Hypo Bank Gets Emergency Credit Facility

The prospect of an almost-as-big-as-Lehman bankruptcy evidently focused the mind of the officialdom. The providers are private firms, but one imagines, a la the LTCM rescue, that they were given a big prod by regulators It appears the amount of the facility is sufficient to refund maturing paper, but likely falls short of the end of troubles for this highly geared bank (a mere 6 billion euros of equity supporting a 400 billion euro balance sheet).

From Bloomberg:

Hypo Real Estate Holding AG, Germany’s second-biggest commercial-property lender, has been provided with a credit facility by a grouping from the German financial industry.

Hypo Real Estate Holding, together with its subsidiaries Depfa Bank Plc, Hypo Real Estate Bank AG and Hypo Real Estate International AG, will receive the short term and medium term credit facility in “a sufficient amount,” Munich, Germany-based Hypo Real said today in a statement on DGAP newswire. The company provided no further details on the facility.

Hypo Real Estate Holding “will have to depreciate the book value of its participation” in Depfa, and a dividend distribution for the financial year 2008 is “not expected,” according to the statement.

Hypo Real Estate Holding may collapse on liquidity problems, Financial Times Deutschland reported yesterday, before the statement was published, in a preview of an article to be published today, citing unidentified people in government and finance familiar with the company.

Ireland-based Depfa Bank is responsible for the problems with real estate investments, the Hamburg-based newspaper said.

Hypo Real Estate Holding, which is listed on Germany’s DAX index, has to refinance a “two-figure billion-euro” sum, the FTD said. German banks and regulators have been discussing a rescue plan for the Munich-based real estate lender for “days,” the newspaper said.

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  1. Terminal

    Treasury Dept. gave a conference call for analysts at 9PM Sunday night.
    They dismayed some of the participants when they announced that it will take a couple of weeks before Treasury begins buying from Wall St.
    There was an impression that they got everything they wanted from Congress, which was not portrayed as capable or effective, only emotional.

  2. Yves Smith


    I got another comment, dunno whether from you or another party, on the conference call. Hugely disturbing that in a democracy we have special channels of communication to special interests.

    How do I confirm that you are real and that this call happened? Please e-mail if you are so inclined. Go to “Contributors”, click on my name, takes you to a page with an e-mail link.

  3. fyego

    Is this a list of financial organizations we should be worried about? – The list of ISDA members…. The International Swaps and Derivatives Association.

