/raid1/www/Hosts/bankrupt/TCREUR_Public/120625.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, June 25, 2012, Vol. 13, No. 125
Headlines
A Z E R B A I J A N
AZERBAIJAN RAILWAYS: S&P Assigns 'BB+' Corporate Credit Rating
C R O A T I A
DIOKI GROUP: Fails to Get Creditor Approval for Debt-Equity Swap
C Z E C H R E P U B L I C
CENTRAL EUROPEAN: S&P Lowers Corporate Credit Rating to 'SD'
F R A N C E
DOUX SA: Put Up for Sale by Administrator
G E O R G I A
GEORGIAN RAILWAY: Fitch Affirms 'BB-' LT Issuer Default Ratings
PROCREDIT BANK: Fitch Upgrades Viability Rating to 'BB-'
G E R M A N Y
FRESENIUS SE: Moody's Rates Sr. Secured Bank Facilities '(P)Ba1'
GERMAN RESIDENTIAL: S&P Affirms 'BB+' Ratings on 2 Note Classes
KLOCKNER PENTAPLAST: SVP-Lead Creditors to Take Control
SAPPI PAPIER: S&P Assigns 'BB' Rating to US$700MM Sr. Sec. Notes
I R E L A N D
DRYDEN XIV: S&P Raises Rating on Class E Notes to 'B+'
I T A L Y
EUROFIDI: Fitch Lowers Long-Term Issuer Default Rating to 'BB'
K A Z A K H S T A N
EURASIA INSURANCE: S&P Affirms 'BB' Counterparty Credit Rating
L U X E M B O U R G
APERAM: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Negative
N E T H E R L A N D S
CLOCK FINANCE: Fitch Affirms 'Bsf' Ratings on Two Note Classes
GLOBAL BLUE: S&P Assigns 'B+' Long-Term Corporate Credit Rating
JUBILEE CDO VI: S&P Raises Rating on Class E Notes to 'B+'
NORIT HOLDINGS: Moody's Reviews 'B1' CFR for Upgrade
P O L A N D
3J: Faces Liquidation; Fails to Reach Creditor Deal
P O R T U G A L
BANCO COMERCIAL: Moody's Assigns 'Ba3' Short-Term Deposit Ratings
* PORTUGAL: Moody's Says RMBS Performance Stable in April 2012
R O M A N I A
HIDROELECTRICA SA: Reorganization Won't Entail Asset Sale
R U S S I A
RUSSIAN BANK: Fitch Assigns Viability Rating at 'b+'
SEVERSTAL OAO: S&P Raises Issuer Credit Rating to 'BB+'
* VOLGOGRAD: Fitch Withdraws 'BB-' Long Term Currency Ratings
S P A I N
CIRSA GAMING: Moody's Affirms 'B2' CFR/PDR; Outlook Negative
CODERE SA: Moody's Downgrades Corporate Family Rating to 'B2'
LIBERNANK SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
* SPAIN: Too Early to Say Bank Rescue Failed, Says Irish Minister
* SPAIN: Needs Up to EUR62BB in Capital; ECB Eases Lending Rules
T U R K E Y
* TURKEY: Moody's Upgrades Ratings on Two Municipalities to Ba1
U N I T E D K I N G D O M
ABERDEEN FC: Chairman Denies Administration Rumors
ASHTEAD GROUP: S&P Affirms B+ Rating to US$550M Second Lien Notes
AUBURN SECURITIES 4: Fitch Affirms 'BB+' Rating on Class E Notes
BRUNTWOOD ALPHA: S&P Lowers Rating on Class C Notes to 'BB'
FAREPAK: Lawsuit Against Directors Over Collapse Dropped
HEALTHCARE LOCUMS: US Investors to Pursue Legal Action
LLOYDS TSB: Moody's Cuts Ratings on Six Sub. Debt Issues to 'Ba1'
X X X X X X X X
* EUROPE: Private Bondholders Concerned Over Creditor Hierarchy
* Moody's Repositions Ratings of 15 Banks & Securities Firms
* BOND PRICING: For the Week June 18 to June 22, 2012
*********
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A Z E R B A I J A N
===================
AZERBAIJAN RAILWAYS: S&P Assigns 'BB+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' corporate
credit rating to 100% state-owned national rail transport
operator Azerbaijan Railways Closed JSC. The outlook is stable.
"The rating on Azerbaijan Railways is based on our assessment of
the company's stand-alone credit profile of 'bb-', as well as on
our opinion that there is a 'very high' likelihood that the
government of the Republic of Azerbaijan (BBB-/Stable/A-3) would
provide timely and sufficient extraordinary government support to
Azerbaijan Railways in the event of financial distress," S&P
said.
S&P said in accordance with its criteria for government-related
entities, it based its view of a 'very high' likelihood of
extraordinary government support on its assessment of Azerbaijan
Railways:
"'Very important' role for the Azerbaijani government, in
light of Azerbaijan Railways' monopoly position as the owner
and manager of the national rail infrastructure and rolling
stock. In our view, Azerbaijan Railways plays a key role in
implementing Azerbaijan's infrastructure development plan,
which we understand is one of the government's highest
priorities," S&P said.
"'Very strong' link with the government of Azerbaijan, given
the state's 100% ownership of Azerbaijan Railways; the
government's role in appointing Azerbaijan Railways' senior
management; and our understanding that Azerbaijan Railways
will not be privatized in the medium term," S&P said.
"The 'bb-' SACP reflects our assessment of Azerbaijan Railways'
business risk profile as 'fair' and its financial risk profile as
'aggressive.' The 'fair' business risk profile is supported by
Azerbaijan Railways' status as the monopoly operator of rail
infrastructure in the country and its track record of good
profitability. These strengths are offset by Azerbaijan Railways'
aging infrastructure and rolling stock that is in need of
development, and by competition from road traffic and oil
pipelines for freight volumes. In our opinion, the company,
together with the Azerbaijani economy, is heavily exposed to
changes in the global demand for oil," S&P said.
"The 'aggressive' financial risk profile reflects Azerbaijan
Railways' low leverage measures. These are offset by significant
negative free operating cash flows due to high capital
expenditure (capex). In addition, there is no track record of the
Azerbaijani government providing the company with material levels
of cash to fund capex because this was not previously required.
The 'aggressive' financial risk profile also reflects the
underdeveloped nature of the Azerbaijani banking system," S&P
said.
"The stable outlook reflects our view that Azerbaijan Railways
will finance its capex with the help of government funding. It
also reflects that Azerbaijan Railways is likely to grow its
revenues and profits thanks to its ability to increase tariffs as
well as freight volumes. Under our base case, the company is
likely to maintain adjusted debt to EBITDA of less than 2x in the
medium term, which we view as commensurate with the current
rating. Lastly, the stable outlook mirrors that on the Republic
of Azerbaijan," S&P said.
"We could take a negative rating action if Azerbaijan Railways'
adjusted debt to EBITDA increased to more than 2x. This could
occur due to a change in policy such that Azerbaijan Railways
funded its significant capex program using external funds rather
than funds from the Azerbaijani government. We could also take a
negative rating action if ongoing liquidity support from the
Azerbaijani government was not as timely as we currently
anticipate, or if we took a negative rating action on the
Republic of Azerbaijan," S&P said.
"A positive rating action is only likely if we take a similar
action on the Republic of Azerbaijan. Azerbaijan Railways' SACP
would have to improve to 'bb+' before it triggered a positive
rating action on the corporate credit rating," S&P said.
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C R O A T I A
=============
DIOKI GROUP: Fails to Get Creditor Approval for Debt-Equity Swap
----------------------------------------------------------------
IHS Chemical Week reports that the government of Croatia says it
has failed to persuade the main creditors of heavily indebted
Dioki Group (Zagreb) to accept a debt-equity swap as part of a
financial restructuring of the company.
Dioki Group (Zagreb) is a petrochemical producer.
===========================
C Z E C H R E P U B L I C
===========================
CENTRAL EUROPEAN: S&P Lowers Corporate Credit Rating to 'SD'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Bermuda-registered emerging markets TV
broadcaster Central European Media Enterprises Ltd. (CME) to 'SD'
(selective default) from 'CC' on completion of the below par debt
repurchase on its EUR148 million, or EUR87.5 million now
outstanding after the debt buy back, senior secured notes due
2014.
"At the same time, we lowered our issue rating on the group's
2014 notes to 'D' from 'C'. The issue ratings on CME's $130
million, or $21 million now outstanding after the debt buy back,
senior secured convertible notes due 2013 and the EUR375 million
notes due 2016 issued at Central European Media Enterprises Ltd
remain unchanged at 'C'. The issue rating on CME's EUR170 million
senior secured notes due 2017 issued by CME's subsidiary CET 21
spol.s.r.o. (CET 21; not rated) also remains unchanged at 'CC',"
S&P said.
"Following the downgrade, and to reflect CME's business and
financial risk profiles after the completion of its debt
repurchases, we raised the rating to 'B-' from 'SD'. The outlook
is stable," S&P said.
"We also raised to 'CCC+' from 'C' the issue ratings on CME's $21
million senior secured convertible notes due 2013, and its EUR375
million notes due 2016, and to 'CCC+' from 'D' the issue rating
on the EUR87.5 million notes due 2014. At the same time we raised
to 'B-' from 'CC' our issue rating on the EUR170 million senior
secured notes due 2017," S&P said.
"The downgrade to 'SD' reflects the completion of CME's debt
repurchase of its 2014 notes at a price below face value. We
consider the group's repurchase of EUR60.5 million of its 2014
notes at a price of 93.75% to be tantamount to default under our
criteria," S&P said.
"The subsequent rating upgrade to 'B-' reflects our view of CME's
business and financial risk profiles after the completion of its
debt repurchases. The rating reflects our view of the group's
'highly leveraged' financial risk profile and 'weak' business
risk profile, which remain unchanged following its debt
restructuring," S&P said.
"Our view of CME's financial risk profile incorporates the
completion of its $180 million debt buyback and its $89 million
private equity placement, which repaid part of the loans used to
fund the debt repurchasing and provided by key shareholder Time
Warner Inc. (BBB/Stable/A-2)," S&P said.
"The stable outlook reflects the current financial support
provided by Time Warner, as well as our expectation that CME will
increase nominal EBITDA over the next 12 to 18 months, resulting
in a substantial improvement in leverage compared with 2011
during the period. The stable outlook also incorporates our
expectation that CME will maintain approximately $120 million in
cash balances as a liquidity buffer to absorb potential
unexpected setbacks stemming from what we view as volatile
advertising market conditions in the countries where it
operates," S&P said.
"We could downgrade the ratings if CME' cash burn was
significantly higher than we expect in 2012. We could also take a
negative rating action if we believed the group was unlikely to
generate sufficient positive cash flow generation after 2012 to
fund its significant debt maturities from 2014 onward without
any further financial support from Time Warner," S&P said.
"We could raise the ratings if CME posted nominal EBITDA growth
at a higher level than we currently expect, resulting in
substantial improvement in liquidity through significant
prospects for positive free cash flow generation, and a faster
move to a rate of deleveraging below 5.0x. We view this scenario
as unlikely over the next 12 to 18 months. We might also consider
a positive rating action if we saw more pronounced financial
support from Time Warner to address CME's remaining debt
maturities," S&P said.
===========
F R A N C E
===========
DOUX SA: Put Up for Sale by Administrator
-----------------------------------------
According to Bloomberg News' Rudy Ruitenberg, Le Parisien, citing
Doux SA's court-appointed administrator Regis Valliot, reported
that the company is for sale.
Bloomberg notes that the newspaper said the company, 80% owned by
the Doux family, has close to EUR430 million (US$540 million) in
debt.
Mr. Valliot, as cited by Le Parisien, said that the state of the
firm's treasury forced him to look for a buyer, Bloomberg notes.
As reported by the Troubled Company Reporter-Europe on June 4,
2012, Reuters related that Doux collapsed into administration on
June 1 after failing to reach an agreement with bankers, putting
at risk more than 3,000 jobs. The company was placed in
administration by a commercial court in Quimper, northwest
France, after saying earlier on June 1 that it had suspended
payments to creditors, Reuters disclosed. The government, which
had offered a EUR35 million cash injection for the company,
blamed owner Charles Doux for ending negotiations to save the
firm, but vowed to continue working to find solutions, Reuters
noted.
France-based Doux S.A. produces, sells, and exports poultry and
poultry-based processed products for retail, food service and
catering, and food processing industries.
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G E O R G I A
=============
GEORGIAN RAILWAY: Fitch Affirms 'BB-' LT Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Georgian Railway JSC's (GR) Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB-'.
Fitch has also affirmed GR's foreign and local currency senior
unsecured ratings at 'BB-' and GR's US$250 million notes due 2015
at 'BB-'. The RR4 rating on the notes has been withdrawn. The
Short-term foreign and local currency IDRs have been affirmed at
'B'. The Rating Outlook on the Long-term IDRs is Stable.
Additionally, Fitch has assigned GR's proposed notes an expected
senior unsecured rating of 'BB-(exp)'. The proposed notes will
rank equally with the existing notes. The final rating is
contingent upon the receipt of final documentation conforming
materially to information already received.
Fitch understands that GR intends to use the proceeds of the
proposed notes for a tender offer for the existing notes, to
provide funding for its capex and to pay dividends in respect of
retained earnings.
While Fitch views the planned extension of debt maturity profile,
possible lowering of cost of debt and increase of liquidity as
credit positives, the intended special dividend payment is viewed
as a sign of a more aggressive and opportunistic financial
policy, especially considering the recently extinguished dividend
moratorium and intended (but unsuccessful) IPO.
This is despite the strong operational and financial performance
of GR which together with the proposed notes provide for adequate
funding of the company's sizeable capex (exceeding GEL800m
including capitalized interest during 2012-2014).
The proposed notes will benefit from covenants including a change
of control clause (a loss of control of 50% or more by the
government would be a put event - as for the existing notes),
incurrence leverage test of maximum net debt to EBITDA of 3.5
times (x), restriction on dividends payment at 50% of net profit
and a negative pledge.
The ratings affirmation is supported by GR's standalone profile
which Fitch considers as commensurate with a low 'BB' rating
level based on the expectation that it will maintain its monopoly
status and liberal tariff setting policy, along with a dominant
market share in the provision of freight transportation services
in Georgia.
The ratings were previously aligned with the sovereign ratings of
Georgia ('BB-'/Stable), in accordance with Fitch's parent /
subsidiary linkage methodology, reflecting the 100% direct and
indirect state ownership, the government backing for its two key
investment projects, its importance to the local economy as the
largest taxpayer and employer, and its strategic importance as
the regional transit corridor.
However, Fitch believes that the transfer of a 25.5% stake in GR
from the government to a recently created JSC Partnership Fund
('BB-'/Stable), fully government owned, and especially the
intended special dividend have weakened GR's links with the
state. Specifically, the government's tangible support of GR has
decreased during a high capex period.
The special dividend effectively pre-pays GR's dividends to the
government in lieu of GR's land sale proceeds from the government
when Fitch has previously expected a cash payment to be used to
amortize debt.
Fitch is therefore likely to separate GR's ratings from the
sovereign ratings in case of a sovereign rating upgrade. A
negative sovereign rating action would be replicated for GR. A
weakening of GR's standalone profile, for example gross lease
adjusted debt to funds from operations (FFO leverage) above 3.5x,
would also be negative for the ratings. While sustained FFO
leverage below 1.0x would be positive for the standalone profile,
any rating improvement would be capped by the sovereign ratings.
Despite its high EBITDA margin, the company remains highly free
cash flow (FCF) negative due to large capex plans (the company
treats its two large capex projects as discretionary). Fitch
anticipates net lease adjusted debt to EBITDAR to average around
2.3x during 2012-2014. This assumes that dividends of up to 50%
of net income are paid in 2013 and 2014 and the special dividend
is paid in 2012 on top of the GEL28 million dividend already
paid. FFO leverage is expected at be around 2.9x and FFO
interest coverage around 4.4x.
As of May 31, 2012, GR's liquidity remained adequate with GEL61.7
million of cash and GEL40.3 million of unused facilities (due in
2015 and 2017) with no short-term debt. Fitch forecasts FCF-to-
revenue to be negative at around 40% in 2012, assuming the bond
issue goes ahead and the company pays the special dividend. The
proposed bond would increase liquidity by around GEL200 million.
PROCREDIT BANK: Fitch Upgrades Viability Rating to 'BB-'
--------------------------------------------------------
Fitch Ratings has upgraded the Viability Ratings (VRs) of TBC
Bank (TBC) and ProCredit Bank (Georgia) (PCBG) to 'bb-' from
'b+', and affirmed the VR of Bank of Georgia (BoG) at 'bb-'. At
the same time, the agency has upgraded TBC's Long-term Issuer
Default Rating (IDR), which is driven by its standalone strength,
to 'BB-' from 'B+', with a Stable Outlook. The Long-term IDRs of
PCBG are affirmed at 'BB', and of BoG at 'BB-'.
The upgrades of TBC's and PCBG's VRs, and the affirmation of
BoG's VR, reflect the three banks' high levels of capital and
liquidity, providing solid buffers to absorb unexpected losses or
funding outflows; currently good asset quality and performance
ratios, albeit these are partly driven by the benign operating
environment in Georgia and are likely to deteriorate somewhat
through the cycle; and limited refinancing risk, given that
international financial institutions (IFIs) are the main
providers of wholesale funding.
Fitch also views favorably the quality of management and credit
underwriting at PCBG, resulting in its strong and consistent
track record of asset quality and performance through the crisis,
and BoG's good corporate governance and disclosure standards,
which it views as strong for an emerging market bank. The agency
also considers that there have been significant positive
improvements in the quality of governance and risk management at
TBC since it suffered significant losses in 2008-2009, in part
reflecting the control of the bank since then by IFI
shareholders. The three banks' VRs also benefit from franchise
strengths, with BoG and TBC holding dominant market shares in the
Georgian banking sector, and PCBG having a strong niche in small
business lending and a solid domestic deposit base.
At the same time, the ratings are constrained by relatively high
sovereign risks (Georgia is rated 'BB-'/Stable) and the country's
still quite low level of economic development; and the very high
levels of foreign currency lending (between approximately 65% and
75% of loans at the three banks), making asset quality and
capital ratios highly sensitive to a significant depreciation of
the GEL. Rapid recent and planned loan growth at TBC (in
particular) and BoG is also a negative factor for those banks'
VRs, although risks are mitigated by still quite low levels of
credit penetration in Georgia, the growing economy, a relatively
transparent corporate sector and reasonable underwriting
standards. PCBG's narrower franchise and size compared to its
larger peers is a constraining factor for the bank's VR.
TBC's and BoG's Long-term IDRs are driven by their stand-alone
strength, and are in line with their VRs. Fitch believes there
is a significant probability that TBC's IFI shareholders (which
have a combined 55% stake), would provide support to the bank in
case of need, reflected in the bank's '4' Support rating.
However, in the agency's view, there is some uncertainty as to
whether co-ordinated support will always be provided in a timely
fashion, and Fitch also notes that the IFIs may exit the bank
within the time horizon of the Long-term ratings.
PCBG's Long-term IDRs and Support Rating reflect Fitch's view of
the likelihood of support from its 100% shareholder, ProCredit
Holding AG & Co. KGaA (PCH) ('BBB-'/Stable). However, PCBG's
ability to receive and utilize this support could be restricted
by transfer and convertibility restrictions, the risk of which is
reflected in Georgia's Country Ceiling of 'BB'. Any change in
Fitch's view of support available from PCH, or in the Georgian
Country Ceiling, would likely result in a change to PCBG's IDRs.
Any further upgrades of the three banks' VRs, and of BoG's and
TBC's Long-term IDRs, would likely require, among other things, a
further sovereign upgrade (not expected by Fitch at present, as
reflected in the Stable Outlook on the sovereign rating), a
further reduction in domestic macroeconomic risks, continued
strong bank financial metrics and a reduction in the level of
foreign currency lending on the banks' balance sheets. The
ratings could come under negative pressure in case of negative
macroeconomic developments, or should the banks fail to maintain
high capital and liquidity buffers in a relatively high risk
operating environment.
BoG held 36% of sector assets at end-2011, TBC 27% and PCBG 9%.
In February 2012, Bank of Georgia Holdings Plc (BGH) became the
new UK-registered parent holding company of BoG and obtained a
premium listing of its shares on the London Stock Exchange.
TBC's shareholders include The European Bank for Reconstruction
and Development (20%), International Finance Corporation (20%),
Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG,
11%), FMO (3%).
The rating actions are as follows:
TBC Bank
-- Long-term Foreign Currency IDR: upgraded to 'BB-' from 'B+';
Outlook Stable
-- Short-term Foreign Currency IDR: affirmed at 'B'
-- Viability Rating: upgraded to 'BB-' from 'B+'
-- Support Rating: affirmed at '4'
ProCredit Bank Georgia
-- Long-term Foreign Currency IDR: affirmed at 'BB'; Outlook
Stable
-- Short-term Foreign Currency IDR: affirmed at 'B'
-- Long-term Local Currency IDR: affirmed at 'BB'; Outlook
Stable
-- Short-term Local Currency IDR: affirmed at 'B'
-- Viability Rating: upgraded to 'bb-' from 'b+'
-- Support Rating: affirmed at '3'
Bank of Georgia:
-- Long-term foreign and local currency IDRs: affirmed at
'BB-'; Outlook Stable
-- Short-term foreign and local currency IDRs: affirmed at 'B'
-- Viability Rating: affirmed at 'bb-'
-- Support Rating: affirmed at 4
-- Support Rating Floor: affirmed at 'B'
-- Senior unsecured debt: affirmed at 'BB-(EXP)
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G E R M A N Y
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FRESENIUS SE: Moody's Rates Sr. Secured Bank Facilities '(P)Ba1'
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1
rating to the new senior secured bank facilities of Fresenius SE
& Co. KGaA. The group's Ba1 corporate family rating, Baa3 senior
secured rating and Ba1 senior unsecured rating remain on review
for downgrade, due to its ongoing bid to acquire Rhoen Klinikum
AG with an expectation that a downgrade will be limited to one
notch.
This review process will continue until there is certainty as to
the final outcome of the transaction and the scope of regulatory
conditions, although Moody's does not anticipate any increase in
the price offered.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect the rating agency's credit
opinion regarding the transaction only. Upon the conclusion of
the acquisition of Rhoen, and a conclusive review of the final
documentation, Moody's will endeavor to assign a definitive
rating to the loans. A definitive rating may differ from a
provisional rating, and in this case this predominantly depends
on the final outcome of FSE's offer to acquire Rhoen.
Ratings Rationale
"Our assignment of a (P)Ba1 rating to FSE's new senior secured
bank facilities of around EUR3.1 billion is based on our
assumption that the group's bid to acquire Rhoen will be
accepted," says Alex Verbov, a Moody's Vice President -- Senior
Analyst and lead analyst for FSE. "As such, the (P)Ba1 rating
specifically reflects (i) Moody's expectation that, if the
transaction is successful, we will downgrade FSE's corporate
family rating by one notch to Ba2 as a result of increasing
leverage, and (ii) that the bank debt ranks structurally and
contractually ahead of FSE's outstanding unsecured bonds," adds
Mr. Verbov. Moody's expects that FSE's future free cash flow
generation will be relatively limited given (i) the company's
past capital expenditure (capex) commitments, which are typical
of those in the private hospital market; and (ii) the rating
agency's expectation that FSE will make further investments to
grow its hospital business, which will leave the group with less
flexibility to reduce debt going forward.
FSE's ability to deleverage from an elevated level therefore is
dependent on a continued improvement in EBITDA levels, leaving
little room for worse-than-expected performance. Whereas the
Rhoen acquisition will be largely debt-financed, the rating
agency notes that FSE has already raised EUR1 billion in equity
to part-fund the deal, which mitigates the overall credit impact.
However, the fact that part of the deal will be financed with
debt, combined with recently increased acquisition activity by
both FSE and Fresenius Medical Care ("FME") in the preceding
months (e.g., Damp Group, Liberty), is stretching the group's
pro-forma leverage metrics at the consolidated group level.
Indeed, FSE's debt/EBITDA ratio pro-forma for the Rhoen
transaction currently stands at around 4.0x, and its ratio for
cash flow from operations (CFO)/net debt is below 15% -- levels
that Moody's had previously set as downgrade triggers for the
current Ba1 rating. Moody's would expect these levels to
normalize by 2014, driven by an improvement in EBITDA.
However, Moody's notes that the triggers, which are based on
consolidated figures, do not fully take into account the
increasing gap between FSE's fully consolidated results and
results excluding the full consolidation of FME (FSE-ex), which
the rating agency views as more reflective of the group's ability
to service debt at the FSE level. FSE-ex pro-forma leverage is
materially higher, at 4.8x, but mitigated to some extent by the
value of FSE's 31% ownership stake in FME (around EUR5 billion),
which the rating agency views as a positive qualitative credit
consideration even though the shares are not pledged to the
lenders.
Moody's also takes comfort from FSE's track record of
deleveraging following peaks in acquisition activities and the
historical reliability of the forecast provided by the group.
However, on several occasions FSE has accepted a temporary
increase in its leverage above its own target levels following
sizeable acquisitions. In the past, the group's deleveraging
profile has largely been supported by favorable EBITDA growth
rather than debt repayments, and Moody's expect this to remain
the case. This reliance on EBITDA growth, rather than cash
repayments, to deleverage necessarily makes FSE dependent on the
availability of funding at attractive conditions.
