/raid1/www/Hosts/bankrupt/TCREUR_Public/120917.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, September 17, 2012, Vol. 13, No. 185
Headlines
A U S T R I A
CE GAS: Has EUR124 Million in Liabilities
G E R M A N Y
COTTON CLUB: Club Unaffected by Parent's Administration
TS CO.MIT: Fitch Affirms 'Csf' Ratings on Two Note Classes
G R E E C E
OMEGA NAVIGATION: Committee Seeks Exclusivity Termination
OMEGA NAVIGATION: Creditors Blast Exclusion From Ch. 11 Talks
I R E L A N D
SME BANK: S&P Assesses Stand-Alone Credit Profile at 'bb-'
MCEVOY FAMILY: High Court Approves Appointment of Examiner
TABERNA EUROPE II: S&P Lowers Rating on Class A-2 Notes to 'CCC'
I T A L Y
GRUPPO EDITORIALE: S&P Changes Ratings Outlook to Negative
L U X E M B O U R G
HARVEST CLO I: S&P Raises Ratings on Two Note Classes to 'CCC+'
MILLICOM CELLULAR: Moody's Changes Rating Outlook to Stable
N E T H E R L A N D S
CHEYNE CREDIT I: S&P Affirms Rating on Class V Def Notes at 'BB+'
SCHOELLER ARCA: Moody's Downgrades CFR to 'Caa2'; Outlook Neg.
R U S S I A
O'KEY GROUP: Fitch Assigns 'B+' Long-Term Issuer Default Rating
RUSSIAN AGRICULTURAL: Fitch Assigns 'b' Viability Rating
S P A I N
AUTOPISTA MADRID: Enters Into Administration
BANCO DE SABADELL: S&P Raises Ratings on Preferred Stock to 'B-'
CODERE SA: Moody's Downgrades CFR to 'Caa1'; Outlook Negative
PARQUES REUNIDOS: S&P Affirms 'B-' Corporate Credit Rating
S W I T Z E R L A N D
IBERIAN MINERALS: Moody's Assigns '(P)B2' CFR; Outlook Stable
IBERIAN MINERALS: Fitch Assigns 'B' LT Issuer Default Rating
IBERIAN MINERALS: S&P Assigns 'B+' Prelim. Corp. Credit Rating
U N I T E D K I N G D O M
CHELFORD HOMES: In Administration on Cash Flow Problems
DAWSON INTERNATIONAL: Seeks to Recover GBP2MM Customer Invoices
MOSTYNS: In Administration on Difficult Trading Conditions
PORTSMOUTH FOOTBALL: Middle East Investor No Proof of Funds Yet
RANGERS FOOTBALL: Verdict on Tax Dispute Expected in October
RIVERA HOTEL: In Administration, Owner Quits Business
TITAN EUROPE 2007-1: Fitch Maintains 'CCC' Rating on Cl. E Notes
X X X X X X X X
* BOND PRICING: For the Week September 10 to September 14, 2012
*********
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A U S T R I A
=============
CE GAS: Has EUR124 Million in Liabilities
-----------------------------------------
Zoe Schneeweiss at Bloomberg News, citing Austria's Der Standard
newspaper, reports that insolvent CE Gas Marketing & Trading GmbH
has EUR124 million of liabilities.
According to Der Standard, the list of liabilities include:
* Raiffeisen Bank International -- EUR43 million;
* UniCredit Bank Austria -- EUR26 million;
* Raiffeisen Landesbank Steiermark -- EUR12 million;
* Royal Dutch Shell -- EUR11.2 million;
* Bank fuer Tirol und Vorarlberg -- EUR7 million; and
* Bayerngas -- EUR2.2 million
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G E R M A N Y
=============
COTTON CLUB: Club Unaffected by Parent's Administration
-------------------------------------------------------
Resident advisor news reports that it was disclosed on Sept. 13
that Cocoon Club GMBH, the company behind Frankurt's Cocoon Club,
has gone into administration.
Resident advisor news relates that a message posted on a site
explains the situation while also distancing Sven Vath and the
other branches of Cocoon from the bankrupt club.
The message stated, Resident advisor news cites, "Cocoon Music
Event GmbH and Cocoon Artist Booking UG are independent and
separate companies, in substance as well as financially,
economically and regarding the employed staff . . . CocoonClub
GmbH & Co. KG is solely a licensee of the brand 'Cocoon'."
Resident advisor news states that the message goes on to describe
Vath as "the visionary, ideas provider and advising musical
curator behind the club concept," but also "just a partner . . .
who was never involved in any daily business operations."
Resident advisor news shares that at this point, there's no way
of knowing what will ultimately happen with Cocoon Club, but for
now the program is unaffected.
"A bankruptcy is primarily used to save a company and not to
close it," a Cocoon spokeswoman said on Wednesday. "The whole
team is working to save the club, and of course we will
continue."
The report discloses that Cocoon club opened in 2004 and, under
the guidance of Vath, became one of Germany's most iconic clubs,
thanks both to its international house and techno bookings and
its elaborate, cocoon-themed decor, which landed it at #1 in the
design category of the 2008 Club Awards. Rumors over the club's
insolvency had been circulating for a while -- its two
restaurants, Silk and Micro, have been closed since May, and
German newspapers had already reported that the club would soon
file for bankruptcy.
"We deeply regret the possible loss of jobs and strongly hope
that the institution CocoonClub can be preserved for Frankfurt's
nightlife," the company stated.
TS CO.MIT: Fitch Affirms 'Csf' Ratings on Two Note Classes
----------------------------------------------------------
Fitch Ratings has affirmed TS Co.mit One GmbH, as follows:
-- EUR4.4m class D secured notes (ISIN: XS0261662091): affirmed
at 'CCsf'; assigned Recovery Estimate (RE) of 'RE80%'
-- EUR8.9m class E secured notes (ISIN: XS0261662174): affirmed
at 'Csf'; assigned 'RE0%'
-- EUR5.0m class F secured notes (ISIN: XS0261662257): affirmed
at 'Csf'; assigned 'RE0%'
The affirmation reflects Fitch's view of the high levels of
credit risk for the outstanding classes of notes. Fitch notes
that the outstanding notes were not fully redeemed on the
scheduled maturity date in June 2011 due to insufficient cash
from the asset pool. Instead, the outstanding notes were carried
forward until the legal final maturity in June 2013.
As of the June 2012 reporting date, 30 loans with total amount of
EUR36.4 million were outstanding. However, almost 88.5% of them
(by balance) are in the lowest-rated bucket, i.e. assets with a
high risk profile.
The current pool factor is 7.2% of the initial pool balance of
EUR503 million. The total defaults are unchanged from the last
rating action in September 2011 (EUR49.9 million).
In the agency's view, given the high-risk profile of the
outstanding asset pool, the cash flows will be insufficient to
redeem the class E and class F notes. Fitch believes that the
remaining period of less than one year up to legal final maturity
is too short to generate sufficient cash flows to fully redeem
these notes. Furthermore, a default on these classes appears
inevitable. Since the class D notes are senior to the class E
and F notes, they will receive cash flows from the asset pool
first, however, in the agency's view, default of the class D note
appears probable.
Fitch assigned Recovery Estimates (RE) to all classes rated
'CCCsf' or below. REs are forward-looking, taking into account
Fitch's expectations for principal repayments on a distressed
structured finance security.
The transaction is a cash securitization of certificates of
indebtedness (Schuldscheindarlehen) of German SMEs. The
portfolio companies were selected by Commerzbank, the originator
and servicer of the transaction.
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G R E E C E
===========
OMEGA NAVIGATION: Committee Seeks Exclusivity Termination
---------------------------------------------------------
BankruptcyData.com reports that Omega Navigation Enterprises'
official committee of unsecured creditors filed with the U.S.
Bankruptcy Court a motion for an order authorizing the committee
to solicit higher and better offers for alternatives to the
Debtors' Joint Plan of Reorganization and terminating the Debtors
exclusive period to file a Chapter 11 plan. The committee
asserts that "the proposed Plan is patently unacceptable and the
committee is entitled to explore other options and alternatives
without the specter of retribution." The Court scheduled a
Sept. 17, 2012 hearing on the motion.
About Omega Navigation
Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston, Texas
in the United States.
Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products. The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million. Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.
Judge Karen K. Brown presides over the case. Bracewell &
Giuliani LLP serves as counsel to the Debtors. Jefferies &
Company, Inc., is the financial advisor and investment banker.
The Official Committee of Unsecured Creditors has tapped Winston
& Strawn as local counsel; Jager Smith as lead counsel; and First
International as financial advisor.
OMEGA NAVIGATION: Creditors Blast Exclusion From Ch. 11 Talks
-------------------------------------------------------------
Max Stendahl at Bankruptcy Law360 reports that unsecured
creditors of Omega Navigation Enterprises Inc. on Tuesday slammed
the Greek oil shipper's Chapter 11 reorganization plan, telling a
Texas bankruptcy judge they were unfairly excluded from plan
negotiations.
A committee of unsecured creditors said Omega filed the plan
Aug. 3 without giving them any say over the contents of the
documents, which will determine how the company will emerge from
court protection, according to Bankruptcy Law360.
About Omega Navigation
Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston, Texas
in the United States.
Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products. The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million. Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.
Judge Karen K. Brown presides over the case. Bracewell &
Giuliani LLP serves as counsel to the Debtors. Jefferies &
Company, Inc., is the financial advisor and investment banker.
The Official Committee of Unsecured Creditors has tapped Winston
& Strawn as local counsel; Jager Smith as lead counsel; and First
International as financial advisor.
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I R E L A N D
=============
SME BANK: S&P Assesses Stand-Alone Credit Profile at 'bb-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its short-term foreign-
currency rating on Russia-based SME Bank to 'A-2'. "At the same
time, the long-term foreign-currency rating was affirmed at 'BBB'
and the long- and short-term local-currency ratings were affirmed
at 'BBB+/A-2'. The outlook is stable," S&P said.
"The ratings on SME Bank reflect our view that the bank is a
"core" subsidiary of its 100% owner, Vnesheconombank (VEB;
foreign currency BBB/Stable/A-2; local currency BBB+/Stable/A-2),
which is a government-related entity (GRE) with an 'almost
certain' likelihood of support from the Russian Federation
(foreign currency BBB/Stable/A-2; local currency BBB+/Stable/A-2;
Russia national scale 'ruAAA')," S&P said.
"We classify SME Bank as a GRE with a 'high' likelihood of timely
and sufficient extraordinary support from Russia, its ultimate
owner. Accordingly, we equalize the ratings on SME Bank with
those on VEB," S&P said.
"SME Bank's stand-alone credit profile (SACP) is 'bb-'. This is
based on the bank's 'bb' anchor and our assessment of the bank's
'moderate' business position, 'strong' capital and earnings,
'moderate' risk position, 'above average' funding, and 'adequate'
liquidity, as our criteria define these terms," S&P said.
"The outlook on SME Bank mirrors that on VEB and the Russian
Federation, and reflects our expectation of an 'almost certain'
likelihood of extraordinary support from VEB," S&P said.
If the link between SME Bank and VEB remains unchanged, the
ratings and outlook on SME Bank will likely continue to reflect
the ratings and outlook on VEB.
"We could lower the ratings if SME Bank's status within the VEB
group weakens, unless it receives additional direct government
support. Given its mandate, we do not expect to see government
support or the bank's SACP strengthen significantly in the medium
term," S&P said.
MCEVOY FAMILY: High Court Approves Appointment of Examiner
----------------------------------------------------------
IrishTrucker.com reports that the High Court has approved the
appointment of an examiner to McEvoy Family Foods.
The court heard three investors have expressed interest in the
company whose financial problems mostly stem from high start up
costs and lack of bank funding, IrishTrucker.com relates.
McEvoy Family Foods is Co Tipperary-based family food company,
which operates a fleet of trucks for deliveries. It supplies
soups and garlic bread to Musgraves and Lidl and employs 18
people.
TABERNA EUROPE II: S&P Lowers Rating on Class A-2 Notes to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Taberna Europe CDO II PLC's class A-1 and A-2 notes. "At the same
time, we have affirmed our ratings on the class B, C-1, C-2, D,
and E notes," S&P said.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available payment date
report (dated Aug. 2, 2012), our cash flow analysis, and the
application of our relevant criteria for transactions of this
type," S&P said.
"Our analysis indicates that the overall credit quality of the
underlying assets has deteriorated since our previous review in
August 2011," S&P said.
"We have subjected the capital structure to a cash flow analysis
based on the methodology and assumptions outlined in our
September 2009 cash flow collateralized debt obligation (CDO)
criteria, to determine the break-even default rate (BDR) for each
rated class of notes," S&P said.
"We have also conducted a credit analysis to determine the
scenario default rate (SDR) at each rating level, which we then
compared with its BDR. In our analysis, we used the portfolio
balance that we considered to be performing, the weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using various default patterns, levels, and
timings for each liability rating category assumed for each class
of notes, in conjunction with different interest rate stress
scenarios," S&P said.
"In our view, the credit deterioration observed in the underlying
portfolio means that the class A-1 and A-2 notes in this
transaction can no longer maintain their previous rating levels.
Therefore, we have lowered our ratings on these classes of notes
to levels that we consider to be commensurate with current credit
enhancement levels," S&P said.
"At the same time, as part of our analysis, we tested the
transaction's capital structure against our largest obligor and
industry default tests. These tests are supplemental stress tests
that we introduced in our September 2009 cash flow CDO criteria
that intend to address both event risk and model risk that may be
present in the transaction. Our analysis of the results indicates
that none of the classes of notes in this transaction is affected
by the tests," S&P said.
"We have affirmed our ratings on the class B, C-1, C-2, D, and E
notes as our analysis shows that these classes of notes are
unable to withstand our credit and cash flow stresses at any
level higher than our currently assigned ratings," S&P said.
Taberna Europe CDO II is a CDO transaction backed by a portfolio
comprising mostly subordinated loans and bonds, with some
commercial mortgaged-backed securities (CMBS) exposure.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Taberna Europe CDO II PLC
EUR899.1 Million Senior Deferrable Floating-Rate Notes
Ratings Lowered
A-1 BB+ (sf) BBB (sf)
A-2 CCC (sf) B- (sf)
Ratings Affirmed
B CCC- (sf)
C-1 CCC- (sf)
C-2 CCC- (sf)
D CC (sf)
E CC (sf)
=========
I T A L Y
=========
GRUPPO EDITORIALE: S&P Changes Ratings Outlook to Negative
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Italy-
based newspaper and magazine publisher Gruppo Editoriale
L'Espresso SpA (Gruppo Espresso) to negative from stable. "At the
same time, we affirmed our 'BB' long-term corporate credit rating
on Gruppo Espresso," S&P said.
"We also affirmed our 'BB' issue rating on Gruppo Espresso's
senior unsecured debt. The recovery rating on the senior
unsecured debt is unchanged at '3', indicating our expectation of
meaningful (50%-70%) recovery in the event of a payment default,"
S&P said.
"The rating action reflects our view that Italy's deteriorating
economy is likely to result in a substantially weaker-than-
anticipated Italian advertising market over the coming 12 to 18
months. As a result, we have cut our base-case projections for
Gruppo Espresso's operating performance and its credit metrics
over the period. In particular, we now think the group's adjusted
debt leverage could reach or exceed 3.5x at in 2012 and 2013,
which we view as high for the current ratings," S&P said.
"In addition, while not central to our base-case scenario,the
timing of a possible final court decision on the recent tax
ruling opposing Gruppo Espresso and the Italian tax authorities
could coincide with the upcoming refinancing of its EUR228
million of senior unsecured debt, although we recognize it's
extremely difficult to make a reasonable estimate of the timing.
From the group's perspective, a potential negative ruling could
increase its financial risks. At this stage, though, we haven't
factored such risks into the current ratings," S&P said.
"The negative outlook reflects our view, under our base-case
scenario mentioned above, that Gruppo Espresso's earnings and
credit metrics could weaken over the next 12 to 18 months owing
to challenging macroeconomic conditions in Italy. In particular,
we believe the group's adjusted gross debt-to-EBITDA ratio could
exceed 3.5x over the next 12 to 18 months. The negative outlook
does not currently incorporate any potential adverse effects from
the pending tax ruling," S&P said.
"We could consider lowering the ratings on Gruppo Espresso if the
group's operating performance falls significantly below our base-
case scenario, leading to adjusted gross debt-to-EBITDA
persistently above 3.5x. We could also consider a downgrade if
the group's liquidity on hand, solely made of cash balances,
falls below EUR100 million, as a result of operational setbacks
or extraordinary cash outflows. An aggressive financial policy
that results in significantly negative free operating cash flow
could also trigger a negative rating action," S&P said.
"We could consider revising the outlook to stable if the group's
adjusted gross debt-to-EBITDA ratio decreases below 3.5x on a
sustainable basis, on the back of a return to advertising
spending growth in Italy, coupled with further cost savings," S&P
said.
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L U X E M B O U R G
===================
HARVEST CLO I: S&P Raises Ratings on Two Note Classes to 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of Harvest CLO I S.A.'s notes.
Harvest CLO I is a cash flow collateralized debt obligation (CDO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in April 2004 and is
managed by 3i Debt Management Investments Ltd.
"The rating actions follow our assessment of the transaction's
performance. We used data from the trustee report (dated July 31,
2012), performed our credit and cash flow analysis, and took into
account recent transaction developments. We have also applied our
2012 counterparty criteria and our September 2009 cash flow
criteria," S&P said.
"The credit enhancement for all classes of notes has improved as
a result of the transaction deleveraging. From our analysis, we
have observed a decline in the proportion of defaulted assets
(rated 'CC', 'C', 'SD' [selective default], or 'D') in the
collateral pool, since our previous review of this transaction in
October 2010. The weighted-average spread earned on the
collateral pool is higher in comparison with our October 2010
review. All par coverage tests now comply with the required
triggers. The class C, D, and E par value tests were failing as
of October 2010 review," S&P said.
