/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/120716.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, July 16, 2012, Vol. 13, No. 140 Headlines G E R M A N Y ARTEGA: Files for Bankruptcy NEU DROSSBACH: Gloomy Economy Prompts Parent to Halt Operation SRI HOLDING: Files for Insolvency in Germany H U N G A R Y * HUNGARY: Company Bankruptcies Hit Record High, D&B Report Shows I R E L A N D MERRILL LYNCH: Moody's Downgrade No Impact on Clear PLC Ratings RIVOLI - PAN-EUROPE: Fitch Cuts Rating on Class C Notes to 'Bsf' TALISMAN 1: Fitch Affirms 'Dsf' Rating on EUR1.1MM Class G Notes TREASURY HOLDINGS: Awaits Judgment on NAMA Receivership Action * IRELAND: Passes Bailout Program Review; Seeks Debt Refinancing K A Z A K H S T A N BTA BANK: Restructuring Proceedings Recognized in United Kingdom CHIMPHARM JSC: S&P Assigns 'kzBB' National Scale Rating L I T H U A N I A BANKAS SNORAS: Former Owner Asks Judge to Halt Civil Lawsuit L U X E M B O U R G DEUTSCHE BANK: S&P Lowers Rating on Class A4 Notes to 'B (sf)' N E T H E R L A N D S AMSTERDAN MOLECULAR: To Hold Annual General Meeting on Sept. 12 E-MAC NL: S&P Lowers Rating on Class E Notes to 'CCC (sf)' SLIBVERWERKING NOORD: In Derivative Talks with Deutsche Bank P O L A N D ALBA TOUR: Polish Taxpayers to Cover Costs of Stranded Clients POLIMEX-MOSTOSTAL SA: In Talks to Extend Debt Repayment Deadlines R O M A N I A ASTRA VAGOANE: German Investors Acquire Group for EUR30 Million R U S S I A NET ELEMENT: Unit Borrows US$4.6 Million from Sat-Moscow RED & BLACK: Fitch Affirms Rating on Class C Notes at 'BB+sf' S P A I N TDA 27: S&P Lowers Rating on Class C Notes to 'B- (sf)' VITRO CRISTALGLASS: Court Grants Voluntary Bankruptcy Protection U K R A I N E STATE EXPORT-IMPORT: Fitch Affirms 'B' Issuer Default Rating U N I T E D K I N G D O M ALBERMARLE HOTELS: Owners Put New Bath Hotel Up for Sale ALPHA MOBILE: Parent Company Placed in Liquidation; Owes GBP3.5MM BRADFORD BULLS: Liquidation Deadline Extended to July 27 D&D WINES: Creditors Appoint PKF as Liquidator GEMINI PLC: S&P Lowers Rating on Class A Notes to 'B(sf)' JML DOLMAN: Goes Into Liquidation; 300 Jobs at Risk SILVERS MARINE: Tax Department Seeks to Wind Up Firm TUMPHER LTD: Philip Johnston-Linked Firms Declared Insolvent U Z B E K I S T A N UZPROMSTROYBANK: S&P Affirms 'B+/B' Counterparty Credit Ratings X X X X X X X X * BOND PRICING: For the Week July 9 to July 13, 2012 ********* ============= G E R M A N Y ============= ARTEGA: Files for Bankruptcy ---------------------------- MotorAuthority reports that German firm Artega, manufacturer of the Henrik Fisker-designed GT sports car, has filed for bankruptcy. According to the report, the small scale manufacturer, based in Delbruck, stated that it has become insolvent and that it is seeking to find new roles for its 34 employees. MotorAuthority relates that Artega also claims that part of the decision to file for bankruptcy was due to a proposed sale of the firm to an Asian investor failing at the last minute. Court-approved administrators are currently examining Artega's remaining assets while management looks for new investment possibilities, the report adds. NEU DROSSBACH: Gloomy Economy Prompts Parent to Halt Operation -------------------------------------------------------------- https://research.zecco.com/research/quotes/stock- news/story.asp?key=100-195u3454-1 (Joy) Zecco reports that Dalian Sunlight Machinery Co., Ltd. announced on July 12 that it decided to end operation of a subsidiary in Germany because of gloomy international economic situation and high operating cost of the overseas company. The subsidiary, Neu Drossbach GmbH, invested EUR2.28 million in buying some of assets in Drossbach GmbH & Co. KG this March, Zecco discloses. It operated less than 4 months after finishing the acquisition, Neu Drossbach GmbH notes. The subsidiary's bankruptcy filing will impose impacts on Dalian Sunlight Machinery, which is less than acquisition price; the exact value can be confirmed after liquidation, Zecco says. SRI HOLDING: Files for Insolvency in Germany -------------------------------------------- Mike Buetow at Circuits Assembly reports that SRI Holding, which includes SRI Radio Systems, filed for insolvency on July 5 in Kempton, Germany. The insolvency filing also includes a third unit, SRI Logistics. A German court appointed Thomas Karg as interim solicitor for the three business units, says Circuits Assembly. Circuits Assembly discloses that SRI Radio Systems was ranked 46th in last year's CIRCUITS ASSEMBLY Top 50. It has estimated 2011 sales of US$283 million and nearly 600 full and part-time employees. It operates out of a facility in Durach, in Southern Germany. Siemens founded what eventually became SRI Holding in 1962. SRI Radio Systems spun out in 1997. ============= H U N G A R Y ============= * HUNGARY: Company Bankruptcies Hit Record High, D&B Report Shows ----------------------------------------------------------------- According to MTI-Econews, a report by international business evaluation company Dun and Bradstreet Hungaria, showed that the number of Hungarian companies going bust due to a shortage of cash has never been as high as at present. D&B said in a statement on Friday that the proportion of bankrupt companies reached 4.1% in 2012, compared to 3.3% last year, MIT relates. The number of liquidations in the first six months of this year rose by 30% compared to the same period in 2011, MTI discloses. The report said that the final accounting procedures have nearly doubled since last year, which also suggests that more and more companies are winding up, MTI notes. ============= I R E L A N D ============= MERRILL LYNCH: Moody's Downgrade No Impact on Clear PLC Ratings --------------------------------------------------------------- Moody's Investors Service stated that the ratings of notes issued by Credit-Linked Enhanced Asset Repackagings PLC (the "Issuer") will not be affected by the recent downgrade of Merrill Lynch & Co., Inc,. Following the downgrade on June 21, 2012 of its long term senior unsecured rating to Baa2, Merrill Lynch International ("MLI"), as the Counterparty is required to take certain remedial actions pursuant to the terms of the related transaction documentations. However, Merrill Lynch has proposed not to take any remedial action in response to its recent downgrade (the "Proposal"). In light of the current ratings of the transaction, Moody's Investors Service has determined that the Proposal will not in and of itself and at this time cause the current Moody's ratings of the notes of the Issuer to be reduced or withdrawn. Moody's believes that the Proposal does not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the Proposal could have other, non credit-related effects. The principal methodology used in these ratings was "Moody's Approach to Rating Corporate Collateralized Synthetic Obligations" published in September 2009. Other methodologies and factors that may have been considered in the process of providing this opinion can also be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Moody's will continue monitoring these ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media. Tranches Covered: Series 18: EUR 113,000,000 Limited Recourse Secured Floating Rate CLN due 2017, Rated Caa3(sf) Series 24: USD 13,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017, Rated Ca(sf) Series 28: USD 7,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017, Rated C(sf) Series 29: USD 40,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017, Rated C(sf) Series 30: USD 30,000,000 Limited Recourse Secured Floating Rate Credit Linked Notes due 2017, Rated Ca(sf) Series 45: USD 10,000,000 Limited Recourse Secured Floating Rate Credit Linked Notes due 2017, Rated Caa3(sf) RIVOLI - PAN-EUROPE: Fitch Cuts Rating on Class C Notes to 'Bsf' ---------------------------------------------------------------- Fitch Ratings has downgraded Rivoli - Pan-Europe 1 plc's commercial mortgage-backed securities notes as follows: -- EUR299.3m Class A (XS0278734644) downgraded to 'AA-sf' from 'AAAsf'; off Rating Watch Negative (RWN), Outlook Negative -- EUR42.8m Class B (XS0278739874) downgraded to 'BBBsf' from 'Asf'; Outlook Stable -- EUR23.6m Class C (XS0278741771) downgraded to 'Bsf' from 'BBsf'; Outlook Stable The downgrade of the class A notes is the result of a rating cap applied by Fitch to structured finance transactions with significant exposure to Spanish collateral. In June 2012, this class was put on RWN pending further assessment of the Spanish loans, which account for 59% by portfolio balance. The rating actions on the class B and C notes reflect the upcoming maturities of three of the four remaining loans (approximately 80% of the transaction by balance) and the uncertainty regarding their exit strategies. The collateral, located in Spain, France and The Netherlands, continues to perform well. All loans exhibit stable occupancy and solid coverage ratios. However, two loans are hedged via interest rate caps and therefore benefit from the current low interest rate environment. Based on valuations performed in 2009 and 2010, the loan-to-value (LTV) ratios are all reported to be below 70%, as at the last interest payment date (IPD) in May 2012. The Blue Yonder loan, secured on seven airport buildings located at Amsterdam's Schiphol Airport, displays the lowest reported leverage at 44.6%, while the Parque Pricipado, exhibits the highest, at 69.5%. Fitch estimates the LTV in each case to be well above that of the reported level. Although mitigated by moderate loan leverage, there continues to be uncertainty around the availability of refinancing options for mid-to-large sized facilities backed by Spanish collateral. While the final legal maturity of the transaction in 2018 provides sufficient time for refinancing or sale, any loan extension brings loan maturity closer to the expiry dates of the underlying leases. This is a particular concern for the Santa Hortensia and Blue Yonder loans, both secured on single-tenanted assets whose leases expire in circa three and six years, respectively. While the tenants include rated entities such as IBM ('A+') for the Santa Hortensia loan, and SFR/Vivendi ('BBB') for the Rive Defense loan, the value of the collateral could be adversely affected if the tenants decide not to renew the existing leases, expiring in 2015 and 2018, respectively. Parque Principado is secured by a shopping centre located near Oviedo, Spain. Its granular income (none of the 120 tenants accounts for more than 7.5% of