FSE's rating is supported by (i) the group's sizeable -- and with
recent acquisitions -- further increasing scale as a global
provider of healthcare services and medical products, as well as
the recurring nature of a large part of its revenue and cash flow
base; (ii) its segmental diversification within the healthcare
market, supported by strong positions in its four segments, which
will be improved even further with the acquisition of Rhoen;
(iii) its track record of accessing both equity and debt markets
to support its acquisition growth and refinancing needs, and of
successfully deleveraging following large acquisition peaks; and
(iv) the attractive valuation of FSE's 31% stake in FME.
The ratings are constrained by (i) FSE's high financial leverage
pro-forma for the Rhoen transaction, with an estimated
debt/EBITDA ratio of 4.0x on a group basis (Moody's adjusted);
(ii) the group's exposure to regulatory changes, reimbursement
and pricing pressure from governments and healthcare
organizations worldwide; (iii) by relatively weak structural
liquidity profile driven by need to continuously refinance its
debt, despite adequate short term liquidity cushion; and (iv) a
track record of aggressive acquisition strategy.
What Could Change Ratings Up/Down
As the ratings are currently on review for downgrade, an upgrade
in the near term is unlikely. However, upward rating pressure
could result if FSE were to apply free cash flow to debt
reduction over an extended period and scale back its debt-
financed external growth activities.
Conversely, if FSE's current bid to acquire Rhon were to be
successful -- i.e., a minimum of 90% of Rhon's shareholders were
to accept the offer at unchanged terms and conditions, including
offer price -- Moody's would consider downgrading (i) the group's
CFR by one notch to Ba2, with a stable outlook; (ii) its existing
senior secured bank loan rating to Ba1 from Baa3; and (iii) its
senior unsecured long-term ratings to Ba2 from Ba1.
FSE's debt (and that of its financing conduits) is structurally
subordinated to the debt of FME with regard to FME's cash flows
and assets. However, FSE's lenders benefit from a higher degree
of business diversification and directly from the cash flows
generated by its other operating subsidiaries, Helios and Kabi.
FSE's unsecured bonds are rated at the same level as the CFR and
will move in line with it as and when Moody's concludes the
rating review. These unsecured bonds have been issued at the
level of a non-operating finance subsidiary Fresenius Finance
B.V. and benefit from senior guarantees from Fresenius Kabi AG
and Fresenius ProServe GmbH and from the holding company
Fresenius SE & Co. KGaA.
FSE's senior secured package also includes various tranches of
credit facilities, which are secured by share pledges of some of
the group's intermediate holding companies or operating
companies, as well as pledge of the assets of APP
Pharmaceuticals, Inc.. Therefore, Moody's notches these tranches
up by one notch against the CFR. Despite differing security
packages among the layers of the senior secured credit facility,
Moody's ranks all tranches of the secured credit facility pari
passu, under consideration of the existence of a re-allocation
provision in the credit documentation. As a consequence of this
re-allocation provision, upon a default of certain tranches or
instruments, lenders will be obliged to purchase participation
from other lenders in the various tranches, which ensures that
all lenders will generate a similar recovery rate. Moody's
assumes the enforceability of this provision in a default
scenario, but has also taken comfort that its analysis of
recovery in a stress scenario shows that levels are not too
dissimilar across the security packages.
Principal Methodology
The principal methodology used in rating Fresenius SE was the
"Global Healthcare Service Providers Industry" rating
methodology, published in December 2011. Other methodologies used
include "Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA", published in June 2009.
Fresenius SE is a global health care company with products and
services for dialysis (through Fresenius Medical Care);
healthcare services (Helios) and facilities management (Vamed);
and nutrition and infusion therapies (Fresenius Kabi). For the
fiscal year ended on December 31, 2011, Fresenius SE generated
consolidated sales of EUR16.5 billion.
GERMAN RESIDENTIAL: S&P Affirms 'BB+' Ratings on 2 Note Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in German Residential Funding PLC.
German Residential Funding is a securitization of a commercial
mortgage-backed loan originated by Deutsche Bank AG (London
branch) and Goldman Sachs Partners L.P., totaling EUR2.66 billion
and maturing in August 2013. The legal final maturity is in
August 2018. There are two borrowers -- GAGFAH I Invest GmbH &
Co. KG and GAGFAH A Asset GmbH & Co. KG -- which have provided
cross guarantees and are jointly and severally liable for the
debts of each other.
"We have taken the rating actions in light of our view on the
significant refinance risks associated with the upcoming loan
maturity, and the amount of debt requiring refinance," S&P said.
"The current securitized loan balance is EUR2,128,839,674, and
the total balance including senior subsidized debt is
EUR2,414,235,822. The loan continues to perform well, in our
view, with stable financial ratios; the whole-loan interest
coverage ratio (ICR) is 1.83x, and the securitized ICR is 2.22x,"
S&P said.
The pool of properties consists mainly of residential units
(96%), and the remainder comprise garages, parking spaces, and a
small number (560) of small commercial units. Geographically, the
pool is spread throughout Germany, with some 60% of the
properties located in 20 major cities--the top five being Berlin,
Hamburg, Cologne, Bielefeld, Frankfurt, and Essen.
"The borrower has continued to sell individual properties, with
the number of residential units now totaling 64,675 -- down from
92,278 at closing. Following these sales, the outstanding
transaction balance has reduced by 20% since closing, down to
EUR2.12 billion from EUR2.66 billion. At the portfolio level, the
monthly gross rent per sq m for the residential and commercial
units has remained stable at EUR5.27 and EUR5.57," S&P said.
"In 2009, we lowered our ratings on all classes of notes in the
transaction to reflect our view that, in the context of current
pressures in the lending markets, refinancing may prove difficult
given the size of the securitized loan. If the borrower fails to
repay the loan at its maturity date in 2013, five years will
remain to recover full note proceeds. However, given the size of
the debt, a split of the portfolio into more manageable lot sizes
to refinance or sell may be necessary and could in return delay
the timing of the recovery," S&P said.
"Based purely on the loan's credit metrics, we consider that the
senior classes of notes could achieve higher ratings than those
we have affirmed. However, we consider that the size of this
transaction results in a higher refinance risk than in smaller
transactions. In our opinion, the increased risk outweighs the
positive credit indicators. We have affirmed our ratings on
all classes of notes, as we consider that the refinance risk
continues to be appropriately reflected in our current ratings on
the notes," S&P said.
German Residential Funding is a German commercial mortgage-backed
securities (CMBS) multifamily transaction, with loan maturity in
October 2013 and note final maturity in October 2018.
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, 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.
"On June 4, we published a request for comment (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate very limited impact for European outstanding ratings
when the updated CMBS Global Property Evaluation Methodology
criteria are finalized," S&P said.
"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European transactions will therefore be published when we release
our updated rating criteria," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and monitor 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
German Residential Funding PLC
EUR2.66 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Affirmed
A1 A+ (sf)
A2 A+ (sf)
B A- (sf)
C BBB (sf)
D BB+ (sf)
E BB+ (sf)
KLOCKNER PENTAPLAST: SVP-Lead Creditors to Take Control
-------------------------------------------------------
Patricia Kuo at Bloomberg News reports that Klockner Pentaplast
Group's junior creditors led by Strategic Value Partners LLC took
over the packaging producer from Blackstone Group LP, ending a
battle with senior lenders for control after the company breached
loan terms last year.
Bloomberg relates that Klockner said in a statement lenders led
by hedge fund Strategic Value Partners in Greenwich, Connecticut
raised enough financing to prepay EUR800 million (US$1 billion)
of first-lien senior loans at par. Klockner's total debt will be
cut to EUR630 million from EUR1.26 billion after the lenders
convert their debt into equity, Bloomberg states.
According to Bloomberg, people with knowledge of the matter said
on June 14 that senior creditors led by Oaktree Capital
Management LP had proposed to take over Montabaur, Germany-based
Klockner through a debt-for-equity swap if they weren't prepaid
by June 22.
Jefferies Group Inc. agreed to underwrite the new debt, Bloomberg
discloses. The statement said that the junior lenders also
injected EUR190 million of equity for the takeover, Bloomberg
notes.
Founded in 1965 in Montabaur, Germany, Klockner Pentaplast Group
is a plastic films producer.
SAPPI PAPIER: S&P Assigns 'BB' Rating to US$700MM Sr. Sec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to the proposed US$400 million senior secured notes due 2017 and
US$300 million senior secured notes due 2019 to be issued by
Sappi Papier Holding GmbH and guaranteed by South Africa-based
forest products group Sappi Ltd. (Sappi; BB-/Stable/B). "The
recovery rating on the proposed senior secured notes is '2',
indicating our expectation of substantial (70%-90%) recovery in
the event of a payment default, although coverage is at the low
end of this range," S&P said.
"The recovery rating of '2' on the proposed senior secured notes
reflects our understanding that Sappi will use the proceeds of
the proposed notes to fully repay its existing US$300 million
senior secured notes due 2014 and the outstanding amount of the
EUR350 million senior secured notes also due 2014. We understand
that about EUR34 million of the EUR350 million notes will be
outstanding after the transaction," S&P said.
RECOVERY ANALYSIS
"The proposed US$400 million senior secured notes due 2017 and
the US$300 million senior secured notes due 2019 will rank pari
passu with the existing EUR350 million senior secured RCF due
2016, the EUR250 million senior secured notes due 2018, and the
US$350 million senior secured notes due 2021. However, the
proposed senior secured notes will rank senior to the existing
US$250 million unsecured notes (outstanding amount US$221
million)," S&P said.
"The proposed notes are guaranteed and secured on the same basis
as the existing senior secured debt. The EUR350 million senior
secured RCF, the EUR25 million loan from Oesterreichische
Kontrollbank AG (AA+/Negative/A-1+), and the various senior
secured notes (including the proposed notes) share the same
security package. This package comprises share pledges over
certain material subsidiaries, pledges over certain U.S.
inventories, and a first charge over certain property, plant, and
equipment," S&P said.
"The documentation for the proposed US$400 million and US$300
million senior secured notes restricts, among other things,
Sappi's ability to raise additional debt, pay dividends, sell
certain assets, or merge with other entities. However, the
documentation for the proposed notes allows Sappi to raise new
debt if its fixed-charge coverage ratio is more than 2.0x. The
documentation also allows the issue of additional secured debt if
the consolidated secured leverage ratio is less than 2.5x. Aside
from these conditions, the permitted liens covenant allows for
liens securing obligations of no more than US$175 million in
aggregate at any time; a credit facility of up to EUR1.3 billion;
and up to South African rand (ZAR) 7.5 billion of total debt
incurred by South African subsidiaries," S&P said.
"The proposed senior secured notes benefit from a change-of-
control clause and a cross-default clause (for any unpaid amount
of more than EUR25 million), and will not have any financial
maintenance covenants," S&P said.
"The documentation for the EUR350 million RCF contains a set of
financial and nonfinancial covenants. The maintenance covenants
include quarterly tests of the fixed-charge coverage and leverage
ratios. The incurrence covenants include a negative pledge
clause; a carve-out restricting the granting of security over
EUR100 million; and limitations on mergers, acquisitions, and
disposals. There is also a limit on additional indebtedness of
EUR75 million at the subsidiary level, plus up to ZAR7.5 billion
of total debt incurred by South African subsidiaries," S&P said.
"The US$350 million and EUR250 million senior secured notes due
in 2021 and 2018, benefit from the same documentation as for the
proposed senior secured notes. It includes limitations on the
incurrence of indebtedness as long as no default has occurred or
would occur as a consequence, and as long as the pro forma
consolidated fixed-charge coverage ratio is greater than 2.0x.
(In June 2011, we estimated this ratio at about 2.47x.) Sappi can
raise further debt without complying with this ratio if the debt
is a credit facility of up to EUR1.3 billion (including the
EUR350 million RCF); or up to ZAR7.5 billion raised by South
African subsidiaries. Over and above these conditions, the
permitted liens covenant allows for liens totalling no more than
$175 million at any time," S&P said.
The US$250 million unsecured notes due in 2032 (outstanding
amount US$221 million) contain limitations on sale-and-leaseback
transactions and mergers and acquisitions, a limit on liens, and
a cross-default covenant.
"To calculate recoveries, we simulate a default scenario. We use
a going-concern approach to reflect our view of Sappi's strong
cost and market positions in the coated paper and chemical
cellulose industries, good geographic diversification, and
prospects for positive free operating cash flow generation. We
base our default scenario on our assumption of a cumulative
revenue decline between 2012 and 2016, as a result of weakening
demand in the paper markets," S&P said.
S&P said that weak operating performance is underpinned by its
assumption of:
- Overall economic weakness;
- Pressure on gross margins due to continuing cost inflation;
and
- Increased working capital, driven by weakened negotiating
power in unfavorable market conditions.
"Under our default scenario, a payment default is unlikely to
occur before 2016, at which point we project that EBITDA would
have declined to about US$550 million," S&P said.
"Our estimate of the stressed enterprise value at default is
about US$2.85 billion, translating into stressed EBITDA of 5.2x.
This reflects our view of Sappi's strong market position and
geographic diversification. We then deduct priority liabilities
of about US$1.4 billion, consisting of enforcement costs, pension
liabilities, a securitization program, and debt at the
subsidiaries (including the debt at South African subsidiaries),"
S&P said.
"Assuming $1.9 billion outstanding at default (including six
months of prepetition interest), coverage for the senior secured
debt (including the RCF and the various senior secured notes) is
at the low end of the 70%-90% range. This translates into a
recovery rating of '2', indicating our expectation of substantial
(70%-90%) recovery for senior secured creditors in the event of a
Default," S&P said.
"Consequently, there is no value left for the $250 million
unsecured notes. This equates to a recovery rating of '6' on the
unsecured notes, indicating our expectation of negligible (0%-
10%) recovery prospects in the event of a default," S&P said.
RATINGS LIST
New Rating
Sappi Papier Holding GmbH
Senior Secured*
US$300 mil. 8.375% nts due 06/15/2019 BB
Recovery Rating 2
US$400 mil. 7.75% nts due 07/15/2017 BB
Recovery Rating 2
*Guaranteed by Sappi Ltd.
=============
I R E L A N D
=============
DRYDEN XIV: S&P Raises Rating on Class E Notes to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
DRYDEN XIV - EURO CLO 2006 PLC's class A, B, C, D, and E notes.
"The rating actions follow our assessment of the transaction's
performance since our previous review in August 2010. We have
used data from the trustee report dated May 2012 and our cash
flow analysis, considering recent transaction developments. In
our review, we have applied our 2012 counterparty criteria and
our 2009 collateralized debt obligation (CDO) cash flow
criteria," S&P said.
"Our analysis shows that the level of assets that we consider to
be rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') has
decreased to 3.52% from 7.37% of the portfolio balance excluding
cash. On the other hand, assets that we consider to be rated in
the 'BB' category ('BB+', 'BB', and 'BB-') have also decreased to
10.25% from 14.60%. Additionally, the weighted-average life of
assets in the portfolio has decreased to 4.63 years from 5.05
years, and the weighted-average spread has increased to 3.73%
from 3.06%," S&P said.
"We have subjected the transaction's capital structure to a cash
flow analysis, to determine the break-even default rate for each
rated class of notes at each rating level. In our analysis, we
used the portfolio balance that we considered to be performing
(EUR437 million), the reported weighted-average spread (3.73%),
and the weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using our standard default patterns, levels, and timings for each
rating category assumed for each class of notes, in conjunction
with different interest rate stress scenarios," S&P said.
"All of the transaction's coverage tests have improved and
currently meet the minimum levels of coverage required," S&P
said.
"Based on our analysis, we have raised our ratings on the class
B, C, and D notes in this transaction to levels that reflect the
current levels of credit enhancement, portfolio credit quality,
and transaction performance," S&P said.
"Based on this analysis, the class A notes can achieve a 'AA+
(sf)' rating, when giving credit to the swap agreement with
Barclays Bank PLC (A+/Stable/A-1). However, we do not consider
that the transaction documents relating to the swap counterparty
support a 'AA+ (sf)' rating under our 2012 counterparty criteria.
Therefore, in our cash flow analysis, we have tested additional
scenarios without giving benefit to the swap agreement," S&P
said.
"Without giving benefit to the swap agreement, the class A notes
can achieve a 'AA- (sf)' rating in our cash flow scenario. We
have therefore raised the rating of the class A notes to 'AA-
(sf)'," S&P said.
"In any case, if the replacement language in the swap agreement
reflects any of our previous counterparty criteria, we allow the
counterparty to support tranches rated not higher than our long-
term issuer credit rating ICR plus one notch on the counterparty-
-'AA-(sf)' in this transaction," S&P said.
"Moreover, the class E notes currently pass our cash flow
analysis at the 'BB- (sf)' rating level. However, our rating on
this class of notes has been constrained to 'B+ (sf)' by the
application of our largest obligor default test--a supplemental
stress test that we introduced in our 2009 criteria update for
corporate CDOs. We have therefore raised our rating on the class
E notes to 'B+ (sf)'," S&P said.
DRYDEN XIV - EURO CLO 2006 is a cash flow CDO transaction, backed
primarily by leveraged loans to speculative-grade corporate
firms. It closed in August 2006, and is managed by Pramerica
Investment Management Inc.
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
DRYDEN XIV - EURO CLO 2006 PLC
EUR479 Million Senior and Mezzanine Deferrable Floating-Rate
Notes
Ratings Raised
A AA- (sf) A+ (sf)
B AA- (sf) A (sf)
C A- (sf) BBB- (sf)
D BBB- (sf) BB+ (sf)
E B+ (sf) CCC+ (sf)
=========
I T A L Y
=========
EUROFIDI: Fitch Lowers Long-Term Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Eurofidi's Long-term Issuer Default
Rating (IDR) to 'BB' from 'BB+' and affirmed its Short-term IDR
at 'B'. The Long-term IDR remains on Rating Watch Negative (RWN).
The rating action follows the downgrade of Eurofidi's largest
ultimate shareholder, the Region of Piemonte to 'BBB+/RWN'.
Eurofidi's ratings are based on potential support from the Region
of Piemonte, and Fitch considers that the probability that the
region will provide support to Eurofidi in case of need has
reduced as a result of the downgrade.
Eurofidi's current ratings reflect its close relationship with
the region. The Region of Piemonte controls an 18% stake in
Eurofidi, which it indirectly owns through FinPiemonte
Partecipazioni. Fitch considers that its Eurofidi's policy role
remains quite important for the Region given its role in
supporting local SMEs.
The RWN on Eurofidi's Long-term IDR mirrors that on the Region of
Piemonte, and Eurofidi's Long-term IDR could be downgraded if the
Region's rating is downgraded further. In addition, the RWN
reflects the possibility that Eurofidi's ratings could be
downgraded if the company's financial profile continues to weaken
without the region providing support. Fitch expects to resolve
the RWN on Eurofidi's Long-term IDR once the RWN on the region's
Long-term IDR is resolved.
In resolving the RWN, Fitch will evaluate the company's current
financial metrics, in particular the performance of its guarantee
exposures and the adequacy of reserve and capital coverage.
Eurofidi's asset quality ratios are weak with problem guarantees
accounting for 16.8% of gross guarantees at end-2011. At the
same date, its net risk considering counter-guarantees was three
times its equity. For 2012 Fitch expects asset quality to
deteriorate further as the outlook for Italy's economy is weak.
If the company appears unable to strengthen its coverage of
problem exposures, and the region does not formulate plans to
provide support, the ratings could be downgraded.
Eurofidi's ratings could be based on its stand-alone strength if
Fitch concludes that the probability of support has diminished
materially. Eurofidi's IDRs, if based on stand-alone strength
would currently likely be in the 'B' or low 'BB' range.
Eurofidi is the largest credit-guarantor in Italy. It is a
regulated entity under Article 107 of the Italian Banking Act and
subject to prudential supervision by the Bank of Italy.
In recent years, Eurofidi has significantly diversified its
activities outside its home region of Piemonte, with about 70% of
guarantees issued across fourteen regions outside Piemonte at
end-2011.
===================
K A Z A K H S T A N
===================
EURASIA INSURANCE: S&P Affirms 'BB' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Kazakhstan-based Eurasia Insurance Co. to positive from stable.
At the same time, the 'BB' long-term counterparty credit and
financial strength ratings and 'kzA' Kazakhstan national scale
rating were affirmed.
"The outlook revision reflects our view that Eurasia Insurance is
gradually improving its competitive position, thanks to its
steadily growing international book of business. In our view,
Eurasia Insurance maintained sound operating results and
preserved the stable mix and quality of its investment
portfolio," S&P said.
"The ratings on Eurasia Insurance reflect the high industry and
country risks in Kazakhstan and potentially high credit risks
stemming from investments in the local banking sector and
domestic corporate issuers. These negative factors are partially
offset by good capitalization, including extremely strong risk-
based capital adequacy, and good operating performance over the
past several years," S&P said.
"The positive outlook reflects our opinion that Eurasia Insurance
will likely further enhance its competitive position while
maintaining its current operating results and its investment
profile," S&P said.
"We would consider an upgrade if Eurasia Insurance further
strengthens its competitive standing by increasing premium
volumes while delivering sound operating results and maintaining
the current investment profile," S&P said.
"We could revise the outlook to stable if Eurasia Insurance's
competitive standing deteriorates due to a significant decline in
premiums and the company subsequently loses its leading positions
in the market," S&P said.
"Deterioration in the company's operating results reflected in a
net combined ratio of more than 100%, weaker credit quality of
investments, or significant deterioration in the capital position
could trigger a downgrade," S&P said.
===================
L U X E M B O U R G
===================
APERAM: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Luxembourg-based stainless steel
producer Aperam to 'BB-' from 'BB'. The outlook is negative.
"We also lowered our ratings on the US$500 million senior notes
due 2016 and 2018 issued by Aperam to 'BB-'. The recovery rating
on the notes is unchanged at '4', indicating our expectation of
average (30%-50%) recovery for noteholders in the event of a
payment default," S&P said.
"The downgrade reflects our expectation that Aperam's EBITDA will
drop in 2012 to US$300 million or below, which is worse than we
previously assumed. This follows very weak first-quarter EBITDA
of US$64 million. Under our base-case scenario, we expect
Aperam's cash flow protection to weaken, with Standard & Poor's-
adjusted funds from operations (FFO) to debt falling to around
15% in 2012 versus our previous assumption of 20%, and compared
with 18% in 2011. This is below the 20%-30% range we considered
commensurate with the previous 'BB' rating," S&P said.
"As a result we have revised downward our assessment of Aperam's
financial risk profile to 'aggressive' from 'significant.' At the
same time, we also revised the business risk profile assessment
to 'weak' from 'fair,' reflecting the continued pressures for the
flat stainless steel industry in Europe, but also profit
deterioration in Brazil that was worse than we assumed," S&P
said.
"The negative outlook reflects the possibility of a downgrade
over the next 12 months, if Aperam's profits and conditions for
the stainless steel industry in Europe and Brazil don't pick up
in the second half of 2012 and more substantially in 2013 as we
currently expect. Downside could also occur if liquidity weakened
or if adjusted FFO-to-debt ratios dropped to below 15% in 2012,
without near-term recovery prospects. This could for instance be
triggered by a more severe recession with a 2.5% GDP contraction
in Europe, to which we currently ascribe a 40% probability," S&P
said.
"We could revise the outlook to stable, if stainless steel
industry and economic conditions improve in Europe or also if we
have confirmation and sufficient visibility that new Brazilian
anti-dumping measures would significantly lift Aperam's EBITDA in
2013. At the current rating level, we expect Aperam to be able to
consistently sustain its ratio of FFO to debt in the 15%-20%
range," S&P said.
=====================
N E T H E R L A N D S
=====================
CLOCK FINANCE: Fitch Affirms 'Bsf' Ratings on Two Note Classes
--------------------------------------------------------------
Fitch Ratings has affirmed Clock Finance No.1 B.V.'s notes as
follows:
-- CHF132,000,000 Class A (ISIN: XS0289546201) affirmed at
'AAAsf'; Outlook Stable;
-- CHF20,000,000 Class B1 (ISIN: XS0289629320) affirmed at
'AAsf'; Outlook Stable;
-- EUR45,400,000 Class B2 (ISIN: XS0289550062) affirmed at
'AAsf'; Outlook Stable;
-- CHF13,000,000 Class C1 (ISIN: XS0289638230) affirmed at
'Asf'; Outlook Stable;
-- EUR52,700,000 Class C2 (ISIN: XS0289550815) affirmed at
'Asf'; Outlook Stable;
-- EUR56,300,000 Class D (ISIN: XS0289551623) affirmed at
'BBB+sf'; Outlook Stable;
-- EUR40,300,000 Class E (ISIN: XS0289552191) affirmed at
'BB+sf'; Outlook Negative;
-- CHF10,000,000 Class F1 (ISIN: XS0289641614) affirmed at
'Bsf'; Outlook Negative;
-- EUR18,700,000 Class F2 (ISIN: XS0289552514) affirmed at
'Bsf'; Outlook Negative.
The affirmation reflects the transaction's good overall
performance to date. According to the May 2012 investor report,
total cumulative defaults of the reference portfolio stand at
CHF67.2m, which accounts for 1.4% of outstanding portfolio
balance. Cumulative realized losses since closing account for
CHF39.0m, or 0.8% of outstanding balance, and have already been
written-off the junior not rated class G notes. Realized
weighted average recovery rate stands at 44% of total cumulative
defaults.
The Negative Outlook on the class E and the class F1 and F2 pari-
passu notes, reflects their available credit enhancement levels
and their junior position in the capital structure. Although
class E notes and class F (F1 and F2) notes available credit
enhancement is sufficient to withstand Fitch's 'BB+sf' and 'Bsf'
rating stresses respectively, the agency considers that these
notes are vulnerable in any case of a deterioration on the
reference portfolio's performance.