"We factored in the above observations and subjected the capital
structure to our cash flow analysis, based on the methodology and
assumptions outlined by our September 2009 cash flow CDO
criteria, to determine the break-even default rate (BDR). We used
the reported portfolio balance that we considered to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using various default patterns, levels, and
timings for each liability rating category, in conjunction with
different interest rate stress scenarios," S&P said.
"At the same time, we conducted our credit analysis to determine
the scenario default rate (SDR), which used Standard & Poor's CDO
Evaluator to determine the default rate expected on a defined
portfolio at each rating level, and which we then compared with
its respective BDR," S&P said.
"Taking into account our credit and cash flow analysis, we
consider the credit enhancement available to the A-1, A-2, B-1,
B-2, C, D, and E notes and also the class Q and U combination
notes to be commensurate with higher ratings then we previously
assigned. We have therefore raised our ratings on these classes
of notes," S&P said.
"None of the ratings was constrained by the application of the
largest obligor default test, a supplemental stress test we
introduced in our 2009 criteria update that is intended to
address both event risk and model risk that may be present in the
transaction," S&P said.
"We have analyzed the derivative counterparties' exposure to the
transaction, and concluded that the counterparty exposure is
currently sufficiently limited, so as not to affect the ratings
that we have assigned," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Harvest CLO I S.A.
EUR514.3 Million Fixed- And Floating-Rate Notes
Ratings Raised
A-1 AAA (sf) AA+ (sf)
A-2 AAA (sf) AA+ (sf)
B-1 AA (sf) A+ (sf)
B-2 AA (sf) A+ (sf)
C BBB+ (sf) BBB- (sf)
D B+ (sf) B- (sf)
E CCC+ (sf) CCC- (sf)
Q Combo B+ (sf) B- (sf)
U Combo CCC+ (sf) CCC- (sf)
Combo-Combination.
MILLICOM CELLULAR: Moody's Changes Rating Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has changed the rating outlook on
Millicom Cellular S.A. to stable from positive. The corporate
family rating (CFR) and Probability of Default Rating (PDR) are
Ba1.
Ratings Rationale
Millicom's Ba1 CFR continues to reflect: (i) the group's ongoing
track record of strong growth and operating performance; (ii) the
good visibility for future growth; (iii) the continuing progress
towards a better balance of profits and cash flow generated
between the various regions; and (iv) the group's strong credit
metrics and disciplined financial policy.
At the same time, the Ba1 CFR reflects: (i) the risks inherent to
the countries in which Millicom operates; (ii) the maturing voice
business and commoditization trend; and (iii) the company's
active shareholder remuneration activities, in the form of
extraordinary dividends and share buybacks.
The stabilization of the outlook incorporates Moody's views that
momentum for upward pressure on the rating is limited in the
medium term as growth in voice (Millicom's largest revenue
generating segment) slows down in the face of pricing pressures
affecting ARPU as well as mobile penetration rates reaching a
plateau in some geographies.
In addition, the stable outlook more appropriately reflects the
uncertainty over the direction of the company's strategy
following the recently announced investment plan in two e-
commerce start-ups, Latin America Internet Holding (LIH) and
Africa Internet Holding (AIH). Moody's also notes that, although
in keeping with Millicom's aim to develop its cable operations,
the recent acquisition of Cablevision Paraguay (a local Pay TV
operator) for US$150 million represents a clear ramp-up in terms
of size compared to previously acquired assets.
Moody's will continue to monitor closely the extent to which the
company invests further into such new segments, however the
rating agency expects that Millicom will continue to abide by its
publicly stated intention to operate at a reported leverage close
to 1.0x net of group cash and absent any substantial M&A
activity. Moody's has also considered the increase in adjusted
leverage following the Honduras Put transaction, while
recognizing the conditionality of the Put.
Moody's will also continue to assess the company's funding
policies. This includes the ongoing requirement to refinance
maturing subsidiary debt across a number of countries; and the
implications of any debt being raised at a holding company level
versus operating subsidiaries. The ratings incorporate Moody's
assumption that holding company debt would remain limited, given
the need to service such debt through upstreaming of cashflows
from countries with a mixed sovereign risk profile; and that a
high level of liquidity will be maintained at the holding
company.
Further positive pressure on the rating could develop if: (i) the
company's adjusted leverage is sustainably managed below 1.5x;
(ii) its free cash flow to debt ratio remains around 10%; and
(iii) the company retains an adequate liquidity position, both
consolidated and at the holding company level.
An upgrade would also require: (i) the group to maintain its
strong market positions; (ii) an appropriate balance of risk
across the countries in which Millicom operates, with a good
level of geographical diversification of cash flows; and (iii)
continued track record with regard to the company's financial
policy.
Downward pressure on the ratings could develop as a result of:
(i) adjusted leverage rising sustainably above 2.5x following a
deterioration in Millicom's operating performance or aggressive
M&A activity; (ii) a material debt-funded acquisition; or (iii)
higher-than-anticipated shareholder remuneration. Any visible
increase in risk in any of the countries in which Millicom
operates or in the company's liquidity profile could also exert
negative pressure on the rating.
The principal methodology used in rating Millicom International
Cellular S.A. was the Global Telecommunications Industry
Methodology published in December 2010.
=====================
N E T H E R L A N D S
=====================
CHEYNE CREDIT I: S&P Affirms Rating on Class V Def Notes at 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Cheyne Credit Opportunity CDO I B.V.'s class IB and IV def notes.
"At the same time, we have affirmed our ratings on the class IA
funding, II, III def, and V def notes," S&P said.
"The rating actions follow our credit and cash flow analysis of
this transaction's performance since our previous full review in
January 2010, using data from the latest available trustee report
(dated July 31, 2012). We have considered recent transaction
developments -- applying our 2009 corporate collateralized debt
obligation (CDO) and 2012 counterparty criteria," S&P said.
"The trustee report shows that the 'I/II par value test' is
currently passing. It also shows that the reported weighted-
average spread earned on the collateral pool has increased to
3.7% from 3.4% at our previous review, and that the class IA
funding notes have partially repaid. The partial repayment has
increased credit enhancement levels for all classes of notes,
except the class V def notes," S&P said.
"Our analysis shows that the scenario default rates have changed
little since our previous review, because the shorter weighted-
average life of the assets in the portfolio has been
counterbalanced by their negative ratings migration," S&P said.
"At the same time, the percentage of assets that we consider to
be defaulted (i.e., debt obligations of obligors rated 'CC', 'C',
'SD' [selective default], or 'D') has remained stable at 6.75%
since our previous review. In line with our 2009 corporate CDO
criteria, we have included these assets in our cash flow analysis
at the lower of their reported market value, and our recovery
assumptions," S&P said.
"We have subjected this transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class at each rating level. In our analysis, we used the
portfolio balance that we considered to be performing (EUR744
million), the reported weighted-average spread (3.7%), and the
weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using our standard default patterns for each rating category
assumed for each rated class of notes, in conjunction with
different interest rate scenarios," S&P said.
"Approximately 6.6% of the assets in the portfolio are non-euro-
denominated, while all of the notes are euro-denominated. To
mitigate the risk of foreign-exchange-related losses, the issuer
has entered into swap agreements for all of these assets. Under
our 2012 counterparty criteria, the swap counterparties and the
associated documentation cannot support a rating higher than 'AA-
(sf)' on the notes in this transaction," S&P said.
"To assess the potential impact on our ratings, we have assumed
that this transaction does not benefit from the swap agreements
and that all of the non-euro-denominated assets are exposed to
the risk of foreign-exchange-related losses," S&P said.
"Based on our analysis, we consider that the credit enhancement
levels available to the class IB and IV def notes are now
commensurate with higher ratings than we previously assigned.
Accordingly, we have raised our ratings on these classes of
notes. In our opinion, the credit enhancement levels available to
all other classes of notes in this transaction remain
commensurate with our current ratings. Accordingly, we have
affirmed our ratings on these classes of notes," S&P said.
Cheyne Credit Opportunity CDO I is a cash flow CDO transaction
that securitizes loans to speculative-grade corporate firms. It
closed in March 2006 and is managed by Cheyne Capital Management
Ltd.
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
RATING LIST
Class Rating
To From
Cheyne Credit Opportunity CDO I B.V.
EUR1 Billion Variable Funding and Floating-Rate Notes
Ratings Raised
IB AAA (sf) AA+ (sf)
IV def BBB+ (sf) BBB (sf)
Ratings Affirmed
IA funding AAA (sf)
II AA+ (sf)
III def A+ (sf)
V def BB+ (sf)
Def-Deferrable.
SCHOELLER ARCA: Moody's Downgrades CFR to 'Caa2'; Outlook Neg.
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and probability of default rating (PDR) of Schoeller
Arca Systems Holding BV to Caa2 from Caa1. At the same time,
Moody's downgraded Schoeller Arca's ratings on its Term Loans A1
and B1 and revolving credit facility (RCF) to Caa2 from B3, and
the rating on Term Loan B2 to Ca from Caa3. The outlook remains
negative for all ratings.
Ratings Rationale
"The downgrade reflects the uncertainty of the outcome of
Schoeller Arca's arbitration with iGPS, its former large
customer, which has led the company's auditors to delay providing
an opinion on the company's 2011 financial results," said Tanya
Savkin, a Moody's Vice President -- Senior Analyst and lead
analyst for Schoeller Arca. "The negative outlook reflects the
potential unfavourable impact of the iGPS arbitration, combined
with a challenging economic environment and weak liquidity, while
recognizing the continued support of Schoeller Arca's
shareholders and a successful outcome of the company's waiver and
amendment request with its lenders".
The company's unaudited financial results for 2011 demonstrated a
significant year-on-year drop in sales and EBITDA as a result of
a loss of its main customer in the US, the weakened economic
environment in Europe and the company's continued liquidity
issues. This was partially offset by the increase in revenues
from the company's European customers, which partially
compensated the slowdown in sales seen in the first half of 2012.
However, the manufacturing inefficiency and liquidity issues
continued to have a negative impact on the company's earnings.
Positively, the company recently renegotiated its covenants in
its bank facilities, which gave it greater headroom on financial
covenants as well as an increase in the factoring basket and the
related maximum permitted indebtedness basket. These concessions
require a EUR25 million equity contribution from the sponsors as
well as the integration of Linpac Allibert, a complementary
packaging company currently owned by majority shareholder OEP,
into Schoeller Arca's business. The combination of Schoeller Arca
and Linpac is expected to bring significant synergies to the
combined entity's market position and cost base.
The company's liquidity remains weak, although enhanced by the
negotiated increase in the factoring basket and equity
contribution from the sponsors. The company faces the scheduled
repayment of EUR17 million debt in 2013.
The PDR and the ratings on Term Loans A1 and B1 and the RCF are
in line with the CFR given their predominant role in the
company's capital structure. Moody's understands that the EUR18.5
million original principal amount of Term Loan B2 was converted
into preferred equity in December 2011, leaving the accrued
interest to become the revised principal, which is repayable in
2014. This conversion constituted a default according to Moody's
definition.
While Moody's believes that there is limited scope for a rating
upgrade in the short to medium term, the rating upgrade could
follow (i) a favorable outcome of the arbitration with its main
customer; (ii) a stabilization of Schoeller Arca's operating
performance; and (iii) favorable visibility regarding the
company's liquidity position. Further negative rating pressure
could arise should further deterioration in operational
performance result in an even weaker liquidity profile, or in
case of an unfavorable outcome of the iGPS arbitration.
The principal methodology used in rating Schoeller Arca Systems
Holding B.V. was the Global Packaging Manufacturers: Metal,
Glass, and Plastic Containers Industry Methodology published in
June 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.
===========
R U S S I A
===========
O'KEY GROUP: Fitch Assigns 'B+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned Russia-based food retailer O'KEY Group
S.A. (O'KEY) a foreign and local currency Long-term Issuer
Default Rating (IDR) of 'B+'. Fitch has also assigned O'KEY a
National Long-term Rating of 'A-'(rus). The Outlooks are Stable.
The ratings reflect the group's strong domestic position in the
regional food retail market and in particular in the fast growing
hypermarket segment in Russia. The group enjoys strong
profitability at the high-end of the leading food retailers. The
ratings also reflect the group's relative lower scale compared to
its listed competitors, revenue concentration in St Petersburg
where O'KEY enjoys strong market share but where potential for
growth remains limited due to the increased saturation and
competition from other retail chains. The group is developing
aggressively outside St Petersburg (including the Moscow region)
and targets to be present in at least 25 cities in Russia with
populations of over 500,000 by 2015.
The group's positioning in the hypermarket segment captures the
structural shift and consumers' aspiration in Russia. However,
Fitch believes that O'KEY's more midscale/upscale positioning in
its product range and non-food offer might expose O'KEY to more
pressure than discounters in a weakening economic environment.
Fitch also expects the overall Russian food retail industry to
remain increasingly competitive with a year-on-year decline of
the non-organized retail market and the overall strong network
from the main food retail operators in prime and secondary
cities. Therefore Fitch expects on-going pressure on the group's
operating margin due to the group's expansion plan (customer's
lower income, except Moscow) and increased costs (labour, leased
costs).
Fitch believes that the group's expansion growth entails inherent
execution risks, even if Fitch acknowledges that O'KEY's benefits
from strong management expertise in the retail industry. The
group has shown a solid track record in opening stores over the
past few years (07-11 compound annual growth rate 32.2%). Fitch
believes that a successful roll-out and the pace of growth will
depend on the group's capacity to manage internal (IT, human
resources, logistics) and external factors (such as locating
sites, acquiring or leasing appropriate sites on commercially
reasonable terms, finding skilled contractors, obtaining
administrative approval on time, dealing efficiently with Russian
regulations on food retail and construction). It will also
depend on the state of overall economic environment in regions
where O'KEY is expanding.
In terms of financials, the group's leverage with a leased
adjusted net debt/funds from operations (FFO) debt at 3.5x FYE12e
is in line with its rating category for a Russian retailer, a
level that Fitch expects to remain steady.
Fitch expects O'KEY to generate negative free cash flow in the
coming years due to the group's expansion plan (high capex due to
the openings of owned hypermarkets). Fitch estimates that this
capex will be partially internally financed at about c.58% in the
next two years which means that the group will need to raise new
debt to finance its current development program. Fitch notes
that this characteristic is not specific to O'KEY as other food
retailers in Russia are also growing fast and therefore
generating negative free cash flow.
Fitch sees O'KEY's liquidity risks as manageable. Apart from its
current relationships with local banks which finance working
capital and expansion on a unsecured and secured base (the group
had RUB5.3 billion of total undrawn bank facilities as at
July 31, 2012) and is in process of signing a new RUB2.5 billion
bank facility, O'KEY is also listed on the London Stock Exchange
(15% free float) which gives the group additional financial
flexibility. Fitch also understands that the group's capex
program is flexible (RUB15 billion in FY12E) and could be rapidly
scaled down if needed, as capex consists of investments to open
new stores and buy new plots of lands. Maintenance capex is
expected to remain quite low and capital commitment amounted to
RUB2.8 billion as at June 30, 2012.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include
-- O'Key showing solid execution of its expansion plan
-- The group's capacity to show positive like-for-like sales
Growth
-- Maintaining the group's EBITDA margin of at least 7.5%-8%.
-- Fitch also acknowledges that an improvement in the group's
free cash flow would be viewed as supplementary rating
positive factors.
Fitch also expects the group's size to reach at least EUR500m in
EBITDA terms. In terms of leverage, for a 'BB-' rating Fitch
expects an adjusted net debt/FFO ratio falling permanently
towards 2.5x and FFO/fixed charge >3.5x.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- A sharp contraction relative to its peers of like-for-like
sales and EBITDA margin erosion (7%) combined with FFO
adjusted net leverage remaining above 4x (3.5x on EBITDAR
basis).
RUSSIAN AGRICULTURAL: Fitch Assigns 'b' Viability Rating
--------------------------------------------------------
Fitch Ratings has assigned Russian Agricultural Bank's (RusAg)
US$450 million tap of US$1.3 billion senior unsecured bond issue
due December 2017 a Long-term foreign currency rating of 'BBB'.
The US$450 million tap was issued on August 31, 2012. The first
two tranches of the bonds were issued on June 27, 2012 for US$500
million and on July 5, 2012 for US$350 million. The interest
commencement date for all three tranches is 27 June 2012. The
bonds mature in December 2017 and have a semi-annual coupon at
5.298%. The bonds were issued under the US$15 billion LPN
program, which allows for issuance of both senior unsecured and
subordinated debt. Terms of the program include a change of
control clause should the Russian Federation cease to own at
least 50% plus one share of the bank.
RusAg is the fourth-largest bank in Russia in terms of assets.
The bank has an estimated 60% market share in agribusiness
lending and a leading presence in rural areas across Russia.
RusAg is fully owned by the state, via the Federal Agency on
Federal Property Management. The privatization of up to a 25%
stake is possible in the period up to 2016, although there are no
concrete privatization plans at present. RusAg's Long-Term
Issuer Default Rating (IDR) reflects Fitch's view of the high
probability of support being available from the Russian
authorities.
RusAg's ratings are:
-- Long-term IDR 'BBB', Stable Outlook
-- Short-term IDR 'F3'
-- Viability Rating 'b'
-- National Long-term rating 'AAA(rus)', Stable Outlook
-- Support Rating '2'
-- Support Rating Floor 'BBB'
=========
S P A I N
=========
AUTOPISTA MADRID: Enters Into Administration
--------------------------------------------
Sonya Dowsett at Reuters reports that Autopista Madrid Sur
Concesionaria Espanola and Inversora de Autopistas del Sur have
gone into administration.
The two companies managed Madrid's Radial 4 ring road, a toll
road built during Spain's construction boom to relieve traffic
congestion around the capital and satellite towns, Reuters
discloses.
According to Reuters, the companies said on Friday that higher-
than-expected construction costs, lower-than-expected traffic
flow and the worst economic crisis in half a century all dragged
down the project.
