/raid1/www/Hosts/bankrupt/TCREUR_Public/121008.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, October 8, 2012, Vol. 13, No. 200
Headlines
F R A N C E
GECI INT'L: Sky Aircraft Unit Put Under Creditor Protection
G E R M A N Y
ADAM OPEL: Won't Be Put Up for Sale, GM Vice Chairman Says
WINDERMER X: Fitch Downgrades Rating on Class C Notes to 'BBsf'
I R E L A N D
TREASURY HOLDINGS: Set to Enter Into Liquidation Tomorrow
I T A L Y
ROCCO FORTE: In Talks with Banks; Mulls Debt-for-Equity Swap
P O L A N D
ZLOMREX SA: S&P Affirms 'CCC+/B' Corporate Credit Ratings
P O R T U G A L
ATLANTES MORTGAGE: S&P Cuts Ratings on Two Note Classes to 'B-'
R U S S I A
BALTIC FINANCIAL: S&P Assigns 'B/B' Counterparty Credit Ratings
RUSSIAN FINANCE: Fitch Assigns 'B-' Rating to US$350-Mil. LPNs
S P A I N
BANKIA SA: S&P Lowers Ratings on Mortgage Covered Bonds
TDA 24: S&P Cuts Rating on Class B Notes to 'D' on Missed Payment
* SPAIN: Concerns on Deficit Plan Hampers Bailout Request Plan
U N I T E D K I N G D O M
GEMINI PLC: S&P Downgrades Ratings on Two Note Classes to 'D'
MR. BEDDS: Gets Forced Into Administration, Closes Business
UNITED CARPETS: Enters Administration, to Close Stores
X X X X X X X X
* BOND PRICING: For the Week October 1 to October 5, 2012
*********
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F R A N C E
===========
GECI INT'L: Sky Aircraft Unit Put Under Creditor Protection
-----------------------------------------------------------
Gilbert Reilhac at Reuters reports that Geci International's Sky
Aircraft unit was placed under creditor protection on Thursday,
giving it six months to find partners to save the project.
According to Reuters, Geci said following the ruling by the
commercial court at Briey in eastern France it would use the time
to pursue all the options it was exploring to safeguard the
future of the Skylander light aircraft.
Geci's shares have been suspended since June 7, Reuters notes.
Geci has been looking at new ways to finance the Skylander
program, including long-term private investors and support from
other companies, Reuters discoses. A report commissioned by the
French government concluded in April that it needed EUR70 million
(US$90 million) more than originally planned, Reuters recounts.
The company added that it won permission from the court to delay
publication of its 2011-12 accounts until Dec. 31, Reuters
relates.
Geci International is a French engineering group.
=============
G E R M A N Y
=============
ADAM OPEL: Won't Be Put Up for Sale, GM Vice Chairman Says
----------------------------------------------------------
According to Bloomberg News' Tommaso Ebhardt and Christian
Wuestner, General Motors Co. Vice Chairman Steve Girsky said the
company intends to keep its Opel unit after Il Sole 24 Ore
reported that Fiat SpA is interested in buying the division.
"Opel is not for sale," Bloomberg quotes Mr. Girsky, who is head
of the U.S. company's European operations, as saying in an
e-mailed statement on Friday. "GM fully stands behind Opel.
Opel is a fully integrated part of GM's global footprint and
vital for GM's future success in Europe."
Bloomberg relates the Italian newspaper, without citing anyone,
reported Friday, Fiat Chief Executive Officer Sergio Marchionne
has a plan to buy Ruesselsheim, Germany-based Opel at a "symbolic
price" should an alliance between Detroit-based GM and PSA
Peugeot Citroen falter.
GM has been trying to fix its European business for more than a
decade after losing US$16.8 billion in the region since 1999,
Bloomberg discloses. Opel, Bloomberg says, is cutting work days
and may close a plant in Germany in 2016 as the sovereign-debt
crisis in Europe curtails growth and curbs demand for cars.
Part of GM's strategy in the region is a partnership announced
with Paris-based Peugeot in February, Bloomberg notes.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
WINDERMER X: Fitch Downgrades Rating on Class C Notes to 'BBsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Windermere X CMBS Limited's class A,
B and C notes and affirmed the class D, E and F notes, as
follows:
-- EUR651m Class A (XS0293895271) downgraded to 'BBBsf' from
'Asf'; Outlook Negative
-- EUR51.9m Class B (XS0293896915) downgraded to 'BBB-sf' from
'A-sf'; Outlook Negative
-- EUR59.3m Class C (XS0293897137) downgraded to 'BBsf' from
'BBBsf'; Outlook Negative
-- EUR104.6m Class D (XS0293898457) affirmed at 'CCCsf';
Recovery Estimate (RE) of RE60% assigned
-- EUR64.9m Class E (XS0293898887) affirmed at 'Csf'; RE0%
-- EUR13.4m Class F (XS0293899265) affirmed at 'Csf'; RE0%
The downgrades are primarily driven by concerns regarding the
EUR260 million Tour Esplanade loan. In July 2012, the issuer
announced that the sole tenant occupying the collateral (an
office building located in Paris's La Defense district) gave
notice that it would vacate the premises at lease expiry in
December 2013. In the current environment, even prime assets can
remain vacant for prolonged periods of time, with companies
downsizing and relocating to cheaper alternative space.
The loan would benefit from strong support from the sponsor.
Not only is there an operational need to fill the space, but
provisions in the loan include a precautionary cash trap as well
as a requirement for the borrower to establish a EUR12.8m reserve
by January 2013. With this deadline looming, there is a risk the
borrower may follow other French borrowers in seeking court
protection from creditors in the form of safeguard proceedings.
Restoring income from the property may depend on a program of
capital expenditure to modernize the space up to the standards of
the market. Assuming this needs external financing, offering
suitable incentives or security to third-party funders given the
existing debt presents a challenge. There may be moves to
restructure the debt to make way for new investors. The risk of
negative cash flow, value declines, delays and/or debt exchanges
is reflected by the Negative Outlooks on the notes.
The sale of a vacant warehouse securing the EUR46.5 million
Woolworth Boenen loan was notarized in July 2012. The sales
proceeds are being held by the notary pending finalization of the
sales process. While the achieved price is almost twice the
latest valuation, there will be hardly any principal recovery
after payment of swap breakage costs and rolled-up interest.
The largest loan, EUR342.1 million Bridge, matures in January
2014. The collateral, six office properties located in Berlin
and Western Germany, has not been revalued since closing in 2006.
Fitch estimates the securitized leverage to be at around 100%, up
from the reported 69%. Along with the sheer size of the loan,
this suggests that despite low vacancy (3%), 1.4x interest cover
and six years' weighted average lease term, refinancing is
unlikely without a substantial equity injection.
The EUR37.2 million Tresforte loan (which includes unpaid
interest) is in standstill for the rest of October to allow the
recently appointed independent directors controlling the borrower
and the new asset manager to facilitate the approved exit
strategy. This envisages a disposal of all assets within 12 to 24
months, although Fitch expects significant losses.
Three loans are maturing in October 2012. Fitch expects that the
borrowers of the EUR114.2 million Thunderbird and EUR22.1 million
Firebird loans (both secured on German multifamily housing
portfolios) will use existing extension options. The third loan,
the EUR16.2 million Lightning Dutch loan, has a Fitch LTV of
around 100%, although 3.3x interest cover and a WA lease term in
excess of 9 years may allow for an orderly exit.
=============
I R E L A N D
=============
TREASURY HOLDINGS: Set to Enter Into Liquidation Tomorrow
---------------------------------------------------------
Independent.ie reports that a file on the collapse of Treasury
Holdings will be sent to the Director of Corporate Enforcement
following the expected appointment of liquidators early this
week.
At the High Court on Friday, Judge Brian McGovern said he
expected to appoint joint liquidators Michael McAteer and Paul
McCann of Grant Thornton to take control of the Johnny Ronan and
Richard Barrett-owned group tomorrow, Independent.ie relates.
Treasury was once valued at billions but liquidation became
inevitable after the company said on Friday that it would no
longer try to block lender KBC Bank's bid to have it liquidated
over EUR70 million of overdue debt, Independent.ie notes. The
debt is just a fraction of Treasury's total EUR2.7 billion of
debt but it has been overdue since 2009, Independent.ie says.
Treasury's biggest lender is the State-controlled National Asset
Management Agency, Independent.ie discloses. According to
Independent.ie , NAMA is owed EUR1.7 billion by Treasury and on
Friday backed KBC's action to have it shut down.
Liquidation of the Treasury Holdings parent company means its
45 employees will automatically be made redundant, Independent.ie
states.
About Treasury Holdings
Treasury Holdings is an Irish property developer. The company
owns the Westin Hotel in Dublin and the Irish headquarters of
accounting firm PricewaterhouseCoopers.
=========
I T A L Y
=========
ROCCO FORTE: In Talks with Banks; Mulls Debt-for-Equity Swap
------------------------------------------------------------
Christopher Thompson at The Financial Times reports that Rocco
Forte Hotels is in talks with two Italian banks over its
struggling 5-star resort in Sicily.
According to the FT, the company is considering a debt-for-equity
swap with UniCredit and Banca Popolare di Milano that would see
the banks take a stake in RF Hotels, or in the Verdura Resort
itself, in return for writing down a portion of the Verdura's
EUR111 million debt.
"We are in discussions, and those discussions are very
constructive," the FT quotes Richard Power, Rocco Forte's
director of brand management, as saying.
The luxury Verdura Resort, which hosted the Sicilian Open golf
tournament in March, has been hampered by worse than expected
trading since it opened in 2009, the FT discloses.
Earlier this year, Sir Rocco held talks with UniCredit to
restructure a EUR94.7 million facility after a loan covenant
breach following poor trading there, the FT relates. News of the
talks follows a move by RF Hotels to reduce rental payments at
another of its flagship European properties, the FT notes.
Rocco Forte & Family Ltd., the holding company for RF Hotels',
reported a loss of GBP9.6 million for the year to the end of
April 2011, down from a loss of GBP25 million in the previous
year, the FT says, citing the company's latest annual accounts.
It also reported GBP108 million in net debt and interest payments
totaling GBP12 million, the FT recounts.
Rocco Forte Hotels is the luxury hotel company owned by the
eponymous City grandee.
===========
P O L A N D
===========
ZLOMREX SA: S&P Affirms 'CCC+/B' Corporate Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Poland-
based steel maker Zlomrex S.A. to negative from stable. "At the
same time, we affirmed our 'CCC+' long-term and 'B' short-term
corporate credit ratings on Zlomrex. In addition, we affirmed our
'CCC' issue rating on the senior secured notes issued by Zlomrex
International Finance S.A.," S&P said.
