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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 26, 2012, Vol. 13, No. 235

                            Headlines



B E L G I U M

BELFIUS BANK: Fitch Affirms 'bb' Viability Rating
FORTIS BANK: Fitch Affirms 'BB' Rating on Hybrid Capital


C Y P R U S

* CYPRUS: Makes "Good Progress" in Bailout Talks with Troika


G E R M A N Y

DEPFA FUNDING: Moody's Lowers Hybrid Ratings to 'C'
FT DEUTSCHLAND: To Close on December 7 After Continued Losses
HEIDELBERGCEMENT AG: S&P Affirms 'BB/B' Corporate Credit Ratings


I R E L A N D

DUNNES STORES: Holtglen to File Winding-Up Petition Over Judgment


K A Z A K H S T A N

KAZAKHSTAN ELECTRICTY: Fitch Views Profile Within 'BB' Category
MANGISTAU ELECTRICITY: Fitch Ups LT Issuer Default Rating to BB+


N E T H E R L A N D S

* NETHERLANDS: Moody's Says RMBS Delinquencies Down in September


P O L A N D

PBG: KNF to Take Part in Bankruptcy Procedures
POLIMEX: Enters Into Preliminary Deal with Creditors


R U S S I A

LENSPETSSMU CJSC: S&P Rates RUB5-Bil. Senior Unsecured Notes 'B'
TINKOFF.CREDIT SYSTEMS: Moody's Rates Subordinated Notes '(P)B3'


S P A I N

PYMES SANTANDER 4: DBRS Rates EUR530MM Series C Notes 'C(sf)'
TDA CAM 8: S&P Downgrades Rating on Class C Tranche to 'D'


U N I T E D   K I N G D O M

CITY GREENWICH: Fitch Affirms 'BB+' Rating on Sr. Secured Bonds
COMET: Deloitte In Talks with Potential Buyer of Stores
DIAMOND CIRCLE: Prepares For Liquidation
HEART OF MIDLOTHIAN: Reaches Deal to Settle Tax Debt
PATTON GROUP: To Cut More Jobs Following Administration

RILEYS: In Administration; 146 Jobs Affected
VOICESERVE INC: Incurs US$1.1-Mil. Net Loss in Q2 Ended Sept. 30
* UK: Jenkins & Jenkins Hires Corporate Insolvency Experts


X X X X X X X X

* BOND PRICING: For the Week November 19 to November 23, 2012


                            *********


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B E L G I U M
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BELFIUS BANK: Fitch Affirms 'bb' Viability Rating
-------------------------------------------------
Fitch Ratings has affirmed Belfius Bank SA/NV's (Belfius) Long-
term Issuer Default Rating (IDR) and Support Rating Floor at 'A-
'.  The Outlook on the Long-term IDR is Stable.  At the same
time, the agency has affirmed Belfius' Viability Rating (VR) at
'bb'.

Rating Action Rationale

Beflius' IDRs, Support Rating and Support Rating Floor continue
to reflect Fitch's opinion that there would be an extremely high
probability that Belgium ('AA'/Negative), would provide support
to the bank, if required.

Despite the improvements observed in Belfius' liquidity position,
reduction in exposures to Dexia ('A+'/Negative, its previous
shareholder) somewhat easing its funding needs and liquidity
position and de-risking of its balance sheet, the bank's VR has
been affirmed as Fitch continues to consider Belfius' current
capital position, as measured by the Fitch core capital, as a
constraining factor.  The Fitch core capital includes the
available-for-sale revaluations reserves while prudential filters
exclude revaluation reserves on bonds (the largest part of
Belfius' revaluation reserves) from regulatory capital.  However,
they will be progressively integrated under Basel III as
currently envisaged.  Belfius' negative revaluation reserves are
substantial (EUR2.9 billion at end-June 2012) essentially due to
large holdings of peripheral European bonds and highly sensitive
to credit spreads volatility.  At end-June 2012, the ratio of
Fitch core capital to regulatory weighted risk was 5.14% and the
bank's core Tier 1 ratio was 12%.

Rating Drivers and Sensitivities - Support Rating and Support
Rating Floor

The Support Rating and Support Rating Floor are driven by the
bank's systemic importance as the third-largest domestic retail
bank (with a market share of around 15% of retail deposits) and
from Belfius being fully owned by the Belgian state following the
acquisition from Dexia in October 2011.

The Support Rating and Support Rating Floor are sensitive to any
changes in Belgium's ability (as measured by its rating) and/or
willingness to support Belfius, if required.  Belgium's ability
to provide support is a function of its ratings.  The Outlook on
Belgium's Long-Term IDR ('AA') is Negative, but a one-notch
downgrade of this rating would not necessarily result in an
automatic downgrade of the Support Rating Floor and Support
Rating, Any downgrade of Belgium's IDR to below 'AA-' would most
likely lead to a downgrade of these ratings.

The ratings are also sensitive to a change in Fitch's assumptions
around the availability of sovereign support for the bank.  In
this context, Fitch is paying close attention to ongoing policy
discussions around bank support and 'bail in', especially in
Europe.  However, in light of the current market turbulence,
Fitch does not expect any change in the willingness of Belgium to
support banks in the short term, especially if they are
systemically important and owned by the state, as is the case for
Belfius.

Rating Drivers and Sensitivities - IDRs and Senior Debt

As Belfius' Long-term IDR and senior debt rating are at the
Support Rating Floor, any change in the bank's Support Rating
Floor, would in turn lead to a change in the bank's IDRs and
senior debt ratings.

Belfius' Short-term IDR has been affirmed at 'F1', the higher of
the two mapping options which link Short-term and Long-term IDRs,
reflecting the view that potential additional support from the
Belgian state is more certain in the short term.

The European Commission has temporarily approved the
nationalization of Belfius and announced it would investigate
whether this complies with the state aid rules.  The EC has not
yet concluded its investigation but, in Fitch's view, it is
extremely unlikely to impose 'burden sharing' on Belfius' senior
creditors, given the very negative impact on investor sentiment
(and therefore ultimately on bank funding costs) and wider
repercussions of such an unprecedented action.  Nevertheless, the
senior debt rating is highly sensitive to any form of 'burden
sharing' that the EC could impose on senior bondholders.

Rating Drivers and Sensitivities - VR

Belfius' VR reflects the bank's low capital levels due to
significant holdings of peripheral European bonds that generate
significant negative revaluation reserves and modest
profitability resulting in an expected low internal generation of
capital.  The VR also takes into account the bank's solid retail
and public finance franchise in Belgium, which provides the bank
with a good customer-driven funding mix, overall low risk profile
and fairly recurring revenues.

Belfius' VR would be sensitive to a marked deterioration in asset
quality due to higher than expected domestic and European
economic strains, resulting in material securities and loans
impairment charges and related impact on the bank's earnings, and
ultimately capital.  Any set-back in Belfius' improved liquidity
position would also be detrimental for its VR.  Although capital
is likely to remain under pressure in the short to medium term,
liquidity is expected to further improve.  The VR could be
upgraded if the bank's capital position, as measured by Fitch,
materially improves.

Subordinated Debt

Subordinated upper Tier 2 securities (XS0123018557) and
subordinated lower Tier 2 securities (XS0286515621, issued by
Belfius Funding but guaranteed by Belfius) are notched off
Belfius' VR, in line with Fitch's rating criteria for such
securities.  Their affirmation reflects that of the bank's VR and
their ratings are sensitive to any changes in Belfius' VR.

While Fitch notes that there is a possibility that the EC will
impose some form of 'burden sharing' (such as coupon omission) on
Belfius' subordinated debt and hybrid securities, the
subordinated securities rated by Fitch have a mandatory coupon
payment and would therefore not be affected by these measures.

Susbidiary and Affiliated Company Rating Drivers and
Sensitivities

Belfius Funding and Dexia Financial Products, Inc. are wholly-
owned financing subsidiaries of Belfius and all their issues are
guaranteed by Belfius.  Their debt ratings are aligned with
Belfius' and are sensitive to the same factors that might drive a
change in Belfius bank's senior and subordinated debt ratings.

The rating actions have no impact on the 'AAA(EXP)' rating
assigned to Belfius' covered bonds.

