/raid1/www/Hosts/bankrupt/TCREUR_Public/120806.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, August 6, 2012, Vol. 13, No. 155
Headlines
B U L G A R I A
BDZ HOLDING: At Risk of Bankruptcy; Seeks Urgent Funds
G E R M A N Y
PFLEIDERER AG: Unveils Key Points of Insolvency Plan
SUEDZUCKER AG: Moody's Affirms 'Ba1' Subordinated Rating
G R E E C E
BANK OF GREECE: Fitch Cuts Long-Term Issuer Default Rating to 'D'
I R E L A N D
ALLIED IRISH: Incurs EUR1.1BB Operating Loss in Half-Year 2012
MONEY PARTNERS: Fitch Assigns 'BB' Rating to Tranche B1b Swap
I T A L Y
CARTESIO 2003-1: S&P Cuts Rating on 5 Note Classes to 'BB-'
CASSA DI RISPARMIO: Moody's Withdraws 'D-' BFSR; Outlook Negative
DEIULEMAR SHIPPING: Seeks Liquidation to Avoid Bankruptcy
L U X E M B O U R G
ARCELORMITTAL: S&P Lowers Corporate Credit Ratings to 'BB+/B'
N E T H E R L A N D S
SNS BANK: Moody's Updates on 14 Dutch RMBS Deals
N O R W A Y
EKSPORTFINANS ASA: No Plan to Continue Operations Afer Wind-Down
P O L A N D
PBG SA: Hydrobudowa Unit At Risk of Liquidation Bankruptcy
P O R T U G A L
* PORTUGAL: S&P Affirms 'BB/B' Sovereign Credit Ratings
S L O V E N I A
TELEKOM SLOVENIJE: Completes Liquidation of Dutch Affiliate
* SLOVENIA: Moody's Cuts Government Bond Rating; Outlook Neg.
S P A I N
UNION FENOSA: Fitch Lowers Rating on Subordinated Debt to 'BB'
S W I T Z E R L A N D
LEHMAN BROTHERS: Makes Progress in Settlement With Swiss Unit
U K R A I N E
FORUM BANK: Moody's Cuts Deposit Rating to B3; Outlook Negative
U N I T E D K I N G D O M
BOWER TERRACE: Marley in Dispute with Receivers Over Properties
DARLINGTON FOOTBALL: Liquidators Warn No Payout for Creditors
ETHEL AUSTIN: Liric Acquires 32 Stores; 198 Jobs Saved
EMS PROMOTIONS: Two Events Cancelled as Organizer Liquidates
LONDON PLEASURES: In Administration After Cash Flow Shortfall
WAD DEVELOPMENTS: In Administration; Owes More Than GBP7-Mil.
WORLDSPREADS PLC: Creditors Take Steps to Recoup Money
X X X X X X X X
* Bingham Comments on Appeals Court Ruling on Piercing Corp. Veil
* Moody's Says EU Recession May Hit Lat-Am Commodity Producers
* Moody's Takes Rating on Actions Various ABCP Programs
* BOND PRICING: For the Week July 30 to August 3, 2012
*********
===============
B U L G A R I A
===============
BDZ HOLDING: At Risk of Bankruptcy; Seeks Urgent Funds
------------------------------------------------------
Novinite.com reports that Yordan Nedev, CEO of Passenger
Transport of Bulgaria' BDZ Holding, said the passenger trains in
Bulgaria can stop running as early as mid-August.
Speaking Friday for the Bulgarian National Television, BNT,
Mr. Nedev explained that the cash-strapped company urgently needs
the transfer of BGN14 million from the State in order to keep
serving passengers, Novinite.com relates.
The State subsidy for BDZ was halted a month ago over the default
on a World Bank loan in the amount of BGN150 million,
Novinite.com recounts.
BDZ Holding is a State Railways company.
=============
G E R M A N Y
=============
PFLEIDERER AG: Unveils Key Points of Insolvency Plan
----------------------------------------------------
The Executive Board of Pfleiderer AG on Aug. 3 decided to present
an insolvency plan for the company to the Duesseldorf Insolvency
Court. The key points of the insolvency plan, in addition to
substantial debt relief, include capital restructuring measures,
in particular the reduction to zero of the share capital of
Pfleiderer AG and a subsequent capital increase.
According to the insolvency plan, the current shareholders' right
to subscribe to the new shares will be completely excluded. The
insolvency plan does not call for any payments to be made to the
current shareholders or to sub-ordinate creditors. No stock-
exchange listing of the new shares is planned.
As reported by the Troubled Company Reporter-Europe on April 19,
2012, the insolvency court in Dusseldorf on April 17 opened
insolvency proceedings for Pfleiderer and ordered personal
management or debtor in possession as expected. A respective
request was filed by the Executive Board on March 28, 2012.
Lawyer Horst Piepenburg was appointed as the custodian.
About Pfleiderer
The Pfleiderer AG -- http://www.pfleiderer.com-- is a producer
of engineered wood. The company employs approximately 4,900
people and operates 16 locations in North America, Western and
Eastern Europe producing engineered wood, surface finished
products and laminate flooring.
SUEDZUCKER AG: Moody's Affirms 'Ba1' Subordinated Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the Baa1 issuer and senior
unsecured long-term ratings of Suedzucker AG ("Suedzucker" or
"the group") and its wholly owned and guaranteed subsidiary
Suedzucker International Finance B.V as well as Suedzucker's Ba1
subordinated rating and affirmed the Prime-2 (P-2) commercial
paper (domestic currency) ratings of the group and Suedzucker
International Finance B.V. The outlook on all ratings has been
changed to positive from stable.
Ratings Rationale
"The rating action reflects the sustained improvement in
Suedzucker's operating performance, particularly in the Sugar
segment, and the continuance of its conservative financial
policies, enabling credit metrics to further strengthen to levels
now strongly positioned for its Baa1 issuer rating" says Andreas
Rands, a Moody's Vice President -- Senior Analyst and lead
analyst for Suedzucker. "We expect the company to continue
benefiting from a favorable pricing environment for its Sugar
segment based on the current supply/demand dynamics in the EU
sugar market."
The Baa1 rating reflects Suedzucker's scale and leading position
in the production of beet sugar in Europe, as well as the
diversification of its business, given its Special Products,
CropEnergies and Fruit segments (c. 47% of group revenues in FY
2011/12). The rating reflects continued strengthening in
operating performance and the favorable outlook for Suedzucker's
Sugar segment. However, the rating remains constrained by
regulatory uncertainties in the medium- to long-term horizon and
Suedzucker's exposure to commodity-price volatility, particularly
in its non-sugar segments, which can be subject to large
fluctuations in earnings and cash flows.
Whilst the Sugar segment is the key driver of Suedzucker's
growth, all of the group's segments, except Fruit, contributed to
the improvement in its operating performance in FY 2011/12. The
Fruit segment suffered from the challenging economic environment,
as well as rising raw material costs, but since then volumes in
fruit preparations have recovered, with Suedzucker expecting an
improvement in this segment's FY 2012/13 operating profit.
Overall, Suedzucker's positive operating performance has led to a
further improvement in its key credit metrics during FY 2011/12
such that they are now more strongly positioned in the Baa1
rating category and are expected to remain supported by positive
EU sugar market dynamics.
Moody's had previously indicated in its rating guidance that
positive pressure on the ratings or outlook would require
Suedzucker to strengthen its credit metrics, including adjusted
debt/EBITDA to decrease sustainably below 2.25x and adjusted
retained cash flow (RCF)/net debt to increase sustainably above
35% (metrics as adjusted by Moody's), on the back of supportive
industry conditions. Suedzucker's first-quarter FY 2012/13
results confirmed the continued positive trend in the group's
financial performance. Indeed, as a result of the good visibility
of its revenues, the group is forecasting operating profit of
above EUR800 million for FY 2012/13, up from EUR751 million in FY
2011/12. In FY 2012/13, the group will continue to benefit from
relatively high sugar prices and customers locking in volumes
early given the constraints on EU sugar supply.
Moody's estimates that Suedzucker's adjusted leverage as of
FY2011/12 was 2.1x and RCF/net debt 38.9%, vs. 2.5x and
approximately 29.4%, respectively, as of FY 2010/11. In Moody's
view, on the back of Suedzucker's performance in FY 2011/12, and
the expectation for FY 2012/13 and beyond, the group could
sustain these credit metrics over the medium term. However, the
rating remains constrained by the uncertainties of the potential
reform of EU sugar market regulation, given that key sections
expire as of 30 September 2015, as well as its exposure to
commodity price fluctuations, particularly in its Specialty
Products, CropEnergies and Fruit segments. For FY 2012/13, the
group expects to see a decline in the operating profit generated
in the CropEnergies segment as rising raw material costs weighs
on results, partly offset by revenue growth. The group expects
operating profit in Special Products to be in-line with FY
2011/12 and some improvement in Fruit on the back of a recovery
in volumes for fruit preparations.
In addition, the rating incorporates the group's healthy
liquidity profile as of first quarter FY 2012/13, with a cash
balance of EUR342.9 million (EUR384.1 million including short-
term securities) and full availability under its EUR600 million
five-year syndicated revolving credit facility.
The Ba1 subordinated rating remains three notches lower than
Suedzucker's Baa1 issuer rating and continues to reflect the loss
absorption characteristics of the rated instrument (that
continues to receive Basket D treatment), including (i) its
deeply subordinated and perpetual nature, (ii) the presence of a
mandatory non-cumulative coupon suspension linked to a breach of
a strong trigger (consolidated Cash Flow of the company is less
than 5% of the consolidated Sales Revenues) as well as (iii) an
optional cumulative deferral if no dividends are paid.
The positive outlook reflects Moody's view that Suedzucker's
expected deleveraging and improved cash generation will leave it
strongly positioned for the Baa1 rating over the next 12-18
months and that metrics may improve further on the back of
supportive industry conditions. The current rating and outlook
assume the maintenance of conservative financial policies and the
absence of any material debt-financed acquisitions or aggressive
shareholder distributions. Over the coming 12-18 months we expect
the company to build on its cash balances and financial
flexibility to ensure that Suedzucker builds a cushion to sustain
strong "through the sugar cycle" credit metrics.
What Could Change the Rating Up/Down
In Moody's view, positive pressure on the rating is likely to
develop during the next 12-18 months but this is reliant on (1)
the company continuing to maintain adjusted leverage sustainably
below 2.25x and maintain adjusted RCF/net debt sustainably above
35%; (2) there is increased visibility with regard to the
company's financial policies going forward, as well as clarity
concerning the regulatory environment in the context of the
potential reform of EU sugar market regulations, given that key
sections expire as of 30 September 2015; and (3) the company
building on its cash balances and financial flexibility cushion
to ensure that Suedzucker can sustain strong "through the sugar
cycle" credit metrics.
Conversely, although not expected in the short term in view of
the positive outlook, negative rating pressure could develop if
the group's profitability weakens, or financial policies relax,
resulting in adjusted leverage rising significantly above 3.0x
and adjusted RCF/net debt remaining below 25%.
Principal Methodology
The principal methodology used in rating Suedzucker AG and
Suedzucker International Finance B.V. was the Global Food --
Protein and Agriculture Industry Methodology published in
September 2009. Other factors used in these ratings are described
in Revisions to Moody's Hybrid Tool Kit, published in July 2010.
Based in Mannheim, Germany, Suedzucker AG is Europe's largest
sugar producer. It additionally operates in the Special Products,
CropEnergies and Fruit segments and posted EUR7.0 billion in
revenues for the fiscal year ended February 2012 (FY 2011/2012).
===========
G R E E C E
===========
BANK OF GREECE: Fitch Cuts Long-Term Issuer Default Rating to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded Agricultural Bank of Greece's
(ATEbank) Long-term Issuer Default Rating (IDR) to 'D' from 'CCC'
and revised the Support Rating Floor (SRF) to 'NF' from 'CCC'.
Simultaneously, the agency has withdrawn ATEbank's ratings and
Fitch will no longer provide ratings or analytical coverage of
ATEbank. At the same time, the agency has affirmed Piraeus Bank
S.A.'s (Piraeus) Long-term IDR at 'CCC'.
Rating Action Rationale
The downgrade and subsequent withdrawal of ATEbank's IDRs and SRF
follow the announcement on 27 July of the Bank of Greece's (BoG)
decision to revoke ATEbank's banking license and put the bank
into liquidation proceedings.
In accordance with domestic legislation (law 4021/2011), the BoG
has conducted a process by which the full amount of ATEbank's
deposits, employees and part of the assets (largely performing
loans and securities) have been transferred to Piraeus, which
will assume the continuation of ATEbank's banking activity. The
difference between the transferred assets and liabilities will be
covered by the Hellenic Financial Stability Fund (HFSF), which
has also approved the process.
The transaction is still subject to a due diligence process that
will be carried out by an external auditor appointed by the BoG.
Upon closing of the transaction, the Piraeus group will be
Greece's second-largest bank by total assets and will have a
market share of 19% for deposits and 16% for loans. The group
should ultimately benefit from an enlarged franchise and cost and
revenue synergies. However, Fitch believes these synergies will
be challenging to obtain over the near term due to Greece's
distressed macroeconomic environment.
RATING DRIVERS AND SENSITIVITIES - VR
Piraeus's VR of 'f' reflects Fitch's view that the bank would
have defaulted had it not received external support. Together
with all Greek banks, Piraeus has been provided with emergency
liquidity assistance by the BoG and the ECB to absorb deposit
withdrawals. Moreover, the four major Greek banks, including
Piraeus, have been provided with capital support through the HFSF
to raise their total capital adequacy ratio to the required
minimum 8%. However, Greek banks need to reach a minimum 9% core
capital ratio by end-September 2012. If they fail to boost
capital by private means, they will be able to access additional
capital from the HFSF.
Once the recapitalization process and the ATEbank transaction are
completed and further details on these are made available, Fitch
will reassess Piraeus's VR based on its post-supported financial
strength. Fitch expects the VR to remain deeply sub-investment
grade to reflect materially weak credit fundamentals. T his is
due to Piraeus's still fragile funding and liquidity position and
substantial asset quality and profitability challenges in light
of the currently weak Greek economy.
RATING DRIVERS AND SENSITIVITIES - IDRs and SRF
Piraeus' Long-term IDR has been affirmed and remains at its SRF
based on sovereign support. The SRF is sensitive to a potential
downgrade of the Greek sovereign rating or to a change in the
agency's assumptions around the propensity of the authorities to
support the bank. A downgrade of Piraeus' SRF would trigger a
downgrade of its Long-term IDR.
STATE GUARANTEED DEBT
The ratings of the state-guaranteed debt issued by Piraeus and
ATEbank have been affirmed and are in line with the Long-term IDR
of Greece ('CCC'). These debt ratings are thus sensitive to any
change in the sovereign rating.
The rating actions are as follows:
Piraeus Bank S.A.:
-- Long-term IDR: affirmed at 'CCC'
-- Short-term IDR: affirmed at 'C'
-- Viability Rating: affirmed at 'f'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'CCC'
-- Senior notes: affirmed at 'CC'/'RR5'
-- Commercial paper: affirmed at 'C'
-- State-guaranteed issues: affirmed at 'CCC'
ATEbank:
-- Long-term IDR: downgraded to 'D' from 'CCC'; withdrawn
-- Short-term IDR: downgraded to 'D' from 'C'; withdrawn
-- Viability Rating: affirmed at 'f'; withdrawn
-- Support Rating: affirmed at '5'; withdrawn
-- Support Rating Floor: revised to 'NF' from 'CCC'; withdrawn
-- State-guaranteed debt (ISIN XS0641312813, ISIN XS0651719378,
ISIN 0523214509): affirmed at 'CCC', debt transferred to
Piraeus
=============
I R E L A N D
=============
ALLIED IRISH: Incurs EUR1.1BB Operating Loss in Half-Year 2012
--------------------------------------------------------------
Allied Irish Banks p.l.c. announced preliminary interim results
for the half year ended June 30, 2012.
The Company reported operating loss of EUR1.1 billion for the
half year of 2012, compared with an operating loss of EUR3.0
billion for the half year of 2011. The performance reflected a
reduction in the credit provision charge, although provisions
still remained at a high level. Provisions for impairments of
loans and receivables reduced from EUR3.0 billion in the half-
year to June 2011 to EUR0.9 billion in the half-year to June
2012, a level which reflected the continued weak economic
environment.
Net interest income (including ELG costs) was EUR568 million, a
decrease of EUR36 million on the first half of 2011
David Duffy, AIB Chief Executive, said, "The half year results
for the bank are broadly in line with our internal expectations
and we are encouraged by the sharp decline in the levels of
provisions relative to previous periods.
"Ultimately, our plan is to return to sustainable profitability
by 2014. Achieving this will be key to our ambition to attract
private investment and return value to the taxpayer as principal
shareholder."
"AIB will also continue to have the largest distribution reach in
the country. Our mutually beneficial agreement with An Post is
designed to minimise disruption to our customers."
A copy of the AIB Group preliminary results can be found at:
http://bankrupt.com/misc/ALLIEDjune30.pdf
A copy of the press release is available for free at:
http://is.gd/eOKIoE
About Allied Irish Banks
Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland. It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin. AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).
Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.
As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares. On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.
In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.
The Company reported a loss of EUR2.29 billion in 2011, a loss of
EUR10.16 billion in 2010, and a loss of EUR2.33 billion in 2009.
Allied Irish's consolidated statement of financial position for
the year ended Dec. 31, 2011, showed EUR136.65 billion in total
assets, EUR122.18 billion in total liabilities and EUR14.46
billion in shareholders' equity.
MONEY PARTNERS: Fitch Assigns 'BB' Rating to Tranche B1b Swap
-------------------------------------------------------------
Fitch Ratings has assigned ratings to the following currency swap
obligations attached to the respective tranches of these
transactions:
-- Money Partners Securities 2 Plc, Tranche M1b (XS0236413489),
rated 'AA-sf'; Outlook Stable
-- Money Partners Securities 3 Plc, Tranche M2b (XS0254131484),
rated 'BBBsf'; Outlook Stable
-- Money Partners Securities 3 Plc, Tranche B1b (XS0254132458),
rated 'BBsf'; Outlook Stable
-- Money Partners Securities 4 Plc, Tranche M2b (XS0274974111),
rated 'BBBsf'; Outlook Negative
-- Money Partners Securities 4 Plc, Tranche B1b (XS0274979185),
rated 'BBsf'; Outlook Negative
-- Granite Master Issuer Plc (Series 2005-1), Tranche M2
(XS0210929757), rated 'Asf'; Outlook Stable
-- Granite Master Issuer Plc (Series 2006-3), Tranche M3
(XS0268038451), rated 'Asf'; Outlook Stable
-- RMAC Securities No1 Plc Series 2006-NS1, Tranche M2c
(XS0248595687), rated 'Asf'; Outlook Stable
-- RMAC Securities No1 Plc Series 2006-NS2, Tranche M2c
(XS0257371137), rated 'Asf'; Outlook Stable
To determine the appropriate rating, Fitch analyzed the swap
agreements and underlying transaction documents in conjunction
with its "Criteria for Rating Currency Swap Obligations of an SPV
in Structured Finance Transactions" dated August 11, 2011,
available at www.fitchratings.com. The ratings are based on
Fitch's review that the currency swap payment obligations rank
pro rata and equally with the referenced notes. Consequently,
the credit profiles of the currency swap payment obligations are
consistent with the long-term rating of the referenced note.
The payment obligations to the currency swap counterparty include
the interim and final principal payments required to redeem the
notes and the floating-rate payments necessary to pay ongoing
interest on the notes (issuer's payment obligations). Fitch's
ratings do not address any swap termination payments that become
due as the result of non-performance by the swap counterparty
itself or a non-credit event.
Fitch notes that the RMAC series allow for interest deferral of
the M2c notes if there are insufficient available revenue funds,
while deferral of the corresponding floating-payments under the
swap agreements would constitute an event of default on the swap.
In order to validate the assumption that the currency swap
payment obligations are consistent with the long-term rating of
the referenced note, Fitch has revised the cash flow models of
the RMAC series and concluded that a scenario of interest
deferral due to insufficient available funds is sufficiently
remote and beyond the current rating stress.
=========
I T A L Y
=========
CARTESIO 2003-1: S&P Cuts Rating on 5 Note Classes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB- (sf)' from
'BBB+ (sf)' its credit ratings on Cartesio S.r.l.'s series 2003-1
class 1, 2, 3, 4, and 5 notes.
"The rating actions follow our downgrade of Dexia Crediop SpA
(BB-/Negative/B)--one of the swap counterparties in this
transaction--and reflect the application of our 2012 counterparty
criteria," S&P said.
"Cartesio is a medium-term note program under which the issuance
of notes finances the purchase of receivables from the originator
SAN.IM SpA (a company owned by the Region of Lazio). The
receivables are generated from lease contracts, which were
entered into between the originator and certain healthcare
entities. The payments due and payable under the lease contracts
are made by the Region of Lazio as primary and joint obligor, as
per the terms of a payment delegation granted by each healthcare
entity and accepted by the Region of Lazio under the relevant
lease contract. While the receivables are denominated in euros,
notes are issued in British pounds sterling, U.S. dollars, and
euros," S&P said
Dexia Crediop is one of the swap counterparties in the
transaction, providing a hedge against two types of exposures:
- Interest rate risk, as the receivables pay on a fixed basis
while the notes pay a floating rate; and
- Currency risk, as the receivables pay in euros while the
notes pay in pounds sterling or U.S. dollars.
"The transaction documents relating to the swaps provided by
Dexia Crediop are not consistent with our 2012 counterparty
criteria, and they do not include a replacement framework. Under
our 2012 counterparty criteria, if a swap agreement does not
reflect a replacement framework consistent with any of our
previous counterparty criteria, the counterparty can support note
ratings no higher than our long-term rating on the relevant
counterparty," S&P said.
"After lowering to 'BB-' our long-term rating on Dexia Crediop,
we no longer deem the counterparty suitably rated to support a
'BBB+ (sf)' rating on the notes in this transaction. We have
therefore lowered our ratings on all of Cartesio's notes to the
same level as our rating on the counterparty," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
CASSA DI RISPARMIO: Moody's Withdraws 'D-' BFSR; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Cassa di Risparmio Della
Provincia di Chieti's (Carichieti) D- standalone bank financial
strength rating (BFSR), which maps to a ba3 standalone credit
assessment, the Ba3 long-term and Not-Prime short-term deposit
ratings. At the time of the withdrawals, the long-term deposit
ratings and the BFSR had a negative outlook.
Rating Rationale
Moody's has withdrawn the rating for its own business reasons.
Headquartered in Chieti, Italy, Carichieti reported consolidated
total assets of EUR4.0 billion as of December 2011, and is
privately owned.
WITHDRAWN
- Bank Deposits: Ba3/NP
- Bank Financial Strength: D-
DEIULEMAR SHIPPING: Seeks Liquidation to Avoid Bankruptcy
---------------------------------------------------------
Silvia Antonioli and Jonathan Saul at Reuters report that lawyers
for Deiulemar Shipping SpA are seeking to wind up the company to
pre-empt formal bankruptcy after prosecutors seized more than
half of its fleet.
Reuters recalls that Italian prosecutors last month arrested and
charged some members of families who own the group over the
recent bankruptcy of a related company, Deiulemar Compagnia di
Navigazione.
Lawyer Astolfo Di Amato told Reuters that Deiulemar Shipping on
July 24 filed a debt restructuring proposal that would include
the liquidation of the company and the sale of all its assets to
partially satisfy its creditors.
"It's an attempt to save the company from bankruptcy," the news
agency quotes Mr. Di Amato as saying. "This is the situation:
there are about EUR500 million (US$606 million) in debt and
EUR150 million in credit. The situation has become extremely
precarious after the bankruptcy of Deiulemar Compagnia so we
think this is the best way to safeguard the creditors."
Deiulemar Compagnia di Navigazione, a once thriving company
founded in 1969 by the Della Gatta, Iuliano and Lembo families,
was declared bankrupt in May, owing about EUR860 million, Reuters
notes.
Based in Torre del Greco, Italy, Deiulemar Shipping SpA provides
freight forwarding services.
===================
L U X E M B O U R G
===================
ARCELORMITTAL: S&P Lowers Corporate Credit Ratings to 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on Luxembourg-registered steel
group ArcelorMittal to 'BB+/B' from 'BBB-/A-3'. The outlook is
negative.
"We also lowered the ratings on the debt instruments issued or
guaranteed by ArcelorMittal to 'BB+' and assigned recovery
ratings of '4', indicating our expectation of average recovery
(30%-50%) in the event of a payment default. We assigned a
recovery rating of '3' to the US$500 million bond issued by
operating subsidiary ArcelorMittal USA and guaranteed by
ArcelorMittal, indicating our expectation of meaningful recovery
(50% to 70%) in the event of a payment default. The issue rating
on this bond is also 'BB+'," S&P said.
"The downgrade reflects the weaker steel industry environment and
economic prospects globally, and particularly in Europe, that
have led us to revise downward our forecast for ArcelorMittal's
profits for the rest of 2012 and 2013," S&P said.
"Our rating action follows the recent change in Standard & Poor's
economic forecast for Europe. In addition, purchasing manager
indices for other parts of the world have weakened, which we
believe should translate into lower steel demand in 2012-2013.
Furthermore, the 20% decline in steel and raw material prices
over the past two months indicates that the industry environment
is currently weaker than we previously expected. Finally, the
downgrade also follows ArcelorMittal's second-quarter results,
which were somewhat below our expectations as of May 2012," S&P
said.
"We now expect that the company's adjusted ratio of funds from
operations (FFO) to debt will be below 20% in 2012 and about 20%
in 2013 according to our scenario, compared with our previous
forecast of 25% in 2013. This is in spite of our continued
assumption that management will likely undertake significant
debt reduction over the next six months through disposals and
potentially other significant credit-enhancing measures," S&P
said.
"Our ratings on ArcelorMittal now factor in our expectation that
the company's adjusted EBITDA will be below US$7 billion in 2012,
following a weak US$3.5 billion in the first half and a likely
more challenging second half than we previously assumed. It also
assumes that the company's margins per ton of steel will stay
weak, especially in Europe, and that sales volumes will be
moderately lower due to seasonal factors," S&P said.
"We expect that ArcelorMittal's EBITDA will improve only
moderately in 2013 on the back of a likely increase in iron ore
production, important cost savings, and possibly stronger results
from ArcelorMittal's Americas operations, where we expect GDP
growth to remain at about 2%," S&P said.
"The negative outlook reflects the downside risk that
ArcelorMittal's adjusted FFO to debt ratios could remain below
20% in 2012-2013. This will depend notably on the extent of near-
term debt reductions and some modest recovery, both in the
company's operating performance and in the industry environment
that we anticipate from 2013, following a likely very weak 2012,"
S&P said.
"We could revise the outlook to stable over the next six months
if the company achieves its envisaged material debt reductions
and if we deem it sufficiently likely that the adjusted ratio of
FFO to debt will return to about 20% in 2013. The proceeds of the
disposals on which we understand the company is progressing, will
be an important first step toward reducing debt," S&P said.
=====================
N E T H E R L A N D S
=====================
SNS BANK: Moody's Updates on 14 Dutch RMBS Deals
------------------------------------------------
Moody's Investors Service disclosed that in its opinion, the
intended amendment to the deal documentation relating to the
notification trigger level would, not, in and of itself and as of
this time, result in a reduction or withdrawal of the current
ratings assigned to the notes issued by the following issuers:
- Holland Mortgage Backed Series (Hermes) VIII B.V.
- Holland Mortgage Backed Series (Hermes) IX B.V.
- Holland Mortgage Backed Series (Hermes) X B.V.
- Holland Mortgage Backed Series (Hermes) XI B.V.
- Holland Mortgage Backed Series (Hermes) XII B.V.
- Holland Mortgage Backed Series (Hermes) XIII B.V.
- Holland Mortgage Backed Series (Hermes) XIV B.V.
- Holland Mortgage Backed Series (Hermes) XV B.V.
- Holland Mortgage Backed Series (Hermes) XVI B.V.
- Holland Mortgage Backed Series (Hermes) XVII B.V.
- PEARL Mortgage Backed Securities 1 B.V.
- PEARL Mortgage Backed Securities 2 B.V.
- PEARL Mortgage Backed Securities 4 B.V.
- Lowland Mortgage Backed Securities 1 B.V.
On June 15, 2012, SNS Bank N.V. was downgraded to Baa2/P-2 from
Baa1/P-2. As a result, a notification event under the mortgage
receivables purchase agreement and a replacement trigger event
under the documentation relating to the collection foundation
structure have occurred.
As a result of a notification event, among others, the borrowers
regarding the securitized loans would have to be notified of the
assignment of the loans to the respective issuer. Following a
replacement trigger event, among others, all amounts standing to
the credit of the collection foundation accounts held with SNS
Bank / RegioBank would have to be immediately transferred to a
new collection foundation account with Rabobank (Aa2/P-1).
SNS Bank has informed us that it intends to lower the
notification trigger level linked to SNS Bank's rating to Ba1
from Baa1. Moreover, SNS Bank has informed us that it will
transfer the collection foundation accounts currently held with
SNS Bank/RegioBank to Rabobank by December 2012.
In Moody's view, the lowering of the notification trigger and the
delay in the transfer to Rabobank will not impact the ratings of
the outstanding notes provided that the transfer of the
collection foundation accounts to Rabobank is finalized no later
than December 2012. If the transfer is not finalized until this
point in time this might affect the ratings assigned to the
outstanding notes.
As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes. Furthermore, as discussed in
Moody's special report "Rating Euro Area Governments Through
Extraordinary Times -- An Updated Summary," published in October
2011, Moody's is considering reintroducing individual country
ceilings for some or all euro area members, which could affect
further the maximum structured finance rating achievable in those
countries.
The principal methodology used in these ratings was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa,
published in June 2012.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings only
address the credit risk associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
Moody's believed that the amendment did not have an adverse
effect on the credit quality of the securities such that the
Moody's ratings were impacted. Moody's did not express an opinion
as to whether the amendment could have other, non credit-related
effects.
Moody's monitors this transaction on an ongoing basis.
===========
N O R W A Y
===========
EKSPORTFINANS ASA: No Plan to Continue Operations Afer Wind-Down
----------------------------------------------------------------
Stephen Treloar at Bloomberg News reports that Eksportfinans ASA
has no plans to continue operating once it has wound down its
loan book and paid off all outstanding debt following Norway's
decision last year to pull its support.
Bloomberg relates that CEO Gisele Marchand said on Wednesday in a
telephone interview from Oslo that the lender, created half a
century ago to help finance Norwegian exporters, doesn't have a
strategy to continue after it winds down its current debt.
Norway in November decided to cut its support for Eksportfinans
after rejecting the lender's pleas to sidestep European capital
rules limiting large loans to single industries, Bloomberg
recounts.
According to Bloomberg, Eksportfinans' Chief Financial Officer
Geir Ove Olsen said in a March interview that the company was
exploring ways of keeping its business running and that it would
have "strategy discussions" with the board to assess its
"alternatives."
Eksportfinans has rejected speculation it may already be in
default as claimed by one investor last year, and "we haven't
heard anything since then," Marchand, as cited by Bloomberg,
said.
Norway announced in April it would form a fully state-owned
lender to fund export credits to replace Eksportfinans,
supporting the new company with as much as NOK40 billion in
direct loans, Bloomberg recounts. The government has defended
its move to remove support from Eksportfinans as necessary to
safeguard financing for the country's exporters, Bloomberg notes.
Headquartered in Oslo, Eksportfinans ASA operates as an export
lending institution that provides financing for a range of
exports and for the internationalization of Norwegian industry.
===========
P O L A N D
===========
PBG SA: Hydrobudowa Unit At Risk of Liquidation Bankruptcy
----------------------------------------------------------
Minda Alicja at Polska Agencja Prasowa reports that Hydrobudowa,
a unit of insolvent PBG, sees the risk of liquidation bankruptcy
and is currently in talks with its main creditor banks on
financing the current activities.
Hydrobudowa's spokesman Jakub Miler told PAP in an interview that
the likelihood that bankruptcy protection for debt restructuring
could be replaced with liquidation bankruptcy exists and is
rising.
"Unfortunately, the talks with creditors on a settlement may
start only after three months from the announcement of the
court's decision, i.e. from September 21," PAP quotes Mr. Miler
as saying.
According to PAP, the spokesman said that Hydrobudowa's current
problem is "the lack of means for the current operating
activities", but the company was positively surprised as the main
creditor banks recently asked to resume talks.
As reported by the Troubled Company Reporter-Europe on June 15,
2012, Bloomberg News related that a Poznan, western Poland-based
court agreed to declare bankruptcy of PBG SA aimed at arrangement
with creditors.
PBG SA is Poland's third largest builder.
===============
P O R T U G A L
===============
* PORTUGAL: S&P Affirms 'BB/B' Sovereign Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term sovereign credit ratings on the Republic of Portugal.
The outlook remains negative.