"We subsequently withdrew our 'CCC+/B' ratings on Zlomrex and
assigned them to the new holding company Cognor S.A. at the
issuer's request. The outlook on Cognor is negative, in line with
that on Zlomrex prior to the withdrawal," S&P said.
"The withdrawal of the ratings on Zlomrex and their assignment to
Cognor follows a restructuring in late 2011, when Zlomrex' former
subsidiary Cognor became the holding company and Zlomrex became
an operating company," S&P said.
"The negative outlook reflects deterioration in the economic
outlook for Poland, which is weakening Cognor's ability to
generate a material amount of free operating cash flow (FOCF) and
increasing the refinancing risk associated with the maturity of
its EUR120 million (Polish zloty [PLN] 490 million) senior
secured notes in February 2014," S&P said.
Under its base-case scenario for 2012-2012, S&P forecasts that
COgnor's EBITDA will be about PLN65 million in 2012 and PLN70
million in 2013, compared with PLN131 million in 2011. S&P views
EBITDA of PLN49 million in the first half of 2012 as relatively
healthy, supported by high steel production. However, the ratings
agency sees a risk that demand for steel could soften over the
coming quarters. This is on account of S&P's base-case forecasts:
-- Contraction in Europe's GDP of 0.8% in 2012, followed by
flat GDP in 2013, of which S&P sees a 66% probability. This,
in S&P's view, would soften growth in GDP in Eastern Europe.
S&P believes that Poland's GDP will increase by 2.3% in
2012, compared with almost 4.0% in S&P's previous forecast.
S&P does not see this level of growth as sufficient to
increase the demand for steel.
-- Contraction of about 8% of production in the European auto
industry in 2012, with modest recovery of 1% in 2013. This
is likely to reduce Cognor's production of its more
profitable finished products.
S&P believes that Cognor's refinancing prospects are limited.
"Under our base-case scenario, we project a liquidity shortfall
of more than PLN200 million by the time the EUR120 million senior
notes mature in February 2014. Our projection takes into account
Cognor's limited ability to generate a material amount of
positive FOCF in the coming 18 months. Moreover, we understand
that the Polish banking system will be reluctant to support
leverage of more than 3x, compared with our forecast of Cognor's
debt to EBITDA at more than 5x in 2012," S&P said.
"Furthermore, we see risks associated with recent volatility in
the zloty-to-euro exchange rate, because most of Cognor's debt is
denominated in euros, and has no hedges in place," S&P said.
"Cognor's weakening liquidity may lead to a downgrade in the
coming three-to-six months if the refinancing plans for its
EUR120 million senior secured notes due February 2014 remain at a
preliminary stage," S&P said.
The alternative to S&P's base-case scenario forecasts a 1%
contraction in European GDP in 2012 and 1.9% in 2013, of which
S&P sees a 33% probability. If the alternate scenario
materializes, one of the following factors could trigger a
downgrade:
-- S&P forecasts of further contraction of production in the
European auto industry in 2013.
-- A euro-to-zloty exchange rate of more than 4.5; or
-- Cognor's inability to roll over some of its short-term
working capital facilities in December 2012.
"We could revise the outlook to stable if Cognor secures a
refinancing package," S&P said.
===============
P O R T U G A L
===============
ATLANTES MORTGAGE: S&P Cuts Ratings on Two Note Classes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating
actions on Atlantes Mortgage No.1 PLC's class A, B, C, and D
notes. "At the same time, we have removed from CreditWatch
negative our ratings on the class B, C, and D notes," S&P said.
"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received for
Atlantes Mortgages No.1," S&P said.
"On Jan. 13, 2012, we lowered our sovereign rating on Portugal to
'BB' from 'BBB-', due to our assessment of the ongoing systemic
stresses in the eurozone (European Economic and Monetary Union),"
S&P said.
"On Jan. 23, 2012, we lowered our ratings on the class A and B
notes to 'A- (sf)' from 'AA- (sf) and 'A (sf)' to reflect our
criteria for nonsovereign ratings that exceed eurozone sovereign
ratings," S&P said.
"On March 7, 2012, we affirmed our 'A- (sf)' rating on the class
A notes and placed our ratings on the other classes of notes on
CreditWatch negative following our review of Portuguese country
risk," S&P said.
"Since then, we have observed further deterioration of portfolio
credit quality. In the past year, 90+ days arrears have slightly
increased, excess spread has continued to rely on principal
recoveries, and the reserve fund has declined to 97.47% of the
target level," S&P said.
"Following several discussions we had with the trustee and the
transaction servicer, we are revising our assumption regarding
the deficiency ledger (PDL)mechanism. While we are still looking
for further explanation from the transaction parties, at this
stage, we have only limited and incomplete information regarding
the PDL calculation performed by the transaction parties and
therefore consider that the levels reported by the trustee may
not incorporate all of the effective losses in the deal to date.
As a consequence, we consider that the credit enhancement
decreases for all of the rated notes because the deal is
undercollateralized if the PDL includes all of the losses
incurred in the collateral portfolio, in accordance with the
transaction documents," S&P said.
"After applying our Portuguese residential mortgage-backed
securities (RMBS) criteria, our credit analysis results show a
decrease in the weighted-average foreclosure frequency (WAFF) for
all rating levels since the last review. The weighted-average
loss severity (WALS) for all rating levels increased, as a result
of a decline in house prices in Portugal. These improving credit
metrics cannot offset the weakening of the structural features
due to the review of the PDL feature, in our opinion," S&P said.
"In our view, based on our PDL and undercollateralization
assumptions, and due to the liquidity facility drawing conditions
defined in the transaction documents, our cash flow analysis
supports further downgrades on the notes. As a consequence, we
have lowered our ratings on the class A notes to 'BBB-' from
'A- (sf)'. We have also lowered and removed from CreditWatch
negative our ratings on the class B notes to 'B (sf)' from 'A-
(sf)', on the class C notes to 'B- (sf)' from 'BBB (sf)', and on
the class D notes to 'B-' from 'BB (sf)'," S&P said.
Atlantes Mortgage No.1 is a Portuguese RMBS transaction, which
closed in February 2003. It is backed by Portuguese first-ranking
residential mortgage loans originated by BANIF Banco
Internacional do Funchal.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Atlantes Mortgages No.1 PLC
EUR500 Million Mortgage-Backed Floating-Rate Notes
Rating lowered
A BBB- (sf) A- (sf)
Ratings Lowered and Removed From CreditWatch Negative
B B (sf) A- (sf)/Watch Neg
C B- (sf) BBB (sf)/Watch Neg
D B- (sf) BB (sf)/Watch Neg
===========
R U S S I A
===========
BALTIC FINANCIAL: S&P Assigns 'B/B' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term and
'B' short-term counterparty credit ratings to Russia-based Baltic
Financial Agency Bank (BFA Bank). The outlook is stable. "At the
same time, we assigned a Russia national scale rating of 'ruA-'
to the bank," S&P said.
The ratings reflect the 'bb' anchor for a bank operating
primarily in Russia, as well as Bank BFA Bank's "moderate"
business position, "adequate" capital and earnings, "weak" risk
position, "average" funding, and "adequate" liquidity, as S&P's
criteria define these terms. The stand-alone credit profile
(SACP) is 'b'.
"The stable outlook reflects the balance between BFA Bank's
continuing expansion and our view of persistently high
concentrations on both sides of the balance sheet over the next
year," S&P said.
"A positive rating action might occur if the bank were to
significantly reduce concentration risks in the loan book and
deposit base and demonstrate a sustained, healthy asset-quality
track record amid rapid loan growth. We might also consider a
positive rating action if earnings generation exceeded growth in
risk-weighted assets, indicating a stabilization of the risk-
adjusted capital (RAC) ratio at more than 10%, rather than a
decline as we currently expect," S&P said.
"We would consider revising the outlook to negative if the bank
failed to maintain healthy asset quality, with nonperforming
loans (NPLs) increasing sharply, and coverage of NPLs by reserves
fell lower than 100%. A negative rating action might also follow
if strong loan growth put high pressure on BFA Bank's capital
position, with the RAC ratio falling below 5%. We consider this
scenario to be to be a remote one, however," S&P said.
RUSSIAN FINANCE: Fitch Assigns 'B-' Rating to US$350-Mil. LPNs
--------------------------------------------------------------
Fitch Ratings has assigned Russian Standard Finance S.A.'s US$350
million 10.75% five and a half year subordinated issue of limited
recourse loan participation notes, due April 10, 2018, a final
'B-' rating and Recovery Rating of 'RR6'.
The proceeds from the issue are to be on-lent to JSC Russian
Standard Bank (RSB), which has a Long-term Issuer Default Rating
(IDR) of 'B+' with a Stable Outlook, a Short-term IDR of 'B', a
Viability Rating of 'b+' and a Support Rating of '5'. RSB is the
sole borrower under the subordinated loan agreement.
As at end-2011 RSB was the 27th-largest bank in Russia by assets
and according to management's estimates held a 17.2% market share
in credit cards and 11.7% in POS loans. Roustam Tariko
indirectly owns 99.9% of RSB's shares.
=========
S P A I N
=========
BANKIA SA: S&P Lowers Ratings on Mortgage Covered Bonds
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings to
'A-' from 'AA-' on Bankia S.A.'s (BB+/Watch Neg/B) mortgage
covered bonds ("cedulas hipotecarias"). "The ratings remain on
CreditWatch with negative implications, where we placed them on
June 1, 2012," S&P said.
"The rating actions follow our analysis of Bankia's December 2011
mortgage loan book data and current outstanding covered bonds,"
S&P said.
"Under our criteria for rating covered bonds, we evaluated the
maximum potential rating on a covered bond program as the bank's
issuer credit rating (ICR) increased by the maximum number of
notches of ratings uplift. The maximum number of notches of
uplift results from our assessment and classification of the
program's asset-liability mismatch (ALMM) risk and the program
categorization," S&P said.
"When determining the program categorization under these
criteria, we consider primarily our view of the jurisdiction of a
program and its ability to access external financing or to
monetize the cover pool. Finally, we assign the covered bonds to
one of three distinct categories. Under our covered bond
criteria, to achieve the maximum potential number of notches of
uplift, the available credit enhancement needs to be commensurate
with the target credit Enhancement," S&P said.
"Following our analysis, and given our view of the Spanish legal
framework, we have placed Bankia's mortgage covered bond program
in category '1' and determined a 'low' ALMM risk. Under our
criteria, these combinations would enable us to assign to the
covered bonds the maximum potential ratings uplift of seven
notches above our long-term rating on Bankia," S&P said.