Fitch has upgraded the rating assigned to US CP of Dexia Delaware
LLC to 'F1+' from 'F1'.  This corrects a previous rating action
on the program's rating on 11 October 2011 when the program's
rating was incorrectly downgraded.  Dexia Delaware LLC is a
fully-owned financing subsidiary of Dexia Credit Local ('A+'/
Negative/'F1+') and the rating assigned to the CP program is
aligned with Dexia's Short-term debt rating.

The rating actions are as follows:

Belfius:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Senior debt: affirmed at 'A-/F1'
  -- Subordinated (upper Tier 2) debt XS0123018557: affirmed at
     'BB-'
  -- Viability Rating: affirmed at 'bb'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A-'

Belfius Funding:
Senior debt: affirmed at 'A-
Market linked notes: affirmed at 'A-emr'
Subordinated (lower Tier 2) debt XS0286515621: affirmed at 'BB-'

Dexia Financial Products, Inc
Commercial paper: affirmed at 'F1'

Dexia Delaware LLC
Commercial paper: upgraded to 'F1+' from 'F1'


FORTIS BANK: Fitch Affirms 'BB' Rating on Hybrid Capital
--------------------------------------------------------
Fitch Ratings has upgraded Fortis Bank's and BGL BNP Paribas (BGL
BNPP)'s Long-term Issuer Default Ratings (IDRs) to 'A+' from 'A'.
At the same time, the agency has upgraded Fortis Bank's Viability
Rating (VR) to 'a-' from 'bbb+'.  The Outlook on the Long-term
IDRs is Stable.

Rating Action Rationale

The upgrade of the long-term IDRs reflects Fitch's view that
Fortis Bank and BGL BNPP are core subsidiaries of BNP Paribas
('A+'/'F1+'/Stable).  Fortis Bank and BGL BNPP are strategically
important to their shareholder giving it access to leading
franchises in Belgium and Luxembourg (considered core markets),
and strengthening its deposit base.  Moreover, certain businesses
of BNP Paribas are managed by Fortis Bank and BGL BNPP.
Operations and management are highly integrated.  Fortis Bank and
BGL BNPP use their parent's IT systems to measure and monitor
risk.  Key management positions (such as the chief risk officer)
have been seconded to Fortis Bank. Both banks operate under the
BNP Paribas brand (BNP Paribas Fortis and BGL BNP Paribas).
Moreover, Fortis Bank's legal name is expected to change to BNP
Paribas Fortis by 1 January 2013.  Fortis Bank is 75%-owned by
BNP Paribas and BGL BNPP is 66%-owned by BNPP (16% directly and
50% through Fortis Bank, for historical reasons).

The upgrade of Fortis Bank's VR reflects its continued track
record of a low risk profile, strong capital ratios and solid
funding and liquidity.  he quality of the loan book is good and
should continue to generate low loan impairment charges.  The
securitized portfolio should continue to decrease in line with
the de-risking of the bank, while market risks now represent a
very low level as Fortis Bank concentrates on its core retail
banking business.

Fortis Bank has a good retail funding base in Belgium, where it
is the leading bank. Customer deposits represent the largest
source of funding and have risen steadily since end-2010
(loans/customer deposits ratio of 109% at end-June 2012).  An
ample liquidity buffer is held in the form of cash and repo-able
securities.  Fortis Bank has strong capital ratios.  BNP Paribas
is transferring certain businesses to Fortis Bank (as the group
has done with BGL BNPP), leading to slightly higher risk weighted
assets, but this has been offset by higher equity.

However, profitability remains under pressure from a heavy cost
base.  Subdued credit demand and the low interest rate
environment will weigh on revenue.  Operating profit for full
year 2012 is expected to improve as it will no longer be affected
by high impairment charges taken on Greek government bonds as was
the case in 2011 (EUR0.9 billion).

Rating Drivers and Sensitivities - IDRs, Support Rating and
Senior Debt

Fortis Bank's and BGL BNPP's Long- and Short-term IDRs, Support
Ratings and senior debt reflect potential support from their
shareholder BNP Paribas.  Fitch considers there is an extremely
high probability that BNP Paribas would support Fortis Bank and
BGL BNPP if required. Fortis Bank's and BGL BNPP's Long -- term
IDR and senior debt are equalized with those of their parent.
Any change in BNP Paribas' Long-term IDR would trigger a change
in Fortis Bank's and BGL BNPP's Long-term IDRs and senior debt.
Fortis Bank's and BGL BNPP's Short-term IDRs would be sensitive
to a multiple notch downgrade of BNP Paribas' Long-term IDR.

Rating Drivers and Sensitivities - VR

Fortis Bank's VR would benefit from a sustained source of sound
profits based around its current retail banking business model
and further improvements in efficiency by reducing its high cost
base.  Additional risk taking leading to a deterioration in asset
quality or capital ratios could negatively impact the rating.

Subordinated Debt

Subordinated debt is notched down from Fortis Bank's Long-term
IDR as Fitch believes parental support will neutralize Fortis
Bank's non-performance risk in line with Fitch's rating criteria
for such securities.  The upgrade to 'A' from 'A-' reflects the
one-notch upgrade of Fortis Bank's IDR.  The ratings of upper
Tier 2 (XS0063913387, XS0059603802 and XS0071344799) and hybrid
capital (BE0119806116) are capped at a level that would be
assigned to equivalent securities issued by BNP Paribas.  Upper
Tier 2 debt issued by BNP Paribas Fortis Funding is rated three
notches lower than BNP Paribas's VR (one for loss severity and
two for non-performance) and hybrid capital issued by Fortis Bank
four notches lower than the parent's VR (two for loss severity
and two for non-performance).

The rating of the CASHES hybrid capital (BE0933899800) is lower
than for other hybrids issued by Fortis Bank as the payment of
the coupon is linked to the declaration of a dividend by the
AGEAS holding companies (previously called the Fortis holding
companies when they owned Fortis Bank).  The rating of this
instrument is the same as that of a hybrid instrument with
similar characteristics (ISIN XS0147484074 and XS0147484314)
issued by Ageasfinlux whose co-obligors are the AGEAS holding
companies.

Susbidiary and Affiliated Company Rating Drivers and
Sensitivities

BNP Paribas Fortis Funding and Fortis Funding LLC wholly owned
financing subsidiaries of Fortis Bank whose debt ratings are
aligned with those of Fortis Bank based on an extremely high
probability of support if required and whose ratings are
sensitive to the same factors that might drive a change in Fortis
Bank's ratings.

The rating actions are as follows:

Fortis Bank

  -- Long-term IDR upgraded to 'A+' from 'A'; Outlook Stable
  -- Short-term IDR affirmed at 'F1'
  -- Viability Rating upgraded to 'a-' from 'bbb+'
  -- Support Rating affirmed at '1'
  -- Short-Term debt affirmed at 'F1'
  -- Senior unsecured upgraded to 'A+' from 'A'
  -- Subordinated debt upgraded to 'A' from 'A-'
  -- Hybrid capital affirmed at 'BBB'
  -- Hybrid capital (CASHES BE0933899800) affirmed at 'BB'

BNP Paribas Fortis Funding

  -- Short-Term debt affirmed at 'F1'
  -- Senior unsecured upgraded to 'A+' from 'A'
  -- Market linked upgraded to 'A+emr' from 'Aemr'
  -- Subordinated debt upgraded to 'A' from 'A-'
  -- Subordinated debt (upper Tier 2) affirmed at 'BBB+'

Fortis Funding LLC

  -- Short-term debt affirmed at 'F1'

BGL BNPP

  -- Long-term IDR: upgraded to 'A+' from 'A'; Stable Outlook
  -- Short-term IDR affirmed at 'F1'
  -- Senior unsecured rating upgraded to 'A+' from 'A'
  -- Short-term debt affirmed at 'F1'
  -- Market linked notes upgraded to 'A+emr' from 'Aemr'
  -- Support Rating affirmed at '1'
  -- VR 'bbb+' unaffected



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C Y P R U S
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* CYPRUS: Makes "Good Progress" in Bailout Talks with Troika
------------------------------------------------------------
Kevin Costelloe and Jonathan Stearns at Bloomberg News report
that the Cypriot government has made "good progress" with the
so-called troika toward a bailout agreement the eastern
Mediterranean island needs to refinance its banks and pay its
bills.

According to Bloomberg, the troika said in a statement on Friday
that Cyprus and the troika, comprising the European Commission,
European Central Bank and International Monetary Fund, have "made
good progress toward agreement on key policies to strengthen
public finances, restore the health of the financial system and
strengthen competitiveness, so as to pave the way for the economy
to return to sustained growth and financial stability."