Autopista Madrid Sur Concesionaria Espanola and Inversora de
Autopistas del Sur are Spanish road maintenance companies, whose
shareholders include builders Ferrovial and Sacyr Vallehermoso.
BANCO DE SABADELL: S&P Raises Ratings on Preferred Stock to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue ratings to
'B-' from 'C' on the remaining series I/2006 preferred stock
issued by Spain-based Banco de Sabadell S.A. (Sabadell) and to
'B+' from 'D' on its remaining series I/2006 and I/2010 non-
deferrable subordinated debt.
"The rating action follows the bank's announcement on Sept. 12,
2012, that it had completed its Sept. 3, 2012, tender offer
launched to repurchase part of its outstanding preferred stock
and non-deferrable subordinated debt securities (including the
abovementioned securities). This action doesn't affect the
counterparty credit ratings or any other issue ratings on
Sabadell," S&P said.
"In our media release on Sept. 5, 2012, we said that we
considered Sabadell's tender offer to be a 'distressed exchange'
under our criteria. According to our criteria, we lowered our
issue ratings to 'C' on the preference shares and to 'D' on the
non-deferrable subordinated debt. We also stated that we would
review our issue ratings on any securities subject to the offer
that hadn't been purchased upon completion," S&P said.
"On Sept. 12, 2012, Sabadell announced it had completed its offer
and that it had accepted to repurchase a total amount of EUR109
million, of which EUR65 million correspond to the abovementioned
rated securities. Following the settlement of the purchase, the
remaining outstanding amount of series I/2006 preferred stock and
series I/2006 and I/2010 nondeferrable subordinated debt will be
EUR23.9 million, EUR221.9 million, and EUR425.9 million," S&P
said.
"We have reviewed our issue ratings on the securities that
weren't purchased after the completion of the tender offer, and
have decided, based on our criteria, to raise the ratings to 'B-'
on the preferred stock and to 'B+' on the nondeferrable
subordinated debt, in line with the pre-tender offer ratings,"
S&P said.
"In accordance with our criteria, our issue ratings on the
preference shares and nondeferrable subordinated debt are derived
from Sabadell's stand-alone credit profile, which we assess at
'bb'," S&P said.
RATINGS LIST
Upgrade
To From
Banco de Sabadell S.A.
Preferred Stock B- C
Subordinated Debt B+ D
CODERE SA: Moody's Downgrades CFR to 'Caa1'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
corporate family rating (CFR) and probability of default rating
(PDR) of Codere S.A. Concurrently, Moody's has downgraded to Caa2
from B3 the ratings on Codere Finance (Luxembourg) S.A.'s EUR760
million worth of 8.25% senior notes due 2015 and US$300 million
worth of 9.25% senior notes due 2019. The outlook on the ratings
is negative.
The rating action concludes the review process that was initiated
by Moody's on June 21, 2012.
Ratings Rationale
"The two-notch downgrade of Codere's ratings reflects the
weakening of its liquidity profile following the group's payment
of part of the up-front fee for the renewal of the licences to
operate five gaming halls in Argentina," says Ivan Palacios, a
Moody's Vice President - Senior Credit Officer and lead analyst
for Codere. "The downgrade also reflects Codere's lack of
progress, since Moody's initiated the review process, in
refinancing its EUR60 million senior facility, which matures in
June 2013," adds Mr. Palacios.
In its Q2 2012 results release, Codere announced that it is in
the process of successfully renewing the licences to operate five
of its largest bingo halls in the Province of Buenos Aires, which
generated approximately 35% of the group's consolidated EBITDA in
2011. The renewal involves the payment of AR$614 million (c.
EUR106 million), corresponding to the up-front renewal fee to be
paid by year-end, and AR$232 million (c. EUR40 million),
corresponding to the canon tax surcharge to be paid in 60 monthly
installments.
While the successful renewal of the licences removes the medium-
term uncertainties about the renewal process, Moody's is
concerned about the impact of the up-front fee payment on
Codere's already weak liquidity profile. The total amount to be
paid for the renewal of the licenses is in line with
expectations, but the up-front fee component is larger than
Moody's expected and has used up all of the company's existing
available cash in Argentina. The group now expects to have to use
all its cash flows generated in Argentina until at least Q2 2013
to repay the financing raised at the local level to support the
payment of the up-front fee and the monthly canon tax surcharge.
In addition, Codere had to provide US$30 million (c. EUR24
million) of cash collateral to support the AR$100 million (c.
EUR17 million) financing at local level. This has further
weakened Codere's liquidity profile at the parent level, given
that this cash will be restricted until the group repays this
facility, which is due in June 2013, but could be prepaid ahead
of maturity with no penalties.
Moody's notes that Codere's liquidity profile relies on having
sustained access to the cash flows to be generated in Argentina
from Q3 2013 onwards. However, such access remains highly
uncertain in light of the strict foreign-exchange controls
imposed by the Argentinean authorities in a bid to stem capital
flight. Nevertheless, Codere has stated that it is in the process
of preparing its 2013 budget which will include a significant
capex reduction in order to reduce reliance on Argentina.
Moody's also notes that it is now unlikely that Codere would be
able to raise additional debt at the local level in countries
where cash flow upstream is not restricted, given that there is
limited headroom remaining under the group's senior debt covenant
and under the notes' debt incurrence test.
Because of these factors, and in the absence of asset sales
(which could affect the company's geographical diversification
and business profile) or significant cuts in capex (which could
damage the company's long-term business prospects), Moody's
considers that the group is running out of options to support its
liquidity profile in the short term.
At this stage, Codere has not refinanced its EUR60 million senior
credit facility, which matures in June 2013 and was undrawn as of
end of Q2 2012. If refinanced successfully, this facility could
support the group's liquidity profile until there is more
visibility concerning access to cash flows generated in
Argentina.
Moody's cautions that even if Codere manages to withstand
liquidity stress over the next 12-18 months, the group faces the
medium-term challenge of having to refinance the EUR760 million
notes due in 2015 in a context of a potentially uncertain
operating environment in Argentina.
Codere's Caa1 rating reflects the group's weak liquidity and
moderate adjusted leverage, which Moody's expects to remain
around 4.5x over the medium term. In addition, the rating
reflects the company's exposure to emerging markets risks,
including the risk of adverse legal and regulatory developments,
political, social or economic instability, currency depreciation
or restrictions on the transfer of funds. However, Moody's
recognizes Codere's track record of successfully managing
challenging operating environments.
The Caa1 rating continues to reflect Codere's position as one of
the leading gaming operators in Latin America, Italy and Spain,
and its diversification in terms of business lines, gaming assets
and geographies.
The negative outlook reflects Moody's concerns about Codere's
liquidity profile over the medium term if the group is unable to
access, on a sustained basis, the cash flows generated by its
Argentinean operations. The company generated in Argentina
approximately 57% of its consolidated EBITDA after corporate
overheads and around 81% of its consolidated cash flows (defined
as EBITDA minus capex) in 2011.
What Could Change The Rating Up/Down
Moody's could consider downgrading the ratings if (1) Codere
fails to refinance the senior facility comfortably ahead of
maturity or the liquidity profile deteriorates further otherwise;
or (2) there are indications that the company is considering
potential debt-restructuring measures involving a discounted
offer on debt components of its capital structure, which could be
considered a distressed exchange and, by implication, a default
under Moody's methodologies.
In view of the action, Moody's does not currently anticipate
upward rating pressure. However, the rating agency could change
the outlook on the ratings to stable if (1) Codere successfully
refinances its senior facility well ahead of maturity; (2) it
implements other cash preservation measures that are not
detrimental to the business; and (3) there is increased
visibility as to the company's ability to access, on a sustained
basis, the cash flows it generates in Argentina.
Principal Methodology
The principal methodology used in rating Codere S.A. was the
"Global Gaming Industry" rating methodology published in December
2009. Other methodologies used include "Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA", published in June 2009.
Codere is a multinational gaming operator engaged in the
management of gaming machines, machine halls, bingo halls, horse
racing tracks, casinos and sports betting locations in Latin
America, Italy and Spain. As of June 2012, Codere managed 56,187
gaming machines, 184 gaming halls (including machine halls, bingo
halls with machines, machine halls at racetracks and casinos),
926 sports betting locations and three horse racing tracks. In
2011, Codere generated operating revenue of EUR1.4 billion and
EBITDA of EUR290 million.
PARQUES REUNIDOS: S&P Affirms 'B-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Spain-
based global leisure park operator Parques Reunidos Servicios
Centrales S.A.U. to negative from stable. "At the same time, we
affirmed our 'B-' long-term corporate credit rating on the
group," S&P said.
"The outlook revision primarily reflects our revised forecasts
for Parques Reunidos' fiscal year ending Sept. 30, 2012, and
particularly our view that the group's covenant headroom could
significantly tighten," S&P said.
"We have revised downward our base-case scenario on the back of
weak current trading trends, particularly driven by deteriorating
macroeconomic conditions, especially in Spain and Italy. Spain
and Italy represent about 35% of the Group's EBITDA. In addition,
we believe that Parques Reunidos' operating performance could
remain weak in fiscal 2013, given our expectations of a prolonged
economic recession in these two countries. Still, our base-case
scenario incorporates our view that the group could use a
significant part of its available equity cure -- totaling about
EUR42 million -- to prevent a covenant breach over the next 12 to
18 months," S&P said.
"Specifically, Parques Reunidos' fiscal year-to-date earnings
performance to July 2012, which typically accounts for about 40%
of the group's EBITDA for the fiscal year, reveals a significant
drop in both revenue and EBITDA on last year, with a decrease of
about 2.5% and 12.5%. These results are also well below our
expectations of low single-digit revenue growth and EBITDA
margins in line with the previous year," S&P said.
"As evidenced by current trading conditions, ongoing austerity
measures have taken a toll on discretionary consumer spending.
This had a notable impact on low-ticket items such as regional
attraction parks, with an entrance ticket price averaging around
EUR16 per visitor for Parques Reunidos. In our view, the
difficult economic environment and strain on consumer spending
will likely continue well into 2013," S&P said.
"Despite the recent covenant reset as part of the amend and
extend agreement signed in late July, we anticipate that the drop
in revenue and negative impact on EBITDA could result in Parques
Reunidos' financial covenant headroom falling significantly below
15% in fiscal 2012, with a potential for further tightening as
the difficult economic environment in its main markets persists,"
S&P said.
"According to our revised base-case scenario for fiscal 2012, we
now anticipate low to mid single-digit revenue decline owing to
lower-than-anticipated attendance rates and per capita spending.
With regard to profitability, we expect declining revenues and
the group's high operating leverage to result in a drop in
margins by about 150 basis points (bps). In terms of leverage
metrics, we anticipate that Parques Reunidos' adjusted debt to
EBITDA will stand at about 10.0x in fiscal 2012 compared with
8.8x in fiscal 2011, after adjusting for operating leases and
about EUR380 million of existing shareholder loans," S&P said.
"Overall, Parques Reunidos' tightening headroom under its
financial covenants and its highly leveraged capital structure
are currently the main rating drivers," S&P said.
"The negative outlook mainly reflects our view that an ongoing
deterioration in earnings owing to challenging economic
conditions in its main markets, particularly in Spain and Italy,
could result in a significant tightening of its covenant headroom
over the next 12 to 18 months," S&P said.
"We could lower the ratings if operating performance deteriorated
further than we anticipate under our base-case scenario, causing
the group's covenant headroom to tighten faster than we currently
expect. We could also lower the ratings if Parques Reunidos
failed to maintain positive free cash flow generation, or if
adjusted EBITDA interest coverage fell below about 1.0x (or about
1.5x in terms of EBITDA to cash interest)," S&P said.
"We could revise the outlook to stable if we revised our
assessment of Parques Reunidos' liquidity to 'adequate' from
'less than adequate' currently, which would entail headroom under
its financial covenants of at least 15%, while maintaining
positive free cash flow and adjusted EBITDA coverage in line with
the current ratings," S&P said.
=====================
S W I T Z E R L A N D
=====================
IBERIAN MINERALS: Moody's Assigns '(P)B2' CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating (CFR) and a (P)B2 probability of default
rating (PDR) to Iberian Minerals Corporation. Concurrently,
Moody's has assigned a (P)B2 rating with a loss-given default
(LGD) assessment of 3 (48%) to the proposed US$200 million of
senior secured guaranteed notes to be issued by Iberian Minerals
Financing S.A, a fully owned subsidiary of Iberian. The outlook
on all ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation and the perfection
of the security package, Moody's will endeavor to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.
Ratings Rationale
The (P)B2 corporate family rating (CFR) on Iberian is predicated
on the issuance of the senior secured notes and the ongoing
support of its ultimate parent Trafigura.
The CFR is constrained by Iberian's (i) small business scale and
limited geographic and commodity diversification; (ii) inherent
execution risk related to the growth strategy; (iii) short
reserve life in its two Peruvian mining operations; and (iv)
limited visibility with regard to future financial policies and
M&A strategy.
Positively, however, the rating reflects Iberian's (i) favorable
hedging arrangements in place for the 2012-2015; (ii) mid-level
ranking on the industry's copper cost curve; and (iii) adequate
liquidity position following a successful bond issuance, and
availability of a committed revolving credit facility.
Moody's also notes that Iberian is a 98.1%-owned subsidiary of
Trafigura. It is expected that bond proceeds will be upstreamed
to Trafigura via an intercompany loan, and that under this
arrangement, Iberian will draw cash when necessary to fund its
ambitious capex program.
Although Trafigura does not provide any financial guarantees to
Iberian, Moody's acknowledges Trafigura's larger size and
superior financial flexibility compared to Iberian, as well as
the group's track record of providing financial support to
Iberian -- both in terms of equity injections and subordinated
loans. Ongoing support from Trafigura is factored into Iberian's
rating, as Moody's believes that Trafigura will continue to have
a meaningful economic interest in Iberian. Trafigura's recent
tender offer on Iberian resulted in the commodities trading
group's close control -- via a 98.1% ownership of Iberian -- of
the development of the mining assets which provide a portion of
the non ferrous metals concentrates that Trafigura trades.
Liquidity is considered adequate. The company will use the US$200
million bond proceeds and c. US$75 million drawdown on the new
revolving credit facility ('RCF') to repay the vast majority of
the existing bank facilities -- which will be then cancelled in
full. The capex program -- which peaks in 2013 and 2014 -- will
be funded by internally generated cash and bond proceeds, which
Trafigura will make available to Iberian based on capex spending
requirements and according to the terms of an intercompany loan
agreement.
The stable outlook assigned to the rating is based on Moody's
expectations that the company will perform broadly in line with
the business plan over the next two years, and will retain an
adequate liquidity headroom at all times.
Although unlikely in the near term, Moody's would consider
upgrading the rating if the Company were able to further improve
its operating and financial performance and deliver organic
growth by successfully executing its capex plan with no material
delays or cost overruns.
Moody's would consider downgrading the rating if a protracted
deterioration in commodities markets negatively impacted
Iberian's -- financial performance, materially reducing the
headroom under the financial covenants. A more aggressive growth
strategy -- including any debt-funded acquisitions leading to
weaker credit metrics --, would also put negative pressure on the
rating. Furthermore, material delays and cost overruns relating
to the capex plan leading to a weakened liquidity profile would
put negative pressure on the rating if not adequately mitigated
by a prompt support by the ultimate parent Trafigura.
The proposed notes will be senior secured obligations benefitting
from the senior secured guarantees provided by the issuer and all
of its material operating subsidiaries, representing in aggregate
at least 90% of the Company's 2011 EBITDA and assets. The notes
will also benefit from a first lien security package including a
pledge over the US$200 million intercompany loan, shared on a
pari-passu basis with the lenders of the RCF and hedging
facility. The expected recovery rate on the notes reflects their
dominant position of the proposed instrument in the capital
structure, and their senior secured ranking status, on a pari-
passu basis with the RCF.
The principal methodology used in rating Iberian Minerals Corp
was the Global Mining Industry Methodology published in May 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Iberian Minerals Corporation is a mining company with operations
in Spain and Peru. The Condestable Mine, located in Peru,
operates at 2.4 million tonnes per year producing copper, and
associated silver and gold in a concentrate. The Aguas Tenidas
Mine, in the Andalucia region of Spain, operates a 2.2 million
tonnes per year underground mine and concentrator that produces
copper, zinc and lead concentrates that also contain gold and
silver. The product portfolio is weighted towards copper, which
represented approximately 68% of total production of concentrates
in 2011. Iberian is 98.1% owned by Trafigura, a leading privately
owned global physical commodities trading company based in
Switzerland. In 2011, Iberian reported audited consolidated
revenues of US$245 million (net of hedging losses). All revenues
were and are expected to continue to be generated through sales
of concentrate produced in Spain and Peru to Trafigura under
mine-life off-take agreements.
IBERIAN MINERALS: Fitch Assigns 'B' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned Switzerland-registered Iberian
Minerals Corp (Iberian) a Long-term Issuer Default Rating (IDR)
of 'B' and an expected senior secured bond issue rating of
'B+(EXP)' with a Recovery Rating of 'RR3'. The Outlook on the
Long-term IDR is Stable.
The rating factors in Iberian's limited scale and
diversification, with total sales in FY11 of US$245 million, and
high historical leverage of over 8x at end-2011. Fitch believes
the company is exposed to geographical diversification risks as
it operates only three key mines, and notes that almost 70% of
production relates to a single commodity, copper. The ratings
also factor in likely support from Iberian's shareholder,
Trafigura Beheer B.V. (not rated).
The Stable Outlook reflects Fitch's expectation of a gradual
improvement in Iberian's financial profile from FY12 onwards,
supported by hedge contracts concluded at higher prices than the
FY09 to FY11 period. This is expected to lead to a moderation in
the leverage profile below 3x in 2012 and will boost cash
generation. The company has hedged the majority of sales in 2012
to 2015, providing some short-term transparency.
