/raid1/www/Hosts/bankrupt/TCREUR_Public/121211.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, December 11, 2012, Vol. 13, No. 246
Headlines
C Y P R U S
SONGA OFFSHORE: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
F R A N C E
GROUPAMA SA: S&P Affirms 'BB-' Counterparty Credit Rating
PICARD BONDCO: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable
G E R M A N Y
ADAM OPEL: GM to Close Bochum Manufacturing Plant in 2016
TREVERIA: Obtains Extension of Standstill Agreements
G R E E C E
* GREECE: S&P Affirms 'CCC/C' Counterparty Ratings on 4 Banks
L U X E M B O U R G
DH SERVICES: Moody's Assigns 'B2' CFR/PDR; Outlook Negative
N E T H E R L A N D S
HARBOURMASTER CLO 3: S&P Sees Increase in 'CCC'-Rated Assets
HYVA GLOBAL: S&P Cuts Long-Term Corp. Credit Rating to 'B'
METINVEST BV: Moody's Cuts CFR/PDR to 'B3'; Outlook Negative
* NETHERLANDS: Corporate Bankruptcies Up More Than 20%
R U S S I A
MOSCOW INTEGRATED: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
SOLIDARNOST: Moody's Cuts Bank Deposit Ratings to 'Caa1'
SOLIDARNOST: Moody's Cuts National Scale Rating to 'Ba2.ru'
S P A I N
AYT COLATERALES: Fitch Maintains Watch Negative on 'Bsf' Rating
BANCO DE VALENCIA: Moody's Reviews 'Ba2' Covered Bond Rating
S W I T Z E R L A N D
AGUILA 3: Moody's Changes Outlook on 'B2' CFR to Negative
PETROPLUS HOLDINGS: Tadbir Energy Eyes Petit-Couronne Refinery
U K R A I N E
* UKRAINE: Moody's Cuts Ratings on 12 Financial Institutions
* UKRAINE: S&P Cuts Long-Term Sovereign Credit Ratings to 'B'
U N I T E D K I N G D O M
CEVA GROUP: Moody's Cuts CFR/PDR to 'Caa1'; Outlook Negative
DECO SERIES: Fitch Affirms 'Dsf' Rating on Class E Notes
KERLING PLC: Moody's Cuts CFR/PDR to 'Caa1'; Outlook Negative
PUNCH TAVERNS A: S&P Cuts Ratings on Six Note Classes to 'CCC'
PUNCH TAVERNS B: S&P Cuts Ratings on Three Note Classes to 'CCC'
STEAD & SIMPSON: To Close 90 Unprofitable Stores
UK COAL: Splits Operations Into Two Businesses
* UK: Unveils Plan to Deal with Global Systematically Impt. Banks
* UK: Moody's Says RPI Change Credit Neg. for Unreg. Utilities
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
===========
C Y P R U S
===========
SONGA OFFSHORE: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Cyprus-domiciled drilling company
Songa Offshore SE (Songa) to 'B-' from 'B'. "We are keeping the
rating on CreditWatch with negative implications, where it was
initially placed on Nov. 6, 2012," S&P said.
"The downgrade follows our decision to revise downward our
assessment of Songa's liquidity position to 'weak' from 'less
than adequate,' and reflects what we perceive to be weak
management and governance because of Songa's generally
retroactive management approach. In addition, the downgrade
reflects our view that, based on our revised forecast, the
projected credit metrics for Songa are more commensurate with a
'B-' rating," S&P said.
S&P's revised forecast is mainly due to:
-- its view of the company's weaker-than-anticipated operating
performance in 2012 as a result of recurring operational
issues; and
-- the US$300 million of additional capital expenditures
(capex) in 2012 and 2013, for the Delta and Trym rigs.
"Songa has successfully executed both bond and equity placements
in 2012. In addition, the company has reached an agreement to
sell one of its rigs, Eclipse, to Norwegian-Bermudan offshore
drilling company Seadrill (not rated) by the end of the year. We
note that both parties have agreed to the transaction and, while
the sale has not yet been closed, our base-case scenario assumes
a successful completion. If the sale does not complete, however,
we believe that Songa could face tangible liquidity risks as
early as the first quarter of 2013. We also note that the group
is selling the Eclipse rig at a loss," S&P said.
"In our view, the aforementioned initiatives were largely in
response to, or triggered by, events rather than in anticipation
of them in order to provide a liquidity or capex funding cushion.
We understand that Songa is actively discussing funding options
for the new CAT-D rigs on order, but despite the likely
successful sale of the Eclipse rig, we see a risk that
prospective liquidity will be significantly constrained in the
absence of committed funding by mid-2013. Furthermore, Songa's
CEO resigned unexpectedly in October 2012, and a replacement will
likely not be announced before the first quarter of 2013. These
factors, together with a demonstrated inability to meet
management's own strategy and operational plans, lead us to
consider Songa's management and governance as weak," S&P said.
"Songa's operating performance continues to lag behind our
previous 2012 projections. For example, we now forecast EBITDA of
nearer US$200 million in 2012, rather than the US$235 million we
forecast previously. This is mainly due to extensive yard stays
for two of the company's rigs, in addition to the overall weaker
operating performance of the current fleet and a delay in the
commencement of the Eclipse rig operations. Following the likely
successful sale of the Eclipse rig this year, we estimate 2013
EBITDA to be similar to that in 2012 -- about $200 million --
assuming that there are no major special periodic surveys or
upgrades during that year," S&P said.
"Under our base-case scenario, we assume a meaningful increase in
free operating cash outflow in 2014 on the back of the planned
delivery of two rigs that year. We also forecast Songa's Standard
& Poor's-adjusted funds from operations (FFO) to debt to be about
10% in 2012-2013 at best, and adjusted debt to EBITDA to be about
5.5x-5.0x for the full year 2012-2013," S&P said.
"Given the meaningful contracted capex requirements over the next
two years, we are not netting any surplus cash against the
group's debt. This is because we believe that capex spending will
use up most of the group's available cash balance, including the
net funds from the sale of Eclipse of about US$280 million. We
do, however, anticipate that Songa's credit ratios will improve
gradually from late 2014 onward, when the first two CAT-D rig
deliveries are due," S&P said.
"The continuation of the CreditWatch negative placement reflects
Songa's ongoing covenant compliance risks and the possibility of
us downgrading Songa if the sale of the Eclipse rig is not
completed in line with management expectations by year end. The
latter is not our base-case assumption, however," S&P said.
"We aim to resolve the CreditWatch in the next 90 days by
assessing the company's ability to secure adequate headroom under
covenants, as well as reassessing its financial flexibility.
During this process, we will discuss with management Songa's
future financial and funding strategies," S&P said.
"We could lower the rating if the sale of the Eclipse rig, which
is expected to close in mid-December, doesn't go ahead. We
consider this unlikely at this stage. Further weak performance
could also lead to downward rating pressure. This could result,
for instance, from low utilization of the Mercury and Venus rigs,
in particular when they come off contract in 2013, or from cost
increases that are not covered by pass-through agreements," S&P
said.
"We could affirm the rating and remove Songa from CreditWatch if
the company achieves a sustained improvement in its prospective
liquidity position on both a cash and covenant basis," S&P said.
"The authors would like to acknowledge the contribution of
Caroline Perdikaris in the preparation of this article," S&P
said.
===========
F R A N C E
===========
GROUPAMA SA: S&P Affirms 'BB-' Counterparty Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
counterparty credit and insurer financial strength ratings on
French insurer Groupama S.A. and its guaranteed subsidiaries. "We
also affirmed our 'B+' long-term counterparty credit and insurer
financial strength ratings on strategically important subsidiary
Groupama GAN Vie. We affirmed our 'BB-' long-term counterparty
credit rating and 'B' short-term counterparty credit rating on
banking subsidiary Groupama Banque. We removed all the ratings
from CreditWatch with negative implications, where we placed them
on Oct. 9, 2012," S&P said.
"At the same time we affirmed our 'C' issue rating on Groupama's
2007 junior subordinated notes. We affirmed our 'CCC' issue
ratings on Groupama's 2005 and 2009 junior subordinated notes. We
removed the 'CCC' ratings from CreditWatch negative, where we
placed them on Oct. 9, 2012," S&P said.
"All ratings were subsequently withdrawn at Groupama's request.
The outlook at the time of the withdrawal was negative," S&P
said.
"At the time of withdrawal, the ratings on French insurer
Groupama and its guaranteed subsidiaries reflected Standard &
Poor's view of the group's weak risk-adjusted capital adequacy
and weak risk management practices, according to Standard &
Poor's criteria, and the negative consequences of past financial
and operational management decisions. Only partially offsetting
these weaknesses is our view of Groupama's good competitive
position in the French
property and casualty market and its good liquidity profile," S&P
said.
"The affirmation reflects Groupama's ongoing actions to
strengthen its solvency position, mostly via the sale of several
subsidiaries and the reduction of the group's equity and real
estate exposures. We also understand that Groupama expects to
achieve its regulatory solvency ratio target of 120% at year-end
2012. Based on the latest available information, Groupama had a
sizeable EUR1.8 billion of cash and cash equivalents on its
balance sheet at midyear 2012," S&P said.
"The outlook at the time of the withdrawal was negative,
reflecting our opinion on the potentially negative impact that
Groupama's decision not to pay the coupon on its hybrid debt
issued in 2007 may have on the group's creditworthiness and, in
the longer term, on its business and financial profile," S&P
said.
PICARD BONDCO: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Picard BondCo SA's (Picard) Long-term
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. The
agency has also upgraded Picard BondCo SA's senior notes rating
to 'BB-' with a Recovery Rating of 'RR3' from 'B' with a Recovery
Rating of 'RR5' while the Picard Groupe SAS' senior secured bank
debt rating has been affirmed at 'BB' with a Recovery Rating of
'RR2'.
The upgrade of the senior notes' rating follows the EUR110.5m
senior secured debt repayments completed between April 2012 and
October 2012. According to the payment waterfall, these
repayments mechanically increase the senior notes recovery
prospects, now in the 'RR3' range of 51%-70%. As most of the
borrowing group's assets are located in France, the senior
secured bank debt recovery rating is capped at 'RR2'.
The affirmation of the IDR is supported by Picard's strong
business profile, which demonstrates its resilience in a
lackluster consumer environment. The expected total EUR110
million debt repayments to be completed over financial year
ending March 2013 (FY13) are not sufficient to trigger a positive
change in the IDR or even Outlook, although they clearly improve
the company's financial flexibility and deleveraging pace. A
Positive Outlook requires improved operating performance, both in
terms of like-for-like sales growth and EBITDAR margin. The
present economic environment, Picard's operating performance and
Fitch's forecasts do not currently point in this direction.
KEY DRIVERS:
Resilient Operating Model: Picard Bondco S.A's (Picard) rating
reflects the group's leadership in the French frozen food market,
and its resilience in the face of an increasingly competitive
market and a depressed economic environment. In H113 Picard
enjoyed positive like-for-like sales growth of 1.6% in France,
thanks to a continuous increase in traffic. This growth did not
come at the expense of the EBITDA margin.
Operating Margins Maintained: In H113 Picard maintained its H112
EBITDA margin, thanks to favorable contract renegotiations with
food suppliers offsetting operating costs inflation. Yet Fitch
expects increasing pressure on margins, as weakening like-for-
like sales growth should lead to weaker absorption of personnel,
energy and rental costs. Openings in new markets (presently
Belgium and Sweden) also weigh on EBITDA. In addition, the full
absorption of the higher marketing expenses made to support
French sales is conditional on continuous improvement in gross
profit margin.
Debt Repayments Favor Deleveraging: Thanks to expected total debt
repayments of EUR110.5 million in FY13, including EUR60 million
Term Loan B prepayments, Fitch expects Picard's funds from
operations (FFO) adjusted leverage to decrease to 5.4x at FY13
from 5.6x at FY12. Fitch forecasts the company to keep on
deleveraging thanks to a further increase in EBITDA and average
free cash flow generation of 5.5% of sales per year, leading to
further debt repayments.
Commercial Effort in France: Conscious that France remains the
sole EBITDA contributor, Picard has pursued a few initiatives
aimed at maintaining a positive like-for-like sales growth in
France. It completed the roll-out of its stores' new check-out
points in July 2012, is preparing the launch of a modernized
website in February 2013 and is spending more on advertising
campaigns. Fitch believes these actions should support the
maintenance of a positive -- if limited -- like-for-like sales
growth in France in FY13.
Untested Business Model Abroad: Picard is experiencing
difficulties in Italy, where the crisis has slowed down
investment and until now kept the EBITDA break-even point out of
reach. Fitch considers the FY12 investments in Belgium and
Sweden as positive in the long term, but factors into the current
rating Picard's unproven ability at exporting its business model
abroad and the prospects of, albeit limited, negative cash flows
from these projects at least until FY15.
RATING SENSITIVITY GUIDANCE:
Positive: Future developments that could lead to positive rating
actions include:
-- Increase in like-for-like sales, EBITDA and cash generation
-- Sustained deleveraging though debt repayments leading to FFO
adjusted gross leverage falling permanently below 5.0x
-- FFO fixed charge cover ratio above 2.5x
Negative: Future developments that could lead to negative rating
action include:
-- Negative like-for-like sales growth and significant EBITDA
margin erosion
-- FFO adjusted gross leverage remaining above 6.0x at FY14
-- Weak free cash flow generation as percentage of sales
=============
G E R M A N Y
=============
ADAM OPEL: GM to Close Bochum Manufacturing Plant in 2016
---------------------------------------------------------
BBC News reports that Opel has said it will end car production at
its Bochum manufacturing plant in 2016 after production of its
Zafira Tourer people-carrier ends.
General Motors' European subsidiary said the decision was a
response to a slump in car sales in Europe, BBC relates.
According to BBC, the decision might help safeguard the future of
Opel's Ellesmere Port plant in the UK, where it trades as
Vauxhall.
Opel employs 3,300 people at the German Bochum plant, though some
jobs might be saved, BBC discloses.
BBC relates that the carmaker said it might manufacture
components at the plant after 2016, and that its warehouse in
Bochum will remain operational.
Talks with the unions about closing Bochum, which is one of
Opel's four manufacturing plants in Germany, had been taking
place since June, BBC notes.
Opel has decided it needs to reduce its manufacturing capacity in
Europe, having lost money 12 years running, BBC says.
Bochum is one of Opel's four manufacturing plants in Germany,
where it employs some 20,000 people, BBC discloses.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
TREVERIA: Obtains Extension of Standstill Agreements
----------------------------------------------------
Property Investor Europe reports that Treveria has again
prolonged standstill agreements with lenders on several
portfolios.
Deutsche Bank and Citigroup have extended their standstill
agreement on the EUR204 million Silo D CMBS financing for the
second time now, PIE says, citing German specialist property
newspaper Immobilien Zeitung.
The initial standstill was closed in July and due to expire on
Nov. 1 and has now been prolonged for a further month until
Jan. 3, PIE relates.
Hypothekenbank Frankfurt, the former Eurohypo, has extended a
standstill agreement on the EUR420 million Silo F/K loan for a
further four months until April 1, PIE discloses.
Treveria also negotiated a suspension of paybacks for its EUR43
million Silo G financing with lender JP Morgan, PIE notes.
One month ago, Treveria was forced to file for insolvency for its
EUR477 million Silo E portfolio as UK loan servicer Hatfield
Philips International declined to prolong another standstill with
Dutch bank ABN Amro on the EUR390 million CMBS that financed it,
PIE recounts.
Treveria, listed on London's AIM and formerly part of the
bankrupt Dawnay Day group, holds 370 German retail assets worth
some EUR1.3 billion.
===========
G R E E C E
===========
* GREECE: S&P Affirms 'CCC/C' Counterparty Ratings on 4 Banks
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC/C' long- and
short-term counterparty credit ratings on four Greek banks,
National Bank of Greece S.A. (NBG), Eurobank Ergasius S.A., Alpha
Bank A.E., and Piraeus Bank S.A. "We have also affirmed our 'CC'
issue rating on these banks' hybrid securities. The outlook on
the long-term ratings on the four banks is negative," S&P said.
"The affirmation follows our downgrade of the Hellenic Republic
(Greece) to 'SD' (selective default) on Dec. 5, 2012. Our
downgrade of Greece was based on the Greek government's Dec. 3,
2012, invitation to private-sector bondholders to participate in
a series of debt buyback auctions. In our opinion, Greece's
invitation constitutes the launch of what we consider to be a
distressed debt restructuring. That said, the buyback is one of
the European Council conditions for disbursal of a further
EUR23.8 billion to strengthen Greek banks' capital positions.
Hence, our affirmation reflects our expectation that even if
Greek banks participate in the exchange offer and realize losses
on their government bond portfolios, they will continue to
receive capital from the Hellenic Financial Stability Fund (HSFS)
that will enable them to comply with regulatory requirements. Our
ratings affirmation also reflects our expectation that these
banks' liquidity positions are not likely to deteriorate further,
based on the European Council statement that the banks will
continue to receive access to European Central Bank (ECB;
AAA/Stable/A-1+) and Greek Central Bank funding support
mechanisms," S&P said.
"We assess the stand-alone credit profile (SACP) for the all four
banks at 'CC'. The long-term rating on NBG, Eurobank, Alpha Bank,
and Piraeus is two notches higher than their SACPs, reflecting
the uplift for extraordinary short-term capital and liquidity
support provided by the Greek government and EU authorities," S&P
said.
"In our view, the HFSF will continue to provide capital to the
four rated Greek banks to allow them to comply with regulatory
capital requirements. This support should offset any potential
weakening of solvency that might derive from the banks'
participation in the government debt exchange offer. We believe
the HFSF's commitment is also necessary to offset the large net
losses we expect in 2012 and 2013 as a result of increasing
credit provisions on the domestic loan portfolio. We expect that
Greek banks will benefit from access to extraordinary liquidity,
as provided under the support package from the Greek government
and the ECB. The European Council has stated that it will offer
credit enhancement to underpin the quality of collateral. Such
support should allow the banks to maintain eligible collateral
for discounting through the European liquidity support mechanism,
including the Emergency Liquidity Assistance (ELA) set up at the
Bank of Greece, even if the relevant ratings on Greece's
sovereign debt are lowered to 'D' (default). We have incorporated
this into our assessment of the banks' creditworthiness," S&P
said.
OUTLOOK
"Our negative outlook on NBG, Piraeus, Alpha Bank, and Eurobank
is based on the possibility that we might lower the ratings if we
believed the banks would default on their obligations, as defined
by our criteria. We might lower the ratings on the four banks if
their access to the EU's extraordinary liquidity support
mechanisms, including the ELA discount facility at the ECB,
became impaired for any reason. This support currently underpins
the banks' capacity to meet their financing requirements. In this
context, despite a somewhat mild recovery in recent months, we
believe the pressure on Greek banks' retail funding base may lead
to further deposit outflows, given the ongoing recession. This
could, in our opinion, increase the banks' need for additional
extraordinary liquidity support from the EU authorities," S&P
said.
"We might also lower the ratings if we believed the banks were
likely to default as a result of any developments associated with
a substantial impairment of their solvency. This could happen if,
for any reason, the banks were unable to access external capital
support, or if we considered such support insufficient to allow
the banks to continue meeting regulatory capital requirements,
mainly as a result of potential recognition of continued large
impairments on loans," S&P said.
RATINGS SCORE SNAPSHOT
Piraeus, NBG, Eurobank, Alpha
Issuer Credit Rating CCC/Negative/C
SACP cc
Anchor b+
Business Position Adequate (0)
Capital and Earnings Very weak (-2)
Risk Position Weak (-2)
Funding and Liquidity Average and very
weak (-5)
Support 0
GRE Support 0
Group Support 0
Sovereign Support 0
Short-Term Extraordinary Support +2
Additional Factors 0
===================
L U X E M B O U R G
===================
DH SERVICES: Moody's Assigns 'B2' CFR/PDR; Outlook Negative
-----------------------------------------------------------
Moody's Investor Service has assigned B2 Corporate Family (CFR)
and Probability of Default (PDR) ratings to DH Services
Luxembourg S.a.r.l., which will acquire Dematic Holding S.a.r.l.
(together with its subsidiaries: "Dematic"). At the same time
Moody's assigned provisional ratings to the proposed USD250
million senior notes of (P)Caa1 (LGD5-87%) and provisional
ratings of (P)B1 (LGD3-34%) to the proposed senior secured term
loan of USD540 million due 2019 and the senior secured USD75
million revolving credit facility due 2017.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect the rating agency's credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavor to assign
definitive ratings to the instruments mentioned above. A
definitive rating may differ from a provisional rating.
Dematic announced in November that funds managed by private
equity firms AEA Investors LP and Teachers' Private Capital (the
private equity arm of Ontario Teachers' Pension Plan) have
reached an agreement to purchase Dematic Holding S.a.r.l. through
DH Services Luxembourg S.a.r.l. for an undisclosed consideration.
The USD250 million of senior notes as well as the USD540 million
term loan represent the debt financing of the transaction which
results in a pro-forma leverage of close to 6x debt/EBITDA as
adjusted by Moody's. The new capital structure will also contain
a senior secured revolving credit facility of USD75 million.
In connection with the transaction the existing senior secured
notes and the outstanding PIK notes will be redeemed. Upon the
closing of the transaction and the redemption of the existing
indebtedness, Moody's expects to withdraw existing ratings of
Dematic Holding S.a.r.l. and its subsidiaries.
RATINGS RATIONALE
The aggressive pro-forma leverage of 6x debt/EBITDA as adjusted
by Moody's, compared to previously pro-forma 4.6x debt/EBITDA as
adjusted by Moody's, positions the company very weakly in its
rating category and leaves little cushion for weaker than
expected performance, for example in case of a cyclical downturn
or due to weaker project execution, hence the negative outlook
assigned to the ratings. Moreover, Moody's believes that the
proposed pro-forma starting cash balance is relatively low
compared to Dematic's scale. The B2 CFR/PDR ratings incorporate
Moody's expectation of a deleveraging driven by EBITDA growth and
applying FCF generation to debt repayments.
The affirmation of Dematic's B2 CFR reflects the company's
leading market position in its niche of the fragmented automated
material handling industry. Dematic has a diversified geographic
footprint with leading positions in North America, Europe and
Asia. Dematic operates in an inherently late cyclical business
and has benefited from an increasing need of its customers for
automation of material handling systems in the last three years.
Combined with improvements in project execution and a streamlined
cost structure, this has supported improvements in EBITDA margins
and free cash flow generation, evidenced by solid EBITDA margins
of 12.2% as adjusted by Moody's in FY 2012 (fiscal year ends
September).
Dematic's rating is constrained by poor and volatile historical
operating performance in the years 2007-09 to some extent driven
by poor project execution, a risk which remains a factor
considered in the ratings despite recent improvements achieved.
Dematic remains vulnerable to the risk that customers will
curtail their investments into supply chain optimization in a
continued weak macroeconomic environment, even though Dematic's
exposure to cyclicality is to some extent mitigated by a customer
base that mainly consists of companies in the less cyclical
retail and food sectors.
The proposed senior notes will be issued by holding company DH
Services Luxembourg S.a.r.l. whereas the proposed senior secured
term loan and revolving credit facility (senior secured credit
facilities) will be issued by Mirror BidCo Corp., a holding
company and subsidiary of DH Services Luxembourg S.a.r.l.. Both
the senior notes and the senior secured credit facilities will be
supported by guarantees from subsidiaries representing not less
than 80% of consolidated EBITDA and assets of the group. The
(P)Caa1 rating for the senior notes and the (P)B1 ratings on the
senior secured credit facilities reflect the effective
subordination of the senior notes to the senior secured credit
facilities which also benefit from collateral which Moody's
understands comprises the guarantors' material assets.
WHAT COULD CHANGE THE RATING UP/DOWN
The ratings could be downgraded in case of negative FCF, a
failure to de-leverage towards 5.0x debt/EBITDA in the next 12-18
months or an erosion in the company's liquidity profile.
A rating upgrade is currently unlikely and could be considered if
Dematic (1) established a conservative financial policy and a
healthy short-term liquidity profile with ample covenant headroom
and if Dematic (2) sustained the recent improvements in its
operating performance also in a lower volume growth environment
which should support debt/EBITDA to move below 3.5x,
EBIT/interest expense to move to above 2.0x and positive FCF
generation.
PRINICIPAL METHODOLOGY
The principal methodology used in rating DH Services Luxembourg
S.a.r.l and Mirror BidCo Corp was the Global Manufacturing
Industry Methodology published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
=====================
N E T H E R L A N D S
=====================
HARBOURMASTER CLO 3: S&P Sees Increase in 'CCC'-Rated Assets
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'AA+ (sf)' credit
ratings on Harbourmaster Pro-Rata CLO 3 B.V.'s class A1 variable
funding notes (VFN) and class A1 notes.
"The rating actions follow our assessment of the transaction's
performance and take into account recent developments in the
transaction," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report dated Oct. 31, 2012, in addition to our
cash flow analysis. We have considered recent developments in the
transaction and have applied our 2012 counterparty criteria as
well as our cash flow criteria," S&P said.
"From our analysis, we have observed a negative rating migration
in the credit quality of the portfolio since we last reviewed the
transaction. For example, we have observed an increase in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') to 8.39% from 7.62%. At the
same time, we have observed a decrease in the proportion of
defaulted assets (those rated 'CC', 'SD' [selective default],
and 'D') to 0.50% from 1.13%," S&P said.
"Our analysis indicates that credit enhancement for the class A1
notes notes and the weighted-average spread earned on the
collateral pool have increased since we last reviewed the
transaction," S&P said.
"Our analysis also indicates that the weighted-average maturity
of the portfolio since our last review has decreased, which has
led to a reduction in our scenario default rates (SDR) for all
rating categories," S&P said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
our analysis, we have used the reported portfolio balance,
weighted-average spread, and weighted-average recovery rates that
we consider to be appropriate. We have incorporated various cash
flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category ('AAA',
'AA', and 'BBB' ratings), in conjunction with different interest
rate stress scenarios," S&P said.
At closing, Harbourmaster Pro-Rata CLO 3 entered into derivative
transactions (swap and options) to mitigate currency risks in the
transaction.
"We consider that the documentation for these derivatives does
not fully reflect our 2012 counterparty criteria. We therefore
conducted our cash flow analysis assuming that the transaction
does not benefit from the support of swap and option," S&P said.
"In addition, about 12.79% of the assets are in European Economic
and Monetary Union (EMU or eurozone) countries that we rate
'BBB+' or lower: the Republic of Italy (BBB+/Negative/A-2;
unsolicited), the Kingdom of Spain (BBB-/Negative/A-3), and the
Republic of Ireland (BBB+/Negative/A-2). In line with our
criteria for nonsovereign ratings that exceed EMU sovereign
ratings, we only give benefit of up to 10% of the aggregate
collateral balance to the assets in countries rated 'BBB+' or
lower," S&P said.
"We have determined that, under this scenario, the available
credit enhancement for the class A1 VFN and the class A1T notes
is commensurate with their current 'AA+ (sf)' ratings," S&P said.