Cyprus in late June became the fourth euro-area nation to request
a financial rescue since a 2010 bailout of Greece, Bloomberg
recounts.  The rescue will encompass banks weakened by their
exposure to the Greek economy as well as the public sector,
Bloomberg notes.

Cypriot government is "working very hard" to strike an aid
agreement, Bloomberg says.

Bloomberg relates that Finance Minister Vassos Shiarly said
Cyprus may need as much as EUR17.5 billion (US$22.7 billion) of
aid, almost the size of the country's economy.

"Discussions are expected to continue from respective
headquarters with a view to making further progress toward a
potential program," Bloomberg quotes the troika as saying.  "The
preliminary results of a bank due-diligence exercise, expected in
the next few weeks, will inform discussions between official
lenders and Cyprus on financing solutions consistent with debt
sustainability."



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


DEPFA FUNDING: Moody's Lowers Hybrid Ratings to 'C'
---------------------------------------------------
Moody's Investors Service has downgraded the ratings of the three
perpetual non-cumulative preferred securities issued by DEPFA
Funding II LP, DEPFA Funding III LP and DEPFA Funding IV LP to
C(hyb) from Ca(hyb).  This action follows the consent
solicitation by DEPFA Bank plc (DEPFA: Baa3 deposits, stable;
BFSR E+/BCA b2, stable) to allow for redemption of all of its
outstanding hybrid capital instruments, announced on November 20,
2012.

Moody's considers the consent solicitation to allow for
redemption of all of DEPFA's hybrid capital instruments to be a
distressed exchange related to the ongoing impairment of the
securities associated with coupon suspensions.

The ratings carry no outlook based on the fact that C(hyb) is the
lowest rating on Moody's rating scale and there is currently no
upwards pressure on these ratings.

Ratings Rationale

The downgrade of the ratings on DEPFA's preferred securities is
driven by Moody's view that the consent solicitation to allow for
redemption of all of DEPFA's hybrid capital instruments
represents a continuing impairment to the position of the holders
of the respective securities. These debt holders did not receive
coupon payments for the financial years 2008 to 2011, and are
unlikely to receive any coupon payments in the medium term. The
consent solicitation implies a principal loss of 70% on the
securities, consistent with a rating of C(hyb).

DEPFA's launch of the consent solicitations aims to amend certain
terms and conditions of the hybrid capital instruments. This
includes (1) changing the perpetual notes into fixed-term notes
with a near-term maturity and a redemption price of 29% of the
principal amount (consenting parties would also receive an
additional 1% of par consent fee); and (2) removing the dividend
and capital stoppers, which, under the current terms and
conditions of the three instruments, prevent DEPFA from
repurchasing these hybrid capital instruments.

A precondition to redeem any of the hybrid capital instruments --
and hence for the transaction to close -- is the positive consent
of the required majority of the holders for each of the three
issues.

What Could Move The Ratings Up/Down

Upwards pressure could result if coupon payments were to be
resumed, which Moody's does not expect at present.

There is no downwards pressure on the ratings, as all hybrid
capital securities carry the lowest rating of C(hyb).

Principal Methodologies

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.


FT DEUTSCHLAND: To Close on December 7 After Continued Losses
-------------------------------------------------------------
Gerrit Wiesmann at The Financial Times reports that Gruner +
Jahr, the magazine division of German media group Bertelsmann,
confirmed on Friday that Financial Times Deutschland, the
business daily, would close on December 7, adding to a string of
bad news for the country's media as readers migrate to the web.

According to the FT, The Hamburg-based print publisher said the
business magazines Impulse and Boerse Online would close if no
buyers could be found, with the measures affecting 364 employees.

FTD hit the streets 12 years ago as a joint venture between
Pearson, owner of the Financial Times, and G+J, the FT recounts.
Launched just as the internet bubble was beginning to deflate,
the paper never made a profit, the FT notes.  The G+J estimates
the FTD made a cumulative loss of EUR250 million over 12 years,
the FT discloses.

"Daily papers are under pressure, especially in the business
segment."  As the FTD had never made a profit, "we saw no other
way to keep the Financial Times Deutschland on the market", the
FT quotes Julia Jakel, head of G+J's German operations, as
saying.


HEIDELBERGCEMENT AG: S&P Affirms 'BB/B' Corporate Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
and 'B' short-term corporate credit ratings on Germany-based
heavy materials group HeidelbergCement AG. "We subsequently
withdrew these ratings at the issuer's request. The outlook was
stable at the time of the withdrawal," S&P said.

"At the same time, we affirmed at 'BB' and then withdrew our
issue ratings on the various unsecured bonds issued by
HeidelbergCement and its subsidiaries HeidelbergCement Finance
B.V., Hanson Ltd., and Hanson Australia Funding Ltd. Our recovery
rating on these debt instruments was '3' at the time of the
withdrawal, indicating our expectation of meaningful (50%-70%)
recovery prospects in the event of a payment default," S&P said.

"At the same time, we affirmed and then withdrew the 'B' issue
rating on HeidelbergCement's commercial paper program," S&P said.

"At the time of the withdrawal, the ratings reflected our view of
HeidelbergCement's business risk profile as 'satisfactory' and
financial risk profile as 'aggressive.' They were supported by
the group's leading positions in the global building materials
industry, high degree of vertical integration, and end-market
diversity. These positives were tempered by the company's
reliance on currently somewhat weak developed countries, and
still substantial leverage, despite management's track record in
protecting profitability and allocating discretionary cash flow
to debt reduction," S&P said.



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I R E L A N D
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DUNNES STORES: Holtglen to File Winding-Up Petition Over Judgment
-----------------------------------------------------------------
Mary Carolan at The Irish Times reports that Dunnes Stores faces
a petition for winding up over its failure to honor a
EUR21.6 million court judgment.

The summary judgment, granted last March by Mr. Justice Peter
Kelly, relates to the retail group's alleged failure to settle a
debt for building works at a shopping center in Kilkenny, the
Irish Times notes.

On Nov. 26, insolvent construction group Holtglen Ltd. will
present the winding-up petition in a case listed before the
Commercial Court, the Irish Times discloses.

Holtglen built a shopping center in Kilkenny in which Dunnes
agreed to be the anchor tenant, the Irish Times relates.  The
Ferrybank shopping center was completed in 2009 but Holtglen
later became insolvent and its Bank of Ireland loans were
transferred to National Asset Management Ltd (NALM), a company of
the National Asset Management Agency, the Irish Times recounts.

It is understood NAMA wrote to Dunnes on October 30 last warning
that unless Dunnes paid some EUR21.6 million (the EUR20.4 million
judgment plus interest) within seven days, Holtglen would proceed
to publish a petition to wind up Dunnes on grounds it is unable
to pay its debts and/or it is just and equitable that it be wound
up, the Irish Times states.

Holtglen claims there is no justification for Dunnes not paying
the sum due, the Irish Times says.

Last March, Mr. Justice Kelly granted summary judgment for some
EUR20.4 million to Holtglen against Dunnes after he dismissed
Dunnes' application to set aside an arbitrator's award for
EUR20.2 million to Holtglen arising from an agreement to build
the centre, the Irish Times recounts.

Holtglen claims, despite the summary judgment order, Dunnes has
still not paid and now owes it some EUR21.6 million, the Irish
Times discloses.  Last September, it served a notice under
section 214 of the Companies Act on Dunnes, the Irish Times
relates.



===================
K A Z A K H S T A N
===================


KAZAKHSTAN ELECTRICTY: Fitch Views Profile Within 'BB' Category
---------------------------------------------------------------
Fitch Ratings has upgraded Kazakhstan Electricity Grid Operating
Company's (KEGOC) Long-term foreign currency Issuer Default
Rating (IDR) to 'BBB+' from 'BBB'.  The Outlook on the Long-term
IDR is Stable.

KEY DRIVERS

Sovereign Rating Upgrade

The upgrade reflects Fitch's upgrade of Kazakhstan's long-term
foreign and local currency IDRs to 'BBB+' from 'BBB' and to 'A-'
from 'BBB+'.

