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        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, July 2, 2012, Vol. 13, No. 130

                            Headlines



B E L G I U M

BASS MASTER: Fitch Affirms 'BBsf' Rating on Class D Notes


B U L G A R I A

* STARA ZAGORA: S&P Raises Issuer Credit Rating to 'BB+'
* VARNA: S&P Affirms Issuer Credit Rating at 'BB'


G E R M A N Y

BAYERISCHE LANDESBANK: Fitch Affirm Viability Rating at 'BB+'
EUROHOME MORTGAGES: Fitch Cuts Rating on Class C Notes to 'Csf'
FRANZ HANIEL: S&P Cuts Long-Term Corporate Credit Rating to 'BB'
KABEL DEUTSCHLAND: S&P Raises Rating on EUR500M Sr. Notes to 'BB'
KLOECKNER HOLDINGS: Moody's Assigns 'B2' CFR; Outlook Stable

Q-CELLS SE: Hanwha Group Prepares for Acquisition
SCHAEFFLER: Moody's Assigns 'B1' LGD Rating to EUR200MM Notes


I C E L A N D

IBUDALANASJODUR: S&P Affirms Issuer Credit Ratings at 'BB/B'


I R E L A N D

MOCEIR HOLDING: S&P Assigns 'B' Long-Term Corp. Credit Rating


I T A L Y

PREMAFIN: Two Trusts Request to Repeal Capital Boost


P O L A N D

ABM SOLID: Files for Bankruptcy; Seeks Deal with Creditors
BANK ZACHODNI: Moody's Reviews 'D+' BFSR for Downgrade
PBG SA: To Raise Funds Through Convertible Bond Issue
PBG SA: Voting on Debt Deal Expected in January at Earliest


R O M A N I A

HIDROELECTRICA SA: Moody's Cuts CFR/PDR to 'Caa1'; Outlook Neg.


R U S S I A

B&N BANK: S&P Raises Counterparty Credit Ratings to 'B/B'
YUKOS: Rosneft Not Obliged to Repay Unit's Loans, Court Rules


S P A I N

ABENGOA SA: S&P Affirms 'B+' Long-Term Corporate Credit Rating


U N I T E D   K I N G D O M

CABLE & WIRELESS: S&P Affirms 'BB/B' Corporate Credit Ratings
PHOENIX PHARMA: Fitch Upgrades Rating on Sr. Unsec. Bond to 'BB'
PETROPLUS HOLDINGS: JV to Convert Coryton Refinery Into Terminal
RANK GROUP: S&P Affirms 'BB-' Long-Term Corporate Credit Rating


X X X X X X X X

* S&P Lowers Ratings on 45 Tranches to 'D', Withdraws Ratings
* Fitch Says Debt Crisis Affects Outlook for Emerging Europe
* Moody's Says High Fuel Costs Limit Airline Sector's Profit
* EUROPE: German Parliament OKs Fiscal Pact & ESM Bailout Fund
* BOND PRICING: For the Week June 25 to June 29, 2012


                            *********


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B E L G I U M
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BASS MASTER: Fitch Affirms 'BBsf' Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has affirmed Bass Master Issuer N.V. - S.A. Series
0-2008-1, a prime RMBS master trust programme comprising Belgian
real estate loans originated by Fortis Bank N.V.-S.A. The rating
actions are as follows:

  -- Class A (ISIN BE0002364363) affirmed at 'AAAsf'; Outlook
     Stable;
  -- Class B (ISIN BE0002365378) affirmed at 'AAsf'; Outlook
     Stable;
  -- Class C (ISIN BE0002366384) affirmed at 'Asf'; Outlook
     Stable;
  -- Class D (ISIN BE0002367390) affirmed at 'BBsf'; Outlook
     Stable.

The rating action follows the one year maturity extension of the
step-up (from July 2012 to July 2013) and final maturity date of
the notes (from July 2054 to July 2055).  The affirmations also
reflect the stable asset performance in the past year, with
relatively stable arrears levels (levels of three months plus
arrears remaining below 0.9%), as well as the sufficient level of
credit support that is available to the notes.

Fitch based its analysis on a worst-case pro forma portfolio,
relying on the conditions for the purchase of new mortgage
receivables.  The analysis showed that the current level of
credit support available continues to be sufficient for the class
A, B, C and D notes to withstand Fitch's stresses.

The EUR26.2bn transaction is part of a EUR30 billion program
involving the securitization of Belgian prime real estate loans
originated by Fortis Bank N.V.-S.A. ('A'/Stable/'F1').  Credit
enhancement for the Series 0-2008-I, the sole series of the
program, is provided by subordination and a reserve fund and
totals 11% for the class A notes, 8% for the class B notes, 5%
for the class C notes and 1% for the class D notes.

In this transaction, Fortis Bank acts, among others, as interest
rate swap counterparty.  This swap provides some liquidity and
support to the transaction, such as a guaranteed excess margin
and payment of servicing fees.  Furthermore, the risk of
liquidity outage in case of servicing disruption is mitigated by
the provision to set-up an adequately sized cash reserve if, upon
a downgrade of Fortis Bank below 'A'/'F1', the borrowers have not
been notified to directly pay into the issuer account.

At present, all the notes in the Bass Master Series 0-2008-1 are
'soft bullet', and are thus due for redemption on the step-up
date in July 2013.  If the notes are not redeemed on that date,
they will become pass-through and will amortize pro rata subject
to triggers.  Fitch notes that as the transaction is a master
trust program, further tap issuances may take place.  This could
result in changes in the underlying asset performance and changes
in the transaction structure, thereby prompting a change in
appropriate ratings.



===============
B U L G A R I A
===============


* STARA ZAGORA: S&P Raises Issuer Credit Rating to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit
rating on the Bulgarian city of Stara Zagora to 'BB+' from 'BB'.
The outlook is stable.

"The rating on Stara Zagora, the Republic of Bulgaria's
(BBB/Stable/A-3) sixth-largest city, is constrained by our view
of the limited predictability and high volatility of the city's
budgetary performance; its restricted expenditure flexibility;
and low economic wealth levels. The rating is supported by our
view of Stara Zagora's relatively low debt burden and contingent
liabilities, its limited investment program--which has led to our
forecast of a strong budgetary performance for 2012-2014--and
ongoing fiscal decentralization that has led to greater
flexibility around tax setting," S&P said.

"Stara Zagora's future budgetary performance has limited
predictability, in our view, because of the consolidating but
uneven nature of the institutional frameworks under which
Bulgarian municipalities operate, their limited expenditure
flexibility, and the city's lack of experience in medium-term
budget planning," S&P said.

"In our view, budgetary predictability is also affected by the
central government's practice of adjusting transfers to local
governments, or changing the scope of delegated responsibilities
unilaterally and at short notice," S&P said.

"Also, we view the city's spending flexibility as limited.
Capital expenditures are set to decline to below a modest 15% of
own expenditures in our base-case scenario for 2012-2014. The
city's ability to curb operating expenditure growth, after
implementing temporary cuts implemented in 2010, is also
limited," S&P said.

"Clarity about the city's future financial and debt indicators is
clouded by its financial management practices, which are weak in
certain areas. This is especially so for medium-term budgetary
planning, as well as for liquidity and debt policy. We believe
that liquidity risks could increase were the city to
significantly increase its exposure to short-term borrowing from
the Bulgarian Fund for Local Authorities and Governments (FLAG),"
S&P said.

"Despite the projected economic growth, Stara Zagora's economic
profile remains weak in an international context. We estimate the
city's GDP per capita to have reached a modest US$6,900 in 2011.
We assume that Stara Zagora's economy will expand similar to the
Bulgarian average. We expect the city's GDP to increase by 0.7%
in 2012, 2.0% in 2013, and 2.5% in 2014," S&P said.

"Despite the planning constraints, we expect the city will adhere
to its relatively small capital investment program and tight
operating costs control in 2012-2014. Combined with resumed
economic growth, in our base-base scenario we see an average
annual solid operating surplus of about 8.3% of own operating
revenues, compared with 13.7% in 2011. Consequently, the city
will likely record a minor deficit after capital accounts of
about 0.6% of own revenues," S&P said.

"Nevertheless, the city's debt will grow faster as net borrowings
will exceed budget deficit. Following EU requirements, the city
plans to implement EU-sponsored projects via companies that will
receive bridge financing in the form of on-lending from the
city's budget. This scheme will increase the city's borrowing
requirements, but its tax-supported debt, in our base-case
scenario, will not exceed a modest 40% of consolidated operating
revenues by year-end 2015," S&P said.

"Due to gradual decentralization, Stara Zagora may be able to
improve its budgetary performance by increasing taxes, albeit
within nationally legislated limits. We understand that local
governments have the power to raise almost all local taxes and
charges; however, we don't envisage any such increases in our
base-case scenario," S&P said.

"We assess Stara Zagora's liquidity as neutral. This is because
its average cash on accounts, which now exceeds debt service
falling due within next 12 months, remains volatile. We also view
its access to external liquidity as limited," S&P said.

"It has significantly improved its liquidity position. Between
April 1, 2011 and April 1, 2012, its average cash on accounts
reached Bulgarian lev (BGN) 6.8 million. In our base case, we
expect the city's cash levels to remain broadly the same during
2012, continuing to comfortably exceed its debt service falling
due within the next 12 months. We estimate this at about BGN4.2
million, including the city's planned short-term bridge funding
from FLAG of about BGN2.5 million in 2012," S&P said.

"Nevertheless, we expect the city's liquidity position to remain
volatile, as its cash holdings are small and future exposure to
short-term debt is difficult to predict," S&P said.

"Stara Zagora's access to external liquidity also remains limited
in the context of Bulgaria's relatively weak banking sector and
shallow capital market. Standard & Poor's assigns a Banking
Industry Country Risk Assessment (BICRA) score of '7' to the
Bulgarian domestic banking sector (1 being the lowest risk, 10
being the highest," S&P said.

"We rate Stara Zagora's senior unsecured debt at 'BB+'. The '3'
recovery rating on this debt indicates our expectation of a
'meaningful' recovery (50%-70%) in the event of a payment
default," S&P said.

"The stable outlook reflects our view that, due to economic
recovery in Bulgaria and widening revenue-raising capacity, the
city will be able to address its infrastructure needs with only a
gradual debt accumulation and without its liquidity position
deteriorating. In our base-case scenario, we assume the city will
achieve consistent operating surpluses and modest deficits after
capital accounts during 2012-2014," S&P said.

"We could raise the rating within the next year if, in line with
our upside scenario, better cost controls and higher capital
revenues pave the way for very strong budgetary performance with
consistent surpluses after capital accounts and tax-supported
debt below 30% of operating revenues in 2012-2014," S&P said.

"We could lower the rating within the next year if local economic
growth prospects significantly weakened, in line with our
downside scenario, and if the city's management failed to adjust
its spending accordingly. This would likely result in a shrinking
operating surplus below 5% of own operating revenues and widening
deficits after capital accounts at about 5% of own revenues. This
scenario would lead to larger borrowings and, in turn, a weaker
liquidity position with cash coverage falling short of debt
service within the next 12 months," S&P said.


* VARNA: S&P Affirms Issuer Credit Rating at 'BB'
-------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
city of Varna to positive from stable. "At the same time, we
affirmed our issuer credit rating on Varna at 'BB'," S&P said.

"The ratings on Varna, the Republic of Bulgaria's (BBB/Stable/A-
3) third-largest city, are constrained by the limited
predictability of its financial policy, refinancing risk due to a
growing reliance on short-term debt, and low expenditure
flexibility from high infrastructure needs and operating spending
pressure," S&P said.

"The ratings benefit from Varna's strong operating budgetary
performance (which we believe will continue), the gradual fiscal
decentralization in Bulgaria that has increased local government
autonomy in managing revenues, and its still-moderate although
growing debt levels," S&P said.

Bulgaria's consolidating but uneven institutional framework,
combined with Varna's exposure to real estate volatility, its
nascent long-term financial planning, and its inclinations toward
large-scale infrastructure development constrain the
predictability of its financial and debt performance.

"In our view, budgetary predictability is also affected by the
central government's practice of adjusting transfers to local
governments, or changing the scope of delegated responsibilities
unilaterally and at short notice," S&P said.

The city remains exposed to the real estate sector, although the
contribution of property transfer tax has almost halved since
2008 and accounted for about 15% of own revenues in 2011.

"Besides the lack of clarity around the city's medium-term
financial policies, we also view its financial management as a
rating weakness. The city is exposed to refinancing risks because
of its relatively low cash reserves, coupled with its reliance on
short-term bridge financing and a lack of external risk
assessment," S&P said.

"During the economic crisis of 2009-2010, however, the city
demonstrated its ability to control spending to match shrinking
revenues. Nevertheless, we assume that those cuts have now
largely exhausted the city's expenditure flexibility. In our
base-case scenario, budget pressures will continue to rise in
2012-2014. The city also plans to embark on a large-scale capital
investment program worth about Bulgarian lev (BGN) 260 million
(EUR130 million) focused on public transport, waste water
treatment, and waste disposal," S&P said.

"Positively, the city has managed to improve tax revenue
collection. Combined with resumed economic growth and continued
cost controls, this should result in a strong operating
performance. In our base case, we forecast the city's economy to
grow by 2.7% per year during 2012-2014, leading to an operating
surplus as a percentage of own operating revenues at a sound
15.7%," S&P said.

"However, persistently high infrastructure needs during the 2012-
2014 will see a projected average deficit after capital accounts
of negative 7.2% of Varna's own revenues. In our base case we
consequently forecast that Varna's tax-supported debt as a
percentage of consolidated operating revenues will increase to
73.5% in 2014 from 63.5% in 2011," S&P said.

"We view Varna's improved revenue flexibility in recent years as
positive for the rating. The improvement has come partly because
of the central government giving Bulgarian municipalities greater
autonomy to set local tax rates," S&P said.

"We assess Varna's liquidity as negative. In our base-case
scenario we assume that in 2012-2013 the city's cash available on
accounts will average about 80%-90% of its debt service falling
due within next 12 months. We view its access to external
liquidity as limited," S&P said.

"Over 2011, the city has managed to improve its cash position. We
believe that over the next 12 months it will average about BGN17
million (EUR8.5 million), which should cover about 90% of its
projected debt service falling due," S&P said.

"Nevertheless, the city's own cash, which can be used at its
discretion, significantly decreased to less than BGN1 million
over first-quarter 2012. This may restrict the city's cash
management. The bulk of Varna's available cash currently
comprises cash dedicated to state-delegated responsibilities,
which the city can use as soon as these are adequately funded,"
S&P said.

"As the city plans to take on short-term Fund for Local
Authorities and Governments (FLAG) loans to bridge the financing
of its EU-sponsored projects, its liquidity position will remain
constrained during 2012-2015, in our base case, S&P said.

"In our view, this source of funding risks a timing mismatch
between the transfer of EU funds to Varna via the central
government, and the scheduled repayment of loans from FLAG. Under
Standard & Poor's criteria, any late payment on FLAG loans
constitutes a payment default. Nevertheless, we note that FLAG is
ready to extend the maturities of its loans without incurring
additional fees if the EU funds come later than scheduled," S&P
said.

"Varna's access to external liquidity remains limited, in our
view, because of Bulgaria's relatively weak banking sector and
shallow capital market. Our Banking Industry Country Risk
Assessment (BICRA) classifies Bulgaria's banking sector as group
'7'. A BICRA reflects the strengths and weakness of a country's
banking industry relative to other countries', on a scale of one
to 10, with group '1' representing the lowest risk and group '10'
the highest," S&P said.

"Varna's senior unsecured debt is rated 'BB'. The '3' recovery
rating on this debt indicates our expectation of a 'meaningful'
recovery (50%-70%) in the event of a payment default," S&P said.

"The positive outlook reflects our view that projected revenue
growth due to better tax collection and an increasing tax base,
combined with the authorities' adherence to cautious spending
policies, may strengthen Varna's budgetary performance and limit
its recourse to short-term borrowings. This would improve its
liquidity position," S&P said.

"We may raise the ratings over the next year, if, in line with
our upside scenario, the city were to stabilize its average
liquid assets at a level consistently above its debt service
falling due within the next 12 months, partly because of more
gradual implementation of its investment program. Alternatively,
we may raise the rating if faster revenue growth saw the city's
deficit after capital accounts fall below 5% of revenues on
average in 2012-2014," S&P said.

"We may revise the outlook back to stable within the next 12
months if, in line with our base-case scenario, the city
increased its reliance on short-term debt such that debt service
stabilized at a high 17% of operating revenues on average over
the 2012-2014, without a corresponding accumulation of liquid
assets available for debt repayment," S&P said.



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G E R M A N Y
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BAYERISCHE LANDESBANK: Fitch Affirm Viability Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed Bayerische Landesbank's (BayernLB)
Long-term Issuer Default Ratings (IDR) at 'A+' with Stable
Outlook. and its Short-term IDR at 'F1+'.  Fitch also affirmed
the bank's Viability Rating (VR) at 'bb+'.

The affirmation of BayernLB's IDRs, which are at their Support
Rating Floor (SRF), reflects Fitch's view that there would be an
extremely high probability of support from the Free State of
Bavaria, if required.  The IDRs and the SRF are sensitive to any
change in Fitch's view of the creditworthiness of the Free State
of Bavaria which is linked to the creditworthiness of the Federal
Republic of Germany ('AAA'/stable).  They are also sensitive to
any change in Fitch's view of the currently high propensity of
the Free State of Bavaria to support its Landesbank.

Fitch's affirmation of BayernLB's VR at 'bb+' reflects the
challenges the agency sees for on-going profitability in the
medium-term.  These include a structurally high cost basis, which
there are no plans to change significantly despite the balance
sheet deleveraging.  Another challenge will be raising margins in
a competitive environment on the targeted corporate customer
base, which the bank will need to do to combat likely increased
funding costs when its guaranteed funding runs out, mostly in
2015.  Fitch expects domestic loan impairment charges to increase
from their currently low levels in light of the deteriorating
environment.

The VR also takes into account positive developments including
the strong economic environment in the bank's core region of
Bavaria and Germany, BayernLB's adequate capitalization and solid
liquidity position.  Fitch views the group's funding franchise as
sound due to its access to the German savings banks' excess
liquidity and retail deposits via its Deutsche Kreditbank
subsidiary but notes that the group is largely reliant on market
funding.

Fitch views the restructuring program, which was implemented in
2009, as positive as it is centered on a realignment of
BayernLB's activities towards its core market of SME and
corporate lending in Bavaria.  Non-core activities were
transferred to the bank's restructuring unit and, in Fitch's
view, will reduce the bank's risk profile in the mid- to long-
term.

In 2012, BayernLB's modest profitability continues to be
constrained by its Hungarian subsidiary, MKB Bank Zrt, and
material fair value driven volatility.  The exposure to
peripheral European countries is manageable and largely
concentrated on Spain and Italy.  Fitch expects the European
Commission to approve the substantial support measures provided
by the Free State of Bavaria throughout the financial crisis by
end-2012.

BayernLB's subordinated debt instruments have been affirmed at
'BBB+' which is three notches below the Long-Term IDR.  One notch
captures their subordination and two notches reflect Fitch's
opinion that there is still modest incremental non-performance
risk relative to the unsubordinated obligations of the issuers.
A change of the BayernLB's IDR as the anchor rating would lead to
a downgrade of these debt instruments.

The 'CCC' rating for BayernLB Capital Trust I's hybrid capital
instruments would be upgraded if these instruments return to
performing status, which Fitch considers unlikely to happen
before end-2014.  A further downgrade would become likely if
BayernLB continued to report significant losses in its
unconsolidated financial accounts, which Fitch views as unlikely.

BayernLB

  -- Long-term IDR: affirmed at 'A+'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Viability Rating: affirmed at 'bb+
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A+'
  -- Senior debt: affirmed at 'A+'/'F1+'
  -- State-guaranteed/grandfathered debt: affirmed at 'AAA'
  -- State-guaranteed/grandfathered market-linked securities:
     affirmed at 'AAAemr'
  -- Senior market-linked securities: affirmed at 'A+ emr'
  -- Subordinated lower Tier II debt: affirmed at 'BBB+'

BayernLB Capital Trust I

  -- Hybrid capital instruments: affirmed at 'CCC'


EUROHOME MORTGAGES: Fitch Cuts Rating on Class C Notes to 'Csf'
---------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed three tranches of
Eurohome Mortgages 2007-1 plc, a pan-European RMBS transaction.
The rating actions are as follows:

  -- Class A (ISIN XS0309227279): downgraded to 'Bsf' from
     'BBsf'; Outlook Negative
  -- Class B (ISIN XS0309230497): downgraded to 'CCsf' from
     'CCCsf'; Recovery Estimate 0%
  -- Class C (ISIN XS0309232196): downgraded to 'Csf' from
     'CCsf'; Recovery Estimate 0%
  -- Class D (ISIN XS0309232600): affirmed at 'Csf'; Recovery
     Estimate 0%
  -- Class E (ISIN XS0309233244): affirmed at 'Csf'; Recovery
     Estimate 0%
  -- Class X (ISIN XS0309234309): affirmed at 'Csf'; Recovery
     Estimate 0%

The rating actions reflect the continued poor performance of the
underlying assets in the portfolio which are comprised of loans
to Italian and German borrowers.  The transaction has seen a
build up in the principal deficiency ledger (PDL), which now
reaches as far as the class C (currently at 85.3% of the class C
note outstanding balance).  Fitch expects to see further
performance deterioration, and therefore a further build-up in
PDL, reaching the class B by end of 2012.  The limited margin of
safety that will remain for the class A notes following the
further build-up in PDL has led Fitch downgrade the class A notes
to 'Bsf'.

The decline in credit support available to the tranches that has
been the result of the PDL build-up is primarily driven by the
high level of defaults recognized each period on the Italian
portion of the portfolio.  The Italian portion of the portfolio
has in place a provisioning mechanism, whereby the outstanding
balance of loans in arrears by more than 12 months are recorded
in the PDL and are cleared using revenue generated by the
transaction structure.  According to the investor reports, the
gross cumulative default ratio for the Italian portion of the
portfolio represents 17.3% of the original Italian portfolio,
while loans in arrears by more than three months continue to
increase reaching 27.4% of the current Italian portfolio.  Fitch
expects the late stage arrears to translate into defaults in the
upcoming payment dates.

Based on the information received from Deutsch Bank, to date 20
properties have been sold on the Italian side but have not seen a
completion of the recovery process.  Potential losses on these
loans amount to EUR2.7m, with a weighted average loss severity of
64.1%.  In addition to these loans, the servicer has reported a
completion of the recovery process for three more loans.  These
three loans account for 0.2% of the original Italian portfolio
and have a weighted average loss severity of 25.2%.  Fitch's view
is that the foreclosure and sale of properties in Italy will be
prolonged given the current macroeconomic environment and the
limited demand and availability of credit will put downward
pressure on property prices, which could potentially reduce
recoveries.

As of May 2012 the investor report shows 13.2% of the current
German portfolio as being terminated. Termination of a loan
occurs once it reached 120 days past due.  Unlike the Italian
portion of the portfolio, the German loans are not provisioned
for early.  Instead, once a loss has been realized, the amount
will then be allocated to the PDL and cleared using excess spread
generated by the structure.

The German portion of the portfolio has seen 51 properties taken
to auction (amounting to 5.9% of the original German portfolio),
while 45 properties have been a result of private sales (5.9% of
the original German portfolio).  The underlying properties were
sold with a weighted average loss severity of 46%.  As the sale
of the underlying properties was not sufficient to cover the
outstanding balance of the mortgages, the servicer is currently
pursuing alternative payment methods before the final loss on the
loans has been realized.  To date, two properties were sold at no
loss to the SPV, while two loans have led to a realized loss of
EUR58,000 to the SPV's balance sheet.  Given the number of
properties currently in the foreclosure pipeline, Fitch expects
this figure to increase significantly in upcoming years.

The transaction remains highly dependent on recoveries from both
pools.  Given the uncertainty on the timing and volume of
recoveries that can be expected, especially from the Italian
portion of the portfolio, Fitch has maintained a Negative Outlook
on the class A notes.  Meanwhile, the low ratings assigned to the
notes reflect Fitch's view that recoveries that do come through
are unlikely to be sufficient to meet the full principal
redemption of mezzanine and junior tranches.


FRANZ HANIEL: S&P Cuts Long-Term Corporate Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based holding company Franz
Haniel & Cie GmbH to 'BB' from 'BB+', and affirmed its short-term
corporate credit rating at 'B'. The outlook is stable.

"At the same time, we lowered the issue rating on Haniel's senior
unsecured notes to 'BB' from 'BB+'. The recovery rating is '3',
indicating our expectation of meaningful (50%-70%) recovery in
the event of payment default," S&P said.

"We also lowered the issue rating on subsidiary Haniel Finance
B.V.'s subordinated hybrid notes to 'B+' from 'BB-'. We have
revised the recovery rating to '5' from '6', indicating our
expectation of modest (10%-30%) recovery in the event of payment
default," S&P said.

"The downgrade reflects Haniel's higher leverage, measured by its
loan-to-value (LTV) ratio on a spot-price basis, than the level
we deem commensurate with our 'BB+' long-term rating. Following a
prolonged decline in the stock markets, and in spite of slightly
reduced net debt, Haniel's LTV ratio has fluctuated around and
above our 40% ceiling for the past few weeks--peaking at close to
50%--without triggering any immediate, serious corporate action
to reduce net debt," S&P said.

"On June 25, 2012, we estimated that the market value of Haniel's
portfolio had fallen to about EUR5.4 billion, with stable
unlisted asset values compared with March 31, 2012. Assuming
current outstanding parent company net debt of about EUR2.4
billion, the LTV ratio was about 44%. This is above our 40%
ceiling for the rating. All other things being equal, for example
no divestments or change in unlisted asset valuations, we
calculate that it would take an equity market rebound of close to
10%, or a reduction in net debt of EUR200 million to bring
Haniel's LTV ratio back to within the confines of our leverage
target for the 'BB+' rating on that date," S&P said.

"Haniel may find it difficult to sustainably reduce its LTV ratio
in the near term, as this would require substantial asset
divestment at current valuations. We believe that management may
not undertake sizable disposals soon because the company has said
its current asset valuations are low. Economic uncertainty in the
eurozone suggests that any rebound in the equity prices would be
subdued. That said, we note that the company took some measures
last year to reduce net debt, albeit on a lower scale than would
have been necessary to build some financial flexibility within
the 'BB+' rating," S&P said.

"The stable outlook reflects our opinion that Haniel will
maintain a significant financial risk profile, with an LTV ratio
of about 45%. Given the company's current limited flexibility
with regard to our threshold, our base-case scenario anticipates
that acquisitions will be pre-financed to a large extent by
disposals. We understand from the company that our expectation is
consistent with the 'Haniel 2020' plan's objectives for asset
rotation," S&P said.

"We would consider a negative rating action if Haniel were unable
or unwilling, and showing rising risk tolerance, to manage its
LTV ratio within our rating threshold for the current 'BB'
rating," S&P said.

"Evidence of Haniel's LTV ratio sustainably falling well below
40% would be a prerequisite to a positive rating action. A
decrease in the LTV ratio could be caused by a reduction of net
debt supported by dividend inflows or divestments. It could also
result from potentially higher asset valuations, especially if
the operations of Haniel's subsidiaries improved, including, for
example, stronger margins and sales growth," S&P said.


KABEL DEUTSCHLAND: S&P Raises Rating on EUR500M Sr. Notes to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB' from 'BB-' the
issue rating on the EUR500 million senior secured notes borrowed
by Kabel Deutschland Vertrieb und Service GmbH (KDVS), the
operating subsidiary of German cable operator Kabel Deutschland
Holding AG (Kabel Deutschland; BB-/Stable/--). "At the same time,
we removed the rating from CreditWatch, where it was placed with
positive implications on June 18, 2012. We also revised upward
the recovery rating on this instrument to '2' from '3',
indicating our expectation of substantial (70%-90%) recovery in
the event of a payment default," S&P said.

"In addition, we affirmed our 'B' issue rating on the recently
issued EUR400 million senior unsecured notes at Kabel
Deutschland. The recovery rating on these notes remains unchanged
at '6,' indicating our expectation of negligible (0%-10%)
recovery in the event of a payment default," S&P said.

"The upgrade on the KDVS notes reflects our view that the
recovery prospects for senior secured lenders have improved with
the addition of unsecured debt to the group's capital structure,
which provides a debt cushion for the senior secured lenders,"
S&P said.

                         RECOVERY ANALYSIS

"To determine recoveries, we simulate a hypothetical default
scenario. Our default scenario envisages, among other things, a
decline in Kabel Deutschland's operating performance due to
increasing competition from telecommunications and satellite TV
operators. We see this scenario leading to a default in 2017,
triggered by an inability to refinance senior secured bank debt
and the senior unsecured notes when they fall due. Our
assumptions include that," S&P said:

    "Kabel Deutschland's current senior secured debt maturing
    prior to 2017 is refinanced in full. However, we acknowledge
    that the company may decide to use excess cash to prepay part
    of its senior secured debt if the proposed acquisition of
    German cable operator Tele Columbus (not rated) does not
    receive regulatory approval," S&P said.

    The group maintains a EUR324 million revolving credit
    facility that is fully drawn at default.

"At the hypothetical point of default in 2017, we project that
EBITDA would decline to about EUR470 million, and we envisage a
stressed enterprise value of about EUR2.7 billion using a market
multiple approach. From this stressed valuation, we deduct
priority liabilities, primarily relating to enforcement costs of
approximately EUR220 million, leaving a net enterprise value of
about EUR2.5 billion for secured lenders. After deducting secured
facilities of about EUR3.2 billion (including prepetition
interest), there is substantial (70%-90%) recovery for senior
secured lenders, but negligible (0%-10%) recovery prospects for
unsecured lenders," S&P said.

RATINGS LIST

Upgraded; CreditWatch/Outlook Action
                                        To                 From
Kabel Deutschland Vertrieb und Service GmbH
  Senior Secured Debt*                  BB                 BB-
/Watch Pos
   Recovery Rating                      2                  3

Ratings Affirmed
Kabel Deutschland Holding AG
  Senior Unsecured Debt                 B                  B
   Recovery Rating                      6                  6

*Guaranteed by Kabel Deutschland Holding AG.


KLOECKNER HOLDINGS: Moody's Assigns 'B2' CFR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and probability of default rating to Kloeckner
Holdings S.C.A. (KP), the ultimate holding company for German
plastic packaging manufacturer Kl”ckner Pentaplast following a
recent financial restructuring.

Concurrently, Moody's has assigned a Ba3 (LGD 3, 31%) rating to
the group's senior debt, consisting of (i) a USD 65 million
revolving credit facility due 2016; and (ii) term loan B of USD
435 million due 2016. In addition, Moody's assigned a provisional
(P)Caa1 (LGD 5, 85%) rating to the proposed EUR 255 million
second lien notes maturing 2017 to be issued by KP Erste Germany
GmbH. The equity contribution will be made in the form of
subordinated, long-dated Preferred Equity Certificates (PECS) and
Tracking Preferred Equity Certificates (TPECS), which Moody's has
deemed to be 75% equity-like and 25% debt-like in its metrics
calculation. The outlook on the ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of debt instruments and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavour to assign a definitive rating to the debt. A definitive
rating may differ from a provisional rating.

Proceeds from the transaction, together with proceeds from the
PECs and TPECs from new sponsors led by Strategic Value Partners,
are used to refinance existing senior debt at Kl”ckner
Pentaplast/Kleopatra as part of the recent debt restructuring of
the group.

Ratings Rationale

The assigned B2 CFR reflects the group's high financial leverage
with Debt/EBITDA as adjusted by Moody's of 6.4x on a pro forma
basis based on the new capital structure, which positions KP
initially weakly in its rating category. Furthermore, the rating
is constrained by the group's fairly commoditized product
portfolio as well as the price competitive nature of the
industry. In addition, input cost management is deemed to be a
major challenge as only about 50% of contracts contain automatic
pass-through mechanisms, leaving the group exposed to the price
volatility of resin and to individual negotiations with its
customers to preserve profitability. Moody's notes however the
solid track record with fairly stable EBITDA generation over the
past years.

The rating also reflects (i) the group's solid size and market
position in the rigid plastic packaging market with leading
positions in most of its business areas; (ii) fairly stable
volumes through the cycle as a result of a high share of sales
towards non-discretionary pharma and food end markets with solid
customer diversification and longstanding relationships; (iii)
the stable operating profitability over the past years despite
challenging economic conditions and extensive restructuring
measures, helped by the group's ability to swiftly pass on input
cost volatility.

Moody's forecasts adequate liquidity following the
recapitalization. Cash on balance sheet of about USD 43 million
initially and access to a USD 65 million revolver should be
sufficient to cover operational cash needs. In addition, Moody's
notes that KP is forecasted to generate positive free cash flows
from fiscal year end 2012 onwards. Main cash uses arise from
seasonal working capital swings and capital expenditure, which
Moody's expects to be tightly managed with about EUR 40 million
spent per year. Other cash uses arise from a 50% excess cash flow
sweep which should provide for a modest reduction in debt going
forward.

The stable outlook incorporates Moody's expectation that KP will
largely withstand pressure from weakening European consumer
sentiment due to its large exposure to the stable food and pharma
market. This, together with lower restructuring costs in 2012
should enable KP to gradually improve operating profitability
over 2012 and 2013, which is a prerequisite to maintaining the
rating assigned. The stable outlook also assumes that KP
preserves a solid liquidity cushion including sufficient headroom
under financial covenants going forward, also helped by modest
though positive free cash flow generation.

Upwards pressure could build should KP manage to significantly
reduce leverage towards 5 times on a sustainable basis on the
back of improvements in operating profitability. Furthermore, the
rating could enjoy upwards pressure were KP to improve free cash
flow generation towards 5% of total debt and interest cover in
terms of EBIT/Interest towards 1.5 times.

A deterioration in profitability, caused for instance by
increasing competition or challenges to manage volatile raw
material costs resulting in weaker profitability and material
negative free cash flow or a the inability to improve Debt/EBITDA
as adjusted by Moody's towards 6 times (from a pro forma leverage
of 6.4x as of June 2012) as well as tightening headroom under the
company's financial covenants could put negative pressure on the
ratings.

Moody's has assigned a Ba3 instrument rating to the group's USD
65 million revolving credit facility and USD 435 million senior
secured term loan B. The instrument ratings are two notches above
the B2 CFR, reflecting Moody's expectation of a relatively higher
recovery rate in a distress scenario, given that the instruments
are secured by a comprehensive security package (including both
share pledges and charges over all material tangible assets)
granted by the holding companies and operating companies that are
guarantors under the credit facility. In addition, the senior
secured loans will benefit from upstream guarantees of operating
subsidiaries that account for at least 80% of the company's
consolidated EBITDA and gross assets, which ensures proximity to
operating cash flows. Moody's has assigned a (P)Caa1 rating to
the proposed USD 255 million second lien notes, as the notes
benefit from the same collateral package on a subordinated basis
only and payments in respect of the guarantees are applied first
to the senior secured revolving credit facility and senior
secured term loan B and only thereafter to the second lien notes.

Assignments:

Issuer: Kloeckner Holdings S.C.A.

Probability of Default Rating, Assigned B2

Corporate Family Rating, Assigned B2

Issuer: Kleopatra Acquisition Corp

Senior Secured Bank Credit Facility, Assigned a range of 31 -
LGD3 to Ba3

Issuer: KP Erste Germany GmbH

Senior Secured Regular Bond/Debenture, Assigned a range of 85 -
LGD5 to (P)Caa1

The methodologies used in these ratings were Global Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
June 2009, and Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Kloeckner Holdings S.C.A., with legal domicile in Luxembourg, is
the ultimate holding company of German plastic packaging
Manufacturer Kl”ckner Pentaplast, a global leader in the
manufacturing of rigid plastic films for the pharmaceutical,
food, medical, electronics and other packaging industry. The
group generated EUR 1.2 billion of sales in the last twelve
months ending March 2012.


Q-CELLS SE: Hanwha Group Prepares for Acquisition
-------------------------------------------------
Hye-soon Kim at MK Business News reports that South Korean
conglomerate Hanwha Group is on track to acquire Q-Cells SE.

According to MK, sources in the financial investment industry
said that Hanwha Chemical Corporation, Hanwha Group's solar
energy subsidiary, is conducting due diligence on Q-Cells which
filed for bankruptcy in April this year.

Hanwha named Citigroup Global Markets as a lead manager for the
acquisition, and Q-Cells chose Deloitte as an underwriter, MK
discloses.

"Q-Cells filed for insolvency, but taking over Q-Cells will still
cost an acquirer hundreds of billions of won," MK quotes an
industrial source as saying.  "Probably, except for Hanwha
Chemical, no company can afford to bid for acquisition of Q-Cells
because the deal is sizable and the solar energy industry has
remained sluggish for a while."