"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our
criteria update. The test aims to measure the effect on ratings
of defaults of a specified number of the largest obligors in the
portfolio with particular ratings, assuming 5% recoveries. In
addition, we applied the largest industry default test, another
of our supplemental stress tests. Our ratings on the class A1 VFN
and the class A1T notes are not constrained by the results of
these supplemental stress tests," S&P said.
"Taking into account the observations on the transaction's credit
and cash flow performance -- combined with the application of our
relevant criteria -- we have affirmed our 'AA+ (sf)' ratings on
the class A1 VFN and class A1T notes," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Harbourmaster Pro-Rata CLO 3 B.V.
EUR612 Million Floating-Rate Notes
Class Rating
To From
Ratings Affirmed
A1 VFN AA+ (sf)
A1T AA+ (sf)
VFN--Variable funding notes.
HYVA GLOBAL: S&P Cuts Long-Term Corp. Credit Rating to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Netherlands-based supplier of
hydraulic cylinders Hyva Global B.V. to 'B' from 'B+'. The
outlook is negative. "At the same time, we lowered our issue
rating on the company's US$375 million senior unsecured notes due
2016 to 'B' from 'B+'. We also lowered our long-term Greater
China regional scale rating on Hyva to 'cnB+' from 'cnBB-'," S&P
said.
"We downgraded Hyva because we expect that the company's already
weak performance may continue to deteriorate over the next 12
months," said Standard & Poor's credit analyst Joe Poon. "Hyva's
profitability and cash flow protection measures are likely to
remain sensitive to volatile raw material prices, low visibility
over a global economic recovery, and slumping sales in emerging
markets, particularly China. Hyva's performance in the third
quarter of 2012 was much weaker than our expectation, with
revenues declining 25% year over year and EBITDA falling 29%."
Hyva's business risk profile remains "weak." "We expect the heavy
duty truck (HDT) market to remain sluggish over the next few
quarters. The company's profitability is likely to stay under
pressure if the current weakness in the market is prolonged.
Hyva's good brand recognition and established sales and
distribution networks partly offset this factor. The company's
low-cost production base in emerging markets offers additional
support."
"We have lowered our assessment of Hyva's financial risk profile
to 'highly leveraged' from 'aggressive,' as defined in our
criteria. In our revised financial projection, excluding
preferred shares, we forecast the total-debt-to-EBITDA ratio at
or above 5.5x over the next 12 months," S&P said.
"The negative outlook reflects the global economic uncertainty
over the next few quarters and our expectation that Hyva's credit
measures may weaken further. In addition, the company's potential
breach of the financial covenants in its revolving credit
facility could negatively affect its working capital and weaken
its liquidity position," S&P said.
"We could lower the rating if: (1) Hyva's profitability
deteriorates further, causing its total-debt-to-EBITDA ratio to
exceed 6.0x on a sustained basis; or (2) the company breaches the
financial covenants and it no longer gets the bank's support,
resulting in a lack of financial flexibility for working capital.
We could also downgrade Hyva if Hyva engages in major debt-funded
acquisitions or its shareholders aggressively extract value from
the company," S&P said.
"We could revise the outlook to stable if the HDT market starts
to recover meaningfully and Hyva significantly improves its
profitability and cash flow protection measures such that its
total-debt-to-EBITDA ratio falls below 5x on a consistent basis,"
S&P said.
METINVEST BV: Moody's Cuts CFR/PDR to 'B3'; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and probability of default rating (PDR) of Metinvest
B.V. to B3 from B2. Concurrently, Moody's has downgraded the
ratings on the company's senior unsecured debt to B3 (with a
loss-given-default assessment of LGD4, 50%) from B2. The outlook
on the ratings is changed to negative from stable.
RATINGS RATIONALE
The rating action follows Moody's decision to lower Ukraine's
foreign-currency bond country ceiling to B3 from B1. These
ceilings are lower than the local-currency ceiling (B2) as they
also capture foreign-currency transfer and convertibility risks.
This also follows Moody's downgrade of Ukraine's government bond
rating by one notch to B3 from B2 with a negative outlook.
Moody's considers that Metinvest's capacity to serve its foreign
currency debt could be exposed to actions taken by the Ukrainian
government to preserve the country's foreign-exchange reserves.
Although Metinvest's operations, which are largely based in
Ukraine, generate revenues in foreign currency, Moody's believes
that the group's revenues and cash flows generated in the country
would be exposed to foreign-currency transfer and convertibility
risks, which are reflected in the B3 ceiling. While Moody's
recognizes that Metinvest has trading operations and cash
balances outside of Ukraine, the rating agency believes they are
not sufficient to warrant a rating higher than the ceiling. Aside
from the ceiling constraints, Moody's considers that Metinvest is
solidly positioned in the B3 rating category, given the group's
strong business profile, good profitability and moderate
leverage.
OUTLOOK
The negative outlook on Metinvest's rating reflects the outlook
on Ukraine's sovereign rating and the consequent risk of a
further downgrade of the foreign-currency bond country ceiling.
STRUCTURAL CONSIDERATIONS
Moody's estimates that only around 8% of Metinvest's indebtedness
is secured. As a consequence, the rating for the company's senior
unsecured bonds is equal to the CFR.
WHAT COULD CHANGE THE RATING UP/DOWN
Given the negative outlook, Moody's does not currently expect
upward pressure on Metinvest's rating. However, Moody's could
upgrade the rating if (1) it raises the foreign-currency bond
country ceiling; and (2) Metinvest maintains a good liquidity
position and further improves its debt maturity profile, while at
the same time maintaining reasonable profitability and positive
free cash generation. Despite the fact that domestic sales make
up a fairly low proportion of Metinvest's total sales
(approximately 33% in H1 2012), it remains subject to trade
barriers and the Ukrainian political environment, given that a
major part of the company's production assets are located within
Ukraine. Therefore, the company's rating will also be ultimately
dependent on further developments at the sovereign level.
Conversely, downward pressure could be exerted on Metinvest's
rating as a result of a further downgrade of the sovereign rating
and further lowering of the foreign-currency bond country
ceiling. Downward rating pressure could also result if
Metinvest's leverage increased significantly, potentially caused
by the company's growth aspirations, reflected by acquisitions
and sustained high levels of capex, or by deteriorating
performance. Downward pressure would be signalled by an increase
in Metinvest's absolute level of debt, combined with lower cash
flow generation. In addition, downward rating pressure could
result if Metinvest fails to maintain the current headroom under
existing covenants, contrary to Moody's expectations.
The principal methodology used in rating Metinvest was the
"Global Steel Industry" rating methodology, published in October
2012. Other methodologies used include "Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA", published in June 2009.
Metinvest B.V., registered in the Netherlands, is the holding
company of a vertically integrated group, which is one of the
largest steelmakers and iron ore producers in the CIS. The
company has three hot steel plants with the capacity to produce
approximately 15 million tonnes of crude steel annually,
equivalent to approximately 45% of all steel casted in Ukraine in
2012, a rolling mill and a large diameter mill in Ukraine and
also has rolling mills in Italy, Bulgaria and the UK. The company
produces finished flat and long steel products, large diameter
pipes and semi-finished steel products (slabs and billets). In
the six months ended June 30, 2012, Metinvest produced
approximately 18.2 million tonnes of iron ore concentrate (1H
2011: 17.8 million tonnes), mined 6.5 million raw tonnes of
coking and steam coal (1H2011: 6.7 million tonnes), and sold 5.0
and 1.3 million tonnes of finished and semi-finished steel
products, respectively. The company is privately owned. The major
shareholders of the group are a Ukrainian investment holding
company, System Capital Management (SCM), with a 71.25% share in
Metinvest, and Smart group, which owns 23.75%.
* NETHERLANDS: Corporate Bankruptcies Up More Than 20%
------------------------------------------------------
According to Statistics Netherlands, in November, 564 businesses
and institutions (excluding one-man businesses) in the
Netherlands were declared bankrupt, as against 698 in October.
In the first eleven months of this year, 6,804 businesses and
institutions went bankrupt, i.e. an increase by more than 20%
relative to the first eleven months of 2011, Statistics
Netherlands relates.
As the number of businesses declared bankrupt in a particular
month is closely related to the number of days courts are in
session, it may vary considerably from month to month, Statistics
Netherlands notes.
===========
R U S S I A
===========
MOSCOW INTEGRATED: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating and 'ruAA' Russia national scale rating
on Russian heating utility Moscow Integrated Power Co. JSC (MIPC)
on CreditWatch with negative implications. "At the same time, we
affirmed our 'B' short-term corporate credit rating on the
company," S&P said.
The Credit Watch placement follows reports that Russian
electricity and heat generator Mosenergo (AO), and its ultimate
parent OAO Gazprom (BBB-/Stable/A-2), are in negotiations with
the City of Moscow (BBB/Stable/--), the 89.98% owner of MIPC, to
acquire a stake in MIPC. "In our view, the transaction could
weaken the likelihood that Moscow would lend financial support to
MIPC if needed," S&P said.
"Under our criteria, we consider MIPC to be a government-related
entity (GRE). We currently believe there is a 'high' likelihood
Moscow would provide timely and sufficient extraordinary
financial support to MIPC, based on the company's 'important'
role for and 'very strong' link to the city's government, which
results in a three-notch uplift from the company's SACP," S&P
said.
"We understand that it's unclear at this stage whether the
transaction will go through, owing to uncertainties regarding its
timing, price, sources of funding, and the offered stake in MIPC.
Still, the transaction could signal MIPC's weakening role for or
link to Moscow. If the full or partial disposal of the stake in
MIPC goes through, we would likely reduce or remove the uplift
we currently incorporate into the rating on MIPC for
extraordinary government support, which could lead us to
downgrade MIPC potentially by one to three notches. This would,
however, also depend on our view of Mosenergo's credit quality
and willingness to support MIPC," S&P said.
MIPC is the dominant player in the local heating market; it
controls almost all of Moscow's district heating grids.
"We intend to resolve the CreditWatch placement once there is
more clarity on whether the transaction will proceed, and if it
does, its timing, financing structure, price, and the size of the
offered stake in MIPC," S&P said.
"We could downgrade MIPC if we believe Moscow would dispose of a
partial or full stake in MIPC. Depending on the size of the
privatized stake and whether the city would continue providing
financial support to MIPC, we might revise our assessment of the
likelihood of extraordinary government support. This could lead
us to reduce or remove the notches of uplift we currently
incorporate into the ratings on MIPC for government support. In
turn, this could result in a downgrade of MIPC by one, two, or a
maximum of three notches. However, this would also depend on our
view of Mosenergo's credit quality and willingness to support
MIPC," S&P said.
"Should the transaction go through, we will also assess its
impact on MIPC's market position, profitability, strategies, and
funding. This could lead us to revise our assessment of the
company's SACP," S&P said.
"We will review our assessment of extraordinary support
regardless of whether the transaction takes place," S&P said.
"We could affirm the rating if the transaction doesn't go
through, and if the city demonstrates its willingness to maintain
its control over and provide financial support to MIPC," S&P
said.
SOLIDARNOST: Moody's Cuts Bank Deposit Ratings to 'Caa1'
--------------------------------------------------------
Moody's Investors Service has downgraded the bank deposit ratings
of Solidarnost to Caa1 from B3. The bank's standalone bank
financial strength rating (BFSR) was downgraded to E from E+; and
the standalone credit assessment (mapped from the BFSR) has been
lowered to caa1 from b3. All the aforementioned ratings carry a
stable outlook.
Moody's assessment is primarily based on Solidarnost's 2012
monthly accounting statements prepared under local statutory
accounting rules (Russian Accounting Standards or RAS), as well
as its audited financial statements for 2011 prepared under IFRS.
RATINGS RATIONALE
The ratings downgrade reflects Solidarnost's weak capital buffer
and vulnerable liquidity position, which are amplified by
sizeable borrower and depositor concentrations.
Moody's notes that Solidarnost's capital adequacy has weakened
considerably over past two-and-a-half years. The bank's
regulatory capital adequacy ratio (so-called "N1") declined to
12.0% as at end-October 2012 (YE2011: 15.0% and YE2009: 18.1%).
This sharp decline reflected Solidarnost's weak profitability at
times when the bank had to create additional loan loss reserves
against its deteriorating assets. In 2012, the bank increased its
loan volumes for the first time since 2008, which again exerted
additional pressure on its capital adequacy.
According to Moody's central stress-test scenario, Solidarnost's
capital and loan loss reserves (accounting for 4.5% of total
loans, according to RAS, as at end-October 2012) provide
insufficient buffer against potential credit and market losses.
According to Moody's stress test, the bank's capital adequacy
ratio could decline below the minimum regulatory requirements
(10%) under the rating agency's central scenario. The rating
agency does not expect this capital deficit to be eliminated in
next 12-18 months given the bank's moderate recurring
profitability and uncertainty relating to shareholders'
willingness and capacity to inject sufficient amount of core Tier
1 capital.
Moody's notes that, in addition to relatively weak capital and
loan loss reserves, Solidarnost's high borrower concentration
(credit exposure to the 20 largest groups of borrowers amounted
to 2.6x the bank's capital) intensifies the bank's risks,
rendering it susceptible to the performance of only a handful of
borrowers.
Moody's believes that significant pressure will be exerted on
Solidarnost's liquidity in the event of any market stress due to
the bank's reliance on secured funding facilities (from the
Central Bank of Russia) for around 20% of its total funding in
Q2-Q3 2012 and its predominantly short-term customer deposit base
(over 90% of customer funds had a maturity of less than one
year). The bank's liquidity management is also complicated by
some customer funding concentration, with the 20 largest
depositors accounting for almost a quarter of the bank's non-
equity liabilities as of end-August 2012.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Solidarnost's ratings have limited upside potential in the medium
term. However, positive pressure could be exerted on the ratings
if the bank's capital adequacy and funding structure is
materially improved. Simultaneously, Solidarnost would need to
demonstrate a sustained track record of improving recurring
profitability.
Further pressure could be exerted on Solidarnost's ratings if its
liquidity position, asset quality and/or capital adequacy
deteriorates beyond Moody's central scenario.
PRINCIPAL METHODOLOGIES
The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Domiciled in Samara, Russia, Solidarnost reported -- as at
December 31, 2011 -- total IFRS assets of US$589 million.
SOLIDARNOST: Moody's Cuts National Scale Rating to 'Ba2.ru'
-----------------------------------------------------------
Moody's Interfax Rating Agency has downgraded the national scale
rating (NSR) of Solidarnost to Ba2.ru from Baa3.ru. NSRs carry no
specific outlook.
Moody's assessment is primarily based on Solidarnost's 2012
monthly accounting statements prepared under local statutory
accounting rules (Russian Accounting Standards or RAS), as well
as its audited financial statements for 2011 prepared under IFRS.
RATINGS RATIONALE
The rating downgrade reflects Solidarnost's weak capital buffer
and vulnerable liquidity position, which are amplified by
sizeable borrower and depositor concentrations.
Moody's notes that Solidarnost's capital adequacy has weakened
considerably over past two-and-a-half years. The bank's
regulatory capital adequacy ratio (so-called "N1") declined to
12.0% as at end-October 2012 (YE2011: 15.0% and YE2009: 18.1%).
This sharp decline reflected Solidarnost's weak profitability at
times when the bank had to create additional loan loss reserves
against its deteriorating assets. In 2012, the bank increased its
loan volumes for the first time since 2008, which again exerted
additional pressure on its capital adequacy.
According to Moody's central stress-test scenario, Solidarnost's
capital and loan loss reserves (accounting for 4.5% of total
loans, according to RAS, as at end-October 2012) provide
insufficient buffer against potential credit and market losses.
According to Moody's stress test, the bank's capital adequacy
ratio could decline below the minimum regulatory requirements
(10%) under the rating agency's central scenario. The rating
agency does not expect this capital deficit to be eliminated in
next 12-18 months given the bank's moderate recurring
profitability and uncertainty relating to shareholders'
willingness and capacity to inject sufficient amount of core Tier
1 capital.
Moody's notes that, in addition to relatively weak capital and
loan loss reserves, Solidarnost's high borrower concentration
(credit exposure to the 20 largest groups of borrowers amounted
to 2.6x the bank's capital) intensifies the bank's risks,
rendering it susceptible to the performance of only a handful of
borrowers.
Moody's believes that significant pressure will be exerted on
Solidarnost's liquidity in the event of any market stress due to
the bank's reliance on secured funding facilities (from the
Central Bank of Russia) for around 20% of its total funding in
Q2-Q3 2012 and its predominantly short-term customer deposit base
(over 90% of customer funds had a maturity of less than one
year). The bank's liquidity management is also complicated by
some customer funding concentration, with the 20 largest
depositors accounting for almost a quarter of the bank's non-
equity liabilities as of end-August 2012.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Solidarnost's ratings have limited upside potential in the medium
term. However, positive pressure could be exerted on the ratings
if the bank's capital adequacy and funding structure is
materially improved. Simultaneously, Solidarnost would need to
demonstrate a sustained track record of improving recurring
profitability.
Further pressure could be exerted on Solidarnost's ratings if its
liquidity position, asset quality and/or capital adequacy
deteriorates beyond Moody's central scenario.
PRINCIPAL METHODOLOGIES
The methodologies used in this rating were Moody's Consolidated
Global Bank Rating Methodology published in June 2012, and
Mapping Moody's National Scale Ratings to Global Scale Ratings
published in October 2012.
Domiciled in Samara, Russia, Solidarnost reported -- as at
December 31, 2011 -- total IFRS assets of US$589 million.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia. For
further information on Moody's approach to national scale
ratings, please refer to Moody's Rating Methodology published in
October 2012 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
ABOUT MOODY'S AND MOODY'S INTERFAX
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).
=========
S P A I N
=========
AYT COLATERALES: Fitch Maintains Watch Negative on 'Bsf' Rating
---------------------------------------------------------------
Fitch Ratings has maintained four tranches of AyT Colaterales
Global Hipotecario Sa Nostra I (Nostra), a Spanish RMBS
transaction on Rating Watch Negative (RWN), as follows:
-- Class A (ES0312273123) 'AA-sf'; maintained on RWN
-- Class B (ES0312273131) 'Asf'; maintained on RWN
-- Class C (ES0312273149) 'BBB-sf'; maintained on RWN
-- Class D (ES0312273156) 'Bsf'; maintained on RWN
The agency maintained the class A and B tranches and placed the
class C and D tranches on RWN on September 7, 2012 due to
insufficient information necessary to assess the true credit risk
of the assets in this transaction.
The transaction comprises loans originated and serviced by Banco
Mare Nostrum ('BB+'/Stable/'B'), formerly Caja de Ahorros y Monte
de Piedad de Las Baleares. The agency is concerned about the
high proportion of second-lien mortgages (61% of the initial
pool) in the portfolio.
Given the large volume of second-lien loans within the portfolio,
the agency requires up to date information on the corresponding
original and current first-lien balances to correctly determine
the foreclosure frequency and recovery rates for these loans.
As the information is still pending, the agency has decided to
maintain the notes on RWN and will look to resolve the RWN in the
next month. Failure to provide adequate information could lead
to Fitch having to make conservative assumptions, which could
lead to possible downgrades.
BANCO DE VALENCIA: Moody's Reviews 'Ba2' Covered Bond Rating
------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
Ba3 ratings of the mortgage covered bonds issued by Banco de
Valencia S.A., following the bank's integration into CaixaBank
(Baa3, deposits, negative; BFSR D+/ba1, negative). This rating
action concludes Moody's review with direction uncertain of the
Ba3 covered bond ratings, initiated on October 9, 2012.
Ratings Rationale
The rating action is prompted by Moody's decision to place Banco
de Valencia's Caa1 Long term deposit rating on review for
upgrade. This follows CaixaBank's acquisition of Banco de
Valencia, announced on November 27, 2012.
Moody's review for upgrade of Banco de Valencia's Caa1 rating
follows the announcement made by the Spanish government's Fund
for Orderly Bank Restructuring (FROB) on November 27, 2012,
whereby Caixabank has acquired Banco de Valencia as part of the
bank's competitive sale process. The acquisition agreement
contemplates the transfer to Caixabank of all of Banco de
Valencia's shares that the FROB holds, which will grant Caixabank
control of at least 90% of the bank's capital.
Banco de Valencia will be integrated into a much larger banking
group with significantly stronger financial fundamentals relative
to those exhibited by Banco de Valencia as a standalone entity.
For further information on the rating actions taken by Moody's
Financial Institutions Group, please refer to "Moody's reviews
Banco de Valencia's Caa1/NP/E ratings for upgrade. No impact on
Caixabank's ratings" published on December 5, 2012.
KEY RATING ASSUMPTIONS/FACTORS
Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (1) a function
of the issuer's probability of default (measured by the issuer's
rating); and (2) the stressed losses on the cover pool assets
following issuer default.
The cover pool losses for this program are 48.3%. This is an
estimate of the losses Moody's currently models if issuer
defaults. Cover pool losses can be split between market risk of
24.5% and collateral risk of 23.9%. Market risk measures losses
as a result of refinancing risk and risks related to interest-
rate and currency mismatches. Collateral risk measures losses
resulting directly from the credit quality of the assets in the
cover pool. Collateral risk is derived from the collateral score,
which for this program is currently 35.6%.
The over-collateralization (OC) in the cover pool is 147.2%, of
which the issuer provides 25% on a "committed" basis. The minimum
OC level that is consistent with the Ba3 rating target is 25%.
Therefore, Moody's is not relying on "uncommitted" OC in its
expected loss analysis.
All numbers in this section are based on the most recent
Performance Overview.
For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. These figures
are based on the latest data that has been analyzed by Moody's
and are subject to change over time.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.
SENSITIVITY ANALYSIS
The robustness of a covered bond rating largely depends on the
issuer's credit strength. The TPI Leeway measures the number of
notches by which the issuer's rating may be downgraded before the
covered bonds are downgraded under the TPI framework.
The TPI assigned to this program is "Improbable". The TPI Leeway
for this program is limited, and thus any downgrade of the issuer
ratings may lead to a downgrade of the covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.
On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modeling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected.
RATING METHODOLOGY
The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in July 2012.
=====================
S W I T Z E R L A N D
=====================
AGUILA 3: Moody's Changes Outlook on 'B2' CFR to Negative
---------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Aguila 3 S.A. to negative from stable.
Ratings Rationale
The change in the outlook reflects Moody's view that Swissport's
credit metrics remain weakly positioned for the B2 category,
given also Moody's expectations of a weaker macroeconomic outlook
for 2013-14 which is expected to affect global air traffic and
passenger airlines.
Swissport reported 9% year-on-year growth in revenue during the
first 9 months of 2012 at approximately CHF1.4 billion driven by
a contribution from start-ups and new contract wins as well as
higher underlying traffic in Brazil, Algeria and Munich in ground
handling. These factors were partially offset by volume
shortfalls in cargo, lower traffic in Greece, France and the UK
in ground handling as well as the impact of the loss of some
contracts. Adjusted EBITDA reported by Swissport at CHF137
million represented a 5% year-on-year increase from CHF131
million during the same period of 2011, although CHF9 million of
the increase is attributed to a one-off income from Ferrovial as
a result of the change in ownership in 2011.
Moody's adjusted LTM gross leverage at 6.4x as of September 2012
stayed close to the level of December 2011, as the growth in
EBITDA was offset by the increase in debt due to a tap issuance
of USD130 million senior secured notes in May 2012 to support the
acquisition of Flightcare (completed in September 2012). The
leverage would have been lower, if the pro forma contribution to
EBITDA of Flightcare was included.
Moody's recognizes the resilience of Swissport's financial
performance in the light of the challenging industry environment.
Nevertheless, the company's metrics remain close to downgrade
triggers in terms of leverage and interest cover. Moreover, the
company's geographical exposure remains focused on Europe, with
63% of 2012 revenue (proforma for Flightcare acquisition)
expected to be derived from Europe. This, combined with Moody's
concern about airline industry development in Europe in the
context of more conservative macroeconomic forecast recently
undertaken by Moody's, results in the negative outlook on the
ratings.
The company's liquidity remains good, including approximately
CHF97 million cash on balance sheet and CHF146 million undrawn
amount out of CHF200 million revolving credit facility.
Although a near-time upgrade is unlikely given the negative
outlook, this could arise if Swissport's credit metrics were to
improve as a result of a stronger-than-expected operational
performance, leading to a debt/EBITDA ratio of around 5.0x, a
free cash flow/debt ratio of around 5% and a (EBITDA-
Capex)/Interest expense ratio above 2.0x. Conversely, downward
pressure could be exerted on the ratings as a result of: (i) a
deterioration in the company's debt/EBITDA ratio to above 6.0x;
(ii) free cash flow turning negative; and (iii) (EBITDA-
Capex)/Interest expense ratio falling below 1.5x.
The principal methodology used in rating Aguila 3 S.A. was the
Global Business & Consumer Service Industry Rating Methodology
published in October 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Headquartered in Zurich, Swissport is the largest independent
ground handler in the world based on revenue and number of
stations and the second largest cargo handler in the world based
on tons of cargo handled. The company provided ground handling
services for over 100 million passengers on over 2.6 million
flights and handled approximately 3.2 million tons of cargo for
more than 300 airline customers in 2011. For the adjusted 12
months period ended 31 December 2011, Swissport generated
revenues and adjusted EBITDA of approximately CHF1.7 billion and
CHF163 million, respectively.
PETROPLUS HOLDINGS: Tadbir Energy Eyes Petit-Couronne Refinery
--------------------------------------------------------------
Tehran Times reports that Iranian company Tadbir Energy is
bidding to buy the Petit-Couronne oil refinery from the Petroplus
Holdings AG, which has gone into insolvency.
Despite sanctions against the Islamic Republic, Tadbir Energy has
put in a bid for the French refinery, Tehran Times relates.
Figaro reported the news, adding that Iran's bid will be examined
by the trade court in Normandy, Tehran Times notes.
According to Tehran Times, the report indicates that the Iranian
bid for France's oldest refinery includes a promise to keep
employing its 550 workers.
Tadbir is not, however, the only company showing interest in
acquiring Petit-Couronne, Tehran Times states. A Dubai company,
Netoil, and the Libyan Investment Authority are looking at
potential bids, Tehran Times says.
Tehran Times relates that a spokeswoman for the Rouen court that
will rule on the refinery sale said the commercial court Tuesday
heard proposals from existing and potential bidders to buy the
plant. The refinery is in trouble after its owner, Swiss-based
company Petroplus, filed for protection from creditors, Tehran
Times notes.
According to Tehran Times, a person familiar with the matter and
French refinery workers' unions said that Netoil, a Dubai company
owned by businessman Roger Tamraz, is the most advanced in
detailing its offer terms.
But the Netoil bid has been deemed incomplete because it needs
more administrative authorizations, Tehran Times states.
According to Bloomberg News' Francois de Beaupuy, Le Journal du
Dimanche reported that French court on Dec. 7 allowed refinery,
which was placed in liquidation in October, to operate until
Jan. 16.
About Petroplus
Based in Zug, Switzerland, Petroplus Holdings AG is one of
Europe's largest independent oil refiners.
Petroplus was forced to file for insolvency in late January after
struggling for months with weak demand due to the economic
slowdown in Europe and overcapacity amid tighter credit
conditions, high crude prices and competition from Asia and the
Middle East, MarketWatch said in a March 28 report.