"However, based on these criteria and the application of our
credit and cash flow stresses to the December 2011 mortgage loan
book and the current outstanding covered bond information we
received from the issuer, we have assessed that the
overcollateralization available to support Bankia's mortgage
covered bonds can sustain a four-notch uplift above our 'BB+'
long-term ICR on Bankia," S&P said.
"We have kept our ratings on Bankia's mortgage covered bonds on
CreditWatch negative as, all else being equal, any negative
rating action on the issuer would automatically lead to a
corresponding rating change on these covered bonds. The
CreditWatch negative also reflects our view that the available
overcollateralization level is commensurate with a maximum four
notches of uplift. As a result, any decrease in
overcollateralization could limit the number of notches of uplift
below the current four notches," S&P said.
"In the coming days we will receive and analyze Bankia's mortgage
loan book data as of June 2012," S&P said.
RATINGS LIST
Rating
Program/ To From
Country: Covered bond type
Ratings Placed On CreditWatch Negative
Bankia S.A.
A-/Watch Neg AA-/ Watch Neg
Spain: Cedulas Hipotecarias (Mortgage Covered Bonds)
TDA 24: S&P Cuts Rating on Class B Notes to 'D' on Missed Payment
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its credit rating on TDA 24, Fondo de Titulizacion de
Activos' class B notes. The ratings on all other classes of
notes in this transaction are unaffected.
The rating action follows an interest payment default on the
September 2012 payment date.
In September 2009, TDA 24 completely depleted its cash reserve as
a result of the rapid growth of defaulted loans (defined in this
transaction as loans in arrears for more than 12 months). The
issuer has not replenished the reserve fund since then.
"On Dec. 15, 2011, we placed on CreditWatch negative our ratings
on TDA 24's class A1, A2, and B notes. This followed the findings
of an audit of TDA 28's assets originated by Credifimo, according
to which Credifimo had not originated the loans in accordance
with its internal policies. Credifimo, which was acquired by
Banca Civica at the beginning of 2010, is one of the originators
and servicers of the loans in TDA 28, 24, 25, and 27. The
contribution of Credifimo as originator in TDA 24 was 26.80% of
the pool at closing," S&P said.
"On May 17, 2012, we reviewed TDA 24 again and downgraded the
class B notes due to what we considered to be deteriorating
performance. We kept the class A1, A2, and B notes on CreditWatch
negative due to a lack of information about the extent to which
the noncompliance of some of Credifimo's origination practices
in TDA 28, could be repeated in TDA 24. We also affirmed our 'D
(sf)' ratings on the class C and D notes, as they have failed to
pay interest since September 2011 and December 2010," S&P said.
"The class B, C, and D notes' interest-deferral trigger levels
are 6.10%, 4.70%, and 3.50%. As of the September 2012 interest
payment date, the ratio of cumulative defaults over the original
balance was 6.22% (compared with 5.06% a year earlier). As a
result, the class B notes missed their interest payment on this
latest payment date. We have therefore lowered to 'D (sf)' and
removed from CreditWatch negative our rating on the class B
notes," S&P said.
"We will resolve the CreditWatch negative placement of the other
classes in TDA 24 following receipt of further information about
the extent to which the noncompliance of some of Credifimo's
origination practices in TDA 28, could be repeated in TDA 24,"
S&P said.
TDA 24 is a residential mortgage-backed securities transaction
that closed in December 2005. It securitizes a portfolio of
residential mortgage loans secured over properties in Spain.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
TDA 24, Fondo de Titulizacion de Activos
EUR490.156 Million Mortgage-Backed Floating-Rate Notes
Class Rating Rating
To From
Rating Lowered and Removed From CreditWatch Negative
B D (sf) CCC- (sf)/Watch Neg
Ratings Unaffected
A1 AA- (sf)/Watch Neg
A2 AA- (sf)/Watch Neg
C D (sf)
D D (sf)
* SPAIN: Concerns on Deficit Plan Hampers Bailout Request Plan
--------------------------------------------------------------
Ben Sills and Angeline Benoit at Bloomberg News report that Spain
has been deterred from triggering the currency union's rescue
mechanisms because of concerns about how, and even whether, the
process would work.
"We need to have all the elements on the table and also the
certainty that it would materialize" before making a bailout
request, Deputy Prime Minister Soraya Saenz de Santamaria, as
cited by Bloomberg, said on Friday at press conference in Madrid
following the government's weekly Cabinet meeting.
Her comments help explain why Spanish officials have sought to
damp expectations of a bailout request amid rising criticism of
their plans to tame the budget deficit, Bloomberg notes.
EU deficit enforcer Olli Rehn and Spanish central bank governor
Luis Maria Linde last week both questioned the math that the
government says will deliver the country's deficit-reduction
commitments over the next 15 months, Bloomberg relates. Spain's
high funding costs are complicating the debt-reduction effort,
Bloomberg states.
===========================
U N I T E D K I N G D O M
===========================
GEMINI PLC: S&P Downgrades Ratings on Two Note Classes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit ratings
on GEMINI (ECLIPSE 2006-3) PLC's class C and D notes to 'D (sf)'
from 'B- (sf)'. "At the same time, we have affirmed our 'D (sf)'
rating on the class E notes. Our ratings on the class A and B
notes are unaffected by the rating actions," S&P said.
GEMINI (ECLIPSE 2006-3) is a single-borrower secured-loan
transaction that is secured by a portfolio of commercial real-
estate assets located in England and Scotland.
"The rating actions reflect our opinion of cash flow disruptions
in this transaction," S&P said.
"On the July 2012 payment date, the borrower failed to pay the
interest due under the loan. Consequently, under the transaction
documents, the issuer has been required to draw on a liquidity
facility to fund the loan interest shortfall. Total drawings
under the liquidity facility now amount to approximately GBP21.8
million," S&P said.
"Notwithstanding the drawing made to fund the loan interest
shortfall, the weighted-average cost of notes exceeded the
weighted-average loan coupon on the July 2012 payment date. We
understand from the July 2012 servicer's report that this was due
to third-party expenses that the issuer incurred in the course of
taking action to maximize the value of its assets. As these
expenses were payable ahead of any interest payments to the
notes, there was not enough cash left to fully service the notes.
As a result, the class C notes have not received their due
interest payment in full, and the class D and E notes have not
received any interest payments. Under the transaction documents,
the liquidity facility cannot be drawn to meet the note interest
shortfalls," S&P said.
"In our view, although third-party expenses are likely to
continue to sporadically affect the issuer's cash flow, we are of
the opinion that such expenses are unlikely to remain at similar
levels. Therefore, the likelihood of interest shortfalls under
the class A and B notes remains manageable and is adequately
reflected in our ratings, in our opinion," S&P said.
RATING ACTIONS
"Our ratings address the timely payment of interest, payable
quarterly in arrears, and the payment of principal no later than
the legal final maturity date (in July 2019). Because of the
interest shortfalls, we have lowered to 'D (sf)' from 'B- (sf)'
our ratings on the class B and C notes. At the same time, we have
affirmed our 'D (sf)' rating on the class E notes. These three
classes of notes will likely suffer principal losses, in our
opinion. We consider that the level of credit enhancement
available to the class A and B notes continue to be sufficient to
cover liquidity risks at their current rating levels. Our ratings
on the class A and B notes are therefore unaffected by 's rating
actions. We will continue to monitor the situation," S&P said.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.
"As highlighted in our Nov. 8, 2011 Advance Notice Of Proposed
Criteria Change, our review may result in changes to the
methodology and assumptions that we use when rating European
CMBS. Consequently, it may affect both new and outstanding
ratings in European CMBS transactions," S&P said.
"On Sept. 5, 2012, we published our updated criteria for CMBS
property evaluation. These criteria do not significantly change
our longstanding approach to deriving property net cash flows and
values in European CMBS transactions. We do not expect any rating
action in Europe as a result of adopting these criteria," S&P
said.
"However, because of its global scope, our criteria for global
CMBS property evaluation do not include certain market-specific
adjustments. We will therefore publish an application of these
criteria to European CMBS transactions along with our updated
criteria for rating European CMBS," S&P said.
"Until such time that we adopt updated criteria for rating
European CMBS, we will continue to rate and monitor these
transactions using our existing criteria," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
GEMINI (ECLIPSE 2006-3) PLC
GBP918.862 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
C D (sf) B- (sf)
D D (sf) B- (sf)
Rating Affirmed
E D (sf)
Ratings Unaffected
A B (sf)
B B- (sf)
MR. BEDDS: Gets Forced Into Administration, Closes Business
-----------------------------------------------------------
Messenger News reports Mr. Bedds, on Stamford New Road, has been
forced into administration following a legal challenge. The
report relates that the business will close for the final time.
Owner Andrew Harris, aged 69, from Sale, who is the third
generation to run the firm, said he was mortified about what has
happened, according to Messenger News.
The report notes that Mr. Harris has another shop in Warrington,
which was also forced to close.
Messenger News notes that twelve members of staff have lost their
jobs, two of them in Altrincham.
The report notes that Mr. Harris traced the start of the problems
faced by towns such as Altrincham to the competition faced after
the opening of the Trafford Centre.
Mr. Harris said business rates and rents need to be reduced, the
report adds.
Mr. Bedds is a family-run furniture store.
UNITED CARPETS: Enters Administration, to Close Stores
------------------------------------------------------
Reuters reports that United Carpets Group went into
administration, the latest company to fall victim to Britain's
recession, and said it would close stores where rent reduction
agreements could not be reached.
The firm closed a number of stores earlier this year after
warning that many of its franchises had found trading "very
challenging" and said the fate of the remaining 72 would soon be
decided, according to Reuters. The report relates that the
company said it had appointed administrators Begbies Traynor and
sold the firm to a wholly-owned subsidiary.
The report discloses that the company said it will now seek to
agree rents with landlords and will close those stores where
agreement cannot be reached.