State Guarantees Underpin Ratings

KEGOC's ratings are aligned with those of the Republic of
Kazakhstan, due to its 100%-indirect-state-ownership, direct
government guarantees for a large part of its debt (about 47% at
end-Q312), and the strategic nature of Kazakhstan's national
electricity transmission grid.  Kazakhstan's National Welfare
Fund Samruk-Kazyna (S-K), the immediate parent company of KEGOC,
continues supporting KEGOC and provided KZT1.6 billion over 2011-
2012 to implement the Ossakarovka Transmission Rehabilitation
Project.  Fitch views KEGOC's standalone business and financial
profile as commensurate with a weak position within the 'BB'
rating category, largely due to the financial risk stemming from
its exposure to foreign exchange and interest rate risks.

"Peoples IPO"

However, S-K plans to offer 5%-15% stakes in a number of Kazakh
entities including KEGOC to the local public in the 'Peoples IPO'
over 2012-2015.  Fitch expects that following the Peoples IPO, in
which S-K plans to offer a 10% stake in KEGOC to the Kazakh
public in H113, S-K will maintain a majority stake in KEGOC and
that the government guarantees for part of KEGOC's debt will
remain in place.  Fitch may review KEGOC's rating alignment with
the sovereign rating if the share of government guaranteed debt
decreases below the currently anticipated level and if links with
the government weaken.

Capex Driven Negative FCF Expected

Fitch forecasts KEGOC to report positive operational cash flow in
2012-2015.  However, free cash flow (FCF) is likely to remain
negative, mainly driven by substantial capex plans.  For 2012,
Fitch estimates KEGOC's cash flow from operations at about
KZT13.9 billion, before capex (KZT24 billion) and dividends
(KZT2.3 billion).  The agency expects KEGOC to rely on new
borrowings to finance the cash shortfall.

In 2011 KEGOC reported revenue of KZT54.8 billion, a 23.4% year-
on-year increase, mainly due to increase of electricity
transmission volumes by 18.3%, mainly driven by the increase of
transit of Russian electricity, increased consumption of certain
customers and thanks to overall increase of electricity
consumption in Kazakhstan by about 5% year-on-year.  KEGOC mainly
derives revenue from electricity transmission and dispatching
services than accounted for about 71% and 17% of total revenue in
2011, respectively.

Leverage Below 5x Expected

The group's funds from operations (FFO) adjusted leverage for
2011 slightly increased to 3.75x from 3.3x at end-2010.  This
ratio is expected to remain below 5x in the medium term.  FFO
interest cover amounted to 7.8x at end-2011.  Fitch expects that
interest cover will remain in the single-digits.  The agency
believes that KEGOC's capex will be contained at levels
commensurate with available cash flow and available long-term
borrowings (KZT38 billion at end-Q312 maturing during 2012-2015).

Financial Risks Remain

Financial risks remained at end-H112, stemming from KEGOC's large
foreign currency debt (about 72% of debt is denominated in US
dollars and 28% in euros) at variable interest rates.  Fitch
estimates that the share of guaranteed loans may decrease to
around 40% of total debt over the next few years.

Increased Dividend Payout Ratio

In 2012 S-K increased dividend payout ratio to 30% of net profit
and KEGOC paid dividends of KZT2.3 billion up from KZT0.9 billion
paid in 2011 and zero in 2010.  However, the Fitch-expected
dividend level does not add significant pressure to cash flow.

Rating Sensitivity Analysis

Positive: Future developments that could lead to positive rating
actions include:

  -- A positive change in the Kazakhstan's rating would be
     replicated for KEGOC due to the rating alignment.
  -- Enhancement of business or financial profile (possibly as a
     result of stronger regulation and higher equity funding)
     would be positive for KEGOC's standalone profile.

Negative: Future developments that could lead to negative rating
action include:

  -- A negative change in the Kazakhstan's rating would be
     replicated for KEGOC due to the rating alignment.
  -- Evidence of weakening state support (e.g. due to the Peoples
     IPO) or a lower-than-expected proportion of state-guaranteed
     debt would be negative for the rating.

Liquidity & Debt Structure

Adequate Liquidity

Fitch views KEGOC's liquidity as adequate based on KEGOC's
balanced debt maturity profile (annual scheduled maturities are
around KZT8 billion at end-2011), cash position of KZT5.6 billion
at end-H112 along with short-term deposits of KZT21.7 billion and
available credit lines of KZT38 billion as of September 30, 2012.
However, these are restricted to identified capex projects and
may not be drawn for general liquidity purposes.  Cash balances
are mostly held in local currency with local banks, which is a
concern.  At end-Q312 loans to KEGOC continue to be provided
solely by the European Bank for Reconstruction and Development
(EBRD, 'AAA'/Stable; 55%) and the International Bank for
Reconstruction and Development (IBRD, 'AAA'/Stable; 45%) in
foreign currencies with floating interest rates.

List of Rating Actions

  -- Long-term foreign currency IDR: upgraded to 'BBB+' from
     'BBB', Stable Outlook
  -- Long-term local currency IDR: upgraded to 'A-' from 'BBB+',
     Stable Outlook
  -- Short-term foreign currency IDR: upgraded to 'F2' from 'F3'


MANGISTAU ELECTRICITY: Fitch Ups LT Issuer Default Rating to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded Mangistau Electricity Distribution
Company JSC's (MEDNC) Long-term foreign currency Issuer Default
Rating (IDR) to 'BB+' from 'BB'.  The Outlook on the Long-term
IDR is Stable.

Sovereign Rating Upgrade

The upgrades reflect Fitch's upgrade of Kazakhstan's Long-term
foreign and local currency IDRs to 'BBB+' from 'BBB' and to 'A-'
from 'BBB+', respectively.

State Support

MEDNC's ratings are linked to those of Kazakhstan, but notched
down by three notches to reflect that little indication has been
given by MEDNC's parent, JSC Samruk-Energo (S-E), that it will
provide timely financial assistance to MEDNC in case of need.
The notching reflects the fact that S-E has not provided tangible
financial assistance to MEDNC in the past three years.  The
dividend payout ratio was set back to 50% of net profit (or
KZT83m) for 2011.  Management expects the dividend payout to
remain 50% in the medium term.  The agency believes that this
will not put significant pressure on the rating.  Fitch views
MEDNC's standalone business and financial profile as commensurate
with a weak 'BB-' rating.

S-E is not actively pursuing a reduction of its stake in MEDNC.
However, it does not view MEDNC as strategic. The ratings are
based on the assumption that S-E will retain at least majority
ownership of MEDNC over the rating horizon.

Near-Monopoly Position

MEDNC's credit profile is supported by its near-monopoly position
in electricity transmission and distribution in the Region of
Mangistau, one of Kazakhstan's strategic oil & gas regions.  It
is also underpinned by prospects for economic development and
expansion in the region, in relation to both oil & gas and
transportation, the cost-plus-based tariff mechanism under which
it operates.  MEDNC also benefits from limited foreign exchange
and absence of interest rate risks.

Small Scale, High Customer Concentration

The ratings are constrained by MEDNC's small scale of operations
limiting its cash flow generation capacity, high exposure to a
single industry (oil & gas) and, within that, high customer
concentration (the top four customers represented over 65% of
2011 revenue).  The latter is somewhat mitigated by the state
ownership of major customers (Ozenmunaigaz and Kaz GPZ are 100%
subsidiaries of KazMunaiGaz National Company; and
Mangistaumunaigas and Karazhanbasmunai are 50% owned by
KazMunaiGaz National Company) and prepayment terms under sales
agreements.

Stable Cash Flow From Operations Expected

Fitch expects MEDNC to continue generating solid and stable cash
flow from operation over 2012-15.  Free cash flows are likely to
remain positive in 2012, but may turn negative in 2013, mainly
driven by substantial capex plans.  For 2012, Fitch estimates
MEDNC's cash flow from operations at about KZT1.2 billion, before
capex (KZT472 million) and dividends (KZT83 million).

Capex Driven Leverage Increase Expected

MEDNC's funds flow from operations (FFO) adjusted leverage for
2011 slightly improved to 2.2x from 2.9x at end-2010.  This ratio
is expected to remain below 3x in 2012-2013 and to increase to
around 3x in 2014, driven by an increase in capex.  FFO interest
cover also slightly increased to 3.6x at end-2011 from 2.9x at
end-2010.  Fitch expects that interest cover will remain in the
low single-digit territory.

Rating Sensitivity Analysis:

Positive: Future developments that could lead to positive rating
actions include:

  -- A positive change in Kazakhstan's rating could affect
     MEDNC's ratings if the link with the sovereign strengthens.
  -- Stronger links with the sovereign demonstrated by explicit
     state support (not expected) would be positive for the
     ratings.
  -- Enhancement of business profile (diversification and scale
     with only modest increase in leverage) could be positive for
     the ratings.