    18-Jul-08 Page 1 of 11
    Abbey National Treasury Services plc
    ABN AMRO Bank N.V.
    ABSA Bank Ltd.
    Abu Dhabi Commercial Bank
    Accord Energy Limited
    Agricultural Bank of China
    Allied Irish Banks, plc
    American International Group, Inc.
    AmInvestment Bank Bhd
    Andorra Banc Agricol Reig, S.A. (ANDBANC)
    Anglo Irish Bank Corporation Plc
    Aozora Bank
    Assured Guaranty Corp.
    Australia and New Zealand Banking Group, Limited
    Axis Bank Ltd.
    Banca Akros Spa
    Banca Aletti & C. S.p.A. (Gruppo Banco Popolare
    di Verona e Novara)
    Banca d'Intermediazione Mobiliare IMI S.p.A.
    Banca del Gottardo
    Banca Monte Dei Paschi Di Siena SpA
    Banca Popolare di Milano scarl
    Banca Popolare di Vicenza
    Banca Profilo, S.p.A.
    Banco Bilbao Vizcaya Argentaria, S.A.
    Banco BPI, S.A.
    Banco Bradesco S.A.
    Banco Comercial Portugues S.A.
    Banco Espanol de Credito, S.A. (BANESTO)
    Banco Espirito Santo e Comercial de Lisboa, S.A.
    Banco Itaú S/A
    Banco Votorantim S/A – Nassau Branch
    Bank Hapoalim B.M.
    Bank Julius Baer & Co. Ltd.
    Bank Leumi le-Israel B.M.
    Bank of America N.A.
    Bank of Baroda
    Bank of Beijing Co., Ltd
    Bank of China
    Bank of Ireland Global Markets
    Bank of Montreal
    The Bank of New York Mellon
    Bank of Nova Scotia
    Bank of Scotland plc, Treasury
    Bank Vontobel AG
    Banque Degroof SA
    Barclays Capital
    Bayerische Hypo-und Vereinsbank AG (HVB)
    Bayerische Landesbank
    The Bear Stearns Companies Inc.
    BHF Bank (Berliner Handels-und Frankfurter)
    BNP Paribas
    BP Plc
    Branch Banking and Trust Company (BB&T)
    British Energy Power and Energy Trading Limited
    Caixa d' Estalvis i Pensions de Barcelona "la Caixa"
    Caixa D'Estalvis de Catalunya
    Caja De Ahorros De Galicia
    Caja de Ahorros Y Monte de Piedad de Madrid
    Calyon Corporation
    Cargill, Incorporated
    Carnegie Investment Bank AB
    Ceská sporitelna, a.s.
    China CITIC Bank
    China Construction Bank
    Chinatrust Commercial Bank
    Chuo Mitsui Trust & Banking Co. Ltd.
    CIBC World Markets Inc.
    Commerce International Merchant Bankers Berhad
    Commerzbank AG
    Commonwealth Bank of Australia
    Confederacion Espanola de Caja de Ahorros
    Constellation Energy Commodities Group, Inc.
    Coral Energy, L.P.
    Credit Industriel et Commercial (CIC)
    Credit Suisse
    Daiwa Securities SMBC Co. Ltd.
    Danske Bank A/S
    DEPFA BANK plc
    Deutsche Bank AG
    Dexia Bank Belgium S.A.
    DnB NOR Bank ASA
    Dresdner Bank AG
    DZ BANK AG Deutsche Zentral-Genossenschaftsbank
    E.Sun Commercial Bank, Ltd.
    EDF Trading Limited
    EFG Eurobank Ergasias S.A.
    EFG International
    Erste Bank der Osterreichischen Sparkassen AG
    Essent Energy Trading B.V.
    Europe Arab Bank plc
    F. van Lanschot Bankiers N.V.
    FirstRand Bank Limited
    Fortis Bank NV/SA
    18-Jul-08 Page 2 of 11
    Generali SGR S.p.A.
    Goldman Sachs & Co.
    Gulf International Bank (UK) Limited
    Hamburger Sparkasse
    Hang Seng Bank Limited
    Hess Energy Trading Company, LLC
    HSBC Holdings plc
    HSH Nordbank AG
    Hypo Public Finance Bank
    ICICI Bank Limited
    IKB Deutsche Industriebank AG
    Industrial and Commercial Bank of China
    Industrial Bank of Korea
    ING Bank N.V.
    Intesa Sanpaolo SpA
    Investec Bank Limited
    Irish Life & Permanent plc