the total rent) has remained relatively stable since closing, as has the occupancy rate, reported at 88%, as at the last IPD. TALISMAN 1: Fitch Affirms 'Dsf' Rating on EUR1.1MM Class G Notes ---------------------------------------------------------------- Fitch Ratings has affirmed Talisman 1 Finance plc Class G commercial mortgage-backed floating-rate notes, as follows: -- EUR1.1m Class G (XS0220380363): affirmed at 'Dsf'; Recovery Estimate RE0% assigned The affirmation and assignment of the RE0% Recovery Estimate reflect the uncertainty over final recoveries caused by the claim for reimbursement of work-out costs put forward by the Prime loan B note lenders. The EUR0.5 million claim, together with legal costs and senior fees to be paid ahead of the notes' redemption, would likely consume most of the available funds from the repayment of the last loan securing the transaction, which was reported in January 2012. Fitch took a conservative assumption in assigning a 'RE0%' due to lack of detailed information and uncertain outcome of the claim. Once final proceeds, if any, have been distributed to the remaining bonds, the rating on the Class G notes will be withdrawn. TREASURY HOLDINGS: Awaits Judgment on NAMA Receivership Action -------------------------------------------------------------- Ann O'Loughlin at Irish Examiner reports that a High Court judge has reserved judgment on the challenge by Treasury Holdings to the National Asset Management Agency's decision calling in more than EUR1 billion of its loans and appointing receivers over its properties here. The seven-day hearing concluded on Thursday before Ms. Justice Mary Finlay Geoghegan who reserved her decision, Irish Examiner relates. The judge indicated she will give judgment by the end of this law term on July 31, Irish Examiner discloses. Treasury, which is insolvent with total debt of more than EUR2.7 billion, has argued the decision calling in its loans was made without notice to it and without giving it a proper opportunity to be heard, Irish Examiner notes. NAMA denied those and other claims and also contended it could not be expected to engage in "endless debate" with Treasury before calling in the EUR1 billion loans when Treasury was unable to continue trading without money from NAMA, Irish Examiner recounts. The agency also argued the terms of a "stand still agreement" between the sides, under which NAMA agreed to consider proposals by other parties to acquire the loans before proceeding to enforcement, are such as to prohibit Treasury succeeding in the legal action, Irish Examiner discloses. Treasury Holdings is an Irish property developer. The company owns the Westin Hotel in Dublin and the Irish headquarters of accounting firm PricewaterhouseCoopers. * IRELAND: Passes Bailout Program Review; Seeks Debt Refinancing ---------------------------------------------------------------- Eamon Quinn and Jason Douglas at The Wall Street Journal report that Irish Finance Minister Michael Noonan said Thursday Ireland passed the latest review of its bailout program, and is now looking to secure a deal to refinance its huge banking debts to help it regain access to markets. Under the terms of the 2010 bailout, the European Union, International Monetary Fund and European Central Bank, regularly scrutinize Ireland for its adherence to a program of fiscal and banking targets, the Journal discloses. "All measures have been implemented and the program remains on track," the Journal quotes Mr. Noonan as saying. However, "dealing with the burden of banking-related debt" is one of the significant challenges facing the country. The government wants to fund itself totally from long-term debt again from 2014 when the EUR67.5 billion Ireland borrowed from the EU and the IMF will have expired, the Journal discloses. But it says it first needs the euro zone to help it refinance a large part of the huge sums it pumped into banks that otherwise would have collapsed during the country's deep debt crisis, the Journal notes. According to the Journal, without a banking deal, Ireland's sovereign debt could soon reach 120% of annual gross domestic product, a level of debt that will likely exclude the country accessing long-term bond markets any time soon. The Irish government wants to "retro-finance" as much as possible of the EUR64 billion pumped into Irish banks since the onset of the crisis in 2008, the Journal says. Mr. Noonan declined to reveal how much of the bank debt he hoped to have refinanced, but talks with the EU, IMF and ECB on securing a deal by October were ongoing, according to the Journal. That deal, which could include relieving some Irish banks of loss-making home loans, will help Ireland re-engage permanently with debt markets, the Journal notes. =================== K A Z A K H S T A N =================== BTA BANK: Restructuring Proceedings Recognized in United Kingdom ---------------------------------------------------------------- BTA Bank JSC on July 12 disclosed that the restructuring proceedings that have been commenced in respect of the Bank before the Specialised Financial Court in Almaty have been recognized in the United Kingdom as a foreign main proceeding. This recognition was granted by order of the High Court of Justice of England and Wales on July 11, 2012 pursuant to the UNCITRAL Model Law on cross-border insolvency as set out in the Cross Border Insolvency Regulations 2006. This recognition is a part of the Bank's current restructuring process and allows it to move forward without any possible delay from proceedings against the Bank or its assets since, subject to certain qualifications contained in the order, the Bank will be protected in the United Kingdom from: (i) commencement or continuation of individual actions or individual proceedings concerning the Bank's assets, rights, obligations or liabilities; and (ii) xecution against the Bank's assets. About BTA Bank BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO -- http://bta.kz/-- is a Kazakhstan-based financial institution, which is involved in the provision of banking and financial products for private and corporate clients. CHIMPHARM JSC: S&P Assigns 'kzBB' National Scale Rating ------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'kzBB' Kazakhstan national scale rating to Kazakh generic pharmaceuticals manufacturer Chimpharm JSC. "At the same time, we assigned 'kzBB' issue ratings to Chimpharm's proposed KZT10 billion unsecured notes. The recovery rating on this debt is '4', indicating our expectation of average (30%-50%) recovery for creditors in the event of a payment default. The ratings reflect our assessment of Chimpharm's business risk profile as "vulnerable", mainly due to its relatively small size and political risk in the Republic of Kazakhstan (BBB+/Stable/A-2), its main market," S&P said. Other business risks are Chimpharm's lack of geographic diversity and reliance on public funds and distribution capabilities in an evolving domestic health care system. Positive factors are Chimpharm's position in the Kazakh pharmaceutical market as the leading domestic producer, by volume, of mainly generic drugs and medicines. "Our view of Chimpharm's credit metrics is another support for the ratings. Leverage was very low at the end of 2011, with the company's debt totaling KZT1.2 billion (about US$8 million). Chimpharm's operating margin (EBITDA) was relatively high at 33% in 2011," S&P said. "We project margins to decline over the next few years, since selling and marketing expenses will likely outpace the expected strong improvement in the gross margin following the company's planned expansion. However, the increase in selling and marketing expenses is unlikely to be material and mainly reflects the need to adapt to new business conditions under a recently signed exclusive supply contract between Chimpharm and the domestic market regulator," S&P said. To cope with the contract's specifications for production and delivery of guaranteed volumes, Chimpharm has initiated a US$65 million facility expansion and modernization program in compliance with the U.S. regulator's Good Manufacturing Practice standards. The resulting need for additional resources will push up expenses from 2012. "We believe this will offset the projected significant rise in the gross margin on the back of likely sizable price increases and a more profitable product mix after Polpharma took control of Chimpharm in 2011. Consequently, we expect EBITDA margins in our base-case scenario for 2012 and 2013 to temporarily fall to 27% and recover to about 30% thereafter, although still comparing favorably with peers'. We assess Chimpharm's financial risk profile as "aggressive" under our criteria," S&P said. "This mainly reflects our view of the company's "less-than- adequate" liquidity profile, reflecting uncertainties about the successful placement of the proposed notes," S&P said. The company's credit metrics are a rating support, in view of relatively high operating margins and satisfactory free cash flow generation. "We expect leverage in our base-case scenario to rise to more than 2.5x in 2012 and 2013, due to sizable capital spending to construct new facilities and funding for the related working capital requirements," S&P said. "We view leverage signified by a ratio of net debt to EBITDA of about 3x as commensurate with the ratings. Any significant prolonged increase in leverage could lead to a negative rating action," S&P said. Chimpharm is privately owned by two large shareholders: Poland- based Polpharma (50% plus one vote) and Visor Growth Fund B.V., which is owned by Kazakhstani investors (the remainder). "We don't believe there are significant corporate governance issues. Polpharma exercises operating control as stipulated in the shareholders' agreement, with the support of former majority owner Visor Growth Fund B.V., which saw the need for a strong industrial partner for Chimpharm," S&P said. "We believe Chimpharm's management has a generally measured risk appetite. We understand Chimpharm is to start paying dividends to its shareholders after the notes are repaid. We note that, according to the shareholders' agreement, no dividends are paid if cash flows are negative. In our view, Chimpharm's liquidity profile is "less than adequate," reflecting the pending notes issuance given concerns about execution risk and successful placement amid current capital-market conditions," S&P said. In addition, should the company be unable to place the notes, alternative funding might involve predominantly short-term, potentially