"The recovery rating remains at '4', indicating our expectation
of 'average' (30%-50%) recovery for debt holders in the event of
a debt restructuring or payment default. The 'AAA' transfer and
convertibility assessment is unchanged," S&P said.
"The ratings affirmation reflects our view of the significant
structural reforms the Portuguese government has undertaken in
the past 12 months amid rapidly narrowing current account
deficits, mostly reflecting strong export performance. Although
we consider that the transition from a domestically-focused to an
export-oriented economy has increased near-term fiscal
challenges, we expect Portugal will continue to implement the
EU/IMF program--including budgetary consolidation measures--in a
timely and rigorous manner. Despite its gradually improving
economic fundamentals, however, we are of the view that
Portugal's exports-based recovery still faces significant
headwinds from potentially weaker economic and financial
conditions in the eurozone, particularly Spain; as its largest
trade partner and external creditor, Spain buys around a quarter
of Portugal's exports," S&P said.
"The risk of weaker export demand from Portugal's traditional
trade partners could be offset by its increasing export receipts
from markets outside Europe, as well as from increasing market
share in larger eurozone economies such as France and Germany.
Since 2010, Portuguese exports have posted double-digit growth.
We expect the current account deficit (CAD) as a percentage of
current account receipts (CARs) to shrink below 10% in 2012 (just
over 2% of GDP), from peaking at nearly 30% (12% of GDP) in 2008-
2009," S&P said.
"Although the external adjustment has been more rapid, on a flow
basis, than we had expected, we observe that so far the narrowing
of the CAD has not been sufficient to reduce the country's high
external debt stock; we believe external debt net of liquid
assets will remain well above 200% of CARs until 2015. Portugal's
external financing requirement is mainly funded by the
government's borrowing from the official sector, in particular
the EU and IMF, as well as via ECB funding of the redemptions of
Portuguese banks commercial debt, and to a lesser extent the
partial rolling over of maturing private sector external debt. We
also expect increased net foreign direct investment and capital
transfers from the EU structural funds to provide some additional
external financing. It remains our baseline assumption that
Portugal is unlikely to regain full international capital market
access in the next 12 months and we anticipate an extension of
the official funding program, likely mainly from the European
Stability Mechanism (ESM)," S&P said.
"The Portuguese government, elected after the EU/IMF program was
negotiated, has so far aligned its policies closely to the
program requirements and has achieved the key quantitative
targets. Partly using one-off measures of around 3.5% of GDP, it
reduced the headline general government deficit to 4.2% of GDP in
2011, below the program target of 5.9%. Over the last 12 months,
the Portuguese government has enacted numerous reforms to enhance
the competitiveness of its economy and attract foreign
investment. It has amended the labor code to increase working
hours and wage flexibility, reduce the cost of redundancies, and
lessen the legal risk of objective dismissals. The government has
adopted a significant portion of the EU Services Directive and
has passed a new Competition Law. Several professions have been
liberalized, which we expect should reduce business transaction
costs. The government is also reforming the judiciary and is
deregulating the rental market. We believe that, taken together,
these microeconomic reforms should contribute to Portugal's
rebuilding economic flexibility, increasing the probability that
competitiveness improvements occur through rising productivity
rather than declining wages. On this point, we note that at just
over EUR12.10 per hour (Eurostat data), hourly wage costs in
Portugal at end-2011 were already 41% below those in Spain, 55%
below those in Italy, and 64% below those in France," S&P said.
"Factoring in the support the state provides to Portuguese banks
and state-owned entities, we expect general government debt to
peak at around 119% of GDP in 2013 before declining slowly. We
also see the risk that the scope of general government
consolidation will expand to include additional public sector
entities that rely heavily on government transfers, resulting in
an upward revision of general government debt. Public Private
Partnership (PPP) contracts, mostly for infrastructure projects,
could also pose contingent liabilities. When we also include the
potential need for additional banking system support if it comes
under severe stress, we estimate the total contingent liability
to the government could exceed 30% of GDP," S&P said.
"The Portuguese financial system, which recently received a
capital injection of EUR7.2 billion (EUR6.2 billion from the
state), faces continued challenges to its domestic business, in
our view. However, losses are likely to be partly offset by
profits from subsidiaries abroad. Retail deposits are stable but
credit losses are on the rise, a trend we expect to continue.
Portugal's sixth-largest bank, Banif (not rated), is being
restructured and could soon need additional state support to
strengthen its capital base. In our view, Portuguese banks'
enhanced capital and the remaining EUR7 billion available to
the banks from the EU/IMF program are sufficient to absorb
potential losses under our base-case scenario," S&P said.
"We continue to view Portugal, and other eurozone governments
receiving official assistance, as vulnerable to delays or
setbacks in the eurozone's plans to pool sufficient common
resources to support sovereign lending facilities; to create a
banking union with a single regulator and a common resolution
framework by end-2012; and to move toward closer fiscal
integration. We agree with ECB president Mario Draghi, who on
July 26 said that financial fragmentation within the eurozone is
at the heart of the union's broader economic problems. In our
view, if this fragmentation is not reversed, Portugal's economy
could contract sharply, unemployment rise even further, social
cohesion fray, and reforms stall or reverse," S&P said.
"The negative outlook on our rating on Portugal reflects our view
of the risks to the government's progress on implementing fiscal
and structural reforms. The risks we see stem mainly from the
possibility of an even steeper-than-anticipated GDP contraction,
connected to the financial sector deleveraging and weakening
external demand as a result of worsening economic and financial
problems in Spain. This could happen if there were a delay or a
reversal in eurozone fiscal and banking integration. Further
increases in unemployment could undermine the government's
willingness to implement additional reforms. Among other metrics,
we would see significant deviations from Portugal's fiscal
consolidation targets in 2012 and 2013. If a combination of these
risks materializes, we could lower the ratings," S&P said.
"Conversely, the ratings could stabilize at the current level if
the government's budgetary performance and structural reform
measures continue as envisaged in the program, leading to not
only improved economic fundamentals, but also to either renewed
access to commercial markets or an extended program that
sufficiently covers the large external financing needs," S&P
said.
===============
S L O V E N I A
===============
TELEKOM SLOVENIJE: Completes Liquidation of Dutch Affiliate
-----------------------------------------------------------
SeeNews reports that Telekom Slovenije said on Thursday its Dutch
affiliate SIOL B.V. has been struck from the court register in
Amsterdam after the liquidation of the company was completed.
According to SeeNews, the telco said in a bourse filing that
after the liquidation procedure was wrapped up on July 12,
Telekom Slovenije, as SIOL B.V.'s legal successor, took over its
46.01% stake in Macedonian company ONE DOO Skopje and is now its
sole shareholder.
Telekom Slovenije d.d. operates as a telecommunications company
in Slovenia. The company provides local and international fixed-
line telephone, Internet and broadband, and other
telecommunication services.
* SLOVENIA: Moody's Cuts Government Bond Rating; Outlook Neg.
-------------------------------------------------------------
Moody's Investors Service has downgraded Slovenia's government
bond rating to Baa2 from A2, and has maintained the negative
outlook.
The decision to downgrade Slovenia's sovereign rating reflects
the following key factors:
1) The Slovenian banking system's need for further
recapitalization is increasing the risk of further contingent
liabilities crystallizing for the sovereign.
2) The Slovenian government's cost of funding is increasing and
its market access is becoming more constrained, as illustrated by
its increased reliance on shorter-term issuance and its growing
dependence on funds from its domestic banks, which in turn are
increasingly reliant on ECB liquidity support.
3) The Slovenian economy's continued weakness and rising
vulnerability to shocks given its reliance on trade and the
weakness of the corporate sector, which are exacerbating the
government's fiscal challenges and efforts to stabilize its debt
metrics.
The negative outlook reflects Moody's view that the sovereign's
funding challenges and risks from the financial system remain
substantial. The deteriorating macroeconomic environment
amplifies this risk and opens the possibility that external
assistance may be required.
RATIONALE FOR DOWNGRADE
-- First Driver: Banking System's Need For Further
Recapitalisation
The main driver underlying Moody's decision to downgrade
Slovenia's sovereign rating is the country's challenged banking
system and the consequently increased likelihood of further
contingent liabilities crystallizing for the sovereign.
Specifically, the banking system is likely to face increases in
non-performing loans on its books. Moody's notes that the
government's ability to take on further debt to finance any
further recapitalization is increasingly constrained given the
material deterioration in its debt metrics in recent years, and
the support it has already provided to the banking system. This
includes the capital support provided by the government to the
country's largest lender, Nova Ljubljanka banka (NLB, rated
B2/NP/E negative), of close to 1% of GDP in June 2012 given that
no private-sector solution could be found.
Moody's believes that NLB, Nova Kreditna banka Maribor (NKBM,
B3/NP/E negative) and Abanka Vipa (Caa1/NP/E negative), the
country's three-largest banks, are likely to require capital
support in the range of 2% to 8% of GDP depending on the severity
of their asset-quality deterioration. The likelihood of support
being needed is very high.
Moody's notes that this potential additional debt burden comes at
a time when the government is already facing significant
challenges in its efforts to consolidate its fiscal position. The
general government deficit came in at 6% of GDP in 2010 and
despite consolidation efforts that sought to bring the deficit
close to 5% of GDP in 2011, capital transfers of 1.3% of GDP
pushed the deficit to 6.4% for the year. These transfers were
capital injections into loss-making state-owned enterprises
(SOEs) and guarantees of the obligations of these SOEs, including
an injection of 0.7% of GDP into NLB. For 2012, the government is
targeting a general government deficit of 3.5% of GDP and for
2013 it expects to reduce the imbalance to 2.5% of GDP. However,
continued weakness in the economy could hinder the achievement of
these targets. Finally, additional capital injections into the
banking system could materially affect the country's deficit
trends.
-- Second Driver: Rising Funding Costs and Constrained Market
Access
The second driver underpinning the decision to downgrade
Slovenia's sovereign rating is the government's rising cost of
funding, and its increasingly constrained financial market
access. As a result of increasingly adverse market conditions
this year, the government has had to shift the composition of its
funding mix towards a greater reliance on shorter-term issuance
and loans, rather than the typical issuance pattern of meeting
most of its borrowing requirements through bond placements.
Moody's believes that weakened demand for Slovenian longer-term
securities are preventing the sovereign from tapping the markets,
with the exception of short-term paper which the domestic market
is more willing to buy. Moreover, the composition of its short-
term funding has also shifted towards shorter maturities as the
amount of securities with a maturity of less than one year has
increased. Moody's notes that the government's liquidity position
benefits from a significant cash balance deposited with the
domestic banks due to its prefunding strategy in 2011. However,
significant drawdown on these deposits to finance its deficit
would likely affect the banks' liquidity position, which would
also cause lending activities to contract and hinder economic
growth.
-- Third Driver: Continued Weak Economic Conditions Exacerbating
Fiscal Challenges
The third driver of Moody's rating action on Slovenia is the
economy's continued weakness and its limited resilience to
shocks, which are exacerbating the government's weakening
financial strength and debt metrics. While the Slovenian economy
is well-developed, with some specialization in production of
intermediate capital goods, it is relatively small and fairly
concentrated, with a high reliance on exports, over 70% of which
are destined for EU nations. Moreover, the range of product
categories remains undiversified. The economy once again fell
into recession in 2011 when output contracted by 0.2%, and
Moody's expects the situation will worsen in 2012 with a larger
decrease in economic activity of 2%. While in normal conditions
the economy would be strong enough to withstand a temporary
downturn, in the current environment the recession assumes a far
greater significance, as it implies increasing asset impairments
for the already weak banking sector and hinders the government's
efforts to demonstrate its fiscal credentials and retain the
confidence of investors.
Moody's believes that the country is at increasing risk of a
financial shock. A banking system reliant on foreign funding,
over-indebted corporates, a fragile construction sector,
decreased cost-competitiveness and an enlarged deficit in the net
international investment position, all suggest that Slovenia's
adjustment process will be protracted and vulnerable to further
deterioration in external conditions, causing significant
uncertainty over the likely drivers of growth generation in the
coming years.
What Could Move The Rating Up/Down
Slovenia's government debt rating could be downgraded further in
the event there is additional material deterioration in the
country's economic prospects or a further deterioration in
funding conditions as a result of new, substantial domestic
economic and financial shocks from the euro area crisis or the
banking sector. Should Slovenia's access to public debt markets
become more constrained and the country were to require external
assistance, the sovereign rating could transition to
substantially lower rating levels.
Although unlikely in the near future, a substantial improvement
in economic conditions, a more benign funding environment and a
stabilization of the banking system without the need for further
support than what is currently expected by the authorities would
lead to a stable outlook.
Principal Methodology
The principal methodology used in these ratings was "Sovereign
Bond Ratings Methodology", which was published in September 2008.
=========
S P A I N
=========
UNION FENOSA: Fitch Lowers Rating on Subordinated Debt to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded by one notch the ratings of Spanish
integrated utilities Iberdrola, S.A., Endesa, S.A., Gas Natural
SDG, S.A. and also that of Enel, S.p.A., which has sizeable
exposure to Spain through its ownership of Endesa, and their
related entities. All ratings are also maintained on Rating
Watch Negative (RWN).
Fitch will shortly publish a separate rating action on EDP-
Energias de Portugal and its Spanish business Hidroelectrica del
Cantabrico.
The rating actions follow Fitch's review of the Spanish utility
sector that is suffering from persisting weak fundamentals, a
more hostile and uncertain regulatory framework, signs of
political intervention and a stressed financial environment
caused by the combined effect of pressure on sovereign debt and
on the domestic banking sector. All these factors, in Fitch's
view, contribute to an increased overall business risk profile
for the sector, which also translates into weakened earnings
visibility and a possible further deterioration of companies'
financial profiles.
Critically, utility ratings typically permit higher leverage for
a given rating category as a recognition of the greater level of
predictability of utility cash flows. The erosion of this
predictability, as much as the direct financial impact, therefore
has a negative impact on the rating calculus. As a result
Fitch's view of the companies affected by this rating action is
no longer commensurate with an 'A-' rating level, where they were
previously placed.
The increasing signs of political interference are partially
driven by the Government's struggle to eliminate the tariff
deficit ahead of its scheduled termination from 2013. The
actions implemented so far in order to offset the generation of
additional tariff deficits and to repay the outstanding tariff
deficit have only been partially sufficient to address the issue.
Regulatory changes introduced in April 2012 had only a relatively
limited direct financial significance for the companies affected.
However, the rating actions also reflect the uncertainty related
to potential further measures that the government is likely to
announce shortly and which Fitch anticipates to have a more
severe effect on companies' credit profiles. Ongoing delays in
the formal announcement of such measures add to the climate of
uncertainty.
The rating actions also capture the further delay in the
securitization process of past tariff deficits as the environment
of a spiraling public deficit unbalance and domestic banking
sector crisis seriously challenges any efforts to reduce the
tariff deficit stock. These delays have led the agency to focus
on leverage calculations that include the tariff deficit as part
of the debt component. Fitch has incorporated no further
securitizations in the rating horizon. Given this conservative
approach, even the potential for a partial or full write-off of
past deficits -- still viewed as highly unlikely -- would have a
neutral financial impact in view of Fitch's calculation of
leverage, albeit represent a further step change in the
predictability of the regulatory framework more generally. Based
on our currently revised projections, which also incorporate some
headroom for further adverse regulatory findings in the autumn,
the issuers' financial profiles would allow ratings to remain at
their new level absent any additional challenges.
The RWN is maintained given the prolonged opacity on the type of
additional measures that may be taken in order to solve the
tariff deficit and also reflects the tail risk that a fundamental
challenge to the tariff deficit system arises which may exceed
even these conservative projections. Once the measures are
announced, Fitch will analyze their implications for each issuer
to resolve the RWNs, in conjunction with possible adjustments
that companies may make to their strategies.
Fitch placed all Spanish utilities on RWN on 3 April 2012
following the announcement of the first set of measures. Enagas
(A-/Negative) and Red Electrica (A-/Negative) were also placed on
RWN at that time but following Spain's subsequent downgrade by
three notches to 'BBB' with a Negative Outlook their ratings are
constrained at two notches above the sovereign given their
primarily domestic business profile. Fitch does not expect that
the new measures will affect the current ratings of Enagas and
Red Electrica.
What Could Trigger a Rating Action?
All issuers remain on RWN. As a result, Fitch's sensitivities do
not currently anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.
Future developments that may nonetheless potentially lead to a
positive rating action include:
POSITIVE:
-- Limited impact of the future regulatory measures and FFO net
leverage below 3.5x on a sustained basis and interest
coverage above 5.0x in the case of Iberdrola and Enel, both
benefiting from a good degree of geographical
diversification. For Gas Natural somewhat stronger ratio
levels would be required due to its higher exposure to the
domestic market.
Future developments that may, individually or collectively, lead
to negative pressure on the issuers' ratings include:
NEGATIVE:
-- Significant impact of the new regulatory measures leading to
a FFO net leverage above 4.5x on a sustained basis and
interest coverage below 4.0x in the case of Iberdrola and
Enel. For Gas Natural somewhat tighter ratio levels are
applicable given its higher exposure to Spain.
The rating actions are as follows:
Iberdrola, S.A.
-- Long-term IDR downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Short- term IDR at 'F2', maintained on RWN
-- Senior unsecured downgraded to 'BBB+' from 'A-',
maintained on RWN
-- National Long-term rating at 'AAA (mex)',
maintained on RWN
Iberdrola International BV
-- Senior unsecured rating downgraded to 'BBB+',
maintained on RWN
-- Commercial Paper rating at 'F2' maintained on RWN
Iberdrola Finanzas, S.A.U.
-- Senior unsecured downgraded to 'BBB+' from 'A-',
maintained on RWN
-- National Long-term rating at 'AAA (mex)', maintained on RWN
Iberdrola Finance Ireland Limited
-- Senior unsecured downgraded to 'BBB+' from 'A-',
maintained on RWN
Scottish Power Limited (SPL)
-- Long-term IDR downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Short- term IDR at 'F2', maintained on RWN
-- Senior unsecured downgraded to 'BBB+' from 'A-',
maintained on RWN
-- SPL's ratings are equalized with the ratings of its Spanish
parent Iberdrola, S.A.
Scottish Power UK (SPUK)
-- Long-term IDR downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Short- term IDR at 'F2', maintained on RWN
-- Senior unsecured downgraded to 'A-' from 'A',
maintained on RWN
-- SPUK's IDRs are capped by the ratings of Iberdrola, S.A.
Gas Natural SDG, S.A.
-- Long-term IDR downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Short- term IDR at 'F2', maintained on RWN
Gas Natural Finance BV
-- Senior unsecured downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Euro commercial Paper programme at 'F2', maintained on RWN
Gas Natural Capital Markets
-- Senior unsecured downgraded to 'BBB+' from 'A-',
maintained on RWN
Union Fenosa Finance BV
-- Commercial Paper at 'F2' maintained on RWN
Union Fenosa Financial Services USA LLC
-- Subordinated debt downgraded to 'BB+' from 'BBB-',
maintained on RWN
Union Fenosa Preferentes, S.A.
-- Subordinated debt downgraded to 'BB' from 'BB+',
maintained on RWN
Enel, S.p.A.
-- Long-term IDR downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Short-term IDR of 'F2' placed on RWN
-- Senior unsecured rating downgraded to 'BBB+' from 'A-',
maintained on RWN
Enel Finance International NV
-- Senior unsecured rating downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Short term IDR of 'F2' placed on RWN
Enel Investment Holding BV
-- Senior unsecured rating downgraded to 'BBB+' from 'A-',
maintained on RWN
Endesa, S.A.
-- Long-term IDR downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Short-term IDR of 'F2' placed on RWN
-- Senior unsecured rating downgraded to 'BBB+' from 'A-',
maintained on RWN
-- Preferred Stock downgraded to 'BB+' from 'BBB-',
maintained on RWN
-- Endesa's ratings are equalised with the ratings of its
Italian parent Enel S.p.A.
International Endesa BV
-- Commercial paper rating of 'F2' placed on RWN
=====================
S W I T Z E R L A N D
=====================
LEHMAN BROTHERS: Makes Progress in Settlement With Swiss Unit
-------------------------------------------------------------
Lehman Brothers Holdings Inc. is making headway on a settlement
with former subsidiary, Swiss-based Lehman Brothers Finance AG,
in their dispute over intercompany loans and guarantees, Dow
Jones reported.
In a status report filed in U.S. Bankruptcy Court, lawyers for LB
Finance said recent discussions with Lehman regarding a "global
resolution" of their claims against each other "have been
fruitful," according to the report.
LB Finance claims Lehman owes it US$15.4 billion. Lehman, on the
other hand, asserts that the Swiss company owes it US$14.2
billion and that the two claims should be "set off."
The Swiss company also said it "reached an agreement in
principle" with the U.K.-based Lehman Brothers International
(Europe) Ltd. to settle their claims. Lehman and its affiliates
filed $68 billion in claims against LB Finance, with about half
of that amount sought by Lehman Europe, Dow Jones reported.
While there's no guarantee that either settlement will be
finalized, if the settlement with Lehman Europe is implemented,
the Swiss unit expects to receive "substantial value" from the
deal, according to the report.
A settlement would also signal a break in LB Finance's litigation
tactics, which had threatened to delay recoveries for creditors
who have been waiting nearly four years to be paid following
Lehman's bankruptcy filing.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history. Lehman is set to make its first payment to creditors
under its US$65 billion payout plan on April 17, 2012.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16. Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-700)
=============
U K R A I N E
=============
FORUM BANK: Moody's Cuts Deposit Rating to B3; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Forum Bank's long-term
local-currency deposit rating to B3 from B2. The outlook on the
rating remains negative. Concurrently, the rating agency
downgraded the bank's National Scale Rating (NSR) to Baa3.ua from
A3.ua.
The rating action follows the recent announcement by its parent
bank, Commerzbank (A3/P-2/D+/baa3, negative), that it plans to
sell its stake in Forum Bank to a Ukrainian investment holding
company, Smart Group (unrated). Forum Bank's bank financial
strength rating is unaffected by the rating action.
Ratings Rationale
The rating action follows Commerzbank's announcement that it had
reached an agreement to sell its approximately 96% stake in Forum
Bank to Smart Group. In light of this development, Moody's has
removed the one-notch rating uplift which is factored into Forum
Bank's long-term deposit ratings from the assumption of parental
support. This has led to a downgrade of the bank's local-currency
long-term deposit rating to B3 from B2, which is now in line with
the bank's standalone credit strength of b3.
While information on Forum Bank's new shareholder is currently
limited and the announced transaction is still subject to the
approval of the regulatory authorities, Moody's says that
departure of Commerzbank (Germany's second-largest private
banking group) has negative implications for the bank's risk
profile. Namely, there is a risk that changes in the ownership
structure could lead to weakening corporate governance practices
and increase related-party transactions. In addition, the bank's
capital, liquidity and funding profile could also weaken
following the sale, as Forum Bank had benefited from parental
capital and funding support (albeit decreasing in recent years)
in the past. Over the next several months, Moody's will closely
monitor the implications of the announced transaction on Forum
Bank's financial profile, particularly focusing on the bank's
liquidity and capitalization.
-- Rationale for the Negative Outlook
The negative outlook on the B3 local currency deposit rating is
in line with the negative outlook on Forum Bank's bank financial
strength rating (BFSR) of E+, reflecting the bank's weak and
deteriorating financial and business profile and Moody's concerns
regarding the bank's ability to recover its financial performance
and market standing.
-- Rationale for National Scale Rating
The downgrade of Forum Bank's NSR to Baa3.ua from A3.ua reflects
the rating agency's reassessment of the bank's positioning
amongst Ukrainian peers.
What Could Drive The Ratings Down/Up
Downward pressure could be exerted on Forum Bank's ratings by any
further adverse changes in the bank's risk profile as well as any
failure to improve its financial performance and/or maintain
control over its asset quality.
Given the negative outlook on Forum Bank's global-scale ratings,
there is limited up-side potential for both the standalone BFSR
and the deposit ratings. However, the outlook on the bank's BFSR
and local-currency deposit rating could be changed to stable if
the bank materially improves profitability and asset quality,
reduces provisioning needs and maintains a stable funding
profile.
Principal Methodologies
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Domiciled in Kyiv City, Ukraine, Forum Bank reported audited IFRS
total assets of UAH10 billion (US$1.3 billion) and a net loss of
UAH815 million (US$102 million) for 2011.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico.
===========================
U N I T E D K I N G D O M
===========================
BOWER TERRACE: Marley in Dispute with Receivers Over Properties
---------------------------------------------------------------
John Mulligan at Irish Independent reports that Irish businessman
Philip Marley has vowed to fight receivers who have been granted
an injunction preventing his company from acting as the manager
of two student accommodation blocks in the UK.
Receivers appointed by National Westminster Bank to Bower Terrace
Student Accommodation and Herbal Hill Studios had sought to
prevent Mr. Marley's Space Student Living (Space) firm from
continuing to act as manager of the two associated properties,
Irish Independent relates.
Receivers were appointed to Bower Terrace and Herbal Hill by
National Westminster Bank in April this year, Irish Independent
recounts. The bank is owed GBP6.4 million (EUR8.1 million) in
respect of Herbal Hill and GBP5.9 million (EUR7.5 million) in
respect of Bower Terrace, Irish Independent discloses.
According to Irish Independent, Mr. Marley insisted on Thursday
that he had no equity or economic interest in those two
companies, which list Ely Property as a shareholder.
Space Student Living has maintained it has a contract to manage
the two properties, Irish Independent notes.
Since they've been appointed by the bank, the receivers have been
attempting to take over the management of the two properties so
that they can, it was claimed, be marketed on a more attractive
basis to potential buyers, Irish Independent relates.
Space Student Living argued in court that it had a genuine and
enforceable contract to manage the two properties, Irish
Independent recounts.
It also insisted that granting an injunction against it would
affect the work and reputation of the firm, Irish Independent
states. The judge granted the injunction to the receivers,
however, Irish Independent notes.
According to Irish Independent, speaking from the United States
on Thursday, Mr. Marley claimed the injunction had been "set
aside" until a full case was heard in September or October.
Bower Terrace Student Accommodation and Herbal Hill Studios
include one in London that comprises 45 studio apartments and
another in Maidstone, Kent, with 114 studio apartments.
DARLINGTON FOOTBALL: Liquidators Warn No Payout for Creditors
-------------------------------------------------------------
The Northern Echo reports that creditors owed money by the former
owners of Darlington FC are unlikely to receive a payout,
liquidators have warned.
Darlington FC 2009, which was formed by former chairman Raj
Singh, is in the process of being liquidated by Yarm accountants
Taylor Rowlands, the report says.
According to Northern Echo, liquidator Harvey Madden said the
company's total debts were still being calculated, but it is
believed Mr. Singh is the biggest creditor and is owed about
GBP800,000.
"Ideally, we would have exited administration with a company
voluntary arrangement (CVA) but that was not possible, so the
only available route was to put the company into liquidation,"
the report quotes Mr. Madden as saying.
"We've finalised the administration and we're now in the process
of going through the liquidation.?
As reported in the Troubled Company Reporter-Europe on Jan. 6,
2012, Business Sale said Darlington Football Club was placed into
administration after a consortium of local businessmen was unable
to reach a buyout deal with the owner. The Blue Square Bet
Premier side had been the subject of a bid by a group calling
themselves the Darlington Football Club Rescue Group (DFCRG),
according to Business Sale. The report related that current
owner and chairman, Raj Singh, said he had been unable to settle
on a sustainable deal with the group and had called in
administrators.
Darlington Football Club -- http://www.darlington-fc.net/-- is
an English football team.
ETHEL AUSTIN: Liric Acquires 32 Stores; 198 Jobs Saved
------------------------------------------------------
GA Europe(TM), a subsidiary of Great American Group, Inc.(R) has
been notified by administrator Duff & Phelps that Liric, Ltd. has
purchased the Ethel Austin brand and 32 Ethel Austin stores.
GA Europe recently acquired the debt of Ashloch Ltd., which
trades principally as the value retailer Ethel Austin, and has
been operating the Ethel Austin stores until a buyer could be
identified.
"We are delighted that a buyer has been found for the bulk of the
Ethel Austin business, following its restructuring and its short-
term management by GA Europe," said GA Europe Chief Executive
Gavin George.
Mr. George notes that over the last two years, GA Europe has
achieved similar results from other restructurings, including
Suits You (SRG Ltd.), British Booksellers and Stationers (BBS)
and the department store group, TJ.Hughes.
"In each of these situations, our specialized expertise and
hands-on approach have been key to maximizing recoveries for
creditors while preserving the viable elements of retail
businesses -- at the same time achieving obvious benefits to
suppliers, staff and property owners," Mr. George said.
The sale to Liric, Ltd. will secure the employment of about 198
Ethel Austin employees.
Pending the phased transition of the stores to Liric, Ltd., a
company controlled by clothing entrepreneur Mike Basso, GA Europe
will continue to run the chain and will also manage the closure
of those stores for which a buyer cannot be found.
The Ethel Austin chain was founded in 1934 by Ethel Austin in
Liverpool and grew to a chain of 60 stores operating in the
Northern United Kingdom. Since being bought from the Austin
family in 2002, the company has gone into administration
(receivership) four times in the last four years.
About Great American Group, LLC (GAMR-G)
Great American Group, LLC -- http://www.greatamerican.com-- is a
provider of asset disposition solutions and valuation and
appraisal services to a wide range of industrial and retail
clients, as well as lenders, capital providers, private equity
investors and professional service firms. Great American Group
has offices in Atlanta, Boston, Charlotte, Chicago, Dallas,
London, Los Angeles, New York, North Carolina, and San Francisco.
About GA Europe
GA Europe is a 100% subsidiary of publicly-listed Great American
Group, operating in partnership with retailers and their
financial stakeholders across Europe to resolve complex or
distressed situations. Over the last five years, Great American
Group/GA Europe has handled more than $10 billion of retail stock
clearance and has provided nearly 4,000 appraisals.
EMS PROMOTIONS: Two Events Cancelled as Organizer Liquidates
------------------------------------------------------------
Staffordshire Newsletter reports that the plug has been pulled on
two outdoor concerts near Stafford after the organizer, EMS
Promotions, went into liquidation.
Jools Holland's performance on August 18 and the National
Symphony Orchestra's summer proms on August 19 have been
cancelled, the report says.
According to Staffordshire Newsletter, EMS Promotions has
instructed Business Rescue and Insolvency Company, McTear,
Williams and Wood to assist with placing the company into
liquidation.
It is believed almost 4,000 tickets had been sold for this
month's Jool Jolland events through a variety of outlets
including the estate's ticket office and Stafford's Gatehouse
Theatre
"We are obviously bitterly disappointed that these concerts have
been cancelled due to EMS Promotions, which hired the Shugborough
Estate as the venue, going into liquidation," the report quotes
Councillor Pat Corfield from Staffordshire County Council, which
runs Shugborough, as saying.
"Our priority is to assist anyone who purchased tickets either
from Shugborough directly or through the Stafford Gatehouse
Theatre to receive a full refund."
LONDON PLEASURES: In Administration After Cash Flow Shortfall
-------------------------------------------------------------
BBC News reports that London Pleasure Gardens, the operator of an
arts and culture site close to the ExCel Olympics venue, has gone
into administration.
BBC relates that administrators Deloitte said the site on Pontoon
Dock had fewer visitors than expected, attracting fewer than
7,000 visitors per day.
According to BBC, a council spokesman said it would get the money
back and make a success of the site with a different operator.
"Unfortunately, London Pleasure Gardens has underperformed
against its original business plan both in respect of festival
activity and far fewer visitors than originally envisaged passing
through the site and using its facilities," BBC quotes joint
administrator Rob Harding as saying.
"This has manifested itself in a cash flow shortfall in the
business resulting in the directors having no option but to
appoint administrators."
LPG is one of two exits Olympic spectators are directed through
after watching events including boxing, table tennis,
weightlifting, and wrestling at the ExCel center.
WAD DEVELOPMENTS: In Administration; Owes More Than GBP7-Mil.
-------------------------------------------------------------
BBC News reports that WAD Developments (2007) has been placed
into administration.
WAD's last set of accounts, for the year ending August 2010, show
that it owed Bank of Scotland Ireland more than GBP7 million, BBC
discloses.
The firm made a loss of GBP639,000 in that year and its
liabilities exceeded its assets by more than GBP3 million.
A note from the firm's auditors said there were doubts about the
company's ability to continue as a going concern.
WAD Developments (2007) is a property company which converted
Comber Mill into a development of luxury apartments and houses.
WORLDSPREADS PLC: Creditors Take Steps to Recoup Money
------------------------------------------------------
James Quinn at The Sunday Telegraph reports that the creditors of
WorldSpreads are set to pursue the former directors and advisers
to recoup some of the money from the failed company, which was
placed into special administration in March.
WorldSpreads collapsed after informing the Financial Services
Authority that it had only GBP16.6 million of cash to repay
GBP27.9 million of client funds, the Sunday Telegraph recounts.
The Sunday Telegraph understands that administrators at KPMG have
indicated to creditors that they would like permission to gather
evidence and attempt to build a case against former members of
the board.
