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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 19, 2012, Vol. 13, No. 230

                            Headlines



B U L G A R I A

NILANA: Faces Insolvency After Failed Sale


C Z E C H   R E P U B L I C

CZECH SOCIAL: Prague Court Nixes Ex-Lawyer's Insolvency Bid
PLOMA AS: Insolvency Proceedings Ongoing


G E R M A N Y

P+S SHIPYARDS: Insolvency Proceedings Open in Stralsund Court
QIMONDA AG: Expert Witnesses to Testify in Suit v. Infineon
SOLAR TRUST: Creditors Challenge Parent's US$211-Mil. Claim


H U N G A R Y

MALEV: Liquidation Procedure Illegal, Jobbik Claims


I T A L Y

BANCA POPOLARE: Moody's Withdraws 'D' Bank Fin'l. Strength Rating
ITALCEMENTI SPA: Moody's Cuts CFR to 'Ba2'; Outlook Negative


L U X E M B O U R G

MONIER GROUP: Fitch Affirms 'B' Long-Term Issuer Default Rating


N E T H E R L A N D S

IVORY CDO: Fitch Affirms 'Csf' Ratings on 2 Note Classes
SCHOELLER ARCA: S&P Affirms 'CCC' Corp. Rating; Outlook Stable


P O L A N D

CENTRAL EUROPEAN: To Restate Q2 Form 10-Q, Delays Q3 Report
CENTRAL EUROPEAN: Roustam Tariko Discloses 19.5% Equity Stake
POLIMEX: Creditors Seek Waiver to Avoid GDDKia Penalties


P O R T U G A L

BANCO PORTUGUES: Fitch Affirms 'BB+/B' Issuer Default Ratings


R U S S I A

* REPUBLIC OF SAKHA: S&P Raises Issuer Credit Rating to 'BB+'
* YAROSLAVL REGION: Fitch Affirms 'BB' Longterm Currency Ratings


S P A I N

BANCO CEISS: Moody's Cuts Rating on Covered Bonds to 'Ba2'
IBERCAJA BANCO: S&P Cuts Rating on Subordinated Debt to 'D'


U N I T E D   K I N G D O M

COMET: Set to Commence Store Closures This Week
DIGITAL LEARNING: Beaumont Cornish Resigns as Nominated Adviser
HAMPSON INDUSTRIES: Receivers Appointed Over BHW Shares
MANGANESE BRONZE: Resolves Steering Defect Recall Issues
MWB GROUP: To Appoint Deloitte as Joint Administrators

ULYSSES EUROPEAN: S&P Cuts Rating on Class C Notes to 'CCC-'


X X X X X X X X

* Moody's Says Global Bank Debt Issuance Drops Due to EU Crisis
* BOND PRICING: For the Week November 12 to November 16, 2012


                            *********


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


NILANA: Faces Insolvency After Failed Sale
------------------------------------------
FOCUS News Agency reports that Nilana and its subsidiary Hlebni
Izdeliya - Poduyane are facing insolvency.

The company stopped operating over a month ago, FOCUS News
recounts.

In mid-2012, the company stopped paying the yield on its
EUR6-million bonds issued by Hlebni Izdeliya - Poduyane in June
2008, FOCUS News discloses.

The last hope for its recovery was its sale to tenant farmer
Petar Kasev, FOCU News notes.  According to FOCUS News, the
Capital weekly learned that the deal seems to have failed and the
custodian bank -- United Bulgarian Bank (UBB) has finally
requested an insolvency procedure to be launched.

Nilana is a Bulgarian bread producer.


===========================
C Z E C H   R E P U B L I C
===========================


CZECH SOCIAL: Prague Court Nixes Ex-Lawyer's Insolvency Bid
-----------------------------------------------------------
CTK reports that the Prague Municipal Court has dismissed an
insolvency petition lawyer Zdenek Altner filed against the Czech
Social Democrats (CSSD), claiming the payment of an alleged debt
exceeding 250 million crowns including the security and
interests.

CTK relates that the opposition CSSD previously dismissed
Altner's complaint as unsubstantiated like the previously
dismissed bankruptcy petition.

According to the report, CSSD deputy chairman for financial
management Martin Starec said the party is now analyzing the
damage incurred and it will consider further legal steps.

The court said the petition does not contain all required
elements and is insufficient and incomprehensible, CTK relays.

"The petitioner has engulfed the petition with information that
has nothing in common with insolvency proceedings, it (the
petition) has the character of a political statement or
manifesto, while it is not clear what decision of the insolvency
court the petitioner seeks in this connection," according to the
court ruling cited by CTK.

CTK says Altner has been suing the CSSD for more than ten years
for the fee for his successful representation of the party in its
lawsuit over Lidovy dum, the party's headquarters in Prague.


PLOMA AS: Insolvency Proceedings Ongoing
----------------------------------------
EUWID reports that insolvency proceedings were instituted as
early as August against the Czech plywood and blockboard producer
Ploma, which had run into financial difficulties.

According to the report, the competent court in Hodonin commenced
proceedings on Aug. 23, 2012, after creditor protection under
Czech law applied for by the company on May 25, 2012, at the
competent court in Hodonin had evidently not resulted in any
improvement in the financial situation.

EUWIF says no information on the latest developments or further
procedure regarding resumption of production was obtainable from
the company. Buyers report that contact to clients has also
broken down following the insolvency application. Apparently
there has been neither notification of what happens next nor has
there been any reaction from the company to enquiries or orders
since mid- August.

Czech Republic-based, Ploma, a.s. -- http://www.ploma.cz/en/--
produces plywood and blockboards.



=============
G E R M A N Y
=============


P+S SHIPYARDS: Insolvency Proceedings Open in Stralsund Court
-------------------------------------------------------------
Lloyd's List Australia reports that P+S shipyards' insolvency
proceedings have opened at the local court in Stralsund.

The report says creditors can file their claims up to Dec. 14,
2012.  The first creditors' meeting will take place on Jan. 17,
2013.

Lloyd's List notes the shipyards expect to see claims exceeding
EUR500,000 (US$642,458).

According to the report, Berthold Brinkmann, who already handled
the preliminary insolvency administration, will continue his work
as permanent insolvency administrator.

"He has now, together with the creditors' committee, the powers
to dispose of the P+S business, ie to decide on the sale of the
shipyards," the report quotes Mr. Brinkmann's spokesman Cord
Schellenberg as saying.

Lloyd's List reports that although there are good prospects for
selling Peenewerft in Wolgast, which specialises in naval
vessels, the situation is more difficult for Volkswerft in
Stralsund.

However, Mr. Brinkmann's freedom of action concerning the
shipyards' operations is limited, because the yards received
state aid of EUR70 million in July.

As the yards are insolvent, the report notes, the EU is asking
for a plan to wind them down.

As reported in the Troubled Company Reporter-Europe on Aug. 30,
2012, Deutsche Welle said P+S has said that it needs to file
for bankruptcy protection after talks with creditors have
remained inconclusive.  P+S said it had run into liquidity
problems after talks with creditors and suppliers failed earlier
last month.  According to Deutsche Welle, the insolvency court in
Stralsund said that P+S Chief Executive Ruediger Fuchs had filed
for a planned insolvency, meaning that the CEO was seeking to
remain in the post to engineer procedures in collaboration with a
court administrator.

P+S Werften is a German shipbuilder.  P+S operates two of the
Germany's biggest shipyards, Volkswerft Stralsund and Peene-Werft
Wolgast.  The company currently employs 1,771 people.


QIMONDA AG: Expert Witnesses to Testify in Suit v. Infineon
-----------------------------------------------------------
Karin Matussek at Bloomberg News reports that expert witnesses
will testify on the Qimonda AG insolvency administrator's
EUR3.35 billion (US$4.3 billion) suit against Infineon
Technologies AG to help a Munich court determine whether the
claim has merit.

According to Bloomberg, Presiding Judge Helmut Krenek said at a
hearing on Thursday the court is likely to call on experts next
year after it reviews more written arguments in the case.  The
parties have until the end of April to file additional briefs,
then he said he'll decide how to proceed, Bloomberg notes.

"This case depends of whether Infineon adequately valued the
memory business at the time the assets were transferred to the
new company," Bloomberg quotes Judge Krenek as saying.  "The
executives had a margin of appreciation when making the
evaluation at the time, but this court has to look at whether it
was based on realistic assumptions and done in a coherent way."

Infineon has rejected Judge Jaffe's claims as unfounded,
Bloomberg relates.

Qimonda's administrator, Michael Jaffe, filed the suit in 2010,
initially seeking a declaratory judgment on damages owed due to
what he called an incomplete filing when Infineon transferred its
memory business to a shell company that became Qimonda, Bloomberg
recounts.  He expanded his case to argue Infineon should refund
the difference between Qimonda's assets and its capital at the
time insolvency proceedings began, and raised the amount of the
claim in June to EUR3.35 billion from EUR1.7 billion, Bloomberg
discloses.

                        About Qimonda AG

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- was a global
memory supplier with a diversified DRAM product portfolio.  The
Company generated net sales of EUR1.79 billion in financial year
2008 and had -- prior to its announcement of a repositioning of
its business -- roughly 12,200 employees worldwide, of which
1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond, Va.

Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on Jan. 23, 2009.  On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009.  Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Lee E. Kaufman, Esq., at
Richards Layton & Finger PA, in Wilmington Delaware; and Mark
Thompson, Esq., Morris J. Massel, Esq., and Terry Sanders, Esq.,
at Simpson Thacher & Bartlett LLP, in New York City, represented
the Debtors as counsel.  Roberta A. DeAngelis, the United States
Trustee for Region 3, appointed seven creditors to serve on an
official committee of unsecured creditors.  Jones Day and Ashby &
Geddes represented the Committee.  In its bankruptcy petition,
Qimonda Richmond, LLC, estimated more than US$1 billion in assets
and debts.  The information, the Chapter 11 Debtors said, was
based on QR's financial records which are maintained on a
consolidated basis with QNA.

In September 2011, the Chapter 11 Debtors won confirmation of
their Chapter 11 liquidation plan which projects that unsecured
creditors with claims between US$33 million and US$35 million
would have a recovery between 6.1% and 11.1%.  No secured claims
of significance remained.


SOLAR TRUST: Creditors Challenge Parent's US$211-Mil. Claim
-----------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that Solar Trust of
America LLC's unsecured creditors on Friday sued to evade
US$211 million of claims filed in the defunct solar developer's
bankruptcy by its German parent Solar Millennium AG.

In an adversary suit filed in bankruptcy court in Delaware in the
U.S., the official committee of unsecured creditors says Solar
Millennium and two subsidiaries are asserting a smorgasbord of
claims against Solar Trust, but none of them hold up to scrutiny,
according to Bankruptcy Law360.

                          About Solar Trust

Solar Trust of America LLC, Solar Millennium Inc., and nine
affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead
Case No. 12-11136) on April 2, 2012.

Solar Trust is a joint venture created by Solar Millennium AG and
Ferrostaal AG to develop solar projects at locations in
California and Nevada.  Located in the "Solar Sun Belt" of the
American Southwest, the project sites have extremely high solar
radiation levels, and allow the Debtors' projects to harness high
levels of solar power generation.  Projects include the rights to
develop one of the world's largest permitted solar plant
facilities with capacity of 1,000 MW in Blythe, California.  Two
other projects contemplated 500 MW solar power facilities in
Desert Center, California and Amargosa Valley, Nevada.

Although the Debtors have obtained highly valuable transmission
right and permits, each project is only in the developmental
phase and does not generate revenue for the Debtors.  Ferrostaal
ceased providing funding two years ago and SMAG, due to its own
deteriorating financial condition, stopped providing funding
after December 2011.

NextEra Energy Resources LLC committed to provide a postpetition
secured credit facility and has expressed an interest in serving
as stalking horse purchaser for certain of the Debtors' assets.

Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as
counsel to the Debtors.  K&L Gates LLP is the special corporate
counsel.

Ridgecrest Solar Power Project, LLC, and two entities filed for
Chapter 11 protection (Bankr. D. Del. Case Nos. 12-11204 to
12-11206) on April 10, 2012.

Ridgecrest Solar, et al., are affiliates of Solar Trust of
America LLC. STA Development, LLC, one of the debtors that filed
for bankruptcy April 2, owns 100% of the interests in Ridgecrest,
et al.

Ridgecrest Solar Power estimated up to US$50,000 in assets and
debts.  Ridgecrest Solar I, LLC, estimated up to US$50,000 in
assets and up to US$10 million in liabilities.

In July 2012, NextEra Energy Inc. received formal authority to
buy the unfinished 1,000-megawatt facility in Blythe, California,
owned by Solar Millennium Inc.  NextEra is paying US$10 million
in cash plus as much as $40 million when the project is finished.

The Delaware Bankruptcy Court also approved selling the 500-
megawatt project under development in Desert Center, California,
to BrightSource Energy Inc. for a price that may reach about
US$30 million.



=============
H U N G A R Y
=============


MALEV: Liquidation Procedure Illegal, Jobbik Claims
---------------------------------------------------
MTI reports that radical nationalist party Jobbik is filing a
complaint with Hungary's chief public prosecutor regarding the
liquidation of former national carrier Malev.

According to MTI, Jobbik MP Szilvia Bertha said at a press
conference on Saturday that Ms. Bertha said Jobbik believes the
entire liquidation procedure was illegal.

Ms. Bertha, as cited by MTI, said that an inventory was not made
and the airline's books were not closed, making the liquidation
"nonsense and illegal", she added.

According to MTI, Ms. Bertha noted that Malev's ground services
and maintenance units had been sold, but it was not revealed at
what price.

The complaint, signed by Ms. Bertha in the presence of
journalists on Saturday, is against unknown perpetrators, MTI
notes.

Malev is Hungary's former national carrier.



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


BANCA POPOLARE: Moody's Withdraws 'D' Bank Fin'l. Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Banca Popolare di
Marostica's (BP Marostica) D standalone bank financial strength
rating (BFSR), which maps to a ba2 standalone credit assessment,
the Ba2 long-term, and the Not Prime short-term deposit ratings.
At the time of the withdrawal, the long-term deposit rating and
the BFSR had a negative outlook.

Ratings Rationale

Moody's has withdrawn the ratings for its own business reasons.

Headquartered in Marostica, Italy, BP Marostica reported total
assets of EUR1.9 billion as of December 2011, and is privately
owned.

Rating Withdrawn

  - Bank Deposits: Ba2/NP

  - Bank Financial Strength: D


ITALCEMENTI SPA: Moody's Cuts CFR to 'Ba2'; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
Corporate Family rating of Italcementi S.p.A. The Corporate
Family rating of Ciments Francais SA was left unchanged at Ba1,
reflecting the stronger credit profile of this entity.
Concurrently Moody's has downgraded the EUR750 million senior
unsecured guaranteed bond issued by Italcementi Finance S.A. to
Ba2 and left unchanged the legacy EUR500 million senior unsecured
bond issued by Ciments Francais SA at Ba1. The outlook on all
ratings is negative.