Negative: Future developments that could lead to negative rating
action include:

  -- A negative change in Kazakhstan's rating could affect
     MEDNC's ratings.
  -- Reduction of S-E's stake to less than 50% (assuming that a
     new shareholder does not offer meaningful financial support
     or capex funding) would be negative for the ratings.
  -- Deterioration in MEDNC's FFO adjusted leverage to 4x and FFO
     interest cover to 2x on a sustained basis could put pressure
     on the ratings.

Liquidity & Debt Structure

Manageable Liquidity

Fitch views MEDNC's liquidity as manageable, comprising solely
cash as the company does not have any available credit lines.  At
end-Q312, MEDNC's cash balance of KZT1.1 billion was sufficient
to cover short-term maturities of KZT0.9 billion.  Cash balances
are mostly held in local currency with a local bank, which is a
concern.  At end-Q312, most of MEDNC's debt was represented by
two unsecured fixed-rate bonds of KZT800 million each that mature
in 2013-2014.  The rest of the debt is represented by 25-year
interest-free loans provided until 2009 by MEDNC's customers to
co-finance new network connections.

List of Ratings Actions

  -- Long-term foreign currency IDR: upgraded to 'BB+' from 'BB',
     Outlook Stable
  -- Long-term local currency IDR: upgraded to 'BBB-' from 'BB+',
     Outlook Stable
  -- National Long-term rating: upgraded to 'AA(kaz)' from 'AA-
     (kaz)', Outlook Stable
  -- Short-term IDR: affirmed at 'B'
  -- Foreign currency senior unsecured rating: upgraded to 'BB+'
     from 'BB'
  -- Local currency senior unsecured rating: upgraded to 'BBB-'
     from 'BB+'



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


* NETHERLANDS: Moody's Says RMBS Delinquencies Down in September
----------------------------------------------------------------
Despite the weak economic outlook, high household indebtedness
and still-falling house prices, Moody's index of 60+ day
delinquencies of Dutch residential mortgage-backed securities
(RMBS) -- comprising transactions that are either backed or not
backed by the Nationale Hypotheek Garantie (NHG) -- recorded a
decrease to 0.72% of the current balance in September 2012, from
0.80% in September 2011.

The cumulative defaults trend decreased to 0.40% of the original
balance in September 2012, down from 0.79% in September 2011. The
cumulative losses index remained stable, decreasing slightly to
0.06% in September 2012 from 0.07% in September 2011. This
apparent improvement was mainly driven by index composition
change rather than by actual performance improvement. Some older
weak performing transactions fully repaid and left the index in
2011 and 2012 and newer transactions that are now part of the
index are on average performing well.

As of September 2012, the Dutch RMBS market had an outstanding
pool balance of EUR288.3 billion, which constitutes a year-on-
year increase of 3.4%. Currently, the Moody's-rated Dutch RMBS
portfolio comprises 128 outstanding transactions.

Moody's outlook for Dutch RMBS collateral performance remains
stable. Historically, Dutch borrowers have performed well, even
in recessions. Although the Dutch economy is forecast to contract
by 0.6% in 2012 and the unemployment rate is expected to rise to
5.3% in 2012, from 4.4% in 2011, materially wider losses would
only occur in the event of a substantial deterioration in the
Dutch economy. However, a small deterioration in collateral
performance is likely. House prices declined 7.1% year-on-year in
Q3 2012, and a continued fall is forecast in 2012. However, the
number of foreclosed properties in the Netherlands is very low
compared with that of other European countries.



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


PBG: KNF to Take Part in Bankruptcy Procedures
----------------------------------------------
Mierzwinska Anna at Polska Agencja Prasowa reports that Poland's
financial market regulator KNF said in a statement submitted to
the district court in Poznan that it will take part in PBG's
bankruptcy procedures.

According to PAP, KNF earlier signaled that it was closely
watching the developments surrounding PBG's bankruptcy procedure.

PBG secured court bankruptcy protection for debt restructuring
proceedings on June 13, PAP recounts.

PBG SA is Poland's third largest builder.


POLIMEX: Enters Into Preliminary Deal with Creditors
----------------------------------------------------
Marcin Goettig at Reuters reports that Polimex said in a
statement Friday that the company has reached a preliminary
non-binding deal with creditors including a share issue, asset
spin-offs and deferment of loan payments.

According to Reuters, Polimex said a final binding deal to be
signed at some stage would include a share issue of at least
PLN250 million (US$78.77 million) by the end of the first quarter
of 2013 and a conversion of bonds into another PLN250 million of
new shares.

Polimex ran into trouble earlier this year after a road-building
bonanza fuelled by European Union funds left many builders
saddled with loss-making contracts and huge debts, Reuters
relates.

The government stepped in September to allow state agency ARP
invest PLN250 million in exchange for a third of the company,
Reuters recounts.

Polimex is a construction group in Poland.



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


LENSPETSSMU CJSC: S&P Rates RUB5-Bil. Senior Unsecured Notes 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed RUB5.0 billion senior unsecured notes with a
five-year maturity, to be issued by Russian construction and
development group CJSC SSMO LenSpetsSMU (LSS) in line with the
corporate credit rating on LSS (B/Positive/B). "We have also
assigned an 'ruA' Russia national scale rating to the issue," S&P
said.

"At the same time, we have assigned a recovery rating of '4' to
the proposed notes, indicating our expectation of average (30%-
50%) recovery prospects in the event of a payment default," S&P
said.

"The existing RUB2 billion 14.5% senior unsecured notes due 2013,
RUB2 billion senior unsecured 16% notes due 2012, and $150
million series 2010-01 limited-recourse credit-linked notes (CLN)
due 2015 are rated 'B', in line with the corporate credit rating.
The recovery rating on the ruble notes and the underlying loan
linked to the CLN is '4', indicating our expectation of average
(30%-50%) recovery prospects in the event of a payment default,"
S&P said.

"We have assumed that the proceeds of the proposed notes will be
used to refinance existing debt," S&P said.

"We expect the outstanding RUB0.4 billion Series 01 and RUB1.1
billion Series BO-02 senior unsecured bonds due December 2012 and
May 2013, respectively, to be redeemed by the company according
to its initial repayment schedule," S&P said.

                        Recovery Analysis

"The recovery and issue ratings are supported by the group's
tangible asset base, but constrained by the unsecured nature of
the notes, our view of the Russian insolvency regime as
unfavorable for creditors, and the subordination of the rated
instruments to various debt facilities," S&P said.

"To estimate recovery prospects, we simulate a default scenario.
Our hypothetical default scenario contemplates a default in 2014
driven by a decline in business, due to deteriorating overall
economic conditions, and in turn, a pronounced decline in
residential real estate prices in St. Petersburg," S&P said.

"We use a discrete asset valuation approach to assess the
recovery prospects associated with the group's underlying value,
given our view that it would likely sell off properties in the
event of a payment default," S&P said.

"Our valuation assumptions include stresses on the expected book
value of LSS' properties at various discount levels, depending on
the type of property and the stage of development. We apply a
significantly higher discount to unfinished construction than
that applied to completed properties. In our scenario, we apply a
blended haircut of about 60% to the estimated inventory of the
guarantor entity," S&P said.

"We calculate a stressed enterprise value of about RUB16 billion
at our simulated point of default. After deducting about RUB1.1
billion of enforcement costs and about RUB6.8 billion of various
secured or structurally senior claims, we estimate recovery
prospects in the 30%-50% range for the noteholders, assuming
RUB18.5 million of senior unsecured claims outstanding at default
including debt, trade and tax creditors, customer advances, and
Guarantees," S&P said.


TINKOFF.CREDIT SYSTEMS: Moody's Rates Subordinated Notes '(P)B3'
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) long-
term foreign currency subordinated debt rating of (P)B3 to
Tinkoff.Credit Systems' notes to be issued through the bank's
Ireland-based special purpose vehicle (TCS Finance Limited).

Ratings Rationale

The (P)B3 rating on notes is primarily underpinned by the debt
ratings assigned to Tinkoff.Credit Systems, and has been assigned
in accordance with Moody's methodology for rating bank
subordinated debt titled "Moody's Consolidated Global Bank Rating
Methodology", published in June 2012.