It is believed that a meeting of the creditors committee
sanctioned the request, with administrators Jane Moriarty and
Samantha Bewick now involved in a fact-finding mission, the
Sunday Telegraph notes.
If it is thought a case can be brought, creditors will then need
to sanction any specific legal action, the Sunday Telegraph says.
KPMG has already begun looking at former wealthy clients, after
it was revealed that debtors owed the company GBP2.5 million, the
Sunday Telegraph discloses.
Worldspreads plc is a financial spread-betting firm.
===============
X X X X X X X X
===============
* Bingham Comments on Appeals Court Ruling on Piercing Corp. Veil
-----------------------------------------------------------------
Bingham McCutchen LLP on July 30 disclosed that the Court of
Appeal has recently re-affirmed the circumstances in which the
English Court will pierce the corporate veil.
In doing so, however, it overturned a ground-breaking Commercial
Court decision from 2011, in which the Commercial Court held that
an individual who was the "puppeteer" behind a "puppet" company
could be treated as being simultaneously, contractually liable
for the contracts of the puppet company.
The Court of Appeal decided that the Commercial Court was wrong
to do so for several reasons, but principally because it would be
fundamentally contrary to the "basic principle of law that
contracts are the result of a consensual arrangement between . .
. those intending to be parties to them . . ."
The Court of Appeal refused permission to appeal to the Supreme
Court, although the Supreme Court is still considering whether it
should give permission.
In More Detail
In the 2011 decision, Antonio Gramsci Shipping Corporation &
others v Oleg Stepanovs, Burton J delivered a Commercial Court
judgment that promised to extend, significantly, the
circumstances in which claimants could successfully recover
damages from individuals who wrongfully sought to hide behind the
protection of a corporate vehicle. In that particular case, the
individual wrongdoers were found to have misused a number of
corporate structures to divert profits on certain charterparty
contracts away from the claimants. One of the key issues before
Burton J was whether, having pierced the corporate veil of the
relevant companies, the Court could find the individual defendant
to be jointly and severally liable with the companies under the
charterparty contracts.
Burton J found there was a good arguable case that the veil of
incorporation should be pierced in order to permit the claimants
to enforce the relevant charterparties as against the individual
defendant (the "puppeteer", as he was referred to), as if he were
a party to those charterparties. The Court noted that ". . .
there is no authority, binding or otherwise, which prevents such
a conclusion being reached, whereby a victim would be entitled to
enforce a contract entered into by a puppet company against both
puppet company and puppeteer".
In VTB v. Nutritek, essentially the same issue came before the
Court of Appeal. The Court of Appeal delivered a lengthy
judgment on June 20, 2012, which very helpfully surveys the
principal reported cases on the circumstances in which the
English Court will pierce the corporate veil. The Court of
Appeal quoted, with approval, the formulation of Sir Andrew
Morritt in the 2001 case Trustor AB v. Smallbone & others:
"In my judgment, the Court is entitled to 'pierce the corporate
veil' and recognize the receipt of the company as that of the
individual(s) in control of it, if the company was used as a
device or fa‡ade to conceal the true facts thereby avoiding or
concealing any liabilities of those individual(s). . ."
However, the Court of Appeal refused to endorse the decision of
Burton J in the Gramsci case referred to above and held that it
was not possible to hold the puppeteer liable for the act of the
puppet company. It held that to accept that a person could be
held liable in contract in these circumstances would " . . . make
a fundamental inroad into the basic principle of law that
contracts are the result of a consensual arrangement between . .
. those intending to be parties to them . . ."
Comment
As many investors, creditors and financing parties will know to
their cost, the misuse of corporate vehicles as a device to
shield fraudulent individuals from liability is widespread. The
attempt by Burton J in the Gramsci case to extend the
circumstances in which claimants can hold individuals liable in
these circumstances was therefore welcome.
In that respect, it is perhaps unfortunate that the Court of
Appeal has stopped in its tracks what appeared to be a promising
extension of the doctrine of alter ego. Bingham notes, however,
that this may not be the end of the story. The Court of Appeal
did not rule out the possibility of extending the doctrine in the
right factual circumstances; there is still a possibility that
the Supreme Court will decide to entertain an appeal in this
case, although its decision in this may not now be known until
September.
* Moody's Says EU Recession May Hit Lat-Am Commodity Producers
--------------------------------------------------------------
A protracted recession in the eurozone (EU) would have a direct
negative impact on Latin American exporters, particularly
commodity producers, says Moody's Investors Service in a new
special comment, "EU Recession Presents Risk for Commodities
Producers."
Additionally, the recession in Europe would exacerbate the
slowdown in China and have a twofold impact on Latin American
corporates, says Moody's. That's because China is both a major
exporter to the EU and a significant importer from Latin America,
which would face a reduction in demand from both markets.
Those that export more to the EU than to comparatively stronger
China would be more vulnerable, while companies entirely focused
on the Latin American market or that limit most of their trade to
the Americas would be less vulnerable, says Moody's.
Moody's notes that commodities producers would be the most
vulnerable to weakness in the EU, as they are most exposed to
short-term price declines arising from reduced demand. But not
all commodities producers will be affected equally, says Moody's.
However, some commodity producers may benefit from their status
as intrinsically low cost producers compared to their peers. That
competitive advantage may shield them slightly from the downturn,
says Moody's.
Moody's expects that the steel and paper and pulp industries
would be particularly exposed due to their exposure to price
swings, while producers of finished goods would be more
resilient. Companies with the most revenue exposure to Europe
include Fibria Celulose S.A. (Ba1 stable), Magnesita Refratarios
S.A. (B1 stable) and Camposol S.A. (B3 stable). Those with
significant China exposure include Corporacion Nacional del Cobre
de Chile (A1 stable) , Corporacion Pesquera Inca S.A.C. (B2
positive) and Asociaci¢n de Cooperativas Argentinas (B2 stable),
says the report.
Still, in the long-term, Latin American commodities producers are
well-positioned to benefit from their exposure to China, which,
despite the recent slowdown, remains a dynamic and fast-growing
economy, says Moody's.
Moody's research subscribers can access this report at
http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_144442
* Moody's Takes Rating on Actions Various ABCP Programs
-------------------------------------------------------
Moody's Investors Service has reviewed the following ABCP
programs in conjunction with the proposed amendments. The
amendments, in and of themselves and at this time, will not
result in any rating impact on the respective programs. For the
mentioned programs, Moody's believes that the amendments do 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 amendment could have other,
non-credit-related effects.
BNP PARIBAS'S MATCHPOINT APPOINTS BNP PARIBAS SECURITIES SERVICES
TO PROGRAMME
Matchpoint Finance plc/Matchpoint Master Trust (together,
"Matchpoint"), a fully supported, multiseller, ABCP programme
sponsored by BNP Paribas (A2/Prime-1/C-), has replaced Citibank
N.A. as account bank and custodian by BNP Paribas Securities
Services (A2/Prime-1).
Matchpoint had EUR 3.64 billion of ABCP issued as at 30 June
2011.
HELABA'S OPUSALPHA ADDS PARTICIPATION IN TWO-CURRENCY TRADE
RECEIVABLE TRANSACTION
Opusalpha Funding Limited ("Opusalpha"), a partially supported,
hybrid ABCP program sponsored by Landesbank Hessen-Thringen GZ
("Helaba", rated A2/Prime-1/D+) and administered by Bedell Trust
UK Limited (not rated), has added a EUR 50 million and USD 20
million participation in a co-purchase transaction to its
portfolio. The transaction is backed by trade receivables
originated by European and US subsidiaries of a non-rated German
company in the agricultural machinery industry and replaces a
terminated transaction for the same originator already funded in
part in Opusalpha. The transaction limit will adjust during each
year to account for seasonal funding needs.
This transaction is fully supported through a EUR denominated
liquidity facility provided by Prime-1 rated Helaba. The
liquidity facility is set at 102% of the purchase limit after
conversion into Euro using the USD/EUR exchange rate at closing
and a 5% cushion and will be adjusted going forward based on the
hedges which will be implemented. The liquidity facility will be
available in Euro only for an amount equal to the outstanding
amount of the loan advances made by Opusalpha under the
transaction, after taking into account the relevant hedges, plus
all related funding costs, therefore allowing covering the face
amount of ABCP issued to fund this transaction.
With this transaction, Opusalpha's aggregate purchase limit
equals to EUR 1,896 million. Opusalpha's program-level credit
enhancement, which is provided by Helaba, is at EUR 50 million
and was not increased following this transaction.
INTESA SANPAOLO'S ROMULUS ADDS TWO TRANSACTIONS
Romulus Funding Corp. ("Romulus"), a partially supported, hybrid
ABCP conduit sponsored by Intesa Sanpaolo S.p.A. ("Intesa," rated
Baa2/Prime-2/C-) and administered by Banca IMI Securities Corp.,
a subsidiary of Banca IMI S.p.A. (Baa2/Prime-2/C-), has added a
EUR 48.5 million transaction backed by trade receivables
originated by an engineering company operating in the oil, gas
and energy sector and a EUR 250 million securitization of
consumer loans originated in Italy.
Both transactions are fully supported by liquidity facilities
sized at 102% of the respective purchase limits and provided by
Intesa. As such, Moody's analysis was based on the financial
strength of Intesa, together with the legal structure providing
full support, rather than the credit quality of the assets.
The asset backed commercial paper issued by Romulus is currently
rated Prime-2 (sf).
Romulus has USD 200 million in program-level credit enhancement,
which was not increased with these transactions since the
transactions are both fully supported. As at the close of 30th
June 2012, Romulus had USD 2.4 billion of ABCP outstanding.
TD'S MERIT TRUST AND PRIME TRUST INCREASES INTEREST IN EXISTING
MORTGAGE TRANSACTION
Merit Trust ("Merit") and Prime Trust ("Prime"), two partially
supported, multiseller Canadian ABCP programs sponsored by
Toronto Dominion Bank ("TD," Aaa/Prime-1/B+), have increased
their commitment in an existing co-purchase facility. The
facility, which consists of discrete pools of residential
mortgages loans, was increased from C$850 million to C$955
million after the purchase of a C$104.8 million pool of
residential mortgage loans.
The transaction remains fully supported by a program-level
liquidity facility provided by Prime-1 rated TD. Merit and Prime
do not have any program-level credit enhancement. Merit has
C$2.444 billion in outstanding ABCP, while Prime has C$2.934
billion in outstanding ABCP.
The principal methodology used in these ratings was "Moody's
Approach to Rating Asset-Backed Commercial Paper" published in
May 2012.
Moody's monitors and analyzes ABCP programs on an ongoing basis.
A detailed description of each program is published in the ABCP
Program Review. Some ABCP programs have monthly updated
performance information, which is published in the Performance
Overviews.
* BOND PRICING: For the Week July 30 to August 3, 2012
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 5.750 11/2/2010 EUR 26.38
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 26.38
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 26.38
ERSTE BANK 6.000 2/1/2014 EUR 63.00
ERSTE BANK 6.000 7/31/2014 EUR 58.00
ERSTE BANK 5.500 1/23/2015 EUR 57.63
ERSTE BANK 7.710 2/17/2015 EUR 55.25
ERSTE BANK 4.500 6/24/2015 EUR 50.13
IMMOFINANZ 4.250 3/8/2018 EUR 3.94
KOMMUNALKREDIT 4.440 12/20/2030 EUR 62.38
KOMMUNALKREDIT 4.900 6/23/2031 EUR 66.13
OESTER VOLKSBK 4.170 7/29/2015 EUR 52.00
OESTER VOLKSBK 4.350 11/16/2018 EUR 57.50
OESTER VOLKSBK 4.750 4/30/2021 EUR 74.05
OESTER VOLKSBK 4.160 5/20/2025 EUR 71.28
OESTER VOLKSBK 4.810 7/29/2025 EUR 57.88
OESTER VOLKSBK 4.900 8/18/2025 EUR 63.00
OESTER VOLKSBK 5.270 2/8/2027 EUR 73.00
RAIFF CENTROBANK 7.646 1/23/2013 EUR 55.39
RAIFF CENTROBANK 9.558 1/23/2013 EUR 65.97
RAIFF CENTROBANK 9.876 1/23/2013 EUR 47.25
RAIFF CENTROBANK 9.304 1/23/2013 EUR 64.08
RAIFF CENTROBANK 7.965 1/23/2013 EUR 52.11
RAIFF CENTROBANK 12.604 6/26/2013 EUR 73.45
RAIFF ZENTRALBK 4.500 9/28/2035 EUR 62.13
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 21.73
IDEAL STANDARD I 11.750 5/1/2018 EUR 70.25
IDEAL STANDARD I 11.750 5/1/2018 EUR 70.25
CYPRUS
------
CYPRUS GOVT BOND 4.500 10/9/2016 EUR 73.63
CYPRUS GOVT BOND 4.500 1/4/2017 EUR 71.88
CYPRUS GOVT BOND 4.500 2/15/2017 EUR 71.00
CYPRUS GOVT BOND 4.500 4/2/2017 EUR 70.00
CYPRUS GOVT BOND 5.600 4/15/2017 EUR 73.63
CYPRUS GOVT BOND 4.500 9/28/2017 EUR 66.38
CYPRUS GOVT BOND 5.100 1/29/2018 EUR 66.63
CYPRUS GOVT BOND 4.600 4/23/2018 EUR 63.13
CYPRUS GOVT BOND 4.600 10/23/2018 EUR 60.00
CYPRUS GOVT BOND 4.600 2/26/2019 EUR 58.00
CYPRUS GOVT BOND 6.100 6/24/2019 EUR 62.88
CYPRUS GOVT BOND 6.100 4/20/2020 EUR 59.38
CYPRUS GOVT BOND 5.350 6/9/2020 EUR 55.25
CYPRUS GOVT BOND 6.000 6/9/2021 EUR 55.00
CYPRUS GOVT BOND 6.500 8/25/2021 EUR 55.63
REP OF CYPRUS 4.375 7/15/2014 EUR 72.77
REP OF CYPRUS 3.750 11/1/2015 EUR 61.38
REP OF CYPRUS 4.625 2/3/2020 EUR 51.86
CZECH REPUBLIC
--------------
SAZKA 9.000 7/12/2021 EUR 35.00
DENMARK
-------
JYSKE BANK A/S 7.000 5/29/2024 EUR 69.50
KALMAR STRUCTRD 7.500 9/30/2013 EUR 0.01
KOMMUNEKREDIT 0.500 12/14/2020 ZAR 59.56
KOMMUNEKREDIT 0.500 7/30/2027 TRY 42.24
KOMMUNEKREDIT 0.500 5/11/2029 CAD 52.97
VESTAS WIND SYST 4.625 3/23/2015 EUR 70.96
FINLAND
-------
MUNI FINANCE PLC 0.500 2/17/2017 BRL 73.89
MUNI FINANCE PLC 0.500 3/16/2017 BRL 73.46
MUNI FINANCE PLC 0.500 11/16/2017 TRY 72.83
MUNI FINANCE PLC 0.500 3/28/2018 BRL 67.71
MUNI FINANCE PLC 0.500 4/27/2018 ZAR 70.85
MUNI FINANCE PLC 0.500 11/21/2018 TRY 67.33
MUNI FINANCE PLC 0.500 11/21/2018 ZAR 67.73
MUNI FINANCE PLC 0.500 12/14/2018 TRY 66.95
MUNI FINANCE PLC 0.500 12/20/2018 ZAR 67.50
MUNI FINANCE PLC 0.500 9/24/2020 CAD 72.75
MUNI FINANCE PLC 0.500 11/25/2020 ZAR 58.44
MUNI FINANCE PLC 0.500 11/10/2021 NZD 69.69
MUNI FINANCE PLC 0.500 12/21/2021 NZD 69.30
MUNI FINANCE PLC 0.500 4/26/2022 ZAR 53.18
MUNI FINANCE PLC 0.500 5/31/2022 ZAR 52.10
MUNI FINANCE PLC 0.500 6/19/2024 ZAR 44.45
MUNI FINANCE PLC 0.500 3/17/2025 CAD 56.43
MUNI FINANCE PLC 0.250 6/28/2040 CAD 21.27
NOKIA CORP 6.625 5/15/2039 USD 73.13
TALVIVAARA 4.000 12/16/2015 EUR 74.55
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 10.95
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.43
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 4.99
ASSYSTEM 4.000 1/1/2017 EUR 22.59
ATOS ORIGIN SA 2.500 1/1/2016 EUR 55.74
BNP PARIBAS 2.890 5/16/2036 JPY 72.00
CAISSE CENT IMMO 7.000 5/16/2014 EUR 22.68
CAISSE CENT IMMO 7.000 5/18/2015 EUR 4.03
CAISSE CENT IMMO 7.000 9/10/2015 EUR 10.61
CALYON 6.000 6/18/2047 EUR 32.94
CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.54
CGG VERITAS 1.750 1/1/2016 EUR 32.12
CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.08
CMA CGM 8.500 4/15/2017 USD 58.75
CMA CGM 8.500 4/15/2017 USD 57.63
CMA CGM 8.875 4/15/2019 EUR 56.92
CMA CGM 8.875 4/15/2019 EUR 56.67
CNP ASSURANCES 6.000 9/14/2040 EUR 71.99
CNP ASSURANCES 6.875 9/30/2041 EUR 73.06
CNP ASSURANCES 7.375 9/30/2041 GBP 74.08
CREDIT LOCAL FRA 3.750 5/26/2020 EUR 51.11
DEXIA CRED LOCAL 4.020 3/13/2017 EUR 69.09
DEXIA CRED LOCAL 4.110 9/18/2018 EUR 60.27
DEXIA CRED LOCAL 4.375 2/12/2019 EUR 36.17
DEXIA CRED LOCAL 4.500 2/25/2020 EUR 55.42
DEXIA CRED LOCAL 4.550 4/2/2020 EUR 55.44
DEXIA CRED LOCAL 5.037 8/4/2020 EUR 56.36
DEXIA MUNI AGNCY 1.000 12/23/2024 EUR 72.17
DEXIA MUNI AGNCY 4.680 3/9/2029 CAD 71.08
EURAZEO 6.250 6/10/2014 EUR 54.93
EUROPCAR GROUPE 9.375 4/15/2018 EUR 70.38
EUROPCAR GROUPE 9.375 4/15/2018 EUR 69.90
FAURECIA 4.500 1/1/2015 EUR 19.79
GIE PSA TRESORER 6.000 9/19/2033 EUR 71.76
GROUPAMA SA 7.875 10/27/2039 EUR 56.39
GROUPE VIAL 2.500 1/1/2014 EUR 2.43
INGENICO 2.750 1/1/2017 EUR 51.26
MAUREL ET PROM 7.125 7/31/2014 EUR 19.24
MAUREL ET PROM 7.125 7/31/2015 EUR 17.95
NEXANS SA 4.000 1/1/2016 EUR 56.39
NEXANS SA 2.500 1/1/2019 EUR 67.08
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 46.74
PEUGEOT SA 4.450 1/1/2016 EUR 22.39
PIERRE VACANCES 4.000 10/1/2015 EUR 74.22
PUBLICIS GROUPE 3.125 7/30/2014 EUR 40.84
PUBLICIS GROUPE 1.000 1/18/2018 EUR 52.73
SG OPTION EUROPE 8.000 7/10/2015 USD 71.45
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.90
SOCIETE GENERALE 0.500 9/7/2021 AUD 53.85
SOCIETE GENERALE 0.500 12/6/2021 AUD 52.91
SOCIETE GENERALE 0.500 4/27/2022 AUD 51.14
SOCIETE GENERALE 0.500 4/27/2022 USD 61.07
SOCIETE GENERALE 0.500 7/11/2022 AUD 55.40
SOCIETE GENERALE 0.500 7/11/2022 USD 60.20
SOITEC 6.250 9/9/2014 EUR 8.16
TEM 4.250 1/1/2015 EUR 53.65
GERMANY
-------
BAYERISCHE HYPO 5.000 12/21/2029 EUR 74.44
BAYERISCHE LNDBK 5.200 8/17/2012 EUR 70.65
BAYERISCHE LNDBK 4.200 8/24/2012 EUR 74.97
BAYERISCHE LNDBK 4.900 8/31/2012 EUR 73.61
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 23.82
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 67.32
BNP EMIS-U.HANDE 6.500 7/26/2012 EUR 68.45
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 39.88
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 15.69
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 18.97
BNP EMIS-U.HANDE 7.000 7/26/2012 EUR 49.27
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 43.44
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 25.35
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 62.54
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 42.66
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 40.66
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 69.34
BNP EMIS-U.HANDE 9.000 7/26/2012 EUR 49.39
BNP EMIS-U.HANDE 10.000 7/26/2012 EUR 36.14
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 27.53
BNP EMIS-U.HANDE 8.000 7/26/2012 EUR 66.26
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 31.61
BNP EMIS-U.HANDE 6.000 7/26/2012 EUR 70.64
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 71.79
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 47.47
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 65.91
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 62.79
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 51.70
COMMERZBANK AG 9.000 8/3/2012 EUR 66.44
COMMERZBANK AG 8.500 8/3/2012 EUR 50.48
COMMERZBANK AG 13.000 9/27/2012 EUR 71.83
COMMERZBANK AG 16.000 9/27/2012 EUR 68.58
COMMERZBANK AG 19.500 9/27/2012 EUR 69.78
COMMERZBANK AG 19.500 9/27/2012 EUR 68.13
COMMERZBANK AG 19.750 9/27/2012 EUR 70.82
COMMERZBANK AG 19.750 9/27/2012 EUR 66.04
COMMERZBANK AG 21.500 9/27/2012 EUR 73.75
COMMERZBANK AG 28.750 9/27/2012 EUR 67.90
COMMERZBANK AG 7.700 9/28/2012 EUR 43.10
COMMERZBANK AG 10.000 10/1/2012 EUR 73.23
COMMERZBANK AG 8.250 10/1/2012 EUR 71.49
COMMERZBANK AG 9.000 10/1/2012 EUR 56.31
COMMERZBANK AG 9.000 10/29/2012 EUR 8.40
COMMERZBANK AG 8.000 11/5/2012 EUR 53.80
COMMERZBANK AG 11.500 11/5/2012 EUR 63.28
COMMERZBANK AG 10.000 11/5/2012 EUR 57.29
COMMERZBANK AG 8.500 12/17/2012 EUR 63.00
COMMERZBANK AG 8.750 12/17/2012 EUR 74.72
COMMERZBANK AG 7.000 12/27/2012 EUR 64.55
COMMERZBANK AG 8.000 12/27/2012 EUR 48.15
COMMERZBANK AG 13.000 12/28/2012 EUR 62.37
COMMERZBANK AG 21.250 12/31/2012 EUR 73.02
COMMERZBANK AG 17.000 12/31/2012 EUR 72.57
COMMERZBANK AG 23.000 12/31/2012 EUR 73.80
COMMERZBANK AG 29.750 12/31/2012 EUR 73.24
COMMERZBANK AG 24.500 3/21/2013 EUR 74.50
COMMERZBANK AG 10.750 3/21/2013 EUR 59.60
COMMERZBANK AG 14.500 3/21/2013 EUR 56.82
COMMERZBANK AG 18.500 3/21/2013 EUR 54.81
COMMERZBANK AG 19.750 3/21/2013 EUR 74.87
COMMERZBANK AG 14.750 3/21/2013 EUR 74.76
COMMERZBANK AG 8.400 12/30/2013 EUR 16.88
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 72.90
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 48.70
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 56.80
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 49.20
DEUTSCHE BANK AG 7.000 7/31/2012 EUR 66.80
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 47.30
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 46.60