Q-Cells is a German solar-panel maker.


SCHAEFFLER: Moody's Assigns 'B1' LGD Rating to EUR200MM Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a B1/ loss-given-default
(LGD) 3 rating to Schaeffler's proposed EUR200 million senior
secured notes. The B2 corporate family rating (CFR) and B2
probability of default rating (PDR) are not affected. The outlook
on all ratings is stable.

Ratings Rationale

The B2 corporate family rating is supported by Schaeffler's solid
business profile evidenced by (i) leading market positions in the
bearings and automotive component and systems market with number
one to three positions across the wide ranging product portfolio
in a relatively consolidated industry; (ii) its leading
mechanical engineering technology platform supporting a
competitive cost structure and the development of innovative
products; (iii) a well diversified customer base, especially in
the industrial division but also to the extent possible in the
consolidated automotive industry and a sizable aftermarket
business accounting for around 24% of revenues in the twelve
months ended 31 March 2012.

The rating also benefits from (iv) Schaeffler's proven business
model with a good track record of operating performance and
margin levels well above the automotive supplier industry
average; (v) an experienced management team as well as (vi) a
good innovative power evidenced by a high number of patents,
founded on a notable amount of R&D expenses of above 5% of
revenues per year.

The rating is constrained by (i) the combined high indebtedness
and leverage of the operating level ("Schaeffler Group" or
"Schaeffler AG") and the holding level, the latter of which also
includes the junior debt incurred by parent companies of
Schaeffler AG; (ii) the organizational and legal complexity and
evolving structure of Schaeffler in its current state as well as
(iii) Moody's expectation that debt levels will not be materially
reduced over the short to medium term as (iv) free cash flow
generation as adjusted by Moody's is anticipated to remain
negative in 2012 mainly driven by high interest expense, again
increasing capital expenditure and dividend payments to the
holding level - despite strong operating performance.

Proceeds from the announced bond issue will be used to repay part
of Schaeffler's bank loans under the senior facility agreement of
January 2012.

Debt outstanding under the company's bank loan is secured by
pledges over Continental shares held by Schaeffler AG, material
group companies, cash pool accounts and receivables. The B1
rating for the issued bonds is at the same level as the bank
debt, as these bonds rank pari passu with the debt under the
senior loan facilities.

The stable outlook incorporates Moody's expectation that
Schaeffler will (i) be able to demonstrate further improvements
in its operating performance after a strong year 2011; (ii) be
able to limit its cash burn below EUR100 million in 2012 and
start to generate positive free cash flows thereafter and (iii)
apply these to debt reduction.

The ratings could be upgraded over the next 12-18 months should
Schaeffler be able to (i) further reduce its absolute debt levels
by applying free cash flows to debt reduction that would also
contribute to (ii) a sustainable reduction of its high leverage
(Debt/EBITDA) of 4.8x in FY 2011 to no more than 4.5x in 2012 in
a more challenging environment. These performance achievements
should go along with unchanged or improved market positions and
technological leadership positions.

The ratings could come under pressure in case of (i) a
significant weakening in Schaeffler's operating performance and
cash flow generation evidenced by EBIT margins below 10% and free
cash flow generation to stay negative beyond 2012; (ii) inability
to sustain its leverage of 4.8x in 2011 over the coming years as
well as (iii) weakening of its liquidity profile including the
possible failure to perform within the currently comfortable
headroom under its financial covenants.

Moody's considers Schaeffler Group's short term liquidity over
the next 12 months to be good. Based on Moody's calculation the
company has access to cash sources of more than EUR2.5 billion
comprising a cash balance of around EUR290 million (thereof a
minor portion of restricted cash), expected FFO, and two
revolving credit facilities of more than EUR1.0 billion currently
mostly undrawn. Cash uses consisting of working capital
requirements, capex, working cash for day to day needs as well as
cash needs upstreamed to the holding level for payment of taxes,
interest payment and operating / advisory costs should be fully
covered by the sources mentioned above. Given the expected
limited free cash flow generation in the next couple of years,
the ability to refinance existing debt when it comes due will be
a key challenge for Schaeffler Group. The bank loans provide for
certain financial covenants on leverage, interest coverage and
cash flow coverage as well as restrictions on Capital
expenditures and dividend payments that according to Moody's
understanding currently provide sufficient headroom.

Structural Considerations

When assessing the structure of Schaeffler's liabilities Moody's
includes the junior debt located at the level of Schaeffler
Verwaltungs GmbH and Schaeffler Holding GmbH & Co. KG. This debt
is secured by pledges over Continental shares held by Schaeffler
Verwaltungs GmbH and by the two independent banks as well as
shares in Schaeffler AG. This assessment is consistent with
Moody's approach when assessing the corporate family rating of
Schaeffler AG given the absence of a complete ring-fencing
between Schaeffler AG and its subsidiaries from the holding
level.

Moody's views the junior debt as legally and structurally
subordinated to the senior debt at Schaeffler AG level as well as
to trade claims, pension obligations and lease rejection claims
at operating entities. Based on Moody's recovery analysis the
debt outstanding under the Senior Facilities Agreement of January
2012, the existing EUR2.0 billion worth of notes issued in
February 2012 as well as the announced senior secured notes to be
issued by Schaeffler Finance B.V. and guaranteed on a senior
basis by Schaeffler AG and certain subsidiaries of Schaeffler AG
are rated one notch above the corporate family rating as a result
of a recovery rate calculated at 65%, higher than the group
average assumed to be 50% in Moody's LGD model. Consequently, the
Senior term loan facility C2 has a B1 rating with a LGD3 at 35%,
the EUR2.0 billion outstanding bonds have a B1 rating with a LGD3
at 35% and the announced senior secured notes to be issued have
been assigned a B1 rating with a LGD3 at 35%.

The principal methodology used in rating Schaeffler was the
Global Automotive Supplier Industry Methodology published in
January 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 Herzogenaurach, Germany, Schaeffler is a leading
manufacturer of rolling bearings and linear products worldwide as
well as a renowned supplier to the automotive industry. The
company develops and manufactures precision products for
everything that moves -- in machines, equipment and vehicles as
well as in aviation and aerospace applications. The group
operates under three main brands -- INA, FAG and LuK. In FY2011,
Schaeffler generated revenues of approx. EUR10.7 billion.



=============
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=============


IBUDALANASJODUR: S&P Affirms Issuer Credit Ratings at 'BB/B'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the long- and short-
term issuer credit ratings on Ibudalanasjodur (Housing Financing
Fund, HFF) at 'BB/B'. The outlook is stable.

"The ratings on Ibudalanasjodur, the Icelandic Housing Financing
Fund (HFF), reflect our opinion that there is an 'extremely high'
likelihood that the government of Iceland, HFF's sole owner,
would provide timely and sufficient extraordinary support to HFF
in the event of financial distress," S&P said.

"According to our criteria for rating government-related
entities, we assess HFF as having a 'very important' role as
Iceland's key residential mortgage lender--particularly following
the default and restructuring of Iceland's key commercial banks--
and an 'integral' link with the government. This has been
demonstrated by a capital injection of Icelandic krona (ISK) 33
billion at the end of 2010, an expected ISK12 billion in
additional capital in 2012, and the ultimate, but not timely,
government guarantee on HFF's liabilities," S&P said.

"Following the breakdown of most of Iceland's commercial
financial system in October 2008, HFF was virtually the sole new
lender in the mortgage market. This remained the case until very
recently, when restructured domestic banks started to re-enter
the market," S&P said.

"We expect HFF to continue to play a very important social and
economic policy role in Iceland, particularly mortgage lending to
rural and municipal social housing--an area in which commercial
banks are unlikely to be active. We understand that the European
Free Trade Association Surveillance Authority (ESA) has
acknowledged the market failure in the mortgage industry in
Iceland and has therefore deemed Icelandic state aid to HFF as
justified. However, the ESA has indicated that it does not
consider HFF's general loan scheme to be compliant with all the
conditions of the European Economic Area Agreement, and so asked
the Icelandic government to present a restructuring plan for HFF
as the condition of the 2010 EUR33 billion capital injection.
This plan was submitted to the ESA in November 2011, but has not
been finalized. The plan does not envisage an overhaul of HFF.
Rather, it foresees more-transparent disclosure, in its accounts,
of HFF's activities related to social policy," S&P said.

"On a stand-alone basis, HFF's operations remain affected by
Iceland's distressed but recovering economy. We currently assess
the fund's stand-alone credit profile (SACP) at 'b-', which
reflects an anchor of 'bb' for banks operating in Iceland, and
HFF's 'adequate' business position, 'very weak' capital and
earnings, 'weak' risk position, 'average' funding, and 'adequate'
liquidity, as our criteria defines those terms," S&P said.

"Some of the debt relief measures the government instigated--to
ease the debt burden on private individuals--resulted in HFF's
very substantial loss of ISK34.5 billion in 2010. This followed
the partial write-down of all eligible private household mortgage
loans that had a loan-to-value ratio greater than 110% (this
accounted for 60% of total impairment costs in 2010). In 2011,
HFF
made a profit because much of the anticipated provisioning made
in 2010 for the 110% measure didn't materialize. However, a
substantial effort by HFF's management to clean up the commercial
real estate portfolio offset this gain. The government's capital
injection of ISK33 billion was therefore consumed in full by all
the losses made. HFF's capital ratio as of Dec. 31, 2011,
remained very weak at 2.3%," S&P said.

"The government has committed to top up the capital base by ISK12
billion to reach a 5% regulatory capital ratio. We factor this
into our forecast Standard & Poor's risk-adjusted capital ratio
of between 2.5%-3.0% at year-end 2013. However, we believe
additional debt relief measures for households could result in
further losses and require additional capital support from the
government," S&P said.

"We believe HFF's new and tougher credit policies and enhanced
supervision under the FME (the Icelandic financial services
authorities) will likely improve HFF's risk management and asset
quality in the medium term. On the funding side, we consider HFF
to be second-most-exposed to risks related to the capital account
liberalization process in Iceland, after the sovereign," S&P
said.

"The stable outlook reflects our expectation that HFF's ratings
are likely remain at the current level during the next 12 months.
Given the extremely high likelihood of government support, the
outlook is mainly driven by the ratings on the sovereign," S&P
said.

"We could lower the ratings on HFF if the government were to
substantially change HFF's public policy role such that it led us
to revise our assessment of the likelihood of extraordinary
support from the government to 'high' from the current 'extremely
high'," S&P said.

"We could also lower the ratings if we revised the SACP downward
due to further significant loan losses, or if capital were not
strengthened as planned. The SACP could improve if HFF completes
the restructuring of its loan books and significantly reduces its
nonperforming loans. Improving profitability and receiving
capital from the government--such that our current expectation of
a very weak RAC ratio is exceeded--could also trigger an upward
revision of the SACP," S&P said.



=============
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=============


MOCEIR HOLDING: S&P Assigns 'B' Long-Term Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Irish telecommunications company
Moceir Holding (Ireland) Ltd. (eircom). The outlook is stable.

"At the same time, we assigned our issue rating of 'B' and
recovery rating of '3' to the EUR2.3 billion senior secured term
loan issued by eircom Finco S.a.r.l. The recovery rating of '3'
on the loan reflects our expectation of meaningful (50%-70%)
recovery prospects in the event of a payment default," S&P said.

"The rating on eircom is constrained by our assessment of the
group's 'highly leveraged' financial risk profile and supported
by our assessment of its 'satisfactory' business risk profile.
eircom is the entity created following the debt restructuring of
ERC Ireland Preferred Equity Ltd. and related companies in June
2012," S&P said.

"The 'highly leveraged' financial risk profile primarily reflects
the weak free operating cash flow (FOCF) that we anticipate over
the next two years in our base-case assessment. This is primarily
due to a significant increase in eircom's network investments to
improve the competitive position of its mobile and fixed-line
operations. Our assessment also reflects the group's high
leverage, because we forecast that Standard & Poor's-adjusted
gross debt to EBITDA will be about 5.5x by the end of financial
year 2013 (ending June 30, 2013). These factors are partially
offset by our forecast of an improvement in eircom's underlying
operating cash flow generation in financial 2013 compared with
financial 2012," S&P said.

"The 'satisfactory' business risk profile reflects our view that
eircom will continue to face a challenging macroeconomic
environment in Ireland. The group faces fierce competition from
competing broadband and mobile telephony providers, and a broader
secular threat to its core fixed-line telephony business from
fixed-to-mobile substitution and voice over broadband. The group
also faces intense regulatory pressure, both in terms of mandated
reductions in wholesale access tariffs for competing fixed-line
service providers and reductions in mobile termination rates,"
S&P said.

These weaknesses are mitigated in part by eircom's solid
positions in the Irish fixed-line telephony and broadband
markets, and meaningful presence in the mobile market.

"In our view, eircom's revenues and margins will stabilize over
the next two years and underlying operating cash flow generation
is likely to improve from a low point in financial 2012 as result
of lower restructuring and debt service payments," S&P said.

"In addition, we forecast that liquidity will remain 'adequate,'
as defined under our criteria. This implies a strong execution of
the group's post-restructuring business plan and sound management
of its market position and cost base in a challenging
macroeconomic environment where eircom's revenue mix is changing
and competition is increasing," S&P said.

"The rating could come under pressure if the group's 'adequate'
liquidity profile was impaired by significantly negative FOCF
generation or if covenant headroom approached 10%. Such a
scenario would likely follow weakening revenues and EBITDA as a
result of increasingly aggressive behavior by eircom's principal
competitors, particularly in the fixed-line broadband and mobile
businesses. It could also be precipitated by higher capital
expenditure than we anticipate relating to eircom's network
investment plans," S&P said.

"Rating upside is limited in the medium term, in light of the
decline we forecast in revenues and margins, coupled with limited
prospects for free operation cash flow generation," S&P said.



=========
I T A L Y
=========


PREMAFIN: Two Trusts Request to Repeal Capital Boost
----------------------------------------------------
Marco Bertacche at Bloomberg News reports that UniCredit says
Premafin creditors are worried about request by Heritage Trust,
Ever Green Security Trust for new extraordinary shareholder
meeting on possible repeal of capital increase, according to a
document published by Premafin.

According to Bloomberg, Unipol in a separate document says that
Premafin should reject the request.

As reported by the Troubled Company Reporter-Europe on June 20,
2012, Bloomberg News related that Premafin said the company
signed an agreement to restructure EU368 million of debt with
banks led by UniCredit.  The restructuring plan is conditional on
merger among Unipol, Fondiaria, Milano and Premafin, Bloomberg
said.  Bloomberg noted that a new post-merger entity is to issue
EUR201 million 3-year convertible bond subscribed by creditor
banks for EUR134 million and Unipol for EUR67 million.  Banks
extended the deadline for EUR330 million of Premafin's debt to
2018, Bloomberg disclosed.

Premafin Finanziaria SpA, through its subsidiary, engages in the
insurance operations in Italy and internationally.



===========
P O L A N D
===========


ABM SOLID: Files for Bankruptcy; Seeks Deal with Creditors
----------------------------------------------------------
Maciej Martewicz at Bloomberg News reports that ABM Solid SA
filed for bankruptcy aiming at arrangement with creditors.

According to Bloomberg, ABM said late on Friday it asked a
Tarnow, southern Poland-based court for creditor protection
following "difficult liquidity position."

The company's shares slumped 41% to 0.8 zloty at 9:57 a.m.
on Friday following the bankruptcy filing, declining to the
lowest level since it started trading on the Warsaw Stock
Exchange in July 2007, Bloomberg relates.

ABM Solid SA is a Polish builder.


BANK ZACHODNI: Moody's Reviews 'D+' BFSR for Downgrade
------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Baa1 and Prime-2 long and short-term deposit ratings of Bank
Zachodni WBK SA's (BZ WBK) and the bank's standalone bank
financial strength rating (BFSR) of D+, equivalent to a baa3
standalone credit assessment.

The announcement follows the downgrade and further review for
downgrade of the bank's parent, Banco Santander SA (Baa2
deposits; BFSR C-/baa2, Prime-2) announced on 25 June 2012 (see
"Moody's downgrades Spanish banks" for more details).

The review of Banco Santander SA and other Spanish banks follow
the weakening of the Spanish government's creditworthiness, as
captured by Moody's downgrade of Spain's government bond ratings
to Baa3 from A3 on June 13, 2012, and the initiation of a review
for further downgrade.

Ratings Rationale

The review for downgrade of Banco Santander SA's standalone
rating prompted the review for downgrade of BZ WBK's Baa1 long-
term rating, which incorporates two-notches of rating uplift from
the bank's baa3 standalone credit assessment. This ratings uplift
reflects Moody's assessment of a combination of parental and
systemic support assumptions for BZ WBK.

The review of BZ WBK's standalone BFSR D+/baa3 reflects the
possible negative consequences of a further downgrade of the
parent's rating for BZ WBK's franchise. Moody's says that any
further multi-notch downgrade of the parent's ratings could
present contagion risks for BZ WBK, which could ultimately weaken
the strength of the Polish subsidiary's franchise, funding base
and liquidity.

Focus of the Review

Moody's says that its review will focus on (i) the degree of
independence of the Polish bank's franchise from that of the
parent; (ii) the credit linkages between BZ WBK and its parent;
and (iii) the potential of having an inverse differential between
the standalone ratings of BZ WBK and Banco Santander SA.

As evidenced in Moody's previous rating actions on several Polish
subsidiaries of West European parents, a degree of notching
difference between the standalone credit assessments of
subsidiaries and parents is possible. This normally reflects the
subsidiary demonstrating an independence of its franchise,
limited intra-group exposures, and reduced risk of capital and
liquidity transfers to a weaker parent, aided or enhanced by
robust regulatory oversight.

What Could Change The Ratings Up/Down

As a result of the review for downgrade, an upgrade of the banks
ratings is unlikely at the current time. Further downgrade of the
parent and/or a downgrade of the bank's standalone rating would
likely prompt a downgrade of the long-term ratings as indicated
in the review drivers.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.


PBG SA: To Raise Funds Through Convertible Bond Issue
-----------------------------------------------------
Polska Agencja Prasowa reports that PBG SA lead shareholder and
former CEO Jerzy Wisniewski said the company eyes PLN250 million
from convertible bond issue and has "very preliminary"
declaration from funds on the issue.

"We are looking for money, among others in the form of
convertible bonds but not among banks, in which we have credits
today," PAP quotes Mr. Wisniewski as saying.  "We are currently
in talks with funds over raising some PLN250 million and we have
very preliminary declaration of purchasing bonds for such a sum."

PAP notes that Mr. Wisniewski said "The deadline for closing this
matter is three-four weeks." According to PAP, he said that PBG
would thus get a liquidity injection.

"Then in October we would need another PLN250 million.  It would
allow us to show that the company is coping with paying  back
liabilities and will be able to continue to function," Mr.
Wisniewski, as cited by PAP, said.

In July, PBG expects to sell the Skalar office building in Poznan
for some PLN110-PLN120 million, PAP discloses.

Mr. Wisniewski also said that further down the road, PBG could
get some PLN100 million from the sale of shopping mall Galeria
Kujawska, PAP relates.

"It will happen later, at the latest in March 2013, it will bring
the group some PLN100 million," PAP quotes Mr. Wisniewski as
saying.

PBG secured court bankruptcy protection for debt restructuring
proceedings on June 13, with creditors given three months to file
their claims, PAP relates.  The court ruling granting the company
bankruptcy protection for debt restructuring proceedings came
into effect on June 22, PAP notes.

PBG SA is Poland's third largest builder.


PBG SA: Voting on Debt Deal Expected in January at Earliest
-----------------------------------------------------------
Polska Agencja Prasowa reports that PBG SA's lead
shareholderJerzy Wisniewski expects voting on PBG's debt
restructuring agreement could take place in December or in
January 2013 at the earliest.

Mr. Wisniewski resigned Thursday from the post of CEO, PAP
discloses.  According to PAP, he said that his successor could be
appointed already on Friday.

Mr. Wisniewski and deputy CEO Przemyslaw Szkudlarczyk were
appointed as supervisory board members, PAP relates.

                          Investor Talks

In a separate report, PAP's Minda Alicja relates that
Mr. Wisniewski said PBG is in talks with a potential strategic
investor, whose engagement would enable the company to reach a
debt restructuring deal faster and on more favorable terms for
the creditors.

"There are talks with a strategic investor and if they enter the
company, the [debt restructuring] agreement will materialize and
on better terms for the creditors," PAP quotes Mr. Wisniewski as
saying.

PBG secured court bankruptcy protection for debt restructuring
proceedings on June 13, with creditors given three months to file
their claims, PAP recounts.  The court ruling granting the
company bankruptcy protection for debt restructuring proceedings
came into effect on June 22, PAP notes.

PBG SA is Poland's third largest builder.



=============
R O M A N I A
=============


HIDROELECTRICA SA: Moody's Cuts CFR/PDR to 'Caa1'; Outlook Neg.
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
long-term corporate family rating (CFR) and probability of
default rating (PDR) of Hidroelectrica S.A. This concludes the
review initiated by Moody's on 20 June 2012. The rating outlook
is negative. There is no rated debt outstanding. Following this
rating action all ratings will be withdrawn.

Ratings Rationale

"The two-notch downgrade of Hidroelectrica's ratings to Caa1
follows the confirmation of the company's voluntary insolvency
filing by the Bucharest Court on June 20, 2012," says Richard
Miratsky, a Moody's Vice President -- Senior Analyst and lead
analyst for Hidroelectrica. "The Caa1 rating reflects
significantly increased payment default risk and the inherent
unpredictability of future developments under the insolvency
proceedings," adds Mr. Miratsky.

However, the Caa1 rating also incorporates (1) Moody's view that
the insolvency filing in this specific case does not constitute
an immediate default by Hidroelectrica due to its primary focus
on the company's reorganisation under judicial administration;
(2) Moody's current expectation that Hidroelectrica will continue
to service and repay debt on a timely basis at least in the short
term; and (3) the rating agency's understanding that it is not
intended that the completion of the judicial process will result
in a distressed exchange of Hidroelectrica's debt. Moody's
expects that Hidroelectrica's financial position upon entering
the insolvency process will be such that it could continue to
meet debt service and repayment from its own resources over the
short term.

Given its 80% ownership by the Government of Romania,
Hidroelectrica falls within the scope of Moody's rating
methodology for government-related issuers (GRIs). In accordance
with this methodology, Hidroelectrica's rating incorporates an
uplift for potential government support to its standalone credit
quality, which is expressed as a baseline credit assessment
(BCA). Moody's has lowered Hidroelectrica's BCA to 19 (equivalent
to a Caa3 rating) from 17 (equivalent to a Caa1 rating) to
reflect the elevated risk of default on the company's liabilities
following its recent filing for insolvency.

The uplift to the BCA, at two notches, reflects Moody's view that
the Government of Romania will monitor the progress of the
judicial procedure and that the government would have a strong
incentive to avoid a payment default by a government-owned
enterprise, particularly one as strategically significant as
Hidroelectrica. More technically, the final rating reflects (1)
the credit quality of Hidroelectrica's government shareholder
(Government of Romania, Baa3 stable); (2) Moody's assessment of a
strong probability of government support in the event of
financial distress; and (3) high default dependence between the
company and its governmental owner, reflecting that they have a
significant degree of exposure to common drivers of credit
quality.

The negative outlook on the rating reflects the risk that the
insolvency process might initiate the acceleration of debt
maturities above the company's repayment capacity and
significantly hinder arrangement of any new financing.

Subsequent to the action, Moody's will withdraw the ratings due
to anticipated limited availability of information on the
progress of the court-administrated judicial reorganization and
Moody's future inability to assess on a timely basis whether or
not Hidroelectrica's debt obligations will have defaulted.

Principal Methodologies

The methodologies used in this rating were Unregulated Utilities
and Power Companies published in August 2009, Government-Related
Issuers: Methodology Update published in July 2010, and Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Hidroelectrica S.A. (Hidroelectrica), a 80% government-owned pure
hydropower producer, is amongst the leading electricity
generators in Romania. With a low-cost hydropower generation
fleet of 273 hydropower plants and pumping stations and total
installed capacity of more than 6,438 MW, Hidroelectrica
generated RON3.18 billion (EUR750 million) in revenues and
delivered 14.7 terawatt hours (TWh) of electricity in 2011.



===========
R U S S I A
===========


B&N BANK: S&P Raises Counterparty Credit Ratings to 'B/B'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based B&N Bank to 'B' from
'B-' and the short-term counterparty credit rating to 'B' from
'C'. The outlook is stable.

"At the same time, we raised the Russia national scale rating to
'ruA-' from 'ruBBB+'," S&P said.

"The rating actions reflect the revision of our assessment of B&N
Bank's risk position to 'moderate' from 'weak', as defined in our
criteria. We base this on our anticipation of a substantial
reduction of the bank's single-name and industry concentrations
over the next two years. Concentration in commercial real estate
and construction loans fell to 34% in 2011 from approximately 45%
in 2010. We believe it will decline further by the end of 2012
and continue to do so if the bank successfully implements its new
business strategy. This strategy aims to increase lending to
small and midsize enterprises and individuals and eliminate the
largest exposures," S&P said.

"As of Dec. 31, 2011, the top 20 borrowers represented more than
400% of B&N Bank's adjusted total equity (ATE) and 50% of its
loans. By our calculations, these concentrations should decrease
to about 260% of expected ATE in 2012, taking into account a
planned equity increase of $100 million before the end of the
year," S&P said.

"We assess B&N Bank's funding as 'average' and its liquidity as
'adequate', which underpins the raising of the short-term rating
to 'B' from 'C'. We believe the bank to have sufficient liquidity
for the next 6-12 months. This is based on our view of an
adequate liquidity cushion that exceeded 20% of the bank's assets
as of March 30, 2012, comprising cash, interbank placements, and
liquid securities available for sale-and-repurchase
transactions," S&P said.

"The bank's stand-alone credit profile (SACP) is at 'b', and our
assessment of other components of the SACP is unchanged. Our
ratings on B&N Bank reflect the 'bb' anchor we use for commercial
banks operating in Russia and the bank's 'moderate' business
position, 'weak' capital and earnings, 'moderate' risk position,
'average' funding, and 'adequate' liquidity," S&P said.

"We regard the bank's business position as 'moderate' due to its
limited market shares. B&N Bank is a midsize commercial bank
active in 34 regions of Russia, and it has a nationwide market
share of less than 1% in loans and deposits. We assess capital
and earnings as 'weak,' reflecting our projected risk-adjusted
capital (RAC) ratio for the bank, before diversification, of
3.9%-4.3% over the next 18-24 months. The long-term counterparty
credit rating reflects B&N Bank's SACP and does not include any
uplift for extraordinary external support, either from the bank's
shareholders or the government," S&P said.

"The stable outlook reflects our assessment that the bank will
likely maintain a positive financial performance, improve its
margins, and generate adequate revenues to maintain its
capitalization. Continuous reduction of concentrations in the
loan book is crucial to our risk assessment and maintenance of
the ratings," S&P said.

"We could take a positive rating action if the bank posted more
conservative growth rates over time, without a significant
deterioration of asset quality," S&P said.

"We could lower our risk assessment to 'weak' from 'moderate' and
subsequently take a negative rating action if, contrary to our
expectation, the bank were unable to reduce concentrations or
experienced a setback in executing its new strategy.
Deterioration of asset quality beyond what we anticipate, a sharp
decline in liquidity reserves, or deposit outflows could also
result in a negative rating action. If the RAC ratio were to
deteriorate to less than 3%, this could also prompt a downgrade,"
S&P said.


YUKOS: Rosneft Not Obliged to Repay Unit's Loans, Court Rules
-------------------------------------------------------------
Vladimir Soldatkin at Reuters reports that Russia's arbitration
court ruled on Thursday that state-owned crude oil producer
Rosneft was not obliged to repay almost US$340 million of loans
taken by a unit of Yukos which it acquired after Yukos was forced
into bankruptcy by authorities.

Once Russia's top crude producer, Yukos declared bankruptcy in
2006 after a multi-billion-dollar back-tax claim from the state,
Reuters recounts.

The court deemed "null and void" or invalid loans Yukos Capital,
a former subsidiary of defunct oil firm Yukos, made to
Yuganskneftegaz -- the asset, which was acquired by Rosneft as
part of the Yukos bankruptcy proceedings, Reuters relates.

"The verdict of the court of the first instance in Moscow
[Thurs]day is hardly surprising given the track record it has in
relation to cases featuring Yukos since 2004, which invariably
results in judgments in favour of Rosneft, its shareholders or
other state entities," Reuters quotes Claire Davidson, a
spokeswoman for Yukos, as saying.

"I am advised by our counsel that it is likely that an appeal
will be filed."

The case is related to loans Yukos Capital made to
Yuganskneftegaz (YNG), which were subsequently defaulted upon,
Reuters notes.  YNG had been Yukos' principal production
subsidiary, but it was acquired by state-run Rosneft, Reuters
states.

According to Reuters, Ms. Davidson also said in a separate case,
the Court of Appeal in London rejected Rosneft's attempts to
obtain an order gagging a former Yukos group company from
referring to a political campaign by the Russian state against
Yukos and former owner and chief executive officer Mikhail
Khodorkovsky, who is serving a prison sentence on fraud and tax
evasion convictions.



=========
S P A I N
=========


ABENGOA SA: S&P Affirms 'B+' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Spain-headquartered engineering and
construction (E&C), technology, and energy group Abengoa S.A. The
outlook is stable.

"At the same time, we assigned our 'B' short-term corporate
credit rating to the company," S&P said.

"We are also affirming our 'B+' issue ratings on Abengoa's EUR300
million and EUR500 million senior unsecured notes, and on the
$650 million senior unsecured notes issued by Abengoa Finance
S.A.U. The recovery rating on these instruments is '4',
reflecting our expectation of average (30%-50%) recovery in the
event of a payment default," S&P said.

"The ratings reflect our continued assessment of Abengoa's
business risk profile as 'fair' and its financial risk profile as
'highly leveraged,'" S&P said.

"Following robust revenue and EBITDA growth in 2011, Abengoa's
consolidated and nonconsolidated (excluding all contractually
nonrecourse-financed projects) adjusted debt to EBITDA stood at
9.5x and 6.7x, respectively, at year-end 2011. These credit
metrics are in line with our expectations for the current
rating," S&P said.

"Following the application of our new criteria governing the link
between long-term and short-term ratings for corporate and
sovereign issuers, our short-term rating on Abengoa is 'B', which
takes into account Abengoa's long-term corporate credit rating
and our assessment of the company's liquidity," S&P said.

"We assess Abengoa's liquidity as 'adequate,' as defined in our
criteria, reflecting the substantial cash accumulated by the
company, coupled with its available committed credit lines. The
refinancing of the syndicated bank facility in May 2012
considerably reduced short-term debt maturities and contributed
to smooth the repayment profile from 2013, which further supports
the liquidity position. However, Abengoa's high working capital
deficit, and our expectation that gross debt won't decrease in
the short term, prevent us from revising our liquidity assessment
to 'strong,'" S&P said.

"The stable outlook on Abengoa reflects our view that the group
will gradually improve its consolidated leverage ratios from
their 2011-2012 peak through growth in revenues and
profitability. This is despite the group, according to our
expectations, being unlikely to generate positive free operating
cash flows before 2015, owing to a significant capex program and
the immaturity of its project portfolio. At the current rating
level, we expect the group to maintain a ratio of adjusted debt
to EBITDA below 10x and on a gradual downward trend by 2015, when
we expect to see positive consolidated free cash flow following
the maturity of a large project portfolio," S&P said.

"We could lower the rating on Abengoa if the potential
improvement in financial ratios proved slower than we currently
expect. We think ratings upside could follow sizable deleveraging
and stronger cash flow generation, enabling Abengoa to deliver
ratios of adjusted debt to EBITDA of less than 5x (corporate
level) and 7x (consolidated)," S&P said.



===========================
U N I T E D   K I N G D O M
===========================


CABLE & WIRELESS: S&P Affirms 'BB/B' Corporate Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based telecommunications services provider Cable & Wireless
Communications PLC (CWC) to stable from negative. "At the same
time, we affirmed our 'BB' long-term and 'B' short-term corporate
credit ratings on CWC," S&P said.

"At the same time, we affirmed our 'B+' issue ratings on the
GBP200 million senior unsecured bonds due March 2019 issued by
Cable and Wireless International Finance B.V., and the GBP200
million senior unsecured bonds due August 2012 issued by Cable
and Wireless Ltd.," S&P said

"In addition, we affirmed our issue rating of 'BB' on the $500
million senior secured bonds due February 2017 and the US$400
million senior secured bonds due January 2020, both issued by
CWC's financing subsidiary Sable International Finance Ltd.," S&P
said

"The outlook revision primarily reflects our view that CWC is
likely to significantly improve its discretionary cash flow (DCF)
generation over the near term, as a result of a reduction that we
anticipate in dividend distributions and capital investments. DCF
has been negative since the group's demerger from Cable &
Wireless PLC in 2010," S&P said.

"We now forecast that CWC will return to at least breakeven DCF
in the next 12-18 months, and that Standard & Poor's-adjusted
gross debt to EBITDA will not rise to materially more than 3.5x
on a proportionate basis (3.0x on a consolidated basis).
Furthermore, we anticipate that the group's liquidity will remain
'adequate,' as defined in our criteria, on the back of recent
refinancing activity. Since the refinancing, the group has no
meaningful debt maturities prior to 2016, when the undrawn (as of
March 31, 2012) US$600 million revolving credit facility
matures," S&P said.

"In our base-case credit scenario, we anticipate relatively
stable consolidated reported revenues in the next two financial
years, compared with financial 2012 (ended March 31, 2012). This
is primarily because of continued growth in mobile data,
especially in the relatively resilient Macau and Monaco & Islands
divisions. We believe that growth in these divisions will offset
weaker macroeconomic conditions in CWC's Caribbean operations and
continued fierce competition in Panama. At the same time, we
forecast that the reported group EBITDA margin will remain about
30%," S&P said.

"On May 24, 2012, CWC announced plans to rebase the dividend to
US$0.04 per share beginning in financial 2013, down 50% from
$0.08 per share previously. This is on account of global economic
uncertainty that has impaired the business--especially in the
Caribbean -- since the demerger of CWC from Cable & Wireless PLC,
and the group's reassessment of its financial outlook. The group
estimates that the reduction in the dividend will reduce
discretionary spending by approximately US$100 million per year,"
S&P said.

"In line with CWC's guidance, we also anticipate that the group's
capital expenditures will fall to about US$350 million in
financial 2013, following total investments in financial 2012 of
approximately US$410 million," S&P said.

"The ratings could come under pressure if the improvement we
anticipate in DCF generation appeared unlikely to materialize in
the near term--particularly if DCF were to remain negative for an
extended period of time. Ratings pressure could also arise if
management took a more aggressive attitude toward shareholder
returns or mergers and acquisitions. Such a scenario would likely
result in leverage exceeding the aforementioned levels that we
deem commensurate with the rating," S&P said.

"Rating upside in the near term is limited, notably by
significant country risk and CWC's lack of full ownership of its
key assets. A further constraint is the group's limited headroom
under the leverage threshold that we deem commensurate with the
current ratings," S&P said.


PHOENIX PHARMA: Fitch Upgrades Rating on Sr. Unsec. Bond to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded Phoenix Pharmahandel GmbH & Co. KG's
('Phoenix') rated EUR506 million guaranteed senior unsecured
bond, issued by PHOENIX PIB Finance B.V. to the same level as the
company's IDR, which is currently 'BB' from 'B+' and removed the
Rating Watch Positive placed on 25 June 2012.

The rating action follows Phoenix's announcement of the premature
redemption of its EUR1.485m existing syndicated loan facility and
its replacement with a new syndicated facility totalling
EUR1.35bn.  Other debt elements including ABS and factoring
facilities, bilateral lines and the Italian Facilities,
guaranteed and ring-fenced with the Italian sub-group, will
continue to exist.

The new facility ranks pari passu with the bond.  It is unsecured
and is guaranteed by the same subsidiaries that guarantee the
bond, accounting for at least 75% of consolidated turnover and
EBITDA.

Fitch notes that Phoenix's secured debt is well below the 2x
threshold that Fitch typically applies under its generic recovery
approach to avoid any subordination for unsecured bondholders.

Phoenix's Long-term IDR is 'BB' with a Stable Outlook.


PETROPLUS HOLDINGS: JV to Convert Coryton Refinery Into Terminal
----------------------------------------------------------------
Karlee Weinmann at Bankruptcy Law360 reports that a U.K. oil
facility previously operated by now-insolvent Petroplus Holdings
AG will be refashioned into a terminal under a joint venture
among Shell UK Ltd., Royal Vopak and Greenergy, the companies
said Tuesday.

Bankruptcy Law360 relates that the announcement ends uncertainty
that has swirled around the Coryton refinery since its former
owner fell into bankruptcy in December, forcing refinery
administrator PricewaterhouseCoopers LLP to either find a buyer
or shut down the facility altogether.