uncommitted bank loans, which would impair the liquidity profile according to our criteria. "We therefore reflect this uncertainty by classifying liquidity as "less than adequate," S&P said. "In our view, Chimpharm's liquidity will likely improve if it successfully places the proposed notes, enabling it to carry out its expansion plans. This should result in satisfactory cash flow generation if there are no significant delays in the construction program. An upgrade would depend on the company's ability to achieve and maintain an adequate liquidity profile after placing the notes and demonstrate projected sales growth rates over subsequent quarters. We believe the main constraints to the ratings currently relate to business risks because the company is still very small," S&P said. ================= L I T H U A N I A ================= BANKAS SNORAS: Former Owner Asks Judge to Halt Civil Lawsuit ------------------------------------------------------------ Erik Larson at Bloomberg News reports that Vladimir Antonov, Bankas Snoras AB's former owner, asked a U.K. judge to put the collapsed Lithuanian lender's civil lawsuit against him on hold while he fights extradition to the Baltic country where he faces fraud allegations. Mr. Antonov's lawyer, Ian Mill, said on Friday that the bank should also be denied its request that Mr. Antonov list his worldwide assets to comply with a freezing order issued by the court in May, Bloomberg relates. Mr. Mill, as cited by Bloomberg, said that such a list could incriminate Mr. Antonov in Lithuania and help his extradition there. Mr. Antonov, a Russian, and his Lithuanian business partner Raimondas Baranauskas were detained in London in November after Lithuanian authorities issued a European arrest warrant on claims they forged documents and fixed accounts to siphon at least LTL1.7 billion (US$602 million) from the country's third-biggest bank by deposits, causing its collapse, Bloomberg recounts. Both men deny the claims and are fighting the fraud allegations in Lithuania, Bloomberg notes. Snoras, based in Vilnius, filed a civil lawsuit in Britain on May 18 against the men for GBP395.5 million (US$615 million), Bloomberg discloses. The judge scheduled an October hearing on Mr. Antonov's requests on Friday and denied the bank's bid for a temporary list of his assets to be placed with the court while awaiting the autumn hearing, according to Bloomberg. Bankas Snoras AB is Lithuania's fifth biggest lender. =================== L U X E M B O U R G =================== DEUTSCHE BANK: S&P Lowers Rating on Class A4 Notes to 'B (sf)' -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Deutsche Bank Luxembourg S.A.'s series 50 class A1, A2, A3, and A4 notes. DBL's series 50 is a resecuritization of GEMINI (ECLIPSE 2006-3) PLC's class A notes. At closing, the seller -- Deutsche Bank AG (A+/Negative/A-1) -- sold to DBL a portion of the class A commercial mortgage-backed floating-rate notes issued by GEMINI (ECLIPSE 2006-3). The issuance of DBL's series 50 notes funded the purchase of the portion of the notes. "Our ratings on DBL's series 50 notes reflect our opinion on the expected performance of the underlying collateral, and on the transaction structure and payment priorities," S&P said. The rating actions in DBL's series 50 follow our downgrade earlier of GEMINI (ECLIPSE 2006-3)'s class A notes. "Our rating action in GEMINI (ECLIPSE 2006-3) followed our regular surveillance review of the recovery value of the remaining properties backing the single loan in the transaction, the cash flows from those properties, the likelihood that the liquidity facility will be available to service the ongoing swaps in the transaction, and the potential swap breakage costs," S&P said. "Based on our assessment of these factors in the GEMINI (ECLIPSE 2006-3) transaction, and our subsequent rating action on its class A notes, we have lowered all of our ratings in DBL's series 50, to reflect our view that the likelihood of principal losses has increased," S&P said. Potential Effects of Proposed Criteria Changes "We have taken rating actions based on our criteria for rating European CMBS," S&P said. However, these criteria are under review. "As highlighted in the Nov. 8 Advance Notice of Proposed Criteria Change, we expect to publish a request for comment (RFC) outlining our proposed criteria changes for rating European CMBS transactions," S&P said. "On June 4, we published a request for comment (RFC) outlining our proposed criteria changes for CMBS Global Property Evaluation Methodology. The proposed criteria do not significantly change Standard & Poor's longstanding approach to deriving property net cash flow (S&P NCF) and value (S&P Value). We therefore anticipate limited impact for European outstanding ratings when the updated CMBS Global Property Evaluation Methodology criteria are finalized," S&P said. However, because of its global scope, the proposed CMBS Global Property Evaluation Methodology does not include certain market- specific adjustments. "An application of these criteria to European transactions will therefore be published when we release our updated rating criteria. Until such time that we adopt new criteria for rating European CMBS, we will continue to rate and surveil these transactions using our existing criteria," S&P said. Ratings List Class Rating To From Deutsche Bank Luxembourg S.A. GBP175.84 Million Resecuritization Fiduciary Notes Series 50 Ratings Lowered A1 A (sf) A+ (sf) A2 BBB (sf) A (sf) A3 BB (sf) BBB (sf) A4 B (sf) BB+ (sf) ===================== N E T H E R L A N D S ===================== AMSTERDAN MOLECULAR: To Hold Annual General Meeting on Sept. 12 --------------------------------------------------------------- Amsterdam Molecular Therapeutics Holding NV published its Annual Report and Accounts for the year ended December 31, 2011 and announced that it will host its Annual General Meeting at its headquarters (Meibergdreef 61, 1105 BA Amsterdam Zuidoost, the Netherlands) at 14.00 hrs on September 12, 2012. Shareholders of the dissolved company are invited to attend. In March 30, 2012, an extraordinary general meeting of shareholders approved a major corporate restructuring and financing transaction involving the disposal of AMT's entire business and operations to uniQure B.V. and the subsequent dissolution, liquidation and delisting of AMT. On April 5, the disposal completed and AMT's dissolution as resolved by the extraordinary general meeting of shareholders became effective, with Mr. Jorn Aldag and Mr. Piers Morgan being appointed as the liquidators charged with the liquidation of the company's dissolved property. On April 26, 2012, the liquidators made an advance distribution -- consisting of depositary receipts for ordinary class B in uniQure B.V. -- to AMT's shareholders. There will not be any further (final) distributions made to AMT shareholders. AMT and the AMT shares will continue to exist until the liquidation is finalized, which is expected to occur before the end of 2012. AMT and its shares ceasing to exist upon the ending of the liquidation shall effectively also result in the delisting of AMT, to the extent the delisting cannot be achieved at an earlier date in consultation with Euronext Amsterdam and subject to such conditions as Euronext Amsterdam may propose. Amsterdam Molecular Therapeutics Holding NV is a Netherlands- based company engaged in human gene therapy. E-MAC NL: S&P Lowers Rating on Class E Notes to 'CCC (sf)' ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on the class E notes in E-MAC NL 2004-II B.V., E-MAC NL 2005-I B.V., E-MAC NL 2005-III B.V., E-MAC NL 2006-II B.V., E-MAC Program B.V. Compartment NL 2006-III, E-MAC Program B.V. Compartment NL 2007- I, and E-MAC Program B.V. Compartment NL 2007-III. E-MAC NL 2004-II, 2005-I, 2005-III, 2006-II, and E-MAC Program's Compartments NL 2006-III, NL 2007-I, and NL 2007-III are Dutch residential mortgage-backed securities (RMBS) transactions originated by GMAC RFC Nederland, Quion 20 B.V., and Atlas Funding B.V. All three originators are wholly owned subsidiaries of GMAC RFC Investments B.V. All seven transactions feature put options, which the class A, B, C, and D noteholders have the right to exercise on the first put date and each interest payment date (IPD) thereafter. If the noteholders exercise the put option on any class of notes, those notes are fully redeemed provided the issuer has sufficient funds available to redeem the put option notes. "Our ratings on the notes in these transactions do not address repayment of the notes at a put date or the payment of subordinated extension interest after the put date. The principal payments on the class E notes are subordinate to the subordinated extension interest. The class E notes' principal can be paid down in three ways: Once the put option notes (classes A, B, C, and D) have been redeemed in full, the class E note balance will be redeemed using the balance of the reserve fund, S&P said. After the first put date, the class E note can be paid down using excess spread. This payment is subordinate to the subordinated swap payments and subordinated interest payments. To date, none of the class E notes in these transactions have had any principal repayments where the first put date has passed. To the extent that the balance of the reserve account on a put date exceeds the reserve account target level and there are sufficient funds to cover items senior to the reserve fund in the payment waterfall, such excess will be drawn from the reserve account and applied toward the redemption of the class E notes. The first put date has recently passed for E-MAC NL 2004-II B.V. and E-MAC NL 2005-I B.V. The put option notes were not redeemed in either of these transactions, as GMAC RFC Nederland did not have the financial means to grant the required servicing advance to redeem the notes. "We understand that there have been three other E-MAC NL transactions that have also recently passed their first put dates and that none of them had its put option notes redeemed, for the same reason," S&P said. "In our opinion, it is therefore highly unlikely that the class E notes in the other E-MAC NL transactions will be paid down on the first put dates. It is also highly unlikely in our opinion that any of the class E notes will be paid down via excess spread, due to the following: The amount of excess spread the swap counterparty guarantees reduces after the first put date to 0.20% from 0.35%; and In the transactions that have recently passed their first put dates, the