    IXIS Corporate and Investment Bank
    J.P. Morgan Chase & Co.
    Jefferies Group, Inc
    JSC Halyk Bank
    Jyske Bank A/S
    KBC Bank
    Koch Supply & Trading, LP
    Komercní banka, a.s.
    Kookmin Bank
    The Korea Development Bank
    Kotak Mahindra Bank Ltd.
    Landesbank Baden-Württemberg
    Landesbank Hessen – Thueringen Girozentrale
    Landsbanki Islands hf.
    Lehman Brothers Ltd.
    Lloyds TSB Bank plc
    Louis Dreyfus Energy Services L.P.
    Macquarie Bank Limited
    Malayan Banking BHD
    Maple Bank GmbH
    Meliorbanca S.p.A.
    Merrill Lynch & Co., Inc.
    Mitsubishi UFJ Financial Group (MUFG)
    Mitsui & Co., Ltd.
    Mizrahi Tefahot Bank Ltd.
    Mizuho Financial Group
    Morgan Stanley & Co. International plc
    National Australia Bank Limited
    National Bank of Canada
    National Bank of Greece
    National City Bank
    Nedbank Limited
    Nomura Securities Co., Ltd.
    Norddeutsche Landesbank Girozentrale
    Nordea Bank Finland Plc
    Norinchukin Bank
    nv Nuon Energy Trade & Wholesale
    Nykredit Bank A/S
    OKO Osuuspankkien Keskuspankki Oyj
    Osterreichische Volksbanken-Aktiengesellschaft
    Oversea-Chinese Banking Corporation Limited
    Piraeus Bank S.A.
    PNC Bank, N.A.
    Prudential Global Funding LLC
    PSEG Energy Resources & Trade LLC
    PT Bank Danamon Indonesia
    Rabobank Nederland
    Raiffeisen Zentralbank Austria AG
    Regions Bank
    Renaissance Capital
    Resona Bank, Ltd.
    Royal Bank of Canada
    The Royal Bank of Scotland plc
    RWE Supply & Trading GmbH
    Sal. Oppenheim jr. & Cie KGaA
    Samsung Securities Co., Ltd.
    Santander Central Hispano, S.A.
    Schroders plc
    Sempra Energy Trading Corp.
    Shanghai Pudong Development Bank
    Shinko Securities Co., Ltd.
    Shinsei Bank, Limited
    Shoko Chukin Bank
    Skandinaviska Enskilda Banken
    SMBC Capital Markets, Inc.
    Societe Generale
    St. George Bank Ltd
    The Standard Bank of South Africa
    Standard Chartered Bank
    State Bank of India
    State Street Bank & Trust Company
    Sumitomo Mitsui Banking Corporation
    Sumitomo Trust and Banking Co., Ltd.
    Suncorp-Metway Limited
    SunTrust Robinson Humphrey Capital Markets
    Svenska Handelsbanken (Handelsbanken Markets)
    Swedbank AB
    Swiss Re Financial Products
    Sydbank A/S
    18-Jul-08 Page 3 of 11
    Taishin International Bank
    Tokio Marine Financial Solutions, Ltd.
    The Toronto-Dominion Bank
    Totsa Total Oil Trading S.A.
    Troika Dialog
    Trust Investment Bank
    Turkiye Garanti Bankasi A.S.
    UBS AG
    United Bank Limited
    United Overseas Bank Limited
    VTB Bank Europe plc
    Wachovia Corporation
    Wells Fargo Bank
    Westdeutsche Genossenschafts-Zentralbank eG
    WestLB AG
    Westpac Banking Corporation
    XL America, Inc.
    Zurcher Kantonalbank
    18-Jul-08 Page 4 of 11
    A & L Goodbody
    ABBC- Azevedo Neves, Benjamim Mendes, Bessa
    Monteiro, Cardigos & Associados
    Abreu & Marques, Vinhas e Associados
    Abreu Advogados
    Addleshaw Goddard
    Advokatfirman Vinge KB
    Aird & Berlis LLP
    Akin, Gump, Strauss, Hauer & Feld LLP
    Algorithmics, Inc.
    Allen & Overy LLP
    Allens Arthur Robinson
    Allustra Limited
    Alston & Bird LLP
    Amarchand & Mangaldas & Suresh A. Shroff & Co.
    Anderson Mori & Tomotsune
    Andrews Kurth LLP
    Arendt & Medernach
    Arthur Cox Solicitors
    Atsumi & Partners