                        About Petroplus

Based in Zug, Switzerland, Petroplus Holdings AG is one of
Europe's largest independent oil refiners.

Petroplus was forced to file for insolvency in late January after
struggling for months with weak demand due to the economic
slowdown in Europe and overcapacity amid tighter credit
conditions, high crude prices and competition from Asia and the
Middle East, MarketWatch said in a March 28 report.

According to MarketWatch, Petroplus said in March a local court
granted "ordinary composition proceedings" for a period of six
months. As part of the court process, Petroplus intends to sell
its assets to repay its creditors.

Some of Petroplus' units in countries other than Switzerland have
filed for "different types of proceedings" and are currently
controlled by court-appointed administrators or liquidators,
which started the process to sell assets, including the company's
refineries.


RANK GROUP: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on U.K.-based gaming company The Rank
Group PLC (Rank). "We then withdrew the corporate credit rating
at the company's request. The outlook at the time of the
withdrawal was stable," S&P said.

"In addition, we affirmed our 'B+' issue rating on the $14.3
million unsecured Yankee bonds issued by Rank Group Finance PLC.
The recovery rating on these bonds remained unchanged at '5',
indicating our expectation of modest (10%-30%) recovery prospects
in the event of default. We then withdrew the issue and recovery
ratings at the company's request," S&P said.

"At the time of the withdrawal, the rating reflected our
assessment of Rank's financial risk profile as 'significant' in
the context of its recently announced conditional agreement to
acquire the casino business of Gala Coral Group Ltd.
(B/Negative/--) for GBP205 million. The acquisition comprises 23
U.K. casinos and three non-operating casino licenses, and we
understand that it will be funded with debt. The financial risk
profile also took into account our lack of clear visibility of
Rank's financial policies under its ownership by 74.5%
controlling shareholder Guoco Group Ltd. (not rated)," S&P said.

"The rating also reflected our assessment of Rank's business risk
profile as 'weak,' due to the group's exposure to shocks from tax
or regulatory changes and challenging macroeconomic conditions in
its core U.K. market. These factors were offset by Rank's
portfolio of gaming licenses, which provide high barriers to
entry, and its strong market position in the U.K. casino and
bingo markets. We think that the acquisition of Gala's casino
business is likely to strengthen Rank's business risk profile
because Rank will become leader in the U.K. casino market.
However, we do not have clarity on the group's future business
strategy," S&P said.

The recovery rating of '5' on the $14.3 million Yankee bond due
January 2018 reflected the volatility in recovery prospects due
to the small amount of the bond and its subordination to Rank's
bank facilities.



===============
X X X X X X X X
===============


* S&P Lowers Ratings on 45 Tranches to 'D', Withdraws Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
77 European synthetic collateralized debt obligation (CDO) and
cash tranches.

S&P has withdrawn its ratings on these tranches for different
reasons, including:

-  The issuer has fully repurchased and cancelled the notes,
-  The notes have been redeemed earlier,
-  The notes have paid down in full,
-  The principal amount of the notes has been reduced due to
    losses, and
-  The scheduled maturity has been reached on the notes.

"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P said.

"We have lowered to 'D (sf)' and subsequently withdrawn our
ratings on 45 tranches' downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination date for these tranches. The ratings lowered to
'D (sf)' will remain at 'D (sf)' for a period of 30 days before
the withdrawals becomes effective," S&P said.

                STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

          http://standardandpoorsdisclosure-17g7.com


* Fitch Says Debt Crisis Affects Outlook for Emerging Europe
------------------------------------------------------------
Fitch Ratings says in its newly-published global Sovereign Review
and Outlook that the eurozone sovereign debt crisis is affecting
the outlook for emerging Europe (EME) to a greater degree than
other emerging markets, reflecting the region's close trade,
investment and financial linkages with the eurozone.
Nonetheless, on the whole, the agency considers that the region
is much better placed than it was in 2008-09 to withstand
external shocks. "With the exception of Hungary, emerging Europe,
including Russia and Turkey, has escaped any sovereign downgrades
so far in 2012.  However, in the face of the deteriorating
outlook for the eurozone, rating outlooks for emerging Europe
have largely reverted to Stable from Positive," says Paul
Rawkins, Senior Director in Fitch's Sovereign Rating team.
Kazakhstan ('BBB'/Positive) is the only EME sovereign on Positive
Outlook, while Hungary ('BB+') and Croatia ('BBB-' ) are on
Negative Outlook.

Fitch says EME is facing a sharp slowdown in growth to 2.7% in
2012 from 4.7% in 2011, steeper than emerging Asia, Latin America
or the Middle East and Africa.  Moreover, broad aggregation of
the region's growth statistics obscures more divergent trends
among Central and Eastern Europe (CEE), the Baltics and the
Commonwealth of Independent States (CIS).  The CIS and the
Baltics continued to post relatively robust growth in Q112,
whereas a number of CEE economies registered a decline in output.

Adverse developments in the eurozone are being felt primarily
through the trade channel -- 50% of CEE's exports go to the
eurozone -- with Bulgaria, for example, suffering a 5% drop in
exports to the region in Q112.  For the CIS, these pressures are
being transmitted largely through declining oil and other
commodity prices.  A much sharper than expected drop in oil
prices would pose a downside risk to CIS commodity exporters and
other countries which depend heavily on Russia for exports and/or
remittances, including the Baltics and Armenia.

Fitch believes that financial sector linkages to the eurozone
have the potential to inflict greater damage in a downside
scenario.  Eurozone bank claims on emerging Europe dwarf their
claims on other regions, while eurozone banks own large stakes in
CEE banking systems.  While there has been an unwinding of
international banks' exposure to EME since H211, Fitch has
detected no evidence of significant parent bank retrenchment.
However, high Greek parent bank ownership of local bank assets in
Bulgaria (25%), Macedonia (25%), Serbia (16%) and Romania (13%)
represents a risk in the event of extreme events in Greece, such
an exit from the eurozone and bank deposit runs.

At an aggregate level, EME has made significant progress with
fiscal consolidation, reducing fiscal deficits to near balance in
2011 (helped by high oil prices for Russia) from over 6% of GDP
in 2009.  Public debt remains low at 29% of GDP. However, Fitch
forecasts a modest reversal in 2012, while fiscal vulnerabilities
vary across the region.  Many countries rely primarily on
external funding for budget deficits, leaving them more exposed
to global financial instability.  Those countries with weak
public finances and uncomfortable relations with the IMF
(Hungary, Serbia and Ukraine) have been conspicuous by their
absence from international bond markets.

Externally, EME is set to move from a near balanced current
account position in 2011 to an aggregate deficit of USD30bn in
2012, still less than 1% of regional GDP and well below its peak
of USD80bn in 2007.  Much of the deterioration in 2012 is
explained by diminution of the oil-driven surpluses of Russia and
Kazakhstan, rather than a widening of existing deficits
elsewhere.  However, Turkey remains a stand out: although the
country appears to be close to attaining a soft landing, its
current account deficit will remain high at USD61bn (7.7% of GDP)
in 2012, much of it financed by short-term debt and portfolio
inflows, leaving it vulnerable to more acute volatility in the
eurozone.


* Moody's Says High Fuel Costs Limit Airline Sector's Profit
------------------------------------------------------------
Despite still high fuel costs and the weak economic environment,
the outlook for the global airline industry is stable, says
Moody's Investors Service in its latest annual outlook "Global
Airline Industry: Higher Fares, Capacity Discipline to Sustain
Operating Profits Despite High Fuel Costs."

"High fuel costs and jitters over the global economy will limit
operating profit growth for the airline industry," said Jonathan
Root, a Moody's Vice President -- Senior Credit Officer. "Still,
North American and Middle Eastern carriers could see some modest
profit improvement as European carriers struggle with a weak
environment and Asian operators face intensifying competition."

Moody's industry outlooks reflect the rating agency's
expectations for fundamental business conditions in the industry
over the next 12 to 18 months.

Moody's does not expect increases in fares as long as key
benchmark Brent crude oil remains below $110 per barrel. In
addition, absent any increase in demand for air travel, there's
little support to boost prices, says Moody's.

Slowing growth in passenger demand is likely as economic
uncertainties weigh on business confidence and corporate travel
budgets. Slowing growth in revenue passenger kilometers will be
the norm into 2013, says Moody's.

The stable outlook also incorporates Moody's expectations that
airlines -- despite significant deliveries of new aircraft --
will maintain capacity discipline with the majority of new planes
replacing less fuel efficient models.


* EUROPE: German Parliament OKs Fiscal Pact & ESM Bailout Fund
--------------------------------------------------------------
Patrick Donahue at Bloomberg News reports that Germany's
parliament approved the European Union's fiscal pact and the
permanent euro bailout fund with clear majorities as Chancellor
Angela Merkel pledged solidarity and vowed to overcome the debt
crisis.

According to Bloomberg, the measures won two-thirds majorities in
both the lower and upper chambers, the Bundestag and Bundesrat.

Parliamentary approval doesn't include Merkel's agreement with
other leaders of the 17-member euro bloc on Thursday to relax
conditions on bailout funding, Bloomberg notes.

Bloomberg relates that Ms. Merkel said the agreed-upon process to
establish a euro- area banking supervisor and enable the ESM to
recapitalize banks directly "would take several months or perhaps
a year."  Parliament would need to approve the changes, Bloomberg
states.

According to Bloomberg, the two measures now await the signature
of German President Joachim Gauck, who said June 21 that he would
withhold passage pending potential lawsuits to challenge the new
laws, as requested by the Federal Constitutional Court.


* BOND PRICING: For the Week June 25 to June 29, 2012
-----------------------------------------------------

Issuer                Coupon     Maturity  Currency    Price
------                ------     --------  --------    -----

AUSTRIA
-------
A-TEC INDUSTRIES        5.750    11/2/2010      EUR     29.38
A-TEC INDUSTRIES        2.750    5/10/2014      EUR     29.38
A-TEC INDUSTRIES        8.750   10/27/2014      EUR     29.38
ERSTE BANK              6.000     2/1/2014      EUR     63.38
ERSTE BANK              6.000    7/31/2014      EUR     58.38
ERSTE BANK              5.500    1/23/2015      EUR     57.38
ERSTE BANK              7.710    2/17/2015      EUR     56.38
ERSTE BANK              4.500    6/24/2015      EUR     50.75
IMMOFINANZ              4.250     3/8/2018      EUR      3.78
KOMMUNALKREDIT          4.440   12/20/2030      EUR     62.75
KOMMUNALKREDIT          4.900    6/23/2031      EUR     66.63
OESTER VOLKSBK          4.170    7/29/2015      EUR     54.13
OESTER VOLKSBK          4.350   11/16/2018      EUR     55.13
OESTER VOLKSBK          4.160    5/20/2025      EUR     71.02
OESTER VOLKSBK          4.810    7/29/2025      EUR     60.25
OESTER VOLKSBK          4.900    8/18/2025      EUR     60.25
OESTER VOLKSBK          5.270     2/8/2027      EUR     73.38
RAIFF CENTROBANK        6.835    7/20/2012      EUR     70.10
RAIFF CENTROBANK       10.416    7/20/2012      EUR     44.20
RAIFF CENTROBANK        7.812    7/20/2012      EUR     53.95
RAIFF CENTROBANK        7.161    7/20/2012      EUR     65.94
RAIFF CENTROBANK        7.812    7/25/2012      EUR     64.24
RAIFF CENTROBANK        7.161    7/25/2012      EUR     62.72
RAIFF CENTROBANK       11.718    7/25/2012      EUR     19.81
RAIFF CENTROBANK        8.463    7/25/2012      EUR     71.38
RAIFF CENTROBANK        9.114    7/25/2012      EUR     72.38
RAIFF CENTROBANK        5.208    7/25/2012      EUR     66.34
RAIFF CENTROBANK        5.208    7/25/2012      EUR     67.84
RAIFF CENTROBANK        5.208    7/25/2012      EUR     75.95
RAIFF CENTROBANK        9.114    7/25/2012      EUR     37.26
RAIFF CENTROBANK       10.090    7/25/2012      EUR     58.09
RAIFF CENTROBANK       10.090    7/25/2012      EUR     61.74
RAIFF CENTROBANK       11.718    7/25/2012      EUR     61.43
RAIFF CENTROBANK        7.812    7/25/2012      EUR     49.88
RAIFF CENTROBANK        9.876    1/23/2013      EUR     47.75
RAIFF CENTROBANK        9.558    1/23/2013      EUR     62.64
RAIFF CENTROBANK        9.304    1/23/2013      EUR     65.33
RAIFF CENTROBANK        7.965    1/23/2013      EUR     60.97
RAIFF CENTROBANK        7.965    1/23/2013      EUR     76.28
RAIFF CENTROBANK        7.646    1/23/2013      EUR     62.28
RAIFF CENTROBANK        8.283    1/23/2013      EUR     77.05
RAIFF CENTROBANK       10.000    7/24/2013      EUR     77.72
RAIFF ZENTRALBK         4.500    9/28/2035      EUR     62.49

BELGIUM
-------
ECONOCOM GROUP          4.000     6/1/2016      EUR     21.42
IDEAL STANDARD I       11.750     5/1/2018      EUR     67.38
IDEAL STANDARD I       11.750     5/1/2018      EUR     67.38

CYPRUS
------
CYPRUS GOVT BOND        5.250     6/9/2015      EUR     72.88
CYPRUS GOVT BOND        4.750    9/30/2015      EUR     69.38
CYPRUS GOVT BOND        3.750    11/1/2015      EUR     61.93
CYPRUS GOVT BOND        4.750    12/2/2015      EUR     68.25
CYPRUS GOVT BOND        4.500     1/2/2016      EUR     67.13
CYPRUS GOVT BOND        4.500    3/30/2016      EUR     65.50
CYPRUS GOVT BOND        4.500     6/2/2016      EUR     64.38
CYPRUS GOVT BOND        5.000     6/9/2016      EUR     67.38
CYPRUS GOVT BOND        4.500    7/11/2016      EUR     63.75
CYPRUS GOVT BOND        4.500    10/9/2016      EUR     62.50
CYPRUS GOVT BOND        6.600   10/26/2016      EUR     68.38
CYPRUS GOVT BOND        4.500     1/4/2017      EUR     61.38
CYPRUS GOVT BOND        4.500    2/15/2017      EUR     61.00
CYPRUS GOVT BOND        4.500     4/2/2017      EUR     60.38
CYPRUS GOVT BOND        5.600    4/15/2017      EUR     63.75
CYPRUS GOVT BOND        4.500    9/28/2017      EUR     58.50
CYPRUS GOVT BOND        5.100    1/29/2018      EUR     59.63
CYPRUS GOVT BOND        4.600    4/23/2018      EUR     57.25
CYPRUS GOVT BOND        4.600   10/23/2018      EUR     56.00
CYPRUS GOVT BOND        4.600    2/26/2019      EUR     55.25
CYPRUS GOVT BOND        6.100    6/24/2019      EUR     60.63
CYPRUS GOVT BOND        4.625     2/3/2020      EUR     51.72
CYPRUS GOVT BOND        6.100    4/20/2020      EUR     58.50
CYPRUS GOVT BOND        5.350     6/9/2020      EUR     54.88
CYPRUS GOVT BOND        6.000     6/9/2021      EUR     54.63
CYPRUS GOVT BOND        6.500    8/25/2021      EUR     55.13
REP OF CYPRUS           4.375    7/15/2014      EUR     73.06
REP OF CYPRUS           4.750    2/25/2016      EUR     68.00

CZECH REPUBLIC
--------------
SAZKA                   9.000    7/12/2021      EUR     35.00

DENMARK
-------
JYSKE BANK A/S          7.000    5/29/2024      EUR     67.00
KALMAR STRUCTRD         7.500    9/30/2013      EUR      0.01
KOMMUNEKREDIT           0.500   12/14/2020      ZAR     57.09
KOMMUNEKREDIT           0.500    5/11/2029      CAD     52.62
VESTAS WIND SYST        4.625    3/23/2015      EUR     67.00

FINLAND
-------
MUNI FINANCE PLC        0.500    4/26/2016      ZAR     78.93
MUNI FINANCE PLC        0.500   10/27/2016      BRL     73.89
MUNI FINANCE PLC        0.500   11/17/2016      BRL     73.99
MUNI FINANCE PLC        0.500   11/30/2016      BRL     73.79
MUNI FINANCE PLC        0.500   12/21/2016      TRY     75.02
MUNI FINANCE PLC        0.500    2/16/2017      TRY     74.48
MUNI FINANCE PLC        0.500    2/17/2017      BRL     72.63
MUNI FINANCE PLC        0.500    3/16/2017      BRL     72.20
MUNI FINANCE PLC        0.500    4/26/2017      ZAR     74.56
MUNI FINANCE PLC        1.000    6/30/2017      ZAR     74.83
MUNI FINANCE PLC        0.500   11/16/2017      TRY     70.87
MUNI FINANCE PLC        0.500    3/28/2018      BRL     66.49
MUNI FINANCE PLC        0.500    4/27/2018      ZAR     69.89
MUNI FINANCE PLC        0.500   11/21/2018      TRY     66.17
MUNI FINANCE PLC        0.500   11/21/2018      ZAR     67.26
MUNI FINANCE PLC        0.500   12/14/2018      TRY     65.87
MUNI FINANCE PLC        0.500   12/20/2018      ZAR     66.89
MUNI FINANCE PLC        0.500    9/24/2020      CAD     72.48
MUNI FINANCE PLC        0.500   11/25/2020      ZAR     59.43
MUNI FINANCE PLC        0.500   11/10/2021      NZD     68.42
MUNI FINANCE PLC        0.500   12/21/2021      NZD     68.06
MUNI FINANCE PLC        0.500    4/26/2022      ZAR     57.20
MUNI FINANCE PLC        0.500    5/31/2022      ZAR     54.86
MUNI FINANCE PLC        0.500    6/19/2024      ZAR     50.21
MUNI FINANCE PLC        0.500    3/17/2025      CAD     56.27
MUNI FINANCE PLC        0.250    6/28/2040      CAD     21.43

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015      EUR     10.78
ALCATEL-LUCENT          5.000     1/1/2015      EUR      2.76
ALTRAN TECHNOLOG        6.720     1/1/2015      EUR      4.74
ASSYSTEM                4.000     1/1/2017      EUR     21.86
ATOS ORIGIN SA          2.500     1/1/2016      EUR     56.12
BNP PARIBAS             2.890    5/16/2036      JPY     74.47
CAISSE CENT IMMO        7.000    5/16/2014      EUR     24.21
CAISSE CENT IMMO        7.000    5/18/2015      EUR      4.67
CAISSE CENT IMMO        7.000    9/10/2015      EUR     11.91
CALYON                  6.000    6/18/2047      EUR     21.75
CAP GEMINI SOGET        3.500     1/1/2014      EUR     38.20
CGG VERITAS             1.750     1/1/2016      EUR     30.08
CLUB MEDITERRANE        6.110    11/1/2015      EUR     18.15
CMA CGM                 8.500    4/15/2017      USD     51.50
CMA CGM                 8.500    4/15/2017      USD     54.67
CMA CGM                 8.875    4/15/2019      EUR     54.83
CMA CGM                 8.875    4/15/2019      EUR     54.88
CNP ASSURANCES          6.000    9/14/2040      EUR     69.94
CNP ASSURANCES          7.375    9/30/2041      GBP     71.91
CNP ASSURANCES          6.875    9/30/2041      EUR     71.58
CREDIT LOCAL FRA        3.750    5/26/2020      EUR     50.89
DEXIA CRED LOCAL        3.400    3/26/2015      EUR     77.08
DEXIA CRED LOCAL        4.020    3/13/2017      EUR     68.88
DEXIA CRED LOCAL        4.110    9/18/2018      EUR     60.37
DEXIA CRED LOCAL        4.375    2/12/2019      EUR     38.00
DEXIA CRED LOCAL        4.500    2/25/2020      EUR     55.04
DEXIA CRED LOCAL        4.550     4/2/2020      EUR     56.11
DEXIA CRED LOCAL        5.037     8/4/2020      EUR     57.25
DEXIA MUNI AGNCY        1.000   12/23/2024      EUR     70.79
EURAZEO                 6.250    6/10/2014      EUR     54.32
EUROPCAR GROUPE         9.375    4/15/2018      EUR     68.82
EUROPCAR GROUPE         9.375    4/15/2018      EUR     69.13
FAURECIA                4.500     1/1/2015      EUR     19.79
GROUPAMA SA             7.875   10/27/2039      EUR     54.00
GROUPE VIAL             2.500     1/1/2014      EUR      2.12
INGENICO                2.750     1/1/2017      EUR     47.91
MAUREL ET PROM          7.125    7/31/2014      EUR     18.68
MAUREL ET PROM          7.125    7/31/2015      EUR     16.77
NEXANS SA               4.000     1/1/2016      EUR     54.49
NEXANS SA               2.500     1/1/2019      EUR     64.38
NOVASEP HLDG            9.750   12/15/2016      USD     49.50
NOVASEP HLDG            9.750   12/15/2016      USD     49.50
ORPEA                   3.875     1/1/2016      EUR     45.08
PEUGEOT SA              4.450     1/1/2016      EUR     23.94
PIERRE VACANCES         4.000    10/1/2015      EUR     73.54
PUBLICIS GROUPE         3.125    7/30/2014      EUR     36.06
PUBLICIS GROUPE         1.000    1/18/2018      EUR     51.36
SOC AIR FRANCE          2.750     4/1/2020      EUR     20.84
SOCIETE GENERALE        0.500     9/7/2021      AUD     50.98
SOCIETE GENERALE        0.500    12/6/2021      AUD     50.01
SOCIETE GENERALE        0.500    4/27/2022      AUD     48.09
SOCIETE GENERALE        0.500    4/27/2022      USD     55.74
SOITEC                  6.250     9/9/2014      EUR      8.33
TEM                     4.250     1/1/2015      EUR     54.91