As per the May 2012 investor report, the reference portfolio is
well diversified in terms of regions and industries. The largest
industry, which is industrial/manufacturing represents 10.8% of
the pool. Additionally, the obligor concentration in the
portfolio is relatively low with the top one and 10 obligors
accounting for 0.9% and 7.9% of the pool respectively.
The transaction is a partially funded synthetic collateralized
debt obligation (CDO) referencing a revolving portfolio of loans
to Swiss small- and medium-sized enterprises granted by the
private banking division of Credit Suisse (CS). The scheduled
maturity date of the transaction and the scheduled termination
date of the CDS on the reference portfolio is 25 February 2013.
Credit Suisse AG, Guernsey Branch (CSG), a subsidiary of Credit
Suisse AG (CS; 'A'/Stable/'F1'), serves as the cash deposit bank.
Following CS's downgrade to 'A'/'F1' in January 2012, CS became a
non eligible counterparty under the terms of the cash deposit
agreement. Rather than replace or guarantee its obligations, CS
decided to collateralize the exposure and invest the cash deposit
backing the notes of Clock Finance in eligible securities subject
to a repurchase agreement, permitted by the transaction's
documents. Eligible securities have to be rated 'AAA'/'F1+' and
denominated in EUR and CHF in the same proportion as the notes.
The Repo Agreement, which includes a trigger of 'A'/'F1',
mitigates any market value changes of the underlying securities.
CS acts as the repurchase counterparty.
GLOBAL BLUE: S&P Assigns 'B+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Netherlands-based holding company
Global Blue Acquisition B.V. (Global Blue; formerly known as
Globetrotter Acquisition B.V.). The outlook is stable.
"At the same time, we assigned our 'B+' issue ratings to the
proposed EUR65 million revolving credit facility, EUR120 million
senior secured term loan facility A, and EUR277.5 million senior
secured term loan facility B, to be issued by Global Blue. We
have assigned a recovery rating of '3' to these facilities,
indicating our expectation of meaningful (50%-70%) recovery in
the event of a payment default," S&P said.
"The issue ratings on the proposed senior secured credit
facilities are based on draft documentation dated June 14, 2012.
As such, these ratings are subject to our review of the final
documentation," S&P said.
"The rating on Global Blue reflects our view of the group's
'highly leveraged' financial risk profile and its 'fair' business
risk profile," S&P said.
"The rating on Global Blue is primarily constrained by the
group's high leverage, which is partly offset by its good
capacity to generate free operating cash flows and a swift
amortization schedule for senior debt," S&P said.
"On May 24, 2012, funds advised by private equity companies
Silver Lake Technology Management, LLC and Partners Group AG
announced that they have agreed to acquire VAT refund operator
Global Blue Luxembourg Holdings S.a r.l., through holding company
Global Blue. We understand that about 60% of the consideration
for the acquisition will be contributed by Silver Lake, Partners
Group, and management in the form of convertible preferred equity
certificates (CPECs). Under our criteria, we consider these to be
debt-like obligations. However we understand that these
certificates are contractually and structurally subordinated to
the senior secured credit facilities. The CPECs will sit at
Global Blue's ultimate parent company Globetrotter Investment &
Co S.C.A. and no interest or principal can be paid in cash on
these securities while the senior secured credit facilities are
outstanding," S&P said.
"The stable outlook reflects our view that the company should be
able to sustain at least low-double-digit revenue growth and
EBITDA margin of at least 35%, based on favorable dynamics of its
business model and international travel trends. The ratings do
not leave any headroom for additional debt or the refinancing of
the CPECs by more senior and cash-paying debt," S&P said.
"We could lower the rating if Global Blue's credit metrics fail
to improve owing to unexpected adverse business trends caused by
declining travel, regulatory change, or operating setbacks. If
Global Blue opts for a more aggressive financial policy on the
back of dividend payments, or if it chooses to replace the CPECs
with a pure debt-like instrument, we would also consider a
downgrade. In particular, downward rating pressure could arise if
Global Blue's adjusted EBITDA interest cover ratio falls below
1.0x (3.0x when excluding non-cash interest elements) or if its
free cash flow generation turns negative," S&P said.
"At this stage, a positive rating action over the next 12 months
is unlikely in our view, given our expectation of high adjusted
total leverage (including CPECs) during the period and the
revenue growth assumptions that we have already factored into our
base-case scenario," S&P said.
JUBILEE CDO VI: S&P Raises Rating on Class E Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of notes in Jubilee CDO VI B.V.
"The rating actions follow our performance review of the
transaction and the application of our 2012 counterparty
criteria," S&P said.
"Since our last review, we have observed a relatively mixed
rating migration of the underlying portfolio. Defaulted assets
have marginally increased to 2.6% from 1.9%, and 'CCC' rated
assets have slightly decreased to 11.7% from 13.7%," S&P said.
"At the same time, the credit enhancement available to each class
of notes has slightly increased. This is because the aggregate
collateral balance has increased to EUR397 million from EUR385
million. The transaction has not yet entered its amortization
period (scheduled to begin in September 2012) and none of notes
has amortized because all coverage tests are in compliance," S&P
said.
"Positive factors in our analysis include the reduction of the
weighted-average life, and the significant increase of the
weighted-average spread to 3.85% from 3.25%, following the
continuous reinvestment of redemption proceeds into assets that
pay greater margins," S&P said.
"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. We used the portfolio balance that we consider to be
performing, the reported weighted-average spread, and the
weighted-average recovery rates that we consider to be
appropriate. We incorporated various cash flow stress scenarios
using our standard default patterns, levels, and timings for each
rating category assumed for each class of notes, in conjunction
with different interest rate stress scenarios," S&P said.
"Non-euro-denominated assets denominated in U.S. dollars and
British pounds sterling account for about 13% of the underlying
portfolio, and the resulting foreign currency risk is hedged via
perfect asset swaps with Credit Suisse International
(A+/Negative/A-1) and JP Morgan Chase Bank N.A. (A+/Negative/A-1)
as swap counterparties. We have also stressed the transaction's
sensitivity to and reliance on the swap counterparties,
especially for senior classes of notes rated higher than the swap
counterparties, by applying foreign exchange stresses to the
notional amount of non-euro-denominated assets. Our analysis
showed that the class A1-a and A2-a notes could still withstand a
'AAA' stress under these conditions, and that the class A1-b, A2-
b, and A3 notes could still withstand a 'AA+' stress under these
conditions," S&P said.
"Therefore, and in accordance with our analysis, we have raised
our ratings on all classes of notes to levels that appropriately
reflect the current levels of credit enhancement, the portfolio
credit quality, and the transaction's performance," S&P said.
Jubilee CDO VI is a cash flow collateralized loan obligation
(CLO) transaction backed primarily by leveraged loans to
speculative-grade corporate firms. Geographically, the portfolio
is concentrated in Germany, France, Sweden, the Netherlands, and
the U.K., which together account for about 70% of the portfolio.
Jubilee CDO VI closed in August 2006 and is managed by Alcentra.
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
Jubilee CDO VI B.V.
EUR424.15 Million Senior Secured Floating-Rate Notes
Ratings Raised
A1-a AAA (sf) AA+ (sf)
A1-b AA+ (sf) A+ (sf)
A2-a AAA (sf) AA+ (sf)
A2-b AA+ (sf) A+ (sf)
A3 AA+ (sf) A+ (sf)
B A+ (sf) BBB+ (sf)
C BBB+ (sf) BB+ (sf)
D BB+ (sf) B+ (sf)
E B+ (sf) CCC+ (sf)
NORIT HOLDINGS: Moody's Reviews 'B1' CFR for Upgrade
----------------------------------------------------
Moody's Investors Service placed Norit Holdings BV's B1 corporate
family rating (CFR), B1 probability of default rating (PDR) and
B1 senior secured debt ratings under review for upgrade as the
company has agreed to be acquired by Cabot Corporation (Baa1,
under review for possible downgrade). The total transaction value
is $1.1 billion. Closing is expected by the end of 2012 and is
subject to approval by U.S. and German regulators.
"We have put the ratings of Norit on review for upgrade based on
its agreement to be acquired by Cabot, a company with a much
stronger credit profile", said Darren Kirk, a vice president with
Moody's.
Ratings Rationale
The review for upgrade will focus on whether Cabot guarantees,
legally assumes or contractually supports Norit's rated bank
debt, which consists of a US$50 million revolver, US$260 million
term loan and a EUR$75 million term loan. If Norit's debt remains
outstanding and the debt is not guaranteed or otherwise supported
after the acquisition is completed, the ratings could still be
upgraded as Norit's credit profile will benefit from its
ownership by a larger and financially stronger company. However,
Moody's would require that sufficient financial information for
Norit was made available to monitor the ratings. Should the bank
debt be repaid in connection with the closing of the transaction,
Moody's will withdraw all of the ratings of Norit.
The principal methodology used in rating Norit Holding BV was the
Global Chemical Industry Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Headquartered in Amersfoort, The Netherlands, and with
administrative offices in Marshall, Texas, Norit Holdings BV is a
leading global producer of activated carbon products utilized by
a diverse range of end markets. The company's revenue of $360
million for the last twelve months ended March 31, 2012 was
derived mostly from the production and sale of over 150 types of
activated carbon products.
===========
P O L A N D
===========
3J: Faces Liquidation; Fails to Reach Creditor Deal
---------------------------------------------------
Poland A.M. reports that 3J has gone bust due to financial
difficulties.
Poland A.M., citing Puls Biznesu, relates that a district court
in Warsaw is liquidating the company at 3J's own request, which
says the company had no chance of reaching an agreement with
creditors.
3J president of the board Leszek Celuch admitted that after
losing two major contracts worth a combined PLN28.3 million,
saving the company was no longer possible, Poland A.M. notes.
3J is a Polish construction company.
===============
P O R T U G A L
===============
BANCO COMERCIAL: Moody's Assigns 'Ba3' Short-Term Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service has assigned Ba3/Not Prime long and
short-term deposit ratings to Banco Comercial Portugues S.A.,
Macao Branch. In addition, it has assigned (P)Ba3 senior debt
ratings, (P)B3 subordinated debt ratings and (P)Not Prime ratings
to notes that may be issued under the EUR25 billion Euro Medium-
Term Note Programme established by Banco Comercial Portugues, S.A
(BCP, Incorporated with limited liability in Portugal). The notes
can be issued directly by BCP or through BCP Finance Bank Ltd
with the guarantee of BCP's Macau branch. Moody's has not
assigned ratings to the notes that may be issued directly by BCP
Finance Bank Ltd without the guarantee of either its head office
or its Macao branch.
Ratings Rationale
Moody's considers that the legal status of Banco Comercial
Portugues S.A., Macao Branch meets the criteria for applying a
credit substitution approach. As such, Moody's has aligned the
ratings of the aforementioned branch with those of BCP (Ba3 with
a negative outlook; E+/b2 with a negative outlook).
What Could Change the Rating Up/Down
An upgrade of the ratings of Banco Comercial Portugues S.A.,
Macao Branch could only be prompted by an upgrade of BCP's senior
unsecured ratings, which is unlikely in the short to medium term
given the current negative outlook.
A downgrade of BCP's senior unsecured ratings would trigger a
downgrade of the aforementioned branch.
The principal methodology used in this rating was Incorporation
of Joint-Default Analysis into Moody's Bank Ratings: Global
Methodology published in March 2012.
* PORTUGAL: Moody's Says RMBS Performance Stable in April 2012
--------------------------------------------------------------
The performance of Moody's-rated Portuguese residential mortgage-
backed securities (RMBS) deals remained stable in the three-month
period to April 2012, according to the latest indices published
by Moody's Investors Service.
Outstanding defaults (360+ days overdue, up to write-off)
decreased slightly to 1.38% over the current balance in April,
from 1.39% in January. Weighted average cumulative losses
(defined as the difference between the cumulative written-off
amounts and cumulative recoveries when the realised losses are
not available), increased marginally to 0.74% of the original
balance in April 2012, from 0.73% in January 2012. On a year-on-
year basis, outstanding defaults and cumulative losses decreased
17.3% and 6%, respectively, as at April 2012. However, 60+ and
90+ day delinquencies rose to 1.77% and 1.24%, respectively, in
April 2012 from 1.42% and 0.98% in April 2011, representing a
year-on-year increase of 25% and 26%. The prepayment rate
continued its downward trend, falling to 1.87% as of April 2012
from 3.03% 12-months earlier.
Most Portuguese RMBS transactions benefit from a provisioning
mechanism, whereby excess spread is captured to provide for
future losses on highly delinquent loans, before the losses are
actually realized. When excess spread is not sufficient for
provisioning, the reserve fund is drawn. At the end of April
2012, the reserve funds in six transactions were below their
target levels.
Moody's outlook for Portuguese RMBS collateral is negative.
Moody's expects that the Portuguese economy will remain in
recession in 2012, with GDP declining 3.7% in 2012. Portuguese
household borrowers' disposable income will fall as taxes and
unemployment rise. The unemployment rate is expected to rise to
15.5% in 2012 from 12.9% in 2011.
On June 8, Moody's placed on review for downgrade its ratings on
seven tranches in six Portuguese RMBS, following the release of
its updated methodology for rating EMEA RMBS transactions.
Overall, Moody's has rated 32 Portuguese RMBS transactions since
2001, of which 28 are outstanding, with a total outstanding pool
balance of EUR20.79 billion as of April 2012.
Moody's quarterly 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. In the left-hand side
bar, under the Research Type category heading, select Statistical
Data. Finally, on the Research tab in the middle of your screen,
select the third option, Indices & Data.
Link to excel file:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF289897
=============
R O M A N I A
=============
HIDROELECTRICA SA: Reorganization Won't Entail Asset Sale
---------------------------------------------------------
Ziarul Financiar reports that under an agreement signed Friday on
the reorganization of Hidroelectrica SA, which entered insolvency
Wednesday, will target economic mechanisms and will not entail
selling assets.
As reported by the Troubled Company Reporter-Europe on June 22,
2012, Bloomberg News reports that Remus Borza, the judiciary
administrator in Hidroelectrica's case, on Wednesday said a
Romanian court approved the insolvency of Hidroelectica as the
company looks to reorganize itself.
Hidroelectrica is a Romanian state-owned hydropower producer.
===========
R U S S I A
===========
RUSSIAN BANK: Fitch Assigns Viability Rating at 'b+'
----------------------------------------------------
Fitch Ratings has assigned Russian Agricultural Bank's (RusAg)
US$500 million senior unsecured bonds an expected Long-term
foreign currency rating of 'BBB(EXP)'.
The final rating is contingent upon the receipt of final
documents conforming to information already received.
Expected issue date is 27 June 2012. The bonds will have an
expected maturity of 5.5 years and expected semiannual coupon at
5.298%. The notes will be issued under the US$15 billion LPN
program, which allows for issuance of both senior unsecured and
subordinated debt.
RusAg is the fourth-largest bank in Russia in terms of assets.
The bank has an estimated 60% market share in agribusiness
lending and a leading presence in rural areas across Russia.
RusAg is fully owned by the state, via the Federal Agency on
Federal Property Management. The privatization of up to a 25%
stake is possible in the period up to 2015, although there are no
concrete privatization plans at present. RusAg's Long-Term
Issuer Default Rating (IDR) reflects potential support available
from the Russian authorities.
RusAg ratings are:
-- Long-term IDR 'BBB', Stable Outlook
-- Short-term IDR 'F3'
-- Viability Rating 'b+'
-- National Long-term rating 'AAA(rus)', Stable Outlook
-- Support Rating '2'
-- Support Rating Floor 'BBB'
SEVERSTAL OAO: S&P Raises Issuer Credit Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term rating on
Russian vertically integrated steel group OAO Severstal to 'BB+'
from 'BB'. The outlook is stable. At the same time, the Russia
national scale rating was raised to 'ruAA+' from 'ruAA'. The
senior unsecured debt rating was also raised to 'BB+', and the
recovery rating on all outstanding rated instruments is unchanged
at '3', indicating our expectation of 'meaningful' (50%-70%)
recovery for debtholders in an event of default.
"The upgrade reflects Severstal's robust financial metrics in
2010-2012 and our expectation that Severstal will continue to
demonstrate a moderate financial policy and healthy credit
ratios, despite the current weakening in global steel margins.
Severstal benefits from full vertical integration into iron ore
and coking coal mining, where margins are much more resilient. We
expect mining to provide about one-half of 2012 EBITDA.
Severstal's low cost position in Russia and its solid share in
the Russian steel market additionally support the ratings," S&P
said.
"We see the main constraint on the ratings in the highly
cyclical, capital intensive, and competitive nature of the steel
industry. We believe that global steel prices are heavily exposed
to global macroeconomic uncertainties. In addition, Severstal is
exposed to the risk of operating in the Russian Federation
(foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2;
Russia national scale 'ruAAA'), where its key cash-generative
assets are located. Although Russian steel markets have been
growing, we view them as fundamentally more volatile than those
in developed markets," S&P said.
"The stable outlook reflects our expectation that Severstal will
demonstrate relatively robust credit ratios. Although the
company's policy is to keep the ratio of net unadjusted debt to
EBITDA below 1.5x at all points through the cycle, we expect this
ratio to be slightly higher in 2012 due to unfavorable steel
prices. In our view, a ratio of net debt to EBITDA of about 1.5x
(corresponding to about 1.7x with our adjustments for cash tied
to operations and asset retirement obligations, among others) on
average through the cycle should be commensurate with the
ratings. We expect the company to adhere to its dividend policy
of 25% payout (on average through the cycle) and to demonstrate
some flexibility in its capital spending--and possibly in the
timing of dividends--if the industry environment remains
unfavorable," S&P said.
"At the current rating level, near-term ratings upside is
limited, in our view, because the steel industry is very cyclical
and is undergoing a difficult period. Longer term, an upgrade
would require a sustainable improvement in the industry
fundamentals (which is not our base-case scenario for the near
term), positive free operating cash flow (FOCF), strong
liquidity, and solid credit metrics," S&P said.
"If the steel, iron ore, and coking coal markets significantly
deteriorated even further and triggered persistently negative
FOCF, or in the case of large debt-financed acquisitions or
shareholder distributions, we could lower the ratings," S&P said.
* VOLGOGRAD: Fitch Withdraws 'BB-' Long Term Currency Ratings
-------------------------------------------------------------
Fitch Ratings has withdrawn the Russian Volgograd Region's Long-
term foreign and local currency ratings of 'BB-', Short-term
foreign currency rating of 'B' and National Long-term rating of
'A+(rus)'. The Outlooks for the Long-term ratings were Stable.
The rating action also affects the region's outstanding domestic
bonds.
Fitch has withdrawn the ratings of the Volgograd region since the
agency does not have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for the Volgograd region.
=========
S P A I N
=========
CIRSA GAMING: Moody's Affirms 'B2' CFR/PDR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has changed to negative from positive
the outlook on the ratings of Cirsa Gaming Corporation S.A. and
related rated entities. Concurrently, Moody's has affirmed the
following ratings of Cirsa: the B2 corporate family rating (CFR)
and probability-of-default rating (PDR); and the B3 rating on the
EUR680 million worth of 8.75% senior notes due 2018, issued by
Cirsa Funding Luxembourg S.A.
Ratings Rationale
"The change in outlook to negative from positive reflects the
increased business risk affecting Cirsa's operations in Argentina
and Spain, which may impact the company's future operating
performance despite its strong track record in achieving
profitability targets," says Ivan Palacios, a Moody's Vice
President -- Senior Analyst and lead analyst for Cirsa.
In Moody's view, the operating environment in Argentina, a
country where Cirsa generated 22% of its consolidated EBITDA in
2011, is becoming more challenging and unpredictable. This is as
a result of the country's slowing GDP growth and the government's
unexpected policy decisions, which have led to events such as the
nationalization of YPF, the oil and gas company, and the
implementation of foreign exchange-controls. Starting in 2011 and
continuing this year, the Argentinean government has tightened
foreign-exchange controls and limited company dividends across
the board in a bid to stem capital flight.
Cirsa is geographically diversified and does not rely
significantly on the cash flows from its Argentinean
subsidiaries, as these cash flows are currently being used to
service debt or make further investments at the local level.
However, Moody's notes that sustained restrictions on capital
flows might weaken Cirsa's liquidity profile over the medium
term.
An additional element that Moody's has considered in its decision
to change the outlook on the rating to negative is the recent
downgrade of Spain's government bonds rating to Baa3, on review
for downgrade. The Spanish business is Cirsa's largest EBITDA
contributor, representing around 24% of the group's consolidated
EBITDA. The sovereign downgrade is a credit-negative development
for Cirsa in light of the multiple channels of contagion that
exist between sovereign and corporate issuers domiciled in that
country. These channels of contagion include contracting economic
activity in light of the government's austerity measures, and
liquidity constraints and higher financing costs resulting from
diminished investor confidence and credit availability.
Cirsa's operating performance remains solid, as reflected by 11%
EBITDA growth in 2011 to EUR290 million. Management expects this
trend to continue in 2012, and has provided guidance of 8%-11%
EBITDA growth to around EUR310-320 million. This growth will be
primarily supported by the casino division and the full roll-out
of Video Lottery Terminals (VLTs) in Italy. As a result of EBITDA
growth, the group has managed to reduce leverage (as adjusted by
Moody's) from 5.5x in 2007 to 4.1x as of March 2012 on a last-12-
months basis. Nevertheless, Moody's notes that achieving these
EBITDA growth targets may be more challenging going forward in
light of the increased operating risks in Cirsa's key markets.
Cirsa's B2 rating reflects its position as one of the leading
gaming operators in Spain, Italy and Latin America, its
diversification in terms of business lines, gaming assets and
geographies, combined with moderate leverage for the rating
category and the group's exposure to emerging markets risk. The
rating factors an increased contribution from Latin America to
group earnings, as well as Cirsa's track record of successfully
managing challenging operating environments. The B2 rating also
reflects Moody's expectation that the group will maintain
leverage levels (as adjusted by Moody's) in the 4.0x to 4.5x
range.
The negative rating outlook on Cirsa's ratings reflects Moody's
concerns about the operating environment in Argentina and Spain,
which might adversely affect the group's business and potentially
translate in deteriorating operating performance.
WHAT COULD MOVE THE RATING UP/DOWN
Upward pressure on Cirsa's ratings is unlikely given the negative
outlook. However, Moody's could change the rating outlook back to
stable if a strong operating performance were to enable the group
to improve its credit metrics such that debt/EBITDA ratio (as
adjusted by Moody's) trends to below 4.0x on a sustainable basis.
However, upward pressure on the rating might be constrained until
there are visible signs that the operating environment in Cirsa's
key markets of Argentina and Spain has stabilized.
Conversely, downward pressure could be exerted on the rating if
Cirsa's leverage were to increase above 4.5x on an adjusted basis
whether as a result of a change in financial policy or a
deterioration in operating performance. The rating could also
come under pressure if Moody's were to consider Cirsa's liquidity
to have become inadequate to support the group's operating
performance or debt servicing. Downward pressure on Cirsa's
ratings could also arise in the event that the Argentinean
government were to pursue the nationalization of gaming assets.
Principal Methodology
The principal methodology used in rating Cirsa Gaming Corporation
S.A. and Cirsa Funding Luxembourg S.A. was the Global Gaming
Industry Methodology published in December 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Italy and Latin
America. As of December 2011, the group operated 65,500 gaming
machines, 116 casinos, 79 bingo halls, 190 betting shops and 110
arcades. Cirsa reported net operating revenues of approximately
EUR1.3 billion and EBITDA of EUR290 million in the year ended
December 2011.
CODERE SA: Moody's Downgrades Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating (CFR) and probability of default rating
(PDR) of Codere S.A.. Concurrently, Moody's has also downgraded
to B3 from B2 the ratings on Codere Finance (Luxembourg) S.A.'s
EUR760 million worth of 8.25% senior notes due 2015 and US$300
million worth of 9.25% senior notes due 2019. All ratings have
been placed on review for further downgrade. Moody's expects to
conclude the review within a maximum timeframe of three months. A
downgrade of the ratings is likely to be limited to one notch.
Rating Rationale
"The downgrade of Codere's ratings reflects the increased
business risk affecting its operations in Argentina and Spain. As
a result, the group's financial profile is no longer commensurate
with a B1 rating," says Ivan Palacios, a Moody's Vice President -
- Senior Analyst and lead analyst for Codere. "In addition, the
downgrade reflects our concerns about Codere's liquidity profile
over the medium term if the group is unable to access the cash
flows generated by its Argentinean operations on a sustained
basis," adds Mr. Palacios.
In Moody's view, the operating environment in Argentina, a
country where Codere generated c. 57% of its consolidated EBITDA
after corporate overheads and c. 81% of its consolidated cash
flows (defined as EBITDA minus capex) in 2011, is becoming more
challenging and unpredictable. This is as a result of the
country's slowing GDP growth and the government's unexpected
policy decisions, which have led to events such as the
nationalization of YPF, the oil and gas company, and the
implementation of foreign exchange-controls. Starting in 2011 and
continuing this year, the Argentinean government has tightened
foreign-exchange controls and limited company dividends across
the board in a bid to stem capital flight.
Moody's is concerned that further restrictions on capital flows
or increased state control could increase pressure on companies
such as Codere, which rely heavily on upstreaming cash from the
country to service parent company debt. If limitations to
upstream cash from Argentina are sustained over a prolonged
period, Codere's liquidity profile will weaken because it will
not be able to access in a timely manner the cash flows generated
by its largest cash-generating business. Nevertheless, Moody's
believes that over the next 12-18 months, the group will be able
meet its debt servicing obligations in light of its current large
cash balance and expected cash repatriation from other countries.