    Baker & McKenzie LLP
    Baker Botts L.L.P.
    Bär & Karrer
    Bell Gully
    Berwin Leighton Paisner
    BGC International
    Binder Grosswang Rechtsanwalte
    Bingham McCutchen LLP
    Bird & Bird
    Blackbird Holdings, Inc.
    Blake Dawson
    Blake, Cassels & Graydon LLP
    Bloomberg Financial Markets
    BM&F – Bolsa de Mercadorias & Futuros
    Bond Exchange of South Africa
    Borden Ladner Gervais, LLP
    Bottom Line Consulting
    Bowman Gilfillan Inc.
    Bracewell & Giuliani LLP
    Brown Rudnick Berlack Israels LLP
    Brzobohaty Broz & Honsa v.o.s.
    Buck Consultants, LLC
    Buddle Findlay
    Bulboaca & Asociatii SCA
    Business Integrity Ltd.
    Cadwalader, Wickersham & Taft
    Cameron McKenna
    Cardano Structuring
    Cardigos e Associados – Sociedade de Advogados
    Caspi & Co.
    CETIP – Câmara de Custódia e Liquidação
    Chadbourne & Parke LLP
    Chambers of Sir Hamid Moollan Q.C.
    Chatham Financial Corp.
    Chicago Board Options Exchange
    Chiomenti Studio Legale
    City-Yuwa Partners
    Clayton Utz
    The Clearing Corporation
    The Clearing Corporation of India Ltd.
    Cleary, Gottlieb, Steen & Hamilton LLP
    Clifford Chance LLP
    CLS Services Limited
    Clyde & Co.
    CME Group Inc.
    Colja Rojs & Partners
    Copp Clark Professional
    Corrs Chambers Westgarth
    Covington & Burling LLP
    Cravath, Swaine & Moore LLP
    Creditex Group Inc.
    CreditSights, Inc.
    Cuatrecasas Abogados, S.R.L.
    Curtis, Mallet-Prevost, Colt & Mosle LLP
    D. Harris & Co. International Ltd
    Dave & Girish & Co.
    DAVID DOBLE Solicitors
    Davies Ward Phillips & Vineberg
    Davis Polk & Wardwell
    De Brauw Blackstone Westbroek
    De Pardieu Brocas Maffei
    Debevoise & Plimpton LLP
    Dechert LLP
    Denton Wilde Sapte
    The Depository Trust & Clearing Company
    The Derivatives Consulting Group
    Dewey & LeBoeuf
    DLA Piper
    DNC Advocates At Work
    Dominion Bond Rating Service Limited
    Donaldson Legal Consulting
    e-Mid S.p.A.
    EMC Document Sciences
    Ernst & Young LLP
    Eurex Clearing AG
    18-Jul-08 Page 5 of 11
    Euroclear SA/NV
    Faegre & Benson LLP
    Field Fisher Waterhouse LLP
    Fitch Ratings Inc.
    Foley & Lardner LLP
    Fraser Milner Casgrain LLP
    Freshfields Bruckhaus Deringer
    Fried, Frank, Harris, Shriver and Jacobson
    Ganado & Associates Advocates
    Gernandt & Danielsson Advokatbyrå KB
    GFI Group
    Gibson, Dunn & Crutcher LLP
    Gide Loyrette Nouel
    Global Electronic Markets LLC
    GlobeOp Financial Services
    Goodmans LLP
    Goodwin Procter LLP
    Gorrissen Federspiel Kierkegaard
    Gowling Lafleur Henderson LLP
    Grech Vella Tortell & Hyzler-Advocates
    Greenberg Traurig, LLP
    Gross, Kleinhendler, Hodak, Halevy, Greenberg &
    Hahn & Hessen LLP
    Harney Westwood & Riegels
    Harry Jho LLC
    Hat Trick Software Limited
    Herbert Smith
    Herguner Bilgen Ozeke
    Holman Fenwick & Willan
    Houthoff Buruma
    Hughes Hubbard & Reed
    Hunton & Williams
    Hwang Mok Park P.C.
    IBM Corporation
    Interactive Data Corporation
    IntercontinentalExchange, Inc.
    Japan Credit Rating Agency, Ltd
    Jermyn Capital Partners PLC
    Johnson Winter & Slattery
    Jones Day
    JunZeJun Law Offices
    Juris Corp
    Karatzas & Partners
    Katten Muchin Rosenman
    Kim & Chang
    King & Spalding LLP
    King & Wood
    Kirkland & Ellis
