR 30.00
UBS AG 9.340 10/1/2012 EUR 69.38
UBS AG 9.360 10/1/2012 EUR 30.04
UBS AG 9.440 10/1/2012 EUR 31.52
UBS AG 9.530 10/1/2012 EUR 69.48
UBS AG 9.540 10/1/2012 EUR 58.68
UBS AG 9.580 10/1/2012 EUR 54.48
UBS AG 9.690 10/1/2012 EUR 69.50
UBS AG 9.820 10/1/2012 EUR 69.58
UBS AG 9.860 10/1/2012 EUR 58.82
UBS AG 9.900 10/1/2012 EUR 30.28
UBS AG 9.910 10/1/2012 EUR 31.68
UBS AG 9.920 10/1/2012 EUR 69.58
UBS AG 9.930 10/1/2012 EUR 54.60
UBS AG 10.150 10/1/2012 EUR 58.88
UBS AG 10.220 10/1/2012 EUR 54.70
UBS AG 10.310 10/1/2012 EUR 31.82
UBS AG 10.410 10/1/2012 EUR 58.98
UBS AG 10.440 10/1/2012 EUR 54.78
UBS AG 10.620 10/1/2012 EUR 54.88
UBS AG 10.640 10/1/2012 EUR 59.06
UBS AG 10.650 10/1/2012 EUR 31.94
UBS AG 10.740 10/1/2012 EUR 54.88
UBS AG 10.840 10/1/2012 EUR 59.12
UBS AG 10.930 10/1/2012 EUR 32.04
UBS AG 11.010 10/1/2012 EUR 59.18
UBS AG 11.150 10/1/2012 EUR 32.12
UBS AG 11.160 10/1/2012 EUR 59.24
UBS AG 11.280 10/1/2012 EUR 59.28
UBS AG 11.330 10/1/2012 EUR 32.18
UBS AG 11.380 10/1/2012 EUR 59.32
UBS AG 11.460 10/1/2012 EUR 59.34
UBS AG 11.460 10/1/2012 EUR 32.22
UBS AG 11.530 10/1/2012 EUR 59.38
UBS AG 11.560 10/1/2012 EUR 32.26
UBS AG 11.580 10/1/2012 EUR 59.38
UBS AG 13.820 10/3/2012 USD 13.36
UBS AG 9.180 10/4/2012 CHF 74.15
UBS AG 9.920 10/4/2012 CHF 62.00
UBS AG 10.320 10/4/2012 CHF 62.05
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UBS AG 12.760 10/18/2012 USD 13.46
UBS AG 12.240 10/26/2012 EUR 71.70
UBS AG 13.570 10/26/2012 EUR 70.58
UBS AG 16.390 10/26/2012 EUR 68.60
UBS AG 12.500 11/1/2012 EUR 70.40
UBS AG 6.070 11/12/2012 EUR 57.88
UBS AG 6.700 11/12/2012 EUR 49.08
UBS AG 7.740 11/12/2012 EUR 73.36
UBS AG 8.280 11/12/2012 EUR 61.80
UBS AG 8.280 11/12/2012 EUR 61.80
UBS AG 8.370 11/12/2012 EUR 53.50
UBS AG 8.590 11/12/2012 EUR 54.42
UBS AG 8.740 11/12/2012 EUR 74.90
UBS AG 8.780 11/12/2012 EUR 72.52
UBS AG 9.020 11/12/2012 EUR 48.14
UBS AG 9.470 11/12/2012 EUR 45.18
UBS AG 9.640 11/12/2012 EUR 73.40
UBS AG 9.650 11/12/2012 EUR 44.78
UBS AG 9.840 11/12/2012 EUR 73.06
UBS AG 10.930 11/12/2012 EUR 45.40
UBS AG 11.260 11/12/2012 EUR 49.66
UBS AG 11.660 11/12/2012 EUR 42.18
UBS AG 12.000 11/12/2012 EUR 67.64
UBS AG 13.560 11/12/2012 EUR 43.12
UBS AG 13.600 11/12/2012 EUR 42.08
UBS AG 8.080 12/21/2012 EUR 71.28
UBS AG 8.150 12/21/2012 EUR 73.20