However the liquidity profile could become tighter if the EUR60
million senior credit line, which matures in June 2013 and is
currently undrawn, is not refinanced over the next few months.
Codere does not currently plan to upstream dividends from its
Argentinean business in 2012, in light of the current capital
controls and given its capital requirements to renew the
operating licenses for five gaming halls in the Province of
Buenos Aires whose licenses expire in 2013 and 2014. These gaming
halls generated approximately 35% of Codere's consolidated EBITDA
in 2011. While Codere has a good track record over the past few
years of renewing the licenses at a reasonable cost, the recent
unpredictable government policies increase the uncertainty around
the successful renewal of the licenses. However, Moody's also
notes that the Province of Buenos Aires renewed in May 2012 the
license of a competitor's hall which expired in April 2012, for
15 years, according to the renewal framework developed in 2006.
An additional element that Moody's has considered in the rating
action is the recent downgrade of Spain's government bonds rating
to Baa3, on review for downgrade. While Codere's Spanish
operations are relatively small in terms of contribution to the
group's revenues (12%) and EBITDA (7%), the sovereign downgrade
is a credit-negative development for Codere in light of the
multiple channels of contagion that exist between sovereign and
corporate issuers domiciled in that country. These channels of
contagion include contracting economic activity in light of the
government's austerity measures, and more importantly for Codere,
liquidity constraints and higher financing costs resulting from
diminished investor confidence and credit availability. A more
difficult market access for Codere may put pressure on the
refinancing of its bonds maturing in 2015.
Codere's B2 CFR continues to reflect its position as one of the
leading gaming operators in Latin America, Italy and Spain, and
its diversification in terms of business lines, gaming assets and
geographies, which in recent years has allowed the group to
offset the relative weakness of its Spanish operations with the
stronger performance of its Latin American and Italian
businesses. The B2 rating also factors in the group's moderate
leverage, which Moody's expects to remain in the higher end of
the 4.0-4.5x range over the medium term. In addition, the rating
reflects the group's exposure to emerging markets risks,
including the risk of adverse legal and regulatory developments,
political, social or economic instability, currency depreciation
or restrictions on the transfer of funds. However, Moody's
recognizes Codere's track record of successfully managing
challenging operating environments.
The review process will focus on (i) the assessment of the back-
up plans that the company may implement in the event of a
sustained limitation to access the cash flows from Argentina and
(ii) the company's progress in the refinancing of the senior
facility that matures in June 2013.
WHAT COULD MOVE THE RATING UP/DOWN
Prior to the downgrade and the review process, Moody's had
indicated that Moody's would consider downgrading Codere's
ratings if the group were to continue to exhibit weak debt
protection measures for the rating category, such as adjusted
debt/EBITDA of around 4.5x, whether as a result of operational
underperformance or large debt-financed acquisitions. Downward
pressure could also be exerted on the rating if the group were to
experience a significant reduction in liquidity or if its
financial covenants were to come under stress.
In view of the action, Moody's does not currently anticipate
upward rating pressure. Prior to the downgrade and the review
process, Moody's had indicated that the rating outlook could be
changed back to stable if a strong operating performance enables
Codere to improve its credit metrics such that adjusted
debt/EBITDA trends towards 4.0x and below, while maintaining
positive free cash flow generation. Future upward pressure on the
rating is likely to be constrained by (i) Codere's appetite for
expansion; (ii) the increasing proportion of cash flows that the
group generates in emerging markets; (iii) the weak macroeconomic
environment in Spain and Italy; and (iv) the presence of a PIK
loan at the shareholder level.
Principal Methodology
The principal methodology used in rating Codere S.A. was the
Global Gaming Industry Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Codere is a multinational gaming operator engaged in the
management of gaming machines, machine halls, bingo halls, horse
racing tracks, casinos and sports betting locations in Latin
America, Italy and Spain. As of March 2012, Codere managed 55,172
gaming machines, 186 gaming halls (including machine halls, bingo
halls with machines, machine halls at racetracks and casinos),
898 sports betting locations and three horse racing tracks. In
2011, Codere generated operating revenue of EUR1.4 billion and
EBITDA of EUR290 million.
LIBERNANK SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has downgraded Liberbank S.A.'s Long-term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-' and Short-term IDR to
'B' from F3' and removed them from Rating Watch Negative (RWN).
Fitch has also downgraded Liberbank's Viability Rating (VR) to
'bb-' from 'bbb-' and revised it from RWN to Rating Watch
Evolving (RWE). At the same time, Fitch has taken rating actions
on Liberbank's 75%-owned bank subsidiary, Banco de Castilla-La
Mancha (Banco CLM).
Furthermore, Liberbank is in the midst of a three-way merger as
it is merging with Banco Grupo Caja3, S.A. (BCaja3) and Ibercaja
Banco, S.A. (not rated). Rating actions on Liberbank triggered a
rating action on BCaja3. Fitch removed BCaja3's Long- and Short-
term IDRs from Rating Watch Positive (RWP). The Outlook on the
Long-term IDRs of Liberbank, Banco CLM and BCaja3 is Stable.
The rating actions on Liberbank's and BCaja3's IDRs reflect
Fitch's view that the group resulting from the three-way merger
is unlikely to be rated above 'BB+'. This reflects further
pressure arising from Spain's recessionary environment and
possible capital needs arising from the front-loading of
potential losses on real estate exposures. Loss exercises
concluded by Fitch indicate that additional capital will be
required. Liberbank's and BCaja3's Long-term IDRs are now at
their Support Rating Floors. The enlarged group will continue to
have a '3' Support Rating, indicating a moderate probability of
state support being available, if needed. The Support Rating
Floor will remain at 'BB+' unless Fitch changes its view of
support for Spain's savings banking ('caja') sector or the
sovereign ratings of Spain suffer further downgrades.
The downgrade of Liberbank's VR reflects Fitch's belief that,
while a moderate degree of financial strength exists, the bank's
viability prospects have weakened. The bank remains vulnerable
to continued adverse conditions in Spain. This may further
affect asset quality, particularly from continued softening of
real estate values. Liberbank is highly exposed to this sector.
Its regulatory capital ratios are being pressured by government's
tougher coverage requirements on real estate assets.
The RWE on Liberbank's and BCaja3's VRs reflects the potential
for an upgrade should the merger takes place in a manner so as to
ensure improved viability prospects for the enlarged bank. This
would depend on the amount and quality of new capital injected
into the merged bank. Fitch would also have to assess the
financial strength of the merged bank and the VRs are sensitive
to the outcome of this assessment. The merger is expected to be
completed in mid-Q312. The RWEs will be resolved once the merger
is finalized, viability prospects are reviewed and integration
details are made available. Should the merger not occur, the
agency expects to take negative action on these VRs and will
review the ratings of Liberbank and BCaja3 as separate entities.
Banco CLM's ratings, driven by parent support, are equalised with
those of its majority owner, Liberbank. In Fitch's view, Banco
CLM is highly integrated into the group and of strategic
importance for it due to the geographic diversification and
franchise it brings. The downgrade of Banco CLM's Support Rating
to '3' from '2' reflects a weakening of potential support from
Liberbank. The ratings of Banco CLM's subordinated debt have
been downgraded by three-notches, as these are notched from
Liberbank's VR which suffered a downgrade.
Even when excluding the real estate exposures of the failed Caja
de Ahorros de Castilla-La Mancha which are mostly covered by an
asset protection scheme (APS), Liberbank's exposure to this
troubled sector is a high 18% of the total loans and foreclosed
assets. Real estate exposure remains an important source of risk
given that around half of it relates to land and unfinished
property. At end-Q112, the non-APS NPL ratio stood at 9.5%
(12.3% with foreclosures) and coverage fell to 35% for NPLs and
33% for foreclosures, suggesting high levels of uncovered
potential losses relative to Fitch Core Capital.
The rating actions are as follows:
Liberbank:
-- Long-term IDR: downgraded to 'BB+' from 'BBB-'; removed from
RWN, Outlook Stable;
-- Short-term IDR: downgraded to 'B' from 'F3'; removed from
RWN;
-- Viability Rating: downgraded to 'bb-' from 'bbb-'; revised
to RWE from RWN;
-- Support Rating: affirmed at '3';
-- Support Rating Floor: affirmed at 'BB+';
-- State-guaranteed debt: unaffected at 'BBB'.
Banco CLM:
-- Long-term IDR: downgraded to 'BB+' from 'BBB-'; removed from
RWN, Outlook Stable;
-- Short-term IDR: downgraded to 'B' from 'F3'; removed from
RWN;
-- Support rating: downgraded to '3' from '2'; removed from
RWN;
-- Senior unsecured debt: downgraded to 'BB+' from 'BBB-';
removed from RWN;
-- Subordinated lower tier 2 debt: downgraded to 'B+' from
'BB+'; revised to RWE from RWN;
-- Subordinated upper tier 2 debt: downgraded to 'B-' from
'BB-'; revised to RWE from RWN.
BCaja3:
-- Long-term IDR: affirmed at 'BB+'; removed from Rating Watch
Positive (RWP); Outlook Stable;
-- Short-term IDR: affirmed at 'B'; removed from RWP;
-- Viability Rating: 'bb' unaffected; RWE maintained;
-- Support Rating: affirmed at '3';
-- Support Rating Floor: affirmed at 'BB+';
-- Subordinated lower tier 2 debt: 'BB-' unaffected; RWE
maintained.
* SPAIN: Too Early to Say Bank Rescue Failed, Says Irish Minister
-----------------------------------------------------------------
Vanessa Mock at Dow Jones Newswires reports that Irish Financial
Minister Michael Noonan said Thursday it was too early to say
that the planned Spanish bank rescue had failed, despite the
country experiencing soaring borrowing costs.
"It hasn't convinced the markets but it's too early to say it's
not working," Dow Jones quotes Mr. Noonan as saying.
Mr. Noonan added that if Spain had made an application at the
weekend when the agreement was made and quantified their needs,
it might have been successful, Dow Jones relates.
"While there's no request and no certainty about the amount
requested, I think that makes the markets jittery," Mr. Noonan,
as cited by Dow Jones, said.
* SPAIN: Needs Up to EUR62BB in Capital; ECB Eases Lending Rules
----------------------------------------------------------------
Charles Penty and Ben Sills at Bloomberg News, citing two
consulting firms hired by the Spain's government to conduct
stress tests on the lenders, report that the country's banks
would need as much as EUR62 billion (US$78 billion) in capital to
withstand a worst-case economic scenario.
Oliver Wyman Ltd. estimated banks would need between EUR51
billion and EUR62 billion should Spanish gross domestic product
shrink by a combined 6.5% over three years and house prices drop
60% from the peak, Bloomberg discloses. Roland Berger Strategy
Consultants said lenders would need EUR51.8 billion under those
conditions, Bloomberg relates. The study didn't consider
potential losses on government bonds, Bloomberg notes.
Spain hired the firms last month to estimate capital shortfalls
as investors questioned the health of lenders pummeled by a five-
year real estate slump, Bloomberg recounts.
According to Bloomberg, the European Central Bank was said to
relax rules on the collateral lenders can use for funding and
Economy Minister Luis de Guindos said there was now a "roadmap"
to solve the crisis.
Mr. De Guindos has said Spain will use the results of the studies
to determine how much money it might need to draw from the EUR100
billion made available by Europe after it requested funding to
clean up banks, Bloomberg discloses.
Mr. De Guindos, as cited by Bloomberg, said on Friday in
Luxembourg that Spain would send a letter today, June 25, to
request the aid. He said that a memorandum of understanding on
the terms of the aid will be put together in the next two to
three weeks and that's more important than the formal request,
Bloomberg notes.
Not all analysts were satisfied by the results of the stress
tests, according to Bloomberg.
Bloomberg relates that the ECB decided on Thursday to lower the
minimum rating threshold for mortgage-backed securities to BBB-
from A-. According to Bloomberg, an official who declined to be
identified said Spanish banks have been unable to use some
securities as collateral because the rating is too low.
Deputy Economy Minister Fernando Jimenez Latorre said at a
briefing in Madrid on Thursday that the European Commission,
which will impose conditions on how Spain's banking industry is
restructured, likes the idea of setting up a so-called bad bank
to hold soured assets, Bloomberg discloses.
Spanish officials have repeatedly ruled out setting up a bad
bank, which removes troubled assets from bank balance sheets by
acquiring them at a discount, Bloomberg notes. Mr. Latorre, as
cited by Bloomberg, said the government will make its request for
European bailout funds in coming days.
===========
T U R K E Y
===========
* TURKEY: Moody's Upgrades Ratings on Two Municipalities to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the issuer ratings of the
Metropolitan Municipalities of Istanbul and Izmir to Ba1 from
Ba2. Izmir's national scale issuer rating was also upgraded to
A1.tr from A3.tr. At the same time, Moody's upgraded the global
and national scale issuer ratings of Toplu Konut Idaresi
Baskanligi ("TOKI"; Turkey's Housing Development Administration)
to Ba1/A1.tr from Ba2/A3.tr. The outlook on all ratings is
positive.
RATINGS RATIONALE
ISTANBUL AND IZMIR
The action on Istanbul and Izmir follows Moody's upgrade of
Turkey's government bond rating to Ba1 from Ba2 on 20 June 2012,
with positive outlook.
Moody's notes that the action on Turkey's sovereign rating has
direct implications for sub-sovereign ratings given their close
operating and financial linkages with the Turkish government.
Istanbul and Izmir receive approximately 80% of their operating
revenue from the central government in the form of nationally
shared taxes collected centrally and redistributed on a monthly
basis. A consistent revenue framework and robust economic growth
at both national and local levels have resulted in growing tax-
sharing allocations for both Istanbul and Izmir. These growing
resources and the active management of municipal-related
companies have helped both large metropolitan municipalities
manage expenditure pressures and consolidate robust operating
surpluses.
Nevertheless, Moody's notes that both cities' large investment
programs have led to the accumulation of high debt burdens,
especially in the case of Istanbul. At year-end 2011, Istanbul's
and Izmir's net direct and indirect debt amounted to US$3.759
billion and US$716 million respectively, equivalent to
approximately 108% and 84% of operating revenue for the year.
Moody's expects that continued budgetary expansion and a prudent
approach to capital investments will lead to the gradual
stabilization of their debt burdens. Moreover, Istanbul's
strategy to leverage its large asset base will help to further
limit its borrowing requirements.
TOPLU KONUT IDARESI BASKANLIGI
The upgrade of TOKI's ratings directly follows the sovereign
upgrade given its public status and its strategic role in
executing the national government's housing policies. TOKI
records positive financial results, which have benefitted from
substantial asset expansion, and limited financial debt. Going
forward, Moody's expects that TOKI will effectively manage the
execution of its large investment program without stressing its
finances, given a stable legal framework and continued support
and oversight exercised by the central government.
RATIONALE FOR THE POSITIVE OUTLOOK
The positive outlook on Turkish sub-sovereign ratings mirrors the
outlook on Turkey's sovereign rating.
WHAT COULD CHANGE THE RATINGS UP/DOWN
An upgrade of Turkey's sovereign rating would likely have
positive implications for Turkish Metropolitan Municipalities and
for TOKI. Conversely, a stabilization of Turkey's sovereign
rating outlook will lead to a stabilization of the rating
outlooks of Turkish sub-sovereigns. In addition, a stabilization
of Turkish sub-sovereigns' ratings could be prompted by an
excessive reliance on debt-financing for capital investment as
well as the emergence of material off-balance sheet risks.
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, Government-Related Issuers:
Methodology Update published in July 2010 and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in March
2011.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".tr" for Turkey.
===========================
U N I T E D K I N G D O M
===========================
ABERDEEN FC: Chairman Denies Administration Rumors
--------------------------------------------------
Gavin Berry at DailyRecord.co.uk reports that Aberdeen chairman
Stewart Milne on Friday denied reports that the Pittodrie club
are heading for administration.
The Dons supremo, who carried out a ruthless boardroom cull last
week, admits times are tough in Scottish football but insisted
his club won't be the next one forced into administration,
DailyRecord.co.uk notes.
Aberdeen Football Club (also known as The Dons, The Dandies or
The Reds) are a Scottish professional football club based in
Aberdeen. It competes in the Scottish Premier League.
ASHTEAD GROUP: S&P Affirms B+ Rating to US$550M Second Lien Notes
-----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' issue rating
on the US$550 million second-lien notes due 2016 issued by U.K.-
based plant-hire firm Ashtead Group PLC (Ashtead). "The recovery
rating on these notes is unchanged at '5', indicating our
expectation of modest (10%-30%) recovery in the event of a
payment default," S&P said.
"The affirmation follows Ashtead's announcement that it will
increase the size of its asset-based loan (ABL) facility to
US$1.8 billion from US$1.4 billion. We calculate that the
increase will not affect recovery prospects for Ashtead's US$550
million second-lien notes due 2016. This is because we anticipate
that any utilization of the increased borrowing capacity will
allow Ashtead to grow its asset base and thereby compensate for
the ABL lenders' higher prior-ranking claim at default," S&P
said.
RECOVERY ANALYSIS
"We calculate recovery prospects for the US$550 million second-
lien notes to be comfortably within the 10%-30% range. However,
we note that the issue and recovery ratings on the second-lien
notes could come under pressure should the actual drawings on
Ashtead's ABL facility at the hypothetical point of default in
2016 be materially more than our assumption of US$1.5 billion
(including prepetition interest)," S&P said.
"We consider that Ashtead would be reorganized rather than
liquidated in the event of default. However, we use a discrete
asset valuation method because we believe that the group's
enterprise value would be closely correlated to asset values,"
S&P said.
"Our recovery rating on the second-lien notes assumes 80%
availability and draw-downs under the ABL facility. We believe
the current borrowing-base calculations would permit this in
light of Ashtead's extensive asset base. We anticipate that the
group's stressed book value will be about US$1.75 billion at the
hypothetical point of default in 2016. We anticipate that a
default would result from a combination of operating stress and
refinancing risk associated with the ABL and second-lien notes,
both of which are due that year," S&P said.
"We note that the recovery amounts for the second-lien notes
could be highly volatile depending on the assumptions of the
realized value of Ashtead's assets at default and the amount of
prior-ranking claims (especially drawings under the ABL at the
point of default). Therefore the actual recoveries for the
second-lien notes could be higher or lower than the 10%-30%
range," S&P said.
RATINGS LIST
Rating Affirmed; Unchanged
Ashtead Capital Inc.
US$550 mil. second-lien notes* B+
Recovery Rating 5
*Guaranteed by Ashtead Group PLC
AUBURN SECURITIES 4: Fitch Affirms 'BB+' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed all four Auburn transactions and
removed all notes from Rating Watch Negative (RWN).
The affirmations reflect that the performance of all four
transactions has remained stable over the past year, with three
months plus arrears currently ranging between 0.6% (Auburn 3) and
2% (Auburn 6).
The underlying assets of the Auburn series comprise significant
proportions of buy-to-let (BTL) loans, ranging between 86%
(Auburn 3) and 97% (Auburn 7) of their respective outstanding
pool balances. The majority of the loans are interest-only and
floating rate mortgages. While this benefits borrowers in the
prevailing environment of low interest rates, this also
contributes to slower rates of amortization.
In Auburn 4, 6 and 7, annualized excess spread currently ranges
between 40bps and 60bps of the outstanding pool balance, which is
relatively low compared to other UK BTL transactions.
Nonetheless, excess spread has been sufficient to cover losses
incurred on the sale of repossessed properties in Auburn 4, 6 and
7, even though loss severities since close for the latter two
transactions has been high at 32% and 46% respectively. In
contrast, the minimal level of excess spread in Auburn 3, partly
due to the step-up in margins and partly due to the increase in
weighted note margins due to pool deleveraging, offers little
protection against period losses. As a result, the reserve fund
was drawn by GBP14,140 in March 2012, but was subsequently
replenished so that all four reserve funds are currently fully
funded.
The removal of the RWN follows Fitch's most recent operational
visit to the premises of Capital Home Loans, undertaken to
further assess the operational performance of the cash bond
administrator (CBA) team. The visit confirmed that the
rectification process, initiated in Q311, has been successfully
implemented and has suitably addressed the prior core concerns
surrounding CHL's CBA operational platform. Furthermore, since
the agency's first visit in Q112, CHL have bolstered the CBA team
with the addition of a further employee. This has benefitted the
team in terms of both capacity and quality control.
In a previous release, the agency noted the potential impact of
Home Funding Limited's (HFL) departure from their consultancy
role in the rectification process. CHL has confirmed that HFL are
no longer involved in day-to-day operations, and are now only
consulted on a limited ad hoc basis. Whilst CHL continue to
utilize the procedure manuals devised by HFL, the recent May
interest payment dates did not indicate that CHL's operational
performance suffered without the continued support of HFL.
As part of Fitch's Issuer Report Grade initiative, CHL has also
recently improved the quality of the Auburn investor reports.
Although this process is not yet entirely complete, the increased
transparency will assist the agency's continued assessment of
CHL's CBA operations.
For Auburn 6 and 7, the revised investor reports highlight an
unusual principal deficiency mechanism (PDL) mechanism. This
does not function as the agency would expect a PDL to function in
a UK RMBS transaction with a separate waterfall structure. In
Auburn 6 and 7, the PDL is defined in terms more commonly
associated with a combined waterfall, which culminates in the
recent period's losses not translating into a PDL debit.
The introduction of a Notional Mismatch Ledger to the structure
in February 2012 addresses the potential risk of an
asset/liability mismatch, effectively acting as a PDL mechanism.
It is worth noting that in Auburn 7 this ledger receives receipts
prior to the reserve fund, which could potentially result in
earlier drawings on the reserve fund than would otherwise be the
case.
The rating actions are as follows:
Auburn Securities 3 plc:
-- Class A2 (ISIN XS0157588210): affirmed at 'AAAsf'; RWN
removed; Outlook Stable
-- Class M (ISIN XS0157588723): affirmed at 'AAsf'; RWN
removed; Outlook Stable
Auburn Securities 4 plc:
-- Class A2 (ISIN XS0202810064): affirmed at 'AAAsf'; RWN
removed; Outlook Stable
-- Class M (ISIN XS0202810734): affirmed at 'AAAsf'; RWN
removed; Outlook Stable
-- Class B (ISIN XS0202811039): affirmed at 'AAAsf'; RWN
removed; Outlook Stable
-- Class C (ISIN XS0202811625): affirmed at 'AAsf'; RWN
removed; Outlook Stable
-- Class D (ISIN XS0202812276): affirmed at 'A-sf'; RWN
removed; Outlook Stable
-- Class E (ISIN XS0202812516): affirmed at 'BB+sf'; RWN
removed; Outlook Stable
Auburn Securities 6 plc:
-- Class A (ISIN XS0329737448): affirmed at 'AAAsf'; RWN
removed; Outlook Stable
Auburn Securities 7 plc:
-- Class A (ISIN XS0379615742): affirmed at 'AAAsf'; RWN
removed; Outlook Stable
BRUNTWOOD ALPHA: S&P Lowers Rating on Class C Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of Bruntwood Alpha PLC's notes by two notches. "At
the same time, we have removed our rating on the class A notes
from CreditWatch negative," S&P said.
"The rating actions follow our review of the two loans backing
this transaction and of the underlying real estate collateral.
Bruntwood Alpha is a secured loan U.K. commercial mortgage-backed
securities (CMBS) transaction backed by two loans, which both
mature in January 2014. The note legal final maturity date is in
January 2017," S&P said.
"The loans have shown stable performance since closing with
interest coverage ratios (ICRs) moving in narrow ranges. This is
due to the granularity of the income and the property managers'
ability to re-let units when they became vacant and to extend and
renew leases. The equity injection, through refurbishment
programs, is also a positive development. However, these gains
have been outweighed by the market's negative performance since
closing, which has resulted in a net decline in property values,"
S&P said.
"The rating actions result from the increasing refinance risk as
we get closer to the loan term," S&P said.
"We have received a notification of note redemption from
Bruntwood Alpha, dated May 28, 2012, which announced the issuer's
intent to partially repay the notes on the July 2012 interest
payment date -- following asset sales. We are of the view that
the repayment should not have a significant impact on the
creditworthiness of the notes," S&P said:
The majority of the repayment amount (87%) will be applied to
the notes pro rata, thereby not significantly modifying the
levels of credit enhancement; and
The amount of repayments is small compared with the
transaction size--less than 2%.
THE BRUNTWOOD ESTATES LOAN (46% OF THE COMBINED LOAN BALANCE)
"The loan is secured against a portfolio of 24 properties
comprising approximately 1.73 million sq ft. The properties are
located in and around Manchester (97%) and Liverpool (3.0%). Of
the rental area, 75% is office, 8% retail, 4% industrial, and 13%
hotel and leisure. The properties are generally located on the
fringe of prime locations and strong secondary areas within their
towns and cities. There are 384 tenants in total," S&P said.
The loan is interest only and any proceeds from previous asset
sales have been reinvested.
The loan balance remains at GBP204 million and the ICR stands at
1.76x (up from 1.70x at closing). During the life of the loan,
the ICR has ranged from 1.55x to 1.95x. The 12-month forward-
looking ICR is 1.48x.
The current loan-to-value (LTV) ratio stands at 69.6%, compared
with a low of 65.8% during the term and a high of 74.5%.
"Across the whole portfolio, occupancy is 81.0% of the net rental
area, compared with 89.2% at closing. The vacancies are mainly in
the office segment (27.3% vacant), while the other segments have
vacancy rates between 3.9% and 6.7%. The overall vacancy rate is
almost at the July 2011 all-time high of 23.4%. The increase is
mainly attributable to the partial departure of the Secretary of
State at the City Tower building (the largest asset in the pool)
in 2010 and 2011," S&P said.