According to MarketWatch, Petroplus said in March a local court
granted "ordinary composition proceedings" for a period of six
months. As part of the court process, Petroplus intends to sell
its assets to repay its creditors.
Some of Petroplus' units in countries other than Switzerland have
filed for "different types of proceedings" and are currently
controlled by court-appointed administrators or liquidators,
which started the process to sell assets, including the company's
refineries.
=============
U K R A I N E
=============
* UKRAINE: Moody's Cuts Ratings on 12 Financial Institutions
------------------------------------------------------------
Moody's Investors Service has lowered the standalone credit
assessments, and downgraded the debt and deposits ratings, as
well as National Scale Ratings (NSRs) of 11 banks and one leasing
company in Ukraine. Negative outlooks have been maintained on all
affected banks' ratings.
All the rating actions were prompted by Moody's downgrade on 5
December 2012 of the Ukrainian government rating to B3 from B2
and the related adjustments to the country's ceilings, mainly,
(1) foreign-currency bank deposit ceiling to Caa1 from B3; (2)
local-currency bank deposit and bond ceiling to B2 from Ba1; and
(3) foreign-currency bond ceiling to B3 from B1. These ceilings
cap the maximum ratings that can be assigned to banks and other
issuers domiciled in the country. The negative outlook on the
sovereign ratings was maintained.
RATINGS RATIONALE
- STANDALONE CREDIT ASSESSMENTS
Moody's says the downward revision of the standalone credit
assessments of nine of the 11 Ukrainian banks takes into account
(1) their direct or indirect exposures to domestic sovereign debt
relative to their capital cushions; (2) the degree to which their
businesses depend on the domestic macroeconomic and financial
environment; and (3) the extent of their reliance on market-based
funding, which is typically more confidence-sensitive. Due to
these factors, the standalone credit assessments of these banks
were lowered by one notch.
The standalone credit assessments of eight of the nine Ukrainian
banks were lowered to b3 -- in line with Ukraine's government
debt rating, reflecting Moody's view that their creditworthiness
- for the three factors listed above - is highly correlated to
that of their national government. The standalone credit
assessment of one bank, Privatbank, was lowered to b2, which is
one notch higher than Ukraine's government rating. Moody's says
that this exception reflects factors that help mitigate the
credit risk correlations with the domestic government, including
low level of sovereign debt, negligible reliance on market
funding and a moderate level of business diversification outside
of Ukraine.
- LOCAL-CURRENCY DEPOSIT AND DEBT RATINGS
The local-currency deposit and debt ratings of six of the nine
Ukrainian banks (whose standalone credit assessments were
lowered) were consequently downgraded by one notch, in line with
the downgrade of their standalone credit assessments. Four more
banks' local currency debt and deposit ratings, which receive
notching uplift from parental support, were downgraded by one to
three notches due to the downgrade of Ukraine's local currency
deposit and debt ceilings to B2 from Ba1. All of these banks'
local-currency deposit and debt ratings carry a negative outlook,
in line with the sovereign ratings outlook.
- FOREIGN-CURRENCY DEPOSIT AND DEBT RATINGS
The lowering of Ukraine's foreign-currency deposit and debt
ceilings to Caa1 and B3, respectively, led to the downgrade of
eleven banks' foreign-currency deposit ratings to Caa1, and four
banks' foreign-currency senior unsecured debt ratings to B3. All
of these banks' foreign-currency deposit and debt ratings carry a
negative outlook, in line with the sovereign ratings outlook.
WHAT COULD MOVE THE RATINGS UP/DOWN
As the key drivers of the actions are mostly structural in
nature, Moody's considers that upwards rating pressure is
unlikely in the near term. In the long term, a combination of an
improving operating environment, declining sovereign-risk
exposures and increasing cross-border diversification may exert
upwards pressure on the Ukrainian banks' ratings. An improvement
in the credit risk profile of the national government could also
have positive rating implications. Conversely, deterioration in
the banks' operating environments and/or a weakening of their
standalone financial fundamentals could exert downwards pressure
on the ratings.
LIST OF RATING ACTIONS
The following rating actions were taken:
PRIVATBANK
The one-notch lowering of Privatbank's standalone credit
assessment to b2, one notch above Ukraine's B3 sovereign rating,
reflects the bank's relative resilience to Ukrainian sovereign
risk, as demonstrated by the bank's (1) lack of material exposure
to Ukraine's government bonds, representing r around 1% of the
bank's Tier 1 capital; (2) a moderate degree of business
diversification outside of Ukraine (foreign assets account for
around a quarter of consolidated assets); and (3) limited
dependence on wholesale debt markets, with wholesale funding
accounting for around 12% of total non-equity funding. The
negative outlook assigned to the bank's deposit and debt ratings
is in line with the negative outlook on Ukraine's government debt
ratings.
- Bank financial strength rating (BFSR) unchanged at E+, now
equivalent to a b2 standalone credit assessment (formerly b1)
- Long-term local-currency deposit rating downgraded to B2 from
B1
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Long-term foreign-currency senior unsecured debt rating
downgraded to B3 from B1
- Long-term foreign-currency subordinated debt rating
downgraded to B3 from B2
- Stable outlook maintained on the BFSR; negative outlook on
all the other long-term global-scale ratings
- National Scale Rating (NSR) downgraded to A3.ua from Aa3.ua
OTP BANK (UKRAINE)
The one-notch lowering of the standalone credit assessment of OTP
Bank (Ukraine) ("OTP Ukraine") to b3, in line with Ukraine's B3
sovereign rating, is driven primarily by the linkages between the
bank's credit profile and sovereign credit risk. This reflects
the bank's (1) sizeable exposure to Ukraine's government bonds,
which account for over 50% of the bank's Tier 1 capital; and (2)
the geographical concentration of the bank's business in
Ukraine's weak and volatile operating environment.
The local-currency deposit rating was downgraded by two notches
to B2 and is constrained by Ukraine's ceiling for local currency
deposits. The rating incorporates a one-notch uplift from the
standalone credit assessment, reflecting Moody's assumptions of
the high probability of parental support from OTP Hungary, which
fully controls OTP Ukraine. The negative outlook assigned to OTP
Ukraine's deposit ratings is in line with the negative outlook on
Ukraine's government debt ratings.
- BFSR unchanged at E+, now equivalent to a b3 standalone
credit assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B2 from
Ba3
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to A3.ua from Aa1.ua
UKREXIMBANK
The one-notch lowering of Ukreximbank's standalone credit
assessment to b3, in line with Ukraine's B3 sovereign rating, is
driven primarily by the linkages between the bank's credit
profile and sovereign credit risk. This reflects the bank's (1)
sizeable exposure to Ukraine's government bonds, which account
for over 50% of the bank's Tier 1 capital; (2) geographical
concentration in Ukraine's weak and volatile operating
environment; and (3) significant refinancing risks in the medium
term, as foreign-market borrowings account for a third of
Ukreximbank's total funding.
The bank's deposit and debt ratings were downgraded by one notch
to reflect the lowering of the standalone credit assessment.
These ratings do not incorporate any uplift from systemic
support, reflecting the limited capacity of the country's public
institutions to provide such support. The negative outlook
assigned to Ukreximbank's deposit and debt ratings is in line
with the negative outlook on Ukraine's government debt ratings.
- BFSR unchanged at E+, now equivalent to a b3 standalone
credit assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B3 from
B2
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Long-term local-currency senior unsecured debt rating
downgraded to B3 from B2
- Long-term foreign-currency senior unsecured debt rating
downgraded to B3 from B2
- Long-term foreign-currency subordinated debt rating
downgraded to Caa1 from B3
- Negative outlook on all long-term global-scale ratings
RAIFFEISEN BANK AVAL
The one-notch lowering of Raiffeisen Bank Aval's standalone
credit assessment to b3, in line with Ukraine's B3 sovereign
rating, is driven primarily by the linkages between the bank's
credit profile and sovereign credit risk. This reflects the
bank's (1) large exposure to Ukraine's government bonds, which
account for over 100% of the bank's Tier 1 capital; and (2) the
geographical concentration of the bank's business in Ukraine's
weak and volatile operating environment.
The local currency deposit rating was downgraded by two notches
to B2 and is constrained by Ukraine's ceiling for local currency
deposits. The rating incorporates one-notch uplift from the
standalone credit assessment, reflecting Moody's assumptions of
the high probability of support from its parent Raiffeisen Bank
International. The negative outlook assigned to Raiffeisen Bank
Aval's deposit ratings is in line with the negative outlook on
Ukraine's government debt ratings.
- BFSR unchanged at E+, now equivalent to a b3 standalone
credit assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B2 from
Ba3
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to A3.ua from Aa1.ua
SUBSIDIARY BANK SBERBANK OF RUSSIA
The one-notch lowering of Subsidiary Bank Sberbank of Russia's
standalone credit assessment to b3, in line with Ukraine's B3
sovereign rating, is driven primarily by the linkages between the
bank's credit profile and sovereign credit risk. This reflects
the bank's (1) sizeable exposure to Ukraine's government bonds,
which account for around 50% of the bank's Tier 1 capital; (2)
large exposure to the Ukrainian state-owned companies, which
account for over 100% of the bank's Tier 1 capital; and (3)
geographical concentration in Ukraine's weak and volatile
operating environment.
The local currency deposit rating was downgraded by three notches
to B2 and is constrained by Ukraine's ceiling for local currency
deposits. The rating incorporates one-notch uplift from the
standalone credit assessment, reflecting Moody's assumptions of
the high probability of support from its parent Sberbank of
Russia. The negative outlook assigned to Subsidiary Bank Sberbank
of Russia's deposit ratings is in line with the negative outlook
on Ukraine's government debt ratings.
- BFSR unchanged at E+, now equivalent to a b3 standalone
credit assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B2 from
Ba2
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Long-term local-currency senior unsecured debt rating
downgraded to B2 from Ba2
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to A3.ua from Aa1.ua
FIRST UKRAINIAN INTERNATIONAL BANK
The one-notch lowering of First Ukrainian International Bank's
standalone credit assessment to b3, in line with Ukraine's B3
sovereign rating, is driven primarily by the linkages between the
bank's credit profile and sovereign credit risk. This reflects
the bank's (1) sizeable exposure to Ukraine's government bonds,
which account for nearly 70% of the bank's Tier 1 capital; and
(2) geographical concentration in Ukraine's weak and volatile
operating environment.
The bank's deposit and debt ratings were downgraded by one notch
to reflect the lowering of the standalone credit assessment. The
negative outlook assigned to the bank's deposit and debt ratings
is in line with the negative outlook on Ukraine's government debt
ratings.
- BFSR unchanged at E+, now equivalent to a b3 standalone
credit assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B3 from
B2
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Long-term foreign-currency senior unsecured debt rating
downgraded to B3 from B2
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to Baa3.ua from A3.ua
PIVDENNYI BANK
The one-notch lowering of Pivdennyi Bank's standalone credit
assessment to b3, in line with Ukraine's B3 sovereign rating, is
driven primarily by the linkages between the bank's credit
profile and sovereign credit risk. Despite the bank's limited
exposure to Ukraine's sovereign debt which account for around 15%
of the bank's Tier 1 capital, Moody's believes that Pivdennyi
Bank's credit profile is likely to be adversely affected by the
weak and volatile operating environment in Ukraine, where most of
its business is concentrated. The negative outlook assigned to
Pivdennyi Bank's deposit and debt ratings is in line with the
negative outlook on Ukraine's government debt ratings.
- BFSR unchanged at E+, now mapping to a b3 standalone credit
assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B3 from
B2
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Long-term local-currency senior unsecured debt rating
downgraded to (P)B3 from (P)B2
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to Baa3.ua from A2.ua
SAVINGS BANK OF UKRAINE
The one-notch lowering of Savings Bank of Ukraine's standalone
credit assessment to b3, in line with Ukraine's B3 sovereign
rating, is driven primarily by the linkages between the bank's
credit profile and sovereign credit risk. This reflects the
bank's (1) sizeable exposure to Ukraine's government bonds, which
account for over 50% of the bank's Tier 1 capital; (2) large
exposure to the Ukrainian state-owned companies, which account
for over 100% of the bank's Tier 1 capital; and (3) geographical
concentration in Ukraine's weak and volatile operating
environment.
The bank's deposit and debt ratings were downgraded by one notch
to reflect the lowering of the standalone credit assessment.
These ratings do not incorporate any uplift from systemic
support, reflecting the limited capacity of the country's public
institutions to provide such support. The negative outlook
assigned to the bank's deposit and debt ratings is in line with
the negative outlook on Ukraine's government debt ratings.
- BFSR unchanged at E+, now equivalent to a b3 standalone
credit assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B3 from
B2
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Long-term local-currency senior unsecured debt rating
downgraded to B3 from B2
- Long-term foreign-currency senior unsecured debt rating
downgraded to B3 from B2
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to Baa3.ua from A3.ua
CREDIT DNEPR BANK
The one-notch lowering of Credit Dnepr Bank's standalone credit
assessment to b3, in line with Ukraine's B3 sovereign rating is
driven primarily by the linkages between the bank's credit
profile and sovereign credit risk. This reflects the bank's (1)
sizeable exposure to Ukraine's government bonds, which account
for around 30% of the bank's Tier 1 capital; and (2) geographical
concentration in Ukraine's weak and volatile operating
environment. The negative outlook assigned to Credit Dnepr Bank's
deposit ratings is in line with the negative outlook on Ukraine's
government debt ratings.
- BFSR unchanged at E+, now equivalent to a b3 standalone
credit assessment (formerly b2)
- Long-term local-currency deposit rating downgraded to B3 from
B2
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to Baa3.ua from A3.ua
PROMINVESTBANK
The one-notch lowering of Prominvestbank's standalone credit
assessment to b3, in line with Ukraine's B3 sovereign rating, is
driven primarily by the linkages between the bank's credit
profile and sovereign credit risk. This reflects the bank's (1)
sizeable exposure to Ukraine's government bonds, which account
for around one third of the bank's Tier 1 capital; (2) large
exposure to the Ukrainian state-owned companies, which account
for about 100% of the bank's Tier 1 capital; and (3) geographical
concentration in Ukraine's weak and volatile operating
environment.
The local currency deposit rating was downgraded by one notch to
B2 and is constrained by Ukraine's ceiling for local currency
deposits. The rating incorporates one-notch uplift from the
standalone credit assessment, reflecting Moody's assumptions of
the high probability of support from its parent Vnesheconombank.
The negative outlook assigned to Prominvestbank's deposit and
debt ratings is in line with the negative outlook on Ukraine's
government debt ratings.
- BFSR unchanged at E+, equivalent to a b3 standalone credit
assessment
- Long-term local-currency deposit rating downgraded to B2 from
B1
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Long-term local-currency senior unsecured debt rating
downgraded to B2 from B1
- Negative outlook on all long-term global-scale ratings
- NSR downgraded to A3.ua from Aa3.ua
UKRINBANK
The change of the outlook to negative from stable on Ukrinbank's
standalone and deposit ratings, in line with the negative outlook
on Ukraine's B3 sovereign rating, is driven primarily by the
linkages between the bank's credit profile and sovereign credit
risk. Despite the bank's insignificant exposure to Ukraine's
sovereign debt and state-owned enterprises, Ukrinbank's credit
profile is likely to be adversely affected by the weak and
volatile operating environment in Ukraine, where all of its
business is concentrated. In particular, deteriorating economic
conditions will likely exert significant downside pressure on the
bank's asset quality, profitability and capitalization.
- BFSR unchanged at E+, equivalent to a b3 standalone credit
assessment
- Long-term foreign-currency deposit rating downgraded to Caa1
from B3
- Negative outlook on all long-term global-scale ratings
VAB BANK
VAB Bank's standalone credit assessment and deposit ratings are
already below the B3 sovereign ratings and remain unchanged .
- BFSR unchanged at E, equivalent to a caa1 standalone credit
assessment
- The outlook on the Caa1 long-term foreign-currency deposit
rating was changed to negative from positive
BANK FINANCE AND CREDIT
Bank Finance and Credit's standalone credit assessment and
deposit ratings are already below the B3 sovereign ratings and
remain unchanged.
- BFSR unchanged at E, equivalent to a caa1 standalone credit
assessment
- The outlook on the Caa1 long-term foreign-currency deposit
rating was changed to negative from stable
RAIFFEISEN LEASING AVAL
The rating action on Raiffeisen Leasing Aval's supported national
scale ratings was triggered by a downgrade of the deposit ratings
of its parent Raiffeisen Bank Aval.
- Long-term national scale issuer rating downgraded to Baa3.ua
from Aa2.ua
- Long-term national scale corporate family rating downgraded
to Baa3.ua from Aa2.ua
- Long-term national scale senior unsecured debt rating
downgraded to Baa3.ua from Aa2.ua
PRINCIPAL METHODOLOGIES
The methodologies used in these ratings were Moody's Consolidated
Global Bank Rating Methodology, published in June 2012, and
Mapping Moody's National Scale Ratings to Global Scale Ratings,
published in August 2010.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".ua" for Ukraine. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Methodology published in October 2012 entitled "Mapping Moody's
National Scale Ratings to Global Scale Ratings".
* UKRAINE: S&P Cuts Long-Term Sovereign Credit Ratings to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign-
and local-currency sovereign credit ratings on Ukraine to 'B'
from 'B+'. The outlook remains negative. "We affirmed our 'B'
short-term ratings on Ukraine," S&P said.
"We also lowered the long-term Ukraine national scale rating to
'uaA-' from 'uaA+'. The transfer and convertibility (T&C)
assessment was revised down to 'B'. The recovery rating on the
unsecured foreign currency debt was affirmed at '4,' indicating
our expectation of 30%-50% recovery in the event of a default,"
S&P said.
"The downgrade reflects our opinion that Ukraine faces
significant external financing needs in 2013 and beyond, and
uncertain prospects for securing sufficient foreign currency. The
ratings are supported by Ukraine's large commodity endowment, a
fairly diversified economy, and a relatively low, albeit rising,
government debt burden," S&P said.
"In our view, the government may face higher borrowing costs and
more difficulty securing financing than it has over the past
year. In 2012 the government seems to have benefitted from the
search for yield in international capital markets, issuing
Eurobonds amounting to 2.3% of GDP at an average yield of 8.8%. A
change in global conditions or in investor perceptions could
further increase the government's cost of borrowing in 2013. The
government has also been issuing foreign-currency and U.S.-
dollar-denominated Treasury-bills in the domestic market ($2.5
billion as of November 2012 at an average weighted yield of 8.9%)
at a similarly high cost," S&P said.
"In 2013 we expect the government's gross financing needs to
remain high and include a larger component of external financing,
mostly due to the maturity of its IMF loans. We expect external
debt service to increase to 7% of government revenues in 2013,
from 6% in 2012. At the same time, the National Bank of Ukraine
(NBU; the central bank) also needs to repay US$3.5 billion in
government guaranteed debt to the IMF in 2013 (15% of estimated
international reserves), up from US$2.9 billion in 2012. In our
view, the deterioration in fiscal and external indicators that
accelerated from mid-2012 could complicate the government's
access to international financing," S&P said.
"The exchange rate has been de facto pegged since early 2010. In
our view, recent policy decisions by the NBU -- such as the
foreign exchange surrender requirement for exporters -- indicate
an unwillingness to increase exchange rate flexibility. However,
we note that deteriorating economic fundamentals and mounting
pressure on foreign currency reserves risk undermining the
credibility of the currency peg. Due to still-high dollarization,
a sharp depreciation of the exchange rate would increase the
indebtedness of the public and private sectors and would likely
lead to some deterioration in the financial sector's
nonperforming loans (NPLs). We note, however, that most
problematic foreign currency loans have been provisioned. We
currently estimate NPLs at around 40% of total banking system
loans, broadly defined," S&P said.
"The IMF recently announced it would send a mission to Kiev in
December 2012 to start negotiating a new SBA. The previous SBA,
approved in July 2010 and amounting to 11% of 2010 GDP, was
suspended in March 2011 due to Ukraine's noncompliance with the
program (which expires Dec. 27, 2012). In our view, key
structural benchmarks, which led to the failure of the 2010
program, are likely to remain sticking points in the IMF's
upcoming negotiations with the government. These include a hike
in domestic gas tariffs, fiscal consolidation, and a more
flexible exchange rate regime. As a result, discussions with the
IMF could extend well into 2013 and in our view any agreement may
prove difficult to implement," S&P said.
"The negative outlook reflects our view that there is at least a
one-in-three chance that we could lower our long-term rating on
Ukraine over the next 12 months if we view as insufficient the
government's strategy to secure foreign currency to meet its
elevated external financing needs. A sharp and sustained decline
in net foreign currency reserves would put downward pressure on
the ratings," S&P said.
"We could revise the outlook to stable if the government secures
funding to meet external debt service, in a timely manner, either
through the international capital markets, or through bi- or
multi-lateral loans, while also providing support for net
international reserves and setting the economy on a more
sustainable growth path," S&P said.
===========================
U N I T E D K I N G D O M
===========================
CEVA GROUP: Moody's Cuts CFR/PDR to 'Caa1'; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded CEVA Group plc's
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) to Caa1 from B3. At the same time, Moody's downgraded
CEVA's senior secured ratings to B1 from Ba3; priority lien notes
to Caa1 from B3, junior priority notes from Caa1 to Caa2 and
senior unsecured notes to Caa3 from Caa2. The outlook for the
ratings is negative.
RATINGS RATIONALE
The rating action reflects an increase in leverage over 7x, as a
result of the poor operating performance of the last two quarters
and Moody's expectations that this is likely to remain weak over
the short to medium term due to difficult market conditions and
increasing pricing pressure. The downgrade also reflects Moody's
concerns regarding the sustainability of the company's capital
structure, in light of deteriorating operating margins and high
interest costs as well as liquidity concerns.
CEVA's operational performance in Q3 2012 continued to be below
Moody's expectations. Reported "adjusted EBITDA" of EUR70 million
was down 19% YoY, an acceleration of the declining trend seen
earlier in H1 2012, and impacted by sustained falls in Contract
Logistics in southern Europe and a weak Freight Management market
elsewhere driven by a shift in transportation from air to ocean.
Despite introducing an additional cost savings program last
quarter to leverage of the benefits of existing cost savings
programs ACE and UNO, the company has continued to perform below
Moody's expectations and Moody's expects the Freight Management
market outlook to be challenging.
The company has again introduced new cost reduction initiatives,
aimed at achieving a EUR100 million net benefit, most of which
will be implemented in H1 2013, however in the current difficult
macro environment, its ability to increase profitability and
improve credit metrics next year is limited. As such, Moody's
expects EBITA interest cover below 1x and leverage, measured as
Debt to EBITDA adjusted for pension and operating leases to be
around 8.0x.
Furthermore, CEVA's liquidity profile has deteriorated. As of 30
September 2012 it had EUR220 million in cash and only EUR24
million available under its credit facilities, with negative free
cash flow anticipated in 2013. This is only partially mitigated
by the new AUD40 million receivables facility closed in October
and Moody's expectation of seasonal cash inflows from working
capital in Q4 2012, adequate covenant headroom and no maturities
before 2015.
The negative outlook reflects a deterioration in market
conditions, depressing CEVA's operating performance and leading
to weak credit metrics for the current rating, in particular high
leverage and weak free cash flow. It also takes into
consideration Moody's concerns over liquidity that might come
under pressure if operating performance does not improve.
In view of the rating action, there is limited potential for an
upgrade. The outlook could be stabilized if adjusted leverage
remains sustainably below 7.5x and liquidity concerns are
addressed. A rating downgrade could occur as a result of a
deterioration in one, or a combination of the following: (i)
market conditions; (ii) CEVA's liquidity position; (iii) the
group's operating margins; and (iv) its cash flow generation.
CEVA 's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside CEVA's core industry and
believes CEVA's ratings are comparable to those of other issuers
with similar credit risk. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
CEVA Group plc is the fourth-largest integrated logistics
provider in the world in terms of revenues (EUR7 billion as at 30
September 2012 on a last-12-months (LTM) basis). As at financial
year-end 2011, CEVA had a presence in more than 170 countries
worldwide, employing around 51,000 people and managing
approximately 10 million square meters of warehouse facilities.
DECO SERIES: Fitch Affirms 'Dsf' Rating on Class E Notes
--------------------------------------------------------
Fitch Ratings has affirmed DECO Series 2005 - UK Conduit 1 plc as
follows:
-- GBP16.9m class A due July 2017 XS0222802364 affirmed at
'AAAsf'; Outlook Stable
-- GBP14.5m class B due July 2017 XS0222803099 affirmed at
'AAsf'; Outlook revised to Negative from Stable
-- GBP12.2m class C due July 2017 XS0222803842 affirmed at
'BBsf'; Outlook revised to Negative from Stable
-- GBP10.5m class D due July 2017 XS0222806514 affirmed at
'CCsf'; Recovery Estimate 50%
-- GBP2.8m class E due July 2017 XS0222830811 affirmed at
'Dsf'; Recovery Estimate 0%
The affirmation of all notes is a reflection of the transaction's
stable performance, the continued de-leveraging through its
sequential pay down terms and solid recovery prospects from its
two largest loans. Fitch, however, is also mindful that five of
the six remaining loans have not repaid at their maturities and
the smaller exposures are secured by weakening secondary/tertiary
commercial assets, currently in work out. Should higher-than
expected losses occur on these loans, the credit enhancement
created for the senior notes could diminish; this is reflected in
the revision of the Outlooks of the class B and C notes to
Negative.
The successful work out of the CPI Retail Active Management (the
largest loan in the pool, accounting for 54% of the aggregate
outstanding balance) is fundamental to the overall repayment of
the investment grade note classes. Approximately GBP1.6 million
has already been repaid via cash sweep over the past 12 months,
although outstanding debt relative to collateral value is still
considered high, as witnessed by a Fitch loan to value (LTV)
ratio in excess of 100%. The bonds final legal maturity of July
2017 provides ample time for work-out, with further deleveraging
of the loan achievable via excess cash (interest coverage ratio
is currently 4.67x on the securitized loan) whilst refinancing or
asset sales are being finalized. Notwithstanding, Fitch expects
a high proportion of the loan to be recovered, which should be
sufficient to repay class A in full and partially redeem the
class B notes.
The Commercial & Warehouse loan represents 18% and is supported
by a single mixed use (office and residential) asset, located in
Camden, London. 91% of in place rent is provided by the Open
University, subject to a lease expiring in 2027. The loan failed
to repay at its maturity in July 2012 and has subsequently been
transferred to special servicing. A new valuation was received
by the servicer showing an updated GBP13.75 million value (down
from GBP17.7 million at close) against securitized debt of GBP9.9
million. Fitch estimates a slightly lower market value, although
full repayment is expected.
Apart from the 2015 maturing I/S Scandinavian Property Investment
V loan, the other remaining loans are considered to be of weak
credit quality. Secondary/tertiary assets with short lease terms
have fared the worst in the current market downturn and this
trend will be reflected in the Sandfile and Heathvale Estate Ltd
loan work outs. The former has seen a near 50% market value
decline since its 2010 valuation and while Heathvale Estate has
not yet been revalued, a significant market value decline is
expected. Fitch anticipates losses to be made on both these
loans, although, given their modest size, the impact should be
limited to the class D and E notes.