UBS AG 9.000 12/21/2012 EUR 71.08
UBS AG 9.100 12/21/2012 EUR 69.24
UBS AG 9.730 12/21/2012 EUR 74.18
UBS AG 9.890 12/21/2012 EUR 69.10
UBS AG 10.060 12/21/2012 EUR 74.84
UBS AG 10.160 12/21/2012 EUR 67.36
UBS AG 10.490 12/21/2012 EUR 72.92
UBS AG 10.690 12/21/2012 EUR 73.90
UBS AG 10.810 12/21/2012 EUR 67.28
UBS AG 11.000 12/21/2012 EUR 74.06
UBS AG 11.260 12/21/2012 EUR 71.72
UBS AG 11.270 12/21/2012 EUR 65.66
UBS AG 11.330 12/21/2012 EUR 73.00
UBS AG 11.770 12/21/2012 EUR 65.62
UBS AG 11.970 12/21/2012 EUR 72.70
UBS AG 11.980 12/21/2012 EUR 72.16
UBS AG 12.020 12/21/2012 EUR 70.56
UBS AG 12.140 12/21/2012 EUR 74.54
UBS AG 12.200 12/21/2012 EUR 63.58
UBS AG 12.400 12/21/2012 EUR 64.14
UBS AG 12.760 12/21/2012 EUR 64.12
UBS AG 12.800 12/21/2012 EUR 69.48
UBS AG 12.970 12/21/2012 EUR 71.44
UBS AG 13.320 12/21/2012 EUR 70.58
UBS AG 13.360 12/21/2012 EUR 72.76
UBS AG 13.560 12/21/2012 EUR 62.76
UBS AG 13.570 12/21/2012 EUR 68.42
UBS AG 13.770 12/21/2012 EUR 62.74
UBS AG 13.980 12/21/2012 EUR 70.28
UBS AG 14.350 12/21/2012 EUR 67.44
UBS AG 14.610 12/21/2012 EUR 71.16
UBS AG 14.690 12/21/2012 EUR 69.18
UBS AG 14.740 12/21/2012 EUR 61.52
UBS AG 14.810 12/21/2012 EUR 61.50
UBS AG 15.000 12/21/2012 EUR 69.20
UBS AG 15.130 12/21/2012 EUR 66.50
UBS AG 15.860 12/21/2012 EUR 60.38
UBS AG 15.900 12/21/2012 EUR 69.72
UBS AG 15.920 12/21/2012 EUR 65.62
UBS AG 15.930 12/21/2012 EUR 60.42
UBS AG 16.030 12/21/2012 EUR 68.22
UBS AG 16.600 12/21/2012 EUR 60.18
UBS AG 16.710 12/21/2012 EUR 64.80
UBS AG 16.930 12/21/2012 EUR 59.38
UBS AG 17.070 12/21/2012 EUR 67.30
UBS AG 17.200 12/21/2012 EUR 68.42
UBS AG 17.500 12/21/2012 EUR 64.02
UBS AG 18.000 12/21/2012 EUR 58.48
UBS AG 19.090 12/21/2012 EUR 62.60
UBS AG 15.990 1/4/2013 EUR 73.28
UBS AG 17.150 1/4/2013 EUR 71.52
UBS AG 18.300 1/4/2013 EUR 69.90
UBS AG 19.440 1/4/2013 EUR 68.40
UBS AG 20.570 1/4/2013 EUR 67.04
UBS AG 21.700 1/4/2013 EUR 65.78
UBS AG 10.390 1/18/2013 USD 36.86
UBS AG 11.020 1/25/2013 EUR 72.30
UBS AG 12.010 1/25/2013 EUR 71.42
UBS AG 14.070 1/25/2013 EUR 69.88
UBS AG 10.590 2/22/2013 EUR 72.38
UBS AG 10.960 2/22/2013 EUR 72.44
UBS AG 12.680 2/22/2013 EUR 71.70
UBS AG 12.690 2/22/2013 EUR 73.06
UBS AG 13.070 2/22/2013 EUR 68.40
UBS AG 13.660 2/22/2013 EUR 68.70
UBS AG 14.850 2/22/2013 EUR 69.72
UBS AG 15.800 2/22/2013 EUR 74.76