"We understand that the two largest properties will be
refurbished in the next few weeks. The servicer expects this will
help to increase occupancy rates," S&P said.
THE BRUNTWOOD 2000 LOAN (54% OF THE COMBINED LOAN BALANCE)
"This loan is secured against a portfolio of 23 office properties
comprising approximately 1.8 million sq ft. The portfolio is
located in and around Manchester (84%), Leeds (14%), and
Liverpool (2.0%). The properties are generally located on the
fringe of prime locations and strong secondary areas within their
respective towns and cities. Offices account for 93% of the
lettable space, with the remainder being mainly retail," S&P
said.
The loan balance remains at GBP236 million and the ICR stands at
1.77x (up from 1.67x at closing). During the life of the loan,
the ICR has ranged from 1.67x to 2.04x. The 12-month forward-
looking ICR is 1.52x. The current LTV ratio stands at 76%,
compared with a low of 60.7% during the term and a high of 79.4%.
Across the whole portfolio, occupancy is 90.0% (down from 93.9%
at closing), and the weighted-average lease length to the first
break opportunity is 3.3 years. The properties in Leeds show the
highest vacancy rate at 22.9%, while the Manchester properties
have the lowest vacancy rate at 10.9%.
As with the Bruntwood Estates loan, vacancies have been rising,
although to a lesser extent.
"The servicer reported a contracted income that is œ1.26 million
higher than the passing rent due to current rent-free periods,
which follow significant recent leasing activity. Moreover, as
leases worth œ1.37 million are currently being negotiated, the
servicer expects occupancy rates to increase in the near term,"
S&P said.
Of the 23 properties, 21 are multitenanted and there are a total
of 352 tenants. None of the tenants accounts for more than 10% of
the combined rent.
COUNTERPARTY RISK
"We placed our 'AA- (sf)' rating on the class A notes on
CreditWatch negative on Jan. 31, 2012 following the rating
actions we took on various banks on Nov. 29, 2011," S&P said.
"Following the downgrade of the class A notes, all dependent
counterparties in this transaction are now rated at least as high
as the rating on the class A notes. None of the ratings is
therefore currently constrained by counterparty risk and we have
thus removed from CreditWatch negative our rating on the class A
notes," S&P said.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review," S&P said
"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions," S&P said.
"On June 4, we published a request for comment (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate very limited impact for European outstanding ratings
when the updated CMBS Global Property Evaluation Methodology
criteria are finalized," S&P said.
"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European transactions will therefore be published when we release
our updated rating criteria," 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
Bruntwood Alpha PLC
GBP440 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
A A (sf) AA- (sf)/Watch Neg
Ratings Lowered
B BBB+ (sf) A (sf)
C BB (sf) BBB- (sf)
FAREPAK: Lawsuit Against Directors Over Collapse Dropped
--------------------------------------------------------
Jonathan Russell at The Telegraph reports that a multi-million
legal case against directors of Christmas saving scheme Farepak
has collapsed in a humiliating blow to the Government.
According to the Telegraph, in London's High Court, the case
against directors including Sir Clive Thompson, former president
of the CBI, was withdrawn by the Insolvency Service, part of
Vince Cable's Department for Business.
On Tuesday, the court heard how the bank twice refused requests
by Farepak's directors to safeguard GBP4 million of customers'
money by placing it in a trust, the Telegraph relates. The
decision meant the cash was available to be repaid to HBOS, now
part of Lloyds Banking Group, rather than being returned to
customers when the business went under in October 2006, the
Telegraph notes.
According to the Telegraph, shortly after the evidence from HBOS
was presented the judge overseeing the case Mr. Justice Smith
told lawyers acting for the Business Secretary to go away and
"consider what had survived of their case". After a delay in
proceedings on Tuesday morning the case was dropped, the
Telegraph discloses.
The case has cost all the parties millions of pounds, the
Telegraph notes. The Department for Business is understood to
have spent in excess of GBP1 million on the legal proceedings,
the Telegraph says. HBOS's costs, which could yet be paid out of
what little is left of Farepak's creditor funds, are also in the
region of GBP1 million, the Telegraph notes.
The case against the five Farepak directors flowed from a five-
year investigation by the Insolvency Service into the GBP34
million collapse of the savings company, the Telegraph discloses.
Particular attention was drawn to the fact that over GBP1 million
in deposits was flowing into the company just weeks before it
went under, the Telegraph states.
However, rather than gladly accepting the money it was revealed
last week the directors had done their best to protect the cash,
but been turned down by HBOS, according to the Telegraph.
"That means that the bank [HBOS] is GBP4 million plus better off
during that period," the Telegraph quotes Mr. Justice Smith as
saying on Tuesday. HBOS's GBP31 million loan to Farepak was
repaid in full, the Telegraph relates. Savers were offered just
15p in the GBP1, the Telegraph discloses.
Farepak ran a Christmas savings club, which involved customers
making monthly deposits in return for vouchers sent out before
Christmas.
HEALTHCARE LOCUMS: US Investors to Pursue Legal Action
------------------------------------------------------
Simon Mundy at The Financial Times reports that unhappy US
investors still pursue legal action against Healthcare Locums,
despite the recruitment company's statement to shareholders that
proceedings had been dismissed, which sent its stock up by nearly
a quarter.
The FT relates that the group announced a lawsuit against it had
been "dismissed voluntarily by the plaintiffs."
According to the FT, the suit, filed in February by four US hedge
funds, alleged that Healthcare Locums had "made
misrepresentations during 2010 concerning the company's
profitability and its accounting practices." The group said in
April that the threat cast doubt on its ability to continue as a
going concern, the FT recounts.
The FT notes that a person close to Permian Investment Partners,
which is leading the action, said the funds were still pursuing
damages. According to the FT, the person said they had withdrawn
the case from a New York district court in order to file it in a
state court.
The person questioned Healthcare Locums' decision not to contact
the funds, to establish whether they had decided not to pursue
further action, the FT discloses. The company said in its
announcement that it had not had any prior notice or explanation
of the withdrawal of proceedings against it, the FT notes.
Permian, Arundel Capital, Privet Capital and Finn Investments
seek punitive damages from Healthcare Locums after taking multi-
million pound losses on their shareholdings in the company, the
FT says.
Healthcare Locums shares were suspended last January after the
discovery of accounting irregularities, which showed that it had
misstated its accounts in previous periods, with errors including
premature recognition of costs, the FT recounts. The shares have
since lost more than 98% of their value, after they resumed
trading in September after a heavily dilutive refinancing,
according to the FT.
Healthcare Locums is a UK-based medical recruitment agency.
LLOYDS TSB: Moody's Cuts Ratings on Six Sub. Debt Issues to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Lloyds TSB Bank plc's
senior debt and deposit ratings by one notch to A2 from A1 and
lowered the standalone credit assessment to baa2 from baa1 within
the C- standalone bank financial strength rating (BFSR) range.
The outlook is stable on the C-/baa2 standalone credit assessment
and negative on the A2 debt and deposit ratings, reflecting
Moody's medium-term view of lower systemic support for large UK
banks. The short-term Prime-1 rating was confirmed.
The drivers for the downgrade and weakened standalone credit
profile are (i) the bank's sensitivity to the increasingly
challenging operating environment in the UK and also in Europe;
and (ii) Lloyds' high (albeit declining) use of wholesale
funding, which implies that it would be vulnerable to changes in
investor sentiment towards European banks.
Several factors mitigate these risks and have limited the extent
and scope of the actions. These include (i) Lloyds' leading UK-
based customer franchises; (ii) strong capital ratios; and (iii)
a track record of successfully meeting restructuring targets. The
latter includes the integration of HBOS and the wind-down of non-
core assets, as well as the progress in strengthening the bank's
funding and liquidity profile.
The senior debt and deposit ratings incorporate three notches of
systemic support, reflecting Moody's expectation of a very high
probability of systemic (government) support for the bank.
However, the outlook is negative on the A2 debt and deposit
ratings, reflecting Moody's medium-term view of lower systemic
support for large UK banks.
A list of the Affected Credit Ratings, which is an integral part
of this Press Release and identifies each affected issuer, is
available at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143265
The rating actions conclude Moody's decision to review Lloyds TSB
Bank's ratings for downgrade.
Ratings Rationale
The downgrade of Lloyds' ratings is principally driven by its
sensitivity to an increasingly challenging operating environment
in the UK and also in Europe. The bulk of the bank's operations
are UK-based; however, the weak macroeconomic outlook in Europe
complicates the challenges within the UK economy. Moreover,
Moody's considers that Lloyds' high (albeit declining) usage of
wholesale funding means the bank is vulnerable to changes in
investor sentiment towards European banks. Further challenges
include the European Commission's mandated sale of UK branches.
Several factors mitigate these risks. These include (i) Lloyds'
leading UK-based customer franchises; (ii) strong capital ratios;
and (iii) a track record of successfully meeting restructuring
targets. The latter includes the integration of HBOS and the
wind-down of non-core assets, as well as the progress in
strengthening the bank's funding and liquidity profile.
Lloyds had wholesale funding of GBP231 billion outstanding at the
end of Q1 2012, of which 40% was short-term. This has been
steadily reducing (wholesale funding was GBP298 billion at the
end of 2010), and Moody's understands that Lloyds' management
plans to reduce it further. In addition, Lloyds has been
increasing its buffer of liquid assets (GBP106 billion primary
liquid assets at the end of Q1 2012 and GBP202 billion total
liquidity buffer at the end of 2011). Nevertheless, the
relatively high proportion of wholesale funding implies that
Lloyds is sensitive to investor confidence (the loan-to-deposit
ratio for the whole group has been improving, but was still 130%
at the end of Q1 2012) . Similarly, the bank continues to make
progress in reducing its non-core assets (down to GBP128 billion
at the end of Q1 2012 from GBP194 billion at the end of 2010),
and the bank has a good track record of managing down these
assets. However, Moody's says that until the assets are wound-
down further, the bank remains sensitive to a worsening operating
environment.
The stable outlook on Lloyds' standalone credit assessment
reflects Moody's full incorporation of the funding and asset-
quality risks into the bank's BFSR.
What Could Move the Ratings Down/Up
The current rating level and outlook incorporate a degree of
expected further deterioration in the bank's operating
environment and the likelihood that changes in investors
sentiment could further weaken its standalone credit profile.
However, the ratings may decline further if (i) operating
conditions in the UK worsen beyond Moody's current expectations;
or (ii) funding conditions worsen significantly for an extended
period.
Any reduction in the likelihood of systemic support for large UK
banks could exert downwards pressure on the Lloyds' ratings.
In the context of Lloyds' strong retail-oriented domestic
franchise, over the medium-term, upwards pressure could develop
on its standalone rating if it is able to (i) reduce the impact
of non-core assets on its profitability and return to stable net
income; and (ii) complete the ongoing improvements to its funding
profile, by further reducing its use of wholesale funding.
Other Group Ratings
The A2 senior debt rating of the holding company was downgraded
to A3, in line with Moody's views on the structural subordination
of holding companies. The senior debt ratings of Bank of Scotland
plc were downgraded to A2 from A1 and the senior debt ratings of
HBOS plc were downgraded to A3 from A2.
The deposit rating of Lloyds TSB Offshore Ltd was confirmed at
A2, reflecting the highly integrated nature of this subsidiary,
which is small but remains an important gatherer of retail
deposits for the group. However, the standalone rating of the
bank was lowered to C-/ baa2 from C/a3. This reflects Moody's
view that the profitability of Lloyds TSB Offshore remains under
pressure and that asset quality problems have occurred in the
bank's small (but concentrated) loan portfolio. This positions
the standalone rating in line with its parent, Lloyds TSB Bank,
in recognition of the highly integrated role of this subsidiary.
Subordinated and Hybrid Instruments
The group's junior instruments were downgraded by one notch, in
line with the downgrade of the standalone credit assessment,
apart from the instruments discussed below.
However, Moody's took a variety of actions on Lloyds' "May-Pay"
securities. These are the securities on which Lloyds omitted
coupons due to European Commission restrictions following the
receipt of state aid over the period January 31, 2010 to January
31, 2012. Lloyds announced its intention to pay arrears of
interest on cumulative preferred securities on January 19, 2012
and recommenced payments from January 31, 2012. The ratings of
these instruments have now all been moved, such that they are in
line with the "Must-Pay" securities, which are rated in line with
hybrid notching guidelines.
The ratings of these instruments are listed in the attached excel
spreadsheet:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143267
In addition, Moody's downgraded by two notches to Ba1 from Baa2
the ratings of six dated subordinated debt issues of Lloyds TSB
Bank that include a substitution or variation clause. These
instruments were initially rated in line with other dated
subordinated debt instruments, but they are now rated one notch
lower than other instruments due to the additional risk for
investors resulting from Moody's view that there is some
uncertainty regarding the type of instrument that can be
substituted in a capital event.
Enhanced Capital Notes
Moody's has downgraded the enhanced capital notes (ECNs) by one
notch to Ba3 for the ECNs guaranteed by Lloyds TSB Bank and B1
for the ECNs guaranteed by Lloyds Banking Group. The downgrades
reflect the high loss severity to investors in the event of
conversion (these instruments have an equity conversion feature,
which is triggered if Lloyds TSB Bank's Core Tier 1 ratio drops
below 5%).
Insurance Operations
The insurance financial strength ratings (IFSRs) of Scottish
Widows plc (Scottish Widows) and Clerical Medical Investment
Group Limited (Clerical Medical) were downgraded by one notch to
A2 from A1, and the subordinated debt ratings of both insurers
were downgraded to Baa2 (hyb) from Baa1 (hyb). The outlook on all
these ratings is stable.
The rating action on the insurance operations follows the
downgrade of the senior debt rating and the lowering of the
standalone credit assessment of Lloyds TSB Bank. Although
Scottish Widows and Clerical Medical's IFSRs remain above the
Baa2 standalone credit assessment of owner Lloyds TSB Bank,
reflecting the insurers' strong UK life market position,
diversified distribution channels and good capital levels, the
downgrade of the IFSRs reflects Moody's view that their financial
strength is constrained by the ownership by Lloyds TSB Bank. The
downgrade to Baa2 (hyb) from Baa1 (hyb) on the subordinated debt
ratings of Scottish Widows and Clerical Medical follows the
downgrade by one notch on the subordinated debt of the parent
bank and reflects Moody's view that Lloyds Banking Group's
capital base is managed centrally. As a result the Baa2 (hyb)
rating on the insurers' subordinated securities is notched wider
than the insurance standard two notches from IFSR.
The stable outlook on the IFSRs and subordinated debt ratings is
aligned with the stable outlook of Lloyds TSB Bank's C- 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.
===============
X X X X X X X X
===============
* EUROPE: Private Bondholders Concerned Over Creditor Hierarchy
---------------------------------------------------------------
Stephen Fidler at The Wall Street Journal reports that European
officials are becoming more and more concerned about the way
their bailouts kick private investors down in the creditor
pecking order.
As official creditors move in, holders of government bonds get
pushed to the back of the line in any future debt restructuring,
the WSJ notes.
That seems to have been one factor scaring the dwindling band of
investors in Spanish government bonds since Spain announced its
intention this month to seek euro-zone aid of as much as EUR100
billion (US$127 billion) for its struggling banks, the Journal
says. As a result, it was on the agenda of euro-zone finance
ministers meeting in Luxembourg on Thursday night, the Journal
notes.
Defining the relationship between public and private creditors
has dogged the euro zone's crisis-management efforts since
October 2010, the Journal discloses. That was when German
Chancellor Angela Merkel and then French President Nicolas
Sarkozy met in the French resort of Deauville and agreed to the
creation of a euro-zone permanent bailout fund, the Journal
recounts. They concluded that future bailouts of euro-zone
governments would require government bondholders to take losses,
according to the Journal.
This agreement is viewed by some senior European officials as the
turning point of the crisis, the Journal states. After it, the
borrowing costs of the more-vulnerable countries in the euro zone
began to rise, the Journal relates.
* Moody's Repositions Ratings of 15 Banks & Securities Firms
------------------------------------------------------------
Moody's Investors Service repositioned the ratings of 15 banks
and securities firms with global capital markets operations. The
long-term senior debt ratings of 4 of these firms were downgraded
by 1 notch, the ratings of 10 firms were downgraded by 2 notches
and 1 firm was downgraded by 3 notches. In addition, for four
firms, the short-term ratings of their operating companies were
downgraded to Prime-2. All four of those firms also now have
holding company short-term ratings at Prime-2. The holding
company short-term ratings of another two firms were downgraded
to Prime-2 as well.
"All of the banks affected by the actions have significant
exposure to the volatility and risk of outsized losses inherent
to capital markets activities", says Moody's Global Banking
Managing Director Greg Bauer. "However, they also engage in
other, often market leading business activities that are central
to Moody's assessment of their credit profiles. These activities
can provide important 'shock absorbers' that mitigate the
potential volatility of capital markets operations, but they also
present unique risks and challenges." The specific credit drivers
for each affected firm are summarized below.
The rating actions conclude the review initiated on 15 February
2012 when Moody's announced a ratings review prompted by its
reassessment of the volatility and risks that creditors of firms
with global capital markets operations face. In the past, these
risks have led many institutions to fail or to require outside
support, including several firms affected by the rating actions.
The actions, however, reflect not only the credit implications of
capital markets operations. They also reflect (i) the size and
stability of earnings from non-capital markets activities of each
firm, (ii) capitalization, (iii) liquidity buffers, and (iv)
other considerations, including, as applicable, exposure to the
operating environment in Europe, any record of risk management
problems, and risks from exposure to US residential mortgages,
commercial real estate or legacy portfolios.
OVERVIEW OF THE RATING ACTIONS
Moody's has taken action on the following holding company
ratings:
Bank of America Corporation
Long-term senior unsecured debt to Baa2 from Baa1, outlook
negative; Short-term P-2 affirmed
Barclays plc
Long-term issuer rating to A3 from A1, outlook negative; Short-
term to P-2 from P-1
Citigroup Inc.
Long-term senior debt to Baa2 from A3, outlook negative; short-
term P-2 affirmed
Credit Suisse Group AG
Provisional senior debt to (P)A2 from (P)Aa2, outlook stable;
Provisional Short-term (P)P-1 affirmed
The Goldman Sachs Group, Inc.
Long-term senior unsecured debt to A3 from A1, outlook negative;
Short-term to P-2 from P-1
HSBC Holdings plc
Long-term senior debt to Aa3 from Aa2, outlook negative;
Provisional Short-term (P)P-1 affirmed
JPMorgan Chase & Co.
Long-term senior debt to A2 from Aa3, outlook negative; Short-
term P-1 affirmed
Morgan Stanley
Long-term senior unsecured debt to Baa1 from A2; outlook
negative; Short-term to P-2 from P-1
Royal Bank of Scotland Group plc
Long-term senior debt to Baa1 from A3, outlook negative; Short-
term P-2 affirmed
Moody's has taken action on the following operating company
ratings:
Bank of America, N.A.
Long-term deposit rating to A3 from A2, outlook stable; Short-
term to P-2 from P-1
Barclays Bank plc
Long-term issuer rating to A2 from Aa3, outlook negative; Short-
term P-1 affirmed
BNP Paribas
Long-term debt and deposit rating to A2 from Aa3; outlook
stable; Short-term P-1 affirmed
Citibank, N.A.
Long-term deposit rating to A3 from A1, outlook stable; Short-
term to P-2 from P-1
Credit Agricole S.A.
Long-term debt and deposit rating to A2 from Aa3, outlook
negative; Short-term P-1 affirmed
Credit Suisse AG
Long-term deposit and senior debt rating to A1 from Aa1, outlook
stable; Short-term P-1 affirmed
Deutsche Bank AG
Long-term deposit rating to A2 from Aa3, outlook stable; Short-
term P-1 affirmed
Goldman Sachs Bank USA
Long-term deposit rating to A2 from Aa3, outlook stable; Short-
term P-1 affirmed
HSBC Bank plc
Long-term deposit rating to Aa3 from Aa2, outlook negative;
Short-term P-1 affirmed
JPMorgan Chase Bank, N.A.
Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-
term P-1 affirmed
Morgan Stanley Bank, N.A.
Long-term deposit rating to A3 from A1, outlook stable; Short-
term to P-2 from P-1
Royal Bank of Canada
Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-
term P-1 affirmed
Royal Bank of Scotland plc
Long-term deposit rating to A3 from A2; outlook negative; Short-
term to P-2 from P-1
Societe Generale
Long-term debt and deposit to A2 from A1; outlook stable; Short-
term P-1 affirmed
UBS AG
Long-term debt and deposit to A2 from Aa3, outlook stable;
Short-term P-1 confirmed.
A full list of the affected credit ratings, which is an integral
part of the press release and identifies each affected issuer is
available at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143274
RATINGS RATIONALE -- STANDALONE CREDIT DRIVERS
Moody's assessment of each firm's standalone credit profile led
to the following relative positioning of the firms:
-- FIRST GROUP
The first group of firms includes HSBC, Royal Bank of Canada and
JPMorgan. Capital markets operations (and the associated risks)
are significant for these firms. However, these institutions have
stronger buffers, or 'shock absorbers,' than many of their peers
in the form of earnings from other, generally more stable
businesses. This, combined with their risk management through the
financial crisis, has resulted in lower earnings volatility.
Capital and structural liquidity are sound for this group, and
their direct exposure to stressed European sovereigns and
financial institutions is contained.
Firms in this group now have standalone credit assessments of a3
or better (on a scale from aaa, highest, to c, lowest). Their
main operating companies now have deposit ratings of Aa3, and
their holding companies, where they exist, have senior debt
ratings between Aa3 and A2. Their short-term ratings are Prime-1
at both the operating and holding company level.
-- SECOND GROUP
The second group of firms includes Barclays, BNP Paribas, Credit
Agricole SA (CASA), Credit Suisse, Deutsche Bank, Goldman Sachs,
Societe Generale and UBS. Many of these firms rely on capital
markets revenues to meet shareholder expectations. Their relative
position reflects a combination of differentiating and sometimes
adverse factors. Capital markets operations constitute a large
part of the overall franchises for Credit Suisse, Goldman Sachs,
Barclays, and Deutsche Bank, but less so for UBS, Societe
Generale, BNP Paribas and CASA's cooperative group, Groupe Credit
Agricole.
Other factors contribute to the relative positioning. For
example, Barclays, BNP Paribas and Groupe Credit Agricole have,
to varying degrees, relatively robust shock absorbers. Exposure
to capital markets businesses is very high for Goldman Sachs, but
this is balanced by a record of effective risk management.
Barclays, BNP Paribas, Groupe Credit Agricole, and Deutsche Bank
also have sizeable but varying degrees of exposure to weaker
European economies. Some firms are relatively weak with regard to
structural liquidity or reliance on wholesale funding.
Firms in this group now have standalone credit assessments of
baa1 or baa2. Their deposit ratings range between A1 and A2, and
their short-term ratings are Prime-1 at the operating company
level. Their holding companies, where they exist, have senior
debt ratings between A2 and A3 and short-term ratings between
Prime-1 and Prime-2.
-- THIRD GROUP
The third group of firms includes Bank of America, Citigroup,
Morgan Stanley, and Royal Bank of Scotland. The capital markets
franchises of many of these firms have been affected by problems
in risk management or have a history of high volatility, while
their shock absorbers are in some cases thinner or less reliable
than those of higher-rated peers. Most of the firms in this group
have undertaken considerable changes to their risk management or
business models, as required to limit the risks from their
capital markets activities. Some are implementing business
strategy changes intended to increase earnings from more stable
activities. These transformations are ongoing and their success
has yet to be tested. In addition, these firms may face remaining
risks from run-off legacy or acquired portfolios, or from
noteworthy exposure to the euro area debt crisis.
Firms in this group now have standalone credit assessments of
baa3. Their deposit ratings are A3 at the operating company
level. Their holding companies, where they exist, have senior
debt ratings between Baa1 and Baa2. Their short-term ratings are
Prime-2 at both the operating and holding company level.
Moody's has published a special comment titled "Key Drivers of
Rating Actions on Firms with Global Capital Markets Operations"
(http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143246),
which provides more detail, including the rating rationale for
each firm affected by the actions.
RATINGS RATIONALE - SENIOR DEBT AND DEPOSITS
Moody's systemic support assumptions for firms with global
capital markets operations remain high, given their systemic
importance, and have not been a key driver of the rating actions.
While Moody's recognizes the clear intent of governments around
the world to reduce support for creditors, the policy framework
in many countries remains supportive for now, not least because
of the economic stress currently stemming from the euro area and
the potential systemic repercussions of large, disorderly bank
failures and the difficulty of resolving large, complex and
interconnected institutions.
However, reflecting the view that government support is likely to
become less certain and predictable over time, Moody's has
assigned negative outlooks on certain supported ratings of
entities affected by the actions, particularly at the holding
company level, as discussed in detail in the firm-specific
summaries below. Moody's view on support considers efforts by
policymakers globally to create resolution and bail-in regimes
that allow for more flexible and limited support in a stress
scenario.
RATINGS RATIONALE -- SUBORDINATED DEBT AND HYBRIDS
In addition, Moody's has downgraded the subordinated debt and
hybrid ratings of the firms whose senior debt ratings have been
repositioned. The downgrades reflect the revised senior debt
ratings and, in some cases, also the removal of systemic support
assumptions from subordinated debt classes. In Moody's view,
systemic support in many countries is no longer sufficiently
predictable and reliable going forward to warrant incorporating
systemic-support driven uplift into these debt ratings.