Ratings Rationale

The downgrade was prompted by continued weak operating
performance and cash flow generation of the Italcementi group.
Revenues declined by 5.7% and recurring EBITDA by 11.7% on a
like-for-like basis year-to-date September 2012 mainly as a
result of volume pressures (Italcementi Group's cement & clinker
volumes were down 7.3% like-for-like year-to-date). The
deterioration in operating performance was mainly concentrated on
Western Europe, Egypt and Morocco. Italcementi posted stronger
results in Italy mainly supported by continued stronger pricing
y-o-y notwithstanding that prices softened somewhat in Q3.
Volumes in Italy were very weak with a 25% decline in cement &
clinker during the first nine months of the year, which will make
it challenging to maintain the positive price dynamic.

As a result, Italcementi's credit metrics as measured by RCF/net
debt per last twelve months June 2012 deteriorated to 11.4% from
13.4% at fiscal year-end 2011. Moody's expects RCF/Net debt to
range between 12% and 13% at fiscal year-end 2012 as a result of
seasonal working capital inflows in Q4 and a very favorable price
basis in Egypt in October and November. Moody's does not
anticipate any short term recovery in credit metrics to levels
commensurate for the Ba1 rating category, namely RCF/Net debt
above 15% and Debt/EBITDA below 4.0x (stood at 5.1x on an LTM
June 2012 basis), which largely explains the downgrade to Ba2.

Moody's remains also somewhat concerned by Italcementi's current
earnings concentration on three main markets: France (38% of
year-to-date (YTD) group EBITDA), Egypt (19% of YTD EBITDA) and
Morocco (21% of YTD EBITDA). These were markets where Moody's
has seen volume pressures during the course of the first nine
months of 2012.

The short term outlook will remain challenging in Moody's view
especially for Italcementi's key markets, France, Egypt and
Morocco. Moody's also expects market conditions to remain
challenging in Italy, which could put the positive price trend
Moody's has seen over the last few quarters at risk. Trading
performance should remain stronger in Asia and in the US
notwithstanding that comparatives will become more challenging in
the US during 2013. On a more positive note, cost inflation has
abated somewhat recently reducing the margin pressure faced by
the entire industry.

In this context Moody's expects that it will be challenging for
Italcementi to improve its credit profile over the next twelve
months despite the group's efforts to slash costs and adjust
investment levels to depressed market conditions. Moody's sees
risks that metrics might deteriorate modestly in 2013 leading to
further negative pressure hence the negative outlook assigned to
the ratings.

The alignment of the instrument rating on the EUR750 million
senior unsecured guaranteed notes issued by Italcementi Finance
SA with the corporate family rating of Italcementi S.p.A reflects
the partial on lending of the bond proceeds to Ciments Francais
through an-intra group loan, which gives Italcementi Finance a
pari passu claim with external creditors of Ciments Francais on
approximately EUR540 million of the bond proceeds. The alignment
also reflects the group's strategy to centralize the financing of
the group at Italcementi SpA level over time.

The Corporate Family rating of Ciments Francais and the
instrument rating on the EUR500 million senior unsecured notes
issued by this entity reflects the stronger credit profile of
Ciments Francais on a standalone basis and the higher recovery
prospects of external creditors of this entity upon default.

Italcementi has an adequate liquidity profile over the next
twelve months. Italcementi has a well spread maturity profile
with manageable maturities over the next five years and a
liquidity headroom of 3.0 years. The liquidity of the group is
mainly supported by EUR470 million of cash and cash equivalent
and current financial assets as well as EUR1.7 billion of
availabilities under revolving credit facilities at 30th
September 2012. Alongside the group's funds from operations this
should be sufficient to fund short term needs of cash mainly
consisting of working cash, modest WC requirements, capex, debt
repayments and dividends. Moody's notes that Italcementi has
limited flexibility in adjusting dividend levels as most of the
dividends paid are dividends to minority shareholders of Ciments
Fran‡ais and emerging markets affiliates. Moody's also notes that
Italcementi has financial covenants in some of its principal
credit facilities with leverage covenant levels of 3.75x versus
current leverage of 3.5x, which leaves limited covenant headroom.
Italcementi expects leverage to drop to 3.2x-3.3x by fiscal year
end 2012.

Positive rating pressure is currently not anticipated. A recovery
in the group's credit metrics with Debt/EBITDA dropping
sustainably below 4.0x and RCF/Net debt increasing sustainably
above 15% could lead to positive rating pressure over time.

Negative pressure on the ratings would increase if RCF/Net debt
would be trending towards 10% and Debt/EBITDA would exceed 5.0x.
Moody's would consider stabilizing the outlook if RCF/Net debt
would increase sustainably above the low teens and Debt /EBITDA
would drop sustainably below 4.5x.

LIST OF AFFECTED RATINGS

Downgrades:

  Issuer: Italcementi Finance S.A.

    EUR2000M Senior Unsecured Medium-Term Note Program,
    Downgraded to (P)Ba2 from (P)Ba1

    EUR750M 5.375% Senior Unsecured Regular Bond/Debenture
    Mar 19, 2020, Downgraded to Ba2 from Ba1

    EUR750M 5.375% Senior Unsecured Regular Bond/Debenture
    Mar 19, 2020, Downgraded to a range of LGD4, 60 % from a
    range of LGD4, 56 %

  Issuer: Italcementi S.p.A.

    Probability of Default Rating, Downgraded to Ba2 from Ba1

    Corporate Family Rating, Downgraded to Ba2 from Ba1

    EUR2000M Senior Unsecured Medium-Term Note Program,
    Downgraded to (P)Ba2 from (P)Ba1

Upgrades:

  Issuer: Ciments Francais SA

    EUR500M 4.75% Senior Unsecured Regular Bond/Debenture Apr 4,
    2017, Upgraded to a range of LGD2, 23 % from a range of LGD3,
    44%

The principal methodology used in rating Italcementi Finance
S.A., Ciments Francais SA and Italcementi S.p.A. was the Global
Building Materials Industry Methodology published in July 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.



===================
L U X E M B O U R G
===================


MONIER GROUP: Fitch Affirms 'B' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Monier Group S.a r.l.'s Long-Term
Issuer Default Rating (IDR) at 'B' and revised the Outlook to
Negative from Stable.

The Outlook revision to Negative reflects Monier's decline in
operating performance in YTD September 2012 against the agency's
expectations in terms of revenue and profitability and a
subsequent increase in leverage.  Underperformance has been the
consequence of a more challenging environment than expected which
has contributed to a decline in volumes across Monier's core
markets including Germany.  At YTD September 2012 total concrete
and clay volumes are 6% and 13% lower yoy respectively, which is
likely to result in a total revenue decline of approximately 6%
for FY12.

The decline in volumes has led to a greater decline in
profitability due to the group's relatively high fixed cost of
production base.  Consequently the agency expects that the
group's reported EBITDA for FY12 will be approximately 20% lower
yoy.  As a result Fitch expects funds from operations (FFO)
adjusted leverage to reach nearly 7x at FY12.

Fitch acknowledges however the measures that management have
taken to try and mitigate the decline in volumes, which has
included headcount reductions in excess of those already planned
and integrating business units.  The group has also maintained
its market shares and managed to pass on price increases for both
concrete and clay tiles in order to offset cost price inflation.

Management have also been proactive in managing cash flow by
reducing both capex and working capital, to the extent that Fitch
expects the group to be able to achieve positive free cash flow
at FY12 despite the fall in profitability and an increase in
restructuring costs.  The cash preservation measures, as well as
the sale and leaseback of the group's German office for EUR20
million, will result in solid liquidity with the expectation that
the group will have approximately EUR200 million of free cash at
FY12 in conjunction with full availability under the revolving
credit facility (RCF).  Fitch notes that the company is in the
process of establishing a factoring facility for EUR25 million
which will reduce the availability of the RCF to EUR80 million
once in place.

Nonetheless Fitch expects that challenging conditions will
prevail in 2013 and put further pressure on profitability and
leverage if cost cutting and price increases are not sufficient
to offset top line weakness.  In addition the group may not be
able to continue to restrict working capital and capex to such an
extent without hindering future growth and restructuring costs
may be higher than anticipated weakening free cash flow.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

  -- FFO adjusted leverage remaining above 7x for 18-24 months
  -- FFO fixed charge cover below 2x
  -- Free cash flow negative/neutral for a period of 18-24 months
     as a result of a deterioration of the business, the need to
     increase capital expenditure and working capital and or
     higher restructuring costs than expected.

Positive: Although Fitch considers the scope for an upgrade to be
limited, a revision of the Outlook to Stable could be considered
when there is sufficient visibility over the materialization of
the following parameters:

  -- FFO adjusted leverage remaining below 7x
  -- Maintaining the ability to pass on price increases and the
     EBITDA margin remaining above 9%
  -- Remaining free cash flow positive

The rating actions are as follows:

Monier

  -- IDR affirmed at 'B', Outlook revised to Negative from Stable
  -- EUR105m super senior RCF due 2014 affirmed at 'BB'/'RR1'
  -- EUR695m senior bank debt due 2015 affirmed at 'B+'/'RR3'



=====================
N E T H E R L A N D S
=====================


IVORY CDO: Fitch Affirms 'Csf' Ratings on 2 Note Classes
--------------------------------------------------------
Fitch Ratings has affirmed Ivory CDO Limited, a cash-flow
securitization of structured finance assets, as follows:

  -- Class A1 (XS0309311909): affirmed at 'Bsf'; Negative Outlook
  -- Class A2 (XS0309350477): affirmed at 'CCCsf'
  -- Class B (XS0309352093): affirmed at 'CCsf'
  -- Class C (XS0309353653): affirmed at 'CCsf'
  -- Class D (XS0309357050): affirmed at 'Csf'
  -- Class E (XS0309358298): affirmed at 'Csf'

The affirmation reflects the transaction's stable performance
since the last review in December 2011.  Since then, the class A-
1 notes have amortized by EUR33 million and currently only 32% of
their original size remain outstanding.  This was driven by the
repayment of several Dutch commercial ABS.  Coverage tests have
been breached since 2009 and interest proceeds are also being
used to redeem class A-1.

Deleveraging has led to increased credit enhancement on all
notes, but the effect was offset by negative rating migration.
Since the last review, the 'CCC' and below bucket increased to
about 50% from 42%.

The Negative Outlook on Class A1 is being maintained due to
overall portfolio quality, as well as euro-peripheral exposure.
The portfolio is dominated by sub-investment grade and mezzanine
assets, mainly backed by CMBS, RMBS and commercial ABS.  Germany
and the UK are the largest countries represented in the
portfolio.  Euro-peripheral exposure is 25% and includes Greek,
Irish, Portuguese and Spanish RMBS assets, as well as a mix of
Italian assets.


SCHOELLER ARCA: S&P Affirms 'CCC' Corp. Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based packaging group Schoeller Arca Systems Holding
B.V. to stable from negative. "At the same time, we affirmed our
long-term corporate credit rating on the company at 'CCC'," S&P
said.

"In addition, we affirmed our issue rating on Schoeller's term
loans A1 and B1 at 'CCC+', one notch above the corporate credit
rating. The recovery rating on this debt is unchanged at '2',
indicating our expectation of meaningful (70%-90%) recovery in
the event of a payment default," S&P said.

"Finally, we affirmed our issue rating on Schoeller's
subordinated EUR10.1 million term loan B2 tranche at 'CC', two
notches below the corporate credit rating. The recovery rating on
this term loan tranche is unchanged at '6', indicating our
expectation of negligible (0%-10%) recovery in the event of a
payment default," S&P said.

"The outlook revision reflects our view that Schoeller is making
good progress with several of its strategic initiatives,
including a proposed merger and integration with returnable
transit packaging company Linpac Allibert (not rated).
Furthermore, Schoeller recently reached an agreement with its
banking group to reset its covenants, which were very tight and
in danger of being breached. In addition, a timely cash injection
from majority shareholder One Equity Partners (OEP) has helped
ease liquidity risks, particularly in the U.S.," S&P said.

"The ratings on Schoeller continue to reflect our assessment of
the company's 'weak' liquidity profile. The ratings also reflect
our view that the company has a very aggressive financial policy,
evident from its highly leveraged capital structure and weak
credit metrics. These weaknesses are partially mitigated by
Schoeller's leading market position in the niche and competitive
reusable plastic container market and improving customer
diversity," S&P said.

"We forecast that Schoeller's revenues will contract by 5% to
just less than EUR350 million in the year ending Dec. 31, 2012.
At the same time, we anticipate that the company's Standard &
Poor's-adjusted EBITDA will be in the EUR30 million-EUR35 million
range. We forecast that the company's adjusted debt to EBITDA
will be 6x-7x on Dec. 31, 2012, with adjusted funds from
operations to debt of about 8%-9% at the same time. We believe
that Schoeller's credit measures will remain stable in the near
to medium term," S&P said.

"In our view, Schoeller will continue to make good progress with
its key initiatives, including the planned merger and integration
with Linpac Allibert. At the same time, we note that liquidity
remains 'weak' and that the company faces considerable risk with
regard to the execution of these initiatives. We envisage that
demand for Schoeller's services will remain relatively stable,
despite challenging trading conditions in the company's main
markets of Europe and the U.S.," S&P said.

"We could lower the ratings if liquidity deteriorates from
current levels or if covenant headroom tightens, for reasons such
as an increase in working capital requirements or the
underperformance of earnings and cash flow generation," S&P said.

"Ratings upside could result from Schoeller strengthening its
liquidity position to a level we consider 'adequate,' alongside
sufficient covenant headroom. Such a move would require the
company to retain positive free operating cash flows on the
balance sheet, or to expand its liquidity resources with
additional committed credit lines," S&P said.



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


CENTRAL EUROPEAN: To Restate Q2 Form 10-Q, Delays Q3 Report
-----------------------------------------------------------
Central European Distribution Corporation expects to restate its
financial results for the three and six months ended June 30,
2012.  CEDC will restate these financial statements to correct an
excess provision previously recorded to account for promotional
compensation granted to one customer in a division of its main
operating subsidiary in Russia, the Russian Alcohol Group.  The
excess provision resulted in an inadvertent understatement of the
Company's accounts receivable.

CEDC estimates that the aggregate effect of the adjustments
identified to date will result in an increase in accounts
receivable as at June 30, 2012, and a decrease in selling,
general and administrative expenses for the three and six months
ended June 30, 2012, of approximately US$6 million, resulting in
an increase in net income for the three and six months ended June
30, 2012, of approximately US$6 million, which amounts are
subject to change as CEDC continues its review of the accounting
matters discussed herein.  These amounts reflect the fact that
certain accounts receivable related to promotional compensation
granted to customers of RAG that had been provisioned as doubtful
accounts were ultimately recovered in the period and therefore
the associated provisions are to be reversed.  The adjustments
are not expected to have any impact on previously reported net
cash provided by operating activities reported in the cash flow
statements during the period.