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 53.80
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 63.40
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 64.60
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 72.20
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 67.30
DEUTSCHE BANK AG 8.000 7/31/2012 EUR 66.20
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 62.00
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 63.70
DEUTSCHE BANK AG 9.000 7/31/2012 EUR 62.50
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 44.80
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 69.40
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 62.00
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 59.20
DEUTSCHE BANK AG 13.000 7/31/2012 EUR 58.90
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 70.30
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 43.00
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 52.30
DEUTSCHE BANK AG 10.000 7/31/2012 EUR 60.90
DEUTSCHE BANK AG 8.000 8/6/2012 EUR 53.40
DEUTSCHE BANK AG 8.000 8/31/2012 EUR 74.40
DEUTSCHE BANK AG 9.000 8/31/2012 EUR 72.70
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 67.60
DEUTSCHE BANK AG 9.000 8/31/2012 EUR 70.10
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 65.40
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 72.70
DEUTSCHE BANK AG 11.000 9/28/2012 EUR 73.00
DEUTSCHE BANK AG 20.000 9/28/2012 EUR 74.80
DEUTSCHE BANK AG 13.000 9/28/2012 EUR 69.70
DEUTSCHE BANK AG 8.000 10/31/2012 EUR 73.80
DEUTSCHE BANK AG 10.000 10/31/2012 EUR 71.10
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 68.30
DEUTSCHE BANK AG 8.000 11/29/2012 EUR 73.20
DEUTSCHE BANK AG 12.000 11/29/2012 EUR 68.30
DEUTSCHE BANK AG 9.000 11/29/2012 EUR 69.20
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 70.10
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 66.20
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 74.30
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 70.90
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 66.60
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 42.10
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 71.20
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 64.30
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 60.30
DEUTSCHE BANK AG 7.000 12/20/2012 EUR 72.30
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 57.50
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 40.60
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 72.30
DEUTSCHE BANK AG 7.000 12/20/2012 EUR 71.90
DEUTSCHE BANK AG 11.000 1/18/2013 EUR 72.70
DEUTSCHE BANK AG 10.000 1/18/2013 EUR 74.70
DEUTSCHE BANK AG 12.000 4/2/2013 EUR 73.60
DEUTSCHE BANK AG 10.000 4/2/2013 EUR 71.20
DEUTSCHE BANK AG 8.000 4/2/2013 EUR 75.00
DRESDNER BANK AG 5.290 5/31/2021 EUR 73.53
DRESDNER BANK AG 6.180 2/28/2023 EUR 74.28
DRESDNER BANK AG 5.700 7/31/2023 EUR 70.20
DRESDNER BANK AG 5.450 2/22/2029 EUR 20.49
DZ BANK AG 10.750 7/27/2012 EUR 45.23
DZ BANK AG 15.250 7/27/2012 EUR 41.09
DZ BANK AG 15.000 7/27/2012 EUR 34.71
DZ BANK AG 14.750 7/27/2012 EUR 66.95
DZ BANK AG 13.100 7/27/2012 EUR 72.29
DZ BANK AG 13.000 7/27/2012 EUR 71.63
DZ BANK AG 12.700 7/27/2012 EUR 64.12
DZ BANK AG 12.500 7/27/2012 EUR 66.08
DZ BANK AG 12.250 7/27/2012 EUR 74.33
DZ BANK AG 12.000 7/27/2012 EUR 65.08
DZ BANK AG 11.750 7/27/2012 EUR 34.85
DZ BANK AG 11.500 7/27/2012 EUR 38.49
DZ BANK AG 11.250 7/27/2012 EUR 71.12
DZ BANK AG 11.250 7/27/2012 EUR 74.99
DZ BANK AG 11.250 7/27/2012 EUR 45.60
DZ BANK AG 10.500 7/27/2012 EUR 51.35
DZ BANK AG 10.000 7/27/2012 EUR 53.82
DZ BANK AG 9.800 7/27/2012 EUR 71.53
DZ BANK AG 9.250 7/27/2012 EUR 72.05
DZ BANK AG 9.000 7/27/2012 EUR 72.93
DZ BANK AG 8.700 7/27/2012 EUR 71.70
DZ BANK AG 8.000 7/27/2012 EUR 55.85
DZ BANK AG 8.000 7/27/2012 EUR 49.50
DZ BANK AG 7.500 7/27/2012 EUR 69.22
DZ BANK AG 6.500 7/27/2012 EUR 60.23
DZ BANK AG 6.000 7/27/2012 EUR 72.09
DZ BANK AG 12.750 7/31/2012 EUR 62.76
DZ BANK AG 9.250 7/31/2012 EUR 70.36
DZ BANK AG 12.700 8/3/2012 EUR 67.72
DZ BANK AG 14.500 8/10/2012 EUR 68.22
DZ BANK AG 15.250 8/10/2012 EUR 71.68
DZ BANK AG 16.500 8/10/2012 EUR 71.23
DZ BANK AG 14.750 8/10/2012 EUR 71.35
DZ BANK AG 10.500 8/10/2012 EUR 61.22
DZ BANK AG 21.250 8/10/2012 EUR 40.77
DZ BANK AG 9.500 8/10/2012 EUR 70.84
DZ BANK AG 5.000 8/10/2012 EUR 59.52
DZ BANK AG 24.250 8/10/2012 EUR 66.37
DZ BANK AG 17.500 8/24/2012 EUR 61.16
DZ BANK AG 18.000 8/24/2012 EUR 60.56
DZ BANK AG 19.000 8/24/2012 EUR 72.75
DZ BANK AG 18.000 8/24/2012 EUR 63.39
DZ BANK AG 21.250 8/24/2012 EUR 72.00
DZ BANK AG 21.000 8/24/2012 EUR 55.36
DZ BANK AG 12.000 8/24/2012 EUR 70.17
DZ BANK AG 26.000 8/24/2012 EUR 69.65
DZ BANK AG 13.500 8/24/2012 EUR 69.63
DZ BANK AG 14.000 8/24/2012 EUR 66.25
DZ BANK AG 15.000 8/24/2012 EUR 72.82
DZ BANK AG 12.750 8/24/2012 EUR 62.73
DZ BANK AG 17.000 8/24/2012 EUR 67.93
DZ BANK AG 16.500 8/24/2012 EUR 64.15
DZ BANK AG 5.000 9/14/2012 EUR 53.20
DZ BANK AG 5.850 9/14/2012 EUR 52.71
DZ BANK AG 6.000 9/14/2012 EUR 73.85
DZ BANK AG 6.250 9/14/2012 EUR 49.42
DZ BANK AG 7.000 9/14/2012 EUR 74.67
DZ BANK AG 7.250 9/14/2012 EUR 67.93
DZ BANK AG 7.500 9/14/2012 EUR 66.50
DZ BANK AG 7.500 9/14/2012 EUR 74.67
DZ BANK AG 7.750 9/14/2012 EUR 74.70
DZ BANK AG 8.000 9/14/2012 EUR 45.21
DZ BANK AG 8.250 9/14/2012 EUR 57.58
DZ BANK AG 9.250 9/14/2012 EUR 74.95
DZ BANK AG 9.500 9/14/2012 EUR 60.13
DZ BANK AG 9.500 9/14/2012 EUR 71.10
DZ BANK AG 10.000 9/14/2012 EUR 50.95
DZ BANK AG 10.000 9/14/2012 EUR 51.80
DZ BANK AG 10.500 9/14/2012 EUR 40.29
DZ BANK AG 10.750 9/14/2012 EUR 65.63
DZ BANK AG 11.500 9/14/2012 EUR 72.33
DZ BANK AG 12.500 9/14/2012 EUR 62.96
DZ BANK AG 19.500 9/14/2012 EUR 46.77
DZ BANK AG 8.500 9/14/2012 EUR 44.85
DZ BANK AG 17.500 9/28/2012 EUR 72.17
DZ BANK AG 22.500 9/28/2012 EUR 71.30
DZ BANK AG 23.000 9/28/2012 EUR 67.49
DZ BANK AG 16.500 9/28/2012 EUR 73.22
DZ BANK AG 15.500 9/28/2012 EUR 73.99
DZ BANK AG 20.000 9/28/2012 EUR 66.41
DZ BANK AG 21.000 9/28/2012 EUR 74.85
DZ BANK AG 22.000 9/28/2012 EUR 62.46
DZ BANK AG 7.600 10/5/2012 EUR 74.97
DZ BANK AG 8.300 10/5/2012 EUR 65.20
DZ BANK AG 4.500 10/5/2012 EUR 73.35
DZ BANK AG 5.700 10/5/2012 EUR 70.40
DZ BANK AG 19.250 10/12/2012 EUR 74.98
DZ BANK AG 8.000 10/12/2012 EUR 41.18
DZ BANK AG 7.000 10/12/2012 EUR 44.13
DZ BANK AG 9.500 10/12/2012 EUR 56.65
DZ BANK AG 7.000 10/12/2012 EUR 69.94
DZ BANK AG 8.000 10/12/2012 EUR 63.00
DZ BANK AG 8.000 10/26/2012 EUR 70.94
DZ BANK AG 17.250 10/26/2012 EUR 70.97
DZ BANK AG 16.000 10/26/2012 EUR 66.86
DZ BANK AG 22.000 10/26/2012 EUR 67.43
DZ BANK AG 17.750 10/26/2012 EUR 73.31
DZ BANK AG 18.000 10/26/2012 EUR 73.16
DZ BANK AG 19.000 10/26/2012 EUR 70.17
DZ BANK AG 12.500 10/26/2012 EUR 72.31
DZ BANK AG 11.900 11/1/2012 EUR 70.76
DZ BANK AG 11.500 11/23/2012 EUR 72.32
DZ BANK AG 15.500 11/23/2012 EUR 74.14
DZ BANK AG 20.000 11/23/2012 EUR 71.69
DZ BANK AG 5.000 12/14/2012 EUR 61.21
DZ BANK AG 9.750 12/14/2012 EUR 63.96
DZ BANK AG 5.000 12/21/2012 EUR 60.94
DZ BANK AG 9.500 1/2/2013 EUR 73.24
DZ BANK AG 12.000 1/2/2013 EUR 68.08
DZ BANK AG 6.000 1/2/2013 EUR 61.52
DZ BANK AG 14.000 1/11/2013 EUR 43.51
DZ BANK AG 15.500 1/11/2013 EUR 48.08
DZ BANK AG 12.500 1/25/2013 EUR 45.09
DZ BANK AG 19.000 1/25/2013 EUR 73.38
DZ BANK AG 14.000 1/25/2013 EUR 71.89
DZ BANK AG 11.250 2/8/2013 EUR 72.66
DZ BANK AG 13.750 2/8/2013 EUR 73.51
DZ BANK AG 10.250 2/8/2013 EUR 73.77
DZ BANK AG 11.000 2/22/2013 EUR 72.02
DZ BANK AG 14.000 2/22/2013 EUR 69.44
DZ BANK AG 10.750 2/22/2013 EUR 69.19
DZ BANK AG 9.000 3/8/2013 EUR 69.31
DZ BANK AG 9.750 3/8/2013 EUR 74.85
DZ BANK AG 10.000 3/8/2013 EUR 56.95
DZ BANK AG 11.000 3/8/2013 EUR 72.58
DZ BANK AG 11.500 3/8/2013 EUR 70.42
DZ BANK AG 13.500 3/8/2013 EUR 74.32
DZ BANK AG 13.750 3/8/2013 EUR 48.21
DZ BANK AG 11.250 3/22/2013 EUR 49.31
DZ BANK AG 12.750 3/22/2013 EUR 72.34
DZ BANK AG 18.500 3/22/2013 EUR 74.51
DZ BANK AG 20.000 3/22/2013 EUR 71.67
DZ BANK AG 5.000 3/22/2013 EUR 74.74
DZ BANK AG 9.750 4/2/2013 EUR 68.02
DZ BANK AG 15.750 4/26/2013 EUR 67.28
DZ BANK AG 17.000 4/26/2013 EUR 22.91
DZ BANK AG 5.000 6/22/2018 EUR 60.83
ESCADA AG 7.500 4/1/2012 EUR 8.64
ESCADA AG 7.500 4/1/2012 EUR 8.25
EUROHYPO AG 3.830 9/21/2020 EUR 68.75
GOLDMAN SACHS CO 17.000 9/26/2012 EUR 72.20
GOLDMAN SACHS CO 16.000 9/26/2012 EUR 67.40
GOLDMAN SACHS CO 8.000 9/26/2012 EUR 52.90
GOLDMAN SACHS CO 16.000 12/28/2012 EUR 70.70
GOLDMAN SACHS CO 17.000 12/28/2012 EUR 74.40
GOLDMAN SACHS CO 15.000 12/28/2012 EUR 72.70
GOLDMAN SACHS CO 15.000 12/28/2012 EUR 70.60
GOLDMAN SACHS CO 16.000 12/28/2012 EUR 68.60
GOLDMAN SACHS CO 14.000 1/2/2013 EUR 70.50
GOLDMAN SACHS CO 15.000 3/20/2013 EUR 69.90
GOLDMAN SACHS CO 15.000 6/26/2013 EUR 72.70
GOLDMAN SACHS CO 18.000 6/26/2013 EUR 73.90
GOLDMAN SACHS CO 11.000 6/26/2013 EUR 71.40
GOLDMAN SACHS CO 9.000 6/26/2013 EUR 73.90
GOLDMAN SACHS CO 11.000 6/26/2013 EUR 73.50
GOLDMAN SACHS CO 14.000 12/27/2013 EUR 73.00
HECKLER & KOCH 9.500 5/15/2018 EUR 72.31
HSBC TRINKAUS 19.000 9/28/2012 EUR 71.89
HSBC TRINKAUS 18.500 9/28/2012 EUR 74.98
HSBC TRINKAUS 19.500 9/28/2012 EUR 72.64
HSBC TRINKAUS 20.000 9/28/2012 EUR 65.15
HSBC TRINKAUS 18.000 9/28/2012 EUR 59.66
HSBC TRINKAUS 17.500 9/28/2012 EUR 72.36
HSBC TRINKAUS 15.500 9/28/2012 EUR 49.00
HSBC TRINKAUS 13.000 9/28/2012 EUR 69.64
HSBC TRINKAUS 12.500 9/28/2012 EUR 73.08
HSBC TRINKAUS 11.000 9/28/2012 EUR 71.14
HSBC TRINKAUS 8.000 9/28/2012 EUR 66.94
HSBC TRINKAUS 11.000 9/28/2012 EUR 64.17
HSBC TRINKAUS 20.000 9/28/2012 EUR 61.87
HSBC TRINKAUS 21.000 9/28/2012 EUR 74.69
HSBC TRINKAUS 22.000 9/28/2012 EUR 74.44
HSBC TRINKAUS 24.000 9/28/2012 EUR 65.74
HSBC TRINKAUS 24.000 9/28/2012 EUR 71.28
HSBC TRINKAUS 24.000 9/28/2012 EUR 74.72
HSBC TRINKAUS 25.000 9/28/2012 EUR 69.47
HSBC TRINKAUS 25.000 9/28/2012 EUR 68.56
HSBC TRINKAUS 25.500 9/28/2012 EUR 65.21
HSBC TRINKAUS 27.500 9/28/2012 EUR 61.20
HSBC TRINKAUS 27.500 9/28/2012 EUR 73.25
HSBC TRINKAUS 29.000 9/28/2012 EUR 67.94
HSBC TRINKAUS 29.500 9/28/2012 EUR 65.77
HSBC TRINKAUS 29.500 9/28/2012 EUR 57.44
HSBC TRINKAUS 11.500 10/26/2012 EUR 72.12
HSBC TRINKAUS 17.500 10/26/2012 EUR 66.65
HSBC TRINKAUS 16.000 11/23/2012 EUR 67.54
HSBC TRINKAUS 11.000 11/23/2012 EUR 72.81
HSBC TRINKAUS 24.000 3/22/2013 EUR 69.77
HSBC TRINKAUS 23.500 3/22/2013 EUR 68.68
HSBC TRINKAUS 22.500 3/22/2013 EUR 72.98
HSBC TRINKAUS 22.000 3/22/2013 EUR 63.29
HSBC TRINKAUS 22.000 3/22/2013 EUR 70.25
HSBC TRINKAUS 21.000 3/22/2013 EUR 71.71
HSBC TRINKAUS 21.000 3/22/2013 EUR 51.60
HSBC TRINKAUS 20.000 3/22/2013 EUR 73.08
HSBC TRINKAUS 20.000 3/22/2013 EUR 72.92
HSBC TRINKAUS 8.500 3/22/2013 EUR 70.45
HSBC TRINKAUS 10.500 3/22/2013 EUR 72.00
HSBC TRINKAUS 10.500 3/22/2013 EUR 68.80
HSBC TRINKAUS 13.000 3/22/2013 EUR 53.19
HSBC TRINKAUS 8.000 3/22/2013 EUR 55.73
HSBC TRINKAUS 14.000 3/22/2013 EUR 65.75
HSBC TRINKAUS 15.500 3/22/2013 EUR 67.41
HSBC TRINKAUS 17.500 3/22/2013 EUR 67.97
HSBC TRINKAUS 17.500 3/22/2013 EUR 73.30
HSBC TRINKAUS 13.500 3/22/2013 EUR 70.94
HSBC TRINKAUS 17.500 3/22/2013 EUR 72.56
HSBC TRINKAUS 17.500 3/22/2013 EUR 72.46
HSBC TRINKAUS 18.000 3/22/2013 EUR 74.20
HSBC TRINKAUS 18.000 3/22/2013 EUR 74.61
HSBC TRINKAUS 19.500 3/22/2013 EUR 73.31
HSBC TRINKAUS 19.000 3/22/2013 EUR 69.12
HSBC TRINKAUS 18.500 3/22/2013 EUR 73.88
HSBC TRINKAUS 18.500 3/22/2013 EUR 64.91
HSBC TRINKAUS 19.500 3/22/2013 EUR 65.09
HSBC TRINKAUS 27.500 3/22/2013 EUR 51.62
HSBC TRINKAUS 27.000 3/22/2013 EUR 61.01
HSBC TRINKAUS 26.500 3/22/2013 EUR 66.45
HSBC TRINKAUS 18.000 3/22/2013 EUR 73.92
HSBC TRINKAUS 17.500 6/28/2013 EUR 66.87
HSBC TRINKAUS 21.500 6/28/2013 EUR 71.42
HSBC TRINKAUS 19.500 6/28/2013 EUR 73.85
HSBC TRINKAUS 19.500 6/28/2013 EUR 70.77
HSBC TRINKAUS 19.000 6/28/2013 EUR 65.40
HSBC TRINKAUS 18.500 6/28/2013 EUR 71.12
HSBC TRINKAUS 18.500 6/28/2013 EUR 74.73
HSBC TRINKAUS 18.500 6/28/2013 EUR 74.89
HSBC TRINKAUS 16.500 6/28/2013 EUR 73.33
HSBC TRINKAUS 16.500 6/28/2013 EUR 73.03
HSBC TRINKAUS 16.500 6/28/2013 EUR 66.77
HSBC TRINKAUS 16.000 6/28/2013 EUR 69.87
HSBC TRINKAUS 16.000 6/28/2013 EUR 74.25
HSBC TRINKAUS 15.500 6/28/2013 EUR 74.81
HSBC TRINKAUS 14.000 6/28/2013 EUR 68.62
HSBC TRINKAUS 12.500 6/28/2013 EUR 68.04
HSBC TRINKAUS 10.500 6/28/2013 EUR 72.66
HSBC TRINKAUS 10.000 6/28/2013 EUR 70.77
HSBC TRINKAUS 8.500 6/28/2013 EUR 72.15
HSBC TRINKAUS 30.000 6/28/2013 EUR 53.11
HSBC TRINKAUS 26.000 6/28/2013 EUR 53.25
HSBC TRINKAUS 25.500 6/28/2013 EUR 60.93
HSBC TRINKAUS 23.500 6/28/2013 EUR 69.47
HSBC TRINKAUS 22.500 6/28/2013 EUR 61.93
HSBC TRINKAUS 13.000 12/30/2013 EUR 73.43
IKB DEUT INDUSTR 4.080 12/20/2035 EUR 73.83
KFW 0.250 10/6/2036 CAD 32.59
L-BANK FOERDERBK 0.500 5/10/2027 CAD 56.06
L-BANK FOERDERBK 0.250 10/13/2037 CAD 28.21
LANDESBK BERLIN 7.250 8/27/2012 EUR 71.16
LB BADEN-WUERTT 10.000 7/27/2012 EUR 12.03
LB BADEN-WUERTT 4.000 7/27/2012 EUR 26.76
LB BADEN-WUERTT 4.000 7/27/2012 EUR 66.84
LB BADEN-WUERTT 4.000 7/27/2012 EUR 43.14
LB BADEN-WUERTT 4.000 7/27/2012 EUR 73.55
LB BADEN-WUERTT 5.000 7/27/2012 EUR 74.63
LB BADEN-WUERTT 5.000 7/27/2012 EUR 15.61
LB BADEN-WUERTT 5.000 7/27/2012 EUR 50.58
LB BADEN-WUERTT 5.000 7/27/2012 EUR 11.66
LB BADEN-WUERTT 5.000 7/27/2012 EUR 68.12
LB BADEN-WUERTT 5.000 7/27/2012 EUR 51.24
LB BADEN-WUERTT 5.000 7/27/2012 EUR 42.44
LB BADEN-WUERTT 5.000 7/27/2012 EUR 56.60
LB BADEN-WUERTT 5.000 7/27/2012 EUR 53.96
LB BADEN-WUERTT 5.000 7/27/2012 EUR 45.56
LB BADEN-WUERTT 5.000 7/27/2012 EUR 73.15
LB BADEN-WUERTT 5.000 7/27/2012 EUR 68.48
LB BADEN-WUERTT 5.000 7/27/2012 EUR 50.47
LB BADEN-WUERTT 5.000 7/27/2012 EUR 64.10
LB BADEN-WUERTT 5.000 7/27/2012 EUR 24.27
LB BADEN-WUERTT 6.000 7/27/2012 EUR 23.31
LB BADEN-WUERTT 6.000 7/27/2012 EUR 23.25
LB BADEN-WUERTT 6.000 7/27/2012 EUR 59.04
LB BADEN-WUERTT 6.000 7/27/2012 EUR 73.77
LB BADEN-WUERTT 6.000 7/27/2012 EUR 72.46
LB BADEN-WUERTT 6.000 7/27/2012 EUR 35.96
LB BADEN-WUERTT 6.000 7/27/2012 EUR 63.32
LB BADEN-WUERTT 7.500 7/27/2012 EUR 50.53
LB BADEN-WUERTT 7.500 7/27/2012 EUR 11.98
LB BADEN-WUERTT 7.500 7/27/2012 EUR 73.21
LB BADEN-WUERTT 7.500 7/27/2012 EUR 64.91
LB BADEN-WUERTT 7.500 7/27/2012 EUR 21.83
LB BADEN-WUERTT 7.500 7/27/2012 EUR 61.66
LB BADEN-WUERTT 7.500 7/27/2012 EUR 60.11
LB BADEN-WUERTT 7.500 7/27/2012 EUR 48.96
LB BADEN-WUERTT 7.500 7/27/2012 EUR 66.50
LB BADEN-WUERTT 7.500 7/27/2012 EUR 67.06
LB BADEN-WUERTT 7.500 7/27/2012 EUR 55.68
LB BADEN-WUERTT 7.500 7/27/2012 EUR 46.05
LB BADEN-WUERTT 7.500 7/27/2012 EUR 14.44
LB BADEN-WUERTT 7.500 7/27/2012 EUR 45.08
LB BADEN-WUERTT 7.500 7/27/2012 EUR 44.89
LB BADEN-WUERTT 7.500 7/27/2012 EUR 68.28
LB BADEN-WUERTT 7.500 7/27/2012 EUR 37.73
LB BADEN-WUERTT 7.500 7/27/2012 EUR 40.39
LB BADEN-WUERTT 8.000 7/27/2012 EUR 57.02
LB BADEN-WUERTT 8.000 7/27/2012 EUR 67.25
LB BADEN-WUERTT 8.000 7/27/2012 EUR 71.06
LB BADEN-WUERTT 8.000 7/27/2012 EUR 67.24
LB BADEN-WUERTT 8.000 7/27/2012 EUR 32.16
LB BADEN-WUERTT 8.000 7/27/2012 EUR 21.05
LB BADEN-WUERTT 8.000 7/27/2012 EUR 53.78
LB BADEN-WUERTT 10.000 7/27/2012 EUR 73.64
LB BADEN-WUERTT 10.000 7/27/2012 EUR 49.99
LB BADEN-WUERTT 10.000 7/27/2012 EUR 40.44
LB BADEN-WUERTT 10.000 7/27/2012 EUR 54.76
LB BADEN-WUERTT 10.000 7/27/2012 EUR 70.73
LB BADEN-WUERTT 10.000 7/27/2012 EUR 60.74
LB BADEN-WUERTT 10.000 7/27/2012 EUR 45.75
LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.52
LB BADEN-WUERTT 10.000 7/27/2012 EUR 40.71
LB BADEN-WUERTT 10.000 7/27/2012 EUR 66.94
LB BADEN-WUERTT 10.000 7/27/2012 EUR 34.27
LB BADEN-WUERTT 10.000 7/27/2012 EUR 46.80
LB BADEN-WUERTT 10.000 7/27/2012 EUR 37.34
LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.94
LB BADEN-WUERTT 10.000 7/27/2012 EUR 61.73
LB BADEN-WUERTT 10.000 7/27/2012 EUR 13.40
LB BADEN-WUERTT 10.000 7/27/2012 EUR 56.37
LB BADEN-WUERTT 10.000 7/27/2012 EUR 69.72
LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.69
LB BADEN-WUERTT 10.000 7/27/2012 EUR 19.85
LB BADEN-WUERTT 10.000 7/27/2012 EUR 69.64
LB BADEN-WUERTT 10.000 7/27/2012 EUR 59.82
LB BADEN-WUERTT 10.000 7/27/2012 EUR 71.41
LB BADEN-WUERTT 10.000 7/27/2012 EUR 42.41
LB BADEN-WUERTT 8.000 8/24/2012 EUR 66.02
LB BADEN-WUERTT 8.000 8/24/2012 EUR 57.50
LB BADEN-WUERTT 8.000 8/24/2012 EUR 51.39
LB BADEN-WUERTT 8.000 8/24/2012 EUR 70.04
LB BADEN-WUERTT 5.000 8/24/2012 EUR 46.75
LB BADEN-WUERTT 5.000 8/24/2012 EUR 68.37
LB BADEN-WUERTT 5.000 8/24/2012 EUR 22.82
LB BADEN-WUERTT 5.000 8/24/2012 EUR 72.46
LB BADEN-WUERTT 5.000 8/24/2012 EUR 58.20
LB BADEN-WUERTT 5.000 8/24/2012 EUR 63.75
LB BADEN-WUERTT 5.000 8/24/2012 EUR 58.73
LB BADEN-WUERTT 5.000 8/24/2012 EUR 72.60
LB BADEN-WUERTT 5.000 8/24/2012 EUR 47.23
LB BADEN-WUERTT 5.000 8/24/2012 EUR 58.91
LB BADEN-WUERTT 5.000 8/24/2012 EUR 71.69
LB BADEN-WUERTT 6.000 8/24/2012 EUR 66.46
LB BADEN-WUERTT 6.000 8/24/2012 EUR 64.47
LB BADEN-WUERTT 6.000 8/24/2012 EUR 35.04
LB BADEN-WUERTT 6.000 8/24/2012 EUR 30.38
LB BADEN-WUERTT 6.000 8/24/2012 EUR 56.51
LB BADEN-WUERTT 6.000 8/24/2012 EUR 65.24
LB BADEN-WUERTT 6.000 8/24/2012 EUR 71.15
LB BADEN-WUERTT 4.000 8/24/2012 EUR 39.41
LB BADEN-WUERTT 4.000 8/24/2012 EUR 65.40
LB BADEN-WUERTT 4.000 8/24/2012 EUR 35.85
LB BADEN-WUERTT 5.000 8/24/2012 EUR 64.54
LB BADEN-WUERTT 6.500 8/24/2012 EUR 74.64
LB BADEN-WUERTT 7.500 8/24/2012 EUR 20.06
LB BADEN-WUERTT 7.500 8/24/2012 EUR 61.24
LB BADEN-WUERTT 7.500 8/24/2012 EUR 41.95
LB BADEN-WUERTT 10.000 8/24/2012 EUR 61.41
LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.50
LB BADEN-WUERTT 10.000 8/24/2012 EUR 46.30
LB BADEN-WUERTT 10.000 8/24/2012 EUR 53.85
LB BADEN-WUERTT 7.500 8/24/2012 EUR 67.22
LB BADEN-WUERTT 7.500 8/24/2012 EUR 62.60
LB BADEN-WUERTT 7.500 8/24/2012 EUR 51.53
LB BADEN-WUERTT 7.500 8/24/2012 EUR 71.66
LB BADEN-WUERTT 10.000 8/24/2012 EUR 70.58
LB BADEN-WUERTT 10.000 8/24/2012 EUR 68.53
LB BADEN-WUERTT 10.000 8/24/2012 EUR 46.02
LB BADEN-WUERTT 10.000 8/24/2012 EUR 73.57
LB BADEN-WUERTT 10.000 8/24/2012 EUR 58.97
LB BADEN-WUERTT 10.000 8/24/2012 EUR 18.48
LB BADEN-WUERTT 10.000 8/24/2012 EUR 48.18
LB BADEN-WUERTT 10.000 8/24/2012 EUR 38.55
LB BADEN-WUERTT 10.000 8/24/2012 EUR 56.62
LB BADEN-WUERTT 7.500 8/24/2012 EUR 63.38
LB BADEN-WUERTT 10.000 8/24/2012 EUR 64.39
LB BADEN-WUERTT 10.000 8/24/2012 EUR 68.77
LB BADEN-WUERTT 7.500 8/24/2012 EUR 58.07
LB BADEN-WUERTT 10.000 8/24/2012 EUR 65.78
LB BADEN-WUERTT 7.500 8/24/2012 EUR 42.54
LB BADEN-WUERTT 7.500 8/24/2012 EUR 52.36
LB BADEN-WUERTT 7.500 8/24/2012 EUR 63.86
LB BADEN-WUERTT 7.500 8/24/2012 EUR 72.18
LB BADEN-WUERTT 7.500 8/24/2012 EUR 51.54
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.35
LB BADEN-WUERTT 10.000 8/24/2012 EUR 57.53
LB BADEN-WUERTT 10.000 8/24/2012 EUR 56.19
LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.80
LB BADEN-WUERTT 10.000 8/24/2012 EUR 71.01
LB BADEN-WUERTT 10.000 8/24/2012 EUR 72.89
LB BADEN-WUERTT 8.000 8/24/2012 EUR 27.35
LB BADEN-WUERTT 8.000 8/24/2012 EUR 58.43
LB BADEN-WUERTT 8.000 8/24/2012 EUR 56.89
LB BADEN-WUERTT 8.000 8/24/2012 EUR 71.51
LB BADEN-WUERTT 8.000 8/24/2012 EUR 31.75
LB BADEN-WUERTT 8.000 8/24/2012 EUR 74.80
LB BADEN-WUERTT 10.000 8/24/2012 EUR 36.50
LB BADEN-WUERTT 6.000 9/28/2012 EUR 20.90
LB BADEN-WUERTT 6.000 9/28/2012 EUR 42.10
LB BADEN-WUERTT 6.000 9/28/2012 EUR 65.51
LB BADEN-WUERTT 6.000 9/28/2012 EUR 52.05
LB BADEN-WUERTT 6.000 9/28/2012 EUR 47.68
LB BADEN-WUERTT 6.000 9/28/2012 EUR 75.00
LB BADEN-WUERTT 6.000 9/28/2012 EUR 34.17
LB BADEN-WUERTT 5.000 9/28/2012 EUR 71.60
LB BADEN-WUERTT 5.000 9/28/2012 EUR 66.93
LB BADEN-WUERTT 4.000 9/28/2012 EUR 60.21
LB BADEN-WUERTT 4.000 9/28/2012 EUR 48.67
LB BADEN-WUERTT 4.000 9/28/2012 EUR 25.19
LB BADEN-WUERTT 4.000 9/28/2012 EUR 39.84
LB BADEN-WUERTT 4.000 9/28/2012 EUR 56.71
LB BADEN-WUERTT 10.000 9/28/2012 EUR 72.40
LB BADEN-WUERTT 10.000 9/28/2012 EUR 73.90
LB BADEN-WUERTT 10.000 9/28/2012 EUR 55.77
LB BADEN-WUERTT 8.000 9/28/2012 EUR 18.35
LB BADEN-WUERTT 8.000 9/28/2012 EUR 64.71
LB BADEN-WUERTT 8.000 9/28/2012 EUR 31.22
LB BADEN-WUERTT 8.000 9/28/2012 EUR 38.00
LB BADEN-WUERTT 8.000 9/28/2012 EUR 47.19
LB BADEN-WUERTT 8.000 9/28/2012 EUR 42.05
LB BADEN-WUERTT 8.000 9/28/2012 EUR 71.35
LB BADEN-WUERTT 8.000 9/28/2012 EUR 59.05
LB BADEN-WUERTT 7.500 9/28/2012 EUR 72.20
LB BADEN-WUERTT 7.500 9/28/2012 EUR 60.83
LB BADEN-WUERTT 7.250 9/28/2012 EUR 72.56
LB BADEN-WUERTT 7.000 9/28/2012 EUR 58.69
LB BADEN-WUERTT 5.000 10/26/2012 EUR 17.97
LB BADEN-WUERTT 5.000 10/26/2012 EUR 61.81
LB BADEN-WUERTT 5.000 10/26/2012 EUR 6.31
LB BADEN-WUERTT 5.000 10/26/2012 EUR 56.82
LB BADEN-WUERTT 5.000 10/26/2012 EUR 53.99
LB BADEN-WUERTT 5.000 10/26/2012 EUR 45.43
LB BADEN-WUERTT 10.000 10/26/2012 EUR 62.60
LB BADEN-WUERTT 10.000 10/26/2012 EUR 72.32
LB BADEN-WUERTT 10.000 10/26/2012 EUR 73.68
LB BADEN-WUERTT 10.000 10/26/2012 EUR 50.22
LB BADEN-WUERTT 10.000 10/26/2012 EUR 36.33
LB BADEN-WUERTT 10.000 10/26/2012 EUR 40.64
LB BADEN-WUERTT 10.000 10/26/2012 EUR 46.41
LB BADEN-WUERTT 10.000 10/26/2012 EUR 74.17
LB BADEN-WUERTT 10.000 10/26/2012 EUR 15.36
LB BADEN-WUERTT 10.000 10/26/2012 EUR 73.55
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.47
LB BADEN-WUERTT 10.000 10/26/2012 EUR 6.05
LB BADEN-WUERTT 7.500 10/26/2012 EUR 50.31
LB BADEN-WUERTT 7.500 10/26/2012 EUR 45.53
LB BADEN-WUERTT 7.500 10/26/2012 EUR 39.41
LB BADEN-WUERTT 7.500 10/26/2012 EUR 54.78
LB BADEN-WUERTT 7.500 10/26/2012 EUR 6.22
LB BADEN-WUERTT 7.500 10/26/2012 EUR 69.53