RATING IMPLICATIONS FOR SOME SUBSIDIARIES WILL BE ASSESSED
SEPARATELY
Moody's has also taken rating actions on a number of subsidiaries
and legal entities of firms with global capital markets
activities, as summarized below. However, for some other
subsidiaries of firms included in the announcement, Moody's will
separately assess the impact of their parents' reduced credit
strength.
RATING REVIEWS OF MACQUARIE AND NOMURA WERE CONCLUDED EARLIER
Of the 17 banks and securities firms with global capital market
operations that were placed on review for downgrade in February,
the reviews of two firms were concluded separately.
ISSUER SPECIFIC CONSIDERATIONS (ALPHABETICAL ORDER)
BANK OF AMERICA
Bank of America Corporation's (BAC) senior unsecured debt ratings
were downgraded to Baa2 from Baa1 and the deposit ratings of Bank
of America, N.A. (BANA) were downgraded to A3/Prime-2 from
A2/Prime-1. Bank of America Corporation's Prime-2 short-term
rating was affirmed. Moody's also downgraded the bank's
standalone credit assessment to D+/baa3 from C-/baa2. The outlook
on the standalone credit assessment and the ratings of BAC's
operating subsidiaries is stable, while that on the senior debt
and subordinated debt ratings of (or guaranteed by) the parent
holding company is negative.
BAC's ratings benefit from three notches of uplift from the
standalone credit assessment at the subsidiary bank level, and
two notches of uplift at the holding company level, reflecting
Moody's assumptions about the very high likelihood of support
from the US government for bondholders or other creditors in the
event that such support is required to prevent a default.
The lowering of the standalone credit assessment to baa3
positions Bank of America in the third group of firms with
significant global capital markets activities. This position
reflects (i) the large absolute size and funding requirements of
the bank's capital markets activities; (ii) the bank's relatively
high historical earnings volatility and the problems in risk
management and controls it experienced during the crisis, and
(iii) constraints on the ability of Bank of America's other
businesses to provide strong earnings buffers to protect against
capital markets risks, given the potential for additional losses
on the bank's large residential mortgage-related exposures
(including its mortgage-related litigation exposures). Partly
mitigating these risks are (i) the bank's sound structural
liquidity profile and large global excess liquidity pool; (ii)
its improving capital levels and leverage that is below that of
many of its peers; and (iii) enhancements to corporate governance
and the risk management function.
The stable outlook on Bank of America's standalone credit
assessment and its bank-level ratings reflects the view that
these risk factors have now been fully incorporated into the
bank's ratings. A significant reduction in the bank's mortgage-
related exposures could lead to upward pressure on the rating,
while any indications of control failures, a marked increase in
risk appetite or deterioration in capital levels would lead to
downward pressure on the ratings.
The negative outlook on the parent holding company's supported
ratings reflects Moody's view that government support for US bank
holding company creditors is becoming less certain and less
predictable, given the evolving attitude of US authorities to the
resolution of large financial institutions, whereas support for
creditors of operating entities remains sufficiently likely and
predictable to warrant stable outlooks.
++++
BARCLAYS
Barclays Bank (Barclays) plc's long-term deposit and debt ratings
were downgraded to A2 from Aa3 and the bank's Prime-1 short-term
ratings were affirmed. The bank's standalone credit assessment
was lowered to C-/baa2 from C/a3. The senior debt and deposit
ratings benefit from three notches of uplift from the standalone
rating, reflecting Moody's expectation of a very high probability
of government support for the bank in the event of stress. The
ratings of the holding company, Barclays plc, were downgraded to
A3/ P-2 from A1/P-1. The outlook on the C- standalone rating is
stable, whereas that on the A2 long-term deposit rating is
negative, reflecting the view that government support for large
UK banks will reduce over the medium term.
The lowering of the standalone credit assessment to baa2 places
Barclays in the second group of firms with significant global
capital market activities, that is, those with baseline credit
assessments of baa1 or baa2. This position reflects (i) a
relatively high proportion of revenues and earnings from global
investment banking (GBP10.3 billion, representing 40% of revenues
adjusted for fair value of own debt over 2009 - 2011); (ii)
concentration risks inherent in investment banking (particularly
to other financial institutions); and (iii) sensitivity to the
weak operating environment in Europe, given the bank's operations
in Spain and Italy, as well as to the challenging environment in
the UK. These factors are somewhat mitigated by (i) strong
franchises in non-investment banking activities (albeit not all
producing the returns targeted by management); (ii) track record
of low historical earnings volatility compared with the peer
group; (iii) good liquidity management, including a high-quality
liquidity buffer, and an adequate funding profile; and (iv)
capital levels that remain resilient under stress tests.
The stable outlook on Barclays' standalone credit assessment
reflects the view that capital markets-related risk factors have
now been fully incorporated into the bank's ratings.
If the more immediate risks in the operating environment in the
UK and Europe were to recede or Barclays were to significantly
strengthen the profitability of its non-investment banking
businesses, the bank's ratings could come under upward pressure.
On the other hand, any indications of control failures, a marked
increase in risk appetite or a deterioration in capital levels
could lead to downward pressure on the ratings.
++++
BNP PARIBAS
BNP Paribas's (BNPP) long-term debt and deposit ratings were
downgraded by two notches, to A2 from Aa3. The bank's Prime-1
short-term rating was affirmed. The standalone credit assessment
was lowered by two notches, to C-/baa2 from C/a3. The outlook on
both the standalone credit assessment and the long-term debt and
deposit ratings is stable.
Senior debt and deposit ratings are rated A2 and incorporate
three notches of uplift from government support assumptions.
BNPP's dated subordinated and junior subordinated debt ratings
were downgraded to Baa3 and (P)Ba1, respectively (one and two
notches below its baa2 standalone credit assessment). The
downgrades reflect the removal of government support assumptions
from the dated subordinated debt instruments. In Moody's view,
government support in many European countries, including France,
is no longer sufficiently predictable and reliable to warrant
incorporating government support-driven uplift into these debt
ratings. Ratings on preference shares were downgraded by two
notches, to Ba2(hyb), and continue to be positioned three notches
below the standalone credit assessment.
The lowering of the standalone credit assessment to baa2 places
BNPP in the second group of firms with significant global capital
market activities. This position reflects (i) the significant
proportion of BNPP's revenues generated by its capital markets
business, which contributed 18% of group revenues on average
between 2009 and 2011, and is a very significant business in its
own right; (ii) the view that BNPP is more dependent on short-
term wholesale funding and its liquidity position weaker compared
to many of its global peers; and (iii) BNPP's large exposures to
economies under pressure from the broader euro area crisis, in
particular Italy through its subsidiary BNL, which has a loan
book of EUR71 billion, in addition to BNPP's portfolio of
sovereign bonds, of which EUR11 billion are Italian.
These factors are somewhat mitigated by BNPP's (i) broad spread
of generally strong businesses, predominantly in retail and
commercial banking, which provide a more dependable stream of
earnings and resultant advantages in terms of risk
diversification and loss absorption capacity; (ii) strengthened
capital position in anticipation of Basel III standards; (iii)
materially reduced dependence on short-term US dollar funding,
which proved unreliable; and (iv) relatively good track record in
terms of risk management, including in its capital markets
business.
BNPP's ratings could come under upward pressure from a
combination of (i) a material structural improvement in the
bank's liquidity and funding position; (ii) a reduction in the
weight of the capital markets business within the group; and
(iii) improving conditions in European markets. On the other
hand, any indications of control failures, an increase in risk
appetite or a willingness to increase leverage could lead to
downward pressure on the bank's ratings.
BANCA NAZIONALE DEL LAVORO
Banca Nazionale del Lavoro's (BNL) long- and short-term deposit
ratings were downgraded by three notches, to Baa2 (negative
outlook)/Prime-2 from A2/Prime-1. This was prompted by the
downgrade of its BFSR to D+ with a negative outlook (mapping to a
ba1 standalone credit assessment), from C-/baa1.
The downgrade of BNL's standalone credit assessment reflects the
combined pressures on the bank's asset quality, profitability and
funding from the difficult operating environment. It also
reflects BNL's reliance on parental funding.
BNL's long-term global local-currency (GLC) deposit rating is
Baa2, based on Moody's assessment of a very high probability of
support from parent BNPP and a high probability of government
support, if needed, which results in two notches of rating uplift
from the ba1 standalone credit assessment. The negative outlook
reflects the challenging operating environment in Italy.
With a reported problem loan ratio of 12.3% in 2011 (compared
with 11.2% for the system), up from 10.6% in 2010, the bank's
focus on midsize corporate loans in central and southern Italy
has weakened its asset quality. Profitability was low in 2011 and
is unlikely to improve significantly in 2012. These factors
create some vulnerability in BNL's capital under Moody's central
scenario.
With loans equivalent to a high 212% of retail funding, BNL's
reliance on the ECB is above that of its Italian peers; it also
relies heavily on BNPP. Moody's believes that over time BNL may
be required to reduce its use of parental funding, which may in
turn create pressure to reduce its own balance sheet.
FORTIS BANK
Fortis Bank SA/NV's (Fortis Bank) long-term debt and deposit
ratings were downgraded by one notch, to A2 from A1, and are now
in line with those of BNPP. The bank's Prime-1 short-term rating
was affirmed. The C-/baa1 standalone credit assessment is
unaffected by the rating actions. The rating action reflects the
downgrade of BNPP and the resultant impact on the parental
support assumptions Moody's incorporates into its long-term
ratings. Further, the bank's dated subordinated and junior
subordinated debt ratings were downgraded to Baa2 and Baa3(hyb),
respectively (one and two notches below its baa1 standalone
credit assessment), following the removal of government support
assumptions. The outlook on all the ratings is stable.
BGL BNP PARIBAS
BGL BNP Paribas's long-term debt and deposit ratings were
downgraded by one notch, to A2 from A1, and are in line with
those of BNPP. The Prime-1 short-term rating was affirmed. The
C/a3 standalone credit assessment is unaffected by the rating
actions. The rating action reflects the downgrade of BNPP and the
resultant impact on the parental support assumptions Moody's
incorporates into its long-term ratings. Further, the bank's
dated subordinated and junior subordinated debt ratings were
downgraded to Baa1 and (P)Baa2, respectively (one and two notches
below its a3 standalone credit assessment), following the removal
of government support assumptions. The outlook on all the ratings
is stable.
++++
CITIGROUP
Citigroup Inc.'s (Citi) long-term senior rating was lowered to
Baa2 from A3. Citigroup Inc.'s Prime-2 short-term rating was
affirmed. In addition, the long-term and short-term deposit
ratings of Citibank N.A. were lowered to A3 and Prime-2 from A1
and Prime-1, respectively. Moody's also downgraded the bank's
standalone credit assessment to D+/baa3 from C-/baa1. The outlook
on the standalone credit assessment and the ratings of Citi's
operating subsidiaries are stable, while that on the senior debt
and subordinated debt ratings of (or guaranteed by) the parent
holding company is negative.
Citi's ratings benefit from three notches of uplift from the
standalone credit assessment at the subsidiary bank level, and
from two notches of uplift at the holding company level,
reflecting Moody's assumption of a very high likelihood of
government support for bondholders or other creditors in the
event such support was required to prevent a default.
Citi is in the third group of firms with significant global
capital markets activities. This position reflects i) the bank's
very high commitment to the capital markets; ii) the bank's
historically high earnings volatility and the problems Citi
experienced during the crisis in terms of risk management and
controls; and iii) the challenges of instilling a risk culture
that results in low volatility, considering Citi's commitment to
the capital markets business and the pressure to return capital
to shareholders. Partly mitigating these factors are (i) Citi's
sizable "shock absorbers" in the form of earnings from other,
more stable businesses, although this benefit is somewhat less
than it is for banks with a dominant domestic franchise. Other
mitigating factors are the bank's (ii) strong liquidity; (iii)
sound capital; and (iv) the visible progress Citi has made in
rebuilding its corporate governance and risk management
structure.
The stable outlook (on Citi's standalone credit assessment and
its bank-level ratings) reflects the view that these risk factors
have now been fully incorporated into the bank's ratings. Upward
rating pressure would emerge if Moody's felt that Citi's improved
risk management structure had traction throughout the bank's
large and complex global network. Signals of traction would
include a superior comparative performance in adverse market
conditions. Other indicators would be conservative capital
management and maintenance of a prudent liquidity profile. Upward
rating pressure would also emerge if Citi were successful in
gaining market share, in a controlled manner, in its global
branch banking business. Any indications of control failures, a
marked increase in risk appetite or deterioration in capital
levels would lead to downward rating pressure.
The negative outlook on the holding company ratings reflects
Moody's view that government support for US bank holding company
creditors is becoming less certain and less predictable, given
the evolving attitude of US authorities to the resolution of
large financial institutions, whereas support for creditors of
operating entities remains sufficiently likely and predictable to
warrant stable outlooks.
++++
CREDIT AGRICOLE SA
Credit Agricole SA's (CASA) long-term debt and deposit ratings
were downgraded by two notches, to A2 from Aa3. The bank's Prime-
1 short-term rating was affirmed. The standalone credit
assessment was lowered by three notches, to D/ba2 from C-/baa2,
and the adjusted baseline credit assessment -- incorporating
cooperative support from Groupe Credit Agricole (GCA) -- to baa2
from a3. The outlook on both the standalone credit assessments
and the long-term debt and deposit ratings is negative.
The bank's senior debt and deposit ratings are rated A2 and
incorporate three notches of uplift from government support
assumptions.
CASA's dated subordinated and junior subordinated debt ratings
were downgraded to Baa3 and Ba1(hyb), respectively (one and two
notches below its baa2 adjusted BCA). The downgrade reflects the
removal of government support assumptions from the dated
subordinated debt instruments. In Moody's view, government
support in many European countries, including France, is no
longer sufficiently predictable or reliable to warrant
incorporating government support-driven uplift into these debt
ratings. The ratings on preference shares were downgraded by two
notches, to Ba2(hyb), and continue to be positioned three notches
below the baseline credit assessment.
The lowering of the adjusted baseline credit assessment to baa2
places CASA in the second group of firms with significant global
capital market activities. This position reflects (i) the risks
to CASA from its significant exposure to the Greek economy,
particularly in view of the EUR4.6 billion of financing currently
extended to its local subsidiary, Emporiki (Caa2, E/caa3
negative); and (ii) the bank's greater dependence compared to
many peers on short-term wholesale funding and a higher reliance
on central bank eligible loans for its liquidity reserves, which
Moody's thus considers to be of lower intrinsic quality. Moody's
considers that capital markets activities, which have contributed
about 8% of group revenue over the past three years, are a more
marginal risk factor for CASA than for most other banks, even if
their earnings remain volatile.
Moody's also recognizes some mitigating factors: (i) GCA is
primarily a retail and commercial bancassurance group whose
activities generate stable revenue streams, which allows the
group to withstand substantial shocks within its smaller, more
volatile business lines; (ii) the group has taken strategic
decisions to reduce its riskier activities and has invested in
improving its risk management; and (iii) group capital resources
have been increased, and display a good level of resistance under
Moody's stress tests.
The negative outlook on the standalone credit assessment and
long-term ratings recognizes that the balance of risks lies to
the downside, given the increased probability Moody's attaches to
a potential exit of Greece from the euro area. Although such an
event would likely be financially manageable for the group, it
would nonetheless be very significant. An increase in the
likelihood of a Greek exit could result in further downward
rating pressure.
Given the negative outlook on long-term ratings and the BFSR, the
probability of an upgrade is low for either rating. The outlook
could revert to stable if the risks associated with a Greek exit
from the euro area subside significantly, such that CASA's
standalone credit strength stabilizes.
Downward pressure on the ratings could result from (i) an
increase in the risk of a Greek exit from the euro area; (ii)
further deterioration in funding conditions; (iii) an aggressive
recommitment to the capital markets business, as evidenced
through greater balance sheet usage or market risk appetite; (iv)
a weakening in the availability of cooperative support
mechanisms; and/or (v) a marked weakening in the capacity or
willingness of the French government to provide support for the
benefit of creditors.
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (CACIB)
CACIB's long-term debt and deposit ratings were downgraded by two
notches, to A2 from Aa3, in line with those of CASA. The Prime-1
short-term rating was affirmed. The standalone credit assessment
was lowered by one notch, to D-/ba3 from D/ba2, and the adjusted
baseline credit assessment -- incorporating cooperative support
from GCA -- to baa2 from a3. The lowering of CACIB's standalone
credit assessment reflects principally the wholesale bias of
CACIB, and hence its exposure to both capital markets and funding
constraints, as evidenced by its current deleveraging program.
The outlook on the standalone credit assessment is stable and
that on the long-term debt and deposit ratings is negative. The
downgrade in the long-term rating principally reflects the
decline in the creditworthiness of GCA, which Moody's expects to
support CACIB in the event of need.
LE CREDIT LYONNAIS SA (LCL)
LCL's long-term debt and deposit ratings were downgraded by two
notches, to A2 from Aa3, in line with those of CASA. The Prime-1
short-term rating was affirmed. The standalone credit assessment
was lowered by one notch, to C/a3 from C+/a2. The outlook on the
standalone credit assessment is stable and that on the long-term
debt and deposit is negative. The lowering of LCL's standalone
credit assessment reflects the more difficult operating
environment in which LCL operates, and which is expected to
modestly impact profitability and asset quality going forward.
The downgrade of the long-term debt and deposit ratings for the
most part reflects the decline in the creditworthiness of GCA,
which Moody's expects to support LCL in the event of need.
++++
CREDIT SUISSE
Credit Suisse AG's deposit and senior debt ratings were
downgraded to A1 from Aa1 and the bank's Prime-1 short-term
rating was affirmed. The bank's standalone credit assessment was
downgraded to C-/baa1 from B/aa3. The provisional senior debt
ratings of the bank's parent holding company, Credit Suisse Group
AG, were downgraded to (P)A2 from (P)Aa2 and its provisional
short-term rating was affirmed at (P)Prime-1. The outlook on all
the ratings is stable.
Credit Suisse's deposit and senior debt ratings benefit from
three notches of uplift from the bank's standalone credit
assessment, reflecting Moody's assumptions about a very high
likelihood of support from the Swiss government for senior
bondholders and other senior creditors in the event that such
support was required to prevent a default.
On the other hand, Credit Suisse's subordinated debt ratings (at
Baa2 for Credit Suisse AG) are now notched off the bank's
standalone credit assessment, following the removal of the
assumption of government support for this class of debt at Swiss
banks. Moody's views government support for the subordinated debt
of Swiss banks as no longer sufficiently predictable or reliable
to warrant incorporating any related uplift into its ratings.
The lowering of the standalone credit assessment to baa1
positions Credit Suisse in the second group of firms with
significant global capital markets activities. This position
reflects (i) a relatively high proportion of revenues and
earnings from, and a clear commitment to, the global capital
markets business; (ii) the large absolute size of the bank's
wholesale funding requirements; and (iii) relatively high
historical earnings volatility. These factors are partly
mitigated by (i) the stable stream of earnings from the bank's
wealth management and Swiss banking businesses; (ii) a highly
pro-active approach to risk management; (iii) a sound structural
liquidity profile and strong liquidity risk management; (iv) an
improving capital position that is expected to result in lower
leverage and capital ratios above the average for the bank's
peers; and (v) resilience to the weak operating environment in
Europe, given low exposures to peripheral Europe and
Switzerland's perceived safe-haven status among investors.
The stable outlook on Credit Suisse's ratings reflects the view
that capital markets-related risk factors have now been fully
incorporated into the bank's ratings. Given the bank's high
ratings compared with those of most of its global capital markets
peers, Moody's does not expect significant upward pressure on the
bank's ratings absent a significant reduction in the bank's
reliance on earnings from its capital markets business. Any
indications of control failures, a marked increase in risk
appetite, a significant decline in the Swiss economy or
deterioration in capital levels would lead to downward pressure
on the ratings.
++++
DEUTSCHE BANK AG
Deutsche Bank AG's long-term deposit ratings were downgraded to
A2 from Aa3. The downgrade resulted from the lowering of Deutsche
Bank's standalone credit assessment to C-/baa2 from C+/a2. The
outlook on all the ratings is stable. All the bank's Prime-1
short-term ratings were affirmed. This rating action is
consistent with Moody's 15 February guidance and concludes a
review for downgrade undertaken as part of an industry review of
global investment banks.
Deutsche Bank AG's debt and deposit ratings benefit from three
notches of uplift from the standalone credit assessment,
reflecting Moody's assumptions about a very high likelihood of
support from the German government for senior bondholders in the
event such support was required to prevent a default.
The lowering of the standalone credit assessment to baa2
positions Deutsche Bank in the second group of firms with
significant global capital markets activities. The position in
the second group reflects Deutsche Bank's (i) very large capital
markets business (representing 45% of firm-wide revenues in 2011)
and unwavering commitment to these businesses; (ii) relatively
high level of secured and unsecured wholesale funding within the
overall balance sheet; (iii) balance sheet leverage that is
higher than the industry average; and (iv) its vulnerabilities to
weaknesses in the euro area. These factors are partly mitigated
by Deutsche Bank's (i) more stable earnings from private clients,
asset management and global transaction banking; (ii) an
acceptable structural liquidity position and strengthened
liquidity pool; and (iii) adequate capital levels relative to
Moody's stress assumptions on the bank's loan book.
The expectation that these risk factors have been fully
incorporated into the current standalone rating underlies the
stable outlook on the bank's BFSR. However, any indications of
control failures, a marked increase in risk appetite, or a
willingness to increase leverage could lead to downward pressure
on the ratings. Upward rating pressure could develop if Deutsche
Bank were to scale back its ambitions in capital markets
businesses (which Moody's considers unlikely), or if more
predictable business lines become a much larger portion of the
earnings mix.
++++
GOLDMAN SACHS
The Goldman Sachs Group, Inc.'s senior unsecured debt ratings and
short-term ratings were downgraded to A3/Prime-2 from A1/Prime-1
and the long-term deposit ratings of Goldman Sachs Bank USA to A2
from Aa3. The Goldman Sachs Bank USA's Prime-1 short-term rating
was affirmed. Moody's also downgraded Goldman Sachs' standalone
credit assessment, to C-/baa1 from B-/a1. The outlook on the
standalone credit assessment and the ratings of Goldman Sachs'
operating subsidiaries is stable, while that on the senior debt
and subordinated debt ratings of (or guaranteed by) the parent
holding company is negative.
Goldman Sachs' ratings benefit from two notches of uplift from
the standalone credit assessment at the subsidiary bank level and
at the holding company, reflecting Moody's assumptions about a
high likelihood of support from the US government for bondholders
or other creditors in the event such support was required to
prevent a default.
The lowering of the standalone credit assessment to baa1
positions Goldman Sachs in the second group of firms with
significant global capital markets activities. The position in
the second group reflects Goldman Sachs' (i) clear commitment to
the global capital markets business; (ii) its lack of significant
earnings from other more stable businesses; and (iii) the large
absolute size of its wholesale funding requirements. These
factors are partly mitigated by (i) the firm's superior track
record of risk management and comprehensive risk controls; (ii)
moderate historical earnings volatility compared with that of
many of its peers; (iii) low leverage; and (iv) a large positive
structural liquidity position.
The stable outlook on Goldman Sachs' standalone credit assessment
and the ratings of its operating subsidiaries reflects the view
that the risk factors related to capital markets activities are
now fully incorporated into the bank's ratings. Moody's does not
expect significant upward pressure on the ratings, absent a
significant reduction in the firm's reliance on earnings from its
capital markets business. Any indications of control failures, a
marked increase in risk appetite or deterioration in leverage or
other capital metrics would lead to downward pressure on the
ratings.
The negative outlook on the parent holding company reflects
Moody's view that government support for US bank holding company
creditors is becoming less certain and less predictable, given
the evolving attitude of US authorities to the resolution of
large financial institutions, whereas support for creditors of
operating entities remains sufficiently likely and predictable to
warrant stable outlooks.
++++
HSBC
HSBC Holdings' senior debt rating was downgraded to Aa3 from Aa2.
The provisional short-term rating was affirmed at (P)Prime-1.
Moody's considers the intrinsic standalone financial strength of
the consolidated group as equivalent to a1, one notch lower than
previously. The group benefits from two notches of uplift from
government support assumptions, and the rating of HSBC Holdings
is notched down by one notch for the structural subordination of
the holding company. The outlook on the Aa3 long-term debt rating
is negative, reflecting the view that government support for
large UK banks may be lowered over the medium term.
The downgrade of HSBC Holdings' ratings positions the group in
the first group of firms with global capital market activities,
that is, with baseline credit assessments of a3 and above. This
position reflects (i) HSBC's moderately large capital markets
operation, which emphasizes plain vanilla businesses (Moody's
estimates that the capital market activities within Global
Banking & Markets represent 10%--15% of the group's total
revenues); and (ii) interconnectedness with other, often less
highly rated, financial institutions, given the size and presence
of the group and its role in the interbank and repo market.
Despite the downgrade, Moody's still views HSBC as one of the
strongest banking groups globally. This view is supported by (i)
low historical earnings volatility across the group due to very
strong geographic diversification, which has enabled the group to
absorb even large losses in certain businesses; and (ii) a
conservative funding profile based on a strong global retail
deposit base and a strict liquidity framework at each subsidiary.
The subordinated and junior capital instruments of HSBC Holdings
have been downgraded by two notches, as they are notched down
from the standalone intrinsic strength of the group, but now also
incorporate one notch for the structural subordination of the
holding company.