The mining industry depends on market prices and most miners
remain price-takers, as such, Iberian's medium to long-term
operating profile is exposed to the inherent volatility
associated with global market conditions. The company is
affected by price and demand fluctuations in copper, zinc, silver
and lead, which are mainly driven by global construction
(residential and commercial) and industrial demand.
Demand for copper and zinc is expected to remain muted in 2012
and 2013 on the back of growing sovereign debt and liquidity
concerns in the eurozone. Fitch estimates a conservative copper
market forecast of USD7,500 per tonne in both 2012 and 2013.
However, these levels are lower than the 2011 average due to
lower investment demand and expectations of lower growth in
China. In the longer term (2014-2017), new mine production is
likely to exceed demand growth, resulting in a mid-cycle price
assumption of US$6,000 per tonne. The longer-term price outlook
for zinc will depend upon the timing of planned mine closures and
the introduction of new capacity, with some rebound in prices
expected in 2013, in line with other commodities.
Iberian is planning significant mine and processing plant
expansion at its Spanish operations, with output capacity at the
Aguas Tenidas plant increasing to 4.4mtpa by early 2015 from
2.2mtpa currently. This expenditure will lead to negative FCF
over the expansion phase, although cash costs are expected to
improve as output ramps up over coming years. Fitch notes that
some execution risk remains despite the low risk nature of the
expansion.
Fitch believes that Iberian's liquidity position remains tight
but that it will be acceptable following the successful
refinancing of existing debt obligations through the issue of a
new senior secured bond of US$200 million and new RCF of US$100
million. This follows the waiver of the debt covenants at end-
2011 and extension of existing debt maturities to 2013.
Proceeds from the bond issue are also expected to be partially
applied to financing the mine expansion in Spain, with the
remainder coming from expected positive cash generation over 2012
to 2014. The final issue rating will be assigned once Fitch
receives final documentation that conforms to information already
received.
What Could Trigger A Rating Action?
Negative: If FFO gross leverage is sustained above 3.5x, this
would reflect a significant increase in Iberian's cost position,
i.e. the failure to control rising domestic cost increases and
limited financial flexibility constrain the ratings. A failure
to successfully execute the planned bond, debt refinance and mine
expansion may also lead to negative rating action.
Positive: An upgrade is considered unlikely, but may be
considered if gross leverage is maintained at below 2x over the
medium-term and the company sustains cash costs well within the
second quartile of the global cost curve.
Iberian is a global base metals company with operating mines and
exploration targets in Spain and Peru, where it operates three
key mines. The company primarily produces copper, but also
smaller quantities of zinc, silver, gold and lead.
IBERIAN MINERALS: S&P Assigns 'B+' Prelim. Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' preliminary
long-term corporate credit rating to Iberian Minerals Corp., a
mining company that is registered in Switzerland and has assets
in Spain and Peru. The outlook is stable.
"We have also assigned a preliminary issue rating of 'B+' and a
preliminary recovery rating of '3' to the proposed $200 million
senior secured notes to be issued by Iberian Minerals Financing
S.A., a fully owned subsidiary of Iberian Minerals," S&P said.
"The company and issue ratings are based on the draft debt
documents presented to us, and subject to our review of final
terms and conditions. Any change in these terms and conditions
could affect the ratings," S&P said.
"The 'B+' rating reflects our view of Iberian Minerals' 'weak'
business risk profile and 'aggressive' financial risk profile (as
our criteria define these terms)," S&P said.
"Our assessment of Iberian Minerals' business risk profile as
'weak' is based on the cyclical and capital intensive nature of
the mining industry. Iberian Minerals is a small player operating
one underground mine in Spain and two in Peru. The share of the
Spanish contribution to EBITDA is set to rise over the medium
term. Key risks are operating challenges related to underground
mining, the limited scope of operations, and narrow product
diversification. We expect copper concentrate production to
remain the main revenue contributor in the medium term--it
represented 208 thousand dry metric tons in 2011 or 68% of
sales," S&P said.
"Our assessment of the company's business risk profile is further
constrained by the short reserve mine life of the Raul and
Condestable mines operated in Peru of 4.6 and 3.6 years, despite
a track record of full reserve replacement over recent years.
Supportive rating factors include modest geographic
diversification of assets and overall perceived moderate
country risks. The reserve life of its Spanish mine operated by
Minas de Aguas Tenidas S.A. (MATSA) is considerable, at 18
years," S&P said.
"In our assessment, Iberian Minerals has a mid-cost-curve
position, which should be supportive of its profitability going
forward, as should the company's copper price hedges that are
much higher than in previous years. Moreover, we expect cash
costs to further improve in Spain in the medium term as
production expands and by-product credit from zinc and lead
increases," S&P said.
"We assess the company's financial risk profile as 'aggressive,'
constrained by its limited track record, given low historic cash
flow generation, affected by low price hedges. Higher copper
price hedges should ensure a significant improvement in cash
flows, but we still expect free cash flow to be mildly negative
under our scenario, given substantial capex outlays in the next
couple of years," S&P said.
"The company plans to increase its cash position and refinance
about US$70 million of its senior secured debt maturing in 2013
with a new revolving credit facility (RCF) totaling US$100
million. It also plans to issue a US$200 million bond. The
company's increased cash balances, which we estimate at close to
US$220 million post transaction, should help finance, together
with projected free cash flow, its expansion capital expenditure
(capex) program of about US$200 million annually in 2013-2014. We
understand that cash received from the bond placement will be
upstreamed to Trafigura via a loan, but will be available when
needed to finance future investments. The upstreaming or cash-
centralization of the planned bond issue proceeds to Trafigura
can also be seen as akin to cash distribution, even though it is
contractually documented as a five-year term loan with a
mandatory prepayment obligation at Iberian Mineral's request, for
capex and acquisition purposes," S&P said.
"In our base-case scenario we expect the company's adjusted debt
to increase to about US$300 million following the issuance of the
planned bond and new RCF. We do not adjust the reported debt for
surplus cash as we assume that the cash, centralized at parent
Trafigura through an intragroup loan, may be used in case of
higher-than-forecast negative free cash flow, bearing in mind the
sizable investments ahead. We therefore expect the adjusted ratio
of debt to EBITDA to stay below 2x in 2012-2013," S&P said.
"The stable outlook reflects our base-case expectation of
strongly improved profitability in 2012-2013 as the company will
benefit from much higher-priced hedge contracts. We also factor
in that a substantial portion of the investment program will be
funded through FFO with the rest being financed with the bond
proceeds. We therefore factor in stable adjusted debt at about
US$300 million (measured on a gross basis)," S&P said.
"A negative rating action could be triggered by a material debt
increase compared with our base-case scenario, prompted by
operational underperformance and/or higher capex in a weak price
environment, or a more aggressive financial policy that could
include material near-term dividend distributions to Trafigura or
weakened liquidity," S&P said.
"A positive rating action is unlikely in the next 12 months,
given the company's small asset base, and limited free operating
cash flow anticipated in view of the sizable capital spending
plans ahead, limited track record in terms of improved
profitability, and the longer time that will be needed for the
company to advance its capex program. Rating upside over the
medium term could result from a better track record with regard
to sustainable profits and successful progress on its capital
program, in combination with a supportive financial policy," S&P
said.
===========================
U N I T E D K I N G D O M
===========================
CHELFORD HOMES: In Administration on Cash Flow Problems
-------------------------------------------------------
Mary Vancura at Business Sale Report says that Chelford Homes has
collapsed into administration after struggling to get its cash
flow difficulties back on track.
Administrators PricewaterhouseCoopers have stated that cash flow
difficulties became critical in Spring of this year, compounded
by a failure to secure additional bank finance, according to
Business Sale Report.
PwC, in a report, revealed the extent of the company's debts: the
firm owed Clydesdale Bank GBP7 million, while unsecured, non-
preferential creditors were owed GBP2.15 million and are facing a
shortfall of the full amount, Business Sale Report notes.
"Due to the decline in the property market, the companies were
experiencing cash flow difficulties . . . . Consequently, in
April, [they] approached the bank for additional borrowing to
fund ongoing trading and property developments. The bank was
concerned the value of the companies' properties would not be
sufficient to cover the finance secured against them," said a
company report obtained by the news agency.
Business Sale Report discloses that the administrators were
unable to continue trading due to the lack of funds in the
company and all staff on site have been made redundant. PwC is
now looking to sell off the company's assets through agents, the
report adds.
DAWSON INTERNATIONAL: Seeks to Recover GBP2MM Customer Invoices
---------------------------------------------------------------
Mail on Sunday reports that administrators to Dawson
International are looking to recover GBP2 million invoiced to
customers, including Chanel.
The company went into administration last month, forced under by
a GBP117 million pension deficit, Mail on Sunday recounts.
At the time of its collapse, the business was due almost
GBP800,000 from Chanel, Mail on Sunday, citing a report to
creditors by KPMG.
Other clients included Turnbull & Asser, the Jermyn Street
tailor, and Nordstrom, the department store chain, Mail on Sunday
notes.
Administrators are still seeking a buyer for the company, which
has continued to trade while in administration, Mail on Sunday
discloses.
Directors of Dawson entered talks earlier this year with the
Pension Protection Fund to take on the deficit, getting a cash
sum and an equity stake in return, but the PPF eventually
rejected the plan, Mail on Sunday relates.
Dawson International is a Scottish cashmere firm.
MOSTYNS: In Administration on Difficult Trading Conditions
----------------------------------------------------------
Wiltshire Business reports that Mostyns has been placed into
administration after several years of difficult trading
conditions.
Joint administrators Julie Palmer and Simon Campbell, from
Begbies Traynor, have sold the business, according to Wiltshire
Business.
Administrator Julie Palmer, said: "Mostyns is a very well-known
business with a good reputation not just as an excellent local
employer in the Christchurch area but for its stores in high
streets up and down the country. We are delighted that the
business has been sold as a going concern, safeguarding the vast
majority of jobs . . . . Despite a solid underlying business and
sales, difficult trading conditions together with the costs of
dealing with certain historical problems including onerous
property leases has resulted in the company being put into
administration. This sale is the culmination of an intensive
six-week sale process which has successfully preserved the
business as a going concern."
The administrators can be contacted at:
Julie Anne Palmer
BEGBIES TRAYNOR
65 St Edmonds, Church Street
Salisbury, SP1 1EF
Tel No.: 01722 435 190
Fax No.: 01722 421102
E-mail: julie.palmer@begbies-traynor.com
Simon Campbell
Enford House
Enford, Pewsey, Wiltshire SN9 6DJ.
Tel No.: +44 (01980) 671206
E-mail: simon.campbell@begbies-traynor.com
Mostyns is a well-known curtain and soft furnishings retail chain
based in Christchurch, Dorset.
PORTSMOUTH FOOTBALL: Middle East Investor No Proof of Funds Yet
---------------------------------------------------------------
Nabil Hassan at BBC Sport reports that administrators of
Portsmouth Football Club say they are yet to see proofs of fund
or clarification of finances from the Middle East consortium
interested in buying the stricken League One side.
On Tuesday, former owner Sulaiman Al Fahim confirmed his
involvement, according to BBC. But administrators PKF say they
still require confirmation that the reputed GBP12.5 million of
funds are residing in the UK, BBC notes.
The Portsmouth Supporters' Trust (PST) and former owner Balram
Chainrai are both vying for control of the club, BBC discloses.
According to BBC, on Monday, PKF said a Middle East consortium
was also interested in the club and were "waiting for
clarification on funding".
BBC notes that a report by the Dubai-based magazine Arabian
Business said the potential Middle East investors had put
US$20.4 million (GBP12.77 million) into an account held by Dubai
Bank on August 30.
Portsmouth has been in administration since February, following
the collapse of parent company Convers Sports Initiatives, BBC
recounts.
About Portsmouth Football
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League. Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.
In 2010, the club entered administration as a Premiership club
with UHY Hacker Young partners Andrew Andronikou, Peter Kubik and
Michael Kiely appointed administrators, Accountancy Age noted.
In March 2011, Geoff Carton-Kelly and David Hudson, partners at
Baker Tilly, were appointed liquidators, Accountancy Age related
RANGERS FOOTBALL: Verdict on Tax Dispute Expected in October
------------------------------------------------------------
BBC Scotland reports that a verdict on the First Tier Tax
tribunal between Rangers and HM Revenue & Customs is expected in
October.
In 2010, the previous owners of Rangers contested an unpaid tax
bill relating to the use of Employee Benefit Trusts, believed to
be in the region of GBP49 million, BBC recounts.
The club entered administration in February 2012 over a separate
tax issue and applied for insolvency in July, BBC notes.
HM Courts and Tribunals Service said an announcement would be
made next month, BBC relates.
According to BBC, during the period 2001-2010, the previous
owners of Rangers operated an Employee Benefit Trust scheme that
HMRC claims was a tax scam, which subsequently became known as
the "Big Tax Case".
The scheme provided GBP47.65 million in payments to players and
staff in the form of tax-free loans, but HMRC insists it has
proof in the form of documents and emails that the payments were
contractual in nature, which would make the scheme illegal, BBC
discloses.
HMRC subsequently issued Rangers with a GBP35 million bill for
unpaid tax and interest, and GBP14 million in penalties, BBC
says. That was challenged by the club at the Court of Session in
Edinburgh, but no verdict has been announced, BBC states.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
RIVERA HOTEL: In Administration, Owner Quits Business
-----------------------------------------------------
This is South Devon reports that Boss Mark Jenkins, the man made
famous for his TV hotel series, is selling up -- and two of his
other hotels have gone into administration.
Torquay's Grosvenor Hotel is for sale and the neighboring Kistor
and Inglewood hotels have gone into administration, according to
This is South Devon.
The report relates that Boss Mark Jenkins, who shot to stardom
with The Hotel fly-on-the-wall documentary, said he is now
quitting the hotel business.
Grant Thornton have been appointed administrators of Torquay-
based Riviera Hotels LLP, the limited liability partnership set
up by Mr. Jenkins last year.
The report notes that it was formed after the voluntary
liquidation of Inglewood Hotel Limited, the company which
formerly ran the Inglewood, Kistor and Grosvenor hotels, which
was placed into creditors voluntary liquidation last summer owing
GBP900,000 million.
This is South Devon discloses that that the Grosvenor is now
being sold as a separate entity.
The report says that the Grosvenor was initially placed on the
market under 'confidential instruction' for GBP1.2million earlier
this summer, but is now openly on sale for bids between GBP750,
000 and GBP1million.
"The Kistor and the Inglewood have been taken over and are being
run as a going concern. That is all separate to the sale of the
Grosvenor . . . . . When Mark started with the Grosvenor, I
think it is fair to say there was a much higher immediate spend
needed. He has spent in excess of GBP200, 000 on modernizing
what was perhaps a tired old lady . . . . Mark is in control of
the company that owns the Grosvenor. The Inglewood and Kistor
and are now completely separate entities," the report quoted
Stephen Lofthouse, director of Bettesworths, who is handling the
Grosvenor sale, as saying.
The report relates that Mr. Lofthouse said Mr. Jenkins is now
looking for a quick sale, and for the jobs of the staff to be
retained as part of the deal.
The Inglewood and Kistor are trading as normal and are expected
to be put on the market as a going concern by Savills in Exeter
in the next six weeks, the report says.
It is not known how much is money may be owed or how many jobs
may be under threat.
This is South Devon discloses that a statement from
administrators Grant Thornton said: "Nigel Morrison and Alistair
Wardell have been appointed administrators at Torquay-based
Riviera Hotels LLP, trading as The Kistor and The Inglewood
Hotels . . . . The 64-bed Kistor, and the 54-bed Inglewood,
which are both on Belgrave Road, have suffered from the effects
of the general economic climate . . . . They are continuing to
trade at the sites while they attempt to sell them as a going
concern. There are no current plans to make any redundancies."
The report notes that English Riviera Tourism Chief Executive
Carolyn Custerson was concerned about the timing of the sale -
and the fact that Mr. Jenkins' latest troubles were being filmed
for national television.
TITAN EUROPE 2007-1: Fitch Maintains 'CCC' Rating on Cl. E Notes
----------------------------------------------------------------
Fitch Ratings has maintained Titan Europe 2007-1 (NHP) Limited's
notes on Rating Watch Negative (RWN), as follows:
-- GBP42.15m class B secured floating-rate notes due 2017:
'BB'; maintained on RWN
-- GBP42m class C secured floating-rate notes due 2017: 'B+';
maintained on RWN
-- GBP58m class D secured floating-rate notes due 2017: 'B-';
maintained on RWN
-- GBP60m class E secured floating-rate notes due 2017: 'CCC'
The maintained RWN is driven by the lack of further material
information being made available to Fitch, most notably with
regards to the detailed operating performance of the care home
portfolio (including central costs); the quality of the homes
providing details about necessary catch-up capex; and a bottom-up
business plan for HC-One. Fitch understands that more
information will be provided by the borrower by Q412 after HC-One
has prepared a full three-year turnaround plan and the business
completes its first 12 months of trading. The agency expects to
resolve the RWN after this information has been received and
analyzed. Some or all of the rated notes are likely to be
downgraded.
Some information was provided on July 27, 2012 suggesting a
continued under-performance of the former Southern Cross homes
(now operated by HC-One) compared to the industry average.
At the last interest payment date (IPD) in July, further funds
were retained by the borrower with more retentions expected at
the next IPD. Consequently, subordinated forward interest rate
swap and note payments for classes B and below have been deferred
again and the servicer advance facility has been drawn down. The
total amount of payment deferrals (including servicer advance
facility drawings) has accumulated to GBP54 million, about GBP12
million more than at the previous IPD in April.
Fitch believes it may be challenging to materially improve the
operating performance of HC-One in a short period of time given
the current market environment with public finances scarce and
HC-One's low exposure to the more lucrative self-pay market
(circa 21% of overall turnover). Hence, interest payments on the
class B notes and below may keep deferring until final maturity.
However, the transaction still benefits from a tail period of
four years and four months prior to the legal final maturity of
the notes in January 2017, which leaves some time for the
performance to stabilize, and a sale/refinancing solution to be
found.