GERMANY
-------
BAYERISCHE LNDBK        5.100    6/29/2012      EUR     53.81
BAYERISCHE LNDBK        5.500    6/29/2012      EUR     55.44
BAYERISCHE LNDBK        5.800    7/13/2012      EUR     53.84
BAYERISCHE LNDBK        4.200    8/24/2012      EUR     65.30
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     74.76
BNP EMIS-U.HANDE       10.000    7/26/2012      EUR     46.40
BNP EMIS-U.HANDE       10.000    7/26/2012      EUR     41.29
BNP EMIS-U.HANDE       10.000    7/26/2012      EUR     40.12
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     46.89
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     30.76
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     63.42
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     71.75
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     42.40
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     28.25
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     74.92
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     45.02
BNP EMIS-U.HANDE        8.500    7/26/2012      EUR     67.05
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     44.37
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     67.50
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     74.34
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     60.99
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     31.87
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     19.83
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     44.09
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     52.62
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     23.91
BNP EMIS-U.HANDE        6.500    7/26/2012      EUR     49.83
BNP EMIS-U.HANDE        6.500    7/26/2012      EUR     71.53
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     65.53
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     46.80
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     34.96
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     71.85
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     32.31
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     71.11
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     34.50
BNP EMIS-U.HANDE        9.750   12/28/2012      EUR     72.49
BNP EMIS-U.HANDE        8.500   12/28/2012      EUR     65.55
BNP EMIS-U.HANDE       10.500   12/28/2012      EUR     51.41
BNP EMIS-U.HANDE        9.500   12/31/2012      EUR     75.24
BNP EMIS-U.HANDE        9.500   12/31/2012      EUR     68.04
BNP EMIS-U.HANDE        7.750   12/31/2012      EUR     56.53
COMMERZBANK AG         11.500     7/6/2012      EUR      3.66
COMMERZBANK AG         10.500     7/6/2012      EUR     54.34
COMMERZBANK AG         24.250    7/26/2012      EUR     72.37
COMMERZBANK AG         13.250    7/26/2012      EUR     73.61
COMMERZBANK AG         23.000    7/26/2012      EUR     66.82
COMMERZBANK AG          8.500     8/3/2012      EUR     55.28
COMMERZBANK AG          9.000     8/3/2012      EUR     70.06
COMMERZBANK AG         28.750    9/27/2012      EUR     74.89
COMMERZBANK AG         18.250    9/27/2012      EUR     67.67
COMMERZBANK AG         17.250    9/27/2012      EUR     70.37
COMMERZBANK AG         11.250    9/27/2012      EUR     72.93
COMMERZBANK AG          7.700    9/28/2012      EUR     47.04
COMMERZBANK AG          9.000    10/1/2012      EUR     55.03
COMMERZBANK AG         10.000    10/1/2012      EUR     75.68
COMMERZBANK AG          9.000   10/29/2012      EUR      6.31
COMMERZBANK AG          8.500   10/29/2012      EUR     75.96
COMMERZBANK AG         10.000   10/29/2012      EUR     76.14
COMMERZBANK AG         11.500    11/5/2012      EUR     65.41
COMMERZBANK AG         10.000    11/5/2012      EUR     55.92
COMMERZBANK AG          8.000    11/5/2012      EUR     55.85
COMMERZBANK AG          8.500   12/17/2012      EUR     64.21
COMMERZBANK AG          8.750   12/17/2012      EUR     76.23
COMMERZBANK AG          8.000   12/27/2012      EUR     47.02
COMMERZBANK AG          7.000   12/27/2012      EUR     68.96
COMMERZBANK AG         15.250   12/31/2012      EUR     74.63
COMMERZBANK AG         16.500     1/3/2013      EUR     73.41
COMMERZBANK AG         10.750    3/21/2013      EUR     57.86
COMMERZBANK AG         14.500    3/21/2013      EUR     55.63
COMMERZBANK AG         18.500    3/21/2013      EUR     54.36
COMMERZBANK AG         15.250    3/21/2013      EUR     74.86
COMMERZBANK AG          8.400   12/30/2013      EUR     15.44
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     73.60
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     38.40
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     60.50
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     52.20
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     63.50
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     73.20
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     62.50
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     71.90
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     57.40
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     68.90
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     71.00
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     36.80
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     48.40
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     60.80
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     66.00
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     59.90
DEUTSCHE BANK AG        9.000    6/29/2012      EUR     62.30
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     55.70
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     58.40
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     57.20
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     69.00
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     65.40
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     45.20
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     35.00
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     67.40
DEUTSCHE BANK AG       13.000    6/29/2012      EUR     72.50
DEUTSCHE BANK AG       13.000    6/29/2012      EUR     59.30
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     75.70
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     65.50
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     75.70
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     60.50
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     44.40
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     68.70
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     55.80
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     62.10
DEUTSCHE BANK AG        9.000    7/31/2012      EUR     74.40
DEUTSCHE BANK AG        9.000    7/31/2012      EUR     58.10
DEUTSCHE BANK AG        9.000    7/31/2012      EUR     73.50
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     66.40
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     60.50
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     65.10
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     51.70
DEUTSCHE BANK AG       13.000    7/31/2012      EUR     71.80
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     58.10
DEUTSCHE BANK AG       13.000    7/31/2012      EUR     70.90
DEUTSCHE BANK AG       13.000    7/31/2012      EUR     55.60
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     72.10
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     42.30
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     71.80
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     70.30
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     46.20
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     67.60
DEUTSCHE BANK AG        8.000     8/6/2012      EUR     63.10
DEUTSCHE BANK AG        8.000    8/27/2012      EUR     70.20
DEUTSCHE BANK AG        8.000    8/31/2012      EUR     64.60
DEUTSCHE BANK AG       12.000    8/31/2012      EUR     71.50
DEUTSCHE BANK AG        9.000    8/31/2012      EUR     61.00
DEUTSCHE BANK AG       12.000    8/31/2012      EUR     59.10
DEUTSCHE BANK AG        9.000    9/28/2012      EUR     76.60
DEUTSCHE BANK AG       11.000    9/28/2012      EUR     73.20
DEUTSCHE BANK AG       12.000    9/28/2012      EUR     75.00
DEUTSCHE BANK AG       13.000    9/28/2012      EUR     70.10
DEUTSCHE BANK AG       12.000   10/31/2012      EUR     74.50
DEUTSCHE BANK AG       12.000   10/31/2012      EUR     73.20
DEUTSCHE BANK AG       10.000   10/31/2012      EUR     76.30
DEUTSCHE BANK AG        9.000   11/29/2012      EUR     75.20
DEUTSCHE BANK AG       12.000   11/29/2012      EUR     74.30
DEUTSCHE BANK AG       10.000   12/20/2012      EUR     67.20
DEUTSCHE BANK AG       11.000   12/20/2012      EUR     75.90
DEUTSCHE BANK AG       12.000   12/20/2012      EUR     45.30
DEUTSCHE BANK AG       12.000   12/20/2012      EUR     69.00
DEUTSCHE BANK AG       15.000   12/20/2012      EUR     64.90
DEUTSCHE BANK AG        8.000   12/20/2012      EUR     71.00
DEUTSCHE BANK AG        8.000   12/20/2012      EUR     44.30
DEUTSCHE BANK AG        6.000   12/20/2012      EUR     75.30
DEUTSCHE BANK AG        8.000   12/20/2012      EUR     61.40
DEUTSCHE BANK AG       11.000    1/18/2013      EUR     64.30
DEUTSCHE BANK AG        7.000    1/18/2013      EUR     74.30
DEUTSCHE BANK AG        9.000    1/18/2013      EUR     68.90
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     74.50
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     72.20
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     75.80
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     74.70
DEUTSCHE BANK AG       12.000    2/28/2013      EUR     70.40
DEUTSCHE BANK AG       10.000    2/28/2013      EUR     73.70
DEUTSCHE BANK AG        8.000    2/28/2013      EUR     75.80
DEUTSCHE BANK AG       11.000     4/2/2013      EUR     76.10
DEUTSCHE BANK AG       10.000     4/2/2013      EUR     73.30
DEUTSCHE HYP HAN        5.300   11/20/2023      EUR     74.25
DRESDNER BANK AG        5.290    5/31/2021      EUR     74.03
DRESDNER BANK AG        6.180    2/28/2023      EUR     74.89
DRESDNER BANK AG        5.700    7/31/2023      EUR     70.74
DRESDNER BANK AG        7.350    6/13/2028      EUR     76.12
DRESDNER BANK AG        5.450    2/22/2029      EUR     18.75
DZ BANK AG              5.100     7/6/2012      EUR     73.27
DZ BANK AG              9.500     7/6/2012      EUR     74.57
DZ BANK AG             10.500     7/6/2012      EUR     74.52
DZ BANK AG              7.100     7/6/2012      EUR     73.29
DZ BANK AG              6.200     7/6/2012      EUR     70.46
DZ BANK AG              8.800     7/6/2012      EUR     70.49
DZ BANK AG             12.300    7/11/2012      EUR     68.28
DZ BANK AG              7.000    7/11/2012      EUR     67.40
DZ BANK AG              7.000    7/11/2012      EUR     52.41
DZ BANK AG              7.000    7/13/2012      EUR     72.44
DZ BANK AG              7.000    7/13/2012      EUR     67.35
DZ BANK AG              6.750    7/13/2012      EUR     68.13
DZ BANK AG              6.200    7/13/2012      EUR     72.75
DZ BANK AG              6.000    7/13/2012      EUR     65.35
DZ BANK AG              5.000    7/13/2012      EUR     71.01
DZ BANK AG              5.000    7/13/2012      EUR     68.98
DZ BANK AG             10.250    7/13/2012      EUR     59.50
DZ BANK AG             10.000    7/13/2012      EUR     71.14
DZ BANK AG              9.750    7/13/2012      EUR     70.56
DZ BANK AG              9.500    7/13/2012      EUR     74.08
DZ BANK AG              9.500    7/13/2012      EUR     65.45
DZ BANK AG              9.250    7/13/2012      EUR     59.76
DZ BANK AG              8.500    7/13/2012      EUR     38.26
DZ BANK AG              8.500    7/13/2012      EUR     71.10
DZ BANK AG              8.500    7/13/2012      EUR     40.80
DZ BANK AG              8.300    7/13/2012      EUR     74.85
DZ BANK AG              8.250    7/13/2012      EUR     64.08
DZ BANK AG              7.750    7/13/2012      EUR     72.46
DZ BANK AG              7.500    7/13/2012      EUR     36.96
DZ BANK AG              7.500    7/13/2012      EUR     72.46
DZ BANK AG              7.250    7/13/2012      EUR     60.45
DZ BANK AG              7.250    7/13/2012      EUR     70.88
DZ BANK AG              7.250    7/13/2012      EUR     70.88
DZ BANK AG             12.500    7/13/2012      EUR     47.40
DZ BANK AG             15.500    7/27/2012      EUR     73.68
DZ BANK AG             15.250    7/27/2012      EUR     45.50
DZ BANK AG             15.000    7/27/2012      EUR     38.55
DZ BANK AG             14.750    7/27/2012      EUR     69.67
DZ BANK AG             13.100    7/27/2012      EUR     67.75
DZ BANK AG             13.000    7/27/2012      EUR     67.54
DZ BANK AG             12.700    7/27/2012      EUR     72.08
DZ BANK AG             12.500    7/27/2012      EUR     61.26
DZ BANK AG             12.250    7/27/2012      EUR     71.21
DZ BANK AG             12.000    7/27/2012      EUR     60.32
DZ BANK AG             12.000    7/27/2012      EUR     72.40
DZ BANK AG             11.750    7/27/2012      EUR     39.18
DZ BANK AG             11.500    7/27/2012      EUR     42.48
DZ BANK AG             11.250    7/27/2012      EUR     66.79
DZ BANK AG             11.250    7/27/2012      EUR     50.19
DZ BANK AG             10.750    7/27/2012      EUR     48.86
DZ BANK AG             10.500    7/27/2012      EUR     43.98
DZ BANK AG             10.000    7/27/2012      EUR     58.00
DZ BANK AG              9.800    7/27/2012      EUR     65.31
DZ BANK AG              9.300    7/27/2012      EUR     74.55
DZ BANK AG              9.250    7/27/2012      EUR     71.29
DZ BANK AG              9.250    7/27/2012      EUR     70.07
DZ BANK AG              9.000    7/27/2012      EUR     74.69
DZ BANK AG              9.000    7/27/2012      EUR     67.35
DZ BANK AG              8.750    7/27/2012      EUR     73.05
DZ BANK AG              8.000    7/27/2012      EUR     53.27
DZ BANK AG              8.000    7/27/2012      EUR     47.64
DZ BANK AG              7.500    7/27/2012      EUR     66.16
DZ BANK AG              6.500    7/27/2012      EUR     64.66
DZ BANK AG              6.000    7/27/2012      EUR     72.25
DZ BANK AG             12.750    7/31/2012      EUR     70.44
DZ BANK AG             12.700     8/3/2012      EUR     68.72
DZ BANK AG              5.000    8/10/2012      EUR     51.41
DZ BANK AG             21.250    8/10/2012      EUR     40.41
DZ BANK AG             17.250    8/10/2012      EUR     75.65
DZ BANK AG             16.500    8/10/2012      EUR     62.61
DZ BANK AG             14.500    8/10/2012      EUR     59.86
DZ BANK AG             10.500    8/10/2012      EUR     66.80
DZ BANK AG              9.500    8/10/2012      EUR     64.23
DZ BANK AG              7.000    8/10/2012      EUR     73.28
DZ BANK AG              7.000    8/10/2012      EUR     69.46
DZ BANK AG             21.250    8/24/2012      EUR     73.39
DZ BANK AG             21.000    8/24/2012      EUR     61.19
DZ BANK AG             19.000    8/24/2012      EUR     74.76
DZ BANK AG             18.000    8/24/2012      EUR     70.33
DZ BANK AG             18.000    8/24/2012      EUR     53.44
DZ BANK AG             17.500    8/24/2012      EUR     67.19
DZ BANK AG             17.000    8/24/2012      EUR     59.68
DZ BANK AG             16.500    8/24/2012      EUR     71.11
DZ BANK AG             15.500    8/24/2012      EUR     73.59
DZ BANK AG             12.750    8/24/2012      EUR     69.29
DZ BANK AG             14.000    8/24/2012      EUR     57.98
DZ BANK AG             14.500    8/24/2012      EUR     73.33
DZ BANK AG              7.500    9/14/2012      EUR     73.72
DZ BANK AG              5.000    9/14/2012      EUR     58.33
DZ BANK AG              5.850    9/14/2012      EUR     45.73
DZ BANK AG              6.000    9/14/2012      EUR     70.65
DZ BANK AG              6.000    9/14/2012      EUR     74.61
DZ BANK AG              6.250    9/14/2012      EUR     43.06
DZ BANK AG              7.250    9/14/2012      EUR     67.09
DZ BANK AG              7.500    9/14/2012      EUR     60.82
DZ BANK AG              7.750    9/14/2012      EUR     73.77
DZ BANK AG              8.000    9/14/2012      EUR     39.60
DZ BANK AG              8.250    9/14/2012      EUR     66.80
DZ BANK AG              8.500    9/14/2012      EUR     48.92
DZ BANK AG              9.000    9/14/2012      EUR     71.77
DZ BANK AG              9.500    9/14/2012      EUR     72.10
DZ BANK AG              9.500    9/14/2012      EUR     69.88
DZ BANK AG             10.000    9/14/2012      EUR     49.67
DZ BANK AG             10.000    9/14/2012      EUR     48.90
DZ BANK AG             10.250    9/14/2012      EUR     72.29
DZ BANK AG             10.500    9/14/2012      EUR     44.13
DZ BANK AG             12.500    9/14/2012      EUR     73.41
DZ BANK AG             19.500    9/14/2012      EUR     46.04
DZ BANK AG             17.500    9/28/2012      EUR     66.52
DZ BANK AG             22.500    9/28/2012      EUR     75.51
DZ BANK AG             23.000    9/28/2012      EUR     74.15
DZ BANK AG             22.000    9/28/2012      EUR     69.89
DZ BANK AG             16.000    9/28/2012      EUR     74.73
DZ BANK AG             17.000    9/28/2012      EUR     73.79
DZ BANK AG             20.000    9/28/2012      EUR     74.09
DZ BANK AG              4.500    10/5/2012      EUR     69.38
DZ BANK AG              7.600    10/5/2012      EUR     76.66
DZ BANK AG              8.300    10/5/2012      EUR     62.22
DZ BANK AG              5.700    10/5/2012      EUR     66.80
DZ BANK AG              7.000   10/12/2012      EUR     74.15
DZ BANK AG              7.000   10/12/2012      EUR     38.66
DZ BANK AG              8.000   10/12/2012      EUR     72.93
DZ BANK AG             16.000   10/12/2012      EUR     75.22
DZ BANK AG              8.000   10/12/2012      EUR     44.89
DZ BANK AG              9.500   10/12/2012      EUR     61.62
DZ BANK AG              8.000   10/12/2012      EUR     75.84
DZ BANK AG              5.900   10/12/2012      EUR     75.47
DZ BANK AG              7.000   10/12/2012      EUR     63.96
DZ BANK AG             11.000   10/26/2012      EUR     74.73
DZ BANK AG             22.000   10/26/2012      EUR     73.67
DZ BANK AG             19.000   10/26/2012      EUR     76.39
DZ BANK AG             18.000   10/26/2012      EUR     71.77
DZ BANK AG             16.250   10/26/2012      EUR     73.73
DZ BANK AG             16.000   10/26/2012      EUR     73.70
DZ BANK AG             15.000   10/26/2012      EUR     74.35
DZ BANK AG             13.750   10/26/2012      EUR     56.45
DZ BANK AG             11.900    11/1/2012      EUR     71.57
DZ BANK AG             14.500    11/9/2012      EUR     71.19
DZ BANK AG             13.000   11/23/2012      EUR     74.01
DZ BANK AG             20.000   11/23/2012      EUR     74.08
DZ BANK AG              9.750   12/14/2012      EUR     68.96
DZ BANK AG              7.250   12/14/2012      EUR     74.66
DZ BANK AG              5.000   12/14/2012      EUR     53.12
DZ BANK AG              5.000   12/21/2012      EUR     70.06
DZ BANK AG              6.000     1/2/2013      EUR     67.18
DZ BANK AG             12.000     1/2/2013      EUR     74.52
DZ BANK AG             14.000    1/11/2013      EUR     42.88
DZ BANK AG             15.500    1/11/2013      EUR     47.48
DZ BANK AG             10.750    1/11/2013      EUR     68.60
DZ BANK AG             12.500    1/25/2013      EUR     44.37
DZ BANK AG             14.000    1/25/2013      EUR     77.97
DZ BANK AG             12.750    1/25/2013      EUR     73.72
DZ BANK AG             11.250     2/8/2013      EUR     63.15
DZ BANK AG              9.000     2/8/2013      EUR     71.74
DZ BANK AG              9.000     2/8/2013      EUR     76.14
DZ BANK AG             10.250     2/8/2013      EUR     73.72
DZ BANK AG             11.000    2/22/2013      EUR     63.81
DZ BANK AG             15.000    2/22/2013      EUR     75.94
DZ BANK AG             15.000    2/22/2013      EUR     73.61
DZ BANK AG             15.000    2/22/2013      EUR     74.76
DZ BANK AG             10.750    2/22/2013      EUR     60.88
DZ BANK AG             10.000     3/7/2013      EUR     75.16
DZ BANK AG             12.000     3/7/2013      EUR     72.06
DZ BANK AG             11.140     3/8/2013      EUR     72.99
DZ BANK AG             13.750     3/8/2013      EUR     47.79
DZ BANK AG             10.750     3/8/2013      EUR     72.20
DZ BANK AG             10.500     3/8/2013      EUR     72.04
DZ BANK AG             10.000     3/8/2013      EUR     55.59
DZ BANK AG             14.000    3/22/2013      EUR     69.29
DZ BANK AG             14.000    3/22/2013      EUR     70.48
DZ BANK AG             17.000    3/22/2013      EUR     50.60
DZ BANK AG              8.500    3/22/2013      EUR     74.70
DZ BANK AG             11.250    3/22/2013      EUR     48.77
DZ BANK AG             11.000    3/22/2013      EUR     72.96
DZ BANK AG             10.500    3/22/2013      EUR     73.72
DZ BANK AG             12.000     4/2/2013      EUR     71.49
DZ BANK AG             16.000    4/12/2013      EUR     66.98
DZ BANK AG              8.500    4/26/2013      EUR     71.86
DZ BANK AG             17.000    4/26/2013      EUR     39.15
DZ BANK AG             15.750    4/26/2013      EUR     63.41
DZ BANK AG             15.500    5/24/2013      EUR     69.66
DZ BANK AG              5.000    6/22/2018      EUR     60.17
ESCADA AG               7.500     4/1/2012      EUR      8.38
ESCADA AG               7.500     4/1/2012      EUR      8.38
EUROHYPO AG             3.830    9/21/2020      EUR     68.63
GOLDMAN SACHS CO       11.000    9/26/2012      EUR     74.70
GOLDMAN SACHS CO       12.000    9/26/2012      EUR     67.80
GOLDMAN SACHS CO       10.000    9/26/2012      EUR     75.40
GOLDMAN SACHS CO       17.000    9/26/2012      EUR     74.00
GOLDMAN SACHS CO       16.000    9/26/2012      EUR     73.00
GOLDMAN SACHS CO       13.000    9/26/2012      EUR     72.60
GOLDMAN SACHS CO       14.000   12/28/2012      EUR     76.60
GOLDMAN SACHS CO       10.000   12/28/2012      EUR     72.10
GOLDMAN SACHS CO        7.000   12/28/2012      EUR     75.50
GOLDMAN SACHS CO       15.000   12/28/2012      EUR     76.40
GOLDMAN SACHS CO       16.000     1/2/2013      EUR     74.90
GOLDMAN SACHS CO       18.000    3/20/2013      EUR     72.00
GOLDMAN SACHS CO       15.000    3/20/2013      EUR     71.00
GOLDMAN SACHS CO       12.000    3/20/2013      EUR     74.70
GOLDMAN SACHS CO       18.000    3/20/2013      EUR     74.60
GOLDMAN SACHS CO       15.000    6/26/2013      EUR     69.10
GOLDMAN SACHS CO       11.000    6/26/2013      EUR     71.60
GOLDMAN SACHS CO       16.000   12/27/2013      EUR     72.50
GOLDMAN SACHS CO       13.000   12/27/2013      EUR     74.80
GOLDMAN SACHS CO       12.000   12/27/2013      EUR     75.00
GOLDMAN SACHS CO       10.000   12/27/2013      EUR     73.30
GOLDMAN SACHS CO       10.000   12/27/2013      EUR     76.00
GOTHAER ALLG VER        5.527    9/29/2026      EUR     76.53
HECKLER & KOCH          9.500    5/15/2018      EUR     73.25
HECKLER & KOCH          9.500    5/15/2018      EUR     73.93
HEIDELBERG DRUCK        9.250    4/15/2018      EUR     70.01
HEIDELBERG DRUCK        9.250    4/15/2018      EUR     69.50
HSBC TRINKAUS          29.500    9/28/2012      EUR     73.43
HSBC TRINKAUS          29.000    9/28/2012      EUR     75.56
HSBC TRINKAUS          27.500    9/28/2012      EUR     71.41
HSBC TRINKAUS          19.500    9/28/2012      EUR     71.15
HSBC TRINKAUS          25.000    9/28/2012      EUR     75.97
HSBC TRINKAUS          20.000    9/28/2012      EUR     65.22
HSBC TRINKAUS          19.000    9/28/2012      EUR     68.32
HSBC TRINKAUS          15.500    9/28/2012      EUR     47.76
HSBC TRINKAUS          29.500    9/28/2012      EUR     69.01
HSBC TRINKAUS          25.000    9/28/2012      EUR     66.55
HSBC TRINKAUS          12.000    9/28/2012      EUR     72.99
HSBC TRINKAUS          20.000    9/28/2012      EUR     72.37
HSBC TRINKAUS          24.000    9/28/2012      EUR     71.92
HSBC TRINKAUS          10.000   10/26/2012      EUR     70.38
HSBC TRINKAUS          12.500   10/26/2012      EUR     67.87
HSBC TRINKAUS           9.000   10/26/2012      EUR     73.65
HSBC TRINKAUS          11.000   11/16/2012      EUR     72.29
HSBC TRINKAUS          11.500   11/23/2012      EUR     68.36
HSBC TRINKAUS           9.500   11/23/2012      EUR     70.82
HSBC TRINKAUS           9.000   11/23/2012      EUR     74.13
HSBC TRINKAUS           8.000    3/22/2013      EUR     54.69
HSBC TRINKAUS          10.500    3/22/2013      EUR     74.13
HSBC TRINKAUS          21.000    3/22/2013      EUR     71.10
HSBC TRINKAUS          12.000    3/22/2013      EUR     74.98
HSBC TRINKAUS          13.000    3/22/2013      EUR     52.52
HSBC TRINKAUS          15.000    3/22/2013      EUR     71.41
HSBC TRINKAUS          15.500    3/22/2013      EUR     70.10
HSBC TRINKAUS          17.500    3/22/2013      EUR     73.35
HSBC TRINKAUS          16.000    3/22/2013      EUR     75.95
HSBC TRINKAUS          27.500    3/22/2013      EUR     56.80
HSBC TRINKAUS          18.000    3/22/2013      EUR     71.53
HSBC TRINKAUS          27.000    3/22/2013      EUR     66.74
HSBC TRINKAUS          26.500    3/22/2013      EUR     65.21
HSBC TRINKAUS          24.000    3/22/2013      EUR     75.14
HSBC TRINKAUS          23.500    3/22/2013      EUR     67.01
HSBC TRINKAUS          22.000    3/22/2013      EUR     66.47
HSBC TRINKAUS          18.500    3/22/2013      EUR     67.85
HSBC TRINKAUS          22.000    3/22/2013      EUR     72.28
HSBC TRINKAUS          21.000    3/22/2013      EUR     69.70
HSBC TRINKAUS          21.000    3/22/2013      EUR     51.60
HSBC TRINKAUS          20.000    3/22/2013      EUR     70.91
HSBC TRINKAUS          18.000    6/28/2013      EUR     73.34
HSBC TRINKAUS          17.500    6/28/2013      EUR     73.79
HSBC TRINKAUS          16.500    6/28/2013      EUR     69.59
HSBC TRINKAUS          15.500    6/28/2013      EUR     75.38
HSBC TRINKAUS          14.000    6/28/2013      EUR     71.24
HSBC TRINKAUS          13.000    6/28/2013      EUR     73.41
HSBC TRINKAUS          30.000    6/28/2013      EUR     58.03
HSBC TRINKAUS          19.500    6/28/2013      EUR     72.09
HSBC TRINKAUS          19.000    6/28/2013      EUR     68.40
HSBC TRINKAUS          18.500    6/28/2013      EUR     72.89
HSBC TRINKAUS          26.000    6/28/2013      EUR     58.28
HSBC TRINKAUS          25.500    6/28/2013      EUR     66.66
HSBC TRINKAUS          23.500    6/28/2013      EUR     68.25
HSBC TRINKAUS          22.500    6/28/2013      EUR     67.71
HSBC TRINKAUS          21.500    6/28/2013      EUR     69.92
HSBC TRINKAUS          11.500   12/30/2013      EUR     72.88
HSBC TRINKAUS           9.500   12/30/2013      EUR     74.56
KFW                     0.250    10/6/2036      CAD     32.57
L-BANK FOERDERBK        0.500    5/10/2027      CAD     56.01
L-BANK FOERDERBK        0.250   10/13/2037      CAD     28.37
LANDBK HESSEN-TH        5.000    6/28/2012      EUR     74.80
LANDBK HESSEN-TH        5.750    7/13/2012      EUR     73.20
LANDESBK BERLIN         5.500   12/23/2013      EUR     75.35
LB BADEN-WUERTT         4.000    7/27/2012      EUR     63.01
LB BADEN-WUERTT         4.000    7/27/2012      EUR     72.70
LB BADEN-WUERTT         4.000    7/27/2012      EUR     31.83
LB BADEN-WUERTT         4.000    7/27/2012      EUR     47.60
LB BADEN-WUERTT         5.000    7/27/2012      EUR     51.71
LB BADEN-WUERTT         5.000    7/27/2012      EUR     13.89
LB BADEN-WUERTT         5.000    7/27/2012      EUR     19.98
LB BADEN-WUERTT         5.000    7/27/2012      EUR     55.72
LB BADEN-WUERTT         5.000    7/27/2012      EUR     59.13
LB BADEN-WUERTT         5.000    7/27/2012      EUR     53.79
LB BADEN-WUERTT         5.000    7/27/2012      EUR     50.55
LB BADEN-WUERTT         5.000    7/27/2012      EUR     77.09
LB BADEN-WUERTT         5.000    7/27/2012      EUR     46.64
LB BADEN-WUERTT         5.000    7/27/2012      EUR     67.86
LB BADEN-WUERTT         5.000    7/27/2012      EUR     69.61
LB BADEN-WUERTT         5.000    7/27/2012      EUR     30.72
LB BADEN-WUERTT         5.000    7/27/2012      EUR     48.57
LB BADEN-WUERTT         5.000    7/27/2012      EUR     70.02
LB BADEN-WUERTT         5.000    7/27/2012      EUR     58.07
LB BADEN-WUERTT         5.000    7/27/2012      EUR     65.48
LB BADEN-WUERTT         6.000    7/27/2012      EUR     26.02
LB BADEN-WUERTT         6.000    7/27/2012      EUR     74.37
LB BADEN-WUERTT         6.000    7/27/2012      EUR     68.44
LB BADEN-WUERTT         6.000    7/27/2012      EUR     39.80
LB BADEN-WUERTT         6.000    7/27/2012      EUR     54.38
LB BADEN-WUERTT         6.000    7/27/2012      EUR     27.90
LB BADEN-WUERTT         6.000    7/27/2012      EUR     64.32
LB BADEN-WUERTT         7.500    7/27/2012      EUR     67.67
LB BADEN-WUERTT         7.500    7/27/2012      EUR     63.07
LB BADEN-WUERTT         7.500    7/27/2012      EUR     59.00
LB BADEN-WUERTT         7.500    7/27/2012      EUR     27.76
LB BADEN-WUERTT         7.500    7/27/2012      EUR     41.50
LB BADEN-WUERTT         7.500    7/27/2012      EUR     72.05
LB BADEN-WUERTT         7.500    7/27/2012      EUR     45.09
LB BADEN-WUERTT         7.500    7/27/2012      EUR     71.61
LB BADEN-WUERTT         7.500    7/27/2012      EUR     66.79
LB BADEN-WUERTT         7.500    7/27/2012      EUR     49.71
LB BADEN-WUERTT         7.500    7/27/2012      EUR     48.99
LB BADEN-WUERTT         7.500    7/27/2012      EUR     43.52
LB BADEN-WUERTT         7.500    7/27/2012      EUR     73.53
LB BADEN-WUERTT         7.500    7/27/2012      EUR     51.23
LB BADEN-WUERTT         7.500    7/27/2012      EUR     18.48
LB BADEN-WUERTT         7.500    7/27/2012      EUR     57.92
LB BADEN-WUERTT         7.500    7/27/2012      EUR     53.80
LB BADEN-WUERTT         7.500    7/27/2012      EUR     65.21
LB BADEN-WUERTT         7.500    7/27/2012      EUR     73.34
LB BADEN-WUERTT         7.500    7/27/2012      EUR     14.28
LB BADEN-WUERTT         8.000    7/27/2012      EUR     63.55
LB BADEN-WUERTT         8.000    7/27/2012      EUR     76.04
LB BADEN-WUERTT         8.000    7/27/2012      EUR     74.91
LB BADEN-WUERTT         8.000    7/27/2012      EUR     58.80
LB BADEN-WUERTT         8.000    7/27/2012      EUR     49.04
LB BADEN-WUERTT         8.000    7/27/2012      EUR     66.44
LB BADEN-WUERTT         8.000    7/27/2012      EUR     25.25
LB BADEN-WUERTT         8.000    7/27/2012      EUR     73.06
LB BADEN-WUERTT         8.000    7/27/2012      EUR     35.72
LB BADEN-WUERTT        10.000    7/27/2012      EUR     67.65
LB BADEN-WUERTT        10.000    7/27/2012      EUR     60.61
LB BADEN-WUERTT        10.000    7/27/2012      EUR     38.44
LB BADEN-WUERTT        10.000    7/27/2012      EUR     40.41
LB BADEN-WUERTT        10.000    7/27/2012      EUR     40.96
LB BADEN-WUERTT        10.000    7/27/2012      EUR     74.66
LB BADEN-WUERTT        10.000    7/27/2012      EUR     45.26
LB BADEN-WUERTT        10.000    7/27/2012      EUR     17.28
LB BADEN-WUERTT        10.000    7/27/2012      EUR     57.91
LB BADEN-WUERTT        10.000    7/27/2012      EUR     59.97
LB BADEN-WUERTT        10.000    7/27/2012      EUR     75.45
LB BADEN-WUERTT        10.000    7/27/2012      EUR     25.38
LB BADEN-WUERTT        10.000    7/27/2012      EUR     67.76
LB BADEN-WUERTT        10.000    7/27/2012      EUR     66.16
LB BADEN-WUERTT        10.000    7/27/2012      EUR     46.41
LB BADEN-WUERTT        10.000    7/27/2012      EUR     70.72
LB BADEN-WUERTT        10.000    7/27/2012      EUR     53.09
LB BADEN-WUERTT        10.000    7/27/2012      EUR     50.32
LB BADEN-WUERTT        10.000    7/27/2012      EUR     75.33
LB BADEN-WUERTT        10.000    7/27/2012      EUR     67.09
LB BADEN-WUERTT        10.000    7/27/2012      EUR     44.89
LB BADEN-WUERTT         5.000    7/27/2012      EUR     73.51
LB BADEN-WUERTT        10.000    7/27/2012      EUR     52.92
LB BADEN-WUERTT        10.000    7/27/2012      EUR     73.92
LB BADEN-WUERTT        10.000    7/27/2012      EUR     61.94
LB BADEN-WUERTT        10.000    7/27/2012      EUR     14.65
LB BADEN-WUERTT         4.000    8/24/2012      EUR     57.01
LB BADEN-WUERTT         4.000    8/24/2012      EUR     37.14
LB BADEN-WUERTT         4.000    8/24/2012      EUR     76.34
LB BADEN-WUERTT         4.000    8/24/2012      EUR     39.14
LB BADEN-WUERTT         4.000    8/24/2012      EUR     75.89
LB BADEN-WUERTT         5.000    8/24/2012      EUR     24.74
LB BADEN-WUERTT         5.000    8/24/2012      EUR     64.03
LB BADEN-WUERTT         5.000    8/24/2012      EUR     71.00
LB BADEN-WUERTT         5.000    8/24/2012      EUR     50.80
LB BADEN-WUERTT         5.000    8/24/2012      EUR     77.47
LB BADEN-WUERTT         5.000    8/24/2012      EUR     54.29
LB BADEN-WUERTT         5.000    8/24/2012      EUR     74.31
LB BADEN-WUERTT         5.000    8/24/2012      EUR     70.46
LB BADEN-WUERTT         5.000    8/24/2012      EUR     51.54
LB BADEN-WUERTT         5.000    8/24/2012      EUR     47.19
LB BADEN-WUERTT         6.000    8/24/2012      EUR     33.06
LB BADEN-WUERTT         6.000    8/24/2012      EUR     64.35
LB BADEN-WUERTT         6.000    8/24/2012      EUR     74.60
LB BADEN-WUERTT         6.000    8/24/2012      EUR     75.04
LB BADEN-WUERTT         6.000    8/24/2012      EUR     71.13
LB BADEN-WUERTT         6.000    8/24/2012      EUR     63.37
LB BADEN-WUERTT         6.000    8/24/2012      EUR     33.35
LB BADEN-WUERTT         6.000    8/24/2012      EUR     71.98
LB BADEN-WUERTT         6.000    8/24/2012      EUR     49.55
LB BADEN-WUERTT         6.000    8/24/2012      EUR     72.30
LB BADEN-WUERTT         6.500    8/24/2012      EUR     74.28
LB BADEN-WUERTT         7.500    8/24/2012      EUR     48.46
LB BADEN-WUERTT         7.500    8/24/2012      EUR     64.60
LB BADEN-WUERTT         7.500    8/24/2012      EUR     74.49
LB BADEN-WUERTT         7.500    8/24/2012      EUR     76.70
LB BADEN-WUERTT         7.500    8/24/2012      EUR     76.98
LB BADEN-WUERTT         7.500    8/24/2012      EUR     64.00
LB BADEN-WUERTT         7.500    8/24/2012      EUR     61.67
LB BADEN-WUERTT         7.500    8/24/2012      EUR     42.40
LB BADEN-WUERTT         7.500    8/24/2012      EUR     45.97
LB BADEN-WUERTT         7.500    8/24/2012      EUR     69.32
LB BADEN-WUERTT         7.500    8/24/2012      EUR     68.30
LB BADEN-WUERTT         7.500    8/24/2012      EUR     46.00
LB BADEN-WUERTT         7.500    8/24/2012      EUR     67.91
LB BADEN-WUERTT         7.500    8/24/2012      EUR     21.89
LB BADEN-WUERTT         7.500    8/24/2012      EUR     71.35
LB BADEN-WUERTT         7.500    8/24/2012      EUR     69.02
LB BADEN-WUERTT         7.500    8/24/2012      EUR     56.48
LB BADEN-WUERTT         8.000    8/24/2012      EUR     30.34
LB BADEN-WUERTT         8.000    8/24/2012      EUR     74.08
LB BADEN-WUERTT         8.000    8/24/2012      EUR     45.29
LB BADEN-WUERTT         8.000    8/24/2012      EUR     56.42
LB BADEN-WUERTT         8.000    8/24/2012      EUR     67.89
LB BADEN-WUERTT         8.000    8/24/2012      EUR     71.66
LB BADEN-WUERTT         8.000    8/24/2012      EUR     69.39
LB BADEN-WUERTT         8.000    8/24/2012      EUR     68.88
LB BADEN-WUERTT         8.000    8/24/2012      EUR     30.20
LB BADEN-WUERTT         8.000    8/24/2012      EUR     66.50
LB BADEN-WUERTT         8.000    8/24/2012      EUR     67.29
LB BADEN-WUERTT         8.000    8/24/2012      EUR     55.47
LB BADEN-WUERTT         8.000    8/24/2012      EUR     65.26
LB BADEN-WUERTT        10.000    8/24/2012      EUR     68.60
LB BADEN-WUERTT        10.000    8/24/2012      EUR     73.09
LB BADEN-WUERTT        10.000    8/24/2012      EUR     73.61
LB BADEN-WUERTT        10.000    8/24/2012      EUR     63.01
LB BADEN-WUERTT        10.000    8/24/2012      EUR     39.70
LB BADEN-WUERTT        10.000    8/24/2012      EUR     62.62
LB BADEN-WUERTT        10.000    8/24/2012      EUR     58.25
LB BADEN-WUERTT        10.000    8/24/2012      EUR     56.25
LB BADEN-WUERTT        10.000    8/24/2012      EUR     75.12
LB BADEN-WUERTT        10.000    8/24/2012      EUR     69.86
LB BADEN-WUERTT        10.000    8/24/2012      EUR     63.11
LB BADEN-WUERTT        10.000    8/24/2012      EUR     50.70
LB BADEN-WUERTT        10.000    8/24/2012      EUR     39.17
LB BADEN-WUERTT        10.000    8/24/2012      EUR     76.34
LB BADEN-WUERTT        10.000    8/24/2012      EUR     76.27
LB BADEN-WUERTT        10.000    8/24/2012      EUR     70.42
LB BADEN-WUERTT        10.000    8/24/2012      EUR     42.59
LB BADEN-WUERTT        10.000    8/24/2012      EUR     20.46
LB BADEN-WUERTT        10.000    8/24/2012      EUR     64.63
LB BADEN-WUERTT        10.000    8/24/2012      EUR     59.55
LB BADEN-WUERTT        10.000    8/24/2012      EUR     43.84
LB BADEN-WUERTT        10.000    8/24/2012      EUR     66.94
LB BADEN-WUERTT        10.000    8/24/2012      EUR     73.26
LB BADEN-WUERTT         8.000    9/28/2012      EUR     20.39
LB BADEN-WUERTT        10.000    9/28/2012      EUR     52.40
LB BADEN-WUERTT         8.000    9/28/2012      EUR     50.52
LB BADEN-WUERTT         8.000    9/28/2012      EUR     52.21
LB BADEN-WUERTT         8.000    9/28/2012      EUR     63.13
LB BADEN-WUERTT         8.000    9/28/2012      EUR     51.97
LB BADEN-WUERTT         8.000    9/28/2012      EUR     36.22
LB BADEN-WUERTT         8.000    9/28/2012      EUR     34.47
LB BADEN-WUERTT         7.500    9/28/2012      EUR     56.66
LB BADEN-WUERTT         7.250    9/28/2012      EUR     73.73
LB BADEN-WUERTT         7.000    9/28/2012      EUR     73.54
LB BADEN-WUERTT         6.000    9/28/2012      EUR     57.46
LB BADEN-WUERTT         6.000    9/28/2012      EUR     37.55
LB BADEN-WUERTT         6.000    9/28/2012      EUR     39.82
LB BADEN-WUERTT         6.000    9/28/2012      EUR     57.10
LB BADEN-WUERTT         6.000    9/28/2012      EUR     22.77
LB BADEN-WUERTT         6.000    9/28/2012      EUR     57.38
LB BADEN-WUERTT         6.000    9/28/2012      EUR     72.73
LB BADEN-WUERTT         5.000    9/28/2012      EUR     61.79
LB BADEN-WUERTT         4.000    9/28/2012      EUR     45.66
LB BADEN-WUERTT         4.000    9/28/2012      EUR     27.23
LB BADEN-WUERTT         4.000    9/28/2012      EUR     66.04
LB BADEN-WUERTT         4.000    9/28/2012      EUR     66.08
LB BADEN-WUERTT         4.000    9/28/2012      EUR     43.58
LB BADEN-WUERTT         4.000    9/28/2012      EUR     67.39
LB BADEN-WUERTT         5.000   10/26/2012      EUR     62.41
LB BADEN-WUERTT         5.000   10/26/2012      EUR     19.65
LB BADEN-WUERTT         5.000   10/26/2012      EUR     58.73
LB BADEN-WUERTT         5.000   10/26/2012      EUR      8.08
LB BADEN-WUERTT         5.000   10/26/2012      EUR     54.15
LB BADEN-WUERTT         7.500   10/26/2012      EUR     72.43
LB BADEN-WUERTT         7.500   10/26/2012      EUR      8.03
LB BADEN-WUERTT         7.500   10/26/2012      EUR     55.43
LB BADEN-WUERTT         7.500   10/26/2012      EUR     48.28
LB BADEN-WUERTT         7.500   10/26/2012      EUR     37.33
LB BADEN-WUERTT        10.000   10/26/2012      EUR     75.26
LB BADEN-WUERTT         5.000   10/26/2012      EUR     42.78
LB BADEN-WUERTT        10.000   10/26/2012      EUR     17.06
LB BADEN-WUERTT        10.000   10/26/2012      EUR      7.88
LB BADEN-WUERTT        10.000   10/26/2012      EUR     73.47
LB BADEN-WUERTT        10.000   10/26/2012      EUR     68.18
LB BADEN-WUERTT        10.000   10/26/2012      EUR     74.95
LB BADEN-WUERTT        10.000   10/26/2012      EUR     44.59
LB BADEN-WUERTT        10.000   10/26/2012      EUR     66.42
LB BADEN-WUERTT        10.000   10/26/2012      EUR     34.69
LB BADEN-WUERTT        10.000   10/26/2012      EUR     44.64
LB BADEN-WUERTT        10.000   10/26/2012      EUR     71.74
LB BADEN-WUERTT        10.000   10/26/2012      EUR     51.26
LB BADEN-WUERTT         7.500   10/26/2012      EUR     49.78
LB BADEN-WUERTT         7.500   10/26/2012      EUR     73.82
LB BADEN-WUERTT         7.500   10/26/2012      EUR     17.88
LB BADEN-WUERTT        10.000   11/23/2012      EUR     64.96
LB BADEN-WUERTT        10.000   11/23/2012      EUR     63.26
LB BADEN-WUERTT        10.000   11/23/2012      EUR     56.68
LB BADEN-WUERTT        10.000   11/23/2012      EUR     47.08
LB BADEN-WUERTT        15.000   11/23/2012      EUR     51.65
LB BADEN-WUERTT         7.500   11/23/2012      EUR     63.39
LB BADEN-WUERTT         5.000   11/23/2012      EUR     51.20
LB BADEN-WUERTT         5.000   11/23/2012      EUR     74.97
LB BADEN-WUERTT         5.000   11/23/2012      EUR     40.13
LB BADEN-WUERTT         5.000   11/23/2012      EUR     53.88
LB BADEN-WUERTT         5.000   11/23/2012      EUR     19.93
LB BADEN-WUERTT         5.000   11/23/2012      EUR     73.47
LB BADEN-WUERTT         5.000   11/23/2012      EUR     55.92
LB BADEN-WUERTT         7.500   11/23/2012      EUR     44.51
LB BADEN-WUERTT         7.500   11/23/2012      EUR     69.61
LB BADEN-WUERTT         7.500   11/23/2012      EUR     35.73
LB BADEN-WUERTT         7.500   11/23/2012      EUR     66.27
LB BADEN-WUERTT         7.500   11/23/2012      EUR     69.57
LB BADEN-WUERTT         7.500   11/23/2012      EUR     70.36
LB BADEN-WUERTT         7.500   11/23/2012      EUR     74.67
LB BADEN-WUERTT         7.500   11/23/2012      EUR     47.91
LB BADEN-WUERTT         7.500   11/23/2012      EUR     50.96
LB BADEN-WUERTT        10.000   11/23/2012      EUR     60.24
LB BADEN-WUERTT        10.000   11/23/2012      EUR     61.73
LB BADEN-WUERTT        10.000   11/23/2012      EUR     74.88
LB BADEN-WUERTT        10.000   11/23/2012      EUR     44.42
LB BADEN-WUERTT        10.000   11/23/2012      EUR     68.72
LB BADEN-WUERTT        10.000   11/23/2012      EUR     72.37
LB BADEN-WUERTT        10.000   11/23/2012      EUR     40.85
LB BADEN-WUERTT        10.000   11/23/2012      EUR     17.86
LB BADEN-WUERTT        10.000   11/23/2012      EUR     33.13
LB BADEN-WUERTT         7.500   11/23/2012      EUR     18.54
LB BADEN-WUERTT         5.000     1/4/2013      EUR     69.77
LB BADEN-WUERTT         5.000     1/4/2013      EUR     48.85
LB BADEN-WUERTT         5.000     1/4/2013      EUR     51.81
LB BADEN-WUERTT         5.000     1/4/2013      EUR     53.54
LB BADEN-WUERTT         5.000     1/4/2013      EUR     20.40
LB BADEN-WUERTT         5.000     1/4/2013      EUR     46.52
LB BADEN-WUERTT         7.500     1/4/2013      EUR     42.94
LB BADEN-WUERTT         7.500     1/4/2013      EUR     46.45
LB BADEN-WUERTT         7.500     1/4/2013      EUR     74.75
LB BADEN-WUERTT         7.500     1/4/2013      EUR     19.07
LB BADEN-WUERTT         7.500     1/4/2013      EUR     47.74
LB BADEN-WUERTT         7.500     1/4/2013      EUR     61.02
LB BADEN-WUERTT         7.500     1/4/2013      EUR     54.79
LB BADEN-WUERTT         7.500     1/4/2013      EUR     68.77
LB BADEN-WUERTT        10.000     1/4/2013      EUR     56.05
LB BADEN-WUERTT        10.000     1/4/2013      EUR     75.38
LB BADEN-WUERTT        10.000     1/4/2013      EUR     57.12
LB BADEN-WUERTT        10.000     1/4/2013      EUR     40.60
LB BADEN-WUERTT        10.000     1/4/2013      EUR     63.78
LB BADEN-WUERTT        10.000     1/4/2013      EUR     48.99
LB BADEN-WUERTT        10.000     1/4/2013      EUR     42.67
LB BADEN-WUERTT        10.000     1/4/2013      EUR     69.38
LB BADEN-WUERTT        10.000     1/4/2013      EUR     71.49
LB BADEN-WUERTT        10.000     1/4/2013      EUR     18.87
LB BADEN-WUERTT        10.000    1/25/2013      EUR     24.04
LB BADEN-WUERTT        10.000    1/25/2013      EUR     67.47
LB BADEN-WUERTT        10.000    1/25/2013      EUR     71.89
LB BADEN-WUERTT         7.500    1/25/2013      EUR     71.83
LB BADEN-WUERTT        10.000    1/25/2013      EUR     60.50
LB BADEN-WUERTT         7.500    1/25/2013      EUR     74.32
LB BADEN-WUERTT        10.000    1/25/2013      EUR     67.38
LB BADEN-WUERTT         7.500    1/25/2013      EUR     63.82
LB BADEN-WUERTT        10.000    1/25/2013      EUR     58.48
LB BADEN-WUERTT         7.500    1/25/2013      EUR     24.93
LB BADEN-WUERTT        10.000    1/25/2013      EUR     75.19
LB BADEN-WUERTT         5.000    1/25/2013      EUR     73.64
LB BADEN-WUERTT         7.500    1/25/2013      EUR     72.93
LB BADEN-WUERTT         5.000    1/25/2013      EUR     26.94
LB BADEN-WUERTT         7.500    1/25/2013      EUR     66.97
LB BADEN-WUERTT         5.000    1/25/2013      EUR     72.92
LB BADEN-WUERTT         7.500    1/25/2013      EUR     77.20
LB BADEN-WUERTT        10.000    1/25/2013      EUR     75.86
LB BADEN-WUERTT        10.000    1/25/2013      EUR     76.42
LB BADEN-WUERTT        15.000    2/22/2013      EUR     66.42
LB BADEN-WUERTT        15.000    2/22/2013      EUR     61.87
LB BADEN-WUERTT        11.000    2/22/2013      EUR     72.49
LB BADEN-WUERTT        10.000    2/22/2013      EUR     73.80
LB BADEN-WUERTT        10.000    2/22/2013      EUR     76.52
LB BADEN-WUERTT         8.000    2/22/2013      EUR     75.18
LB BADEN-WUERTT        10.000    2/22/2013      EUR     70.30
LB BADEN-WUERTT        15.000    3/22/2013      EUR     52.03
LB BADEN-WUERTT        12.000    3/22/2013      EUR     72.77
LB BADEN-WUERTT        12.000    3/22/2013      EUR     74.73
LB BADEN-WUERTT         8.000    3/22/2013      EUR     55.03
LB BADEN-WUERTT        10.000    3/22/2013      EUR     53.90
LB BADEN-WUERTT         5.000    6/28/2013      EUR     64.74
LB BADEN-WUERTT        11.000    6/28/2013      EUR     55.71
LB BADEN-WUERTT        10.000    6/28/2013      EUR     55.99
LB BADEN-WUERTT        10.000    6/28/2013      EUR     72.66
LB BADEN-WUERTT         9.000    6/28/2013      EUR     56.20
LB BADEN-WUERTT         7.500    6/28/2013      EUR     70.67
LB BADEN-WUERTT         7.500    6/28/2013      EUR     58.88
LB BADEN-WUERTT         7.000    6/28/2013      EUR     58.38
LB BADEN-WUERTT         5.000    6/28/2013      EUR     70.67
LB BADEN-WUERTT         9.000    7/26/2013      EUR     60.75
LB BADEN-WUERTT         7.000    7/26/2013      EUR     63.38
LB BADEN-WUERTT         8.000    7/26/2013      EUR     61.18
LB BADEN-WUERTT         5.000    8/23/2013      EUR     75.31
LB BADEN-WUERTT         9.000    8/23/2013      EUR     69.94
LB BADEN-WUERTT         9.000    8/23/2013      EUR     73.97
LB BADEN-WUERTT        12.000    8/23/2013      EUR     58.18
LB BADEN-WUERTT         8.000    8/23/2013      EUR     61.50
LB BADEN-WUERTT         7.000    8/23/2013      EUR     71.81
LB BADEN-WUERTT        10.000    8/23/2013      EUR     59.55
LB BADEN-WUERTT        11.000    9/27/2013      EUR     58.96
LB BADEN-WUERTT         7.000    9/27/2013      EUR     60.67
LB BADEN-WUERTT         9.000    9/27/2013      EUR     58.98
LB BADEN-WUERTT         5.250   10/20/2015      EUR     25.46
LB BADEN-WUERTT         2.800    2/23/2037      JPY     55.89
MACQUARIE STRUCT        8.500     7/6/2012      EUR     69.22
MACQUARIE STRUCT       10.000    9/28/2012      EUR     75.61
MACQUARIE STRUCT        9.000    9/28/2012      EUR     53.07
MACQUARIE STRUCT        9.250    9/28/2012      EUR     68.13
MACQUARIE STRUCT        9.750    9/28/2012      EUR     40.37
MACQUARIE STRUCT       10.000    9/28/2012      EUR     66.35
MACQUARIE STRUCT       10.750    9/28/2012      EUR     73.87
MACQUARIE STRUCT       11.500    9/28/2012      EUR     43.73
MACQUARIE STRUCT       12.750    9/28/2012      EUR     70.37
MACQUARIE STRUCT       16.000    9/28/2012      EUR     66.07
MACQUARIE STRUCT       13.000   11/13/2012      EUR     75.76
MACQUARIE STRUCT       18.000   12/14/2012      EUR     63.90
MACQUARIE STRUCT       16.500     1/2/2013      EUR     72.71
Q-CELLS                 6.750   10/21/2015      EUR      0.45
RENTENBANK              0.500    3/15/2017      TRY     69.78
RENTENBANK              0.500    4/19/2017      TRY     69.45
SOLARWORLD AG           6.375    7/13/2016      EUR     33.01
SOLON AG SOLAR          1.375    12/6/2012      EUR      1.25
TAG IMMO AG             6.500   12/10/2015      EUR      8.32
TUI AG                  5.500   11/17/2014      EUR     60.57
TUI AG                  2.750    3/24/2016      EUR     48.19
UNICREDIT BANK A        7.000     7/2/2012      EUR     65.81
UNICREDIT BANK A        7.500     7/5/2012      EUR     65.76
VONTOBEL FIN PRO       12.067    6/29/2012      EUR     58.90
VONTOBEL FIN PRO       12.067    6/29/2012      EUR     36.40
VONTOBEL FIN PRO       10.559    6/29/2012      EUR     72.30
VONTOBEL FIN PRO       10.860     7/6/2012      EUR     67.00
VONTOBEL FIN PRO       11.514     7/6/2012      EUR     51.80
VONTOBEL FIN PRO       10.860    7/13/2012      EUR     68.60
VONTOBEL FIN PRO       11.061    7/13/2012      EUR     60.10
VONTOBEL FIN PRO       11.061    7/20/2012      EUR     62.60
VONTOBEL FIN PRO       10.860    7/20/2012      EUR     39.90
VONTOBEL FIN PRO       11.665    7/20/2012      EUR     69.40
VONTOBEL FIN PRO       11.073    7/27/2012      EUR     73.20
VONTOBEL FIN PRO       10.559    7/27/2012      EUR     71.50
VONTOBEL FIN PRO       11.564    7/27/2012      EUR     62.70
VONTOBEL FIN PRO       11.850     8/3/2012      EUR     70.40
VONTOBEL FIN PRO       11.564    8/10/2012      EUR     68.50
VONTOBEL FIN PRO       12.200    8/24/2012      EUR     59.82
VONTOBEL FIN PRO       10.900    8/24/2012      EUR     68.58
VONTOBEL FIN PRO        8.550    8/24/2012      EUR     59.40
VONTOBEL FIN PRO       26.950    8/24/2012      EUR     70.46
VONTOBEL FIN PRO        8.700    8/24/2012      EUR     74.28
VONTOBEL FIN PRO       21.500    9/28/2012      EUR     56.64
VONTOBEL FIN PRO       21.550    9/28/2012      EUR     43.78
VONTOBEL FIN PRO       21.550    9/28/2012      EUR     63.18
VONTOBEL FIN PRO       23.300    9/28/2012      EUR     61.06
VONTOBEL FIN PRO       25.050    9/28/2012      EUR     72.56
VONTOBEL FIN PRO       25.700    9/28/2012      EUR     42.62
VONTOBEL FIN PRO       26.650    9/28/2012      EUR     75.30
VONTOBEL FIN PRO       27.550    9/28/2012      EUR     49.48
VONTOBEL FIN PRO       28.350    9/28/2012      EUR     75.68
VONTOBEL FIN PRO       28.700    9/28/2012      EUR     58.34
VONTOBEL FIN PRO       28.900    9/28/2012      EUR     49.86
VONTOBEL FIN PRO        7.350    9/28/2012      EUR     63.92
VONTOBEL FIN PRO        7.900    9/28/2012      EUR     72.42
VONTOBEL FIN PRO        7.950    9/28/2012      EUR     70.92
VONTOBEL FIN PRO        8.200    9/28/2012      EUR     45.14
VONTOBEL FIN PRO        8.250    9/28/2012      EUR     60.10
VONTOBEL FIN PRO        9.030    9/28/2012      EUR     75.04
VONTOBEL FIN PRO        9.300    9/28/2012      EUR     66.02
VONTOBEL FIN PRO        9.350    9/28/2012      EUR     68.68
VONTOBEL FIN PRO        9.400    9/28/2012      EUR     54.47
VONTOBEL FIN PRO        9.700    9/28/2012      EUR     69.28
VONTOBEL FIN PRO        9.900    9/28/2012      EUR     74.16
VONTOBEL FIN PRO       10.400    9/28/2012      EUR     75.82
VONTOBEL FIN PRO       10.600    9/28/2012      EUR     48.34
VONTOBEL FIN PRO       10.600    9/28/2012      EUR     60.32
VONTOBEL FIN PRO       10.650    9/28/2012      EUR     56.80
VONTOBEL FIN PRO       10.850    9/28/2012      EUR     53.78
VONTOBEL FIN PRO       10.900    9/28/2012      EUR     76.64
VONTOBEL FIN PRO       11.050    9/28/2012      EUR     72.44
VONTOBEL FIN PRO       11.100    9/28/2012      EUR     65.78
VONTOBEL FIN PRO       11.250    9/28/2012      EUR     65.76
VONTOBEL FIN PRO       11.550    9/28/2012      EUR     44.82
VONTOBEL FIN PRO       11.900    9/28/2012      EUR     73.02
VONTOBEL FIN PRO       11.900    9/28/2012      EUR     73.32
VONTOBEL FIN PRO       12.350    9/28/2012      EUR     51.32
VONTOBEL FIN PRO       12.450    9/28/2012      EUR     73.92
VONTOBEL FIN PRO       12.600    9/28/2012      EUR     73.08
VONTOBEL FIN PRO       12.800    9/28/2012      EUR     62.66
VONTOBEL FIN PRO       13.950    9/28/2012      EUR     50.12
VONTOBEL FIN PRO       14.150    9/28/2012      EUR     49.56
VONTOBEL FIN PRO       14.150    9/28/2012      EUR     75.16
VONTOBEL FIN PRO       14.200    9/28/2012      EUR     66.40
VONTOBEL FIN PRO       14.450    9/28/2012      EUR     70.40
VONTOBEL FIN PRO       14.500    9/28/2012      EUR     59.46
VONTOBEL FIN PRO       14.600    9/28/2012      EUR     55.86
VONTOBEL FIN PRO       14.900    9/28/2012      EUR     57.78
VONTOBEL FIN PRO       15.000    9/28/2012      EUR     70.00
VONTOBEL FIN PRO       15.150    9/28/2012      EUR     74.40
VONTOBEL FIN PRO       15.550    9/28/2012      EUR     77.30
VONTOBEL FIN PRO       15.650    9/28/2012      EUR     67.64
VONTOBEL FIN PRO       15.700    9/28/2012      EUR     58.60
VONTOBEL FIN PRO       16.000    9/28/2012      EUR     61.58
VONTOBEL FIN PRO       16.200    9/28/2012      EUR     61.22
VONTOBEL FIN PRO       16.350    9/28/2012      EUR     77.18
VONTOBEL FIN PRO       16.400    9/28/2012      EUR     66.48
VONTOBEL FIN PRO       16.850    9/28/2012      EUR     67.74
VONTOBEL FIN PRO       16.850    9/28/2012      EUR     64.10
VONTOBEL FIN PRO       16.900    9/28/2012      EUR     67.12
VONTOBEL FIN PRO       17.100    9/28/2012      EUR     47.86
VONTOBEL FIN PRO       17.150    9/28/2012      EUR     64.94
VONTOBEL FIN PRO       17.600    9/28/2012      EUR     71.44
VONTOBEL FIN PRO       18.100    9/28/2012      EUR     47.46
VONTOBEL FIN PRO       14.550    9/28/2012      EUR     46.70
VONTOBEL FIN PRO       18.800    9/28/2012      EUR     69.46
VONTOBEL FIN PRO       18.900    9/28/2012      EUR     70.98
VONTOBEL FIN PRO       19.000    9/28/2012      EUR     39.12
VONTOBEL FIN PRO       19.250    9/28/2012      EUR     45.66
VONTOBEL FIN PRO       19.600    9/28/2012      EUR     68.56
VONTOBEL FIN PRO       19.900    9/28/2012      EUR     71.96
VONTOBEL FIN PRO       20.000    9/28/2012      EUR     71.54
VONTOBEL FIN PRO       20.400    9/28/2012      EUR     65.60
VONTOBEL FIN PRO       20.750    9/28/2012      EUR     68.40
VONTOBEL FIN PRO       20.750    9/28/2012      EUR     75.84
VONTOBEL FIN PRO       20.950    9/28/2012      EUR     56.46
VONTOBEL FIN PRO       21.200    9/28/2012      EUR     68.92
VONTOBEL FIN PRO       21.350    9/28/2012      EUR     51.90
VONTOBEL FIN PRO       18.200    9/28/2012      EUR     75.26
VONTOBEL FIN PRO        6.300    9/28/2012      EUR     65.46
VONTOBEL FIN PRO        5.006   12/28/2012      EUR     52.50
VONTOBEL FIN PRO        6.150   12/31/2012      EUR     66.64
VONTOBEL FIN PRO        7.100   12/31/2012      EUR     67.82
VONTOBEL FIN PRO        7.400   12/31/2012      EUR     45.66
VONTOBEL FIN PRO        7.700   12/31/2012      EUR     74.02
VONTOBEL FIN PRO        7.850   12/31/2012      EUR     61.80
VONTOBEL FIN PRO        8.050   12/31/2012      EUR     76.04
VONTOBEL FIN PRO        8.650   12/31/2012      EUR     72.76
VONTOBEL FIN PRO        8.800   12/31/2012      EUR     64.58
VONTOBEL FIN PRO        8.950   12/31/2012      EUR     66.64
VONTOBEL FIN PRO        9.250   12/31/2012      EUR     49.78
VONTOBEL FIN PRO        9.350   12/31/2012      EUR     74.04
VONTOBEL FIN PRO        9.400   12/31/2012      EUR     75.76
VONTOBEL FIN PRO        9.400   12/31/2012      EUR     69.38
VONTOBEL FIN PRO        9.650   12/31/2012      EUR     56.70
VONTOBEL FIN PRO        9.800   12/31/2012      EUR     67.72
VONTOBEL FIN PRO        9.850   12/31/2012      EUR     67.74
VONTOBEL FIN PRO        9.900   12/31/2012      EUR     74.34
VONTOBEL FIN PRO       10.050   12/31/2012      EUR     50.36
VONTOBEL FIN PRO       10.200   12/31/2012      EUR     73.52
VONTOBEL FIN PRO       10.350   12/31/2012      EUR     68.72
VONTOBEL FIN PRO       10.500   12/31/2012      EUR     45.20
VONTOBEL FIN PRO       11.000   12/31/2012      EUR     57.36
VONTOBEL FIN PRO       11.400   12/31/2012      EUR     75.78
VONTOBEL FIN PRO       11.400   12/31/2012      EUR     62.92
VONTOBEL FIN PRO       11.450   12/31/2012      EUR     46.66
VONTOBEL FIN PRO       11.700   12/31/2012      EUR     67.96
VONTOBEL FIN PRO       11.750   12/31/2012      EUR     66.46
VONTOBEL FIN PRO       11.800   12/31/2012      EUR     74.92
VONTOBEL FIN PRO       11.850   12/31/2012      EUR     55.52
VONTOBEL FIN PRO       11.900   12/31/2012      EUR     75.30
VONTOBEL FIN PRO       11.950   12/31/2012      EUR     64.50
VONTOBEL FIN PRO       12.000   12/31/2012      EUR     64.72
VONTOBEL FIN PRO       12.250   12/31/2012      EUR     61.10
VONTOBEL FIN PRO       12.550   12/31/2012      EUR     59.28
VONTOBEL FIN PRO       12.550   12/31/2012      EUR     71.12
VONTOBEL FIN PRO       12.650   12/31/2012      EUR     48.34
VONTOBEL FIN PRO       12.650   12/31/2012      EUR     52.18
VONTOBEL FIN PRO       12.800   12/31/2012      EUR     68.78
VONTOBEL FIN PRO       12.900   12/31/2012      EUR     68.58
VONTOBEL FIN PRO       13.050   12/31/2012      EUR     61.18
VONTOBEL FIN PRO       13.050   12/31/2012      EUR     76.66
VONTOBEL FIN PRO       13.150   12/31/2012      EUR     58.42
VONTOBEL FIN PRO       13.250   12/31/2012      EUR     69.38
VONTOBEL FIN PRO       13.500   12/31/2012      EUR     52.08
VONTOBEL FIN PRO       13.550   12/31/2012      EUR     64.56
VONTOBEL FIN PRO       13.600   12/31/2012      EUR     70.28
VONTOBEL FIN PRO       14.000   12/31/2012      EUR     64.12
VONTOBEL FIN PRO       14.100   12/31/2012      EUR     66.88
VONTOBEL FIN PRO       14.300   12/31/2012      EUR     43.00
VONTOBEL FIN PRO       14.450   12/31/2012      EUR     69.18
VONTOBEL FIN PRO       14.550   12/31/2012      EUR     70.02
VONTOBEL FIN PRO       14.750   12/31/2012      EUR     65.14
VONTOBEL FIN PRO       14.950   12/31/2012      EUR     74.30
VONTOBEL FIN PRO       15.250   12/31/2012      EUR     50.18
VONTOBEL FIN PRO       15.250   12/31/2012      EUR     76.80
VONTOBEL FIN PRO       15.650   12/31/2012      EUR     71.30
VONTOBEL FIN PRO       16.150   12/31/2012      EUR     68.44
VONTOBEL FIN PRO       16.350   12/31/2012      EUR     61.54
VONTOBEL FIN PRO       16.700   12/31/2012      EUR     72.56
VONTOBEL FIN PRO       16.850   12/31/2012      EUR     60.78
VONTOBEL FIN PRO       16.950   12/31/2012      EUR     49.82
VONTOBEL FIN PRO       17.050   12/31/2012      EUR     48.60
VONTOBEL FIN PRO       17.250   12/31/2012      EUR     75.26
VONTOBEL FIN PRO       18.450   12/31/2012      EUR     66.98
VONTOBEL FIN PRO       18.850   12/31/2012      EUR     57.34
VONTOBEL FIN PRO       18.900   12/31/2012      EUR     47.26
VONTOBEL FIN PRO       19.850   12/31/2012      EUR     65.16
VONTOBEL FIN PRO       21.200   12/31/2012      EUR     50.64
VONTOBEL FIN PRO       24.700   12/31/2012      EUR     51.92
VONTOBEL FIN PRO       24.900   12/31/2012      EUR     60.40
VONTOBEL FIN PRO       27.600   12/31/2012      EUR     50.34
VONTOBEL FIN PRO       28.250   12/31/2012      EUR     47.98
VONTOBEL FIN PRO       17.100   12/31/2012      EUR     56.36
VONTOBEL FIN PRO       13.650     3/1/2013      EUR     73.50
VONTOBEL FIN PRO       10.100     3/8/2013      EUR     64.30
VONTOBEL FIN PRO       13.150    3/22/2013      EUR     70.06
VONTOBEL FIN PRO       13.700    3/22/2013      EUR     72.92
VONTOBEL FIN PRO       14.000    3/22/2013      EUR     54.64
VONTOBEL FIN PRO       11.850    3/22/2013      EUR     48.10
VONTOBEL FIN PRO       11.150    3/22/2013      EUR     60.84
VONTOBEL FIN PRO       10.950    3/22/2013      EUR     75.72
VONTOBEL FIN PRO       14.050    3/22/2013      EUR     71.74
VONTOBEL FIN PRO       14.500    3/22/2013      EUR     45.90
VONTOBEL FIN PRO       14.550    3/22/2013      EUR     72.06
VONTOBEL FIN PRO       16.300    3/22/2013      EUR     73.34
VONTOBEL FIN PRO       16.850    3/22/2013      EUR     68.32
VONTOBEL FIN PRO       15.250    3/22/2013      EUR     70.98
VONTOBEL FIN PRO       18.350    3/22/2013      EUR     76.44
VONTOBEL FIN PRO       18.500    3/22/2013      EUR     68.08
VONTOBEL FIN PRO       16.850    3/22/2013      EUR     69.34
VONTOBEL FIN PRO       10.350    3/22/2013      EUR     75.10
VONTOBEL FIN PRO       10.700    3/22/2013      EUR     74.48
VONTOBEL FIN PRO       12.400    3/22/2013      EUR     73.56
VONTOBEL FIN PRO       20.900    3/22/2013      EUR     71.32
VONTOBEL FIN PRO       12.000    3/22/2013      EUR     73.78
VONTOBEL FIN PRO        6.750    3/22/2013      EUR     68.46
VONTOBEL FIN PRO        8.550    3/22/2013      EUR     50.76
VONTOBEL FIN PRO        8.600    3/22/2013      EUR     68.32
VONTOBEL FIN PRO        8.850    3/22/2013      EUR     64.16
VONTOBEL FIN PRO        9.350    3/22/2013      EUR     73.54
VONTOBEL FIN PRO       10.300    3/22/2013      EUR     58.18
VONTOBEL FIN PRO       12.200    3/22/2013      EUR     74.94
VONTOBEL FIN PRO       10.750    3/22/2013      EUR     71.36
VONTOBEL FIN PRO        6.000    6/28/2013      EUR     48.68
VONTOBEL FIN PRO        8.000    6/28/2013      EUR     72.32
VONTOBEL FIN PRO        4.000    6/28/2013      EUR     44.72
VONTOBEL FIN PRO        7.389   11/25/2013      EUR     33.40
VONTOBEL FIN PRO        5.474    3/17/2014      EUR     71.50
VONTOBEL FIN PRO        5.100    4/14/2014      EUR     37.90
WESTLB AG               6.750    7/30/2012      EUR     47.60
WESTLB AG               6.500    8/27/2012      EUR     76.26
WESTLB AG               0.065    9/27/2012      EUR     69.26
WESTLB AG               0.075    9/27/2012      EUR     70.89
WESTLB AG               0.100    9/27/2012      EUR     42.69
WESTLB AG               0.075    9/27/2012      EUR     71.91
WESTLB AG              12.000    9/27/2012      EUR     63.91
WESTLB AG               0.075    9/27/2012      EUR     67.79
WESTLB AG               0.075    9/27/2012      EUR     65.49
WESTLB AG               0.075    9/27/2012      EUR     47.60
WESTLB AG               0.100    9/27/2012      EUR     54.01
WESTLB AG               0.100    9/27/2012      EUR     62.91
WESTLB AG              10.000    2/21/2013      EUR     72.68
WESTLB AG               9.500    2/21/2013      EUR     70.82
WGZ BANK                6.250     7/6/2012      EUR     66.17
WGZ BANK                6.000   12/20/2012      EUR     72.68
WGZ BANK                7.000   12/20/2012      EUR     68.33
WGZ BANK                8.000   12/20/2012      EUR     66.60
WGZ BANK                7.000   12/21/2012      EUR     72.30
WGZ BANK                8.000   12/21/2012      EUR     70.29
WGZ BANK                6.000   12/28/2012      EUR     52.26
WGZ BANK                8.000   12/28/2012      EUR     46.70
WGZ BANK                7.000   12/28/2012      EUR     49.23
WGZ BANK                5.000   12/28/2012      EUR     55.88
WGZ BANK                4.000   12/28/2012      EUR     60.13
WGZ BANK                7.000    2/26/2013      EUR     69.30