HSBC BANK
HSBC Bank's senior debt and deposit ratings were downgraded by
one notch, to Aa3 from Aa2, and the bank's standalone ratings to
C/a3 from C+/a2. The Prime-1 short-term rating was affirmed. The
senior debt and deposit ratings of HSBC Bank, which represents
the group's European operations, benefit from a very high level
of support from the consolidated HSBC group, which has an
intrinsic financial strength of a1 (two notches of uplift), and
from very high government support assumptions (one notch of
uplift). The outlook on the standalone rating is stable, and that
on the senior debt and deposit ratings is negative, reflecting
the view that government support for large UK banks may be
lowered over the medium term.
The downgrade reflects the fact that as one of four hubs within
the HSBC group for capital market activities, HSBC Bank has a
relatively high proportion of such activities, which can increase
the volatility of its earnings. The downgrade also incorporates
the fact that the bank operates in tougher operating environments
in the UK and Europe.
Offsetting these risks, HSBC Bank benefits from a strong
franchise in UK retail and commercial banking, good
capitalization, a strong liquidity and funding profile and a
conservative risk culture.
Upward pressure on the standalone ratings over the medium term
could result from a further reduction in the bank's ABS exposures
and a decreased reliance on the more volatile capital markets
earnings streams.
Deterioration in financial performance, a further weakening of
the capital base and/or a significant decline in asset quality
that places stress on the capital base could lead to downward
pressure on the standalone rating.
The subordinated and junior capital instruments of HSBC Bank have
been confirmed at their current level, as Moody's is notching
them down from the adjusted baseline credit assessment, which
remains at a1, to recognize the expectation of a very high level
of group support for this entity, in line with other group
entities.
HSBC FRANCE
HSBC France's bank financial strength rating was downgraded to C-
from C, equivalent to a baseline credit assessment of baa2, and
its long-term rating to A1 from Aa3. The short-term ratings were
affirmed at Prime-1. The rating outlook is stable.
The downgrade of HSBC France's standalone bank financial strength
rating reflects Moody's expectation of further pressure on the
bank's profitability in the current environment, and also
incorporates the challenges facing institutions with large
capital markets activities.
HSBC France derives a significant proportion of its earnings from
its global banking and markets activities, particularly from its
rates business (government bond trading). This reflects HSBC
France's role as a hub for all euro area sovereign trading of the
HSBC group, and renders the bottom-line profitability at the HSBC
France level inherently more volatile. Evidence of this
volatility are the market losses it took in Q4 2011 on its euro
area sovereign exposures to France and Italy, which resulted in a
70% drop in net profitability at fiscal year-end 2011.
The downgrade of the bank's standalone credit assessment reflects
Moody's expectation that the continued challenges facing
sovereigns in the euro area will likely continue to pressure the
performance of the rates activities, the main contributor to the
bank's bottom-line profitability in recent years.
Set against these weaknesses, the bank's standalone financial
strength is supported by an adequate level of capitalization and
strong liquidity positioning. HSBC France's bank financial
strength rating also reflects the tangible benefits of being
highly integrated within the HSBC group, which has a global
reach, and of its role as an important hub for the group's global
banking and markets activities.
++++
JP MORGAN CHASE
JP Morgan Chase & Co.'s senior long-term debt was downgraded to
A2 from Aa3. At the bank level, JP Morgan Chase Bank's long-term
deposit and debt ratings were downgraded to Aa3 from Aa1. All
Prime-1 short-term ratings were affirmed. The downgrade resulted
from the lowering of JP Morgan's standalone credit assessment to
C/a3 from B/aa3. The outlook on the standalone credit assessment
and the ratings of JP Morgan's operating subsidiaries is stable,
while that on the senior debt and subordinated debt ratings of
(or guaranteed by) the parent holding company is negative.
JP Morgan's ratings benefit from three notches of uplift from the
standalone credit assessment at the bank level, and from two
notches of uplift at the holding company, reflecting Moody's
assumptions about a very high likelihood of support from the US
government for bondholders or other creditors in the event such
support was required to prevent a default.
The negative outlook on the parent holding company reflects
Moody's view that government support for US bank holding company
creditors is becoming less certain and less predictable, given
the evolving attitude of US authorities to the resolution of
large financial institutions, whereas support for creditors of
operating entities remains sufficiently likely and predictable to
warrant stable outlooks.
The lowering of the standalone credit assessment to a3 positions
JP Morgan in the first group of firms with significant global
capital market activities. This position reflects the risks
related to JP Morgan's (i) very large capital markets business
(representing 26% of reported firm-wide revenues in 2011); (ii)
relatively high absolute level of secured and unsecured wholesale
funding within the overall balance sheet; and (iii) the recent
control failure within its Chief Investment Office (CIO), which
has tarnished JP Morgan's otherwise strong track record of risk
management. These factors are mitigated by (i) JP Morgan's
diversified and sustainable earnings streams from its five other
lines of business; (ii) relatively low earnings volatility
compared with the peer group; (iii) good structural liquidity and
large liquidity pool; (iv) capital levels that are solid and
resilient under Moody's stress tests; and (iv) leverage that is
below the industry median.
JP Morgan's recently announced loss within the CIO was an
important factor in the downgrade of the standalone credit
profile. It illustrates the challenges of monitoring and managing
risk in a complex global organization -- and highlights the
opacity of such risks. The firm has substantial earnings and
liquidity, which affords it the time to work out of the
positions. Management is also acting aggressively to stem the
losses and has already added new controls to the CIO.
These risk factors have been fully incorporated into the current
standalone assessment. Since JP Morgan is positioned in the first
group of firms with global capital markets operations, upward
pressure on the rating is unlikely, absent a material shrinking
and de-risking of the investment bank, which Moody's does not
anticipate. Any further control failures, a marked increase in
risk appetite or a willingness to increase leverage could lead to
downward pressure on the ratings.
++++
MORGAN STANLEY
Morgan Stanley's senior unsecured long-term debt ratings were
downgraded to Baa1 from A2 and the long-term deposit and issuer
ratings of Morgan Stanley Bank, N.A. were downgraded to A3 from
A1. The short-term ratings of both firms were lowered to Prime-2
from Prime-1. Moody's also downgraded Morgan Stanley's standalone
credit assessment, to D+/baa3 from C/a3. The outlook on the
standalone credit assessment and the ratings of Morgan Stanley's
operating subsidiaries is stable, while that on the senior debt
and subordinated debt ratings of (or guaranteed by) the parent
holding company is negative.
Morgan Stanley's ratings benefit from three notches of uplift due
to external support assumptions. This includes one notch of
uplift from its largest shareholder, Mitsubishi UFJ Financial
Group (MUFG, deposits Aa3, standalone credit assessment at C/a3
at Bank of Tokyo-Mitsubishi UFJ, Ltd), and two notches of uplift
owing to Moody's belief that there is a high likelihood that
Morgan Stanley, as a systemically important financial
institution, would receive support from the US government in the
event such support was required to prevent a default. The one
notch of uplift reflecting potential support from MUFG is the
reason the downgrade was less than the guidance Moody's provided
on 15 February.
The lowering of the standalone credit assessment to baa3
positions Morgan Stanley in the third group of firms with
significant global capital markets activities. This position
reflects (i) the firm's commitment to the global capital market
business, on which it relies heavily for earnings; (ii) its
historically high level of earnings volatility; and (iii) the
problems in risk management and controls the firm suffered during
the crisis. Partly mitigating these factors are (i) the firm's
gradually increasing "shock absorbers" in the form of earnings
from other more stable businesses (albeit still below that of
most peers); (ii) its reduced risk appetite, improved liquidity
profile and stronger capital position; and (iii) enhancements to
risk management, internal processes and controls.
The stable outlook on Morgan Stanley's standalone credit
assessment and the ratings of its operating subsidiaries reflects
the view that the capital markets-related risk factors have now
been fully incorporated into the ratings. Moody's does not expect
significant upward pressure on the firm's ratings. Any
indications of control failures, a marked increase in risk
appetite or deterioration in leverage or other capital metrics
would lead to downward pressure on the ratings.
The negative outlook on the parent holding company reflects
Moody's view that government support for US bank holding company
creditors is becoming less certain and less predictable, given
the evolving attitude of US authorities to the resolution of
large financial institutions, whereas support for creditors of
operating entities remains sufficiently likely and predictable to
warrant stable outlooks.
++++
ROYAL BANK OF CANADA
Royal Bank of Canada (RBC)'s long-term deposits were downgraded
to Aa3 from Aa1. RBC's standalone credit assessment was lowered
to C+/a2 from B/aa3. The long term debt and deposit ratings
incorporate two notches of uplift from government support
assumptions, reflecting Moody's assessment of a very high
probability of support from the Canadian government. Moody's has
also attached a hybrid (hyb) indicator to the junior subordinated
debt of RBC. All Prime-1 short-term ratings were affirmed. The
outlook on all the ratings is stable.
The a2 standalone credit assessment places RBC in the first group
of firms with significant global capital market activities. This
position reflects: (i) RBC's significant commitment to global
investment banking activities (C$5.9 billion in revenues
representing 22% of firm-wide revenues in 2011 on a CGAAP basis);
(ii) management's commitment to growing its position,
particularly in the US, acknowledging that the contribution to
RBC of capital markets activities may decline if other lines of
business grow at a faster rate; (iii) the high degree of
interconnectedness or concentration risks inherent to capital
markets activities; and (iv) the view that global capital markets
activities expose RBC to risks that could result in comparatively
rapid deterioration in its creditworthiness.
These factors are mitigated by: (i) the fact that RBC is a strong
and diversified universal bank with sustainable leading market
shares across many retail products and services in its home
market; (ii) RBC has the lowest earnings volatility in the global
investment banking peer group, which is evidence of the stability
of its franchises, its sound risk management infrastructure and
embedded risk culture; (iii) a business mix within capital
markets that is more heavily weighted toward client-driven
primary origination and advisory businesses; and (iv) a large
core deposit base and strong capital levels.
The stable outlook on RBC's ratings reflects the view that the
capital markets-related risk factors have now been fully
incorporated into the ratings. RBC is very highly rated and
upward pressure on the rating is not currently anticipated,
however management action signaling a change in direction and
scaling-down of the commitment to the capital markets business
would further stabilize the standalone credit assessment.
Any indications of control failures, a change in risk appetite, a
reduced commitment to strong capital and liquidity, or management
increasing its commitment to the capital markets business, either
organically over time or through a capital markets business
acquisition, could lead to downward pressure on the ratings.
++++
ROYAL BANK OF SCOTLAND
Royal Bank of Scotland plc's (RBS) long-term deposit and debt
ratings were downgraded to A3 from A2, and the bank's Prime-1
short-term rating was downgraded to Prime-2. The bank's
standalone credit assessment was lowered to D+/baa3 from C-/baa2.
The senior debt and deposit ratings benefit from three notches of
uplift from the standalone rating, reflecting Moody's expectation
of a very high probability of government support for the bank.
The ratings of the holding company, Royal Bank of Scotland Group
plc, were downgraded to Baa1/ P-2 from A3/P-2.The outlook on the
D+/baa3 standalone ratings is stable, whereas the outlook on the
A3 long-term deposit rating is negative, reflecting the view that
government support for large UK banks may be lowered in the
medium-term.
The downgrade of the standalone credit assessment to baa3
positions RBS in the third group of firms with significant
capital market activities, with baseline credit assessments of
baa3 and below. This position reflects (i) high historical
earnings volatility across the bank; (ii) relatively large
capital markets business (expected to stabilize at around 20% of
revenues) even after recent de-risking and exiting of certain
business lines; (iv) further potential earnings volatility as a
result of large loan books in Ireland; and (v) ongoing challenges
of winding down non-core assets. These factors are somewhat
mitigated by (i) strong underlying earnings in non-investment
banking activities; (ii) a large and high-quality liquidity
buffer relative to short-term liabilities; (iii) the strong track
record of the current management team in de-risking and
restructuring the group; and (iv) sufficient long-term capital to
meet short-term funding vulnerabilities, reflected in a net cash
capital surplus according to Moody's metrics.
The stable outlook on RBS' standalone ratings reflects the view
that the capital markets-related risk factors have now been fully
incorporated into the bank's ratings. Given the bank's strong
retail and banking franchise and its moderated risk appetite for
capital markets activities, if the more immediate risks in the
operating environment in the UK and Europe were to recede and RBS
were to return to a stable earnings profile, there could be
upward pressure on the bank's ratings. On the other hand, any
indications of control failures, a marked increase in risk
appetite or a deterioration in capital levels could lead to
downward pressure on the rating.
Moody's took a variety of actions on RBS' May-Pay securities.
These are the securities on which RBS omitted coupons due to
European Commission restrictions following the receipt of state
aid over the period April 30, 2010 to April 30, 2012. On May 4,
2012, RBS announced its intention to resume dividend payments on
certain May-Pay instruments and Moody's now considers that the
risks for these instruments are in line with the Must Pay
instruments. The ratings of these instruments have now all been
moved so that they are in line with the Must Pay securities,
which are rated in line with hybrid notching guidelines. Click on
the following link for a list of the affected May-Pay securities:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143289
RBS NV
The ratings of RBS NV have been moved to be aligned with those of
RBS plc, reflecting the ongoing process of transfer of assets and
liabilities from RBS NV to RBS plc, and the explicit commitment
by RBS plc to support RBS NV. The senior debt and deposit and
issuer ratings have been downgraded to A3 from A2. The short-term
rating was downgraded to Prime-2 from Prime-1. And the standalone
credit assessment has been raised to D+/ baa3 from D/ ba2, in
line with RBS plc. The outlook on the standalone rating is stable
and that on the senior debt rating is negative, in line with RBS.
The dated subordinated debt instruments have been downgraded to
Ba1 from A3, in line with RBS plc, while assumptions of support
from the Dutch government are no longer being incorporated into
these instruments. The ratings of RBS NV will continue to move in
line with those of RBS plc.
ULSTER BANK LIMITED AND ULSTER BANK IRELAND LIMITED
The long-term bank deposit ratings of Ulster Bank Limited (UBL)
and Ulster Bank Ireland Limited (UBIL) have been downgraded to
Baa2 from Baa1, the long-term issuer rating of UBL to Baa2 from
Baa1, the (P) senior unsecured debt rating of UBIL to (P)Baa2
from (P)Baa1 and the dated subordinated rating of UBIL to Ba1
from Baa3. This follows the downgrade of the ratings of its
parent, RBS plc, to A3/P-2 from A2/P-1. The outlook on the
ratings of UBL and UBIL is negative, in line with the outlook on
the senior ratings of RBS and that on the standalone ratings of
UBL and UBIL. There is no impact on the D-/ba3 standalone credit
assessment of either UBL or UBIL or on the negative outlooks that
continue to reflect the significant uncertainty about the speed
and magnitude of further asset quality deterioration on Ulster
Bank's asset quality. The ratings continue to reflect the
incorporation of a very high level of parental support into the
ratings of both UBL (incorporated in Northern Ireland) and UBIL
(incorporated in Ireland). This is based on Moody's assessment
that Ulster Bank Group (which includes both UBL and UBIL) is a
core subsidiary of Royal Bank of Scotland Group (RBS Group) and
is likely to remain so. Ulster Bank Group (the consolidated
entity) is an integral part of RBS Group's strategy and this has
been evidenced by the ongoing high levels of support through the
provision of capital and funding support. Moody's expects this
high commitment to continue and therefore have maintained a high
level of parental support in the supported ratings of UBL and
UBIL.
++++
SOCIETE GENERALE
Societe Generale's (SocGen) long-term debt and deposit ratings
were downgraded by one notch, to A2 from A1. The Prime-1 short-
term rating was affirmed. The standalone credit assessment was
also lowered by one notch, to C-/baa2 from C-/baa1. The outlook
on both the standalone credit assessment and long-term debt and
deposit ratings is stable.
Senior debt and deposit ratings are rated A2 and incorporate
three notches of uplift from government support assumptions.
SocGen's dated subordinated and junior subordinated debt ratings
were downgraded to Baa3 and Ba1(hyb), respectively (one and two
notches below its baa2 standalone credit assessment). The
downgrades reflect the removal of government support assumptions
from the dated subordinated debt instruments. In Moody's view,
government support in many European countries, including France,
is no longer sufficiently predictable and reliable to warrant
incorporating government-support-driven uplift into these debt
ratings. Ratings on preference shares were downgraded by one
notch, to Ba2(hyb), and continue to be positioned three notches
below the standalone credit assessment.
The lowering of the standalone credit assessment to baa2 places
SocGen in the second group of firms with significant global
capital market activities. This position reflects (i) the
significant and relatively volatile nature of the bank's capital
markets business, which contributed 18% of revenues between 2009
and 2011; (ii) SocGen's continued relative reliance on short-term
wholesale funding and its smaller liquidity pool compared with
some other banks; and (iii) challenges arising from the expected
deterioration in macroeconomic conditions in western Europe,
which will affect many of the countries in which SocGen operates.
These factors are somewhat mitigated by (i) SocGen's good spread
of generally solid businesses focused on retail and commercial
banking, which provide more stable revenues and help ensure that
the capital markets business does not dominate the group; (ii)
the bank's relatively small exposure to more problematic
sovereign debt; (iii) diversification into central and eastern
Europe, which brings a less correlated source of earnings; and
(iv) improving trends in capital and liquidity, partly the
consequence of a deleveraging program that is, however, still in
progress.
The rating could be upgraded in the event of a material
structural improvement in the bank's funding and liquidity
profile and a further reduction in the weight of capital markets-
related activity within the group.
The rating could be downgraded in the event of (i) the re-
emergence of deteriorating funding conditions; (ii) risk
management failures or material unexpected losses, for example in
the capital markets business; (iii) worsening macroeconomic
conditions; (iv) a reduced probability of meeting its
capitalization target of a 9-9.5% Core Tier 1 ratio under Basel
III by end-2013; and (v) a marked weakening in the capacity or
willingness of the French government to provide support to the
benefit of creditors.
++++
UBS
UBS AG's deposit and senior debt ratings were downgraded to A2
from Aa3 and the bank's Prime-1 short-term rating was confirmed.
The bank's standalone credit assessment was downgraded to C-/baa2
from C/a3. The outlook on all the ratings is stable.
UBS's deposit and senior debt ratings benefit from three notches
of uplift from the bank's standalone credit assessment,
reflecting Moody's assumptions about a very high likelihood of
support from the Swiss government for senior bondholders and
other senior creditors in the event such support was required to
prevent a default.
On the other hand, UBS's subordinated debt ratings (at Baa3) are
now notched off the bank's standalone credit assessment following
the removal of the assumption of government support for this
class of debt at Swiss banks. Moody's views government support
for the subordinated debt of Swiss banks as no longer
sufficiently predictable or reliable to warrant incorporating
uplift into its ratings.
The lowering of the standalone credit assessment to baa2
positions UBS in the second group of firms with significant
global capital markets activities. This position reflects (i) the
bank's high historical earnings volatility; (ii) its relatively
large capital markets business; and (iii) the problems in risk
management and controls from which the bank suffered during the
crisis. Partly mitigating these factors are (i) the bank's
reduced ambition in investment banking; (ii) its significant and
stable earnings from non-investment banking activities; (iii)
positive structural liquidity and a large liquidity reserve; (iv)
an improving capital position and capital targets well above
peers; (v) ongoing enhancements to corporate governance, risk
management and controls; and (vi) resilience to the weak
operating environment in Europe given low exposures to peripheral
Europe and Switzerland's perceived safe-haven status among
investors.
The stable outlook on UBS's ratings reflects the view that
capital markets-related risk factors have now been fully
incorporated into the bank's ratings. Moody's does not expect
significant upward pressure on the bank's ratings absent a
significant reduction in the bank's reliance on earnings from its
capital markets business. Any indications of control failures, a
marked increase in risk appetite, a significant decline in the
Swiss economy or a deterioration in capital levels or targets
would put downward pressure on the ratings.