United Carpets Group is a flooring and beds firm.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week October 1 to October 5, 2012
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
A-TEC INDUSTRIES 8.750 10/27/2014 EUR 25.00
A-TEC INDUSTRIES 2.750 5/10/2014 EUR 25.00
IMMOFINANZ 4.250 3/8/2018 EUR 4.17
RAIFF CENTROBANK 11.134 7/24/2013 EUR 72.71
RAIFF CENTROBANK 8.907 7/24/2013 EUR 71.92
RAIFF CENTROBANK 9.200 7/24/2013 EUR 69.92
RAIFF CENTROBANK 9.558 1/23/2013 EUR 71.92
RAIFF CENTROBANK 9.876 1/23/2013 EUR 53.23
RAIFF CENTROBANK 8.920 1/23/2013 EUR 65.85
RAIFF CENTROBANK 9.304 1/23/2013 EUR 65.39
RAIFF CENTROBANK 5.097 1/23/2013 EUR 73.07
RAIFF CENTROBANK 7.646 1/23/2013 EUR 50.62
RAIFF CENTROBANK 7.965 1/23/2013 EUR 52.45
BELGIUM
-------
ECONOCOM GROUP 4.000 6/1/2016 EUR 22.87
FRANCE
------
AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.93
ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.66
ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.67
ASSYSTEM 4.000 1/1/2017 EUR 22.56
ATOS ORIGIN SA 2.500 1/1/2016 EUR 59.02
CAP GEMINI SOGET 3.500 1/1/2014 EUR 39.18
CGG VERITAS 1.750 1/1/2016 EUR 32.09
CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.17
EURAZEO 6.250 6/10/2014 EUR 53.95
FAURECIA 4.500 1/1/2015 EUR 19.93
FAURECIA 3.250 1/1/2018 EUR 18.50
INGENICO 2.750 1/1/2017 EUR 48.97
MAUREL ET PROM 7.125 7/31/2014 EUR 17.81
MAUREL ET PROM 7.125 7/31/2015 EUR 16.50
NEXANS SA 4.000 1/1/2016 EUR 57.05
NEXANS SA 2.500 1/1/2019 EUR 68.66
ORPEA 3.875 1/1/2016 EUR 48.31
PEUGEOT SA 4.450 1/1/2016 EUR 23.18
PIERRE VACANCES 4.000 10/1/2015 EUR 72.94
PUBLICIS GROUPE 1.000 1/18/2018 EUR 55.00
SOC AIR FRANCE 2.750 4/1/2020 EUR 21.03
SOITEC 6.250 9/9/2014 EUR 7.62
TEM 4.250 1/1/2015 EUR 54.43
GERMANY
-------
BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 69.43
BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 51.78
BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 52.72
BNP EMIS-U.HANDE 9.750 12/28/2012 EUR 67.93
COMMERZBANK AG 10.750 3/21/2013 EUR 68.22
COMMERZBANK AG 14.500 3/21/2013 EUR 63.55
COMMERZBANK AG 18.500 3/21/2013 EUR 59.77
COMMERZBANK AG 8.400 12/30/2013 EUR 15.09
COMMERZBANK AG 15.500 12/31/2012 EUR 73.53
COMMERZBANK AG 13.000 12/28/2012 EUR 64.43
COMMERZBANK AG 16.750 1/3/2013 EUR 73.03
COMMERZBANK AG 7.000 12/27/2012 EUR 65.77
COMMERZBANK AG 18.750 11/22/2012 EUR 72.35
COMMERZBANK AG 10.000 11/5/2012 EUR 51.45
COMMERZBANK AG 8.000 11/5/2012 EUR 66.43
COMMERZBANK AG 8.000 12/27/2012 EUR 42.98
COMMERZBANK AG 9.000 10/29/2012 EUR 6.38
DEUTSCHE BANK AG 12.000 2/28/2013 EUR 74.20
DEUTSCHE BANK AG 11.000 4/2/2013 EUR 72.90
DEUTSCHE BANK AG 12.000 4/2/2013 EUR 73.60
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.20
DEUTSCHE BANK AG 15.000 2/20/2013 EUR 74.00
DEUTSCHE BANK AG 11.000 1/18/2013 EUR 74.80
DEUTSCHE BANK AG 15.000 12/20/2012 EUR 70.90
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 73.40
DEUTSCHE BANK AG 12.000 12/20/2012 EUR 48.50
DEUTSCHE BANK AG 10.000 12/20/2012 EUR 74.00
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 73.80
DEUTSCHE BANK AG 9.000 12/20/2012 EUR 72.80
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 39.70
DEUTSCHE BANK AG 8.000 12/20/2012 EUR 69.40
DEUTSCHE BANK AG 12.000 11/29/2012 EUR 67.00
DEUTSCHE BANK AG 9.000 11/29/2012 EUR 68.50
DEUTSCHE BANK AG 8.000 11/29/2012 EUR 72.90
DEUTSCHE BANK AG 12.000 10/31/2012 EUR 67.00
DEUTSCHE BANK AG 10.000 10/31/2012 EUR 70.30
DEUTSCHE BANK AG 8.000 10/31/2012 EUR 73.50
DEUTSCHE BANK AG 6.500 6/28/2013 EUR 55.60
DZ BANK AG 12.000 1/2/2013 EUR 67.72
DZ BANK AG 5.700 10/5/2012 EUR 74.96
DZ BANK AG 8.300 10/5/2012 EUR 68.73
DZ BANK AG 7.000 10/12/2012 EUR 49.99
DZ BANK AG 7.000 10/12/2012 EUR 74.46
DZ BANK AG 8.000 10/12/2012 EUR 46.05
DZ BANK AG 9.500 10/12/2012 EUR 63.73
DZ BANK AG 12.500 10/26/2012 EUR 72.04
DZ BANK AG 15.000 10/26/2012 EUR 68.95
DZ BANK AG 16.000 10/26/2012 EUR 65.69
DZ BANK AG 18.000 10/26/2012 EUR 70.12
DZ BANK AG 18.250 10/26/2012 EUR 74.48
DZ BANK AG 22.000 10/26/2012 EUR 74.03
DZ BANK AG 25.000 10/26/2012 EUR 72.90
DZ BANK AG 16.750 11/23/2012 EUR 73.15
DZ BANK AG 17.250 11/23/2012 EUR 57.83
DZ BANK AG 20.000 11/23/2012 EUR 74.93
DZ BANK AG 5.000 12/14/2012 EUR 71.21
DZ BANK AG 9.750 12/14/2012 EUR 72.47
DZ BANK AG 9.500 1/2/2013 EUR 73.63
DZ BANK AG 14.000 1/11/2013 EUR 48.02
DZ BANK AG 15.500 1/11/2013 EUR 53.29
DZ BANK AG 7.750 1/25/2013 EUR 70.08
DZ BANK AG 12.500 1/25/2013 EUR 50.41
DZ BANK AG 18.000 1/25/2013 EUR 70.54
DZ BANK AG 10.250 2/8/2013 EUR 70.02
DZ BANK AG 10.250 2/8/2013 EUR 74.38
DZ BANK AG 13.750 2/22/2013 EUR 71.94
DZ BANK AG 14.000 2/22/2013 EUR 73.46
DZ BANK AG 15.000 2/22/2013 EUR 74.38
DZ BANK AG 15.000 2/22/2013 EUR 73.15
DZ BANK AG 10.000 3/8/2013 EUR 65.84
DZ BANK AG 13.750 3/8/2013 EUR 53.73
DZ BANK AG 6.000 3/22/2013 EUR 73.83
DZ BANK AG 12.250 3/22/2013 EUR 74.13
DZ BANK AG 12.500 3/22/2013 EUR 71.82
DZ BANK AG 13.000 3/22/2013 EUR 73.02
DZ BANK AG 19.000 3/22/2013 EUR 61.42
DZ BANK AG 6.000 4/26/2013 EUR 73.82
DZ BANK AG 14.500 4/26/2013 EUR 62.54
DZ BANK AG 15.750 4/26/2013 EUR 48.28
DZ BANK AG 16.500 4/26/2013 EUR 64.62
DZ BANK AG 17.000 4/26/2013 EUR 25.25
DZ BANK AG 18.000 6/28/2013 EUR 74.36
GOLDMAN SACHS CO 14.000 1/2/2013 EUR 70.21
GOLDMAN SACHS CO 14.000 12/28/2012 EUR 71.80
GOLDMAN SACHS CO 13.000 6/26/2013 EUR 74.70
GOLDMAN SACHS CO 18.000 3/20/2013 EUR 69.00
GOLDMAN SACHS CO 13.000 12/27/2013 EUR 72.10
HSBC TRINKAUS 27.000 3/22/2013 EUR 60.62
HSBC TRINKAUS 26.500 3/22/2013 EUR 68.87
HSBC TRINKAUS 24.000 3/22/2013 EUR 74.37
HSBC TRINKAUS 8.000 6/28/2013 EUR 74.53
HSBC TRINKAUS 23.500 3/22/2013 EUR 72.20
HSBC TRINKAUS 13.000 6/28/2013 EUR 74.78
HSBC TRINKAUS 14.000 6/28/2013 EUR 71.28
HSBC TRINKAUS 14.000 6/28/2013 EUR 71.81
HSBC TRINKAUS 24.000 3/22/2013 EUR 70.54
HSBC TRINKAUS 16.500 6/28/2013 EUR 62.83
HSBC TRINKAUS 16.500 6/28/2013 EUR 66.01
HSBC TRINKAUS 17.500 6/28/2013 EUR 69.86
HSBC TRINKAUS 18.000 6/28/2013 EUR 73.93
HSBC TRINKAUS 16.500 6/28/2013 EUR 68.59
HSBC TRINKAUS 19.000 6/28/2013 EUR 66.40
HSBC TRINKAUS 19.500 6/28/2013 EUR 63.32
HSBC TRINKAUS 21.000 6/28/2013 EUR 72.03
HSBC TRINKAUS 21.500 6/28/2013 EUR 74.42
HSBC TRINKAUS 18.500 6/28/2013 EUR 60.68