excess spread has been insufficient to cover the subordinated interest," S&P said. Therefore, the subordinated interest will continue to accrue and it is highly unlikely that enough excess spread will be generated to pay down the class E notes. Therefore, the only way that the class E notes will be repaid is via the release of the reserve fund on the date that the class A, B, C, and D notes are fully redeemed. As a result, the class E notes will only be paid in full if there is a fully funded reserve fund at the time of redemption. "In our opinion, the likelihood of ultimate repayment of the class E notes is therefore low, and we believe there is a one-in- two chance of default on the class E notes," S&P said. "Therefore, we have lowered to 'CCC (sf)' our ratings on the class E notes in these seven transactions," S&P said. Ratings List Class Rating To From RATINGS LOWERED E-MAC NL 2004-II B.V. EUR613.05 Million Mortgage-Backed Floating-Rate Notes E CCC (sf) CCC+ (sf) E-MAC NL 2005-I B.V. EUR502.5 Million Mortgage-Backed Floating-Rate Notes E CCC (sf) CCC+ (sf) E-MAC NL 2005-III B.V. EUR645.276 Million Mortgage-Backed Floating-Rate Notes E CCC (sf) CCC+ (sf) E-MAC NL 2006-II B.V. EUR456.131 Million Mortgage-Backed Floating-Rate Notes E CCC (sf) BB- (sf) E-MAC Program B.V. Compartment NL 2006-III EUR803.2 Million Mortgage-Backed Floating-Rate Notes E CCC (sf) B (sf) E-MAC Program B.V. Compartment NL 2007-I EUR602.7 Million Residential Mortgage-Backed Floating-Rate and Excess-Spread Backed Floating-Rate Notes E CCC (sf) B (sf) E-MAC Program B.V. Compartment NL 2007-III EUR243 Million, US$415.6 Million Residential Mortgage-Backed Floating-Rate Notes And Excess-Spread Backed Floating-Rate Notes E CCC (sf) B (sf) SLIBVERWERKING NOORD: In Derivative Talks with Deutsche Bank ------------------------------------------------------------ Gilbert Kreijger at Reuters reports that Slibverwerking Noord- Brabant said it was in talks with Deutsche Bank and others about a EUR270 million (US$331 million) derivatives deal, in which it effectively guaranteed loans the German bank made to other firms. SNB owned by Dutch public water management bodies, is now sitting on a loss on the deal which it agreed in 2007, before the global credit crisis, Reuters discloses. Chief Financial Officer Silvester Bombeeck told Reuters that SNB is talking to Deutsche Bank, its shareholders and other stakeholders about changing the terms of the loan guarantees. The current terms are that it will pay up to EUR270 million to Deutsche Bank if there are bankruptcies in a loan portfolio of about 115 companies, Reuters notes. Mr. Bombeeck, as cited by Reuters, said that due to a change in Dutch accounting rules, SNB will also be forced to take a charge for the negative market value for the current book year, which would push SNB's solvency below 75% giving Deutsche Bank the right to dissolve the deal. Reuters relates that Mr. Bombeeck said the negotiations center on a different agreement on the solvency requirement or calculation. "If such a claim existed and if Deutsche Bank would demand the claim (close the contract), it would mean the bankruptcy of SNB," Reuters quotes Mr. Bombeeck as saying said, adding that he did not expect this to happen. "It would be very strange that you'd go bankrupt due to accountancy rules. If you look at the underlying risk of the transaction then we have a positive view. We expect, when the transaction matures in 2017, to have no risks." Slibverwerking Noord-Brabant is a Dutch sludge-processing firm. =========== P O L A N D =========== ALBA TOUR: Polish Taxpayers to Cover Costs of Stranded Clients -------------------------------------------------------------- Izabela Depczyk at Warsaw Business Journal reports that Polish tax payers will have to cover the costs of returning stranded clients of Alba Tour, which recently declared insolvency. Marek Wozniak, the marshal of the Wielkopolskie voivodship, whose capital is Poznan, told a press conference on Friday that the voivodship will pay over PLN600,000 for the return of 411 holidaymakers from Egypt, WBJ relates. "The company will not pay for the return of the vacationers because their insurance amounts only to PLN209,000 . . . We will cover the costs ourselves because we want to ensure that the clients return home safely," WBJ quotes Mr. Wozniak as saying. Alba Tour's Web site has now been shut down, although on Thursday the company was still offering flights from Warsaw and Katowice to Egypt, Izabela Depczyk discloses. Alba Tour is a Poznan-based holiday agency. POLIMEX-MOSTOSTAL SA: In Talks to Extend Debt Repayment Deadlines ----------------------------------------------------------------- Karolina Slowikowska at Reuters reports that Polimex-Mostostal SA is in talks with creditors to extend debt deadlines and, possibly, issue bonds. According to Reuters, Polimex said on Thursday it wanted a four- month delay in repaying some liabilities and would use the time to improve the conditions and terms of its financing. Polimex also said on Thursday it signed a PLN379 million (US$111 million) construction deal with PKN Orlen, the country's top oil refiner, Reuters relates. It will set up an installation for denitrating and removing dust from flue gas produced by PKN's combined heat and power unit, Reuters discloses. Polimex is a Polish construction company. ============= R O M A N I A ============= ASTRA VAGOANE: German Investors Acquire Group for EUR30 Million --------------------------------------------------------------- The Diplomat reports that insolvency company Casa de Insolventa Transilvania and the judicial administrator of Astra Vagoane and Meva companies, said a German investor has bought the IRS group of companies -- Astra Vagoane Arad, Meva SA and Romvag Caracal -- for over EUR30 million. The transaction has been established earlier in July and it is part of the reoganization and redressing process of the insolvent companies. "This transaction becomes a reference for the future judicial reorganizations of companies in Romania," The Diplomat quotes Rudolf Vizental, managing partner CITR, as saying. As reported in the Troubled Company Reporter-Europe on Nov. 26, 2010, Ziarul Financiar said Astra Vagoane has gone insolvent. Cristian Burci, Astra Vagoane's owner, decided that having the company file for insolvency was the only way to go in a bid to overcome the current crisis. Headquartered in Arad, Romania, Astra Vagoane manufactures long- distance passenger coaches, passenger saloon coaches, rail dining cars and sleeping cars for the railway industry. The company employed about 5,000 workers. =========== R U S S I A =========== NET ELEMENT: Unit Borrows US$4.6 Million from Sat-Moscow -------------------------------------------------------- OOO Net Element Russia, a subsidiary of Net Element, Inc., entered into a Loan Agreement, dated July 4, 2012, with OOO Sat- Moscow. Pursuant to the Loan Agreement, Sat-Moscow agreed to loan to Net Element Russia 150 million Russian rubles (or approximately US$4,636,928 based on the currency exchange rate as of the close of business on June 4, 2012). The loan is unsecured and must be funded within five business days from July 4, 2012. The loan is intended to be used by Net Element Russia for working capital and the development of the business of OOO TOT Money, which is a subsidiary of Net Element, Inc., that was recently formed to adapt the existing revenue sharing platform used in Openfilm.com to a mobile commerce payment processing platform. The interest rate under the Loan Agreement is 8.15% per annum and outstanding principal and interest is due on or before Nov. 1, 2012. The loan may be pre- paid at any time without penalty or charge. Under the Loan Agreement, the required repayment date of the loan may be accelerated if an event of default occurs under the terms of the Loan Agreement, including if certain bankruptcy, receiver, insolvency or dissolution events occur with respect to Net Element Russia or if Net Element Russia fails to timely pay principal or interest under the Loan Agreement and such failure continues for 60 business days from the date of receipt of written notice of such failure from Sat-Moscow. Sat-Moscow is indirectly controlled by Kenges Rakishev, a director of Net Element, Inc. About Net Element Miami, Fla.-based Net Element, Inc. (formerly TOT Energy, Inc.) currently operates several online media websites in the film, auto racing and emerging music talent markets. Following the 2011 results, Daszkal Bolton LLP, in Fort Lauderdale, Florida, expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditors noted that the Company has experienced recurring losses and has an accumulated deficit and stockholders' deficiency at Dec. 31, 2011. The Company reported a net loss of US$24.85 million in 2011, compared with a net loss of US$3.10 million in 2010. The Company's balance sheet at March 31, 2012, showed US$2.34 million in total assets, US$6.83 million in total liabilities, and a US$4.49 million total stockholders' deficit. RED & BLACK: Fitch Affirms Rating on Class C Notes at 'BB+sf' ------------------------------------------------------------- Fitch Ratings has taken rating actions on three Russian RMBS deals, as follows: Red & Black Prime Russia MBS No.1 Limited -- Class A (ISIN: XS0294882823): affirmed at 'A-sf'; Outlook Stable -- Class B (ISIN: XS0294883987): affirmed at 'BBB+sf'; Outlook Stable -- Class C (ISIN: XS0294884282): affirmed at 'BB+sf'; Outlook Stable Russian Mortgage Backed Securities 2006-1 S.A -- Class A (ISIN: XS0254447872): affirmed at 'A-sf'; Outlook Stable -- Class B (ISIN: XS0254451395): affirmed at 'BBBsf'; Outlook Stable -- Class C (ISIN: XS0254451551): upgraded to 'BBB-sf' from 'BB- sf'; Outlook Stable Moscow Stars B.V. -- Class A (ISIN: XS0307297225): affirmed at 'BBB-sf'; Outlook Stable -- Class B (ISIN: XS0307297811): affirmed at 'BBsf'; Outlook Stable Due to the off-shore liquidity facilities that mitigate transfer and convertibility risk, the senior tranches of Red & Black Prime Russia MBS and Russian Mortgage Backed Securities may maintain ratings up to one notch above the Russian Federation's Country Ceiling which was affirmed at 'BBB+' in January 2012. The structure of Moscow Stars does not include a mitigant to transfer and convertibility risk and therefore the ratings of the notes are capped at Russia's Country Ceiling. Red & Black Prime Russia MBS No.1 Limited The affirmation reflects the stable performance of the collateral pool as well as structural note protection through substantial