    Kirkpatrick & Lockhart Preston Gates Ellis LLP
    Kramer Levin Naftalis & Frankel LLP
    KSD (Korea Securities Depository)
    Kutak Rock LLP
    L. Morris Legal
    Latham & Watkins
    LCH.Clearnet Limited
    Lee & Ko
    Lee & Li
    Lenz & Staehelin
    Lex Caribbean
    Linklaters Allen & Gledhill Pte Ltd
    Linklaters LLP
    Lombard Risk Systems Ltd.
    London International Financial Futures and Options
    Exchange (LIFFE)
    Lovells LLP
    Lowenstein Sandler PC
    Loyens & Loeff
    Mallesons Stephen Jaques
    Mannheimer Swartling Advokatbyra AB
    Maples and Calder
    Marex Financial Limited
    Markit Group Limited
    Marval O'Farrell & Mairal
    Matheson Ormsby Prentice
    Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados
    Mayer Brown LLP
    McCann FitzGerald
    McCarthy Tétrault LLP
    McClure Naismith
    McDermott Will & Emery LLP
    McKee Nelson LLP
    McMillan Binch
    Meitar Liquornik Geva & Leshem Brandwein
    Meyer Lustenberger Attorneys-at-Law
    MF Global UK Limited
    Milbank, Tweed, Hadley & McCloy
    Misys Banking Systems
    Mitsui Company
    Moody's Investors Service, Inc.
    Moore & Van Allen PLLC
    Morgan, Lewis & Bockius
    Mori Hamada & Matsumoto
    Morrison & Foerster LLP
    Munsch Hardt Kopf & Harr, P.C.
    18-Jul-08 Page 6 of 11
    Nagashima Ohno & Tsunematsu
    New York Board of Trade (NYBOT)
    Nishimura & Asahi
    Nord Pool ASA
    Norton Rose LLP
    NS Solutions Corporation
    O'Melveny & Myers LLP
    ODL Securities Limited
    Oesa Limited
    Ogilvy Renault
    Oh-Ebashi LPC & Partners
    Orrick, Herrington & Sutcliffe LLP
    Osler, Hoskin & Harcourt LLP
    Patton Boggs LLP
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Pekin & Bayar Law Firm
    Pekin & Pekin
    Peltonen, Ruokonen & Itainen Oy
    Pepper Hamilton LLP
    Pillsbury Winthrop Shaw Pittman LLP
    Pinheiro Neto – Advogados
    Pinsent Masons
    Plesner Svane Grønborg, Law Firm
    Progress Partners LLC
    Purrington Moody Weil LLP
    Quick Corp.
    Radar Logic Incorporated
    Rating and Investment Information, Inc.
    Reed Smith LLP
    Reoch Credit Partners LLP
    Richards Kibbe & Orbe LLP
    Ritch Mueller, S.C.
    Ropes & Gray
    S.W.I.F.T. sc
    Schulte Roth & Zabel LLP
    Scrittura, Inc.
    Seward & Kissel LLP
    Shearman & Sterling LLP
    Shearn Delamore & Co.
    Shin & Kim
    Sidley Austin LLP
    Simmons & Simmons
    Simpson Thacher & Bartlett
    SJ Berwin
    Skadden, Arps, Slate, Meagher & Flom
    Slaughter and May
    Soltysinski, Kawecki & Szlezak
    Spectrum Global Fund Administration
    Squire, Sanders & Dempsey L.L.P.
    Standard & Poor's
    Stikeman Elliott LLP
    Stroock & Stroock & Lavan LLP
    Sullivan & Cromwell
    Sun Capital Services Limited
    SunGard Data Systems Inc.
    Sutherland, Asbill & Brennan LLP
    SwapsWire Limited
    Taylor Wessing
    Teigland-Hunt & Associates LLP
    Thacher Proffitt & Wood
    Thompson Hine LLP
    Thunderhead Ltd.
    TMI Associates
    Tonkon Torp LLP
    Torys LLP
    Tradeweb Markets LLC
    Tradition (North America), Inc.
    Travers Smith
    Troutman Sanders, LLP
    Tullett Prebon
    Ughi e Nunziante
    United Financial Technologies, Inc.
    Uria Menendez Abogados, S.L.P.
    Versif INC
    Vinson and Elkins L.L.P.
    VOB-Service GmbH
    Vyapar Capital Market Partners LLC
    Walder Wyss & Partners
    Weil Gotshal & Manges
    WFW Global LLP