Following an internal investigation led by the Audit Committee of
CEDC's board of directors regarding CEDC's retroactive trade
rebates, trade marketing expenses and related accounting issues,
including the promotional compensation granted to customers of
RAG, CEDC filed an amended annual report on Form 10-K/A for the
year ended Dec. 31, 2011, and amended quarterly reports on Form
10-Q/A for the three and nine months ending Sept. 30, 2011, and
the three months ending March 31, 2012, with the United States
Securities and Exchange Commission.  In addition, CEDC filed a
Form 10-Q for the three and six months ending June 30, 2012, that
included restated financial statements as of and for the three
and six months ending June 30, 2011. The adjustments to CEDC's
unaudited condensed consolidated financial statements for the
three and six months ended June 30, 2012, represent a partial
reversal of the selling, general and administrative expenses, and
associated adjustments to the accounts receivable, reported in
these restated financial statements.

Certain members of the board of directors and senior management
of CEDC have discussed these matters with Ernst & Young Audit Sp.
z.o.o., CEDC's current auditor.  CEDC is currently targeting a
date of Nov. 19, 2012, for filing an amended quarterly report on
Form 10-Q for the three and six months ended June 30, 2012, with
the SEC to reflect the restated financial statements.  There can
be no assurance, however, that this filing will be made within
the anticipated period.

While CEDC has begun restructuring its corporate finance and
reporting department in Poland and Russia to implement more
effective internal controls over financial reporting,
management's evaluation of its internal control over financial
reporting has disclosed material weaknesses still exist as noted
in Management's Annual Report on and Changes in Internal Control
over Financial Reporting located in Item 9A, Controls and
Procedures, of CEDC's Form 10-K/A for the year ended Dec. 31,
2011, filed with the SEC on Oct. 5, 2012.  CEDC is in the process
of implementing the remediation steps listed in that Item 9A.

The Company will not be able to file its quarterly report on Form
10-Q for the quarter ended Sept. 30, 2012, until the process of
restating its financial statements for the three and six months
ended June 30, 2012, is complete, as the result of the
restatement could affect its financial statements for the three
and nine month periods ended Sept. 30, 2012.

                            About CEDC

Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.

Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.

The Company's balance sheet at June 30, 2012, showed US$1.86
billion in total assets, US$1.68 billion in total liabilities,
US$29.55 million in temporary equity, and US$158.10 million in
total stockholders' equity.

                             Liquidity

Certain credit and factoring facilities are coming due in 2012,
which the Company expects to renew.  Furthermore, the Company's
Convertible Senior Notes are due on March 15, 2013.  The
Company's current cash on hand, estimated cash from operations
and available credit facilities will not be sufficient to make
the repayment of principal on the Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed
the Company may default on them.  The Company's cash flow
forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at June 30, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

The transaction with Russian Standard Corporation is subject to
certain risks, including shareholder approval which may not be
obtained.  The Company's 2012 Annual Meeting of Stockholders,
which was postponed due to the need to restate the Company's
financial statements, is expected to be held as soon as
practicable.  The Company believes that if the transaction is
completed as scheduled, the Convertible Notes will be repaid by
their maturity date, which would substantially reduce doubts
about the Company's ability to continue as a going concern.

                           *     *     *

As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.
The CreditWatch status reflects S&P's view that uncertainties
remain related to CEDC's ongoing accounting review and that
CEDC's liquidity could further and substantially weaken if there
was a breach of covenants which could lead to the acceleration of
the payment of the 2016 notes, upon receipt of a written notice
of 25% or more of the noteholders.

In the Oct. 9, 2012, edition of the TCR, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa2 from Caa1.  "The
downgrade reflects delays in CEDC securing adequate financing to
repay its US$310 million of convertible notes due March 2013
which are increasing Moody's concerns that the definitive
agreement for a strategic alliance between CEDC and Russian
Standard Corporation (Russian Standard) might not conclude at the
current terms," says Paolo Leschiutta, a Moody's Vice President -
Senior Credit Officer and lead analyst for CEDC.


CENTRAL EUROPEAN: Roustam Tariko Discloses 19.5% Equity Stake
-------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Roust Trading Ltd. and Roustam Tariko
disclosed that, as of Nov. 13, 2012, they beneficially own
15,920,411 shares of common stock Central European Distribution
Corporation representing 19.5% of the shares outstanding.
Mr. Tariko previously reported beneficial ownership of
19.4% equity stake as of Sept. 13, 2012.  A copy of the amended
filing is available at http://is.gd/PLlDcl

                             About CEDC

Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.

Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.

The Company's balance sheet at June 30, 2012, showed US$1.86
billion in total assets, US$1.68 billion in total liabilities,
US$29.55 million in temporary equity, and US$158.10 million in
total stockholders' equity.

                             Liquidity

Certain credit and factoring facilities are coming due in 2012,
which the Company expects to renew.  Furthermore, the Company's
Convertible Senior Notes are due on March 15, 2013.  The
Company's current cash on hand, estimated cash from operations
and available credit facilities will not be sufficient to make
the repayment of principal on the Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed
the Company may default on them.  The Company's cash flow
forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at June 30, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

The transaction with Russian Standard Corporation is subject to
certain risks, including shareholder approval which may not be
obtained.  The Company's 2012 Annual Meeting of Stockholders,
which was postponed due to the need to restate the Company's
financial statements, is expected to be held as soon as
practicable.  The Company believes that if the transaction is
completed as scheduled, the Convertible Notes will be repaid by
their maturity date, which would substantially reduce doubts
about the Company's ability to continue as a going concern.

                           *     *     *

As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.

"The CreditWatch status reflects our view that uncertainties
remain related to CEDC's ongoing accounting review and that
CEDC's liquidity could further and substantially weaken if there
was a breach of covenants which could lead to the acceleration of
the payment of the 2016 notes, upon receipt of a written notice
of 25% or more of the noteholders," S&P said.

In the Oct. 9, 2012, edition of the TCR, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa2 from Caa1.

"The downgrade reflects delays in CEDC securing adequate
financing to repay its US$310 million of convertible notes due
March 2013 which are increasing Moody's concerns that the
definitive agreement for a strategic alliance between CEDC and
Russian Standard Corporation (Russian Standard) might not
conclude at the current terms," says Paolo Leschiutta, a Moody's
Vice President - Senior Credit Officer and lead analyst for CEDC.


POLIMEX: Creditors Seek Waiver to Avoid GDDKia Penalties
--------------------------------------------------------
Konrad Krasuski at Bloomberg News, citing Puls Biznesu,  reports
that Polimex was asked by one of creditors to provide waiver to
avoid penalties from GDDKiA, Poland's road-building agency.

Bloomberg relates that Robert Bednarski, co.'s chief financial
officer said that a debt deal cannot be founded on declarations
"impossible to execute".

According to Bloomberg, Dziennik disclosed that Polimex expected
to sign the deal in first days of November.

As reported by the Troubled Company Reporter-Europe, Reuters
noted that Polimex is the largest of dozens of Polish
construction companies facing financial trouble after bidding for
cut-price contracts to build roads for the Euro 2012 soccer
championship Poland co-hosted with Ukraine.

Polimex is a Polish building company.



===============
P O R T U G A L
===============


BANCO PORTUGUES: Fitch Affirms 'BB+/B' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Banco Portugues de Investimento's
(BPI) and Caixa-Banco de Investimento's (CaixaBI) Long-term
Issuer Default Ratings (IDRs) at 'BB+, Short-term IDRs at 'B' and
Support Rating at '3'.  The Outlook on the Long-term IDRs is
Negative.

Fitch has also affirmed CGD's commercial paper at 'B' issued
through its vehicle CGD North America Finance LLC.

Rating Action Rationale, Drivers and Sensitivities

The ratings of BPI and Caixa BI are equalized to those of their
respective 100%-shareholders (Banco BPI and Caixa Geral de
Despositos - CGD, both rated 'BB+'/Negative/'B').  Under
Portugal's corporate law, Banco BPI and CGD are liable for the
obligations of their wholly owned subsidiaries.

The equalization is driven by their high integration into their
parent banks and the benefits of parent support.  Fitch does not
assign Viability Ratings to the two institutions as the agency
considers that they cannot be viewed as independent entities.

The ratings of BPI and CaixaBI remain sensitive to any rating
action on Banco BPI's and CGD's IDRs.  The latter are sensitive
to a change of Portugal's sovereign rating.

The rating CGD's commercial paper is equalized to the Short-Term
IDR of CGD ('B') and is sensitive to movements in this rating.

BPI and Caixa BI are two of Portugal's leading investment banks
and their parents are two major Portuguese banks.  Their
activities are focused on investment banking, including corporate
finance and equities, and private banking.
The rating actions are as follows:

BPI:

  -- Long-term IDR affirmed at 'BB+'; Negative Outlook
  -- Short-term IDR affirmed d at 'B'
  -- Support Rating affirmed at '3'

CaixaBI:

  -- Long-term IDR affirmed at 'BB+'; Negative Outlook
  -- Short-term IDR affirmed d at 'B'
  -- Support Rating affirmed at '3'

CGD North America LLC

  -- Commercial Paper affirmed at 'B'



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


* REPUBLIC OF SAKHA: S&P Raises Issuer Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on the Republic of Sakha (Yakutia) to 'BB+' from
'BB' and its Russia national scale rating to 'ruAA+' from 'ruAA'.
The outlook is stable.

"At the same time, we have raised the ratings on Sakha's
unsecured debt. The recovery ratings remain at '3', indicating
our expectation of meaningful (50%-70%) recovery for creditors in
the event of a default," S&P said.

"The upgrade reflects our view that Sakha's economic and revenue
growth, along with its prudent financial policies, will result in
a consistently sound budgetary performance and positive
liquidity," S&P said.

"The ratings are constrained by our view of Sakha's dependence on
federal government decisions regarding intergovernmental
relations, expenditure responsibilities, and tax regimes.
Moreover, Sakha relies heavily on the extraction of natural
resources, which is exacerbated by dependence on a single
taxpayer. In addition, Sakha's vast territory, remote location,
and severe subarctic climate increase costs. They also result in
relatively high contingent liabilities, stemming from the need to
support numerous government-related entities (GREs) that provide
transport, utility, and other public services and to supply goods
and fuel across its large territory," S&P said.

"Sakha's economic wealth is relatively high in a national
context. Its gross regional product per capita already exceeds
the national average and should reach an estimated US$17,300 in
2012. We expect that, in 2013-2015, increasing oil and coal
extraction will contribute to solid economic growth of about
6.5%. In addition, we anticipate continuous sizable investments
in local infrastructure and the mining sector," S&P said.

"However, Sakha's economy will likely remain exposed to the
volatility of world commodity markets and the performance of a
few large taxpayers. We believe that over the longer term several
large investment projects backed by massive federal and private
funding will likely support economic growth," S&P said.

"The flexibility of Sakha's revenues is low, owing to a high
share of federal transfers and state taxes, which are likely to
equal more than 95% of total revenues in 2012-2015. Nevertheless,
in our base-case scenario we expect Sakha to continue to benefit
from federal transfers in the medium term because of the
strategic importance of large-scale investment projects in the
republic," S&P said.

"In our view, Sakha's increasing revenues and demonstrated
ability to control expenditure growth should allow it to maintain
a sound budgetary performance over the next three years, despite
rising public-sector salaries and utility costs. We therefore
anticipate only modest weakening of average operating balances,
compared with an exceptionally strong performance over the past
four years," S&P said.

"The stable outlook reflects our view that Sakha's revenue
growth, backed by continued federal support and increasing tax
revenues from the extraction of natural resources, will likely
result in a sound budgetary performance, despite the need to
increase operating spending. The outlook also takes into account
our view that the republic's liquidity position will remain
positive, thanks to continued reliance on medium-term
borrowings," S&P said.

"We could take a negative rating action within the next year if
tax revenues and transfers are lower than forecast and management
relaxes control over operating spending, causing Sakha's
budgetary performance to weaken, with operating margins of about
0.5%-1% of operating revenues and tax-supported debt exceeding
30% of consolidated operating revenues in line with our downside
scenario," S&P said.

"We view positive rating actions over the next 12 months as
unlikely. However, we could take a positive rating action if we
improved our assessment of the supportiveness and predictability
of Russia's system of intergovernmental relations. Over the
longer term, if the republic formalized its currently prudent
debt and liquidity management practices and improved long-term
planning it would also be positive for the ratings," S&P said.


* YAROSLAVL REGION: Fitch Affirms 'BB' Longterm Currency Ratings
----------------------------------------------------------------
Fitch Ratings has revised Russia's Yaroslavl Region's Outlook to
Positive from Stable and affirmed its Long-term foreign and local
currency ratings at 'BB'.  The agency has also affirmed the
region's National Long-term rating at 'AA-(rus)' and Short-term
foreign currency rating at 'B'.  The rating action also affects
the region's outstanding and domestic bonds.

The Positive Outlook reflects the expected improvement in
Yaroslavl region's debt maturity profile leading to lessened
refinancing risk and its sound budgetary performance along with
moderate debt by international standards.  The ratings also
factor in the region's inflexible operating expenditure and
moderate concentration of its tax base.

Fitch notes that any future positive rating action is subject to
consolidation of sound budgetary performance, with operating
margins in line with expectations and reduced short-term
refinancing risk.

The region's refinancing risk decreased after short-term bank
loans were replaced with bonds and bank loans with greater tenor
by 9M12.  Fitch expects Yaroslavl region's direct risk to
increase up to RUB13.7 billion in 2012 (2011: RUB11.7 billion).
The region's direct risk payback period is expected to remain
below 2.5 years in the medium term, which is below the average
maturity of the region's debt.

Fitch expects Yaroslavl region to consolidate its sound budgetary
performance with operating margin of about 15%-16% by end-2012
and 16%-17% in 2013-2014.  The region's operating margin was
13.6% (2010: 12.1%), which led to narrowing of its deficit before
debt variation to 4% of total revenue by end-2011 (2010: 6%).
The agency forecasts stabilization of the region's deficit before
debt variation at about 4% of total revenue in the medium term.

The region's tax concentration stabilized in 2011, as the
proportion of taxes paid by the top 10 companies stood at 35.5%
of total region's tax revenue in 2011 (2010: 33.7%).  However,
Fitch expects the rigidity of the region's budget to prevail in
2012-2014.  The proportion of inflexible staff costs, social and
municipal transfers accounted for 81% of the region's total
operating expenditure in 2010-2011.

Yaroslavl region lies in the center of the European part of
Russia.  The region accounted for 0.6% of the country's GDP and
0.9% of its population. Yaroslavl's administration forecasts GRP
growth rate at about 5% yoy in 2012-2014.



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


BANCO CEISS: Moody's Cuts Rating on Covered Bonds to 'Ba2'
----------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 (on review,
direction uncertain) from Baa3 (on review, direction uncertain)
the ratings of the covered bonds issued by Banco CEISS, S.A. The
rating action is prompted by Moody's downgrade of Banco CEISS's
deposit rating to B3 on review, direction uncertain, from B1 on
review, direction uncertain.

Ratings Rationale

Following the downgrade of Banco CEISS's deposit rating to B3 on
review, direction uncertain, Moody's has lowered the issuer's
covered bond rating to Ba2 on review, direction uncertain. For
further information on the rating actions taken by Moody's
Financial Institutions Group, please refer to "Moody's downgrades
Banco CEISS to B3 from B1 and takes actions on its junior
instruments" published on November 13, 2012.