credit enhancement (CE) and the provisioning mechanism whereby excess spread is directed as principal distribution in respect of principal defaults and losses. The transaction is a securitization of USD-denominated mortgage loans originated by DeltaCredit Bank which is owned by Rosbank ('BBB+'/Stable/'F2') which is in turn controlled by Societe Generale ('A+'/Negative/'F1+'). The notes funding the portfolio currently redeem pro rata and have already amortized to 26.4% of their initial balance. The transaction envisages a reserve fund that provides CE to the notes that was originally funded at 2.7% of the initial balance and then built to 4.2% of initial pool balance. In September 2011, the reserve fund stepped down to 1.5% of original balance in accordance with triggers in the documentation. This reduced the CE available to the notes, which nonetheless currently stands at 33.4% for the class A notes, 21.2% for the class B notes and 5.7% for the class C notes. As of May 2012, cumulative gross defaulted assets stood at 1.5%. Recoveries commenced in July 2009 resulting in a cumulative loss ratio of 1.0%. Loans in arrears by less than 90 days represent 1.4% of the current pool balance and 1.7% of the loans are in arrears by more than 90 days. Russian Mortgage Backed Securities 2006-1 S.A. The affirmations reflect the high credit enhancement available to the notes and the stable performance of the collateral pool which remains within Fitch's initial expectations. The deal is a securitization of USD-denominated mortgage loans originated by Bank VTB (JSC) (VTB, 'BBB'/Stable/'F3'). Since July 2008, the notes have paid pro-rata and have been redeemed to 17.6% of the original balance. As of May 2012, CE has more than doubled for all of the tranches and currently stands at 42.5%, 21.2% and 14.2% for class A, B and C notes, respectively. The amortization of the notes will revert to sequential once the outstanding balance of the notes is below 10% of the initial balance, leading the class A notes to redeem at a faster pace. The current level of CE available to the class C notes and the stable performance warrant the upgrade to 'BBB-sf' from 'BB-sf'. Defaults are defined as losses on the mortgage portfolio following the completion of enforcement proceedings and as there have not been any reported defaults, the deal has not realized any losses on foreclosed properties. However, as of May 2012, six loans with a total balance of USD472,866 or 1.34% of the outstanding balance are currently in arrears by more than 60 days. Moscow Stars B.V. The affirmation reflects the substantial credit enhancement available to the notes and the stable performance of the collateral pool. The transaction is a securitization of USD-denominated mortgage loans originated by CB Moskommertsbank (MKB) ('B-'/Stable) which is owned by Kazakh Kazkommertsbank ('B'/Stable). The rating of the class A notes is constrained by a maximum six- notch uplift above the servicer's Long-term Issuer Default Rating (i.e. to 'BBB-') according to Fitch's criteria addressing legal risks in emerging market securitizations. The notes have redeemed on a sequential basis since closing and as of May 2012 have amortized to 33.2% of their initial balance. The CE available to the tranches stands at 55.3% and 26.3% for class A and B, respectively. As of May 2012, there was an outstanding class C principal deficiency ledger (PDL) of USD4m. According to the structure of the waterfall, the reserve fund is senior to the class C PDL and therefore the defaults are debited on the PDL of class C before being offset by the available excess spread. However, since February 2009, the reserve fund target stepped up to US$9.9 million, double the original balance, and is therefore capturing all the available excess spread, leaving the class C PDL to increase. Once the outstanding PDL is greater than the current amount of notes, defaults will be recorded on the class B PDL that will be in turn reduced by the available excess spread, which represents 4.4% (annualized) of outstanding note balance. Although the outstanding PDL reduces the credit enhancement available to the notes, Fitch considers the ongoing replenishment of the reserve fund providing a sufficient credit enhancement buffer and would be available as extra liquidity. The performance has recently stabilized although as of May 2012 the loans in arrears by less than 90 days was 6.0% of the pool balance and 11.9% of loans are in arrears by more than 90 days. ========= S P A I N ========= TDA 27: S&P Lowers Rating on Class C Notes to 'B- (sf)' ------------------------------------------------------- Standard & Poor's Ratings Services lowered and kept on CreditWatch negative its credit ratings on TDA 27, Fondo de Titulizacion de Activos' class B and C notes. "At the same time, we affirmed our 'D (sf)' ratings on the class D, E, and F notes. Our ratings on the class A2 and A3 notes are unaffected by rating actions. On Dec. 15, 2011, we placed on CreditWatch negative our ratings on TDA 27's class A2, A3, B, and C notes. This followed the findings of an audit of TDA 28, Fondo de Titulizacion de Activos' assets originated by Credifimo, according to which Credifimo had not originated the loans in accordance with its internal policies," S&P said. "We later withdrew our ratings in TDA 28. The rating actions follow what we consider to be continued deteriorating performance of the residential mortgage pool backing this transaction. They also follow a lack of information about whether Credifimo's noncompliance with some of its representations as originator in TDA 28, as identified by an audit of TDA 28's assets originated by Credifimo, could have also occurred in TDA 27. In TDA 27, the loans originated by Credifimo have, on average, shown weaker performance than the rest of the loans in the portfolio. Credifimo originated 85.93% of the defaulted loans in the pool. We consider delinquency levels in TDA 27's underlying mortgage portfolio to be high. At the end of June 2012, the outstanding balance of defaulted loans," S&P said. "Due to the high level of defaults in the securitized pool, our ratings on the class B and C notes depend substantially on the amount of actual and expected recoveries on the defaulted assets mentioned above. The level of recoveries on defaulted loans in the transaction is significantly low; of the 72 repossessed properties on the issuer's behalf that are in process of being disposed, only a single property has been sold," S&P said. Due to the deterioration of the credit quality of the portfolio and the low level of recoveries experienced by the underlying collateral, the level of performing collateral available to the transaction to service the amounts due under the notes has continued to reduce. Based on the amount of the performing portfolio balance available to the issuer, as of the June 2012 interest payment date, the transaction was undercollateralized by EUR32.7 million and the class C notes were undercollateralized by 49.28% of their current balance. The interest-deferral trigger levels for the class B, C, D, and E notes are cumulative defaults of 11.40%, 8.60%, 5.50%, and 4.20% of the closing portfolio balance, respectively. As of June 2012, the ratio of cumulative defaults over the closing balance was 6.79%, triggering a diversion of cash flows from classes D and E toward the most senior outstanding class. "Based on the most recent transaction data available, our cash flow analysis indicates that lower ratings are commensurate with the credit enhancement available to the class B and C notes. Taking all of the above factors into consideration, we have lowered to 'BB (sf)' from 'A (sf)' and kept on CreditWatch negative our rating on TDA 27's class B notes, to reflect our opinion that adverse business, financial, or economic conditions could lead to the issuer's inability to meet its financial commitments," S&P said. "Our cash flow analysis also indicates that a 'BB (sf)' rating is no longer commensurate with the credit enhancement available to the class C notes, as the transaction experiences interest and principal shortfalls under all of our cash flow scenarios. The class C notes are undercollateralized by 49.28% of their current balance. We have lowered to 'B- (sf)' from 'BB (sf)' and kept on CreditWatch negative our rating on the class C notes," S&P said. "We are seeking further information about whether Credifimo's noncompliance with some of its representations as originator in TDA 28, as identified by an audit of TDA 28's assets originated by Credifimo, could have also occurred in TDA's other three rated residential mortgage-backed securities (RMBS) transactions partially backed by loans originated by Credifimo, including TDA 27. In July 2009, following a failure to meet due interest payment at the June 2009 interest payment date, we lowered to 'D (sf)' our rating on the class F notes, which were issued at closing to fund the cash reserve. In September 2009, due to insufficient excess spread to cover defaults, the issuer fully drew the reserve fund, which has remained at zero since then. Furthermore, TDA 27 breached the interest-deferral triggers on the class D notes in September 2011, and on the class E notes in September 2010. As a result, we lowered our ratings to 'D (sf)' on the class D and E notes in October 2011 and October 2010, respectively," S&P said. "We have affirmed our 'D (sf)' ratings on the class D, E, and F notes. On April 30, 2012, we lowered our long- and short-term ratings on Banco Santander S.A. to 'A-/A-2' from 'A+/A-1'," S&P said. "Since our downgrade of Banco Santander to below 'A-1', Banco Santander is no longer eligible as bank account provider for this transaction, and it is therefore looking for a guarantor or a replacement in accordance with our counterparty criteria," S&P said. "More than 60 days have elapsed since we lowered our short-term rating on Banco Santander to below the level required by the transaction documents, which reflect our (superseded) 2010 counterparty criteria. As we have received a remedy proposal from the transaction parties, we are not taking rating actions on TDA 27 for counterparty reasons as of now," S&P said. However, if Banco Santander does not replace itself with an eligible counterparty in accordance with our 2012 counterparty criteria in the coming weeks, the maximum rating achievable would be equal to the issuer credit rating on Banco Santander ('A-'), which as of now is lower than the actual rating on TDA 27's most senior notes ('AA-'). TDA 27 securitizes a portfolio