The starting point in Moody's approach to rating bank
subordinated debt in Russia is a debt rating of a bank. The (P)B3
subordinated debt rating assigned to Tinkoff.Credit Systems is
one notch below its B2 long-term foreign currency debt ratings,
and reflects the subordinated structure of the securities.

Key features of the notes which drive the rating outcome on
Tinkoff.Credit Systems are (1) the expected maturity of five-and-
a-half years; (2) US$100 million indicative issuance volume; and
(3) subordination in liquidation. In the event of bankruptcy or
liquidation of Tinkoff.Credit Systems, the notes will rank junior
to all senior debt; pari passu with subordinated debt, and senior
to holders of common stock. Moody's expects that the subordinated
debt -- to be authorised by the regulator -- will be included
into the issuer's regulatory capital base.

What Could Move The Ratings Up/Down

According to Moody's, Tinkoff.Credit Systems' ratings could be
upgraded if the bank withstands intensifying competition and
grows its market share without assuming higher credit and
liquidity risks.

Moody's says that Tinkoff.Credit Systems' ratings might be
adversely affected in the event of (1) deterioration of its
financial performance; or (2) a decline in business volumes and
deterioration of its liquidity profile, resulting from restricted
access to capital markets and/or a negative operating
environment.

Principal Methodologies

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Headquartered in Moscow, Russia, Tinkoff.Credit Systems reported
total assets of US$1.3 billion under IFRS (unaudited) as of end-
June 2012, up 42% compared to YE2011. The bank's net profit
totaled US$52 million in the first six months of 2012, a 185%
increase compared to the same period of 2011.



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


PYMES SANTANDER 4: DBRS Rates EUR530MM Series C Notes 'C(sf)'
-------------------------------------------------------------
DBRS Ratings Limited has assigned final ratings to the Notes
issued by FTA PYMES SANTANDER 4, as follows:

* EUR2,252.5 million Series A Notes: A (high) (sf)
* EUR397.5 million Series B Notes: BB (sf)
* EUR530 million Series C Notes: C (sf)

The transaction is a cash flow securitization collateralized
primarily by a portfolio of bank loans originated by Banco
Santander, S.A. to self-employed individuals and small-and
medium-sized enterprises ("SMEs") based in Spain. As of
November 13, 2012, the transaction's final portfolio included
27,298 loans to 24,328 obligors totaling EUR2,650 million.

The portfolio exhibits low obligor concentration although the
exposure to the top obligor has increased from the provisional
pool due to drawings made on credit lines. The top obligor and
the largest 10 obligor groups represent 1.5% and 4.5% of the
outstanding balance, respectively. The portfolio is well
diversified across industry sectors and regions. The top three
industries by NACE group are "wholesale and retail trade" 27.0%),
"Manufacturing" (23.0%) and "Construction" (8.2%). The combined
exposure to the construction and real estate sectors of 14.5% is
below the average seen in previous Spanish SME transactions. The
top three regions are Madrid, Catalonia and Andalucˇa,
representing about 20.0%, 19.0%, and 12.0% of the portfolio
balance, respectively.

As of November 13, 2012, credit lines represented 36.6% of the
portfolio's outstanding balance. This exposure to the credit
lines could increase by an additional EUR 420 million if the
clients use the credit lines to their maximum limits. Any future
drawing on the credit lines would be funded firstly through the
principal proceeds available
on the Fund's accounts. If the principal proceeds are
insufficient the Fund can draw on a liquidity line provided by
Banco Santander, S.A. The repayment of the liquidity line is
senior to the payment of the Series A and Series B principal on
the Priority of Payments. Future drawing on the credit lines may
lead to an increase of the portfolio balance and result in the
dilution of the credit enhancement available. This risk is partly
mitigated by the short weighted average life of the credit lines
and was taken into consideration in the DBRS analysis.

These ratings are based on DBRS's review of the following
analytical considerations:

* Transaction structure, the form and sufficiency of available
credit enhancement.

-- At closing, the Series A Notes benefit from a total credit
enhancement of 35%, which DBRS considers to be sufficient to
support the A(high)(sf) rating. The Series B Notes benefit from a
credit enhancement of 20%, which DBRS considers to be sufficient
to support the BB(sf) rating. Credit enhancement is provided by
subordination and the Reserve Fund. In addition, the Notes also
benefit from available excess spread.

-- The Series C Notes have been issued for the purpose of funding
the Cash Reserve Fund.

-- The Reserve Fund can start to amortize after the first two
years if certain conditions -- relating to the performance of the
portfolio and deleveraging of the transaction -- are met. The
Reserve Fund cannot amortize below EUR265 million.

* The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the approved terms.
For this transaction, the rating of the Series A Notes addresses
the timely payments of interest, as defined in the transaction
documents, and the timely payments of principal on each Payment
Date during the transaction, and, in any case, at their Legal
Final Maturities on February 16, 2036. The rating of the Series B
Notes addresses the ultimate payment of interest, as defined in
the transaction documents, and the ultimate payment of principal
on each Payment Date during the transaction, and, in any case, at
their Legal Final Maturities on February 16, 2036. Interest and
principal payments on the Notes will be made quarterly, generally
on the 16th day of February, May, August and November, with the
First Payment Date on February 18, 2013.

* The transaction parties' financial strength and capabilities
to perform their respective duties, and the quality of
origination, underwriting and servicing practices.

* Soundness of the legal structure and presence of legal
opinions which address the true sale of the assets to the trust
and the non-consolidation of the special purpose vehicle, as well
as the consistency with the DBRS Legal Criteria for European
Structured Finance Transactions.

* The rating of the Series C Notes is based upon DBRS's review
of the following considerations:

-- The Series C Notes are in the first loss position and, as
such, are highly likely to default.

-- Given the characteristics of the Series C notes as defined in
the transaction documents, the default most likely would only be
recognized at the maturity or early termination of the
transaction.

DBRS determined key inputs used in its analysis based on
historical performance data provided for the originator and
servicer as well as analysis of the current economic environment.

The principal methodology is Master European Granular Corporate
Securitisations (SME CLOs).

The sources of information used for this rating include FTA PYMES
SANTANDER 4, Santander de Titulizacion, S.G.F.T., S.A. and Banco
Santander, S.A. DBRS considers the information available to it
for the purposes of providing this rating was of satisfactory
quality.


TDA CAM 8: S&P Downgrades Rating on Class C Tranche to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services as placed on CreditWatch
negative its credit ratings on various tranches in four Banco
CAM-originated transactions.

Specifically, S&P placed on CreditWatch negative:

  -- its ratings on TDA CAM 7, Fondo de Titulizacion de Activos'
     class A2 and A3 notes;

  -- its rating on TDA CAM 8, Fondo de Titulizacion de Activos'
     class A notes;

  -- its ratings on TDA CAM 9, Fondo de Titulizacion de Activos'
     class A1, A2, and A3 notes; and

  -- its ratings on TDA CAM 10, Fondo de Titulizacion de Activos'
     class A2, A3, and A4 notes.

At the same time, S&P has lowered its ratings on:

  -- TDA CAM 8 and TDA CAM 9's class B and C notes; and

  -- TDA CAM 10's class B notes.

These four Banco CAM-originated transactions rely on three
counterparties:

    The swap provider which is Confederacion Espanol a de Cajas
    de Ahorros (CECA; BBB-/Watch Neg/A-3), which is currently not
    eligible for this role.

    The guaranteed investment contract (GIC) provider -- the
    Spanish branch of Barclays Bank PLC (A+/Negative/A-1) --
    which is eligible for this role.

    The reinvestment account provider, which is Bank of Spain,
    which S&P assumes to have the same rating as the European
    Central Bank (ECB; AAA/Stable/A-1+).

"In the case of TDA CAM 10, currently CECA as the reinvestment
account provider, is not eligible and Bank of Spain will soon
replace it. The CreditWatch placements rely on this replacement,"
S&P said.

"On March 29, 2012, we lowered our long-term rating to
BBB/Stable/A-2 from A-/Watch Neg/A-2 on Confederacion Espanola de
Cajas de Ahorros (CECA; BBB-/Watch Neg/A-3), the swap provider
for TDA CAM 7, 8, 9, and 10. The downgrade of CECA to below the
level required by the transaction documents triggered the remedy
periods established in the swap documents for these
transactions.," S&P said.