The review with direction uncertain placement on the covered bond
ratings reflects the uncertainties involved with the merger of
Unicaja Banco and Banco CEISS. The Timely Payment Indicator
assigned to this program remains "Improbable".

Key Rating Assumptions/Factors

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (1) a function
of the issuer's probability of default (measured by the issuer's
rating); and (2) the stressed losses on the cover pool assets
following issuer default.

The cover pool losses for this program are 42.6%. This is an
estimate of the losses Moody's currently models if Banco CEISS
defaults. Cover pool losses can be split between market risk of
23% and collateral risk of 19.7%. Market risk measures losses as
a result of refinancing risk and risks related to interest-rate
and currency mismatches. Collateral risk measures losses
resulting directly from the credit quality of the assets in the
cover pool. Collateral risk is derived from the collateral score,
which for this program is currently 29.4%.

The over-collateralization (OC) in the cover pool is 122.7%, of
which 25% is provided on a "committed" basis. The minimum OC
level that is consistent with the Ba2 rating target is 16.5%.
Therefore, Moody's is not relying on "uncommitted" OC in its
expected loss analysis.

All numbers in this section are based on the most recent
Performance Overview.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. These figures
are based on the latest data that has been analyzed by Moody's
and are subject to change over time.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
issuer's credit strength.

The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.

The TPI assigned to this program is "Improbable". The TPI Leeway
for this program is limited, and thus any downgrade of the issuer
ratings may lead to a downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.

On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in July 2012.


IBERCAJA BANCO: S&P Cuts Rating on Subordinated Debt to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue ratings to
'C' from 'B+' on the preferred stock issued by Spain-based
Ibercaja Banco S.A. (Ibercaja; BBB-/Watch Neg/A-3), and to 'D'
from 'BB+' on its nondeferrable subordinated debt. "At the same
time, we removed the issue ratings on these instruments from
CreditWatch with negative implications, were we had placed them
on March 5, 2012," S&P said.

"The downgrades follow Ibercaja's announcement on Nov. 12, 2012,
that it has offered to repurchase, among other securities, its
outstanding preferred stock and nondeferrable subordinated debt,
with a nominal value outstanding of EUR558.8 million," S&P said.

"The rating action reflects our view that the offer constitutes a
'distressed exchange' under our criteria. This is because we
believe that investors will receive less value than the promise
of the original securities, as we believe that the offer will
likely imply a repurchase below par value. Additionally, we think
the offer is not purely opportunistic," S&P said.

"We take into account the fact that Ibercaja needs to improve its
solvency to cover the capital shortfall identified in the stress
test exercise recently undertaken by Oliver Wyman. We also note
that the long-term rating on Ibercaja is at the bottom end of the
investment-grade category and on CreditWatch negative, implying a
possible downgrade of up to two notches. We believe these factors
heighten investors' perception that payments on hybrid
instruments and nondeferrable subordinated debt are increasingly
uncertain," S&P said.

"We lowered our ratings on the two types of instruments to
different levels, reflecting the different features that we
understand are incorporated in the hybrid capital instruments,
compared with the nondeferrable subordinated instruments. As
explained in our criteria, an exchange offer on an equity hybrid
instrument may reflect the possibility that, absent the exchange
offer taking place, the issuer might exercise the coupon deferral
option, in accordance with the terms of the instrument. In such
instances, the rating on the hybrid would go to 'C', rather than
the 'D' rating used for nondeferrable debt," S&P said.

"These rating actions do not affect our counterparty credit
ratings on Ibercaja or any other issue ratings," S&P said.

"On completion of the tender offer, we will review our ratings on
any untendered preferred stock and nondeferrable subordinated
debt," S&P said.

RATINGS LIST

Downgraded
                         To          From
Ibercaja Banco S.A.
Preferred Stock          C           B+/Watch Neg
Subordinated Debt        D           BB+/Watch Neg



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


COMET: Set to Commence Store Closures This Week
-----------------------------------------------
Andrea Felsted at The Financial Times reports that Comet stores
are poised to begin closing this week, in what looks set to be
the final chapter for the company.

According to the FT, people familiar with the situation said that
the first of about 40 Comet stores to be lost are expected to
close this week.  The 40 stores are expected to close by the end
of November, the FT discloses.

It is not clear how many jobs will be lost, the FT says.  Some
6,600 are at risk and consultations began with staff on possible
redundancies last week, the FT states.

The FT notes that people familiar with the situation said the
remainder of Comet's stores will continue to trade normally.

The administrator has been talking to parties interested in
acquiring some of the chain's outlets, but has indicated that no
buyer has been found for the whole of Comet, the FT relates.

Among those interested in a handful of Comet stores are rival
electricals chain Dixons Retail and Maplin, the privately owned
consumer electronics group, according to the FT.

                          About Comet

Headquartered in Rickmansworth, Comet is an electrical retailer.
Comet operates out of 236 stores across the UK, and employed
6,611 people - a full time equivalent workforce of 4,682
employees.

Neville Kahn, Nick Edwards and Chris Farrington of Deloitte were
appointed Joint Administrators to Comet on Nov. 2, 2012.
Deloitte said like many other retailers, Comet has been hit hard
by the uncertain economic environment, slow consumer spending and
lack of consumer confidence.  Despite significant investment in
the business and the efforts of the experienced management team,
Comet has struggled to compete with online retailers which have
far lower overhead costs and can offer cheaper products, Deloitte
added.


DIGITAL LEARNING: Beaumont Cornish Resigns as Nominated Adviser
---------------------------------------------------------------
Digital Learning Marketplace plc on Nov. 15 disclosed that by
mutual consent, Beaumont Cornish Limited has resigned as the
Company's Nominated Adviser with immediate effect.

The Company is in the process of finalizing a circular to
shareholders concerning the liquidation and disposal of its
entire existing business, a company voluntary arrangement to
substantially eliminate existing indebtedness, the issue of
convertible loan notes, the appointment of directors and the
adoption of an investing policy together with a change of name.

Following the General Meeting expected to be held in early
December, the Company envisages the appointment of a Nominated
Adviser.  In the meantime, trading in the Company's shares on AIM
remains suspended.


HAMPSON INDUSTRIES: Receivers Appointed Over BHW Shares
-------------------------------------------------------
Hampson Industries PLC on Nov. 16 disclosed that fixed charge
receivers have been appointed over the shares held by Hampson
Aerospace Services Limited in BHW (Components) Limited
("BHW").  Pursuant to an agreement dated Nov. 16, the receivers
have effected the sale of the entire issued share capital of BHW
to LNB UK Limited for a consideration of GBP2,365,000 in cash,
GBP2,215,000 of which has been paid, and GBP150,000 of which is
to be paid within 30 days of completion.  The consideration is
payable by the purchaser to the receivers, on behalf of
Hampson Aerospace Services Limited and will be applied (after the
deduction of the costs of sale) in repaying part of the
outstanding debt owed by the Group to the lenders under the
Group's finance facilities.

BHW provides integrated airframe solutions for aircraft component
manufacture and assembly to OEM and  tier-one suppliers to the
aerospace industry (including the manufacture and supply of
engine nacelles, fuselage structures, empennage, aircraft skins
and other  aerospace components).  As at March 31, 2011, the
value of the gross assets of BHW were GBP15.16 million and BHW
recorded a net loss for the period to March 31, 2011 of GBP3.91
million.

With the support of the Group's lenders, the Board of Directors
of the Company continue to actively pursue the objective of
achieving a sale of the Group's US operations (and of the Group's
interests in India).

The conclusion of the sale of the Group's US and Indian
operations (and the realisation of any remaining assets) are not
expected to result in there being any value remaining for the
Company's shareholders.


MANGANESE BRONZE: Resolves Steering Defect Recall Issues
--------------------------------------------------------
Tom Metcalf at Bloomberg News reports that Manganese Bronze
Holdings Plc said it solved the fault that led to the recall of
more than 400 of its taxis and plunged the company into
administration.

"We are working to get taxis back on the road as quickly as
possible," Bloomberg quotes Matthew Hammond, joint administrator
for the cab company and a partner at PricewaterhouseCoopers LLP,
as saying on Friday in a statement.  "All recalled fleet cars
will be fitted with new replacement parts by mid-December."

Manganese Bronze has eliminated 156 jobs from its workforce of
about 270 while it restructures and seeks a buyer, Bloomberg
notes.

According to Bloomberg, Mr. Hammond said that negotiations with
interested parties will probably run through the end of the year.

Trading in Manganese Bronze shares was suspended Oct. 12 and
sales of new vehicles were stopped after a defect was found in
the steering box of the new TX4 model, Bloomberg relates.  The
company appointed administrators Oct. 30 after failing to secure
funding to continue operations, Bloomberg recounts.

Manganese Bronze Holdings Plc is the manufacturer of London's
traditional black cabs.


MWB GROUP: To Appoint Deloitte as Joint Administrators
------------------------------------------------------
Further to the announcement made on October 31, 2012 regarding
the suspension of trading in the shares and 9.75% Unsecured Loan
Stock due 2016 of MWB Group Holdings Plc, the Company announced
on Nov. 16 that it has resolved to appoint administrators with
immediate effect and has filed notice of intention to appoint two
insolvency practitioners at Deloitte LLP as joint administrators
to the Company.

Despite ongoing dialogue, there has not been a satisfactory
resolution to the issues set out in the announcement and the
uncertainty over potential cash receipts remains.  Consequently,
and in the absence of any other available facilities to the
Company from its existing lenders or elsewhere, the Company
is, or will shortly be, unable to meet its liabilities as they
fall due and the Board of the Company has therefore concluded
that, in such circumstances, the appointment of administrators is
the most appropriate course of action.

It should be noted that this proposed appointment of
administrators only relates to MWB Group Holdings Plc.

MWB Malmaison Holdings Limited and its subsidiaries, which
together own and operate the Malmaison and Hotel du Vin hotel
chains, and MWB Business Exchange plc and its subsidiaries, which
together own and operate the Business Exchange serviced offices
business, are not  being  placed in administration  and are
expected to continue trading normally.


ULYSSES EUROPEAN: S&P Cuts Rating on Class C Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Ulysses (European Loan Conduit No. 27) PLC's class A, B, and C
notes. "At the same time, we have affirmed our ratings on the
class D and E notes," S&P said.

Ulysses (European Loan Conduit No. 27) is a European commercial
mortgage-backed securities (CMBS) transaction that closed in July
2007. At closing, the transaction acquired the senior portion of
a U.K. loan secured by a single office building in London, which
is known as CityPoint. The senior loan is interest-only and the
current outstanding note balance is GBP429 million (unchanged
since closing). The final maturity date of the notes is in July
2017, three years after the loan maturity date.

The rating actions follow the interest shortfall that occurred on
the class C, D, and E notes on the October 2012 payment date.

"The loan was transferred into special servicing on Feb. 14,
2012, following the borrower's failure to make sufficient
payments to meet all of its obligations of interest due on the
whole loan. The special servicer, Morgan Stanley & Co.
International PLC, has appointed a receiver to enable the asset
management plan ahead of a sale prior to 2017," S&P said.

"The reported value of the underlying property is GBP429,300,000
(based on a valuation dated November 2011). This compares with an
outstanding loan balance of GBP429,000,000," S&P said.

"According to the October 2012 cash manager report, the class C,
D, and E notes experienced interest shortfalls. Although the
existing interest shortfall on the class C notes is, in our view,
minor, we believe that the risk of additional interest shortfalls
on this class has increased. In our opinion, the issuer's ability
to service the senior classes of notes will likely deteriorate,
given the transaction's cash flow mechanics. In light of these
factors, we believe that the senior classes of notes have become
more vulnerable to future cash flow disruptions," S&P said.

S&P says it understands that the excess spread, which is
distributed to the class X notes, is not available to mitigate
interest shortfalls. The issuer relies on the advance facility to
address timely payment of interest on the notes. However, S&P
notes, the transaction documents indicate to it that the advance
facility is not available to cover interest shortfalls under the
notes, if such shortfalls have resulted from:

-- Special servicing fees; or

-- The reduction of advance facility drawings, if required to
    meet interest shortfalls under any of the loans, following
    the determination of an appraisal-reduction amount (the
    appraisal-reduction mechanism prevents drawings on the
    portion of the securitized loans that represents more than
    90% of the securitized loan).

"We have therefore lowered to 'CCC- (sf)' from 'B+ (sf)' our
rating on the class C notes," S&P said.

"We have also lowered our ratings on the class A and B notes
because we believe that these classes of notes are now more
vulnerable to interest shortfalls. Further rating actions would
be likely if additional interest shortfalls occur," S&P said.

"The class D and E notes, which have already experienced interest
shortfalls on previous payment dates, are rated 'D (sf)'
(default). We have affirmed our ratings on these classes of
notes," S&P said.

"Our ratings in this transaction address timely payment of
interest, payable quarterly in arrears, and payment of principal
not later than the legal final maturity date in July 2017," S&P
said.

          POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"On Nov. 7, 2012, we published our updated criteria for European
CMBS securities. The criteria update refines the approach to
rating European CMBS transactions, and provides a more
transparent framework for analyzing the commercial real estate
assets and transaction structures commonly associated with
European CMBS. We expect that the criteria update will have a
moderate impact on outstanding ratings on European CMBS, based on
a sample of transactions we tested. The impact on investment-
grade ratings is likely to be greater than that on speculative-
grade ratings," S&P said.

"These criteria will be effective for all in-scope ratings from
Dec. 6, 2012, at which time we expect to place all the ratings
likely to be affected on CreditWatch. We expect to resolve any
rating changes within six months of the effective date of the
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 Report
included in this credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class               Rating
            To                From

Ulysses (European Loan Conduit No. 27) PLC
GBP429 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

D           D (sf)
E           D (sf)

Ratings Lowered

A           BBB+ (sf)         A (sf)
B           B- (sf)           BB (sf)
C           CCC- (sf)          B+ (sf)



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


* Moody's Says Global Bank Debt Issuance Drops Due to EU Crisis
---------------------------------------------------------------
Banks around the world issued 15% less unsecured, long-term debt
over the past 12 months, compared with the year-ago period, as
euro area banks face sustained market funding pressures, says
Moody's Investors Service in its new special comment "Moody's
Global Bank Debt Report: Issuance Declines, Driven by Euro Area
Crisis."

Unsecured long-term debt issued by Moody's-rated banks amounted
to US$1.18 trillion over the 12 months ended September 30, 2012,
a 15% decline from the same year-ago period. Global debt issuance
is now at approximately half the level recorded at the peak,
during 2007, before the ongoing period of financial markets
turmoil.

"The global decline has largely been driven by euro area banks,
while issuance has decreased less for banks in most other regions
and many Asian banks are even seeing robust growth," said Tobias
Moerschen, a Moody's Vice President. "Looking forward, we expect
banks in mature markets to rely less on confidence-sensitive
market funds than in the past."

Banks in the euro area experienced a sharp year-on-year drop
(26%) in unsecured, long-term debt issuance tracked by Moody's
for the 12 months ending September 30, 2012 (in US dollar terms).
Moody's notes, however, that euro area banks saw improved debt
issuance in third-quarter 2012 which could signal a degree of
stabilization. Meanwhile, North American banks saw a 10% decline
in issuance during the 12 months ending 30 September 2012, while
Asia was the only major region to see a broad-based increase in
bank debt issuance.