of Spanish residential mortgages originated by Caixa d'Estalvis de Terrassa (currently 30.51% of the total pool, versus 29.05% at closing); Caja General de Ahorros de Granada (currently 25.70% of the total pool, versus 27.55% at closing); Caja Vital Kutxa (currently 21.31% of the total pool, versus 25.98% at closing); and Credifimo, which was acquired at the beginning of 2010 by Banca C�vica S.A. (BB/Watch Pos/B) -- currently 22.48% of the total pool, versus 17.42% at closing. The transaction closed in December 2006 with a weighted- average seasoning of 26.2 months. Ratings List Class Rating To From TDA 27, Fondo de Titulizacion de Activos EUR930.6 Million Mortgage-Backed Floating-Rate Notes Ratings Lowered and Remaining on CreditWatch Negative B BB (sf)/Watch Neg A (sf)/Watch Neg C B- (sf)/Watch Neg BB (sf)/Watch Neg Ratings Affirmed D D (sf) E D (sf) F D (sf) Ratings Unaffected A2 AA- (sf)/Watch Neg A3 AA- (sf)/Watch Neg VITRO CRISTALGLASS: Court Grants Voluntary Bankruptcy Protection ---------------------------------------------------------------- Brendan Case at Bloomberg News reports that Vitro SAB, Mexico's largest glassmaker, said its Spanish unit Vitro Cristalglass SL was granted voluntary bankruptcy protection by a Madrid court on July 6 and a case administrator was named July 9. According to Bloomberg, Vitro said in a statement that the bankruptcy will generate an estimated US$10 million to US$15 million annual increase in its earnings before interest, taxes, depreciation and amortization because its Spanish subsidiary has operated at a loss since 2009. Vitro said June 5 that the Spanish unit, which accounted for 4% of the company's consolidated sales in 2011, would seek bankruptcy protection due to "unfavorable dynamics" in the European market, Bloomberg relates. About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. But an appellate court in Mexico reinstated the reorganization in April 2011. Following the reinstatement, Vitro SAB on April 14, 2011, re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754). The Vitro parent received sufficient acceptances of its reorganization by using the US$1.9 billion in debt owing to subsidiaries to vote down opposition by bondholders. The holders of US$1.2 billion in defaulted bonds opposed the Mexican reorganization plan because shareholders could retain ownership while bondholders aren't being paid in full. Vitro announced in March 2012 that it has implemented the reorganization plan approved by a judge in Monterrey, Mexico. In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders opposed the exchange -- namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC, is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. The U.S. Vitro companies sold their assets to American Glass Enterprises LLC, an affiliate of Sun Capital Partners Inc., for US$55 million. U.S. subsidiaries of Vitro SAB are having their cases converted to liquidations in Chapter 7, court records in January 2012 show. In December, the U.S. Trustee in Dallas filed a motion to convert the subsidiaries' cases to liquidations in Chapter 7. The Justice Department's bankruptcy watchdog said US$5.1 million in bills were run up in bankruptcy and hadn't been paid. On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in Dallas entered a ruling that precluded Vitro from enforcing its Mexican reorganization plan in the U.S. The judge ruled that the Mexican reorganization was "manifestly contrary" to U.S. public policy because it bars the bondholders from holding Vitro operating subsidiaries liable to pay on their guarantees of the bonds. The Mexican plan reduced the debt of subsidiaries on $1.2 billion in defaulted bonds even though they weren't in bankruptcy in any country. ============= U K R A I N E ============= STATE EXPORT-IMPORT: Fitch Affirms 'B' Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has affirmed Ukraine-based JSC The State Export- Import Bank of Ukraine's (Ukreximbank) and JSC State Savings Bank of Ukraine's (Oschadbank) Long-term Issuer Default Ratings (IDRs) at 'B' with Stable Outlooks. Ukreximbank's and Oschadbank's Long-term IDRs are underpinned by potential support from the Ukrainian authorities, if needed. In assessing the probability of support, Fitch views as positive factors the banks' 100%-state ownership, their policy roles, their high systemic importance, and the track record of capital support for the banks under different governments. At the same time, the ratings also take into consideration the ability of the Ukrainian authorities to provide support, as indicated by the sovereign's 'B' Long-term IDR. The Stable Outlooks on the banks' Long-term IDRs reflect the Outlook on the sovereign's Long-term IDR. Improvement or deterioration in Ukraine's sovereign risk profile would generate upward or downward pressure, respectively, on Ukreximbank's and Oschadbank's ratings. The affirmation of Oschadbank's Viability Rating (VR) reflects the bank's large deposit taking franchise, comfortable liquidity position and a sizeable capital buffer. It also takes into account its improved performance, but the agency cautions that there is a continued degree of volatility given the high concentration of revenues. The rating also takes into account the corporate governance weaknesses driven by directed lending and significant concentration risk in the bank's loan book, notably its exposure to the weak NJSC Naftogaz of Ukraine (Naftogaz; 'CCC') and dependence on financial support from the National Bank of Ukraine associated with this exposure. Growth in lending coupled with lower loan impairment charges (LICs) boosted Oschadbank's operating profit in 2011. The bank plans to diversify its net interest income-weighted revenue base by expanding its service offering and targeting new segments. Fitch expects, however, growth potential to be only modest in the medium-term given a challenging operating environment which limits the pool of attractive quality borrowers. Oschadbank reduced its exposure to Naftogaz during 2011, mainly through the settlement by Naftogaz of reverse repos on Ukrainian government debt securities. Despite this, Naftogaz loans, restructured up until 2015, still accounted for a high 34.6% of total loan portfolio at end-2011. The success of the planned continued reduction will depend on whether Naftogaz can generate sufficient cash flows to service its obligations. Oschadbank's non-Naftogaz portfolio grew significantly in 2011 (60% yoy at end-2011), outgrowing the market substantially. Given such aggressive growth, Fitch cautions that problem loans could rise in light of high loan book concentration. Excluding the bank's exposure to Naftogaz, the 19 largest borrowers accounted for 156% of Fitch core capital or 79% of the remaining corporate portfolio at end-2011. The bank's large capital base, however, creates a sizable buffer against single event losses arising from the highly concentrated loan book. Oshadbank's non- performing loans (NPLs; loans past due by 90 days) grew by 29.7% in 2011 and accounted for 11% of non-Naftogaz portfolio. NPLs were fully covered by reserves. Oschadbank's large network and the explicit retail deposit guarantee provides it with stable access to customer funding. Funding for the Naftogaz loan is provided by the authorities. The liquidity cushion is strong, covering 44% of customer deposits at end-Q112. Upside potential for Oschadbank's VR is limited given the bank's close correlation with the performance of Naftogaz. Downward pressures on the VR would arise from material asset quality deterioration, which could potentially stem from the aggressively expanded corporate loan book. The affirmation of Ukreximbank's 'b' VR reflects the bank's sizable capital buffer and solid pre-impairment profitability available to absorb losses, comfortable liquidity and solid corporate franchise. However, Ukreximbank's VR also considers its high loan impairment (albeit lower than for the sector as a whole), high loan concentrations, the large share of FX lending and currently weak profitability, driven by LICs. Ukreximbank's loan growth remained subdued in 2011-Q112, reflecting the bank's modest risk appetite in the still difficult operating environment in Ukraine. Borrower concentrations remain high with the major 20 exposures/total loans ratio at 49% at end- Q112 (137% of equity), reflecting the bank's focus on the larger corporate segment. The large share of FX lending (50% of end- Q112 net loans), though partly mitigated by the FX revenues of the exporting borrowers, remains a significant source of credit risk, as does the sizeable exposure to the troubled real estate sector (50% of Fitch core capital). Public sector companies accounted for 20% of loans, although this is targeted to decrease. Ukreximbank's NPLs continued to grow in Q112 to 15% of loans (end-2011: 12.7%). This is below the average of 18% estimated for Fitch-rated Ukrainian banks at end-2011. NPLs were fully covered by reserves. Write-offs were modest during the crisis, while recoveries on defaulted exposures improved through collateral foreclosures. Similarly to its peers', Ukreximbank's restructured and extended loans were high at 24.5% of end-Q112 loans. Review of these exposures suggests most of them have continued to perform according to revised schedules, which, in a few cases, included grace periods on principal payments, meaning that the efficiency of restructuring is yet to be tested. However, Fitch estimates that Ukreximbank could increase its loan impairment reserves to a high 48% of loans from the current 20% (under local GAAP) before its regulatory capital adequacy ratio (of 32% at end-Q112) would fall to the regulatory minimum of 10%. Fitch views this as a reassuring factor in view of remaining concerns over the asset quality. Growth in client deposits during 2009-2011 underpins Ukreximbank's liquidity position. The cushion of highly liquid assets (both cash and Ukrainian state bonds) remains large, in the absence of material loan growth, but the gross loans-to- deposit ratio at 173% at end-2011 (net loans/deposits: 141%), indicates Ukreximbank's still high reliance on capital markets. Refinancing requirements for external debt are moderate in H212 (equal to 6% of total liabilities) and negligible in 2013-2014, although the large US$750 million eurobond due in April 2015 represents a significant 11% of current liabilities. Ukreximbank's VR could be downgraded if large loan losses cause a sharp deterioration in the bank's capital position. A significant improvement in the