LB BADEN-WUERTT 7.500 10/26/2012 EUR 16.19
LB BADEN-WUERTT 5.000 11/23/2012 EUR 18.33
LB BADEN-WUERTT 5.000 11/23/2012 EUR 61.49
LB BADEN-WUERTT 5.000 11/23/2012 EUR 47.04
LB BADEN-WUERTT 5.000 11/23/2012 EUR 72.03
LB BADEN-WUERTT 7.500 11/23/2012 EUR 37.63
LB BADEN-WUERTT 15.000 11/23/2012 EUR 52.42
LB BADEN-WUERTT 10.000 11/23/2012 EUR 72.49
LB BADEN-WUERTT 10.000 11/23/2012 EUR 49.51
LB BADEN-WUERTT 10.000 11/23/2012 EUR 65.39
LB BADEN-WUERTT 10.000 11/23/2012 EUR 34.59
LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.70
LB BADEN-WUERTT 10.000 11/23/2012 EUR 16.15
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.91
LB BADEN-WUERTT 10.000 11/23/2012 EUR 63.20
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.47
LB BADEN-WUERTT 10.000 11/23/2012 EUR 37.23
LB BADEN-WUERTT 10.000 11/23/2012 EUR 49.92
LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.17
LB BADEN-WUERTT 10.000 11/23/2012 EUR 54.71
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.98
LB BADEN-WUERTT 7.500 11/23/2012 EUR 53.86
LB BADEN-WUERTT 7.500 11/23/2012 EUR 68.62
LB BADEN-WUERTT 7.500 11/23/2012 EUR 16.91
LB BADEN-WUERTT 7.500 11/23/2012 EUR 61.50
LB BADEN-WUERTT 7.500 11/23/2012 EUR 54.29
LB BADEN-WUERTT 7.500 11/23/2012 EUR 67.71
LB BADEN-WUERTT 7.500 11/23/2012 EUR 71.97
LB BADEN-WUERTT 7.500 11/23/2012 EUR 71.74
LB BADEN-WUERTT 7.500 11/23/2012 EUR 68.70
LB BADEN-WUERTT 7.500 11/23/2012 EUR 40.72
LB BADEN-WUERTT 5.000 11/23/2012 EUR 59.30
LB BADEN-WUERTT 5.000 11/23/2012 EUR 42.61
LB BADEN-WUERTT 7.500 1/4/2013 EUR 50.25
LB BADEN-WUERTT 7.500 1/4/2013 EUR 74.17
LB BADEN-WUERTT 7.500 1/4/2013 EUR 50.35
LB BADEN-WUERTT 7.500 1/4/2013 EUR 55.62
LB BADEN-WUERTT 5.000 1/4/2013 EUR 63.81
LB BADEN-WUERTT 5.000 1/4/2013 EUR 47.53
LB BADEN-WUERTT 5.000 1/4/2013 EUR 49.22
LB BADEN-WUERTT 5.000 1/4/2013 EUR 49.28
LB BADEN-WUERTT 5.000 1/4/2013 EUR 59.05
LB BADEN-WUERTT 5.000 1/4/2013 EUR 18.77
LB BADEN-WUERTT 10.000 1/4/2013 EUR 39.12
LB BADEN-WUERTT 10.000 1/4/2013 EUR 66.47
LB BADEN-WUERTT 10.000 1/4/2013 EUR 47.74
LB BADEN-WUERTT 10.000 1/4/2013 EUR 62.74
LB BADEN-WUERTT 10.000 1/4/2013 EUR 17.15
LB BADEN-WUERTT 10.000 1/4/2013 EUR 51.32
LB BADEN-WUERTT 10.000 1/4/2013 EUR 65.36
LB BADEN-WUERTT 10.000 1/4/2013 EUR 51.96
LB BADEN-WUERTT 10.000 1/4/2013 EUR 51.43
LB BADEN-WUERTT 7.500 1/4/2013 EUR 70.86
LB BADEN-WUERTT 7.500 1/4/2013 EUR 41.55
LB BADEN-WUERTT 7.500 1/4/2013 EUR 52.48
LB BADEN-WUERTT 7.500 1/4/2013 EUR 68.13
LB BADEN-WUERTT 7.500 1/4/2013 EUR 17.43
LB BADEN-WUERTT 7.500 1/25/2013 EUR 22.87
LB BADEN-WUERTT 7.500 1/25/2013 EUR 58.92
LB BADEN-WUERTT 7.500 1/25/2013 EUR 68.99
LB BADEN-WUERTT 5.000 1/25/2013 EUR 67.95
LB BADEN-WUERTT 5.000 1/25/2013 EUR 68.96
LB BADEN-WUERTT 5.000 1/25/2013 EUR 24.82
LB BADEN-WUERTT 10.000 1/25/2013 EUR 69.90
LB BADEN-WUERTT 10.000 1/25/2013 EUR 21.96
LB BADEN-WUERTT 7.500 1/25/2013 EUR 69.16
LB BADEN-WUERTT 7.500 1/25/2013 EUR 71.43
LB BADEN-WUERTT 10.000 1/25/2013 EUR 70.37
LB BADEN-WUERTT 10.000 1/25/2013 EUR 72.58
LB BADEN-WUERTT 10.000 1/25/2013 EUR 65.37
LB BADEN-WUERTT 10.000 1/25/2013 EUR 53.74
LB BADEN-WUERTT 10.000 1/25/2013 EUR 74.40
LB BADEN-WUERTT 10.000 1/25/2013 EUR 61.93
LB BADEN-WUERTT 10.000 1/25/2013 EUR 73.29
LB BADEN-WUERTT 20.000 2/22/2013 EUR 74.14
LB BADEN-WUERTT 15.000 2/22/2013 EUR 74.10
LB BADEN-WUERTT 15.000 2/22/2013 EUR 59.71
LB BADEN-WUERTT 10.000 2/22/2013 EUR 68.55
LB BADEN-WUERTT 10.000 3/22/2013 EUR 55.52
LB BADEN-WUERTT 12.000 3/22/2013 EUR 68.49
LB BADEN-WUERTT 12.000 3/22/2013 EUR 74.25
LB BADEN-WUERTT 15.000 3/22/2013 EUR 69.69
LB BADEN-WUERTT 15.000 3/22/2013 EUR 53.24
LB BADEN-WUERTT 10.000 3/22/2013 EUR 74.55
LB BADEN-WUERTT 8.000 3/22/2013 EUR 56.78
LB BADEN-WUERTT 5.000 6/28/2013 EUR 66.35
LB BADEN-WUERTT 5.000 6/28/2013 EUR 66.05
LB BADEN-WUERTT 7.500 6/28/2013 EUR 60.33
LB BADEN-WUERTT 10.000 6/28/2013 EUR 57.41
LB BADEN-WUERTT 10.000 6/28/2013 EUR 66.89
LB BADEN-WUERTT 11.000 6/28/2013 EUR 57.08
LB BADEN-WUERTT 7.000 6/28/2013 EUR 59.87
LB BADEN-WUERTT 9.000 6/28/2013 EUR 57.67
LB BADEN-WUERTT 7.500 6/28/2013 EUR 66.08
LB BADEN-WUERTT 7.500 6/28/2013 EUR 72.91
LB BADEN-WUERTT 10.000 6/28/2013 EUR 70.87
LB BADEN-WUERTT 8.000 7/26/2013 EUR 62.24
LB BADEN-WUERTT 9.000 7/26/2013 EUR 61.79
LB BADEN-WUERTT 7.000 7/26/2013 EUR 64.35
LB BADEN-WUERTT 10.000 8/23/2013 EUR 60.36
LB BADEN-WUERTT 12.000 8/23/2013 EUR 59.00
LB BADEN-WUERTT 9.000 8/23/2013 EUR 72.66
LB BADEN-WUERTT 8.000 8/23/2013 EUR 62.25
LB BADEN-WUERTT 7.000 8/23/2013 EUR 74.94
LB BADEN-WUERTT 11.000 9/27/2013 EUR 59.51
LB BADEN-WUERTT 9.000 9/27/2013 EUR 59.55
LB BADEN-WUERTT 7.000 9/27/2013 EUR 61.15
LB BADEN-WUERTT 10.000 11/22/2013 EUR 74.64
LB BADEN-WUERTT 5.250 10/20/2015 EUR 25.29
MACQUARIE STRUCT 9.250 9/28/2012 EUR 73.80
MACQUARIE STRUCT 9.750 9/28/2012 EUR 44.37
MACQUARIE STRUCT 11.500 9/28/2012 EUR 38.50
MACQUARIE STRUCT 10.000 9/28/2012 EUR 74.99
MACQUARIE STRUCT 12.750 9/28/2012 EUR 70.38
MACQUARIE STRUCT 16.000 9/28/2012 EUR 72.63
MACQUARIE STRUCT 10.000 9/28/2012 EUR 71.24
MACQUARIE STRUCT 9.000 9/28/2012 EUR 47.10
MACQUARIE STRUCT 10.750 9/28/2012 EUR 60.35
MACQUARIE STRUCT 18.000 12/14/2012 EUR 56.76
MACQUARIE STRUCT 13.250 1/2/2013 EUR 68.71
Q-CELLS 6.750 10/21/2015 EUR 0.53
QIMONDA FINANCE 6.750 3/22/2013 USD 4.50
RENTENBANK 0.500 3/15/2017 TRY 71.51
RENTENBANK 0.500 4/19/2017 TRY 71.07
SOLARWATT AG 7.000 11/1/2015 EUR 11.38
SOLARWORLD AG 6.375 7/13/2016 EUR 27.49
SOLARWORLD AG 6.125 1/21/2017 EUR 25.00
SOLON AG SOLAR 1.375 12/6/2012 EUR 0.92
TAG IMMO AG 6.500 12/10/2015 EUR 8.60
TUI AG 5.500 11/17/2014 EUR 62.71
TUI AG 2.750 3/24/2016 EUR 49.46
UNICREDIT BANK A 6.000 7/31/2012 EUR 58.02
VONTOBEL FIN PRO 11.564 7/27/2012 EUR 61.20
VONTOBEL FIN PRO 10.559 7/27/2012 EUR 74.20
VONTOBEL FIN PRO 11.850 8/3/2012 EUR 74.50
VONTOBEL FIN PRO 11.564 8/10/2012 EUR 71.40
VONTOBEL FIN PRO 11.061 8/10/2012 EUR 74.10
VONTOBEL FIN PRO 8.550 8/24/2012 EUR 68.36
VONTOBEL FIN PRO 10.900 8/24/2012 EUR 57.54
VONTOBEL FIN PRO 12.200 8/24/2012 EUR 68.50
VONTOBEL FIN PRO 26.950 8/24/2012 EUR 63.54
VONTOBEL FIN PRO 8.700 8/24/2012 EUR 62.58
VONTOBEL FIN PRO 16.800 9/28/2012 EUR 64.64
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 44.28
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 65.24
VONTOBEL FIN PRO 16.900 9/28/2012 EUR 68.42
VONTOBEL FIN PRO 17.100 9/28/2012 EUR 48.72
VONTOBEL FIN PRO 12.050 9/28/2012 EUR 71.76
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 72.48
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 66.34
VONTOBEL FIN PRO 11.750 9/28/2012 EUR 73.16
VONTOBEL FIN PRO 11.650 9/28/2012 EUR 73.28
VONTOBEL FIN PRO 11.550 9/28/2012 EUR 45.98
VONTOBEL FIN PRO 11.250 9/28/2012 EUR 65.52
VONTOBEL FIN PRO 11.200 9/28/2012 EUR 72.20
VONTOBEL FIN PRO 11.100 9/28/2012 EUR 67.46
VONTOBEL FIN PRO 17.150 9/28/2012 EUR 73.76
VONTOBEL FIN PRO 17.450 9/28/2012 EUR 69.12
VONTOBEL FIN PRO 18.100 9/28/2012 EUR 48.22
VONTOBEL FIN PRO 18.800 9/28/2012 EUR 62.86
VONTOBEL FIN PRO 18.900 9/28/2012 EUR 64.74
VONTOBEL FIN PRO 19.000 9/28/2012 EUR 39.32
VONTOBEL FIN PRO 19.250 9/28/2012 EUR 46.20
VONTOBEL FIN PRO 20.000 9/28/2012 EUR 59.98
VONTOBEL FIN PRO 20.400 9/28/2012 EUR 59.10
VONTOBEL FIN PRO 20.750 9/28/2012 EUR 63.46
VONTOBEL FIN PRO 20.950 9/28/2012 EUR 51.92
VONTOBEL FIN PRO 21.350 9/28/2012 EUR 52.68
VONTOBEL FIN PRO 21.500 9/28/2012 EUR 52.06
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 71.20
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 44.00
VONTOBEL FIN PRO 21.900 9/28/2012 EUR 72.06
VONTOBEL FIN PRO 23.100 9/28/2012 EUR 71.76
VONTOBEL FIN PRO 23.300 9/28/2012 EUR 68.52
VONTOBEL FIN PRO 11.050 9/28/2012 EUR 65.82
VONTOBEL FIN PRO 10.850 9/28/2012 EUR 53.48
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 69.10
VONTOBEL FIN PRO 10.650 9/28/2012 EUR 59.12
VONTOBEL FIN PRO 25.050 9/28/2012 EUR 65.78
VONTOBEL FIN PRO 23.450 9/28/2012 EUR 73.64
VONTOBEL FIN PRO 26.050 9/28/2012 EUR 72.22
VONTOBEL FIN PRO 25.700 9/28/2012 EUR 42.40
VONTOBEL FIN PRO 27.550 9/28/2012 EUR 44.94
VONTOBEL FIN PRO 26.650 9/28/2012 EUR 71.26
VONTOBEL FIN PRO 28.700 9/28/2012 EUR 53.22
VONTOBEL FIN PRO 28.350 9/28/2012 EUR 71.52
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 57.06
VONTOBEL FIN PRO 28.900 9/28/2012 EUR 45.18
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 69.20
VONTOBEL FIN PRO 9.350 9/28/2012 EUR 70.66
VONTOBEL FIN PRO 9.300 9/28/2012 EUR 69.78
VONTOBEL FIN PRO 9.050 9/28/2012 EUR 70.48
VONTOBEL FIN PRO 8.300 9/28/2012 EUR 73.20
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 55.22
VONTOBEL FIN PRO 10.400 9/28/2012 EUR 69.04
VONTOBEL FIN PRO 10.250 9/28/2012 EUR 72.72
VONTOBEL FIN PRO 9.950 9/28/2012 EUR 61.94
VONTOBEL FIN PRO 9.900 9/28/2012 EUR 67.78
VONTOBEL FIN PRO 7.350 9/28/2012 EUR 65.84
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 46.62
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 65.28
VONTOBEL FIN PRO 8.250 9/28/2012 EUR 69.08
VONTOBEL FIN PRO 9.400 9/28/2012 EUR 54.54
VONTOBEL FIN PRO 13.800 9/28/2012 EUR 73.64
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 49.54
VONTOBEL FIN PRO 14.000 9/28/2012 EUR 72.84
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 47.06
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 68.52
VONTOBEL FIN PRO 14.200 9/28/2012 EUR 63.28
VONTOBEL FIN PRO 14.450 9/28/2012 EUR 69.96
VONTOBEL FIN PRO 14.500 9/28/2012 EUR 58.92
VONTOBEL FIN PRO 14.550 9/28/2012 EUR 47.72
VONTOBEL FIN PRO 14.600 9/28/2012 EUR 46.78
VONTOBEL FIN PRO 14.650 9/28/2012 EUR 70.42
VONTOBEL FIN PRO 14.900 9/28/2012 EUR 59.78
VONTOBEL FIN PRO 15.000 9/28/2012 EUR 71.56
VONTOBEL FIN PRO 15.000 9/28/2012 EUR 72.80
VONTOBEL FIN PRO 15.150 9/28/2012 EUR 71.22
VONTOBEL FIN PRO 13.100 9/28/2012 EUR 49.66
VONTOBEL FIN PRO 12.800 9/28/2012 EUR 62.28
VONTOBEL FIN PRO 12.600 9/28/2012 EUR 74.96
VONTOBEL FIN PRO 15.150 9/28/2012 EUR 62.74
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 50.90
VONTOBEL FIN PRO 15.250 9/28/2012 EUR 72.84
VONTOBEL FIN PRO 15.550 9/28/2012 EUR 71.04
VONTOBEL FIN PRO 15.700 9/28/2012 EUR 59.60
VONTOBEL FIN PRO 16.000 9/28/2012 EUR 58.48
VONTOBEL FIN PRO 16.050 9/28/2012 EUR 72.44
VONTOBEL FIN PRO 16.200 9/28/2012 EUR 62.28
VONTOBEL FIN PRO 16.400 9/28/2012 EUR 65.84
VONTOBEL FIN PRO 16.400 9/28/2012 EUR 73.22
VONTOBEL FIN PRO 5.006 12/28/2012 EUR 55.30
VONTOBEL FIN PRO 7.047 12/28/2012 EUR 69.90
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 74.48
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 69.54
VONTOBEL FIN PRO 9.600 12/31/2012 EUR 74.38
VONTOBEL FIN PRO 9.650 12/31/2012 EUR 59.38
VONTOBEL FIN PRO 9.800 12/31/2012 EUR 69.46
VONTOBEL FIN PRO 9.850 12/31/2012 EUR 69.46
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 57.34
VONTOBEL FIN PRO 10.150 12/31/2012 EUR 74.52
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 41.02
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 59.96
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 64.48
VONTOBEL FIN PRO 11.150 12/31/2012 EUR 74.78
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 74.88
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 74.62
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 71.58
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 48.24
VONTOBEL FIN PRO 11.550 12/31/2012 EUR 72.26
VONTOBEL FIN PRO 11.600 12/31/2012 EUR 72.04
VONTOBEL FIN PRO 11.700 12/31/2012 EUR 57.76
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 63.58
VONTOBEL FIN PRO 11.800 12/31/2012 EUR 68.68
VONTOBEL FIN PRO 11.850 12/31/2012 EUR 62.82
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 63.48
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 66.38
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 67.36
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 62.48
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 67.20
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 72.96
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 49.94
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 49.92
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 72.50
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 46.78
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 67.48
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 62.44
VONTOBEL FIN PRO 13.150 12/31/2012 EUR 60.86
VONTOBEL FIN PRO 13.250 12/31/2012 EUR 66.66
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 53.90
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 54.76
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 65.40
VONTOBEL FIN PRO 14.100 12/31/2012 EUR 68.24
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 43.94
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 65.82
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 67.96
VONTOBEL FIN PRO 14.500 12/31/2012 EUR 72.94
VONTOBEL FIN PRO 14.500 12/31/2012 EUR 73.24
VONTOBEL FIN PRO 14.550 12/31/2012 EUR 72.20
VONTOBEL FIN PRO 14.550 12/31/2012 EUR 71.46
VONTOBEL FIN PRO 14.750 12/31/2012 EUR 62.32
VONTOBEL FIN PRO 14.950 12/31/2012 EUR 67.88
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 51.62
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 72.16
VONTOBEL FIN PRO 16.150 12/31/2012 EUR 63.10
VONTOBEL FIN PRO 16.350 12/31/2012 EUR 58.68
VONTOBEL FIN PRO 16.450 12/31/2012 EUR 68.40
VONTOBEL FIN PRO 16.700 12/31/2012 EUR 66.14
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 55.64
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 51.08
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 49.68
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 51.04
VONTOBEL FIN PRO 17.300 12/31/2012 EUR 72.92
VONTOBEL FIN PRO 18.200 12/31/2012 EUR 73.74
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 51.86
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 48.04
VONTOBEL FIN PRO 19.850 12/31/2012 EUR 72.88
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 51.42
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 74.68
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 47.08
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 54.46
VONTOBEL FIN PRO 26.050 12/31/2012 EUR 72.02
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 45.34
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 69.66
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 52.18
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 43.32
VONTOBEL FIN PRO 9.200 12/31/2012 EUR 72.62
VONTOBEL FIN PRO 8.950 12/31/2012 EUR 65.78
VONTOBEL FIN PRO 8.800 12/31/2012 EUR 67.74
VONTOBEL FIN PRO 8.400 12/31/2012 EUR 68.52
VONTOBEL FIN PRO 7.900 12/31/2012 EUR 67.16
VONTOBEL FIN PRO 7.850 12/31/2012 EUR 70.74
VONTOBEL FIN PRO 7.400 12/31/2012 EUR 47.44
VONTOBEL FIN PRO 6.850 12/31/2012 EUR 71.90
VONTOBEL FIN PRO 13.650 3/1/2013 EUR 50.30
VONTOBEL FIN PRO 10.100 3/8/2013 EUR 66.60
VONTOBEL FIN PRO 12.200 3/22/2013 EUR 60.80
VONTOBEL FIN PRO 13.150 3/22/2013 EUR 71.50
VONTOBEL FIN PRO 13.700 3/22/2013 EUR 59.04
VONTOBEL FIN PRO 11.700 3/22/2013 EUR 74.00
VONTOBEL FIN PRO 11.150 3/22/2013 EUR 62.26
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 72.98
VONTOBEL FIN PRO 11.850 3/22/2013 EUR 49.32
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 63.20
VONTOBEL FIN PRO 10.300 3/22/2013 EUR 60.10
VONTOBEL FIN PRO 12.000 3/22/2013 EUR 68.02
VONTOBEL FIN PRO 14.000 3/22/2013 EUR 55.98
VONTOBEL FIN PRO 11.750 3/22/2013 EUR 74.80
VONTOBEL FIN PRO 9.950 3/22/2013 EUR 72.22
VONTOBEL FIN PRO 8.850 3/22/2013 EUR 65.90
VONTOBEL FIN PRO 14.250 3/22/2013 EUR 74.96
VONTOBEL FIN PRO 6.750 3/22/2013 EUR 70.42
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 46.68
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 56.04
VONTOBEL FIN PRO 15.250 3/22/2013 EUR 57.38
VONTOBEL FIN PRO 8.550 3/22/2013 EUR 52.50
VONTOBEL FIN PRO 18.350 3/22/2013 EUR 71.24
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 55.04
VONTOBEL FIN PRO 20.900 3/22/2013 EUR 65.92
VONTOBEL FIN PRO 21.750 3/22/2013 EUR 74.42
VONTOBEL FIN PRO 12.936 3/27/2013 EUR 70.20
VONTOBEL FIN PRO 11.000 4/8/2013 EUR 71.30
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 42.00
VONTOBEL FIN PRO 8.000 6/28/2013 EUR 71.94
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 56.22
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 33.20
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 36.30
WESTLB AG 7.500 7/30/2012 EUR 74.34
WESTLB AG 6.750 7/30/2012 EUR 54.18
WESTLB AG 12.000 9/27/2012 EUR 72.25
WESTLB AG 0.100 9/27/2012 EUR 42.89
WESTLB AG 0.100 9/27/2012 EUR 57.33
WESTLB AG 0.075 9/27/2012 EUR 59.36
WESTLB AG 0.075 9/27/2012 EUR 53.94
WESTLB AG 0.065 9/27/2012 EUR 64.53
WESTLB AG 0.100 9/27/2012 EUR 48.45
WESTLB AG 0.090 9/27/2012 EUR 72.76
WESTLB AG 0.090 11/22/2012 EUR 74.87
WGZ BANK 8.000 12/20/2012 EUR 72.59
WGZ BANK 7.000 12/20/2012 EUR 69.91
WGZ BANK 6.000 12/20/2012 EUR 71.35
WGZ BANK 8.000 12/20/2012 EUR 66.87
WGZ BANK 7.000 12/20/2012 EUR 74.60
WGZ BANK 8.000 12/28/2012 EUR 52.59
WGZ BANK 7.000 12/28/2012 EUR 55.65
WGZ BANK 6.000 12/28/2012 EUR 59.26
WGZ BANK 4.000 12/28/2012 EUR 68.50
WGZ BANK 5.000 12/28/2012 EUR 63.52
WGZ BANK 8.000 2/26/2013 EUR 68.07
GREECE
------
EFG EUROBANK 6.010 1/9/2036 EUR 34.50
HELLENIC REPUB 4.625 6/25/2013 USD 34.50
HELLENIC REPUB 4.625 6/25/2013 EUR 23.75
HELLENIC REPUB 2.125 7/5/2013 CHF 34.00
HELLENIC REPUB 5.800 7/14/2015 JPY 23.75
HELLENIC REPUB 5.800 7/14/2015 JPY 21.38
HELLENIC REPUB 5.250 2/1/2016 JPY 23.75
HELLENIC REPUB 5.250 2/1/2016 JPY 20.38
HELLENIC REPUB 5.000 8/22/2016 JPY 21.88
HELLENIC REPUB 5.000 8/22/2016 JPY 23.75
HELLENIC REPUB 4.500 11/8/2016 JPY 29.38
HELLENIC REPUB 4.500 7/3/2017 JPY 29.63
HELLENIC REPUB 3.800 8/8/2017 JPY 27.75
HELLENIC REPUB 5.000 3/11/2019 EUR 23.75
HELLENIC REPUB 5.000 3/11/2019 EUR 23.75
HELLENIC REPUB 6.140 4/14/2028 EUR 23.75
HELLENIC REPUB 5.200 7/17/2034 EUR 23.75
NATL BK GREECE 3.875 10/7/2016 EUR 66.79
YIOULA GLASSWORK 9.000 12/1/2015 EUR 46.38
YIOULA GLASSWORK 9.000 12/1/2015 EUR 46.50
GUERNSEY
--------
BCV GUERNSEY 8.020 3/1/2013 EUR 54.17
BKB FINANCE 9.050 8/9/2012 CHF 47.76
BKB FINANCE 8.900 9/27/2012 CHF 53.05
BKB FINANCE 11.400 11/8/2012 CHF 67.32
BKB FINANCE 8.350 1/14/2013 CHF 44.25
BKB FINANCE 8.100 4/24/2013 CHF 74.86
EFG FINANCIAL PR 26.520 7/26/2012 EUR 73.16
EFG FINANCIAL PR 15.000 7/31/2012 CHF 65.17
EFG FINANCIAL PR 9.500 7/31/2012 CHF 74.14
EFG FINANCIAL PR 11.750 7/31/2012 CHF 43.72
EFG FINANCIAL PR 10.000 7/31/2012 EUR 57.53
EFG FINANCIAL PR 11.500 7/31/2012 EUR 55.25
EFG FINANCIAL PR 15.500 7/31/2012 GBP 65.51
EFG FINANCIAL PR 11.750 7/31/2012 CHF 43.72
EFG FINANCIAL PR 16.000 7/31/2012 EUR 74.65
EFG FINANCIAL PR 10.000 7/31/2012 CHF 42.89
EFG FINANCIAL PR 10.000 7/31/2012 CHF 74.39
EFG FINANCIAL PR 9.000 8/3/2012 CHF 57.14
EFG FINANCIAL PR 9.000 8/3/2012 CHF 50.61
EFG FINANCIAL PR 9.000 8/3/2012 CHF 69.39
EFG FINANCIAL PR 11.000 8/7/2012 CHF 72.90
EFG FINANCIAL PR 12.000 8/7/2012 CHF 66.61
EFG FINANCIAL PR 11.000 8/7/2012 CHF 27.65
EFG FINANCIAL PR 10.000 8/7/2012 CHF 43.80
EFG FINANCIAL PR 19.000 8/8/2012 USD 39.76
EFG FINANCIAL PR 13.000 8/9/2012 EUR 62.13
EFG FINANCIAL PR 12.600 8/9/2012 USD 62.03
EFG FINANCIAL PR 12.800 8/9/2012 CHF 62.12
EFG FINANCIAL PR 9.200 8/10/2012 CHF 64.82
EFG FINANCIAL PR 10.000 8/10/2012 CHF 65.79
EFG FINANCIAL PR 12.800 8/10/2012 CHF 49.95
EFG FINANCIAL PR 11.700 8/10/2012 USD 26.10
EFG FINANCIAL PR 3.850 8/13/2012 EUR 42.47
EFG FINANCIAL PR 13.000 8/14/2012 EUR 64.20
EFG FINANCIAL PR 12.750 8/14/2012 CHF 44.26
EFG FINANCIAL PR 13.250 8/14/2012 GBP 64.56
EFG FINANCIAL PR 14.000 8/14/2012 EUR 59.22
EFG FINANCIAL PR 12.500 8/14/2012 CHF 63.83
EFG FINANCIAL PR 11.000 8/14/2012 CHF 63.13
EFG FINANCIAL PR 8.500 8/14/2012 CHF 64.23
EFG FINANCIAL PR 15.000 8/14/2012 EUR 64.09
EFG FINANCIAL PR 12.000 8/16/2012 EUR 21.76
EFG FINANCIAL PR 19.600 8/16/2012 EUR 51.42
EFG FINANCIAL PR 11.600 8/17/2012 EUR 57.71
EFG FINANCIAL PR 11.800 8/17/2012 CHF 45.75
EFG FINANCIAL PR 10.250 8/24/2012 CHF 72.73
EFG FINANCIAL PR 11.500 8/24/2012 CHF 42.87
EFG FINANCIAL PR 12.250 8/24/2012 EUR 56.62
EFG FINANCIAL PR 12.500 8/24/2012 CHF 63.65
EFG FINANCIAL PR 13.000 8/24/2012 EUR 63.63
EFG FINANCIAL PR 14.000 8/24/2012 CHF 25.41
EFG FINANCIAL PR 22.000 8/24/2012 USD 19.16
EFG FINANCIAL PR 11.750 8/24/2012 CHF 57.02
EFG FINANCIAL PR 10.000 8/30/2012 EUR 63.04
EFG FINANCIAL PR 12.250 8/30/2012 USD 67.92
EFG FINANCIAL PR 10.260 8/31/2012 EUR 68.06
EFG FINANCIAL PR 12.250 9/3/2012 CHF 64.12
EFG FINANCIAL PR 12.200 9/3/2012 CHF 73.97
EFG FINANCIAL PR 12.000 9/3/2012 EUR 57.88
EFG FINANCIAL PR 10.500 9/3/2012 CHF 43.62
EFG FINANCIAL PR 9.600 9/4/2012 USD 50.60
EFG FINANCIAL PR 9.500 9/4/2012 USD 36.82
EFG FINANCIAL PR 8.500 9/7/2012 USD 29.57
EFG FINANCIAL PR 7.000 9/7/2012 EUR 58.62
EFG FINANCIAL PR 7.000 9/7/2012 CHF 39.39
EFG FINANCIAL PR 7.250 9/7/2012 EUR 55.34
EFG FINANCIAL PR 11.000 9/10/2012 EUR 72.56
EFG FINANCIAL PR 11.000 9/10/2012 EUR 64.17
EFG FINANCIAL PR 9.000 9/10/2012 CHF 43.91
EFG FINANCIAL PR 9.800 9/10/2012 AUD 59.28
EFG FINANCIAL PR 10.000 9/10/2012 EUR 57.51
EFG FINANCIAL PR 11.000 9/17/2012 USD 63.46
EFG FINANCIAL PR 10.000 9/21/2012 USD 48.47
EFG FINANCIAL PR 10.750 9/25/2012 CHF 54.57
EFG FINANCIAL PR 11.000 9/25/2012 USD 65.39
EFG FINANCIAL PR 11.250 9/25/2012 EUR 65.55
EFG FINANCIAL PR 11.250 9/25/2012 CHF 47.52
EFG FINANCIAL PR 12.000 9/25/2012 EUR 62.14
EFG FINANCIAL PR 10.250 9/25/2012 CHF 65.22
EFG FINANCIAL PR 10.000 10/1/2012 CHF 48.05