KERLING PLC: Moody's Cuts CFR/PDR to 'Caa1'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating (CFR) and probability of default rating
(PDR) of Kerling plc. Concurrently, the rating agency has
downgraded to Caa1 from B3 the ratings on Kerling's EUR785
million of senior secured notes maturing in 2017, and EUR75
million of senior secured loan notes maturing in 2016. The
outlook on the ratings is negative.
Ratings Rationale
"In addition to our ongoing negative outlook for Europe's
cyclical polyvinyl chloride (PVC) product market, the rating
action also reflects Kerling's inability to improve profitability
and to achieve credit metrics that we consider to be appropriate
for the B3 rating," says Anthony Hill, a Moody's Vice President--
Senior Analyst and lead analyst for Kerling.
Following Kerling's acquisition of Tessenderlo's European vinyl
and chloralkali assets in the third-quarter of 2011, the harsh
trading environment has continued to overwhelm the company's
attempts to restore its credit metrics to appropriate levels.
Moody's had previously expected that Kerling would have been able
to decrease its leverage to around 5.5x debt/EBITDA on a Moody's-
adjusted basis and maintain it at that level through 2013.
However, as of the last twelve months (LTM) ending September 30,
2012, this ratio was 8.5x, and Moody's expects it to decrease to
only around 7.5x by this fiscal year-end December 31, 2012, after
taking into account the full contribution of Tessenderlo's
European vinyl and chloralkali assets.
Also taking into account the full contribution of the acquired
Tessenderlo's assets, Moody's expects that Kerling will post
revenues of around EUR3.0 billion at fiscal year-end December 31,
2012, which will represent around a 26% increase in revenues from
fiscal year 2011 to 2012. However, the rating agency expects that
adjusted EBITDA will decline by nearly 8.5% over the same period
(EUR191 million in 2011 compared with about EUR175 million now
expected for 2012). This significant reduction in profitability
reflects the depressed demand for PVC in Europe, ongoing customer
de-stocking, and the company's inability to adequately pass-
through ethylene cost increases. Against this backdrop Moody's
does not expect a material near-term decrease in the company's
financial leverage.
Kerling's ratings reflect the company's (1) high adjusted
financial leverage and low adjusted financial interest expense
coverage; (2) limited product diversification and its exclusive
European footprint and focus, confirmed by its acquisition of
Tessenderlo's European vinyl and chloralkali assets. Nearly 90%
of Kerling's sales are based in Europe, leaving the company
highly exposed to the downside risks associated with the euro
area sovereign crisis and slow economic growth.
More positively, Kerling's ratings continue to receive support
from the company's backward integration into ethylene and its
feedstock agreements with strategic suppliers and partners,
including Ineos Group Holdings SA (B2 positive).
As of September 30, 2012, Kerling reported a EUR77 million cash
balance and approximately EUR60 million in availability under its
EUR200 million securitisation facility. The company also reported
an undrawn revolving credit facility (RCF) of EUR40 million.
Under Moody's base-case assumptions for profitability,
maintenance capital expenditures and working capital movements in
2013, the rating agency projects that Kerling will not generate
positive free cash flow. Despite Kerling's current cash level,
Moody's ultimately views the company's liquidity profile as weak
due to (1) ongoing pressure on profitability and cash generation;
(2) shrinking availability under the company's securitization
facility; and (3) uncertainty about its ongoing ability to draw
under the RCF.
The negative outlook reflects Moody's concerns that Kerling's
operational and financial performance will increasingly come
under pressure in the coming quarters due to persisting weakness
in its core European PVC market, which remains affected by
structural overcapacity, given limited prospects for recovery in
construction end-user markets, especially in Southern Europe. As
a result, the outlook assumes that over the coming quarters the
weakening trends in credit metrics will continue, with no major
catalyst currently envisaged for a possible reversal of this
trend in the near future.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Whilst Moody's does not anticipate positive rating pressure in
the near term, this could occur in the event of a sustained
improvement in the PVC market in Europe, as well as an improved
EBITDA margin above 9%, stronger cash flow generation and a
reversal in the leverage trend, with Moody's-adjusted debt/EBITDA
declining to below 5.5x on a sustainable basis.
Moody's would consider downgrading the Caa1 ratings if there is
continued deterioration in Kerling's operating performance from
current levels, leading to (1) materially lower profitability on
a sustained basis; (2) negative FCF generation and a weaker
liquidity position; or (3) a Moody's-adjusted debt/EBITDA
increasing to above 7.5x on a sustained basis.
Kerling is a leading PVC and caustic soda producer in Europe,
with additional positions in salt, brine and sulphur chemicals.
It was formed by Ineos Capital through a combination of the Hydro
ASA polymers business acquired in 2009, Ineos Enterprises and
Ineos ChlorVinyls. At the end of 2011, Kerling reported an
audited consolidated turnover of approximately EUR2.4 billion and
EBITDA of EUR193 million.
Principal Methodology
The principal methodology used in rating Kerling Plc was the
Global Chemical Industry Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
PUNCH TAVERNS A: S&P Cuts Ratings on Six Note Classes to 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all of Punch Taverns Finance PLC's (Punch A) notes. The outlook
is negative.
"The downgrades follow our revision of the business risk profile
of Punch A to the lower end of the 'fair' category. This reflects
our expectation of further declines in the EBITDA generated by
the securitized estate both in absolute terms, and on a per-pub
basis," S&P said.
"With the reduced cash generation capability and amortization
payments on the senior class anticipated to step up in July 2015,
our confidence in the likelihood of the junior and mezzanine
tranches to be repaid in line with the original promise continues
to diminish. The downgrades of the class M, B, C, and D notes,
therefore, additionally accounts for our growing concern about
the short-term prospects of the securitization, which in our view
is accelerating toward a default covenant breach, if the
announced restructuring is not accomplished," S&P said.
"We believe that the class B, C, and D notes will be vulnerable
to an ultimate default once the parent, Punch Taverns PLC, stops
providing support. We expect that during the course of the
announced restructuring, these tranches could be offered a
solution, which we would consider as a 'distressed exchange
offer' and receive less value than the original promise," S&P
said.
"We believe that, upon a default covenant breach, the key drivers
for the class M notes to avoid ultimate default would include the
trading performance of the core pub estate and the proceeds
generated from the sale of its worse performing 'turnaround' pubs
in what, we believe, remains a crowded market for vacant wet-led
pubs. In light of the projected underperformance of the core
estate, the falling EBITDA multiples that pubs have been sold at
(18x in the 12 months to Aug. 20, 2012 [FY 2012] compared with
24x in FY 2011) and the rising leverage, the class M notes, could
in our view, face a restructuring scenario under amended terms,"
S&P said.
"We continue to rate the class A notes at investment-grade level
due to their lower leverage (gross debt/EBITDA of 3.43x compared
with 6.91x for the class M notes as of financial year 2012) and
lower volatility thanks to a higher cash cushion (unsupported
free cash flow debt service coverage ratio of 1.57x for the class
A notes compared to 1.03x for the class M notes as of FY 2012).
We would expect debt service of the class A notes to continue to
be fully serviced even under our 'A-' rating stress scenarios,"
S&P said.
"In FY 2012, operating performance has continued to deteriorate.
Although the reported rolling four quarters EBITDA debt service
coverage ratio (DSCR; 1.37x) was in line with the previous year's
(1.37x), the support required to maintain the ratio at that level
increased from gross GBP32.2 million for FY 2011 to gross GBP38.1
million for FY 2012. Without this support, the underlying
rolling, backward looking four quarter EBITDA DSCR ratio would
have been 1.08x compared with 1.17x last year. In addition, we
estimate that without a combination of the support from the
parent and disposal proceeds from turnaround pubs in the
financial year 2012, the Standard & Poor's-calculated rolling
four quarters free operating cash flow would have been
insufficient to meet the debt service requirements other than on
class A and M," S&P said.
"Together with ensuring timely payment of interest and principal
on the notes, parent company support from outside the
securitization is primarily targeted at avoiding a breach of the
1.25x default covenant, which would lead to the appointment of an
administrative receiver and to prevent the appointment of an
independent consultant once the ratio has breached 1.35x. It also
continues to allow management to apply disposal proceeds for
capital expenditure instead of partially redeeming the debt as
required once the EBITDA DSCR ratio is lower than 1.35x," S&P
said.
"Parent support takes the form of a subsidy to the price of beer,
which the pubs in the securitization buy from the group. As a
result, the beer profit is enhanced, so is EBITDA and ultimately,
the free operating cash flow. We note however that the majority
of the support (GBP33 million out of GBP38.1 million in FY 2012)
is subsequently up-streamed back to the parent despite the
securitization not complying with the restricted payment
condition (EBITDA DSCR of 1.50x). The cash upstream is
permissible under the transaction documents up to tax payable on
the interest incurred on the subordinated loan, which is fully
tax deductible," S&P said.
"We calculated (without the parent support) that EBITDA per pub
was GBP53,500 in FY 2012, largely unchanged from the level
observed over the past two years (GBP53,400 in FY 2011, GBP53,700
in 2010). Given that in FY 2012 Punch A has continued to dispose
of its turnaround pubs, and sold 272 pubs, representing 9.5% of
its portfolio as of August 2011, we would have expected
EBITDA/pub to have improved more materially. Although information
on the core assets in Punch A (just above 50% of the overall
estate) is not available, the reported core estate like-for-like
net income for the entire group declined by 3.7%, compared with a
2.1% decline in 2011, and led to EBITDA per pub of GBP75,000 down
from GBP78,000 as of FY 2011. This suggests that we are not yet
observing a stabilization of performance of the highest quality
and, possibly, best-invested pubs in the securitization, which we
would have expected," S&P said.
"Given that the business has not progressed toward restoring the
core estate stability, we expect the erosion of the company's
cash generation ability to continue, both in absolute terms and
on a per-pub basis. Given the planned disposal of 2,000 pubs
owned by both Punch A and Punch B over 2011-2014, we calculate
that Punch A will have 2,377 pubs in FY2013, that is, 59% of the
portfolio it operated after the last tap in 2007. We also expect
a further deterioration in the EBITDA per pub given that 93% of
Punch A's core portfolio is bound by the longer-term, largely
inflexible substantive agreements. Under our base-case scenario
for FY2013, we forecast revenues to fall by about 7%-8% due to
the smaller portfolio of pubs, but also due to rent-rebasing,
EBITDA migrating downward by approximately 9% due to continued
pressure on costs as well as revenues, and an EBITDA margin in
the 49% region. EBITDA per pub is likely to remain stable at
GBP53,800. Consequently, we expect underlying EBITDA DSCR in a
year's time to be 1.3x and gross debt/ EBITDA to reach 10.8x,"
S&P said.
"The transaction in its current form could, in our view, continue
until the parent is willing and capable to provide support. Our
forecast level of the unsupported EBITDA DSCR ratio suggests,
however, the need for a material increase in the parent support
in FY2013, further growing progressively as the debt service
peaks. The parent company has recently announced a restructuring
of the securitization to address this situation. In the absence
of a consensual agreement by all parties, a covenant breach would
occur instantly. In this circumstance, as a result of the
expected withdrawal of support, the appointed administrative
receiver would inherit an estate, which in our view would
struggle to generate enough proceeds to meet the current interest
and scheduled principal due on all the notes. Enforcement costs
and, potentially, swaps mark-to-market will further dilute
proceeds available to the notes requiring utilization of the
balance in the cash accounts, if any, and drawings under the
liquidity facility available," S&P said.
"As of August 2012, the liquidity facility (of GBP294 million)
available to the issuer remains fully undrawn. The disposals
resulting from the sale of the pubs at an average 18x EBITDA
multiple (down from 24x EBITDA in FY 2011) were predominantly
used for capital expenditure (allowed as long as the reported
EBITDA DSCR is not less than 1.35x), debt service and otherwise
accumulated in the disposal proceeds account, which held
approximately GBP34 million as of Aug. 18, 2012. No unscheduled
debt repayment or notes buy back have occurred in the course of
the last year," S&P said.
"The negative outlook reflects our expectation of the further
decline in the business performance combined with the
questionable viability of the capital structure and uncertainty
facing the transaction. If we received a confirmation that a
distressed offer is announced or otherwise anticipated, we would
lower the ratings on the tranches subject to such an offer, to
'CC (sf)', and subsequently to 'D (sf)' (default) when the offer
is consummated. The ratings on the tranches, which would reject a
distressed offer would reflect our then current view on the
likelihood of their debt service being met as originally
promised. Post restructuring we would revise the ratings on the
affected tranches to reflect the benefits realized from the
restructuring," S&P said.
Punch A is a corporate securitization backed by operating cash
flows generated by 2,604 tenanted pubs.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Punch Taverns Finance PLC
GBP2.65 Billion Asset-Backed Fixed- and Floating-Rate Notes
Ratings Lowered; Outlook Negative
A1(R) A- (sf)/ Negative A(sf)/Negative
A2(R) A- (sf)/ Negative A(sf)/Negative
A2(R)(SPUR) A- (sf)/ Negative A(sf)/Negative
M1 B+ (sf)/ Negative BB+(sf)/Negative
M2N B+ (sf)/ Negative BB+(sf)/Negative
M2N (SPUR) B+ (sf)/Negative BB+(sf)/Negative
B1 CCC (sf)/ Negative BB-(sf)/Negative
B2 CCC (sf)/ Negative BB-(sf)/Negative
B3 CCC (sf)/ Negative BB-(sf)/Negative
B3 (SPUR) CCC (sf)/ Negative BB-(sf)/Negative
C(R) CCC (sf)/ Negative B+(sf)/Negative
D CCC (sf)/ Negative B(sf)/Negative
PUNCH TAVERNS B: S&P Cuts Ratings on Three Note Classes to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all Punch Taverns Finance B Ltd.'s (Punch B) notes. The outlook
is negative.
The downgrades follow our revision of the business risk profile
of Punch B to "weak" from the lower end of the "fair" category.
The revision of the business risk profile reflects our
expectation of further declines in the EBITDA generated by the
securitized estate both in absolute terms, and on a per-pub
basis.
"With the reduced cash generation capability and amortization
payments increasing, albeit moderately, our confidence in the
likelihood of all tranches to be repaid in line with the original
promise continues to diminish. The downgrades, therefore,
additionally account for our growing concerns about the short-
term prospects of the securitization, which in our view is
accelerating toward a default covenant breach, if the announced
restructuring is not accomplished," S&P said.
"We believe that the class B and C notes are vulnerable to an
ultimate default once the parent, Punch Taverns PLC, stops
providing support and expect that in the course of the announced
restructuring, these tranches could be offered a solution, which
we would consider as a 'distressed exchange offer' and receive
less value than the original promise," S&P said.
"We believe that, upon a default covenant breach, the key drivers
for the class A notes to avoid ultimate default would include the
trading performance of the core pub estate and the proceeds
generated from the sale of its worse performing 'turnaround'
pubs, in what, we believe, remains a crowded market for vacant
wet-led pubs. In light of the projected underperformance of the
core estate, the negative trend in the EBITDA multiples that pubs
have been sold at (18x in the 12 months to Aug. 20, 2012 (FY2012)
compared with 24x in FY2011) and the rising leverage, class A
could in our view, face a restructuring scenario under amended
terms," S&P said.
"In FY2012, operating performance has continued to deteriorate.
Although the reported rolling four quarters EBITDA debt service
coverage reserve (DSCR; 1.51x) was marginally lower than the
previous year (1.53x), the support required to maintain the ratio
at that level increased from gross GBP36.3 million for FY2011 to
gross GBP40.9 million for FY2012. Without this support the
underlying rolling, backward-looking four quarters EBITDA DSCR
ratio would have been 1.04x compared with 1.12x last year. In
addition, we estimate that without a combination of the support
from the parent and disposal proceeds from turnaround pubs the
Standard & Poor's-calculated rolling four quarters free operating
cash flow would have been insufficient to meet the debt service
requirements," S&P said.
"Together with ensuring timely payment of interest and principal
on the notes, parent company support from outside the
securitization is primarily targeted at avoiding a breach of the
1.25x default covenant, which would lead to the appointment of an
administrative receiver. It further prevents the appointment of
an independent consultant once the ratio is lower than 1.35x and
ensures the transaction is in compliance with the restricted
payment condition (1.50x) allowing excess cash, if any, to be
distributed outside the securitization. As a result of the
support, management is also able to apply disposal proceeds for
capital expenditure instead of partially redeeming the debt as
required once the EBITDA DSCR ratio is lower than 1.35x," S&P
said.
"Parent support takes the form of a subsidy to the price of beer
which the pubs in the securitization buy from the group. As a
result, the beer profit is enhanced, so is EBITDA and ultimately,
the free operating cash flow. We note however that part of the
support provided over the year(GBP25 million out of GBP40.9
million in FY2012) was subsequently up-streamed back to the
parent, due to the securitization being kept in compliance with
the restricted payment condition (EBITDA DSCR of 1.50x)," S&P
said.
"We calculated (without the parent support) that EBITDA per pub
was GBP46,900 in FY2012, thus lower than the levels observed over
the past two years (GBP47,300 in FY2011, GBP48,500 in 2010).
Given that in FY2012 Punch B has continued to dispose of its
turnaround pubs, and sold 187 pubs, representing 9.2% of its
portfolio as of August 2011, we would have expected EBITDA per
pub to improve more materially. Although information on the core
assets in Punch B (just above 40% of the overall estate) is not
available, the reported core estate like-for-like net income for
the entire group declined by 3.7% compared with a 2.1% decline in
2011, and led to EBITDA per pub of GBP75,000 down from GBP78,000
as of FY2011. This suggests that we are not yet observing a
stabilization of performance of the highest quality and possibly
best-invested pubs in the securitization, which we would have
expected," S&P said.
"Given that the business has not progressed toward restoring the
core estate stability, we expect the erosion of the company's
cash generation ability to continue, both in absolute terms and
on a per-pub basis. Given the planned disposal of 2000 pubs in
both Punch A and Punch B over 2011-2014, we expect Punch B will
have 1688 pubs in FY2013, that is, approximately 54% of portfolio
it operated after the last tap in 2005. We also expect a further
deterioration in the EBITDA per pub given that 94% of Punch B's
Core portfolio is bound by the longer-term largely inflexible
substantive agreements. Under our base-case scenario for FY2013
we forecast revenues to fall by about 9% due to the smaller
portfolio of pubs, but also due to rent-rebasing, EBITDA
migrating downward by approximately 10% due to continued pressure
on costs as well as revenues, and an EBITDA margin in the 47%
region. EBITDA per pub is likely to remain largely stable at
GBP46,600. Consequently, we expect underlying EBITDA DSCR in a
year's time to be 0.94x and gross debt/EBITDA to reach 10.7x,"
S&P said.
"The transaction in its current form could, in our view, continue
until the parent is willing and capable to provide support. Our
forecast level of the unsupported EBITDA DSCR ratio suggests,
however, the need for a material increase in the parent support
in FY2013, further growing progressively. The parent company has
recently announced a restructuring of the securitization to
address this situation. In the absence of a consensual agreement
by all parties, a covenant breach would occur instantly. In this
circumstance, as a result of the expected withdrawal of support,
the appointed administrative receiver would inherit an estate,
which in our view would not generate enough proceeds to meet the
current interest and scheduled principal due on all the notes.
Enforcement costs and potential swaps mark-to-market will further
dilute proceeds available to the notes requiring utilization of
the balance in the cash accounts, if any, and drawings under the
liquidity facility available," S&P said.
"As of August 2012 the liquidity facility (of GBP168 million)
available to the issuer remains fully undrawn. The disposals
resulting from the sale of the pubs at an average 18x EBITDA
multiple (down from 24x EBITDA in FY2011) were predominantly used
for capital expenditure (allowed as long as the reported EBITDA
DSCR is not less than 1.35x), debt service and otherwise
accumulated in the disposal proceeds account, which held
approximately GBP33 million as of Aug. 18, 2012. No unscheduled
debt repayment or notes buy back have occurred in the course of
the last year," S&P said.
"The negative outlook reflects our expectation of the further
decline in the business performance combined with the
questionable viability of the capital structure and uncertainty
facing the transaction. If we received a confirmation that a
distressed offer is announced or otherwise anticipated, we would
lower the ratings on the tranches subject to such an offer, to
'CC (sf)', and subsequently to 'D (sf)' (default) when the offer
is consummated. The ratings on the tranches that reject a
distressed offer, would reflect our then current view of the
likelihood of their debt service being met as originally
promised. Post restructuring, we would revise the ratings on the
affected tranches to reflect the benefits realized from the
restructuring. Punch B is a corporate securitization backed by
operating cash flows generated by 2,604 tenanted pubs," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Punch Taverns Finance PLC
GBP2.65 Billion Asset-Backed Fixed- and Floating-Rate Notes
Ratings Lowered; Outlook Negative
A3 B+ (sf)/Negative BB(sf)/Negative
A6 B+ (sf)/Negative BB(sf)/Negative
A7 B+ (sf)/Negative BB (sf)/Negative
A7 (SPUR) B+ (sf)/Negative BB (sf)/Negative
A8 B+ (sf)/Negative BB (sf)/Negative
A8 (SPUR) B+ (sf)/Negative BB (sf)/Negative
B1 CCC (sf)/Negative B (sf)/Negative
B2 CCC (sf)/Negative B (sf)/Negative
C1 CCC (sf)/Negative B-(sf)/Negative
STEAD & SIMPSON: To Close 90 Unprofitable Stores
------------------------------------------------
Gareth Mackie at The Scotsman reports that Stead & Simpson said
it will close 90 stores, including seven in Scotland, following a
"thorough review" of the loss-making business.
Parent company Shoe Zone, which bought Stead & Simpson almost
five years ago, said it had been forced to shut unprofitable
branches to protect the future of the business, the Scotsman
relates.
Continued pressure on customer spending, along with fierce
competition from discount retailers and the growing popularity of
online shopping, has seen a number of recent high street
casualties, including Clinton Cards, Comet and JJB Sports, the
Scotsman discloses.
"We have undertaken a thorough review of the Stead & Simpson
business over the last few months which has culminated in the
winding up of Tyler Ltd., the company that Stead & Simpson stores
trade under," the Scotsman quotes Naomi Shefford, marketing and
property director at Shoe Zone, as saying. "We want to emphasize
that this review has not affected Shoe Zone in any way at all,
and has in fact further strengthened this business."
According to the Scotsman, accounts filed with Companies House
showed Leicester-based Tyler made a pre-tax loss of GBP704,000 in
the year to January 1, 2011, the latest period for which figures
are available. Turnover fell to GBP53.5 million, from GBP59.3
million the previous year, amid "difficult" trading conditions,
although the directors had expressed hopes that the firm's
performance would improve, the Scotsman relates.
The firm ended the financial year with 230 Stead & Simpson
stores, employing about 1,400 people, according to the Scotsman.
A spokeswoman was unable to say how many jobs could be lost as a
result of the closures, the Scotsman notes.
Stead & Simpson is a shoe retailer.
UK COAL: Splits Operations Into Two Businesses
----------------------------------------------
Jamie Grierson and Gareth Mackie at The Scotsman report that UK
Coal has completed a reshuffle of its business in a move that
safeguards 2,500 jobs.
According to the Scotsman, UK Coal, which was renamed Coalfield
Resources, has split its operations into two businesses -- a
mining arm called Mine Holdings and property division Harworth
Estates.
Ownership of the South Yorkshire-based group has been broken up
between the company, a newly-established employee benefit trust
and pension funds, the Scotsman discloses.
Under the restructuring, the pension funds now own 75% of
Harworth Estates, which has 30,000 acres of land and other
property, in return for a GBP30 million cash injection, the
Scotsman says.
The company, which generates about 5% of Britain's electricity
requirements, slumped to a loss in the first half of the year as
production at its Daw Mill mine near Coventry plunged, the
Scotsman relates.
"The restructuring has helped to safeguard 2,500 highly skilled
and well-paid jobs, a skilled supply chain, and created a funding
plan for the GBP450 million pension deficit that UK Coal has been
burdened with," the Scotsman quotes Chairman Jonson Cox as
saying.
As reported by the Troubled Company Reporter-Europe on Nov. 05,
2012, Emma Rowley at The Telegraph related that UK Coal risks
falling into the hands of administrators if shareholders fail to
back a crucial restructuring plan. The company's management
warned investors that if at a shareholder meeting on Nov. 4 they
do not back its plan to separate its coal and property arms by
the end of December, it risks closing for good, the Telegraph
disclosed.
UK Coal plc -- http://www.ukcoal.com/-- is a United Kingdom-
based company engaged in surface and underground coal mining,
property regeneration and management, and power generation. The
Company operates four deep mines, located in Central and Northern
England. Its deep mines business consists of Daw Mill
(Warwickshire), Kellingley (Yorkshire) and Thoresby and Welbeck
(Nottinghamshire). The Company had five active surface mines.
Total surface mining reserves and resources are estimated at
approximately 55 million tons. The Company owns approximately
45,000 acres (18,200 hectares) of predominantly agricultural
land. During the year ended December 31, 2008, it acquired 50%
of UK Strategic Partnership Limited as a joint venture company
with Strategic Sites Limited for the development of certain
investment properties. In January 2009, it sold 50% share in
Coal4Energy Limited to Hargreaves Services PLC.
* UK: Unveils Plan to Deal with Global Systematically Impt. Banks
-----------------------------------------------------------------
Russell Ward and Jim Brunsden at Bloomberg News report that U.S.
and U.K. regulators unveiled a plan for dealing with failing
global systemically important banks that will allow them to fire
senior executives as well as force losses on shareholders to
protect taxpayers.
According to Bloomberg, a paper jointly released by the U.S.
Federal Deposit Insurance Corp. and the Bank of England in London
on Monday said "A resolution strategy for a failed or failing
globally active, systemically important, financial institution
should assign losses to shareholders and unsecured creditors, and
hold management responsible."
Global regulators are working on ways to handle the failure of
large international banks to avoid another crisis like the one
inflamed by Lehman Brothers Holdings Inc.'s bankruptcy in 2008
that led to taxpayer bailouts, Bloomberg discloses.
BOE Deputy Governor Paul Tucker said the joint paper is a
"significant step" toward solving the issue, Bloomberg relates.
The U.S. has been developing its strategy under the Dodd-Frank
legislation passed in 2010, while the U.K. has focused its
efforts under the Banking Act of 2009, Bloomberg says, citing the
paper. They each focus on dealing with the top of a financial
group -- the holding or parent company -- to minimize disruptions
to sound subsidiaries, Bloomberg notes.
Both the Bank of England and the FDIC foresee that a wide range
of a failing bank's unsecured creditors could face losses,
Bloomberg states. Unsecured senior bondholders and uninsured
depositors are among those who could take a financial hit,
Bloomberg says, citing the paper. Bloomberg notes that the
document said in the U.K., funds allocated to a national
guarantee program for bank deposits could also be used to
stabilize failing banks.
The paper, as cited by Bloomberg, said that while the regulators
will co-ordinate their actions, there are differences in their
methods.
In the U.S., the holding company would be made bankrupt and
losses assigned to shareholders and unsecured creditors, with
soundly operating units transferred to a new entity, Bloomberg
discloses. The U.K. plan involves either the writedown or
conversion of securities held by creditors at the top of the
group to return the entire firm to solvency, Bloomberg states.