    White & Case LLP
    Willkie, Farr & Gallagher LLP
    Winston & Strawn LLP
    Wistrand Advokatbyra
    Withers LLP
    WOLF THEISS Rechtsanwälte GmbH
    Womble Carlyle Sandridge & Rice, PLLC
    Wong Partnership
    Wragge & Co. LLP
    18-Jul-08 Page 7 of 11
    Yigal Arnon & Co.
    Zaid Ibrahim & Co.
    18-Jul-08 Page 8 of 11
    Aareal Bank AG
    AB Svensk Exportkredit
    ACA Risk Structures, L.L.C.
    ADI Alternative Investments
    AEGON USA Investment Management, LLC
    African Development Bank
    AGF Asset Management
    Aladdin Capital Management LLC
    Alberta Treasury Branches (ATB Financial)
    Alexandra Investment Management, LLC
    Alliance & Leicester plc
    Alliance Capital Management L.P.
    Allstate Investments, LLC
    Ambac Financial Group, Inc.
    American Electric Power Service Corporation
    American Express Company
    American Honda Finance Corporation
    Ameriprise Financial, Inc.
    AMVESCAP plc
    AQR Capital Management, LLC
    Asian Development Bank
    Athilon Structured Investment Advisors, LLC
    Austrian Federal Financing Agency (AFFA)
    AXA Bank Belgium
    AXA Investment Managers
    B. Metzler seel Sohn & Co. KGaA
    Babcock & Brown
    Baillie Gifford & Co.
    Banco de Portugal
    Bank for International Settlements
    Bank Nederlandse Gemeenten, nv
    Bank of Canada
    Bank of England
    The Bank of Fukuoka, Limited
    The Bank of Kyoto, Ltd.
    Bank of Lithuania
    Bankinter, S.A.
    Banque De France
    Banque et Caisse d'Epargne de l'Etat, Luxembourg
    The Baupost Group, L.L.C.
    BBT Fund L.P.
    Beijing Gao Hua Securities Company Limited
    BG International Limited
    BlackRock Financial Management
    BlueCrest Capital Management Limited
    BlueMountain Capital Management, LP
    Bradford & Bingley plc
    Bridgewater Associates, Inc.
    Britannia Building Society
    Brown Brothers Harriman & Co.
    Bunge SA
    Business Development Bank of Canada
    Cairn Financial Products Limited
    Caisse Centrale Desjardins
    Caisse de depot et Placement du Quebec
    Caisse des Dépôts
    California State Teachers' Retirement System (CalSTRS)
    Cambridge Place Investment Management LLP
    Canada Mortgage and Housing Corporation
    Capital Group International, Inc.
    Capital One Financial Corp.
    CapitalGest S.g.R. S.p.A.
    Cassa Depositi e Prestiti S.p.A.
    Central Bank of the Russian Federation (Bank of Russia)
    Channel Capital Advisors LLP
    Chevron Corporation
    Cheyne Capital Management (UK) LLP
    China Development Bank
    Citadel Investment Group, L.L.C.
    Cobelfret SA
    Conectiv Energy Supply, Inc.
    Convexity Capital Management LP
    Council of Europe Development Bank
    Countrywide Financial Corporation
    CQS (UK) LLP
    D.E. Shaw & Co., L.P.
    Deister Capital Management, LLC
    DekaBank Deutsche Girozentrale
    Depfa Deutsche Pfandbrief Bank AG
    Deutsche Postbank AG
    DKR Capital Inc.
    Dow Chemical Company
    Drax Power Limited
    DTE Energy Trading, Inc.
    Dunbar Bank Plc
    Dutch State Treasury Agency
    E.ON UK plc
    Eksportfinans ASA
    Electrabel NV/SA
    Electricite de France
    Elektrizitaets-Gesellschaft Laufenburg AG (EGL AG)
    Ellington Management Group, L.L.C.
    Endesa Italia SpA
    Endesa, S.A.
    Enel SPA
    Energie Ouest Suisse (EOS)
    Eni S.p.A.
    Eskom Holdings Limited
    18-Jul-08 Page 9 of 11
    European Bank for Reconstruction & Development