EFG FINANCIAL PR 9.930 10/3/2012 EUR 23.21
EFG FINANCIAL PR 10.620 10/3/2012 USD 23.40
EFG FINANCIAL PR 10.000 10/4/2012 EUR 69.33
EFG FINANCIAL PR 11.500 10/11/2012 CHF 60.46
EFG FINANCIAL PR 18.000 10/11/2012 EUR 57.60
EFG FINANCIAL PR 20.000 10/11/2012 CHF 18.22
EFG FINANCIAL PR 12.250 10/11/2012 EUR 72.65
EFG FINANCIAL PR 12.000 10/11/2012 USD 61.72
EFG FINANCIAL PR 12.250 10/11/2012 EUR 60.86
EFG FINANCIAL PR 12.500 10/11/2012 GBP 60.88
EFG FINANCIAL PR 12.500 10/11/2012 CHF 48.21
EFG FINANCIAL PR 17.250 10/12/2012 CHF 61.27
EFG FINANCIAL PR 10.000 10/17/2012 EUR 67.79
EFG FINANCIAL PR 12.000 10/19/2012 USD 50.56
EFG FINANCIAL PR 13.750 10/24/2012 USD 59.60
EFG FINANCIAL PR 6.250 10/25/2012 CHF 57.06
EFG FINANCIAL PR 20.500 10/26/2012 EUR 19.61
EFG FINANCIAL PR 13.250 10/26/2012 CHF 49.25
EFG FINANCIAL PR 12.000 10/26/2012 CHF 59.71
EFG FINANCIAL PR 11.250 10/26/2012 CHF 48.55
EFG FINANCIAL PR 21.000 10/26/2012 USD 19.79
EFG FINANCIAL PR 16.750 10/26/2012 CHF 23.30
EFG FINANCIAL PR 20.000 10/26/2012 CHF 19.31
EFG FINANCIAL PR 17.000 10/26/2012 EUR 37.94
EFG FINANCIAL PR 15.000 10/26/2012 CHF 71.15
EFG FINANCIAL PR 13.250 10/26/2012 EUR 59.42
EFG FINANCIAL PR 9.330 10/29/2012 USD 47.91
EFG FINANCIAL PR 13.080 11/5/2012 CHF 70.20
EFG FINANCIAL PR 11.050 11/8/2012 USD 55.33
EFG FINANCIAL PR 6.000 11/12/2012 EUR 46.63
EFG FINANCIAL PR 6.000 11/12/2012 CHF 45.22
EFG FINANCIAL PR 14.750 11/13/2012 CHF 70.38
EFG FINANCIAL PR 14.500 11/13/2012 EUR 62.54
EFG FINANCIAL PR 12.750 11/13/2012 CHF 59.71
EFG FINANCIAL PR 12.750 11/13/2012 CHF 17.94
EFG FINANCIAL PR 10.500 11/13/2012 CHF 49.65
EFG FINANCIAL PR 10.500 11/13/2012 CHF 49.65
EFG FINANCIAL PR 12.500 11/13/2012 EUR 62.25
EFG FINANCIAL PR 13.000 11/13/2012 CHF 62.37
EFG FINANCIAL PR 14.000 11/13/2012 USD 17.99
EFG FINANCIAL PR 17.000 11/13/2012 EUR 47.26
EFG FINANCIAL PR 13.000 11/13/2012 CHF 17.59
EFG FINANCIAL PR 12.830 11/19/2012 CHF 59.92
EFG FINANCIAL PR 14.800 11/20/2012 EUR 49.58
EFG FINANCIAL PR 7.000 11/20/2012 CHF 65.98
EFG FINANCIAL PR 8.000 11/20/2012 CHF 48.32
EFG FINANCIAL PR 8.000 11/20/2012 CHF 73.19
EFG FINANCIAL PR 8.300 11/20/2012 CHF 64.10
EFG FINANCIAL PR 9.300 11/20/2012 CHF 71.74
EFG FINANCIAL PR 9.400 11/20/2012 EUR 60.94
EFG FINANCIAL PR 11.500 11/20/2012 EUR 56.23
EFG FINANCIAL PR 14.500 11/27/2012 EUR 65.42
EFG FINANCIAL PR 16.000 11/27/2012 EUR 38.16
EFG FINANCIAL PR 11.250 11/27/2012 CHF 51.19
EFG FINANCIAL PR 14.500 11/27/2012 CHF 29.71
EFG FINANCIAL PR 10.000 11/27/2012 CHF 74.86
EFG FINANCIAL PR 9.250 11/27/2012 CHF 69.30
EFG FINANCIAL PR 12.250 11/27/2012 EUR 63.98
EFG FINANCIAL PR 12.000 11/27/2012 USD 73.57
EFG FINANCIAL PR 13.250 11/27/2012 CHF 64.88
EFG FINANCIAL PR 14.500 11/27/2012 CHF 71.41
EFG FINANCIAL PR 9.750 12/3/2012 CHF 62.05
EFG FINANCIAL PR 8.500 12/14/2012 CHF 71.99
EFG FINANCIAL PR 10.250 12/14/2012 CHF 72.77
EFG FINANCIAL PR 12.750 12/14/2012 CHF 65.46
EFG FINANCIAL PR 14.250 12/14/2012 GBP 66.02
EFG FINANCIAL PR 14.250 12/14/2012 EUR 62.84
EFG FINANCIAL PR 17.500 12/14/2012 EUR 40.64
EFG FINANCIAL PR 14.000 12/14/2012 EUR 66.82
EFG FINANCIAL PR 10.900 12/21/2012 CHF 52.99
EFG FINANCIAL PR 12.600 12/21/2012 CHF 53.65
EFG FINANCIAL PR 9.300 12/21/2012 CHF 52.38
EFG FINANCIAL PR 12.250 12/27/2012 GBP 66.24
EFG FINANCIAL PR 8.830 12/28/2012 USD 50.84
EFG FINANCIAL PR 10.000 1/9/2013 EUR 52.30
EFG FINANCIAL PR 10.250 1/15/2013 CHF 15.88
EFG FINANCIAL PR 11.250 1/15/2013 GBP 63.38
EFG FINANCIAL PR 12.500 1/15/2013 CHF 41.10
EFG FINANCIAL PR 9.000 1/15/2013 CHF 39.57
EFG FINANCIAL PR 13.000 1/15/2013 CHF 64.72
EFG FINANCIAL PR 5.800 1/23/2013 CHF 64.44
EFG FINANCIAL PR 13.100 2/18/2013 CHF 73.45
EFG FINANCIAL PR 15.000 3/1/2013 CHF 72.71
EFG FINANCIAL PR 10.000 3/6/2013 USD 69.16
EFG FINANCIAL PR 6.750 3/11/2013 EUR 74.93
EFG FINANCIAL PR 11.000 3/13/2013 EUR 74.38
EFG FINANCIAL PR 10.750 3/19/2013 USD 70.09
EFG FINANCIAL PR 10.500 3/21/2013 EUR 66.28
EFG FINANCIAL PR 11.750 3/26/2013 EUR 75.00
EFG FINANCIAL PR 16.000 3/28/2013 CHF 73.38
EFG FINANCIAL PR 11.770 4/2/2013 EUR 73.80
EFG FINANCIAL PR 14.500 4/2/2013 CHF 73.31
EFG FINANCIAL PR 15.370 4/2/2013 USD 71.85
EFG FINANCIAL PR 16.000 4/4/2013 CHF 36.61
EFG FINANCIAL PR 14.000 4/4/2013 CHF 73.61
EFG FINANCIAL PR 12.000 4/4/2013 EUR 71.37
EFG FINANCIAL PR 10.500 4/4/2013 CHF 71.72
EFG FINANCIAL PR 7.530 4/16/2013 EUR 66.04
EFG FINANCIAL PR 7.000 4/19/2013 EUR 56.91
EFG FINANCIAL PR 12.000 4/26/2013 CHF 65.26
EFG FINANCIAL PR 6.500 8/27/2013 CHF 43.03
EFG FINANCIAL PR 8.400 9/30/2013 CHF 51.34
EFG FINANCIAL PR 8.160 4/25/2014 EUR 66.52
EFG FINANCIAL PR 5.850 10/14/2014 CHF 47.73
MARE BALTIC PCC 3.000 11/17/2014 DKK 20.00
MARE BALTIC PCC 3.000 11/17/2014 DKK 1.00
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
MARE BALTIC PCC 2.000 11/1/2015 DKK 0.01
SARASIN CI LTD 6.000 6/9/2014 EUR 59.07
ZURCHER KANT FIN 9.250 11/9/2012 CHF 49.85
ZURCHER KANT FIN 9.250 11/9/2012 CHF 73.88
ZURCHER KANT FIN 17.000 2/22/2013 EUR 63.42
ZURCHER KANT FIN 12.500 3/28/2013 EUR 74.46
ZURCHER KANT FIN 7.340 4/16/2013 CHF 59.47
ICELAND
-------
KAUPTHING 7.000 7/24/2009 ISK 26.63
KAUPTHING 6.500 10/8/2010 ISK 26.63
KAUPTHING 0.800 2/15/2011 EUR 26.63
KAUPTHING 8.000 6/22/2011 ISK 0.13
KAUPTHING 7.000 4/28/2012 ISK 0.13
KAUPTHING 5.800 9/7/2012 EUR 26.63
KAUPTHING 7.500 12/5/2014 ISK 26.63
KAUPTHING 6.400 12/15/2015 EUR 26.63
KAUPTHING 7.500 2/1/2045 USD 0.13
KAUPTHING 6.500 2/3/2045 EUR 0.13
KAUPTHING BANK 5.500 2/2/2009 USD 26.63
KAUPTHING BANK 4.950 5/6/2009 EUR 26.63
KAUPTHING BANK 0.200 7/12/2009 JPY 26.63
KAUPTHING BANK 1.800 10/20/2009 JPY 26.63
KAUPTHING BANK 3.000 2/12/2010 CHF 26.63
KAUPTHING BANK 4.700 2/15/2010 CAD 26.63
KAUPTHING BANK 1.650 7/5/2010 JPY 26.63
KAUPTHING BANK 7.500 10/2/2010 EUR 26.63
KAUPTHING BANK 0.945 10/20/2010 JPY 26.63
KAUPTHING BANK 4.470 10/27/2010 EUR 26.63
KAUPTHING BANK 7.000 1/3/2011 EUR 26.63
KAUPTHING BANK 4.500 1/17/2011 EUR 26.63
KAUPTHING BANK 7.500 4/2/2011 EUR 26.63
KAUPTHING BANK 0.690 5/21/2011 JPY 26.63
KAUPTHING BANK 7.700 10/2/2011 EUR 26.63
KAUPTHING BANK 5.750 10/4/2011 USD 26.63
KAUPTHING BANK 5.750 10/4/2011 USD 26.63
KAUPTHING BANK 4.530 4/24/2012 EUR 26.63
KAUPTHING BANK 1.990 7/5/2012 JPY 26.63
KAUPTHING BANK 4.650 2/19/2013 EUR 26.63
KAUPTHING BANK 5.000 11/8/2013 EUR 26.63
KAUPTHING BANK 5.400 3/22/2014 ISK 0.13
KAUPTHING BANK 7.625 2/28/2015 USD 26.63
KAUPTHING BANK 7.625 2/28/2015 USD 26.63
KAUPTHING BANK 9.750 9/10/2015 USD 26.63
KAUPTHING BANK 7.125 5/19/2016 USD 0.13
KAUPTHING BANK 7.125 5/19/2016 USD 0.13
KAUPTHING BANK 1.750 6/7/2016 EUR 26.63
KAUPTHING BANK 6.125 10/4/2016 USD 26.63
KAUPTHING BANK 6.125 10/4/2016 USD 26.63
KAUPTHING BANK 4.900 5/29/2017 EUR 26.63
KAUPTHING BANK 5.250 7/18/2017 BGN 26.63
KAUPTHING BANK 3.750 2/15/2024 ISK 26.63
KAUPTHING BANK 5.000 1/4/2027 SKK 26.63
KAUPTHING HF 7.900 2/1/2016 EUR 26.63
KAUPTHING HF 7.900 4/28/2016 EUR 26.63
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 ISLAN 7.200 4/27/2026 EUR 0.25
LANDSBANKI ISLAN 4.400 11/30/2035 EUR 0.25
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 5.440 9/3/2018 EUR 0.25
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
LANDSBANKI ISLND 3.450 12/18/2033 JPY 0.25
IRELAND
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AIB MORTGAGE BNK 5.580 4/28/2028 EUR 61.04
AIB MORTGAGE BNK 5.000 2/12/2030 EUR 54.11
AIB MORTGAGE BNK 5.000 3/1/2030 EUR 54.05
BANESTO FINANC 5.000 6/1/2024 EUR 67.75
BANESTO FINANC 6.050 7/2/2025 EUR 72.57
BANESTO FINANC 5.000 3/23/2030 EUR 58.87
BANK OF IRELAND 5.600 9/18/2023 EUR 59.00
BK IRELAND MTGE 5.760 9/7/2029 EUR 73.67
BK IRELAND MTGE 5.360 10/12/2029 EUR 69.94
BK IRELAND MTGE 5.400 11/6/2029 EUR 70.19
BK IRELAND MTGE 5.450 3/1/2030 EUR 69.87
DEPFA ACS BANK 0.500 3/3/2025 CAD 40.19
DEPFA ACS BANK 3.250 7/31/2031 CHF 69.02
DEPFA ACS BANK 4.900 8/24/2035 CAD 72.63
DEPFA ACS BANK 5.125 3/16/2037 USD 68.66
DEPFA ACS BANK 5.125 3/16/2037 USD 69.01
KALVEBOD PLC 2.000 5/1/2106 DKK 35.00
ONO FINANCE II 11.125 7/15/2019 EUR 75.17
ONO FINANCE II 10.875 7/15/2019 USD 75.25
ONO FINANCE II 10.875 7/15/2019 USD 73.75
ITALY
-----
ABRUZZO REGION 4.408 5/5/2026 EUR 72.83
ABRUZZO REGION 4.450 3/1/2037 EUR 67.34
ASTICO AL BRENTA 4.088 12/31/2021 EUR 64.89
BANCA 121 SPA 6.370 12/21/2026 EUR 74.55
BANCA MARCHE 4.000 2/1/2022 EUR 74.75
BANCA MARCHE 5.500 9/16/2030 EUR 71.13
BANCA NAZ LAVORO 4.652 2/3/2023 EUR 71.84
BANCA NAZ LAVORO 3.770 11/20/2024 EUR 62.25
BANCA NAZ LAVORO 3.370 11/20/2024 EUR 59.25
BANCA NAZ LAVORO 2.470 5/10/2026 EUR 71.42
BANCA POP EMILIA 4.000 4/12/2020 EUR 74.41
BANCA POP LODI 5.250 4/3/2029 EUR 71.41
BANCA POP VERONA 2.900 10/30/2028 EUR 70.96
BANCA POP VERONA 5.250 4/3/2029 EUR 71.41
BANCA POP VICENT 4.970 4/20/2027 EUR 65.81
BANCO POP VERONA 5.250 4/3/2029 EUR 71.41
BANCO POPOLARE 9.000 3/29/2049 EUR 51.63
BP CIVIDALE 3.180 5/19/2020 EUR 68.13
BTPS 4.000 2/1/2037 EUR 74.69
BTPS I/L 2.350 9/15/2035 EUR 60.74
BTPS I/L 2.550 9/15/2041 EUR 63.70
C TRECATE 3.674 12/31/2025 EUR 51.23
CASSA DEL TRENT 4.827 12/31/2027 EUR 60.18
CASSA RISP LUCCA 5.250 4/3/2029 EUR 71.41
CIR SPA 5.750 12/16/2024 EUR 74.38
CIRIO SPA 8.000 12/21/2005 EUR 0.50
CITY OF NAPLES 4.783 12/31/2037 EUR 68.10
CITY OF TURIN 5.270 6/26/2038 EUR 71.22
CITY OF VENICE 4.265 3/26/2026 EUR 54.72
CITY OF VENICE 4.265 3/26/2026 EUR 54.42
CO ACERRA 3.490 9/30/2025 EUR 72.09
CO ACQUAFREDDA 3.749 12/31/2025 EUR 51.80
CO AIROLA 3.780 9/30/2025 EUR 73.03
CO ALBA ADRIATIC 4.469 6/30/2026 EUR 56.39
CO ALBERONA 3.810 6/27/2025 EUR 73.59
CO ALBINO 3.630 6/27/2025 EUR 71.00
CO ANDRANO 3.921 12/31/2035 EUR 54.84
CO ARIANO IRPINO 3.588 9/30/2025 EUR 72.17
CO AVIGLIANO 3.675 12/31/2025 EUR 51.24
CO BATTIPAGLIA 3.612 12/31/2025 EUR 72.19
CO BEINASCO 3.760 12/31/2025 EUR 57.80
CO BELLA 3.675 12/31/2025 EUR 51.24
CO BERLINGO 4.297 12/31/2036 EUR 57.59
CO BOSSICO 4.219 12/31/2026 EUR 73.11
CO BOVALINO 3.990 12/31/2025 EUR 74.14
CO BRAONE 4.620 6/30/2036 EUR 60.56
CO BRAONE 4.567 6/30/2037 EUR 70.70
CO CALCINATO 3.997 12/31/2025 EUR 53.63
CO CALVI RISORTA 4.520 9/30/2026 EUR 74.97
CO CAMPI SALENTI 3.620 9/30/2025 EUR 72.25
CO CANDELA 3.780 9/30/2025 EUR 73.41
CO CAPACCIO 3.690 9/30/2025 EUR 72.56
CO CARBONERA 3.750 12/31/2025 EUR 72.48
CO CARINOLA 3.760 9/30/2025 EUR 73.08
CO CASARANO 3.750 9/30/2025 EUR 72.91
CO CASTELFRANCO 3.706 12/31/2025 EUR 51.32
CO CASTELLALTO 3.760 9/30/2025 EUR 72.68
CO CASTELMASSA 3.960 3/31/2026 EUR 53.61
CO CASTELVETRO M 4.906 12/31/2028 EUR 74.44
CO CASTROVILLARI 3.608 7/15/2025 EUR 74.71
CO CASTROVILLARI 3.680 9/30/2025 EUR 72.54
CO CAZZAGO SAN M 4.591 12/31/2036 EUR 60.32
CO CAZZAGO SAN M 4.462 6/30/2037 EUR 67.51
CO CELANO 4.030 12/31/2035 EUR 68.48
CO CERNOBBIO 3.620 6/27/2025 EUR 71.01
CO CERNOBBIO 3.790 12/22/2025 EUR 72.40
CO CHIARAVALLE C 3.800 9/30/2025 EUR 73.13
CO CHIAROMONTE 3.645 12/31/2025 EUR 50.65
CO CHIETI 3.730 12/31/2025 EUR 72.32
CO CIAMPINO 3.559 12/31/2020 EUR 65.52
CO CIMITILE 3.750 9/30/2025 EUR 73.24
CO CINGIA DE BO 4.508 12/31/2036 EUR 59.66
CO CITTA SANTA 3.710 12/31/2025 EUR 72.20
CO COLLIO 4.655 12/31/2036 EUR 60.54
CO CORTE DE FRAT 4.372 12/31/2036 EUR 58.58
CO DALMINE 3.690 3/31/2026 EUR 72.30
CO DELICETO 3.810 9/30/2025 EUR 73.41
CO ESINE 3.749 12/31/2025 EUR 51.80
CO FORLI 4.086 12/31/2028 EUR 70.10
CO FORLI 4.874 12/31/2028 EUR 73.93
CO FORLI 3.755 6/30/2029 EUR 68.16
CO FRANCOLISE 4.060 12/31/2025 EUR 74.09
CO GALATONE 3.657 12/31/2025 EUR 51.10
CO GAVARDO 4.767 6/30/2037 EUR 61.66
CO GIANICO 4.225 12/31/2026 EUR 53.47
CO GIULIANOVA 3.534 7/13/2025 EUR 72.32
CO GRONTARDO 4.097 12/31/2035 EUR 56.29
CO IMPRUNETA 4.650 9/30/2036 EUR 71.94
CO LASTRA A SIGN 3.980 3/31/2026 EUR 73.49
CO LOCRI 3.910 9/30/2025 EUR 73.88
CO LUMEZZANE 4.357 6/30/2026 EUR 55.53
CO LUMEZZANE 4.116 12/31/2026 EUR 52.94
CO LUMEZZANE 4.527 12/31/2026 EUR 55.94
CO MADDALONI 3.710 9/30/2025 EUR 73.02
CO MANERBA GARDA 4.640 6/30/2024 EUR 61.36
CO MARGHERITA SA 3.690 3/31/2026 EUR 72.19
CO MELENDUGNO 3.675 12/31/2025 EUR 51.24
CO MERCATO SAN S 3.973 12/31/2035 EUR 55.30
CO MONFALCONE 3.700 12/31/2024 EUR 73.86
CO MONTALTO UFFU 3.880 12/31/2025 EUR 72.96
CO MONTALTO UFFU 4.400 12/31/2026 EUR 74.10
CO MONTE PORZIO 4.369 12/31/2026 EUR 54.27
CO MONTECORVINO 1.855 9/1/2025 EUR 63.42
CO MONTORIO AL V 3.760 9/30/2025 EUR 72.90
CO MORBEGNO 3.710 12/31/2025 EUR 72.23
CO OLMENETA 4.555 12/31/2036 EUR 60.03
CO ORSARA PUGLIA 3.800 9/30/2025 EUR 73.17
CO PAOLISI 3.810 9/30/2025 EUR 73.27
CO PIANICO 4.425 6/30/2026 EUR 55.81
CO PIETRAMELARA 3.810 9/30/2025 EUR 73.42
CO PIGNOLA 3.675 12/31/2025 EUR 51.24
CO POGGIARDO 3.675 12/31/2025 EUR 51.24
CO POLIGNANO A M 3.720 9/30/2025 EUR 72.71
CO PONTASSIEVE 3.720 3/31/2026 EUR 72.42
CO PORLEZZA 4.630 6/30/2036 EUR 71.84
CO POTENZA 3.710 9/30/2025 EUR 73.32
CO PRIVERNO 3.760 9/30/2025 EUR 72.96
CO PROVAGLIO DI 4.687 6/30/2036 EUR 61.10
CO PROVAGLIO DI 4.572 6/30/2037 EUR 68.48
CO QUALIANO 4.490 12/26/2026 EUR 74.50
CO RECALE 4.040 12/31/2025 EUR 61.22
CO RIARDO 3.810 9/30/2025 EUR 73.53
CO ROCCA PAPA 4.320 12/20/2026 EUR 74.05
CO ROSSANO 3.710 6/30/2025 EUR 73.45
CO RUVO PUGLIA 3.830 12/31/2025 EUR 72.63
CO SAMMICHELE BA 3.750 9/30/2025 EUR 72.99
CO SANTA MARIA C 4.164 12/30/2024 EUR 74.79
CO SANTAGATA PU 3.810 9/30/2025 EUR 73.20
CO SAVOIA LUCANI 3.675 12/31/2025 EUR 51.24
CO SERRA SAN BRU 3.800 9/30/2025 EUR 72.74
CO SOMMARIVA BOS 3.800 12/31/2025 EUR 72.61
CO STORNARA 3.840 12/31/2025 EUR 73.17
CO TARVISIO 3.820 12/31/2025 EUR 72.78
CO TAURIANOVA 3.830 9/30/2025 EUR 73.41
CO TEMU 4.416 12/31/2026 EUR 55.27
CO TERRACINA 3.760 12/31/2025 EUR 72.62
CO TORCHIAROLO 3.800 9/30/2025 EUR 68.61
CO TREPUZZI 3.675 12/31/2025 EUR 51.24
CO TROIA 3.810 9/30/2025 EUR 73.58
CO TROIA 3.870 9/30/2025 EUR 73.62
CO UGENTO 3.675 12/31/2025 EUR 51.24
CO VALDOBBIADENE 3.717 12/31/2024 EUR 65.87
CO VASTO 3.775 12/31/2025 EUR 72.37
CO VEZZA DOGLIO 4.555 12/31/2036 EUR 60.08
CO VILLASANTA 3.680 12/31/2025 EUR 72.10
CO VOBARNO 4.572 6/30/2037 EUR 68.68
COM QUARTO S'EL 3.840 12/31/2025 EUR 73.09
COMU MONT LEOGRA 3.685 1/15/2026 EUR 51.20
COMU MONT LEOGRA 4.518 7/31/2026 EUR 56.56
COMU MONT LEOGRA 4.362 1/13/2037 EUR 58.54
COMUNE ARGENTA 4.056 6/30/2029 EUR 69.53
COMUNE BAGNOLO 4.196 6/30/2028 EUR 71.65
COMUNE BAISO 4.931 6/30/2033 EUR 74.96
COMUNE BAISO 3.920 12/31/2034 EUR 61.21
COMUNE CAPUA 4.280 3/31/2027 EUR 74.06
COMUNE CARPINETI 5.151 6/30/2033 EUR 69.82
COMUNE CARPINETI 4.246 6/30/2034 EUR 70.70
COMUNE CASTELNOV 4.601 6/30/2028 EUR 73.67
COMUNE CASTELNOV 3.806 6/30/2029 EUR 68.00
COMUNE CASTELNOV 3.916 12/31/2029 EUR 67.87
COMUNE CATTOLICA 3.871 12/31/2029 EUR 67.61
COMUNE CERVIA 3.956 12/31/2028 EUR 69.77
COMUNE COMACCHIO 4.805 6/30/2028 EUR 58.74
COMUNE COMACCHIO 4.131 12/31/2028 EUR 70.27
COMUNE COMACCHIO 3.886 6/30/2029 EUR 68.41
COMUNE COMACCHIO 3.778 12/31/2029 EUR 67.09
COMUNE COMACCHIO 3.758 12/31/2029 EUR 67.03
COMUNE COMACCHIO 3.751 12/31/2029 EUR 67.08
COMUNE COMACCHIO 3.941 12/31/2029 EUR 67.76
COMUNE DI BIELLA 3.641 6/30/2025 EUR 72.38
COMUNE DI GENOVA 3.728 12/2/2030 EUR 71.27
COMUNE DI GENOVA 3.744 1/30/2031 EUR 70.17
COMUNE DI GENOVA 4.270 1/26/2032 EUR 74.71
COMUNE DI MARANO 4.914 6/30/2028 EUR 59.79
COMUNE DI MILANO 4.019 6/29/2035 EUR 60.64
COMUNE DI PARMA 4.861 12/31/2028 EUR 74.19
COMUNE DI PARMA 3.956 12/31/2028 EUR 69.65
COMUNE DI RIMINI 3.966 12/12/2028 EUR 69.12
COMUNE DI RIMINI 4.645 10/24/2038 EUR 62.07
COMUNE DI RIMINI 4.096 10/20/2039 EUR 58.63
COMUNE DI RIMINI 4.034 12/28/2039 EUR 57.83
COMUNE DI RIVOLI 3.740 12/31/2025 EUR 72.47
COMUNE DI SAREGO 4.307 12/31/2031 EUR 67.73
COMUNE DI TERNI 3.529 6/30/2030 EUR 70.38
COMUNE DI VENOSE 4.190 12/22/2035 EUR 69.39
COMUNE DRIZZONA 4.615 6/30/2036 EUR 69.66
COMUNE FUCECCHIO 3.750 12/31/2025 EUR 72.40
COMUNE GRUGLIASC 3.530 9/30/2025 EUR 71.91
COMUNE GRUGLIASC 3.720 3/31/2026 EUR 72.13
COMUNE LANGHIRAN 3.833 6/30/2029 EUR 68.61
COMUNE MARSCIANO 4.025 12/31/2035 EUR 55.29
COMUNE MARSCIANO 4.123 12/15/2038 EUR 63.02
COMUNE MARSCIANO 5.197 11/19/2039 EUR 69.29
COMUNE MESSINA 4.321 12/29/2036 EUR 69.46
COMUNE NOVELLARA 3.801 12/31/2029 EUR 67.23
COMUNE PAVULLO 4.106 12/31/2028 EUR 70.16
COMUNE PAVULLO 4.076 6/30/2029 EUR 69.58
COMUNE PIADENA 4.047 12/31/2035 EUR 55.76
COMUNE PIADENA 4.675 6/30/2041 EUR 65.01
COMUNE SCANDIANO 3.976 12/31/2028 EUR 69.60
COMUNE SCANDICCI 3.714 7/15/2025 EUR 73.34
COMUNE SESTOLA 4.501 12/31/2028 EUR 72.08
COMUNE SESTOLA 4.076 6/30/2029 EUR 69.72
COMUNE SGVN 3.774 6/30/2029 EUR 67.49
COMUNE SGVN 3.938 12/31/2029 EUR 67.70
COMUNE SOVERE 3.932 12/31/2030 EUR 66.71
COMUNE TERRE CAS 4.066 12/31/2038 EUR 57.87
COMUNE VALDAGNO 4.273 12/31/2026 EUR 73.49
COMUNE VIAREGGIO 4.702 10/24/2028 EUR 74.41
COMUNE VIAREGGIO 3.956 12/29/2028 EUR 70.12
COMUNE VIAREGGIO 4.920 12/30/2029 EUR 73.13
CROTONE 3.700 9/30/2025 EUR 73.12
CROTONE 3.590 9/30/2025 EUR 72.22
DEXIA CREDIOP 4.250 10/22/2018 EUR 65.01
ENEL (ENTNZENEL) 5.750 6/22/2037 GBP 74.52
GARDONE RIVIERA 4.552 6/30/2037 EUR 68.58
ICCREA BANCAIMPR 5.220 4/11/2017 EUR 48.00
INTESA SANPAOLO 2.250 1/22/2020 EUR 74.71
INTESA SANPAOLO 2.882 4/20/2020 EUR 70.85
MALEGNO 4.495 6/30/2036 EUR 66.66
MONTE DEI PASCHI 5.750 9/30/2016 GBP 71.84
MONTE DEI PASCHI 3.750 8/30/2020 EUR 69.69
PERUGIA 3.695 12/28/2025 EUR 72.86
PESCARA 3.741 12/21/2030 EUR 68.53
POTENZA 4.175 11/22/2024 EUR 74.88
PRALBOINO 4.567 6/30/2037 EUR 60.13
PROV DI VARESE 5.146 12/18/2039 EUR 70.35
PROV DI VARESE 4.913 11/30/2047 EUR 58.18
PROV OF LECCE 4.174 12/31/2026 EUR 72.97
PROV PESAR URBIN 3.735 6/30/2038 EUR 56.47
PROVI DI COSENZA 5.290 3/28/2033 EUR 71.49
PROVINC RAVENNA 3.670 3/31/2026 EUR 72.40
PROVINCE TARANTO 3.680 12/31/2025 EUR 72.15
PROVINCIA FORLI' 4.350 12/31/2028 EUR 71.64
PROVINCIA GENOA 5.070 3/31/2028 EUR 74.80
PROVINCIA MODENA 3.941 12/31/2028 EUR 69.43
PROVINCIA PADOVA 4.156 11/24/2028 EUR 74.30
PROVINCIA PADOVA 3.730 12/31/2028 EUR 68.13
PROVINCIA SALERN 4.500 12/10/2034 EUR 71.73
PROVINCIA SALERN 4.310 1/18/2035 EUR 70.09
PROVINCIA SALERN 3.930 12/22/2035 EUR 67.45
PROVINCIA SALERN 4.330 12/22/2036 EUR 68.66
PROVINCIA VERONA 3.674 12/22/2025 EUR 74.76
PRVASCOLI PICENO 4.077 3/15/2026 EUR 53.13
REGGIO EMILIA 4.426 12/31/2028 EUR 71.70
REGION OF CAMPAN 4.849 6/29/2026 EUR 59.10
REGION OF LAZIO 5.695 6/23/2028 EUR 58.40
REGION OF LAZIO 5.695 6/23/2028 EUR 59.37
REGION OF LIGURI 4.795 11/22/2034 EUR 66.34
REGION OF LOMBAR 5.804 10/25/2032 USD 74.90
REGION OF MARCHE 4.710 12/31/2018 EUR 61.85
REGION OF MARCHE 4.648 6/27/2023 EUR 63.59
REGION OF UMBRIA 5.087 6/15/2037 EUR 59.07
REP OF ITALY 5.250 12/7/2034 GBP 74.34
REP OF ITALY 2.870 5/19/2036 JPY 51.47
REP OF ITALY 1.850 9/15/2057 EUR 42.86
REP OF ITALY 2.200 9/15/2058 EUR 48.74
REP OF ITALY 4.850 6/11/2060 EUR 66.74
REP OF ITALY 2.000 9/15/2062 EUR 44.11
ROMANO LOMBARDIA 4.313 12/31/2026 EUR 73.41
ROMULUS FINANCE 5.441 2/20/2023 GBP 72.98
SARDINIA REGION 4.383 12/20/2034 EUR 68.78
SARDINIA REGION 4.022 11/28/2035 EUR 66.06
SEAT PAGINE 10.500 1/31/2017 EUR 61.50
SEAT PAGINE 10.500 1/31/2017 EUR 62.97
SEAT PAGINE 10.500 1/31/2017 EUR 60.75
SEAT PAGINE 10.500 1/31/2017 EUR 63.00
TELECOM ITALIA 5.250 3/17/2055 EUR 68.44
UNIONE DI BANCHE 6.250 11/18/2018 EUR 33.22
UNIPOL ASSICURAZ 5.660 7/28/2023 EUR 57.69
VALLE D'AOSTA 4.197 12/31/2026 EUR 74.28
VIBO VALENTIA 3.794 6/15/2026 EUR 52.12
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 22.44
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 9.250 2/15/2019 USD 74.25
CODERE FIN LUX 9.250 2/15/2019 USD 75.33
DEL MONTE FIN SA 6.625 5/24/2006 EUR 12.13
ESFG INTERNATION 6.875 10/21/2019 EUR 64.47
ESPIRITO SANTO F 9.750 12/19/2025 EUR 64.83
FINMEK INTL 7.000 12/3/2004 EUR 0.13
GLOBAL BOND VIII 3.700 9/18/2017 EUR 74.63
HELLAS III 8.500 10/15/2013 EUR 0.25
HELLAS III 8.500 10/15/2013 EUR 0.25
IIB LUXEMBOURG 11.000 2/19/2013 USD 1.38
INTL INDUST BANK 9.000 7/6/2011 EUR 1.09
IT HOLDING FIN 9.875 11/15/2012 EUR 0.13
IT HOLDING FIN 9.875 11/15/2012 EUR 0.13
LA VEGGIA FIN 7.125 11/14/2004 EUR 1.38
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 10.75
LIGHTHOUSE INTL 8.000 4/30/2014 EUR 10.75
TEKSID ALUMI LUX 11.375 7/15/2011 EUR 1.38
VIVALDIS 0.500 6/13/2013 EUR 61.45
VIVALDIS 0.500 6/13/2028 EUR 61.45
VIVALDIS 0.500 8/8/2028 EUR 66.04
NETHERLANDS
-----------
APP INTL FINANCE 11.750 10/1/2005 USD 0.00
ASTANA FINANCE 7.875 6/8/2010 EUR 9.79
ASTANA FINANCE 9.000 11/16/2011 USD 4.38
ASTANA FINANCE 14.500 7/2/2013 USD 3.00
ATRADIUS FIN BV 5.875 9/3/2024 EUR 69.22
BK NED GEMEENTEN 0.500 3/3/2021 NZD 68.89
BK NED GEMEENTEN 0.500 3/29/2021 NZD 70.44
BK NED GEMEENTEN 0.500 5/12/2021 ZAR 57.54
BK NED GEMEENTEN 0.500 6/22/2021 ZAR 57.09
BK NED GEMEENTEN 0.500 6/7/2022 ZAR 53.56
BK NED GEMEENTEN 0.500 7/12/2022 ZAR 54.59
BK NED GEMEENTEN 0.500 8/15/2022 ZAR 56.89
BK NED GEMEENTEN 0.500 2/24/2025 CAD 67.84
BLT FINANCE BV 7.500 5/15/2014 USD 13.90
BLT FINANCE BV 7.500 5/15/2014 USD 14.00
BLT FINANCE BV 12.000 2/10/2015 USD 24.88
BRIT INSURANCE 6.625 12/9/2030 GBP 54.96
BULGARIA STEEL 12.000 5/4/2013 EUR 5.38
BULGARIA STEEL 12.000 5/4/2013 EUR 5.38
CIRIO DEL MONTE 7.750 3/14/2005 EUR 2.13
ENEL FIN INTL NV 5.750 9/14/2040 GBP 73.65
GREENWICH AVENUE 10.000 6/30/2013 USD 0.75
ING BANK NV 4.200 12/19/2035 EUR 66.23
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 8.125 6/1/2009 USD 0.13
KPNQWEST BV 7.125 6/1/2009 EUR 0.13
KPNQWEST BV 7.125 6/1/2009 EUR 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 3.88