GREECE
------
EFG EUROBANK            6.010     1/9/2036      EUR     34.00
HELLENIC REPUB          4.625    6/25/2013      USD     25.13
HELLENIC REPUB          4.625    6/25/2013      EUR     24.88
HELLENIC REPUB          2.125     7/5/2013      CHF     26.88
HELLENIC REPUB          5.800    7/14/2015      JPY     24.75
HELLENIC REPUB          5.800    7/14/2015      JPY     24.88
HELLENIC REPUB          5.250     2/1/2016      JPY     24.88
HELLENIC REPUB          5.250     2/1/2016      JPY     22.25
HELLENIC REPUB          5.000    8/22/2016      JPY     24.88
HELLENIC REPUB          5.000    8/22/2016      JPY     24.88
HELLENIC REPUB          4.500    11/8/2016      JPY     28.50
HELLENIC REPUB          4.500     7/3/2017      JPY     25.13
HELLENIC REPUB          3.800     8/8/2017      JPY     27.38
HELLENIC REPUB          5.000    3/11/2019      EUR     24.88
HELLENIC REPUB          5.000    3/11/2019      EUR     25.00
HELLENIC REPUB          6.140    4/14/2028      EUR     24.88
HELLENIC REPUB          5.200    7/17/2034      EUR     24.88
NATL BK GREECE          3.875    10/7/2016      EUR     65.45
YIOULA GLASSWORK        9.000    12/1/2015      EUR     43.83
YIOULA GLASSWORK        9.000    12/1/2015      EUR     44.00

GUERNSEY
--------
AMDOCS LIMITED          0.500    3/15/2024      USD     75.00
BCV GUERNSEY           10.530    6/29/2012      CHF     65.15
BCV GUERNSEY            9.030    7/13/2012      EUR     67.32
BCV GUERNSEY            8.020     3/1/2013      EUR     53.11
BKB FINANCE             7.400    6/28/2012      CHF     52.90
BKB FINANCE             6.520     7/6/2012      EUR     69.39
BKB FINANCE             6.250    7/12/2012      CHF     69.72
BKB FINANCE             6.300    7/12/2012      CHF     62.38
BKB FINANCE             9.050     8/9/2012      CHF     53.80
BKB FINANCE             8.900    9/27/2012      CHF     59.24
BKB FINANCE             8.350    1/14/2013      CHF     46.00
EFG FINANCIAL PR        8.200    6/28/2012      GBP     67.68
EFG FINANCIAL PR        8.100    6/28/2012      USD     67.65
EFG FINANCIAL PR        8.200    6/28/2012      EUR     67.86
EFG FINANCIAL PR       12.000    6/28/2012      USD     63.94
EFG FINANCIAL PR       13.200    6/28/2012      EUR     57.91
EFG FINANCIAL PR       11.300    6/28/2012      EUR     58.53
EFG FINANCIAL PR       15.130    6/29/2012      EUR     72.21
EFG FINANCIAL PR       11.500     7/4/2012      EUR     68.04
EFG FINANCIAL PR       13.250     7/4/2012      EUR     67.10
EFG FINANCIAL PR       12.100     7/4/2012      CHF     66.90
EFG FINANCIAL PR       12.500     7/4/2012      USD     66.99
EFG FINANCIAL PR        8.250     7/4/2012      EUR     66.40
EFG FINANCIAL PR        6.600     7/4/2012      CHF     66.38
EFG FINANCIAL PR       10.500     7/5/2012      CHF     42.25
EFG FINANCIAL PR        8.250     7/5/2012      CHF     67.94
EFG FINANCIAL PR       19.570     7/5/2012      EUR     72.52
EFG FINANCIAL PR        9.300     7/6/2012      CHF     53.99
EFG FINANCIAL PR       12.750    7/12/2012      EUR     72.84
EFG FINANCIAL PR        6.000    7/13/2012      EUR     69.73
EFG FINANCIAL PR       10.830    7/20/2012      CHF     67.52
EFG FINANCIAL PR        9.770    7/23/2012      EUR     58.47
EFG FINANCIAL PR       11.000    7/25/2012      CHF     12.57
EFG FINANCIAL PR       12.000    7/25/2012      GBP     58.81
EFG FINANCIAL PR        8.500    7/25/2012      CHF     71.58
EFG FINANCIAL PR       10.000    7/25/2012      CHF     56.32
EFG FINANCIAL PR       11.000    7/25/2012      EUR     66.73
EFG FINANCIAL PR       11.750    7/25/2012      EUR     66.65
EFG FINANCIAL PR       11.000    7/25/2012      CHF     58.52
EFG FINANCIAL PR       11.300    7/25/2012      CHF     57.84
EFG FINANCIAL PR       10.250    7/25/2012      CHF     41.95
EFG FINANCIAL PR       15.000    7/31/2012      CHF     64.42
EFG FINANCIAL PR       15.500    7/31/2012      GBP     64.76
EFG FINANCIAL PR       16.000    7/31/2012      EUR     72.17
EFG FINANCIAL PR       11.750    7/31/2012      CHF     45.18
EFG FINANCIAL PR       11.750    7/31/2012      CHF     44.94
EFG FINANCIAL PR       11.500    7/31/2012      EUR     59.88
EFG FINANCIAL PR       10.000    7/31/2012      CHF     73.26
EFG FINANCIAL PR       10.000    7/31/2012      CHF     44.53
EFG FINANCIAL PR        9.500    7/31/2012      CHF     72.94
EFG FINANCIAL PR        9.000     8/3/2012      CHF     55.24
EFG FINANCIAL PR        9.000     8/3/2012      CHF     55.04
EFG FINANCIAL PR        9.000     8/3/2012      CHF     68.27
EFG FINANCIAL PR       12.000     8/7/2012      CHF     65.34
EFG FINANCIAL PR       11.000     8/7/2012      CHF     26.00
EFG FINANCIAL PR        7.250     8/7/2012      CHF     71.50
EFG FINANCIAL PR       10.000     8/7/2012      CHF     44.82
EFG FINANCIAL PR       19.000     8/8/2012      USD     43.38
EFG FINANCIAL PR       13.000     8/9/2012      EUR     63.29
EFG FINANCIAL PR       12.600     8/9/2012      USD     63.51
EFG FINANCIAL PR       12.800     8/9/2012      CHF     63.24
EFG FINANCIAL PR        9.200    8/10/2012      CHF     66.63
EFG FINANCIAL PR       12.800    8/10/2012      CHF     55.15
EFG FINANCIAL PR       12.000    8/10/2012      EUR     72.33
EFG FINANCIAL PR       10.000    8/10/2012      CHF     64.56
EFG FINANCIAL PR       11.700    8/10/2012      USD     28.29
EFG FINANCIAL PR        3.850    8/13/2012      EUR     43.76
EFG FINANCIAL PR        8.500    8/14/2012      CHF     67.04
EFG FINANCIAL PR       10.000    8/14/2012      CHF     73.33
EFG FINANCIAL PR       11.000    8/14/2012      CHF     56.24
EFG FINANCIAL PR       12.500    8/14/2012      CHF     62.71
EFG FINANCIAL PR       12.750    8/14/2012      CHF     45.22
EFG FINANCIAL PR       13.000    8/14/2012      EUR     63.00
EFG FINANCIAL PR       13.250    8/14/2012      GBP     63.31
EFG FINANCIAL PR       14.000    8/14/2012      EUR     67.85
EFG FINANCIAL PR       15.000    8/14/2012      EUR     74.46
EFG FINANCIAL PR       13.750    8/14/2012      EUR     72.03
EFG FINANCIAL PR       19.600    8/16/2012      EUR     61.64
EFG FINANCIAL PR       12.000    8/16/2012      EUR     22.56
EFG FINANCIAL PR       11.600    8/17/2012      EUR     63.81
EFG FINANCIAL PR       11.800    8/17/2012      CHF     46.75
EFG FINANCIAL PR       11.500    8/24/2012      CHF     43.77
EFG FINANCIAL PR       11.750    8/24/2012      CHF     54.07
EFG FINANCIAL PR        9.000    8/24/2012      CHF     71.94
EFG FINANCIAL PR       10.250    8/24/2012      CHF     70.65
EFG FINANCIAL PR       13.000    8/24/2012      EUR     62.43
EFG FINANCIAL PR       12.500    8/24/2012      CHF     62.47
EFG FINANCIAL PR       14.000    8/24/2012      CHF     27.17
EFG FINANCIAL PR       12.250    8/24/2012      EUR     64.93
EFG FINANCIAL PR       22.000    8/24/2012      USD     19.28
EFG FINANCIAL PR       14.750    8/24/2012      EUR     74.04
EFG FINANCIAL PR       10.000    8/30/2012      EUR     55.37
EFG FINANCIAL PR       12.250    8/30/2012      USD     71.48
EFG FINANCIAL PR       10.260    8/31/2012      EUR     67.57
EFG FINANCIAL PR       12.250     9/3/2012      CHF     62.94
EFG FINANCIAL PR       12.000     9/3/2012      EUR     66.30
EFG FINANCIAL PR       10.500     9/3/2012      CHF     44.65
EFG FINANCIAL PR       12.200     9/3/2012      CHF     72.08
EFG FINANCIAL PR        9.500     9/4/2012      USD     36.85
EFG FINANCIAL PR        9.600     9/4/2012      USD     51.54
EFG FINANCIAL PR        7.000     9/7/2012      EUR     54.02
EFG FINANCIAL PR        7.250     9/7/2012      EUR     64.14
EFG FINANCIAL PR        7.000     9/7/2012      CHF     40.28
EFG FINANCIAL PR        8.500     9/7/2012      USD     27.15
EFG FINANCIAL PR       10.000    9/10/2012      EUR     66.24
EFG FINANCIAL PR       11.000    9/10/2012      EUR     63.00
EFG FINANCIAL PR        9.800    9/10/2012      AUD     67.49
EFG FINANCIAL PR        7.500    9/10/2012      CHF     71.76
EFG FINANCIAL PR        9.000    9/10/2012      CHF     45.02
EFG FINANCIAL PR       11.000    9/17/2012      USD     62.37
EFG FINANCIAL PR       10.000    9/21/2012      USD     52.17
EFG FINANCIAL PR       10.250    9/25/2012      CHF     63.96
EFG FINANCIAL PR       10.750    9/25/2012      CHF     51.17
EFG FINANCIAL PR       11.250    9/25/2012      EUR     64.40
EFG FINANCIAL PR       11.250    9/25/2012      CHF     48.65
EFG FINANCIAL PR       11.750    9/25/2012      EUR     74.95
EFG FINANCIAL PR       12.000    9/25/2012      EUR     70.70
EFG FINANCIAL PR       11.000    9/25/2012      USD     64.20
EFG FINANCIAL PR        8.500    10/1/2012      CHF     74.95
EFG FINANCIAL PR       10.000    10/1/2012      CHF     49.19
EFG FINANCIAL PR       10.000    10/2/2012      EUR     75.32
EFG FINANCIAL PR       10.620    10/3/2012      USD     25.41
EFG FINANCIAL PR        9.930    10/3/2012      EUR     25.28
EFG FINANCIAL PR       13.000   10/11/2012      EUR     74.04
EFG FINANCIAL PR       18.000   10/11/2012      EUR     56.53
EFG FINANCIAL PR       20.000   10/11/2012      CHF     18.20
EFG FINANCIAL PR       11.500   10/11/2012      CHF     59.39
EFG FINANCIAL PR        9.750   10/11/2012      CHF     71.57
EFG FINANCIAL PR       12.000   10/11/2012      USD     59.45
EFG FINANCIAL PR       12.250   10/11/2012      EUR     71.98
EFG FINANCIAL PR       12.500   10/11/2012      CHF     49.35
EFG FINANCIAL PR       12.500   10/11/2012      GBP     59.69
EFG FINANCIAL PR       12.250   10/11/2012      EUR     59.71
EFG FINANCIAL PR       17.250   10/12/2012      CHF     67.59
EFG FINANCIAL PR       12.000   10/19/2012      USD     52.59
EFG FINANCIAL PR       13.750   10/24/2012      USD     58.89
EFG FINANCIAL PR        6.250   10/25/2012      CHF     63.61
EFG FINANCIAL PR       10.500   10/26/2012      CHF     71.96
EFG FINANCIAL PR       20.000   10/26/2012      CHF     19.46
EFG FINANCIAL PR       17.000   10/26/2012      EUR     38.76
EFG FINANCIAL PR       16.750   10/26/2012      CHF     22.70
EFG FINANCIAL PR       15.000   10/26/2012      CHF     74.74
EFG FINANCIAL PR       13.250   10/26/2012      CHF     50.43
EFG FINANCIAL PR       13.250   10/26/2012      EUR     59.60
EFG FINANCIAL PR       11.250   10/26/2012      CHF     49.61
EFG FINANCIAL PR       11.500   10/26/2012      CHF     75.02
EFG FINANCIAL PR       12.000   10/26/2012      CHF     55.97
EFG FINANCIAL PR       21.000   10/26/2012      USD     19.81
EFG FINANCIAL PR       20.500   10/26/2012      EUR     19.78
EFG FINANCIAL PR        9.330   10/29/2012      USD     52.75
EFG FINANCIAL PR       13.080    11/5/2012      CHF     70.05
EFG FINANCIAL PR       11.050    11/8/2012      USD     59.95
EFG FINANCIAL PR        6.000   11/12/2012      CHF     46.25
EFG FINANCIAL PR        6.000   11/12/2012      EUR     47.67
EFG FINANCIAL PR       17.000   11/13/2012      EUR     47.71
EFG FINANCIAL PR       14.750   11/13/2012      CHF     70.18
EFG FINANCIAL PR       14.500   11/13/2012      EUR     63.20
EFG FINANCIAL PR       14.000   11/13/2012      USD     18.31
EFG FINANCIAL PR       13.250   11/13/2012      CHF     74.58
EFG FINANCIAL PR       13.000   11/13/2012      CHF     61.23
EFG FINANCIAL PR       13.000   11/13/2012      CHF     17.95
EFG FINANCIAL PR       12.750   11/13/2012      CHF     18.27
EFG FINANCIAL PR       12.500   11/13/2012      EUR     68.75
EFG FINANCIAL PR       12.250   11/13/2012      CHF     72.68
EFG FINANCIAL PR       12.000   11/13/2012      CHF     70.14
EFG FINANCIAL PR       11.500   11/13/2012      USD     76.24
EFG FINANCIAL PR       10.750   11/13/2012      CHF     75.47
EFG FINANCIAL PR       10.500   11/13/2012      CHF     50.78
EFG FINANCIAL PR       10.500   11/13/2012      CHF     50.77
EFG FINANCIAL PR       12.750   11/13/2012      CHF     58.68
EFG FINANCIAL PR       12.830   11/19/2012      CHF     58.87
EFG FINANCIAL PR       11.600   11/19/2012      CHF     69.97
EFG FINANCIAL PR       11.500   11/20/2012      EUR     54.21
EFG FINANCIAL PR       14.800   11/20/2012      EUR     50.42
EFG FINANCIAL PR        8.000   11/20/2012      CHF     49.50
EFG FINANCIAL PR        9.500   11/20/2012      EUR     73.44
EFG FINANCIAL PR        8.300   11/20/2012      CHF     69.32
EFG FINANCIAL PR        7.000   11/20/2012      CHF     68.93
EFG FINANCIAL PR        8.400   11/20/2012      CHF     69.86
EFG FINANCIAL PR        9.300   11/20/2012      CHF     71.77
EFG FINANCIAL PR        9.400   11/20/2012      EUR     70.33
EFG FINANCIAL PR       14.500   11/27/2012      CHF     31.81
EFG FINANCIAL PR       14.500   11/27/2012      EUR     64.26
EFG FINANCIAL PR       14.500   11/27/2012      CHF     71.28
EFG FINANCIAL PR       16.000   11/27/2012      EUR     39.18
EFG FINANCIAL PR       10.000   11/27/2012      CHF     73.48
EFG FINANCIAL PR       10.500   11/27/2012      CHF     70.88
EFG FINANCIAL PR        9.250   11/27/2012      CHF     72.17
EFG FINANCIAL PR       13.250   11/27/2012      CHF     63.73
EFG FINANCIAL PR       11.250   11/27/2012      CHF     52.23
EFG FINANCIAL PR       12.250   11/27/2012      EUR     70.89
EFG FINANCIAL PR        9.750    12/3/2012      CHF     60.85
EFG FINANCIAL PR       13.000   12/14/2012      EUR     75.16
EFG FINANCIAL PR       14.250   12/14/2012      GBP     64.80
EFG FINANCIAL PR       14.250   12/14/2012      EUR     63.64
EFG FINANCIAL PR       17.500   12/14/2012      EUR     41.50
EFG FINANCIAL PR       12.750   12/14/2012      CHF     64.40
EFG FINANCIAL PR        8.000   12/14/2012      CHF     73.49
EFG FINANCIAL PR        8.500   12/14/2012      CHF     67.62
EFG FINANCIAL PR       10.250   12/14/2012      CHF     73.54
EFG FINANCIAL PR       10.250   12/14/2012      CHF     71.59
EFG FINANCIAL PR       11.000   12/14/2012      CHF     71.45
EFG FINANCIAL PR        7.000   12/19/2012      USD     76.50
EFG FINANCIAL PR       12.600   12/21/2012      CHF     55.79
EFG FINANCIAL PR       10.900   12/21/2012      CHF     55.04
EFG FINANCIAL PR       10.300   12/21/2012      CHF     74.88
EFG FINANCIAL PR        9.400   12/21/2012      CHF     73.67
EFG FINANCIAL PR        9.300   12/21/2012      CHF     54.27
EFG FINANCIAL PR       10.800   12/21/2012      CHF     75.18
EFG FINANCIAL PR       11.000   12/27/2012      CHF     72.41
EFG FINANCIAL PR        8.830   12/28/2012      USD     51.95
EFG FINANCIAL PR       12.500    1/15/2013      CHF     51.18
EFG FINANCIAL PR        9.000    1/15/2013      CHF     47.92
EFG FINANCIAL PR       10.250    1/15/2013      CHF     21.64
EFG FINANCIAL PR       11.250    1/15/2013      GBP     68.31
EFG FINANCIAL PR       13.000    1/15/2013      CHF     70.45
EFG FINANCIAL PR       16.500    1/18/2013      CHF     74.07
EFG FINANCIAL PR        5.800    1/23/2013      CHF     62.58
EFG FINANCIAL PR       11.400    1/25/2013      EUR     75.04
EFG FINANCIAL PR        9.500    2/15/2013      EUR     76.72
EFG FINANCIAL PR       13.100    2/18/2013      CHF     73.26
EFG FINANCIAL PR       10.750    2/19/2013      CHF     72.31
EFG FINANCIAL PR       20.000     3/5/2013      USD     72.93
EFG FINANCIAL PR       10.000     3/6/2013      USD     65.33
EFG FINANCIAL PR        6.750    3/11/2013      EUR     70.00
EFG FINANCIAL PR        7.500    3/18/2013      CHF     72.21
EFG FINANCIAL PR       10.750    3/19/2013      USD     66.83
EFG FINANCIAL PR       16.000    3/28/2013      CHF     74.00
EFG FINANCIAL PR       15.370     4/2/2013      USD     72.10
EFG FINANCIAL PR       10.500     4/4/2013      CHF     74.11
EFG FINANCIAL PR       16.000     4/4/2013      CHF     53.08
EFG FINANCIAL PR        7.000    4/19/2013      EUR     61.75
EFG FINANCIAL PR       12.000    4/26/2013      CHF     66.49
EFG FINANCIAL PR        6.500    8/27/2013      CHF     43.63
EFG FINANCIAL PR        8.400    9/30/2013      CHF     52.97
EFG FINANCIAL PR       19.000    10/3/2013      GBP     65.53
EFG FINANCIAL PR        8.160    4/25/2014      EUR     65.42
EFG FINANCIAL PR        5.850   10/14/2014      CHF     48.87
MARE BALTIC PCC         3.000   11/17/2014      DKK      1.00
MARE BALTIC PCC         3.000   11/17/2014      DKK     20.50
MARE BALTIC PCC         2.000    11/1/2015      DKK      0.01
MARE BALTIC PCC         2.000    11/1/2015      DKK      0.01
SARASIN CI LTD          6.000     6/9/2014      EUR     67.56
ZURCHER KANT FIN        9.050    6/29/2012      CHF     65.44
ZURCHER KANT FIN        8.548     7/6/2012      EUR     71.49
ZURCHER KANT FIN        9.754    7/13/2012      EUR     71.87
ZURCHER KANT FIN       12.067    7/13/2012      CHF     66.17
ZURCHER KANT FIN       11.000    7/13/2012      CHF     66.49
ZURCHER KANT FIN        8.000    7/13/2012      CHF     60.92
ZURCHER KANT FIN       14.078    7/13/2012      EUR     74.04
ZURCHER KANT FIN       10.250    7/19/2012      CHF     67.21
ZURCHER KANT FIN        9.250    11/9/2012      CHF     50.97
ZURCHER KANT FIN        7.340    4/16/2013      CHF     58.50