UBS AG 13.760 3/6/2013 USD 6.38
UBS AG 10.000 3/7/2013 USD 67.25
UBS AG 9.850 3/22/2013 USD 20.47
UBS AG 9.650 4/11/2013 USD 34.27
UBS AG 11.250 4/11/2013 USD 26.20
UBS AG 10.170 4/26/2013 EUR 72.72
UBS AG 10.970 4/26/2013 EUR 72.04
UBS AG 12.610 4/26/2013 EUR 70.82
UBS AG 9.650 8/23/2013 USD 32.42
UBS AG 10.200 9/20/2013 EUR 66.30
UBS AG 12.900 9/20/2013 EUR 64.76
UBS AG 15.900 9/20/2013 EUR 64.42
UBS AG 11.020 10/21/2013 USD 58.10
UBS AG 0.500 4/27/2015 CHF 48.70
UBS AG 8.660 10/1/2012 EUR 54.16
UBS AG JERSEY 3.220 7/31/2012 EUR 30.64
UNITED KINGDOM
--------------
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 72.75
ALPHA CREDIT GRP 5.500 6/20/2013 EUR 69.13
ALPHA CREDIT GRP 3.250 2/25/2013 EUR 72.63
ALPHA CREDIT GRP 6.000 6/20/2014 EUR 52.63
ALPHA CREDIT GRP 4.500 6/21/2013 EUR 64.50
BAKKAVOR FIN 2 8.250 2/15/2018 GBP 79.40
BANK NADRA 8.000 6/22/2017 USD 51.00
BARCLAYS BK PLC 11.070 8/31/2012 USD 31.84
BARCLAYS BK PLC 9.000 8/28/2012 USD 8.95
BARCLAYS BK PLC 10.800 7/31/2012 USD 26.51
BARCLAYS BK PLC 11.500 7/27/2012 USD 7.71
BARCLAYS BK PLC 7.000 7/27/2012 USD 9.69
BARCLAYS BK PLC 10.000 7/20/2012 USD 6.42
BARCLAYS BK PLC 8.000 6/29/2012 USD 9.36
BARCLAYS BK PLC 16.750 6/22/2012 EUR 53.76
BARCLAYS BK PLC 15.000 6/22/2012 EUR 47.19
BARCLAYS BK PLC 14.500 6/22/2012 EUR 49.93
BARCLAYS BK PLC 14.500 6/22/2012 EUR 37.79
BARCLAYS BK PLC 14.000 6/22/2012 EUR 73.51
BARCLAYS BK PLC 13.750 6/22/2012 EUR 50.38
BARCLAYS BK PLC 13.750 6/22/2012 EUR 45.63
BARCLAYS BK PLC 13.500 6/22/2012 EUR 65.83
BARCLAYS BK PLC 13.500 6/22/2012 EUR 71.62
BARCLAYS BK PLC 13.500 6/22/2012 EUR 62.43
BARCLAYS BK PLC 13.000 6/22/2012 EUR 55.77
BARCLAYS BK PLC 12.750 6/22/2012 EUR 41.05
BARCLAYS BK PLC 12.000 6/22/2012 EUR 74.07
BARCLAYS BK PLC 12.000 6/22/2012 EUR 45.95
BARCLAYS BK PLC 12.000 6/22/2012 EUR 69.83
BARCLAYS BK PLC 12.000 6/22/2012 EUR 70.89
BARCLAYS BK PLC 12.000 6/22/2012 EUR 58.21
BARCLAYS BK PLC 11.750 6/22/2012 EUR 51.13
BARCLAYS BK PLC 11.500 6/22/2012 EUR 42.59
BARCLAYS BK PLC 11.500 6/22/2012 EUR 52.21
BARCLAYS BK PLC 11.000 6/22/2012 EUR 47.55
BARCLAYS BK PLC 15.000 6/22/2012 EUR 73.31
BARCLAYS BK PLC 10.750 6/22/2012 EUR 59.35
BARCLAYS BK PLC 10.750 6/22/2012 EUR 74.78
BARCLAYS BK PLC 10.500 6/22/2012 EUR 48.24
BARCLAYS BK PLC 10.500 6/22/2012 EUR 73.79