    European Investment Bank
    Export Credits Guarantee Department
    Export Development Canada
    The Export-Import Bank of China
    F&C Management Limited
    Fairfax Financial Holdings Limited
    Federal Home Loan Bank of Atlanta
    Federal Home Loan Bank of Boston
    Federal Home Loan Bank of Chicago
    Federal Home Loan Bank of Cincinnati
    Federal Home Loan Bank of Dallas
    Federal Home Loan Bank of Des Moines
    Federal Home Loan Bank of Indianapolis
    Federal Home Loan Bank of New York
    Federal Home Loan Bank of Pittsburgh
    Federal Home Loan Bank of San Francisco
    Federal Home Loan Bank of Seattle
    Federal Home Loan Bank of Topeka
    Federal Home Loan Mortgage Corporation
    (Freddie Mac)
    Federal National Mortgage Association (Fannie
    Fidelity Investments Money Management, Inc.
    Fifth Third Bank
    FIL Limited
    Financial Guaranty Insurance Company
    Florida State Board of Administration
    FMC Corporation
    Fonds de Réserve pour les Retraites
    Ford Motor Credit Company
    Friesland Bank N.V.
    Gas Natural sdg, S.A.
    Gazprom Marketing & Trading Ltd
    General Electric Capital Corporation
    General Re Financial Products Corp.
    Genworth Financial
    Glencore International AG
    Government Debt Management Agency Private
    Company Limited by Shares (Hungary)
    Government of Canada, Department of Finance
    Government of Singapore Investment Corporation
    Pte Ltd
    Greywolf Capital Management, LP
    GSC Partners
    Harvard Management Company, Inc.
    HBK Services LLC
    Henderson Global Investors Limited
    Highbridge Capital Management, LLC
    Howard Hughes Medical Institute
    Hypo Alpe-Adria Bank International AG
    Indian Oil Corporation, Limited
    Instituto de Credito Oficial
    Instituto de Gestao de Credito Publico
    Int'l Bank for Reconstruction (World Bank)
    Intel Corporation
    Inter-American Development Bank
    International Finance Corporation
    IXIS Asset Management
    J&S Group Limited
    J. R. Simplot Company
    Japan Post Bank Co., Ltd.
    JD Capital Management LLC
    The Joyo Bank, Ltd.
    The Juroku Bank Ltd
    JWM Partners, LLC
    Kangqi Oil Trading Ltd
    KAS Derivaten Clearing N.V.
    King Street Capital Management, L.L.C.
    Kingdom of Belgium
    Kingdom of Denmark
    Kingdom of Sweden
    Kingdon Capital Management, LLC
    KKR Financial Corp.
    Kommunalbanken AS
    Kommunalkredit Austria AG
    Kommuninvest i Sverige AB (publ)
    Landesbank Berlin AG
    Landesbank Saar
    Landeskreditbank Baden-Wuerttemberg – Foerderbank
    Landwirtschaftliche Rentenbank
    Laurentian Bank of Canada
    Legal and General Investment Management (Holdings)
    LIM Advisors Limited
    Lombard Odier Darier Hentsch & Cie
    Louis Dreyfus Corporation
    M & G Investment Management Limited
    M. Safra & Co., Inc.
    M/S Bharat Petroleum Corporation Limited (BPCL)
    MacroMarkets LLC
    Magnetar Capital LLC
    Man Investments Ltd
    Marubeni Corporation
    Massachusetts Mutual Life Insurance Company
    MBIA Insurance Corp
    McDonald's Corporation
    18-Jul-08 Page 10 of 11
    MFS Investment Management
    Millennium Partners, L.P.
    Minnesota Life Insurance Company
    Mitsubishi Corporation
    Mitsui Sumitomo Insurance Company Limited
    MKP Capital Management, LLC
    Moore Capital Management LLC
    Morley Fund Management
    Munich Re Capital Markets GmbH