HUNGARY
-------
FHB MORTGAGE BAN        4.500    3/22/2022      EUR     62.13

ICELAND
-------
KAUPTHING               7.000    7/24/2009      ISK     26.75
KAUPTHING               6.500    10/8/2010      ISK     26.75
KAUPTHING               0.800    2/15/2011      EUR     26.75
KAUPTHING               5.800     9/7/2012      EUR     26.75
KAUPTHING               7.500    12/5/2014      ISK     26.75
KAUPTHING               6.400   12/15/2015      EUR     26.75
KAUPTHING BANK          5.500     2/2/2009      USD     26.75
KAUPTHING BANK          4.950     5/6/2009      EUR     26.75
KAUPTHING BANK          0.200    7/12/2009      JPY     26.75
KAUPTHING BANK          1.800   10/20/2009      JPY     26.75
KAUPTHING BANK          3.000    2/12/2010      CHF     26.75
KAUPTHING BANK          4.700    2/15/2010      CAD     26.75
KAUPTHING BANK          1.650     7/5/2010      JPY     26.75
KAUPTHING BANK          7.500    10/2/2010      EUR     26.75
KAUPTHING BANK          0.945   10/20/2010      JPY     26.75
KAUPTHING BANK          4.470   10/27/2010      EUR     26.75
KAUPTHING BANK          7.000     1/3/2011      EUR     26.75
KAUPTHING BANK          4.500    1/17/2011      EUR     26.75
KAUPTHING BANK          7.500     4/2/2011      EUR     26.75
KAUPTHING BANK          0.690    5/21/2011      JPY     26.75
KAUPTHING BANK          7.700    10/2/2011      EUR     26.75
KAUPTHING BANK          5.750    10/4/2011      USD     26.75
KAUPTHING BANK          5.750    10/4/2011      USD     26.75
KAUPTHING BANK          4.530    4/24/2012      EUR     26.75
KAUPTHING BANK          1.990     7/5/2012      JPY     26.75
KAUPTHING BANK          4.650    2/19/2013      EUR     26.75
KAUPTHING BANK          5.000    11/8/2013      EUR     26.75
KAUPTHING BANK          7.625    2/28/2015      USD     26.75
KAUPTHING BANK          7.625    2/28/2015      USD     26.75
KAUPTHING BANK          9.750    9/10/2015      USD     26.75
KAUPTHING BANK          1.750     6/7/2016      EUR     26.75
KAUPTHING BANK          6.125    10/4/2016      USD     26.75
KAUPTHING BANK          6.125    10/4/2016      USD     26.75
KAUPTHING BANK          4.900    5/29/2017      EUR     26.75
KAUPTHING BANK          5.250    7/18/2017      BGN     26.75
KAUPTHING BANK          3.750    2/15/2024      ISK     26.75
KAUPTHING BANK          5.000     1/4/2027      SKK     26.75
KAUPTHING HF            7.900     2/1/2016      EUR     26.75
KAUPTHING HF            7.900    4/28/2016      EUR     26.75
LANDSBANKI ISLAN        4.375   10/20/2008      EUR      5.75
LANDSBANKI ISLAN        4.400    1/18/2010      CAD      5.75
LANDSBANKI ISLAN        4.320    1/31/2010      EUR      5.75
LANDSBANKI ISLAN        7.000     4/2/2010      EUR      5.75
LANDSBANKI ISLAN        4.280   11/19/2010      EUR      5.75
LANDSBANKI ISLAN        3.000    12/7/2010      CHF      5.75
LANDSBANKI ISLAN        4.340     3/1/2011      EUR      5.75
LANDSBANKI ISLAN        2.750    3/16/2011      EUR      5.75
LANDSBANKI ISLAN        7.250     4/2/2011      EUR      5.75
LANDSBANKI ISLAN        6.100    8/25/2011      USD      5.75
LANDSBANKI ISLAN        6.100    8/25/2011      USD      5.75
LANDSBANKI ISLAN        4.530    4/24/2012      EUR      5.75
LANDSBANKI ISLAN        3.340    5/11/2012      EUR      5.75
LANDSBANKI ISLAN        4.750    5/31/2013      EUR      5.75
LANDSBANKI ISLAN        6.750    2/18/2015      EUR      5.75
LANDSBANKI ISLAN        6.750    8/18/2015      EUR      5.75
LANDSBANKI ISLAN        3.000   10/22/2015      EUR      5.75
LANDSBANKI ISLAN        7.750    2/22/2016      USD      5.75
LANDSBANKI ISLAN        6.000     6/6/2017      EUR      5.75
LANDSBANKI ISLAN        5.250     6/5/2023      EUR      5.75
LANDSBANKI ISLND        3.110   11/10/2008      EUR      5.75
LANDSBANKI ISLND        4.400    11/3/2009      CZK      5.75
LANDSBANKI ISLND        3.200    5/10/2010      SKK      5.75
LANDSBANKI ISLND        2.250    2/14/2011      CHF      5.75
LANDSBANKI ISLND        8.650     5/1/2011      ISK      5.75
LANDSBANKI ISLND        3.360    8/17/2012      EUR      5.75
LANDSBANKI ISLND        5.080     3/1/2013      ISK      5.75
LANDSBANKI ISLND        1.683   12/22/2014      JPY      5.75
LANDSBANKI ISLND        4.075    3/16/2015      EUR      5.75
LANDSBANKI ISLND        4.000    9/23/2015      EUR      5.75
LANDSBANKI ISLND        2.220   10/15/2019      JPY      5.75
LANDSBANKI ISLND        2.140     2/3/2020      JPY      5.75
LANDSBANKI ISLND        4.340   12/22/2025      EUR      5.75

IRELAND
-------
AIB MORTGAGE BNK        5.580    4/28/2028      EUR     63.43
AIB MORTGAGE BNK        5.000    2/12/2030      EUR     57.31
AIB MORTGAGE BNK        5.000     3/1/2030      EUR     57.28
BANESTO FINANC          5.000    3/23/2030      EUR     70.69
BANK OF IRELAND         4.473   11/30/2016      EUR     74.25
BANK OF IRELAND         5.600    9/18/2023      EUR     55.88
BK IRELAND MTGE         5.760     9/7/2029      EUR     72.32
BK IRELAND MTGE         5.360   10/12/2029      EUR     68.77
BK IRELAND MTGE         5.400    11/6/2029      EUR     69.06
BK IRELAND MTGE         5.450     3/1/2030      EUR     68.62
DEPFA ACS BANK          0.500     3/3/2025      CAD     40.49
DEPFA ACS BANK          3.250    7/31/2031      CHF     67.25
DEPFA ACS BANK          4.900    8/24/2035      CAD     72.79
DEPFA ACS BANK          5.125    3/16/2037      USD     68.53
DEPFA ACS BANK          5.125    3/16/2037      USD     68.53
KALVEBOD PLC            2.000     5/1/2106      DKK     35.00

ITALY
-----
BANCA POP MILANO        4.500    4/18/2018      EUR     75.00
BANCA POP VICENT        4.970    4/20/2027      EUR     69.26
BANCO POPOLARE          9.000    3/29/2049      EUR     51.38
BP CIVIDALE             3.180    5/19/2020      EUR     73.49
BTPS I/L                2.350    9/15/2035      EUR     65.26
BTPS I/L                2.550    9/15/2041      EUR     64.87
CIR SPA                 5.750   12/16/2024      EUR     74.00
CIRIO SPA               8.000   12/21/2005      EUR      0.50
CITY OF ROME            5.345    1/27/2048      EUR     73.43
CITY OF VENICE          4.265    3/26/2026      EUR     73.21
CITY OF VENICE          4.265    3/26/2026      EUR     72.77
CO BRAONE               4.567    6/30/2037      EUR     73.65
CO CASTELMASSA          3.960    3/31/2026      EUR     70.22
COMUNE DI MILANO        4.019    6/29/2035      EUR     65.16
DEXIA CREDIOP           4.250   10/22/2018      EUR     72.95
ENEL (ENTNZENEL)        5.584    11/7/2033      GBP     73.78
ENEL (ENTNZENEL)        5.750    6/22/2037      GBP     72.99
ICCREA BANCAIMPR        5.220    4/11/2017      EUR     47.38
INTESA SANPAOLO         3.750     3/2/2020      EUR     74.01
INTESA SANPAOLO         2.882    4/20/2020      EUR     74.26
MONTE DEI PASCHI        5.750    9/30/2016      GBP     73.91
REGION OF LIGURI        4.795   11/22/2034      EUR     73.48
REGION OF LOMBAR        5.804   10/25/2032      USD     72.27
REP OF ITALY            5.250    12/7/2034      GBP     72.94
REP OF ITALY            2.870    5/19/2036      JPY     49.32
REP OF ITALY            1.850    9/15/2057      EUR     42.40
REP OF ITALY            2.200    9/15/2058      EUR     48.24
REP OF ITALY            4.850    6/11/2060      EUR     69.88
REP OF ITALY            2.000    9/15/2062      EUR     43.65
ROMULUS FINANCE         5.441    2/20/2023      GBP     66.49
SANPAOLO IMI            5.625    3/18/2024      GBP     71.89
SEAT PAGINE            10.500    1/31/2017      EUR     63.00
TELECOM ITALIA          5.250    3/17/2055      EUR     66.02
UNIONE DI BANCHE        6.250   11/18/2018      EUR     32.96
UNIPOL ASSICURAZ        5.660    7/28/2023      EUR     58.73

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014      EUR     22.21
CERRUTI FINANCE         6.500    7/26/2004      EUR      1.50
CIRIO FINANCE           7.500    11/3/2002      EUR      1.00
CIRIO HOLDING           6.250    2/16/2004      EUR      0.13
CODERE FIN LUX          8.250    6/15/2015      EUR     73.30
CODERE FIN LUX          8.250    6/15/2015      EUR     73.70
CODERE FIN LUX          8.250    6/15/2015      EUR     74.12
CODERE FIN LUX          8.250    6/15/2015      EUR     73.38
CODERE FIN LUX          9.250    2/15/2019      USD     70.00
CODERE FIN LUX          9.250    2/15/2019      USD     69.00
DEL MONTE FIN SA        6.625    5/24/2006      EUR     12.25
DEXIA BQ INT LUX        6.000     7/2/2018      EUR     74.10
ESFG INTERNATION        6.875   10/21/2019      EUR     64.25
ESPIRITO SANTO F        9.750   12/19/2025      EUR     63.98
HELLAS III              8.500   10/15/2013      EUR      0.25
HELLAS III              8.500   10/15/2013      EUR      0.25
INTL INDUST BANK        9.000     7/6/2011      EUR      1.63
IT HOLDING FIN          9.875   11/15/2012      EUR      0.38
IT HOLDING FIN          9.875   11/15/2012      EUR      0.38
LA VEGGIA FIN           7.125   11/14/2004      EUR      0.63
LIGHTHOUSE INTL         8.000    4/30/2014      EUR     11.13
LIGHTHOUSE INTL         8.000    4/30/2014      EUR     11.13
ORCO PROPERTY GR        1.000    4/30/2020      EUR     46.01
TEKSID ALUMI LUX       11.375    7/15/2011      EUR      0.38
VIVALDIS                0.500    6/13/2013      EUR     60.23
VIVALDIS                0.500    6/13/2028      EUR     60.23
VIVALDIS                0.500     8/8/2028      EUR     64.66

NETHERLANDS
-----------
APP INTL FINANCE       11.750    10/1/2005      USD      0.01
ASTANA FINANCE          7.875     6/8/2010      EUR     10.00
ASTANA FINANCE          9.000   11/16/2011      USD      5.88
ASTANA FINANCE         14.500     7/2/2013      USD      3.13
ATRADIUS FIN BV         5.875     9/3/2024      EUR     66.22
BK NED GEMEENTEN        0.500    5/10/2017      TRY     73.89
BK NED GEMEENTEN        0.500    5/22/2017      ZAR     74.06
BK NED GEMEENTEN        0.500    6/12/2017      TRY     73.89
BK NED GEMEENTEN        0.500    7/12/2017      TRY     74.49
BK NED GEMEENTEN        0.500     3/3/2021      NZD     67.79
BK NED GEMEENTEN        0.500    3/29/2021      NZD     69.08
BK NED GEMEENTEN        0.500    5/12/2021      ZAR     54.83
BK NED GEMEENTEN        0.500    6/22/2021      ZAR     54.37
BK NED GEMEENTEN        0.500     6/7/2022      ZAR     51.24
BK NED GEMEENTEN        0.500    7/12/2022      ZAR     53.73
BK NED GEMEENTEN        0.500    2/24/2025      CAD     67.30
BLT FINANCE BV          7.500    5/15/2014      USD     21.50
BLT FINANCE BV          7.500    5/15/2014      USD     21.75
BLT FINANCE BV         12.000    2/10/2015      USD     24.88
BNP PARIBAS ARB         5.000    12/3/2012      EUR     67.87
BULGARIA STEEL         12.000     5/4/2013      EUR      5.38
BULGARIA STEEL         12.000     5/4/2013      EUR      5.25
CIRIO DEL MONTE         7.750    3/14/2005      EUR      2.13
ENEL FIN INTL NV        5.750    9/14/2040      GBP     71.81
GREENWICH AVENUE       10.000    6/30/2013      USD      0.50
IBERDROLA INTL          4.100     4/4/2022      EUR     74.63
KPNQWEST BV             8.875     2/1/2008      EUR      0.13
KPNQWEST BV             8.875     2/1/2008      EUR      0.13
KPNQWEST BV             8.875     2/1/2008      EUR      0.13
KPNQWEST BV             7.125     6/1/2009      EUR      0.13
KPNQWEST BV             7.125     6/1/2009      EUR      0.13
KPNQWEST BV             8.125     6/1/2009      USD      0.13
KPNQWEST BV             7.125     6/1/2009      EUR      0.13
KPNQWEST NV            10.000    3/15/2012      EUR      0.13
LEHMAN BROS TR B        3.500    9/29/2017      EUR      3.25
LEHMAN BROS TSY         4.050    9/16/2008      EUR      3.25
LEHMAN BROS TSY        23.300    9/16/2008      USD     19.00
LEHMAN BROS TSY         7.375    9/20/2008      EUR     19.00
LEHMAN BROS TSY        18.250    10/2/2008      USD     19.00
LEHMAN BROS TSY         7.250    10/6/2008      EUR     19.00
LEHMAN BROS TSY        16.000    10/8/2008      CHF     19.00
LEHMAN BROS TSY        10.000   10/22/2008      USD     19.00
LEHMAN BROS TSY         8.000   10/23/2008      USD     19.00
LEHMAN BROS TSY         7.500   10/24/2008      USD     19.00
LEHMAN BROS TSY         5.000   10/24/2008      CHF     19.00
LEHMAN BROS TSY         6.000   10/24/2008      EUR     19.00
LEHMAN BROS TSY        16.000   10/28/2008      USD     19.00
LEHMAN BROS TSY        13.150   10/30/2008      USD     19.00
LEHMAN BROS TSY        16.000    11/9/2008      USD     19.00
LEHMAN BROS TSY        14.100   11/12/2008      USD     19.00
LEHMAN BROS TSY        10.442   11/22/2008      CHF     19.00
LEHMAN BROS TSY         7.000   11/28/2008      CHF     19.00
LEHMAN BROS TSY        16.000   12/26/2008      USD     19.00
LEHMAN BROS TSY         6.720   12/29/2008      EUR      3.25
LEHMAN BROS TSY        13.432     1/8/2009      ILS     19.00
LEHMAN BROS TSY         7.750    1/30/2009      EUR     19.00
LEHMAN BROS TSY         6.600     2/9/2009      EUR      3.25
LEHMAN BROS TSY         0.500    2/16/2009      EUR     19.00
LEHMAN BROS TSY        11.000    2/16/2009      CHF     19.00
LEHMAN BROS TSY        13.000    2/16/2009      CHF     19.00
LEHMAN BROS TSY        10.000    2/16/2009      CHF     19.00
LEHMAN BROS TSY         5.000    3/13/2009      EUR      3.25
LEHMAN BROS TSY         9.000    3/17/2009      GBP     19.00
LEHMAN BROS TSY        10.000    3/27/2009      USD      3.25
LEHMAN BROS TSY         7.000    4/14/2009      EUR     19.00
LEHMAN BROS TSY         8.000    4/20/2009      EUR      3.25
LEHMAN BROS TSY         3.850    4/24/2009      USD     19.00
LEHMAN BROS TSY         4.000    4/24/2009      USD     19.00
LEHMAN BROS TSY         2.480    5/12/2009      USD      3.25
LEHMAN BROS TSY         2.250    5/12/2009      USD      3.25
LEHMAN BROS TSY        16.200    5/14/2009      USD     19.00
LEHMAN BROS TSY         4.100    5/20/2009      USD     19.00
LEHMAN BROS TSY        10.000    5/22/2009      USD     19.00
LEHMAN BROS TSY         8.000    5/22/2009      USD     19.00
LEHMAN BROS TSY         8.000    5/22/2009      USD     19.00
LEHMAN BROS TSY        13.500     6/2/2009      USD     19.00
LEHMAN BROS TSY        17.000     6/2/2009      USD     19.00
LEHMAN BROS TSY        15.000     6/4/2009      CHF     19.00
LEHMAN BROS TSY         3.700     6/6/2009      EUR      3.25
LEHMAN BROS TSY         9.000    6/13/2009      USD     19.00
LEHMAN BROS TSY         5.500    6/15/2009      CHF     19.00
LEHMAN BROS TSY         5.750    6/15/2009      CHF     19.00
LEHMAN BROS TSY        10.000    6/17/2009      USD     19.00
LEHMAN BROS TSY         3.000    6/23/2009      EUR      3.25
LEHMAN BROS TSY        11.000    6/29/2009      EUR     19.00
LEHMAN BROS TSY         8.500     7/6/2009      CHF     19.00
LEHMAN BROS TSY         4.500     8/2/2009      USD     19.00
LEHMAN BROS TSY         8.000     8/3/2009      USD     19.00
LEHMAN BROS TSY        16.800    8/21/2009      USD     19.00
LEHMAN BROS TSY         7.500    9/13/2009      CHF     19.00
LEHMAN BROS TSY         3.400    9/21/2009      HKD     19.00
LEHMAN BROS TSY         3.820   10/20/2009      USD     19.00
LEHMAN BROS TSY         2.750   10/28/2009      EUR      3.25
LEHMAN BROS TSY         2.000   11/16/2009      EUR      3.25
LEHMAN BROS TSY         5.250   11/21/2009      USD      3.25
LEHMAN BROS TSY         7.585   11/22/2009      MXN     19.00
LEHMAN BROS TSY         8.800   12/27/2009      EUR     19.00
LEHMAN BROS TSY        10.000     1/4/2010      USD      3.25
LEHMAN BROS TSY         1.750     2/7/2010      EUR     19.00
LEHMAN BROS TSY         7.500    2/14/2010      AUD     19.00
LEHMAN BROS TSY         7.000    2/15/2010      CHF     19.00
LEHMAN BROS TSY         4.100    2/19/2010      EUR      3.25
LEHMAN BROS TSY         6.450    2/20/2010      AUD     19.00
LEHMAN BROS TSY         1.000    2/26/2010      USD      3.25
LEHMAN BROS TSY         4.000    2/28/2010      EUR     19.00
LEHMAN BROS TSY        11.750     3/1/2010      EUR     19.00
LEHMAN BROS TSY         7.600     3/4/2010      NZD     19.00
LEHMAN BROS TSY         4.250    5/15/2010      EUR      3.25
LEHMAN BROS TSY         2.000    5/17/2010      EUR     19.00
LEHMAN BROS TSY         4.000    5/17/2010      USD      3.25
LEHMAN BROS TSY         4.000    5/30/2010      USD     19.00
LEHMAN BROS TSY         7.500    5/30/2010      AUD     19.00
LEHMAN BROS TSY         3.000     6/3/2010      EUR      3.25
LEHMAN BROS TSY         3.100     6/4/2010      USD     19.00
LEHMAN BROS TSY         7.250    6/20/2010      USD      3.25
LEHMAN BROS TSY         1.600    6/21/2010      JPY      3.25
LEHMAN BROS TSY         5.500    6/22/2010      USD      3.25
LEHMAN BROS TSY         7.000    7/11/2010      EUR      3.25
LEHMAN BROS TSY         6.000    7/28/2010      EUR     19.00
LEHMAN BROS TSY         6.000    7/28/2010      EUR     19.00
LEHMAN BROS TSY        10.500     8/9/2010      EUR     19.00
LEHMAN BROS TSY         4.000    8/11/2010      USD      3.25
LEHMAN BROS TSY         4.100    8/23/2010      USD     19.00
LEHMAN BROS TSY         3.000    9/13/2010      JPY     19.00
LEHMAN BROS TSY         4.000   10/12/2010      USD     19.00
LEHMAN BROS TSY         1.500   10/12/2010      EUR      3.25
LEHMAN BROS TSY         7.000   10/22/2010      EUR      3.25
LEHMAN BROS TSY         1.280    11/6/2010      JPY     19.00
LEHMAN BROS TSY        14.900   11/16/2010      EUR     19.00
LEHMAN BROS TSY         8.050   12/20/2010      HKD     19.00
LEHMAN BROS TSY         9.300   12/21/2010      EUR     19.00
LEHMAN BROS TSY         9.300   12/21/2010      EUR     19.00
LEHMAN BROS TSY         6.000   12/21/2010      USD     19.00
LEHMAN BROS TSY         4.500   12/30/2010      USD     19.00
LEHMAN BROS TSY         8.000   12/31/2010      USD     19.00
LEHMAN BROS TSY         4.000     1/4/2011      USD     19.00
LEHMAN BROS TSY         8.875    1/28/2011      HKD     19.00
LEHMAN BROS TSY         4.000    3/10/2011      EUR      3.25
LEHMAN BROS TSY         6.000    3/14/2011      EUR      3.25
LEHMAN BROS TSY         6.000    3/17/2011      EUR      3.25
LEHMAN BROS TSY        15.000    3/30/2011      EUR      3.25
LEHMAN BROS TSY         4.000    4/13/2011      CHF      3.25
LEHMAN BROS TSY         6.700    4/21/2011      USD      3.25
LEHMAN BROS TSY         5.000    5/12/2011      CHF      3.25
LEHMAN BROS TSY         4.000     6/5/2011      USD     19.00
LEHMAN BROS TSY         2.400    6/20/2011      JPY      3.25
LEHMAN BROS TSY         3.500    6/20/2011      EUR      3.25
LEHMAN BROS TSY         2.000    6/21/2011      EUR      3.25
LEHMAN BROS TSY         6.000    6/21/2011      EUR      3.25
LEHMAN BROS TSY         2.000    6/28/2011      EUR      3.25
LEHMAN BROS TSY        11.000     7/4/2011      CHF     19.00
LEHMAN BROS TSY        12.000     7/4/2011      EUR     19.00
LEHMAN BROS TSY        11.000     7/4/2011      USD     19.00
LEHMAN BROS TSY         7.625    7/22/2011      HKD     19.00
LEHMAN BROS TSY         4.000    7/27/2011      EUR      3.25
LEHMAN BROS TSY         3.000    8/13/2011      EUR      3.25
LEHMAN BROS TSY         6.650    8/24/2011      AUD     19.25
LEHMAN BROS TSY         5.000     9/1/2011      EUR      3.25
LEHMAN BROS TSY         6.250     9/5/2011      EUR      3.25
LEHMAN BROS TSY         0.010    9/20/2011      USD      3.25
LEHMAN BROS TSY         6.000    9/20/2011      EUR      3.25
LEHMAN BROS TSY         7.000    9/20/2011      USD      3.25
LEHMAN BROS TSY         3.860    9/21/2011      SGD     19.00
LEHMAN BROS TSY         3.500   10/24/2011      USD      3.25
LEHMAN BROS TSY         1.500   10/25/2011      EUR      3.25
LEHMAN BROS TSY         3.500   10/31/2011      USD      3.25
LEHMAN BROS TSY         4.600    11/9/2011      EUR      3.25
LEHMAN BROS TSY         2.500    11/9/2011      CHF      3.25
LEHMAN BROS TSY         5.000    12/6/2011      EUR      3.25
LEHMAN BROS TSY         2.500   12/15/2011      GBP     19.00
LEHMAN BROS TSY        11.000   12/19/2011      USD      3.25
LEHMAN BROS TSY        10.000     1/3/2012      BRL      3.25
LEHMAN BROS TSY         7.750     1/3/2012      AUD     19.00
LEHMAN BROS TSY         1.500     2/8/2012      CHF      3.25
LEHMAN BROS TSY         6.000    2/14/2012      EUR     19.00
LEHMAN BROS TSY         7.000    2/15/2012      EUR     19.00
LEHMAN BROS TSY         1.460    2/19/2012      JPY     19.00
LEHMAN BROS TSY         6.600    2/22/2012      EUR     19.00
LEHMAN BROS TSY         3.630     3/2/2012      EUR     19.00
LEHMAN BROS TSY         8.000    3/19/2012      USD      3.25
LEHMAN BROS TSY         0.750    3/29/2012      EUR      3.25
LEHMAN BROS TSY         6.750     4/5/2012      EUR      3.25
LEHMAN BROS TSY         1.000     5/9/2012      EUR      3.25
LEHMAN BROS TSY         6.600    5/23/2012      AUD     19.00
LEHMAN BROS TSY         4.300     6/4/2012      USD     19.00
LEHMAN BROS TSY         9.250    6/20/2012      USD      3.25
LEHMAN BROS TSY         4.000    7/20/2012      EUR      3.25
LEHMAN BROS TSY        13.000    7/25/2012      EUR     19.00
LEHMAN BROS TSY         2.500    8/15/2012      CHF      3.25
LEHMAN BROS TSY         2.500    8/23/2012      GBP     19.00
LEHMAN BROS TSY         0.250   10/19/2012      CHF      3.25
LEHMAN BROS TSY         4.000   10/24/2012      EUR      3.25
LEHMAN BROS TSY         6.000   10/30/2012      USD      3.25
LEHMAN BROS TSY         6.000   10/30/2012      EUR      3.25
LEHMAN BROS TSY         5.000   11/22/2012      EUR      3.25
LEHMAN BROS TSY         5.500   11/30/2012      CZK      3.25
LEHMAN BROS TSY         6.250   11/30/2012      EUR      3.25
LEHMAN BROS TSY         4.000    12/2/2012      EUR      3.25
LEHMAN BROS TSY         3.000    12/3/2012      EUR      3.25
LEHMAN BROS TSY        13.000   12/14/2012      USD      3.25
LEHMAN BROS TSY         7.600    1/31/2013      AUD     19.00
LEHMAN BROS TSY         4.500     3/6/2013      CHF      3.25
LEHMAN BROS TSY         2.875    3/14/2013      CHF     18.25
LEHMAN BROS TSY         7.150    3/21/2013      USD      3.25
LEHMAN BROS TSY         7.600    5/21/2013      USD      3.25
LEHMAN BROS TSY         3.450    5/23/2013      USD      3.25
LEHMAN BROS TSY         2.300     6/6/2013      USD     19.00
LEHMAN BROS TSY         2.300    6/27/2013      USD     19.00
LEHMAN BROS TSY         2.370    7/15/2013      USD      3.25
LEHMAN BROS TSY         8.600    7/31/2013      GBP      3.25
LEHMAN BROS TSY         8.280    7/31/2013      GBP      3.25
LEHMAN BROS TSY         7.320    7/31/2013      GBP      3.25
LEHMAN BROS TSY         7.500    7/31/2013      GBP      3.25
LEHMAN BROS TSY         4.600     8/1/2013      EUR      3.25
LEHMAN BROS TSY         6.000     8/7/2013      EUR      3.25
LEHMAN BROS TSY         4.870    10/8/2013      USD     19.00
LEHMAN BROS TSY         1.950    11/4/2013      EUR     19.00
LEHMAN BROS TSY         7.000   11/26/2013      EUR      3.25
LEHMAN BROS TSY         5.375     2/4/2014      USD      3.25
LEHMAN BROS TSY         5.000    2/27/2014      EUR      3.25
LEHMAN BROS TSY        10.600    4/22/2014      MXN      3.25
LEHMAN BROS TSY         5.300    4/23/2014      EUR      3.25
LEHMAN BROS TSY         2.300    4/28/2014      JPY      3.25
LEHMAN BROS TSY         4.100    6/10/2014      SGD     19.00
LEHMAN BROS TSY         5.250     7/8/2014      EUR     19.00
LEHMAN BROS TSY         0.250    7/21/2014      EUR      3.25
LEHMAN BROS TSY         4.500    7/24/2014      EUR      3.25
LEHMAN BROS TSY         5.000    9/22/2014      EUR      3.25
LEHMAN BROS TSY         8.000   10/17/2014      EUR      3.25
LEHMAN BROS TSY         3.025    1/31/2015      EUR      3.25
LEHMAN BROS TSY         5.000    2/16/2015      EUR      3.25
LEHMAN BROS TSY         5.000    2/25/2015      EUR      3.25
LEHMAN BROS TSY         5.400     3/4/2015      USD      3.25
LEHMAN BROS TSY         1.680     3/5/2015      EUR      3.25
LEHMAN BROS TSY         4.500     3/7/2015      EUR      3.25
LEHMAN BROS TSY         5.550    3/12/2015      EUR     19.00
LEHMAN BROS TSY         5.000    3/18/2015      EUR      3.63
LEHMAN BROS TSY         5.400    3/18/2015      USD      3.25
LEHMAN BROS TSY         7.050     4/8/2015      USD      3.25
LEHMAN BROS TSY         6.500    5/16/2015      EUR      3.25
LEHMAN BROS TSY         8.250    12/3/2015      EUR      3.25
LEHMAN BROS TSY         8.250     2/3/2016      EUR      3.25
LEHMAN BROS TSY         8.000    2/16/2016      EUR      3.25
LEHMAN BROS TSY         7.750    2/21/2016      EUR      3.25
LEHMAN BROS TSY         4.700    3/23/2016      EUR      3.25
LEHMAN BROS TSY         4.700    3/23/2016      EUR      3.25
LEHMAN BROS TSY         8.500     7/5/2016      EUR      3.25
LEHMAN BROS TSY         4.600     7/6/2016      EUR      3.25
LEHMAN BROS TSY         4.350     8/8/2016      SGD     19.00
LEHMAN BROS TSY         3.350   10/13/2016      EUR      3.25
LEHMAN BROS TSY         4.000   11/24/2016      EUR      3.25
LEHMAN BROS TSY         6.000    12/6/2016      USD      3.25
LEHMAN BROS TSY         0.800   12/30/2016      EUR      3.25
LEHMAN BROS TSY         4.000    2/16/2017      EUR      3.25
LEHMAN BROS TSY         4.690    2/19/2017      EUR     19.00
LEHMAN BROS TSY         5.000    4/24/2017      EUR      3.25
LEHMAN BROS TSY         4.500     5/2/2017      EUR      3.25
LEHMAN BROS TSY         7.500     5/2/2017      EUR      3.25
LEHMAN BROS TSY         7.390     5/4/2017      USD      3.25
LEHMAN BROS TSY         5.100     5/8/2017      HKD     19.00
LEHMAN BROS TSY         6.000    5/12/2017      EUR      3.25
LEHMAN BROS TSY         7.000     6/6/2017      EUR     14.00
LEHMAN BROS TSY         7.500    6/15/2017      USD      3.25
LEHMAN BROS TSY         3.000     8/8/2017      EUR      3.25
LEHMAN BROS TSY         3.000    8/15/2017      EUR      3.25
LEHMAN BROS TSY         5.000    8/16/2017      EUR      3.25
LEHMAN BROS TSY         4.600   10/11/2017      ILS     19.00
LEHMAN BROS TSY        12.220   11/21/2017      USD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      AUD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      AUD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      AUD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      AUD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      AUD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      USD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      USD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      USD      3.25
LEHMAN BROS TSY         0.500   12/20/2017      USD      3.25
LEHMAN BROS TSY         9.000   12/20/2017      AUD      3.25
LEHMAN BROS TSY         9.000   12/20/2017      AUD      3.25
LEHMAN BROS TSY         9.000   12/20/2017      AUD      3.25
LEHMAN BROS TSY         6.000   12/30/2017      EUR      3.25
LEHMAN BROS TSY         5.000    2/15/2018      EUR      3.25
LEHMAN BROS TSY         5.200    3/19/2018      EUR     19.00
LEHMAN BROS TSY         2.600    3/19/2018      JPY     19.00
LEHMAN BROS TSY         8.000    3/21/2018      USD      3.25
LEHMAN BROS TSY         7.800    3/31/2018      USD      3.25
LEHMAN BROS TSY         9.500     4/1/2018      USD      3.25
LEHMAN BROS TSY         6.000    5/23/2018      CZK      3.25
LEHMAN BROS TSY         9.750    6/22/2018      USD      3.25
LEHMAN BROS TSY         6.300   12/21/2018      USD      3.25
LEHMAN BROS TSY        11.000     5/9/2020      USD      3.25
LEHMAN BROS TSY         0.500     6/2/2020      EUR     19.00
LEHMAN BROS TSY         0.500     7/2/2020      EUR     19.00
LEHMAN BROS TSY         4.900    7/28/2020      EUR      3.25
LEHMAN BROS TSY         0.500     8/1/2020      EUR     19.00
LEHMAN BROS TSY         4.150    8/25/2020      EUR     19.00
LEHMAN BROS TSY         4.250    3/13/2021      EUR     19.00
LEHMAN BROS TSY         5.000     5/2/2022      EUR     19.00
LEHMAN BROS TSY         9.000    5/15/2022      USD      3.25
LEHMAN BROS TSY         6.000    2/19/2023      USD      3.25
LEHMAN BROS TSY         5.250     4/1/2023      EUR     19.00
LEHMAN BROS TSY         5.220     3/1/2024      EUR     19.00
LEHMAN BROS TSY         5.000     8/1/2025      EUR      3.25
LEHMAN BROS TSY         5.250    5/26/2026      EUR      3.25
LEHMAN BROS TSY         6.500    7/24/2026      EUR      3.25
LEHMAN BROS TSY         5.120    4/30/2027      EUR     19.00
LEHMAN BROS TSY         3.500   12/20/2027      USD      3.25
LEHMAN BROS TSY         5.000    2/28/2032      EUR      3.25
LEHMAN BROS TSY         6.000    2/15/2035      EUR      3.25
LEHMAN BROS TSY         8.250    3/16/2035      EUR      3.38
LEHMAN BROS TSY         7.000    5/17/2035      EUR      3.25
LEHMAN BROS TSY         7.500     8/1/2035      EUR      3.25
LEHMAN BROS TSY         7.250    10/5/2035      EUR      3.25
LEHMAN BROS TSY         6.000    11/2/2035      EUR      3.25
LEHMAN BROS TSY         3.000    9/12/2036      JPY      3.25
LEHMAN BROS TSY         4.950   10/25/2036      EUR      3.25
LEHMAN BROS TSY         4.820   12/18/2036      EUR     19.00
LEHMAN BROS TSY        10.000     8/2/2037      JPY      3.25
LEHMAN BROS TSY         4.680   12/12/2045      EUR     19.00
LEHMAN BROS TSY         5.103    6/22/2046      EUR     19.00
MAGYAR TELECOM          9.500   12/15/2016      EUR     75.75
NATL INVESTER BK       25.983     5/7/2029      EUR     32.66
NED WATERSCHAPBK        0.500    3/11/2025      CAD     65.75
NIB CAPITAL BANK        4.510   12/16/2035      EUR     74.31
PORTUGAL TEL FIN        4.500    6/16/2025      EUR     70.47
Q-CELLS INTERNAT        1.375    4/30/2012      EUR     12.18
Q-CELLS INTERNAT        5.750    5/26/2014      EUR     12.62
RABOBANK                0.500   11/26/2021      ZAR     47.72
RBS NV EX-ABN NV        2.910    6/21/2036      JPY     59.90
SNS BANK                6.250   10/26/2020      EUR     70.54
SNS BANK                4.580    3/20/2026      EUR     70.89
SNS BANK                5.215    12/3/2027      EUR     73.14
SRLEV NV                9.000    4/15/2041      EUR     72.51