BARCLAYS BK PLC 10.500 6/22/2012 EUR 50.67
BARCLAYS BK PLC 10.500 6/22/2012 EUR 49.20
BARCLAYS BK PLC 10.000 6/22/2012 EUR 72.52
BARCLAYS BK PLC 10.000 6/22/2012 EUR 72.48
BARCLAYS BK PLC 10.000 6/22/2012 EUR 53.64
BARCLAYS BK PLC 10.000 6/22/2012 EUR 73.11
BARCLAYS BK PLC 10.000 6/22/2012 EUR 74.95
BARCLAYS BK PLC 9.750 6/22/2012 EUR 51.31
BARCLAYS BK PLC 9.500 6/22/2012 EUR 62.36
BARCLAYS BK PLC 9.000 6/22/2012 EUR 74.92
BARCLAYS BK PLC 8.750 6/22/2012 EUR 63.47
BARCLAYS BK PLC 8.500 6/22/2012 EUR 52.11
BARCLAYS BK PLC 8.250 6/22/2012 EUR 52.77
BARCLAYS BK PLC 8.000 6/22/2012 EUR 62.16
BARCLAYS BK PLC 8.000 6/22/2012 EUR 59.27
BARCLAYS BK PLC 8.000 6/22/2012 EUR 71.41
BARCLAYS BK PLC 10.750 6/22/2012 EUR 43.97
BARCLAYS BK PLC 8.000 6/22/2012 EUR 56.59
BARCLAYS BK PLC 8.000 6/22/2012 EUR 73.26
BARCLAYS BK PLC 8.000 6/22/2012 EUR 71.65
BARCLAYS BK PLC 8.000 6/22/2012 EUR 50.23
BARCLAYS BK PLC 7.250 6/22/2012 EUR 54.08
BARCLAYS BK PLC 7.000 6/22/2012 EUR 55.36
BARCLAYS BK PLC 7.000 6/22/2012 EUR 60.62
BARCLAYS BK PLC 7.000 6/22/2012 EUR 50.38
BARCLAYS BK PLC 7.000 6/22/2012 EUR 67.87
BARCLAYS BK PLC 6.000 6/22/2012 EUR 57.49
BARCLAYS BK PLC 6.000 6/22/2012 EUR 52.85
BARCLAYS BK PLC 6.000 6/22/2012 EUR 54.58
BARCLAYS BK PLC 6.000 6/22/2012 EUR 69.70
BARCLAYS BK PLC 6.000 6/22/2012 EUR 60.96
BARCLAYS BK PLC 6.000 6/22/2012 EUR 64.26
BARCLAYS BK PLC 6.000 6/22/2012 EUR 70.83
BARCLAYS BK PLC 26.000 6/8/2012 EUR 71.68
BARCLAYS BK PLC 16.080 6/8/2012 EUR 58.75
BARCLAYS BK PLC 15.750 6/8/2012 EUR 53.02
BARCLAYS BK PLC 14.220 6/8/2012 EUR 56.67
BARCLAYS BK PLC 8.000 6/22/2012 EUR 46.11
BARCLAYS BK PLC 12.500 6/8/2012 EUR 47.64
BARCLAYS BK PLC 12.000 6/8/2012 EUR 74.82
BARCLAYS BK PLC 12.000 6/8/2012 EUR 53.02
BARCLAYS BK PLC 11.750 6/8/2012 EUR 41.29
BARCLAYS BK PLC 11.250 6/8/2012 EUR 68.39
BARCLAYS BK PLC 11.090 6/8/2012 EUR 50.14
BARCLAYS BK PLC 11.000 6/8/2012 EUR 53.27
BARCLAYS BK PLC 11.000 6/8/2012 EUR 70.53
BARCLAYS BK PLC 11.000 6/8/2012 EUR 66.95
BARCLAYS BK PLC 11.000 6/8/2012 EUR 59.01
BARCLAYS BK PLC 11.000 6/8/2012 EUR 52.17
BARCLAYS BK PLC 10.780 6/8/2012 EUR 61.98
BARCLAYS BK PLC 10.520 6/8/2012 EUR 59.12
BARCLAYS BK PLC 10.500 6/8/2012 EUR 70.65
BARCLAYS BK PLC 10.500 6/8/2012 EUR 45.13
BARCLAYS BK PLC 10.250 6/8/2012 EUR 72.69
BARCLAYS BK PLC 10.250 6/8/2012 EUR 50.74