    Municipality Finance Plc
    National Bank of Poland
    National Rural Utilities Cooperative Finance
    National Swedish Pension Fund
    Nationwide Building Society
    Natixis Commodity Markets Limited
    Nederlandse Financierings-Maatschappij voor
    Ontwikkelingslanden N.V. ("FMO")
    Nederlandse Waterschapsbank N.V.
    New South Wales Treasury Corporation
    New Zealand Debt Management Office
    Newshore Financial Services Inc.
    Nexen Inc.
    Nordic Investment Bank
    Norges Bank
    Northern Trust
    OGE Energy Resources, Inc.
    Ontario Financing Authority
    Ontario Teachers' Pension Plan Board
    OPET Trade (Ireland) Ltd.
    Øresundsbro Konsortiet
    OZ Management, L.L.C.
    Pacific Investment Management Company LLC
    Pacific Life Insurance Company
    Paloma Partners Management Company
    Parkcentral Capital Management, L.P.
    Paulson & Co. Inc
    Perfect Treasure Investment Limited
    Peugeot SA
    Pfizer Inc.
    Pioneer Investment Management Limited
    Portland General Electric
    Primus Asset Management, Inc.
    Principal Global Investors, LLC
    ProLiance Energy LLC
    Province of British Columbia
    PSolve Asset Solutions
    Public Sector Pension Investment Board
    Putnam Investments
    Quadrant Structured Investment Advisers LLC (QSI)
    Queensland Investment Corporation
    Queensland Treasury Corporation
    QVT Financial LP
    Raiffeisen Switzerland Genossenschaft
    Regiment Capital Management, LLC
    Reliance Industries Limited
    Reliant Energy, Inc.
    Renault SAS
    Republic of Finland
    Reserve Bank of New Zealand
    S.A.C. Capital Advisors, LLC
    Sampo Life Insurance Company Limted
    Sandelman Partners, L.P.
    Saracen Energy Advisors LP
    Saxo Bank A/S
    Scion Capital, LLC
    ScottishPower Energy Management Limited
    Shell Asset Management Company B.V. (SAMCo)
    Shinkin Central Bank
    Siemens Aktiengesellschaft
    Sierra Pacific Resources
    Sigma Finance Corporation
    SK Energy Co., Ltd.
    SNCB Holding
    SNS Bank N.V.
    Sompo Japan Insurance Inc.
    Soros Fund Management LLC
    Sound Capital Management, Inc.
    South African Reserve Bank
    Southwest Gas Corporation
    Sparkasse KoelnBonn
    Standard Life Investments Limited
    Stark Investments
    StatoilHydro ASA
    Stichting Pensioenfonds ABP
    Stone Tower Capital
    Student Loan Marketing Association (Sallie Mae)
    Suez Energy Marketing NA, Inc.
    Suez-Tractebel S.A.
    Sumitomo Corporation
    Sun Life Assurance Company of Canada
    Susquehanna Financial Products
    Sveriges Riksbank
    Swedish Housing Finance Corp.
    Swiss National Bank
    18-Jul-08 Page 11 of 11
    Taconic Capital Advisors LLC
    Telecom Italia SpA
    Telkom SA Limited
    Temasek Holdings (Private) Limited
    Tewksbury Capital Management Ltd.
    Total Capital S.A.
    Toyota Financial Services
    Trafigura Derivatives Limited
    TransCanada Pipelines Limited
    Transnet Limited
    Treasury Corporation of Victoria
    Tudor Investment Corporation
    U.S. Bancorp
    Union Bank of California, N.A.
    University of Notre Dame
    Vattenfall A.B.
    Vitol SA
    Vodafone Group Services Ltd.
    Volvo Treasury AB
    Webster Bank
    Wellington Management Company, LLP
    Western Australian Treasury Corporation
    Weyerhaeuser Asset Management LLC
    Yorkshire Building Society

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