* UK: Moody's Says RPI Change Credit Neg. for Unreg. Utilities
--------------------------------------------------------------
Changes being considered by the UK's Office for National
Statistics (ONS) in the calculation of the Retail Prices Index
(RPI) would be credit negative for UK regulated utilities, says
Moody's Investors Service in a Special Comment report published
on Dec. 7. The three main potential impacts on utilities of the
changes are slower revenue growth, increased risk from indices
mismatch and challenged liquidity.
The new report is entitled "Possible Change in the Calculation of
RPI Would be Credit Negative".
Allowed revenue and the Regulatory Asset Value (RAV) are both
linked to RPI, one of the main measures of inflation, under the
framework for UK regulated utilities. Moody's notes that UK
utilities -- including water and energy networks and Network Rail
-- are also among the biggest issuers of index-linked debt, which
uses RPI for calculating interest.
"A lower RPI would lead to slower revenue growth, potentially at
a lower rate compared with a company's actual expenditure," says
Scott Phillips, an Assistant Vice President in Moody's
Infrastructure Finance Group and author of the report. "As
companies are mainly financed with fixed-coupon debt, the
reduction in future revenue would lead to weaker interest
coverage ratios, a credit negative." Similarly, lower RAV growth
could require an adjustment to dividends to keep gearing
constant, potentially causing problems for any holding company
debt.
"While index-linked debt could mitigate the impact of a lower
RPI, a mismatch in indices would increase risk," explains Mr.
Phillips. Index-linked debt has historically allowed companies to
efficiently align assets and liabilities and may mitigate some of
the negative effect of a lower RPI on financial ratios. However,
the bonds typically have clauses that protect bondholders from
adverse changes to an index, which if invoked could lead to
adjustments being made to protect their value. Revenues and RAV
would then be inflated using the new, lower RPI while debt would
use a higher, modified value, leading to a mismatch. This would
also result in a weakening of some financial ratios, a credit
negative.
"Furthermore, early redemption of bonds would present a liquidity
challenge," continues Mr. Phillips. "There is a low risk that
some bonds will be redeemed if adjustments to the index cannot be
agreed. If companies were unable to issue index-linked debt, they
could then be forced to refinance with fixed-coupon debt,
negatively affecting their interest coverage ratios," adds
Mr. Phillips. In Moody's view, however, this is a low risk as
bondholders could be sympathetic to the plight of an affected
company and may seek to negotiate for the bonds to continue.
The ONS published a consultation outlining three possible changes
to the calculation of RPI in October 2012.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
PAGESJAUNES GRP PAJ BQ -2572329208 1590596225
PAGESJAUNES GRP PAJ IX -2572329208 1590596225
PAGESJAUNES GRP PAJ FP -2572329208 1590596225
PAGESJAUNES GRP PGJUF US -2572329208 1590596225
PAGESJAUNES GRP PAJ VX -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EU -2572329208 1590596225
PAGESJAUNES GRP PAJP IX -2572329208 1590596225
PAGESJAUNES GRP PAJ LI -2572329208 1590596225
PAGESJAUNES GRP PAJ NQ -2572329208 1590596225
PAGESJAUNES GRP PAJ S1 -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EU -2572329208 1590596225
PEUGEOT CITROEN 3637183Z FP -292685177.7 366568398.7
PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
RHODIA SA RHAUSD EO -72552001.48 7951699362
RHODIA SA RHA QM -72552001.48 7951699362
RHODIA SA RHAGBX EO -72552001.48 7951699362
RHODIA SA RHA EU -72552001.48 7951699362
RHODIA SA RHAUSD EU -72552001.48 7951699362
RHODIA SA RHA BQ -72552001.48 7951699362
RHODIA SA RHDAF US -72552001.48 7951699362
RHODIA SA RHADF US -72552001.48 7951699362
RHODIA SA RHA EO -72552001.48 7951699362
RHODIA SA RHA VX -72552001.48 7951699362
RHODIA SA RHA S1 -72552001.48 7951699362
RHODIA SA RHA PZ -72552001.48 7951699362
RHODIA SA RHAGBP EO -72552001.48 7951699362
RHODIA SA RHA GK -72552001.48 7951699362
RHODIA SA RHA EB -72552001.48 7951699362
RHODIA SA RHA FP -72552001.48 7951699362
RHODIA SA RHD GR -72552001.48 7951699362
RHODIA SA RHAGBX EU -72552001.48 7951699362
RHODIA SA RHA TQ -72552001.48 7951699362
RHODIA SA 2324011Q EU -72552001.48 7951699362
RHODIA SA RHANR PZ -72552001.48 7951699362
RHODIA SA RHA IX -72552001.48 7951699362
RHODIA SA RHA NQ -72552001.48 7951699362
RHODIA SA RHDI TH -72552001.48 7951699362
RHODIA SA - NEW 3156011Q FP -72552001.48 7951699362
RHODIA SA - NEW RHANV FP -72552001.48 7951699362
RHODIA SA - NEW 2335921Q FP -72552001.48 7951699362
RHODIA SA - NEW 8125782Q FP -72552001.48 7951699362
RHODIA SA - NEW 3506266Q FP -72552001.48 7951699362
RHODIA SA-ADR RHAYY US -72552001.48 7951699362
RHODIA SA-NON RE RHANR FP -72552001.48 7951699362
RHODIA SA-RIGHTS RHADS FP -72552001.48 7951699362
RHODIA SA-RIGHTS 653447Q FP -72552001.48 7951699362
RODRIGUEZ GROUP RGX GR -91750912.54 173903830.1
RODRIGUEZ GROUP ROD TQ -91750912.54 173903830.1
RODRIGUEZ GROUP ROD S1 -91750912.54 173903830.1
RODRIGUEZ GROUP ROD PZ -91750912.54 173903830.1
RODRIGUEZ GROUP RRGZF US -91750912.54 173903830.1
RODRIGUEZ GROUP ROD EU -91750912.54 173903830.1
RODRIGUEZ GROUP RDGP IX -91750912.54 173903830.1
RODRIGUEZ GROUP ROD BQ -91750912.54 173903830.1
RODRIGUEZ GROUP ROD EO -91750912.54 173903830.1
RODRIGUEZ GROUP ROD FP -91750912.54 173903830.1
SANDOZ SAS 3635111Z FP -18996502.07 160259044.1
SDR CENTREST 117241Q FP -132420129.5 252176017.2
SEAFRANCE SA 1707464Z FP -1015379.945 247033398.8
SHEET ANCHOR FRA 4745417Z FP -14101146.92 168600747.8
SIEMENS TRANSMIS 4678865Z FP -19930279.05 315622985.4
SIEMENS VAI META 4634441Z FP -5935043.753 301409565.6
SOC NICOISE REAL 4749097Z FP -15642386.55 101088937.4
SOCIETE COMMERCI 4516647Z FP -179862008.2 1576030746
SOCIETE D'AGENCE 4741441Z FP -11128710.59 243411105.2
SOCIETE DES AUTO SEAUF US -251756893.2 10625026266
SOCIETE DES AUTO ARRGBX EO -251756893.2 10625026266
SOCIETE DES AUTO ARR1 PZ -251756893.2 10625026266
SOCIETE DES AUTO ARRGBP EO -251756893.2 10625026266
SOCIETE DES AUTO ARR1 VX -251756893.2 10625026266
SOCIETE DES AUTO RK9 GR -251756893.2 10625026266
SOCIETE DES AUTO ARR BQ -251756893.2 10625026266
SOCIETE DES-ADR SEAUY US -251756893.2 10625026266
SOGARA FRANCE 4674897Z FP -62973.12595 362782264
SOLVAY PHARMA SA 4525911Z FP -25551805.99 108445558.7
ST-ERICSSON GREN 4753017Z FP -28457816.66 102361354.6
TEAM PARTNER-RTS 633323Q FP -13557467.93 129831049
TEAM PARTNER-RTS 2841653Q FP -13557467.93 129831049
TEAM PARTNERS TPTRF US -13557467.93 129831049
TEAM PARTNERS TPGY IX -13557467.93 129831049
TEAM PARTNERS 2347985Q EO -13557467.93 129831049
TEAM PARTNERS TIP FP -13557467.93 129831049
TEAM PARTNERS TIP PZ -13557467.93 129831049
TEAM PARTNERS 2347981Q EU -13557467.93 129831049
TEAM PARTNERS GR TIPNV FP -13557467.93 129831049
TEAM PARTNERS GR TIPA FP -13557467.93 129831049
TEAM PARTNERS GR TPGP PZ -13557467.93 129831049
TEAM PARTNERS GR TPGP IX -13557467.93 129831049
TEAM PARTNERS GR TIPA EU -13557467.93 129831049
TEAM PARTNERS GR TIPDS FP -13557467.93 129831049
TEAM PARTNERS GR TIPA EO -13557467.93 129831049
TEAM PARTNERS-N TIPN FP -13557467.93 129831049
TF1 VIDEO SASU 4516855Z FP -14497962.96 104782781.8
THALES SECURITY 4701729Z FP -426153529.7 822653430.4
THALES SERVICES 3636471Z FP -68610758.53 645796540.3
THOMSON TELECOM 4516815Z FP -35805908.77 528384056.4
THYSSENKRUPP SOF 4740929Z FP -34703144.08 214714504
TRABET-TRAVAUX E 4782745Z FP -1512762.505 110553204.9
TRANSOLVER SERVI 4521279Z FP -36332151.84 199228520.9
TREVES 4722153Z FP -50694749.81 386836995.6
TROUVAY CAUVIN TVYCF US -396977.8818 133986439.7
TROUVAY CAUVIN ETEC FP -396977.8818 133986439.7
TUILERIES FINANC 4701769Z FP -3956839.937 125936634.2
VISTEON SYSTEMES 4699177Z FP -156611406.8 305260373.5
YPSO FRANCE SAS 711227Z FP -1351250200 4088652781
YVES ST LAURENT/ 4633025Z FP -82897369.68 390343397.3
GEORGIA
-------
DEVELICA DEUTSCH D4B GR -79827494.88 1139643575
DEVELICA DEUTSCH DDE IX -79827494.88 1139643575
DEVELICA DEUTSCH DDE PZ -79827494.88 1139643575
DEVELICA DEUTSCH DDE PG -79827494.88 1139643575
DEVELICA DEUTSCH DDE LN -79827494.88 1139643575
GERMANY
-------
AGOR AG DOO S1 -482449.8788 144432986.2
AGOR AG NDAGF US -482449.8788 144432986.2
AGOR AG DOO EU -482449.8788 144432986.2
AGOR AG DOOG IX -482449.8788 144432986.2
AGOR AG DOO GR -482449.8788 144432986.2
AGOR AG DOO EO -482449.8788 144432986.2
AGOR AG DOOD PZ -482449.8788 144432986.2
AGOR AG-RTS 2301918Z GR -482449.8788 144432986.2
ALNO AG ANO EO -73704044.41 211434051.7
ALNO AG ANO S1 -73704044.41 211434051.7
ALNO AG ANO PZ -73704044.41 211434051.7
ALNO AG ANO EU -73704044.41 211434051.7
ALNO AG ANO TH -73704044.41 211434051.7
ALNO AG ALNO IX -73704044.41 211434051.7
ALNO AG ANO GR -73704044.41 211434051.7
ALNO AG - RTS ANO2 GR -73704044.41 211434051.7
ALNO AG-NEW ANO1 GR -73704044.41 211434051.7
ALNO AG-RTS 4123912Z GR -73704044.41 211434051.7
ALNO AG-RTS 8174351Z GR -73704044.41 211434051.7
ALNO AG-RTS 2259765Z GR -73704044.41 211434051.7
BOSCH SOLAR THIN 2734946Z GR -5092819.401 206942365.9
BROKAT AG BRKAF US -27134800.92 143511443.1
BROKAT AG BROFQ US -27134800.92 143511443.1
BROKAT AG BKISF US -27134800.92 143511443.1
BROKAT AG BROAF US -27134800.92 143511443.1
BROKAT AG -NEW BRJ1 NM -27134800.92 143511443.1
BROKAT AG -NEW BRJ1 GR -27134800.92 143511443.1
BROKAT AG-ADR BROA US -27134800.92 143511443.1
BROKAT TECH -ADR BROAQ US -27134800.92 143511443.1
BROKAT TECH AG BRJ GR -27134800.92 143511443.1
BROKAT TECH AG BSA LN -27134800.92 143511443.1
BROKAT TECH AG BRJ NM -27134800.92 143511443.1
BROKAT TECH-ADR BRJA GR -27134800.92 143511443.1
COGNIS GMBH 575202Z GR -745013993.7 3306935972
COMMERZ REAL MOB 3988716Z GR -4537893.206 2292335153
COMPASS GROUP DE 3896530Z GR -45713969.85 408640427.9
CONERGY AG CGYKUSD EO -506044.0063 390918994.9
CONERGY AG CGY EU -506044.0063 390918994.9
CONERGY AG CGY GR -506044.0063 390918994.9
CONERGY AG CGYKGBX EO -506044.0063 390918994.9
CONERGY AG CGY TQ -506044.0063 390918994.9
CONERGY AG CGYUSD EU -506044.0063 390918994.9
CONERGY AG CGYK S1 -506044.0063 390918994.9
CONERGY AG CGYK IX -506044.0063 390918994.9
CONERGY AG CEYHF US -506044.0063 390918994.9
CONERGY AG CGYUSD EO -506044.0063 390918994.9
CONERGY AG CGYK EB -506044.0063 390918994.9
CONERGY AG CGYGBX EO -506044.0063 390918994.9
CONERGY AG CGYK BQ -506044.0063 390918994.9
CONERGY AG CGY BQ -506044.0063 390918994.9
CONERGY AG CGYK GR -506044.0063 390918994.9
CONERGY AG CGYK TQ -506044.0063 390918994.9
CONERGY AG CGYKUSD EU -506044.0063 390918994.9
CONERGY AG CGY PZ -506044.0063 390918994.9
CONERGY AG CGY EO -506044.0063 390918994.9
CONERGY AG CGY IX -506044.0063 390918994.9
CONERGY AG CGY NQ -506044.0063 390918994.9
CONERGY AG CGYK EU -506044.0063 390918994.9
CONERGY AG CGY EB -506044.0063 390918994.9
CONERGY AG CGY QM -506044.0063 390918994.9
CONERGY AG CGY TH -506044.0063 390918994.9
CONERGY AG CGYK EO -506044.0063 390918994.9
CONERGY AG CGYKGBP EO -506044.0063 390918994.9
CONERGY AG CGYK PZ -506044.0063 390918994.9
CONERGY AG CGYK TH -506044.0063 390918994.9
CONERGY AG CGYGBP EO -506044.0063 390918994.9
CONERGY AG CGYK QM -506044.0063 390918994.9
CONERGY AG CGY S1 -506044.0063 390918994.9
CONERGY AG -RTS CGYB GR -506044.0063 390918994.9
CONERGY AG-ALTAK CGY2 GR -506044.0063 390918994.9
CONERGY AG-RTS 9274362Z GR -506044.0063 390918994.9
EDOB ABWICKLUNGS ESC TH -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC EO -22323468.51 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC GR -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC EU -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC BQ -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC TQ -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC PZ -22323468.51 425598807.8
EM.TV & MERCHAND ETV NM -22067243.56 849175624.7
EM.TV & MERCHAND ETV VX -22067243.56 849175624.7
EM.TV & MERCHAND ETVMF US -22067243.56 849175624.7
EM.TV & MERCHAND EMTVF US -22067243.56 849175624.7
EM.TV & MERCHAND ETV LN -22067243.56 849175624.7
EM.TV & MERCHAND 985403Q GR -22067243.56 849175624.7
EM.TV & MERC-NEW ETV1 GR -22067243.56 849175624.7
EM.TV & MERC-NEW ETV1 NM -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 GR -22067243.56 849175624.7
EM.TV & MERC-RTS ETV8 NM -22067243.56 849175624.7
ESCADA AG ESCG IX -22323468.51 425598807.8
ESCADA AG -PFD ESC3 GR -22323468.51 425598807.8
ESCADA AG-NEW 3069367Q GR -22323468.51 425598807.8
ESCADA AG-NEW 835345Q GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN EO -22323468.51 425598807.8
ESCADA AG-NEW ESCD GR -22323468.51 425598807.8
ESCADA AG-NEW ESCC GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN EU -22323468.51 425598807.8
ESCADA AG-RTS ESCE GR -22323468.51 425598807.8
ESCADA AG-SP ADR ESCDY US -22323468.51 425598807.8
GENERAL ELECTRIC 4501923Z GR -547318343.8 8720530002
GUENTHER & SOHN GUS PZ -9612095.264 130075209
GUENTHER & SOHN GUS EO -9612095.264 130075209
GUENTHER & SOHN GUS GR -9612095.264 130075209
GUENTHER & SOHN GUS EU -9612095.264 130075209
KABEL DEUTSC-ADR KBDHY US -1921707863 3240567525
KABEL DEUTSCHLAN KD8 TH -1921707863 3240567525
KABEL DEUTSCHLAN KD8 S1 -1921707863 3240567525
KABEL DEUTSCHLAN KD8 EB -1921707863 3240567525
KABEL DEUTSCHLAN KD8 TQ -1921707863 3240567525
KABEL DEUTSCHLAN KD8 EU -1921707863 3240567525
KABEL DEUTSCHLAN KD8GBP EO -1921707863 3240567525
KABEL DEUTSCHLAN KD8 NR -1921707863 3240567525
KABEL DEUTSCHLAN KD8 GR -1921707863 3240567525
KABEL DEUTSCHLAN KD8 EO -1921707863 3240567525
KABEL DEUTSCHLAN KD8USD EU -1921707863 3240567525
KABEL DEUTSCHLAN KD8 PZ -1921707863 3240567525
KABEL DEUTSCHLAN KBDHF US -1921707863 3240567525
KABEL DEUTSCHLAN KD8 QM -1921707863 3240567525
KABEL DEUTSCHLAN KD8 IX -1921707863 3240567525
KABEL DEUTSCHLAN KD8 BQ -1921707863 3240567525
KABEL DEUTSCHLAN KD8USD EO -1921707863 3240567525
KABEL DEUTS-CW10 DB7KWG GR -1921707863 3240567525
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
MANIA TECHNOLOGI MNI S1 -35060809.35 107465713.6
MANIA TECHNOLOGI MIAVF US -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060809.35 107465713.6
MANIA TECHNOLOGI MNI NM -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060809.35 107465713.6
MANIA TECHNOLOGI MNI PZ -35060809.35 107465713.6
MANIA TECHNOLOGI MNI GR -35060809.35 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNIG IX -35060809.35 107465713.6
MANIA TECHNOLOGI MNI TH -35060809.35 107465713.6
MATERNUS KLINI-N MAK1 GR -17249775.07 161290141
MATERNUS-KLINIKE MAK GR -17249775.07 161290141
MATERNUS-KLINIKE MNUKF US -17249775.07 161290141
MATERNUS-KLINIKE MAK EO -17249775.07 161290141
MATERNUS-KLINIKE MAK S1 -17249775.07 161290141
MATERNUS-KLINIKE MAK PZ -17249775.07 161290141
MATERNUS-KLINIKE MAK TH -17249775.07 161290141
MATERNUS-KLINIKE MAK EU -17249775.07 161290141
MATERNUS-KLINIKE MAKG IX -17249775.07 161290141
NORDAG AG DOO1 GR -482449.8788 144432986.2
NORDAG AG-PFD DOO3 GR -482449.8788 144432986.2
NORDAG AG-RTS DOO8 GR -482449.8788 144432986.2
NORDENIA INTL AG NOD GR -74471727.44 729626481.3
NORDENIA INTL AG NOD8 GR -74471727.44 729626481.3
NORDSEE AG 533061Q GR -8200551.142 194616922.6
NUERNB HYPO-RTS NUE8 GR -2104037124 5.86E+11
NUERNB HYPOTHEK 0478131D GR -2104037124 5.86E+11
PFLEIDERER AG PBVDF US -97572495.87 1832488196
PFLEIDERER AG-BE PFD GR -97572495.87 1832488196
PFLEIDERER A-RTS PFDB GR -97572495.87 1832488196
PFLEIDERER-NEW PFD1 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 EB -97572495.87 1832488196
PFLEIDERER-REG PFD4 EU -97572495.87 1832488196
PFLEIDERER-REG PFD4GBP EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 TH -97572495.87 1832488196
PFLEIDERER-REG PFD4 NR -97572495.87 1832488196
PFLEIDERER-REG PFD4 TQ -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EO -97572495.87 1832488196
PFLEIDERER-REG PFDG IX -97572495.87 1832488196
PFLEIDERER-REG PFD4 S1 -97572495.87 1832488196
PFLEIDERER-REG PFD4 EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 PZ -97572495.87 1832488196
PFLEIDERER-REG PFD4 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 QM -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EU -97572495.87 1832488196
PFLEIDERER-REG PFD4 NQ -97572495.87 1832488196
PFLEIDERER-REG PFD4 BQ -97572495.87 1832488196
PFLEIDERER-REG PFEIF US -97572495.87 1832488196
PRIMACOM AG PRCG IX -18656751.16 610380925.7
PRIMACOM AG PRC2 GR -18656751.16 610380925.7
PRIMACOM AG PRC S1 -18656751.16 610380925.7
PRIMACOM AG PRC NM -18656751.16 610380925.7
PRIMACOM AG PCAGF US -18656751.16 610380925.7
PRIMACOM AG PRC EU -18656751.16 610380925.7
PRIMACOM AG PRC GR -18656751.16 610380925.7
PRIMACOM AG PRC TH -18656751.16 610380925.7
PRIMACOM AG PRCG PZ -18656751.16 610380925.7
PRIMACOM AG PRC EO -18656751.16 610380925.7
PRIMACOM AG-ADR PCAGY US -18656751.16 610380925.7
PRIMACOM AG-ADR PCAG US -18656751.16 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
RINOL AG RILB S1 -1.171602 168095049.1
RINOL AG RILB GR -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
RINOL AG RILB IX -1.171602 168095049.1
RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RILB PZ -1.171602 168095049.1
RINOL AG RILB EO -1.171602 168095049.1
ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
SOLON AG FUE-NEW SOO4 GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOOJ GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOO3 GR -138663225.9 627116116.4
SOLON AG FUER SO SOO GR -138663225.9 627116116.4
SOLON AG FUER SO SOOG IX -138663225.9 627116116.4
SOLON AG FUE-RTS 2292896Z GR -138663225.9 627116116.4
SOLON AG FU-MEW 532564Q GR -138663225.9 627116116.4
SOLON SE SOO1 PZ -138663225.9 627116116.4
SOLON SE SOON EU -138663225.9 627116116.4
SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
SOLON SE SOO1 TQ -138663225.9 627116116.4
SOLON SE SOO1 S1 -138663225.9 627116116.4
SOLON SE SNBZF US -138663225.9 627116116.4
SOLON SE SOO1 EO -138663225.9 627116116.4
SOLON SE SOON EO -138663225.9 627116116.4
SOLON SE SOO1 EU -138663225.9 627116116.4
SOLON SE SOO1 BQ -138663225.9 627116116.4
SOLON SE SOON GR -138663225.9 627116116.4
SOLON SE SOO1USD EU -138663225.9 627116116.4
SOLON SE-RTS 3664247Z GR -138663225.9 627116116.4
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
ALAPIS HOLDING 3385874Q GA -670700605.1 924332371.1
ALAPIS HOLDING I V2R GR -670700605.1 924332371.1
ALAPIS HOLDING I VTERF US -670700605.1 924332371.1
ALAPIS HOLDING I FFE GR -670700605.1 924332371.1
ALAPIS HOLDING I ALAPIS EU -670700605.1 924332371.1
ALAPIS HOLDING I VETER GA -670700605.1 924332371.1
ALAPIS HOLDIN-RT ALAPISR GA -670700605.1 924332371.1
ALAPIS REPO ALAPL10 GA -670700605.1 924332371.1
ALAPIS R-R ALAPV10 GA -670700605.1 924332371.1
ALAPIS SA ALAPI EU -670700605.1 924332371.1
ALAPIS SA ALAPI EO -670700605.1 924332371.1
ALAPIS SA ALAPIS GA -670700605.1 924332371.1
ALAPIS SA FFEF GR -670700605.1 924332371.1
ALAPIS SA FFEB GR -670700605.1 924332371.1
ALAPIS SA ALAPIS PZ -670700605.1 924332371.1
ALAPIS SA APSHF US -670700605.1 924332371.1
ASPIS BANK SA ASEUF US -46224213.41 3486115450
ASPIS BANK-RIGHT 365673Q GA -46224213.41 3486115450
ASPIS BANK-RTS ASPTR GA -46224213.41 3486115450
ASPIS BANK-RTS 839325Q GA -46224213.41 3486115450
ASPIS BANK-RTS 3558423Q GA -46224213.41 3486115450
ASPIS MORT-RTS ASPTD GA -46224213.41 3486115450
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
EDRASIS C. PSALL EDRAR GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EU -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EO -68424544.93 193206489.9
EDRASIS PSALIDAS EPP GR -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA PZ -68424544.93 193206489.9
EDRASIS-AUCTION EDRAE GA -68424544.93 193206489.9
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA BRAIN PZ -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN EO -4264723.817 411173224.1
HELLAS ONLINE SA 0394471Q GA -4264723.817 411173224.1
HELLAS ONLINE SA UN5 GR -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN GA -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN EU -4264723.817 411173224.1