* BOND PRICING: For the Week June 18 to June 22, 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
BNP EMIS-U.HANDE 19.250 6/21/2012 EUR 8.31
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
COMMERZBANK AG 18.000 6/21/2012 EUR 68.99
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
COMMERZBANK AG 8.000 6/4/2012 EUR 59.25
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
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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
DEUTSCHE BANK AG 9.000 8/31/2012 EUR 70.90
DEUTSCHE BANK AG 8.000 8/31/2012 EUR 74.80
DEUTSCHE BANK AG 8.000 8/6/2012 EUR 61.60
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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
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 67.80
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
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 58.30
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
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 64.80
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 74.40
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 70.40
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 60.00
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 65.00
DEUTSCHE BANK AG 7.000 6/29/2012 EUR 47.50
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 67.80
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 67.30
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 61.00
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 63.10
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DEUTSCHE BANK AG 10.000 6/29/2012 EUR 56.70
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 72.20
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 46.80
DEUTSCHE BANK AG 10.000 6/29/2012 EUR 43.70
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
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.90
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 71.60
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
DZ BANK AG 7.000 7/13/2012 EUR 72.89
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
DZ BANK AG 7.500 9/14/2012 EUR 57.70
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
HSBC TRINKAUS 18.000 3/22/2013 EUR 70.92
HSBC TRINKAUS 18.500 3/22/2013 EUR 66.71
HSBC TRINKAUS 19.500 3/22/2013 EUR 73.14
HSBC TRINKAUS 17.500 3/22/2013 EUR 74.83
HSBC TRINKAUS 19.500 3/22/2013 EUR 70.77
HSBC TRINKAUS 19.500 3/22/2013 EUR 72.61
HSBC TRINKAUS 20.000 3/22/2013 EUR 69.97
HSBC TRINKAUS 21.000 3/22/2013 EUR 66.24
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
HSBC TRINKAUS 21.000 3/22/2013 EUR 73.00
HSBC TRINKAUS 20.000 9/28/2012 EUR 63.41
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
HSBC TRINKAUS 10.500 3/22/2013 EUR 71.39
HSBC TRINKAUS 14.500 3/22/2013 EUR 73.64
HSBC TRINKAUS 30.000 6/28/2013 EUR 62.90
HSBC TRINKAUS 26.000 6/28/2013 EUR 62.62
HSBC TRINKAUS 25.500 6/28/2013 EUR 70.68
HSBC TRINKAUS 22.500 6/28/2013 EUR 71.16
HSBC TRINKAUS 15.000 3/22/2013 EUR 74.61
HSBC TRINKAUS 14.500 3/22/2013 EUR 73.67
HSBC TRINKAUS 19.000 6/28/2013 EUR 67.76
HSBC TRINKAUS 18.500 6/28/2013 EUR 72.05
HSBC TRINKAUS 16.500 6/28/2013 EUR 68.47
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
HSBC TRINKAUS 27.500 3/22/2013 EUR 61.85
HSBC TRINKAUS 8.000 6/28/2013 EUR 74.78
HSBC TRINKAUS 26.500 3/22/2013 EUR 74.88
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
HSBC TRINKAUS 19.000 9/28/2012 EUR 71.98
LANDBK HESSEN-TH 5.750 7/13/2012 EUR 68.50
LANDBK HESSEN-TH 5.000 6/28/2012 EUR 71.50
LANDESBK BERLIN 7.000 5/23/2012 EUR 68.26
LANDESBK BERLIN 5.500 12/23/2013 EUR 68.80
LANDESBK BERLIN 7.000 6/25/2012 EUR 72.87
LB BADEN-WUERTT 10.000 7/27/2012 EUR 57.54
LB BADEN-WUERTT 4.000 5/25/2012 EUR 70.41
LB BADEN-WUERTT 4.000 5/25/2012 EUR 55.31
LB BADEN-WUERTT 4.000 5/25/2012 EUR 71.10
LB BADEN-WUERTT 4.000 5/25/2012 EUR 63.78
LB BADEN-WUERTT 4.000 5/25/2012 EUR 73.26
LB BADEN-WUERTT 4.000 5/25/2012 EUR 46.64
LB BADEN-WUERTT 6.000 5/25/2012 EUR 67.90
LB BADEN-WUERTT 6.000 5/25/2012 EUR 61.32
LB BADEN-WUERTT 6.000 5/25/2012 EUR 48.72
LB BADEN-WUERTT 6.000 5/25/2012 EUR 61.98
LB BADEN-WUERTT 6.000 5/25/2012 EUR 37.71
LB BADEN-WUERTT 6.000 5/25/2012 EUR 72.08
LB BADEN-WUERTT 6.000 5/25/2012 EUR 57.85
LB BADEN-WUERTT 6.000 5/25/2012 EUR 66.02
LB BADEN-WUERTT 6.000 5/25/2012 EUR 70.73
LB BADEN-WUERTT 6.000 5/25/2012 EUR 73.27
LB BADEN-WUERTT 8.000 5/25/2012 EUR 44.29
LB BADEN-WUERTT 8.000 5/25/2012 EUR 34.12
LB BADEN-WUERTT 8.000 5/25/2012 EUR 66.11
LB BADEN-WUERTT 8.000 5/25/2012 EUR 73.93
LB BADEN-WUERTT 8.000 5/25/2012 EUR 53.44
LB BADEN-WUERTT 8.000 5/25/2012 EUR 73.02
LB BADEN-WUERTT 8.000 5/25/2012 EUR 67.48
LB BADEN-WUERTT 8.000 5/25/2012 EUR 68.02
LB BADEN-WUERTT 8.000 5/25/2012 EUR 56.01
LB BADEN-WUERTT 8.000 5/25/2012 EUR 66.05
LB BADEN-WUERTT 8.000 5/25/2012 EUR 60.26
LB BADEN-WUERTT 8.000 5/25/2012 EUR 54.21
LB BADEN-WUERTT 8.000 5/25/2012 EUR 61.06
LB BADEN-WUERTT 8.350 5/25/2012 EUR 40.12
LB BADEN-WUERTT 4.000 6/22/2012 EUR 56.28
LB BADEN-WUERTT 4.000 6/22/2012 EUR 47.31
LB BADEN-WUERTT 4.000 6/22/2012 EUR 36.14
LB BADEN-WUERTT 4.000 6/22/2012 EUR 49.81
LB BADEN-WUERTT 5.000 6/22/2012 EUR 9.07
LB BADEN-WUERTT 5.000 6/22/2012 EUR 62.94
LB BADEN-WUERTT 5.000 6/22/2012 EUR 55.88
LB BADEN-WUERTT 5.000 6/22/2012 EUR 54.29
LB BADEN-WUERTT 5.000 6/22/2012 EUR 69.71
LB BADEN-WUERTT 5.000 6/22/2012 EUR 70.93
LB BADEN-WUERTT 5.000 6/22/2012 EUR 62.26
LB BADEN-WUERTT 5.000 6/22/2012 EUR 70.07
LB BADEN-WUERTT 5.000 6/22/2012 EUR 58.17
LB BADEN-WUERTT 5.000 6/22/2012 EUR 73.39
LB BADEN-WUERTT 5.000 6/22/2012 EUR 48.66
LB BADEN-WUERTT 5.000 6/22/2012 EUR 62.87
LB BADEN-WUERTT 5.000 6/22/2012 EUR 21.07
LB BADEN-WUERTT 5.000 6/22/2012 EUR 73.92
LB BADEN-WUERTT 6.000 6/22/2012 EUR 67.90
LB BADEN-WUERTT 6.000 6/22/2012 EUR 41.33
LB BADEN-WUERTT 6.000 6/22/2012 EUR 73.37
LB BADEN-WUERTT 6.000 6/22/2012 EUR 40.79
LB BADEN-WUERTT 6.000 6/22/2012 EUR 66.03
LB BADEN-WUERTT 6.000 6/22/2012 EUR 49.08
LB BADEN-WUERTT 6.000 6/22/2012 EUR 72.65
LB BADEN-WUERTT 6.000 6/22/2012 EUR 31.71
LB BADEN-WUERTT 6.000 6/22/2012 EUR 63.77
LB BADEN-WUERTT 6.000 6/22/2012 EUR 71.09
LB BADEN-WUERTT 6.000 6/22/2012 EUR 68.16
LB BADEN-WUERTT 6.000 6/22/2012 EUR 73.79
LB BADEN-WUERTT 7.500 6/22/2012 EUR 74.86
LB BADEN-WUERTT 7.500 6/22/2012 EUR 65.37
LB BADEN-WUERTT 7.500 6/22/2012 EUR 66.69
LB BADEN-WUERTT 7.500 6/22/2012 EUR 56.34
LB BADEN-WUERTT 7.500 6/22/2012 EUR 44.12
LB BADEN-WUERTT 7.500 6/22/2012 EUR 51.56
LB BADEN-WUERTT 7.500 6/22/2012 EUR 63.78
LB BADEN-WUERTT 7.500 6/22/2012 EUR 72.73
LB BADEN-WUERTT 7.500 6/22/2012 EUR 8.03
LB BADEN-WUERTT 7.500 6/22/2012 EUR 63.23
LB BADEN-WUERTT 7.500 6/22/2012 EUR 55.32
LB BADEN-WUERTT 7.500 6/22/2012 EUR 49.76
LB BADEN-WUERTT 7.500 6/22/2012 EUR 19.12
LB BADEN-WUERTT 7.500 6/22/2012 EUR 50.48
LB BADEN-WUERTT 7.500 6/22/2012 EUR 69.78
LB BADEN-WUERTT 8.000 6/22/2012 EUR 67.50
LB BADEN-WUERTT 8.000 6/22/2012 EUR 56.34
LB BADEN-WUERTT 8.000 6/22/2012 EUR 44.44
LB BADEN-WUERTT 8.000 6/22/2012 EUR 65.35
LB BADEN-WUERTT 8.000 6/22/2012 EUR 28.08
LB BADEN-WUERTT 8.000 6/22/2012 EUR 66.44
LB BADEN-WUERTT 8.000 6/22/2012 EUR 35.95
LB BADEN-WUERTT 8.000 6/22/2012 EUR 63.56
LB BADEN-WUERTT 8.000 6/22/2012 EUR 59.35
LB BADEN-WUERTT 8.000 6/22/2012 EUR 36.76
LB BADEN-WUERTT 10.000 6/22/2012 EUR 69.45
LB BADEN-WUERTT 10.000 6/22/2012 EUR 58.83
LB BADEN-WUERTT 10.000 6/22/2012 EUR 17.81
LB BADEN-WUERTT 10.000 6/22/2012 EUR 70.53
LB BADEN-WUERTT 10.000 6/22/2012 EUR 62.87
LB BADEN-WUERTT 10.000 6/22/2012 EUR 46.40
LB BADEN-WUERTT 10.000 6/22/2012 EUR 59.55
LB BADEN-WUERTT 10.000 6/22/2012 EUR 74.24
LB BADEN-WUERTT 10.000 6/22/2012 EUR 71.84
LB BADEN-WUERTT 10.000 6/22/2012 EUR 72.05
LB BADEN-WUERTT 10.000 6/22/2012 EUR 59.95
LB BADEN-WUERTT 10.000 6/22/2012 EUR 65.15
LB BADEN-WUERTT 10.000 6/22/2012 EUR 41.91
LB BADEN-WUERTT 10.000 6/22/2012 EUR 50.22
LB BADEN-WUERTT 10.000 6/22/2012 EUR 52.20
LB BADEN-WUERTT 10.000 6/22/2012 EUR 46.67
LB BADEN-WUERTT 10.000 6/22/2012 EUR 67.49
LB BADEN-WUERTT 10.000 6/22/2012 EUR 73.41
LB BADEN-WUERTT 10.000 6/22/2012 EUR 7.08
LB BADEN-WUERTT 10.000 6/22/2012 EUR 70.30
LB BADEN-WUERTT 10.000 6/22/2012 EUR 47.11
LB BADEN-WUERTT 4.000 7/27/2012 EUR 44.16
LB BADEN-WUERTT 4.000 7/27/2012 EUR 72.08
LB BADEN-WUERTT 4.000 7/27/2012 EUR 50.23
LB BADEN-WUERTT 4.000 7/27/2012 EUR 73.51
LB BADEN-WUERTT 5.000 7/27/2012 EUR 50.11
LB BADEN-WUERTT 5.000 7/27/2012 EUR 57.08
LB BADEN-WUERTT 5.000 7/27/2012 EUR 58.64
LB BADEN-WUERTT 5.000 7/27/2012 EUR 64.17
LB BADEN-WUERTT 5.000 7/27/2012 EUR 21.89
LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.74
LB BADEN-WUERTT 5.000 7/27/2012 EUR 57.07
LB BADEN-WUERTT 5.000 7/27/2012 EUR 72.13
LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.38
LB BADEN-WUERTT 5.000 7/27/2012 EUR 66.93
LB BADEN-WUERTT 5.000 7/27/2012 EUR 13.70
LB BADEN-WUERTT 5.000 7/27/2012 EUR 69.02
LB BADEN-WUERTT 5.000 7/27/2012 EUR 71.30
LB BADEN-WUERTT 5.000 7/27/2012 EUR 60.93
LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.66
LB BADEN-WUERTT 5.000 7/27/2012 EUR 33.09
LB BADEN-WUERTT 5.000 7/27/2012 EUR 54.89
LB BADEN-WUERTT 5.000 7/27/2012 EUR 58.89
LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.43
LB BADEN-WUERTT 6.000 7/27/2012 EUR 64.72
LB BADEN-WUERTT 6.000 7/27/2012 EUR 71.10
LB BADEN-WUERTT 6.000 7/27/2012 EUR 71.71
LB BADEN-WUERTT 6.000 7/27/2012 EUR 42.35
LB BADEN-WUERTT 6.000 7/27/2012 EUR 69.86
LB BADEN-WUERTT 6.000 7/27/2012 EUR 28.07
LB BADEN-WUERTT 6.000 7/27/2012 EUR 63.87
LB BADEN-WUERTT 6.000 7/27/2012 EUR 39.19
LB BADEN-WUERTT 6.500 7/27/2012 EUR 70.72
LB BADEN-WUERTT 6.500 7/27/2012 EUR 71.75
LB BADEN-WUERTT 7.500 7/27/2012 EUR 44.94
LB BADEN-WUERTT 7.500 7/27/2012 EUR 62.43
LB BADEN-WUERTT 7.500 7/27/2012 EUR 51.67
LB BADEN-WUERTT 7.500 7/27/2012 EUR 62.95
LB BADEN-WUERTT 7.500 7/27/2012 EUR 14.20
LB BADEN-WUERTT 7.500 7/27/2012 EUR 55.71
LB BADEN-WUERTT 7.500 7/27/2012 EUR 51.45
LB BADEN-WUERTT 7.500 7/27/2012 EUR 70.36
LB BADEN-WUERTT 7.500 7/27/2012 EUR 56.74
LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.48
LB BADEN-WUERTT 7.500 7/27/2012 EUR 52.28
LB BADEN-WUERTT 7.500 7/27/2012 EUR 20.33
LB BADEN-WUERTT 7.500 7/27/2012 EUR 69.32
LB BADEN-WUERTT 7.500 7/27/2012 EUR 69.24
LB BADEN-WUERTT 7.500 7/27/2012 EUR 50.12
LB BADEN-WUERTT 7.500 7/27/2012 EUR 30.23
LB BADEN-WUERTT 7.500 7/27/2012 EUR 52.77
LB BADEN-WUERTT 7.500 7/27/2012 EUR 71.39
LB BADEN-WUERTT 7.500 7/27/2012 EUR 59.73
LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.59
LB BADEN-WUERTT 8.000 7/27/2012 EUR 65.36
LB BADEN-WUERTT 8.000 7/27/2012 EUR 62.74
LB BADEN-WUERTT 8.000 7/27/2012 EUR 38.31
LB BADEN-WUERTT 8.000 7/27/2012 EUR 57.86
LB BADEN-WUERTT 8.000 7/27/2012 EUR 66.60
LB BADEN-WUERTT 8.000 7/27/2012 EUR 35.49
LB BADEN-WUERTT 8.000 7/27/2012 EUR 60.37
LB BADEN-WUERTT 8.000 7/27/2012 EUR 74.18
LB BADEN-WUERTT 8.000 7/27/2012 EUR 73.12
LB BADEN-WUERTT 9.000 7/27/2012 EUR 55.06
LB BADEN-WUERTT 10.000 7/27/2012 EUR 74.18
LB BADEN-WUERTT 10.000 7/27/2012 EUR 72.85
LB BADEN-WUERTT 10.000 7/27/2012 EUR 52.34
LB BADEN-WUERTT 10.000 7/27/2012 EUR 66.93
LB BADEN-WUERTT 10.000 7/27/2012 EUR 62.70
LB BADEN-WUERTT 10.000 7/27/2012 EUR 54.97
LB BADEN-WUERTT 10.000 7/27/2012 EUR 14.65
LB BADEN-WUERTT 10.000 7/27/2012 EUR 48.09
LB BADEN-WUERTT 10.000 7/27/2012 EUR 57.06
LB BADEN-WUERTT 10.000 7/27/2012 EUR 62.55
LB BADEN-WUERTT 10.000 7/27/2012 EUR 70.67
LB BADEN-WUERTT 10.000 7/27/2012 EUR 72.90
LB BADEN-WUERTT 10.000 7/27/2012 EUR 27.99
LB BADEN-WUERTT 10.000 7/27/2012 EUR 74.18
LB BADEN-WUERTT 10.000 7/27/2012 EUR 74.03
LB BADEN-WUERTT 10.000 7/27/2012 EUR 66.16
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.55
LB BADEN-WUERTT 10.000 7/27/2012 EUR 70.19
LB BADEN-WUERTT 10.000 7/27/2012 EUR 51.80
LB BADEN-WUERTT 10.000 7/27/2012 EUR 64.87
LB BADEN-WUERTT 10.000 7/27/2012 EUR 19.41
LB BADEN-WUERTT 10.000 7/27/2012 EUR 48.04
LB BADEN-WUERTT 10.000 7/27/2012 EUR 41.81
LB BADEN-WUERTT 10.000 7/27/2012 EUR 49.22
LB BADEN-WUERTT 10.000 7/27/2012 EUR 45.81
LB BADEN-WUERTT 10.000 7/27/2012 EUR 62.66
LB BADEN-WUERTT 10.000 7/27/2012 EUR 46.94
LB BADEN-WUERTT 4.000 8/24/2012 EUR 70.63
LB BADEN-WUERTT 4.000 8/24/2012 EUR 70.77
LB BADEN-WUERTT 4.000 8/24/2012 EUR 41.30
LB BADEN-WUERTT 4.000 8/24/2012 EUR 74.88
LB BADEN-WUERTT 4.000 8/24/2012 EUR 66.55
LB BADEN-WUERTT 4.000 8/24/2012 EUR 51.23
LB BADEN-WUERTT 5.000 8/24/2012 EUR 66.78
LB BADEN-WUERTT 5.000 8/24/2012 EUR 71.76
LB BADEN-WUERTT 5.000 8/24/2012 EUR 66.01
LB BADEN-WUERTT 5.000 8/24/2012 EUR 68.26
LB BADEN-WUERTT 5.000 8/24/2012 EUR 72.68
LB BADEN-WUERTT 5.000 8/24/2012 EUR 72.63
LB BADEN-WUERTT 5.000 8/24/2012 EUR 74.31
LB BADEN-WUERTT 5.000 8/24/2012 EUR 50.59
LB BADEN-WUERTT 5.000 8/24/2012 EUR 26.84
LB BADEN-WUERTT 5.000 8/24/2012 EUR 64.26
LB BADEN-WUERTT 5.000 8/24/2012 EUR 60.38
LB BADEN-WUERTT 5.000 8/24/2012 EUR 54.21
LB BADEN-WUERTT 6.000 8/24/2012 EUR 59.64
LB BADEN-WUERTT 6.000 8/24/2012 EUR 35.49
LB BADEN-WUERTT 6.000 8/24/2012 EUR 67.66
LB BADEN-WUERTT 6.000 8/24/2012 EUR 64.28
LB BADEN-WUERTT 6.000 8/24/2012 EUR 45.80
LB BADEN-WUERTT 6.000 8/24/2012 EUR 68.35
LB BADEN-WUERTT 6.000 8/24/2012 EUR 72.56
LB BADEN-WUERTT 6.000 8/24/2012 EUR 71.48
LB BADEN-WUERTT 6.000 8/24/2012 EUR 64.03
LB BADEN-WUERTT 6.000 8/24/2012 EUR 58.18
LB BADEN-WUERTT 6.000 8/24/2012 EUR 74.65
LB BADEN-WUERTT 6.000 8/24/2012 EUR 69.84
LB BADEN-WUERTT 7.500 8/24/2012 EUR 73.77
LB BADEN-WUERTT 7.500 8/24/2012 EUR 67.55
LB BADEN-WUERTT 7.500 8/24/2012 EUR 45.74
LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.99
LB BADEN-WUERTT 7.500 8/24/2012 EUR 54.19
LB BADEN-WUERTT 7.500 8/24/2012 EUR 74.87
LB BADEN-WUERTT 7.500 8/24/2012 EUR 24.16
LB BADEN-WUERTT 7.500 8/24/2012 EUR 68.61
LB BADEN-WUERTT 7.500 8/24/2012 EUR 65.10
LB BADEN-WUERTT 7.500 8/24/2012 EUR 64.36
LB BADEN-WUERTT 7.500 8/24/2012 EUR 59.58
LB BADEN-WUERTT 7.500 8/24/2012 EUR 58.27
LB BADEN-WUERTT 7.500 8/24/2012 EUR 70.64
LB BADEN-WUERTT 7.500 8/24/2012 EUR 65.94
LB BADEN-WUERTT 7.500 8/24/2012 EUR 56.52
LB BADEN-WUERTT 7.500 8/24/2012 EUR 72.60
LB BADEN-WUERTT 7.500 8/24/2012 EUR 49.54
LB BADEN-WUERTT 8.000 8/24/2012 EUR 32.41
LB BADEN-WUERTT 8.000 8/24/2012 EUR 52.56
LB BADEN-WUERTT 8.000 8/24/2012 EUR 67.56
LB BADEN-WUERTT 8.000 8/24/2012 EUR 72.47
LB BADEN-WUERTT 8.000 8/24/2012 EUR 64.91
LB BADEN-WUERTT 8.000 8/24/2012 EUR 60.19
LB BADEN-WUERTT 8.000 8/24/2012 EUR 66.36
LB BADEN-WUERTT 8.000 8/24/2012 EUR 67.38
LB BADEN-WUERTT 8.000 8/24/2012 EUR 63.91
LB BADEN-WUERTT 8.000 8/24/2012 EUR 53.42
LB BADEN-WUERTT 8.000 8/24/2012 EUR 56.79
LB BADEN-WUERTT 8.000 8/24/2012 EUR 42.30
LB BADEN-WUERTT 8.000 8/24/2012 EUR 61.67
LB BADEN-WUERTT 8.005 8/24/2012 EUR 73.99
LB BADEN-WUERTT 10.000 8/24/2012 EUR 68.74
LB BADEN-WUERTT 10.000 8/24/2012 EUR 60.35
LB BADEN-WUERTT 10.000 8/24/2012 EUR 58.08
LB BADEN-WUERTT 10.000 8/24/2012 EUR 61.35
LB BADEN-WUERTT 10.000 8/24/2012 EUR 62.42
LB BADEN-WUERTT 10.000 8/24/2012 EUR 69.14
LB BADEN-WUERTT 10.000 8/24/2012 EUR 53.97
LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.89
LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.03
LB BADEN-WUERTT 10.000 8/24/2012 EUR 53.53
LB BADEN-WUERTT 10.000 8/24/2012 EUR 69.99
LB BADEN-WUERTT 10.000 8/24/2012 EUR 51.47
LB BADEN-WUERTT 10.000 8/24/2012 EUR 74.12
LB BADEN-WUERTT 10.000 8/24/2012 EUR 64.51
LB BADEN-WUERTT 10.000 8/24/2012 EUR 59.10
LB BADEN-WUERTT 10.000 8/24/2012 EUR 42.60
LB BADEN-WUERTT 10.000 8/24/2012 EUR 50.46
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
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VONTOBEL FIN PRO 8.739 9/28/2012 EUR 59.78
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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
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VONTOBEL FIN PRO 8.216 9/28/2012 EUR 65.98
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VONTOBEL FIN PRO 8.174 9/28/2012 EUR 54.30
VONTOBEL FIN PRO 8.121 9/28/2012 EUR 57.92
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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
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VONTOBEL FIN PRO 7.788 9/28/2012 EUR 73.39
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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
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VONTOBEL FIN PRO 12.200 8/24/2012 EUR 70.62
VONTOBEL FIN PRO 11.050 8/24/2012 EUR 64.92
VONTOBEL FIN PRO 10.900 8/24/2012 EUR 67.02
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
VONTOBEL FIN PRO 10.559 7/27/2012 EUR 71.40
VONTOBEL FIN PRO 9.674 7/27/2012 EUR 72.06
VONTOBEL FIN PRO 8.711 7/27/2012 EUR 70.84
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VONTOBEL FIN PRO 11.665 7/20/2012 EUR 60.60
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VONTOBEL FIN PRO 10.860 7/20/2012 EUR 47.60
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VONTOBEL FIN PRO 20.200 6/22/2012 EUR 72.76
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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 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
VONTOBEL FIN PRO 11.564 5/25/2012 EUR 38.00
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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
VONTOBEL FIN PRO 7.889 6/6/2012 EUR 56.50
VONTOBEL FIN PRO 10.056 6/8/2012 EUR 66.00
VONTOBEL FIN PRO 11.464 6/8/2012 EUR 61.10
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VONTOBEL FIN PRO 10.458 6/15/2012 EUR 46.20
VONTOBEL FIN PRO 11.615 6/15/2012 EUR 56.40
VONTOBEL FIN PRO 5.249 6/22/2012 EUR 72.62
VONTOBEL FIN PRO 6.135 6/22/2012 EUR 73.91
VONTOBEL FIN PRO 6.444 6/22/2012 EUR 63.48
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 18.036 6/22/2012 EUR 42.88
VONTOBEL FIN PRO 17.950 6/22/2012 EUR 43.70
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VONTOBEL FIN PRO 17.784 6/22/2012 EUR 40.54
VONTOBEL FIN PRO 17.712 6/22/2012 EUR 14.68
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VONTOBEL FIN PRO 17.400 6/22/2012 EUR 72.14
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
VONTOBEL FIN PRO 8.000 6/28/2013 EUR 68.52
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 56.86
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 46.54
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VONTOBEL FIN PRO 18.550 3/22/2013 EUR 72.90
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 72.80
VONTOBEL FIN PRO 18.350 3/22/2013 EUR 66.78
VONTOBEL FIN PRO 17.950 3/22/2013 EUR 67.72
VONTOBEL FIN PRO 17.400 3/22/2013 EUR 57.76
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 73.84
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 59.70
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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 12.000 3/22/2013 EUR 71.66
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VONTOBEL FIN PRO 10.750 3/22/2013 EUR 74.14
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VONTOBEL FIN PRO 8.850 3/22/2013 EUR 66.90
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VONTOBEL FIN PRO 6.800 3/22/2013 EUR 72.40
VONTOBEL FIN PRO 6.750 3/22/2013 EUR 70.82
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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
VONTOBEL FIN PRO 22.600 12/31/2012 EUR 54.40
VONTOBEL FIN PRO 21.950 12/31/2012 EUR 71.74
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
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 66.06
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 66.16
VONTOBEL FIN PRO 15.150 12/31/2012 EUR 74.02
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
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 74.80
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 57.02
VONTOBEL FIN PRO 14.211 12/31/2012 EUR 42.52
VONTOBEL FIN PRO 14.150 12/31/2012 EUR 44.36
VONTOBEL FIN PRO 14.100 12/31/2012 EUR 70.56
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 67.80
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
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 68.60
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
VONTOBEL FIN PRO 12.023 12/31/2012 EUR 68.32
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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
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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
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VONTOBEL FIN PRO 8.950 12/31/2012 EUR 56.86
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VONTOBEL FIN PRO 8.737 12/31/2012 EUR 59.90
VONTOBEL FIN PRO 8.702 12/31/2012 EUR 68.10
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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
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VONTOBEL FIN PRO 8.039 12/31/2012 EUR 70.98
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VONTOBEL FIN PRO 7.850 12/31/2012 EUR 71.46
VONTOBEL FIN PRO 7.754 12/31/2012 EUR 71.64
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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
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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 28.900 9/28/2012 EUR 52.98
VONTOBEL FIN PRO 28.700 9/28/2012 EUR 61.34
VONTOBEL FIN PRO 28.350 9/28/2012 EUR 69.52
VONTOBEL FIN PRO 27.550 9/28/2012 EUR 52.44
VONTOBEL FIN PRO 26.650 9/28/2012 EUR 68.94
VONTOBEL FIN PRO 25.700 9/28/2012 EUR 58.50
VONTOBEL FIN PRO 25.200 9/28/2012 EUR 55.54
VONTOBEL FIN PRO 24.450 9/28/2012 EUR 73.96
VONTOBEL FIN PRO 24.250 9/28/2012 EUR 73.90
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VONTOBEL FIN PRO 21.550 9/28/2012 EUR 59.84
VONTOBEL FIN PRO 21.500 9/28/2012 EUR 58.78
VONTOBEL FIN PRO 21.350 9/28/2012 EUR 69.98
VONTOBEL FIN PRO 20.950 9/28/2012 EUR 58.48
VONTOBEL FIN PRO 20.750 9/28/2012 EUR 69.90
VONTOBEL FIN PRO 20.400 9/28/2012 EUR 56.92
VONTOBEL FIN PRO 20.000 9/28/2012 EUR 71.14
VONTOBEL FIN PRO 19.250 9/28/2012 EUR 62.10
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VONTOBEL FIN PRO 18.900 9/28/2012 EUR 74.32
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VONTOBEL FIN PRO 18.250 9/28/2012 EUR 75.00
VONTOBEL FIN PRO 18.100 9/28/2012 EUR 64.32
VONTOBEL FIN PRO 17.100 9/28/2012 EUR 64.74
VONTOBEL FIN PRO 17.000 9/28/2012 EUR 42.86
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VONTOBEL FIN PRO 16.850 9/28/2012 EUR 73.40
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 61.96
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 68.36
VONTOBEL FIN PRO 16.437 9/28/2012 EUR 72.26
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VONTOBEL FIN PRO 16.350 9/28/2012 EUR 66.90
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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
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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
------
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
------
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
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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
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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
UBS AG 24.950 6/22/2012 EUR 62.22
UBS AG 26.100 6/22/2012 EUR 50.30
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
UBS AG 7.010 6/25/2012 EUR 68.74
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 10.020 7/20/2012 USD 10.92
UBS AG 10.600 7/20/2012 CHF 60.00
UBS AG 10.960 7/20/2012 USD 24.73
UBS AG 12.000 7/25/2012 EUR 58.90
UBS AG 8.460 7/31/2012 USD 30.68
UBS AG 12.040 7/31/2012 USD 12.70
UBS AG 10.000 8/2/2012 CHF 59.60
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
UBS AG 9.500 8/10/2012 USD 28.61
UBS AG 13.500 8/15/2012 CHF 74.40
UBS AG 17.250 8/15/2012 EUR 49.05
UBS AG 14.000 8/27/2012 CHF 67.65
UBS AG 9.430 8/31/2012 USD 33.27
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
UBS AG 8.530 9/28/2012 EUR 70.18
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
UBS AG 7.030 10/1/2012 EUR 71.22
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
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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 * * *