HSBC TRINKAUS 23.500 6/28/2013 EUR 71.69
HSBC TRINKAUS 25.500 6/28/2013 EUR 65.25
HSBC TRINKAUS 26.000 6/28/2013 EUR 55.48
HSBC TRINKAUS 30.000 6/28/2013 EUR 53.65
HSBC TRINKAUS 22.500 6/28/2013 EUR 67.67
HSBC TRINKAUS 15.000 3/22/2013 EUR 72.24
HSBC TRINKAUS 14.000 3/22/2013 EUR 71.37
HSBC TRINKAUS 13.000 3/22/2013 EUR 59.80
HSBC TRINKAUS 18.000 3/22/2013 EUR 74.69
HSBC TRINKAUS 15.000 3/22/2013 EUR 70.58
HSBC TRINKAUS 18.500 3/22/2013 EUR 74.04
HSBC TRINKAUS 18.500 3/22/2013 EUR 66.74
HSBC TRINKAUS 19.000 3/22/2013 EUR 58.58
HSBC TRINKAUS 17.500 3/22/2013 EUR 64.52
HSBC TRINKAUS 17.500 3/22/2013 EUR 61.72
HSBC TRINKAUS 19.500 3/22/2013 EUR 66.09
HSBC TRINKAUS 20.500 3/22/2013 EUR 73.71
HSBC TRINKAUS 22.000 3/22/2013 EUR 64.02
HSBC TRINKAUS 22.000 3/22/2013 EUR 61.57
HSBC TRINKAUS 21.000 3/22/2013 EUR 55.04
HSBC TRINKAUS 15.500 3/22/2013 EUR 70.29
HSBC TRINKAUS 12.000 3/22/2013 EUR 73.99
HSBC TRINKAUS 12.500 6/28/2013 EUR 73.07
HSBC TRINKAUS 8.000 3/22/2013 EUR 64.64
HSBC TRINKAUS 16.000 3/22/2013 EUR 69.32
HSBC TRINKAUS 27.500 3/22/2013 EUR 50.02
HSBC TRINKAUS 18.500 3/22/2013 EUR 72.70
LB BADEN-WUERTT 10.000 11/23/2012 EUR 73.38
LB BADEN-WUERTT 10.000 11/23/2012 EUR 56.50
LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.66
LB BADEN-WUERTT 10.000 11/23/2012 EUR 17.46
LB BADEN-WUERTT 10.000 11/23/2012 EUR 55.84
LB BADEN-WUERTT 10.000 11/23/2012 EUR 71.63
LB BADEN-WUERTT 15.000 11/23/2012 EUR 51.85
LB BADEN-WUERTT 5.000 1/4/2013 EUR 21.79
LB BADEN-WUERTT 5.000 1/4/2013 EUR 69.18
LB BADEN-WUERTT 5.000 1/4/2013 EUR 43.73
LB BADEN-WUERTT 5.000 1/4/2013 EUR 63.70
LB BADEN-WUERTT 5.000 1/4/2013 EUR 56.69
LB BADEN-WUERTT 5.000 1/4/2013 EUR 57.14
LB BADEN-WUERTT 7.500 1/4/2013 EUR 37.79
LB BADEN-WUERTT 7.500 1/4/2013 EUR 57.28
LB BADEN-WUERTT 7.500 1/4/2013 EUR 54.92
LB BADEN-WUERTT 7.500 1/4/2013 EUR 64.39
LB BADEN-WUERTT 7.500 1/4/2013 EUR 57.81
LB BADEN-WUERTT 7.500 1/4/2013 EUR 19.41
LB BADEN-WUERTT 7.500 1/4/2013 EUR 72.75
LB BADEN-WUERTT 7.500 1/4/2013 EUR 60.75
LB BADEN-WUERTT 10.000 1/4/2013 EUR 66.27
LB BADEN-WUERTT 10.000 1/4/2013 EUR 57.88
LB BADEN-WUERTT 10.000 1/4/2013 EUR 18.21
LB BADEN-WUERTT 10.000 1/4/2013 EUR 54.40
LB BADEN-WUERTT 10.000 1/4/2013 EUR 72.56
LB BADEN-WUERTT 10.000 1/4/2013 EUR 58.40
LB BADEN-WUERTT 10.000 1/4/2013 EUR 58.73
LB BADEN-WUERTT 10.000 1/4/2013 EUR 50.65
LB BADEN-WUERTT 10.000 1/4/2013 EUR 35.09
LB BADEN-WUERTT 10.000 1/4/2013 EUR 70.51
LB BADEN-WUERTT 5.000 1/25/2013 EUR 29.07
LB BADEN-WUERTT 5.000 1/25/2013 EUR 74.32
LB BADEN-WUERTT 7.500 1/25/2013 EUR 73.71
LB BADEN-WUERTT 7.500 1/25/2013 EUR 62.78
LB BADEN-WUERTT 7.500 1/25/2013 EUR 67.50
LB BADEN-WUERTT 7.500 1/25/2013 EUR 25.91
LB BADEN-WUERTT 10.000 1/25/2013 EUR 24.03
LB BADEN-WUERTT 10.000 1/25/2013 EUR 55.60
LB BADEN-WUERTT 10.000 1/25/2013 EUR 71.08
LB BADEN-WUERTT 10.000 1/25/2013 EUR 60.62
LB BADEN-WUERTT 10.000 1/25/2013 EUR 68.17
LB BADEN-WUERTT 10.000 1/25/2013 EUR 73.28
LB BADEN-WUERTT 7.500 2/22/2013 EUR 70.00
LB BADEN-WUERTT 10.000 2/22/2013 EUR 62.66
LB BADEN-WUERTT 15.000 2/22/2013 EUR 53.48
LB BADEN-WUERTT 8.000 3/22/2013 EUR 65.94
LB BADEN-WUERTT 10.000 3/22/2013 EUR 63.71
LB BADEN-WUERTT 12.000 3/22/2013 EUR 67.18
LB BADEN-WUERTT 15.000 3/22/2013 EUR 59.08
LB BADEN-WUERTT 15.000 3/22/2013 EUR 72.10
LB BADEN-WUERTT 7.000 6/28/2013 EUR 69.22
LB BADEN-WUERTT 7.500 6/28/2013 EUR 69.58
LB BADEN-WUERTT 7.500 6/28/2013 EUR 72.80
LB BADEN-WUERTT 9.000 6/28/2013 EUR 66.01
LB BADEN-WUERTT 10.000 6/28/2013 EUR 66.00
LB BADEN-WUERTT 10.000 6/28/2013 EUR 65.35
LB BADEN-WUERTT 11.000 6/28/2013 EUR 64.60
LB BADEN-WUERTT 9.000 9/27/2013 EUR 67.71
LB BADEN-WUERTT 7.000 9/27/2013 EUR 70.04
LB BADEN-WUERTT 12.000 8/23/2013 EUR 66.21
LB BADEN-WUERTT 10.000 8/23/2013 EUR 68.49
LB BADEN-WUERTT 9.000 8/23/2013 EUR 73.85
LB BADEN-WUERTT 8.000 8/23/2013 EUR 71.19
LB BADEN-WUERTT 7.000 7/26/2013 EUR 73.88
LB BADEN-WUERTT 11.000 9/27/2013 EUR 66.99
LB BADEN-WUERTT 7.500 11/23/2012 EUR 62.25
LB BADEN-WUERTT 10.000 11/23/2012 EUR 74.77
LB BADEN-WUERTT 10.000 11/23/2012 EUR 65.47
LB BADEN-WUERTT 10.000 11/23/2012 EUR 41.25
LB BADEN-WUERTT 10.000 11/23/2012 EUR 57.22
LB BADEN-WUERTT 10.000 11/23/2012 EUR 38.02
LB BADEN-WUERTT 10.000 11/23/2012 EUR 69.56
LB BADEN-WUERTT 9.000 7/26/2013 EUR 70.59
LB BADEN-WUERTT 8.000 7/26/2013 EUR 71.37
LB BADEN-WUERTT 5.000 10/26/2012 EUR 56.56
LB BADEN-WUERTT 5.000 10/26/2012 EUR 62.35
LB BADEN-WUERTT 5.000 10/26/2012 EUR 52.10
LB BADEN-WUERTT 5.000 10/26/2012 EUR 72.73
LB BADEN-WUERTT 5.000 10/26/2012 EUR 3.98
LB BADEN-WUERTT 5.000 10/26/2012 EUR 21.11
LB BADEN-WUERTT 7.500 10/26/2012 EUR 49.53
LB BADEN-WUERTT 7.500 10/26/2012 EUR 18.27
LB BADEN-WUERTT 7.500 10/26/2012 EUR 3.58
LB BADEN-WUERTT 7.500 10/26/2012 EUR 63.78
LB BADEN-WUERTT 7.500 10/26/2012 EUR 44.42
LB BADEN-WUERTT 7.500 10/26/2012 EUR 51.78
LB BADEN-WUERTT 10.000 10/26/2012 EUR 40.20
LB BADEN-WUERTT 10.000 10/26/2012 EUR 3.12
LB BADEN-WUERTT 10.000 10/26/2012 EUR 16.71
LB BADEN-WUERTT 10.000 10/26/2012 EUR 45.09
LB BADEN-WUERTT 10.000 10/26/2012 EUR 68.99
LB BADEN-WUERTT 10.000 10/26/2012 EUR 57.73
LB BADEN-WUERTT 10.000 10/26/2012 EUR 45.45
LB BADEN-WUERTT 5.000 11/23/2012 EUR 54.04
LB BADEN-WUERTT 5.000 11/23/2012 EUR 48.85
LB BADEN-WUERTT 5.000 11/23/2012 EUR 72.21
LB BADEN-WUERTT 5.000 11/23/2012 EUR 21.50
LB BADEN-WUERTT 5.000 11/23/2012 EUR 70.05
LB BADEN-WUERTT 7.500 11/23/2012 EUR 72.40
LB BADEN-WUERTT 7.500 11/23/2012 EUR 70.40
LB BADEN-WUERTT 7.500 11/23/2012 EUR 18.87
LB BADEN-WUERTT 7.500 11/23/2012 EUR 64.86
LB BADEN-WUERTT 7.500 11/23/2012 EUR 62.96
LB BADEN-WUERTT 7.500 11/23/2012 EUR 45.98
LB BADEN-WUERTT 7.500 11/23/2012 EUR 42.24
MACQUARIE STRUCT 13.250 1/2/2013 EUR 69.82
Q-CELLS 6.750 10/21/2015 EUR 1.00
QIMONDA FINANCE 6.750 3/22/2013 USD 4.50
SOLON AG SOLAR 1.375 12/6/2012 EUR 0.75
TAG IMMO AG 6.500 12/10/2015 EUR 9.15
TUI AG 2.750 3/24/2016 EUR 56.23
VONTOBEL FIN PRO 9.250 12/31/2012 EUR 46.68
VONTOBEL FIN PRO 7.950 12/31/2012 EUR 69.58
VONTOBEL FIN PRO 7.900 12/31/2012 EUR 70.84
VONTOBEL FIN PRO 7.400 12/31/2012 EUR 54.78
VONTOBEL FIN PRO 7.250 12/31/2012 EUR 70.90
VONTOBEL FIN PRO 10.100 3/8/2013 EUR 74.80
VONTOBEL FIN PRO 13.650 3/1/2013 EUR 50.00