NORWAY
------
KOMMUNALBANKEN          0.500    7/28/2016      BRL     75.06
KOMMUNALBANKEN          0.500    7/29/2016      TRY     74.68
KOMMUNALBANKEN          0.500    8/16/2016      BRL     74.79
KOMMUNALBANKEN          0.500     3/7/2017      BRL     72.22
KOMMUNALBANKEN          0.500    3/28/2017      BRL     71.92
KOMMUNALBANKEN          0.500    3/29/2017      BRL     71.47
KOMMUNALBANKEN          0.500    5/10/2017      BRL     71.31
KOMMUNALBANKEN          0.500     6/1/2017      BRL     74.39
KOMMUNALBANKEN          0.500     3/2/2018      BRL     67.25
KOMMUNALBANKEN          0.500    5/25/2018      ZAR     68.79
NORSKE SKOGIND          6.125   10/15/2015      USD     70.13
NORSKE SKOGIND          6.125   10/15/2015      USD     70.13
NORSKE SKOGIND         11.750    6/15/2016      EUR     75.00
NORSKE SKOGIND         11.750    6/15/2016      EUR     74.48
NORSKE SKOGIND          7.000    6/26/2017      EUR     60.39
NORSKE SKOGIND          7.125   10/15/2033      USD     51.38
NORSKE SKOGIND          7.125   10/15/2033      USD     51.38
PETROMENA              10.850   11/19/2010      USD      8.00
PETROMENA               9.750    5/24/2013      NOK      8.00
RENEWABLE CORP          6.500     6/4/2014      EUR     72.60

POLAND
------
POLAND GOVT BOND        5.000    4/25/2037      PLN     67.50

PORTUGAL
--------
ANAM                    5.340    7/29/2014      EUR     70.17
CAIXA GERAL DEPO        4.000    5/13/2019      EUR     74.00
CAIXA GERAL DEPO        5.380    10/1/2038      EUR     62.48
COMBOIOS DE PORT        4.170   10/16/2019      EUR     53.68
METRO DE LISBOA         5.750     2/4/2019      EUR     57.13
METRO DE LISBOA         7.300   12/23/2025      EUR     52.88
METRO DE LISBOA         4.061    12/4/2026      EUR     47.50
METRO DE LISBOA         4.799    12/7/2027      EUR     49.63
MONTEPIO GERAL          5.000     2/8/2017      EUR     63.00
PARPUBLICA              3.567    9/22/2020      EUR     59.36
PARPUBLICA              4.200   11/16/2026      EUR     51.38
PORTUGUESE OT'S         4.450    6/15/2018      EUR     73.79
PORTUGUESE OT'S         4.750    6/14/2019      EUR     71.33
PORTUGUESE OT'S         4.800    6/15/2020      EUR     69.29
PORTUGUESE OT'S         3.850    4/15/2021      EUR     64.41
PORTUGUESE OT'S         4.950   10/25/2023      EUR     64.54
PORTUGUESE OT'S         4.100    4/15/2037      EUR     48.89
REFER                   4.000    3/16/2015      EUR     61.06
REFER                   5.875    2/18/2019      EUR     63.03
REFER                   4.250   12/13/2021      EUR     41.44
REFER                   4.675   10/16/2024      EUR     54.62
REFER                   4.047   11/16/2026      EUR     51.93

RUSSIA
------
ARIZK                   3.000   12/20/2030      RUB     49.76
DVTG-FINANS             7.750    7/18/2013      RUB     20.29
DVTG-FINANS            17.000    8/29/2013      RUB     55.55
MIRAX                  17.000    9/17/2012      RUB     11.00
NOK                    12.500    8/26/2014      RUB      5.00
PROMPEREOSNASTKA        1.000   12/17/2012      RUB      0.01
RBC OJSC                3.270    4/19/2018      RUB     51.00
SATURN                  8.000     6/6/2014      RUB      2.00

SPAIN
-----
AYT CEDULAS CAJA        4.000    3/31/2020      EUR     69.97
AYT CEDULAS CAJA        4.000    3/24/2021      EUR     69.17
AYT CEDULAS CAJA        3.750   12/14/2022      EUR     60.17
AYT CEDULAS CAJA        4.250   10/25/2023      EUR     62.21
AYT CEDULAS CAJA        3.750    6/30/2025      EUR     53.80
AYT CEDULAS CAJA        4.750    5/25/2027      EUR     57.48
AYUNTAM DE MADRD        4.650    1/10/2017      EUR     65.42
AYUNTAM DE MADRD        5.078    12/2/2018      EUR     63.01
AYUNTAM DE MADRD        4.350    6/16/2021      EUR     58.38
AYUNTAM DE MADRD        4.550    6/16/2036      EUR     44.38
BANCAJA                 4.375    2/14/2017      EUR     71.72
BANCAJA                 1.500    5/22/2018      EUR     58.13
BANCO BILBAO VIZ        4.375   10/20/2019      EUR     67.52
BANCO BILBAO VIZ        4.500    2/16/2022      EUR     60.00
BANCO BILBAO VIZ        6.025     3/3/2033      EUR     39.11
BANCO CASTILLA          1.500    6/23/2021      EUR     68.38
BANCO POP ESPAN         5.702   12/22/2019      EUR     61.25
BANCO POP ESPAN         8.000    7/29/2021      EUR     67.63
BANCO POP ESPAN         8.250   10/19/2021      EUR     68.50
BANCO SABADELL          6.250    4/26/2020      EUR     67.67
BANKINTER SA            6.000   12/18/2028      EUR     70.50
BASQUE GOV'T            4.150   10/28/2019      EUR     71.35
BASQUE GOV'T            4.600     1/7/2025      EUR     61.28
BBVA SUB CAP UNI        5.750    3/11/2018      GBP     72.00
BBVA SUB CAP UNI        2.750   10/22/2035      JPY     57.83
BPE FINANCIACION        6.873   10/22/2020      EUR     65.00
CAIXA TERRASSA          4.700     8/9/2021      EUR     67.13
CAIXA TERRASSA          1.700    3/12/2022      EUR     60.53
CAIXABANK               4.000     2/9/2022      EUR     74.83
CAJA ESPANA             4.150    2/23/2020      EUR     68.63
CAJA ESPANA             3.500    6/29/2020      EUR     65.88
CAJA MADRID             5.116    7/15/2015      EUR     44.38
CAJA MADRID             4.000     2/3/2025      EUR     66.02
CAJA MADRID             4.125    3/24/2036      EUR     61.33
CAJA MADRID             5.020    2/26/2038      EUR     73.61
CEDULAS TDA 6 FO        3.875    5/23/2025      EUR     54.82
CEDULAS TDA 6 FO        4.250    4/10/2031      EUR     51.29
CEDULAS TDA A-4         4.125    4/10/2021      EUR     69.96
CEDULAS TDA A-5         4.250    3/28/2027      EUR     56.87
COMUN AUTO CANAR        4.450   11/17/2019      EUR     69.78
COMUN AUTO CANAR        4.929     3/9/2020      EUR     65.84
COMUN AUTO CANAR        5.750   10/15/2029      EUR     71.21
COMUN AUTO CANAR        3.900   11/30/2035      EUR     48.33
COMUN AUTO CANAR        4.200   10/25/2036      EUR     49.24
COMUN NAVARRA           4.000   11/23/2021      EUR     72.13
COMUNIDAD ARAGON        5.100    10/4/2020      EUR     55.73
COMUNIDAD ARAGON        5.000    10/4/2020      EUR     55.73
COMUNIDAD ARAGON        5.100   11/15/2020      EUR     55.73
COMUNIDAD ARAGON        4.470    7/12/2021      EUR     62.75
COMUNIDAD ARAGON        4.815   10/10/2022      EUR     62.40
COMUNIDAD ARAGON        6.625    2/21/2023      EUR     72.40
COMUNIDAD ARAGON        4.646    7/11/2036      EUR     47.46
COMUNIDAD BALEAR        4.796     3/4/2020      EUR     66.63
COMUNIDAD BALEAR        3.869   11/23/2020      EUR     58.88
COMUNIDAD BALEAR        4.063   11/23/2035      EUR     43.27
COMUNIDAD MADRID        7.550    7/21/2026      EUR     73.63
COMUNIDAD MADRID        4.300    9/15/2026      EUR     66.19
COMUNIDAD MURCIA        4.725    11/5/2018      EUR     73.64
COMUNIDAD MURCIA        4.695    3/30/2020      EUR     71.89
DIPUTACION FOR          4.323   12/29/2023      EUR     56.04
FADE                    5.000    6/17/2026      EUR     75.60
FERIA VALENCIA          6.040    6/10/2027      EUR     49.97
GEN DE CATALUNYA        2.315    9/10/2015      CHF     71.16
GEN DE CATALUNYA        3.875    9/15/2015      EUR     73.75
GEN DE CATALUNYA        2.355   11/10/2015      CHF     70.01
GEN DE CATALUNYA       10.900   11/16/2015      EUR     74.13
GEN DE CATALUNYA        2.750    3/24/2016      CHF     68.36
GEN DE CATALUNYA        4.300   11/15/2016      EUR     71.75
GEN DE CATALUNYA        4.750     6/4/2018      EUR     64.88
GEN DE CATALUNYA        4.950    2/11/2020      EUR     59.07
GEN DE CATALUNYA        4.801    7/31/2020      EUR     55.38
GEN DE CATALUNYA        4.900    9/15/2021      EUR     57.38
GEN DE CATALUNYA        5.250    10/5/2023      EUR     57.38
GEN DE CATALUNYA        5.900    5/20/2024      EUR     55.38
GEN DE CATALUNYA        5.325    10/5/2028      EUR     45.25
GEN DE CATALUNYA        5.219    9/10/2029      EUR     43.00
GEN DE CATALUNYA        5.400    5/13/2030      EUR     43.38
GEN DE CATALUNYA        5.900    5/28/2030      EUR     47.00
GEN DE CATALUNYA        5.950    10/1/2030      EUR     46.38
GEN DE CATALUNYA        4.690   10/28/2034      EUR     35.38
GEN DE CATALUNYA        4.220    4/26/2035      EUR     32.13
GEN DE CATALUNYA        2.965     9/8/2039      JPY     38.54
GEN DE CATALUNYA        6.350   11/30/2041      EUR     46.00
GENERAL VALENCIA        3.250     7/6/2015      EUR     72.99
GENERAL VALENCIA        4.375    7/16/2015      EUR     72.83
GENERAL VALENCIA        4.000    11/2/2016      EUR     69.97
GENERAL VALENCIA        4.900    3/17/2020      EUR     59.09
GENERAL VALENCIA        5.900   11/30/2032      EUR     47.13
IM CEDULAS 10           4.500    2/21/2022      EUR     73.76
IM CEDULAS 5            3.500    6/15/2020      EUR     69.13
IM CEDULAS 7            4.000    3/31/2021      EUR     74.24
INSTIT CRDT OFCL        5.000    3/31/2020      CAD     73.55
INSTIT CRDT OFCL        3.000    9/24/2020      USD     62.08
INSTIT CRDT OFCL        2.100    2/23/2021      JPY     61.52
INSTIT CRDT OFCL        2.570   10/22/2021      CHF     68.05
INSTIT CRDT OFCL        3.250    6/28/2024      CHF     68.35
INSTIT CRDT OFCL        5.700   12/30/2024      USD     72.34
INSTITUT CATALA         4.250    6/15/2024      EUR     54.11
JUNTA ANDALUCIA         3.500    2/15/2016      EUR     69.59
JUNTA ANDALUCIA         4.350    1/26/2017      EUR     64.10
JUNTA ANDALUCIA         4.750    1/24/2018      EUR     65.64
JUNTA ANDALUCIA         5.200    7/15/2019      EUR     62.98
JUNTA ANDALUCIA         4.125    1/20/2020      EUR     58.21
JUNTA ANDALUCIA         4.850    3/17/2020      EUR     58.67
JUNTA ANDALUCIA         3.050   12/10/2020      JPY     66.66
JUNTA ANDALUCIA         5.000    7/13/2022      EUR     57.95
JUNTA ANDALUCIA         5.700    7/20/2028      EUR     58.02
JUNTA ANDALUCIA         6.600   11/29/2030      EUR     58.21
JUNTA ANDALUCIA         7.500   11/30/2030      EUR     61.21
JUNTA ANDALUCIA         5.150    5/24/2034      EUR     47.82
JUNTA ANDALUCIA         4.250   10/31/2036      EUR     39.10
JUNTA ANDALUCIA         3.065    7/29/2039      JPY     40.55
JUNTA ANDALUCIA         3.170    7/29/2039      JPY     41.57
JUNTA CASTILLA          4.650    11/8/2022      EUR     64.89
JUNTA CASTILLA          7.200   11/11/2026      EUR     60.36
JUNTA LA MANCHA         4.588    9/24/2017      EUR     69.13
JUNTA LA MANCHA         4.875    3/18/2020      EUR     66.38
JUNTA LA MANCHA         6.000    1/15/2021      EUR     66.88
JUNTA LA MANCHA         5.800    1/30/2021      EUR     67.13
JUNTA LA MANCHA         6.000    1/31/2021      EUR     69.13
JUNTA LA MANCHA         2.810   10/14/2022      JPY     54.38
JUNTA LA MANCHA         4.625   11/30/2022      EUR     57.13
JUNTA LA MANCHA         5.950     9/9/2030      EUR     55.13
JUNTA LA MANCHA         7.705    2/15/2033      EUR     57.13
JUNTA LA MANCHA         3.875    1/31/2036      EUR     31.88
MAPFRE SA               5.921    7/24/2037      EUR     57.14
PITCH1                  5.125    7/20/2022      EUR     73.28
SACYR VALLEHERM         6.500     5/1/2016      EUR     50.25
SANTANDER ISSUAN        5.435   10/24/2017      EUR     69.00
SANTANDER ISSUAN        6.533   10/24/2017      GBP     71.23
SANTANDER ISSUAN        5.750    1/31/2018      GBP     66.00
SANTANDER ISSUAN        4.250    5/30/2018      EUR     67.52
SANTANDER ISSUAN        4.750    5/29/2019      EUR     67.01
SANTANDER ISSUAN        4.500    9/30/2019      EUR     67.01
SPANISH GOV'T           4.200    1/31/2037      EUR     69.08
SPANISH GOV'T           4.900    7/30/2040      EUR     75.63
SPANISH GOV'T           4.700    7/30/2041      EUR     73.46
TELEFONICA EMIS         5.445    10/8/2029      GBP     72.49
XUNTA DE GALICIA        4.205   11/30/2019      EUR     71.23
XUNTA DE GALICIA        4.805    3/26/2020      EUR     72.29
XUNTA DE GALICIA        5.350   11/22/2028      EUR     60.64
XUNTA DE GALICIA        4.025   11/28/2035      EUR     46.04

SWEDEN
------
ASSA ABLOY AB           4.000    2/15/2027      EUR     73.52
RORVIK TIMBER           6.000    6/30/2016      SEK     70.50
SAS AB                  7.500     4/1/2015      SEK     71.84
SWEDISH EXP CRED        0.500    6/29/2016      TRY     73.70
SWEDISH EXP CRED        0.500    9/14/2016      BRL     74.82
SWEDISH EXP CRED        0.500   12/14/2016      BRL     73.34
SWEDISH EXP CRED        0.500   12/21/2016      BRL     73.23
SWEDISH EXP CRED        0.500   12/22/2016      BRL     73.21
SWEDISH EXP CRED        0.500    1/26/2017      BRL     72.65
SWEDISH EXP CRED        0.500     2/3/2017      BRL     72.35
SWEDISH EXP CRED        0.500    3/10/2017      BRL     71.94
SWEDISH EXP CRED        0.500    6/21/2017      BRL     70.31
SWEDISH EXP CRED        0.500    6/30/2017      BRL     70.16
SWEDISH EXP CRED        0.500    7/21/2017      BRL     69.85
SWEDISH EXP CRED        0.500    8/25/2021      ZAR     51.47
SWEDISH EXP CRED        0.500    8/26/2021      AUD     66.03
SWEDISH EXP CRED        1.000   11/15/2021      AUD     70.95
SWEDISH EXP CRED        0.500    1/31/2022      ZAR     49.70
SWEDISH EXP CRED        0.500    2/22/2022      ZAR     49.33
SWEDISH EXP CRED        0.500    3/15/2022      ZAR     49.09
SWEDISH EXP CRED        0.500    6/28/2022      ZAR     47.87
SWEDISH EXP CRED        0.500   12/17/2027      USD     61.70
SWEDISH EXP CRED        0.500    1/25/2028      USD     61.38