LEHMAN BROS TSY 23.300 9/16/2008 USD 17.13
LEHMAN BROS TSY 4.050 9/16/2008 EUR 3.88
LEHMAN BROS TSY 7.375 9/20/2008 EUR 17.13
LEHMAN BROS TSY 18.250 10/2/2008 USD 17.13
LEHMAN BROS TSY 7.250 10/6/2008 EUR 17.13
LEHMAN BROS TSY 16.000 10/8/2008 CHF 17.13
LEHMAN BROS TSY 10.000 10/22/2008 USD 17.13
LEHMAN BROS TSY 8.000 10/23/2008 USD 17.13
LEHMAN BROS TSY 6.000 10/24/2008 EUR 17.13
LEHMAN BROS TSY 7.500 10/24/2008 USD 17.13
LEHMAN BROS TSY 5.000 10/24/2008 CHF 17.13
LEHMAN BROS TSY 16.000 10/28/2008 USD 17.13
LEHMAN BROS TSY 13.150 10/30/2008 USD 17.13
LEHMAN BROS TSY 16.000 11/9/2008 USD 17.13
LEHMAN BROS TSY 14.100 11/12/2008 USD 17.13
LEHMAN BROS TSY 10.442 11/22/2008 CHF 17.13
LEHMAN BROS TSY 7.000 11/28/2008 CHF 17.13
LEHMAN BROS TSY 16.000 12/26/2008 USD 17.13
LEHMAN BROS TSY 6.720 12/29/2008 EUR 3.88
LEHMAN BROS TSY 13.432 1/8/2009 ILS 17.13
LEHMAN BROS TSY 7.750 1/30/2009 EUR 17.13
LEHMAN BROS TSY 6.600 2/9/2009 EUR 3.88
LEHMAN BROS TSY 13.000 2/16/2009 CHF 17.13
LEHMAN BROS TSY 11.000 2/16/2009 CHF 17.13
LEHMAN BROS TSY 0.500 2/16/2009 EUR 17.13
LEHMAN BROS TSY 10.000 2/16/2009 CHF 17.13
LEHMAN BROS TSY 5.000 3/13/2009 EUR 3.88
LEHMAN BROS TSY 9.000 3/17/2009 GBP 17.13
LEHMAN BROS TSY 10.000 3/27/2009 USD 3.88
LEHMAN BROS TSY 7.000 4/14/2009 EUR 17.13
LEHMAN BROS TSY 8.000 4/20/2009 EUR 3.88
LEHMAN BROS TSY 4.000 4/24/2009 USD 17.13
LEHMAN BROS TSY 3.850 4/24/2009 USD 17.13
LEHMAN BROS TSY 2.480 5/12/2009 USD 3.88
LEHMAN BROS TSY 2.250 5/12/2009 USD 3.88
LEHMAN BROS TSY 16.200 5/14/2009 USD 17.13
LEHMAN BROS TSY 4.100 5/20/2009 USD 17.13
LEHMAN BROS TSY 8.000 5/22/2009 USD 17.13
LEHMAN BROS TSY 8.000 5/22/2009 USD 17.13
LEHMAN BROS TSY 10.000 5/22/2009 USD 17.13
LEHMAN BROS TSY 17.000 6/2/2009 USD 17.13
LEHMAN BROS TSY 13.500 6/2/2009 USD 17.13
LEHMAN BROS TSY 15.000 6/4/2009 CHF 17.13
LEHMAN BROS TSY 3.700 6/6/2009 EUR 3.88
LEHMAN BROS TSY 9.000 6/13/2009 USD 17.13
LEHMAN BROS TSY 5.750 6/15/2009 CHF 17.13
LEHMAN BROS TSY 5.500 6/15/2009 CHF 17.13
LEHMAN BROS TSY 10.000 6/17/2009 USD 17.13
LEHMAN BROS TSY 3.000 6/23/2009 EUR 3.88
LEHMAN BROS TSY 11.000 6/29/2009 EUR 17.13
LEHMAN BROS TSY 8.500 7/6/2009 CHF 17.13
LEHMAN BROS TSY 4.500 8/2/2009 USD 17.13
LEHMAN BROS TSY 8.000 8/3/2009 USD 17.13
LEHMAN BROS TSY 16.800 8/21/2009 USD 17.13
LEHMAN BROS TSY 7.500 9/13/2009 CHF 17.13
LEHMAN BROS TSY 3.400 9/21/2009 HKD 17.13
LEHMAN BROS TSY 3.820 10/20/2009 USD 17.13
LEHMAN BROS TSY 2.750 10/28/2009 EUR 3.88
LEHMAN BROS TSY 2.000 11/16/2009 EUR 3.88
LEHMAN BROS TSY 5.250 11/21/2009 USD 3.88
LEHMAN BROS TSY 7.585 11/22/2009 MXN 17.13
LEHMAN BROS TSY 8.800 12/27/2009 EUR 17.13
LEHMAN BROS TSY 10.000 1/4/2010 USD 3.88
LEHMAN BROS TSY 1.750 2/7/2010 EUR 17.13
LEHMAN BROS TSY 7.500 2/14/2010 AUD 17.13
LEHMAN BROS TSY 7.000 2/15/2010 CHF 17.13
LEHMAN BROS TSY 4.100 2/19/2010 EUR 3.88
LEHMAN BROS TSY 6.450 2/20/2010 AUD 17.13
LEHMAN BROS TSY 1.000 2/26/2010 USD 3.88
LEHMAN BROS TSY 4.000 2/28/2010 EUR 17.13
LEHMAN BROS TSY 11.750 3/1/2010 EUR 17.13
LEHMAN BROS TSY 7.600 3/4/2010 NZD 17.13
LEHMAN BROS TSY 4.250 5/15/2010 EUR 3.88
LEHMAN BROS TSY 2.000 5/17/2010 EUR 17.13
LEHMAN BROS TSY 4.000 5/17/2010 USD 3.88
LEHMAN BROS TSY 7.500 5/30/2010 AUD 17.13
LEHMAN BROS TSY 4.000 5/30/2010 USD 17.13
LEHMAN BROS TSY 3.000 6/3/2010 EUR 3.88
LEHMAN BROS TSY 3.100 6/4/2010 USD 17.13
LEHMAN BROS TSY 7.250 6/20/2010 USD 3.88
LEHMAN BROS TSY 1.600 6/21/2010 JPY 3.88
LEHMAN BROS TSY 5.500 6/22/2010 USD 3.88
LEHMAN BROS TSY 7.000 7/11/2010 EUR 3.88
LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.13
LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.13
LEHMAN BROS TSY 10.500 8/9/2010 EUR 17.13
LEHMAN BROS TSY 4.000 8/11/2010 USD 3.88
LEHMAN BROS TSY 4.100 8/23/2010 USD 17.13
LEHMAN BROS TSY 3.000 9/13/2010 JPY 17.13
LEHMAN BROS TSY 4.000 10/12/2010 USD 17.13
LEHMAN BROS TSY 1.500 10/12/2010 EUR 3.88
LEHMAN BROS TSY 7.000 10/22/2010 EUR 3.88
LEHMAN BROS TSY 1.280 11/6/2010 JPY 17.13
LEHMAN BROS TSY 14.900 11/16/2010 EUR 17.13
LEHMAN BROS TSY 8.050 12/20/2010 HKD 17.13
LEHMAN BROS TSY 6.000 12/21/2010 USD 17.13
LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.13
LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.13
LEHMAN BROS TSY 4.500 12/30/2010 USD 17.13
LEHMAN BROS TSY 8.000 12/31/2010 USD 17.13
LEHMAN BROS TSY 4.000 1/4/2011 USD 17.13
LEHMAN BROS TSY 8.875 1/28/2011 HKD 17.13
LEHMAN BROS TSY 4.000 3/10/2011 EUR 3.88
LEHMAN BROS TSY 6.000 3/14/2011 EUR 3.88
LEHMAN BROS TSY 6.000 3/17/2011 EUR 3.88
LEHMAN BROS TSY 15.000 3/30/2011 EUR 3.88
LEHMAN BROS TSY 4.000 4/13/2011 CHF 3.88
LEHMAN BROS TSY 6.700 4/21/2011 USD 3.88
LEHMAN BROS TSY 5.000 5/12/2011 CHF 3.88
LEHMAN BROS TSY 4.000 6/5/2011 USD 17.13
LEHMAN BROS TSY 2.400 6/20/2011 JPY 3.88
LEHMAN BROS TSY 3.500 6/20/2011 EUR 3.88
LEHMAN BROS TSY 2.000 6/21/2011 EUR 3.88
LEHMAN BROS TSY 6.000 6/21/2011 EUR 3.88
LEHMAN BROS TSY 2.000 6/28/2011 EUR 3.88
LEHMAN BROS TSY 11.000 7/4/2011 CHF 17.13
LEHMAN BROS TSY 11.000 7/4/2011 USD 17.13
LEHMAN BROS TSY 12.000 7/4/2011 EUR 17.13
LEHMAN BROS TSY 7.625 7/22/2011 HKD 17.13
LEHMAN BROS TSY 4.000 7/27/2011 EUR 3.88
LEHMAN BROS TSY 3.000 8/13/2011 EUR 3.88
LEHMAN BROS TSY 6.650 8/24/2011 AUD 17.13
LEHMAN BROS TSY 5.000 9/1/2011 EUR 3.88
LEHMAN BROS TSY 6.250 9/5/2011 EUR 3.88
LEHMAN BROS TSY 0.010 9/20/2011 USD 3.88
LEHMAN BROS TSY 7.000 9/20/2011 USD 3.88
LEHMAN BROS TSY 6.000 9/20/2011 EUR 3.88
LEHMAN BROS TSY 3.860 9/21/2011 SGD 17.13
LEHMAN BROS TSY 3.500 10/24/2011 USD 3.88
LEHMAN BROS TSY 1.500 10/25/2011 EUR 3.88
LEHMAN BROS TSY 3.500 10/31/2011 USD 3.88
LEHMAN BROS TSY 2.500 11/9/2011 CHF 3.88
LEHMAN BROS TSY 4.600 11/9/2011 EUR 3.88
LEHMAN BROS TSY 5.000 12/6/2011 EUR 3.88
LEHMAN BROS TSY 2.500 12/15/2011 GBP 17.13
LEHMAN BROS TSY 11.000 12/19/2011 USD 3.88
LEHMAN BROS TSY 7.750 1/3/2012 AUD 17.13
LEHMAN BROS TSY 10.000 1/3/2012 BRL 3.88
LEHMAN BROS TSY 1.500 2/8/2012 CHF 3.88
LEHMAN BROS TSY 6.000 2/14/2012 EUR 17.13
LEHMAN BROS TSY 7.000 2/15/2012 EUR 17.13
LEHMAN BROS TSY 1.460 2/19/2012 JPY 17.13
LEHMAN BROS TSY 6.600 2/22/2012 EUR 17.13
LEHMAN BROS TSY 3.630 3/2/2012 EUR 17.13
LEHMAN BROS TSY 8.000 3/19/2012 USD 3.88
LEHMAN BROS TSY 0.750 3/29/2012 EUR 3.88
LEHMAN BROS TSY 6.750 4/5/2012 EUR 3.88
LEHMAN BROS TSY 1.000 5/9/2012 EUR 3.88
LEHMAN BROS TSY 6.600 5/23/2012 AUD 17.13
LEHMAN BROS TSY 4.300 6/4/2012 USD 17.13
LEHMAN BROS TSY 9.250 6/20/2012 USD 3.88
LEHMAN BROS TSY 4.000 7/20/2012 EUR 3.88
LEHMAN BROS TSY 13.000 7/25/2012 EUR 17.13
LEHMAN BROS TSY 2.500 8/15/2012 CHF 3.88
LEHMAN BROS TSY 2.500 8/23/2012 GBP 17.13
LEHMAN BROS TSY 0.250 10/19/2012 CHF 3.88
LEHMAN BROS TSY 4.000 10/24/2012 EUR 3.88
LEHMAN BROS TSY 6.000 10/30/2012 EUR 3.88
LEHMAN BROS TSY 6.000 10/30/2012 USD 3.88
LEHMAN BROS TSY 5.000 11/22/2012 EUR 3.88
LEHMAN BROS TSY 6.250 11/30/2012 EUR 3.88
LEHMAN BROS TSY 5.500 11/30/2012 CZK 3.88
LEHMAN BROS TSY 4.000 12/2/2012 EUR 3.88
LEHMAN BROS TSY 3.000 12/3/2012 EUR 3.88
LEHMAN BROS TSY 13.000 12/14/2012 USD 3.88
LEHMAN BROS TSY 7.600 1/31/2013 AUD 17.13
LEHMAN BROS TSY 4.500 3/6/2013 CHF 3.88
LEHMAN BROS TSY 2.875 3/14/2013 CHF 17.13
LEHMAN BROS TSY 7.150 3/21/2013 USD 3.88
LEHMAN BROS TSY 7.600 5/21/2013 USD 3.88
LEHMAN BROS TSY 3.450 5/23/2013 USD 3.88
LEHMAN BROS TSY 2.300 6/6/2013 USD 17.13
LEHMAN BROS TSY 2.300 6/27/2013 USD 17.13
LEHMAN BROS TSY 2.370 7/15/2013 USD 3.88
LEHMAN BROS TSY 8.600 7/31/2013 GBP 3.88
LEHMAN BROS TSY 8.280 7/31/2013 GBP 3.88
LEHMAN BROS TSY 7.320 7/31/2013 GBP 3.88
LEHMAN BROS TSY 7.500 7/31/2013 GBP 3.88
LEHMAN BROS TSY 4.600 8/1/2013 EUR 3.88
LEHMAN BROS TSY 6.000 8/7/2013 EUR 3.88
LEHMAN BROS TSY 4.870 10/8/2013 USD 17.13
LEHMAN BROS TSY 1.950 11/4/2013 EUR 17.13
LEHMAN BROS TSY 7.000 11/26/2013 EUR 3.88
LEHMAN BROS TSY 5.375 2/4/2014 USD 3.88
LEHMAN BROS TSY 5.000 2/27/2014 EUR 3.88
LEHMAN BROS TSY 10.600 4/22/2014 MXN 3.88
LEHMAN BROS TSY 5.300 4/23/2014 EUR 3.88
LEHMAN BROS TSY 2.300 4/28/2014 JPY 3.88
LEHMAN BROS TSY 4.100 6/10/2014 SGD 17.13
LEHMAN BROS TSY 5.250 7/8/2014 EUR 17.13
LEHMAN BROS TSY 0.250 7/21/2014 EUR 3.88
LEHMAN BROS TSY 4.500 7/24/2014 EUR 3.88
LEHMAN BROS TSY 5.000 9/22/2014 EUR 3.88
LEHMAN BROS TSY 8.000 10/17/2014 EUR 3.88
LEHMAN BROS TSY 3.025 1/31/2015 EUR 3.88
LEHMAN BROS TSY 5.000 2/16/2015 EUR 3.63
LEHMAN BROS TSY 5.000 2/25/2015 EUR 3.88
LEHMAN BROS TSY 5.400 3/4/2015 USD 3.88
LEHMAN BROS TSY 1.680 3/5/2015 EUR 3.88
LEHMAN BROS TSY 4.500 3/7/2015 EUR 3.88
LEHMAN BROS TSY 5.550 3/12/2015 EUR 17.13
LEHMAN BROS TSY 5.400 3/18/2015 USD 3.88
LEHMAN BROS TSY 5.000 3/18/2015 EUR 4.50
LEHMAN BROS TSY 7.050 4/8/2015 USD 3.88
LEHMAN BROS TSY 6.500 5/16/2015 EUR 3.88
LEHMAN BROS TSY 8.250 12/3/2015 EUR 3.88
LEHMAN BROS TSY 8.250 2/3/2016 EUR 3.88
LEHMAN BROS TSY 8.000 2/16/2016 EUR 3.88
LEHMAN BROS TSY 7.750 2/21/2016 EUR 3.88
LEHMAN BROS TSY 4.700 3/23/2016 EUR 3.88
LEHMAN BROS TSY 4.700 3/23/2016 EUR 3.88
LEHMAN BROS TSY 8.500 7/5/2016 EUR 3.88
LEHMAN BROS TSY 4.600 7/6/2016 EUR 3.88
LEHMAN BROS TSY 4.350 8/8/2016 SGD 17.13
LEHMAN BROS TSY 3.350 10/13/2016 EUR 3.88
LEHMAN BROS TSY 4.000 11/24/2016 EUR 3.88
LEHMAN BROS TSY 6.000 12/6/2016 USD 3.88
LEHMAN BROS TSY 0.800 12/30/2016 EUR 3.88
LEHMAN BROS TSY 4.000 2/16/2017 EUR 3.88
LEHMAN BROS TSY 4.690 2/19/2017 EUR 17.13
LEHMAN BROS TSY 5.000 4/24/2017 EUR 3.88
LEHMAN BROS TSY 7.500 5/2/2017 EUR 3.88
LEHMAN BROS TSY 4.500 5/2/2017 EUR 3.88
LEHMAN BROS TSY 7.390 5/4/2017 USD 3.88
LEHMAN BROS TSY 5.100 5/8/2017 HKD 17.13
LEHMAN BROS TSY 6.000 5/12/2017 EUR 3.88
LEHMAN BROS TSY 7.000 6/6/2017 EUR 3.88
LEHMAN BROS TSY 7.500 6/15/2017 USD 3.88
LEHMAN BROS TSY 3.000 8/8/2017 EUR 3.88
LEHMAN BROS TSY 3.000 8/15/2017 EUR 3.88
LEHMAN BROS TSY 5.000 8/16/2017 EUR 3.88
LEHMAN BROS TSY 4.600 10/11/2017 ILS 17.13
LEHMAN BROS TSY 12.220 11/21/2017 USD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88
LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88
LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.88
LEHMAN BROS TSY 9.000 12/20/2017 AUD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 USD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88
LEHMAN BROS TSY 0.500 12/20/2017 AUD 3.88
LEHMAN BROS TSY 6.000 12/30/2017 EUR 3.88
LEHMAN BROS TSY 5.000 2/15/2018 EUR 3.88
LEHMAN BROS TSY 5.200 3/19/2018 EUR 17.13
LEHMAN BROS TSY 2.600 3/19/2018 JPY 17.13
LEHMAN BROS TSY 8.000 3/21/2018 USD 3.88
LEHMAN BROS TSY 7.800 3/31/2018 USD 3.88
LEHMAN BROS TSY 9.500 4/1/2018 USD 3.88
LEHMAN BROS TSY 6.000 5/23/2018 CZK 3.88
LEHMAN BROS TSY 9.750 6/22/2018 USD 3.88
LEHMAN BROS TSY 6.300 12/21/2018 USD 3.88
LEHMAN BROS TSY 11.000 5/9/2020 USD 3.88
LEHMAN BROS TSY 0.500 6/2/2020 EUR 17.13
LEHMAN BROS TSY 0.500 7/2/2020 EUR 17.13
LEHMAN BROS TSY 4.900 7/28/2020 EUR 3.88
LEHMAN BROS TSY 0.500 8/1/2020 EUR 17.13
LEHMAN BROS TSY 4.150 8/25/2020 EUR 17.13
LEHMAN BROS TSY 4.250 3/13/2021 EUR 17.13
LEHMAN BROS TSY 5.000 5/2/2022 EUR 17.13
LEHMAN BROS TSY 9.000 5/15/2022 USD 3.88
LEHMAN BROS TSY 6.000 2/19/2023 USD 3.88
LEHMAN BROS TSY 5.250 4/1/2023 EUR 17.13
LEHMAN BROS TSY 5.220 3/1/2024 EUR 17.13
LEHMAN BROS TSY 5.000 8/1/2025 EUR 3.88
LEHMAN BROS TSY 5.250 5/26/2026 EUR 3.88
LEHMAN BROS TSY 6.500 7/24/2026 EUR 3.88
LEHMAN BROS TSY 5.120 4/30/2027 EUR 17.13
LEHMAN BROS TSY 3.500 12/20/2027 USD 3.88
LEHMAN BROS TSY 5.000 2/28/2032 EUR 3.88
LEHMAN BROS TSY 6.000 2/15/2035 EUR 3.88
LEHMAN BROS TSY 8.250 3/16/2035 EUR 3.88
LEHMAN BROS TSY 7.000 5/17/2035 EUR 3.88
LEHMAN BROS TSY 7.500 8/1/2035 EUR 3.88
LEHMAN BROS TSY 7.250 10/5/2035 EUR 3.88
LEHMAN BROS TSY 6.000 11/2/2035 EUR 3.88
LEHMAN BROS TSY 3.000 9/12/2036 JPY 3.88
LEHMAN BROS TSY 4.950 10/25/2036 EUR 3.88
LEHMAN BROS TSY 4.820 12/18/2036 EUR 17.13
LEHMAN BROS TSY 10.000 8/2/2037 JPY 3.88
LEHMAN BROS TSY 4.680 12/12/2045 EUR 17.13
LEHMAN BROS TSY 5.103 6/22/2046 EUR 17.13
MAGYAR TELECOM 9.500 12/15/2016 EUR 69.00
MAGYAR TELECOM 9.500 12/15/2016 EUR 68.33
MARFRIG HLDG EUR 8.375 5/9/2018 USD 77.00
NATL INVESTER BK 25.983 5/7/2029 EUR 27.91
NED WATERSCHAPBK 0.500 3/11/2025 CAD 65.79
NIB CAPITAL BANK 4.510 12/16/2035 EUR 69.86
PORTUGAL TEL FIN 4.500 6/16/2025 EUR 73.52
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 13.38
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 13.30
RABOBANK 0.500 11/26/2021 ZAR 51.89
RBS NV EX-ABN NV 2.910 6/21/2036 JPY 61.13
SNS BANK 6.250 10/26/2020 EUR 69.04
SNS BANK 4.650 10/19/2021 EUR 68.58
SNS BANK 5.300 1/27/2023 EUR 69.15
SNS BANK 5.250 4/11/2023 EUR 68.00
SNS BANK 4.580 3/20/2026 EUR 58.16
SNS BANK 5.215 12/3/2027 EUR 60.40
SRLEV NV 9.000 4/15/2041 EUR 73.22
NORWAY
------
KOMMUNALBANKEN 0.500 3/7/2017 BRL 73.41
KOMMUNALBANKEN 0.500 3/28/2017 BRL 73.12
KOMMUNALBANKEN 0.500 3/29/2017 BRL 72.70
KOMMUNALBANKEN 0.500 5/10/2017 BRL 72.52
KOMMUNALBANKEN 0.500 6/1/2017 BRL 74.00
KOMMUNALBANKEN 0.500 3/2/2018 BRL 68.52
KOMMUNALBANKEN 0.500 5/25/2018 ZAR 70.93
KOMMUNALBANKEN 0.500 5/27/2022 ZAR 64.60
NORSKE SKOGIND 6.125 10/15/2015 USD 70.00
NORSKE SKOGIND 6.125 10/15/2015 USD 70.00
NORSKE SKOGIND 7.000 6/26/2017 EUR 59.08
NORSKE SKOGIND 7.125 10/15/2033 USD 51.50
NORSKE SKOGIND 7.125 10/15/2033 USD 51.50
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 71.05
PORTUGAL
--------
CAIXA GERAL DEPO 4.000 5/13/2019 EUR 75.00
CAIXA GERAL DEPO 5.380 10/1/2038 EUR 60.91
COMBOIOS DE PORT 4.170 10/16/2019 EUR 54.87
METRO DE LISBOA 5.750 2/4/2019 EUR 61.13
METRO DE LISBOA 7.300 12/23/2025 EUR 55.13
METRO DE LISBOA 4.061 12/4/2026 EUR 49.58
METRO DE LISBOA 4.799 12/7/2027 EUR 51.50
MONTEPIO GERAL 5.000 2/8/2017 EUR 63.63
PARPUBLICA 3.567 9/22/2020 EUR 60.00
PARPUBLICA 4.200 11/16/2026 EUR 50.88
PORTUGUESE OT'S 4.350 10/16/2017 EUR 74.92
PORTUGUESE OT'S 4.450 6/15/2018 EUR 71.23
PORTUGUESE OT'S 4.750 6/14/2019 EUR 68.71
PORTUGUESE OT'S 4.800 6/15/2020 EUR 66.65
PORTUGUESE OT'S 3.850 4/15/2021 EUR 60.62
PORTUGUESE OT'S 4.950 10/25/2023 EUR 60.59
PORTUGUESE OT'S 4.100 4/15/2037 EUR 48.38
REFER 4.000 3/16/2015 EUR 62.69
REFER 5.875 2/18/2019 EUR 65.77
REFER 4.250 12/13/2021 EUR 44.68
REFER 4.675 10/16/2024 EUR 54.84
REFER 4.047 11/16/2026 EUR 53.48
RUSSIA
------
ARIZK 3.000 12/20/2030 RUB 40.63
DVTG-FINANS 7.750 7/18/2013 RUB 20.29
DVTG-FINANS 17.000 8/29/2013 RUB 55.55
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 51.20
SATURN 8.000 6/6/2014 RUB 2.02
SPAIN
-----
AUVISA 4.790 12/15/2027 EUR 59.00
AYT CEDULAS CAJA 4.250 11/18/2019 EUR 73.95
AYT CEDULAS CAJA 4.500 12/2/2019 EUR 73.72
AYT CEDULAS CAJA 4.000 3/31/2020 EUR 70.66
AYT CEDULAS CAJA 4.000 3/24/2021 EUR 68.50
AYT CEDULAS CAJA 3.750 12/14/2022 EUR 58.79
AYT CEDULAS CAJA 4.250 10/25/2023 EUR 59.83
AYT CEDULAS CAJA 3.750 6/30/2025 EUR 51.93
AYT CEDULAS CAJA 4.750 5/25/2027 EUR 57.15
AYUNTAM DE MADRD 4.650 1/10/2017 EUR 74.05
AYUNTAM DE MADRD 5.078 12/2/2018 EUR 63.51
AYUNTAM DE MADRD 4.350 6/16/2021 EUR 59.09
AYUNTAM DE MADRD 4.550 6/16/2036 EUR 40.62
BANCAJA 3.940 9/18/2015 EUR 66.63
BANCAJA 4.375 2/14/2017 EUR 63.88
BANCAJA 1.500 5/22/2018 EUR 46.50
BANCO BILBAO VIZ 4.375 10/20/2019 EUR 69.00
BANCO BILBAO VIZ 4.500 2/16/2022 EUR 59.48
BANCO BILBAO VIZ 6.025 3/3/2033 EUR 39.59
BANCO CASTILLA 1.500 6/23/2021 EUR 62.00
BANCO POP ESPAN 5.702 12/22/2019 EUR 54.67
BANCO POP ESPAN 8.000 7/29/2021 EUR 57.63
BANCO POP ESPAN 8.250 10/19/2021 EUR 58.38
BANCO SABADELL 6.250 4/26/2020 EUR 65.66
BANKINTER SA 4.270 7/22/2016 EUR 73.75
BANKINTER SA 6.375 9/11/2019 EUR 72.50
BANKINTER SA 6.750 12/7/2020 EUR 72.25
BANKINTER SA 6.000 12/18/2028 EUR 63.00
BASQUE GOV'T 4.150 10/28/2019 EUR 72.86
BASQUE GOV'T 4.600 1/7/2025 EUR 61.20
BBVA SUB CAP UNI 5.750 3/11/2018 GBP 74.00
BPE FINANCIACION 6.873 10/22/2020 EUR 57.25
CAIXA TERRASSA 4.700 8/9/2021 EUR 65.38
CAIXA TERRASSA 1.700 3/12/2022 EUR 56.56
CAIXABANK 4.000 2/9/2022 EUR 74.20
CAJA ESPANA 7.500 8/28/2018 EUR 74.50
CAJA ESPANA 4.150 2/23/2020 EUR 65.13
CAJA ESPANA 3.500 6/29/2020 EUR 62.88
CAJA MADRID 5.116 7/15/2015 EUR 74.00
CAJA MADRID 4.500 4/26/2022 EUR 74.59
CAJA MADRID 4.000 2/3/2025 EUR 63.12
CAJA MADRID 4.125 3/24/2036 EUR 58.22
CAJA MADRID 5.020 2/26/2038 EUR 73.73
CEDULAS TDA 5 4.125 11/29/2019 EUR 74.77
CEDULAS TDA 6 FO 3.875 5/23/2025 EUR 58.01
CEDULAS TDA 6 FO 4.250 4/10/2031 EUR 51.09
CEDULAS TDA A-4 4.125 4/10/2021 EUR 66.44
CEDULAS TDA A-5 4.250 3/28/2027 EUR 53.65
COMUN AUTO CANAR 2.000 11/10/2016 EUR 71.86
COMUN AUTO CANAR 4.450 11/17/2019 EUR 65.87
COMUN AUTO CANAR 4.929 3/9/2020 EUR 74.65
COMUN AUTO CANAR 5.750 10/15/2029 EUR 69.52
COMUN AUTO CANAR 3.900 11/30/2035 EUR 43.81
COMUN AUTO CANAR 4.200 10/25/2036 EUR 44.91
COMUN NAVARRA 4.200 9/30/2019 EUR 74.51
COMUN NAVARRA 4.300 2/17/2020 EUR 73.63
COMUN NAVARRA 4.000 11/23/2021 EUR 67.51
COMUNIDAD ARAGON 5.000 10/4/2020 EUR 58.92
COMUNIDAD ARAGON 5.100 10/4/2020 EUR 58.98
COMUNIDAD ARAGON 5.100 11/15/2020 EUR 58.96
COMUNIDAD ARAGON 4.470 7/12/2021 EUR 55.59
COMUNIDAD ARAGON 4.815 10/10/2022 EUR 54.00
COMUNIDAD ARAGON 6.625 2/21/2023 EUR 62.88
COMUNIDAD ARAGON 7.500 3/1/2027 EUR 62.58
COMUNIDAD ARAGON 4.646 7/11/2036 EUR 37.77
COMUNIDAD BALEAR 4.650 1/26/2017 EUR 74.26
COMUNIDAD BALEAR 4.796 3/4/2020 EUR 61.65
COMUNIDAD BALEAR 3.869 11/23/2020 EUR 55.78
COMUNIDAD BALEAR 4.063 11/23/2035 EUR 38.78
COMUNIDAD MADRID 4.688 3/12/2020 EUR 73.71
COMUNIDAD MADRID 7.550 7/21/2026 EUR 70.93
COMUNIDAD MADRID 4.300 9/15/2026 EUR 56.55
COMUNIDAD MURCIA 4.725 11/5/2018 EUR 63.45
COMUNIDAD MURCIA 4.695 3/30/2020 EUR 55.31
DIPUTACION FOR 4.323 12/29/2023 EUR 53.83
FERIA VALENCIA 6.040 6/10/2027 EUR 49.99
GEN DE CATALUNYA 3.875 4/7/2015 EUR 77.93
GEN DE CATALUNYA 2.315 9/10/2015 CHF 69.53
GEN DE CATALUNYA 3.875 9/15/2015 EUR 74.12
GEN DE CATALUNYA 2.355 11/10/2015 CHF 68.54
GEN DE CATALUNYA 10.900 11/16/2015 EUR 73.50
GEN DE CATALUNYA 2.750 3/24/2016 CHF 67.87
GEN DE CATALUNYA 4.300 11/15/2016 EUR 70.50
GEN DE CATALUNYA 4.750 6/4/2018 EUR 67.27
GEN DE CATALUNYA 4.950 2/11/2020 EUR 60.47
GEN DE CATALUNYA 4.801 7/31/2020 EUR 57.13
GEN DE CATALUNYA 4.900 9/15/2021 EUR 58.00
GEN DE CATALUNYA 5.250 10/5/2023 EUR 58.38
GEN DE CATALUNYA 5.900 5/20/2024 EUR 56.38
GEN DE CATALUNYA 5.325 10/5/2028 EUR 49.00
GEN DE CATALUNYA 5.219 9/10/2029 EUR 47.38
GEN DE CATALUNYA 5.400 5/13/2030 EUR 48.25
GEN DE CATALUNYA 5.900 5/28/2030 EUR 52.25
GEN DE CATALUNYA 5.950 10/1/2030 EUR 51.50
GEN DE CATALUNYA 4.690 10/28/2034 EUR 41.75
GEN DE CATALUNYA 4.220 4/26/2035 EUR 41.72
GEN DE CATALUNYA 2.965 9/8/2039 JPY 38.12
GEN DE CATALUNYA 6.350 11/30/2041 EUR 53.88
GENERAL VALENCIA 3.250 7/6/2015 EUR 71.40
GENERAL VALENCIA 4.375 7/16/2015 EUR 73.08
GENERAL VALENCIA 4.000 11/2/2016 EUR 66.09
GENERAL VALENCIA 4.900 3/17/2020 EUR 57.75
GENERAL VALENCIA 5.900 11/30/2032 EUR 42.25
IM CEDULAS 10 4.500 2/21/2022 EUR 66.11
IM CEDULAS 5 3.500 6/15/2020 EUR 65.47
INSTIT CRDT OFCL 3.000 9/24/2020 USD 59.32
INSTIT CRDT OFCL 2.100 2/23/2021 JPY 62.04
INSTIT CRDT OFCL 2.570 10/22/2021 CHF 68.27
INSTIT CRDT OFCL 3.250 6/28/2024 CHF 68.51
INSTIT CRDT OFCL 5.700 12/30/2024 USD 68.58
INSTITUT CATALA 4.250 6/15/2024 EUR 52.04
JUNTA ANDALUCIA 3.500 2/15/2016 EUR 71.03
JUNTA ANDALUCIA 4.350 1/26/2017 EUR 68.80
JUNTA ANDALUCIA 6.900 6/16/2017 EUR 74.32
JUNTA ANDALUCIA 4.750 1/24/2018 EUR 64.88
JUNTA ANDALUCIA 5.200 7/15/2019 EUR 60.94
JUNTA ANDALUCIA 4.125 1/20/2020 EUR 57.58
JUNTA ANDALUCIA 4.850 3/17/2020 EUR 56.13
JUNTA ANDALUCIA 3.050 12/10/2020 JPY 67.03
JUNTA ANDALUCIA 5.000 7/13/2022 EUR 56.24
JUNTA ANDALUCIA 5.700 7/20/2028 EUR 55.14
JUNTA ANDALUCIA 6.600 11/29/2030 EUR 58.04
JUNTA ANDALUCIA 7.500 11/30/2030 EUR 61.54
JUNTA ANDALUCIA 5.150 5/24/2034 EUR 45.81
JUNTA ANDALUCIA 4.250 10/31/2036 EUR 41.05
JUNTA ANDALUCIA 3.065 7/29/2039 JPY 40.21
JUNTA ANDALUCIA 3.170 7/29/2039 JPY 41.24
JUNTA CASTILLA 5.150 12/5/2017 EUR 74.30
JUNTA CASTILLA 4.650 11/8/2022 EUR 60.81
JUNTA CASTILLA 6.600 2/24/2023 EUR 73.68
JUNTA CASTILLA 7.200 11/11/2026 EUR 61.48
JUNTA LA MANCHA 4.588 9/24/2017 EUR 67.38
JUNTA LA MANCHA 4.875 3/18/2020 EUR 62.88
JUNTA LA MANCHA 6.000 1/15/2021 EUR 63.63
JUNTA LA MANCHA 5.800 1/30/2021 EUR 64.88
JUNTA LA MANCHA 6.000 1/31/2021 EUR 65.00
JUNTA LA MANCHA 2.810 10/14/2022 JPY 54.88
JUNTA LA MANCHA 4.625 11/30/2022 EUR 54.38
JUNTA LA MANCHA 5.950 9/9/2030 EUR 52.13
JUNTA LA MANCHA 7.705 2/15/2033 EUR 55.38
JUNTA LA MANCHA 3.875 1/31/2036 EUR 32.13
MAPFRE SA 5.921 7/24/2037 EUR 56.33
PITCH1 5.125 7/20/2022 EUR 71.46
SACYR VALLEHERM 6.500 5/1/2016 EUR 48.16
SANTANDER ISSUAN 5.435 10/24/2017 EUR 71.50
SANTANDER ISSUAN 6.533 10/24/2017 GBP 71.53
SANTANDER ISSUAN 5.750 1/31/2018 GBP 67.29
SANTANDER ISSUAN 4.250 5/30/2018 EUR 68.01
SANTANDER ISSUAN 4.750 5/29/2019 EUR 68.27
SANTANDER ISSUAN 4.500 9/30/2019 EUR 68.01
SPANISH GOV'T 4.200 1/31/2037 EUR 68.37
SPANISH GOV'T 4.900 7/30/2040 EUR 74.63
SPANISH GOV'T 4.700 7/30/2041 EUR 72.47
TELEFONICA EMIS 5.445 10/8/2029 GBP 74.03
UNIV DE ALICANTE 6.500 12/15/2017 EUR 73.25
UNIV DE VALENCIA 6.600 12/15/2022 EUR 59.00
UNIV JAUME I CAS 6.500 12/15/2017 EUR 73.25
UNIV POLI VALENC 6.600 12/15/2022 EUR 59.00
XUNTA DE GALICIA 5.400 7/20/2018 EUR 73.80
XUNTA DE GALICIA 4.205 11/30/2019 EUR 66.63
XUNTA DE GALICIA 4.805 3/26/2020 EUR 67.97
XUNTA DE GALICIA 5.350 11/22/2028 EUR 58.73
XUNTA DE GALICIA 4.025 11/28/2035 EUR 42.48
SWEDEN
------
ASSA ABLOY AB 4.000 2/15/2027 EUR 73.82
PA RESOURCES AB 12.250 4/5/2016 NOK 72.61
Rorvik Timber 6.000 6/30/2016 SEK 69.00
SAS AB 7.500 4/1/2015 SEK 72.91
SWEDISH EXP CRED 0.500 12/14/2016 BRL 74.56