HELLAS ONLINE SA HOL GA -4264723.817 411173224.1
HELLAS ONLIN-RTS HOLR GA -4264723.817 411173224.1
KATSELIS SON-P R KATPD GA -84623057.15 115632796.2
KATSELIS SONS-PF KATSP GA -84623057.15 115632796.2
KATSELIS SONS-RT KATKD GA -84623057.15 115632796.2
LAMBRAKIS PR -RT DOLD GA -39671021.31 225710342.6
LAMBRAKIS PRESS LMBKF US -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EU -39671021.31 225710342.6
LAMBRAKIS PRESS LA3A GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL GA -39671021.31 225710342.6
LAMBRAKIS PRESS LA3 GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL PZ -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EO -39671021.31 225710342.6
LAMBRAKIS REPO DOLL10 GA -39671021.31 225710342.6
LAMBRAKIS R-R DOLV10 GA -39671021.31 225710342.6
LAMBRAKIS-AUC DOLE GA -39671021.31 225710342.6
LAVIPHARM SA LAVI GA -5006040.333 167080549.6
LAVIPHARM SA LAVI EU -5006040.333 167080549.6
LAVIPHARM SA LAVI EO -5006040.333 167080549.6
LAVIPHARM SA LAVI PZ -5006040.333 167080549.6
LAVIPHARM SA LVP GR -5006040.333 167080549.6
LAVIPHARM SA BXA GR -5006040.333 167080549.6
LAVIPHARM SA LVIXF US -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVID GA -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVIR GA -5006040.333 167080549.6
LAVIPHARM-AUC LAVIE GA -5006040.333 167080549.6
MAILLIS MLISF US -2041887.566 401387790.4
MAILLIS -RTS MAIKR GA -2041887.566 401387790.4
MAILLIS-SPON ADR MJMSY US -2041887.566 401387790.4
MARITIME CO LESB MEKD CH -7779986.972 235355419.9
MARITIME CO LESB NELD GA -7779986.972 235355419.9
MARITIME CO LESV NEL PZ -7779986.972 235355419.9
MARITIME CO LESV MTMLF US -7779986.972 235355419.9
MARITIME CO LESV NEL EU -7779986.972 235355419.9
MARITIME CO LESV NEL GA -7779986.972 235355419.9
MARITIME CO LESV NEL EO -7779986.972 235355419.9
MARITIME CO LESV MCV GR -7779986.972 235355419.9
MARITIME CO -RTS 2749585Q GA -7779986.972 235355419.9
MARITIME COMPANY NELE GA -7779986.972 235355419.9
MARITIME COM-RTS NELR GA -7779986.972 235355419.9
MARITIME CO-RTS 5078509Q GA -7779986.972 235355419.9
MARITIME LESV-RT NELBR GA -7779986.972 235355419.9
MJ MAILLIS S.A. MJL GR -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK PZ -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK EU -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK GA -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK EO -2041887.566 401387790.4
NAOUSSA SPIN -RT NAOYD GA -163114842.1 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114842.1 286539436.9
NAOUSSA SPINNING NML GR -163114842.1 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842.1 286539436.9
NUTRIART S.A. KTSEF US -84623057.15 115632796.2
NUTRIART S.A. KATSK GA -84623057.15 115632796.2
NUTRIART SA KATSK EO -84623057.15 115632796.2
NUTRIART SA KATSK PZ -84623057.15 115632796.2
NUTRIART SA NUTRIART GA -84623057.15 115632796.2
NUTRIART SA KATSK EU -84623057.15 115632796.2
NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
UNITED TEXTILES NAOSF US -163114842.1 286539436.9
UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
-------
AIRPLANES HOLDIN 4461857Z ID -16556589608 931628665.2
ALECTRA FINANCE 4505075Z ID -59841094.81 1863021876
ARCADE PROPERTY 4461121Z ID -271759845.9 854806905.5
ARDAGH GLASS FIN 3489820Z ID -425719878.1 5124811840
ARNOTTS HOLDINGS 4462545Z ID -345703659.3 169928201.7
AVAYA HOLDINGS L 4491803Z ID -332334120.8 255019134.5
BALLYMORE PROPER 162707Z ID -243143095.2 972399152.8
BIRCHFORD INVEST 3802508Z ID -17025540.7 218278444.2
BPM IRELAND PLC 4471855Z ID -4595598.259 844444461.6
CAMBER 4 PLC 3807980Z ID -548127044.3 336912874.6
CAPEL DEVELOPMEN 3813016Z ID -54774206.54 118764190.8
COMMUNICORP GROU 1027859Z ID -28828642.17 309423497.3
CONOCOPHILLIPS I 4526671Z ID -215725943.4 369716179.9
CONOCOPHILLIPS W 3894318Z ID -176383297.5 403120095.3
DUOMO FUNDING PL 4462513Z ID -35248.53659 1636451107
ELAN PHARMA INTE 4515071Z ID -275500000 1657900032
ELLERSTON GEMS O 4781417Z ID -4056787.085 195869209.7
EURCO FINANCE 3799980Z ID -48643223.1 679126971.7
FOL INTERNATIONA 4513251Z ID -43457938.48 343547754.8
FRESHWATER FINAN 699575Z ID -251700725.1 1588010523
FRUIT OF THE LOO 4459361Z ID -85434026.52 344655328.1
GS MULTI-CURRENC 4780921Z ID -218031502.7 1766463253
INDEP NEWS & MED INM LN -257955932.2 715040181
INDEP NEWS & MED INWS IX -257955932.2 715040181
INDEP NEWS & MED INM1 EU -257955932.2 715040181
INDEP NEWS & MED INWS ID -257955932.2 715040181
INDEP NEWS & MED INM1GBX EO -257955932.2 715040181
INDEP NEWS & MED INNS VX -257955932.2 715040181
INDEP NEWS & MED IPDC GK -257955932.2 715040181
INDEP NEWS & MED INM1GBX EU -257955932.2 715040181
INDEP NEWS & MED INM VX -257955932.2 715040181
INDEP NEWS & MED IPD PZ -257955932.2 715040181
INDEP NEWS & MED INNZF US -257955932.2 715040181
INDEP NEWS & MED INM1 EO -257955932.2 715040181
INDEP NEWS & MED INM1 NQ -257955932.2 715040181
INDEP NEWS & MED INWS PO -257955932.2 715040181
INDEP NEWS & MED INM1 EB -257955932.2 715040181
INDEP NEWS & MED INM PZ -257955932.2 715040181
INDEP NEWS & MED INP NZ -257955932.2 715040181
INDEP NEWS & MED INM ID -257955932.2 715040181
INDEP NEWS & MED IPD PO -257955932.2 715040181
INDEP NEWS & MED INWS LN -257955932.2 715040181
INDEP NEWS & MED INM1 TQ -257955932.2 715040181
INDEP NEWS & MED IPDC GR -257955932.2 715040181
INDEP NEWS & MED INM1 NR -257955932.2 715040181
INDEP NEWS & MED INM S1 -257955932.2 715040181
INDEP NEWS & MED IPD GR -257955932.2 715040181
INDEP NEWS &-F/P INWF LN -257955932.2 715040181
INDEP NEWS &-F/P IPDC ID -257955932.2 715040181
INDEP NEWS &-N/P INDB ID -257955932.2 715040181
INDEP NEWS &-N/P INWN LN -257955932.2 715040181
INDEP NEWS &-NEW IPDA GR -257955932.2 715040181
INDEP NEWS &-NEW INWN ID -257955932.2 715040181
INDEP NEWS-ADR INNZY US -257955932.2 715040181
INDEP NEWSPAPERS IPNWF US -257955932.2 715040181
INDEP NEWSPAPERS QQIAF US -257955932.2 715040181
INDEPENDENT-FPR INMF ID -257955932.2 715040181
INDEPENDENT-FPR INMF LN -257955932.2 715040181
INDEPENDENT-FPR INMF PZ -257955932.2 715040181
INDEPENDENT-NPR INMN PZ -257955932.2 715040181
INDEPENDENT-NPR INMN ID -257955932.2 715040181
INDEPENDENT-NPR INMN LN -257955932.2 715040181
IRISH NATIONWIDE 1020Z ID -24460514.19 16215850688
LCH EUROPEAN POR 3809212Z ID -91665071.77 296022574.1
LTR FINANCE NO 8 3816616Z ID -8799339.829 323480874.1
MAINAU FUNDING L 4460161Z ID -216846138.8 1309830017
MCAFEE IRELAND L 3809112Z ID -39595362.44 515570024.5
MCINERNEY HLDGS MK9 PO -137972148.5 304108432.2
MCINERNEY HLDGS MCI EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI VX -137972148.5 304108432.2
MCINERNEY HLDGS MNEYF US -137972148.5 304108432.2
MCINERNEY HLDGS MCI LN -137972148.5 304108432.2
MCINERNEY HLDGS MK9 GR -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EU -137972148.5 304108432.2
MCINERNEY HLDGS MCII IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI EU -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI ID -137972148.5 304108432.2
MCINERNEY HLDGS MK9C PZ -137972148.5 304108432.2
MCINERNEY HLDGS MCI PO -137972148.5 304108432.2
MCINERNEY PROP-A MYP LN -137972148.5 304108432.2
MCINERNEY PROP-A MCIYF US -137972148.5 304108432.2
MCINERNEY PROP-A MYP ID -137972148.5 304108432.2
MCINERNEY -RT FP MCIF LN -137972148.5 304108432.2
MCINERNEY -RT FP MCIF ID -137972148.5 304108432.2
MCINERNEY -RT NP MCIN LN -137972148.5 304108432.2
MCINERNEY -RT NP MCIN ID -137972148.5 304108432.2
MCINERNEY-ADR MNEYY US -137972148.5 304108432.2
MYRMIDON CMBS PR 3819292Z ID -106452050.5 274187079.5
NOBLE CARBON CRE 3643943Z ID -19803913.97 122514177.1
NOVELL IRELAND S 3632507Z ID -42302599.57 275653812
PAYZONE PLC PAYZ EO -138030903.2 510010035.3
PAYZONE PLC PAYZ PZ -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ IX -138030903.2 510010035.3
PAYZONE PLC 4P6 GR -138030903.2 510010035.3
QUINN GROUP LTD 166771Z ID -228838127.1 2504412121
RHATIGAN COMMERC 3800004Z ID -196980690.9 136107436.9
SALOME FUNDING P 747246Z ID -1780227.756 2390329099
SCHWARZ PHARMA L 626603Z ID -566486089.9 327913450.8
SHENDA IRELAND L 4781889Z ID -147003552 222048024.6
SPENCER DOCK DEV 3813908Z ID -87906519 773958702
START FUNDING NO 3816392Z ID -8410425.946 624257073.1
SUSQUEHANNA EURO 4459081Z ID -1252022268 5765502698
TAKEDA PHARMA IR 4460049Z ID -553964898.1 178556098.5
TOPAZ ENERGY GRO 4508643Z ID -20430096.67 574668196.2
UPC BROADBAND IR 3633179Z ID -295261091 748962719.5
WATERFORD - RTS WWWA GR -505729895.2 820803256
WATERFORD - RTS WWWB GR -505729895.2 820803256
WATERFORD - RTS WWWB ID -505729895.2 820803256
WATERFORD - RTS WWWA ID -505729895.2 820803256
WATERFORD - RTS 508519Q LN -505729895.2 820803256
WATERFORD - RTS 508523Q LN -505729895.2 820803256
WATERFORD CRYSTA 4459209Z ID -150440252.3 114111756.9
WATERFORD W-ADR WATWY US -505729895.2 820803256
WATERFORD WDGEWD WATWF US -505729895.2 820803256
WATERFORD WDGEWD WATFF US -505729895.2 820803256
WATERFORD WED-RT WWWD ID -505729895.2 820803256
WATERFORD WED-RT WWWC ID -505729895.2 820803256
WATERFORD WED-RT WTFR LN -505729895.2 820803256
WATERFORD WED-RT 586556Q LN -505729895.2 820803256
WATERFORD WED-RT WWWC GR -505729895.2 820803256
WATERFORD WED-RT WWWD GR -505729895.2 820803256
WATERFORD WED-RT 586552Q LN -505729895.2 820803256
WATERFORD WED-UT WTFU VX -505729895.2 820803256
WATERFORD WED-UT WWW PO -505729895.2 820803256
WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
WATERFORD WED-UT WWW GR -505729895.2 820803256
WATERFORD WED-UT WTFU EO -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EU -505729895.2 820803256
WATERFORD WED-UT WTFU PO -505729895.2 820803256
WATERFORD WED-UT WTFU ID -505729895.2 820803256
WATERFORD WED-UT WTFU IX -505729895.2 820803256
WATERFORD WED-UT WTFU EU -505729895.2 820803256
WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
WATERFORD WE-RTS WTFN ID -505729895.2 820803256
WATERFORD WE-RTS WTFN LN -505729895.2 820803256
WATERFORD WE-RTS WTFF LN -505729895.2 820803256
WATERFORD-ADR UT WFWA GR -505729895.2 820803256
WATERFORD-ADR UT WATFZ US -505729895.2 820803256
WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
CIRIO FINANZIARI FIY GR -422095936.7 1583083044
COGEME AXA COGAXA IM -77319804.75 102552226.7
COGEME AZXOBCV COGOB IM -77319804.75 102552226.7
COGEME SET SPA COG EO -77319804.75 102552226.7
COGEME SET SPA COG EU -77319804.75 102552226.7
COGEME SET SPA COG IM -77319804.75 102552226.7
COGEME SET SPA COG PZ -77319804.75 102552226.7
COGEME SET SPA CRT GR -77319804.75 102552226.7
COGEME SET SPA COGM IX -77319804.75 102552226.7
COIN SPA 965089Q GR -154057598.5 800526929.5
COIN SPA GUCIF US -154057598.5 800526929.5
COIN SPA GC IX -154057598.5 800526929.5
COIN SPA/OLD GC IM -154057598.5 800526929.5
COIN SPA-RTS GCAA IM -154057598.5 800526929.5
COMPAGNIA ITALIA CITU IX -137726596.3 527372691.4
COMPAGNIA ITALIA ICT IM -137726596.3 527372691.4
COMPAGNIA ITALIA CGLUF US -137726596.3 527372691.4
CREDITO FONDIARI CRF IM -200209050.3 4213063202
CREDITO FOND-RTS CRFSA IM -200209050.3 4213063202
DIMA COSTRUZIONI 4526911Z IM -14681477.1 426157772.4
DIMAFIN SPA 2727163Z IM -63237953.95 270856564.4
FINMATICA SPA FIN NM -126380828.5 281244456.3
FINMATICA SPA FMTAF US -126380828.5 281244456.3
FINMATICA SPA FIN IM -126380828.5 281244456.3
FINMATICA SPA FIT GR -126380828.5 281244456.3
GABETTI AXA+W GABAAW IM -11268334.91 224454564
GABETTI PROPERTY 0617059D IM -11268334.91 224454564
GABETTI PROPERTY GABH EU -11268334.91 224454564
GABETTI PROPERTY GAB PZ -11268334.91 224454564
GABETTI PROPERTY GAB BQ -11268334.91 224454564
GABETTI PROPERTY GAB IM -11268334.91 224454564
GABETTI PROPERTY GBTTF US -11268334.91 224454564
GABETTI PROPERTY GABH EO -11268334.91 224454564
GABETTI PROPERTY GABH TQ -11268334.91 224454564
GABETTI PROP-RTS GABAXA IM -11268334.91 224454564
GABETTI SPA GABH IM -11268334.91 224454564
GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
MAIRE TECNIMONT MTCM PZ -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
MAIRE TECNIMONT MT1 EO -18172040.27 3401620362
MAIRE TECNIMONT MRTZF US -18172040.27 3401620362
MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
MAIRE TECNIMONT MT IX -18172040.27 3401620362
MAIRE TECNIMONT MT1 NR -18172040.27 3401620362
MAIRE TECNIMONT MT1 EU -18172040.27 3401620362
MAIRE TECNIMONT MT IM -18172040.27 3401620362
MAIRE TECNIMONT MT1 QM -18172040.27 3401620362
MAIRE TECNIMONT 3OY GR -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EU -18172040.27 3401620362
MERIDIANA SPA 1163Z IM -4645217.834 187285866.9
MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
OLCESE SPA-RTS OAA IM -12846689.89 179691572.8
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI FICN AV -18419396969 4120687886
PARMALAT FINANZI PMLFF US -18419396969 4120687886
PARMALAT FINANZI PRF IM -18419396969 4120687886
PARMALAT FINANZI PAF GR -18419396969 4120687886
PARMALAT FINANZI PRFI VX -18419396969 4120687886
PARMALAT FINANZI PMT LI -18419396969 4120687886
PARMALAT FINANZI PARAF US -18419396969 4120687886
PARMALAT FINA-RT PRFR AV -18419396969 4120687886
PRAMAC SPA PRAM IX -87225647.28 314935866.6
PRAMAC SPA PRA IM -87225647.28 314935866.6
PRAMAC SPA PRA2 EU -87225647.28 314935866.6
PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
RISANAMENTO SPA RN PZ -182584482.9 2453594767
RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
RISANAMENTO SPA RN IX -182584482.9 2453594767
RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
ZORLU ENERJI ELE ZRLUF US -2128989.458 1841396734
ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
ZORLU ENERJI-RTS 0405413D TI -2128989.458 1841396734
UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
DONETSKOBLENERGO DOON UZ -350758285.3 246202249.5
KRYMENERGO KREN UZ -34125639.53 127185486.6
LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
NAFTOKHIMIK-GDR N3ZA GR -25147613.11 203369540.7
ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
ABF GRAIN PRODUC 1276922Z LN -80622502.15 405377719.8
ACE INA SERVICES 1442282Z LN -32838796.68 148703014.2
ACIS GROUP LTD 4159557Z LN -29529317.19 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
ADVANCE DISPLAY ADTP PZ -2983757364 2562677211
AEA TECHNOLO-FPR AATF PZ -251542348.1 142002291.9
AEA TECHNOLO-FPR AATF LN -251542348.1 142002291.9
AEA TECHNOLOGY EAETF US -251542348.1 142002291.9
AEA TECHNOLOGY AAT VX -251542348.1 142002291.9
AEA TECHNOLOGY AAT IX -251542348.1 142002291.9
AEA TECHNOLOGY AAT PO -251542348.1 142002291.9
AEA TECHNOLOGY G AATGBP EO -251542348.1 142002291.9
AEA TECHNOLOGY G AAT LN -251542348.1 142002291.9
AEA TECHNOLOGY G 89A GR -251542348.1 142002291.9
AEA TECHNOLOGY G AEATF US -251542348.1 142002291.9
AEA TECHNOLOGY G AAT EU -251542348.1 142002291.9
AEA TECHNOLOGY G AAT PZ -251542348.1 142002291.9
AEA TECHNOLOGY G AAT EO -251542348.1 142002291.9
AEA TECHNOLO-NPR AATN LN -251542348.1 142002291.9
AEA TECHNOLO-NPR AATN PZ -251542348.1 142002291.9
AFFINITI INTEGRA 1651064Z LN -743208854.7 241654750
AGORA SHOPPING C 214766Z LN -50700881.16 252334953.9
AIRBUS OPERATION 4435153Z LN -718055101.2 3718998325
AIRTOURS PLC AIR VX -379721780.5 1817512774
AIRTOURS PLC AIR LN -379721780.5 1817512774
AIRTOURS PLC ATORF US -379721780.5 1817512774
ALIXPARTNERS LTD 2578482Z LN -20704239.37 115351021.9
ALL3MEDIA HOLDIN 4500027Z LN -349193464.9 845096523.8
ALLDAYS PLC ALDYF US -120493900 252232072.9
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLIANCE & LEICE 1603082Z LN -362196734.3 3707298376
ALLIANCE ATLANTI 1774537Z LN -15720815.81 102607041.1
ALPHA CREDIT GRP 2398Z LN -128159653.1 6765166452
AMER BUS SYS ARB LN -497126976 121439000
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
ANGLESEY ALUMINI 3899138Z LN -31293037.69 162854170.3
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ARCADIA PETROLEU 645232Z LN -5023968.659 568408481.5
ARGENTA UNDERWRI 2619614Z LN -2675706.338 115312566.9
ARRIVA NORTH WES 1320162Z LN -1976907.097 100984405.8
ASCOT RACECOURSE 1965934Z LN -15176036.03 272434311.7
ASHWELL PROPERTY 4165857Z LN -192048023.3 200163088.3
ASPIRE HOUSING L 1820890Z LN -76622621.06 145635258.6
ASTON VILLA FOOT 1768569Z LN -147588325.5 132513030.7
ASTRIUM LTD 2568578Z LN -147720838.8 465118265.6
AT KEARNEY HOLDI 4168565Z LN -712649.2612 420870276.2
AUTOBAR GROUP LT 346661Z LN -4152320.078 257142544.7
AUTOMATIC DATA P 2807722Z LN -2691222.405 196460842.3
AUTOMOBILE ASSOC 1479490Z LN -33757452.81 1402428072
AVAYA UK 1700688Z LN -53845662.33 392389930
BAA PLC BAAPF US -305487309.1 20626980048
BAA PLC BAAG IX -305487309.1 20626980048
BAA PLC 549340Q CN -305487309.1 20626980048
BAA PLC BAA IX -305487309.1 20626980048
BAA PLC 3682837Q AU -305487309.1 20626980048
BAA PLC BAA PO -305487309.1 20626980048
BAA PLC BAA GR -305487309.1 20626980048
BAA PLC BAA VX -305487309.1 20626980048
BAA PLC - ASSD BAAB LN -305487309.1 20626980048
BAA PLC-ADR BAAPY US -305487309.1 20626980048
BAA PLC-ADR BAAPY LI -305487309.1 20626980048
BAA PLC-ASSD BAAC LN -305487309.1 20626980048
BAA PLC-ASSD BAAD LN -305487309.1 20626980048
BAA PLC-ASSD BAAA LN -305487309.1 20626980048
BAE SYSTEMS GLOB 1111359Z LN -198002524.7 433422849.4
BAE SYSTEMS INTE 2344987Z LN -76887342.6 435816042
BAE SYSTEMS PROP 1151751Z LN -87647151.12 896957185.8
BANK OF SCOTLAND 1419810Z LN -9546216.212 527915266.9
BARCHESTER HOLDC 4391889Z LN -29571912.71 1847591976
BARRACUDA GROUP 3636Z LN -395586366.9 328358578
BASINGHALL FINAN 1127799Z LN -9318896.893 1118303697
BAT UK & EXPORT 4509491Z LN -190548587.2 881692782.5
BCH GROUP PLC BCH LN -5728273.973 187993198.2
BDP HOLDINGS LTD 3796920Z LN -5521777.438 114452852
BENTLEY MOTORS L 1376666Z LN -511844321.8 792321913.9
BETFAIR LTD 83844Z LN -26079415.01 461076110.5
BGE UK LTD 1653368Z LN -31309521.84 451744849.3
BIRMINGHAM MAILB 1781057Z LN -6608952.843 116466648.8
BIRSE CIVILS LTD 1333506Z LN -3991231.995 184394918.2
BLACKWELL PUBLIS 80044Z LN -1289834.531 223671685.3
BNB RECRUITMENT BNB IX -10242625.55 103637705
BNB RECRUITMENT BNB PO -10242625.55 103637705
BNB RECRUITMENT BNB LN -10242625.55 103637705
BNB RECRUITMENT BNBRF US -10242625.55 103637705
BNB RECRUITMENT BQX GR -10242625.55 103637705
BOLTON WANDERERS 1274042Z LN -109297588 124148929.4
BOOKER PLC 1330Q GR -59832893.13 1298182549
BOOKER PLC BKERF US -59832893.13 1298182549
BOOKER PLC 987188Q LN -59832893.13 1298182549
BOOKER PLC-ADR BKRUY US -59832893.13 1298182549
BOOKER PLC-ADR BOK$ LN -59832893.13 1298182549
BOSTON MAYFLOWER 1845650Z LN -38702577.78 104489726.5
BRADSTOCK GROUP BSKGF US -1855444.639 268563822.5
BRADSTOCK GROUP BDK LN -1855444.639 268563822.5
BRB RESIDUARY LT 2872503Z LN -271034725.2 371470513.4
BRENT WALKER GRP 754087Q LN -1774306283 867084131.8
BRENT WALKER GRP BWKGF US -1774306283 867084131.8
BRIT ENERGY LTD 523362Q LN -5822867501 4921095750
BRIT ENERGY PLC BHEGF US -5822867501 4921095750
BRIT ENERGY PLC 555140Q VX -5822867501 4921095750
BRIT ENERGY PLC BGYEF US -5822867501 4921095750
BRIT ENERGY PLC BEN1 GR -5822867501 4921095750
BRIT ENERGY-A BENA GR -5822867501 4921095750
BRIT ENERGY-ADR BHEFF US -5822867501 4921095750
BRITISH ENER-$US BGYD AR -5822867501 4921095750
BRITISH ENER-$US BGYNYD AR -5822867501 4921095750
BRITISH ENER-ADR BGYNY US -5822867501 4921095750
BRITISH ENER-BLK BGYB AR -5822867501 4921095750
BRITISH ENER-BLK BGYNYB AR -5822867501 4921095750
BRITISH ENER-C/E BGYC AR -5822867501 4921095750
BRITISH ENER-C/E BGYNYC AR -5822867501 4921095750
BRITISH ENER-CED BGYNY AR -5822867501 4921095750
BRITISH ENER-CED BGY AR -5822867501 4921095750
BRITISH ENERGY-A BGYA VX -5822867501 4921095750
BRITISH ENERGY-A 3012442Q LN -5822867501 4921095750
BRITISH ENERGY-A BHEAF US -5822867501 4921095750
BRITISH ENERGY-A BGYA PO -5822867501 4921095750
BRITISH ENERGY-A BGYGF US -5822867501 4921095750
BRITVIC PLC BVIC LN -1427723.98 1647117616
BRITVIC PLC BVI2 EO -1427723.98 1647117616
BRITVIC PLC BVIC EU -1427723.98 1647117616
BRITVIC PLC B6S GR -1427723.98 1647117616
BRITVIC PLC BVICGBP EO -1427723.98 1647117616
BRITVIC PLC BVIC BQ -1427723.98 1647117616
BRITVIC PLC BVIC5 EO -1427723.98 1647117616
BRITVIC PLC BVIC EO -1427723.98 1647117616
BRITVIC PLC BVICUSD EO -1427723.98 1647117616
BRITVIC PLC BVIC TQ -1427723.98 1647117616