VONTOBEL FIN PRO 28.250 12/31/2012 EUR 45.78
VONTOBEL FIN PRO 27.600 12/31/2012 EUR 48.56
VONTOBEL FIN PRO 24.900 12/31/2012 EUR 60.46
VONTOBEL FIN PRO 24.700 12/31/2012 EUR 51.48
VONTOBEL FIN PRO 21.200 12/31/2012 EUR 55.78
VONTOBEL FIN PRO 19.700 12/31/2012 EUR 71.88
VONTOBEL FIN PRO 18.900 12/31/2012 EUR 52.28
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 59.08
VONTOBEL FIN PRO 18.850 12/31/2012 EUR 72.56
VONTOBEL FIN PRO 18.200 12/31/2012 EUR 69.74
VONTOBEL FIN PRO 18.050 12/31/2012 EUR 74.36
VONTOBEL FIN PRO 17.550 12/31/2012 EUR 73.72
VONTOBEL FIN PRO 17.300 12/31/2012 EUR 74.80
VONTOBEL FIN PRO 17.100 12/31/2012 EUR 58.64
VONTOBEL FIN PRO 17.050 12/31/2012 EUR 54.84
VONTOBEL FIN PRO 16.950 12/31/2012 EUR 56.72
VONTOBEL FIN PRO 16.850 12/31/2012 EUR 64.48
VONTOBEL FIN PRO 16.700 12/31/2012 EUR 67.62
VONTOBEL FIN PRO 16.450 12/31/2012 EUR 71.46
VONTOBEL FIN PRO 16.150 12/31/2012 EUR 69.96
VONTOBEL FIN PRO 15.900 12/31/2012 EUR 73.00
VONTOBEL FIN PRO 15.250 12/31/2012 EUR 57.76
VONTOBEL FIN PRO 14.950 12/31/2012 EUR 69.88
VONTOBEL FIN PRO 14.700 12/31/2012 EUR 70.70
VONTOBEL FIN PRO 14.600 12/31/2012 EUR 71.06
VONTOBEL FIN PRO 14.500 12/31/2012 EUR 69.14
VONTOBEL FIN PRO 5.100 4/14/2014 EUR 40.90
VONTOBEL FIN PRO 7.389 11/25/2013 EUR 49.40
VONTOBEL FIN PRO 6.000 6/28/2013 EUR 64.62
VONTOBEL FIN PRO 4.000 6/28/2013 EUR 47.98
VONTOBEL FIN PRO 18.500 3/22/2013 EUR 53.42
VONTOBEL FIN PRO 16.850 3/22/2013 EUR 54.90
VONTOBEL FIN PRO 15.250 3/22/2013 EUR 56.78
VONTOBEL FIN PRO 14.500 3/22/2013 EUR 51.62
VONTOBEL FIN PRO 14.300 3/22/2013 EUR 74.28
VONTOBEL FIN PRO 14.000 3/22/2013 EUR 63.20
VONTOBEL FIN PRO 13.700 3/22/2013 EUR 59.10
VONTOBEL FIN PRO 12.200 3/22/2013 EUR 61.64
VONTOBEL FIN PRO 12.000 3/22/2013 EUR 67.62
VONTOBEL FIN PRO 11.850 3/22/2013 EUR 55.74
VONTOBEL FIN PRO 11.150 3/22/2013 EUR 69.14
VONTOBEL FIN PRO 10.750 3/22/2013 EUR 64.94
VONTOBEL FIN PRO 10.350 3/22/2013 EUR 72.24
VONTOBEL FIN PRO 10.300 3/22/2013 EUR 69.32
VONTOBEL FIN PRO 9.950 3/22/2013 EUR 72.46
VONTOBEL FIN PRO 8.850 3/22/2013 EUR 73.96
VONTOBEL FIN PRO 8.550 3/22/2013 EUR 60.76
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 68.82
VONTOBEL FIN PRO 14.300 12/31/2012 EUR 48.60
VONTOBEL FIN PRO 14.000 12/31/2012 EUR 71.92
VONTOBEL FIN PRO 14.450 12/31/2012 EUR 60.76
VONTOBEL FIN PRO 10.050 12/31/2012 EUR 65.50
VONTOBEL FIN PRO 9.950 12/31/2012 EUR 70.02
VONTOBEL FIN PRO 9.950 12/31/2012 EUR 70.54
VONTOBEL FIN PRO 9.900 12/31/2012 EUR 71.54
VONTOBEL FIN PRO 9.650 12/31/2012 EUR 69.22
VONTOBEL FIN PRO 9.600 12/31/2012 EUR 74.70
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 62.06
VONTOBEL FIN PRO 9.400 12/31/2012 EUR 73.02
VONTOBEL FIN PRO 9.350 12/31/2012 EUR 71.26
VONTOBEL FIN PRO 13.550 12/31/2012 EUR 56.18
VONTOBEL FIN PRO 13.500 12/31/2012 EUR 61.12
VONTOBEL FIN PRO 13.150 12/31/2012 EUR 70.00
VONTOBEL FIN PRO 13.050 12/31/2012 EUR 68.72
VONTOBEL FIN PRO 12.900 12/31/2012 EUR 67.12
VONTOBEL FIN PRO 12.800 12/31/2012 EUR 43.32
VONTOBEL FIN PRO 12.650 12/31/2012 EUR 56.38
VONTOBEL FIN PRO 12.250 12/31/2012 EUR 69.12
VONTOBEL FIN PRO 12.000 12/31/2012 EUR 59.16
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 69.54
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 57.06
VONTOBEL FIN PRO 11.950 12/31/2012 EUR 74.44
VONTOBEL FIN PRO 11.900 12/31/2012 EUR 71.84
VONTOBEL FIN PRO 11.850 12/31/2012 EUR 71.00
VONTOBEL FIN PRO 11.800 12/31/2012 EUR 71.62
VONTOBEL FIN PRO 11.750 12/31/2012 EUR 60.00
VONTOBEL FIN PRO 11.700 12/31/2012 EUR 60.02
VONTOBEL FIN PRO 11.450 12/31/2012 EUR 54.76
VONTOBEL FIN PRO 11.400 12/31/2012 EUR 66.48
VONTOBEL FIN PRO 11.150 12/31/2012 EUR 74.94
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 69.52
VONTOBEL FIN PRO 11.000 12/31/2012 EUR 68.10
VONTOBEL FIN PRO 10.900 12/31/2012 EUR 71.84
VONTOBEL FIN PRO 10.500 12/31/2012 EUR 48.22
WGZ BANK 7.000 12/21/2012 EUR 74.39
WGZ BANK 6.000 12/28/2012 EUR 69.36
WGZ BANK 7.000 12/28/2012 EUR 64.78
WGZ BANK 8.000 12/28/2012 EUR 60.80
WGZ BANK 8.000 12/21/2012 EUR 71.90
WGZ BANK 5.000 12/28/2012 EUR 74.65
GUERNSEY
--------
BCV GUERNSEY 8.020 3/1/2013 EUR 56.59
BKB FINANCE 11.400 11/8/2012 CHF 62.43
BKB FINANCE 8.350 1/14/2013 CHF 53.77
EFG FINANCIAL PR 11.500 10/11/2012 CHF 69.30
EFG FINANCIAL PR 12.000 10/11/2012 USD 70.09
EFG FINANCIAL PR 12.250 10/11/2012 EUR 69.66
EFG FINANCIAL PR 12.500 10/11/2012 GBP 69.79
EFG FINANCIAL PR 12.500 10/11/2012 CHF 59.48
EFG FINANCIAL PR 18.000 10/11/2012 EUR 66.12
EFG FINANCIAL PR 20.000 10/11/2012 CHF 18.71
EFG FINANCIAL PR 17.250 10/12/2012 CHF 55.63
EFG FINANCIAL PR 10.000 10/17/2012 EUR 65.58
EFG FINANCIAL PR 12.000 10/19/2012 USD 60.44
EFG FINANCIAL PR 13.750 10/24/2012 USD 72.41
EFG FINANCIAL PR 6.250 10/25/2012 CHF 53.17
EFG FINANCIAL PR 11.250 10/26/2012 CHF 60.17
EFG FINANCIAL PR 12.000 10/26/2012 CHF 69.01
EFG FINANCIAL PR 13.250 10/26/2012 EUR 61.04
EFG FINANCIAL PR 13.250 10/26/2012 CHF 60.85
EFG FINANCIAL PR 16.750 10/26/2012 CHF 25.26
EFG FINANCIAL PR 17.000 10/26/2012 EUR 59.55
EFG FINANCIAL PR 20.000 10/26/2012 CHF 19.26
EFG FINANCIAL PR 20.500 10/26/2012 EUR 19.51
EFG FINANCIAL PR 21.000 10/26/2012 USD 19.74
EFG FINANCIAL PR 9.330 10/29/2012 USD 39.09
EFG FINANCIAL PR 11.050 11/8/2012 USD 55.51
EFG FINANCIAL PR 6.000 11/12/2012 EUR 58.03
EFG FINANCIAL PR 10.500 11/13/2012 CHF 61.66
EFG FINANCIAL PR 10.500 11/13/2012 CHF 61.66
EFG FINANCIAL PR 12.750 11/13/2012 CHF 22.40
EFG FINANCIAL PR 12.750 11/13/2012 CHF 68.33
EFG FINANCIAL PR 13.000 11/13/2012 CHF 71.50
EFG FINANCIAL PR 13.000 11/13/2012 CHF 21.90
EFG FINANCIAL PR 14.000 11/13/2012 USD 22.38
EFG FINANCIAL PR 14.500 11/13/2012 EUR 74.39
EFG FINANCIAL PR 17.000 11/13/2012 EUR 60.05
EFG FINANCIAL PR 12.830 11/19/2012 CHF 68.47
EFG FINANCIAL PR 7.000 11/20/2012 CHF 74.93
EFG FINANCIAL PR 8.000 11/20/2012 CHF 60.29
EFG FINANCIAL PR 8.300 11/20/2012 CHF 63.47
EFG FINANCIAL PR 11.500 11/20/2012 EUR 52.29
EFG FINANCIAL PR 14.800 11/20/2012 EUR 63.18
EFG FINANCIAL PR 9.250 11/27/2012 CHF 72.89
EFG FINANCIAL PR 11.250 11/27/2012 CHF 63.48
EFG FINANCIAL PR 13.250 11/27/2012 CHF 74.27
EFG FINANCIAL PR 14.500 11/27/2012 EUR 74.84
EFG FINANCIAL PR 14.500 11/27/2012 CHF 34.73
EFG FINANCIAL PR 16.000 11/27/2012 EUR 61.16