To resolve the RWN, Fitch needs more information as to the
detailed operating performance and conditions of the care homes,
as well as more clarity from Court Cavendish with regard to its
strategy for HC-One. Fitch may decide to take further rating
actions (possibly multi-notch downgrades) once this information
is received, notably if the transaction's sustainable rent is not
expected to increase materially within Fitch's forecasting
period. Given the preliminary information provided thus far, it
is in increasingly likely that the class B notes could be
downgraded to the 'B' rating category.
Titan Europe 2007-1 (NHP) is a securitization of 294 nursing
homes and three residential properties owned by NHP, which are
let on long leases to third-party operators active in the UK
healthcare sector (in particular HC-One, which accounts for 84%
of the estate).
===============
X X X X X X X X
===============
* BOND PRICING: For the Week September 10 to September 14, 2012
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 24.88
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 24.88
IMMOFINANZ 4.250 3/8/2018 EUR 4.02
RAIFF CENTROBANK 7.646 1/23/2013 EUR 50.38
RAIFF CENTROBANK 9.876 1/23/2013 EUR 49.48
RAIFF CENTROBANK 9.558 1/23/2013 EUR 67.95
RAIFF CENTROBANK 9.304 1/23/2013 EUR 70.46
RAIFF CENTROBANK 8.920 1/23/2013 EUR 74.39
RAIFF CENTROBANK 7.965 1/23/2013 EUR 53.49
RAIFF CENTROBANK 9.200 7/24/2013 EUR 74.71
RAIFF CENTROBANK 11.134 7/24/2013 EUR 71.52
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 22.12
TALVIVAARA 4.000 12/16/2015 EUR 71.46
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.67
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.56
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.36
ASSYSTEM 4.000 1/1/2017 EUR 23.02
ATOS ORIGIN SA 2.500 1/1/2016 EUR 56.48
CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.44
CGG VERITAS 1.750 1/1/2016 EUR 32.21
CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.55
EURAZEO 6.250 6/10/2014 EUR 55.11
FAURECIA 4.500 1/1/2015 EUR 20.96
INGENICO 2.750 1/1/2017 EUR 50.60
MAUREL ET PROM 7.125 7/31/2014 EUR 18.32
MAUREL ET PROM 7.125 7/31/2015 EUR 17.26
NEXANS SA 4.000 1/1/2016 EUR 57.67
NEXANS SA 2.500 1/1/2019 EUR 69.64
ORPEA 3.875 1/1/2016 EUR 47.26
PEUGEOT SA 4.450 1/1/2016 EUR 23.48
PIERRE VACANCES 4.000 10/1/2015 EUR 74.62
PUBLICIS GROUPE 1.000 1/18/2018 EUR 53.38
SOC AIR FRANCE 2.750 4/1/2020 EUR 20.96
SOITEC 6.250 9/9/2014 EUR 8.21
TEM 4.250 1/1/2015 EUR 54.01
GERMANY
-------
BAYERISCHE LNDBK 3.200 10/1/2012 EUR 24.41
BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 69.14
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 47.06
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 73.03
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 66.69
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 57.44
COMMERZBANK AG 19.500 9/27/2012 EUR 69.13
COMMERZBANK AG 19.750 9/27/2012 EUR 72.54
COMMERZBANK AG 19.500 9/27/2012 EUR 74.95
COMMERZBANK AG 28.750 9/27/2012 EUR 66.22
COMMERZBANK AG 21.500 9/27/2012 EUR 73.13
COMMERZBANK AG 7.700 9/28/2012 EUR 43.34
COMMERZBANK AG 9.000 10/1/2012 EUR 52.94
COMMERZBANK AG 9.000 10/29/2012 EUR 6.93
COMMERZBANK AG 8.000 11/5/2012 EUR 56.32
COMMERZBANK AG 11.500 11/5/2012 EUR 66.46
COMMERZBANK AG 10.000 11/5/2012 EUR 53.85
COMMERZBANK AG 8.500 12/17/2012 EUR 73.02
COMMERZBANK AG 8.000 12/27/2012 EUR 45.25
COMMERZBANK AG 7.000 12/27/2012 EUR 70.37
COMMERZBANK AG 13.000 12/28/2012 EUR 62.60
COMMERZBANK AG 21.250 12/31/2012 EUR 72.47
COMMERZBANK AG 10.750 3/21/2013 EUR 72.30
COMMERZBANK AG 14.500 3/21/2013 EUR 68.70
COMMERZBANK AG 18.750 3/21/2013 EUR 74.96
COMMERZBANK AG 18.500 3/21/2013 EUR 65.40
COMMERZBANK AG 14.000 8/5/2013 EUR 73.46
COMMERZBANK AG 8.400 12/30/2013 EUR 15.65
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 66.10
DEUTSCHE BANK AG 12.000 8/31/2012 EUR 73.30
DEUTSCHE BANK AG 9.000 8/31/2012 EUR 74.00
DEUTSCHE BANK AG 20.000 9/28/2012 EUR 74.20
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 73.50
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 63.10
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 75.00
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 62.80
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 51.20
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 69.00
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 44.50
DEUTSCHE BANK AG 7.000 12/20/2012 EUR 68.70
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 72.00
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 53.40
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 57.50
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 72.90
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 36.60
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 73.10
DEUTSCHE BANK AG 7.000 12/20/2012 EUR 74.70
DEUTSCHE BANK AG 12.000 4/2/2013 EUR 74.20
DZ BANK AG 19.500 9/14/2012 EUR 58.67
DZ BANK AG 12.500 9/14/2012 EUR 69.80
DZ BANK AG 10.750 9/14/2012 EUR 72.92
DZ BANK AG 10.500 9/14/2012 EUR 39.77
DZ BANK AG 5.000 9/14/2012 EUR 59.49
DZ BANK AG 8.000 9/14/2012 EUR 47.17
DZ BANK AG 8.250 9/14/2012 EUR 64.13
DZ BANK AG 8.500 9/14/2012 EUR 44.54
DZ BANK AG 9.500 9/14/2012 EUR 66.93
DZ BANK AG 9.500 9/14/2012 EUR 72.94
DZ BANK AG 10.000 9/14/2012 EUR 65.62
DZ BANK AG 7.250 9/14/2012 EUR 74.54
DZ BANK AG 6.250 9/14/2012 EUR 51.82
DZ BANK AG 10.000 9/14/2012 EUR 66.74
DZ BANK AG 5.850 9/14/2012 EUR 55.28
DZ BANK AG 7.500 9/14/2012 EUR 64.27
DZ BANK AG 23.000 9/28/2012 EUR 66.47
DZ BANK AG 22.000 9/28/2012 EUR 69.27
DZ BANK AG 17.000 9/28/2012 EUR 73.34
DZ BANK AG 15.500 9/28/2012 EUR 71.40
DZ BANK AG 16.500 9/28/2012 EUR 72.89
DZ BANK AG 4.500 10/5/2012 EUR 67.59
DZ BANK AG 5.700 10/5/2012 EUR 64.65
DZ BANK AG 7.600 10/5/2012 EUR 73.61
DZ BANK AG 8.300 10/5/2012 EUR 59.52
DZ BANK AG 7.000 10/12/2012 EUR 46.10
DZ BANK AG 7.000 10/12/2012 EUR 67.70
DZ BANK AG 8.000 10/12/2012 EUR 70.27
DZ BANK AG 9.500 10/12/2012 EUR 56.39
DZ BANK AG 8.000 10/12/2012 EUR 40.91
DZ BANK AG 15.000 10/26/2012 EUR 74.34
DZ BANK AG 15.000 10/26/2012 EUR 74.95
DZ BANK AG 16.000 10/26/2012 EUR 73.48
DZ BANK AG 18.000 10/26/2012 EUR 72.89
DZ BANK AG 19.000 10/26/2012 EUR 69.60
DZ BANK AG 22.000 10/26/2012 EUR 66.50
DZ BANK AG 20.000 11/23/2012 EUR 66.60
DZ BANK AG 5.000 12/14/2012 EUR 64.31
DZ BANK AG 9.750 12/14/2012 EUR 63.88
DZ BANK AG 5.000 12/21/2012 EUR 68.07
DZ BANK AG 6.000 1/2/2013 EUR 70.01
DZ BANK AG 15.500 1/11/2013 EUR 59.09
DZ BANK AG 14.000 1/11/2013 EUR 53.61
DZ BANK AG 12.500 1/25/2013 EUR 55.77
DZ BANK AG 19.000 1/25/2013 EUR 68.57
DZ BANK AG 10.250 2/8/2013 EUR 74.25
DZ BANK AG 14.000 2/22/2013 EUR 72.71
DZ BANK AG 10.750 2/22/2013 EUR 72.00
DZ BANK AG 11.000 2/22/2013 EUR 74.88
DZ BANK AG 11.000 3/8/2013 EUR 74.57
DZ BANK AG 13.500 3/8/2013 EUR 74.67
DZ BANK AG 13.750 3/8/2013 EUR 58.84
DZ BANK AG 10.000 3/8/2013 EUR 70.18
DZ BANK AG 18.500 3/22/2013 EUR 74.07
DZ BANK AG 11.250 3/22/2013 EUR 70.63
DZ BANK AG 20.000 3/22/2013 EUR 70.79
DZ BANK AG 9.750 4/2/2013 EUR 74.63
DZ BANK AG 17.000 4/26/2013 EUR 24.60
DZ BANK AG 15.750 4/26/2013 EUR 58.28
DZ BANK AG 14.500 4/26/2013 EUR 74.08
GOLDMAN SACHS CO 15.000 9/26/2012 EUR 74.60
GOLDMAN SACHS CO 16.000 12/28/2012 EUR 74.80
GOLDMAN SACHS CO 15.000 12/28/2012 EUR 69.90
GOLDMAN SACHS CO 18.000 3/20/2013 EUR 73.50
GOLDMAN SACHS CO 18.000 6/26/2013 EUR 73.50
HSBC TRINKAUS 25.500 9/28/2012 EUR 63.19
HSBC TRINKAUS 25.500 9/28/2012 EUR 71.57
HSBC TRINKAUS 27.500 9/28/2012 EUR 65.73
HSBC TRINKAUS 29.000 9/28/2012 EUR 66.42
HSBC TRINKAUS 29.500 9/28/2012 EUR 57.38
HSBC TRINKAUS 8.000 9/28/2012 EUR 62.94
HSBC TRINKAUS 11.000 9/28/2012 EUR 60.03
HSBC TRINKAUS 13.000 9/28/2012 EUR 67.64
HSBC TRINKAUS 15.500 9/28/2012 EUR 61.98
HSBC TRINKAUS 18.000 9/28/2012 EUR 55.12
HSBC TRINKAUS 18.500 9/28/2012 EUR 74.90
HSBC TRINKAUS 19.000 9/28/2012 EUR 70.22
HSBC TRINKAUS 19.500 9/28/2012 EUR 70.13
HSBC TRINKAUS 20.000 9/28/2012 EUR 62.56
HSBC TRINKAUS 20.000 9/28/2012 EUR 57.43
HSBC TRINKAUS 24.000 9/28/2012 EUR 70.37
HSBC TRINKAUS 24.000 9/28/2012 EUR 64.06
HSBC TRINKAUS 25.000 9/28/2012 EUR 65.72
HSBC TRINKAUS 29.500 9/28/2012 EUR 72.08
HSBC TRINKAUS 17.500 10/26/2012 EUR 72.82
HSBC TRINKAUS 16.000 11/23/2012 EUR 73.82
HSBC TRINKAUS 18.000 3/22/2013 EUR 72.51
HSBC TRINKAUS 18.500 3/22/2013 EUR 61.07
HSBC TRINKAUS 19.000 3/22/2013 EUR 67.82
HSBC TRINKAUS 19.500 3/22/2013 EUR 66.22
HSBC TRINKAUS 20.000 3/22/2013 EUR 71.32
HSBC TRINKAUS 22.500 3/22/2013 EUR 72.99
HSBC TRINKAUS 17.500 3/22/2013 EUR 71.32
HSBC TRINKAUS 17.500 3/22/2013 EUR 67.72
HSBC TRINKAUS 15.500 3/22/2013 EUR 63.80
HSBC TRINKAUS 15.000 3/22/2013 EUR 74.24
HSBC TRINKAUS 14.000 3/22/2013 EUR 61.99
HSBC TRINKAUS 13.000 3/22/2013 EUR 65.16
HSBC TRINKAUS 10.500 3/22/2013 EUR 65.35
HSBC TRINKAUS 22.000 3/22/2013 EUR 59.19
HSBC TRINKAUS 22.000 3/22/2013 EUR 65.12
HSBC TRINKAUS 10.500 3/22/2013 EUR 68.93
HSBC TRINKAUS 8.500 3/22/2013 EUR 67.22
HSBC TRINKAUS 8.000 3/22/2013 EUR 69.04
HSBC TRINKAUS 7.500 3/22/2013 EUR 73.26
HSBC TRINKAUS 23.500 3/22/2013 EUR 66.11
HSBC TRINKAUS 24.000 3/22/2013 EUR 68.01
HSBC TRINKAUS 21.000 3/22/2013 EUR 61.34
HSBC TRINKAUS 24.000 3/22/2013 EUR 74.42
HSBC TRINKAUS 26.500 3/22/2013 EUR 63.41
HSBC TRINKAUS 27.000 3/22/2013 EUR 51.73
HSBC TRINKAUS 21.000 3/22/2013 EUR 69.66
HSBC TRINKAUS 17.500 3/22/2013 EUR 74.85
HSBC TRINKAUS 17.500 3/22/2013 EUR 73.36
HSBC TRINKAUS 27.500 3/22/2013 EUR 43.79
HSBC TRINKAUS 16.500 6/28/2013 EUR 72.23
HSBC TRINKAUS 30.000 6/28/2013 EUR 47.92
HSBC TRINKAUS 26.000 6/28/2013 EUR 48.12
HSBC TRINKAUS 25.500 6/28/2013 EUR 55.26
HSBC TRINKAUS 23.500 6/28/2013 EUR 66.74
HSBC TRINKAUS 22.500 6/28/2013 EUR 56.28
HSBC TRINKAUS 21.500 6/28/2013 EUR 69.11
HSBC TRINKAUS 21.000 6/28/2013 EUR 74.21
HSBC TRINKAUS 19.500 6/28/2013 EUR 71.92
HSBC TRINKAUS 19.500 6/28/2013 EUR 65.45
HSBC TRINKAUS 19.000 6/28/2013 EUR 61.51
HSBC TRINKAUS 18.500 6/28/2013 EUR 69.81
HSBC TRINKAUS 18.500 6/28/2013 EUR 73.09
HSBC TRINKAUS 17.500 6/28/2013 EUR 74.31
HSBC TRINKAUS 17.500 6/28/2013 EUR 69.79
HSBC TRINKAUS 16.500 6/28/2013 EUR 67.81
HSBC TRINKAUS 16.500 6/28/2013 EUR 63.04
HSBC TRINKAUS 16.000 6/28/2013 EUR 74.06
HSBC TRINKAUS 14.000 6/28/2013 EUR 65.10
HSBC TRINKAUS 12.500 6/28/2013 EUR 64.64
HSBC TRINKAUS 11.000 6/28/2013 EUR 74.91
HSBC TRINKAUS 10.500 6/28/2013 EUR 69.50
HSBC TRINKAUS 10.000 6/28/2013 EUR 67.63
HSBC TRINKAUS 8.500 6/28/2013 EUR 69.19
HSBC TRINKAUS 8.000 6/28/2013 EUR 73.09
HSBC TRINKAUS 6.000 6/28/2013 EUR 73.19
LB BADEN-WUERTT 4.000 9/28/2012 EUR 40.37
LB BADEN-WUERTT 10.000 9/28/2012 EUR 70.89
LB BADEN-WUERTT 10.000 9/28/2012 EUR 66.27
LB BADEN-WUERTT 8.000 9/28/2012 EUR 52.88
LB BADEN-WUERTT 8.000 9/28/2012 EUR 15.69
LB BADEN-WUERTT 8.000 9/28/2012 EUR 43.83
LB BADEN-WUERTT 8.000 9/28/2012 EUR 48.21
LB BADEN-WUERTT 8.000 9/28/2012 EUR 61.23
LB BADEN-WUERTT 8.000 9/28/2012 EUR 31.15
LB BADEN-WUERTT 8.000 9/28/2012 EUR 62.44
LB BADEN-WUERTT 7.500 9/28/2012 EUR 66.30
LB BADEN-WUERTT 7.000 9/28/2012 EUR 70.35
LB BADEN-WUERTT 6.000 9/28/2012 EUR 34.37
LB BADEN-WUERTT 6.000 9/28/2012 EUR 58.65
LB BADEN-WUERTT 6.000 9/28/2012 EUR 18.13
LB BADEN-WUERTT 6.000 9/28/2012 EUR 69.52
LB BADEN-WUERTT 6.000 9/28/2012 EUR 71.30
LB BADEN-WUERTT 6.000 9/28/2012 EUR 50.02
LB BADEN-WUERTT 6.000 9/28/2012 EUR 53.80
LB BADEN-WUERTT 5.000 9/28/2012 EUR 65.94
LB BADEN-WUERTT 4.000 9/28/2012 EUR 68.25
LB BADEN-WUERTT 4.000 9/28/2012 EUR 22.11
LB BADEN-WUERTT 4.000 9/28/2012 EUR 59.87
LB BADEN-WUERTT 4.000 9/28/2012 EUR 62.61
LB BADEN-WUERTT 10.000 10/26/2012 EUR 40.56
LB BADEN-WUERTT 10.000 10/26/2012 EUR 69.36
LB BADEN-WUERTT 10.000 10/26/2012 EUR 45.52
LB BADEN-WUERTT 10.000 10/26/2012 EUR 51.67