BARCLAYS BK PLC 9.850 6/8/2012 EUR 74.42
BARCLAYS BK PLC 9.750 6/8/2012 EUR 65.20
BARCLAYS BK PLC 9.750 6/8/2012 EUR 45.36
BARCLAYS BK PLC 13.000 6/8/2012 EUR 40.74
BARCLAYS BK PLC 9.250 6/8/2012 EUR 61.87
BARCLAYS BK PLC 9.000 6/8/2012 EUR 74.82
BARCLAYS BK PLC 9.000 6/8/2012 EUR 74.46
BARCLAYS BK PLC 9.000 6/8/2012 EUR 74.13
BARCLAYS BK PLC 9.000 6/8/2012 EUR 68.03
BARCLAYS BK PLC 9.000 6/8/2012 EUR 71.06
BARCLAYS BK PLC 8.500 6/8/2012 EUR 44.84
BARCLAYS BK PLC 8.250 6/8/2012 EUR 50.64
BARCLAYS BK PLC 8.250 6/8/2012 EUR 58.25
BARCLAYS BK PLC 8.000 6/8/2012 EUR 48.50
BARCLAYS BK PLC 8.000 6/8/2012 EUR 58.85
BARCLAYS BK PLC 8.000 6/8/2012 EUR 67.43
BARCLAYS BK PLC 8.000 6/8/2012 EUR 54.93
BARCLAYS BK PLC 8.000 6/8/2012 EUR 63.96
BARCLAYS BK PLC 7.000 6/8/2012 EUR 56.21
BARCLAYS BK PLC 7.000 6/8/2012 EUR 64.99
BARCLAYS BK PLC 7.000 6/8/2012 EUR 68.69
BARCLAYS BK PLC 6.000 6/8/2012 EUR 63.16
BARCLAYS BK PLC 5.000 6/8/2012 EUR 70.32
BARCLAYS BK PLC 5.000 6/8/2012 EUR 61.16
BARCLAYS BK PLC 9.500 6/8/2012 EUR 59.58
BARCLAYS BK PLC 0.500 9/24/2019 AUD 65.01
BARCLAYS BK PLC 0.500 12/3/2017 AUD 73.37
BARCLAYS BK PLC 11.500 6/28/2013 EUR 48.13
BARCLAYS BK PLC 11.000 6/28/2013 EUR 49.74
BARCLAYS BK PLC 10.500 6/28/2013 EUR 73.76
BARCLAYS BK PLC 10.000 6/28/2013 EUR 51.14
BARCLAYS BK PLC 8.000 6/28/2013 EUR 52.61
BARCLAYS BK PLC 7.000 4/25/2013 EUR 71.33
BARCLAYS BK PLC 11.500 3/22/2013 EUR 46.12
BARCLAYS BK PLC 11.000 3/22/2013 EUR 73.21
BARCLAYS BK PLC 10.750 3/22/2013 EUR 48.35
BARCLAYS BK PLC 10.500 3/22/2013 EUR 73.38
BARCLAYS BK PLC 10.000 3/22/2013 EUR 49.31
BARCLAYS BK PLC 8.000 3/22/2013 EUR 50.88
BARCLAYS BK PLC 12.500 1/2/2013 EUR 53.48
BARCLAYS BK PLC 12.000 1/2/2013 EUR 44.11
BARCLAYS BK PLC 11.500 1/2/2013 EUR 56.75
BARCLAYS BK PLC 11.000 1/2/2013 EUR 72.03
BARCLAYS BK PLC 11.000 1/2/2013 EUR 73.17
BARCLAYS BK PLC 11.000 1/2/2013 EUR 46.65
BARCLAYS BK PLC 10.000 1/2/2013 EUR 47.93
BARCLAYS BK PLC 10.000 1/2/2013 EUR 57.57
BARCLAYS BK PLC 9.500 1/2/2013 EUR 48.40
BARCLAYS BK PLC 8.750 1/2/2013 EUR 58.45
BARCLAYS BK PLC 8.500 1/2/2013 EUR 62.03
BARCLAYS BK PLC 8.000 1/2/2013 EUR 49.51
BARCLAYS BK PLC 7.000 1/2/2013 EUR 52.85
BARCLAYS BK PLC 7.000 1/2/2013 EUR 63.14
BARCLAYS BK PLC 6.000 1/2/2013 EUR 66.75
BARCLAYS BK PLC 6.000 1/2/2013 EUR 55.41
BARCLAYS BK PLC 12.730 12/14/2012 EUR 63.31