EFG FINANCIAL PR 9.750 12/3/2012 CHF 71.27
EFG FINANCIAL PR 13.750 12/6/2012 CHF 53.31
EFG FINANCIAL PR 8.500 12/14/2012 CHF 66.04
EFG FINANCIAL PR 12.750 12/14/2012 CHF 74.39
EFG FINANCIAL PR 14.250 12/14/2012 EUR 64.64
EFG FINANCIAL PR 17.500 12/14/2012 EUR 63.98
EFG FINANCIAL PR 9.300 12/21/2012 CHF 64.06
EFG FINANCIAL PR 10.900 12/21/2012 CHF 64.31
EFG FINANCIAL PR 12.600 12/21/2012 CHF 64.73
EFG FINANCIAL PR 12.250 12/27/2012 GBP 66.20
EFG FINANCIAL PR 8.830 12/28/2012 USD 60.33
EFG FINANCIAL PR 10.000 1/9/2013 EUR 48.17
EFG FINANCIAL PR 9.000 1/15/2013 CHF 37.72
EFG FINANCIAL PR 10.250 1/15/2013 CHF 20.11
EFG FINANCIAL PR 11.250 1/15/2013 GBP 70.43
EFG FINANCIAL PR 12.500 1/15/2013 CHF 39.26
EFG FINANCIAL PR 13.000 1/15/2013 CHF 71.44
EFG FINANCIAL PR 16.500 1/18/2013 CHF 52.52
EFG FINANCIAL PR 5.800 1/23/2013 CHF 45.30
EFG FINANCIAL PR 15.000 3/1/2013 CHF 70.16
EFG FINANCIAL PR 8.000 4/2/2013 CHF 64.81
EFG FINANCIAL PR 16.000 4/4/2013 CHF 26.26
EFG FINANCIAL PR 7.000 4/19/2013 EUR 62.19
EFG FINANCIAL PR 12.000 4/26/2013 CHF 66.21
EFG FINANCIAL PR 9.500 4/30/2013 EUR 56.76
EFG FINANCIAL PR 6.500 8/27/2013 CHF 50.49
EFG FINANCIAL PR 8.400 9/30/2013 CHF 62.25
EFG FINANCIAL PR 8.160 4/25/2014 EUR 74.87
EFG FINANCIAL PR 5.850 10/14/2014 CHF 56.16
EFG FINANCIAL PR 6.000 11/12/2012 CHF 56.99
ZURCHER KANT FIN 9.250 11/9/2012 CHF 71.09
ZURCHER KANT FIN 7.340 4/16/2013 CHF 71.96
ZURCHER KANT FIN 17.000 2/22/2013 EUR 54.33
ZURCHER KANT FIN 9.250 11/9/2012 CHF 60.80
ZURCHER KANT FIN 5.330 11/30/2012 CHF 70.79
ICELAND
-------
KAUPTHING 0.800 2/15/2011 EUR 26.50
LUXEMBOURG
----------
ARCELORMITTAL 7.250 4/1/2014 EUR 21.54
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 3.000 9/12/2036 JPY 5.63
LEHMAN BROS TSY 4.000 1/4/2011 USD 20.00
LEHMAN BROS TSY 8.000 12/31/2010 USD 20.00
LEHMAN BROS TSY 9.300 12/21/2010 EUR 20.00
LEHMAN BROS TSY 9.300 12/21/2010 EUR 20.00
LEHMAN BROS TSY 14.900 11/16/2010 EUR 20.00
LEHMAN BROS TSY 4.000 10/12/2010 USD 20.00
LEHMAN BROS TSY 10.500 8/9/2010 EUR 20.00
LEHMAN BROS TSY 6.000 7/28/2010 EUR 20.00
LEHMAN BROS TSY 6.000 7/28/2010 EUR 20.00
LEHMAN BROS TSY 11.000 7/4/2011 USD 20.00
LEHMAN BROS TSY 11.750 3/1/2010 EUR 20.00
LEHMAN BROS TSY 7.000 2/15/2010 CHF 20.00
LEHMAN BROS TSY 1.750 2/7/2010 EUR 20.00
LEHMAN BROS TSY 8.800 12/27/2009 EUR 20.00
LEHMAN BROS TSY 7.500 9/13/2009 CHF 20.00
LEHMAN BROS TSY 16.800 8/21/2009 USD 20.00
LEHMAN BROS TSY 8.000 8/3/2009 USD 20.00
LEHMAN BROS TSY 4.500 8/2/2009 USD 20.00
LEHMAN BROS TSY 8.500 7/6/2009 CHF 20.00
LEHMAN BROS TSY 11.000 6/29/2009 EUR 20.00
LEHMAN BROS TSY 6.000 10/30/2012 USD 5.63
LEHMAN BROS TSY 2.500 8/23/2012 GBP 20.00
LEHMAN BROS TSY 13.000 7/25/2012 EUR 20.00
LEHMAN BROS TSY 6.600 2/22/2012 EUR 20.00
LEHMAN BROS TSY 7.000 2/15/2012 EUR 20.00
LEHMAN BROS TSY 6.000 2/14/2012 EUR 20.00
LEHMAN BROS TSY 2.500 12/15/2011 GBP 20.00
LEHMAN BROS TSY 12.000 7/4/2011 EUR 20.00
LEHMAN BROS TSY 11.000 7/4/2011 CHF 20.00
LEHMAN BROS TSY 4.000 5/30/2010 USD 20.00
LEHMAN BROS TSY 14.900 9/15/2008 EUR 20.00
LEHMAN BROS TSY 23.300 9/16/2008 USD 20.00
LEHMAN BROS TSY 7.375 9/20/2008 EUR 20.00
LEHMAN BROS TSY 18.250 10/2/2008 USD 20.00
LEHMAN BROS TSY 7.250 10/6/2008 EUR 20.00
LEHMAN BROS TSY 16.000 10/8/2008 CHF 20.00
LEHMAN BROS TSY 10.000 10/22/2008 USD 20.00
LEHMAN BROS TSY 8.000 10/23/2008 USD 20.00
LEHMAN BROS TSY 5.000 10/24/2008 CHF 20.00
LEHMAN BROS TSY 6.000 10/24/2008 EUR 20.00
LEHMAN BROS TSY 7.500 10/24/2008 USD 20.00
LEHMAN BROS TSY 16.000 10/28/2008 USD 20.00
LEHMAN BROS TSY 13.150 10/30/2008 USD 20.00
LEHMAN BROS TSY 16.000 11/9/2008 USD 20.00
LEHMAN BROS TSY 14.100 11/12/2008 USD 20.00
LEHMAN BROS TSY 10.442 11/22/2008 CHF 20.00
LEHMAN BROS TSY 7.000 11/28/2008 CHF 20.00
LEHMAN BROS TSY 16.000 12/26/2008 USD 20.00
LEHMAN BROS TSY 13.432 1/8/2009 ILS 20.00
LEHMAN BROS TSY 7.750 1/30/2009 EUR 20.00
LEHMAN BROS TSY 0.500 2/16/2009 EUR 20.00
LEHMAN BROS TSY 10.000 2/16/2009 CHF 20.00
LEHMAN BROS TSY 11.000 2/16/2009 CHF 20.00
LEHMAN BROS TSY 13.000 2/16/2009 CHF 20.00
LEHMAN BROS TSY 9.000 3/17/2009 GBP 20.00
LEHMAN BROS TSY 7.000 4/14/2009 EUR 20.00
LEHMAN BROS TSY 3.850 4/24/2009 USD 20.00
LEHMAN BROS TSY 4.000 4/24/2009 USD 20.00
LEHMAN BROS TSY 16.200 5/14/2009 USD 20.00
LEHMAN BROS TSY 8.000 5/22/2009 USD 20.00
LEHMAN BROS TSY 8.000 5/22/2009 USD 20.00
LEHMAN BROS TSY 10.000 5/22/2009 USD 20.00
LEHMAN BROS TSY 13.500 6/2/2009 USD 20.00
LEHMAN BROS TSY 17.000 6/2/2009 USD 20.00
LEHMAN BROS TSY 15.000 6/4/2009 CHF 20.00
LEHMAN BROS TSY 9.000 6/13/2009 USD 20.00
LEHMAN BROS TSY 5.500 6/15/2009 CHF 20.00
LEHMAN BROS TSY 5.750 6/15/2009 CHF 20.00
LEHMAN BROS TSY 10.000 6/17/2009 USD 20.00
Q-CELLS INTERNAT 1.375 4/30/2012 EUR 24.19
Q-CELLS INTERNAT 5.750 5/26/2014 EUR 24.01
SPAIN
-----
SACYR VALLEHERM 6.500 5/1/2016 EUR 50.47
SWEDEN
------
Rorvik Timber 6.000 6/30/2016 SEK 68.50
SWITZERLAND
-----------
BANK JULIUS BAER 17.300 2/1/2013 EUR 54.95
BANK JULIUS BAER 11.500 2/20/2013 CHF 74.40
BANK JULIUS BAER 12.000 4/9/2013 CHF 54.75
BANK JULIUS BAER 15.000 5/31/2013 USD 73.80
BANK JULIUS BAER 8.700 8/5/2013 CHF 68.60
BANK JULIUS BAER 13.000 5/31/2013 USD 73.95
CLARIDEN LEU NAS 7.125 11/19/2012 CHF 56.81
CLARIDEN LEU NAS 12.000 11/23/2012 CHF 71.64
CLARIDEN LEU NAS 0.000 12/14/2012 CHF 49.39
CLARIDEN LEU NAS 0.000 12/17/2012 EUR 72.86
CLARIDEN LEU NAS 8.250 12/17/2012 CHF 65.01
CLARIDEN LEU NAS 8.750 1/15/2013 CHF 67.64
CLARIDEN LEU NAS 0.000 1/24/2013 CHF 65.94
CLARIDEN LEU NAS 11.500 2/13/2013 EUR 56.70
CLARIDEN LEU NAS 9.000 2/14/2013 CHF 65.30
CLARIDEN LEU NAS 10.000 10/8/2012 EUR 67.95
CLARIDEN LEU NAS 0.000 3/25/2013 CHF 58.00
CLARIDEN LEU NAS 0.000 5/13/2014 CHF 64.99
CLARIDEN LEU NAS 0.000 5/26/2014 CHF 66.54
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 60.33
CLARIDEN LEU NAS 0.000 6/10/2014 CHF 66.48
CLARIDEN LEU NAS 5.250 8/6/2014 CHF 50.08
CLARIDEN LEU NAS 4.500 8/13/2014 CHF 47.09
CLARIDEN LEU NAS 0.000 8/27/2014 CHF 53.69
CLARIDEN LEU NAS 0.000 9/10/2014 CHF 49.63
CLARIDEN LEU NAS 0.000 10/15/2014 CHF 55.14
CLARIDEN LEU NAS 8.000 10/15/2012 CHF 64.79
CLARIDEN LEU NAS 8.500 10/15/2012 CHF 51.47
CLARIDEN LEU NAS 9.500 10/15/2012 CHF 52.64
CLARIDEN LEU NAS 10.000 10/15/2012 CHF 51.75