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.65
LB BADEN-WUERTT 10.000 10/26/2012 EUR 5.08
LB BADEN-WUERTT 10.000 10/26/2012 EUR 52.69
LB BADEN-WUERTT 10.000 10/26/2012 EUR 12.95
LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.72
LB BADEN-WUERTT 7.500 10/26/2012 EUR 45.83
LB BADEN-WUERTT 7.500 10/26/2012 EUR 56.39
LB BADEN-WUERTT 7.500 10/26/2012 EUR 49.94
LB BADEN-WUERTT 7.500 10/26/2012 EUR 57.86
LB BADEN-WUERTT 7.500 10/26/2012 EUR 13.73
LB BADEN-WUERTT 7.500 10/26/2012 EUR 5.49
LB BADEN-WUERTT 5.000 10/26/2012 EUR 58.00
LB BADEN-WUERTT 5.000 10/26/2012 EUR 65.63
LB BADEN-WUERTT 5.000 10/26/2012 EUR 64.14
LB BADEN-WUERTT 5.000 10/26/2012 EUR 54.77
LB BADEN-WUERTT 5.000 10/26/2012 EUR 15.49
LB BADEN-WUERTT 5.000 10/26/2012 EUR 5.83
LB BADEN-WUERTT 10.000 11/23/2012 EUR 59.75
LB BADEN-WUERTT 10.000 11/23/2012 EUR 67.88
LB BADEN-WUERTT 10.000 11/23/2012 EUR 37.08
LB BADEN-WUERTT 10.000 11/23/2012 EUR 74.77
LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.60
LB BADEN-WUERTT 10.000 11/23/2012 EUR 13.72
LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.30
LB BADEN-WUERTT 10.000 11/23/2012 EUR 43.04
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.13
LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.15
LB BADEN-WUERTT 10.000 11/23/2012 EUR 52.32
LB BADEN-WUERTT 7.500 11/23/2012 EUR 67.76
LB BADEN-WUERTT 7.500 11/23/2012 EUR 68.27
LB BADEN-WUERTT 7.500 11/23/2012 EUR 40.90
LB BADEN-WUERTT 7.500 11/23/2012 EUR 47.45
LB BADEN-WUERTT 7.500 11/23/2012 EUR 74.17
LB BADEN-WUERTT 7.500 11/23/2012 EUR 69.55
LB BADEN-WUERTT 7.500 11/23/2012 EUR 70.84
LB BADEN-WUERTT 7.500 11/23/2012 EUR 14.47
LB BADEN-WUERTT 7.500 11/23/2012 EUR 57.25
LB BADEN-WUERTT 7.500 11/23/2012 EUR 67.17
LB BADEN-WUERTT 5.000 11/23/2012 EUR 54.28
LB BADEN-WUERTT 5.000 11/23/2012 EUR 47.65
LB BADEN-WUERTT 5.000 11/23/2012 EUR 65.18
LB BADEN-WUERTT 5.000 11/23/2012 EUR 74.32
LB BADEN-WUERTT 5.000 11/23/2012 EUR 15.96
LB BADEN-WUERTT 15.000 11/23/2012 EUR 52.12
LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.99
LB BADEN-WUERTT 10.000 1/4/2013 EUR 51.71
LB BADEN-WUERTT 10.000 1/4/2013 EUR 49.92
LB BADEN-WUERTT 10.000 1/4/2013 EUR 36.72
LB BADEN-WUERTT 10.000 1/4/2013 EUR 14.71
LB BADEN-WUERTT 10.000 1/4/2013 EUR 63.97
LB BADEN-WUERTT 5.000 1/4/2013 EUR 62.36
LB BADEN-WUERTT 5.000 1/4/2013 EUR 16.38
LB BADEN-WUERTT 5.000 1/4/2013 EUR 62.63
LB BADEN-WUERTT 5.000 1/4/2013 EUR 45.18
LB BADEN-WUERTT 7.500 1/4/2013 EUR 55.31
LB BADEN-WUERTT 7.500 1/4/2013 EUR 39.25
LB BADEN-WUERTT 7.500 1/4/2013 EUR 67.63
LB BADEN-WUERTT 7.500 1/4/2013 EUR 15.08
LB BADEN-WUERTT 7.500 1/4/2013 EUR 63.14
LB BADEN-WUERTT 7.500 1/4/2013 EUR 67.56
LB BADEN-WUERTT 7.500 1/4/2013 EUR 62.33
LB BADEN-WUERTT 5.000 1/4/2013 EUR 72.03
LB BADEN-WUERTT 7.500 1/4/2013 EUR 50.86
LB BADEN-WUERTT 10.000 1/4/2013 EUR 61.96
LB BADEN-WUERTT 10.000 1/4/2013 EUR 61.89
LB BADEN-WUERTT 5.000 1/4/2013 EUR 50.03
LB BADEN-WUERTT 10.000 1/4/2013 EUR 57.77
LB BADEN-WUERTT 10.000 1/25/2013 EUR 58.61
LB BADEN-WUERTT 5.000 1/25/2013 EUR 70.89
LB BADEN-WUERTT 5.000 1/25/2013 EUR 21.73
LB BADEN-WUERTT 5.000 1/25/2013 EUR 62.91
LB BADEN-WUERTT 7.500 1/25/2013 EUR 63.88
LB BADEN-WUERTT 7.500 1/25/2013 EUR 59.90
LB BADEN-WUERTT 7.500 1/25/2013 EUR 65.77
LB BADEN-WUERTT 7.500 1/25/2013 EUR 19.90
LB BADEN-WUERTT 10.000 1/25/2013 EUR 70.52
LB BADEN-WUERTT 10.000 1/25/2013 EUR 19.00
LB BADEN-WUERTT 10.000 1/25/2013 EUR 64.86
LB BADEN-WUERTT 10.000 1/25/2013 EUR 54.15
LB BADEN-WUERTT 10.000 1/25/2013 EUR 70.72
LB BADEN-WUERTT 10.000 1/25/2013 EUR 71.23
LB BADEN-WUERTT 15.000 2/22/2013 EUR 55.53
LB BADEN-WUERTT 20.000 2/22/2013 EUR 74.51
LB BADEN-WUERTT 7.500 2/22/2013 EUR 71.21
LB BADEN-WUERTT 10.000 2/22/2013 EUR 64.36
LB BADEN-WUERTT 8.000 3/22/2013 EUR 69.58
LB BADEN-WUERTT 10.000 3/22/2013 EUR 67.88
LB BADEN-WUERTT 15.000 3/22/2013 EUR 72.08
LB BADEN-WUERTT 15.000 3/22/2013 EUR 64.25
LB BADEN-WUERTT 11.000 6/28/2013 EUR 68.64
LB BADEN-WUERTT 7.000 6/28/2013 EUR 72.05
LB BADEN-WUERTT 5.000 6/28/2013 EUR 59.72
LB BADEN-WUERTT 7.500 6/28/2013 EUR 72.46
LB BADEN-WUERTT 9.000 6/28/2013 EUR 69.59
LB BADEN-WUERTT 10.000 6/28/2013 EUR 63.78
LB BADEN-WUERTT 10.000 6/28/2013 EUR 69.17
LB BADEN-WUERTT 10.000 6/28/2013 EUR 74.25
LB BADEN-WUERTT 7.500 6/28/2013 EUR 59.15
LB BADEN-WUERTT 8.000 7/26/2013 EUR 73.84
LB BADEN-WUERTT 9.000 7/26/2013 EUR 73.35
LB BADEN-WUERTT 8.000 8/23/2013 EUR 73.44
LB BADEN-WUERTT 9.000 8/23/2013 EUR 73.57
LB BADEN-WUERTT 10.000 8/23/2013 EUR 71.42
LB BADEN-WUERTT 12.000 8/23/2013 EUR 69.73
LB BADEN-WUERTT 11.000 9/27/2013 EUR 69.96
LB BADEN-WUERTT 9.000 9/27/2013 EUR 70.25
LB BADEN-WUERTT 7.000 9/27/2013 EUR 71.96
MACQUARIE STRUCT 9.750 9/28/2012 EUR 48.50
MACQUARIE STRUCT 12.750 9/28/2012 EUR 71.15
MACQUARIE STRUCT 9.250 9/28/2012 EUR 72.22
MACQUARIE STRUCT 11.500 9/28/2012 EUR 39.89
MACQUARIE STRUCT 10.750 9/28/2012 EUR 70.77
MACQUARIE STRUCT 10.000 9/28/2012 EUR 70.62
MACQUARIE STRUCT 9.000 9/28/2012 EUR 53.64
MACQUARIE STRUCT 18.000 12/14/2012 EUR 50.28
Q-CELLS 6.750 10/21/2015 EUR 0.73
QIMONDA FINANCE 6.750 3/22/2013 USD 4.50
SOLON AG SOLAR 1.375 12/6/2012 EUR 0.53
TAG IMMO AG 6.500 12/10/2015 EUR 8.61
TUI AG 5.500 11/17/2014 EUR 72.24
TUI AG 2.750 3/24/2016 EUR 54.16
VONTOBEL FIN PRO 17.100 9/28/2012 EUR 61.06
VONTOBEL FIN PRO 17.450 9/28/2012 EUR 72.94
VONTOBEL FIN PRO 18.100 9/28/2012 EUR 60.24
VONTOBEL FIN PRO 18.800 9/28/2012 EUR 69.34
VONTOBEL FIN PRO 18.900 9/28/2012 EUR 63.98
VONTOBEL FIN PRO 19.000 9/28/2012 EUR 48.60
VONTOBEL FIN PRO 19.250 9/28/2012 EUR 57.46
VONTOBEL FIN PRO 20.000 9/28/2012 EUR 60.52
VONTOBEL FIN PRO 20.400 9/28/2012 EUR 64.88
VONTOBEL FIN PRO 20.750 9/28/2012 EUR 54.56
VONTOBEL FIN PRO 20.950 9/28/2012 EUR 43.92
VONTOBEL FIN PRO 21.350 9/28/2012 EUR 65.52
VONTOBEL FIN PRO 21.500 9/28/2012 EUR 43.98
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 54.20
VONTOBEL FIN PRO 21.550 9/28/2012 EUR 74.22
VONTOBEL FIN PRO 21.900 9/28/2012 EUR 71.34
VONTOBEL FIN PRO 23.100 9/28/2012 EUR 72.44
VONTOBEL FIN PRO 23.300 9/28/2012 EUR 71.18
VONTOBEL FIN PRO 25.050 9/28/2012 EUR 64.34
VONTOBEL FIN PRO 25.700 9/28/2012 EUR 51.54
VONTOBEL FIN PRO 26.050 9/28/2012 EUR 72.68
VONTOBEL FIN PRO 27.550 9/28/2012 EUR 37.24
VONTOBEL FIN PRO 28.700 9/28/2012 EUR 44.44
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 64.36
VONTOBEL FIN PRO 8.200 9/28/2012 EUR 59.60
VONTOBEL FIN PRO 8.250 9/28/2012 EUR 73.38
VONTOBEL FIN PRO 9.050 9/28/2012 EUR 69.44
VONTOBEL FIN PRO 9.400 9/28/2012 EUR 51.54
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 66.50
VONTOBEL FIN PRO 9.700 9/28/2012 EUR 62.42
VONTOBEL FIN PRO 9.950 9/28/2012 EUR 63.58
VONTOBEL FIN PRO 10.400 9/28/2012 EUR 67.76
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 58.24
VONTOBEL FIN PRO 10.600 9/28/2012 EUR 73.26
VONTOBEL FIN PRO 10.850 9/28/2012 EUR 51.34
VONTOBEL FIN PRO 11.050 9/28/2012 EUR 64.64
VONTOBEL FIN PRO 11.100 9/28/2012 EUR 73.46
VONTOBEL FIN PRO 11.200 9/28/2012 EUR 73.20
VONTOBEL FIN PRO 11.250 9/28/2012 EUR 62.84
VONTOBEL FIN PRO 11.550 9/28/2012 EUR 58.20
VONTOBEL FIN PRO 11.900 9/28/2012 EUR 64.92
VONTOBEL FIN PRO 12.100 9/28/2012 EUR 74.58
VONTOBEL FIN PRO 12.350 9/28/2012 EUR 49.22
VONTOBEL FIN PRO 12.800 9/28/2012 EUR 59.60
VONTOBEL FIN PRO 13.100 9/28/2012 EUR 53.76
VONTOBEL FIN PRO 13.350 9/28/2012 EUR 74.68
VONTOBEL FIN PRO 13.950 9/28/2012 EUR 46.30
VONTOBEL FIN PRO 14.150 9/28/2012 EUR 60.18
VONTOBEL FIN PRO 14.450 9/28/2012 EUR 66.84
VONTOBEL FIN PRO 14.500 9/28/2012 EUR 54.72
VONTOBEL FIN PRO 14.550 9/28/2012 EUR 60.14
VONTOBEL FIN PRO 14.600 9/28/2012 EUR 47.26
VONTOBEL FIN PRO 14.650 9/28/2012 EUR 72.04
VONTOBEL FIN PRO 15.000 9/28/2012 EUR 73.48
VONTOBEL FIN PRO 15.150 9/28/2012 EUR 63.90
VONTOBEL FIN PRO 15.250 9/28/2012 EUR 72.72
VONTOBEL FIN PRO 15.550 9/28/2012 EUR 70.96
VONTOBEL FIN PRO 15.700 9/28/2012 EUR 64.42
VONTOBEL FIN PRO 16.200 9/28/2012 EUR 67.40
VONTOBEL FIN PRO 16.400 9/28/2012 EUR 61.68
VONTOBEL FIN PRO 16.800 9/28/2012 EUR 65.70
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 47.38
VONTOBEL FIN PRO 16.850 9/28/2012 EUR 70.62
VONTOBEL FIN PRO 16.900 9/28/2012 EUR 74.08
VONTOBEL FIN PRO 28.900 9/28/2012 EUR 37.34
VONTOBEL FIN PRO 7.350 9/28/2012 EUR 72.30
VONTOBEL FIN PRO 7.900 9/28/2012 EUR 74.86
VONTOBEL FIN PRO 5.006 12/28/2012 EUR 67.96
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 61.90
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 73.78
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 40.82
VONTOBEL FIN PRO 7.900 12/31/2012 EUR 66.32
VONTOBEL FIN PRO 7.850 12/31/2012 EUR 74.94
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 47.50
VONTOBEL FIN PRO 26.050 12/31/2012 EUR 70.72
VONTOBEL FIN PRO 7.400 12/31/2012 EUR 59.46
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 39.12
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 37.22
VONTOBEL FIN PRO 8.400 12/31/2012 EUR 74.58
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 36.14
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 73.40
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 66.16
VONTOBEL FIN PRO 8.950 12/31/2012 EUR 71.64
VONTOBEL FIN PRO 10.150 12/31/2012 EUR 73.42
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 60.42
VONTOBEL FIN PRO 9.650 12/31/2012 EUR 72.92
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 66.34
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 68.56
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 49.78
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 58.12
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 45.50
VONTOBEL FIN PRO 18.200 12/31/2012 EUR 74.64
VONTOBEL FIN PRO 17.300 12/31/2012 EUR 71.12
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 44.88
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 60.50
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 62.36
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 59.22
VONTOBEL FIN PRO 16.700 12/31/2012 EUR 64.40
VONTOBEL FIN PRO 16.450 12/31/2012 EUR 70.20
VONTOBEL FIN PRO 16.150 12/31/2012 EUR 62.56
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 63.20
VONTOBEL FIN PRO 14.950 12/31/2012 EUR 66.28
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 65.38
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 67.20
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 53.94
VONTOBEL FIN PRO 14.100 12/31/2012 EUR 73.38
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 70.38
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 55.22
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 66.20
VONTOBEL FIN PRO 13.150 12/31/2012 EUR 74.02
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 67.26
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 72.86
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 50.20
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 61.66
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 63.08
VONTOBEL FIN PRO 12.550 12/31/2012 EUR 70.64
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 67.48
VONTOBEL FIN PRO 12.150 12/31/2012 EUR 74.04
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 63.14
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 68.62
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 61.26
VONTOBEL FIN PRO 11.850 12/31/2012 EUR 65.90
VONTOBEL FIN PRO 11.800 12/31/2012 EUR 67.48
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 68.78
VONTOBEL FIN PRO 11.700 12/31/2012 EUR 58.80
VONTOBEL FIN PRO 11.600 12/31/2012 EUR 70.76
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 59.86
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 71.18
VONTOBEL FIN PRO 9.200 12/31/2012 EUR 70.70
VONTOBEL FIN PRO 13.650 3/1/2013 EUR 48.90
VONTOBEL FIN PRO 10.100 3/8/2013 EUR 72.20