Moody's expects that banks in mature markets will shift toward
more stable funding sources over time, because increased investor
risk perceptions restrict demand for unsecured bank debt. The
transition to more stable funding profiles will be particularly
difficult for banks that are affected by the ongoing euro area
crisis and for those that have relied heavily on market funds to
date. Actions taken by banks to alleviate funding pressures
include seeking to increase deposits, raising more covered bonds,
and in some cases restricting new lending and shedding assets.

The new report analyzes unsecured bank debt issuance and balance
sheet data for Moody's-rated banks which account for the vast
majority of all global banking assets. The report provides
issuance data for banks globally, as well as for eight major
regions and 26 individual banking systems. The data is also
available in Excel format.


* BOND PRICING: For the Week November 12 to November 16, 2012
-------------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES          8.750  10/27/2014      EUR      27.75
A-TEC INDUSTRIES          2.750   5/10/2014      EUR      29.13
IMMOFINANZ                4.250    3/8/2018      EUR       4.29
RAIFF CENTROBANK          8.907   7/24/2013      EUR      58.30
RAIFF CENTROBANK          8.588   1/23/2013      EUR      73.37
RAIFF CENTROBANK          7.965   1/23/2013      EUR      55.53
RAIFF CENTROBANK          7.873   1/23/2013      EUR      66.96
RAIFF CENTROBANK          7.646   1/23/2013      EUR      45.43
RAIFF CENTROBANK          5.097   1/23/2013      EUR      58.24
RAIFF CENTROBANK          8.417   1/22/2014      EUR      67.62
RAIFF CENTROBANK          7.122   1/22/2014      EUR      66.49
RAIFF CENTROBANK         11.134   7/24/2013      EUR      66.13
RAIFF CENTROBANK          9.200   7/24/2013      EUR      56.71
RAIFF CENTROBANK          9.304   1/23/2013      EUR      62.19
RAIFF CENTROBANK          9.876   1/23/2013      EUR      60.11
RAIFF CENTROBANK          9.558   1/23/2013      EUR      67.69
RAIFF CENTROBANK          8.920   1/23/2013      EUR      52.62

BELGIUM
-------
ECONOCOM GROUP            4.000    6/1/2016      EUR      22.94
TALVIVAARA                4.000  12/16/2015      EUR      72.61

FRANCE
------
AIR FRANCE-KLM            4.970    4/1/2015      EUR      12.38
ALCATEL-LUCENT            5.000    1/1/2015      EUR       2.62
ALTRAN TECHNOLOG          6.720    1/1/2015      EUR       5.62
ASSYSTEM                  4.000    1/1/2017      EUR      23.27
ATOS ORIGIN SA            2.500    1/1/2016      EUR      58.17
CAP GEMINI SOGET          3.500    1/1/2014      EUR      38.69
CGG VERITAS               1.750    1/1/2016      EUR      31.64
CLUB MEDITERRANE          6.110   11/1/2015      EUR      17.80
EURAZEO                   6.250   6/10/2014      EUR      55.33
FAURECIA                  3.250    1/1/2018      EUR      17.91
FAURECIA                  4.500    1/1/2015      EUR      19.45
INGENICO                  2.750    1/1/2017      EUR      48.14
MAUREL ET PROM            7.125   7/31/2015      EUR      17.13
MAUREL ET PROM            7.125   7/31/2014      EUR      18.15
NEXANS SA                 2.500    1/1/2019      EUR      66.69
NEXANS SA                 4.000    1/1/2016      EUR      56.09
ORPEA                     3.875    1/1/2016      EUR      47.89
PEUGEOT SA                4.450    1/1/2016      EUR      23.56
PIERRE VACANCES           4.000   10/1/2015      EUR      73.63
PUBLICIS GROUPE           1.000   1/18/2018      EUR      54.06
SOC AIR FRANCE            2.750    4/1/2020      EUR      21.24
SOITEC                    6.250    9/9/2014      EUR       7.25
TEM                       4.250    1/1/2015      EUR      54.36