"More than 60 days have elapsed since our March 29, 2012
downgrade of CECA and the swap counterparty has taken no remedy
actions. Therefore, we have placed on CreditWatch negative our
ratings on the classes of notes in TDA CAM 7, 8, 9, and 10, which
are above the issuer credit rating (ICR) on the swap
counterparty," S&P said.

"These CreditWatch placements do not imply that the period for
the execution of the remedy actions has been extended, rather, it
will allow us to perform further analysis to evaluate the
exposure of these four transactions to the swaps," S&P said.

"To determine how much support the four transactions gain from
the swaps, we will perform further analysis on these
transactions, considering the latest performance developments
that we have observed. As well as the CreditWatch placements that
we have made, we have noted increasing defaults in some of the
transactions to levels that could result in the breach of
interest deferral triggers," S&P said.

                            TDA CAM 8

"The level of cumulative defaults over the original portfolio
balance has increased to 5.82% in September 2012 from 4.22% in
September 2011. The interest deferral triggers for the class B
and C notes are 6.5% and 4.5%. In the case of the class C notes,
the trigger was breached in December 2011, but we consider that
it can be repaid because there is still 67.63% of the reserve
fund outstanding. However, the class B trigger is likely to be
breached. Given the increasing risk of potential defaults on
these notes, we have lowered our ratings on TDA CAM 8's class B
and C notes," S&P said.

                            TDA CAM 9

"The level of cumulative defaults over the original portfolio
balance has increased from to 9.04% in September 2012 from 6.65%
in September 2011. The interest deferral triggers for the class B
and C notes are 9.5% and 5.1%. In the case of the class C notes,
the trigger was breached in July 2010, but this class defaulted
on its interest payment for the first time on the Oct. 29, 2012
payment date as there was no reserve fund left. The class B
trigger is likely to be breached. We have therefore lowered our
ratings on TDA CAM 9's class B and C notes," S&P said.

                           TDA CAM 10

"The level of cumulative defaults over the original portfolio
balance has increased to 11.77% in August 2012 from 8.97% in
August 2011. The interest deferral triggers for the class B and C
notes are 10% and 6.75%. In both cases, the triggers were
breached--in July 2010 for the class C notes and in February 2012
for the class B notes. However, given that currently the reserve
fund is at 36.08% of its required level, interest on these
classes of notes is being paid. Given the increasing risk of a
potential default on these notes, we have  lowered our rating on
the class B notes. The class C notes are unaffected as they are
currently rated 'D (sf)' due to a previous interest payment
default," S&P said.

TDA CAM 7, 8, 9, and 10 are Spanish residential mortgage-backed
securities (RMBS) transactions, backed by a static portfolio of
RMBS granted to individuals to purchase residential properties.
The transactions are originated by Banco CAM S.A.U., which merged
with Banco de Sabadell S.A. (BB/Watch Neg/B) in December 2011.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                    Rating
              To                         From

Ratings Placed on CreditWatch Negative

TDA CAM 7, Fondo de Titulizacion de Activos
EUR1.75 Billion Mortgage-Backed Floating-Rate Notes

A2            AA- (sf)/Watch Neg          AA- (sf)
A3            AA- (sf)/Watch Neg          AA- (sf)

TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes

A             AA- (sf)/Watch Neg          AA- (sf)

TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.515 Billion Mortgage-Backed Floating-Rate Notes

A1            AA- (sf)/Watch Neg          AA- (sf)
A2            AA- (sf)/Watch Neg          AA- (sf)
A3            AA- (sf)/Watch Neg          AA- (sf)

TDA CAM 10, Fondo de Titulizacion de Activos
EUR1.424 Billion Residential Mortgage-Backed Floating-Rate Notes

A2            AA- (sf)/Watch Neg          AA- (sf)
A3            AA- (sf)/Watch Neg          AA- (sf)
A4            AA- (sf)/Watch Neg          AA- (sf)

Ratings Lowered

TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes

B             CCC (sf)                    B (sf)
C             CCC- (sf)                   CCC (sf)

TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.515 Billion Mortgage-Backed Floating-Rate Notes

B             CCC- (sf)                   B (sf)
C             D (sf)                      CCC- (sf)

TDA CAM 10, Fondo de Titulizacion de Activos
EUR1.424 Billion Residential Mortgage-Backed Floating-Rate Notes

B              CCC- (sf)                  B- (sf)



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


CITY GREENWICH: Fitch Affirms 'BB+' Rating on Sr. Secured Bonds
---------------------------------------------------------------
Fitch Ratings has affirmed City Greenwich Lewisham Rail Link
plc's (CGLR) GBP165 million senior secured bonds due 2020 at
'BB+' and revised the Outlook to Positive from Stable.

The Positive Outlook reflects the expected continued improvement
in CGLR's cash flows and cover ratios driven by modest patronage
growth, above-trend Retail Price Index (RPI) inflation and a debt
service profile that will decline over the medium term.

The affirmation reflects the fact that CGRL has performed in line
with Fitch's expectations over the past year.  The key rating
factors are i) volume-linked patronage; ii) relatively weak debt
structural features; and iii) a debt service cover ratios that
Fitch expects to increase over time.

The primary drivers for the patronage remain employment and
development projects in and around Canary Wharf and City of
London.  Other factors influencing the growth in patronage
numbers include the development of the Stratford Regional Centre
(including the Olympic park and the Stratford International high
speed rail station) and tourism directed towards the Cutty Sark
and the Greenwich area.  After a decline in 2008 -- due to
disruptions caused by the three-car project and job losses in the
City of London and Canary Wharf -- patronage has been growing
healthily (up year-on-year by 3.2% in 2009, 4.9% in 2010 and 5.2%
in 2011) and the agency expects the growth to continue, although
at much more modest rates (to reflect the present employment
outlook, particularly in financial services).  The indexation
mechanism used to calculate the usage fee received from the
Docklands Light Railway (DLR) ensures that the project's revenue
is effectively linked to RPI.  As such, high RPI-inflation over
the past few years also helped to lift project's cash flows.

Fitch notes that some of the transaction's structural features
are relatively weak, including a six-month interest-only debt
service reserve account and the lack of a maintenance reserve
account.  The cash lock-up ratio - set at a minimum debt service
cover ratio (DSCR) (excluding cash balances) of 1.2x -was
satisfied in June 2012 and Fitch expects the project to release a
substantial sum of trapped cash.  This may prove detrimental to
the transaction if, in the medium term, patronage is challenged
by a difficult economic environment or volume forecasts prove to
be less robust than expected.

The DSCR (ex-cash) as at the end of June 2012 stood at 1.26x, in
line with Fitch's forecast.  The revised Fitch rating case
assumes more conservative patronage growth, resulting in average
DSCR of 1.74x and a minimum DSCR of 1.19x for December 2012.  The
project's ability to service debt also benefits from a modest
reduction in scheduled debt service after 2014, with a more
material decline after 2016.

Fitch does not consider the heavy maintenance costs to be a main
risk factor for the project at the moment.  CGRL's operational
obligations are deemed reasonably straightforward and therefore
relatively predictable.  Fitch has analyzed certain cost
exposures through sensitivity analysis.

Fitch ran several sensitivities, including a break-even analysis
in reduction in patronage, 40% increase in heavy maintenance
costs as well as sensitivities assuming low inflation or stressed
patronage levels. The agency considers all results to be robust
and consistent with the project's current ratings.

Whilst actual and minimum DSCR in excess of 1.30x and average
forecast DSCR above 1.70x would be positive for the ratings,
patronage below current assumptions, a prolonged period of low or
negative inflation, or an increase in operating and heavy
maintenance costs could put the ratings under pressure.

CGLR holds a 24-and-half-year concession until March 2021, under
a government private finance initiative, to build and maintain a
portion of the DLR network (Lewisham Extension), serving the
Greenwich and Canary Wharf areas.


COMET: Deloitte In Talks with Potential Buyer of Stores
-------------------------------------------------------
Sarah Jones at Bloomberg News, citing the London-based Times,
reports that Deloitte is in talks with unnamed party that has
expressed interest in about 140 of Comet's 195 stores.

According to Bloomberg, the newspaper source confirmed that late
interest had emerged.

The deal is unlikely to be imminent, Bloomberg says.

                           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.


DIAMOND CIRCLE: Prepares For Liquidation
----------------------------------------
StockMarketWire.com reports that Diamond Circle Capital's board
has instructed its advisers to prepare the necessary
documentation to liquidate the company.