CLARIDEN LEU NAS 7.500 11/13/2012 CHF 56.77
CLARIDEN LEU NAS 7.250 11/16/2012 CHF 57.59
CLARIDEN LEU NAS 13.500 2/15/2013 EUR 74.73
CLARIDEN LEU NAS 0.000 2/24/2014 CHF 53.79
CLARIDEN LEU NAS 6.500 4/26/2013 CHF 56.89
CLARIDEN LEU NAS 0.000 5/31/2013 CHF 62.08
CLARIDEN LEU NAS 10.000 6/10/2013 CHF 68.42
CLARIDEN LEU NAS 7.000 7/22/2013 CHF 70.34
CLARIDEN LEU NAS 3.250 9/16/2013 CHF 47.86
CLARIDEN LEU NAS 0.000 9/23/2013 CHF 49.04
CLARIDEN LEU NAS 0.000 11/26/2013 CHF 62.34
CLARIDEN LEU NAS 0.000 2/11/2014 CHF 53.00
CREDIT SUISSE LD 8.900 3/25/2013 EUR 61.99
S-AIR GROUP 0.125 7/7/2005 CHF 10.63
SARASIN CI LTD 8.000 4/27/2015 CHF 68.02
SARASIN/GUERNSEY 13.000 10/16/2012 EUR 70.23
SARASIN/GUERNSEY 17.000 10/12/2012 EUR 61.51
UBS AG 9.650 4/11/2013 USD 27.17
UBS AG 9.930 4/11/2013 USD 24.77
UBS AG 11.250 4/11/2013 USD 24.39
UBS AG 10.170 4/26/2013 EUR 66.07
UBS AG 10.970 4/26/2013 EUR 65.02
UBS AG 12.610 4/26/2013 EUR 63.10
UBS AG 14.100 4/26/2013 EUR 73.15
UBS AG 7.900 4/30/2013 USD 33.75
UBS AG 9.830 5/13/2013 USD 30.07
UBS AG 8.000 5/24/2013 USD 67.15
UBS AG 11.670 5/31/2013 USD 35.12
UBS AG 9.330 6/14/2013 USD 22.00
UBS AG 11.060 6/14/2013 USD 28.17
UBS AG 6.770 6/21/2013 USD 11.05
UBS AG 7.120 6/26/2013 USD 29.83
UBS AG 10.070 6/27/2013 USD 62.58
UBS AG 17.250 6/28/2013 EUR 73.15
UBS AG 19.250 6/28/2013 EUR 71.38
UBS AG 19.500 6/28/2013 EUR 73.31
UBS AG 20.500 6/28/2013 EUR 74.78
UBS AG 21.000 6/28/2013 EUR 69.72
UBS AG 22.500 6/28/2013 EUR 68.15
UBS AG 23.000 6/28/2013 EUR 68.52
UBS AG 24.000 6/28/2013 EUR 72.71
UBS AG 24.500 6/28/2013 EUR 74.59
UBS AG 11.450 7/1/2013 USD 27.96
UBS AG 6.100 7/24/2013 USD 30.07
UBS AG 8.720 8/2/2013 USD 35.34
UBS AG 10.200 9/20/2013 EUR 59.14
UBS AG 12.050 9/20/2013 USD 13.56
UBS AG 12.900 9/20/2013 EUR 56.87
UBS AG 15.900 9/20/2013 EUR 55.64
UBS AG 17.000 9/27/2013 EUR 73.89
UBS AG 18.500 9/27/2013 EUR 72.49
UBS AG 20.000 9/27/2013 EUR 71.34
UBS AG 22.500 9/27/2013 EUR 74.54
UBS AG 22.750 9/27/2013 EUR 69.46
UBS AG 23.250 9/27/2013 EUR 69.95
UBS AG 23.250 9/27/2013 EUR 72.11
UBS AG 24.000 9/27/2013 EUR 73.57
UBS AG 24.750 9/27/2013 EUR 66.90
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 18.250 1/3/2014 EUR 74.33
UBS AG 20.500 1/3/2014 EUR 72.67
UBS AG 20.750 1/3/2014 EUR 72.99
UBS AG 23.250 1/3/2014 EUR 72.34
UBS AG 24.250 1/3/2014 EUR 69.65
UBS AG 24.250 1/3/2014 EUR 73.49
UBS AG 5.340 1/29/2014 USD 45.55
UBS AG 3.870 6/17/2014 USD 38.08
UBS AG 6.040 8/29/2014 USD 34.83
UBS AG 0.500 4/27/2015 CHF 51.50
UBS AG 22.250 4/2/2013 EUR 68.27
UBS AG 21.250 4/2/2013 EUR 72.68
UBS AG 19.750 4/2/2013 EUR 70.37
UBS AG 17.250 4/2/2013 EUR 72.84
UBS AG 16.500 4/2/2013 EUR 72.47
UBS AG 9.850 3/22/2013 USD 19.75
UBS AG 9.000 3/22/2013 USD 11.01
UBS AG 15.800 2/22/2013 EUR 73.71
UBS AG 13.710 2/22/2013 EUR 73.84
UBS AG 13.660 2/22/2013 EUR 60.84
UBS AG 13.070 2/22/2013 EUR 61.85
UBS AG 10.960 2/22/2013 EUR 66.02
UBS AG 10.590 2/22/2013 EUR 67.16
UBS AG 8.980 2/22/2013 EUR 70.58
UBS AG 8.230 2/22/2013 EUR 73.83
UBS AG 16.200 1/25/2013 EUR 73.08
UBS AG 14.070 1/25/2013 EUR 61.86
UBS AG 12.010 1/25/2013 EUR 64.46
UBS AG 11.020 1/25/2013 EUR 65.87
UBS AG 10.390 1/18/2013 USD 36.31
UBS AG 23.750 1/4/2013 EUR 67.68
UBS AG 21.750 1/4/2013 EUR 74.24
UBS AG 21.700 1/4/2013 EUR 60.68
UBS AG 20.570 1/4/2013 EUR 62.60
UBS AG 20.500 1/4/2013 EUR 70.73
UBS AG 19.750 1/4/2013 EUR 70.55
UBS AG 19.440 1/4/2013 EUR 64.69
UBS AG 18.300 1/4/2013 EUR 66.97
UBS AG 17.150 1/4/2013 EUR 69.46
UBS AG 17.000 1/4/2013 EUR 74.22
UBS AG 15.990 1/4/2013 EUR 72.16
UBS AG 10.770 1/2/2013 USD 38.33
UBS AG 10.380 1/2/2013 USD 31.76
UBS AG 19.090 12/21/2012 EUR 52.24
UBS AG 18.000 12/21/2012 EUR 49.85
UBS AG 17.500 12/21/2012 EUR 54.31
UBS AG 17.070 12/21/2012 EUR 60.77
UBS AG 16.930 12/21/2012 EUR 51.14
UBS AG 16.710 12/21/2012 EUR 55.44
UBS AG 16.600 12/21/2012 EUR 50.70
UBS AG 16.030 12/21/2012 EUR 62.12
UBS AG 15.930 12/21/2012 EUR 64.03
UBS AG 15.920 12/21/2012 EUR 56.63
UBS AG 15.860 12/21/2012 EUR 52.52
UBS AG 15.000 12/21/2012 EUR 63.55
UBS AG 15.130 12/21/2012 EUR 57.88
UBS AG 14.740 12/21/2012 EUR 65.97
UBS AG 14.810 12/21/2012 EUR 54.01
UBS AG 14.350 12/21/2012 EUR 59.21
UBS AG 14.690 12/21/2012 EUR 70.63
UBS AG 13.770 12/21/2012 EUR 55.63
UBS AG 13.980 12/21/2012 EUR 65.08
UBS AG 13.560 12/21/2012 EUR 68.06
UBS AG 13.570 12/21/2012 EUR 60.61
UBS AG 12.970 12/21/2012 EUR 66.72
UBS AG 13.320 12/21/2012 EUR 72.87
UBS AG 12.760 12/21/2012 EUR 57.39
UBS AG 12.800 12/21/2012 EUR 62.09
UBS AG 12.200 12/21/2012 EUR 55.95
UBS AG 12.400 12/21/2012 EUR 70.32
UBS AG 11.970 12/21/2012 EUR 68.46
UBS AG 12.020 12/21/2012 EUR 63.65
UBS AG 11.270 12/21/2012 EUR 72.78
UBS AG 11.770 12/21/2012 EUR 59.31
UBS AG 11.000 12/21/2012 EUR 70.33
UBS AG 11.260 12/21/2012 EUR 65.29
UBS AG 10.490 12/21/2012 EUR 67.03
UBS AG 10.810 12/21/2012 EUR 61.40
UBS AG 9.890 12/21/2012 EUR 63.68
UBS AG 10.060 12/21/2012 EUR 72.34
UBS AG 9.150 12/21/2012 EUR 74.49
UBS AG 9.730 12/21/2012 EUR 68.85
UBS AG 8.990 12/21/2012 EUR 70.77
UBS AG 9.000 12/21/2012 EUR 66.18
UBS AG 8.150 12/21/2012 EUR 68.91
UBS AG 8.250 12/21/2012 EUR 72.77
UBS AG 13.000 11/23/2012 USD 66.60
UBS AG 13.560 11/12/2012 EUR 35.15
UBS AG 13.600 11/12/2012 EUR 55.01
UBS AG 11.660 11/12/2012 EUR 36.32
UBS AG 22.250 4/2/2013 EUR 73.90
UBS AG 24.250 4/2/2013 EUR 66.26
UBS AG 10.860 4/4/2013 USD 37.21
UBS AG 13.120 11/12/2012 EUR 66.15
UBS AG 10.930 11/12/2012 EUR 61.69
UBS AG 9.650 11/12/2012 EUR 39.57
UBS AG 9.020 11/12/2012 EUR 41.56
UBS AG 8.590 11/12/2012 EUR 52.32
UBS AG 8.370 11/12/2012 EUR 59.59
UBS AG 6.070 11/12/2012 EUR 65.94
UBS AG 19.700 10/26/2012 EUR 71.45
UBS AG 16.390 10/26/2012 EUR 59.11
UBS AG 13.570 10/26/2012 EUR 62.50
UBS AG 12.240 10/26/2012 EUR 64.36
UBS AG 11.260 11/12/2012 EUR 46.35
UNITED KINGDOM
--------------
BARCLAYS BK PLC 11.000 6/28/2013 EUR 43.03
BARCLAYS BK PLC 8.000 6/28/2013 EUR 46.78
BARCLAYS BK PLC 10.750 3/22/2013 EUR 41.11
BARCLAYS BK PLC 10.000 3/22/2013 EUR 42.30
BARCLAYS BK PLC 7.500 10/30/2012 EUR 62.00
BARCLAYS BK PLC 6.000 1/2/2013 EUR 49.53
ESSAR ENERGY 4.250 2/1/2016 USD 61.18
MAX PETROLEUM 6.750 9/8/2013 USD 39.80
*********
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 * * *