GERMANY
-------
BNP EMIS-U.HANDE          9.750  12/28/2012      EUR      58.32
BNP EMIS-U.HANDE         10.500  12/28/2012      EUR      47.62
BNP EMIS-U.HANDE          9.500  12/31/2012      EUR      64.67
BNP EMIS-U.HANDE          7.750  12/31/2012      EUR      49.92
COMMERZBANK AG            6.000  12/27/2012      EUR      73.49
COMMERZBANK AG            7.000  12/27/2012      EUR      60.71
COMMERZBANK AG           13.000  12/28/2012      EUR      47.48
COMMERZBANK AG           16.750    1/3/2013      EUR      73.77
COMMERZBANK AG            8.400  12/30/2013      EUR      13.74
COMMERZBANK AG            8.000  12/27/2012      EUR      43.32
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.20
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      64.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      67.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      71.60
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      74.20
DEUTSCHE BANK AG         12.000   2/28/2013      EUR      75.00
DEUTSCHE BANK AG         11.000    4/2/2013      EUR      73.80
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.50
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      70.30
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      68.00
DEUTSCHE BANK AG         11.000   1/18/2013      EUR      73.10
DEUTSCHE BANK AG         15.000  12/20/2012      EUR      62.10
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      66.50
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      41.90
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      68.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      74.90
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      72.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      63.00
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      62.90
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      73.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      61.20
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      70.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      69.50
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      38.60
DEUTSCHE BANK AG          7.000  12/20/2012      EUR      69.40
DEUTSCHE BANK AG         12.000  11/29/2012      EUR      65.20
DEUTSCHE BANK AG          9.000  11/29/2012      EUR      67.10
DEUTSCHE BANK AG          6.500   6/28/2013      EUR      53.50
DEUTSCHE BANK AG         12.000    4/2/2013      EUR      74.50
DEUTSCHE BANK AG          8.000  11/29/2012      EUR      71.50
DZ BANK AG               15.500  10/25/2013      EUR      71.05
DZ BANK AG               15.750   9/27/2013      EUR      74.86
DZ BANK AG               15.750   7/26/2013      EUR      71.21
DZ BANK AG               15.000   7/26/2013      EUR      75.00
DZ BANK AG                6.000   7/26/2013      EUR      69.50
DZ BANK AG               22.000   6/28/2013      EUR      73.36
DZ BANK AG               18.000   6/28/2013      EUR      69.28
DZ BANK AG               14.000   6/28/2013      EUR      73.43
DZ BANK AG                6.500   6/28/2013      EUR      67.14
DZ BANK AG                6.000   6/28/2013      EUR      65.07
DZ BANK AG               19.500   4/26/2013      EUR      61.83
DZ BANK AG               18.500   4/26/2013      EUR      57.11
DZ BANK AG               17.000   4/26/2013      EUR      15.42
DZ BANK AG               16.500   4/26/2013      EUR      59.63
DZ BANK AG               15.750   4/26/2013      EUR      43.33
DZ BANK AG               14.500   4/26/2013      EUR      56.77
DZ BANK AG               20.000   3/22/2013      EUR      70.81
DZ BANK AG               18.500   3/22/2013      EUR      74.74
DZ BANK AG               13.000   3/22/2013      EUR      74.16
DZ BANK AG               13.000   3/22/2013      EUR      73.95
DZ BANK AG               12.500   3/22/2013      EUR      72.97
DZ BANK AG               12.250   3/22/2013      EUR      74.07
DZ BANK AG               13.750    3/8/2013      EUR      54.29
DZ BANK AG               10.000    3/8/2013      EUR      68.17
DZ BANK AG                9.750    3/8/2013      EUR      73.96
DZ BANK AG               15.000   2/22/2013      EUR      74.66
DZ BANK AG               10.000  11/23/2012      EUR      72.63
DZ BANK AG               18.000   1/25/2013      EUR      61.25
DZ BANK AG               19.000   1/25/2013      EUR      44.10
DZ BANK AG               10.250    2/8/2013      EUR      71.38
DZ BANK AG               10.250    2/8/2013      EUR      71.88
DZ BANK AG               15.000   2/22/2013      EUR      70.66
DZ BANK AG               15.000   2/22/2013      EUR      71.94
DZ BANK AG               15.000   2/22/2013      EUR      69.43
DZ BANK AG               15.000   2/22/2013      EUR      73.27
DZ BANK AG               15.000   2/22/2013      EUR      68.24
DZ BANK AG               15.000   2/22/2013      EUR      67.09
DZ BANK AG               11.500  11/23/2012      EUR      74.94
DZ BANK AG               16.750  11/23/2012      EUR      63.46
DZ BANK AG               20.000  11/23/2012      EUR      41.34
DZ BANK AG                5.000  12/14/2012      EUR      69.68
DZ BANK AG                9.750  12/14/2012      EUR      66.05
DZ BANK AG                6.000    1/2/2013      EUR      74.23
DZ BANK AG                9.500    1/2/2013      EUR      71.10
DZ BANK AG               12.000    1/2/2013      EUR      65.09
DZ BANK AG               16.250    1/2/2013      EUR      68.65
DZ BANK AG               10.500   1/11/2013      EUR      66.00
DZ BANK AG               14.000   1/11/2013      EUR      48.04
DZ BANK AG               15.500   1/11/2013      EUR      53.41
DZ BANK AG               12.500   1/25/2013      EUR      50.73
GOLDMAN SACHS CO         13.000   3/20/2013      EUR      74.90
GOLDMAN SACHS CO         17.000   3/20/2013      EUR      73.30
GOLDMAN SACHS CO         16.000   6/26/2013      EUR      74.30
GOLDMAN SACHS CO         18.000   3/20/2013      EUR      69.10
GOLDMAN SACHS CO         14.000  12/28/2012      EUR      72.60
GOLDMAN SACHS CO         15.000  12/28/2012      EUR      71.70
GOLDMAN SACHS CO         13.000  12/27/2013      EUR      72.70
HSBC TRINKAUS            25.500   6/28/2013      EUR      57.61
HSBC TRINKAUS            30.000   6/28/2013      EUR      46.90
HSBC TRINKAUS            26.000   6/28/2013      EUR      48.63
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.76
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.06
HSBC TRINKAUS             8.000   3/22/2013      EUR      67.07
HSBC TRINKAUS             8.500   3/22/2013      EUR      67.98
HSBC TRINKAUS            10.500   3/22/2013      EUR      72.84
HSBC TRINKAUS            10.500   3/22/2013      EUR      62.42
HSBC TRINKAUS            10.500   3/22/2013      EUR      45.38
HSBC TRINKAUS            10.500   3/22/2013      EUR      65.52
HSBC TRINKAUS            12.000   3/22/2013      EUR      72.94
HSBC TRINKAUS            13.000   3/22/2013      EUR      60.74
HSBC TRINKAUS            13.500   3/22/2013      EUR      60.07
HSBC TRINKAUS            13.500   3/22/2013      EUR      61.08
HSBC TRINKAUS            14.000   3/22/2013      EUR      74.53
HSBC TRINKAUS            14.000   3/22/2013      EUR      61.21
HSBC TRINKAUS            15.000   3/22/2013      EUR      71.40
HSBC TRINKAUS            15.500   3/22/2013      EUR      41.52
HSBC TRINKAUS            16.000   3/22/2013      EUR      72.28
HSBC TRINKAUS            16.000   3/22/2013      EUR      67.45
HSBC TRINKAUS            16.500   3/22/2013      EUR      74.88
HSBC TRINKAUS            17.500   3/22/2013      EUR      58.58
HSBC TRINKAUS            17.500   3/22/2013      EUR      65.46
HSBC TRINKAUS            17.500   3/22/2013      EUR      56.90
HSBC TRINKAUS            18.000   3/22/2013      EUR      74.29
HSBC TRINKAUS            18.000   3/22/2013      EUR      69.93
HSBC TRINKAUS            18.000   3/22/2013      EUR      66.09
HSBC TRINKAUS            18.500   3/22/2013      EUR      55.92
HSBC TRINKAUS            18.500   3/22/2013      EUR      73.85
HSBC TRINKAUS            18.500   3/22/2013      EUR      69.38
HSBC TRINKAUS            18.500   3/22/2013      EUR      39.60
HSBC TRINKAUS            19.000   3/22/2013      EUR      55.12
HSBC TRINKAUS            19.500   3/22/2013      EUR      71.17
HSBC TRINKAUS            19.500   3/22/2013      EUR      67.58
HSBC TRINKAUS            20.000   3/22/2013      EUR      72.33
HSBC TRINKAUS            20.500   3/22/2013      EUR      56.78
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.74
HSBC TRINKAUS            21.000   3/22/2013      EUR      54.43
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.19
HSBC TRINKAUS            22.000   3/22/2013      EUR      38.33
HSBC TRINKAUS            22.000   3/22/2013      EUR      54.00
HSBC TRINKAUS            22.500   3/22/2013      EUR      67.68
HSBC TRINKAUS            23.000   3/22/2013      EUR      52.08
HSBC TRINKAUS            23.500   3/22/2013      EUR      65.24
HSBC TRINKAUS            24.000   3/22/2013      EUR      61.96
HSBC TRINKAUS            24.000   3/22/2013      EUR      67.46
HSBC TRINKAUS            24.000   3/22/2013      EUR      73.10
HSBC TRINKAUS            26.500   3/22/2013      EUR      61.24
HSBC TRINKAUS            27.000   3/22/2013      EUR      53.26
HSBC TRINKAUS            27.500   3/22/2013      EUR      43.48
HSBC TRINKAUS             6.000   6/28/2013      EUR      74.16
HSBC TRINKAUS             6.500   6/28/2013      EUR      68.24
HSBC TRINKAUS             7.000   6/28/2013      EUR      73.22
HSBC TRINKAUS             8.000   6/28/2013      EUR      49.20
HSBC TRINKAUS             8.000   6/28/2013      EUR      72.27
HSBC TRINKAUS             8.500   6/28/2013      EUR      69.16
HSBC TRINKAUS            10.000   6/28/2013      EUR      73.12
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.56
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.11
HSBC TRINKAUS            10.500   6/28/2013      EUR      46.20
HSBC TRINKAUS            11.000   6/28/2013      EUR      63.23
HSBC TRINKAUS            12.500   6/28/2013      EUR      63.33
HSBC TRINKAUS            13.500   6/28/2013      EUR      61.67
HSBC TRINKAUS            14.000   6/28/2013      EUR      70.50
HSBC TRINKAUS            14.000   6/28/2013      EUR      43.06
HSBC TRINKAUS            14.000   6/28/2013      EUR      61.82
HSBC TRINKAUS            15.500   6/28/2013      EUR      67.79
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.22
HSBC TRINKAUS            16.500   6/28/2013      EUR      41.80
HSBC TRINKAUS            16.500   6/28/2013      EUR      71.08
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.77
HSBC TRINKAUS            16.500   6/28/2013      EUR      67.72
HSBC TRINKAUS            17.000   6/28/2013      EUR      57.46
HSBC TRINKAUS            17.500   6/28/2013      EUR      74.75
HSBC TRINKAUS            17.500   6/28/2013      EUR      71.43
HSBC TRINKAUS            18.000   6/28/2013      EUR      70.95
HSBC TRINKAUS            18.500   6/28/2013      EUR      73.14
HSBC TRINKAUS            18.500   6/28/2013      EUR      57.51
HSBC TRINKAUS            19.000   6/28/2013      EUR      40.97
HSBC TRINKAUS            19.000   6/28/2013      EUR      74.92
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.78
HSBC TRINKAUS            19.500   6/28/2013      EUR      59.74
HSBC TRINKAUS            19.500   6/28/2013      EUR      56.67
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.65
HSBC TRINKAUS            21.000   6/28/2013      EUR      54.87
HSBC TRINKAUS            21.000   6/28/2013      EUR      64.56
HSBC TRINKAUS            21.500   6/28/2013      EUR      68.02
HSBC TRINKAUS            22.500   6/28/2013      EUR      60.02
HSBC TRINKAUS            23.500   6/28/2013      EUR      64.88
LANDESBK BERLIN           5.500  12/23/2013      EUR      72.60
LB BADEN-WUERTT           9.000   7/26/2013      EUR      74.42
LB BADEN-WUERTT           6.000   8/23/2013      EUR      74.40
LB BADEN-WUERTT           7.000   8/23/2013      EUR      72.18
LB BADEN-WUERTT           9.000   8/23/2013      EUR      69.10
LB BADEN-WUERTT          10.000   8/23/2013      EUR      73.11
LB BADEN-WUERTT          10.000   8/23/2013      EUR      71.91
LB BADEN-WUERTT          12.000   8/23/2013      EUR      68.83
LB BADEN-WUERTT          12.000   8/23/2013      EUR      69.40
LB BADEN-WUERTT           7.000   9/27/2013      EUR      74.38
LB BADEN-WUERTT           9.000   9/27/2013      EUR      71.33
LB BADEN-WUERTT          11.000   6/28/2013      EUR      67.25
LB BADEN-WUERTT          11.000   9/27/2013      EUR      70.06
LB BADEN-WUERTT           7.000   6/28/2013      EUR      73.23
LB BADEN-WUERTT           7.500   6/28/2013      EUR      67.52
LB BADEN-WUERTT           7.500   6/28/2013      EUR      72.98
LB BADEN-WUERTT           7.500   6/28/2013      EUR      73.55
LB BADEN-WUERTT           9.000   6/28/2013      EUR      69.23
LB BADEN-WUERTT          10.000   6/28/2013      EUR      71.99
LB BADEN-WUERTT          10.000   6/28/2013      EUR      68.21
LB BADEN-WUERTT          10.000   6/28/2013      EUR      65.70
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.15
LB BADEN-WUERTT           5.000  11/23/2012      EUR      18.44
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.68
LB BADEN-WUERTT           5.000  11/23/2012      EUR      70.65
LB BADEN-WUERTT           5.000  11/23/2012      EUR      71.98
LB BADEN-WUERTT           7.500  11/23/2012      EUR      73.69
LB BADEN-WUERTT           7.500  11/23/2012      EUR      41.51
LB BADEN-WUERTT           7.500  11/23/2012      EUR      67.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      42.64
LB BADEN-WUERTT           7.500  11/23/2012      EUR      64.20
LB BADEN-WUERTT           7.500  11/23/2012      EUR      15.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      61.12
LB BADEN-WUERTT           7.500  11/23/2012      EUR      63.31
LB BADEN-WUERTT          10.000  11/23/2012      EUR      36.96
LB BADEN-WUERTT          10.000  11/23/2012      EUR      14.49
LB BADEN-WUERTT          10.000  11/23/2012      EUR      58.79
LB BADEN-WUERTT          10.000  11/23/2012      EUR      55.36
LB BADEN-WUERTT          10.000  11/23/2012      EUR      71.19
LB BADEN-WUERTT          10.000  11/23/2012      EUR      69.90
LB BADEN-WUERTT          10.000  11/23/2012      EUR      67.15
LB BADEN-WUERTT          10.000  11/23/2012      EUR      38.06
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.82
LB BADEN-WUERTT          10.000  11/23/2012      EUR      70.92
LB BADEN-WUERTT          10.000  11/23/2012      EUR      74.57
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.18
LB BADEN-WUERTT          15.000  11/23/2012      EUR      46.61
LB BADEN-WUERTT           5.000    1/4/2013      EUR      51.63
LB BADEN-WUERTT           5.000    1/4/2013      EUR      38.27
LB BADEN-WUERTT           5.000    1/4/2013      EUR      67.54
LB BADEN-WUERTT           5.000    1/4/2013      EUR      18.70
LB BADEN-WUERTT           5.000    1/4/2013      EUR      57.92
LB BADEN-WUERTT           5.000    1/4/2013      EUR      63.31
LB BADEN-WUERTT           7.500    1/4/2013      EUR      54.39
LB BADEN-WUERTT           7.500    1/4/2013      EUR      65.07
LB BADEN-WUERTT           7.500    1/4/2013      EUR      51.99
LB BADEN-WUERTT           7.500    1/4/2013      EUR      32.90
LB BADEN-WUERTT           7.500    1/4/2013      EUR      58.58
LB BADEN-WUERTT           7.500    1/4/2013      EUR      72.77
LB BADEN-WUERTT           7.500    1/4/2013      EUR      16.46
LB BADEN-WUERTT           7.500    1/4/2013      EUR      59.10
LB BADEN-WUERTT           7.500    1/4/2013      EUR      67.25
LB BADEN-WUERTT          10.000    1/4/2013      EUR      66.61
LB BADEN-WUERTT          10.000    1/4/2013      EUR      30.35
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.62
LB BADEN-WUERTT          10.000    1/4/2013      EUR      70.66
LB BADEN-WUERTT          10.000    1/4/2013      EUR      15.06
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.34
LB BADEN-WUERTT          10.000    1/4/2013      EUR      60.85
LB BADEN-WUERTT          10.000    1/4/2013      EUR      49.73
LB BADEN-WUERTT          10.000    1/4/2013      EUR      61.11
LB BADEN-WUERTT          10.000    1/4/2013      EUR      58.93
LB BADEN-WUERTT           5.000   1/25/2013      EUR      74.47
LB BADEN-WUERTT           5.000   1/25/2013      EUR      72.12
LB BADEN-WUERTT           5.000   1/25/2013      EUR      25.04
LB BADEN-WUERTT           7.500   1/25/2013      EUR      22.14
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.50
LB BADEN-WUERTT           7.500   1/25/2013      EUR      61.75
LB BADEN-WUERTT           7.500   1/25/2013      EUR      67.92
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.65
LB BADEN-WUERTT          10.000   1/25/2013      EUR      73.79
LB BADEN-WUERTT          10.000   1/25/2013      EUR      57.74
LB BADEN-WUERTT          10.000   1/25/2013      EUR      70.62
LB BADEN-WUERTT          10.000   1/25/2013      EUR      61.42
LB BADEN-WUERTT          10.000   1/25/2013      EUR      55.00
LB BADEN-WUERTT          10.000   1/25/2013      EUR      62.58
LB BADEN-WUERTT          10.000   1/25/2013      EUR      72.60
LB BADEN-WUERTT          10.000   1/25/2013      EUR      20.18
LB BADEN-WUERTT          10.000   1/25/2013      EUR      74.43
LB BADEN-WUERTT           5.000   2/22/2013      EUR      72.06
LB BADEN-WUERTT           7.500   2/22/2013      EUR      62.21
LB BADEN-WUERTT          10.000   2/22/2013      EUR      55.52
LB BADEN-WUERTT          15.000   2/22/2013      EUR      47.17
LB BADEN-WUERTT           8.000   3/22/2013      EUR      68.03
LB BADEN-WUERTT          10.000   3/22/2013      EUR      65.16
LB BADEN-WUERTT          12.000   3/22/2013      EUR      66.23
LB BADEN-WUERTT          15.000   3/22/2013      EUR      74.79
LB BADEN-WUERTT          15.000   3/22/2013      EUR      59.20
LB BADEN-WUERTT           5.000   6/28/2013      EUR      68.83
MACQUARIE STRUCT         13.250    1/2/2013      EUR      67.09
MACQUARIE STRUCT         18.000  12/14/2012      EUR      63.38
Q-CELLS                   6.750  10/21/2015      EUR       1.08
QIMONDA FINANCE           6.750   3/22/2013      USD       4.50
SOLON AG SOLAR            1.375   12/6/2012      EUR       0.58
TAG IMMO AG               6.500  12/10/2015      EUR       9.73
TUI AG                    2.750   3/24/2016      EUR      56.50
VONTOBEL FIN PRO         11.150   3/22/2013      EUR      68.40
VONTOBEL FIN PRO         11.850   3/22/2013      EUR      55.54
VONTOBEL FIN PRO         12.000   3/22/2013      EUR      65.10
VONTOBEL FIN PRO         12.050   3/22/2013      EUR      62.30
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      43.92
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      70.66
VONTOBEL FIN PRO         12.700   3/22/2013      EUR      71.00
VONTOBEL FIN PRO         13.700   3/22/2013      EUR      42.16
VONTOBEL FIN PRO         14.000   3/22/2013      EUR      63.30
VONTOBEL FIN PRO         14.500   3/22/2013      EUR      50.88
VONTOBEL FIN PRO         15.250   3/22/2013      EUR      40.58
VONTOBEL FIN PRO         16.850   3/22/2013      EUR      39.28
VONTOBEL FIN PRO         17.450  12/31/2012      EUR      56.96
VONTOBEL FIN PRO         17.100  12/31/2012      EUR      50.44
VONTOBEL FIN PRO         17.050  12/31/2012      EUR      54.28
VONTOBEL FIN PRO         16.950  12/31/2012      EUR      56.32
VONTOBEL FIN PRO         16.850  12/31/2012      EUR      60.40
VONTOBEL FIN PRO         16.700  12/31/2012      EUR      71.48
VONTOBEL FIN PRO         16.550  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         16.450  12/31/2012      EUR      73.60
VONTOBEL FIN PRO         16.350  12/31/2012      EUR      57.44
VONTOBEL FIN PRO         16.150  12/31/2012      EUR      63.18
VONTOBEL FIN PRO         16.100  12/31/2012      EUR      71.56
VONTOBEL FIN PRO         16.050  12/31/2012      EUR      72.06
VONTOBEL FIN PRO         15.900  12/31/2012      EUR      73.46
VONTOBEL FIN PRO         15.750  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         15.250  12/31/2012      EUR      57.52
VONTOBEL FIN PRO         14.950  12/31/2012      EUR      74.14
VONTOBEL FIN PRO         14.700  12/31/2012      EUR      73.84
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      72.78
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      53.42
VONTOBEL FIN PRO         14.550  12/31/2012      EUR      73.38
VONTOBEL FIN PRO         14.500  12/31/2012      EUR      63.86
VONTOBEL FIN PRO         14.450  12/31/2012      EUR      53.02
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      70.94
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      71.90
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      71.30
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      48.14
VONTOBEL FIN PRO         14.100  12/31/2012      EUR      74.06
VONTOBEL FIN PRO         14.000  12/31/2012      EUR      70.76
VONTOBEL FIN PRO         13.600  12/31/2012      EUR      72.66
VONTOBEL FIN PRO         13.550  12/31/2012      EUR      57.82
VONTOBEL FIN PRO         13.500  12/31/2012      EUR      61.24
VONTOBEL FIN PRO         13.150  12/31/2012      EUR      70.92
VONTOBEL FIN PRO         13.050  12/31/2012      EUR      67.64
VONTOBEL FIN PRO         12.900  12/31/2012      EUR      50.58
VONTOBEL FIN PRO         12.800  12/31/2012      EUR      46.66
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      56.42
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      73.70
VONTOBEL FIN PRO         12.550  12/31/2012      EUR      73.98
VONTOBEL FIN PRO         12.250  12/31/2012      EUR      68.20
VONTOBEL FIN PRO         12.000  12/31/2012      EUR      61.78
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      72.42
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      56.12
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      49.92
VONTOBEL FIN PRO         11.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO         11.850  12/31/2012      EUR      68.54
VONTOBEL FIN PRO         11.750  12/31/2012      EUR      55.44
VONTOBEL FIN PRO         11.700  12/31/2012      EUR      61.98
VONTOBEL FIN PRO         11.600  12/31/2012      EUR      74.12
VONTOBEL FIN PRO         11.450  12/31/2012      EUR      54.80
VONTOBEL FIN PRO         11.400  12/31/2012      EUR      58.20
VONTOBEL FIN PRO         11.150  12/31/2012      EUR      72.30
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.90
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.64
VONTOBEL FIN PRO         10.900  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.50
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.28
VONTOBEL FIN PRO         10.500  12/31/2012      EUR      41.50
VONTOBEL FIN PRO         10.050  12/31/2012      EUR      63.46
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      52.92
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      61.94
VONTOBEL FIN PRO          9.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO          9.650  12/31/2012      EUR      70.46
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      72.14
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      71.92
VONTOBEL FIN PRO          9.500  12/31/2012      EUR      59.22
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      73.08
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      54.40
VONTOBEL FIN PRO          9.350  12/31/2012      EUR      72.40
VONTOBEL FIN PRO          9.250  12/31/2012      EUR      41.18
VONTOBEL FIN PRO          9.150  12/31/2012      EUR      73.58
VONTOBEL FIN PRO          9.050  12/31/2012      EUR      73.74
VONTOBEL FIN PRO          8.650  12/31/2012      EUR      66.36
VONTOBEL FIN PRO         18.500   3/22/2013      EUR      38.32
VONTOBEL FIN PRO         20.900   3/22/2013      EUR      72.12
VONTOBEL FIN PRO         21.750   3/22/2013      EUR      73.52
VONTOBEL FIN PRO          8.200  12/31/2012      EUR      65.04
VONTOBEL FIN PRO          7.950  12/31/2012      EUR      52.66
VONTOBEL FIN PRO         19.700  12/31/2012      EUR      62.56
VONTOBEL FIN PRO         23.600   3/22/2013      EUR      70.72
VONTOBEL FIN PRO          4.000   6/28/2013      EUR      44.06
VONTOBEL FIN PRO          6.000   6/28/2013      EUR      63.20
VONTOBEL FIN PRO          8.000   6/28/2013      EUR      71.76
VONTOBEL FIN PRO          7.700  12/31/2012      EUR      67.42
VONTOBEL FIN PRO          7.400  12/31/2012      EUR      55.46
VONTOBEL FIN PRO          9.550   6/28/2013      EUR      74.90
VONTOBEL FIN PRO          7.250  12/31/2012      EUR      53.62
VONTOBEL FIN PRO         13.050   6/28/2013      EUR      72.48
VONTOBEL FIN PRO          7.389  11/25/2013      EUR      44.60
VONTOBEL FIN PRO          5.100   4/14/2014      EUR      32.80
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      72.38
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      50.70
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      63.10
VONTOBEL FIN PRO         18.900  12/31/2012      EUR      51.46
VONTOBEL FIN PRO         18.950  12/31/2012      EUR      68.80
VONTOBEL FIN PRO         19.300  12/31/2012      EUR      66.04
VONTOBEL FIN PRO         20.000  12/31/2012      EUR      69.94
VONTOBEL FIN PRO         20.850  12/31/2012      EUR      72.94
VONTOBEL FIN PRO         21.150  12/31/2012      EUR      68.12
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      54.82
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         22.250  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         22.700  12/31/2012      EUR      66.06
VONTOBEL FIN PRO         24.700  12/31/2012      EUR      43.38
VONTOBEL FIN PRO         24.900  12/31/2012      EUR      51.50
VONTOBEL FIN PRO         26.050  12/31/2012      EUR      69.82
VONTOBEL FIN PRO         27.600  12/31/2012      EUR      40.62
VONTOBEL FIN PRO         28.250  12/31/2012      EUR      38.08
VONTOBEL FIN PRO         11.000    2/1/2013      EUR      55.10
VONTOBEL FIN PRO         13.650    3/1/2013      EUR      35.30
VONTOBEL FIN PRO         10.100    3/8/2013      EUR      74.60
VONTOBEL FIN PRO          5.650   3/22/2013      EUR      68.18
VONTOBEL FIN PRO          7.500   3/22/2013      EUR      73.88
VONTOBEL FIN PRO          8.550   3/22/2013      EUR      61.34
VONTOBEL FIN PRO          8.850   3/22/2013      EUR      73.64
VONTOBEL FIN PRO          9.200   3/22/2013      EUR      65.12
VONTOBEL FIN PRO          9.950   3/22/2013      EUR      70.06
VONTOBEL FIN PRO         10.150   3/22/2013      EUR      59.84
VONTOBEL FIN PRO         18.050  12/31/2012      EUR      64.74
VONTOBEL FIN PRO         17.650  12/31/2012      EUR      73.18
VONTOBEL FIN PRO         10.300   3/22/2013      EUR      70.72
VONTOBEL FIN PRO         10.350   3/22/2013      EUR      73.54
VONTOBEL FIN PRO         10.750   3/22/2013      EUR      46.30
WGZ BANK                  8.000  12/28/2012      EUR      59.08
WGZ BANK                  8.000  12/21/2012      EUR      66.08
WGZ BANK                  5.000  12/28/2012      EUR      73.18
WGZ BANK                  6.000  12/28/2012      EUR      67.75
WGZ BANK                  7.000  12/28/2012      EUR      63.10
WGZ BANK                  6.000  12/21/2012      EUR      74.00
WGZ BANK                  7.000  12/21/2012      EUR      68.47