BARCLAYS BK PLC 12.500 12/14/2012 EUR 58.83
BARCLAYS BK PLC 11.000 12/14/2012 EUR 46.73
BARCLAYS BK PLC 10.930 12/14/2012 EUR 62.00
BARCLAYS BK PLC 10.500 12/14/2012 EUR 53.26
BARCLAYS BK PLC 9.500 12/14/2012 EUR 58.48
BARCLAYS BK PLC 8.750 12/14/2012 EUR 50.32
BARCLAYS BK PLC 8.000 12/14/2012 EUR 67.73
BARCLAYS BK PLC 8.000 12/14/2012 EUR 58.13
BARCLAYS BK PLC 7.000 12/14/2012 EUR 72.02
BARCLAYS BK PLC 9.000 10/16/2012 USD 11.08
BARCLAYS BK PLC 8.500 10/16/2012 USD 10.73
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.32
BARCLAYS BK PLC 9.000 10/1/2012 USD 9.96
BARCLAYS BK PLC 13.500 9/28/2012 EUR 50.76
BARCLAYS BK PLC 13.000 9/28/2012 EUR 41.18
BARCLAYS BK PLC 12.500 9/28/2012 EUR 53.73
BARCLAYS BK PLC 12.000 9/28/2012 EUR 69.36
BARCLAYS BK PLC 11.750 9/28/2012 EUR 44.18
BARCLAYS BK PLC 11.000 9/28/2012 EUR 73.53
BARCLAYS BK PLC 10.500 9/28/2012 EUR 72.10
BARCLAYS BK PLC 10.500 9/28/2012 EUR 55.35
BARCLAYS BK PLC 10.500 9/28/2012 EUR 45.75
BARCLAYS BK PLC 10.000 9/28/2012 EUR 46.62
BARCLAYS BK PLC 9.500 9/28/2012 EUR 55.89
BARCLAYS BK PLC 8.500 9/28/2012 EUR 60.84
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.44
BARCLAYS BK PLC 8.000 9/28/2012 EUR 48.07
BARCLAYS BK PLC 7.000 9/28/2012 EUR 62.34
BARCLAYS BK PLC 7.000 9/28/2012 EUR 52.03
BARCLAYS BK PLC 6.000 9/28/2012 EUR 66.06
BARCLAYS BK PLC 6.000 9/28/2012 EUR 54.61
BARCLAYS BK PLC 11.000 9/19/2012 EUR 72.21
BARCLAYS BK PLC 14.070 9/14/2012 EUR 61.60
BARCLAYS BK PLC 13.750 9/14/2012 EUR 56.37
BARCLAYS BK PLC 12.200 9/14/2012 EUR 59.78
BARCLAYS BK PLC 12.000 9/14/2012 EUR 43.85
BARCLAYS BK PLC 11.000 9/14/2012 EUR 50.92
BARCLAYS BK PLC 10.250 9/14/2012 EUR 70.77
BARCLAYS BK PLC 10.250 9/14/2012 EUR 55.96
BARCLAYS BK PLC 9.250 9/14/2012 EUR 48.04
BARCLAYS BK PLC 8.000 9/14/2012 EUR 67.42
BARCLAYS BK PLC 8.000 9/14/2012 EUR 56.35
BARCLAYS BK PLC 7.000 9/14/2012 EUR 73.46
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.85
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.63
BARCLAYS BK PLC 5.000 6/8/2012 EUR 74.61
CO-OPERATIVE BNK 5.750 12/2/2024 GBP 73.96
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 72.36
CO-OPERATIVE BNK 5.625 11/16/2021 GBP 75.90
DUNFERMLINE BS 6.000 3/31/2015 GBP 0.75
EFG HELLAS PLC 5.400 11/2/2047 EUR 13.63
EFG HELLAS PLC 4.375 2/11/2013 EUR 75.00