According to StockMarketWire.com, the company said that following
the acquisition by Abdallah Chatila of 62.29% of the voting of
the company in June, shareholders decided at an extraordinary
general meeting held on 12 July that "the company will now be
managed with a view to realising its existing portfolio of
diamonds in an orderly and timely manner and returning the net
proceeds of sale to shareholders at such times and in such manner
as the board may in its absolute discretion determine".

"In accordance with this revised investment objective and policy,
the entire collection of diamonds (11 stones) held by the Company
has now been realised. Net aggregate proceeds after all selling
commission and costs amount to $36.4 million, compared to a
carrying value of $44.0 million," the company added.

Based in Douglas, U.K., Diamond Circle Capital PLC operates as a
closed-end investment company investing in polished diamonds.


HEART OF MIDLOTHIAN: Reaches Deal to Settle Tax Debt
----------------------------------------------------
Reuters reports that Heart of Midlothian FC, commonly known as
Hearts, have avoided an immediate threat of liquidation after
agreeing a deal over an outstanding GBP450,000 tax debt.

Reuters says the Edinburgh-based club, currently 10th in the
Scottish Premier League, faced becoming the second high profile
Scots side this year to go out of business over outstanding
debts.

But the club, which last week rejected a takeover bid, has agreed
an extension with tax officers, giving the club another three
weeks to pay the outstanding sum, according to Reuters.

Senior Hearts players are to defer their salaries for November to
keep the struggling club -- owned by Lithuanian businessman
Vladimir Romanov -- afloat, the report relays.

"An extension with HMRC (Her Majesty's Revenue and Customs) will
allow the club further time to pay an outstanding tax bill and
lifts the immediate threat facing the club," Hearts said in a
statement.

"The agreement also ensures this weekend's game against St Mirren
will not be the club's last and eases doubts over future fixtures
at Tynecastle including games against Celtic on Nov. 28 and
Aberdeen on Dec. 8."

Reuters adds that Hearts said they had agreed to full and final
settlement of the tax bill by Dec. 3.

Heart of Midlothian plc, more commonly known as Hearts, is a
Scottish football club from Edinburgh who currently plays in
the Scottish Premier League.


PATTON GROUP: To Cut More Jobs Following Administration
-------------------------------------------------------
Irish Examiner reports that Patton's administrators have
confirmed more workers are to lose their jobs at the company.

Patton was placed into administration earlier this month, Irish
Examiner recounts.

Administrators Keenan CF have already made 190 redundancies from
the workforce, Irish Examiner notes.  On Friday, they confirmed
that more people would be laid off, Irish Examiner relates.

According to Irish Examiner, the spokesman said he was unable to
confirm the number of redundancies being made on Friday.  He said
the job losses were unavoidable as a number of customers had
terminated contracts with Patton since it entered administration,
Irish Examiner notes.

"The number of staff required by the company was directly
impacted and this process continues.  Resulting in the further
redundancies," Irish Examiner quotes the spokesman as saying.

"The company's trading position will continue to be reviewed over
the coming weeks and the administrator will keep the employees
informed."

Before it entered administration the company had employed about
320 people, Irish Examiner discloses.

The company had a turnover of about GBP140 million (EUR173
million) last year but posted a GBP7 million (EUR8.6 million)
loss, Irish Examiner recounts.

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2012, Neil Patton, the company's chairman, said: " . . . . the
company has suffered from the widespread downturn impacting the
construction industry and, as a result, has experienced a decline
in trading performance. . . .  The financial position facing the
business was such that administration was the last remaining
option available to the Directors.

Northern Ireland-based contractor Patton firm has offices in
London and Milton Keynes and works on projects across the UK.


RILEYS: In Administration; 146 Jobs Affected
--------------------------------------------
The Scotman reports that Rileys is to close 25 venues with the
loss of 146 jobs after slumping into administration for the
second time.

However, a "pre-pack" deal will see private investors take on the
remaining 625 staff and 78 clubs, including sites in Aberdeen,
Coatbridge, Dunfermline and Edinburgh, the Scotsman notes.

According to the Scotman, Rileys Chief executive Maurice Kelly
said the company had suffered trading difficulties as the double-
dip recession put pressure on consumer spending.

"There have also been on-going issues with the smoking ban and
changes to the Gambling Act, which disadvantaged commercial
snooker clubs," the Scotsman quotes Mr. Kelly as saying.

Rileys is a pool and snooker clubs firm.


VOICESERVE INC: Incurs US$1.1-Mil. Net Loss in Q2 Ended Sept. 30
----------------------------------------------------------------
VoiceServe, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$1.1 million on US$1.2 million of
revenues for the three months ended Sept. 30, 2012, compared with
a net loss of US$36,167 on US$1.0 million of revenues for the
same period of the prior fiscal year.

For the six months ended Sept. 30, 2012, the Company incurred a
net loss of US$2.0 million on US$2.6 million of revenues,
compared with a net loss of US$1.6 million on US$2.2 million of
revenues for the six months ended Sept. 30, 2011.

The Company's balance sheet at Sept. 30, 2012, showed
US$2.3 million in total assets, US$2.2 million in total current
liabilities, and stockholders' equity of US$105,409.

The Company has a working capital deficit of US$1.7 million and a
accumulated deficit of US$8.0 million as of Sept. 30, 2012.

A copy of the Form 10-Q is available at http://is.gd/0Knfws

                        About VoiceServe Inc.

Headquartered in Middlesex, England, VoiceServe, Inc., has had no
operations; VoiceServe is a holding company for its wholly owned
subsidiaries VoiceServe Limited, a corporation incorporated in
the United Kingdom, and VoipSwitch Inc., a corporation
incorporated in the Republic of Seychelles.  In 2010, Voiceserve
formed two additional subsidiaries: VoipSwitch Inc., a Delaware
corporation, and VoipSwitch AG, a Swiss corporation.  VoipSwitch
Inc. was formed to provide a future North American presence and
has had no significant operations to date.  VoipSwitch AG was
formed to coordinate sales and billing activities from
Switzerland and commenced operations in the three months ended
Dec. 31, 2010.

Limited is engaged in the telephone communications business from
its London, United Kingdom office.  Limited offers its software
to large enterprises and carriers.  The software allows
communication through the Company's exchange via the internet.
Since January 15, 2008, Limited has also licensed VoipSwitch
software systems.

                          *     *     *

As reported in the Troubled Company Reporter on July 19, 2012,
Michael T. Studer CPA P.C., in Freeport, New York, expressed
substantial doubt about VoiceServe's ability to continue as a
going concern, following the Company's results for the year ended
March 31, 2012.  Mr. Studer noted that as of March 31, 2012, the
Company had negative working capital of US$200,167.  Further,
since inception, the Company has incurred losses of US$5,653,427.


* UK: Jenkins & Jenkins Hires Corporate Insolvency Experts
----------------------------------------------------------
Jenkins & Jenkins, an insolvency service provider, has appointed
a new team that has experience of diverse corporate insolvency
services. Businesses deal with lots of financial difficulties and
the number of insolvency issues is cropping up.  To deal with
this demand, the company hired corporate insolvency experts.

According to Mr. Simmons Hannah, "We have sourced the best and
established insolvency practitioners who have immaculate
experience to handle the issues related to insolvency of small to
large scale organizations. We are sure that they will increase
the potential of our services with their experience and
efficiency."

The website of the company JenkinsJenkins.co.uk features a form
for the users that is to be filled in order to get quotes. The
form can be submitted online to get the quotes. The latest
experts who joined the company will provide insolvency services
for the business related cases such as pre-pack administration,
Advice to Directors, Company Voluntary Arrangement, Members
Voluntary Liquidation, Creditors Voluntary Liquidation,
compulsory liquidation and more. Browsing through the website
will provide some idea about the services and it will help the
clients to evaluate the service charges after receiving the
quotes.

Mr. Aubrey Brooklyn, the Managing Director of the company says,
"The process of corporate insolvency is intricate, expensive and
time consuming. That is why we have appointed highly efficient
insolvency experts. These experts will match the business issues
with the required solutions for insolvency."

Jenkins & Jenkins -- http://www.jenkinsjenkins.co.uk-- is a
specialist company for insolvency services. They have also
entered into partnership with the leading insolvency
practitioners in the UK. They also claim to provide insolvency
service at a low rate.



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


* BOND PRICING: For the Week November 19 to November 23, 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.


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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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