operating environment and upgrade of the sovereign rating could create scope for an upgrade of the VR. The rating actions are as follows: Oschadbank: -- Long-term foreign and local currency IDRs: affirmed at 'B'; Outlook Stable -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at 'RR4' -- Senior unsecured debt in local currency: affirmed at 'AA- (ukr) -- Short-term foreign currency IDR: affirmed at 'B' -- Support Rating: affirmed at '4' -- Support Rating Floor: affirmed at 'B' -- VR: affirmed at 'b-' -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook Stable Ukreximbank: -- Long-term IDR: affirmed at 'B'; Outlook Stable -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at 'RR4' -- Subordinated debt: affirmed at 'CCC'; Recovery Rating at 'RR6' -- Short-term IDR: affirmed at 'B' -- Support Rating: affirmed at '4' -- Support Rating Floor: affirmed at 'B' -- VR: affirmed at 'b' -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook Stable =========================== U N I T E D K I N G D O M =========================== ALBERMARLE HOTELS: Owners Put New Bath Hotel Up for Sale -------------------------------------------------------- Matlock Mercury reports that the New Bath Hotel unexpectedly closed last week leaving its employees and potential guests with an uncertain future. On July 9, a repossession order was placed on the property after its owners, Albermarle Hotels (No.2) Limited, went into liquidation, the report relates. According to the report, the 18th Century hotel -- set within five acres of gardens -- is now up for sale at GBP2,500,000. "We hadn't heard anything about the hotel closing until Monday [July 90] morning when the bailiffs turned up. When they arrived they got everyone out of the hotel and began the process of clearing it out," an employee, who wishes to remain nameless, told the Mercury. The Mercury relates that with no explanations and no assurances for the future, staff left the site and continue to wait for information on whether they will be paid up to date. ALPHA MOBILE: Parent Company Placed in Liquidation; Owes GBP3.5MM ----------------------------------------------------------------- Mobiletoday reports that Onyx Innovation, the parent company behind Alpha Telecom and Alpha Mobile has been put into liquidation after it amassed debts of almost GBP3.5 million. Onyx ceased trading earlier this year, the report says. Mobiletoday relates that Jeffrey Brenner at insolvency practitioners B&C Associates is currently leading the liquidation process. Administrator Rachel Brewster told Mobiletoday that the business went into liquidation because it was insolvent and unable to pay back its debts of GBP3,467,663. According to the report, Mr. Brenner is realising any assets of the business, which will then be used to pay off any creditors. Hundreds of customers could have been left out of pocket by the collapse of Alpha Mobile and it is unlikely they will get any of their money back. As unsecured creditors, they are at the bottom of the list of those whose debts will be repaid, the report notes. Mobiletoday says customers accused staff at Onyx's MVNO Alpha Mobile of trying to sell them credit for the service in the weeks before it stopped trading. It also initially blamed 'technical difficulties' for problems with the business before announcing it would be placed in liquidation. The company's CEO Zafar Mirza has repeatedly declined to speak to Mobiletoday. Onyx Innovation launched its MVNO Alpha Mobile last summer, in a bid to target the fast-growing ethnic MVNO market, Mobiletoday discloses. The business acquired fixed-line provider Alpha Telecom in 2010, which had been trading since 1996. BRADFORD BULLS: Liquidation Deadline Extended to July 27 -------------------------------------------------------- BBC News reports that Bradford Bulls' administrators have extended the deadline for when the club needs to have a new owner to July 27. A cut-off of July 17 was set when the Bulls announced they had just 10 working days to find a buyer upon entering administration on June 26, according to the report. "We have extended the deadline while the potential buyers have a thorough look at the club," administrator Brendan Guilfoyle told BBC Look North. "No offer has been made but they are intent on buying the club." BBC News notes the extension on the deadline is dependent on the Rugby Football League agreeing to pay the players' wages for the month. Mr. Guilfoyle said the club do not have enough money in the bank to foot the bill themselves, the report relays. BBC News adds that despite the positive news about a potential buyer for the four-time Super League winners, Mr. Guilfoyle warned that the deal would be dependent on the RFL and the 13 other Super League clubs consenting to allow the club to remain in the top division and permitting the new owners to buy back their ground. Bradford Bulls -- http://www.bradfordbulls.co.uk/-- is a professional rugby league club based in the city of Bradford, England. D&D WINES: Creditors Appoint PKF as Liquidator ---------------------------------------------- Accountancy Age reports the majority of creditors at D & D Wines International have rejected RSM Tenon administrator proposals, in favor of appointing PKF liquidators. RSM Tenon administrators Christopher Ratten and Jeremy Woodwide were appointed to the Cheshire-based wine distributor D & D Wines International on April 27, 2012. According to the report, the majority of creditors, GBP7 million in value out of GBP10 million, rejected the administrators' proposals which included selling stock and liquidating the company. Accountancy Age says the creditors instead decided that they wanted an independent review of the company and that it should proceed into liquidation with PKF partners Kerry Bailey and Trevor Birch. D&D Wines sells around 600 wines in the UK and Ireland, sourced from 25 wineries in ten different countries and supplying supermarkets and retailers such as Tesco, Sainsbury's, O'Brien's and Morrisons. GEMINI PLC: S&P Lowers Rating on Class A Notes to 'B(sf)' --------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on GEMINI (ECLIPSE 2006-3) PLC's class A, B, and C notes. "At the same time, we have affirmed our ratings on the class D and E notes," S&P said. "GEMINI (ECLIPSE 2006-3) is a single-borrower secured-loan transaction backed by a portfolio of what we consider average- quality retail, office, warehouse and industrial, and leisure properties in England and Scotland," S&P said. "The rating actions follow our regular surveillance review of the recovery value of the remaining properties backing the loan, the cash flows from these properties, the likelihood that the liquidity facility will be available to indirectly service the ongoing swaps in the transaction, and the potential swap breakage costs. As a result of tenant lease breaks and insolvencies, the portfolio's cash flows have continued to decline," S&P said. The vacancy rate has increased to about 18% in April 2012 from about 5% in January 2009. This has caused a further drag on portfolio cash flows, which were already suppressed by weakened rental markets. "In our opinion, susceptibility to vacancies is likely to continue, due to the properties' secondary nature and exposure to the retail and industrial sectors, which in the current economic environment are facing declining demand amid lower consumer and business expenditures," S&P said. The recoveries in this transaction are increasingly tied to the swap breakage costs. These, in turn, are tied to the low interest rate forward curves, due to the current macroeconomic environment and the long duration of the senior hedge (maturing in 2026). While interest rates may rise and thus lower swap breakage costs in the next four to seven years (the loan and the junior swap matures in four years, while the notes mature in seven years), the declining cash flows at the borrower level are making it more difficult to meet regular swap payments (which, if not met, could cause swap breakage costs). "We understand that it is increasingly possible that the liquidity facility will become fully drawn, as outlined by CBRE Loan Servicing Ltd. (CBRE) in its latest report as special servicer," S&P said. "At current levels of rental income, we do not expect the transaction will exhaust the liquidity facility by loan maturity when the junior swap payments end. Nonetheless, large balances of already-drawn liquidity will eventually have to be repaid or deducted from recoverable proceeds. The liquidity facility has been regularly drawn to meet certain nonrecoverable costs and senior loan interest payments," S&P said. "We do not expect these to increase in the near term unless interest rates or liquidity costs rise. If the swap payments are met through rental income and indirectly through liquidity draws, we currently consider that enough liquidity would be available to meet swap payments and therefore avoid any breakage costs during the loan term. While interest rates could rise and therefore accelerate the use of the liquidity facility in such a scenario, the potential swap breakage costs should decrease," S&P said. As the liquidity facility can be drawn for nonrecoverable costs and senior loan interest, decreased rental income would not be an immediate concern, as the cash from the facility can indirectly be used to meet swap payments. The structure therefore relies on the borrower's ability to re-let vacant properties, and to reduce the use of liquidity over time so the facility does not become fully drawn. However, other factors -- including tenants going into administration and legal costs -- may further increase pressure on the structure. "We consider it possible that the issuer will fully draw the liquidity facility in the coming years, potentially between 2015 and 2017, depending on the income decline scenario used in our analysis. The continuing weakness in the global economy has meant that interest rates have remained low, and thus swap costs have not decreased in the past year," S&P said. The most recent reported GBP250 million mark-to-market value of the swap would result in a loan-to-value (LTV) ratio of 240%, based on the April 2012 valuation and taking into account current liquidity facility drawings. "Currently, based on the latest property valuation of �437.5 million (from April 2012) and the reported mark-to-market value, we consider it likely that all classes of notes could suffer a loss," S&P said. "As a result, we consider recovery of full principal for any class of notes increasingly challenging. We