BRITVIC PLC BVICPEN EU -1427723.98 1647117616
BRITVIC PLC BVIC S1 -1427723.98 1647117616
BRITVIC PLC BVIC4 EO -1427723.98 1647117616
BRITVIC PLC BVICEUR EO -1427723.98 1647117616
BRITVIC PLC BTVCF US -1427723.98 1647117616
BRITVIC PLC BVICEUR EU -1427723.98 1647117616
BRITVIC PLC BVIC9 EO -1427723.98 1647117616
BRITVIC PLC BVIC8 EO -1427723.98 1647117616
BRITVIC PLC BVICPEN EO -1427723.98 1647117616
BRITVIC PLC B6S GK -1427723.98 1647117616
BRITVIC PLC BVIC EB -1427723.98 1647117616
BRITVIC PLC BVIC2 EO -1427723.98 1647117616
BRITVIC PLC BVIC NQ -1427723.98 1647117616
BRITVIC PLC BVIC6 EO -1427723.98 1647117616
BRITVIC PLC BVIC QM -1427723.98 1647117616
BRITVIC PLC BVIC3 EO -1427723.98 1647117616
BRITVIC PLC BVIC1 EO -1427723.98 1647117616
BRITVIC PLC BVIC PZ -1427723.98 1647117616
BRITVIC PLC BVICUSD EU -1427723.98 1647117616
BRITVIC PLC BVIC IX -1427723.98 1647117616
BRITVIC PLC BVIC VX -1427723.98 1647117616
BRITVIC PLC BVIC NR -1427723.98 1647117616
BRITVIC PLC BVIC7 EO -1427723.98 1647117616
BRITVIC PLC-ADR BTVCY US -1427723.98 1647117616
BRIXTON GREAT WE 1242343Z LN -24193317.48 164120047.9
BUNZL VENDING SE 1626514Z LN -3627717.453 117295226
BURNDEN LEISURE BDL LN -92092299.62 136726201.7
CALSONIC KANSEI 2730264Z LN -112686897.5 233439821
CALSONIC KANSEI 1541442Z LN -38998494.18 298627314.6
CAPITAL HOME LOA 3809804Z LN -15503258.05 16833730499
CARISBROOKE ANGL 3815488Z LN -67887962.81 125396545.6
CARLISLE GROUP 506819Q LN -11904428.42 203548565
CATTLES PLC CTT EB -599615492.2 3880885246
CATTLES PLC CTT IX -599615492.2 3880885246
CATTLES PLC CTT LN -599615492.2 3880885246
CATTLES PLC CTTEUR EU -599615492.2 3880885246
CATTLES PLC CTTUSD EU -599615492.2 3880885246
CATTLES PLC CTT TQ -599615492.2 3880885246
CATTLES PLC CTT EU -599615492.2 3880885246
CATTLES PLC CZS GR -599615492.2 3880885246
CATTLES PLC CTTSEK EU -599615492.2 3880885246
CATTLES PLC CTTEUR EO -599615492.2 3880885246
CATTLES PLC CTT NQ -599615492.2 3880885246
CATTLES PLC CTTUSD EO -599615492.2 3880885246
CATTLES PLC CTTGBP EO -599615492.2 3880885246
CATTLES PLC CTTSEK EO -599615492.2 3880885246
CATTLES PLC CTT NR -599615492.2 3880885246
CATTLES PLC CTT PZ -599615492.2 3880885246
CATTLES PLC CHOXF US -599615492.2 3880885246
CATTLES PLC CTT EO -599615492.2 3880885246
CATTLES PLC CTT QM -599615492.2 3880885246
CATTLES PLC CTT PO -599615492.2 3880885246
CATTLES PLC CTT VX -599615492.2 3880885246
CATTLES PLC CTT BQ -599615492.2 3880885246
CATTLES PLC-ADR CHOXY US -599615492.2 3880885246
CATTLES PLC-FPR CTTF LN -599615492.2 3880885246
CATTLES PLC-FPR CTTF PZ -599615492.2 3880885246
CATTLES PLC-NPR CTTN LN -599615492.2 3880885246
CATTLES PLC-NPR CTTN IX -599615492.2 3880885246
CATTLES PLC-NPR CTTN PZ -599615492.2 3880885246
CATTLES PLC-NPR 2843730Q EU -599615492.2 3880885246
CATTLES PLC-NPR 2843726Q EO -599615492.2 3880885246
CATTLES PLC-NPR 2843734Q EO -599615492.2 3880885246
CATTLES PLC-NPR CCTN PZ -599615492.2 3880885246
CATTLES PLC-RFD CTTR LN -599615492.2 3880885246
CATTLES PLC-RFD CTTR PZ -599615492.2 3880885246
CATTLES PLC-RFD CTTR IX -599615492.2 3880885246
CEVA GROUP PLC 976811Z LN -404835205.1 5085742264
CHANNEL 5 TELEVI 93306Z LN -3955940.23 440416449.8
CHELSEA FOOTBALL 1508858Z LN -645325606.2 325028457.3
CHILTERN RAILWAY 1691664Z LN -18440739.08 143929126.6
CHRYSALIS GROUP CHS EU -16399845.81 124838262.3
CHRYSALIS GROUP CHS PZ -16399845.81 124838262.3
CHRYSALIS GROUP CYGUF US -16399845.81 124838262.3
CHRYSALIS GROUP CHSEUR EU -16399845.81 124838262.3
CHRYSALIS GROUP CHS PO -16399845.81 124838262.3
CHRYSALIS GROUP CHSEUR EO -16399845.81 124838262.3
CHRYSALIS GROUP CHS EO -16399845.81 124838262.3
CHRYSALIS GROUP HR4 GR -16399845.81 124838262.3
CHRYSALIS GROUP 5CY GR -16399845.81 124838262.3
CHRYSALIS GROUP CHSUSD EU -16399845.81 124838262.3
CHRYSALIS GROUP CHS VX -16399845.81 124838262.3
CHRYSALIS GROUP CLYSF US -16399845.81 124838262.3
CHRYSALIS GROUP CHSGBP EO -16399845.81 124838262.3
CHRYSALIS GROUP CHS LN -16399845.81 124838262.3
CHRYSALIS GROUP CHS IX -16399845.81 124838262.3
CHRYSALIS GROUP CHSUSD EO -16399845.81 124838262.3
CLASSIC HOSPITAL 802723Z LN -6453011.416 212249352.1
CLIPPER WINDPOWE CWP EO -168322000 436419008
CLIPPER WINDPOWE CWP IX -168322000 436419008
CLIPPER WINDPOWE C2W GR -168322000 436419008
CLIPPER WINDPOWE CWP LN -168322000 436419008
CLIPPER WINDPOWE CWP PG -168322000 436419008
CLIPPER WINDPOWE CWPA LN -168322000 436419008
CLIPPER WINDPOWE CWP PZ -168322000 436419008
CLIPPER WINDPOWE CWP EU -168322000 436419008
CLIPPER WINDPOWE 3470635Q LN -168322000 436419008
CLIPPER WINDPOWE CRPWF US -168322000 436419008
COMMUNITY HOUSIN 4448257Z LN -3215992.54 202983429.4
COMO HOLDINGS UK 3818576Z LN -23709992.86 122013803.9
COMPASS GROU-OLD 1259Q LN -668101173.9 2972459078
COMPASS GROUP QOP GR -668101173.9 2972459078
COMPASS GRP-ADR CMSGY US -668101173.9 2972459078
COMPASS GRP-ADR CMSJY US -668101173.9 2972459078
CONNECT UTILITIE 2112683Z LN -6756036.693 135500422.8
CONVENIENCE FOOD 1555794Z LN -76242510.77 781213617
COOLKEERAGH ESB 4471679Z LN -21270460.2 308163645.9
CPI MORTARS LTD 1751696Z LN -22518097.49 110009816.1
CROSBY GROUP PLC 237335Z LN -122188674.2 211009635.6
CROWN BLUE LINE 1369234Z LN -5491244.659 143228058.8
CSC METROCENTRE 1203663Z LN -177523497.7 231888247
CUCINA LUX INVES 4503083Z LN -332083965.3 3040705457
DANKA BUS SYSTEM DNK LN -497126976 121439000
DANKA BUS SYSTEM 3205291Q EO -497126976 121439000
DANKA BUS SYSTEM DNK VX -497126976 121439000
DANKA BUS SYSTEM DNK IX -497126976 121439000
DANKA BUS SYSTEM DNK PO -497126976 121439000
DANKA BUS SYSTEM DNK PZ -497126976 121439000
DANKA BUS SYSTEM 3205283Q EO -497126976 121439000
DANKA BUS SYSTEM DANKF US -497126976 121439000
DANKA BUS SYSTEM 3205287Q EU -497126976 121439000
DANKA BUS-$US CE DANKD AR -497126976 121439000
DANKA BUS-ADR DANKY US -497126976 121439000
DANKA BUS-ADR AP39 LI -497126976 121439000
DANKA BUS-ADR DB6 GR -497126976 121439000
DANKA BUS-ADR DANKE US -497126976 121439000
DANKA BUS-BLK CE DANKB AR -497126976 121439000
DANKA BUS-C/E CE DANKC AR -497126976 121439000
DANKA BUS-CEDEAR DANK AR -497126976 121439000
DARTY PLC KESA QM -154779892.4 1917418684
DARTY PLC DRTYUSD EU -154779892.4 1917418684
DARTY PLC KESA5 EO -154779892.4 1917418684
DARTY PLC KESA IX -154779892.4 1917418684
DARTY PLC KESA2 EO -154779892.4 1917418684
DARTY PLC KESA EO -154779892.4 1917418684
DARTY PLC DRTY EO -154779892.4 1917418684
DARTY PLC KESA3 EO -154779892.4 1917418684
DARTY PLC KESA6 EO -154779892.4 1917418684
DARTY PLC DRTY QM -154779892.4 1917418684
DARTY PLC DRTY LN -154779892.4 1917418684
DARTY PLC KESA9 EO -154779892.4 1917418684
DARTY PLC DRTY EU -154779892.4 1917418684
DARTY PLC DRTYGBP EO -154779892.4 1917418684
DARTY PLC KE4 GR -154779892.4 1917418684
DARTY PLC DRTY IX -154779892.4 1917418684
DARTY PLC KESA TQ -154779892.4 1917418684
DARTY PLC KESAF US -154779892.4 1917418684
DARTY PLC KESA8 EO -154779892.4 1917418684
DARTY PLC KESA4 EO -154779892.4 1917418684
DARTY PLC DRTY TQ -154779892.4 1917418684
DARTY PLC DRTYEUR EO -154779892.4 1917418684
DARTY PLC KESA BQ -154779892.4 1917418684
DARTY PLC DRTYEUR EU -154779892.4 1917418684
DARTY PLC KESA NR -154779892.4 1917418684
DARTY PLC DRTYI GR -154779892.4 1917418684
DARTY PLC KESA NQ -154779892.4 1917418684
DARTY PLC DRTY EB -154779892.4 1917418684
DARTY PLC KE4 GK -154779892.4 1917418684
DARTY PLC DRTYUSD EO -154779892.4 1917418684
DARTY PLC DRTY FP -154779892.4 1917418684
DARTY PLC KES1 EO -154779892.4 1917418684
DARTY PLC KSA FP -154779892.4 1917418684
DARTY PLC KESA7 EO -154779892.4 1917418684
DARTY PLC KESA S1 -154779892.4 1917418684
DARTY PLC KESA EB -154779892.4 1917418684
DAVENHAM GROUP P DAV EO -57317833.22 114701147.6
DAVENHAM GROUP P DAV EU -57317833.22 114701147.6
DAVENHAM GROUP P DAV PZ -57317833.22 114701147.6
DAVENHAM GROUP P DAH GR -57317833.22 114701147.6
DAVENHAM GROUP P DAV PG -57317833.22 114701147.6
DAVENHAM GROUP P DAH TH -57317833.22 114701147.6
DAVENHAM GROUP P DAV LN -57317833.22 114701147.6
DAVENHAM GROUP P DAVEUR EO -57317833.22 114701147.6
DCK GROUP LTD 4006628Z LN -23972516.74 108515833.6
DE LA RUE PLC DLAR TQ -72920095.83 652922700.1
DE LA RUE PLC DLAREUR EU -72920095.83 652922700.1
DE LA RUE PLC DL1C GK -72920095.83 652922700.1
DE LA RUE PLC DLARUSD EO -72920095.83 652922700.1
DE LA RUE PLC DLAR LN -72920095.83 652922700.1
DE LA RUE PLC DL1 GR -72920095.83 652922700.1
DE LA RUE PLC DELRF US -72920095.83 652922700.1
DE LA RUE PLC DLAR EB -72920095.83 652922700.1
DE LA RUE PLC DLAR8 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR BQ -72920095.83 652922700.1
DE LA RUE PLC DLAR NR -72920095.83 652922700.1
DE LA RUE PLC DLAR PZ -72920095.83 652922700.1
DE LA RUE PLC DLRUF US -72920095.83 652922700.1
DE LA RUE PLC DLAR1 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR NQ -72920095.83 652922700.1
DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
DE LA RUE PLC DLAR4 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR S1 -72920095.83 652922700.1
DE LA RUE PLC DLARUSD EU -72920095.83 652922700.1
DE LA RUE PLC DLARF US -72920095.83 652922700.1
DE LA RUE PLC DL1A GR -72920095.83 652922700.1
DE LA RUE PLC DL1C GR -72920095.83 652922700.1
DE LA RUE PLC DLA EO -72920095.83 652922700.1
DE LA RUE PLC DLAR IX -72920095.83 652922700.1
DE LA RUE PLC DLAR7 EO -72920095.83 652922700.1
DE LA RUE PLC DL1B GR -72920095.83 652922700.1
DE LA RUE PLC DLAR QM -72920095.83 652922700.1
DE LA RUE PLC DLAREUR EO -72920095.83 652922700.1
DE LA RUE PLC DLAR EO -72920095.83 652922700.1
DE LA RUE PLC DLARCHF EO -72920095.83 652922700.1
DE LA RUE PLC DLAR VX -72920095.83 652922700.1
DE LA RUE PLC DLARGBP EO -72920095.83 652922700.1
DE LA RUE PLC DLAR9 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR EU -72920095.83 652922700.1
DE LA RUE PLC DLAR5 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR3 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR PO -72920095.83 652922700.1
DE LA RUE PLC DLAR6 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR2 EO -72920095.83 652922700.1
DE LA RUE-ADR DERUY US -72920095.83 652922700.1
DE LA RUE-ADR DLUEY US -72920095.83 652922700.1
DE LA RUE-PREF 3115438Q EU -72920095.83 652922700.1
DE LA RUE-PREF DLAP PZ -72920095.83 652922700.1
DE LA RUE-PREF DLAP LN -72920095.83 652922700.1
DE STEFANO INVES 3814768Z LN -10968616.22 208612111
DIAMOND RESORT H 1710824Z LN -36346087.76 199633867
DIAMOND RESORTS 1578906Z LN -55241260.22 185000514.5
DISPOSABLE SOFT 1124335Z LN -25554763.54 154077028.1
DONVAND LTD 2564906Z LN -8746031.883 235830922.7
DRIVE ASSIST HOL 3641135Z LN -129629293.2 804046536.3
DTZ DEBENHAM TIE 1637608Z LN -65367918.17 431959182
E ON RUHRGAS UK 1671208Z LN -203389128.9 397727814.9
E ON UK CHP LTD 2642428Z LN -441420879.2 292251726.5
EASYNET GROUP EZNGF US -60380605.51 334049332.2
EASYNET GROUP ESY PO -60380605.51 334049332.2
EASYNET GROUP ESY LN -60380605.51 334049332.2
EASYNET GROUP ESY VX -60380605.51 334049332.2
EASYNET GROUP EAY GR -60380605.51 334049332.2
EASYNET GROUP-CV 91009Z LN -60380605.51 334049332.2
EC HARRIS LLP 4448521Z LN -16034293.72 122879662.7
EDF ENERGY 1 LTD 1201287Z LN -173168019.1 373323626.4
EDF ENERGY CUSTO LON LN -998743443.7 5451617395
ELE INVTS LTD ELCT US -50659516.57 281969290.1
EMI GROUP -ASSD EMIA LN -2265916257 2950021937
EMI GROUP LTD EMI LN -2265916257 2950021937
EMI GROUP PLC EMI VX -2265916257 2950021937
EMI GROUP PLC 3020138Q GR -2265916257 2950021937
EMI GROUP PLC EMI IX -2265916257 2950021937
EMI GROUP PLC EMIPF US -2265916257 2950021937
EMI GROUP PLC EMI PO -2265916257 2950021937
EMI GROUP PLC-B 1019425Q LN -2265916257 2950021937
EMI GROUP-ADR EMI$ LN -2265916257 2950021937
EMI GROUP-ADR EMIPY US -2265916257 2950021937
EMI GROUP-ADR 38IS LN -2265916257 2950021937
EQUINITI LTD 977621Z LN -91870053.33 903061439.5
EQUITY INSURANCE 1284698Z LN -29894777.4 147890791
ERM GROUP HOLDIN 3125976Z LN -175924992 616248000
ERM-EUROPE LTD 1539482Z LN -5766265.722 206231135.2
ESPORTA HEALTH & 1689624Z LN -34019016.45 143720210.5
EUROPEAN HOME EHR EU -14328735.16 110864081.4
EUROPEAN HOME EHR3 EO -14328735.16 110864081.4
EUROPEAN HOME FPAKF US -14328735.16 110864081.4
EUROPEAN HOME EHR5 EO -14328735.16 110864081.4
EUROPEAN HOME EHR6 EO -14328735.16 110864081.4
EUROPEAN HOME EHREUR EO -14328735.16 110864081.4
EUROPEAN HOME EHR LN -14328735.16 110864081.4
EUROPEAN HOME KLZ PO -14328735.16 110864081.4
EUROPEAN HOME EHR2 EO -14328735.16 110864081.4
EUROPEAN HOME KLZ VX -14328735.16 110864081.4
EUROPEAN HOME EHR PZ -14328735.16 110864081.4
EUROPEAN HOME EHR PO -14328735.16 110864081.4
EUROPEAN HOME EHR9 EO -14328735.16 110864081.4
EUROPEAN HOME EHR EO -14328735.16 110864081.4
EUROPEAN HOME EHR10 EO -14328735.16 110864081.4
EUROPEAN HOME EHREUR EU -14328735.16 110864081.4
EUROPEAN HOME EHR4 EO -14328735.16 110864081.4
EUROPEAN HOME EHR8 EO -14328735.16 110864081.4
EUROPEAN HOME EHR1 EO -14328735.16 110864081.4
EUROPEAN HOME EHR VX -14328735.16 110864081.4
EUROPEAN HOME EHR7 EO -14328735.16 110864081.4
EUROPEAN HOME EHRGBP EO -14328735.16 110864081.4
EUROSTAR INTERNA 4379945Z LN -2296294817 600452807.4
EXOVA PLC 4507835Z LN -23478618.65 727804846.1
EXXONMOBIL MARIN 1196527Z LN -10207264.01 337580273
FAIRLINE BOATS H 4498779Z LN -13944238.58 114504852.8
FAREPAK PLC FPK LN -14328735.16 110864081.4
FINANCIAL SERVIC 2630281Z LN -150518742.9 432118909.8
FIRST CHOICE HOL 1098394Z LN -599861682.6 608849393.2
FITNESS FIRST GR 4501843Z LN -959590355.8 1731530545
FLECTAT LTD 1160967Z LN -53267356.38 102516976.5
FOOTBALL FOUNDAT 3958180Z LN -1856870.101 108334858
FORD MOTOR CO LT 1291306Z LN -198002524.7 4858077693
FORENSIC SCIENCE 2616518Z LN -114373361.6 144478716.5
FOUR SEASONS HEA 1865450Z LN -126472163.8 267951983.6
FRENCH CONNECTIO 1092170Z LN -21270716.65 169362489.9
FUNDING CORP LTD 4157637Z LN -28925795.68 201083535.3
FW FARNSWORTH LT 1293386Z LN -44420065.35 102695080.1
GALA ELECTRIC CA 1228295Z LN -1443271177 5858442731
GALIFORM CORPORA 1478794Z LN -49876078.98 987241731.3
GALLAGHER UK LTD 4422897Z LN -14056336.1 197494963.7
GAMESTEC LEISURE 1432626Z LN -22918299.36 107315419.3
GARTLAND WHALLEY GWB LN -10986768.6 145352034.5
GE CALEDONIAN LT 2178340Z LN -152040000 333438016
GENERAL MOTORS 1062338Z LN -1258953111 1981116650
GGT GROUP PLC 500970Q LN -156372272 408211200.9
GGT GROUP-ADR GGTRY US -156372272 408211200.9
GLADEDALE VENTUR 2209596Z LN -40300529.62 104554687.5
GLAXOSMITHKLINE 1426Z LN -9429285.587 13095256920
GLOBAL CROSSING 3629883Z LN -353965082.8 492328850.3
GLOBAL RADIO SER 4171741Z LN -62302229.74 181387133.2
GONDOLA GROUP LT 4499995Z LN -284524422.8 1496226646
GONDOLA HOLD 913024Q GR -368104339.6 1568916934
GONDOLA HOLD GND VX -368104339.6 1568916934
GONDOLA HOLDINGS GND LN -368104339.6 1568916934
GONDOLA HOLDINGS GND IX -368104339.6 1568916934
GONDOLA HOLD-NEW GNDA LN -368104339.6 1568916934
GONDOLA HOLD-NEW GNDB LN -368104339.6 1568916934
GOODRICH CONTROL 3631571Z LN -203464797 600544111.2
GOODYEAR DUNLOP 3894550Z LN -191322012.8 287023355
GRANT THORNTON U 961842Z LN -87634636.95 389831122.7
HARMSWORTH PRINT 1552314Z LN -17382531.76 325365175.8
HARMSWORTH PRINT 1719464Z LN -46809590.17 171744856.2
HARMSWORTH QUAYS 1552378Z LN -109747106.9 292508124.8
HAS ACCIDENT MAN 3815368Z LN -71038252.12 266645094.8
HAYMARKET GROUP 4158941Z LN -100498143 307693877.6
HENDERSON ADMINI 1296626Z LN -14041029.43 1007142193
HESS INDONESIA P 1705776Z LN -90105554.61 634894802.5
HMV GROUP -GDR 276960Q GR -218490042.1 415846374.8
HMV GROUP -GDR 29362Z US -218490042.1 415846374.8
HMV GROUP PLC HMV1 EO -218490042.1 415846374.8
HMV GROUP PLC HMVMF US -218490042.1 415846374.8
HMV GROUP PLC HMV NQ -218490042.1 415846374.8
HMV GROUP PLC HMV4 EO -218490042.1 415846374.8
HMV GROUP PLC HMVUSD EU -218490042.1 415846374.8
HMV GROUP PLC HMV2 EO -218490042.1 415846374.8
HMV GROUP PLC HMVEUR EO -218490042.1 415846374.8
HMV GROUP PLC HMVUSD EO -218490042.1 415846374.8
HMV GROUP PLC HMVGBP EO -218490042.1 415846374.8
HMV GROUP PLC HMV IX -218490042.1 415846374.8
HMV GROUP PLC HMV10 EO -218490042.1 415846374.8
HMV GROUP PLC HMV3 EO -218490042.1 415846374.8
HMV GROUP PLC HMV BQ -218490042.1 415846374.8
HMV GROUP PLC HM4 GK -218490042.1 415846374.8
HMV GROUP PLC HM4 GR -218490042.1 415846374.8
HMV GROUP PLC HMV EB -218490042.1 415846374.8
HMV GROUP PLC HMV PZ -218490042.1 415846374.8
HMV GROUP PLC HMVEUR EU -218490042.1 415846374.8
HMV GROUP PLC HMV VX -218490042.1 415846374.8
HMV GROUP PLC HMV9 EO -218490042.1 415846374.8
HMV GROUP PLC HMV TQ -218490042.1 415846374.8
HMV GROUP PLC HMV S1 -218490042.1 415846374.8
HMV GROUP PLC HMV8 EO -218490042.1 415846374.8
HMV GROUP PLC HMV EO -218490042.1 415846374.8
HMV GROUP PLC HMV7 EO -218490042.1 415846374.8
HMV GROUP PLC HMV5 EO -218490042.1 415846374.8
HMV GROUP PLC HMV QM -218490042.1 415846374.8
HMV GROUP PLC HMV PO -218490042.1 415846374.8
HMV GROUP PLC HMV EU -218490042.1 415846374.8
HMV GROUP PLC HMV LN -218490042.1 415846374.8
HMV GROUP PLC HMV NR -218490042.1 415846374.8
HMV GROUP PLC HMV6 EO -218490042.1 415846374.8
HOLIDAY AUTOS IN 1155863Z LN -47020142.86 391438531.3
HOMEFIELD PVT UK 4501835Z LN -13668996.51 455224068.7
HOTEL CORP PLC HHA TH -234303120.5 370820493.6
HOTEL CORP PLC HCP EU -234303120.5 370820493.6
HOTEL CORP PLC HCP LN -234303120.5 370820493.6
HOTEL CORP PLC HHA GR -234303120.5 370820493.6
HOTEL CORP PLC HCP PO -234303120.5 370820493.6
HOTEL CORP PLC HCPEUR EO -234303120.5 370820493.6
HOTEL CORP PLC HCP PZ -234303120.5 370820493.6
HOTEL CORP PLC HCP PG -234303120.5 370820493.6
HOTEL CORP PLC HCP EO -234303120.5 370820493.6
HOTEL CORP-RFD HCPA LN -234303120.5 370820493.6
HOUSE FRASER-ADR HOFSY US -14410799.86 200149998.1
HOUSE FRASER-ADR HSFRY US -14410799.86 200149998.1
HOUSE OF FRASER HSFRF US -14410799.86 200149998.1
HOUSE OF FRASER HOF VX -14410799.86 200149998.1
HOUSE OF FRASER HOF PO -14410799.86 200149998.1
HOUSE OF FRASER HOF PZ -14410799.86 200149998.1
HOUSE OF FRASER HOF LN -14410799.86 200149998.1
HOUSE OF FRASER HOF IX -14410799.86 200149998.1
HUTCHISON 3G UK 265923Z LN -2558478023 10215382954
HYDREX HOLDINGS 4156949Z LN -150849963.2 145584295.2
IGLO FOODS GROUP 2332487Z LN -536668915.5 4700658208
IKANO FINANCIAL 2599182Z LN -11016514.34 150562302.2
INCISIVE MED-ASD INMA LN -35359948.83 1084526802
INCISIVE MEDIA 2290661Q PZ -35359948.83 1084526802
INCISIVE MEDIA 997071Q GR -35359948.83 1084526802
INCISIVE MEDIA INM IX -35359948.83 1084526802
INCISIVE MEDIA INM PO -35359948.83 1084526802
INCISIVE MEDIA 2292912Q VX -35359948.83 1084526802
INCISIVE MEDIA 4030Z LN -35359948.83 1084526802
INCISIVE MEDIA 2290657Q LN -35359948.83 1084526802
INCOMMUNITIES GR 4508531Z LN -76955719.31 411468753.5
INEOS GROUP HLDG 6623Z LN -417958386.5 12037072140
INEOS MANUFACTUR 2170452Z LN -6726362.412 1831309315
INEOS VINYLS UK 1072618Z LN -15123027.48 219361852.2
INFORMA UK LTD 699186Z LN -267015729.6 1019729118
INSPIRED GAMING 1181783Z LN -87284373.38 396170831.1
INTELLIGENT FINA 1645352Z LN -18029143.28 152828326.7
INTERFLOOR GROUP 317371Z LN -6491968.079 102342688.7
INTERNATIONAL MA 2842386Z LN -3474420.46 109056784.7
INTERNATIONAL RE 1074242Z LN -43752001.08 114451373.2
IRANIAN OIL CO U 1380570Z LN -137208702.6 280446335.8
JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
JARVIS PLC JRVS4 EO -64739862.73 130951086
JARVIS PLC JRVS3 EO -64739862.73 130951086
JARVIS PLC JRVS EO -64739862.73 130951086
JARVIS PLC JVR GR -64739862.73 130951086
JARVIS PLC JRVS2 EO -64739862.73 130951086
JARVIS PLC JRVS1 EO -64739862.73 130951086
JARVIS PLC JVSPF US -64739862.73 130951086
JARVIS PLC JRVS IX -64739862.73 130951086
JARVIS PLC JRVS PZ -64739862.73 130951086
JARVIS PLC JRVS VX -64739862.73 130951086
JARVIS PLC JRVSEUR EO -64739862.73 130951086
JARVIS PLC JRVS9 EO -64739862.73 130951086
JARVIS PLC JRVS6 EO -64739862.73 130951086
JARVIS PLC JRV EO -64739862.73 130951086
JARVIS PLC JRVS5 EO -64739862.73 130951086
JARVIS PLC JRVS PO -64739862.73 130951086
JARVIS PLC JRVSGBP EO -64739862.73 130951086
JARVIS PLC JRVS EU -64739862.73 130951086
JARVIS PLC JRVS8 EO -64739862.73 130951086
JARVIS PLC JRVS7 EO -64739862.73 130951086
JDR ENTERPRISES 3947788Z LN -18283944.55 190661628.9