GUERNSEY
--------
BCV GUERNSEY              8.020    3/1/2013      EUR      56.54
BKB FINANCE              10.950   5/10/2013      CHF      62.57
BKB FINANCE              10.150   9/11/2013      CHF      73.89
BKB FINANCE              13.200   1/31/2013      CHF      50.08
BKB FINANCE               9.450    7/3/2013      CHF      68.52
BKB FINANCE              11.500   3/20/2013      CHF      59.30
BKB FINANCE               8.350   1/14/2013      CHF      54.15
EFG INTL FIN GUR         14.500  11/13/2012      EUR      73.04
EFG INTL FIN GUR         17.000  11/13/2012      EUR      64.12
EFG INTL FIN GUR         12.830  11/19/2012      CHF      70.07
EFG INTL FIN GUR          8.000  11/20/2012      CHF      62.03
EFG INTL FIN GUR          8.300  11/20/2012      CHF      64.99
EFG INTL FIN GUR         11.500  11/20/2012      EUR      55.05
EFG INTL FIN GUR         14.800  11/20/2012      EUR      65.84
EFG INTL FIN GUR          9.250  11/27/2012      CHF      68.70
EFG INTL FIN GUR         11.250  11/27/2012      CHF      64.89
EFG INTL FIN GUR         14.500  11/27/2012      CHF      31.64
EFG INTL FIN GUR         16.000  11/27/2012      EUR      59.21
EFG INTL FIN GUR          9.750   12/3/2012      CHF      72.96
EFG INTL FIN GUR         13.750   12/6/2012      CHF      35.12
EFG INTL FIN GUR          8.500  12/14/2012      CHF      58.17
EFG INTL FIN GUR         14.250  12/14/2012      EUR      66.29
EFG INTL FIN GUR         17.500  12/14/2012      EUR      62.97
EFG INTL FIN GUR          9.300  12/21/2012      CHF      64.50
EFG INTL FIN GUR         10.900  12/21/2012      CHF      64.73
EFG INTL FIN GUR         12.600  12/21/2012      CHF      64.81
EFG INTL FIN GUR          8.830  12/28/2012      USD      57.56
EFG INTL FIN GUR         10.000    1/9/2013      EUR      52.73
EFG INTL FIN GUR          9.000   1/15/2013      CHF      27.36
EFG INTL FIN GUR         10.250   1/15/2013      CHF      23.41
EFG INTL FIN GUR         11.250   1/15/2013      GBP      73.41
EFG INTL FIN GUR         12.500   1/15/2013      CHF      28.91
EFG INTL FIN GUR         13.000   1/15/2013      CHF      74.41
EFG INTL FIN GUR         16.500   1/18/2013      CHF      50.63
EFG INTL FIN GUR          5.800   1/23/2013      CHF      69.35
EFG INTL FIN GUR         19.050   2/20/2013      USD      74.67
EFG INTL FIN GUR         15.000    3/1/2013      CHF      71.34
EFG INTL FIN GUR         10.000    3/6/2013      USD      71.83
EFG INTL FIN GUR         12.250  12/27/2012      GBP      67.82
EFG INTL FIN GUR          8.000    4/2/2013      CHF      63.34
EFG INTL FIN GUR         16.000    4/4/2013      CHF      23.40
EFG INTL FIN GUR          7.530   4/16/2013      EUR      49.58
EFG INTL FIN GUR          7.000   4/19/2013      EUR      55.27
EFG INTL FIN GUR         12.000   4/26/2013      CHF      66.95
EFG INTL FIN GUR          9.500   4/30/2013      EUR      28.64
EFG INTL FIN GUR         14.200    6/7/2013      EUR      71.88
EFG INTL FIN GUR          6.500   8/27/2013      CHF      51.39
EFG INTL FIN GUR          8.400   9/30/2013      CHF      63.25
EFG INTL FIN GUR         19.000   10/3/2013      GBP      74.39
EFG INTL FIN GUR          8.160   4/25/2014      EUR      71.56
EFG INTL FIN GUR          5.850  10/14/2014      CHF      57.06
EFG INTL FIN GUR          6.000  11/12/2012      CHF      56.98
EFG INTL FIN GUR          6.000  11/12/2012      EUR      57.81
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         12.750  11/13/2012      CHF      22.70
EFG INTL FIN GUR         12.750  11/13/2012      CHF      71.49
EFG INTL FIN GUR         13.000  11/13/2012      CHF      22.91
EFG INTL FIN GUR         13.000  11/13/2012      CHF      74.82
EFG INTL FIN GUR         14.000  11/13/2012      USD      23.41
EFG INTL FIN GUR         10.750   3/19/2013      USD      71.27
ZURCHER KANT FIN          9.250   11/9/2012      CHF      62.81
ZURCHER KANT FIN          9.250   11/9/2012      CHF      54.03
ZURCHER KANT FIN         12.670  12/28/2012      CHF      70.24
ZURCHER KANT FIN         11.500   1/24/2013      CHF      59.11
ZURCHER KANT FIN         17.000   2/22/2013      EUR      59.39
ZURCHER KANT FIN         10.128    3/7/2013      CHF      64.97
ZURCHER KANT FIN         13.575   4/10/2013      CHF      74.72
ZURCHER KANT FIN          7.340   4/16/2013      CHF      70.68
ZURCHER KANT FIN         12.500    7/5/2013      CHF      70.56
ZURCHER KANT FIN         10.200   8/23/2013      CHF      67.39
ZURCHER KANT FIN          9.000   9/11/2013      CHF      69.23

ICELAND
-------
KAUPTHING                 0.800   2/15/2011      EUR      26.50

LUXEMBOURG
----------
ARCELORMITTAL             7.250    4/1/2014      EUR      21.66

NETHERLANDS
-----------
BLT FINANCE BV           12.000   2/10/2015      USD      24.88
EM.TV FINANCE BV          5.250    5/8/2013      EUR       5.89
KPNQWEST NV              10.000   3/15/2012      EUR       0.13
LEHMAN BROS TSY           7.500   9/13/2009      CHF      22.63
LEHMAN BROS TSY           6.600   2/22/2012      EUR      22.63
LEHMAN BROS TSY           7.000   2/15/2012      EUR      22.63
LEHMAN BROS TSY           6.000   2/14/2012      EUR      22.63
LEHMAN BROS TSY           2.500  12/15/2011      GBP      22.63
LEHMAN BROS TSY          12.000    7/4/2011      EUR      22.63
LEHMAN BROS TSY          11.000    7/4/2011      CHF      22.63
LEHMAN BROS TSY          11.000    7/4/2011      USD      22.63
LEHMAN BROS TSY           4.000    1/4/2011      USD      22.63
LEHMAN BROS TSY           8.000  12/31/2010      USD      22.63
LEHMAN BROS TSY           9.300  12/21/2010      EUR      22.63
LEHMAN BROS TSY           9.300  12/21/2010      EUR      22.63
LEHMAN BROS TSY          14.900  11/16/2010      EUR      22.63
LEHMAN BROS TSY           4.000  10/12/2010      USD      22.63
LEHMAN BROS TSY          10.500    8/9/2010      EUR      22.63
LEHMAN BROS TSY           6.000   7/28/2010      EUR      22.63
LEHMAN BROS TSY           6.000   7/28/2010      EUR      22.63
LEHMAN BROS TSY           4.000   5/30/2010      USD      22.63
LEHMAN BROS TSY          11.750    3/1/2010      EUR      22.63
LEHMAN BROS TSY           7.000   2/15/2010      CHF      22.63
LEHMAN BROS TSY           1.750    2/7/2010      EUR      22.63
LEHMAN BROS TSY           8.800  12/27/2009      EUR      22.63
LEHMAN BROS TSY          16.800   8/21/2009      USD      22.63
LEHMAN BROS TSY           8.000    8/3/2009      USD      22.63
LEHMAN BROS TSY           4.500    8/2/2009      USD      22.63
LEHMAN BROS TSY           8.500    7/6/2009      CHF      22.63
LEHMAN BROS TSY          11.000   6/29/2009      EUR      22.63
LEHMAN BROS TSY          10.000   6/17/2009      USD      22.63
LEHMAN BROS TSY           5.750   6/15/2009      CHF      22.63
LEHMAN BROS TSY           5.500   6/15/2009      CHF      22.63
LEHMAN BROS TSY           9.000   6/13/2009      USD      22.63
LEHMAN BROS TSY          15.000    6/4/2009      CHF      22.63
LEHMAN BROS TSY          17.000    6/2/2009      USD      22.63
LEHMAN BROS TSY          13.500    6/2/2009      USD      22.63
LEHMAN BROS TSY          10.000   5/22/2009      USD      22.63
LEHMAN BROS TSY           8.000   5/22/2009      USD      22.63
LEHMAN BROS TSY           8.000   5/22/2009      USD      22.63
LEHMAN BROS TSY          16.200   5/14/2009      USD      22.63
LEHMAN BROS TSY           4.000   4/24/2009      USD      22.63
LEHMAN BROS TSY           3.850   4/24/2009      USD      22.63
LEHMAN BROS TSY           7.000   4/14/2009      EUR      22.63
LEHMAN BROS TSY           9.000   3/17/2009      GBP      22.63
LEHMAN BROS TSY          13.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY          11.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY          10.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY           0.500   2/16/2009      EUR      22.63
LEHMAN BROS TSY           7.750   1/30/2009      EUR      22.63
LEHMAN BROS TSY          13.432    1/8/2009      ILS      22.63
LEHMAN BROS TSY          16.000  12/26/2008      USD      22.63
LEHMAN BROS TSY           7.000  11/28/2008      CHF      22.63
LEHMAN BROS TSY          10.442  11/22/2008      CHF      22.63
LEHMAN BROS TSY          14.100  11/12/2008      USD      22.63
LEHMAN BROS TSY          16.000   11/9/2008      USD      22.63
LEHMAN BROS TSY          13.150  10/30/2008      USD      22.63
LEHMAN BROS TSY          16.000  10/28/2008      USD      22.63
LEHMAN BROS TSY           7.500  10/24/2008      USD      22.63
LEHMAN BROS TSY           6.000  10/24/2008      EUR      22.63
LEHMAN BROS TSY           5.000  10/24/2008      CHF      22.63
LEHMAN BROS TSY           8.000  10/23/2008      USD      22.63
LEHMAN BROS TSY          10.000  10/22/2008      USD      22.63
LEHMAN BROS TSY          16.000   10/8/2008      CHF      22.63
LEHMAN BROS TSY           7.250   10/6/2008      EUR      22.63
LEHMAN BROS TSY          18.250   10/2/2008      USD      22.63
LEHMAN BROS TSY           7.375   9/20/2008      EUR      22.63
LEHMAN BROS TSY          23.300   9/16/2008      USD      22.63
LEHMAN BROS TSY          14.900   9/15/2008      EUR      22.63
LEHMAN BROS TSY           3.000   9/12/2036      JPY       5.50
LEHMAN BROS TSY           6.000  10/30/2012      USD       5.50
LEHMAN BROS TSY           2.500   8/23/2012      GBP      22.63
LEHMAN BROS TSY          13.000   7/25/2012      EUR      22.63
Q-CELLS INTERNAT          1.375   4/30/2012      EUR      26.88
Q-CELLS INTERNAT          5.750   5/26/2014      EUR      26.88
RENEWABLE CORP            6.500    6/4/2014      EUR      61.31
SACYR VALLEHERM           6.500    5/1/2016      EUR      51.72