understand CBRE in its role as special servicer continues to implement an asset management strategy. It aims to improve portfolio cash flow generation over the medium term, and avoid a near-term default and enforcement that would crystallize the significant swap breakage costs," S&P said. "While we note that the four years until loan maturity provide some time to implement a sustainable strategy for the portfolio, in our opinion, the prospects of full recovery at or before legal final maturity are very limited," S&P said. The recovery prospects are constrained by the costs associated with breaking the long-dated swap, the ongoing shift in investor sentiment away from secondary U.K. assets, and the structural vacancy rates that the portfolio will likely continue to exhibit. "In view of our assessment of the recoverable proceeds of the properties, the swap breakage costs, and the liquidity facility, we have lowered to 'B (sf)' our ratings on the class A and to 'B- (sf)' our ratings on the class B and C notes," S&P said. "We consider the class A notes at risk of suffering principal losses, and the class B and C notes likely to suffer losses," S&P said. "Additionally, we have affirmed our 'B- (sf)' and 'D (sf)' ratings on the class D and E notes, respectively, to reflect our view that they will likely suffer principal losses," S&P said. Potential Effects of Proposed Criteria Changes "We have taken rating actions based on our criteria for rating European CMBS. However, these criteria are under review," S&P said. "As highlighted in the Nov. 8 Advance Notice of Proposed Criteria Change, we expect to publish a request for comment (RFC) outlining our proposed criteria changes for rating European CMBS transactions," S&P said. "On June 4, we published a request for comment (RFC) outlining our proposed criteria changes for CMBS Global Property Evaluation Methodology. The proposed criteria do not significantly change Standard & Poor's longstanding approach to deriving property net cash flow (S&P NCF) and value (S&P Value). We therefore anticipate limited impact for European outstanding ratings when the updated CMBS Global Property Evaluation Methodology criteria are finalized. However, because of its global scope, the proposed CMBS Global Property Evaluation Methodology does not include certain market-specific adjustments," S&P said. An application of these criteria to European transactions will therefore be published when we release our updated rating criteria. Until such time that we adopt new criteria for rating European CMBS, we will continue to rate and surveil these transactions using our existing criteria. Ratings List Class Rating To From GEMINI (ECLIPSE 2006-3) PLC GBP918.862 Million Commercial Mortgage-Backed Floating-Rate Notes Ratings Lowered A B (sf) BB+ (sf) B B- (sf) BB (sf) C B- (sf) B+ (sf) Ratings Affirmed D B- (sf) E D (sf) JML DOLMAN: Goes Into Liquidation; 300 Jobs at Risk --------------------------------------------------- expressandstar.com reports that JML Dolman is going into liquidation and throwing the future of 300 jobs and hundreds of apprenticeships into jeopardy. Apprentices were turning up at JML Dolman's base in Waterloo Road last week only to find it closed. It comes just months after the company was accused of malpractice on BBC documentary show Panorama, a claim which bosses denied. JML's liquidation is being handled by the Birmingham office of Leonard Curtis Business Solutions, the report discloses. "We have received instructions to help put JML Dolman into liquidation. We are in discussions to transfer the apprentices to a different company so they don't lose out on their training," the report quotes spokesman Jonathan Black as saying. Mr. Black said around 300 jobs would be lost in the region. JML Doman runs a number of apprenticeships across the Midlands, including South Nottingham College. SILVERS MARINE: Tax Department Seeks to Wind Up Firm ---------------------------------------------------- forargyll.com reports that on June 28, 2012, a petition was presented to Glasgow Sheriff Court by the Advocate General for Scotland for and on behalf of the Commissioners for Her Majesty's Revenue and Customs craving the Court inter alia to order that Silvers Marine (UK) Ltd be wound up by the Court and to appoint a liquidator. All parties claiming an interest must lodge Answers with Glasgow Sheriff Court, 1 Carlton Place, Glasgow within 8 days of intimation, service and advertisement. Silvers Marine owns the well known boatyard on the west of the Gareloch and various other commercial maritime interests, including passenger carrying craft. TUMPHER LTD: Philip Johnston-Linked Firms Declared Insolvent ------------------------------------------------------------ BBC News reports that more property companies partially controlled by the east Belfast estate agent Philip Johnston have been declared insolvent. BBC News says Tumpher Ltd and Claymore Properties have been placed into administration. Receivers have also been appointed to assets of Asgarth Properties and Lighthouse Property Consultants. Among the assets placed into receivership is a property at the K Club in Straffan, County Kildare. It was in the control of Asgarth Properties and the receiver was appointed by Bank of Ireland, BBC News notes. According to the report, the bank has also appointed receivers to houses in the Woodvale area of Belfast and flats in Manchester. Earlier this year, another of Mr. Johnston's firms, East Development Company, and two subsidiaries were placed into receivership. Collectively, they managed a portfolio of 37 residential properties in Northern Ireland as well as property in Northern Ireland, Scotland and England. They owed First Trust Bank almost GBP4 million; the bank is unlikely to recover all that money from the sale of the properties, BBC News notes. Mr. Johnston's estate agency business is not affected, the report adds. =================== U Z B E K I S T A N =================== UZPROMSTROYBANK: S&P Affirms 'B+/B' Counterparty Credit Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services had affirmed its 'B+' long- term and 'B' short-term counterparty credit ratings on Uzbekistan-based Uzpromstroybank. The outlook is stable. In 2011, Uzpromstroybank's share capital was increased by 20%. Uzbekistan's government, which is the main stakeholder, intends to further increase Uzpromstroybank's Tier 1 capital base by Uzbek sum 152 billion (almost twice the current level) over 2012-2013. This is in addition to the capital that the bank can generate internally through retained earnings. "In our view, retained earnings and the capital increase together will be sufficient to absorb the bank's planned annual 30% asset growth for the same period, and is likely to improve the bank's capital ratios," S&P said. "We have therefore revised our assessment of Uzpromstroybank's capital and earnings to "moderate" from "weak", as our criteria define these terms. We now forecast that the bank's risk-adjusted capital (RAC) ratio, before adjustments for diversification, will be between 6%-7% over the next 12-24 months. However, this positive revision of the bank's capital and earnings assessment is neutral for the rating of a bank with a 'b+' anchor," S&P said. "Standard & Poor's bases its ratings on Uzpromstroybank on its 'b+' anchor, its "adequate" business position, "moderate" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity, as our criteria define those terms. The stand-alone credit profile is 'b+'," S&P said. "Although we do not rate the Republic of Uzbekistan, the ratings on Uzpromstroybank are constrained by our assessment of the sovereign's creditworthiness. We consider Uzpromstroybank to be a bank of "high" systemic importance and also a government-related entity (GRE) with a "high" likelihood of government support, reflecting its "important" role for and "very strong" link with the sovereign. However, given our assessment of the sovereign's creditworthiness, which is based on publicly available information, we include no notches of uplift in the ratings," S&P said. "Our view of the likelihood of government support is based on Uzpromstroybank's position as one of the largest Uzbek banks involved in developing key domestic industries and its government ownership. The stable outlook balances high economic and industry risks for banks operating in Uzbekistan against our expectation of continued state ownership and ongoing government support. We think that Uzpromstroybank's financial and business profiles will remain stable, at least for the next 12-24 months," S&P said. "We consider the creditworthiness of Uzbek banks, including Uzpromstroybank, to be closely linked to that of the sovereign. We currently consider the sovereign's creditworthiness to be a rating constraint. Therefore, we are unlikely to raise the ratings on Uzpromstroybank before we considered that the sovereign's creditworthiness had improved. Such a scenario would indicate more supportive operating conditions for banks. In our view, the likelihood of an upgrade triggered by improvements in some bank-specific factors appears limited over the next two years. We might lower the ratings on Uzpromstroybank if operating conditions deteriorated for the banking sector, notably if the sovereign's credit quality worsened. A deterioration of the bank's asset quality represents the main risk for the bank's financial profile. It could stem from weakening underwriting standards, uncontrolled credit expansion, or the government's inability to continue supporting key economic and industrial sectors. Although such risks appear remote at present, they could potentially put pressure on the ratings," S&P said. "We could also consider lowering the ratings if Uzpromstroybank's capitalization deteriorated to the point where its RAC ratio fell below 3.0%," S&P said. =============== X X X X X X X X =============== * BOND PRICING: For the Week July 9 to July 13, 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 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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 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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 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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 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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 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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. * * * End of Transmission * * *