VONTOBEL FIN PRO 11.650 3/22/2013 EUR 74.36
VONTOBEL FIN PRO 13.700 3/22/2013 EUR 58.86
VONTOBEL FIN PRO 14.000 3/22/2013 EUR 67.64
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 56.34
VONTOBEL FIN PRO 15.250 3/22/2013 EUR 56.82
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 55.20
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 53.96
VONTOBEL FIN PRO 20.900 3/22/2013 EUR 71.42
VONTOBEL FIN PRO 21.750 3/22/2013 EUR 73.66
VONTOBEL FIN PRO 12.200 3/22/2013 EUR 61.08
VONTOBEL FIN PRO 11.850 3/22/2013 EUR 60.14
VONTOBEL FIN PRO 11.150 3/22/2013 EUR 67.18
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 63.98
VONTOBEL FIN PRO 10.300 3/22/2013 EUR 72.58
VONTOBEL FIN PRO 8.850 3/22/2013 EUR 71.26
VONTOBEL FIN PRO 8.550 3/22/2013 EUR 64.48
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 58.50
VONTOBEL FIN PRO 8.000 6/28/2013 EUR 73.64
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 42.22
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 43.60
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 36.90
WGZ BANK 8.000 12/20/2012 EUR 69.91
WGZ BANK 7.000 12/20/2012 EUR 71.99
WGZ BANK 8.000 12/21/2012 EUR 74.38
WGZ BANK 5.000 12/28/2012 EUR 67.47
WGZ BANK 4.000 12/28/2012 EUR 72.90
WGZ BANK 6.000 12/28/2012 EUR 62.80
WGZ BANK 7.000 12/28/2012 EUR 58.81
WGZ BANK 8.000 12/28/2012 EUR 55.36
GUERNSEY
--------
BCV GUERNSEY 8.020 3/1/2013 EUR 60.58
BKB FINANCE 8.900 9/27/2012 CHF 55.31
BKB FINANCE 11.400 11/8/2012 CHF 70.42
BKB FINANCE 8.350 1/14/2013 CHF 47.79
EFG FINANCIAL PR 10.260 8/31/2012 EUR 74.37
EFG FINANCIAL PR 12.000 9/3/2012 EUR 65.32
EFG FINANCIAL PR 12.250 9/3/2012 CHF 71.34
EFG FINANCIAL PR 10.500 9/3/2012 CHF 46.91
EFG FINANCIAL PR 9.500 9/4/2012 USD 44.41
EFG FINANCIAL PR 9.600 9/4/2012 USD 55.10
EFG FINANCIAL PR 7.000 9/7/2012 EUR 62.35
EFG FINANCIAL PR 7.250 9/7/2012 EUR 64.62
EFG FINANCIAL PR 8.500 9/7/2012 USD 35.91
EFG FINANCIAL PR 7.000 9/7/2012 CHF 43.33
EFG FINANCIAL PR 9.000 9/10/2012 CHF 48.09
EFG FINANCIAL PR 11.000 9/10/2012 EUR 72.92
EFG FINANCIAL PR 10.000 9/10/2012 EUR 66.56
EFG FINANCIAL PR 11.000 9/10/2012 EUR 70.07
EFG FINANCIAL PR 11.000 9/17/2012 USD 70.64
EFG FINANCIAL PR 10.000 9/21/2012 USD 47.90
EFG FINANCIAL PR 10.750 9/25/2012 CHF 58.35
EFG FINANCIAL PR 11.000 9/25/2012 USD 73.61
EFG FINANCIAL PR 11.250 9/25/2012 CHF 51.85
EFG FINANCIAL PR 12.000 9/25/2012 EUR 71.89
EFG FINANCIAL PR 11.250 9/25/2012 EUR 73.80
EFG FINANCIAL PR 10.250 9/25/2012 CHF 73.37
EFG FINANCIAL PR 10.000 10/1/2012 CHF 52.56
EFG FINANCIAL PR 9.930 10/3/2012 EUR 23.97
EFG FINANCIAL PR 10.620 10/3/2012 USD 24.23
EFG FINANCIAL PR 12.500 10/11/2012 CHF 52.66
EFG FINANCIAL PR 20.000 10/11/2012 CHF 20.40
EFG FINANCIAL PR 18.000 10/11/2012 EUR 67.03
EFG FINANCIAL PR 12.500 10/11/2012 GBP 67.47
EFG FINANCIAL PR 12.250 10/11/2012 EUR 67.44
EFG FINANCIAL PR 12.000 10/11/2012 USD 68.41
EFG FINANCIAL PR 11.500 10/11/2012 CHF 67.03
EFG FINANCIAL PR 17.250 10/12/2012 CHF 63.60
EFG FINANCIAL PR 10.000 10/17/2012 EUR 73.53
EFG FINANCIAL PR 12.000 10/19/2012 USD 60.16
EFG FINANCIAL PR 13.750 10/24/2012 USD 61.00
EFG FINANCIAL PR 6.250 10/25/2012 CHF 59.88
EFG FINANCIAL PR 13.250 10/26/2012 CHF 53.70
EFG FINANCIAL PR 12.000 10/26/2012 CHF 63.99
EFG FINANCIAL PR 11.250 10/26/2012 CHF 53.03
EFG FINANCIAL PR 21.000 10/26/2012 USD 21.61
EFG FINANCIAL PR 20.500 10/26/2012 EUR 21.35
EFG FINANCIAL PR 20.000 10/26/2012 CHF 21.04
EFG FINANCIAL PR 17.000 10/26/2012 EUR 48.83
EFG FINANCIAL PR 16.750 10/26/2012 CHF 22.33
EFG FINANCIAL PR 13.250 10/26/2012 EUR 56.25
EFG FINANCIAL PR 9.330 10/29/2012 USD 45.20
EFG FINANCIAL PR 13.080 11/5/2012 CHF 71.40
EFG FINANCIAL PR 11.050 11/8/2012 USD 46.00
EFG FINANCIAL PR 6.000 11/12/2012 EUR 50.98
EFG FINANCIAL PR 6.000 11/12/2012 CHF 49.81
EFG FINANCIAL PR 14.500 11/13/2012 EUR 70.71
EFG FINANCIAL PR 12.500 11/13/2012 EUR 71.83
EFG FINANCIAL PR 14.750 11/13/2012 CHF 72.09
EFG FINANCIAL PR 17.000 11/13/2012 EUR 54.08
EFG FINANCIAL PR 12.750 11/13/2012 CHF 22.11
EFG FINANCIAL PR 13.000 11/13/2012 CHF 69.91
EFG FINANCIAL PR 10.500 11/13/2012 CHF 54.33
EFG FINANCIAL PR 13.000 11/13/2012 CHF 21.65
EFG FINANCIAL PR 14.000 11/13/2012 USD 22.08
EFG FINANCIAL PR 10.500 11/13/2012 CHF 54.23
EFG FINANCIAL PR 12.750 11/13/2012 CHF 66.91
EFG FINANCIAL PR 12.830 11/19/2012 CHF 67.06
EFG FINANCIAL PR 14.800 11/20/2012 EUR 56.78
EFG FINANCIAL PR 9.400 11/20/2012 EUR 70.53
EFG FINANCIAL PR 8.300 11/20/2012 CHF 58.13
EFG FINANCIAL PR 8.000 11/20/2012 CHF 52.85
EFG FINANCIAL PR 8.000 11/20/2012 CHF 70.52
EFG FINANCIAL PR 7.000 11/20/2012 CHF 67.05
EFG FINANCIAL PR 11.500 11/20/2012 EUR 53.90
EFG FINANCIAL PR 11.250 11/27/2012 CHF 55.93
EFG FINANCIAL PR 12.000 11/27/2012 USD 74.42
EFG FINANCIAL PR 12.250 11/27/2012 EUR 73.91
EFG FINANCIAL PR 13.250 11/27/2012 CHF 71.65
EFG FINANCIAL PR 14.500 11/27/2012 CHF 72.22
EFG FINANCIAL PR 14.500 11/27/2012 CHF 29.91
EFG FINANCIAL PR 14.500 11/27/2012 EUR 72.37
EFG FINANCIAL PR 16.000 11/27/2012 EUR 49.75
EFG FINANCIAL PR 9.750 12/3/2012 CHF 71.09
EFG FINANCIAL PR 13.750 12/6/2012 CHF 71.46
EFG FINANCIAL PR 8.500 12/14/2012 CHF 71.66
EFG FINANCIAL PR 10.250 12/14/2012 CHF 73.92
EFG FINANCIAL PR 12.750 12/14/2012 CHF 70.78
EFG FINANCIAL PR 14.250 12/14/2012 EUR 59.60
EFG FINANCIAL PR 14.250 12/14/2012 GBP 71.29
EFG FINANCIAL PR 17.500 12/14/2012 EUR 52.43
EFG FINANCIAL PR 9.300 12/21/2012 CHF 56.58
EFG FINANCIAL PR 10.900 12/21/2012 CHF 57.12
EFG FINANCIAL PR 12.600 12/21/2012 CHF 57.70
EFG FINANCIAL PR 12.250 12/27/2012 GBP 60.79
EFG FINANCIAL PR 8.830 12/28/2012 USD 54.97
EFG FINANCIAL PR 10.000 1/9/2013 EUR 54.40
EFG FINANCIAL PR 9.000 1/15/2013 CHF 41.75
EFG FINANCIAL PR 11.250 1/15/2013 GBP 65.82
EFG FINANCIAL PR 10.250 1/15/2013 CHF 20.74
EFG FINANCIAL PR 13.000 1/15/2013 CHF 67.00
EFG FINANCIAL PR 12.500 1/15/2013 CHF 43.28
EFG FINANCIAL PR 16.500 1/18/2013 CHF 74.45
EFG FINANCIAL PR 5.800 1/23/2013 CHF 43.99
EFG FINANCIAL PR 15.000 3/1/2013 CHF 67.39
EFG FINANCIAL PR 10.000 3/6/2013 USD 73.51
EFG FINANCIAL PR 10.750 3/19/2013 USD 73.30
EFG FINANCIAL PR 10.500 3/21/2013 EUR 73.27
EFG FINANCIAL PR 8.000 4/2/2013 CHF 71.57
EFG FINANCIAL PR 16.000 4/4/2013 CHF 33.04
EFG FINANCIAL PR 7.530 4/16/2013 EUR 71.74
EFG FINANCIAL PR 7.000 4/19/2013 EUR 60.74
EFG FINANCIAL PR 12.000 4/26/2013 CHF 66.73
EFG FINANCIAL PR 6.500 8/27/2013 CHF 44.56
EFG FINANCIAL PR 8.400 9/30/2013 CHF 55.82
EFG FINANCIAL PR 19.000 10/3/2013 GBP 70.37
EFG FINANCIAL PR 8.160 4/25/2014 EUR 71.60
EFG FINANCIAL PR 5.850 10/14/2014 CHF 50.37
SARASIN CI LTD 6.000 6/9/2014 EUR 70.74
ZURCHER KANT FIN 9.250 11/9/2012 CHF 54.09
ZURCHER KANT FIN 17.000 2/22/2013 EUR 59.10
ZURCHER KANT FIN 7.340 4/16/2013 CHF 59.68
ICELAND
-------
KAUPTHING 0.800 2/15/2011 EUR 26.50
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 22.18
ESPIRITO SANTO F 9.750 12/19/2025 EUR 67.20
NETHERLANDS
-----------
BLT FINANCE BV 12.000 2/10/2015 USD 24.88
KPNQWEST NV 10.000 3/15/2012 EUR 0.13
LEHMAN BROS TSY 14.900 9/15/2008 EUR 17.88
LEHMAN BROS TSY 23.300 9/16/2008 USD 17.88
LEHMAN BROS TSY 7.375 9/20/2008 EUR 17.88
LEHMAN BROS TSY 18.250 10/2/2008 USD 17.88
LEHMAN BROS TSY 7.250 10/6/2008 EUR 17.88
LEHMAN BROS TSY 16.000 10/8/2008 CHF 17.88
LEHMAN BROS TSY 10.000 10/22/2008 USD 17.88
LEHMAN BROS TSY 8.000 10/23/2008 USD 17.88
LEHMAN BROS TSY 5.000 10/24/2008 CHF 17.88
LEHMAN BROS TSY 6.000 10/24/2008 EUR 17.88
LEHMAN BROS TSY 7.500 10/24/2008 USD 17.88
LEHMAN BROS TSY 16.000 10/28/2008 USD 17.88
LEHMAN BROS TSY 13.150 10/30/2008 USD 17.88
LEHMAN BROS TSY 16.000 11/9/2008 USD 17.88
LEHMAN BROS TSY 14.100 11/12/2008 USD 17.88
LEHMAN BROS TSY 10.442 11/22/2008 CHF 17.88
LEHMAN BROS TSY 7.000 11/28/2008 CHF 17.88
LEHMAN BROS TSY 16.000 12/26/2008 USD 17.88
LEHMAN BROS TSY 13.432 1/8/2009 ILS 17.88
LEHMAN BROS TSY 7.750 1/30/2009 EUR 17.88
LEHMAN BROS TSY 11.000 2/16/2009 CHF 17.88
LEHMAN BROS TSY 13.000 2/16/2009 CHF 17.88
LEHMAN BROS TSY 10.000 2/16/2009 CHF 17.88
LEHMAN BROS TSY 0.500 2/16/2009 EUR 17.88
LEHMAN BROS TSY 9.000 3/17/2009 GBP 17.88
LEHMAN BROS TSY 7.000 4/14/2009 EUR 17.88
LEHMAN BROS TSY 3.850 4/24/2009 USD 17.88
LEHMAN BROS TSY 4.000 4/24/2009 USD 17.88
LEHMAN BROS TSY 16.200 5/14/2009 USD 17.88
LEHMAN BROS TSY 8.000 5/22/2009 USD 17.88
LEHMAN BROS TSY 10.000 5/22/2009 USD 17.88
LEHMAN BROS TSY 8.000 5/22/2009 USD 17.88
LEHMAN BROS TSY 13.500 6/2/2009 USD 17.88
LEHMAN BROS TSY 17.000 6/2/2009 USD 17.88
LEHMAN BROS TSY 15.000 6/4/2009 CHF 17.88
LEHMAN BROS TSY 9.000 6/13/2009 USD 17.88
LEHMAN BROS TSY 5.500 6/15/2009 CHF 17.88
LEHMAN BROS TSY 5.750 6/15/2009 CHF 17.88
LEHMAN BROS TSY 10.000 6/17/2009 USD 17.88
LEHMAN BROS TSY 11.000 6/29/2009 EUR 17.88
LEHMAN BROS TSY 8.500 7/6/2009 CHF 17.88
LEHMAN BROS TSY 4.500 8/2/2009 USD 17.88
LEHMAN BROS TSY 8.000 8/3/2009 USD 17.88
LEHMAN BROS TSY 16.800 8/21/2009 USD 17.88
LEHMAN BROS TSY 7.500 9/13/2009 CHF 17.88
LEHMAN BROS TSY 8.800 12/27/2009 EUR 17.88
LEHMAN BROS TSY 1.750 2/7/2010 EUR 17.88
LEHMAN BROS TSY 7.000 2/15/2010 CHF 17.88
LEHMAN BROS TSY 11.750 3/1/2010 EUR 17.88
LEHMAN BROS TSY 4.000 5/30/2010 USD 17.88
LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.88
LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.88
LEHMAN BROS TSY 10.500 8/9/2010 EUR 17.88
LEHMAN BROS TSY 4.000 10/12/2010 USD 17.88
LEHMAN BROS TSY 14.900 11/16/2010 EUR 17.88
LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.88
LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.88
LEHMAN BROS TSY 8.000 12/31/2010 USD 17.88
LEHMAN BROS TSY 4.000 1/4/2011 USD 17.88
LEHMAN BROS TSY 11.000 7/4/2011 CHF 17.88
LEHMAN BROS TSY 11.000 7/4/2011 USD 17.88
LEHMAN BROS TSY 12.000 7/4/2011 EUR 17.88
LEHMAN BROS TSY 2.500 12/15/2011 GBP 17.88
LEHMAN BROS TSY 6.000 2/14/2012 EUR 17.88
LEHMAN BROS TSY 7.000 2/15/2012 EUR 17.88
LEHMAN BROS TSY 6.600 2/22/2012 EUR 17.88
LEHMAN BROS TSY 13.000 7/25/2012 EUR 17.88
LEHMAN BROS TSY 2.500 8/23/2012 GBP 17.88
LEHMAN BROS TSY 6.000 10/30/2012 USD 6.38
LEHMAN BROS TSY 3.000 9/12/2036 JPY 6.38
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 20.53
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 20.42
RENEWABLE CORP 6.500 6/4/2014 EUR 74.17
SACYR VALLEHERM 6.500 5/1/2016 EUR 49.18
SWEDEN
------
Rorvik Timber 6.000 6/30/2016 SEK 68.50
SAS AB 7.500 4/1/2015 SEK 72.19
SWITZERLAND
-----------
BANK JULIUS BAER 9.000 9/17/2012 CHF 40.00
BANK JULIUS BAER 17.300 2/1/2013 EUR 60.20
BANK JULIUS BAER 12.000 4/9/2013 CHF 46.45
BANK JULIUS BAER 15.000 5/31/2013 USD 68.15
BANK JULIUS BAER 13.000 5/31/2013 USD 68.85
BANK JULIUS BAER 8.700 8/5/2013 CHF 74.00
CLARIDEN LEU NAS 9.250 9/4/2012 CHF 42.05
CLARIDEN LEU NAS 10.500 9/4/2012 USD 68.02
CLARIDEN LEU NAS 7.500 9/10/2012 CHF 58.47
CLARIDEN LEU NAS 10.000 9/11/2012 CHF 45.25
CLARIDEN LEU NAS 10.250 9/17/2012 CHF 46.21
CLARIDEN LEU NAS 9.000 9/24/2012 CHF 58.21
CLARIDEN LEU NAS 9.500 9/24/2012 CHF 54.45
CLARIDEN LEU NAS 7.000 10/4/2012 CHF 47.47
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 66.40
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 62.18
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 45.86
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 47.01
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 46.20
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 50.58
CLARIDEN LEU NAS 7.250 11/13/2012 CHF 73.10
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 51.33
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 50.64
CLARIDEN LEU NAS 8.000 11/20/2012 CHF 72.69
CLARIDEN LEU NAS 10.500 11/26/2012 EUR 73.82
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 44.80
CLARIDEN LEU NAS 12.500 12/14/2012 EUR 74.88
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 63.12