SWEDISH EXP CRED 0.500 12/21/2016 BRL 74.45
SWEDISH EXP CRED 0.500 12/22/2016 BRL 74.43
SWEDISH EXP CRED 0.500 1/26/2017 BRL 73.90
SWEDISH EXP CRED 0.500 2/3/2017 BRL 73.55
SWEDISH EXP CRED 0.500 3/10/2017 BRL 73.21
SWEDISH EXP CRED 0.500 6/21/2017 BRL 71.64
SWEDISH EXP CRED 0.500 6/30/2017 BRL 71.50
SWEDISH EXP CRED 0.500 7/21/2017 BRL 71.18
SWEDISH EXP CRED 0.500 8/25/2021 ZAR 53.55
SWEDISH EXP CRED 0.500 8/26/2021 AUD 67.08
SWEDISH EXP CRED 1.000 11/15/2021 AUD 72.75
SWEDISH EXP CRED 0.500 1/31/2022 ZAR 51.63
SWEDISH EXP CRED 0.500 2/22/2022 ZAR 51.29
SWEDISH EXP CRED 0.500 3/15/2022 ZAR 51.04
SWEDISH EXP CRED 0.500 6/28/2022 ZAR 49.74
SWEDISH EXP CRED 0.500 12/17/2027 USD 63.16
SWEDISH EXP CRED 0.500 1/25/2028 USD 62.63
SWITZERLAND
-----------
BANK JULIUS BAER 8.750 7/26/2012 EUR 75.00
BANK JULIUS BAER 12.000 7/27/2012 EUR 71.05
BANK JULIUS BAER 11.000 7/27/2012 CHF 71.10
BANK JULIUS BAER 9.300 7/27/2012 EUR 74.00
BANK JULIUS BAER 11.300 8/3/2012 CHF 58.82
BANK JULIUS BAER 22.800 8/3/2012 USD 45.09
BANK JULIUS BAER 7.400 8/3/2012 EUR 73.98
BANK JULIUS BAER 9.000 9/17/2012 CHF 37.10
BANK JULIUS BAER 10.500 12/14/2012 USD 72.90
BANK JULIUS BAER 9.700 12/20/2012 CHF 69.80
BANK JULIUS BAER 11.400 1/28/2013 CHF 74.55
BANK JULIUS BAER 17.300 2/1/2013 EUR 50.30
BANK JULIUS BAER 11.500 2/20/2013 CHF 73.90
BANK JULIUS BAER 10.500 3/28/2013 CHF 69.65
BANK JULIUS BAER 12.000 4/9/2013 CHF 42.00
BANK JULIUS BAER 9.250 4/24/2013 CHF 73.70
BANK JULIUS BAER 8.700 8/5/2013 CHF 74.43
CLARIDEN LEU NAS 10.250 8/2/2012 CHF 52.91
CLARIDEN LEU NAS 10.500 8/2/2012 EUR 44.94
CLARIDEN LEU NAS 11.000 8/2/2012 USD 51.61
CLARIDEN LEU NAS 13.000 8/2/2012 EUR 70.61
CLARIDEN LEU NAS 10.000 8/3/2012 CHF 70.97
CLARIDEN LEU NAS 9.250 8/8/2012 EUR 74.58
CLARIDEN LEU NAS 10.000 8/8/2012 USD 65.04
CLARIDEN LEU NAS 11.750 8/8/2012 EUR 62.78
CLARIDEN LEU NAS 10.000 8/10/2012 EUR 60.56
CLARIDEN LEU NAS 12.000 8/15/2012 USD 63.72
CLARIDEN LEU NAS 14.000 8/16/2012 CHF 69.16
CLARIDEN LEU NAS 7.000 8/16/2012 CHF 52.37
CLARIDEN LEU NAS 11.250 8/22/2012 CHF 68.11
CLARIDEN LEU NAS 10.500 9/4/2012 USD 63.33
CLARIDEN LEU NAS 12.000 9/4/2012 EUR 28.36
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 39.63
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 57.99
CLARIDEN LEU NAS 11.000 9/10/2012 EUR 66.18
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 41.97
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 42.87
CLARIDEN LEU NAS 9.000 9/24/2012 CHF 54.12
CLARIDEN LEU NAS 9.500 9/24/2012 CHF 60.91
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 43.71
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 57.73
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 43.49
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 42.89
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 42.38
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 56.67
CLARIDEN LEU NAS 10.250 10/18/2012 EUR 71.27
CLARIDEN LEU NAS 19.000 10/18/2012 USD 67.37
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 46.62
CLARIDEN LEU NAS 7.250 11/13/2012 CHF 74.99
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 47.27
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 46.60
CLARIDEN LEU NAS 8.000 11/20/2012 CHF 71.54
CLARIDEN LEU NAS 12.000 11/23/2012 CHF 74.92
CLARIDEN LEU NAS 10.500 11/26/2012 EUR 64.26
CLARIDEN LEU NAS 12.500 12/14/2012 EUR 69.99
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 42.65
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 58.70
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 65.92
CLARIDEN LEU NAS 18.000 12/28/2012 USD 70.32
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 61.21
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 58.54
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 50.27
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 58.74
CLARIDEN LEU NAS 20.000 2/27/2013 USD 72.31
CLARIDEN LEU NAS 8.500 2/27/2013 CHF 70.84
CLARIDEN LEU NAS 12.500 3/1/2013 USD 67.26
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CLARIDEN LEU NAS 0.000 3/25/2013 CHF 47.80
CLARIDEN LEU NAS 0.000 4/4/2013 CHF 67.62
CLARIDEN LEU NAS 10.000 4/10/2013 CHF 69.83
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 47.02
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 60.03
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CLARIDEN LEU NAS 13.000 7/15/2013 CHF 55.64
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 58.38
CLARIDEN LEU NAS 0.000 8/26/2013 EUR 70.12
CLARIDEN LEU NAS 0.000 9/9/2013 EUR 72.45
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 39.01
CLARIDEN LEU NAS 0.000 9/16/2013 USD 73.40
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 40.84
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CLARIDEN LEU NAS 0.000 11/4/2013 CHF 69.52
CLARIDEN LEU NAS 0.000 11/4/2013 USD 69.26
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CLARIDEN LEU NAS 0.000 2/11/2014 CHF 44.23
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 44.70
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 60.03
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 61.30
CLARIDEN LEU NAS 0.000 6/3/2014 CHF 72.39
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 49.71
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 61.08
CLARIDEN LEU NAS 4.500 8/6/2014 EUR 64.05
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 41.89
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 39.08
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 50.00
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 41.19
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CRED SUIS NY 8.000 8/3/2012 USD 27.47
CREDIT SUISSE LD 8.250 8/30/2012 USD 69.60
CREDIT SUISSE LD 4.000 12/10/2012 EUR 45.60
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CREDIT SUISSE LD 1.640 6/1/2042 USD 49.50
MER LYN CAP MRKT 6.600 8/3/2012 EUR 70.47
S-AIR GROUP 2.125 11/4/2004 CHF 10.00
S-AIR GROUP 0.125 7/7/2005 CHF 10.63
S-AIR GROUP 4.250 2/2/2007 CHF 10.75
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SARASIN CI LTD 8.000 4/27/2015 CHF 59.61
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SARASIN/GUERNSEY 17.000 10/12/2012 EUR 69.52
SARASIN/GUERNSEY 15.200 12/12/2012 EUR 71.17
SARASIN/GUERNSEY 13.200 1/23/2013 EUR 74.52
SWISSAIR 6.250 10/27/2002 CHF 10.00
SWISSAIR 5.500 7/23/2003 CHF 10.00
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UBS AG 10.200 8/2/2012 CHF 70.70
UBS AG 10.000 8/2/2012 CHF 46.35
UBS AG 11.000 8/2/2012 EUR 59.70
UBS AG 11.500 8/2/2012 CHF 67.00
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UBS AG 13.250 8/10/2012 USD 14.09
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UBS AG 16.000 8/15/2012 CHF 72.00
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UBS AG 11.650 8/31/2012 USD 15.65
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UBS AG 18.020 9/3/2012 EUR 67.22
UBS AG 19.660 9/3/2012 EUR 71.76
UBS AG 20.830 9/3/2012 EUR 61.24
UBS AG 13.630 9/3/2012 EUR 55.31
UBS AG 13.980 9/3/2012 EUR 59.93
UBS AG 15.150 9/3/2012 EUR 66.48
UBS AG 15.270 9/3/2012 EUR 74.62
UBS AG 17.640 9/3/2012 EUR 49.63
UBS AG 9.070 9/3/2012 EUR 58.58
UBS AG 10.500 9/3/2012 EUR 66.94
UBS AG 10.830 9/3/2012 EUR 60.47
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UBS AG 12.390 9/11/2012 USD 27.37
UBS AG 13.000 9/21/2012 EUR 47.40
UBS AG 22.700 9/21/2012 EUR 43.55
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UBS AG 8.670 9/28/2012 EUR 62.48
UBS AG 8.810 9/28/2012 EUR 63.78
UBS AG 8.960 9/28/2012 EUR 74.41
UBS AG 9.540 9/28/2012 EUR 60.71
UBS AG 9.750 9/28/2012 EUR 66.65
UBS AG 9.830 9/28/2012 EUR 61.24
UBS AG 10.020 9/28/2012 EUR 72.16
UBS AG 10.440 9/28/2012 EUR 58.97
UBS AG 10.900 9/28/2012 EUR 58.93
UBS AG 11.040 9/28/2012 EUR 64.15
UBS AG 11.130 9/28/2012 EUR 70.07
UBS AG 11.360 9/28/2012 EUR 57.34
UBS AG 12.020 9/28/2012 EUR 56.83
UBS AG 12.130 9/28/2012 EUR 74.79
UBS AG 12.290 9/28/2012 EUR 55.72
UBS AG 12.300 9/28/2012 EUR 68.13
UBS AG 12.390 9/28/2012 EUR 61.87
UBS AG 12.860 9/28/2012 EUR 72.92
UBS AG 13.180 9/28/2012 EUR 54.90
UBS AG 13.230 9/28/2012 EUR 54.28
UBS AG 13.500 9/28/2012 EUR 66.32
UBS AG 13.590 9/28/2012 EUR 71.14
UBS AG 13.800 9/28/2012 EUR 59.80
UBS AG 14.180 9/28/2012 EUR 53.02
UBS AG 14.320 9/28/2012 EUR 69.45
UBS AG 14.390 9/28/2012 EUR 53.14
UBS AG 14.740 9/28/2012 EUR 64.64
UBS AG 15.050 9/28/2012 EUR 67.83
UBS AG 15.130 9/28/2012 EUR 51.67
UBS AG 15.240 9/28/2012 EUR 57.89
UBS AG 15.290 9/28/2012 EUR 73.32
UBS AG 15.640 9/28/2012 EUR 51.53
UBS AG 15.770 9/28/2012 EUR 66.30
UBS AG 16.000 9/28/2012 EUR 63.06
UBS AG 16.090 9/28/2012 EUR 50.48
UBS AG 16.320 9/28/2012 EUR 71.53
UBS AG 16.490 9/28/2012 EUR 64.85
UBS AG 16.720 9/28/2012 EUR 56.15
UBS AG 16.930 9/28/2012 EUR 50.05
UBS AG 17.050 9/28/2012 EUR 49.44
UBS AG 17.090 9/28/2012 EUR 73.64
UBS AG 17.280 9/28/2012 EUR 61.59
UBS AG 17.370 9/28/2012 EUR 69.84
UBS AG 17.920 9/28/2012 EUR 62.15
UBS AG 18.020 9/28/2012 EUR 48.31
UBS AG 18.220 9/28/2012 EUR 54.55
UBS AG 18.240 9/28/2012 EUR 48.68
UBS AG 18.420 9/28/2012 EUR 68.25
UBS AG 18.580 9/28/2012 EUR 60.21
UBS AG 19.000 9/28/2012 EUR 47.31
UBS AG 19.330 9/28/2012 EUR 59.70
UBS AG 19.490 9/28/2012 EUR 66.75
UBS AG 19.580 9/28/2012 EUR 47.42
UBS AG 19.880 9/28/2012 EUR 58.92
UBS AG 19.910 9/28/2012 EUR 72.98
UBS AG 20.500 9/28/2012 EUR 74.75
UBS AG 20.740 9/28/2012 EUR 57.48
UBS AG 20.920 9/28/2012 EUR 46.25
UBS AG 21.970 9/28/2012 EUR 44.66
UBS AG 22.150 9/28/2012 EUR 55.46
UBS AG 23.000 9/28/2012 EUR 74.28
UBS AG 23.560 9/28/2012 EUR 53.61
UBS AG 24.000 9/28/2012 EUR 74.45
UBS AG 24.960 9/28/2012 EUR 51.92
UBS AG 19.990 9/28/2012 EUR 46.38
UBS AG 10.620 10/1/2012 EUR 47.31
UBS AG 10.640 10/1/2012 EUR 60.84
UBS AG 10.650 10/1/2012 EUR 23.82
UBS AG 10.740 10/1/2012 EUR 47.33
UBS AG 10.840 10/1/2012 EUR 60.88
UBS AG 10.930 10/1/2012 EUR 23.83
UBS AG 11.010 10/1/2012 EUR 60.90
UBS AG 11.150 10/1/2012 EUR 23.86
UBS AG 11.160 10/1/2012 EUR 60.93
UBS AG 11.280 10/1/2012 EUR 60.95
UBS AG 11.330 10/1/2012 EUR 23.89
UBS AG 11.380 10/1/2012 EUR 60.96
UBS AG 11.460 10/1/2012 EUR 60.98
UBS AG 11.460 10/1/2012 EUR 23.95
UBS AG 11.530 10/1/2012 EUR 60.99
UBS AG 8.260 10/1/2012 EUR 58.42
UBS AG 8.310 10/1/2012 EUR 23.45
UBS AG 8.400 10/1/2012 EUR 58.44
UBS AG 8.420 10/1/2012 EUR 25.53
UBS AG 8.500 10/1/2012 EUR 64.74
UBS AG 8.530 10/1/2012 EUR 58.46
UBS AG 8.540 10/1/2012 EUR 60.97
UBS AG 8.660 10/1/2012 EUR 47.00
UBS AG 8.720 10/1/2012 EUR 64.78
UBS AG 8.720 10/1/2012 EUR 58.49
UBS AG 8.730 10/1/2012 EUR 25.58
UBS AG 8.850 10/1/2012 EUR 61.02
UBS AG 8.910 10/1/2012 EUR 64.81
UBS AG 8.910 10/1/2012 EUR 23.55
UBS AG 9.060 10/1/2012 EUR 64.83
UBS AG 9.110 10/1/2012 EUR 61.06
UBS AG 9.160 10/1/2012 EUR 47.08
UBS AG 9.200 10/1/2012 EUR 25.66
UBS AG 9.340 10/1/2012 EUR 61.10
UBS AG 9.360 10/1/2012 EUR 25.68
UBS AG 9.440 10/1/2012 EUR 23.63
UBS AG 9.530 10/1/2012 EUR 61.13
UBS AG 9.540 10/1/2012 EUR 60.67
UBS AG 9.580 10/1/2012 EUR 47.14
UBS AG 9.690 10/1/2012 EUR 61.15
UBS AG 9.820 10/1/2012 EUR 61.17
UBS AG 9.860 10/1/2012 EUR 60.72
UBS AG 9.900 10/1/2012 EUR 25.77
UBS AG 9.910 10/1/2012 EUR 23.71
UBS AG 9.920 10/1/2012 EUR 61.19
UBS AG 9.930 10/1/2012 EUR 47.20
UBS AG 10.150 10/1/2012 EUR 60.77
UBS AG 10.220 10/1/2012 EUR 47.25
UBS AG 10.310 10/1/2012 EUR 23.77
UBS AG 10.410 10/1/2012 EUR 60.81
UBS AG 10.440 10/1/2012 EUR 47.28
UBS AG 11.560 10/1/2012 EUR 23.97
UBS AG 11.580 10/1/2012 EUR 60.99
UBS AG 7.140 10/1/2012 EUR 25.33
UBS AG 7.190 10/1/2012 EUR 58.25
UBS AG 7.240 10/1/2012 EUR 64.54
UBS AG 7.380 10/1/2012 EUR 25.37
UBS AG 7.380 10/1/2012 EUR 60.79
UBS AG 7.450 10/1/2012 EUR 58.29
UBS AG 7.460 10/1/2012 EUR 46.81
UBS AG 7.610 10/1/2012 EUR 64.60
UBS AG 7.620 10/1/2012 EUR 25.41
UBS AG 7.660 10/1/2012 EUR 23.35
UBS AG 7.680 10/1/2012 EUR 58.33
UBS AG 7.810 10/1/2012 EUR 60.86
UBS AG 7.840 10/1/2012 EUR 25.44
UBS AG 7.900 10/1/2012 EUR 58.36
UBS AG 7.940 10/1/2012 EUR 64.65
UBS AG 8.050 10/1/2012 EUR 25.47
UBS AG 8.090 10/1/2012 EUR 58.39
UBS AG 8.090 10/1/2012 EUR 46.91
UBS AG 8.200 10/1/2012 EUR 60.92
UBS AG 8.240 10/1/2012 EUR 64.70
UBS AG 9.310 10/3/2012 USD 16.50
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UBS AG 12.240 10/26/2012 EUR 56.38
UBS AG 13.570 10/26/2012 EUR 55.18
UBS AG 15.750 10/26/2012 EUR 74.27
UBS AG 13.100 10/26/2012 EUR 67.78
UBS AG 19.700 10/26/2012 EUR 63.47
UBS AG 16.390 10/26/2012 EUR 53.05
UBS AG 22.220 10/26/2012 EUR 74.13
UBS AG 12.500 11/1/2012 EUR 68.46
UBS AG 7.700 11/1/2012 EUR 67.22
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UBS AG 10.930 11/12/2012 EUR 49.73
UBS AG 9.650 11/12/2012 EUR 38.66
UBS AG 9.470 11/12/2012 EUR 45.56
UBS AG 9.020 11/12/2012 EUR 37.03
UBS AG 8.780 11/12/2012 EUR 73.24
UBS AG 8.590 11/12/2012 EUR 59.82
UBS AG 8.370 11/12/2012 EUR 52.34
UBS AG 9.840 11/12/2012 EUR 64.91
UBS AG 8.280 11/12/2012 EUR 64.50
UBS AG 7.570 11/12/2012 EUR 71.11
UBS AG 6.700 11/12/2012 EUR 50.18
UBS AG 6.070 11/12/2012 EUR 57.25
UBS AG 8.280 11/12/2012 EUR 64.50
UBS AG 12.000 11/12/2012 EUR 69.54
UBS AG 13.120 11/12/2012 EUR 73.31
UBS AG 13.560 11/12/2012 EUR 32.60
UBS AG 13.600 11/12/2012 EUR 45.18
UBS AG 11.660 11/12/2012 EUR 36.05
UBS AG 13.000 11/23/2012 USD 71.25
UBS AG 9.440 12/5/2012 USD 13.20
UBS AG 23.020 12/17/2012 USD 8.87
UBS AG 8.080 12/21/2012 EUR 70.97
UBS AG 8.150 12/21/2012 EUR 65.24
UBS AG 8.250 12/21/2012 EUR 62.03
UBS AG 8.990 12/21/2012 EUR 60.62
UBS AG 9.000 12/21/2012 EUR 62.98
UBS AG 9.100 12/21/2012 EUR 68.51
UBS AG 9.150 12/21/2012 EUR 73.97
UBS AG 9.730 12/21/2012 EUR 59.28
UBS AG 9.890 12/21/2012 EUR 60.92
UBS AG 10.060 12/21/2012 EUR 72.11
UBS AG 10.160 12/21/2012 EUR 66.27
UBS AG 10.490 12/21/2012 EUR 57.95
UBS AG 10.810 12/21/2012 EUR 59.04
UBS AG 11.000 12/21/2012 EUR 70.38
UBS AG 11.260 12/21/2012 EUR 56.77
UBS AG 11.270 12/21/2012 EUR 64.24
UBS AG 11.770 12/21/2012 EUR 57.34
UBS AG 11.970 12/21/2012 EUR 68.78
UBS AG 12.020 12/21/2012 EUR 55.65
UBS AG 12.200 12/21/2012 EUR 49.62
UBS AG 12.400 12/21/2012 EUR 62.40
UBS AG 12.760 12/21/2012 EUR 55.79
UBS AG 12.800 12/21/2012 EUR 54.60
UBS AG 12.970 12/21/2012 EUR 67.30
UBS AG 13.560 12/21/2012 EUR 60.73
UBS AG 13.570 12/21/2012 EUR 53.69
UBS AG 13.770 12/21/2012 EUR 54.38
UBS AG 13.980 12/21/2012 EUR 65.93
UBS AG 14.350 12/21/2012 EUR 52.69
UBS AG 14.740 12/21/2012 EUR 59.22
UBS AG 14.810 12/21/2012 EUR 53.11
UBS AG 15.000 12/21/2012 EUR 64.66
UBS AG 15.130 12/21/2012 EUR 51.89
UBS AG 15.860 12/21/2012 EUR 51.95
UBS AG 15.920 12/21/2012 EUR 51.00
UBS AG 15.930 12/21/2012 EUR 57.85
UBS AG 16.030 12/21/2012 EUR 63.48
UBS AG 16.600 12/21/2012 EUR 46.48
UBS AG 16.710 12/21/2012 EUR 50.23
UBS AG 16.930 12/21/2012 EUR 50.90
UBS AG 17.070 12/21/2012 EUR 62.39
UBS AG 17.500 12/21/2012 EUR 49.51
UBS AG 18.000 12/21/2012 EUR 49.94
UBS AG 19.090 12/21/2012 EUR 48.27
UBS AG 10.740 1/3/2013 USD 32.24
UBS AG 18.300 1/4/2013 EUR 61.65
UBS AG 14.820 1/4/2013 EUR 67.84
UBS AG 15.310 1/4/2013 EUR 73.43
UBS AG 15.990 1/4/2013 EUR 65.57
UBS AG 16.160 1/4/2013 EUR 72.09
UBS AG 17.000 1/4/2013 EUR 70.82
UBS AG 17.150 1/4/2013 EUR 63.51
UBS AG 23.750 1/4/2013 EUR 72.44
UBS AG 19.440 1/4/2013 EUR 59.96
UBS AG 20.570 1/4/2013 EUR 58.43
UBS AG 21.700 1/4/2013 EUR 57.05
UBS AG 11.810 1/4/2013 EUR 74.52
UBS AG 12.420 1/4/2013 EUR 73.07
UBS AG 22.000 1/4/2013 EUR 74.65
UBS AG 24.750 1/4/2013 EUR 73.61
UBS AG 24.750 1/4/2013 EUR 73.21
UBS AG 13.030 1/4/2013 EUR 71.68
UBS AG 13.630 1/4/2013 EUR 70.34
UBS AG 14.230 1/4/2013 EUR 69.06
UBS AG 14.470 1/4/2013 EUR 74.85
UBS AG 10.390 1/18/2013 USD 32.76
UBS AG 12.010 1/25/2013 EUR 56.54
UBS AG 16.200 1/25/2013 EUR 64.61
UBS AG 14.070 1/25/2013 EUR 55.00
UBS AG 11.700 1/25/2013 EUR 67.42
UBS AG 11.020 1/25/2013 EUR 57.49
UBS AG 13.070 2/22/2013 EUR 60.05
UBS AG 10.590 2/22/2013 EUR 64.27
UBS AG 13.940 2/22/2013 EUR 71.77
UBS AG 8.230 2/22/2013 EUR 69.64
UBS AG 8.980 2/22/2013 EUR 60.91
UBS AG 10.960 2/22/2013 EUR 57.72
UBS AG 12.680 2/22/2013 EUR 70.94
UBS AG 15.800 2/22/2013 EUR 67.28
UBS AG 13.660 2/22/2013 EUR 54.28
UBS AG 10.540 3/7/2013 CHF 69.85
UBS AG 10.000 3/7/2013 USD 57.35
UBS AG 8.100 3/7/2013 CHF 68.40
UBS AG 9.650 3/22/2013 USD 18.81
UBS AG 9.000 3/22/2013 USD 11.45
UBS AG 9.850 3/22/2013 USD 19.50
UBS AG 21.250 4/2/2013 EUR 74.93
UBS AG 23.250 4/2/2013 EUR 74.62
UBS AG 24.750 4/2/2013 EUR 72.00
UBS AG 24.250 4/2/2013 EUR 74.63
UBS AG 24.750 4/2/2013 EUR 71.33
UBS AG 9.930 4/11/2013 USD 30.83
UBS AG 8.550 4/11/2013 USD 28.34
UBS AG 10.170 4/26/2013 EUR 57.91
UBS AG 10.600 4/26/2013 EUR 66.94
UBS AG 10.970 4/26/2013 EUR 57.34
UBS AG 12.610 4/26/2013 EUR 56.16
UBS AG 14.100 4/26/2013 EUR 65.05
UBS AG 11.000 4/30/2013 USD 39.25
UBS AG 8.000 5/24/2013 USD 70.70
UBS AG 24.500 6/28/2013 EUR 71.28
UBS AG 24.500 6/28/2013 EUR 72.99
UBS AG 22.000 6/28/2013 EUR 73.87
UBS AG 24.000 6/28/2013 EUR 74.61
UBS AG 8.690 7/2/2013 USD 30.24
UBS AG 12.900 9/20/2013 EUR 51.60
UBS AG 10.200 9/20/2013 EUR 52.51
UBS AG 15.900 9/20/2013 EUR 51.70
UBS AG 22.000 9/27/2013 EUR 74.10
UBS AG 24.750 9/27/2013 EUR 74.51
UBS AG 11.020 10/21/2013 USD 50.31
UBS AG 5.950 11/14/2013 USD 52.10
UBS AG 6.980 11/27/2013 USD 32.31
UBS AG 23.250 1/3/2014 EUR 74.15
UBS AG 0.500 4/27/2015 CHF 40.85
UBS AG JERSEY 3.220 7/31/2012 EUR 31.30
UNITED KINGDOM
--------------
ALLIANC&LEIC BLD 5.875 8/14/2031 GBP 69.41
BARCLAYS BK PLC 7.000 7/27/2012 USD 10.56
BARCLAYS BK PLC 11.500 7/27/2012 USD 7.48
BARCLAYS BK PLC 10.800 7/31/2012 USD 26.24
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BARCLAYS BK PLC 8.000 9/11/2012 USD 10.87
BARCLAYS BK PLC 8.000 9/11/2012 USD 10.11
BARCLAYS BK PLC 13.000 9/28/2012 EUR 30.53
BARCLAYS BK PLC 12.000 9/28/2012 EUR 60.41
BARCLAYS BK PLC 8.000 9/28/2012 USD 10.73
BARCLAYS BK PLC 8.000 9/28/2012 EUR 71.07
BARCLAYS BK PLC 14.000 10/1/2012 USD 10.10
BARCLAYS BK PLC 9.000 10/1/2012 USD 9.67
BARCLAYS BK PLC 9.000 10/16/2012 USD 10.82
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BARCLAYS BK PLC 7.500 10/30/2012 EUR 53.00
BARCLAYS BK PLC 8.250 12/14/2012 EUR 71.03
BARCLAYS BK PLC 9.500 12/14/2012 EUR 68.87
BARCLAYS BK PLC 12.500 1/2/2013 EUR 61.58
BARCLAYS BK PLC 11.000 1/2/2013 EUR 73.14
BARCLAYS BK PLC 6.000 1/2/2013 EUR 43.18
BARCLAYS BK PLC 11.000 3/22/2013 EUR 73.13
BARCLAYS BK PLC 10.750 3/22/2013 EUR 37.61
BARCLAYS BK PLC 8.000 3/22/2013 EUR 72.99
BARCLAYS BK PLC 10.000 3/22/2013 EUR 38.37
BARCLAYS BK PLC 16.000 5/23/2013 USD 10.06
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BARCLAYS BK PLC 8.000 6/28/2013 EUR 73.61
BARCLAYS BK PLC 8.000 6/28/2013 EUR 41.65
BARCLAYS BK PLC 9.000 6/28/2013 EUR 69.82
BARCLAYS BK PLC 11.000 6/28/2013 EUR 39.52
BARCLAYS BK PLC 8.250 1/26/2015 USD 1.09
BARCLAYS BK PLC 6.750 10/16/2015 GBP 1.08
BARCLAYS BK PLC 9.050 6/20/2016 EUR 60.38
BARCLAYS BK PLC 0.500 12/3/2017 AUD 74.22
BARCLAYS BK PLC 0.500 3/22/2019 NZD 74.94
BARCLAYS BK PLC 0.500 9/24/2019 AUD 66.37
BARCLAYS BK PLC 1.262 6/2/2031 USD 74.47
BARCLAYS BK PLC 1.988 12/1/2040 USD 71.01
BARCLAYS BK PLC 2.325 1/2/2041 USD 69.35
BARCLAYS BK PLC 1.645 6/3/2041 USD 63.15
CATTLES PLC 6.875 1/17/2014 GBP 1.88
CATTLES PLC 7.125 7/5/2017 GBP 1.88
CO-OPERATIVE BNK 5.875 3/28/2033 GBP 76.51
DUNFERMLINE BS 6.000 3/31/2015 GBP 1.13
EFG HELLAS PLC 5.400 11/2/2047 EUR 19.13
EMPORIKI GRP FIN 4.350 7/22/2014 EUR 66.00
EMPORIKI GRP FIN 5.000 12/2/2021 EUR 41.25
EMPORIKI GRP FIN 5.100 12/9/2021 EUR 41.63
EMPORIKI GRP FIN 5.000 2/24/2022 EUR 40.75
EMPORIKI GRP FIN 6.000 5/18/2022 EUR 44.63
ENTERPRISE INNS 6.875 2/15/2021 GBP 72.58
ENTERPRISE INNS 6.875 5/9/2025 GBP 66.88
ENTERPRISE INNS 6.375 9/26/2031 GBP 63.92
ESSAR ENERGY 4.250 2/1/2016 USD 58.16
F&C ASSET MNGMT 6.750 12/20/2026 GBP 69.00
GALA ELECTRIC CA 11.500 6/1/2019 GBP 71.46
GALA ELECTRIC CA 11.500 6/1/2019 GBP 71.09
GREENE KING FIN 5.702 12/15/2034 GBP 109.84
GS INTERNATIONAL 8.250 12/17/2012 EUR 55.70
HBOS PLC 6.305 10/18/2017 GBP 73.00
HBOS PLC 4.500 3/18/2030 EUR 63.92
HSBC BANK PLC 0.500 11/16/2018 AUD 72.78
HSBC BANK PLC 0.500 6/30/2021 NZD 67.27
HSBC BANK PLC 0.500 11/22/2021 AUD 64.55
HSBC BANK PLC 0.500 11/30/2021 NZD 65.79
HSBC BANK PLC 0.500 12/2/2022 AUD 54.00
HSBC BANK PLC 0.500 12/29/2022 AUD 56.13
HSBC BANK PLC 0.500 2/2/2023 AUD 54.06
HSBC BANK PLC 0.500 2/24/2023 AUD 56.73
HSBC BANK PLC 0.500 4/3/2023 AUD 60.03
HSBC BANK PLC 0.500 10/30/2026 NZD 52.68
HSBC BANK PLC 0.500 12/8/2026 AUD 40.91
HSBC BANK PLC 0.500 12/29/2026 AUD 41.35
HSBC BANK PLC 0.500 1/29/2027 NZD 52.10
HSBC BANK PLC 0.500 2/24/2027 NZD 51.94
HSBC BANK PLC 0.500 4/27/2027 NZD 51.55
HSBC BANK PLC 0.500 7/30/2027 NZD 50.96
MARSTONS ISSUER 5.641 7/15/2035 GBP 70.83
MATALAN 9.625 3/31/2017 GBP 71.17
MATALAN 9.625 3/31/2017 GBP 71.00
MAX PETROLEUM 6.750 9/8/2013 USD 39.20
NOMURA BANK INTL 0.800 12/21/2020 EUR 68.23
OTE PLC 7.250 4/8/2014 EUR 66.96
OTE PLC 4.625 5/20/2016 EUR 58.09
PRIVATBANK 5.799 2/9/2016 USD 69.98
PUNCH TAVERNS 5.883 10/15/2026 GBP 61.75
ROYAL BK SCOTLND 6.250 12/20/2012 EUR 51.70
ROYAL BK SCOTLND 4.625 9/22/2021 EUR 74.56
ROYAL BK SCOTLND 4.243 1/12/2046 EUR 49.50
RSL COMM PLC 9.125 3/1/2008 USD 1.25
RSL COMM PLC 10.125 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 67.27
SPIRIT ISSUER 5.472 12/28/2028 GBP 70.50
THOMAS COOK GR 6.750 6/22/2015 EUR 45.56
THOMAS COOK GR 7.750 6/22/2017 GBP 42.93
UNIQUE PUB FIN 7.395 3/28/2024 GBP 63.40
UNIQUE PUB FIN 6.464 3/30/2032 GBP 45.00
*********
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 * * *