SWEDEN
------
Rorvik Timber             6.000   6/30/2016      SEK      66.00

SWITZERLAND
-----------
BANK JULIUS BAER          8.700    8/5/2013      CHF      60.55
BANK JULIUS BAER         15.000   5/31/2013      USD      69.05
BANK JULIUS BAER         13.000   5/31/2013      USD      70.65
BANK JULIUS BAER         12.000    4/9/2013      CHF      56.05
BANK JULIUS BAER         10.750   3/13/2013      EUR      66.60
BANK JULIUS BAER         17.300    2/1/2013      EUR      54.65
BANK JULIUS BAER          9.700  12/20/2012      CHF      75.00
BANK JULIUS BAER         11.500   2/20/2013      CHF      47.15
BANK JULIUS BAER         12.200   12/5/2012      EUR      54.40
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.19
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.13
CLARIDEN LEU NAS          0.000   5/26/2014      CHF      65.30
CLARIDEN LEU NAS          0.000   5/13/2014      CHF      63.03
CLARIDEN LEU NAS          0.000   2/24/2014      CHF      55.39
CLARIDEN LEU NAS          0.000   2/11/2014      CHF      54.50
CLARIDEN LEU NAS         18.400  12/20/2013      EUR      74.64
CLARIDEN LEU NAS          0.000  11/26/2013      CHF      64.17
CLARIDEN LEU NAS          4.500   8/13/2014      CHF      48.74
CLARIDEN LEU NAS         16.500   9/23/2013      USD      57.03
CLARIDEN LEU NAS          0.000   9/23/2013      CHF      50.04
CLARIDEN LEU NAS          3.250   9/16/2013      CHF      49.05
CLARIDEN LEU NAS          7.500  11/13/2012      CHF      58.71
CLARIDEN LEU NAS          7.250  11/13/2012      CHF      74.60
CLARIDEN LEU NAS         10.250  11/12/2012      CHF      73.60
CLARIDEN LEU NAS          0.000   8/27/2014      CHF      55.45
CLARIDEN LEU NAS          0.000   9/10/2014      CHF      51.16
CLARIDEN LEU NAS          0.000  10/15/2014      CHF      57.48
CLARIDEN LEU NAS          5.250    8/6/2014      CHF      51.70
CLARIDEN LEU NAS          7.000   7/22/2013      CHF      72.18
CLARIDEN LEU NAS         10.000   6/10/2013      CHF      70.08
CLARIDEN LEU NAS          0.000   5/31/2013      CHF      55.87
CLARIDEN LEU NAS          6.500   4/26/2013      CHF      58.21
CLARIDEN LEU NAS          0.000   3/25/2013      CHF      59.57
CLARIDEN LEU NAS          0.000   3/18/2013      CHF      74.71
CLARIDEN LEU NAS         12.500    3/1/2013      USD      74.21
CLARIDEN LEU NAS          9.000   2/14/2013      CHF      66.37
CLARIDEN LEU NAS         11.500   2/13/2013      EUR      57.40
CLARIDEN LEU NAS          0.000   1/24/2013      CHF      66.96
CLARIDEN LEU NAS          8.750   1/15/2013      CHF      68.73
CLARIDEN LEU NAS          8.250  12/17/2012      CHF      61.30
CLARIDEN LEU NAS          0.000  12/17/2012      EUR      67.37
CLARIDEN LEU NAS         12.500  12/14/2012      EUR      72.83
CLARIDEN LEU NAS          0.000  12/14/2012      CHF      36.53
CLARIDEN LEU NAS         12.000  11/23/2012      CHF      47.83
CLARIDEN LEU NAS          8.000  11/20/2012      CHF      74.87
CLARIDEN LEU NAS          7.125  11/19/2012      CHF      58.17
CLARIDEN LEU NAS          7.250  11/16/2012      CHF      58.79
CREDIT SUISSE LD          8.900   3/25/2013      EUR      57.79
CREDIT SUISSE LD         10.500    9/9/2013      CHF      66.05
S-AIR GROUP               0.125    7/7/2005      CHF      10.63
SARASIN CI LTD            8.000   4/27/2015      CHF      68.67
SARASIN/GUERNSEY         13.600   2/17/2014      CHF      71.51
SARASIN/GUERNSEY         13.200   1/23/2013      EUR      72.52
SARASIN/GUERNSEY         15.200  12/12/2012      EUR      73.12
UBS AG                   11.870   8/13/2013      USD       4.68
UBS AG                    9.600   8/26/2013      USD      15.21
UBS AG                   10.200   9/20/2013      EUR      61.15
UBS AG                   12.900   9/20/2013      EUR      57.98
UBS AG                   15.900   9/20/2013      EUR      55.99
UBS AG                   17.000   9/27/2013      EUR      73.19
UBS AG                   17.750   9/27/2013      EUR      73.50
UBS AG                   18.500   9/27/2013      EUR      71.56
UBS AG                   19.750   9/27/2013      EUR      74.84
UBS AG                   20.000   9/27/2013      EUR      70.19
UBS AG                   20.500   9/27/2013      EUR      74.87
UBS AG                   20.500   9/27/2013      EUR      71.43
UBS AG                   21.750   9/27/2013      EUR      72.53
UBS AG                   22.000   9/27/2013      EUR      71.57
UBS AG                   22.500   9/27/2013      EUR      70.55
UBS AG                   22.750   9/27/2013      EUR      67.91
UBS AG                   23.000   9/27/2013      EUR      72.72
UBS AG                   23.250   9/27/2013      EUR      68.81
UBS AG                   23.250   9/27/2013      EUR      68.35
UBS AG                   24.000   9/27/2013      EUR      69.47
UBS AG                   24.750   9/27/2013      EUR      65.71
UBS AG                    8.060   10/3/2013      USD      19.75
UBS AG                   13.570  11/21/2013      USD      16.25
UBS AG                    6.980  11/27/2013      USD      34.85
UBS AG                   17.000    1/3/2014      EUR      74.48
UBS AG                   17.500    1/3/2014      EUR      73.41
UBS AG                   18.250    1/3/2014      EUR      73.31
UBS AG                   18.250    1/3/2014      EUR      74.28
UBS AG                   19.500    1/3/2014      EUR      73.10
UBS AG                   20.000    1/3/2014      EUR      74.53
UBS AG                   20.500    1/3/2014      EUR      71.30
UBS AG                   20.750    1/3/2014      EUR      71.59
UBS AG                   21.000    1/3/2014      EUR      72.44
UBS AG                   22.250    1/3/2014      EUR      74.19
UBS AG                   23.000    1/3/2014      EUR      71.55
UBS AG                   23.250    1/3/2014      EUR      70.29
UBS AG                   23.250    1/3/2014      EUR      70.57
UBS AG                   24.000    1/3/2014      EUR      72.95
UBS AG                   24.250    1/3/2014      EUR      68.40
UBS AG                   24.250    1/3/2014      EUR      70.18
UBS AG                    6.440   5/28/2014      USD      51.67
UBS AG                    3.870   6/17/2014      USD      38.08
UBS AG                    6.040   8/29/2014      USD      35.22
UBS AG                    7.780   8/29/2014      USD      20.85
UBS AG                   11.260  11/12/2012      EUR      47.13
UBS AG                   11.660  11/12/2012      EUR      34.35
UBS AG                   13.120  11/12/2012      EUR      68.36
UBS AG                   13.560  11/12/2012      EUR      36.51
UBS AG                   13.600  11/12/2012      EUR      56.96
UBS AG                   13.000  11/23/2012      USD      62.55
UBS AG                    8.150  12/21/2012      EUR      72.14
UBS AG                    8.250  12/21/2012      EUR      74.88
UBS AG                    8.270  12/21/2012      EUR      74.19
UBS AG                    8.990  12/21/2012      EUR      72.49
UBS AG                    9.000  12/21/2012      EUR      69.13
UBS AG                    9.150  12/21/2012      EUR      71.84
UBS AG                    9.450  12/21/2012      EUR      74.42
UBS AG                    9.730  12/21/2012      EUR      70.24
UBS AG                    9.890  12/21/2012      EUR      66.37
UBS AG                   10.060  12/21/2012      EUR      72.98
UBS AG                   10.060  12/21/2012      EUR      69.64
UBS AG                   10.160  12/21/2012      EUR      73.41
UBS AG                   10.490  12/21/2012      EUR      68.12
UBS AG                   10.690  12/21/2012      EUR      71.60
UBS AG                   10.810  12/21/2012      EUR      63.85
UBS AG                   11.000  12/21/2012      EUR      67.59
UBS AG                   11.260  12/21/2012      EUR      66.14
UBS AG                   11.270  12/21/2012      EUR      70.63
UBS AG                   11.330  12/21/2012      EUR      70.28
UBS AG                   11.770  12/21/2012      EUR      61.53
UBS AG                   11.970  12/21/2012      EUR      65.67
UBS AG                   11.980  12/21/2012      EUR      69.02
UBS AG                   12.020  12/21/2012      EUR      64.27
UBS AG                   12.200  12/21/2012      EUR      56.09
UBS AG                   12.400  12/21/2012      EUR      68.07
UBS AG                   12.760  12/21/2012      EUR      59.39
UBS AG                   12.800  12/21/2012      EUR      62.51
UBS AG                   12.970  12/21/2012      EUR      63.87
UBS AG                   13.320  12/21/2012      EUR      66.64
UBS AG                   13.560  12/21/2012      EUR      65.71
UBS AG                   13.570  12/21/2012      EUR      60.85
UBS AG                   13.770  12/21/2012      EUR      57.41
UBS AG                   13.980  12/21/2012      EUR      62.18
UBS AG                   14.350  12/21/2012      EUR      59.29
UBS AG                   14.690  12/21/2012      EUR      64.44
UBS AG                   14.740  12/21/2012      EUR      63.53
UBS AG                   14.810  12/21/2012      EUR      55.58
UBS AG                   15.000  12/21/2012      EUR      60.59
UBS AG                   15.130  12/21/2012      EUR      57.81
UBS AG                   15.860  12/21/2012      EUR      53.88
UBS AG                   15.920  12/21/2012      EUR      56.41
UBS AG                   15.930  12/21/2012      EUR      61.51
UBS AG                   16.030  12/21/2012      EUR      59.10
UBS AG                   16.600  12/21/2012      EUR      50.18
UBS AG                   16.710  12/21/2012      EUR      55.09
UBS AG                   16.930  12/21/2012      EUR      52.30
UBS AG                   17.070  12/21/2012      EUR      57.69
UBS AG                   17.500  12/21/2012      EUR      53.84
UBS AG                   18.000  12/21/2012      EUR      50.83
UBS AG                   19.090  12/21/2012      EUR      51.52
UBS AG                   10.770    1/2/2013      USD      38.33
UBS AG                   13.030    1/4/2013      EUR      73.40
UBS AG                   13.630    1/4/2013      EUR      71.63
UBS AG                   14.230    1/4/2013      EUR      69.95
UBS AG                   14.820    1/4/2013      EUR      68.36
UBS AG                   15.460    1/4/2013      EUR      74.82
UBS AG                   15.990    1/4/2013      EUR      65.39
UBS AG                   16.500    1/4/2013      EUR      73.32
UBS AG                   17.000    1/4/2013      EUR      73.98
UBS AG                   17.150    1/4/2013      EUR      62.69
UBS AG                   17.180    1/4/2013      EUR      74.58
UBS AG                   18.000    1/4/2013      EUR      73.54
UBS AG                   18.300    1/4/2013      EUR      60.23
UBS AG                   19.440    1/4/2013      EUR      57.99
UBS AG                   19.750    1/4/2013      EUR      69.92
UBS AG                   20.500    1/4/2013      EUR      70.21
UBS AG                   20.570    1/4/2013      EUR      55.94
UBS AG                   21.700    1/4/2013      EUR      54.05
UBS AG                   21.750    1/4/2013      EUR      69.65
UBS AG                   23.750    1/4/2013      EUR      66.55
UBS AG                   11.020   1/25/2013      EUR      67.05
UBS AG                   12.010   1/25/2013      EUR      65.34
UBS AG                   14.070   1/25/2013      EUR      62.22
UBS AG                   16.200   1/25/2013      EUR      74.54
UBS AG                    8.620    2/1/2013      USD      14.04
UBS AG                    8.980   2/22/2013      EUR      72.86
UBS AG                   10.590   2/22/2013      EUR      69.90
UBS AG                   10.960   2/22/2013      EUR      67.35
UBS AG                   13.070   2/22/2013      EUR      63.96
UBS AG                   13.660   2/22/2013      EUR      61.23
UBS AG                   13.940   2/22/2013      EUR      73.02
UBS AG                   15.800   2/22/2013      EUR      67.24
UBS AG                    8.480    3/7/2013      CHF      58.00
UBS AG                   10.000    3/7/2013      USD      72.30
UBS AG                   12.250    3/7/2013      CHF      59.20
UBS AG                    9.000   3/22/2013      USD      11.16
UBS AG                    9.850   3/22/2013      USD      19.75
UBS AG                   16.500    4/2/2013      EUR      72.16
UBS AG                   17.250    4/2/2013      EUR      72.45
UBS AG                   18.000    4/2/2013      EUR      73.44
UBS AG                   19.750    4/2/2013      EUR      69.63
UBS AG                   21.250    4/2/2013      EUR      69.05
UBS AG                   21.500    4/2/2013      EUR      73.98
UBS AG                   21.500    4/2/2013      EUR      73.88
UBS AG                   22.250    4/2/2013      EUR      67.19
UBS AG                   22.250    4/2/2013      EUR      69.43
UBS AG                   24.250    4/2/2013      EUR      65.24
UBS AG                   24.750    4/2/2013      EUR      68.24
UBS AG                   10.860    4/4/2013      USD      37.21
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      67.84
UBS AG                   10.970   4/26/2013      EUR      66.50
UBS AG                   12.610   4/26/2013      EUR      64.06
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      63.90
UBS AG                   11.670   5/31/2013      USD      35.12
UBS AG                   12.780    6/7/2013      CHF      62.60
UBS AG                   16.410    6/7/2013      CHF      64.70
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      10.43
UBS AG                    7.120   6/26/2013      USD      29.83
UBS AG                   15.250   6/28/2013      EUR      74.98
UBS AG                   17.000   6/28/2013      EUR      74.05
UBS AG                   17.250   6/28/2013      EUR      72.59
UBS AG                   19.250   6/28/2013      EUR      70.54
UBS AG                   19.500   6/28/2013      EUR      70.28
UBS AG                   20.250   6/28/2013      EUR      74.82
UBS AG                   20.500   6/28/2013      EUR      70.91
UBS AG                   21.000   6/28/2013      EUR      68.62
UBS AG                   22.000   6/28/2013      EUR      71.86
UBS AG                   22.500   6/28/2013      EUR      66.83
UBS AG                   23.000   6/28/2013      EUR      67.15
UBS AG                   23.500   6/28/2013      EUR      71.72
UBS AG                   24.000   6/28/2013      EUR      68.94
UBS AG                   24.500   6/28/2013      EUR      67.97
UBS AG                   11.450    7/1/2013      USD      27.96
UBS AG                    6.100   7/24/2013      USD      30.07
UBS AG                    8.640    8/1/2013      USD      27.87
UBS AG                   13.120    8/5/2013      USD       4.62
UBS AG                    0.500   4/27/2015      CHF      52.50
UBS AG                    6.070  11/12/2012      EUR      65.82
UBS AG                    8.370  11/12/2012      EUR      59.26
UBS AG                    8.590  11/12/2012      EUR      53.53
UBS AG                    9.020  11/12/2012      EUR      43.76
UBS AG                    9.650  11/12/2012      EUR      37.64
UBS AG                   10.020  11/12/2012      EUR      71.72
UBS AG                   10.930  11/12/2012      EUR      64.23
BARCLAYS BK PLC          11.000   6/28/2013      EUR      43.13
BARCLAYS BK PLC          11.000   6/28/2013      EUR      74.83
BARCLAYS BK PLC          10.750   3/22/2013      EUR      41.06
BARCLAYS BK PLC          10.000   3/22/2013      EUR      42.44
BARCLAYS BK PLC           6.000    1/2/2013      EUR      50.37
BARCLAYS BK PLC           8.000   6/28/2013      EUR      47.66
ESSAR ENERGY              4.250    2/1/2016      USD      72.62
MAX PETROLEUM             6.750    9/8/2013      USD      40.36


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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