SWITZERLAND
-----------
BANK JULIUS BAER       14.000    6/28/2012      EUR     58.90
BANK JULIUS BAER       11.900    6/29/2012      EUR     60.80
BANK JULIUS BAER       11.500    6/29/2012      EUR     71.10
BANK JULIUS BAER        8.000    6/29/2012      EUR     70.25
BANK JULIUS BAER        9.000     7/6/2012      EUR     73.55
BANK JULIUS BAER       10.100     7/6/2012      CHF     38.90
BANK JULIUS BAER       10.500     7/6/2012      CHF     69.60
BANK JULIUS BAER       10.500     7/6/2012      USD     71.20
BANK JULIUS BAER       10.700     7/6/2012      CHF     75.60
BANK JULIUS BAER       11.300     7/6/2012      CHF     39.25
BANK JULIUS BAER       11.900     7/6/2012      CHF     61.05
BANK JULIUS BAER       12.000     7/6/2012      EUR     60.10
BANK JULIUS BAER       12.400     7/6/2012      CHF     53.65
BANK JULIUS BAER       14.800     7/6/2012      EUR     37.25
BANK JULIUS BAER       14.300    7/13/2012      CHF     48.10
BANK JULIUS BAER       10.500    7/18/2012      CHF     58.20
BANK JULIUS BAER        5.500    7/20/2012      CHF     56.10
BANK JULIUS BAER       11.700    7/20/2012      EUR     69.85
BANK JULIUS BAER        8.750    7/26/2012      EUR     70.50
BANK JULIUS BAER       12.000    7/27/2012      EUR     66.80
BANK JULIUS BAER       11.000    7/27/2012      CHF     66.75
BANK JULIUS BAER        9.300    7/27/2012      EUR     71.70
BANK JULIUS BAER        7.400     8/3/2012      EUR     73.90
BANK JULIUS BAER       22.800     8/3/2012      USD     50.77
BANK JULIUS BAER       11.300     8/3/2012      CHF     60.85
BANK JULIUS BAER        9.000    9/17/2012      CHF     38.50
BANK JULIUS BAER       10.500   12/14/2012      USD     71.15
BANK JULIUS BAER       10.000    1/28/2013      CHF     69.65
BANK JULIUS BAER       17.300     2/1/2013      EUR     48.65
BANK JULIUS BAER       10.500    3/28/2013      CHF     72.30
BANK JULIUS BAER       12.000     4/5/2013      USD     77.55
BANK JULIUS BAER       12.000     4/9/2013      CHF     43.40
BANK JULIUS BAER        8.700     8/5/2013      CHF     71.14
CLARIDEN LEU NAS       15.500    6/29/2012      EUR     41.62
CLARIDEN LEU NAS       14.000    6/29/2012      CHF     63.14
CLARIDEN LEU NAS        6.250     7/4/2012      CHF     71.81
CLARIDEN LEU NAS        8.750     7/4/2012      CHF     64.44
CLARIDEN LEU NAS       10.500     7/4/2012      EUR     60.31
CLARIDEN LEU NAS       10.250     7/4/2012      EUR     39.39
CLARIDEN LEU NAS       13.000     7/4/2012      EUR     74.40
CLARIDEN LEU NAS       10.000     7/4/2012      CHF     51.29
CLARIDEN LEU NAS        9.500     7/4/2012      CHF     62.19
CLARIDEN LEU NAS        9.250     7/4/2012      EUR     68.94
CLARIDEN LEU NAS        8.000     7/4/2012      CHF     73.23
CLARIDEN LEU NAS       11.000     7/5/2012      CHF     53.96
CLARIDEN LEU NAS       10.000     7/6/2012      CHF     70.33
CLARIDEN LEU NAS       10.000     7/6/2012      EUR     69.43
CLARIDEN LEU NAS       11.250     7/6/2012      GBP     64.78
CLARIDEN LEU NAS       12.500    7/11/2012      EUR     64.50
CLARIDEN LEU NAS       10.500    7/12/2012      CHF     52.02
CLARIDEN LEU NAS       11.750    7/12/2012      USD     55.00
CLARIDEN LEU NAS       11.750    7/13/2012      EUR     66.40
CLARIDEN LEU NAS        9.500    7/13/2012      EUR     60.32
CLARIDEN LEU NAS        7.900    7/18/2012      USD     75.04
CLARIDEN LEU NAS       10.500    7/18/2012      CHF     54.49
CLARIDEN LEU NAS       11.000    7/18/2012      EUR     66.50
CLARIDEN LEU NAS        9.000    7/19/2012      CHF     53.39
CLARIDEN LEU NAS       10.750    7/19/2012      EUR     74.15
CLARIDEN LEU NAS        9.500    7/20/2012      CHF     56.06
CLARIDEN LEU NAS       12.250    7/20/2012      USD     57.59
CLARIDEN LEU NAS       10.250    7/25/2012      USD     67.71
CLARIDEN LEU NAS       10.250    7/25/2012      EUR     70.69
CLARIDEN LEU NAS       11.000    7/25/2012      NOK     69.31
CLARIDEN LEU NAS        9.250    7/25/2012      CHF     66.37
CLARIDEN LEU NAS        8.750    7/26/2012      CHF     60.67
CLARIDEN LEU NAS       10.500    7/26/2012      CHF     60.26
CLARIDEN LEU NAS       12.000    7/26/2012      EUR     71.09
CLARIDEN LEU NAS       11.000     8/2/2012      USD     60.78
CLARIDEN LEU NAS       10.500     8/2/2012      EUR     41.36
CLARIDEN LEU NAS       10.250     8/2/2012      CHF     56.71
CLARIDEN LEU NAS       10.000     8/3/2012      CHF     70.72
CLARIDEN LEU NAS       10.000     8/8/2012      USD     65.68
CLARIDEN LEU NAS        9.250     8/8/2012      EUR     72.92
CLARIDEN LEU NAS       11.750     8/8/2012      EUR     65.18
CLARIDEN LEU NAS       10.000    8/10/2012      EUR     68.49
CLARIDEN LEU NAS       12.000    8/15/2012      USD     67.28
CLARIDEN LEU NAS        7.000    8/16/2012      CHF     50.97
CLARIDEN LEU NAS       11.250    8/22/2012      CHF     66.65
CLARIDEN LEU NAS       10.500     9/4/2012      USD     64.29
CLARIDEN LEU NAS        9.250     9/4/2012      CHF     41.33
CLARIDEN LEU NAS       12.000     9/4/2012      EUR     27.11
CLARIDEN LEU NAS        7.500    9/10/2012      CHF     61.09
CLARIDEN LEU NAS       11.000    9/10/2012      EUR     70.56
CLARIDEN LEU NAS       10.000    9/11/2012      CHF     43.79
CLARIDEN LEU NAS       10.250    9/17/2012      CHF     44.73
CLARIDEN LEU NAS        9.000    9/24/2012      CHF     62.01
CLARIDEN LEU NAS        9.500    9/24/2012      CHF     66.42
CLARIDEN LEU NAS       10.000    9/25/2012      CHF     75.12
CLARIDEN LEU NAS        7.000    10/4/2012      CHF     45.37
CLARIDEN LEU NAS        8.250    10/5/2012      CHF     72.25
CLARIDEN LEU NAS       10.000    10/8/2012      EUR     58.48
CLARIDEN LEU NAS        9.000    10/8/2012      CHF     71.65
CLARIDEN LEU NAS       10.500    10/8/2012      CHF     72.12
CLARIDEN LEU NAS        9.500   10/15/2012      CHF     45.40
CLARIDEN LEU NAS        8.500   10/15/2012      CHF     44.15
CLARIDEN LEU NAS        8.000   10/15/2012      CHF     56.18
CLARIDEN LEU NAS       10.000   10/15/2012      CHF     44.68
CLARIDEN LEU NAS       10.250   10/18/2012      EUR     71.44
CLARIDEN LEU NAS       20.750    11/2/2012      GBP     70.73
CLARIDEN LEU NAS       10.250   11/12/2012      CHF     72.38
CLARIDEN LEU NAS        7.500   11/13/2012      CHF     48.38
CLARIDEN LEU NAS        7.250   11/13/2012      CHF     68.85
CLARIDEN LEU NAS        7.250   11/16/2012      CHF     49.02
CLARIDEN LEU NAS        7.125   11/19/2012      CHF     48.37
CLARIDEN LEU NAS        8.000   11/20/2012      CHF     67.92
CLARIDEN LEU NAS       10.500   11/26/2012      EUR     65.56
CLARIDEN LEU NAS        0.000   12/14/2012      CHF     50.08
CLARIDEN LEU NAS        0.000   12/17/2012      EUR     66.86
CLARIDEN LEU NAS        8.250   12/17/2012      CHF     64.10
CLARIDEN LEU NAS       10.000   12/17/2012      EUR     75.52
CLARIDEN LEU NAS       18.000   12/28/2012      USD     76.93
CLARIDEN LEU NAS        8.750    1/15/2013      CHF     61.21
CLARIDEN LEU NAS        0.000    1/24/2013      CHF     58.23
CLARIDEN LEU NAS       11.500    2/13/2013      EUR     49.09
CLARIDEN LEU NAS        9.000    2/14/2013      CHF     58.97
CLARIDEN LEU NAS       13.500    2/15/2013      EUR     76.27
CLARIDEN LEU NAS       12.000    2/15/2013      EUR     75.97
CLARIDEN LEU NAS       11.000    2/21/2013      USD     70.22
CLARIDEN LEU NAS       20.000    2/27/2013      USD     70.98
CLARIDEN LEU NAS       12.500     3/1/2013      USD     74.31
CLARIDEN LEU NAS       12.000     3/8/2013      USD     71.77
CLARIDEN LEU NAS        0.000    3/18/2013      CHF     74.70
CLARIDEN LEU NAS       11.500    3/20/2013      CHF     74.59
CLARIDEN LEU NAS        0.000    3/25/2013      CHF     49.71
CLARIDEN LEU NAS       10.750    3/27/2013      USD     73.13
CLARIDEN LEU NAS        0.000     4/4/2013      CHF     65.34
CLARIDEN LEU NAS       10.000    4/10/2013      CHF     71.40
CLARIDEN LEU NAS        6.500    4/26/2013      CHF     48.62
CLARIDEN LEU NAS        0.000    5/31/2013      CHF     62.13
CLARIDEN LEU NAS       10.000    6/10/2013      CHF     46.36
CLARIDEN LEU NAS       13.000    7/15/2013      CHF     56.88
CLARIDEN LEU NAS        7.000    7/22/2013      CHF     60.94
CLARIDEN LEU NAS        0.000    9/16/2013      USD     68.00
CLARIDEN LEU NAS        3.250    9/16/2013      CHF     40.91
CLARIDEN LEU NAS        0.000    9/23/2013      CHF     43.53
CLARIDEN LEU NAS        0.000    11/4/2013      CHF     68.84
CLARIDEN LEU NAS        0.000    11/4/2013      USD     69.01
CLARIDEN LEU NAS        0.000   11/26/2013      CHF     54.66
CLARIDEN LEU NAS        0.000    2/11/2014      CHF     46.65
CLARIDEN LEU NAS        0.000    2/24/2014      CHF     47.03
CLARIDEN LEU NAS        0.000    5/13/2014      CHF     60.96
CLARIDEN LEU NAS        0.000    5/26/2014      CHF     61.31
CLARIDEN LEU NAS        0.000     6/3/2014      CHF     71.50
CLARIDEN LEU NAS        0.000    6/10/2014      CHF     52.64
CLARIDEN LEU NAS        0.000    6/10/2014      CHF     56.47
CLARIDEN LEU NAS        5.250     8/6/2014      CHF     44.63
CLARIDEN LEU NAS        4.500     8/6/2014      EUR     73.16
CLARIDEN LEU NAS        4.500    8/13/2014      CHF     41.71
CLARIDEN LEU NAS        0.000    8/27/2014      CHF     48.00
CLARIDEN LEU NAS        0.000    9/10/2014      CHF     43.75
CLARIDEN LEU NAS        0.000   10/15/2014      CHF     49.23
CRED SUIS NY            8.000     8/3/2012      USD     27.47
CREDIT SUISSE LD        8.250    8/30/2012      USD     76.22
CREDIT SUISSE LD        4.000   12/10/2012      EUR     42.80
CREDIT SUISSE LD        8.900    3/25/2013      EUR     60.31
CREDIT SUISSE LD        1.640     6/1/2042      USD     43.35
S-AIR GROUP             2.125    11/4/2004      CHF     10.00
S-AIR GROUP             0.125     7/7/2005      CHF     10.63
S-AIR GROUP             4.250     2/2/2007      CHF     10.75
SARASIN CI LTD          8.000     9/3/2012      CHF     57.63
SARASIN CI LTD          8.000    4/27/2015      CHF     61.81
SARASIN/GUERNSEY       15.400    7/12/2012      EUR     66.04
SARASIN/GUERNSEY       12.100    7/12/2012      CHF     51.49
SARASIN/GUERNSEY        7.600    7/13/2012      EUR     64.95
SARASIN/GUERNSEY        7.200    7/16/2012      CHF     52.34
SARASIN/GUERNSEY        7.200    7/19/2012      CHF     70.64
SARASIN/GUERNSEY        8.700     8/3/2012      CHF     68.01
SARASIN/GUERNSEY       10.000    8/10/2012      EUR     53.15
SARASIN/GUERNSEY       17.000   10/12/2012      EUR     74.98
SWISSAIR                6.250   10/27/2002      CHF     10.00
SWISSAIR                5.500    7/23/2003      CHF     10.00
SWISSAIR                2.750    7/30/2004      CHF     10.00
SWISSAIR                2.750    7/30/2004      CHF     10.25
SWISSAIR                6.250    4/12/2005      CHF     10.75
UBS AG                 14.400    6/29/2012      CHF     46.80
UBS AG                 13.700    6/29/2012      EUR     70.85
UBS AG                 12.000    6/29/2012      EUR     60.10
UBS AG                 12.100    6/29/2012      CHF     63.85
UBS AG                 10.200    6/29/2012      CHF     73.80
UBS AG                  8.000    7/18/2012      CHF     71.75
UBS AG                 10.960    7/20/2012      USD     20.35
UBS AG                 10.600    7/20/2012      CHF     56.15
UBS AG                 12.000    7/25/2012      EUR     60.10
UBS AG                 12.040    7/31/2012      USD      9.49
UBS AG                  8.460    7/31/2012      USD     30.68
UBS AG                 10.500     8/2/2012      EUR     59.75
UBS AG                 10.200     8/2/2012      CHF     71.70
UBS AG                 11.500     8/2/2012      CHF     68.90
UBS AG                 10.000     8/2/2012      CHF     55.40
UBS AG                 11.000     8/2/2012      EUR     61.25
UBS AG                  9.500    8/10/2012      USD     28.14
UBS AG                 17.250    8/15/2012      EUR     44.65
UBS AG                 14.000    8/27/2012      CHF     69.65
UBS AG                 12.570    8/31/2012      EUR     75.64
UBS AG                  9.430    8/31/2012      USD     33.12
UBS AG                  8.500     9/3/2012      EUR     70.84
UBS AG                 17.730     9/3/2012      EUR     64.66
UBS AG                 18.020     9/3/2012      EUR     73.12
UBS AG                 19.660     9/3/2012      EUR     74.30
UBS AG                 20.830     9/3/2012      EUR     66.98
UBS AG                  9.070     9/3/2012      EUR     59.12
UBS AG                 10.830     9/3/2012      EUR     57.36
UBS AG                 11.600     9/3/2012      EUR     63.66
UBS AG                 13.630     9/3/2012      EUR     52.88
UBS AG                 13.980     9/3/2012      EUR     70.82
UBS AG                 15.150     9/3/2012      EUR     58.08
UBS AG                 17.640     9/3/2012      EUR     48.08
UBS AG                 12.390    9/11/2012      USD     27.37
UBS AG                 27.600    9/21/2012      EUR     75.56
UBS AG                 22.700    9/21/2012      EUR     42.78
UBS AG                 13.000    9/21/2012      EUR     45.50
UBS AG                 18.220    9/28/2012      EUR     48.34
UBS AG                 18.020    9/28/2012      EUR     46.84
UBS AG                 17.920    9/28/2012      EUR     67.60
UBS AG                 16.490    9/28/2012      EUR     70.34
UBS AG                 17.500    9/28/2012      EUR     68.20
UBS AG                 17.500    9/28/2012      EUR     74.88
UBS AG                 17.280    9/28/2012      EUR     67.86
UBS AG                 17.090    9/28/2012      EUR     68.24
UBS AG                 17.050    9/28/2012      EUR     47.74
UBS AG                 16.930    9/28/2012      EUR     59.30
UBS AG                 16.620    9/28/2012      EUR     70.98
UBS AG                 16.720    9/28/2012      EUR     49.54
UBS AG                 22.150    9/28/2012      EUR     60.76
UBS AG                  8.670    9/28/2012      EUR     58.92
UBS AG                  8.810    9/28/2012      EUR     74.56
UBS AG                  9.540    9/28/2012      EUR     57.30
UBS AG                  9.750    9/28/2012      EUR     57.82
UBS AG                  9.830    9/28/2012      EUR     71.82
UBS AG                 10.440    9/28/2012      EUR     55.82
UBS AG                 10.900    9/28/2012      EUR     69.26
UBS AG                 11.040    9/28/2012      EUR     55.80
UBS AG                 11.360    9/28/2012      EUR     54.42
UBS AG                 12.000    9/28/2012      EUR     73.84
UBS AG                 12.020    9/28/2012      EUR     66.92
UBS AG                 12.100    9/28/2012      EUR     74.76
UBS AG                 12.290    9/28/2012      EUR     53.12
UBS AG                 12.300    9/28/2012      EUR     74.64
UBS AG                 12.390    9/28/2012      EUR     54.00
UBS AG                 12.890    9/28/2012      EUR     73.54
UBS AG                 13.180    9/28/2012      EUR     64.76
UBS AG                 13.230    9/28/2012      EUR     51.90
UBS AG                 13.500    9/28/2012      EUR     72.76
UBS AG                  8.530    9/28/2012      EUR     60.06
UBS AG                 13.700    9/28/2012      EUR     72.36
UBS AG                 13.800    9/28/2012      EUR     52.36
UBS AG                 14.180    9/28/2012      EUR     50.76
UBS AG                 14.320    9/28/2012      EUR     74.96
UBS AG                 14.390    9/28/2012      EUR     62.78
UBS AG                 14.500    9/28/2012      EUR     70.80
UBS AG                 14.740    9/28/2012      EUR     71.02
UBS AG                 15.020    9/28/2012      EUR     73.18
UBS AG                 15.050    9/28/2012      EUR     73.36
UBS AG                 15.130    9/28/2012      EUR     49.68
UBS AG                 15.240    9/28/2012      EUR     50.88
UBS AG                 15.370    9/28/2012      EUR     70.20
UBS AG                 15.640    9/28/2012      EUR     60.96
UBS AG                 15.770    9/28/2012      EUR     71.82
UBS AG                 16.000    9/28/2012      EUR     69.38
UBS AG                 16.090    9/28/2012      EUR     48.68
UBS AG                 23.000    9/28/2012      EUR     72.66
UBS AG                 23.560    9/28/2012      EUR     58.88
UBS AG                 21.970    9/28/2012      EUR     43.82
UBS AG                 24.000    9/28/2012      EUR     72.90
UBS AG                 20.920    9/28/2012      EUR     55.06
UBS AG                 24.960    9/28/2012      EUR     57.16
UBS AG                 20.740    9/28/2012      EUR     62.82
UBS AG                 20.500    9/28/2012      EUR     65.90
UBS AG                 19.990    9/28/2012      EUR     45.24
UBS AG                 19.910    9/28/2012      EUR     67.14
UBS AG                 19.880    9/28/2012      EUR     65.14
UBS AG                 19.610    9/28/2012      EUR     75.18
UBS AG                 19.580    9/28/2012      EUR     56.36
UBS AG                 19.330    9/28/2012      EUR     65.10
UBS AG                 19.250    9/28/2012      EUR     76.10
UBS AG                 19.000    9/28/2012      EUR     46.02
UBS AG                 18.580    9/28/2012      EUR     66.46
UBS AG                 18.250    9/28/2012      EUR     68.98
UBS AG                 18.240    9/28/2012      EUR     57.78
UBS AG                 13.590    9/28/2012      EUR     76.62
UBS AG                  7.210    10/1/2012      EUR     74.58
UBS AG                  7.030    10/1/2012      EUR     74.54
UBS AG                  7.140    10/1/2012      EUR     27.64
UBS AG                  7.190    10/1/2012      EUR     50.52
UBS AG                  7.240    10/1/2012      EUR     65.08
UBS AG                  7.380    10/1/2012      EUR     27.68
UBS AG                  7.380    10/1/2012      EUR     70.26
UBS AG                  7.380    10/1/2012      EUR     74.62
UBS AG                  7.450    10/1/2012      EUR     50.58
UBS AG                  7.460    10/1/2012      EUR     55.20
UBS AG                  7.610    10/1/2012      EUR     65.16
UBS AG                  7.620    10/1/2012      EUR     27.74
UBS AG                  7.660    10/1/2012      EUR     22.66
UBS AG                  7.680    10/1/2012      EUR     50.64
UBS AG                  7.810    10/1/2012      EUR     70.36
UBS AG                  7.840    10/1/2012      EUR     27.80
UBS AG                  7.900    10/1/2012      EUR     50.70
UBS AG                  7.940    10/1/2012      EUR     65.24
UBS AG                  8.050    10/1/2012      EUR     27.84
UBS AG                  8.090    10/1/2012      EUR     55.36
UBS AG                  8.090    10/1/2012      EUR     50.74
UBS AG                  8.200    10/1/2012      EUR     70.46
UBS AG                  8.240    10/1/2012      EUR     65.30
UBS AG                  8.260    10/1/2012      EUR     50.78
UBS AG                  8.310    10/1/2012      EUR     22.82
UBS AG                  8.400    10/1/2012      EUR     50.80
UBS AG                  8.420    10/1/2012      EUR     27.94
UBS AG                  8.500    10/1/2012      EUR     65.36
UBS AG                  8.530    10/1/2012      EUR     50.84
UBS AG                  8.540    10/1/2012      EUR     70.54
UBS AG                  8.660    10/1/2012      EUR     55.50
UBS AG                  8.720    10/1/2012      EUR     65.42
UBS AG                  8.720    10/1/2012      EUR     50.88
UBS AG                  8.730    10/1/2012      EUR     28.00
UBS AG                  8.850    10/1/2012      EUR     70.60
UBS AG                  8.910    10/1/2012      EUR     65.46
UBS AG                  8.910    10/1/2012      EUR     22.96
UBS AG                  9.060    10/1/2012      EUR     65.50
UBS AG                  9.110    10/1/2012      EUR     70.66
UBS AG                  9.160    10/1/2012      EUR     55.60
UBS AG                  9.200    10/1/2012      EUR     28.12
UBS AG                  9.340    10/1/2012      EUR     70.72
UBS AG                  9.360    10/1/2012      EUR     28.16
UBS AG                  9.440    10/1/2012      EUR     23.08
UBS AG                  9.530    10/1/2012      EUR     70.76
UBS AG                  9.540    10/1/2012      EUR     58.22
UBS AG                  9.580    10/1/2012      EUR     55.70
UBS AG                  9.690    10/1/2012      EUR     70.80
UBS AG                  9.820    10/1/2012      EUR     70.84
UBS AG                  9.860    10/1/2012      EUR     58.30
UBS AG                  9.900    10/1/2012      EUR     28.28
UBS AG                  9.910    10/1/2012      EUR     23.20
UBS AG                  9.920    10/1/2012      EUR     70.86
UBS AG                  9.930    10/1/2012      EUR     55.80
UBS AG                 10.150    10/1/2012      EUR     58.36
UBS AG                 10.220    10/1/2012      EUR     55.86
UBS AG                 10.310    10/1/2012      EUR     23.30
UBS AG                 10.410    10/1/2012      EUR     58.42
UBS AG                 10.440    10/1/2012      EUR     55.92
UBS AG                 10.620    10/1/2012      EUR     55.96
UBS AG                 10.640    10/1/2012      EUR     58.48
UBS AG                 10.650    10/1/2012      EUR     23.36
UBS AG                 10.740    10/1/2012      EUR     55.98
UBS AG                 10.840    10/1/2012      EUR     58.52
UBS AG                 10.930    10/1/2012      EUR     23.44
UBS AG                 11.010    10/1/2012      EUR     58.56
UBS AG                 11.150    10/1/2012      EUR     23.50
UBS AG                 11.160    10/1/2012      EUR     58.60
UBS AG                 11.280    10/1/2012      EUR     58.64
UBS AG                 11.330    10/1/2012      EUR     23.52
UBS AG                 11.380    10/1/2012      EUR     58.66
UBS AG                 11.460    10/1/2012      EUR     58.68
UBS AG                 11.460    10/1/2012      EUR     23.56
UBS AG                 11.530    10/1/2012      EUR     58.68
UBS AG                 11.560    10/1/2012      EUR     23.60
UBS AG                 11.580    10/1/2012      EUR     58.70
UBS AG                  9.310    10/3/2012      USD     16.50
UBS AG                 13.820    10/3/2012      USD     13.36
UBS AG                  9.920    10/4/2012      CHF     56.55
UBS AG                 10.320    10/4/2012      CHF     56.45
UBS AG                 10.500   10/15/2012      USD     66.40
UBS AG                 12.850   10/17/2012      USD     12.32
UBS AG                 12.760   10/18/2012      USD     13.46
UBS AG                 19.700   10/26/2012      EUR     61.40
UBS AG                 16.390   10/26/2012      EUR     51.14
UBS AG                 13.570   10/26/2012      EUR     52.80
UBS AG                 13.100   10/26/2012      EUR     64.72
UBS AG                 12.240   10/26/2012      EUR     53.78
UBS AG                  9.700   10/26/2012      EUR     75.78
UBS AG                 12.080   10/26/2012      EUR     72.44
UBS AG                  8.370   11/12/2012      EUR     45.68
UBS AG                  8.280   11/12/2012      EUR     61.74
UBS AG                  8.280   11/12/2012      EUR     61.74
UBS AG                  6.070   11/12/2012      EUR     49.62
UBS AG                 13.600   11/12/2012      EUR     46.96
UBS AG                 13.560   11/12/2012      EUR     31.98
UBS AG                 13.120   11/12/2012      EUR     71.06
UBS AG                 12.000   11/12/2012      EUR     74.92
UBS AG                 11.660   11/12/2012      EUR     42.52
UBS AG                 11.260   11/12/2012      EUR     51.98
UBS AG                 10.930   11/12/2012      EUR     51.42
UBS AG                 10.020   11/12/2012      EUR     72.90
UBS AG                  9.840   11/12/2012      EUR     74.70
UBS AG                  9.650   11/12/2012      EUR     45.50
UBS AG                  9.470   11/12/2012      EUR     46.16
UBS AG                  9.020   11/12/2012      EUR     35.74
UBS AG                  8.780   11/12/2012      EUR     72.12
UBS AG                  8.590   11/12/2012      EUR     57.56
UBS AG                  6.700   11/12/2012      EUR     50.66
UBS AG                  9.000   12/21/2012      EUR     72.92
UBS AG                 10.490   12/21/2012      EUR     55.20
UBS AG                 10.810   12/21/2012      EUR     68.72
UBS AG                 12.400   12/21/2012      EUR     54.84
UBS AG                 11.270   12/21/2012      EUR     56.28
UBS AG                 11.770   12/21/2012      EUR     66.84
UBS AG                 11.970   12/21/2012      EUR     74.92
UBS AG                 11.980   12/21/2012      EUR     74.60
UBS AG                 12.020   12/21/2012      EUR     53.20
UBS AG                 12.200   12/21/2012      EUR     47.64
UBS AG                 12.760   12/21/2012      EUR     65.12
UBS AG                 12.800   12/21/2012      EUR     52.32
UBS AG                 12.970   12/21/2012      EUR     73.40
UBS AG                 13.320   12/21/2012      EUR     72.70
UBS AG                 13.560   12/21/2012      EUR     53.56
UBS AG                 13.570   12/21/2012      EUR     51.48
UBS AG                 13.770   12/21/2012      EUR     63.54
UBS AG                 13.980   12/21/2012      EUR     71.98
UBS AG                 14.350   12/21/2012      EUR     50.70
UBS AG                 14.610   12/21/2012      EUR     73.74
UBS AG                 14.690   12/21/2012      EUR     70.98
UBS AG                 14.740   12/21/2012      EUR     52.42
UBS AG                 14.810   12/21/2012      EUR     62.10
UBS AG                 15.000   12/21/2012      EUR     70.66
UBS AG                 15.130   12/21/2012      EUR     49.96
UBS AG                 15.860   12/21/2012      EUR     60.76
UBS AG                 15.900   12/21/2012      EUR     71.98
UBS AG                 15.920   12/21/2012      EUR     49.30
UBS AG                 15.930   12/21/2012      EUR     51.42
UBS AG                 16.030   12/21/2012      EUR     69.44
UBS AG                 16.400   12/21/2012      EUR     76.64
UBS AG                 16.600   12/21/2012      EUR     45.14
UBS AG                 16.710   12/21/2012      EUR     48.66
UBS AG                 16.930   12/21/2012      EUR     59.56
UBS AG                 17.070   12/21/2012      EUR     68.30
UBS AG                 17.200   12/21/2012      EUR     70.38
UBS AG                 17.500   12/21/2012      EUR     48.08
UBS AG                 18.000   12/21/2012      EUR     58.46
UBS AG                 19.090   12/21/2012      EUR     47.02
UBS AG                  8.080   12/21/2012      EUR     61.70
UBS AG                  8.150   12/21/2012      EUR     75.24
UBS AG                  8.250   12/21/2012      EUR     58.70
UBS AG                  8.990   12/21/2012      EUR     57.46
UBS AG                 11.260   12/21/2012      EUR     54.16
UBS AG                  9.100   12/21/2012      EUR     59.68
UBS AG                  9.730   12/21/2012      EUR     56.28
UBS AG                  9.890   12/21/2012      EUR     70.76
UBS AG                 10.160   12/21/2012      EUR     57.88
UBS AG                 16.500     1/4/2013      EUR     72.06
UBS AG                 17.150     1/4/2013      EUR     68.64
UBS AG                 17.500     1/4/2013      EUR     69.72
UBS AG                 18.300     1/4/2013      EUR     66.74
UBS AG                 19.440     1/4/2013      EUR     65.00
UBS AG                 20.000     1/4/2013      EUR     68.30
UBS AG                 20.570     1/4/2013      EUR     63.42
UBS AG                 21.700     1/4/2013      EUR     62.00
UBS AG                 22.000     1/4/2013      EUR     66.84
UBS AG                 23.750     1/4/2013      EUR     75.26
UBS AG                 24.750     1/4/2013      EUR     65.96
UBS AG                 14.230     1/4/2013      EUR     74.20
UBS AG                 14.820     1/4/2013      EUR     73.00
UBS AG                 15.250     1/4/2013      EUR     71.48
UBS AG                 11.500     1/4/2013      EUR     76.12
UBS AG                 15.990     1/4/2013      EUR     70.72
UBS AG                 13.500     1/4/2013      EUR     73.76
UBS AG                 13.630     1/4/2013      EUR     75.44
UBS AG                 10.390    1/18/2013      USD     32.76
UBS AG                 14.070    1/25/2013      EUR     53.02
UBS AG                 11.700    1/25/2013      EUR     65.12
UBS AG                 12.010    1/25/2013      EUR     54.26
UBS AG                 16.200    1/25/2013      EUR     62.88
UBS AG                 11.020    1/25/2013      EUR     55.00
UBS AG                 10.240    2/22/2013      EUR     66.78
UBS AG                 10.590    2/22/2013      EUR     74.00
UBS AG                 10.960    2/22/2013      EUR     55.42
UBS AG                 12.680    2/22/2013      EUR     62.48
UBS AG                 13.070    2/22/2013      EUR     69.52
UBS AG                 13.660    2/22/2013      EUR     52.42
UBS AG                 15.800    2/22/2013      EUR     72.42
UBS AG                  8.980    2/22/2013      EUR     58.32
UBS AG                 10.000     3/7/2013      USD     70.70
UBS AG                 10.540     3/7/2013      CHF     72.10
UBS AG                  8.100     3/7/2013      CHF     70.45
UBS AG                  8.000    3/21/2013      EUR     76.50
UBS AG                  9.000    3/22/2013      USD     11.45
UBS AG                  9.650    3/22/2013      USD     18.81
UBS AG                 16.000     4/2/2013      EUR     71.40
UBS AG                 12.750     4/2/2013      EUR     74.70
UBS AG                 14.250     4/2/2013      EUR     72.86
UBS AG                 17.750     4/2/2013      EUR     70.16
UBS AG                 19.500     4/2/2013      EUR     69.08
UBS AG                 21.250     4/2/2013      EUR     68.20
UBS AG                 22.250     4/2/2013      EUR     75.06
UBS AG                 23.250     4/2/2013      EUR     67.66
UBS AG                 24.250     4/2/2013      EUR     73.62
UBS AG                  8.550    4/11/2013      USD     28.34
UBS AG                  9.930    4/11/2013      USD     30.83
UBS AG                 10.970    4/26/2013      EUR     55.52
UBS AG                 10.600    4/26/2013      EUR     74.80
UBS AG                 10.600    4/26/2013      EUR     65.86
UBS AG                 10.170    4/26/2013      EUR     56.08
UBS AG                 14.100    4/26/2013      EUR     64.22
UBS AG                 12.610    4/26/2013      EUR     54.58
UBS AG                 11.000    4/30/2013      USD     39.25
UBS AG                 24.000    6/28/2013      EUR     68.56
UBS AG                 23.000    6/28/2013      EUR     75.34
UBS AG                 12.750    6/28/2013      EUR     74.26
UBS AG                 11.500    6/28/2013      EUR     75.84
UBS AG                 22.500    6/28/2013      EUR     74.82
UBS AG                 19.750    6/28/2013      EUR     69.58
UBS AG                 18.250    6/28/2013      EUR     70.10
UBS AG                 17.000    6/28/2013      EUR     71.02
UBS AG                 15.500    6/28/2013      EUR     71.86
UBS AG                 14.250    6/28/2013      EUR     73.10
UBS AG                 10.200    9/20/2013      EUR     51.48
UBS AG                 12.900    9/20/2013      EUR     50.74
UBS AG                 15.900    9/20/2013      EUR     51.10
UBS AG                 13.000    9/27/2013      EUR     74.48
UBS AG                 12.000    9/27/2013      EUR     75.76
UBS AG                 14.000    9/27/2013      EUR     73.36
UBS AG                 15.250    9/27/2013      EUR     72.68
UBS AG                 16.250    9/27/2013      EUR     71.84
UBS AG                 17.500    9/27/2013      EUR     71.44
UBS AG                 18.250    9/27/2013      EUR     72.16
UBS AG                 20.750    9/27/2013      EUR     70.34
UBS AG                 23.000    9/27/2013      EUR     70.22
UBS AG                 24.750    9/27/2013      EUR     73.88
UBS AG                  5.950   11/14/2013      USD     52.10
UBS AG                  6.980   11/27/2013      USD     32.31
UBS AG                 12.000     1/3/2014      EUR     75.74
UBS AG                 13.000     1/3/2014      EUR     74.98
UBS AG                 14.000     1/3/2014      EUR     74.36
UBS AG                 14.750     1/3/2014      EUR     73.48
UBS AG                 15.750     1/3/2014      EUR     73.10
UBS AG                 18.500     1/3/2014      EUR     72.24
UBS AG                 19.250     1/3/2014      EUR     73.10
UBS AG                 20.250     1/3/2014      EUR     72.02
UBS AG                 24.500     1/3/2014      EUR     72.62
UBS AG                 22.000     1/3/2014      EUR     72.14
UBS AG                  0.500    4/27/2015      CHF     44.75
UBS AG JERSEY           3.220    7/31/2012      EUR     33.94

UKRAINE
-------
PROCREDIT BANK         13.500    5/11/2015      UAH     62.66

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD        5.875    8/14/2031      GBP     69.65
ALPHA CREDIT GRP        6.000    6/20/2014      EUR     72.13
AVIVA PLC               6.875    5/20/2058      GBP     72.04
BARCLAYS BK PLC         8.000    6/28/2012      EUR     47.90
BARCLAYS BK PLC         8.000     7/9/2012      USD      9.92
BARCLAYS BK PLC        10.000    7/20/2012      USD      6.97
BARCLAYS BK PLC         7.000    7/27/2012      USD     10.49
BARCLAYS BK PLC        11.500    7/27/2012      USD      7.70
BARCLAYS BK PLC        10.800    7/31/2012      USD     26.24
BARCLAYS BK PLC         9.000    8/28/2012      USD      9.59
BARCLAYS BK PLC        11.070    8/31/2012      USD     30.29
BARCLAYS BK PLC         8.000    9/11/2012      USD     10.77
BARCLAYS BK PLC         8.000    9/11/2012      USD      9.77
BARCLAYS BK PLC        14.070    9/14/2012      EUR     48.35
BARCLAYS BK PLC        15.000    9/14/2012      EUR     71.71
BARCLAYS BK PLC        17.250    9/14/2012      EUR     67.65
BARCLAYS BK PLC        19.250    9/14/2012      EUR     64.11
BARCLAYS BK PLC        10.250    9/14/2012      EUR     71.82
BARCLAYS BK PLC         9.500    9/14/2012      EUR     76.74
BARCLAYS BK PLC         9.250    9/14/2012      EUR     37.50
BARCLAYS BK PLC         8.750    9/14/2012      EUR     75.91
BARCLAYS BK PLC         8.500    9/14/2012      EUR     79.25
BARCLAYS BK PLC         8.500    9/14/2012      EUR     77.82
BARCLAYS BK PLC         8.000    9/14/2012      EUR     67.72
BARCLAYS BK PLC         8.000    9/14/2012      EUR     53.70
BARCLAYS BK PLC         7.000    9/14/2012      EUR     62.28
BARCLAYS BK PLC         7.500    9/14/2012      EUR     76.77
BARCLAYS BK PLC         5.000    9/14/2012      EUR     70.25
BARCLAYS BK PLC         6.000    9/14/2012      EUR     64.70
BARCLAYS BK PLC        10.750    9/14/2012      EUR     73.24
BARCLAYS BK PLC        10.910    9/14/2012      EUR     73.93
BARCLAYS BK PLC        11.000    9/14/2012      EUR     60.49
BARCLAYS BK PLC        11.500    9/14/2012      EUR     73.32
BARCLAYS BK PLC        12.000    9/14/2012      EUR     34.05
BARCLAYS BK PLC        12.200    9/14/2012      EUR     71.16
BARCLAYS BK PLC        13.750    9/14/2012      EUR     44.05
BARCLAYS BK PLC        13.750    9/14/2012      EUR     69.71
BARCLAYS BK PLC        10.250    9/14/2012      EUR     66.80
BARCLAYS BK PLC        11.000    9/19/2012      EUR     71.36
BARCLAYS BK PLC         7.000    9/28/2012      EUR     75.17
BARCLAYS BK PLC         7.000    9/28/2012      EUR     40.88
BARCLAYS BK PLC         8.000    9/28/2012      EUR     37.63
BARCLAYS BK PLC         8.000    9/28/2012      EUR     73.04
BARCLAYS BK PLC         8.000    9/28/2012      USD     10.75
BARCLAYS BK PLC         8.500    9/28/2012      EUR     73.04
BARCLAYS BK PLC         9.500    9/28/2012      EUR     66.74
BARCLAYS BK PLC        10.000    9/28/2012      EUR     36.40
BARCLAYS BK PLC        10.000    9/28/2012      EUR     76.70
BARCLAYS BK PLC        10.250    9/28/2012      EUR     75.12
BARCLAYS BK PLC        10.500    9/28/2012      EUR     35.69
BARCLAYS BK PLC        10.500    9/28/2012      EUR     73.20
BARCLAYS BK PLC        10.500    9/28/2012      EUR     65.89
BARCLAYS BK PLC        11.000    9/28/2012      EUR     74.67
BARCLAYS BK PLC        11.750    9/28/2012      EUR     34.39
BARCLAYS BK PLC        12.000    9/28/2012      EUR     70.49
BARCLAYS BK PLC        12.000    9/28/2012      EUR     70.07
BARCLAYS BK PLC        12.500    9/28/2012      EUR     63.50
BARCLAYS BK PLC        12.600    9/28/2012      EUR     72.37
BARCLAYS BK PLC        13.000    9/28/2012      EUR     30.07
BARCLAYS BK PLC        13.500    9/28/2012      EUR     59.65
BARCLAYS BK PLC         6.000    9/28/2012      EUR     79.85
BARCLAYS BK PLC        17.000    9/28/2012      EUR     73.94
BARCLAYS BK PLC         6.000    9/28/2012      EUR     43.03
BARCLAYS BK PLC         9.000    10/1/2012      USD      9.90
BARCLAYS BK PLC        14.000    10/1/2012      USD     10.50
BARCLAYS BK PLC         8.500   10/16/2012      USD     10.96
BARCLAYS BK PLC         9.000   10/16/2012      USD     10.64
BARCLAYS BK PLC        10.750   12/14/2012      EUR     75.14
BARCLAYS BK PLC        16.000   12/14/2012      EUR     67.61
BARCLAYS BK PLC        14.750   12/14/2012      EUR     70.68
BARCLAYS BK PLC        13.000   12/14/2012      EUR     74.40
BARCLAYS BK PLC        12.730   12/14/2012      EUR     50.97
BARCLAYS BK PLC        12.500   12/14/2012      EUR     47.17
BARCLAYS BK PLC        12.250   12/14/2012      EUR     72.29
BARCLAYS BK PLC        11.000   12/14/2012      EUR     37.19
BARCLAYS BK PLC        10.930   12/14/2012      EUR     73.46
BARCLAYS BK PLC        10.500   12/14/2012      EUR     62.86
BARCLAYS BK PLC         9.990   12/14/2012      EUR     76.01
BARCLAYS BK PLC         9.500   12/14/2012      EUR     69.58
BARCLAYS BK PLC         8.750   12/14/2012      EUR     40.14
BARCLAYS BK PLC         8.250   12/14/2012      EUR     77.67
BARCLAYS BK PLC         8.000   12/14/2012      EUR     54.98
BARCLAYS BK PLC         8.000   12/14/2012      EUR     69.43
BARCLAYS BK PLC         7.000   12/14/2012      EUR     61.99
BARCLAYS BK PLC         6.000   12/14/2012      EUR     64.72
BARCLAYS BK PLC         5.000   12/14/2012      EUR     69.29
BARCLAYS BK PLC         9.500     1/2/2013      EUR     74.99
BARCLAYS BK PLC        10.000     1/2/2013      EUR     68.10
BARCLAYS BK PLC        10.000     1/2/2013      EUR     38.31
BARCLAYS BK PLC         6.000     1/2/2013      EUR     41.40
BARCLAYS BK PLC         7.000     1/2/2013      EUR     42.38
BARCLAYS BK PLC         7.000     1/2/2013      EUR     75.55
BARCLAYS BK PLC         8.000     1/2/2013      EUR     72.76
BARCLAYS BK PLC         8.000     1/2/2013      EUR     39.60
BARCLAYS BK PLC        11.000     1/2/2013      EUR     72.31
BARCLAYS BK PLC        11.000     1/2/2013      EUR     37.26
BARCLAYS BK PLC        11.500     1/2/2013      EUR     66.71
BARCLAYS BK PLC        12.000     1/2/2013      EUR     74.24
BARCLAYS BK PLC        12.000     1/2/2013      EUR     35.21
BARCLAYS BK PLC        12.000     1/2/2013      EUR     68.90
BARCLAYS BK PLC        12.500     1/2/2013      EUR     62.54
BARCLAYS BK PLC         8.500     1/2/2013      EUR     73.88
BARCLAYS BK PLC         8.750     1/2/2013      EUR     69.48
BARCLAYS BK PLC         9.000     1/2/2013      EUR     77.95
BARCLAYS BK PLC         9.500     1/2/2013      EUR     38.69
BARCLAYS BK PLC        10.250     1/2/2013      EUR     76.93
BARCLAYS BK PLC        11.000     1/2/2013      EUR     73.16
BARCLAYS BK PLC         6.000     1/2/2013      EUR     79.86
BARCLAYS BK PLC        10.750     3/8/2013      EUR     75.44
BARCLAYS BK PLC         6.000     3/8/2013      EUR     64.36
BARCLAYS BK PLC        12.000     3/8/2013      EUR     72.97
BARCLAYS BK PLC        12.750     3/8/2013      EUR     75.58
BARCLAYS BK PLC        14.000     3/8/2013      EUR     71.58
BARCLAYS BK PLC        15.000     3/8/2013      EUR     69.16
BARCLAYS BK PLC        10.750    3/22/2013      EUR     36.98
BARCLAYS BK PLC         9.000    3/22/2013      EUR     78.11
BARCLAYS BK PLC        11.500    3/22/2013      EUR     37.28
BARCLAYS BK PLC         9.500    3/22/2013      EUR     76.98
BARCLAYS BK PLC         8.000    3/22/2013      EUR     40.94
BARCLAYS BK PLC        10.500    3/22/2013      EUR     74.71
BARCLAYS BK PLC        11.000    3/22/2013      EUR     72.30
BARCLAYS BK PLC        11.000    3/22/2013      EUR     76.90
BARCLAYS BK PLC        10.000    3/22/2013      EUR     37.64
BARCLAYS BK PLC        16.000    5/23/2013      USD     10.06
BARCLAYS BK PLC        11.000    6/14/2013      EUR     74.51
BARCLAYS BK PLC        10.000    6/14/2013      EUR     76.45
BARCLAYS BK PLC         6.000    6/14/2013      EUR     64.79
BARCLAYS BK PLC        12.500    6/14/2013      EUR     73.22
BARCLAYS BK PLC        11.750    6/14/2013      EUR     77.36
BARCLAYS BK PLC        13.500    6/14/2013      EUR     71.06
BARCLAYS BK PLC        11.500    6/28/2013      EUR     39.27
BARCLAYS BK PLC        11.000    6/28/2013      EUR     76.23
BARCLAYS BK PLC        11.000    6/28/2013      EUR     38.21
BARCLAYS BK PLC        10.000    6/28/2013      EUR     41.50
BARCLAYS BK PLC         9.750    6/28/2013      EUR     78.46
BARCLAYS BK PLC         9.000    6/28/2013      EUR     78.11
BARCLAYS BK PLC         8.000    6/28/2013      EUR     39.84
BARCLAYS BK PLC        10.500    6/28/2013      EUR     75.00
BARCLAYS BK PLC         9.500    9/13/2013      EUR     77.49
BARCLAYS BK PLC        10.250    9/13/2013      EUR     76.16
BARCLAYS BK PLC        11.500    9/13/2013      EUR     74.76
BARCLAYS BK PLC        12.250    9/13/2013      EUR     73.13
BARCLAYS BK PLC        10.750   12/13/2013      EUR     76.04
BARCLAYS BK PLC        11.500   12/13/2013      EUR     74.54
BARCLAYS BK PLC         6.750   10/16/2015      GBP      1.07
BARCLAYS BK PLC         0.500    12/3/2017      AUD     73.45
BARCLAYS BK PLC         0.500    3/22/2019      NZD     73.59
BARCLAYS BK PLC         0.500    9/24/2019      AUD     65.28
BARCLAYS BK PLC         0.600    4/12/2027      JPY     68.81
CATTLES PLC             6.875    1/17/2014      GBP      1.88
CATTLES PLC             7.125     7/5/2017      GBP      1.88
CO-OPERATIVE BNK        5.625   11/16/2021      GBP     74.88
CO-OPERATIVE BNK        5.750    12/2/2024      GBP     73.67
CO-OPERATIVE BNK        5.875    3/28/2033      GBP     72.20
DUNFERMLINE BS          6.000    3/31/2015      GBP      1.00
EFG HELLAS PLC          5.400    11/2/2047      EUR     10.75
EMPORIKI GRP FIN        4.350    7/22/2014      EUR     57.50
EMPORIKI GRP FIN        5.000    12/2/2021      EUR     34.88
EMPORIKI GRP FIN        5.100    12/9/2021      EUR     35.25
EMPORIKI GRP FIN        5.000    2/24/2022      EUR     34.38
EMPORIKI GRP FIN        6.000    5/18/2022      EUR     37.88
ENTERPRISE INNS         6.875    2/15/2021      GBP     72.08
ENTERPRISE INNS         6.875     5/9/2025      GBP     66.84
ENTERPRISE INNS         6.375    9/26/2031      GBP     64.33
ESSAR ENERGY            4.250     2/1/2016      USD     59.17
EX-IM BK OF UKRA        5.793     2/9/2016      USD     75.63
F&C ASSET MNGMT         6.750   12/20/2026      GBP     62.74
GALA ELECTRIC CA       11.500     6/1/2019      GBP     69.25
GALA ELECTRIC CA       11.500     6/1/2019      GBP     69.14
GREENE KING FIN         5.702   12/15/2034      GBP    106.40
GS INTERNATIONAL       13.000    6/28/2012      CHF     52.80
GS INTERNATIONAL        8.250   12/17/2012      EUR     75.85
HBOS PLC                6.305   10/18/2017      GBP     75.38
HBOS PLC                4.375   10/30/2019      EUR     73.63
HBOS PLC                4.500    3/18/2030      EUR     62.56
HBOS PLC                6.000    11/1/2033      USD     74.73
HBOS PLC                6.000    11/1/2033      USD     74.73
HSBC BANK PLC           0.500    9/28/2018      AUD     74.81
HSBC BANK PLC           0.500   11/16/2018      AUD     71.96
HSBC BANK PLC           0.500    6/30/2021      NZD     65.63
HSBC BANK PLC           0.500   11/22/2021      AUD     62.77
HSBC BANK PLC           0.500   11/30/2021      NZD     64.13
HSBC BANK PLC           0.500    12/2/2022      AUD     53.41
HSBC BANK PLC           0.500   12/29/2022      AUD     55.77
HSBC BANK PLC           0.500     2/2/2023      AUD     53.02
HSBC BANK PLC           0.500    2/24/2023      AUD     56.36
HSBC BANK PLC           0.500     4/3/2023      AUD     58.20
HSBC BANK PLC           0.500   10/30/2026      NZD     51.11
HSBC BANK PLC           0.500    12/8/2026      AUD     40.73
HSBC BANK PLC           0.500   12/29/2026      AUD     41.19
HSBC BANK PLC           0.500    1/29/2027      NZD     50.53
HSBC BANK PLC           0.500    2/24/2027      NZD     50.37
HSBC BANK PLC           0.500    4/27/2027      NZD     49.99
MATALAN                 9.625    3/31/2017      GBP     65.25
MATALAN                 9.625    3/31/2017      GBP     63.39
MAX PETROLEUM           6.750     9/8/2013      USD     35.47
NOMURA BANK INTL        0.800   12/21/2020      EUR     72.24
OTE PLC                 7.250     4/8/2014      EUR     70.14
OTE PLC                 4.625    5/20/2016      EUR     60.10
PRIVATBANK              5.799     2/9/2016      USD     67.80
PUNCH TAVERNS           5.883   10/15/2026      GBP     62.50
ROYAL BK SCOTLND        6.250   12/20/2012      EUR     51.95
ROYAL BK SCOTLND        4.625    9/22/2021      EUR     72.37
ROYAL BK SCOTLND        4.243    1/12/2046      EUR     48.88
ROYAL BK SCOTLND        5.646    6/30/2047      GBP     44.63
RSL COMM PLC           10.125     3/1/2008      USD      1.25
RSL COMM PLC            9.125     3/1/2008      USD      1.25
RSL COMM PLC           12.000    11/1/2008      USD      1.25
RSL COMM PLC           10.500   11/15/2008      USD      1.22
RSL COMM PLC            9.875   11/15/2009      USD      1.25
SKIPTON BUILDING        5.625    1/18/2018      GBP     67.52
SPIRIT ISSUER           5.472   12/28/2028      GBP     70.13
THOMAS COOK GR          6.750    6/22/2015      EUR     47.55
THOMAS COOK GR          7.750    6/22/2017      GBP     43.75
UNIQUE PUB FIN          7.395    3/28/2024      GBP     61.54
UNIQUE PUB FIN          5.659    6/30/2027      GBP     72.26
UNIQUE PUB FIN          6.464    3/30/2032      GBP     43.20


                            *********

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.


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