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 68.73
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 63.19
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 63.17
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 61.41
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 61.68
CLARIDEN LEU NAS 13.500 2/15/2013 EUR 74.82
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 51.80
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 50.95
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 63.21
CLARIDEN LEU NAS 10.000 6/10/2013 CHF 51.51
CLARIDEN LEU NAS 13.000 7/15/2013 CHF 64.42
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 62.85
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 42.38
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 43.94
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 55.92
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 47.52
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 48.19
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 63.03
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 64.55
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 53.79
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 61.47
CLARIDEN LEU NAS 4.500 8/6/2014 EUR 74.48
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 44.94
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 42.04
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 48.29
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 44.33
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 49.92
CREDIT SUIS NAS 13.000 4/24/2013 CHF 73.18
CREDIT SUISSE LD 8.900 3/25/2013 EUR 59.31
S-AIR GROUP 0.125 7/7/2005 CHF 10.63
SARASIN CI LTD 8.000 9/3/2012 CHF 50.81
SARASIN CI LTD 8.000 4/27/2015 CHF 62.46
SARASIN/GUERNSEY 17.000 10/12/2012 EUR 70.03
UBS AG 9.430 8/31/2012 USD 33.40
UBS AG 11.650 8/31/2012 USD 15.81
UBS AG 10.500 9/3/2012 EUR 74.24
UBS AG 13.630 9/3/2012 EUR 72.20
UBS AG 13.980 9/3/2012 EUR 66.07
UBS AG 17.640 9/3/2012 EUR 64.28
UBS AG 15.150 9/3/2012 EUR 72.10
UBS AG 18.020 9/3/2012 EUR 67.13
UBS AG 17.730 9/3/2012 EUR 59.56
UBS AG 20.830 9/3/2012 EUR 60.82
UBS AG 15.270 9/3/2012 EUR 74.94
UBS AG 22.700 9/21/2012 EUR 53.60
UBS AG 13.000 9/21/2012 EUR 60.05
UBS AG 8.530 9/28/2012 EUR 72.40
UBS AG 8.810 9/28/2012 EUR 66.07
UBS AG 9.750 9/28/2012 EUR 69.35
UBS AG 9.830 9/28/2012 EUR 63.29
UBS AG 10.900 9/28/2012 EUR 60.74
UBS AG 11.040 9/28/2012 EUR 66.57
UBS AG 11.360 9/28/2012 EUR 73.15
UBS AG 12.020 9/28/2012 EUR 58.41
UBS AG 12.130 9/28/2012 EUR 74.60
UBS AG 12.290 9/28/2012 EUR 71.05
UBS AG 12.390 9/28/2012 EUR 64.02
UBS AG 12.860 9/28/2012 EUR 72.55
UBS AG 13.180 9/28/2012 EUR 56.26
UBS AG 13.230 9/28/2012 EUR 69.06
UBS AG 13.500 9/28/2012 EUR 73.29
UBS AG 13.590 9/28/2012 EUR 70.61
UBS AG 13.800 9/28/2012 EUR 61.68
UBS AG 14.180 9/28/2012 EUR 67.17
UBS AG 14.320 9/28/2012 EUR 68.78
UBS AG 14.390 9/28/2012 EUR 54.29
UBS AG 14.740 9/28/2012 EUR 71.24
UBS AG 15.050 9/28/2012 EUR 67.04
UBS AG 15.130 9/28/2012 EUR 65.37
UBS AG 15.240 9/28/2012 EUR 59.51
UBS AG 15.370 9/28/2012 EUR 72.70
UBS AG 15.640 9/28/2012 EUR 52.46
UBS AG 15.770 9/28/2012 EUR 65.39
UBS AG 16.000 9/28/2012 EUR 69.31
UBS AG 16.090 9/28/2012 EUR 63.68
UBS AG 16.490 9/28/2012 EUR 63.83
UBS AG 16.620 9/28/2012 EUR 73.66
UBS AG 16.720 9/28/2012 EUR 57.52
UBS AG 16.930 9/28/2012 EUR 50.76
UBS AG 17.050 9/28/2012 EUR 62.06
UBS AG 17.090 9/28/2012 EUR 70.25
UBS AG 17.280 9/28/2012 EUR 67.49
UBS AG 17.500 9/28/2012 EUR 74.43
UBS AG 17.920 9/28/2012 EUR 60.93
UBS AG 18.020 9/28/2012 EUR 60.54
UBS AG 18.220 9/28/2012 EUR 55.66
UBS AG 18.240 9/28/2012 EUR 49.19
UBS AG 18.250 9/28/2012 EUR 71.17
UBS AG 18.580 9/28/2012 EUR 65.78
UBS AG 19.000 9/28/2012 EUR 59.09
UBS AG 19.330 9/28/2012 EUR 58.30
UBS AG 19.490 9/28/2012 EUR 73.28
UBS AG 19.580 9/28/2012 EUR 47.72
UBS AG 24.960 9/28/2012 EUR 49.87
UBS AG 24.000 9/28/2012 EUR 71.02
UBS AG 23.560 9/28/2012 EUR 51.72
UBS AG 23.000 9/28/2012 EUR 70.95
UBS AG 22.150 9/28/2012 EUR 53.72
UBS AG 21.970 9/28/2012 EUR 55.16
UBS AG 20.920 9/28/2012 EUR 46.36
UBS AG 20.740 9/28/2012 EUR 55.91
UBS AG 19.910 9/28/2012 EUR 68.86
UBS AG 19.880 9/28/2012 EUR 64.16
UBS AG 19.990 9/28/2012 EUR 57.71
UBS AG 7.660 10/1/2012 EUR 29.35
UBS AG 7.680 10/1/2012 EUR 60.76
UBS AG 7.810 10/1/2012 EUR 67.98
UBS AG 7.840 10/1/2012 EUR 24.86
UBS AG 7.900 10/1/2012 EUR 60.78
UBS AG 7.940 10/1/2012 EUR 66.16
UBS AG 8.050 10/1/2012 EUR 24.87
UBS AG 8.090 10/1/2012 EUR 48.40
UBS AG 8.090 10/1/2012 EUR 60.79
UBS AG 8.200 10/1/2012 EUR 68.01
UBS AG 8.240 10/1/2012 EUR 66.18
UBS AG 8.260 10/1/2012 EUR 60.80
UBS AG 8.310 10/1/2012 EUR 29.39
UBS AG 8.400 10/1/2012 EUR 60.81
UBS AG 8.420 10/1/2012 EUR 24.90
UBS AG 8.500 10/1/2012 EUR 66.20
UBS AG 8.530 10/1/2012 EUR 60.82
UBS AG 8.540 10/1/2012 EUR 68.03
UBS AG 8.660 10/1/2012 EUR 48.43
UBS AG 8.720 10/1/2012 EUR 60.83
UBS AG 8.720 10/1/2012 EUR 66.21
UBS AG 8.730 10/1/2012 EUR 24.91
UBS AG 8.850 10/1/2012 EUR 68.04
UBS AG 8.910 10/1/2012 EUR 29.43
UBS AG 8.910 10/1/2012 EUR 66.22
UBS AG 9.060 10/1/2012 EUR 66.23
UBS AG 9.110 10/1/2012 EUR 68.06
UBS AG 9.160 10/1/2012 EUR 48.46
UBS AG 9.200 10/1/2012 EUR 24.94
UBS AG 9.340 10/1/2012 EUR 68.07
UBS AG 9.360 10/1/2012 EUR 24.95
UBS AG 9.440 10/1/2012 EUR 29.46
UBS AG 9.530 10/1/2012 EUR 68.09
UBS AG 9.540 10/1/2012 EUR 74.26
UBS AG 9.580 10/1/2012 EUR 48.49
UBS AG 9.690 10/1/2012 EUR 68.09
UBS AG 9.820 10/1/2012 EUR 68.10
UBS AG 9.860 10/1/2012 EUR 74.28
UBS AG 9.900 10/1/2012 EUR 24.99
UBS AG 9.910 10/1/2012 EUR 29.49
UBS AG 9.920 10/1/2012 EUR 68.11
UBS AG 9.930 10/1/2012 EUR 48.51
UBS AG 10.150 10/1/2012 EUR 74.30
UBS AG 10.220 10/1/2012 EUR 48.53
UBS AG 10.310 10/1/2012 EUR 29.51
UBS AG 10.410 10/1/2012 EUR 74.31
UBS AG 10.440 10/1/2012 EUR 48.54
UBS AG 10.620 10/1/2012 EUR 48.55
UBS AG 10.640 10/1/2012 EUR 74.33
UBS AG 10.650 10/1/2012 EUR 29.53
UBS AG 10.740 10/1/2012 EUR 48.56
UBS AG 10.840 10/1/2012 EUR 74.34
UBS AG 10.930 10/1/2012 EUR 29.55
UBS AG 11.010 10/1/2012 EUR 74.35
UBS AG 11.150 10/1/2012 EUR 29.56
UBS AG 11.160 10/1/2012 EUR 74.36
UBS AG 11.280 10/1/2012 EUR 74.36
UBS AG 11.330 10/1/2012 EUR 29.57
UBS AG 11.380 10/1/2012 EUR 74.37
UBS AG 11.460 10/1/2012 EUR 29.58
UBS AG 11.460 10/1/2012 EUR 74.38
UBS AG 11.530 10/1/2012 EUR 74.38
UBS AG 11.560 10/1/2012 EUR 29.59
UBS AG 11.580 10/1/2012 EUR 74.38
UBS AG 7.460 10/1/2012 EUR 48.36
UBS AG 7.450 10/1/2012 EUR 60.75
UBS AG 7.380 10/1/2012 EUR 67.96
UBS AG 7.380 10/1/2012 EUR 24.83
UBS AG 7.240 10/1/2012 EUR 66.12
UBS AG 7.190 10/1/2012 EUR 60.73
UBS AG 7.140 10/1/2012 EUR 24.82
UBS AG 7.610 10/1/2012 EUR 66.14
UBS AG 7.620 10/1/2012 EUR 24.85
UBS AG 9.310 10/3/2012 USD 16.50
UBS AG 10.320 10/4/2012 CHF 58.85
UBS AG 9.920 10/4/2012 CHF 58.90
UBS AG 12.240 10/26/2012 EUR 70.79
UBS AG 13.570 10/26/2012 EUR 69.16
UBS AG 16.390 10/26/2012 EUR 66.13
UBS AG 22.220 10/26/2012 EUR 72.97
UBS AG 11.660 11/12/2012 EUR 36.54
UBS AG 13.120 11/12/2012 EUR 71.11
UBS AG 13.560 11/12/2012 EUR 40.12
UBS AG 13.600 11/12/2012 EUR 50.10
UBS AG 6.070 11/12/2012 EUR 59.74
UBS AG 8.370 11/12/2012 EUR 54.30
UBS AG 8.590 11/12/2012 EUR 55.24
UBS AG 9.020 11/12/2012 EUR 46.77
UBS AG 9.840 11/12/2012 EUR 72.14
UBS AG 10.930 11/12/2012 EUR 55.72
UBS AG 11.260 11/12/2012 EUR 49.28
UBS AG 9.650 11/12/2012 EUR 39.50
UBS AG 13.000 11/23/2012 USD 58.25
UBS AG 9.440 12/5/2012 USD 13.20
UBS AG 23.020 12/17/2012 USD 8.87
UBS AG 12.970 12/21/2012 EUR 74.09
UBS AG 19.090 12/21/2012 EUR 58.75
UBS AG 18.000 12/21/2012 EUR 50.37
UBS AG 17.500 12/21/2012 EUR 60.72
UBS AG 17.200 12/21/2012 EUR 72.69
UBS AG 17.070 12/21/2012 EUR 67.95
UBS AG 16.930 12/21/2012 EUR 51.51
UBS AG 16.710 12/21/2012 EUR 61.78
UBS AG 16.600 12/21/2012 EUR 56.94
UBS AG 16.030 12/21/2012 EUR 69.33
UBS AG 15.930 12/21/2012 EUR 59.23
UBS AG 15.920 12/21/2012 EUR 62.89
UBS AG 15.900 12/21/2012 EUR 74.71
UBS AG 15.860 12/21/2012 EUR 52.74
UBS AG 15.130 12/21/2012 EUR 64.05
UBS AG 15.000 12/21/2012 EUR 70.82
UBS AG 14.810 12/21/2012 EUR 54.09
UBS AG 14.740 12/21/2012 EUR 60.82
UBS AG 14.690 12/21/2012 EUR 73.53
UBS AG 14.350 12/21/2012 EUR 65.26
UBS AG 13.980 12/21/2012 EUR 72.40
UBS AG 13.770 12/21/2012 EUR 55.55
UBS AG 13.570 12/21/2012 EUR 66.51
UBS AG 13.560 12/21/2012 EUR 62.56
UBS AG 12.800 12/21/2012 EUR 67.83
UBS AG 12.760 12/21/2012 EUR 57.16
UBS AG 12.400 12/21/2012 EUR 64.46
UBS AG 12.200 12/21/2012 EUR 61.86
UBS AG 12.020 12/21/2012 EUR 69.18
UBS AG 11.770 12/21/2012 EUR 58.91
UBS AG 11.270 12/21/2012 EUR 66.53
UBS AG 11.260 12/21/2012 EUR 70.59
UBS AG 10.810 12/21/2012 EUR 60.83
UBS AG 10.490 12/21/2012 EUR 72.04
UBS AG 10.160 12/21/2012 EUR 68.81
UBS AG 9.890 12/21/2012 EUR 62.94
UBS AG 9.730 12/21/2012 EUR 73.52
UBS AG 9.100 12/21/2012 EUR 71.29
UBS AG 9.000 12/21/2012 EUR 65.25
UBS AG 8.150 12/21/2012 EUR 67.78
UBS AG 8.080 12/21/2012 EUR 73.99
UBS AG 10.380 1/2/2013 USD 31.76
UBS AG 10.740 1/3/2013 USD 32.24
UBS AG 23.750 1/4/2013 EUR 73.43
UBS AG 24.750 1/4/2013 EUR 74.29
UBS AG 18.300 1/4/2013 EUR 60.53
UBS AG 19.440 1/4/2013 EUR 58.67
UBS AG 20.570 1/4/2013 EUR 56.99
UBS AG 21.700 1/4/2013 EUR 55.46
UBS AG 13.630 1/4/2013 EUR 70.07
UBS AG 11.810 1/4/2013 EUR 74.71
UBS AG 13.030 1/4/2013 EUR 71.54
UBS AG 12.420 1/4/2013 EUR 73.09
UBS AG 14.230 1/4/2013 EUR 68.66
UBS AG 14.820 1/4/2013 EUR 67.32
UBS AG 15.990 1/4/2013 EUR 64.83
UBS AG 17.150 1/4/2013 EUR 62.57
UBS AG 10.390 1/18/2013 USD 36.31
UBS AG 12.010 1/25/2013 EUR 69.63
UBS AG 14.070 1/25/2013 EUR 67.47
UBS AG 11.020 1/25/2013 EUR 70.78
UBS AG 10.590 2/22/2013 EUR 66.38
UBS AG 15.800 2/22/2013 EUR 66.72
UBS AG 13.940 2/22/2013 EUR 71.69
UBS AG 13.660 2/22/2013 EUR 66.15
UBS AG 12.680 2/22/2013 EUR 73.30
UBS AG 10.960 2/22/2013 EUR 70.55
UBS AG 13.070 2/22/2013 EUR 61.55
UBS AG 8.980 2/22/2013 EUR 74.23
UBS AG 8.230 2/22/2013 EUR 72.43
UBS AG 10.000 3/7/2013 USD 68.30
UBS AG 8.100 3/7/2013 CHF 74.30
UBS AG 9.850 3/22/2013 USD 19.75
UBS AG 22.250 4/2/2013 EUR 73.43
UBS AG 24.750 4/2/2013 EUR 69.88
UBS AG 24.250 4/2/2013 EUR 71.52
UBS AG 21.500 4/2/2013 EUR 74.45
UBS AG 9.930 4/11/2013 USD 24.36
UBS AG 10.970 4/26/2013 EUR 69.26
UBS AG 10.170 4/26/2013 EUR 70.09
UBS AG 12.610 4/26/2013 EUR 67.72
UBS AG 11.000 4/30/2013 USD 39.25
UBS AG 8.000 5/24/2013 USD 58.95
UBS AG 7.120 6/26/2013 USD 29.80
UBS AG 10.070 6/27/2013 USD 62.58
UBS AG 21.000 6/28/2013 EUR 74.57
UBS AG 22.000 6/28/2013 EUR 73.04
UBS AG 22.500 6/28/2013 EUR 73.06
UBS AG 24.500 6/28/2013 EUR 69.94
UBS AG 23.000 6/28/2013 EUR 73.48
UBS AG 8.690 7/2/2013 USD 30.24
UBS AG 8.720 8/2/2013 USD 35.34
UBS AG 12.900 9/20/2013 EUR 61.22
UBS AG 10.200 9/20/2013 EUR 63.04
UBS AG 12.050 9/20/2013 USD 13.56
UBS AG 15.900 9/20/2013 EUR 60.34
UBS AG 22.750 9/27/2013 EUR 74.15
UBS AG 22.000 9/27/2013 EUR 73.09
UBS AG 23.250 9/27/2013 EUR 74.70
UBS AG 24.750 9/27/2013 EUR 71.58
UBS AG 11.020 10/21/2013 USD 54.18
UBS AG 9.260 12/5/2013 USD 22.46
UBS AG 4.580 12/12/2013 USD 29.49
UBS AG 23.250 1/3/2014 EUR 72.75
UBS AG 24.250 1/3/2014 EUR 74.16
UBS AG 5.340 1/29/2014 USD 45.55
UBS AG 6.040 8/29/2014 USD 33.24
UBS AG 0.500 4/27/2015 CHF 45.35
UNITED KINGOM
-------------
BARCLAYS BK PLC 13.000 9/28/2012 EUR 37.94
BARCLAYS BK PLC 12.000 9/28/2012 EUR 67.01
BARCLAYS BK PLC 7.500 10/30/2012 EUR 53.00
BARCLAYS BK PLC 6.000 1/2/2013 EUR 54.80
BARCLAYS BK PLC 12.500 1/2/2013 EUR 67.71
BARCLAYS BK PLC 10.750 3/22/2013 EUR 45.91
BARCLAYS BK PLC 10.000 3/22/2013 EUR 47.12
BARCLAYS BK PLC 10.500 6/28/2013 EUR 72.74
BARCLAYS BK PLC 11.000 6/28/2013 EUR 47.55
BARCLAYS BK PLC 8.000 6/28/2013 EUR 51.19
ESSAR ENERGY 4.250 2/1/2016 USD 58.16
MAX PETROLEUM 6.750 9/8/2013 USD 40.17
*********
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 * * *