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 31.63
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 52.38
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 32.00
EMPORIKI GRP FIN 5.000 2/24/2022 EUR 31.13
EMPORIKI GRP FIN 6.000 5/18/2022 EUR 34.50
ENTERPRISE INNS 6.875 5/9/2025 GBP 67.27
ENTERPRISE INNS 6.375 9/26/2031 GBP 65.67
ENTERPRISE INNS 6.875 2/15/2021 GBP 72.43
ESSAR ENERGY 4.250 2/1/2016 USD 61.69
F&C ASSET MNGMT 6.750 12/20/2026 GBP 65.50
GALA ELECTRIC CA 11.500 6/1/2019 GBP 69.38
GALA ELECTRIC CA 11.500 6/1/2019 GBP 69.70
GREENE KING FIN 5.702 12/15/2034 GBP 105.34
GS INTERNATIONAL 8.250 12/17/2012 EUR 66.25
GS INTERNATIONAL 13.000 6/28/2012 CHF 54.20
GS INTERNATIONAL 8.120 6/8/2012 CHF 73.00
GS INTERNATIONAL 5.150 5/31/2012 EUR 68.50
GS INTERNATIONAL 5.000 5/31/2012 USD 69.30
GS INTERNATIONAL 9.750 5/22/2012 CHF 48.40
HBOS PLC 4.500 3/18/2030 EUR 61.40
HBOS PLC 5.374 6/30/2021 EUR 67.13
HBOS PLC 4.375 10/30/2019 EUR 73.68
HBOS PLC 6.305 10/18/2017 GBP 74.45
HSBC BANK PLC 0.500 12/29/2022 AUD 56.47
HSBC BANK PLC 0.500 2/24/2023 AUD 57.19
HSBC BANK PLC 0.500 11/22/2021 AUD 63.71
HSBC BANK PLC 0.500 12/8/2026 AUD 48.50
HSBC BANK PLC 0.500 12/29/2026 AUD 48.35
HSBC BANK PLC 4.750 3/24/2046 GBP 72.82
HSBC BANK PLC 0.500 2/2/2023 AUD 53.62
HSBC BANK PLC 0.500 4/3/2023 AUD 59.26
HSBC BANK PLC 0.500 12/2/2022 AUD 60.30
HSBC BANK PLC 0.500 11/16/2018 AUD 71.90
LBG CAPITAL NO.1 6.439 5/23/2020 EUR 73.05
LBG CAPITAL NO.1 7.869 8/25/2020 GBP 79.97
LBG CAPITAL NO.2 6.385 5/12/2020 EUR 73.43
MATALAN 9.625 3/31/2017 GBP 65.83
MATALAN 9.625 3/31/2017 GBP 67.36
MAX PETROLEUM 6.750 9/8/2013 USD 46.76
NOMURA BANK INTL 0.800 12/21/2020 EUR 67.75
OTE PLC 4.625 5/20/2016 EUR 54.00
OTE PLC 5.000 8/5/2013 EUR 63.65
OTE PLC 7.250 4/8/2014 EUR 58.53
PIRAEUS GRP FIN 4.000 9/17/2012 EUR 75.57
PRIVATBANK 5.799 2/9/2016 USD 70.01
PUNCH TAVERNS 5.883 10/15/2026 GBP 62.72
ROYAL BK SCOTLND 4.625 9/22/2021 EUR 69.92
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 52.55
SPIRIT ISSUER 5.472 12/28/2028 GBP 71.84
THOMAS COOK GR 7.750 6/22/2017 GBP 48.75
THOMAS COOK GR 6.750 6/22/2015 EUR 58.59
UNIQUE PUB FIN 7.395 3/28/2024 GBP 61.80
UNIQUE PUB FIN 5.659 6/30/2027 GBP 72.77
UNIQUE PUB FIN 6.464 3/30/2032 GBP 43.11
*********
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 * * *