JESSOPS PLC JSP LN -42702018.35 112964060.4
JESSOPS PLC JSP EO -42702018.35 112964060.4
JESSOPS PLC JSPEUR EO -42702018.35 112964060.4
JESSOPS PLC JSP IX -42702018.35 112964060.4
JESSOPS PLC JSP PZ -42702018.35 112964060.4
JESSOPS PLC JSP EU -42702018.35 112964060.4
JESSOPS PLC JSP PO -42702018.35 112964060.4
JESSOPS PLC JSPGBP EO -42702018.35 112964060.4
JESSOPS PLC JS4 GR -42702018.35 112964060.4
JESSOPS PLC JSPEUR EU -42702018.35 112964060.4
JESSOPS PLC JSP VX -42702018.35 112964060.4
JP MCDOUGALL & C 1293298Z LN -38788226.87 105778561.4
JVC EUROPE LTD 2667041Z LN -2824766.239 131996942.9
KBC LEASE UK LTD 2682395Z LN -182770025.2 231589490.3
KCA DEUTAG DRILL 2173132Z LN -44273052.72 185361544.7
KERLING PLC 3537299Z LN -6358587.289 2646257974
KESA ELECTRI-ADR KESAY US -154779892.4 1917418684
KESA ELECTRICALS KESAEUR EO -154779892.4 1917418684
KESA ELECTRICALS KESAGBP EO -154779892.4 1917418684
KESA ELECTRICALS KESA VX -154779892.4 1917418684
KESA ELECTRICALS KESA PO -154779892.4 1917418684
KESA ELECTRICALS KESAI IX -154779892.4 1917418684
KESA ELECTRICALS KESA PZ -154779892.4 1917418684
KESA ELECTRICALS KESAUSD EU -154779892.4 1917418684
KESA ELECTRICALS KESAUSD EO -154779892.4 1917418684
KESA ELECTRICALS KES EO -154779892.4 1917418684
KESA ELECTRICALS KESAEUR EU -154779892.4 1917418684
KESA ELECTRICALS KESA LN -154779892.4 1917418684
KESA ELECTRICALS KESA EU -154779892.4 1917418684
KESTREL HOLDINGS 4499515Z LN -3577225.606 950172823.8
KILMARTIN HOLDIN 3589161Z LN -32467784.16 576731039.1
KILMARTIN PROPER 534862Z LN -37743228.9 444220212.7
KLEENEZE PLC KLZ LN -14328735.16 110864081.4
KODAK LTD 1275242Z LN -180673404.9 661044368.6
LANCASTER INVEST 1575538Z LN -54823340.19 121302849.6
LAND SECURITIES 1371626Z LN -103330200.3 4796043425
LAPSENT LTD 203678Z LN -26875940.03 200397842.7
LAST MINUTE NETW 1180895Z LN -624958331.1 357173156
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
LEEDS SPORTING LES LN -73166148.8 143762193.7
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.7
LGC LTD 161695Z LN -44759203.51 163172696.4
LHR AIRPORTS LTD BAA LN -305487309.1 20626980048
LINK FINANCIAL 3041Z LN -77907330.21 237500167.3
LIONCOVER INSURA 1120431Z LN -221632.1611 741441082.5
LLOYDS TSB EQUIP 1238423Z LN -1919544.165 270438080.8
LLOYDS TSB EQUIP 1214495Z LN -661481.4498 334557469.7
LOMBARD CORPORAT 1162975Z LN -7309362.404 198951662.4
LONDON ELEC-ADR 3165952Q US -998743443.7 5451617395
LONDON TOWN PLC LTW PZ -21897636.36 175672299.2
LONDON TOWN PLC LTW EO -21897636.36 175672299.2
LONDON TOWN PLC LTW EU -21897636.36 175672299.2
LONDON TOWN PLC LOU GR -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
LONDON TOWN PLC LTWR LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -21897636.36 175672299.2
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PO -21897636.36 175672299.2
LOTUS CARS LTD 1361858Z LN -35114342.56 198253618.4
LOTUS GROUP INTE 144299Z LN -36824866.02 207696437.1
M 2003 PLC MTWOF US -2203513803 7204891602
M 2003 PLC 203055Q LN -2203513803 7204891602
M 2003 PLC-ADR MTWOY US -2203513803 7204891602
M 2003 PLC-ADR MTWOE US -2203513803 7204891602
MANCHESTER CITY 2348397Z LN -585663648.2 853089281.3
MANSFORD HOLDING 253659Z LN -4565898.062 650742111.3
MARCONI PLC MNI LN -2203513803 7204891602
MARCONI PLC MY2 GR -2203513803 7204891602
MARCONI PLC MNI BB -2203513803 7204891602
MARCONI PLC 203083Q VX -2203513803 7204891602
MARCONI PLC MONI BB -2203513803 7204891602
MARCONI PLC MRCQF US -2203513803 7204891602
MARCONI PLC-ADR MY2A GR -2203513803 7204891602
MARCONI PLC-ADR MONIE US -2203513803 7204891602
MARCONI PLC-ADR MRCQY US -2203513803 7204891602
MARCONI PLC-ADR QUQMON AU -2203513803 7204891602
MARCONI PLC-ADR MCONY US -2203513803 7204891602
MARCONI PLC-ADR MONI US -2203513803 7204891602
MARCONI PLC-ADR MONIY US -2203513803 7204891602
MARCONI PLC-ADR MCBA GR -2203513803 7204891602
MAYBOURNE HOTELS 1824362Z LN -7394692.715 356529270.5
MCINERNEY GROUP 1967014Z LN -174737505.4 140489212.7
MEADOWHALL FINAN 3560793Z LN -6035547.782 1318968635
MEDIAEDGE CIA UK 1912470Z LN -30968632.67 193466296
MEDIMMUNE LTD 1596402Z LN -246912279 292289144.3
MENZIES HOTELS H 4496419Z LN -100398281.3 322775887.8
MENZIES HOTELS L 1136583Z LN -13067356.23 180728283.4
MENZIES HOTELS O 2527986Z LN -154664298.1 147542502.3
MERLIN ENTERTAIN 305364Z LN -223818.382 152824734.8
MIDLAND EXPRESSW 583730Z LN -96899629.27 1076416510
MILLENNIUM STADI 1727672Z LN -19667498.58 154757357.6
MILLER HOMES LTD 2220892Z LN -221920899.9 657431424.2
MONARCH HOLDINGS 4502027Z LN -69668058.94 698208587.3
MOTO HOSPITALITY 1344378Z LN -271958905.3 941107670.9
MOUCHEL GROUP PL MCHL BQ -62837312.61 491359437
MOUCHEL GROUP PL MCHLEUR EU -62837312.61 491359437
MOUCHEL GROUP PL MCHLEUR EO -62837312.61 491359437
MOUCHEL GROUP PL MCHL PZ -62837312.61 491359437
MOUCHEL GROUP PL MCHL NQ -62837312.61 491359437
MOUCHEL GROUP PL MOUCF US -62837312.61 491359437
MOUCHEL GROUP PL MCHL EU -62837312.61 491359437
MOUCHEL GROUP PL MCHL TQ -62837312.61 491359437
MOUCHEL GROUP PL MCHL LN -62837312.61 491359437
MOUCHEL GROUP PL MCHL S1 -62837312.61 491359437
MOUCHEL GROUP PL MCHL EB -62837312.61 491359437
MOUCHEL GROUP PL MCHLGBP EO -62837312.61 491359437
MOUCHEL GROUP PL MCHL IX -62837312.61 491359437
MOUCHEL GROUP PL MCHL QM -62837312.61 491359437
MOUCHEL GROUP PL MCHL NR -62837312.61 491359437
MOUCHEL GROUP PL MCHL VX -62837312.61 491359437
MOUCHEL GROUP PL MO6 GR -62837312.61 491359437
MOUCHEL GROUP PL MCHL EO -62837312.61 491359437
MOUCHEL PARKMAN MCHL PO -62837312.61 491359437
MYTRAVEL GROUP MT/S VX -379721780.5 1817512774
MYTRAVEL GROUP ARO2 GR -379721780.5 1817512774
MYTRAVEL GROUP MYTPF US -379721780.5 1817512774
MYTRAVEL GROUP MT/S LN -379721780.5 1817512774
MYTRAVEL GROUP 3544280Q IX -379721780.5 1817512774
MYTRAVEL GROUP MT/S PO -379721780.5 1817512774
MYTRAVEL GROUP P 1018144Q GR -379721780.5 1817512774
MYTRAVEL GROUP P MYTGF US -379721780.5 1817512774
MYTRAVEL GROUP P MT/ LN -379721780.5 1817512774
MYTRAVEL GROUP P MT/ VX -379721780.5 1817512774
MYTRAVEL GROUP-A MYTVF US -379721780.5 1817512774
MYTRAVEL GROUP-A 2281919Q GR -379721780.5 1817512774
MYTRAVEL TOUR OP 1190295Z LN -1444587831 1560632416
NATIONS HEALTHCA 623142Z LN -73694956.7 114365932.5
NCR LTD 3083521Z LN -312454220.3 410209794.2
NDS GROUP HOLDIN 0112196D US -720982016 649305984
NDS GROUP HOLDIN NDSG US -720982016 649305984
NESTLE UK LTD 1274562Z LN -431385112.4 1655061910
NEW LOOK RETAIL 2711544Z LN -463020028.6 2346673230
NEW STAR ASSET 3226447Q EO -397718038 292972732.1
NEW STAR ASSET 3226431Q EU -397718038 292972732.1
NEW STAR ASSET 3226435Q EO -397718038 292972732.1
NEW STAR ASSET 3226443Q EO -397718038 292972732.1
NEW STAR ASSET NSAM IX -397718038 292972732.1
NEW STAR ASSET NSAM PZ -397718038 292972732.1
NEW STAR ASSET NSAM TQ -397718038 292972732.1
NEW STAR ASSET 3226439Q EU -397718038 292972732.1
NEW STAR ASSET NSAA LN -397718038 292972732.1
NEW STAR ASSET NSAM LN -397718038 292972732.1
NEW STAR ASSET N6S GR -397718038 292972732.1
NEW STAR ASSET NSAM PO -397718038 292972732.1
NEW STAR ASSET NWSAF US -397718038 292972732.1
NEWCASTLE UNITED 4380361Z LN -102558583.4 184539911.8
NEWCASTLE UNITED 1060322Z LN -112290583.6 186651205.2
NORBAIN GROUP LT 4007676Z LN -15436972.45 108956420.2
NORTHERN FO-ASSD NFDA LN -70166103.48 924672036.4
NORTHERN FOODS NFDS BQ -70166103.48 924672036.4
NORTHERN FOODS NFO GK -70166103.48 924672036.4
NORTHERN FOODS NFO GR -70166103.48 924672036.4
NORTHERN FOODS NFDS IX -70166103.48 924672036.4
NORTHERN FOODS NFDS EB -70166103.48 924672036.4
NORTHERN FOODS NFDS NR -70166103.48 924672036.4
NORTHERN FOODS NFDS EU -70166103.48 924672036.4
NORTHERN FOODS NTFOF US -70166103.48 924672036.4
NORTHERN FOODS NFDS PO -70166103.48 924672036.4
NORTHERN FOODS NFDSUSD EU -70166103.48 924672036.4
NORTHERN FOODS NFDSEUR EO -70166103.48 924672036.4
NORTHERN FOODS NFDSUSD EO -70166103.48 924672036.4
NORTHERN FOODS NFDS VX -70166103.48 924672036.4
NORTHERN FOODS NFDSGBP EO -70166103.48 924672036.4
NORTHERN FOODS NFDS TQ -70166103.48 924672036.4
NORTHERN FOODS NFDSEUR EU -70166103.48 924672036.4
NORTHERN FOODS NFDS LN -70166103.48 924672036.4
NORTHERN FOODS NFDS NQ -70166103.48 924672036.4
NORTHERN FOODS NFDS EO -70166103.48 924672036.4
NORTHERN FOODS NFDS PZ -70166103.48 924672036.4
NORTHERN FOODS NFDS QM -70166103.48 924672036.4
NORTHERN FOODS NFDS S1 -70166103.48 924672036.4
NORTHERN FOODS P NFDR LN -70166103.48 924672036.4
NORTHERN FOO-NEW NFDN LN -70166103.48 924672036.4
NORTHERN FOO-RFD 650060Q LN -70166103.48 924672036.4
NOVAR ED&S LTD 1286578Z LN -12362003.04 176723922
NOVELIS UK LTD 1295610Z LN -29354907.35 167393334.2
NPIL HOLDCO LTD 3641071Z LN -174437379.8 865144704.3
NPOWER GAS LTD 1689816Z LN -381274433.9 500408294.4
NPOWER LTD 1185599Z LN -399535772.9 3443512739
ODEON AND UCI CI 3489372Z LN -9566081.035 1177725714
O-I MANUFACTURIN 1320610Z LN -7063615.875 126090273.5
OPTIMUM CARE LTD 3951796Z LN -23827846.5 131314548.6
ORANGE LTD 951641Q LN -593935104.1 2902299502
ORANGE PLC 1460Q GR -593935104.1 2902299502
ORANGE PLC ORNGF US -593935104.1 2902299502
ORANGE PLC-ADR ORNGY US -593935104.1 2902299502
ORANGE PLC-ADR 0212530D GR -593935104.1 2902299502
ORANGE PLC-ADR ORA$ LN -593935104.1 2902299502
ORBIS PLC RLP GR -4168493.8 127701679.5
ORBIS PLC OBS PZ -4168493.8 127701679.5
ORBIS PLC OBS PO -4168493.8 127701679.5
ORBIS PLC OBG PO -4168493.8 127701679.5
ORBIS PLC OBS LN -4168493.8 127701679.5
ORBIS PLC OBS IX -4168493.8 127701679.5
ORBIS PLC ORBSF US -4168493.8 127701679.5
OUTDOOR GROUP LT 1318338Z LN -31903137.7 118192441
PARK FOOD GROUP PKFD LN -25106261.06 129310037.5
PARK GROUP PLC PKG VX -25106261.06 129310037.5
PARK GROUP PLC PKG LN -25106261.06 129310037.5
PARK GROUP PLC PKGGBP EO -25106261.06 129310037.5
PARK GROUP PLC PKG PO -25106261.06 129310037.5
PARK GROUP PLC PKG EO -25106261.06 129310037.5
PARK GROUP PLC PKG EU -25106261.06 129310037.5
PARK GROUP PLC PRKG IX -25106261.06 129310037.5
PARK GROUP PLC PRKGF US -25106261.06 129310037.5
PARK GROUP PLC PKG PZ -25106261.06 129310037.5
PARTNERSHIPS IN 551109Z LN -14369275.52 130118066.9
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC PTL IX -54677284.64 124948245.8
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PD PORT SERVICES 1407442Z LN -25765273.42 161208354.8
PD PORTCO LTD 3233785Z LN -119608128.7 1023253296
PENDRAGON PREMIE 1858506Z LN -9649115.162 154892542
PEUGEOT CITROEN 1974702Z LN -72708407.45 266912249
PHS GROUP HOLDIN 3173182Z LN -211011146 1915467185
PHS GROUP PLC 592449Z LN -211011146 1915467185
PIPEX UK LTD 3956092Z LN -94417178.6 115954049.3
PLACES FOR PEOPL 1914158Z LN -73518044.71 609139900.7
PLANNED MAINTENA 1344714Z LN -57648953.97 148147314.6
PLUS HOUSING GRO 4015788Z LN -10023120.58 371941616.5
PORTSMOUTH FOOTB 2253627Z LN -93977761.27 177073811.1
POST OFFICE LTD 1542650Z LN -810274769.8 1745713935
POWERCORP INTERN 4449033Z LN -9367176.049 129787793.6
PREMIER PROPERTY 4006740Z LN -154087010.7 766206481.6
PRESTBURY WENTWO 3814856Z LN -84753043.56 659529899
PRINOVIS LIVERPO 2074147Z LN -2988243.19 248605708.8
PRODUCTION SERVI 2278723Z LN -2446188.672 198707226.6
PROSTRAKAN GROUP PSK VX -9666264.987 134080449.8
PROSTRAKAN GROUP PSK IX -9666264.987 134080449.8
PROSTRAKAN GROUP PSK PO -9666264.987 134080449.8
PROSTRAKAN GROUP PSK LN -9666264.987 134080449.8
PROSTRAKAN GROUP PSKEUR EO -9666264.987 134080449.8
PROSTRAKAN GROUP PSKGBP EO -9666264.987 134080449.8
PROSTRAKAN GROUP PSK EU -9666264.987 134080449.8
PROSTRAKAN GROUP PSK PZ -9666264.987 134080449.8
PROSTRAKAN GROUP PSK S1 -9666264.987 134080449.8
PROSTRAKAN GROUP PSKEUR EU -9666264.987 134080449.8
PROSTRAKAN GROUP PKNGF US -9666264.987 134080449.8
PROSTRAKAN GROUP PSK EO -9666264.987 134080449.8
QHOTELS GROUP LT 759287Z LN -184737716 699448824.7
QUINN BUILDING P 3949900Z LN -103500752.8 1203590333
QUINN RADIATORS 1405898Z LN -237606147.8 154925282.5
R&R ICE CREAM LT 3624280Z LN -111988803.7 916794825.4
RANDSTAD EMPLOYM 1585810Z LN -26968879.31 105042678
RAYTHEON SYSTEMS 1068610Z LN -32601425.32 346298511
RBS MEZZANINE LT 2198564Z LN -96650177.27 156895953.3
REGARD HOLDINGS 4157517Z LN -2678709.275 159772566.2
REGUS LTD 273187Q LN -46111832.15 367181111
REGUS PLC 2296Z LN -46111832.15 367181111
REGUS PLC REGSF US -46111832.15 367181111
REGUS PLC 273195Q VX -46111832.15 367181111
REGUS PLC RGU GR -46111832.15 367181111
REGUS PLC-ADS REGSY US -46111832.15 367181111
REGUS PLC-ADS REGSV US -46111832.15 367181111
REGUS PLC-ADS REGS US -46111832.15 367181111
REGUS PLC-ADS RGUA GR -46111832.15 367181111
RENTOKIL INITIAL RTO EB -265497954 2695753100
RENTOKIL INITIAL RTOEUR EO -265497954 2695753100
RENTOKIL INITIAL RTO IX -265497954 2695753100
RENTOKIL INITIAL RTO NR -265497954 2695753100
RENTOKIL INITIAL RTO S1 -265497954 2695753100
RENTOKIL INITIAL RTO1 GR -265497954 2695753100
RENTOKIL INITIAL RTO QM -265497954 2695753100
RENTOKIL INITIAL RKLIF US -265497954 2695753100
RENTOKIL INITIAL RTO BQ -265497954 2695753100
RENTOKIL INITIAL RTOUSD EO -265497954 2695753100
RENTOKIL INITIAL RTO LN -265497954 2695753100
RENTOKIL INITIAL RTO EU -265497954 2695753100
RENTOKIL INITIAL RTO TQ -265497954 2695753100
RENTOKIL INITIAL RTOGBP EO -265497954 2695753100
RENTOKIL INITIAL RTOPEN EU -265497954 2695753100
RENTOKIL INITIAL RTO PO -265497954 2695753100
RENTOKIL INITIAL RTO1 GK -265497954 2695753100
RENTOKIL INITIAL RTO NQ -265497954 2695753100
RENTOKIL INITIAL RTOPEN EO -265497954 2695753100
RENTOKIL INITIAL RTO GR -265497954 2695753100
RENTOKIL INITIAL RTO PZ -265497954 2695753100
RENTOKIL INITIAL RTO VX -265497954 2695753100
RENTOKIL INITIAL RTOUSD EU -265497954 2695753100
RENTOKIL INITIAL RTO1 EO -265497954 2695753100
RENTOKIL INITIAL RTO EO -265497954 2695753100
RENTOKIL INITIAL RTOG IX -265497954 2695753100
RENTOKIL INITIAL RTOKF US -265497954 2695753100
RENTOKIL INITIAL RTOEUR EU -265497954 2695753100
RENTOKIL-SP ADR RTOKY US -265497954 2695753100
RENTOKIL-SP ADR AP76 LI -265497954 2695753100
REXAM BEVERAGE C 1120903Z LN -15123027.48 118921563.6
ROAD MGMT CONS 1239Z LN -24813.99918 315561166
ROSEMONT HOLDING 4391905Z LN -34807182.85 158222622.5
ROSYTH ROYAL DOC 2184524Z LN -38831265.46 176808921.7
ROYAL BANK LEASI 2177244Z LN -96708288.01 12689075410
ROYAL MAIL HOLDI 3900202Z LN -4979588987 9290852179
SAFFRON HOUSING 4448377Z LN -3777866.1 124457507.9
SCOTTISH MEDIA SSMR LN -44693985.16 126240905.5
SCOTTISH MEDIA SSM LN -44693985.16 126240905.5
SCOTTISH MEDIA 1442Q GR -44693985.16 126240905.5
SCOTTISH TELEV SCTVF US -44693985.16 126240905.5
SCOTTISHPOWER EN 2211292Z LN -85593217.38 2705930566
SCOTTS CO UK LTD 1154459Z LN -42301127.16 119882290.9
SETON HEALTHCARE 2290Z LN -10585183.94 156822902.8
SEVERN VALE HOUS 4287717Z LN -43910018.24 115584900.8
SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SHEFFIELD UNITED 1275418Z LN -17712590.52 101590746.2
SIMON CARVES LTD 1209367Z LN -309426997.2 105356699.7
SKANDIA LIFE BUS 1451642Z LN -16563612.78 132120692.5
SLP ENGINEERING 1855186Z LN -32035150.2 111509874.7
SMG PLC SMG LN -44693985.16 126240905.5
SMG PLC SMG PO -44693985.16 126240905.5
SMG PLC-FUL PAID SMGF LN -44693985.16 126240905.5
SMG PLC-NIL PAID SMGN LN -44693985.16 126240905.5
SMITHS NEWS PLC NWS6 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS S1 -82175781.01 424997909.9
SMITHS NEWS PLC NWS2GBP EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS9 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS PO -82175781.01 424997909.9
SMITHS NEWS PLC NWS2 TQ -82175781.01 424997909.9
SMITHS NEWS PLC NWS PZ -82175781.01 424997909.9
SMITHS NEWS PLC NWS10 EO -82175781.01 424997909.9
SMITHS NEWS PLC SMWPF US -82175781.01 424997909.9
SMITHS NEWS PLC NWS IX -82175781.01 424997909.9
SMITHS NEWS PLC NWS11 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS12 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS2 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS2EUR EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS LN -82175781.01 424997909.9
SMITHS NEWS PLC NWS2EUR EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS8 EO -82175781.01 424997909.9
SMITHS NEWS PLC SMWPY US -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 BQ -82175781.01 424997909.9
SMITHS NEWS PLC NWS1GBP EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS7 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS5 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS4 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS13 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS VX -82175781.01 424997909.9
SONY COMPUTER EN 3893902Z LN -533552800 1312733888
SONY UNITED KING 1591658Z LN -1219147829 2550391748
SOUTH STAFFORDSH 4049781Z LN -12127094.81 148602864.7
SOUTHERN CROSS SCHEEUR EO -456945463.9 226544692
SOUTHERN CROSS SCHE EO -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EU -456945463.9 226544692
SOUTHERN CROSS SCHE8 EO -456945463.9 226544692
SOUTHERN CROSS SCHE EU -456945463.9 226544692
SOUTHERN CROSS SCHE NQ -456945463.9 226544692
SOUTHERN CROSS SCHE PZ -456945463.9 226544692
SOUTHERN CROSS SOCHF US -456945463.9 226544692
SOUTHERN CROSS SCHE QM -456945463.9 226544692
SOUTHERN CROSS SCHE2 EO -456945463.9 226544692
SOUTHERN CROSS SCH3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE7 EO -456945463.9 226544692
SOUTHERN CROSS SCHE VX -456945463.9 226544692
SOUTHERN CROSS SCH4 EO -456945463.9 226544692
SOUTHERN CROSS SCHE TQ -456945463.9 226544692
SOUTHERN CROSS SCHE3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE S1 -456945463.9 226544692
SOUTHERN CROSS SCHE LN -456945463.9 226544692
SOUTHERN CROSS SCHE NR -456945463.9 226544692
SOUTHERN CROSS SCHE5 EO -456945463.9 226544692
SOUTHERN CROSS SCHE6 EO -456945463.9 226544692
SOUTHERN CROSS F2Z TH -456945463.9 226544692
SOUTHERN CROSS SCHE BQ -456945463.9 226544692
SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
SOUTHERN CROSS SCH5 EO -456945463.9 226544692
SOUTHERN CROSS F2Z GR -456945463.9 226544692
SOUTHERN CROSS SCHE PO -456945463.9 226544692
SOUTHERN CROSS SCHE IX -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
SOUTHERN ELECTRI 2635379Z LN -102487682 1339407981
SPEAR GROUP HOLD 4470999Z LN -91133585.59 140447896.6
SPEEDY SUPPORT S 1601730Z LN -34304692.53 146096457.3
SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
STAGECOACH GROUP SGC1PEN EU -93023113.56 2711144845
STAGECOACH GROUP SGC IX -93023113.56 2711144845
STAGECOACH GROUP SAGKF US -93023113.56 2711144845
STAGECOACH GROUP SGC1USD EU -93023113.56 2711144845
STAGECOACH GROUP SGCG PZ -93023113.56 2711144845
STAGECOACH GROUP SGC1EUR EO -93023113.56 2711144845
STAGECOACH GROUP SGC1EUR EU -93023113.56 2711144845
STAGECOACH GROUP SGC2 VX -93023113.56 2711144845
STAGECOACH GROUP SGC1USD EO -93023113.56 2711144845
STAGECOACH GROUP SGC1AUD EU -93023113.56 2711144845
STAGECOACH GROUP SGC S1 -93023113.56 2711144845
STAGECOACH GROUP SGC1 EB -93023113.56 2711144845
STAGECOACH GROUP SGC1AUD EO -93023113.56 2711144845
STAGECOACH GROUP SGC1 TQ -93023113.56 2711144845
STAGECOACH GROUP SGC1GBP EO -93023113.56 2711144845
STAGECOACH GROUP SGC1 EU -93023113.56 2711144845
STAGECOACH GROUP SGC PO -93023113.56 2711144845
STAGECOACH GROUP SGC1 QM -93023113.56 2711144845
STAGECOACH GROUP SGC LN -93023113.56 2711144845
STAGECOACH GROUP SGC1 NQ -93023113.56 2711144845
STAGECOACH GROUP SGC1 NR -93023113.56 2711144845
STAGECOACH GROUP SGC1 BQ -93023113.56 2711144845
STAGECOACH GROUP SHP GR -93023113.56 2711144845
STAGECOACH GROUP SGC1PEN EO -93023113.56 2711144845
STAGECOACH GROUP SHP4 GR -93023113.56 2711144845
STAGECOACH GROUP SHP5 GR -93023113.56 2711144845
STAGECOACH GROUP SGC1 EO -93023113.56 2711144845
STAGECOACH GROUP SHP4 GK -93023113.56 2711144845
STAGECOACH GRP-B SGCB LN -93023113.56 2711144845
STAGECOACH-NEW SGCN LN -93023113.56 2711144845
STAGECOA-SPN ADR SAGKY US -93023113.56 2711144845
STJAMES'S PLACE 4451825Z LN -40027613.56 444219054.8
STV GROUP PLC SMG VX -44693985.16 126240905.5
STV GROUP PLC STVG EO -44693985.16 126240905.5
STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
STV GROUP PLC STVG S1 -44693985.16 126240905.5
STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *