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

                          E U R O P E

          Monday, March 30, 2020, Vol. 21, No. 64

                           Headlines



B E L G I U M

RADISSON HOSPITALITY: Moody's Reviews B1 CFR for Downgrade


F R A N C E

GROUP ECORE: Fitch Cuts LT IDR to B-, Places Rating on Watch Neg.


G E O R G I A

GEORGIAN OIL: S&P Places 'BB-' LT ICR on CreditWatch Negative


G E R M A N Y

ALPHA GROUP: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
SGL CARBON: S&P Cuts ICR to CCC+ on Continued Weak Market Condition


I R E L A N D

SOUND POINT III: Fitch Gives B-sf Rating to Class F Notes
SOUND POINT III: S&P Assigns B- (sf) Rating on Class F Notes


I T A L Y

AIR ITALY: Administrators Set to Review Expressions of Interest
ALITALIA SPA: Wants to Put More Staff in Temporary Lay-off Scheme
SALINI IMPREGILO: S&P Places 'BB-' Rating on CreditWatch Negative
[*] Fitch Takes Action on 14 Banking Groups on COVID-19 Disruption


N E T H E R L A N D S

AVAST HOLDING: S&P Assigns BB Issuer Credit Rating, Outlook Stable


R U S S I A

CENTROCREDIT BANK: S&P Alters Outlook to Neg. & Affirms 'B/B' ICR


S P A I N

BAHIA DE LAS ISLETAS: S&P Lowers Rating to 'B-' on Weaker Earnings
INVICTUS MEDIA: Fitch Places 'BB-' LT IDR on Watch Negative
NH HOTEL: Moody's Places B1 CFR on Review for Downgrade


U K R A I N E

VF UKRAINE: S&P Affirmst 'B' ICR Despite Improved Country Risk


U N I T E D   K I N G D O M

ARCADIA GROUP: To Suspend Pension Scheme Payments
CARLUCCIO'S: On Brink of Collapse, 2,000+ Jobs at Risk
CHIQUITO LTD: Enters Administration, Majority of Stores to Close
DELPHI TECHNOLOGIES: Moody's Lowers CFR to B2, On Review
DOWSON 2020-1: Moody's Gives B3 Rating to GBP8.8MM Class E Notes

DOWSON 2020-1: S&P Assigns BB- (sf) Rating to Class D Notes
RESTAURANT GROUP: Explores Options to Raise Money Amid Pandemic
THAME AND LONDON: S&P Cuts Rating to CCC+, On CreditWatch Negative
THAMES WATER: Moody's Cuts Subordinate MTN Program to (P)Ba1
TRITON UK: Fitch Cuts LT IDR to 'B-', Outlook Negative

VEDANTA RESOURCES: Moody's Places B1 CFR on Review for Downgrade
VEDANTA RESOURCES: S&P Downgrades ICR to 'B-', Outlook Stable
VIRGIN ATLANTIC: Set to Ask for Government Bailout in Coming Days


X X X X X X X X

[*] BOND PRICING: For the Week March 23 to March 27, 2020

                           - - - - -


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B E L G I U M
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RADISSON HOSPITALITY: Moody's Reviews B1 CFR for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the ratings of Radisson
Hospitality AB on review for downgrade, including its corporate
family rating of B1, its probability of default rating of B1-PD and
the B1 rating on its EUR250 million senior secured note due 2023
issued by Radisson Hotel Holdings AB.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The lodging sector
has been one of the sectors most significantly affected by the
shock given its exposure to travel restrictions and sensitivity to
consumer demand and sentiment. The action reflects the impact on
Radisson of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The rating action was prompted by the very sharp decline in in room
bookings and cancellations driven by both fears and travel
restrictions since the outbreak of coronavirus started during
January 2020. From a regionally contained outbreak, the virus has
rapidly spread to many different regions severely denting air
travel and the lodging sector.

Moody's base case assumptions are that the coronavirus pandemic
will lead to a period of severe reductions in hotel guests over at
least the next three quarters with potential closures of hotels in
worse effected locations and very low occupancy or full
cancellations for other hotels in other countries. The base case
assumes there is a gradual recovery in hotel occupancy starting in
the third quarter. However, there are high risks of more
challenging downside scenarios and the severity and duration of the
pandemic and hence on travel restrictions and customer sentiment is
uncertain. Moody's analysis assumes around a 70% reduction in
revenues for Radisson in the second quarter and a 35% fall for the
full year but depending on length and severity of the travel
restrictions could include a significantly deeper downside case
including essentially zero occupancy.

Radisson has responded to the crisis by significantly cutting
capex, reducing administrative costs and renegotiating leases to
preserve cash. Moody's also anticipates that support measures from
governments will help it to significantly reduce its staff costs
from the second quarter onwards.

LIQUIDITY

Radisson had significant levels of liquidity at December 31, 2019
of EUR 240 million of cash, and undrawn RCF EUR 20 million and
bilateral undrawn credit facilities of EUR 4.7 million. With total
available funds representing around 26% of revenues, Radisson is
entering this crisis with a solid level of liquidity.

Under normal market conditions this would be strong, and Moody's
considers Radisson's liquidity capable of supporting the company
for a limited period of partial or a total fall in occupancy.
However, a more severe downside with no material recovery beyond Q2
2020 will result in significant negative cash flow in 2020,
weakening credit metrics and will put severe pressure on
liquidity.

The review process will be focusing on (i) the impact of the
current crisis on cash flow and liquidity (ii) the current market
situation with a review of current occupancy levels and potentially
closures of hotels for the next few weeks, (iii) the cost cutting,
capex reductions, renegotiating with suppliers and the liquidity
measures taken by the company and their impact on the company's
cash flow and balance sheet (iv) the stance of Radisson's owners
towards its investments in Radisson, considering that JinJIang
itself has experienced the same challenging situations for its
hotels due to Covid-19; (v) the likely impact on future hotel
bookings from the spread of coronavirus in Europe and North
America, as well as Moody's view regarding the long-term demand
profile of the industry.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Radissons of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

WHAT COULD CHANGE THE RATINGS DOWN/UP

Given the current market situation, it does not anticipate any
short-term positive rating pressure. A stabilization of the market
situation leading to a recovery in metrics to pre-outbreak levels
could lead to positive rating pressure. More specifically adjusted
Debt/EBITDA would have to be around 4x with interest coverage
(EBITA/interest) towards 2.5x.

Further negative pressure would build if the current situation of
severe travel restrictions would be longer than it currently
anticipates resulting in significant cash burn and visibility of a
material reduction in the company's cash position or a material
rise in debt to fund cash consumption.

LIST OF AFFECTED RATINGS

On Review for Downgrade:

Issuer: Radisson Hospitality AB

Probability of Default Rating, placed on Review for Downgrade,
currently B1-PD

Corporate Family Rating, placed on Review for Downgrade, currently
B1

Issuer: Radisson Hotel Holdings AB

Senior Secured Regular Bond/Debenture, placed on Review for
Downgrade, currently B1

Outlook Actions:

Issuer: Radisson Hospitality AB

Outlook, changed to Rating Under Review from Stable

Issuer: Radisson Hotel Holdings AB

Outlook, changed to Rating Under Review from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.



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F R A N C E
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GROUP ECORE: Fitch Cuts LT IDR to B-, Places Rating on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded Group Ecore Holdings S.A.S.'s
Long-Term Issuer Default Rating to 'B-' from 'B+' and has placed
the metals scrap recycling company on Rating Watch Negative.

The downgrade reflects the downward revision of its forecast
following the gradual shutdown of Ecore's operations for an unknown
period as France goes into a lockdown amid the COVID-19 pandemic.
It also reflects significantly weaker-than-expected results for
1QFY20 (financial year end September), and its expectation for
prolonged challenging macroeconomic conditions that will continue
to weigh on performance. It now project funds from operations
(FFO)-adjusted gross leverage materially above its previous
negative sensitivity of 6.0x (FYE19: 6.6x) over the next three
years.

The RWN reflects liquidity constraints that could arise on its
assumption for a complete drawdown on Ecore's revolving credit
lines (RCF) as a precautionary response to the COVID-19 related
'force majeure'. This could result in a breach of its EUR40 million
committed RCF covenant in 2H20 absent any waivers. It also sees
some risks to Ecore successfully negotiating for an extension of
its factoring facility's maturity to 2023 from 2020. Furthermore,
the RWN reflects uncertainties around the extent of the suspension
of operations and the shape of recovery thereafter.

KEY RATING DRIVERS

Elevated Leverage Metrics: Fitch projects Ecore's FFO-adjusted
gross leverage to average 9.7x over FY20-FY21 before falling to
below 7.0x in FY22. This is materially higher than its previous
rating case primarily due to sub-par 1QFY20 performance, temporary
gradual cessation of operations for an unknown period of time and
its expectation for continued market slowdown exacerbated by the
spread of the coronavirus. Reduced free cash flow (FCF) generation
will also limit deleveraging that can be achieved ahead of the
refinancing of Ecore's bond that matures in November 2023.

Liquidity Pressure Could Arise: Prolonged shutdown of operations
could pose some liquidity constraints. Due to the gradual cessation
of operations, Fitch assumes that Ecore will fully draw down its
RCF and one-year committed bank facility to maintain a liquidity
buffer on its balance sheet. Fitch views this as a precautionary
measure, but Ecore could breach its EUR40 million RCF covenant if
more than 40% of the credit line is drawn. While covenant breach is
likely to be waived, this is not certain given the current
environment. Ecore is currently in the process of finalising the
extension of its EUR140 million factoring facility maturity to
2023. Fitch views the extension of this facility as critical to
ensuring adequate liquidity for the current difficult market.

Temporary Cessation of Operations: The gradual shutdown of
operations from March 23, 2020 will significantly affect Ecore's
performance this year. Although France adopted a strict 15-day
lockdown strategy to control the spread of the coronavirus, in its
forecasts Fitch assumed a longer shutdown of operations for up to
three months. Furthermore, the shape of the recovery thereafter is
key to the direction of the rating. With many European countries in
lockdown, the rate of recovery is also tied to the resumption of
full operations from European steelmakers and recovery of demand.

Weaker-Than-Expected 1Q: 1QFY20 performance continued to be
negatively affected by sluggish European and Turkish steel demand
with multi-year low ferrous prices, weak scrap prices translated
into suppliers retaining volumes and persistent slowdown in the
European and Chinese automotive and construction sectors. It does
not expect a material recovery of EBITDA in the coming months even
without the 'force majeure'. Ferrous volumes were down by 22.6%,
due to sharp falls in low-margins wholesale volumes and yards
volumes. Volumes for aluminum, copper, stainless steel, lead and
zorba were also down 12.2%. According to management, January and
February performance was better than 1QFY20 at around last year's
levels.

Weaker Demand from End-users: The European steel sector had a
difficult year in 2019 and Fitch expects steel market dynamics to
deteriorate further in 2020 amid the COVID-19 pandemic. Wide
quarantine measures across Europe will result in a sharp drop-off
in demand, at least in the short-term, as some industrial activity
is put on hold. This comes against a backdrop of stagnating
European construction demand and as the automotive industry is
experiencing a collapse in demand. The aforementioned are Ecore's
two end-user sectors.

Scrap Prices Depressed: Scrap prices remain low with suppliers
adapting a 'wait and see' approach, retaining volumes. Furthermore,
smelters have been closed or cut production. As uncertainty
escalates, scrap prices will remain under pressure without any
material recovery in sight.

Margin-Locking Strategy: The material drop in volumes in 1QFY20 was
partially mitigated by Ecore's 4.6% increase in total gross profit
per ton as a result of its margin-protection scheme. Major
contributors came from the non-ferrous and batteries margins per
ton while its ferrous gross profit per ton fell 5.2% due to
discounts to attract clients. Ecore uses a disciplined pricing
strategy that establishes a fixed margin floor for its metals and
purchase quotes from European steel companies, along with other
metals smelters, and defines the maximum rates it can pay for
procurement of metal, locking in the margin of volumes to be
processed.

Rating Case Unadjusted for Savings: Management is reconsidering a
new logistics plan approach and estimates possible gains of EUR3
million in 2020 and an additional EUR2 million in 2021. Fitch has
conservatively removed any prospective logistics savings from its
rating case since last year's disappointing logistics savings show
that optimizing this function centrally may be more complex than
anticipated. Fitch expects Ecore to maintain good cost control at
below inflation.

DERIVATION SUMMARY

Ecore has a dense network of collection sites and processing
facilities. Its range of services - collection, processing and sale
of scrap metals, and its ability to recycle all types of metal
waste material - serve as competitive advantages and allow for
healthy gross margins. Although primarily focused on France, Ecore
has access to a deep-sea port and can tap into export markets if
volumes exceed European demand for secondary raw materials. Ecore's
small scale, with EBITDA below EUR100 million, along with exposure
to the cyclical steel sector, high leverage and weakening liquidity
are constraints on the rating.

Fitch compared the business profile of Ecore with other entities in
the wider recycling and waste sector. Its business shares common
characteristics with Befesa S.A., a services company specializing
in the recycling of steel dust, salt slag and aluminum residues.
Befesa has a higher concentration of customers on sourcing, but the
metals waste in this case is qualified as hazardous waste and there
are fewer such companies in the market with the expertise and
license to process the residues. Befesa also benefits from wider
geographical diversification and a more conservative financial
profile. While Befesa hedges a large proportion of its annual zinc
production, its earnings are highly exposed to zinc prices over the
long term.

KEY ASSUMPTIONS

Volumes to drop 23% in 2020; gradual volume increase over
2021-2023

  - EBITDA/ton below 2019 levels in 2020; growing incrementally in
2021-2023 (from a low base in 2020), reflecting increased capacity
utilization and limited operating cost inflation

  - Broadly neutral working capital over 2020-2023

  - Capex of about EUR20 million a year in 2020; EUR25 million
2021- 2023

  - Bolt-on acquisitions of about EUR3 million a year up to 2023

  - No dividend payments up to 2023

  - Fitch's Key Assumptions for Purposes of Recovery Analysis:

  - The recovery analysis assumes that Ecore would be restructured
as a going concern rather than liquidated in a default

  - Ecore's post-reorganization, going-concern EBITDA is estimated
at around EUR49 million, based on the current asset base.

Fitch has revised a distressed enterprise value (EV)/EBITDA
multiple to 5.0x from 5.5x to calculate a going-concern EV. This
multiple was revised to align it with peers. It also reflects
Ecore's market-leading position in France, integrated position
across the recycling value chain and a well-invested asset base.

Fitch assumes a 10% administrative claim to be deducted from the
going-concern EV.

The principal waterfall assumes that EUR88.6 million - the maximum
drawing under the EUR140 million factoring facility within the last
12 months - the EUR40 million super senior RCF and EUR8.5 million
one-year committed line at operating company level rank ahead of
senior secured notes.

After deduction of 10% for administrative claims, its principal
waterfall analysis generated a ranked recovery in the 'RR4' band,
indicating a 'B-' senior secured note rating. The waterfall
analysis output percentage on current metrics and assumptions is
37%.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action:

  - Weakening liquidity, including failure to extend the factoring
facility's maturity to 2023 along with unremedied covenant breach
of its EUR40 million RCF

  - FFO-adjusted gross leverage sustainably above 7.5x and FFO
fixed-charge cover below 1.0x

  - Negative FCF on a sustained basis

Developments that May, Individually or Collectively, Lead to
Positive Rating Action:

  - Ratings are on RWN, therefore, it does not expect positive
rating actions in the short term. However, improvement in liquidity
on a sustained basis could lead to the removal of the RWN and
Stable Outlook.

  - FFO-adjusted gross leverage sustainably below 7.5x and FFO
fixed-charge cover sustainably above 1.0x, which could also support
the removal of the RWN and Stable Outlook.

LIQUIDITY AND DEBT STRUCTURE

As of December 31, 2019, Ecore held EUR43.3 million of cash on its
balance sheet, had an available undrawn, committed (super senior)
RCF of EUR40 million falling due in 2023 (six months ahead of bond
maturity), an available EUR8.5 million one-year committed bank
facility at subsidiary GDE level and EUR4.7 million availability
under its factoring program. Intra-year working capital movements
amount to EUR20 million-EUR30 million per annum. Although Fitch
projects FCF to turn negative in the amount of EUR9 million in
2020, Fitch expects it to be positive in the amount of EUR9 million
- EUR24 million per year thereafter.

Due to the recent COVID-19 related lockdown in France and gradual
shutdown of Ecore's operations, Fitch assumes that the company will
fully draw its RCF and one-year committed bank facility to maintain
a liquidity buffer on its balance sheet. Its EUR40 million RCF has
a minimum EUR50 million EBITDA covenant (tested every trimester) if
more than 40% of the facility is drawn. A covenant breach cannot be
excluded in 3QFY20 or 4QFY20 based on its estimates and absent any
waivers, if the company uses more than 40% of this RCF at that
time.

Ecore is currently about to finalize the extension of its EUR140
million factoring facility maturity to 2023 from April 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - EUR56.4 million utilizations under Ecore's factoring program
were treated as debt at end-September 2019

  - Exceptional costs of EUR4.8 million were removed from EBITDA
and instead included in non-operating/non-recurring cash flow

  - Operating leases of EUR5.7 million were capitalized at an 8x
multiple

  - EUR2 million of redeemable preference shares were treated as
equity at end-September 2019. These preference shares rank junior
to the bonds. Neither principal nor coupon will be paid ahead of
the bond refinancing.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).



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G E O R G I A
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GEORGIAN OIL: S&P Places 'BB-' LT ICR on CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term issuer credit and
issue ratings on Georgian Oil and Gas Corp. JSC (GOGC) on
CreditWatch with negative implications, reflecting the challenges
in refinancing the $250 million 2021 Eurobond.

The company is facing a large $250 million Eurobond maturity on
April 26, 2021, while capital market access for emerging market
issuers is difficult. Given the current turbulence on international
financial markets, refinancing is the key challenge for the
company, despite management's track record of completing previous
refinancing exercises well in advance. S&P said, "Realistically, we
think GOGC might attempt to tap the capital markets in the summer
or autumn of 2020, while potentially selling assets or approaching
the government for financial support as back-up options. We will
closely monitor the situation in the next two-to-three months to
identify how GOGC is tackling the refinancing task. We don't expect
the company to generate sufficient liquidity to repay the bond,
which represents essentially all of the company's debt and is 3.5x
times larger than its EBITDA. In our base-case scenario, we
envisage GOGC generating neutral or slightly negative discretionary
cash flow (DCF) in 2020. The company's cash position at Dec. 31,
2019, was just Georgian lari (GEL) 136 million ($47 million), and
it did not have any committed long-term credit lines. The local
banking system is relatively weak and small, so we believe that
refinancing with a bank loan might also be difficult."

S&P said, "We continue to view the probability of extraordinary
state support to GOGC to be very high. Along with Georgian Railway
JSC, GOGC is one of the largest corporate borrowers in Georgia. We
continue to believe the government has a strong incentive to
support GOGC, because a theoretical default implies considerable
reputational damage for the sovereign and other Georgian issuers'
ability to borrow externally. GOGC is an important government arm
in developing the electricity sector and operates two recently
constructed gas-fired power stations comprising 25%-30% of the
country's total electricity generation. In addition, GOGC is a part
of several intergovernmental agreements for gas trading operations
(with Azerbaijan and Russia, notably), which we think justify the
company's importance for the government and motivation to provide
support in case of financial difficulties."

The Gardabani 2 power station, launched in January 2020, should add
more EBITDA stability and improve GOGC's cash flows. Under S&P's
base case, Gardabani 2 should add GEL70 million to EBITDA in 2020.
This compares with GEL100 million contributed by Gardabani 1 in
2019, of GEL193 million total EBITDA. The new launch will mean
about 70% of EBITDA is sourced from electricity generation, with
the rest comprising much more volatile gas trading activities and a
smaller contribution from pipeline rent fees and crude oil sales.
Both power stations operate under favorable investment contracts
which have guaranteed U.S.-dollar-denominated returns on
investments. S&P understands that GOGC is considering construction
of a third $200 million gas-fired unit, mirroring the terms and
specifications of Gardabani-2. This project will only move forward
if the refinancing of existing debt is successful and new long-term
funding is available for capital expenditure (capex).

New projects will also likely be partially affected by a lower
social gas price in Georgia. S&P said, "We see pressure on the
company's cash flows from the decline in the social gas price, to
$100 per thousand cubic meters (/TCM) from $110/TCM. This will be
only partly offset by lower gas purchase prices, in our view,
because GOGC buys gas under several long-term contracts, which
means effective average purchase prices could significantly differ
from global market rates. We estimate the negative effect on GOGC's
EBITDA to be GEL20 million-GEL30 million in 2020."

S&P said, "The CreditWatch placement reflects our concerns about
the company's ability to refinance the $250 million Eurobond
maturity coming due in April 2021 under the current very
challenging capital markets conditions. We recognize GOGC's
historically prudent and proactive approach to liquidity
management. At the same time, the key risk is that the ongoing
turbulence on international financial markets will likely limit
GOGC's ability to refinance in the coming months.

"If the company is unable to secure sufficient liquidity by June
2020, and if the government of Georgia does not provide timely
support, we see a risk of a downgrade, possibly by more than one
notch. Firstly, if refinancing progress is limited, we will view
liquidity as weak, which by itself would cap the stand-alone credit
profile (SACP) assessment at 'b-', compared with our current
assessment of 'b+'. Secondly, if the government doesn't step in
during difficult times, we may re-assess our view on the likelihood
of timely and sufficient state support, leading to lower uplift
above the SACP."




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G E R M A N Y
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ALPHA GROUP: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of the German operator of hotels and hostels Alpha Group
SARL to Caa1 from B3 and the probability of default rating to
Caa1-PD from B3-PD. Concurrently, Moody's has downgraded the rating
of the A&O's senior secured term loan B and its revolving credit
facility to Caa1 from B3. The rating outlook has been changed to
negative from stable.

"Our decision to downgrade A&O's ratings reflects the rapid and
widening spread of the coronavirus (COVID-19) outbreak with
unprecedented restrictions on travel across Europe. Moody's expects
this will significantly impact A&O's earnings in 2020, leading to
materially weaker credit metrics, negative free cash flow
generation and impair its liquidity position" says Vitali
Morgovski, a Moody's Assistant Vice President-Analyst and lead
analyst for A&O Hotels and Hostels.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The lodging sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, A&O's hostel operations are severely affected by
travel restrictions and lockdowns implemented across Europe and the
company remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on A&O of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

A&O's revised ratings and negative outlook reflect the heightened
vulnerability of the company to the impact of the coronavirus on
the travel and leisure sectors. As a consequence, A&O's credit
metrics, which were already weak for the previous B3 rating
(Moody's adjusted gross leverage close to 10x in 2019 and Moody's
adjusted coverage ratio slightly above 1x) is unlikely recover to
the required levels even once the travel bans are lifted and the
business will return into a more normal stance.

The rating is still supported by A&O's business model with a low
break-even occupancy rate (30% - 35% according to A&O) and the
company's high profitability measured by Moody's adjusted EBITA
margin of around 22% in 2019, relatively slim and flexible cost
structure as well as a track-record of a positive growth in 2009
when all segments of the hotel industry contracted. Additional
benefits arise from the asset protection as A&O owns thirteen of
the 35 hostels. However, the current disruption of operating
performance is much more severe than previous downturns.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the uncertainties in terms of the
duration of the operational disruption caused by the coronavirus
outbreak, the uncertainties in regards to liquidity and the likely
breach of covenants under the RCF as well as the company's measures
to counterbalance the negative impact on credit metrics arising
from an expected period of negative free cash flows.

LIQUIDITY

A&O's liquidity will tighten substantially this year, driven by
anticipated negative free cash flow and challenges to meet
covenants under the revolving credit facility (RCF). At the end of
2019, A&O had EUR29 million of cash on balance sheet and an undrawn
EUR35 million RCF, maturing in 2023. While the RCF remained undrawn
in the past, given the circumstances the company drawdown fully its
available RCF. Moody's expects that those liquidity sources
together with the company's cost cutting measures would allow it to
stay liquid until the year-end, assuming that travel bans are
lifted in the summer. However, A&O will highly likely breach the
covenants required under RCF (net leverage below 7.9x, tested
quarterly, December 2019 at 5.6x) due to a sharp drop in earnings
in 2020, requiring negotiations with its key lenders.

WHAT COULD MOVE THE RATINGS - UP

Positive rating pressure would not arise until the coronavirus
outbreak is brought under control and travel restrictions are
lifted. A stabilization of the market situation leading to a
recovery in metrics to pre-outbreak levels could lead to positive
rating pressure.

WHAT COULD MOVE THE RATINGS -- DOWN

Inability to preserve a sufficient liquidity profile in light of
the expected period of negative free cash flow. A prolonged and
deeper slump in demand than currently anticipated leading to more
balance sheet deterioration and a longer path to restoring credit
metrics could also lead to further negative pressure on the
rating.

STRUCTURAL CONSIDERATION

The secured credit facilities form the vast majority of A&O's gross
indebtedness and so the rating of both the Term Loan B and RCF is
Caa1, in-line with the CFR. The RCF and TLB are pari passu and
secured by first liens on the assets of the company including real
estate, which includes thirteen owned properties. In addition, A&O
has approximately EUR115 million of shareholder loans which Moody's
views as equity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

PROFILE

Based in Berlin, Germany, A&O Hotels and Hostels (A&O) operates a
network of 35 hotels and hostels in Central Europe including
Germany, Italy, Czech Republic, Denmark, Netherlands and Austria.
The company specializes in offering low cost accommodation focusing
on large groups. In 2019, A&O reported EUR149 million of revenues.

SGL CARBON: S&P Cuts ICR to CCC+ on Continued Weak Market Condition
-------------------------------------------------------------------
S&P Global Ratings lowered to 'CCC+' from 'B-' its long-term issuer
credit rating on German carbon and graphite manufacturer SGL Carbon
SE and to 'B-' from 'B' its issue rating on its senior secured
notes.

S&P said, "We downgraded SGL because its capital structure, in our
view, is becoming unsustainable, explained by elevated credit
metrics and a negative free cash flow. At the same time, its
adequate liquidity position remains supportive, and will enable the
company to hold on for the next 12 months. As a result, at this
stage, there is limited downside to the rating.

"Given the current adverse economic conditions in Europe and the
U.S., results for 2020 will likely remain weak, delaying our
previous expectations of a reduction in the company's absolute debt
level. Even excluding the effect of the COVID-19 epidemic, we now
expect the company to report an S&P Global Ratings-adjusted EBITDA
of up to EUR100 million in 2020, as well as our adjusted debt to
EBITDA above 7.0x in 2020 without an obvious improvement in 2021.
Moreover, under our base case, we expect the company to generate
negative free operating cash flow (FOCF) of up to EUR20 million in
2020. We note the company has recently guided the market for
recurring EBIT at 10%-15% below the prior year's level (equivalent
to EBITDA of about EUR115 million) with a breakeven free cash
flow."

Based on its liquidity sources as of Dec. 31, 2019, SGL could
comfortably absorb this amount, mainly through its cash position.
The company also has a comfortable maturity profile; its first
sizable (EUR159 million) repayment is only in 2023.

SGL was already struggling to rebuild momentum--COVID-19 won't
help

After the sound results in 2018 and the expectation of further
positive momentum in 2019, SGL reported disappointing results, with
reported EBITDA of EUR120 million (in line with S&P's projection of
EUR100 million-EUR120 million from September 2019, when we revised
the outlook to negative). While its graphite materials and systems
(GMS) division had a record year, the company's carbon fiber
materials (CFM) division stumbled in 2019. The company considered
that the drop stemmed from its textile fiber business--which
remained loss making--and mixed effects in its wind energy
business.

Earlier this year, and before factoring in the consequences of the
COVID-19 outbreak, S&P projected EBITDA of EUR100 million-EUR120
million in 2020. This projection anticipated SGL's need to address
its cost structure in certain parts of its business (for example,
the textile segment). SGL also needs to tackle softer demand for
some applications and to fill the capacity of its current carbon
fiber facilities, because its agreement with BMW is coming to an
end in 2022 (S&P understands that the agreement could be extended).
According to the company, some important milestones have already
been achieved.

What if the current crisis turned into a longer recession?

S&P said, "Governments across Europe are taking unprecedented steps
to contain the COVID-19 outbreak and, as a result, we now project a
deep recession on the continent in 2020. We assume that GDP will
contract by 0.5%-1.0% under our base case and alternative case. As
a result, we have revised down our EBITDA projection for 2020, to
EUR80 million-EUR100 million. This projection incorporates SGL's
current order backlog and other supportive factors--these may fade
out if the unfavorable economic conditions last for longer.

"Given the high level of uncertainty, we tested the company's
sensitivity to several scenarios that go well beyond our base case,
including a severe drop in the company's EBITDA in 2020 to about
EUR40 million. This reference point is equivalent to the EBITDA
reported by its two divisions during the financial crisis of 2009,
although the business perimeters of the divisions are not fully
comparable. Under this scenario, the company would have a cash burn
of about EUR60 million-EUR80 million if it made no change to its
capital expenditure (capex) program, had flat working capital, and
didn't take other counteraction measures. In our view, even though
the company's EUR175 million revolving credit facility (RCF) would
effectively be unavailable because SGL would have breached its
financial covenants, it would have sufficient liquidity to
accommodate such a scenario. However, if the scenario were to
persist for more than 12 months, we foresee a different outcome."

Weak market developments present a risk to the company's growth
potential and its financial policies

In S&P's view, the company will need to make a difficult decision
about how to balance cash preservation and future growth.

On one hand, the company's core markets--energy, mobility, and
digitalization--are still attractive, with annual projected growth
rates of 5%-10%. S&P said, "In our view, SGL's ability to address
future trends through new and existing products should support its
growth and improved earnings over time. We understand that tapping
into future demand requires ongoing spending above the maintenance
capex. On the other hand, the company aims to generate a positive
free cash flow and reduce its gross debt."

Facing weaker market demand, the company took the decision to cut
its capex budget to EUR75 million in 2020 from a previous guidance
of EUR95 million. In addition, the company is working on additional
initiatives to further bolster its liquidity. This would have
eliminated a higher negative FOCF, and it announced its intention
to cut capex further if needed. S&P views the company's proactive
measures positively. At the same time, S&P cannot ignore the
medium- and longer-term implications if further cuts were made
later this year and in 2021.

The stable outlook is supported by the company's supportive
liquidity position and limited downside for the rating in the next
12 months.

S&P said, "We project that the company will generate adjusted
EBITDA of about EUR80 million-EUR100 million and negative FOCF of
up to EUR20 million in 2020, resulting in adjusted debt to EBITDA
of more than 7x in 2020.

"We do not expect to lower the rating in the coming six to 12
months unless we see a material deterioration in the company's
liquidity position. If the company were to see a material decline
in its EBITDA, leading to higher cash burn and breach of covenants
under its RCF, it could push it into executing a distressed
exchange offer.

"We don't expect to raise the rating in the next six months.

"We could do so if we considered SGL was likely to maintain
leverage below 6.5x, improving rapidly to 5.0x, while generating
neutral or positive FOCF.

"We would also look for clarity regarding the company's long-term
strategy as a new CEO will join the company later this year. In
addition, SGL will need to build a track record of predictability
in EBITDA and FOCF generation, especially in the CFM division."




=============
I R E L A N D
=============

SOUND POINT III: Fitch Gives B-sf Rating to Class F Notes
---------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO III Funding DAC
final ratings.

Sound Point Euro CLO III Funding DAC

Class A; LT AAAsf New Rating

Class B-1; LT AAsf New Rating

Class B-2; LT AAsf New Rating

Class C; LT Asf New Rating

Class D; LT BBB-sf New Rating

Class E; LT BBsf New Rating

Class F; LT B-sf New Rating

- Subordinate; LT NRsf New Rating

Class X; LT AAAsf New Rating

Class Z; LT NRsf New Rating

TRANSACTION SUMMARY

Sound Point Euro CLO III Funding DAC is a securitization of mainly
senior secured obligations with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
are being used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Sound Point CLO C-MOA
LLC Limited. The collateralized loan obligation (CLO) has a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL).

KEY RATING DRIVERS

'B/B-' Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors in the 'B' category. The Fitch weighted average
rating factor (WARF) of the identified portfolio is 33.04.

High Recovery Expectations: At least 90% of the portfolio will
comprise senior secured obligations. Fitch views the recovery
prospects for these assets as more favorable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the identified portfolio is 68.44%.

Diversified Asset Portfolio: The transaction includes Fitch test
matrices corresponding to a maximum top 10 obligor concentrations
of 18% and 23% and maximum investments in fixed-rate assets of 0%
and 7.5%. The manager can interpolate within and between these
matrices. The transaction also includes various concentration
limits, including the maximum exposure to the three-largest
(Fitch-defined) industries in the portfolio at 40%. These covenants
ensure that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management: The transaction has a 4.5-year reinvestment
period and includes reinvestment criteria similar to those of other
European transactions. Fitch analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis: Fitch used a customized proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

COVID-19 Impact Analysis: Fitch analyzed the warehouse portfolio
that includes EUR391.14 million of assets. Fitch has identified the
following sectors with the highest exposure to COVID-19 impact;
transportation & distribution, gaming and leisure and
entertainment, retail, lodging and restaurants, metal and mining,
energy oil and gas, aerospace and defense. The total portfolio
exposure to these sectors is EUR60.28 million. As per guidance from
Fitch's leveraged finance team Fitch has run a scenario that
envisages negative rating migration by one notch for all assets in
these sectors. The resulting default rate is still below the
breakeven default rate for the stress portfolio analysis, meaning
that rating migration of this magnitude would not affect the rating
of the CLO.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated notes.
A 25% reduction in recovery rates would lead to a downgrade of one
notch for the rated notes.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

SOUND POINT III: S&P Assigns B- (sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class X to F
European cash flow CLO notes issued by Sound Point Euro CLO III
Funding DAC. At closing, the issuer also issued unrated class Z and
subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement, which is provided through the
subordination of cash flows, excess spread, and
overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.

  Table 1
  Portfolio Benchmarks
                                                  Current
  S&P weighted-average rating factor                 2660
  Default rate dispersion                             632
  Weighted-average life (years)                      5.66
  Obligor diversity measure                        102.07
  Industry diversity measure                        21.51
  Regional diversity measure                         1.22

  Table 2
  Transaction Key Metrics
                                                  Current
  Total par amount (mil. EUR)                         400
  Defaulted assets (mil. EUR)                           0
  Number of performing obligors                       126
  Portfolio weighted-average rating derived
    from our CDO evaluator                            'B'
  'CCC' category rated assets (%)                     0
  Covenanted 'AAA' weighted-average recovery (%)    35.86
  Covenanted weighted-average spread (%)              3.6
  Reference weighted-average coupon (%)               5.0

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments. S&P notes
that the interest amount from the semiannual obligations will not
be trapped in the interest smoothing account for so long as any of
the following apply: (i) the aggregate principal amount of the
semiannual obligations is less than or equal to 5%; and (ii) the
class F interest coverage ratio is equal to or greater than 100%
when excluding any payments received from the semiannual
obligations. The portfolio's reinvestment period ends approximately
four-and-a-half years after closing.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow collateralized debt obligations. As such, we have not applied
any additional scenario and sensitivity analysis when assigning
ratings to any classes of notes in this transaction."

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.60%),
the reference weighted-average coupon (5.00%), and the target
minimum weighted-average recovery rate as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1 to F notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our ratings assigned
to the notes.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned rating levels."

Until the end of the reinvestment period on Oct. 15, 2024, the
collateral manager is allowed to substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

The transaction's legal structure is bankruptcy remote, in line
with S&P's legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by Sound Point CLO C-MOA
LLC.

  Ratings List

  Class   Rating     Amount    Sub (%)  Interest rate*
                   (mil. EUR)            
  X       AAA (sf)   2.00      N/A      Three/six-month EURIBOR  
                                          plus 0.40%
  A       AAA (sf)   248.00    38.00    Three/six-month EURIBOR
                                          plus 0.95%
  B-1     AA (sf)    28.00     28.00    Three/six-month EURIBOR
                                          plus 1.75%
  B-2     AA (sf)    12.00     28.00    2.00%
  C       A (sf)     28.00     21.00    Three/six-month EURIBOR
                                          plus 2.30%
  D       BBB (sf)   24.00     15.00    Three/six-month EURIBOR
                                          plus 3.20%
  E       BB (sf)    20.00     10.00    Three/six-month EURIBOR
                                          plus 5.45%
  F       B- (sf)    10.60     7.35     Pre-placed
  Z       NR         12.00     N/A      N/A
  Sub. notes  NR     36.50     N/A      N/A

  *The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

  NR--Not rated.
  N/A--Not applicable.




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

AIR ITALY: Administrators Set to Review Expressions of Interest
---------------------------------------------------------------
Giulia Segreti at Reuters reports that struggling airline Air Italy
said on March 26 it had received expressions of interest for its
assets and activities and its administrators would review them.

The carrier's owners Qatar Airways and Alisarda agreed in February
to place the loss-making airlines into liquidation, Reuters
relates.

Air Italy was a privately owned Italian airline, headquartered in
Olbia, Sardinia.  The company was the second largest airline in
Italy, following Italy's flag carrier Alitalia, and the 40th
largest airline in Europe by number of passengers as of 2019.


ALITALIA SPA: Wants to Put More Staff in Temporary Lay-off Scheme
-----------------------------------------------------------------
Francesca Landini at Reuters reports that Alitalia's administrator
has asked Italy's government to raise to nearly 7,000 the number of
its employees under a temporary lay-off scheme, with most of its
aircraft standing idle during the coronavirus outbreak.

The request for 2,900 more workers to join the scheme came on March
26 in a letter sent by the state-appointed administrator to unions
and government ministries and seen by Reuters.

Alitalia's total workforce is around 11,600, Reuters discloses.

According to Reuters, under the state-sponsored scheme, which
existed before the epidemic, workers remain at home for a certain
period but are not laid off as the company adjusts employment
levels to market demand.  The letter stated the Alitalia staff
would expect to remain on it until the end of October, Reuters
notes.

Rome, Reuters says, is preparing to take control of the loss-making
carrier again after 11 years of difficult private management and
two failed restructuring attempts, problems exacerbated by the
coronavirus crisis that has devastated the global airline
industry.

Union sources said last week the airline, which has been run by
administrators since May 2017, will be re-launched as a new company
that could start with 25-30 aircraft -- around a quarter of the
current fleet -- and then gradually increase that number as the
sector recovers, Reuters relates.

Union sources, as cited by Reuters, said the request for additional
temporary lay-offs will be discussed on April 3.

                         About Alitalia

With headquarters in Fiumicino, Rome, Italy, Alitalia is the flag
carrier of Italy.  Its main hub is Leonardo da Vinci-Fiumicino
Airport, Rome.  The company has a workforce of 12,000+. It reported
EUR2,915 million in revenues in 2017.

Alitalia and its subsidiary, Alitalia Cityliner S.p.A., are in
Extraordinary Administation (EA), by virtue of decrees of the
Ministry of Economic Development on May 2 and May 17, 2017,
respectively.  The companies were subsequently declared insolvent
on May 11 and May 26, 2017 respectively.  

Luigi Gubitosi, Prof. Enrico Laghi and Prof. Stefano Paleari were
appointed as Extraordinary Commissioners of the Companies in
Extraordinary Administration.

The Italian government ruled out nationalizing Alitalia in 2017 and
since then, the airline has been put up for sale.  To this
development, Delta Airlines, Easyjet and Italian railway company
Ferrovie dello Stato Italiane have expressed interest in acquiring
the airline in 2018.  Since then, Easyjet has withdrawn its offer.


SALINI IMPREGILO: S&P Places 'BB-' Rating on CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings places its 'BB-' ratings on Salini Impregilo SpA
on CreditWatch with negative implications.

Salini Impregilo reported negative free operating cash flow (FOCF)
in 2019, after considering extraordinary cash-outs related mainly
to Panama advances reimbursement and tax items.   Most of Salini
Impregilo's cash absorption stems from adverse working capital
development, which affected cash flow by about EUR195 million. S&P
said, "That is weaker than our previous expectation of limited cash
outflow for 2019. Working capital has been affected by delays in
cash-in from Italian operations amounting to EUR237 million. We
understand that Salini Impregilo has not yet received those
payments, and that timing is uncertain. In our view, this reflects
the company's low visibility and control of its cash collection.
Although a full financial statement for 2019 is yet to be
published, we anticipate Salini Impregilo's funds from operations
(FFO) to debt will be 14%-16%, which is lower than our previous
expectation of slightly below 20%."

The negative FOCF absorbed part of the EUR600 million capital
increase from November 2019.  Salini Impregilo's reported net
financial indebtedness improved by only EUR318 million in 2019,
through a combination of gross debt reduction and higher cash and
other financial assets--although the company recently raised EUR600
million of equity. The negative FOCF of Salini Impregilo mainly
explains the difference during the year. However, Salini Impregilo
still has to fund the 65% stake in Astaldi S.p.A. for EUR225
million in 2020. S&P said, "We believe that the financial
indebtedness could increase in 2020 due to the Astaldi acquisition,
unless Salini Impregilo can successfully cash in important payments
from projects. Mitigating the risks, we understand that Astaldi
should be integrated with an important positive net cash position
as per the composition plan."

The COVID-19 outbreak adds uncertainty to Salini Impregilo's
activity in 2020.   The company has said that most of its projects
are operating normally at the moment. S&P said, "However, we cannot
rule out project suspensions or disruptions in some countries, such
as Italy or the U.S. In our view, the coronavirus outbreak could
have a negative impact on Salini Impregilo's credit metrics in
2020, mainly due to reduced activity and additional working capital
cash absorption. Compared with our ratings on other construction
companies in Europe, Middle East, and Africa (EMEA), our ratings on
Salini Impregilo have less headroom in the event of COVID-19
operating disruption, because of the company's lower-than-expected
cash collections in 2019."

Liquidity remains adequate for now, but the company has important
disbursements in the second half of 2020 and in 2021.  S&P said,
"Our uses-over-sources ratio is at 1.5x starting Jan. 1, 2020,
thanks to the recent extension of credit lines and the subsequent
EUR550 million of undrawn revolving credit facility (RCF). Besides,
short-term debt reduced to EUR300 million from EUR660 million
following the capital increase. However, Salini Impregilo is still
facing debt maturities in excess of EUR500 million in 2021. We see
a low probability of Salini Impregilo refinancing the remaining
EUR475 million notes due 2021 in the coming months, because of the
volatile debt market environment amid COVID-19. Besides, Salini
Impregilo will also need to fund the Astaldi acquisition in the
second half of 2020. We believe that liquidity could deteriorate in
the coming quarters if Salini Impregilo fails to collect project
payments. Mitigating the risks, we acknowledge the company's solid
relationships with its banks."

The integration of Astaldi remains our base case.  The holders of
Astaldi's EUR140 million equity-linked notes recently voted in
favor of the composition plan, while the holders of the EUR750
million senior notes voted against. In S&P's view, a positive
outcome remains likely, since the majority of Astaldi's creditors
are Progetto Italia stakeholders. Besides, S&P understands there is
no alternative proposal for the rescue of Astaldi.

S&P said, "We aim to resolve the CreditWatch in the coming months
once we have more visibility on Salini Impregilo's working capital
path--including the company's ability to collect delayed
payments--and on COVID-19's effect on the company's operations.

"We could affirm the ratings if Salini Impregilo's operations and
performance are not materially affected by the COVID-19 epidemic,
and if the company's working capital path is supportive of
significantly improved credit metrics in 2020 compared with 2019,
while its liquidity profile remains adequate.

"We could lower the ratings if we anticipate that FOCF is much
weaker than our expectations in 2020, notably due to slow
collection of project payments, thus hampering a significant
improvement of FFO to debt. Difficulties in integrating the
acquired businesses, particularly Astaldi, disruption arising from
COVID-19, and weakened liquidity could also trigger a downgrade."


[*] Fitch Takes Action on 14 Banking Groups on COVID-19 Disruption
------------------------------------------------------------------
Fitch Ratings has taken the rating actions on 14 banking groups
following the coronavirus disruption in Italy.

While the ultimate economic and financial market implications of
the coronavirus pandemic are unclear, Fitch considers the risks to
banks' credit profiles to be clearly skewed to the downside and
this has driven the rating actions. Fitch's baseline is for Italian
GDP to contract by 2.0% this year (a negative 2.2% swing from its
February forecast), before recovering in 2021.

Fiscal support measures for the private sector and financial
markets have mixed first order implications for banks. Italian
government guarantees on loans to SMEs will support borrowers'
viability and hence banks' asset quality. Mortgage loan relief
programs will have negative first order implications for banks, but
compensation by the state for direct COVID-19 related losses
appears to be approved by EU state aid authorities, so it is
probable that the full financial impact for banks will ultimately
be mitigated.

Nonetheless, Fitch expects asset quality to weaken relative to its
previous expectations and for earnings challenges to intensify due
to weaker business volumes and rising loan impairment charges.
Higher wholesale funding costs (a combination of Italian spread
widening and bank debt re-pricing) represent an additional downside
risk in the event monetary policy support packages, including the
ECB's EUR750 billion Pandemic Emergency Purchase Program (PEPP),
fail to mitigate rising funding costs.

Fitch considers the risks to funding profiles to be a longer-term
(e.g. term debt refinancing and market issuance), rather than
near-term risk, given limited use by Italian banks of short-term
wholesale funding and extensive monetary policy support facilities,
including targeted longer-term refinancing operations (TLTRO) and
the PEPP. Larger banks are more vulnerable to large corporates
drawing down on their credit facilities. Lower rated banks are more
at risk of their deposit franchises coming under pressure in the
event of adverse news-flow and are likely to be the last to access
wholesale funding markets again.

KEY RATING DRIVERS

INTESA SAN PAOLO S.p.A. AND SUBSIDIARIES

Unless noted below, the key rating drivers for Intesa and its
subsidiaries are those outlined in its Rating Action Commentary
published in November 2019 (Fitch Affirms Intesa Sanpaolo at 'BBB';
Outlook Negative).

Fitch has affirmed Intesa's Long-Term IDR with a Negative Outlook
and its Viability Rating (VR) because Fitch believes the economic
fallout from the coronavirus crisis represents a medium-term risk
to the ratings. However, the bank enters the economic downturn from
a relative position of strength, given its leading franchise in
Italy, diverse and stable business model, less cyclical earnings
generation than domestic peers, sound capitalization and strong
funding and liquidity. Fitch believes the economic and financial
market fallout from the coronavirus outbreak creates additional
downside risks to its assessment of risk appetite, earnings and
funding relative to when it last reviewed the bank's ratings.

Fitch has downgraded Intesa's Tier 2 debt by one notch to 'BB+' and
removed it from Under Criteria Observation (UCO) to reflect the
change in baseline notching for loss-severity to two notches (from
one previously) from the VR since the bank does not meet the
specific conditions under its criteria for applying one notch.

Fitch has upgraded the AT1 debt by one notch to 'BB-' and removed
it from UCO to reflect a change in baseline notching to four
notches (from the previous five) from the VR, reflecting a
reduction in incremental non-performance risk relative to its
previous assumptions. Its assessment is based on the bank operating
with a common equity Tier 1 (CET1) ratio that is comfortably above
maximum distributable amount (MDA) thresholds and its expectation
that this will continue.

UNICREDIT S.p.A. AND SUBSIDIARIES

Unless noted below, the key rating drivers for UniCredit and its
subsidiaries are those outlined in its Rating Action Commentary
published in November 2019 (Fitch Affirms UniCredit at 'BBB';
Outlook Negative).

Fitch has affirmed UniCredit's Long-Term IDR with a Negative
Outlook and its VR because Fitch believes the economic fallout from
the coronavirus crisis represents a medium-term risk to UniCredit's
ratings. However, the bank enters the economic downturn from a
relative position of strength, given its improved financial
performance over the past three years, which includes a reduction
in impaired loans, a gradual recovery in operating profitability,
maintaining satisfactory capital buffers over regulatory minimum
requirements and the completion of its total loss absorbing
capacity (TLAC) and minimum requirement for own funds and eligible
liabilities (MREL) funding plans.

While UniCredit's ratings benefit from sound franchises in the
regions where it operates, its risk profile is influenced by its
large operations in Italy. Fitch believes the economic and
financial market fallout from the coronavirus outbreak creates
additional downside risks, primarily to its assessment of risk
appetite, earnings and funding relative to when it last reviewed
the bank's ratings.

Fitch has downgraded UniCredit's senior non-preferred (SNP) debt by
one notch to 'BBB-' and removed from UCO to reflect the risk of
below average recoveries arising from the use of more senior debt
to meet resolution buffer requirements, and the combined buffer of
AT1, Tier 2 and SNP debt being unlikely to exceed 10% of
risk-weighted assets.

Fitch has downgraded the tier 2 debt by one notch to 'BB+' and
removed it from UCO to reflect the change in baseline notching for
loss-severity to two notches (from one previously) from the VR
since the bank does not meet the specific conditions under its
criteria for applying one notch.

Fitch has upgraded the AT1 debt by one notch to 'BB-' and removed
it from UCO to reflect a change in baseline notching to four
notches (from the previous five) from the VR, reflecting a
reduction in incremental non-performance risk relative to its
previous assumptions. Its assessment is based on the bank operating
with a CET1 ratio that is comfortably above MDA thresholds and its
expectation that this will continue.

MEDIOBANCA S.p.A. AND SUBSIDIARIES

Unless noted below, the key rating drivers for Mediobanca are those
outlined in its Rating Action Commentary published in February 2020
(Fitch Affirms Mediobanca at 'BBB'; Outlook Negative).

Fitch has affirmed Mediobanca's Long-Term IDR with a Negative
Outlook and its VR because Fitch believes the economic fallout from
the coronavirus crisis represents a medium-term risk to
Mediobanca's ratings. However, the bank enters the economic
downturn from a relative position of strength thanks to its sound
capitalization, and better than domestic peers' profitability and
asset quality, which proved resilient through the economic cycle.
Mediobanca's financial performance is underpinned by its
specialized business model with strong competitive positions in
selected businesses. Fitch believes the economic and financial
market fallout from the coronavirus outbreak creates additional
downside risks to its assessment of risk appetite, asset quality,
earnings and funding relative to when it last reviewed the bank's
ratings.

Fitch has downgraded Mediobanca's SNP debt by one notch to 'BBB-'
and removed it from UCO to reflect the risk of below average
recoveries arising from the use of more senior debt to meet
resolution buffer requirements and the combine buffer of AT1, Tier
2 and SNP debt being unlikely to exceed 10% of risk-weighted
assets.

Fitch has downgraded the Tier 2 debt by one notch to 'BB+' and
removed it from UCO to reflect the change in baseline notching for
loss-severity to two notches (from one previously) from the VR
since the bank does not meet the specific conditions under its
criteria for applying one notch.

CREDITO EMILIANO (CREDEM)

Unless noted below, the key rating drivers for Credem are those
outlined in its Rating Action Commentary published in May 2019
(Fitch Affirms Credito Emiliano at 'BBB'/Negative; Downgrades
Short-Term IDR to 'F3').

Fitch has affirmed Credem's Long-Term IDR with a Negative Outlook
and VR because Fitch believes the economic fallout from the
coronavirus crisis represents a medium-term risk to Credem's
ratings. However, the bank enters the economic downturn from a
relative position of strength underpinned by its more stringent
risk appetite than domestic peers and prudent management stance,
which resulted in asset quality remaining consistently better than
peers through the cycle and adequate capitalization. A fairly
diversified and stable business model has to date provided it with
some earnings stability. Fitch believes the economic and financial
market fallout from the coronavirus outbreak creates additional
downside risks to its assessment of risk appetite, asset quality
and earnings relative to when it last reviewed the bank's ratings.

Fitch has upgraded Credem's Long-Term Deposit Rating by one notch
above the Long-Term IDR to 'BBB+' and removed it from UCO to
reflect the protection that will accrue to it from more junior bank
resolution debt and equity buffers. This is because Fitch expects
the bank will comply with MREL targets.

Fitch has downgraded the SNP debt by one notch to 'BBB-' and
removed it from UCO to reflect the risk of below average recoveries
arising from the use of more senior debt to meet resolution buffer
requirements and the combined buffer of AT1, Tier 2 and SNP debt
being unlikely to exceed 10% of risk-weighted assets.

Fitch has downgraded the tier 2 debt by one notch to 'BB+' and
removed it from UCO to reflect the change in baseline notching for
loss-severity to two notches (from one previously) from the VR
since the bank does not meet the specific conditions under its
criteria for applying one notch.

BANCA NAZIONALE DEL LAVORO S.p.A. (BNL)

Unless noted below, the key rating drivers for BNL are those
outlined in its Rating Action Commentary published in March 2020
(Fitch Affirms Banca Nazionale del Lavoro at 'BBB+'; Outlook
Negative).

Fitch has placed BNL's VR on Rating Watch Negative (RWN) because
the economic fallout from the coronavirus crisis represents a
near-term risk to the rating since the bank enters the economic
downturn from a position of relative weakness given its
below-average asset quality and profitability and margins. Fitch
believes the economic and financial market fallout from the
coronavirus outbreak creates additional downside risks to its
assessment of management and strategy, risk appetite, asset quality
and earnings relative to when it last reviewed the bank's ratings.

Fitch has affirmed BNL's senior debt program and long-term deposit
ratings at 'BBB+', in line with its Long-Term IDR, and removed the
ratings from UCO because it does not believe that internal
resolution debt and equity buffers would offer obvious incremental
protection to these debt classes over and above the institutional
support benefit already factored into the bank's IDRs, given that
the latter are constrained by country risk considerations.

UNIONE DI BANCHE ITALIANE S.p.A. (UBI)

Unless noted below, the key rating drivers for UBI are those
outlined in its Rating Action Commentary published in February 2020
(Fitch Places UBI on Rating Watch Positive on Exchange Offer
Announcement).

Fitch has maintained UBI's Long-Term IDR, VR, deposit and debt
ratings on Rating Watch Positive (RWP) because the key rating
driver for UBI remains the heightened probability that it will
become part of a stronger group and could therefore benefit from
institutional support from higher-rated Intesa as its majority
shareholder in case of need. The RWP on the VR reflects the
potential benefits to the bank's standalone profile from being
acquired by Intesa. Nonetheless, Fitch believes the economic and
financial market fallout from the coronavirus outbreak creates
additional downside risks to its assessment of risk appetite,
including if it becomes part of Intesa, relative to when it last
reviewed the bank's ratings.

Fitch has downgraded UBI's SNP debt by one notch to 'BB+'/RWP and
removed it from UCO to reflect the risk of below average recoveries
arising from the use of more senior debt to meet resolution buffer
requirements and the combined buffer of AT1, Tier 2 and SNP debt
being unlikely to exceed 10% of risk-weighted assets. Fitch has
maintained UBI's SNP debt rating on RWP.

Fitch has downgraded the tier 2 debt by one notch to 'BB'/RWP and
removed it from UCO to reflect the change in baseline notching for
loss-severity to two notches (from one previously) from the VR
since the bank does not meet the specific conditions under its
criteria for applying one notch. UBI's Tier 2 debt has been
maintained on RWP.

BANCA POPOLARE DI SONDRIO Unless noted below, the key rating
drivers for Sondrio are those outlined in its Rating Action
Commentary published in June 2019 (Fitch Downgrades Banca Popolare
di Sondrio to 'BB+'; Outlook Stable).

Fitch has placed Sondrio's Long-Term IDR, VR, deposit and debt
ratings on RWN because the economic fallout from the coronavirus
crisis represents a near-term risk to Sondrio's ratings, since the
bank enters the economic downturn from a position of relative
weakness given its more limited progress than domestic peers to
date in improving asset quality and the resulting pressure this has
on its acceptable capitalization and operating profitability. Fitch
believes the economic and financial market fallout from the
coronavirus outbreak creates additional downside risks to its
assessment of management and strategy, risk appetite, asset quality
and earnings relative to when it last reviewed the bank's ratings.

Fitch has downgraded Sondrio's tier 2 debt by one notch to 'BB-',
removed it from UCO and placed it on RWN to reflect the change in
baseline notching for loss severity to two notches (from one
previously) from the VR since the bank does not meet the specific
conditions under its criteria for applying one notch.

BANCA POPOLARE DELL'ALTO ADIGE (VOLKSBANK)

Unless noted below, the key rating drivers for Volksbank are those
outlined in its Rating Action Commentary published in May 2019
(Fitch Affirms Banca Popolare dell'Alto Adige at 'BB+'; Outlook
Stable).

Fitch has placed Volksbank's Long-Term IDR, VR, deposit and debt
ratings on RWN because the economic fallout from the coronavirus
crisis represents a near-term risk to Volksbank's ratings. The bank
enters the economic downturn from a position of relative weakness
given its less diverse business model compared to higher-rated
domestic peers and regionally concentrated franchise in the
province of Bolzano. The economy in this region tends to outperform
the national one but is dependent on tourist flows, including from
neighboring Austria and Germany, and on exports to these countries.
Fitch believes the economic and financial market fallout from the
coronavirus outbreak creates additional downside risks to its
assessment of management and strategy, risk appetite, asset
quality, earnings and capital relative to when it last reviewed the
bank's ratings.

Fitch has downgraded Volksbank's tier 2 debt by one notch to 'BB-',
removed it from UCO and placed it on RWN to reflect the change in
baseline notching for loss-severity to two notches (from one
previously) from the VR since the bank does not meet the specific
conditions under its criteria for applying one notch.

BANCO DI DESIO E DELLA BRIANZA (DESIO)

Unless noted below, the key rating drivers for Desio are those
outlined in its Rating Action Commentary published in May 2019
(Fitch Affirms Banco di Desio e della Brianza at 'BBB-'/Stable).

Fitch has placed Desio's Long-and-Short-Term IDRs, VR and deposit
ratings on RWN because the economic fallout from the coronavirus
crisis represents a near-term risk to Desio's ratings, since the
bank enters the economic downturn from a position of modest
profitability and a business model that Fitch considers
particularly sensitive to interest rate and economic cycles.
Desio's operating profitability and asset quality could face
significant strain given the bank's presence in areas that are most
affected by the initial shutdown. Fitch believes the economic and
financial market fallout from the coronavirus outbreak creates
additional downside risks to its assessment of management and
strategy, risk appetite, asset quality, earnings and capital
relative to when it last reviewed the bank's ratings.

The RWN on Desio's Short-Term IDR is in line with the RWN on the
Long-Term IDR.

Banca IFIS (IFIS)Unless noted below, the key rating drivers for
IFIS are those outlined in its Rating Action Commentary published
in May 2019 (Fitch Affirms Banca IFIS at 'BB+'; Outlook Stable).

Fitch has placed IFIS's Long-Term IDR, VR, deposit and debt ratings
on RWN because the economic fallout from the coronavirus crisis
represents a near-term risk to IFIS's ratings, since its business
model reliance on non-performing loan (NPL) purchase and SME
lending to generate earnings could expose the bank to significant
downside risks from materially lower volumes, worsened recovery
expectations as well as higher NPL inflows from its SME lending.
This could ultimately put pressure on capital. Fitch believes the
economic and financial market fallout from the coronavirus outbreak
creates additional downside risks to its assessment of risk
appetite, asset quality, earnings and capital relative to when it
last reviewed the bank's ratings.

Fitch has removed IFIS's 'BB+' senior debt rating from UCO and
placed it on RWN, in line with its Long-Term IDR, since despite the
bank does not have MREL, it plans to operate with combined buffers
of senior preferred and Tier 2 debt above 10% of its RWAs. At
end-2019 IFIS had senior preferred and Tier 2 debt outstanding
equal to around 15% of its RWAs.

Fitch has downgraded the Tier 2 debt by one notch to 'BB-', removed
it from UCO and placed it on RWN to reflect the change in baseline
notching for loss-severity to two notches (from one previously)
from the VR since the bank does not meet the specific conditions
under its criteria for applying one notch.

BPER Banca (BPER)

Unless noted below, the key rating drivers for BPER are those
outlined in its Rating Action Commentary published in April 2019
(Fitch Affirms BPER Banca at 'BB'; Outlook Positive).

Fitch has placed BPER's Long-Term IDR, VR and debt ratings on RWN
because the economic fallout from the coronavirus crisis represents
a near-term risk to BPER's ratings, since the bank enters the
economic downturn from a position of relative weakness given its
still weaker than average asset quality, despite recent progress in
reducing NPLs and capital encumbrance from their unreserved
portion, and the pressure this has had on operating profitability,
including from having to strengthen loan loss allowances to be able
to dispose of these loans. Fitch believes the economic and
financial market fallout from the coronavirus outbreak creates
additional downside risks to its assessment of management and
strategy, risk appetite and asset quality while eliminating the
upward potential for its assessment of earnings and capital
relative to when it last reviewed the bank's ratings.

Fitch has upgraded BPER's long-term deposit rating by one notch
above the Long-Term IDR to 'BB+', removed it from UCO and placed it
on RWN to reflect the protection that will accrue to it from more
junior bank resolution debt and equity buffers. This is because
Fitch expects the bank will comply with MREL targets.

Fitch has downgraded the Tier 2 debt by one notch to 'B+, removed
it from UCO and placed it on RWN to reflect the change in baseline
notching for loss-severity to two notches (from one previously)
from the VR since the bank does not meet the specific conditions
under its criteria for applying one notch.

Banca Monte dei Paschi di Siena (MPS)

Unless noted below, the key rating drivers for MPS are those
outlined in its Rating Action Commentary published in July 2019
(Fitch Affirms Banca Monte dei Paschi di Siena at 'B'; Outlook
Stable).

Fitch has placed MPS's Long-Term IDR, VR, deposit and debt ratings
on RWN because the economic fallout from the coronavirus crisis
represents a near-term risk to MPS's ratings, since the bank enters
the economic downturn from a position of weakness as MPS has not
fully completed its restructuring that follow years of financial
difficulties. The bank still has a large stock of impaired loans
compared with the domestic average despite the significant
derisking in recent years and has not regained competitiveness and
restored its profitability to more acceptable and sustainable
levels. Its capitalization remains exposed to high unreserved
impaired loans and large, albeit reduced, stock of Italian
government bonds. Fitch believes the economic and financial market
fallout from the coronavirus outbreak creates additional downside
risks to its assessment of management and strategy, risk appetite
and earnings relative to when it last reviewed the bank's ratings.

Its assessment of asset quality and capitalization reflect
potential downside risk from the fallout of the coronavirus but
also upside potential that could come from the disposal of a large
portion of its impaired loans to state-owned asset management
company AMCO. Italy's Ministry of Finance has reportedly been in
negotiations with the European Commission (EC) for months to ensure
compliance of the transaction with state-aid rules.

MPS's Long-Term deposit rating remains on UCO pending further
analysis on expected recoveries.

Banca Carige S.p.A. - Cassa di Risparmio di Genova e Imperia
(CARIGE)

Unless noted below, the key rating drivers for Carige are those
outlined in its Rating Action Commentary published in January 2019
(Fitch Upgrades Carige to 'B-'; Outlook Stable).

Fitch has placed Carige's Long-Term IDR, VR, deposit and debt
ratings on RWN because the economic fallout from the coronavirus
crisis represents a near-term risk to Carige's ratings, since the
bank enters the economic downturn from a position of weakness given
its restructuring has only just started following its rescue in
late 2019 and several quarters of financial stress that materially
damaged its franchise and commercial effectiveness. Fitch believes
the economic and financial market fallout from the coronavirus
outbreak creates additional downside risks to its assessment of
management and strategy and risk appetite relative to when it last
reviewed the bank's ratings. It also reduces the upside that it was
previously expecting on asset quality and earnings.

The RWN on Carige's Short-Term IDR is in line with the RWN on the
Long-Term IDR.

Carige's Long-Term deposit rating remains on UCO pending further
analysis on expected recoveries.

Gruppo Bancario Cooperativo Iccrea (GBCI) AND SUBSIDIARIES

Unless noted below, the key rating drivers for GBCI are those
outlined in its Rating Action Commentary published in March 2020
(Fitch Affirms Gruppo Bancario Cooperativo Iccrea at 'BB', Outlook
Stable).

Fitch has downgraded GBCI's Long-Term, IDR, VR and debt ratings and
assigned a Negative Outlook because the economic fallout from the
coronavirus crisis results in heightened risks to GBCI's ratings,
since the bank enters the economic downturn from a position of
significant weakness given its below-average asset quality and
fragile profitability compared with that of peers, both factors
being key rating drivers. Profitability weaknesses result from a
less diversified business model and weak cost efficiency. Fitch has
reflected the highly likely impact of the economic and financial
market fallout from the coronavirus outbreak in a weaker assessment
of management and strategy, risk appetite and asset quality
relative to when it last reviewed the bank's ratings.

RATING SENSITIVITIES

With the exception of BNL, whose IDRs are driven by expectations of
support from BNP Paribas S.A., the most immediate downside rating
sensitivity for banks' IDRs, VRs and debt ratings relates to the
economic and financial market fallout arising from the coronavirus
outbreak as this represents a clear risk to its assessment of asset
quality, earnings, capitalization and funding. The extent to which
government and central bank support packages can mitigate rating
pressure on banks' ratings will depend on the amount and form such
support takes.

INTESA AND SUBSIDIARIES

Intesa has headroom to emerge with its IDRs, VR, debt and deposit
ratings intact due to the relative strength of its company profile,
capitalization, earnings and funding profile, which are all in line
with or above its VR. However, this outcome will depend on the
ultimate depth and duration of the coronavirus shock to the Italian
economy. Intesa's ratings would likely be downgraded if prospects
that the health crisis is resolved globally in 2H20 become less
likely, which would make a sharp recovery in global growth in 2021
more remote. Under Fitch's downside scenario, which is based on a
widespread global lockdown due to COVID-19, Italy's GDP would
contract by 2.3% in 2020 before seeing a sharp recovery in 2021. A
delay to this sharp recovery would likely result in more permanent
damage to the bank's capital and asset quality, which would be
difficult to restore within a short period of time. Intesa's
domestic focus means that its ratings would be downgraded if Italy
(BBB/Negative) was downgraded. For Intesa's ratings to be upgraded,
Italy would need to be upgraded.

The AT1 ratings could be downgraded if non-performance risk
increases relative to the risk captured in the bank's VR, for
example if capital buffers over regulatory requirements are eroded.
The senior preferred debt ratings could be upgraded if Intesa is
expected to meet its resolution buffer requirements with SNP and
more junior instruments. The Short-Term IDR and debt ratings could
be downgraded if the bank's funding and liquidity profile weakens
from the current 'bbb+' level.

UNICREDIT AND SUBSIDIARIES

UniCredit has headroom to emerge with its IDRs, VR, debt and
deposit ratings intact due to the relative strength of its company
profile, risk appetite, capitalization and funding profile, which
are all in line with or above its VR. However, this outcome will
depend on the ultimate depth and duration of the coronavirus shock
to the Italian economy. UniCredit's ratings would likely be
downgraded if prospects that the health crisis is resolved globally
in 2H20 become less likely, which would make a sharp recovery in
global growth in 2021 more remote. Under Fitch's downside scenario,
which is based on a widespread global lockdown due to COVID-19,
Italy's GDP would contract by 2.3% in 2020 before seeing a sharp
recovery in 2021. A delay to this sharp recovery would likely
result in more permanent damage to the bank's capital and asset
quality, which would be difficult to restore within a short period
of time, places and exercise sustained pressure on earnings.
UniCredit's large operations in Italy mean that its ratings would
be downgraded if Italy was downgraded. For UniCredit's ratings to
be upgraded, Italy would need to be upgraded.

The AT1 ratings could be downgraded if non-performance risk
increases relative to the risk captured in the bank's VR, for
example if capital buffers over regulatory requirements are eroded.
The senior preferred debt ratings could be upgraded if UniCredit is
expected to meet its resolution buffer requirements with SNP and
more junior instruments. The Short-Term IDRs and debt ratings could
be downgraded if the bank's funding and liquidity profile weakens
from the current 'bbb+' level.

MEDIOBANCA AND SUBSIDIARIES

Mediobanca has headroom to emerge with its IDRs, VR, debt and
deposit ratings intact due to the relative strength of its asset
quality, capitalization and funding profile, which are all in line
with or above its VR. However, this outcome will depend on the
ultimate depth and duration of the coronavirus shock to the Italian
economy. Mediobanca's ratings would likely be downgraded if
prospects that the health crisis is resolved globally in 2H20
become less likely, which would make a sharp recovery in global
growth in 2021 more remote. Under Fitch's downside scenario, which
is based on a widespread global lockdown due to COVID-19, Italy's
GDP would contract by 2.3% in 2020 before seeing a sharp recovery
in 2021. A delay to this sharp recovery would likely exercise
sustained pressure on its earnings and result in a more permanent
deterioration of asset quality given single-name concentration risk
in its corporate exposure and sizeable consumer finance exposure
through subsidiary Compass Banca, which would be difficult to
restore within a short period of time. They would be downgraded if
the economic and financial market disruption arising from the
coronavirus outbreak is likely to reach a level that places
sustained pressure on earnings, capitalization and funding.
Mediobanca's largely domestic focus means its ratings would be
downgraded if Italy was downgraded. For Mediobanca's ratings to be
upgraded, Italy would need to be upgraded.

CREDEM

Credem has headroom to emerge with its IDRs, VR, debt and deposit
ratings intact due to the relative strength of its asset quality,
capitalization and funding profile, which are all in line with its
VR. However, this outcome will depend on the ultimate depth and
duration of the coronavirus shock to the Italian economy. Credem's
ratings would likely be downgraded if prospects that the health
crisis is resolved globally in 2H20 become less likely, which would
make a sharp recovery in global growth in 2021 more remote. Under
Fitch's downside scenario, which is based on a widespread global
lockdown due to COVID-19, Italy's GDP would contract by 2.3% in
2020 before seeing a sharp recovery in 2021. A delay to this sharp
recovery would likely exercise sustained pressure on its earnings
and could result in a more marked deterioration of its asset
quality given its exposure to SMEs and small businesses despite its
business model geared towards lower-risk clients and strong
underwriting standards have to date resulted in Credem
outperforming the domestic sector. Credem's ratings would also be
downgraded if Italy was downgraded. For Credem's ratings to be
upgraded, Italy would need to be upgraded.

BNL

BNL's IDRs remain sensitive primarily to a change in Italy's
sovereign rating and are likely to be downgraded if Italy is
downgraded. The IDRs and Support Rating are also sensitive to a
change in Fitch's assessment of BNPP's propensity and ability to
provide support to BNL. If Italy's operating environment materially
worsens, BNL's financial profile may negatively affect the parent
groups and ultimately potentially reduce BNP Paribas S.A.'s
commitments to support the Italian subsidiary.

The RWN on BNL's VR reflects the near-term risks to the rating
arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The still above-average
level of impaired loans and evident margin pressure resulting in
weak profitability mean it has moderate rating headroom in the face
of the economic disruption posed by the outbreak. Fitch expects to
resolve the RWN in the near term, when the impact of the outbreak
on the bank's credit profile becomes more apparent. Potential
downgrade triggers are i) an expected significant increase in
impaired loans inflows; ii) an expected sustained reduction of its
operating profitability; or iii) a further downward revision of
Fitch's expectations for the Italian economy in 2020. In resolving
the RWN, Fitch will seek to understand the extent to which
compensation by the Italian government for direct losses from the
COVID-19 disruption will cushion the financial impact on the bank's
solvency, asset quality and earnings.

UBI

The rating sensitivities for UBI are those outlined in its Rating
Action Commentary published in February 2020 (Fitch Places UBI on
Rating Watch Positive on Exchange Offer Announcement).

SONDRIO

The RWN on Sondrio's ratings reflects the near-term risks to its
ratings arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The still above-average
level of impaired loans and the resulting pressure this has on its
capitalisation and earnings means it has moderate rating headroom
in the face of the economic disruption posed by the outbreak. Fitch
expects to resolve the RWN in the near term, when the impact of the
outbreak on the bank's credit profile becomes more apparent.
Potential downgrade triggers are i) an expected significant
increase in impaired loans inflows; ii) an expected sustained
reduction of its operating profitability; or iii) a further
downward revision of Fitch's expectations for the Italian economy
in 2020. In resolving the RWN, Fitch will seek to understand the
extent to which compensation by the Italian government for direct
losses from the COVID-19 disruption will cushion the financial
impact on the bank's solvency, asset quality and earnings. The
ratings remain sensitive to a deterioration of the bank's funding
and liquidity profile.

VOLKSBANK

The RWN on Volksbank's ratings reflects the near-term risks to its
ratings arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The less diverse business
model compared with higher-rated domestic peers and regionally
concentrated franchise in an area whose economic output is heavily
dependent on tourism means it has moderate rating headroom in the
face of the economic disruption posed by the outbreak. Fitch
expects to resolve the RWN in the near term, when the impact of the
outbreak on the bank's credit profile becomes more apparent.
Potential downgrade triggers are i) an expected significant
increase in impaired loans inflows; ii) an expected sustained
deterioration of its operating profitability, potentially resulting
into losses eroding capital; or iii) a further downward revision of
Fitch's expectations for the Italian economy in 2020. In resolving
the RWN, Fitch will seek to understand the extent to which
compensation by the Italian government for direct losses from the
COVID-19 disruption or complementary measures put in place by the
Province of Bolzano where the bank is based will cushion the
financial impact on the bank's solvency, asset quality and
earnings. The ratings remain sensitive to deterioration in the
bank's funding and liquidity profile.

DESIO

The RWN on Desio's ratings reflects the near-term risks to its
ratings arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The modest profitability
and more vulnerable business model heavily focused on SME lending
means it has moderate rating headroom in the face of the economic
disruption posed by the outbreak. Fitch expects to resolve the RWN
in the near term, when the impact of the outbreak on the bank's
credit profile becomes more apparent. Potential downgrade triggers
are: i) sustained asset quality deterioration, especially if this
results in higher capital encumbrance from unreserved impaired
loans; ii) pressure on operating profitability from lower revenues
and higher loan impairment charges; or iii) a further downward
revision of Fitch's expectations for the Italian economy in 2020.
In resolving the RWN, Fitch will seek to understand the extent to
which compensation by the Italian government for direct losses from
the COVID-19 disruption will cushion the financial impact on the
bank's solvency, asset quality and earnings. The ratings remain
sensitive to a deterioration of the bank's funding and liquidity
profile.

IFIS

The RWN on IFIS's ratings reflects the near-term risks to its
ratings arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The vulnerable business
model means it has moderate rating headroom in the face of the
economic disruption posed by the outbreak. Fitch expects to resolve
the RWN in the near term, when the impact of the outbreak on the
bank's credit profile becomes more apparent. Potential downgrade
triggers are: i) a sustained profitability deterioration as a
result of reduced volumes and revenue generation from its key
business segments; ii) a significant deterioration in recovery
prospects for purchased NPLs and higher impaired loans formation
from its lending activities; or iii) a further downward revision of
Fitch's expectations for the Italian economy in 2020. In resolving
the RWN, Fitch will seek to understand the extent to which
compensation by the Italian government for direct losses from the
COVID-19 disruption will cushion the financial impact on the bank's
solvency, asset quality and earnings. The ratings remain sensitive
to deterioration in the bank's funding and liquidity profile.

BPER

The RWN on BPER's ratings reflects the near-term risks to its
ratings arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The still
weaker-than-average asset quality and modest operating
profitability means it has moderate rating headroom in the face of
the economic disruption posed by the outbreak. Fitch expects to
resolve the RWN in the near term, when the impact of the outbreak
on the bank's credit profile becomes more apparent. Potential
downgrade triggers are: i) sustained asset-quality deterioration
leading to an increase in capital encumbrance from unreserved NPLs;
ii) a protracted and material weakening in the bank's earnings; or
iii) a further downward revision of Fitch's expectations for the
Italian economy in 2020. In resolving the RWN, Fitch will seek to
understand the extent to which compensation by the Italian
government for direct losses from the COVID-19 disruption will
cushion the financial impact on the bank's asset quality and
earnings.

MPS

The RWN on MPS's ratings reflects the near-term risks to its
ratings arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The still incomplete
restructuring, large stock of impaired loans, weak profitability
and vulnerable capitalization means it has moderate rating headroom
in the face of the economic disruption posed by the outbreak. Fitch
expects to resolve the RWN in the near term, when the impact of the
outbreak on the bank's credit profile becomes more apparent.
Potential downgrade triggers are: i) sustained asset-quality
deterioration; ii) capital erosion on the back of credit losses;
and iii) a further downward revision of Fitch's expectations for
the Italian economy in 2020. The ratings also remain sensitive to a
deterioration of the bank's funding and liquidity profile, for
example if the bank was subject to idiosyncratic stress and
experience deposit outflows given it is still one of the weakest
credit institutions in Italy. In resolving the RWN, Fitch will seek
to understand the extent to which compensation by the Italian
government for direct losses from the COVID-19 disruption will
cushion the financial impact on the bank's solvency, asset quality
and earnings.

CARIGE

The RWN on Carige's ratings reflects the near-term risks to its
ratings arising from the coronavirus outbreak and the heightened
probability it will downgrade the bank. The materially damaged
franchise and unprofitable business model mean it has moderate
rating headroom in the face of the economic disruption posed by the
outbreak. Fitch expects to resolve the RWN in the near term, when
the impact of the outbreak on the bank's credit profile becomes
more apparent. Potential downgrade triggers are: i) sustained
asset-quality deterioration followed by an increase in capital
encumbrance from unreserved NPLs; ii) sustained capital erosion
through losses; and iii) a further downward revision of Fitch's
expectations for the Italian economy in 2020. The ratings also
remain sensitive to a deterioration of the bank's funding and
liquidity profile, for example if the bank was subject to
idiosyncratic stress and experience deposit outflows given its weak
credit profile. In resolving the RWN, Fitch will seek to understand
the extent to which compensation by the Italian government for
direct losses from the COVID-19 disruption will cushion the
financial impact on the bank's solvency, asset quality and
earnings.

GBCI

The Negative Outlook on GBCI's ratings reflects the risks to its
ratings from the coronavirus outbreak. However, after the
downgrade, GBCI has some rating headroom to emerge with its IDRs,
VR, debt and deposit ratings intact due to the relative strength of
its capitalization and funding profile, which are above its VR.
However, this outcome will depend on the ultimate depth and
duration of the coronavirus shock to the Italian economy. GBCI's
ratings would likely be downgraded if prospects that the health
crisis is resolved globally in 2H20 become less likely, which would
make a sharp recovery in global growth in 2021 more remote. Under
Fitch's downside scenario, which is based on a widespread global
lockdown due to COVID-19, Italy's GDP would contract by 2.3% in
2020 before seeing a sharp recovery in 2021. A delay to this sharp
recovery would likely result in more permanent damage to asset
quality and potentially to capital if the group was to report
sustained losses. Both asset quality and capitalization would be
difficult to restore within a short period of time, particularly
since Fitch considers access to capital to be less certain given
its cooperative group status.

For the Outlook to be revised to Stable, GBCI would have to show
reasonable control over new impaired loan inflows, maintain
unreserved impaired loans in relation to capital at controlled
levels, capacity to defend its capital position and keep credit
losses at manageable levels.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banca IMI's IDRs are driven by institutional support from Intesa
Sanpaolo SpA. A change in Fitch's assessment of the ratings of
Intesa Sanpaolo S.p.A. would result in a change in the ratings of
the related entity. The ratings of the debt issued by Intesa
Sanpaolo Bank Ireland, Intesa Sanpaolo Bank Luxembourg, S.A. and
Intesa Funding LLC are driven by the ratings of the guarantor
(Intesa Sanpaolo SpA). A change in Fitch's assessment of the
ratings of Intesa Sanpaolo S.p.A. would result in a change in the
ratings of the debt issued related entity.

The ratings of the debt issued by Mediobanca International
(Luxembourg) SA are driven by the ratings of the guarantor
(Mediobanca SpA). A change in Fitch's assessment of the ratings of
Mediobanca S.p.A. would result in a change in the ratings of the
debt issued related entity

The ratings of Banca Nazionale del Lavoro S.P.A. are directly
linked to the ratings of BNP Paribas S.A.. A change in Fitch's
assessment of the ratings of BNP Paribas S.A. may result in a
change in the ratings of the related entity

ESG CONSIDERATIONS

Carige has an ESG Relevance Score of '4' for Governance Structure,
reflecting that at this stage, the effectiveness of the bank's
future corporate governance and senior management is yet to be
tested, which in conjunction with other factors, limits Fitch's
assessment of the bank's credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3 - ESG issues are
credit neutral or have only a minimal credit impact on the
entities, either due to their nature or the way in which they are
being managed by the entities.



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

AVAST HOLDING: S&P Assigns BB Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigns its 'BB' long-term issuer credit rating
to Avast Holding BV and its 'BB' issue rating to its term loans.

The rating mainly reflects Avast's solid cash flow generation and
moderate leverage, as well as its relatively stable growth
prospects.  S&P forecasts its adjusted debt to EBITDA to remain
relatively low at 2.4x in 2020, supported by a 3%-5% increase
before the negative effect of its Jumpshot division winding down.
Its EBITDA should also be supported by solid cash flow generation,
with expected free cash flow of $310 million-$320 million in 2020
(about 30% of debt) and only about $140 million of dividends,
leaving significant headroom to potentially reduce debt. Avast's
track record of debt repayment in 2019 is a support. Its balance
sheet position and cash flow generation are key credit-quality
drivers, in S&P's view.

S&P continues to see positive prospects for Avast in 2020,
supported by continued cross-selling of unified solutions to
existing customers and gaining a larger share of paying customers
in several of its markets, which should lead to 3%-5% revenue
growth excluding the negative impact of Jumpshot.

Potential short-term reputational issues should be balanced by
significant headroom under the current rating.  On Jan. 30, 2020,
Avast decided to wind down its user data monetization business
Jumpshot (about 4% of FY2019 revenue) amid users' data-privacy
concerns. Despite user data monetization being within legal bounds,
Avast decided to wind down the business to preserve user trust
consistent with its key mission of keeping its users safe online
and giving users control of their privacy.

S&P said, "We believe that possible reputational issues could have
some effect over the next 12 months due to potentially higher churn
in certain geographies. At the same time, we still assume low
single digit organic revenue growth in 2020 coming from the sale of
newly launched products related to VPN and privacy, as well
upselling additional devices to existing users. We also note that
Avast has sufficient headroom under the current rating for a
potential operational setback.

"The coronavirus outbreak is unlikely to have a meaningful negative
effect on performance.  In our view, and while it is still early
days, we believe the COVID-19 pandemic is unlikely to have a
meaningfully negative effect on Avast. This is because staying at
home means household users will have more time to spend on their
devices, which could raise their awareness about cyber security
threats. In addition, we note that the cost to install Avast's paid
solution is relatively low, and consumers could be willing to spend
more on securing their devices as they cut back their spending on
leisure activities."

Avast's concentration in the highly competitive consumer desktop
segment, with low switching costs and limited long-term growth
prospects, constrains the rating.   The rating is constrained by
revenue concentration in the consumer desktop segment, which
generated more than two-thirds of 2019 revenues. Compared with the
enterprise market, S&P considers switching costs in this segment to
be significantly lower, and price sensitivity to be much higher.
Subscription periods are also relatively short at one-to-three
years.

Avast faces competition from some larger and better capitalized
competitors such as Microsoft, MacAfee, and Symantec. It also faces
the challenge of generating income from mobile users, given that PC
sales have stagnated as online activity continues to shift toward
mobile devices. This could be somewhat offset in the future as the
market for connected devices grows and Avast can upsell additional
security products for households.

Above-average profitability and high cash conversions support the
rating.  Avast's S&P Global Ratings-adjusted EBITDA margins are
relatively strong, at 54.6% in 2019, compared with its peer group.
Its EBITDA margins are supported by a cost-effective online direct
sales and distribution model, community-based support, and highly
automated threat detection processes. Its freemium business model
enables efficient cross-selling to Avast's user base.

Avast also benefits from high cash conversion of about 65% of S&P
Global Ratings-adjusted EBITDA given its low capital requirements
(2%-3% of sales), low interest burden (US$45 million-US$50 million)
and positive working capital cycle given an average contract
duration of 14 months, with a high share of contracts paid up
front.

S&P said, "The stable outlook indicates that we expect Avast to
grow its revenue by 3% organically (about 3% decline on a reported
basis due to disposals) while maintaining solid S&P Global
Ratings-adjusted EBITDA margins of 50%-53% leading to S&P Global
Ratings-adjusted debt to EBITDA of about 2.4x and about 30% FOCF to
debt over the next 12 months.

"We see rating downside over the next 12 months as unlikely due to
significant headroom within the credit ratios and solid cash flow
generation that could cushion any operating underperformance. We
could lower the rating if adjusted debt to EBITDA increased above
3.0x, or if FOCF to debt deteriorated below 25% of S&P Global
Ratings-adjusted debt on a sustainable basis."

This could occur if the company pursued a large debt-funded
acquisition or a more-aggressive shareholder remuneration policy,
or if reputational issues amid data privacy concerns led to a
significant increase in customer churn and weakened cross-selling
and upselling activity to its existing freemium customer base on a
prolonged basis.

S&P said, "We could raise the rating if Avast actively reduced
leverage to below 2x while maintaining FOCF to debt above 25% on a
sustainable basis.

"We consider an upgrade unlikely over the next 12 months because we
expect Avast to prioritize acquisitions over debt repayment and we
foresee limited trading upside amid data privacy concerns."




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

CENTROCREDIT BANK: S&P Alters Outlook to Neg. & Affirms 'B/B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Russia-based CentroCredit
Bank JSC to negative from stable. At the same time, S&P affirmed
the 'B/B' long- and short-term issuer credit ratings on the bank.

The outlook revision reflects S&P's view that CentroCredit's
creditworthiness may come under pressure if significant volatility
on the Russian financial markets persists or intensifies, leading
to a deterioration of the bank's capital or liquidity position.
In the first quarter of 2020, CentroCredit's regulatory capital
adequacy ratio (CAR) has already fallen by almost 1000 basis
points--to 18% as of March 16, 2020 from 28% as of Dec. 31, 2019.
This decline follows revaluation losses from the bank's
traditionally large investments in Russian equities and sovereign
bonds, and indicates the high sensitivity of the bank's capital
position to volatile trading income.

S&P said, "We consider that the bank's capital position might
remain under pressure, with its CAR moving closer to the regulatory
minimum, which would increase the potential risk of a regulatory
breach. Likewise, additional trading losses might lead to a decline
in our risk-adjusted capital (RAC) to below 10%, which would have
negative implications for the ratings. This is because the bank
maintains a large stake in Russian government bonds, which
represented about 50% of total assets as of mid-March 2020, and
almost all of which has been pledged under repurchase agreements
with the Central Bank. Moreover, equity investments, which are
traditionally more volatile, will likely remain around 15%-17% of
the bank's total assets in coming months.

"We recognize, however, that the bank maintains flexibility in
managing its capital and liquidity position. In particular, the
bank holds relatively liquid assets and can reduce its securities
portfolio to provide relief for its CAR. Moreover, we think that
the bank maintains a sufficient buffer above the regulatory minimum
(about 1000 basis points) to absorb additional losses from its
securities portfolio and remain a going concern. Finally, the bank
has accumulated a significant buffer of cash and equivalents,
representing about 20% of its total assets as of mid-March 2020.

"In our view, CentroCredit's business position is weak, reflecting
the bank's small market share, weak lending and deposit franchise,
and high revenue volatility, due to its focus on trading and other
market-sensitive income. Nevertheless, we acknowledge the bank's
stable customer base and steady management team, which has a good
level of expertise in the Russian financial market.

"We note that the bank's extensive trading activity constrains its
risk profile. However, we believe that the bank is much less
vulnerable to credit, rather than market, risk." In particular, the
bank maintains a very high coverage of its loan portfolio (as of
year-end 2019, 55% of all loans were covered by provisions), though
with a share of Stage 3 loans of about 9.0%, the bank is close to
the system average. Moreover, the bank's bond investments are
limited to Russian sovereign bonds.

Collateralized funding from the Central Bank is currently a
significant source of the bank's funding base. S&P said, "However,
we consider this as neutral for the bank's funding and liquidity
assessment and do not consider it as emergency funding. This mainly
reflects liquid collateral (Russian government bonds) and a lack of
imbalances between the bank's assets and liabilities. We note that
the bank still has high funding and liquidity ratios, with an
estimated stable funding ratio (SFR) of more than 150% and broad
liquid assets to short-term wholesale funding exceeding 1.0x."
This, in turn, reflects the bank's predominantly liquid assets and
high capital buffer as the most stable funding source.

S&P said, "The negative outlook reflects our view that the bank's
capital and liquidity profile may deteriorate over the next year if
losses persist, including those from adverse market conditions.

"We could lower the ratings in the next 12 months by one or several
notches if the bank's capitalization weakens, for example if its
capital adequacy ratio is at risk of breaching the regulatory
minimum or our risk-adjusted capital ratio falls below 10%. High
revaluation losses from the bank's securities portfolio may also
strain our assessment of the bank's business and risk profile, and
could therefore lead to a negative rating action. Weakening
liquidity metrics may also result in a downgrade.

"We could affirm the ratings and revise the outlook back to stable
if the bank is able to maintain strong capital and liquidity
buffers, and if we see the risk of capital or liquidity
deterioration diminishing owing to management actions or reduced
market volatility."




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

BAHIA DE LAS ISLETAS: S&P Lowers Rating to 'B-' on Weaker Earnings
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on Bahia de las Isletas S.L.
(Bahia) and its core subsidiary Naviera Armas (Naviera) to 'B-'
from 'B', as well as on Bahia's senior-secured debt, keeping the
recovery rating at '3', which indicates its expectation of about
65% recovery in a default.

Bahia's EBITDA generation and credit measures will remain
constrained in 2020, given the likely sluggish passenger numbers
amid the spread of the novel coronavirus and the government's
lockdown.  S&P said, "We expect Bahia's EBITDA generation to be
below our prior assumptions, given expected lower volumes of
passengers in the ferry operator's core business. Our previous
expectations were that sound recovery in EBITDA and credit measures
would take effect from 2020."

Bahia is taking several steps to offset the anticipated weak
activity:  

-- Accelerated efforts to realize synergies from the merger with
Trasmediterranea;

-- Cost-saving and operational efficiency initiatives; and

-- Reorganization of its fleet and routes leading to capacity
reductions.

S&P said, "However, we expect these measures to be more than offset
by the likely depressed passenger volumes. We have revised our base
case downward, predicting only moderate improvement in EBITDA
before International Financial Reporting Standard (IFRS) 16 to
EUR60 million-EUR70 million in 2020 (from previously EUR90
million-EUR100 million) and EUR80 million-EUR90 million in 2021
(from previously EUR110 million-EUR120 million). We had forecast
EUR55 million in 2019. Lowered EBITDA combined with debt-funded
investment in exhaust gas cleaning systems (scrubbers) to meet more
stringent environmental regulation will result in adjusted debt to
EBITDA of about 9.0x this year (as compared with about 10.0x we
forecast in 2019), potentially improving toward 8.0x in 2021. This
is commensurate with the lower-end of our highly leveraged
financial profile category and the 'B-' rating.

"We believe Bahia has limited capacity to generate excess cash
flow, while the expansionary and IMO 2020 compliance-related
investments in scrubbers will increase debt.  We forecast annual
maintenance capital expenditure (capex) will remain at about EUR30
million in 2020 and 2021, and could be covered by operating cash
flow. Expansionary- and compliance-related capex over 2019-2021
will, however, increase Bahia's debt. To comply with IMO 2020
regulations and to keep up with its closest peers, Bahia will
retrofit some of its ferries with scrubbers via a total debt-funded
capital investment of EUR65 million-EUR70 million over 2020-2021.
This is in addition to significant expansionary capex in 2019 of
about EUR55 million to acquire three new ferries (to be kept
outside the consolidation scope) partly offset by the disposal of
one vessel. We understand that Bahia will not pursue any further
material discretionary investments in 2020-2021, given that its
current fleet is well placed versus those of peers.

"We also consider the company's liquidity to be tighter than
before.   This is because of the assumed cash burn and the
limitations to draw under the super senior revolving credit
facility (SSRCF) caused by Bahia's continuing covenant-breach
status, which will be aggravated by the expected constrained 2020
EBITDA performance. These leave the ferry operator vulnerable to
further unexpected operating setbacks and dependent on securing
liquidity from external sources. We think the company might benefit
from government-backed liquidity lines or could dispose additional
unencumbered ferries and so release cash.

"The integration of less-profitable Trasmediterranea, aggravated by
operating underperformance in 2019, leads to weaker profitability,
which weighs on our assessment of Bahia's business profile.   We
forecast Bahia's adjusted EBITDA margin likely deteriorated to
13%-15% in 2019, including the 12-month consolidation of
Trasmediterranea. This compares with an EBITDA margin of 32% in
2017 for Bahia's core subsidiary Naviera prior to the
Trasmediterranea acquisition. Trasmediterranea's focus on the
Strait of Gibraltar and Balearic Islands, regions with more
pronounced seasonality patterns and competition than the Canary
Islands, as well as its less efficient operating model and higher
exposure to swings in fuel prices because of less comprehensive
hedging than Naviera, weigh on the combined group's profitability.
We understand that management has accelerated measures aimed to
partly restore profitability. We acknowledge the progress made in
aligning Trasmediterranea's fuel hedge ratios with Naviera's
pre-acquisition hedge levels making up for 60%-80% of the company's
forward fuel consumption. This should improve visibility regarding
the group's fuel expenditure in the future. Furthermore, we believe
Bahia will realize integration synergies thanks to, for example,
route network optimization, personnel restructuring to eliminate
duplicated tasks, and rationalization in other areas such as branch
network, purchase and repairs, marketing, insurance, and audit." If
implemented effectively, these measures could result in EUR50
million run-rate synergies by 2021.

Bahia's focus market has more favorable fundamentals than the
traditional shipping industry.   This is because of generally more
stable demand and pricing, as well as lower capital intensity.
While S&P views the overall ferry industry as mature and
competitive, it considers competition among ferry operators in
Spain as less intense and more rational than in Italy where, for
example, Bahia's rated peer, Moby SpA (SD/--/--) operates. This is
due to, among other factors, a more balanced distribution of market
shares by route.

S&P said, "The negative outlook reflects our view that Bahia's
liquidity could become increasingly constrained because of
potential continued operating weakness, resulting in a downgrade
within the next six months, absent corrective actions to bolster
liquidity sources.

"We would downgrade Bahia if we think the company's EBITDA and cash
flow generation will fall short of our base case, and its liquidity
deteriorates such that the ratio of liquidity sources relative to
uses indicates a material shortfall for the coming 12 months,
absent offsetting measures."

This could occur if the novel coronavirus cannot be contained and
depressed passenger volumes continue for a long time. This could
also stem from intensified competition in the Spanish ferry
industry, Bahia's inability to pass through the IMO 2020-related
fuel price inflation, or lower-than-expected synergy gains.

S&P could revise the outlook to stable if Bahia manages to
outperform its forecast thanks to a successful integration of
Trasmediterranea, with realized synergy gains exceeding S&P's
base-case assumption of EUR50 million, or thanks to
higher-than-expected passenger volumes as the pandemic is brought
under control faster than expected, which S&P thinks would allow
Bahia's free operating cash flow to reach break-even levels. New
government-backed liquidity lines or disposals of ferries would
also likely bolster Bahia's financial flexibility and would
likewise result in its revising the outlook to stable.


INVICTUS MEDIA: Fitch Places 'BB-' LT IDR on Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed Invictus Media S.A.U.'s ratings, including
the 'BB-' Long-Term Issuer Default Rating, on Rating Watch
Negative.

The RWN reflects uncertainty surrounding the potential impact of
the postponement of football matches across Europe on Imagina's
liquidity and the company's ability to satisfy financial covenants.
In its view, the decision to postpone football matches and the
potential that these games could be cancelled presents a risk of
significant deterioration to Imagina's credit profile.

Fitch has analysed two scenarios - the postponement as well as the
cancellation of this seasons' football league games in Spain.
Currently, it expects the games, which are postponed, will
eventually be played over the summer months. Both scenarios are
expected to lead to negative free cash flows (FCF) in 2020 and
temporary breaches of its leverage downgrade threshold.

Under its forecast EBITDA, and as the allowable leverage under the
financial covenants fall to 4.5x from 5.5x (adjusted gross
debt-to-EBITDA) during the year, Fitch forecasts a breach of
covenants in September 2020 on a Fitch-defined EBITDA basis. The
covenants allow for an equity cure and their definition of EBITDA
may differ to that of Fitch but at this stage it sees uncertainty
over the treatment of COVID-19 related costs or losses.

KEY RATING DRIVERS

COVID-19 Postponement Uncertainty: The resumption of the postponed
fixtures globally across major football leagues depends on the
timeframe over which the containment measures to combat COVID-19
continue. UEFA's decision to postpone the European Championships
till 2021 offers some additional time for the games to go ahead. If
the measures to restrict social contact are continued beyond a
certain point, it may not be possible for the major leagues to hold
the matches before the new seasons begin.

Cancellation Scenario: If the postponed matches are cancelled,
Fitch would expect significant lost revenues in the La Liga bars
and restaurants contracts, Champions and Europa League Telefonica
contract and audio-visual services along with delays in content
production. Under this scenario Fitch expects 2020 EBITDA to be
around 40% below budget. If the remaining matches are cancelled,
Fitch expects FCF would be negative in 2020 with the company
expected to draw on all available facilities to service its debt.
With a EUR49 million payment due to the previous shareholder in
respect of a legal settlement and net working capital outflows
expected in 1H20, available liquidity in 2Q20 could fall below
EUR50 million.

Income Contingent on Matches Played: While Imagina's EBITDA is
supported by long-term contracts this income is contingent on these
football matches being played. UEFA's decision to postpone the
European Championships till 2021 offers some additional time for
this season's games to go ahead but the timeframe for the social
measures to contain COVID-19 is unclear. If the matches are played
later in the year Fitch expects 2020 EBITDA to be 23% below budget.
This reflects its expectation that weaknesses in the Spanish TV
advertising market will be exacerbated in 2020 and costs being
incurred while the matches are postponed, lowering EBITDA margins.

Supportive Demand for Sports Content: With a focus on most popular
Spanish and European football leagues, Imagina benefits from
long-term rising global demand for premium sports content across
various groups, including conventional TV operators and rapidly
developing disruptive streaming service providers. Fitch expects
this demand to remain intact once the COVID-19 crisis is over. A
widely diversified content off-taker platform, stimulated by strong
consumer demand, supports optimising content monetisation
strategies and mitigates against the emergence of grossly
imbalanced relationships between content providers and
distributors.

Concentrated Exposure to La Liga: A material proportion of
Imagina's earnings depend on a continuation of cooperation with La
Liga in its international agency role. This concentration to a
single contract creates risks to Imagina's future cash flows. This
is somewhat mitigated by the tenor and secured economics of the
current agreements covering its current rating case until end-2022.
Its cancellation case assumes EBITDA from this contract is not
affected by the current postponement, which partially offsets some
of the expected EBITDA losses elsewhere in Imagina.

Limited Leverage Headroom: Imagina's financial risk profile is
commensurate with that of Fitch-rated diversified media peers,
although it offers limited headroom for the IDR. Following the
buyout in 2018 and recapitalisation, Fitch estimates funds from
operations (FFO)-adjusted leverage in 2019 at around 4.8x compared
with its downgrade threshold of 5x. With a weaker TV advertising
market in Spain continuing in 2020 and losses due to match
postponement Fitch expects leverage to temporarily breach its
downgrade threshold in 2020 before returning below it in 2021.

Diversified Business Model: Imagina's vertically integrated
business proposition around the marketing of premium sports events
overlaid with audio visual services and content creation creates a
diversified client and income base. Fitch views this as
credit-positive, particularly when benchmarking Imagina against
most of its direct peers with a single-product focus. Imagina is a
smaller sector player that may be confined to the 'BB' rating
category unless its sustainable EBITDA can be scaled up to above
EUR500 million. Long-term or regularly renewed contracts support
most of its EBITDA, making it a comparatively resilient business in
the broader media sector.

DERIVATION SUMMARY

Fitch assesses Imagina in the context of its Ratings Navigator for
diversified media companies and by benchmarking it against
Fitch-rated selected rights management and content-producing peers,
none of which it considers as a complete comparator given Imagina's
vertically integrated business model. It regards Imagina as a 'BB'
business risk, based on its competitive position, stronger regional
rather than global sector relevance, high dependence on key
accounts that is partly counter-balanced by medium-term earnings
visibility. This places it slightly Imagina better than Banijay
Group SAS's (B/Stable) unleveraged credit quality.

Imagina's operating profile is less robust than that of Pinewood
Group Limited (BBB-/Stable). Its cash-flow generation, which Fitch
projects will strengthen over the medium term, offers some
deleveraging potential, which compares well with that of peers at
the 'B+'/'BB-' level.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Revenue to have declined over 15% in 2019 driven predominantly
by the loss of the La Liga domestic rights. Fitch expects the
currently postponed football matches in Spain's La Liga, Italy's
Serie A and the European Champions and Europa Leagues to be played
later in the year. The impact of the postponement and full-year
impact of the La Liga contract is expected to lead to a 11% decline
in revenue in 2020.

  - On a pre-IFRS16 basis, Fitch estimates 2019 EBITDA at around
EUR204 million, falling to EUR162 million in 2020 on weaker revenue
and costs incurred over the postponement period.

  - Capex estimated at around 3.8% of revenues in 2019, falling to
around 2.5% in 2020 as Fitch expects Imagina to defer some of its
capex in response to the impact of COVID-19.

  - Fitch estimates working capital outflows at 2% of revenue in
2019, growing to 4% in 2020.

  - Fitch expects all available liquidity facilities to be fully
drawn in 2020.

  - The EUR49 million owed to the previous shareholder in respect
of the legal settlement to be paid in the 1Q20.

  - No dividends paid to shareholders.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to an
upgrade of the ratings

  - Increased EBITDA diversification, with EBITDA growing
sustainably to above EUR300 million;

  - FCF margin flow remaining in the mid-single digits; and

  - FFO-adjusted gross leverage sustainably below 4.0x and
FFO-adjusted net leverage sustainably below 3.5x.

Developments That May, Individually or Collectively, Lead to Stable
Outlook

  - Greater visibility on whether COVID-19-related losses and
expenses could be added-back to EBITDA under covenant reporting;

  - Readily available cash and cash equivalents remaining above
EUR50 million throughout the year;

  - Resumption of currently postponed football matches in Spain's
La Liga, Italy's Serie A and the International Champions and Europa
League competitions;

  - Positive FCF margin in the mid-single digits; and

  - FFO-adjusted gross leverage sustainably below 5.0x and
FFO-adjusted net leverage sustainably below 4.5x.

Developments That May, Individually or Collectively, Lead to a
downgrade of the ratings

  - Readily available cash reserves declining below EUR50 million;

  - Cancellation of currently postponed football matches in Spain's
La Liga, Italy's Serie A and the International Champions and Europa
League competitions;

  - Loss of one or more contract for sports rights or adverse
change to La Liga's agency contracts leading to EBITDA falling
sustainably below EUR200 million;

  - FCF margin weakening towards zero; and

  - FFO-adjusted gross leverage consistently above 5.0x and
FFO-adjusted net leverage above 4.5x.

LIQUIDITY AND DEBT STRUCTURE

Credit Facilities Support Liquidity: Imagina has fully drawn on its
revolving credit facility of EUR60 million and expects to draw on
all available liquidity facilities in 2020 to help service both
interest payments of and the amortizing component of its term loan.
Imagina is also due to make a EUR49 million payment to the previous
shareholder in respect of a legal settlement during the year. Under
its rating case the company is able to recover revenues from the
games being played during the summer. While FCF is expected to be
negative Imagina should be able to maintain reasonable liquidity
with the support of their drawn credit facilities.

Risks to FCF: Higher liquidity pressure would materialize under its
downside scenario where all remaining games are cancelled for the
2019/2020 seasons. Under this scenario, Fitch sees potential for
the readily available cash to fall below EUR50 million in 2Q20,
equivalent to the annual repayments under the amortizing term
loan.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.

NH HOTEL: Moody's Places B1 CFR on Review for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B1
corporate family rating of NH Hotel Group S.A. Moody's also placed
on review for downgrade the ratings of its probability of default
rating of B1-PD and the Ba3 rating on EUR357 million senior secured
note due 2023.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The lodging sector
has been one of the sectors most significantly affected by the
shock given its exposure to travel restrictions and sensitivity to
consumer demand and sentiment. The action reflects the impact on NH
Hotels of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The rating action was prompted by the very sharp decline in in room
bookings and cancellations driven by both fears and travel
restrictions since the outbreak of coronavirus started during
January 2020. From a regionally contained outbreak the virus has
rapidly spread to many different regions severely denting air
travel and the lodging sector.

Moody's base case assumptions are that the coronavirus pandemic
will lead to a period of severe reductions in hotel guests over at
least the next three quarters with closures of hotels in worse
effected locations as Italy and Spain and very low occupancy or
full cancellations for other hotels in other countries. The base
case assumes there is a gradual recovery in in hotel occupancy
starting in the third quarter. However, there are high risks of
more challenging downside scenarios and the severity and duration
of the pandemic and hence on travel restrictions and consumer
sentiment is uncertain. Moody's analysis assumes around a 70%
reduction in revenues for NH Hotels' in the second quarter and a
35% fall for the full year but depending on length and severity of
the travel restrictions could include a significantly deeper
downside cases including essentially zero occupancy.

NH Hotel has responded to the crisis by closing hotels in Italy and
Spain, cutting administrative costs and short time lay off of staff
and by reducing capex to preserve cash. Moody's also anticipates
support measures from governments will help it to significantly
reduce its staff costs from the second quarter onwards.

LIQUIDITY

NH Hotels had significant levels of liquidity at December 31, 2019
of EUR 289 million of cash, an undrawn RCF of EUR250 million and
bilateral undrawn credit facilities of EUR53 million. With total
available funds representing around 35% of revenues, NH Hotels is
entering the current crisis with a solid level of liquidity.
Additionally, NH Hotels has a significant pool of fully owned
unencumbered assets amounting to EUR729 million as per the last
appraisal date, which increases financial flexibility and could be
used for secured borrowing.

Under normal market conditions, this level of liquidity would be
considered strong, and Moody's considers NH Hotel's liquidity
capable of supporting the company for a period of partial or a
total fall in occupancy. However, a more severe downside scenario
with significantly pressure on revenues no material recovery beyond
Q2 2020 will result in significant negative cash flow in 2020,
weakening credit metrics and will put severe pressure on liquidity.
Additionally, Moody's expects that the company will draw on the
EUR250 million RCF, which will result in higher leverage and raises
question marks regarding bank willingness to waive or reset
financial covenants included in the documentation.

The review process will be focusing on (i) its ability to draw on
the RCF to further bolster its liquidity position; (ii) the current
market situation with a review of current occupancy levels and
closures of hotels for the next few weeks, (iii) the cost cutting,
capex reductions, renegotiating with suppliers and the liquidity
measures taken by the company and their impact on the company's
cash flow and balance sheet (iv) the stance of NH's majority owners
towards its investment in NH, considering that Minor International
Group itself has significant levels of indebtedness is in its view
reliant on cash up streamed from NH to service its debt and (v) the
likely impact on future hotel bookings from the spread of
coronavirus in Europe and North America, as well as Moody's view
regarding the long-term demand profile of the industry.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on NH Hotels of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

WHAT COULD CHANGE THE RATINGS DOWN/UP

Given the current market situation, Moody's does not anticipate any
short-term positive rating pressure. A stabilization of the market
situation leading to a recovery in metrics to pre-outbreak levels
could lead to positive rating pressure. More specifically adjusted
Debt/EBITDA would have to be around 4x with interest coverage
(EBITA/interest) towards 2.5x.

Further negative pressure would build if the current situation of
severe travel restrictions would be longer than Moody's currently
anticipates resulting in significant cash burn and visibility of a
material reduction in the company's cash position or a material
rise in debt to fund cash consumption.

LIST OF AFFECTED RATINGS

On Review for Possible Downgrade:

Issuer: NH Hotel Group S.A.

Probability of Default Rating, placed on Review for Downgrade,
currently B1-PD

Corporate Family Rating, placed on Review for Downgrade, currently
B1

Senior Secured Regular Bond/Debenture, placed on Review for
Downgrade, currently Ba3

Outlook Actions:

Issuer: NH Hotel Group S.A.

Outlook, changed to Rating Under Review from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.



=============
U K R A I N E
=============

VF UKRAINE: S&P Affirmst 'B' ICR Despite Improved Country Risk
--------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on VF Ukraine
at 'B' and its 'B' issue rating on the loan participation note
(LPN) issued by VF Ukraine's financing vehicle, VFU Funding PLC.

S&P revised the country risk assessment on Ukraine to '5' (high
risk) from '6' (very high risk)

The authorities have demonstrated improved macroeconomic
management; for example, the National Bank of Ukraine has lifted
most of its capital controls. Successive governments have also
implemented legislation to tackle corruption and improve the
business environment. S&P still anticipates that the economy will
improve only gradually, so its economic forecast on Ukraine is
broadly unchanged. As such, the domestic telecom sector is unlikely
to see a material change in the factors that drive industry
growth.

VF Ukraine 'B' issuer credit rating remains unaffected

S&P said, "Our base case on VF Ukraine remains broadly in line with
the report published on Feb. 12, 2020, "Telecom Operator VF Ukraine
Assigned 'B' Rating; Outlook Stable." Our stand-alone credit
profile is based on VF Ukraine's status as the No. 2 provider of
mobile telecommunication services in its domestic market, growing
average revenue per unit (ARPU), high profitability, and strong
free cash flow conversion. It is constrained by high country risk,
regulatory and foreign exchange risk, and limited scale and
diversification. Finally, the issuer credit rating on VF Ukraine is
still capped by the 'B' transfer and convertibility (T&C)
assessment on Ukraine, which shows our view of the likelihood that
the Ukrainian government would restrict access to foreign exchange
liquidity for Ukrainian companies. As VF Ukraine is a nonexport
company and all of its revenue comes from Ukraine, we cap its
rating at 'B'.

"Our stable outlook indicates that we expect solid revenue growth,
supported by price increases on the back of data monetization and
gradually expanding adjusted EBITDA margins above 50% in 2020-2021
to lead to adjusted debt to EBITDA below 3x, FOCF to debt of about
10%, and an adequate liquidity position.

"We could lower the rating if we lowered our sovereign rating or
our T&C assessment on Ukraine. We could also lower the rating if
the company's liquidity position deteriorates.

"We could raise the rating if we raised our T&C assessment on
Ukraine."




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

ARCADIA GROUP: To Suspend Pension Scheme Payments
-------------------------------------------------
Oliver Gill at The Telegraph reports that Sir Phillip Green's
retail empire is to suspend pension scheme payments to conserve
cash in response to the coronavirus pandemic.

According to The Telegraph, Arcadia Group will halt previously
agreed contributions to reduce a shortfall in the company's
retirement fund.

With the high street left reeling at Britain's lockdown, retailers
have been forced to take drastic action by furloughing staff,
deferring tax payments and striking deals with landlords, The
Telegraph relates.

The decision by the owner of TopShop and Dorothy Perkins has been
signed off by pension trustees, according to Sky News, which first
reported news of Sir Philip's move, The Telegraph notes.

The retail tycoon struck a deal last summer to pump an additional
GBP2 million a month into Arcadia's retirement fund after coming
under pressure from The Pensions Regulator (TPR), The Telegraph
recounts.

                     About Arcadia Group

Arcadia Group Ltd. is the UK's largest privately owned fashion
retailer with seven major high street brands: Burton, Dorothy
Perkins, Evans, Miss Selfridge, Topshop, Topman and Wallis, along
with its out-of-town fashion destination Outfit.  

In June 2019, Arcadia's creditors approved a Company Voluntary
Arrangement (CVA).  The company's landlords agreed to rent cuts, 23
store closures and 520 job losses.


CARLUCCIO'S: On Brink of Collapse, 2,000+ Jobs at Risk
------------------------------------------------------
BBC News reports that Italian restaurant chain Carluccio's is
facing collapse, after warning it was facing permanent branch
closures due to the coronavirus.

According to BBC, it is currently working with administrators in a
move that could threaten more than 2,000 jobs.

Before the outbreak it was hit by the crunch in the casual dining
sector and recently urged the state to step in, BBC discloses.

Administrator FRP said it was working with Carluccio's to "consider
all options" for the restaurant's future, BBC relates.

Restrictions aimed at curbing the coronavirus pandemic have
recently forced all cafes and restaurants to close, BBC relays.

Before the government's pledge to pay 80% of those workers'
salaries, Carluccio's Chief Executive Mark Jones told the BBC the
firm "was days away from large-scale closures" without state aid.

"FRP is working with the directors of Carluccio's to consider all
options for the company in the current climate," BBC quotes a
spokesperson for the administrator as saying.

Carluccio's has faced some difficult times in recent years, closing
a third of its restaurants in 2018 as part of a Company Voluntary
Arrangement (CVA) rescue plan, BBC recounts.


CHIQUITO LTD: Enters Administration, Majority of Stores to Close
----------------------------------------------------------------
Saffron Otter at Manchester Evening News reports that the majority
of Chiquito restaurants are set to close permanently as the owners
have announced the chain has fallen into administration.

It comes amid struggles to cope with the downturn from coronavirus
after the prime minister ordered restaurants to shut as part of
tightened social distancing measures, Manchester Evening News
relates.

The Restaurant Group, which also owns Wagamama and Frankie &
Benny's, said it would also permanently close its Food and Fuel
chain of pubs in London, Manchester Evening News notes.

As a result, a total of 60 Chiquito sites will remain shut, with
some 1,500 jobs likely to be affected, Manchester Evening News
discloses.

According to Manchester Evening News, a spokesman said: "Covid-19
has had an immediate and significant impact on trading across the
Group.

"We have conducted a review of the performance of our business
divisions, with a particular focus on the expected future cash
generation profile of each of our business units."

He added that both groups are expected to hit losses this year, "as
a result, the Group has taken the very difficult decision to
appoint administrators for Food & Fuel Limited and filed a notice
of intention to appoint an administrator for Chiquito Limited.


DELPHI TECHNOLOGIES: Moody's Lowers CFR to B2, On Review
--------------------------------------------------------
Moody's Investors Service downgraded the ratings of Delphi
Technologies PLC's including Corporate Family Rating and
Probability of Default Rating to B2 and B2-PD, from B1 and B1-PD,
respectively; and senior unsecured note rating to B3 from B2. The
ratings are under review for downgrade. The Speculative Grade
Liquidity Rating is unchanged at SGL-3.

The following ratings were downgraded and are under review for
downgrade:

Issuer: Delphi Technologies PLC

  Corporate Family Rating, Downgraded to B2 from B1; Placed Under
  Review for further Downgrade

  Probability of Default Rating, Downgraded to B2-PD from B1-PD;
  Placed Under Review for further Downgrade

  Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD5)
  from B2 (LGD5); Placed Under Review for further Downgrade,
  previously Under Review for Upgrade

The $1.25 billion bank credit facility is not rated by Moody's.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The auto sector
(and issuers within other sectors that rely on the auto sector) has
been one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in the companies' credit profiles,
including their exposure to final consumer demand for light
vehicles have left them vulnerable to shifts in market sentiment in
these unprecedented operating conditions and the companies remain
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on the companies of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The review will consider (i) the outbreak's impact on the
manufacturing operations of Delphi, and its global operations. A
number of automotive original equipment manufacturers and auto
parts suppliers have already temporarily closed facilities in order
to ensure the safety of their employees. The review will assess the
impact from facility closures and global automotive production
declines on Delphi now and will experience in the near term. The
review will also consider (ii) the lingering impact of diminished
consumer demand on automotive production, resulting from consumer
concerns over contracting coronavirus, and regional government
policies restricting consumer movement over coming quarters, (iii)
the impact of governmental action to support corporates and
consumers in the companies' main markets, and (iv) the impact of
potential self-help measures of the individual issuers. The review
will aggregate these effects in conjunction with the liquidity
profiles of these issuers placed under review for downgrade. The
level of cash, availability under liquidity facilities, financial
maintenance covenant pressure, the pressure of refinancing debt
maturities coming due over the next 12-24 months will be major
considerations for Moody's review.

Delphi's B2 CFR incorporates Moody's view that the company's credit
metrics will remain weak over the intermediate-term with
Debt/EBITDA of 4.6x at December 31, 2019. Previously announced
restructuring actions are likely to be offset by near-term OEM
manufacturing suspensions related to the coronavirus pandemic while
social distancing policies are also expected to drive global
automotive production lower than previously forecasted. Moody's
also expects demand to be negatively impacted by global commercial
vehicle production, affecting Delphi as 25% of revenue is from
commercial vehicles. Global declines are expected for 2020, which
were previously expected only in the low-mid single digit range.
North American Class 8 build rates are now anticipated to decline
about 40% in 2020. However, this only represents approximately 4%
of Delphi's revenues, as the company is more exposed to non-US
commercial vehicle markets.

The majority of Delphi's debt is borrowed in Europe. The B3 senior
unsecured rating reflects Moody's EMEA approach within the Loss
Given Default Methodology, which includes treatment of trade
payables and U.K. pensions as secured amounts with priority over
the senior unsecured debt, based on the expected approach in
reorganization. Although there will be secured debt (the bank
debt), the entities outside of the US are estimated to generate the
vast majority of Delphi's consolidated adjusted EBITDA.
Consequently, the secured debt is expected to be in only a somewhat
more favorable recovery position relative to the unsecured notes
with only a modestly higher relative recovery.

Delphi's SGL-3 Speculative Grade Liquidity Rating anticipates an
adequate liquidity profile through 2020. As of December 31, 2019,
cash was $191 million. The $500 million revolving credit facility,
maturing in 2022, was unfunded and the new Pan European Euro 225
million factoring facility maturing in 2022 was also unfunded. With
Delphi's previously announced restructuring actions and the
suspension of OEM manufacturing plants, Moody's believes free cash
flow will now likely be break-even to negative compared to its
prior expectation of positive $60 million. The financial covenant
under the senior secured facilities includes a net leverage ratio
test under which covenant cushion is likely to significantly reduce
over the coming quarters. The term loan facility matures in
December 2022, while the unsecured notes mature in 2025.

Delphi's role in the automotive industry exposes the company to
material environmental risks arising from increasing regulations on
carbon emissions. As automotive manufacturers seek to introduce
more electrified powertrains, traditional ICEs will become smaller.
Delphi is addressing this risk through the development of engine
components that support this trend.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Delphi Technologies PLC is a leading global automotive supplier of
engine management systems and aftermarket parts. Components include
advanced fuel injection systems, actuators, valvetrain products,
sensors, electronic control modules and power electronics
technologies. Revenues for 2019 were approximately $4.4 billion.

DOWSON 2020-1: Moody's Gives B3 Rating to GBP8.8MM Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Dowson 2020-1 plc:

GBP147.4M Class A Floating Rate Notes due April 2027, Definitive
Rating Assigned Aaa (sf)

GBP41.8M Class B Floating Rate Notes due April 2027, Definitive
Rating Assigned A1 (sf)

GBP12.1M Class C Floating Rate Notes due April 2027, Definitive
Rating Assigned Baa3 (sf)

GBP9.9M Class D Floating Rate Notes due April 2027, Definitive
Rating Assigned Ba2 (sf)

GBP8.8M Class E Floating Rate Notes due April 2027, Definitive
Rating Assigned B3 (sf)

GBP19.8M Class X Floating Rate Notes due April 2027, Definitive
Rating Assigned Caa1 (sf)

The transaction is a static cash securitization of agreements
entered into for the purpose of financing vehicles to obligors in
the United Kingdom by Oodle Financial Services Limited. This is the
second public securitization transaction sponsored by Oodle. The
originator will also act as the servicer of the portfolio during
the life of the transaction.

The portfolio of receivables backing the Notes consists of Hire
Purchase agreements granted to individual residents in the United
Kingdom. Hire Purchase agreements are a form of secured financing
without the option to hand the car back at maturity. Therefore,
there is no explicit residual value risk in the transaction. Under
the terms of the HP agreements, the originator retains legal title
to the vehicles until the borrower has made all scheduled payments
required under the contract.

As of March 1, 2020, the definitive portfolio of underlying assets
totaling GBP 220.01 million, the portfolio consisted of 25,122
agreements mainly originated in the second semester of 2019 and
predominantly made of used (99%) vehicles distributed through
national and regional dealers as well as brokers. It has a weighted
average seasoning of 5.3 months and a weighted average remaining
term of 4.4 years. The definitive pool's current weighted average
LTV is 99.1%.

RATINGS RATIONALE

The transaction's main credit strengths are the significant excess
spread, the static and granular nature of the portfolio, and
counterparty support through the back-up servicer (The Nostrum
Group Ltd trading as Equiniti Credit Services (NR)), interest rate
hedge provider (BNP Paribas (Aa3(cr)/ P-1(cr)) and independent cash
manager (Citibank N.A., London Branch (Aa3(cr)/ P-1(cr)). The
structure contains specific cash reserves for each asset-backed
tranche which cumulatively equal 1.3% of the pool and will amortise
in line with the notes. Each tranche reserve will be purely
available to cover liquidity shortfalls related to the relevant
Note throughout the life of the transaction and can serve as credit
enhancement following the tranche's repayment. The Class A reserve
provides approximately 6 months of liquidity at the beginning of
the transaction. The provisional portfolio has an initial yield of
16.78% (excluding fees). Available excess spread can be trapped to
cover defaults and losses, as well as to replenish the tranche
reserves to their target level through the waterfall mechanism
present in the structure.

However, Moody's notes some credit weaknesses in the transaction.
First, the definitive pool includes material exposure to higher
risk borrowers. For example, some borrowers may previously have
been on debt management plans, received county court judgments
within recent years, or currently be in low level arrears on other
unsecured contracts. Although these features are reflected in the
originator's scorecard, and exposure to the highest risk borrowers
(risk tiers 6-8 under the originator's scoring) is limited at 13.5%
of the pool, the effect is that the definitive pool is riskier than
a typical benchmark UK prime auto pool. Second, operational risk is
higher than a typical UK auto deal because Oodle is a small,
unrated entity acting as originator and servicer to the
transaction. The transaction does envisage certain structural
mitigants to operational risk such as a back-up servicer,
independent cash manager, and tranche specific cash reserves, which
cover approximately 6 months of liquidity for the Class A Notes at
deal close. Third, the structure does not include principal to pay
interest for any class of Notes, which makes it more dependent on
excess spread and the tranche specific cash reserves combined with
the back-up servicing arrangement to maintain timeliness of
interest payments on the Notes. Fourth, the historic vintage
default and recovery data is limited, reflecting Oodle's short
trading history (it began lending meaningful amounts in its current
form in 2018). The data covers approximately three years that Oodle
has been originating.

In addition, the underlying obligors may exercise the right of
voluntary termination as per the Consumer Credit Act, whereby an
obligor has the option to return the vehicle to the originator as
long as the obligor has made payments equal to at least one half of
the total financed amount. If the obligor returns the vehicle, the
issuer may be exposed to residual value risk. The potential for
additional losses due to these risks has been incorporated into
Moody's quantitative analysis.

The automotive sector is undergoing a technology-driven
transformation which will have credit implications for auto finance
portfolios. Technological obsolescence shifts in demand patterns
and changes in government policy may result in some segments
experiencing greater volatility in the level of recoveries compared
with historical data. For example, older diesel engines have
declined in popularity and older engine types face restrictions in
certain metropolitan areas. Similarly, the rise in popularity of
Alternative Fuel Vehicles (AFVs) introduces uncertainty in the
future price trends of both legacy engine types and AFVs themselves
because of evolutions in technology, battery costs and government
incentives. Diesel cars constitute 65.3% of the securitized
provisional portfolio.

Moody's analysis focused, among other factors, on (i) an evaluation
of the underlying portfolio; (ii) historical performance
information; (iii) the credit enhancement provided by
subordination, by the excess spread and the tranche reserves; (iv)
the liquidity support available in the transaction through the
tranche reserves; (v) the back-up servicing arrangement of the
transaction; (vi) the independent cash manager and (vii) the legal
and structural integrity of the transaction.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the UK economy as well as
the effects that the announced government measures, put in place to
contain the virus, will have on the performance of consumer assets.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. It is a global health shock, which makes it extremely
difficult to provide an economic assessment. The degree of
uncertainty around its forecasts is unusually high.

MAIN MODEL ASSUMPTIONS:

Moody's determined portfolio lifetime expected defaults of 15.0%,
expected recoveries of 30.0% and a Aaa portfolio credit enhancement
of 40.0% related to the borrower receivables. The expected default
captures its expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

The portfolio expected mean default level of 15.0% is higher than
other UK auto transactions and is based on Moody's assessment of
the lifetime expectation for the pool taking into account (i) the
higher average risk of the borrowers, (ii) the historic performance
of the loan book of the originator, (iii) benchmark transactions
and (iv) other qualitative considerations.

The PCE of 40.0% is higher than the average of its UK auto peers
and is based on Moody's assessment of the pool taking into account
the higher risk profile of the pool borrowers and relative ranking
to originator peers in the UK auto and consumer markets. The PCE of
40% results in an implied coefficient of variation ("CoV") of
33.0%.

METHODOLOGY:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
March 2019.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may cause an upgrade of the ratings of Class B to X
Notes include significantly better than expected performance of the
pool together with an increase in credit enhancement of Notes.

Factors that may lead to a downgrade of the ratings of the Notes
include significantly higher losses compared to its expectations at
closing, due to either increased rates of voluntary terminations
(pursuant to the Consumer Credit Act), worse than expected vehicle
sale realization values, significant deterioration of the credit
profile of the originator or other key transaction counterparties
and a significant deterioration of the economy.

DOWSON 2020-1: S&P Assigns BB- (sf) Rating to Class D Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dowson 2020-1
PLC's (Dowson) asset-backed floating-rate class A, B, C, D, E-Dfrd,
and X-Dfrd notes.

The class X-Dfrd notes are uncollateralized. The proceeds from the
class X-Dfrd notes are used to fund the initial required cash
reserves, the premium portion of the purchase price, and pay
certain issuer expenses and fees (including the cap premium).

Dowson is the second public securitization of U.K. auto loans
originated by Oodle Financial Services Ltd. S&P also rated the
first securitization, Dowson 2019-1 PLC, which closed in September
2019.

Oodle is an independent auto lender in the U.K., with a focus on
used car financing for prime and near-prime customers.

The underlying collateral comprises U.K. fully amortizing
fixed-rate auto loan receivables arising under hire purchase (HP)
agreements granted to private borrowers resident in the U.K. for
the purchase of used and new vehicles. There are no personal
contract purchase (PCP) agreements in the pool. Therefore the
transaction is not exposed to residual value risk.

Collections are distributed monthly with separate waterfalls for
interest and principal collections, and the notes amortize fully
sequentially from day one. A dedicated reserve ledger for class A,
B, C, D, and E-Dfrd notes is in place to pay interest shortfalls
for the respective class over the transaction's life, any senior
expense shortfalls, and once the collateral balance is zero or at
legal final maturity, to cure any principal deficiencies.

A combination of note subordination, the class-specific cash
reserves, and any available excess spread provide credit
enhancement for the rated notes. Commingling risk is partially
mitigated by sweeping collections to the issuer account within two
business days, and a declaration of trust is in place over funds
within the collection account. However, S&P has considered in its
cash flow analysis any unmitigated risk in the absence of downgrade
language in the collection account bank agreement. S&P considers
that the transaction is not exposed to any setoff risk because the
originator is not a deposit-taking institution, has not
underwritten any insurance policies for the borrowers, and there
are eligibility criteria preventing loans to employees of Oodle
from being in the securitization.

Oodle is the initial servicer of the portfolio. A moderate severity
and portability risk along with a high disruption risk caps the
potential ratings on the notes at 'A'. However, following a
servicer termination event, including insolvency of the servicer,
the back-up servicer, The Nostrum Group Ltd. trading as Equiniti
Credit Services, will assume servicing responsibility for the
portfolio. S&P said, "We have therefore incorporated a three-notch
uplift, which caps the potential ratings on the notes at 'AA (sf)'
under our operational risk criteria."

The assets pay a monthly fixed interest rate, and all notes pay
compounded daily sterling overnight index average (SONIA) plus a
margin subject to a floor of zero. Consequently, these classes of
notes benefit from an interest rate cap provided by BNP Paribas
S.A. The cap notional amount is based on a predetermined notional
schedule, which amortizes in line with the expected runout schedule
of the pool assuming no prepayments or defaults. The issuer is also
exposed to counterparty risk through Citibank N.A., London Branch,
as bank account provider. The transaction documents and remedy
provisions at closing adequately mitigate counterparty risk in line
with S&P's counterparty criteria.

Interest due on the all classes of notes, other than the most
senior class of notes outstanding, is deferrable under the
transaction documents. Once a class becomes the most senior,
interest is due on a timely basis. However, although interest can
be deferred, our ratings on the class A, B, C, and D notes address
timely payment of interest and ultimate payment of principal. S&P's
ratings on the class E-Dfrd and X-Dfrd notes address the ultimate
payment of interest and ultimate payment of principal.

The transaction also features a clean-up call option, whereby on
any interest payment date when the outstanding principal balance of
the assets is less than 10% of the initial principal balance, the
seller may repurchase all receivables, provided the issuer has
sufficient funds to meet all the outstanding obligations.
Furthermore, the issuer may also redeem all classes of notes at
their outstanding balance together with accrued interest on any
interest payment date on or after September 2022.

S&P's ratings in this transaction are not constrained by the
application of its structured finance sovereign risk criteria.

  Ratings List

  Dowson 2020-1 PLC  
  Class     Rating    Prelim. amount (mil. GBP)
  A         AA (sf)      147.4
  B         A- (sf)      41.8
  C         BBB (sf)     12.1
  D         BB- (sf)     9.9
  E-Dfrd    CCC (sf)     8.8
  X-Dfrd    CCC (sf)     19.8


RESTAURANT GROUP: Explores Options to Raise Money Amid Pandemic
---------------------------------------------------------------
Oliver Gill at The Telegraph reports that The Restaurant Group, one
of Britain's biggest restaurant owners, is scrambling to prop up
its finances as the pandemic brings trading to a complete halt and
casts a shadow over its 21,500 staff.

According to The Telegraph, the group, which owns Wagamama, Frankie
& Benny's and Garfunkel's, has been forced to shelve a GBP500
million debt restructuring as credit markets dry up.

The former FTSE 250 company is now exploring options to raise money
including an emergency rights issue, The Telegraph discloses.


THAME AND LONDON: S&P Cuts Rating to CCC+, On CreditWatch Negative
------------------------------------------------------------------
S&P Global Ratings said that it has taken the various rating
actions on five European hotel and travel companies.

S&P said, "We revised the outlooks to negative on Intercontinental
Hotels Group and Accor S.A. and affirmed the ratings. We downgraded
Thame and London Ltd (Travelodge) and placed the ratings on
CreditWatch negative. S&P also placed the ratings on Casper Midco
SAS and Amadeus IT Group S.A. on CreditWatch negative.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak
between June and August, and we are using this assumption in
assessing the economic and credit implications. We believe measures
to contain COVID-19 have pushed the global economy into recession
and could cause a surge of defaults among nonfinancial corporate
borrowers (see our macroeconomic and credit updates here:
www.spglobal.com/ratings). As the situation evolves, we will update
our assumptions and estimates accordingly."

Rating Actions Rationale

S&P said, "Our rating actions reflect the unprecedented freefall in
RevPar among European hotel and travel companies because of the
rapid escalation of the COVID-19 pandemic. In addition, our
economists are pointing to a global recession in 2020. In the
financial crisis of 2007-2008, a 10% decline in the hotel
operators' top-lines resulted in about a 20% decline in EBITDA.
However, we cannot conclude the same will occur this time round
because it is difficult to quantify the length of the current
economic downturn.

"At this stage, we expect about a 20%-30% decline in RevPar for
European hotel operators for 2020, with a severe impact in the
first and second quarters due to the lockdown of various European
countries and a fall in occupancy rates to almost zero. This
translates into negligible or zero bookings, before a modest pickup
in the third and fourth quarter. If the pandemic lasts into the
third quarter of 2020, we cannot rule out further downside for all
these ratings. We will be monitoring the situation closely."
Asset-light operators are better placed than asset-heavy operators

S&P said, "It is difficult to estimate the full effect of the
COVID-19 pandemic on our ratings on European hotel and travel
companies given that the full scale of the pandemic is unknown. We
have therefore taken an incremental approach to rating changes and
we continue to monitor the portfolio closely.

"Generally, we have observed asset-light lodging and travel
companies showing more resiliency than players that are
asset-heavy, given the former's lower fixed cost base.

"We have revised the outlook to negative on asset-light operators
Intercontinental Hotels Group and Accor, based on their more
favorable cost structure."

Asset-heavy operators bear the burden of high fixed costs such as
rents, staff costs, and overheads that are difficult to amend in a
downturn. Operators focused on a single country may be in an even
worse position. S&P said, "We have therefore downgraded Thame and
London (Travelodge) to 'CCC+' from 'B-' and last week we lowered
TUI to 'B-' from 'BB-'. We have placed both companies on
CreditWatch negative. We have also placed Casper (B&B Hotels) on
CreditWatch negative."

In the very short term, liquidity is more critical than leverage in
S&P's assessments

While leverage is a key component of our ratings, maintaining
enough liquidity to withstand working capital swings is critical
for a company to remain a going concern in the very short term.
Some companies are already taking strict measures to maintain
liquidity. For example, S&P expects TUI would be looking into
renegotiating its contracts with third-party hotels.

Also, some of these companies, depending on the duration and
severity of this crisis, may need to bolster their liquidity
reserves. This is the case for Amadeus, for example, which is in
the course of putting in place additional bank facilities to ensure
the payments of debt maturities due in the next six-to-12 months.

Hotel operators' cost controls and financial policy decisions are
more crucial than ever and a key factor in determining whether they
will be able to preserve cash. S&P expects that companies in this
industry will halt shareholder-friendly measures such as dividends
and share buybacks and that they will delay any non-essential
capital expenditure. Such measures will help hotel and travel
companies somewhat mitigate the expected working capital
cyclicality in the upcoming quarters.

In the medium term, the speed of the industry's recovery, the
potential rebasing of the industry, and the damage done to capital
structures will drive ratings

S&P said, "The present crisis is expected to have material short-,
medium-, and long-term consequences for the industry and for our
ratings. In the short term, liquidity is the primary concern and
the major ratings driver. In the medium term, our primary concern
is the duration and severity of this crisis, particularly if the
latter extends more profoundly into the second half of this year.
This could have further deleterious consequences for the
performance and financial profiles of companies and pose risks to
our current ratings, even after the rating actions. Over the longer
term, we see high uncertainty as to the speed and extent of the
industry recovery. In particular, it is not a foregone conclusion
that the travel industry will come back at the same trading levels
as before the crisis because we may see changes in behavior from
individuals and businesses. Furthermore, for some issuers in the
travel industry, the current crisis may result in a depletion of
their equity reserves and a releveraging of their capital
structures beyond their means. Those companies may need a
recapitalization. The effect on our ratings will be a function of
all these factors. We will update our ratings as the pandemic
unfolds."

  Ratings List

  Accor S.A.
  Ratings Affirmed; Outlook Action  
                                        To    From
  Accor S.A.
   Issuer Credit Rating  BBB-/Negative/A-3    BBB-/Stable/A-3

  Amadeus IT Group S.A.
  Ratings Affirmed; CreditWatch Action  
                                        To    From
  Amadeus IT Group S.A.
   Issuer Credit Rating  BBB/Watch Neg/A-2    BBB/Stable/A-2

  Casper MidCo SAS
  Ratings Affirmed; CreditWatch Action  
                                        To    From
  Casper MidCo SAS
   Issuer Credit Rating    B-/Watch Neg/--    B-/Positive/--

  InterContinental Hotels Group PLC
  Ratings Affirmed; Outlook Action  
                                        To    From
  InterContinental Hotels Group PLC
  Issuer Credit Rating     BBB/Negative/--    BBB/Stable/--

  Thame and London Ltd
  Downgraded; CreditWatch Action  
                                        To    From
  Thame and London Ltd
   Issuer Credit Rating  CCC+/Watch Neg/--    B-/Stable/--


THAMES WATER: Moody's Cuts Subordinate MTN Program to (P)Ba1
------------------------------------------------------------
Moody's Investors Service has downgraded to Baa2 from Baa1 the
Corporate Family Rating of Thames Water Utilities Ltd.
Concurrently, Moody's has downgraded Thames Water Utilities Finance
Plc's senior secured (Class A) debt rating to Baa1 from A3 and its
subordinated (Class B) debt rating to Ba1 from Baa3. The outlook on
the ratings is stable.

Moody's has confirmed the B1 senior secured rating of Thames Water
(Kemble) Finance PLC (Kemble Water). The outlook on the rating is
stable.

These rating actions conclude the rating review initiated on
December 20, 2019, following publication by the Water Services
Regulation Authority (Ofwat), the economic regulator for water
companies in England and Wales, of its final determination for the
forthcoming five-year regulatory period, commencing on April 1,
2020 (AMP7).

RATINGS RATIONALE

RATINGS RATIONALE -- THAMES WATER

The rating actions follow Thames Water's decision to accept Ofwat's
final determination for AMP7. The downgrades take into account (1)
the significant cut in allowed wholesale returns to ca. 2.42% real
in cash terms, compared with 3.6% in the current AMP6 regulatory
period, (2) material revenue reductions as a result of operational
underperformance in AMP6, (3) challenging performance targets in
AMP7 that Moody's expects to result in further financial penalties,
and (4) credit negative changes to financial policy, as evidenced
by an increase in RPI-linked debt and swap restructurings that
weaken the effectiveness of Thames Water's covenants.

Moody's expects that Thames Water will have an adjusted interest
coverage ratio (AICR) of around 1.3x over the AMP7 period and
leverage, measured by adjusted net debt to regulatory capital value
(RCV) above 80%, weaker than Moody's revised guidance for a Baa1
CFR of at least 1.4x and no more than 80%, respectively.

Thames Water's Baa2 CFR reflects, as positives, (1) stable cash
flow from the provision of monopoly water and wastewater services
under a well-established, transparent and predictable regulatory
regime, (2) debt structural features, including distribution
lock-up covenants, dedicated liquidity, and intercreditor and
security arrangements, which provide additional creditor protection
for event risk and enhance recovery prospects in an event of
default, and (3) lower average cost of debt and less risk in
relation to derivative contracts than highly-leveraged peers.

However, the CFR is constrained by (1) relatively high financial
leverage, (2) a track record of weak operational performance with
associated financial penalties and (3) regulatory and financing
decisions that temporarily increase headroom to Thames Water's
dividend lock-up covenants in AMP7, weakening creditor
protections.

Thames Water has recently executed GBP2.1 billion of new RPI-linked
swaps that will allow it to defer a portion of interest payable
from AMP7 into later periods, improving cash flow and Moody's AICR
at the price of increasing the mismatch between the company's
CPI-linked RCV and RPI-linked debt in AMP8. Moody's regards this as
indicative of an increased tolerance for financial risk, a credit
negative.

The Baa1 rating of the Class A bonds reflects the strength of the
debt protection measures for this class of bonds and their senior
position in the cash waterfall and following any enforcement of
security, and the issuer's low probability of default. However, the
rating of the Class A bonds also factors in super-senior
obligations which would rank ahead of the senior notes in a default
scenario, as well as the subordinated Class B debt which, while
contractually subordinated, serve to reduce the operator's
financial flexibility.

The Ba1 rating of the Class B bonds reflects the same default
probability as factored into the Baa2 CFR but also Moody's
expectation of a heightened loss severity for the Class B debt
following any default, given its subordinated position.

RATINGS RATIONALE -- KEMBLE

Confirmation of Kemble's B1 senior secured rating reflects a
deterioration in the credit quality of the consolidated Kemble
group, offset by management action to increase near-term cash flows
and reduce the risk of dividend lock-ups at Thames Water.

In addition to the considerations for Thames Water, the rating of
Kemble reflects (1) higher leverage because of GBP1.1 billion of
additional debt at the holding company, (2) the terms of the Thames
Water financing structure, which includes various cash-trapping
provisions, and (3) provisions of Thames Water's licence that could
limit the operating company's ability to make payments to Kemble.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that, despite
operational underperformance and expenditure above regulatory
allowances, Thames Water will achieve an AICR of around 1.3x, on
average, over AMP7, and maintain net debt/RCV of 80-85%, including
Moody's adjustments.

WHAT COULD CHANGE THE RATING UP/DOWN

Thames Water's ratings could be upgraded if the company achieved
significantly improved operational performance, supporting an AICR
sustainably above 1.4x and net debt/RCV below 80%.

The ratings could be downgraded if operational performance was
below Moody's expectations, and in particular if its AICR was
expected to fall below 1.2x, or if net debt/RCV rose above 85%.

Given structural subordination, an upgrade of Kemble is not
anticipated. Kemble's rating could be downgraded if the rating of
Thames Water were downgraded, or if weaker cash flow at Thames
Water meant that financial or rating triggers limiting dividend
payments were more likely to be triggered. Financial triggers in
Thames Water's financing structure include (1) Class A RCV gearing
in excess of 75% or senior RCV gearing in excess of 85%, or (2)
Class A adjusted interest cover ratio below 1.30x or senior
adjusted interest cover ratio below 1.10x. Rating triggers include
a Class A or corporate rating below Baa3/BBB- from any agency.

In addition, downward rating pressure at Thames Water and Kemble
Water could result from (1) adoption of more aggressive financial
policies, (2) a significant increase in business risk for the
sector as a result of legal and/or regulatory changes leading to a
reduction in the stability and predictability of regulatory
earnings, which in each case are not offset by other
credit-strengthening measures, or (3) unforeseen funding
difficulties.

Thames Water is the largest of the 10 water and sewerage companies
in England and Wales by both RCV and number of customers served.
The company provides drinking water to around nine million
customers and sewerage services to around 15 million customers in
London and the Thames Valley. Kemble Water is the financing
subsidiary of Kemble Water Finance Limited, which owns Thames Water
through intermediate holding companies including Thames Water
Limited.

The principal methodology used in these ratings was Regulated Water
Utilities published in June 2018.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Thames Water Utilities Finance Plc

Backed senior secured MTN Program, Downgraded to (P)Baa1 from
(P)A3

Backed Subordinate MTN Program, Downgraded to (P)Ba1 from (P)Baa3

Backed Subordinate Regular Bond/Debenture, Downgraded to Ba1 from
Baa3

Backed Senior Secured Regular Bond/Debenture, Downgraded to Baa1
from A3

Issuer: Thames Water Utilities Ltd.

LT Corporate Family Rating, Downgraded to Baa2 from Baa1

Confirmations:

Issuer: Thames Water (Kemble) Finance PLC

Backed Senior Secured Regular Bond/Debenture, Confirmed at B1

Outlook Actions:

Issuer: Thames Water (Kemble) Finance PLC

Outlook, Changed to Stable from Rating Under Review

Issuer: Thames Water Utilities Finance Plc

Outlook, Changed to Stable from Rating Under Review

Issuer: Thames Water Utilities Ltd.

Outlook, Changed to Stable from Rating Under Review

TRITON UK: Fitch Cuts LT IDR to 'B-', Outlook Negative
------------------------------------------------------
Fitch Ratings has downgraded Triton UK Midco Limtied and Synamedia
Americas Holdings Inc. Long-Term Issuer Default Ratings by three
notches to 'B-'. Fitch has also downgraded the first lien secured
rating to 'B+'/'RR2' from 'BB'/'RR2' and the second lien secured
rating to 'B-'/'RR4' from 'BB-'/'RR4'. The Rating Outlook is
Negative.

The ratings and Outlook reflect the very sizable difference in
operating performance as a standalone company relative to its
expectation the time of its initial rating in 2018. Management
guidance for the current fiscal year reflects an approximate twenty
percent difference in revenue and eighty percent difference in
adjusted EBITDA to the sponsor case laid out at the time of the
initial rating. Fitch has readjusted its view accordingly and now
sees risk that Synamedia is not able to weather a faster than
anticipated decline in the traditional pay-TV business in addition
to exogenous shocks like COVID-19. To the extent visibility into
Synamedia's operating performance improves and Fitch expects
Synamedia to maintain its gross leverage at 5x or below, Fitch
could stabilize the Outlook.

KEY RATING DRIVERS

Leverage Profile: At the time of Fitch's initial rating,
Synamedia's leverage was expected to be mid 2x by year end FY20
(end June) and below 2x by FY21 achieved mainly through margin
expansion. Based upon results through December 29, 2019, recently
provided to Fitch, leverage is now expected to be 5x at the end of
FY20. Assuming Synamedia's Video Platform declines at mid- to
high-single digit annually only partially offset by modest
expansion of the Video Network business. With the maintenance of
existing margins post-restructuring, leverage will climb about
mid-5x over the forecast horizon. Both growth and margin
assumptions beyond FY20 are highly uncertain given the lack of
visibility or management guidance. Fitch's technology universe
median leverage in the 'B' category ranges from approximately 5.5x
to 6.5x. Uncertainty over the business beyond FY20 combined with
strongly negative secular declines cause Fitch to rate Synamedia at
the lower end of the 'B' category despite lower leverage.

Pay-TV Decline: Negative secular trends in the pay-TV universe are
accelerating. Developing markets are no longer expanding with China
having driven significant revenue declines to date although the
Synamedia expects India and some APAC markets to grow in the single
digits. Additionally, pay-TV operators in Synamedia's largest
customer's markets are increasingly offering gateway set top boxes
that require just one smart card per household. Overall, Fitch sees
mid- to high-single digit CAGR smart card declines across
Synamedia's largest customers. Growth in Synamedia's content
protection and infrastructure for hybrid bundles may offset legacy
business declines although it is highly uncertain given the lack of
visibility beyond FY20.

Financial Flexibility: Fitch no longer believes Synamedia has the
financial flexibility to offset a faster decline in pay-TV. In late
2019 Synamedia raised an additional $80 million in equity from
existing investors to meet a shortfall in working capital. Fitch
expects FY20 FCF to be negative in FY20 and neutral in FY21,
although highly uncertain given the lack of visibility. This
ability to weather deterioration in the business is a key
differentiator among the 'BB' and 'B' rating categories and
informed Fitch's initial rating case, which is no longer valid. As
an offset, the company is expected to have about $35 million of
cash at the end of FY20 and is not expected to need to draw on its
revolver over the near term.

Customer Concentration: Synamedia's largest customers represented
about half of total revenue prior to carve-out (and financials
since the transaction have not disclosed concentration risk). Three
customers, Comcast, AT&T Inc., and China, each individually
represented more than 10% of total revenue. Together with its
limited end-market diversification, Synamedia's diversification
factor is consistent with a single 'b' rating under Fitch's Ratings
Navigator. Synamedia's largest customer did make a 20% equity
investment and participated in the equity injection in 2019.

ESG Factors - Governance: Synamedia has an ESG Relevance Score of 4
for Management Strategy due to the apparent weak implementation of
the company's strategy relative to its privatization transaction
rationale, which, in combination with other factors, affects the
rating. Synamedia has an ESG Relevance Score of 4 for Governance
Structure due to the lack of independent directors, which, in
combination with other factors, affects the rating. Synamedia has
an ESG Relevance Score of 4 for Group Structure due to the
complexity of its ownership structure and associated related party
transactions, which, in combination with other factors, affects the
rating.

DERIVATION SUMMARY

Synamedia is believed to have the second largest market share of
the content security market behind direct competitor and closest
peer Nagra Kudelski SA. Independent analysts estimate Synamedia's
share to be 22% in 2017 vs. 34% for Kudelski. Synamedia also
competes with Irdeto B.V. ($200 million est. revenue),
Viaccess-Orca Ltd. ($140 million), and Verimatrix, Inc. Synamedia
also competes with its DRM product against a broader array of
technology companies such as Microsoft Corp (AA+/Stable) and
Alphabet Inc.'s Widevine DRM and content protection. While not a
direct competitor, Synamedia has similarities to DigiCert Holdings,
Inc. (B+/Stable), which acts as a utility security provider as a
trusted certificate authority. Synamedia has greater scale but
lower leverage and lower operating EBITDA margin. Synamedia's
forward growth profile is expected to be weaker than DigiCert's.
Gigamon Inc. (B/Stable) and Barracuda Networks, Inc. (B/Stable)
could also be considered loosely related peers. Synamedia is of
comprable scale and faces a stronger secular headwind with lower
margins.

Synamedia is no longer conservatively capitalized for a financial
sponsor-led acquisition reflecting the secular challenges in the
pay-TV market in which it operates. Synamedia is a market leader
with a #1 or #2 position in its product categories. The company has
limited diversification with predominantly all of its business
derived from video content protection in the pay-TV space, which is
in decline. Moreover, Synamedia has significant customer
concentration with half of its revenues derived from a handful of
pay-TV operators. While these features are limiting to the rating,
it is offset in part by the fact that its largest customer is
co-investing in the carve-out transaction, and the basis for
switching away from Synamedia's offering is uneconomic for its
largest customers. Synamedia has some growth prospects particularly
in its cloud products and in the eventual shift by pay-TV operators
to a hybrid/IP distribution model as well as anti-piracy
technology. While this will potentially bolster the company's,
growth prospects it may expose it to direct competition with very
large, well-capitalized technology players who already figure
prominently in the IP space, to the extent this becomes a major
threat to traditional pay-TV models. Synameida's rating no longer
benefits from a degree of financial flexibility and Fitch no longer
believes the company would withstand a sharp acceleration in the
rate of pay-TV subscriber declines without significant impairment
to its credit protection metrics. Fitch established a strong
linkage between Triton UK Midco Limited as holdings and Synamedia
Americas Holdings Inc, the issuer of debt and primary operating
entity, given legal and operational ties. No country ceiling
constraint or operating influence factored into the ratings.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

  - Approximately $500 million in revenue in FY20 declining
mid-single digit annually thereafter - Operating EBITDA margin of
13.5% in FY20, flat over forecast horizon;

  - Capex about 3% of revenue;

  - No dividends, acquisitions or divestitures over the ratings
horizon; debt reduction limited to required amortization and excess
cash flow payments to the extent applicable.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Triton UK Midco. would be
reorganized as a going concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

Synamedia's GC EBITDA assumption includes pro forma adjustments for
its FY20 forecast results. This is roughly equal to the annualized
1H20 results, consistent with Fitch's full year forecast. The GC
EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation. Fitch assumes Synamedia's Video Platform
business declines at double the rate assumed in its base case and
assumes the Video Network business is flat. Margin contraction is
assumed to be one point annually. Fitch assumes this scenario
reprints accelerating disruption in the traditional pay-TV business
and competitive pressures in its hybrid and other growth offerings.
An EV multiple of 5.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considers the value of Triton's software assets
offset by its legacy pay-TV card business resulting in a multiple
that is near the median historical bankruptcy case study exit
multiples for technology companies broadly albeit below that for
pure software companies, reflecting secular pressures. The $50
million RCF is assumed to be fully drawn upon default. Fitch
assumes 60% of assets are contained within domestic subsidiaries
and attributes 35% of foreign assumed assets pro rata among the 1L
and 2L. The allocation of value in the liability waterfall results
in recovery corresponding to 'RR2' recovery for the first lien
revolver and term loan (together $342 million) and recovery
corresponding to 'RR4' for the second line term loan ($100
million).

RATING SENSITIVITIES

Fitch does not anticipate positive rating action but could
stabilize the rating if:

  - Total debt with equity credit is expected to be sustained below
5x;

  - There is an expectation of stabilized revenues and greater
visibility into the forward operating model.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Total debt with equity credit sustained above 6x;

  - Sustained revenue declines exceeding 5% annually;

  - Sustained negative FCF;

  - Dividends or leveraged acquisitions.

LIQUIDITY AND DEBT STRUCTURE

Synamedia had $34.4 million of cash at June 30, 2019 (its last
financial report) and $64.7 million at Dec. 29, 2019. Fitch expects
the company will exit FY20 with about $35 million of cash. In FY20
Fitch expects Synamedia to have a FCF deficit of about $16 million.
The FCF profile is uncertain beyond FY20 but is expected to improve
with reduced restructuring and one-time payments. The company's
debt is not due until 2024 when the 1st lien matures and 2025 when
the 2nd lien matures.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

Synamedia has an ESG Relevance Score of 4 for Management Strategy
due to the apparent weak implementation of the company's strategy
relative to its privatization transaction rationale, which, in
combination with other factors, affects the rating.

Synamedia has an ESG Relevance Score of 4 for Governance Structure
due to the lack of independent directors, which, in combination
with other factors, affects the rating.

Synamedia has an ESG Relevance Score of 4 for Group Structure due
to the complexity of its ownership structure and associated related
party transactions, which, in combination with other factors,
affects the rating.

VEDANTA RESOURCES: Moody's Places B1 CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed Vedanta Resources Limited's B1
corporate family rating under review for downgrade.

Moody's has also placed under review for downgrade the B3 ratings
on the senior unsecured bonds issued by Vedanta and those issued by
its wholly-owned subsidiary, Vedanta Resources Finance II Plc, and
guaranteed by Vedanta.

The ratings outlook was changed to ratings under review from
stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Exploration and
production (E&P) and metals and mining are among the sectors most
significantly affected by the shock given their sensitivity to
consumer demand and sentiment.

More specifically, the weaknesses in Vedanta's credit profile,
including its exposure to various commodities, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions, and Vedanta remains vulnerable to the
outbreak continuing to spread.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Vedanta of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

"The review for downgrade reflects its expectation that low oil and
base metal prices will significantly strain Vedanta's financial
metrics, at least through the fiscal year ending March 2021," says
Kaustubh Chaubal, a Moody's Vice President and Senior Credit
Officer.

"Moreover, the review highlights the heightened refinancing risk
surrounding the holding company's around $1.9 billion of debt
securities, which will mature through September 2021," adds
Chaubal, who is also Moody's lead analyst on Vedanta.

Moody's review for downgrade will focus on: (1) the outbreak's
impact on Vedanta's operations in light of increasing restrictions
on people's movement and the potential for a shutdown of operations
to ensure employee safety; (2) the impact of the outbreak on oil
and base metal prices; (3) Vedanta's asset base, cost structure,
likely cash burn rate and liquidity, as well as management's
strategy for coping with prolonged, low and volatile commodity
prices; (4) the impact of potential countermeasures such as capex
deferment and reduced dividends; and (5) Vedanta's resilience in
various stress testing scenarios, including in particular its
ability to refinance its $1.9 billion of debt securities via the
capital markets and bank debt.

Moody's could downgrade the ratings if Vedanta's earnings and
financial metrics are unlikely to recover to levels supportive of
its present ratings and pre the current coronavirus outbreak.
Specific credit metrics that Moody's would consider as also being
indicative of unsustainable downward pressure include its
debt/EBITDA remaining above 4.5x; EBIT/interest coverage failing to
improve above 1.5x; or EBIT margin falling below 15%. Vedanta's
failure to complete the refinancing of its debt maturities at least
12 months ahead of scheduled maturities will also stress its
ratings.

The principal methodology used in these ratings was Mining
published in September 2018.

Vedanta Resources Limited, headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Ltd, a 50.1%-owned subsidiary.
Through Vedanta Resources' various operating subsidiaries, the
group produces oil and gas, zinc, lead, silver, aluminum, iron ore
and power.

Delisted from the London Stock Exchange in October 2018, Vedanta
Resources is now wholly owned by Volcan Investments Ltd. Founder
chairman of Vedanta Resources, Anil Agarwal, and his family, are
the key shareholders of Volcan.

For the 12 months to September 30, 2019, Vedanta Resources
generated revenues of $13.7 billion and adjusted EBITDA of $3.3
billion.

VEDANTA RESOURCES: S&P Downgrades ICR to 'B-', Outlook Stable
-------------------------------------------------------------
On March 24, 2020, S&P Global Ratings lowered its long-term foreign
currency issuer credit rating on Vedanta Resources Ltd. and its
long-term issue rating on the U.S. dollar-denominated senior
unsecured notes the company issued or guarantees to 'B-' from 'B'.

S&P said, "We lowered the ratings because we expect Vedanta
Resources' liquidity to weaken over the next 12 months due to a
challenging refinancing environment and volatility in commodity
prices. In particular, the sources of funds at the Vedanta
Resources level are likely to be significantly lower than the
expected uses. We also expect the company's earnings growth to be
slower over the next 12-24 months compared with our earlier
forecast, due to lower commodity prices. Most of the improvement is
likely only in fiscal 2022 (year ending March 31, 2022). The
downgrade incorporates our revised metal price assumptions dated
March 18, 2020, and revised oil price forecasts dated March 19,
2020."

Vedanta Resources' capital structure and corporate structure
contribute to the downgrade, especially amid the currently volatile
commodity and capital markets. Debt at Vedanta Resources--the
holding company--is high at around US$7 billion currently. And the
likelihood of dividends from subsidiaries increasing meaningfully
from current levels in the coming quarters is low due to lower
commodity prices. This makes access to capital markets paramount
for the company. S&P said, "We also expect Vedanta Resources'
dependence on dividends from subsidiary Hindustan Zinc Ltd. to
increase in 2020. That's given a likely material weakening in cash
flow from the oil business as we expect Brent crude to average
US$30/barrel (bbl) for the year." Improvement in the earnings of
the aluminum business offers some mitigation, but on a consolidated
basis, operating cash flow will likely be largely flat in fiscal
2020.

Vedanta Resources' established banking relationships and track
record of refinancing support its funding profile despite the
challenging environment. S&P said, "While our base case remains
that the company will meet its near-term maturities, the risks have
risen given increased uncertainty in both the commodity and capital
markets. The company has some time till a US$670 million bond
becomes due in June 2021. However, regaining consistent access to
markets will remain key. Growth in earnings from its oil and
aluminum business, where progress has been slower than we expected,
will also be key to meeting refinancing needs. We assume that any
potential non-compliance with covenants, especially the net
debt/EBITDA covenant of 3.25x, where headroom is thin, will not
affect the company's refinancing ability."

S&P said, "We expect Vedanta Resources to make meaningful progress
operationally over the next 12-24 months. These include material
cost reductions in its aluminum business with cost of production
lower than US$1,500/ton, increased volumes in zinc production (both
domestic and international), and increased oil production. However,
the benefits of these improvements will be more visible only in
fiscal 2022 given lower commodity prices in fiscal 2021.
Consequently, our previous expectation that the company will
allocate a substantial portion of its free cash flow to debt
repayment over the next 12 months is unlikely to be met. We also
expect the company's funds from operations (FFO) interest coverage
to fall below 2.0x, the downgrade threshold for the previous 'B'
rating.

"The stable outlook is based on our expectation that Vedanta
Resources will maintain a stable balance sheet and credit metrics
in fiscal 2021 relative to fiscal 2020, despite lower commodity
prices. Higher product volumes and cost efficiencies, especially in
the aluminum business, will enable the company to maintain such
stability. Vedanta Resources will also likely make progress toward
meeting its upcoming debt maturities despite rising market
uncertainties.

"The outlook also reflects our view that Vedanta Resources'
earnings will grow meaningfully in fiscal 2022."

A downgrade to the 'CCC' category is possible if there is a lack of
visibility over the refinancing of Vedanta Resources' next large
debt maturity in June 2021, by the end of this year. Indicators of
this would be risks in accessing the capital markets and failure to
make progress on earnings heading into fiscal 2022.

S&P may upgrade Vedanta Resources if its liquidity position
improves. An improvement would depend on better capital market
access as well as a significant increase in earnings, likely to
over US$4.5 billion by fiscal 2022. A more diversified earnings
profile across zinc, aluminum, and oil will also support an
improved liquidity position.

Vedanta Resources is a U.K. incorporated commodities producer with
assets primarily in India. It owns 50.1% of Vedanta Ltd., its
Indian subsidiary, which holds a large part of its assets. Vedanta
Resources derives a key part of its cash flow from its zinc
producing assets, followed by oil and aluminum. The company has a
small presence in steel, iron ore mining, and thermal power
generation. Vedanta Resources is ultimately fully owned by Volcan
Investments Ltd., controlled by the Agarwal family.


VIRGIN ATLANTIC: Set to Ask for Government Bailout in Coming Days
-----------------------------------------------------------------
BBC News reports that Virgin Atlantic is expected to ask for a
government bailout worth hundreds of millions of pounds in the
coming days.

Requests for state aid are also expected from other airlines, BBC
states.

Virgin Atlantic had previously suggested the government offer UK
carriers GBP7.5 billion in credit facilities, BBC notes.

The airline's founder Sir Richard Branson last week offered to
inject GBP250 million into the Virgin Group, with most of that
amount going to the airline, BBC recounts.

The vast bulk of flights to and from the UK have been grounded amid
the coronavirus pandemic, BBC discloses.




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

[*] BOND PRICING: For the Week March 23 to March 27, 2020
---------------------------------------------------------
Issuer                  Coupon  Maturity  Currency  Price
------                  ------  --------  --------  -----
Intelsat Luxembourg SA   8.125    6/1/2023      USD    41.539
Intelsat Connect Finance 9.500    2/15/2023     USD    60.918
Moby SpA                 7.750    2/15/2023     EUR    32.000
Valaris plc              7.750    2/1/2026      USD    48.981
Nostrum Oil & Gas Finance8.000    7/25/2022     USD    46.164
Petra Diamonds US Treasur7.250    5/1/2022      USD    61.344
Casino Guichard Perrachon3.992                  EUR    55.482
Naviera Armas SA         6.500    7/31/2023     EUR    72.933
Valaris plc              8.000    1/31/2024     USD    56.708
Vallourec SA             2.250    9/30/2024     EUR    72.632
Mitsubishi UFJ Investor S4.092    12/15/2050    EUR    70.994
Valaris plc              4.875    6/1/2022      USD    72.700
Vallourec SA             4.125    10/4/2022     EUR     5.619
Pro-Gest SpA             3.250    12/15/2024    EUR    64.758
Mallinckrodt Internationa5.750    8/1/2022      USD    53.256
Valaris plc              5.750    10/1/2044     USD    40.160
Ageasfinlux SA           0.950                  EUR    71.357
Rallye SA                4.000    4/2/2021      EUR    27.070
Naviera Armas SA         4.250    11/15/2024    EUR    67.800
Officine Maccaferri-SpA  5.750    6/1/2021      EUR    35.407
Nostrum Oil & Gas Finance7.000    2/16/2025     USD    45.094
Astaldi SpA              7.125    12/1/2020     EUR    12.932
Valaris plc              5.200    3/15/2025     USD    48.548
Casino Guichard Perrachon1.154                  EUR    36.602
Distribuidora Internacion0.875    4/6/2023      EUR    53.583
Ferroglobe PLC / Globe Sp9.375    3/1/2022      USD    73.707
Valaris plc              4.500    10/1/2024     USD    49.851
Maisons du Monde SA      0.125    12/6/2023     EUR    42.131
Thomas Cook Group PLC    6.250    6/15/2022     EUR     6.875
Intralot Capital Luxembou6.750    9/15/2021     EUR    64.032
Quadient                 3.375                  EUR    59.169
HI Bidco AS              7.300    10/30/2022    NOK    58.219
Valaris plc              7.375    6/15/2025     USD    55.552
Offshore Drilling Holding8.375    9/20/2020     USD    31.787
Rallye SA                4.371    1/23/2023     EUR    27.025
Debenhams PLC            5.250    7/15/2021     GBP    21.000
Jain International Tradin7.125    2/1/2022      USD    31.637
Air France-KLM           0.125    3/25/2026     EUR    17.922
Intralot Capital Luxembou5.250    9/15/2024     EUR    43.055
Valaris plc              4.750    1/15/2024     USD    54.663
Cooperativa Muratori & Ce6.000    2/15/2023     EUR     2.549
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     EUR
ADLER Real Estate AG     2.500    7/19/2021     EUR    14.780
Mallinckrodt Internationa5.625    10/15/2023    USD    43.841
Neoen SA                 1.875    10/7/2024     EUR    38.303
HI Bidco AS              9.800    1/30/2023     NOK    21.072
Valaris plc              5.850    1/15/2044     USD    44.013
Mallinckrodt Internationa5.500    4/15/2025     USD    40.932
Mallinckrodt Internationa4.750    4/15/2023     USD    47.847
Hema Bondco II BV        8.500    1/15/2023     EUR    45.021
Boparan Finance PLC      4.375    7/15/2021     EUR    73.330
Econocom Group SA/NV     0.500    3/6/2023      EUR     7.119
Intelsat Connect Finance 9.500    2/15/2023     USD    61.569
Cooperativa Muratori & Ce6.875    8/1/2022      EUR     2.467
Senvion Holding GmbH     3.875    10/25/2022    EUR     6.000
Senivita Social Estate AG6.500    5/12/2020     EUR    56.400
Rallye SA                3.250    2/8/2024      CHF    26.000
Korian SA                2.500                  EUR    49.797
Genfit                   3.500    10/16/2022    EUR    24.639
Pierre & Vacances SA     2.000    4/1/2023      EUR    54.631
Yell Bondco PLC          8.500    5/2/2023      GBP    61.411
Astaldi SpA              4.875    6/21/2024     EUR    11.802
FF Group Finance Luxembou1.750    7/3/2019      EUR     4.500
HOCHDORF Holding AG      2.500                  CHF    54.079
Ferroglobe PLC / Globe Sp9.375    3/1/2022      USD    73.478
Top Gun Realisations 74 P6.500    7/1/2022      GBP    18.791
O1 Properties Finance PLC8.250    9/27/2021     USD    40.000
FF Group Finance Luxembou3.250    11/2/2021     CHF    10.246
Pizzaexpress Financing 1 8.625    8/1/2022      GBP    35.739
Greenyard Fresh NV       3.750    12/22/2021    EUR    69.732
KCA Deutag UK Finance PLC7.250    5/15/2021     USD    69.046
Valaris plc              5.400    12/1/2042     USD    43.610
Boparan Finance PLC      5.500    7/15/2021     GBP    73.053
Banco Espirito Santo SA  4.000    1/21/2019     EUR    25.244
EA Partners I BV         6.875    9/28/2020     USD    45.074
Galapagos Holding SA     7.000    6/15/2022     EUR     7.684
Rallye SA                5.250    2/1/2022      EUR    27.513
Rallye SA                4.000    11/23/2020    CHF    26.556
Transcapitalbank JSC Via 10.000   9/18/2020     USD    54.906
KCA Deutag UK Finance PLC9.875    4/1/2022      USD    69.900
Immigon Portfolioabbau AG5.980                  EUR    15.866
Bourbon Corp             6.446                  EUR     2.651
FIGEAC-AERO              1.125    10/18/2022    EUR    23.775
Alno AG                  8.500    5/14/2018     EUR    11.527
Privatbank CJSC Via UK SP11.000   2/9/2021      USD     9.532
EA Partners II BV        6.750    6/1/2021      USD    48.500
Grupo Isolux Corsan SA   6.000    12/30/2021    EUR     0.398
Steinhoff Finance Holding1.250    10/21/2023    EUR    41.118
Air Berlin PLC           8.250    4/19/2018     EUR     1.999
Grupo Isolux Corsan SA   1.000    12/30/2021    EUR     1.453
Thomas Cook Finance 2 PLC3.875    7/15/2023     EUR     7.056
Santhera Pharmaceuticals 5.000    2/17/2022     CHF    55.749
CNP Assurances           2.000                  EUR    75.000
Bilt Paper BV            9.640                  USD     1.004
Petra Diamonds US Treasur7.250    5/1/2022      USD    61.611
Allied Irish Banks PLC   12.500   6/25/2035     GBP    70.751
Quant AB                 6.000    2/15/2023     EUR    70.738
Banco Espirito Santo SA  2.625    5/8/2017      EUR    24.550
House of Fraser Funding P6.504    9/15/2020     GBP     4.517
Stobart Finance PLC      2.750    5/8/2024      GBP    74.000
UkrLandFarming PLC       10.875   3/26/2018     USD     4.250
KCA Deutag UK Finance PLC9.625    4/1/2023      USD    69.370
Lehman Brothers UK Capita5.125                  EUR     7.092
Mitsubishi UFJ Investor S3.859    12/30/2099    EUR     4.853
Scandinavian Airlines Sys0.625                  CHF    36.872
Lambay Capital Securities6.250                  GBP     0.574
Rickmers Holding AG      8.875    6/11/2018     EUR     1.682
Nexity SA                0.125    1/1/2023      EUR    66.293
Prime Living AB          7.201    10/19/2023    SEK     5.000
Evan Group PLC           6.000    7/31/2022     EUR    70.963
Lehman Brothers UK Capita6.900                  USD     2.745
Avangardco Investments Pu10.000   10/29/2018    USD     6.000
Privatbank CJSC Via UK SP10.250   1/23/2018     USD    30.529
Banco Espirito Santo SA  7.125    11/28/2023    EUR     0.075
Nostrum Oil & Gas Finance8.000    7/25/2022     USD    46.047
Bank Otkritie Financial C10.000   4/26/2019     USD     9.701
Rallye SA                3.400    1/31/2022     EUR    28.000
Hellenic Bank PCL        10.000                 EUR    49.907
LA Perla Fashion Finance 7.250    3/29/2023     EUR    39.215
Air Berlin PLC           6.750    5/9/2019      EUR     1.782
Virgolino de Oliveira Fin11.750   2/9/2022      USD     4.022
Hamon & CIE SA           3.300    1/30/2025     EUR    50.000
Virgolino de Oliveira Fin10.500   1/28/2018     USD     3.000
Alno AG                  8.000    3/21/2019     EUR    15.250
Alitalia-Societa Aerea It5.250    7/30/2020     EUR     6.000
Portugal Telecom Internat6.250    7/26/2016     EUR     1.198
Yuksel Insaat AS         9.500    11/10/2015    USD     1.000
Nexity SA                0.250    3/2/2025      EUR    69.492
Banco Espirito Santo SA  4.750    1/15/2018     EUR    25.549
Afren PLC                6.625    12/9/2020     USD     0.051
Civitas Properties Financ4.000    11/24/2022    EUR    74.500
Eramet                   4.000                  EUR    51.385
Koninklijke Luchtvaart Ma0.750                  CHF    37.100
Rallye SA                1.000    10/2/2020     EUR    27.125
Claranova SADIR          5.000    7/1/2023      EUR     1.180
Agrokor dd               9.125    2/1/2020      EUR    19.247
Stichting Afwikkeling Ond6.250    10/26/2020    EUR     1.000
KCA Deutag UK Finance PLC9.875    4/1/2022      USD    69.926
Espirito Santo Financial 6.875    10/21/2019    EUR     0.130
DOF Subsea AS            9.500    3/14/2022     USD    66.448
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     USD     6.350
Nostrum Oil & Gas Finance7.000    2/16/2025     USD    45.224
Orient Express Bank PJSC 10.000                 USD    40.081
EDOB Abwicklungs AG      7.500    4/1/2012      EUR     0.466
Cirio Holding Luxembourg 6.250    2/16/2004     EUR     0.822
New World Resources NV   4.000    10/7/2020     EUR     0.021
DOF Subsea AS            8.830    5/22/2020     NOK    70.000
Lehman Brothers UK Capita3.875                  EUR     7.125
Afren PLC                11.500   2/1/2016      USD     0.017
EOS Imaging SA           6.000    5/31/2023     EUR     5.797
KCA Deutag UK Finance PLC7.250    5/15/2021     USD    69.869
Mallinckrodt Internationa5.625    10/15/2023    USD    43.175
KTG Agrar SE             7.125    6/6/2017      EUR     0.561
Stichting Afwikkeling Ond11.250                 EUR     1.109
JZ Capital Partners Ltd  6.000    7/30/2021     GBP     9.800
APP International Finance11.750   10/1/2005     USD     0.769
Top Gun Realisations 73 P8.000    7/1/2023      GBP     1.189
Banca Popolare di Vicenza2.821    12/20/2017    EUR     0.200
Dexia Credit Local SA    1.317                  EUR     6.758
Lloyds Bank PLC          1.380    7/5/2033      USD    67.931
Europejskie Centrum Odszk5.790    4/14/2020     PLN    71.000
OGX Austria GmbH         8.500    6/1/2018      USD     0.001
BBVA International Prefer1.574                  GBP    66.500
Paragon GmbH & Co KGaA   4.000    4/23/2024     CHF    73.000
Agrokor dd               8.875    2/1/2020      USD    19.364
Dexia SA                 1.382                  EUR     7.642
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     USD     6.500
ESFIL-Espirito Santo Fina5.250    6/12/2015     EUR     0.060
KCA Deutag UK Finance PLC9.625    4/1/2023      USD    69.752
Banca Popolare di Vicenza9.500    9/29/2025     EUR     0.038
Banco Espirito Santo SA  2.237                  EUR     0.086
Agrokor dd               9.875    5/1/2019      EUR    19.336
Region of Abruzzo Italy  0.036    11/7/2036     EUR    64.574
Caixa Economica Montepio 5.000                  EUR    51.000
Prime Living AB          4.598    9/29/2022     SEK    34.380
Portigon AG              7.460    6/1/2020      EUR    19.000
New World Resources NV   8.000    4/7/2020      EUR     1.454
Air Berlin PLC           5.625    5/9/2019      CHF     1.363
HOCHDORF Holding AG      3.500    3/30/2020     CHF    26.600
Mallinckrodt Internationa5.750    8/1/2022      USD    52.115
Societe Centrale des Bois2.500    5/15/2023     EUR     6.880
Offshore Drilling Holding8.375    9/20/2020     USD    32.439
Mallinckrodt Internationa5.500    4/15/2025     USD    41.092
BIM SAS                  2.500    11/13/2020    EUR    22.436
Kaupthing ehf            7.625    2/28/2015     USD     0.250
Manchester Building Socie6.750                  GBP    20.676
CBo Territoria           3.750    7/1/2024      EUR     4.900
Privatbank CJSC Via UK SP10.875   2/28/2018     USD    31.133
Tonon Luxembourg SA      9.250    1/24/2020     USD     0.536
Norske Skog Holding AS   8.000    2/24/2021     EUR     0.084
Waste Italia SpA         10.500   11/15/2019    EUR     1.000
DOF Subsea AS            9.850    11/27/2023    NOK    58.476
SeniVita Sozial gGmbH    7.000                  EUR    23.100
Tresu Investment Holding 5.000    9/29/2022     EUR    41.625
LBI ehf                  6.100    8/25/2011     USD     7.375
Sairgroup Finance BV     4.375    6/8/2006      EUR     0.409
Veneto Banca SpA         9.500    12/1/2025     EUR     0.788
Norske Skogindustrier ASA7.000    12/30/2026    EUR     0.036
Cattles Ltd              8.125    7/5/2017      GBP     0.001
International Industrial 9.000    7/6/2011      EUR     0.059
Cirio Finance Luxembourg 7.500    11/3/2002     EUR     2.278
Cirio Del Monte NV       7.750    3/14/2005     EUR     0.450
Solstad Offshore ASA     5.380    9/24/2021     NOK     4.667
YA Holding AB            3.020    6/18/2022     SEK    56.629
Rena GmbH                7.000    12/15/2015    EUR     2.096
Lehman Brothers UK Capita5.750                  EUR     1.500
Idea Bank SA             5.090    8/14/2020     PLN    71.000
Virgolino de Oliveira Fin10.875   1/13/2020     USD    21.677
Deutsche Bank AG/London  0.032    10/31/2034    USD    69.875
Praktiker AG             5.875    2/10/2016     EUR     0.542
Russian Federal Bond - OF0.250    7/20/2044     RUB    24.815
Verimatrix SA            6.000    6/29/2022     EUR     3.751
Cooperatieve Rabobank UA 0.500    2/26/2029     HUF    70.780
Chr Bygga Bostader Holdin9.163    7/5/2021      SEK    50.000
Alpine Holding GmbH      6.000    5/22/2017     EUR     0.477
Del Monte Finance Luxembo6.625    5/24/2006     EUR     1.709
Banco Espirito Santo SA  6.875    7/15/2016     EUR    24.785
Kaupthing ehf            5.750    10/4/2011     USD     0.250
Manchester Building Socie8.000                  GBP    20.559
Hellas Telecommunications6.054    1/15/2015     USD     0.033
Banco Espirito Santo SA  2.417                  EUR     0.217
GEWA 5 to 1 GmbH & Co KG 6.500    3/24/2018     EUR     5.260
Boparan Finance PLC      4.375    7/15/2021     EUR    73.325
Norske Skogindustrier ASA2.000    12/30/2115    EUR     0.415
Bulgaria Steel Finance BV12.000   5/4/2013      EUR     0.216
Elli Investments Ltd     12.250   6/15/2020     GBP    52.501
German Pellets GmbH      7.250    11/27/2019    EUR     0.672
OGX Austria GmbH         8.500    6/1/2018      USD     0.001
EFG International AG     0.286                  EUR    45.000
Aralco Finance SA        10.125   5/7/2020      USD     1.880
International Finance Fac0.500    6/24/2024     ZAR    74.180
Windreich GmbH           6.500    7/15/2016     EUR     8.000
KTG Agrar SE             7.250    10/15/2019    EUR     0.561
WPE International Coopera10.375   9/30/2020     USD     3.417
German Pellets GmbH      7.250    7/9/2018      EUR     0.582
Naviera Armas SA         4.250    11/15/2024    EUR    68.509
Banco Espirito Santo SA  6.900    6/28/2024     EUR    25.226
NTRP Via Interpipe Ltd   10.250   8/2/2017      USD    30.000
Pizzaexpress Financing 1 8.625    8/1/2022      GBP    35.739
Afren PLC                10.250   4/8/2019      USD     0.034
Erotik-Abwicklungsgesells7.750    7/9/2019      EUR     0.779
Senvion Holding GmbH     3.875    10/25/2022    EUR     6.000
PA Resources AB          13.500   3/3/2016      SEK     0.124
Espirito Santo Financial 3.125    12/2/2018     EUR     0.103
OGX Austria GmbH         8.375    4/1/2022      USD     0.001
Sequa Petroleum NV       5.000    4/29/2020     USD    68.238
Espirito Santo Financial 9.750    12/19/2025    EUR     0.790
Finmek International SA  7.000    12/3/2004     EUR     2.193
Astaldi SpA              7.125    12/1/2020     EUR    12.932
Moby SpA                 7.750    2/15/2023     EUR    32.000
UkrLandFarming PLC       10.875   3/26/2018     USD     5.121
Hellas Telecommunications8.500    10/15/2013    EUR     0.444
Pro-Gest SpA             3.250    12/15/2024    EUR    64.389
CRC Breeze Finance SA    6.110    5/8/2026      EUR    50.250
Saleza AS                9.000    7/12/2021     EUR     0.213
Corporate Commercial Bank8.250    8/8/2014      USD     0.289
Steilmann SE             7.000    3/9/2017      EUR     1.429
Vneshprombank Ltd Via VPB9.000    11/14/2016    USD     0.326
Societe Generale SA      12.000   5/29/2020     USD    29.106
Eniro AB                 6.000    4/14/2020     SEK    75.226
Cooperatieve Rabobank UA 0.500    7/30/2043     MXN    17.959
Breeze Finance SA        6.708    4/19/2027     EUR    28.950
Solship Invest 1 AS      5.000    12/8/2024     NOK    10.000
Enertronica Santerno SpA 7.000    12/31/2022    EUR    51.000
International Industrial 11.000   2/19/2013     USD     0.156
Cooperatieve Rabobank UA 0.500    10/29/2027    MXN    57.658
Kommunekredit            0.500    7/30/2027     TRY    41.379
Mriya Agro Holding PLC   10.950   3/30/2016     USD     7.875
KPNQwest NV              8.875    2/1/2008      EUR     0.634
Ideal Standard Internatio11.750   5/1/2018      EUR     0.240
Naviera Armas SA         6.500    7/31/2023     EUR    72.976
Sairgroup Finance BV     6.625    10/6/2010     EUR     0.409
Intralot Capital Luxembou5.250    9/15/2024     EUR    43.000
Golfino AG               8.000    11/18/2023    EUR     0.010
Cooperatieve Rabobank UA 0.500    10/30/2043    MXN    17.297
Gebr Sanders GmbH & Co KG8.750    10/22/2018    EUR    14.406
Norske Skogindustrier ASA7.125    10/15/2033    USD     0.036
Island Offshore Shipholdi4.090    6/30/2021     NOK    13.000
Norske Skog Holding AS   8.000    2/24/2023     USD     0.214
HPI AG                   3.500                  EUR     3.000
State Transport Leasing C7.550    1/18/2030     RUB    60.010
Alpine Holding GmbH      5.250    7/1/2015      EUR     0.477
Bank Nadra Via NDR Financ8.250    7/31/2018     USD     0.208
Solon SE                 1.375    12/6/2012     EUR     0.769
getgoods.de AG           7.750    10/2/2017     EUR     0.126
Galapagos Holding SA     7.000    6/15/2022     EUR     7.684
Virgolino de Oliveira Fin11.750   2/9/2022      USD     3.407
Alpine Holding GmbH      5.250    6/10/2016     EUR     0.478
Steilmann SE             6.750    6/27/2017     EUR     2.184
Stichting Afwikkeling Ond2.358                  EUR     1.109
Steilmann SE             7.000    9/23/2018     EUR     1.429
Finance and Credit Bank J9.250    1/25/2019     USD     0.993
Centrosolar Group AG     7.000    2/15/2016     EUR     2.387
Region of Molise Italy   0.060    12/15/2033    EUR    60.913
Dolphin Drilling ASA     4.490    8/28/2019     NOK     0.296
KPNQwest NV              10.000   3/15/2012     EUR     0.634
Windreich GmbH           6.500    3/1/2015      EUR     8.000
Societe Generale SA      7.000    10/20/2020    USD
Stichting Afwikkeling Ond6.625    5/14/2018     EUR     1.000
Vseukrainsky Aktsinerny B10.900   6/14/2019     USD     1.056
Abengoa Abenewco 2 Bis SA1.500    4/26/2024     EUR     6.200
Thomas Cook Group PLC    6.250    6/15/2022     EUR     6.875
Officine Maccaferri-SpA  5.750    6/1/2021      EUR    35.407
Societe Generale SA      12.000   7/8/2021      USD    42.300
Mox Telecom AG           7.250    11/2/2017     EUR     1.295
Credit Suisse AG/London  12.000   7/3/2020      USD    47.450
Industrial S.p.A.        5.300    8/7/2021      EUR    105.22
Afren PLC                11.500   2/1/2016      USD     0.017
Phosphorus Holdco PLC    10.000   4/1/2019      GBP     2.671
Banco Santander SA       2.008                  EUR     3.289
BOA Offshore AS          0.409    7/17/2047     NOK     8.112
Intralot Capital Luxembou6.750    9/15/2021     EUR    65.463
Leonteq Securities AG/Gue1.600    1/28/2022     EUR    39.790
Sberbank of Russia PJSC  1.165    1/27/2025     RUB    80.000
Virgolino de Oliveira Fin10.500   1/28/2018     USD     3.000
Virgolino de Oliveira Fin10.875   1/13/2020     USD    21.677
Sberbank of Russia PJSC  1.054    7/16/2024     RUB    80.000
International Finance Fac0.500    6/29/2027     ZAR    55.404
Decipher Production Ltd  12.500   9/27/2019     USD     1.500
Pescanova SA             5.125    4/20/2017     EUR     0.443
Hema Bondco II BV        8.500    1/15/2023     EUR    45.448
Havila Shipping ASA      6.360    11/7/2020     NOK    60.338
Ahtium PLC               4.000    12/16/2015    EUR     0.586
International Bank of Aze8.250    10/9/2024     USD    61.250
Air Berlin Finance BV    6.000    3/6/2019      EUR     2.433
O1 Properties Finance PLC7.000    1/29/2021     USD    72.183
Ahtium PLC               9.750    4/4/2017      EUR     0.976
Sberbank of Russia PJSC  0.010    2/28/2020     RUB    98.700
KPNQwest NV              7.125    6/1/2009      EUR     0.634
Linas Matkasse Newco AB  8.195    10/9/2022     SEK    55.000
Afren PLC                6.625    12/9/2020     USD     0.051
Bibby Offshore Services P7.500    6/15/2021     GBP    11.113
Yell Bondco PLC          8.500    5/2/2023      GBP    61.653
SALVATOR Vermoegensverwal9.500    12/31/2021    EUR     6.300
Agrokor dd               8.875    2/1/2020      USD    19.364
Mifa Mitteldeutsche Fahrr7.500    8/12/2018     EUR     2.411
Deutsche Agrar Holding Gm7.250    9/28/2018     EUR     1.254
Evrofinansy-Nedvizhimost 1.500    10/23/2020    RUB    100.00
Landesbank Schleswig-Hols2.239    1/5/2040      USD    50.306
Rena GmbH                8.250    7/11/2018     EUR     2.096
Portugal Telecom Internat5.242    11/6/2017     EUR     0.694
New World Resources NV   4.000    10/7/2020     EUR     0.021
Tonon Luxembourg SA      12.500   5/14/2024     USD     0.445
SiC Processing GmbH      7.125    3/1/2016      EUR     2.858
Mriya Agro Holding PLC   9.450    4/19/2018     USD     7.875
Kardan NV                6.325    1/15/2020     ILS     6.580
Veneto Banca SpA         6.950    2/25/2025     EUR     0.100
Muehl Product & Service A6.750    3/10/2005     DEM     0.032
Credito Padano Banca di C3.100                  EUR    34.123
Activa Resources AG      0.500    11/15/2021    EUR     5.110
Sberbank of Russia PJSC  1.169    1/21/2025     RUB    80.030
Barclays Bank PLC        1.376    10/10/2029    USD    71.394
Barclays Bank PLC        0.252    6/17/2033     USD    72.173
SAG Solarstrom AG        6.250    12/14/2015    EUR    31.000
Golden Gate AG           6.500    10/11/2014    EUR    38.260
Stichting Afwikkeling Ond8.450    8/20/2018     USD     1.000
A-TEC Industries AG      2.750    5/10/2014     EUR     0.141
IT Holding Finance SA    9.875    11/15/2012    EUR     0.202
HSBC Bank PLC            0.500    12/22/2025    BRL    67.327
Depfa Funding III LP     0.378                  EUR    56.730
Rio Forte Investments SA 4.000    7/22/2014     EUR     5.615
Veneto Banca SpA         6.944    5/15/2025     EUR     0.436
WEB Windenergie AG       4.000    12/17/2025    EUR    55.010
New World Resources NV   8.000    4/7/2020      EUR     1.454
Air Berlin Finance BV    8.500    3/6/2019      EUR     2.750
Credit Suisse AG/London  10.200   2/3/2023      USD     9.780
WPE International Coopera10.375   9/30/2020     USD     3.417
Espirito Santo Financial 5.050    11/15/2025    EUR     0.239
Depfa Funding II LP      6.500                  EUR    59.250
Royalbeach Spielwaren Und7.375    11/10/2020    EUR     2.420
Veneto Banca SpA         6.411                  EUR     0.369
AKB Peresvet ZAO         0.510    2/14/2032     RUB    12.000
Pescanova SA             8.750    2/17/2019     EUR     0.443
Finans-Avia OOO          10.000   7/31/2022     RUB     7.380
Atari SA                 0.100    4/1/2020      EUR     7.060
Societe Generale SA      13.200   12/11/2020    USD    63.100
O1 Properties Finance AO 13.000   10/2/2020     RUB    99.000
Landesbank Baden-Wuerttem0.400    2/7/2040      EUR     0.000
Cooperatieve Rabobank UA 0.500    12/29/2027    MXN    56.130
Top Gun Realisations 73 P8.000    7/1/2023      GBP     1.189
SAir Group               5.500    7/23/2003     CHF     9.875
O1 Properties Finance PLC8.250    9/27/2021     USD    47.774
Waste Italia SpA         10.500   11/15/2019    EUR     1.000
Thomas Cook Finance 2 PLC3.875    7/15/2023     EUR     7.031
Lehman Brothers Treasury 2.000    3/16/2035     EUR     3.400
SAG Solarstrom AG        7.500    7/10/2017     EUR    31.000
Lloyds Bank PLC          0.500    7/26/2028     MXN    53.151
Marine Subsea AS         9.000    12/16/2019    USD     0.688
Barclays Bank PLC        12.860   5/28/2020     USD    66.000
Northland Resources AB   15.000   7/15/2019     USD     2.621
AlphaNotes ETP Dac       0.010    9/9/2029      USD    72.607
Afren PLC                10.250   4/8/2019      USD     0.034
Credit Suisse AG/London  10.000   3/13/2020     USD     4.000
MS Deutschland Beteiligun6.875    12/18/2017    EUR     1.820
Cooperativa Muratori & Ce6.875    8/1/2022      EUR     2.467
UniCredit Bank AG        6.600    7/20/2028     EUR    43.660
Leonteq Securities AG    12.000   8/28/2020     CHF    14.930
Agrokor dd Via Aquarius +4.921    8/8/2017      EUR    14.375
WEB Windenergie AG       5.250    4/8/2023      EUR    55.010
Heta Asset Resolution AG 7.500    12/31/2023    ATS     1.748
Northland Resources AB   4.000    10/15/2020    NOK     0.138
Bank Otkritie Financial C10.000   4/26/2019     USD     9.701
Polski Bank Spoldzielczy 5.290    9/14/2027     PLN    21.000
Irish Bank Resolution Cor4.000    4/23/2018     EUR    42.733
Mobylife Holding A/S     7.407    5/23/2020     SEK     8.125
mybet Holding SE         6.250    12/12/2020    EUR     0.500
Boparan Finance PLC      5.500    7/15/2021     GBP    73.345
Raiffeisen Centrobank AG 6.000    7/21/2020     EUR    57.790
BNP Paribas SA           1.000    1/23/2040     MXN    39.569
Havila Shipping ASA      5.000    11/7/2020     NOK    50.387
SpareBank 1 SR-Bank ASA  1.383    12/21/2030    EUR    72.506
Lehman Brothers Treasury 1.692    10/5/2035     EUR     3.400
Lehman Brothers Treasury 6.650    8/24/2011     AUD     3.400
Privatbank CJSC Via UK SP10.875   2/28/2018     USD    31.133
Cooperatieve Rabobank UA 0.500    1/31/2033     MXN    36.587
Heta Asset Resolution AG 0.064    12/31/2023    EUR     1.748
Lehman Brothers Treasury 1.692    11/2/2035     EUR     3.400
Societe Generale SA      12.000   4/2/2020      USD    44.900
A-TEC Industries AG      8.750    10/27/2014    EUR     0.141
Agrokor dd               9.125    2/1/2020      EUR    19.247
Teksid Aluminum Luxembour12.375   7/15/2011     EUR     0.338
Norske Skog Holding AS   8.000    2/24/2021     EUR     0.084
Raiffeisen Schweiz Genoss6.250    2/17/2020     CHF    55.810
EFG International Finance6.130    6/20/2024     EUR    43.770
German Pellets GmbH      7.250    4/1/2016      EUR     0.622
Municipality Finance PLC 0.500    6/19/2024     ZAR    73.256
Societe Generale SA      8.600    7/29/2022     USD    53.150
Top Gun Realisations 74 P6.500    7/1/2022      GBP    18.791
ING Bank NV              6.500    12/30/2020    EUR    72.600
BKZ Finance OAO          6.000    12/6/2030     RUB    85.000
Kaupthing ehf            9.000                  USD     0.122
Barclays Bank PLC        2.000    6/12/2029     TRY    40.523
Plaza Centers NV         6.900    7/1/2020      ILS    21.350
Finans-Avia OOO          0.010    7/31/2027     RUB     3.670
Corner Banca SA          12.400   11/2/2020     CHF    63.000
Cooperativa Muratori & Ce6.000    2/15/2023     EUR     2.549
Banca Popolare di Vicenza9.500    10/2/2025     EUR     0.094
Phosphorus Holdco PLC    10.000   4/1/2019      GBP     2.671
Hellas Telecommunications6.054    1/15/2015     USD     0.033
Heta Asset Resolution AG 0.148    12/31/2023    EUR     1.748
Zaklady Miesne Henryk Kan6.950    3/29/2021     PLN
UniCredit Bank AG        4.000    5/14/2020     EUR    69.430
Spoldzielczy Bank Rozwoju5.290    7/16/2025     PLN    52.000
Natixis SA               0.300    6/25/2048     USD    47.850
Solarwatt GmbH           7.000    11/1/2015     EUR    15.500
Trinfiko Holdings ZAO    10.000   3/20/2024     RUB    100.00
Heta Asset Resolution AG 5.920    12/31/2023    EUR     1.748
Pescanova SA             6.750    3/5/2015      EUR     0.443
mybet Holding SE         6.250    12/11/2020    EUR    20.000
Aralco Finance SA        10.125   5/7/2020      USD     1.880
Banco Espirito Santo SA  10.000   12/6/2021     EUR     0.075
Grupo Isolux Corsan SA   6.000    12/30/2021    USD     0.398
Deutsche Bank AG/London  0.500    10/18/2038    MXN    19.932
Bilt Paper BV            9.640                  USD     1.004
Barclays Bank PLC        1.450    9/24/2038     MXN    28.821
BLT Finance BV           12.000   2/10/2015     USD    10.500
SG Issuer SA             5.500    4/10/2021     EUR    70.160
Agrokor dd               9.875    5/1/2019      EUR    19.336
Leonteq Securities AG    14.000   6/12/2020     CHF     6.130
Transneft PJSC           9.650    6/30/2023     RUB    68.070
Credit Suisse AG/London  6.250    10/31/2025    USD    11.734
Leonteq Securities AG    7.200    2/2/2021      EUR    60.460
SALVATOR Vermoegensverwal9.500                  EUR    15.400
Bank Otkritie Financial C0.010    9/24/2025     RUB    64.070
SAir Group               6.250    10/27/2002    CHF     9.875
IT Holding Finance SA    9.875    11/15/2012    EUR     0.202
COFIDUR SA               0.100    12/31/2024    EUR    25.800
WEB Windenergie AG       6.250                  EUR    55.010
SAir Group               5.125    3/1/2003      CHF    13.500
SAir Group               0.125    7/7/2005      CHF     9.875
Minicentrales Dos SA     0.010    6/6/2047      EUR    65.750
Norske Skogindustrier ASA7.125    10/15/2033    USD     0.036
Petromena ASA            10.850   11/19/2018    USD     0.607
Kaupthing ehf            7.625    2/28/2015     USD     0.250
Minicentrales Dos SA     0.010    6/6/2047      EUR    65.750
KPNQwest NV              8.125    6/1/2009      USD     0.634
Ideal Standard Internatio11.750   5/1/2018      EUR     0.240
Credito Padano Banca di C3.100                  EUR    34.345
La Veggia Finance SA     7.125    11/14/2004    EUR     0.287
UniCredit Bank AG        12.300   6/26/2020     EUR    63.090
Fast Finance SA          10.500   1/15/2021     PLN
Erste Group Bank AG      5.800    1/31/2023     EUR    65.550
KPNQwest NV              7.125    6/1/2009      EUR     0.634
Grupo Isolux Corsan SA   0.250    12/30/2018    EUR     1.453
ECM Real Estate Investmen5.000    10/9/2011     EUR    15.375
Kaupthing ehf            6.125    10/4/2016     USD     0.250
AKB Peresvet ZAO         0.510    8/4/2034      RUB    17.100
Cooperatieve Rabobank UA 0.500    8/21/2028     MXN    52.862
Zaklady Miesne Henryk Kan6.950    3/29/2021     PLN
Raiffeisen Schweiz Genoss5.250    2/9/2021      CHF    39.410
RENE LEZARD Mode GmbH    7.250    11/25/2017    EUR     1.400
Gold-Zack AG             7.000    12/14/2005    EUR     9.050
Bulgaria Steel Finance BV12.000   5/4/2013      EUR     0.216
A-TEC Industries AG      5.750    11/2/2010     EUR     0.141
Northland Resources AB   4.000    10/15/2020    USD     0.138
PSN Pm OOO               9.500    9/10/2026     RUB    21.625
OGX Austria GmbH         8.375    4/1/2022      USD     0.001
Bibby Offshore Services P7.500    6/15/2021     GBP    11.113
Commerzbank AG           6.000    6/6/2022      USD     2.070
EFG International Finance10.500   2/7/2022      EUR    75.550
Cooperatieve Rabobank UA 0.500    11/30/2027    MXN    56.143
Grupo Isolux Corsan SA   1.000    12/30/2021    USD     1.453
Otkritie Holding JSC     10.000   4/20/2028     RUB
Pongs & Zahn AG          8.500                  EUR     0.016
Irish Bank Resolution Cor6.750    11/30/2013    BGN    42.750
KPNQwest NV              8.875    2/1/2008      EUR     0.634
Norske Skog Holding AS   8.000    2/24/2023     USD     0.214
Cerruti Finance SA       6.500    7/26/2004     EUR     1.389
DekaBank Deutsche Girozen0.010    6/29/2046     EUR    74.620
SAir Group               4.250    2/2/2007      CHF     9.875
Barclays Bank PLC        0.500    1/28/2033     MXN    35.169
Lehman Brothers Treasury 7.250    10/6/2008     EUR     2.571
Lehman Brothers Treasury 5.103    6/22/2046     EUR     2.571
Kaupthing ehf            3.092                  ISK     0.250
Leonteq Securities AG/Gue9.800    6/12/2020     CHF    66.620
SAir Group               6.250    4/12/2005     CHF     9.875
Northland Resources AB   15.000   7/15/2019     USD     2.621
Danske Bank A/S          10.300   7/9/2023      SEK    55.300
Credit Suisse AG/London  4.360    2/28/2020     EUR    67.000
Commerzbank AG           1.000    11/2/2020     USD    18.680
WEB Windenergie AG       5.500    4/8/2023      EUR    55.010
Lehman Brothers Treasury 0.500    12/20/2017    AUD     2.571
Espirito Santo Financial 0.515    10/27/2024    EUR     1.217
Norske Skogindustrier ASA7.000    12/30/2026    EUR     0.036
Heta Asset Resolution AG 0.370    12/31/2023    EUR     1.748
Hellenic Republic Governm2.085    7/25/2057     EUR    50.339
Lehman Brothers Treasury 6.600    2/22/2012     EUR     2.571
Espirito Santo Financial 5.125    5/30/2016     EUR     1.677
House of Fraser Funding P6.504    9/15/2020     GBP     4.517
DekaBank Deutsche Girozen4.810    6/30/2020     EUR    53.240
Commerzbank AG           5.350    3/2/2020      USD    54.040
Leonteq Securities AG    10.000   3/2/2020      EUR    52.030
Raiffeisen Schweiz Genoss10.300   2/19/2020     EUR    62.880
Bayerische Landesbank    2.800    3/13/2020     EUR    73.840
UniCredit Bank AG        4.500    8/6/2021      EUR    68.610
Laurel GmbH              7.125    11/16/2017    EUR     7.750
Lehman Brothers Treasury 14.900   9/15/2008     EUR     2.571
Lehman Brothers Treasury 11.750   3/1/2010      EUR     2.571
AKB Peresvet ZAO         13.250   4/25/2018     RUB    18.000
Credit Suisse AG/London  12.500   7/24/2020     USD    25.680
Lehman Brothers Treasury 2.875    3/14/2013     CHF     3.750
Lehman Brothers Treasury 10.000   6/11/2038     JPY     2.571
Windreich GmbH           6.250    3/1/2015      EUR     8.000
MIK OAO                  15.000   2/19/2020     RUB    60.020
DekaBank Deutsche Girozen7.000    2/28/2020     EUR    72.440
Commerzbank AG           13.200   9/19/2023     SEK    77.000
Raiffeisen Schweiz Genoss5.500    5/4/2020      CHF    54.770
EFG International Finance5.150    6/10/2020     EUR    40.570
Fonciere Volta SA        4.500    7/30/2020     EUR     2.360
Business-Consulting OAO  6.000    12/6/2030     RUB    65.000
Sberbank of Russia PJSC  0.010    5/22/2023     RUB    73.110
LBI ehf                  7.431                  USD     0.001
Otkritie Holding JSC     12.090   12/8/2027     RUB     0.010
Petromena ASA            9.750    5/24/2016     NOK     0.607
Bayerische Landesbank    2.300    9/11/2020     EUR    73.530
SAir Group               2.750    7/30/2004     CHF     9.875
EDOB Abwicklungs AG      7.500    4/1/2012      EUR     0.466
Norske Skogindustrier ASA2.000    12/30/2115    EUR     0.415
HSBC Bank PLC            0.500    6/23/2027     MXN    58.207
Lehman Brothers Treasury 0.500    12/20/2017    USD     2.571
Lehman Brothers Treasury 7.600    1/31/2013     AUD     2.571
SAir Group               2.125    11/4/2004     CHF     9.875
Windreich GmbH           6.750    3/1/2015      EUR     8.000
Tonon Luxembourg SA      12.500   5/14/2024     USD     0.445
DZ Bank AG Deutsche Zentr8.000    2/26/2020     EUR    73.760
Commerzbank AG           6.000    5/9/2022      USD     1.000
UBS AG/London            6.000    2/28/2020     CHF    60.650
Leonteq Securities AG/Gue2.750    9/15/2022     CHF    31.750
UniCredit Bank AG        3.800    7/23/2020     EUR    38.800
Landesbank Baden-Wuerttem4.800    2/28/2020     EUR    62.480
Archer Finance OOO       9.250    3/29/2022     RUB     0.590
UniCredit Bank AG        4.500    11/18/2020    EUR    40.720
Astana Finance BV        7.875    6/8/2010      EUR    16.000
Nutritek International Co8.750    12/11/2008    USD     2.089
Intelsat SA              4.500    6/15/2025     USD    44.250
Credit Suisse AG/London  6.500    3/28/2022     USD     3.910
State of Saxony-Anhalt   0.134    7/3/2028      EUR    42.000
Kaupthing ehf            7.500    12/5/2014     ISK     0.250
Kaupthing ehf            4.390    10/14/2008    CZK     0.250
Rosbank PJSC             0.020    4/30/2024     RUB    60.000
Heta Asset Resolution AG 5.730    12/31/2023    EUR     1.748
Rio Forte Investments SA 4.750    11/10/2015    EUR     5.394
Barclays Bank PLC        10.500   5/29/2020     USD    33.490
EFG International Finance6.400    6/22/2020     CHF    51.740
Leonteq Securities AG/Gue6.000    5/22/2020     CHF    66.300
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    63.080
UniCredit Bank AG        3.750    9/7/2020      EUR    40.970
UniCredit Bank AG        3.730    3/12/2020     EUR    65.200
UBS AG/London            11.500   3/9/2020      CHF    73.250
UBS AG/London            10.000   3/9/2020      CHF    56.200
Landesbank Baden-Wuerttem2.230    5/22/2020     EUR    74.660
Spoldzielczy Bank Rozwoju5.290    3/12/2025     PLN    70.000
Raiffeisen Centrobank AG 8.000    3/3/2020      EUR    61.870
Bank Julius Baer & Co Ltd6.250    10/5/2020     CHF    71.250
Bayerische Landesbank    2.500    9/10/2021     EUR    71.560
Bayerische Landesbank    3.200    7/3/2020      EUR    71.610
Kaupthing ehf            5.750    10/4/2011     USD     0.250
Rio Forte Investments SA 3.900    7/10/2014     USD     5.500
Otkritie Holding JSC     12.140   10/3/2036     RUB    60.010
UniCredit Bank AG        5.200    5/4/2020      USD    43.400
Landesbank Hessen-Thuerin6.600    2/17/2023     EUR    50.360
Sberbank of Russia PJSC  7.550    7/12/2021     RUB    70.020
Landesbank Hessen-Thuerin6.250    12/22/2022    EUR    55.150
EFG International Finance7.000    5/23/2022     EUR    65.100
Commerzbank AG           2.540    4/15/2020     EUR    67.800
Societe Generale SA      9.000    7/22/2022     USD    47.100
Samaratransneft-Terminal 12.000   4/27/2022     RUB    19.000
Tonon Luxembourg SA      9.250    1/24/2020     USD     0.536
Lehman Brothers Treasury 5.250    4/1/2023      EUR     2.571
Natixis SA               2.100    6/8/2021      EUR    47.395
Leonteq Securities AG    4.000    12/18/2026    CHF    67.670
UniCredit Bank AG        3.630    3/12/2020     EUR    57.880
Leonteq Securities AG/Gue10.000   3/16/2020     USD    52.450
UBS AG/London            12.500   3/16/2020     CHF    36.050
Landesbank Hessen-Thuerin5.700    6/16/2022     EUR    64.330
UniCredit Bank AG        4.100    10/1/2020     EUR    52.650
City of Predeal Romania  3.500    5/15/2026     RON    60.000
Raiffeisen Schweiz Genoss5.750    2/25/2021     CHF    61.680
Gazprombank JSC          0.010    11/24/2022    RUB    72.270
Bayerische Landesbank    3.100    7/31/2020     EUR    71.060
Bank Julius Baer & Co Ltd7.650    6/8/2020      EUR    62.600
Landesbank Hessen-Thuerin4.000    2/17/2021     EUR    74.180
Landesbank Hessen-Thuerin5.550    3/16/2023     EUR    56.100
Astana Finance BV        9.000    11/16/2011    USD    15.250
Lehman Brothers Treasury 1.500    10/25/2011    EUR     2.571
Lehman Brothers Treasury 4.680    12/12/2045    EUR     2.571
Lehman Brothers Treasury 6.000    3/18/2015     USD     3.400
Municipality Finance PLC 0.250    6/28/2040     CAD    36.439
DekaBank Deutsche Girozen5.000    2/28/2020     EUR    56.440
SAir Group               2.750    7/30/2004     CHF     9.875
Kaupthing ehf            3.750    2/1/2045      USD     0.100
Lehman Brothers Treasury 13.500   11/28/2008    USD     2.571
SG Issuer SA             3.000    10/10/2034    ZAR    43.579
Lehman Brothers Treasury 12.400   6/12/2009     USD     2.571
Lehman Brothers Treasury 1.000    5/9/2012      EUR     2.571
Lehman Brothers Treasury 8.875    1/28/2011     HKD     3.400
Lehman Brothers Treasury 6.250    9/5/2011      EUR     2.571
Espirito Santo Financial 5.625    7/28/2017     EUR     1.226
Credit Suisse AG         0.500    12/16/2025    BRL    67.395
LBI ehf                  8.650    5/1/2011      ISK     7.375
Bayerische Landesbank    2.500    8/21/2020     EUR    74.630
Bayerische Landesbank    3.550    8/21/2020     EUR    62.300
Bayerische Landesbank    3.150    7/31/2020     EUR    61.860
Bayerische Landesbank    3.100    7/10/2020     EUR    58.910
Bayerische Landesbank    3.000    7/17/2020     EUR    66.020
Bayerische Landesbank    3.100    10/23/2020    EUR    65.400
Raiffeisen Switzerland BV5.600    11/2/2020     CHF    66.000
UBS AG/London            12.000   6/19/2020     USD    44.110
Leonteq Securities AG    16.200   6/4/2020      EUR    72.810
Landesbank Hessen-Thuerin5.900    2/2/2024      EUR    74.580
Credit Suisse AG/London  4.590    2/28/2020     EUR    39.790
Banque Cantonale Vaudoise6.300    9/7/2020      CHF    61.270
Bayerische Landesbank    3.400    10/2/2020     EUR    65.510
Credit Suisse AG/London  7.250    4/24/2020     USD    41.400
Bayerische Landesbank    4.000    5/3/2020      EUR    70.850
Landesbank Hessen-Thuerin4.750    3/3/2020      EUR    71.000
Corner Banca SA          8.200    5/14/2020     CHF    27.080
UniCredit Bank AG        3.750    12/21/2021    EUR    69.510
Bayerische Landesbank    2.800    6/5/2020      EUR    74.120
Societe Generale SA      0.933    4/30/2024     USD    69.200
Leonteq Securities AG    5.600    5/16/2022     CHF    66.030
Bayerische Landesbank    2.200    10/30/2020    EUR    74.430
Leonteq Securities AG/Gue5.200    6/12/2020     CHF    64.810
Landesbank Hessen-Thuerin5.100    2/17/2023     EUR    59.850
Bayerische Landesbank    2.800    4/3/2020      EUR    71.520
Landesbank Hessen-Thuerin6.500    2/16/2023     EUR    70.450
Bayerische Landesbank    3.100    11/13/2020    EUR    74.630
LBI ehf                  7.431                  USD     0.001
ECM Real Estate Investmen5.000    10/9/2011     EUR    15.375
Kreditanstalt fuer Wieder0.250    10/6/2036     CAD    46.508
Credit Suisse AG/London  0.500    1/8/2026      BRL    67.131
Lehman Brothers Treasury 5.220    3/1/2024      EUR     2.571
Espirito Santo Financial 5.050    11/15/2025    EUR     0.564
LBI ehf                  2.250    2/14/2011     CHF     7.375
Lehman Brothers Treasury 4.250    3/13/2021     EUR     2.571
Bayerische Landesbank    2.700    8/20/2021     EUR    71.130
Bayerische Landesbank    3.300    9/11/2020     EUR    63.940
Bayerische Landesbank    2.600    11/13/2020    EUR    74.270
Bayerische Landesbank    3.000    2/21/2020     EUR    74.500
Deutsche Bank AG/London  2.000    10/25/2023    TRY    61.965
Lehman Brothers Treasury 3.630    3/2/2012      EUR     2.571
Northland Resources AB   12.250   3/26/2016     USD     2.621
Mriya Agro Holding PLC   9.450    4/19/2018     USD     7.875
Societe Generale SA      0.500    5/22/2024     MXN    73.788
Lehman Brothers Treasury 1.500    2/8/2012      CHF     2.571
Rosbank PJSC             0.010    4/30/2024     RUB    60.000
Credit Suisse AG/London  11.000   6/22/2020     USD    76.860
Natixis SA               2.750    3/1/2021      USD    66.596
Rosbank PJSC             0.030    4/30/2024     RUB    60.000
Landesbank Baden-Wuerttem3.000    9/25/2020     EUR    70.690
Credit Suisse AG/London  6.500    4/30/2021     USD     3.910
Lehman Brothers Treasury 10.000   3/27/2009     USD     2.571
Bank Otkritie Financial C0.010    7/16/2025     RUB    67.000
Lehman Brothers Treasury 7.320    7/31/2013     GBP     2.571
Elli Investments Ltd     12.250   6/15/2020     GBP    52.501
TransFin-M PAO           10.500   6/28/2027     RUB    60.010
Lehman Brothers Treasury 1.750    2/7/2010      EUR     2.571
Lehman Brothers Treasury 13.500   6/2/2009      USD     2.571
Lehman Brothers Treasury 10.442   11/22/2008    CHF     2.571
Rosbank PJSC             0.040    4/30/2024     RUB    60.000
Samaratransneft-Terminal 10.000   3/30/2022     RUB    20.000
Landesbank Hessen-Thuerin5.650    7/20/2023     EUR    67.120
UniCredit Bank AG        4.200    7/26/2022     EUR    64.990
DekaBank Deutsche Girozen2.000    7/30/2021     EUR    70.070
Landesbank Baden-Wuerttem4.850    2/28/2020     EUR    69.860
Landesbank Baden-Wuerttem4.000    2/28/2020     EUR    59.000
Leonteq Securities AG/Gue6.000    1/20/2021     CHF    60.000
UBS AG/London            6.250    7/13/2020     CHF    26.040
UBS AG/London            5.250    7/13/2020     CHF    57.300
Landesbank Hessen-Thuerin2.750    5/20/2021     EUR    60.100
Raiffeisen Schweiz Genoss6.800    7/20/2020     CHF    56.300
UBS AG/London            12.040   7/9/2020      USD    10.045
UniCredit Bank AG        7.000    12/24/2021    EUR    67.290
UniCredit Bank AG        7.500    12/24/2021    EUR    73.530
UniCredit Bank AG        8.400    3/27/2020     EUR    64.510
UniCredit Bank AG        8.800    12/24/2021    EUR    72.440
UniCredit Bank AG        12.800   3/27/2020     EUR    71.940
UniCredit Bank AG        9.300    12/24/2021    EUR    71.630
UniCredit Bank AG        9.500    12/24/2021    EUR    71.350
Commerzbank AG           11.500   6/26/2020     EUR    60.080
Bank Julius Baer & Co Ltd6.750    7/13/2020     EUR    75.300
Commerzbank AG           12.500   6/26/2020     EUR    67.920
UBS AG/London            6.250    6/21/2021     CHF    57.200
UBS AG/London            6.000    6/29/2020     CHF    44.050
UBS AG/London            6.250    6/29/2020     CHF    55.200
UBS AG/London            7.500    6/29/2020     EUR    53.500
UBS AG/London            6.000    12/28/2020    CHF    55.950
Zurcher Kantonalbank Fina6.500    7/3/2020      CHF    38.400
Landesbank Hessen-Thuerin3.500    8/3/2022      EUR    53.120
Raiffeisen Schweiz Genoss5.200    1/6/2021      CHF    57.210
Landesbank Hessen-Thuerin5.750    8/3/2023      EUR    69.320
DekaBank Deutsche Girozen3.100    7/31/2020     EUR    71.590
DekaBank Deutsche Girozen3.000    7/31/2020     EUR    61.110
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    57.400
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    51.400
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    48.000
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    66.350
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    61.740
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    58.700
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    67.600
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    62.580
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    58.800
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    55.940
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    79.870
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    70.100
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    62.460
Landesbank Baden-Wuerttem6.500    7/24/2020     EUR    57.550
Landesbank Baden-Wuerttem5.500    7/24/2020     EUR    68.810
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    74.690
Landesbank Baden-Wuerttem6.500    7/24/2020     EUR    69.560
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    69.120
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    62.710
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    66.570
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    59.820
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    55.000
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    49.480
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    45.850
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    73.260
Landesbank Baden-Wuerttem2.500    7/24/2020     EUR    27.060
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    24.810
Landesbank Baden-Wuerttem2.500    7/24/2020     EUR    65.980
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    61.780
Landesbank Baden-Wuerttem4.500    7/24/2020     EUR    58.950
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    73.570
UBS AG/London            11.000   6/29/2020     CHF    58.250
UBS AG/London            7.000    6/29/2020     CHF    73.000
UBS AG/London            6.500    6/29/2020     CHF    54.900
DekaBank Deutsche Girozen7.000    2/1/2021      EUR    57.390
UBS AG/London            3.200    3/26/2020     EUR    60.700
Credit Suisse AG/Nassau  7.000    1/13/2021     CHF    60.360
Leonteq Securities AG    7.600    7/13/2021     CHF    63.780
Leonteq Securities AG/Gue6.200    1/13/2021     CHF    61.130
UniCredit Bank AG        14.200   12/28/2020    EUR    68.410
UniCredit Bank AG        10.100   6/25/2021     EUR    64.330
UniCredit Bank AG        9.000    6/25/2021     EUR    64.870
UniCredit Bank AG        9.000    6/25/2021     EUR    72.270
UniCredit Bank AG        8.000    6/25/2021     EUR    72.440
UniCredit Bank AG        7.000    6/25/2021     EUR    73.920
UniCredit Bank AG        7.000    6/25/2021     EUR    66.690
UniCredit Bank AG        8.000    6/25/2021     EUR    65.700
UniCredit Bank AG        7.400    6/25/2021     EUR    74.210
UniCredit Bank AG        10.600   6/25/2021     EUR    70.800
Landesbank Hessen-Thuerin3.500    8/17/2022     EUR    68.120
Leonteq Securities AG    5.400    7/25/2022     CHF    65.890
HSBC Trinkaus & Burkhardt5.300    6/26/2020     EUR    66.480
HSBC Trinkaus & Burkhardt5.400    6/26/2020     EUR    45.880
HSBC Trinkaus & Burkhardt5.200    6/26/2020     EUR    74.610
UBS AG/London            9.000    7/20/2020     CHF    64.700
UBS AG/London            6.000    7/20/2020     CHF    56.300
UBS AG/London            6.500    7/20/2020     EUR    51.650
Credit Suisse AG/Nassau  7.250    7/30/2020     EUR    74.740
Landesbank Baden-Wuerttem4.000    10/22/2021    EUR    74.320
DekaBank Deutsche Girozen4.000    8/21/2020     EUR    55.140
Landesbank Baden-Wuerttem3.700    8/27/2021     EUR    71.990
Raiffeisen Schweiz Genoss5.800    8/3/2020      EUR    50.640
UBS AG/London            8.000    7/20/2020     CHF    55.800
Leonteq Securities AG/Gue6.200    7/27/2021     CHF    54.240
UniCredit Bank AG        5.350    8/24/2021     EUR    72.970
Leonteq Securities AG    10.000   8/3/2020      CHF    30.860
Raiffeisen Schweiz Genoss7.500    7/27/2020     CHF    55.000
Leonteq Securities AG/Gue10.000   7/27/2020     CHF    59.440
DekaBank Deutsche Girozen3.100    8/21/2020     EUR    66.480
DekaBank Deutsche Girozen3.150    8/21/2020     EUR    67.150
Landesbank Baden-Wuerttem2.300    8/27/2021     EUR    58.700
DekaBank Deutsche Girozen8.150    2/26/2021     EUR    58.890
Leonteq Securities AG    6.200    8/6/2020      CHF    56.370
Goldman Sachs & Co Wertpa12.000   6/24/2020     EUR    64.080
Goldman Sachs & Co Wertpa9.000    3/25/2020     EUR    68.970
Goldman Sachs & Co Wertpa12.000   3/25/2020     EUR    63.820
Goldman Sachs & Co Wertpa9.000    6/24/2020     EUR    68.230
UniCredit Bank AG        6.000    6/25/2021     EUR    67.860
UniCredit Bank AG        11.300   6/25/2021     EUR    74.300
UniCredit Bank AG        8.700    12/24/2021    EUR    72.120
UniCredit Bank AG        9.400    6/25/2021     EUR    71.450
UniCredit Bank AG        10.200   6/25/2021     EUR    70.250
UniCredit Bank AG        11.300   6/25/2021     EUR    69.420
UniCredit Bank AG        12.000   6/25/2021     EUR    68.480
UniCredit Bank AG        10.700   6/25/2021     EUR    69.830
UniCredit Bank AG        5.100    6/25/2021     EUR    69.350
UniCredit Bank AG        5.500    12/24/2021    EUR    69.150
UniCredit Bank AG        8.600    12/24/2021    EUR    66.200
UniCredit Bank AG        6.200    12/24/2021    EUR    68.050
UniCredit Bank AG        13.600   3/27/2020     EUR    59.300
UniCredit Bank AG        6.300    3/27/2020     EUR    67.620
UniCredit Bank AG        10.800   3/27/2020     EUR    61.740
UniCredit Bank AG        7.700    12/24/2021    EUR    66.490
UniCredit Bank AG        12.500   3/27/2020     EUR    71.960
UniCredit Bank AG        14.900   6/25/2021     EUR    72.210
UniCredit Bank AG        7.000    12/24/2021    EUR    73.920
Raiffeisen Schweiz Genoss5.700    12/29/2020    EUR    73.520
Credit Suisse AG/Nassau  7.200    7/5/2021      CHF    61.720
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    70.840
UniCredit Bank AG        8.900    12/29/2020    EUR    51.490
UniCredit Bank AG        7.300    12/29/2020    EUR    71.050
UniCredit Bank AG        6.800    12/29/2020    EUR    58.640
UniCredit Bank AG        7.400    12/29/2020    EUR    57.580
UniCredit Bank AG        9.100    12/29/2020    EUR    49.530
UniCredit Bank AG        8.300    12/29/2020    EUR    72.170
UniCredit Bank AG        6.000    12/29/2020    EUR    54.370
UniCredit Bank AG        8.400    12/29/2020    EUR    43.890
UniCredit Bank AG        9.200    12/29/2020    EUR    43.130
UniCredit Bank AG        6.700    12/29/2020    EUR    46.200
UniCredit Bank AG        8.500    12/29/2020    EUR    49.560
UniCredit Bank AG        10.100   12/29/2020    EUR    47.140
UniCredit Bank AG        6.800    12/29/2020    EUR    48.200
UniCredit Bank AG        7.400    12/29/2020    EUR    46.720
UniCredit Bank AG        6.100    12/29/2020    EUR    56.030
UniCredit Bank AG        6.800    12/29/2020    EUR    54.500
UniCredit Bank AG        6.600    12/29/2020    EUR    59.350
UniCredit Bank AG        9.300    12/29/2020    EUR    54.780
UniCredit Bank AG        9.400    12/29/2020    EUR    61.640
UniCredit Bank AG        7.200    12/29/2020    EUR    65.050
UniCredit Bank AG        14.800   12/29/2020    EUR    29.590
UniCredit Bank AG        6.500    12/29/2020    EUR    59.280
UniCredit Bank AG        12.200   12/29/2020    EUR    32.210
UniCredit Bank AG        9.300    12/29/2020    EUR    53.800
UniCredit Bank AG        6.900    12/29/2020    EUR    69.450
UniCredit Bank AG        10.600   12/29/2020    EUR    53.850
UniCredit Bank AG        11.200   12/29/2020    EUR    52.940
UniCredit Bank AG        6.200    12/29/2020    EUR    71.550
UniCredit Bank AG        10.100   12/29/2020    EUR    50.110
UniCredit Bank AG        7.800    12/29/2020    EUR    69.790
UniCredit Bank AG        10.800   12/29/2020    EUR    73.180
UniCredit Bank AG        9.500    12/29/2020    EUR    69.720
UniCredit Bank AG        7.300    12/29/2020    EUR    70.370
UniCredit Bank AG        6.700    12/29/2020    EUR    72.010
UniCredit Bank AG        8.200    12/29/2020    EUR    72.100
UniCredit Bank AG        8.800    12/29/2020    EUR    75.420
UniCredit Bank AG        7.900    12/29/2020    EUR    41.950
UniCredit Bank AG        8.900    12/29/2020    EUR    40.320
UniCredit Bank AG        7.500    12/29/2020    EUR    73.910
UniCredit Bank AG        8.400    12/29/2020    EUR    70.740
UniCredit Bank AG        9.500    12/29/2020    EUR    68.230
UniCredit Bank AG        7.800    12/29/2020    EUR    64.950
UniCredit Bank AG        6.400    12/29/2020    EUR    68.040
UniCredit Bank AG        6.600    12/29/2020    EUR    63.710
UniCredit Bank AG        6.500    12/29/2020    EUR    63.800
UniCredit Bank AG        7.200    12/29/2020    EUR    26.290
UniCredit Bank AG        8.100    12/29/2020    EUR    60.550
UniCredit Bank AG        7.300    12/29/2020    EUR    62.000
UniCredit Bank AG        8.700    12/29/2020    EUR    65.980
UniCredit Bank AG        6.500    12/29/2020    EUR    26.480
UniCredit Bank AG        8.000    12/29/2020    EUR    67.740
UniCredit Bank AG        10.700   12/29/2020    EUR    56.970
UniCredit Bank AG        9.100    12/29/2020    EUR    60.260
UniCredit Bank AG        7.000    12/29/2020    EUR    55.310
UniCredit Bank AG        10.900   12/29/2020    EUR    74.350
UniCredit Bank AG        8.100    12/29/2020    EUR    75.800
UniCredit Bank AG        12.000   12/29/2020    EUR    52.370
UniCredit Bank AG        8.300    12/29/2020    EUR    53.270
UniCredit Bank AG        7.200    12/29/2020    EUR    62.060
UniCredit Bank AG        9.000    12/29/2020    EUR    47.400
UniCredit Bank AG        7.900    12/29/2020    EUR    48.900
UBS AG/London            8.000    7/20/2020     EUR    53.350
Goldman Sachs & Co Wertpa8.000    3/25/2020     EUR    75.250
Goldman Sachs & Co Wertpa13.000   6/24/2020     EUR    71.110
Leonteq Securities AG/Gue2.500    6/5/2024      EUR    58.590
UBS AG/London            7.000    6/8/2020      CHF    71.900
UBS AG/London            5.750    11/23/2020    CHF    57.400
UBS AG/London            10.750   6/8/2020      CHF    63.550
UBS AG/London            6.500    12/7/2020     EUR    56.450
UBS AG/London            7.250    6/8/2020      USD    64.320
Landesbank Baden-Wuerttem2.500    8/25/2023     EUR    73.000
Landesbank Hessen-Thuerin2.750    8/31/2020     EUR    69.800
Leonteq Securities AG    7.000    8/3/2020      EUR    72.370
Goldman Sachs & Co Wertpa10.000   3/25/2020     EUR    68.850
Goldman Sachs & Co Wertpa8.000    6/24/2020     EUR    74.240
Goldman Sachs & Co Wertpa13.000   6/24/2020     EUR    62.070
Landesbank Hessen-Thuerin4.000    8/31/2022     EUR    73.080
Leonteq Securities AG/Gue10.280   6/11/2020     CHF    72.210
UBS AG/London            6.100    6/25/2020     EUR    55.490
Natixis SA               3.150    6/8/2021      USD    46.430
Leonteq Securities AG    5.000    6/15/2021     CHF    52.320
Leonteq Securities AG/Gue7.000    6/15/2020     CHF    54.340
DekaBank Deutsche Girozen2.700    4/17/2020     EUR    53.300
UBS AG/London            11.000   3/12/2020     USD    56.270
UBS AG/London            6.250    9/14/2020     CHF    67.650
UBS AG/London            12.000   3/12/2020     EUR    29.500
Societe Generale SA      8.000    9/12/2020     USD    57.820
Raiffeisen Schweiz Genoss7.100    6/15/2020     CHF    53.350
Societe Generale Effekten9.140    3/20/2020     EUR    64.090
Landesbank Hessen-Thuerin2.000    3/29/2022     EUR    73.160
Credit Suisse AG/London  10.500   3/23/2020     USD    66.380
UBS AG/London            11.000   3/12/2020     CHF    57.650
UBS AG/London            11.000   3/12/2020     CHF    58.200
UBS AG/London            7.500    3/12/2020     EUR    67.600
DekaBank Deutsche Girozen2.200    4/16/2021     EUR    56.590
Landesbank Hessen-Thuerin5.200    10/22/2024    EUR    67.430
DekaBank Deutsche Girozen6.300    10/9/2020     EUR    59.420
UBS AG/London            7.250    3/5/2020      CHF    70.600
UBS AG/London            11.000   3/5/2020      CHF    56.250
UBS AG/London            10.000   9/7/2020      CHF    43.500
Leonteq Securities AG/Gue8.000    3/17/2020     CHF    49.320
SecurAsset SA            5.250    6/30/2022     EUR    42.250
DekaBank Deutsche Girozen4.300    1/4/2021      EUR    52.320
DekaBank Deutsche Girozen7.050    10/9/2020     EUR    45.090
Raiffeisen Centrobank AG 10.286   3/24/2020     EUR    68.590
Leonteq Securities AG    5.200    12/22/2020    CHF    54.920
UBS AG/London            12.000   3/5/2020      CHF    71.250
Raiffeisen Centrobank AG 5.500    10/9/2020     EUR    59.300
UBS AG/London            7.000    12/14/2020    CHF    55.900
DekaBank Deutsche Girozen4.250    10/9/2020     EUR    51.400
UBS AG/London            10.250   6/15/2020     CHF    49.900
UBS AG/London            11.000   3/6/2020      USD    64.150
Landesbank Hessen-Thuerin4.000    4/20/2022     EUR    56.650
Leonteq Securities AG/Gue6.000    9/17/2020     CHF    51.910
Credit Suisse AG/Nassau  7.000    6/22/2021     CHF    58.000
Raiffeisen Centrobank AG 3.857    3/24/2020     EUR    74.260
UBS AG/London            4.200    6/25/2020     EUR    66.090
Raiffeisen Schweiz Genoss7.000    9/14/2020     CHF    68.860
UniCredit Bank AG        4.650    4/16/2021     EUR    52.410
DekaBank Deutsche Girozen3.900    4/25/2022     EUR    69.600
DekaBank Deutsche Girozen2.900    10/2/2020     EUR    66.940
Raiffeisen Centrobank AG 5.300    7/21/2020     EUR    58.050
Societe Generale Effekten11.121   9/18/2020     EUR    66.550
Leonteq Securities AG    10.000   3/17/2020     CHF    61.810
DekaBank Deutsche Girozen2.750    4/17/2020     EUR    67.940
Raiffeisen Schweiz Genoss8.500    3/17/2020     CHF    67.540
Landesbank Hessen-Thuerin4.000    7/20/2022     EUR    74.910
UniCredit Bank AG        6.300    10/16/2021    EUR    45.460
Natixis SA               3.500    3/23/2020     USD    44.149
Raiffeisen Schweiz Genoss6.600    4/3/2020      EUR    52.900
UniCredit Bank AG        4.850    10/9/2021     EUR    71.650
DekaBank Deutsche Girozen3.700    10/2/2020     EUR    56.090
Societe Generale Effekten9.901    3/20/2020     EUR    36.180
DekaBank Deutsche Girozen3.000    1/18/2021     EUR    59.350
DekaBank Deutsche Girozen3.000    9/18/2020     EUR    73.200
Landesbank Baden-Wuerttem2.500    10/23/2020    EUR    52.330
Landesbank Baden-Wuerttem5.000    10/23/2020    EUR    45.400
UBS AG/London            9.000    10/19/2020    USD    53.150
Raiffeisen Centrobank AG 3.921    3/24/2020     EUR    74.740
Commerzbank AG           5.250    3/27/2020     EUR    72.340
Commerzbank AG           9.250    3/27/2020     EUR    63.770
Commerzbank AG           13.250   3/27/2020     EUR    58.600
Commerzbank AG           11.500   5/22/2020     EUR    73.170
Commerzbank AG           11.000   4/24/2020     EUR    59.880
DZ Bank AG Deutsche Zentr7.750    3/25/2020     EUR    66.220
Landesbank Baden-Wuerttem3.000    2/28/2020     EUR    71.980
Landesbank Baden-Wuerttem5.000    2/28/2020     EUR    64.270
Landesbank Baden-Wuerttem7.000    2/28/2020     EUR    60.040
HSBC Trinkaus & Burkhardt8.200    2/28/2020     EUR    62.000
HSBC Trinkaus & Burkhardt10.000   3/27/2020     EUR    58.780
HSBC Trinkaus & Burkhardt7.900    6/26/2020     EUR    63.640
HSBC Trinkaus & Burkhardt8.300    3/27/2020     EUR    71.000
UBS AG/London            7.500    9/21/2020     USD    47.290
Landesbank Baden-Wuerttem3.600    7/24/2020     EUR    71.410
EFG International Finance13.150   12/17/2020    USD    72.420
EFG International Finance9.800    9/21/2021     EUR    58.770
Landesbank Baden-Wuerttem3.000    2/28/2020     EUR    64.710
Societe Generale Effekten14.647   6/19/2020     EUR    76.890
Societe Generale Effekten15.867   6/19/2020     EUR    74.730
Leonteq Securities AG/Gue5.000    5/5/2020      EUR    54.170
Vontobel Financial Produc11.500   3/13/2020     EUR    74.600
HSBC Trinkaus & Burkhardt5.200    6/26/2020     EUR    71.850
HSBC Trinkaus & Burkhardt7.600    6/26/2020     EUR    57.670
HSBC Trinkaus & Burkhardt6.500    6/26/2020     EUR    57.280
HSBC Trinkaus & Burkhardt5.800    6/26/2020     EUR    57.030
HSBC Trinkaus & Burkhardt4.400    6/26/2020     EUR    56.530
HSBC Trinkaus & Burkhardt3.600    6/26/2020     EUR    71.250
HSBC Trinkaus & Burkhardt7.000    6/26/2020     EUR    64.430
HSBC Trinkaus & Burkhardt5.700    6/26/2020     EUR    63.960
HSBC Trinkaus & Burkhardt6.200    6/26/2020     EUR    64.030
Vontobel Financial Produc14.500   3/13/2020     EUR    72.880
Vontobel Financial Produc14.500   3/13/2020     EUR    72.760
Vontobel Financial Produc13.000   3/13/2020     EUR    56.910
Raiffeisen Schweiz Genoss6.000    9/1/2020      CHF    71.910
Landesbank Baden-Wuerttem6.000    3/26/2021     EUR    74.180
Landesbank Baden-Wuerttem3.000    3/26/2021     EUR    69.830
Landesbank Baden-Wuerttem5.500    3/26/2021     EUR    54.280
UBS AG/London            11.000   9/7/2020      EUR    70.000
UBS AG/London            9.000    9/7/2020      EUR    65.700
UBS AG/London            14.000   3/26/2020     EUR    61.240
UBS AG/London            9.000    3/26/2020     EUR    68.610
UBS AG/London            9.600    3/26/2020     EUR    69.910
UBS AG/London            6.000    6/25/2020     EUR    74.330
UBS AG/London            5.500    6/25/2020     EUR    74.580
UBS AG/London            20.500   3/26/2020     EUR    72.230
UBS AG/London            6.400    6/25/2020     EUR    71.530
UBS AG/London            8.200    6/25/2020     EUR    69.080
UBS AG/London            15.600   3/26/2020     EUR    60.930
UBS AG/London            7.400    3/26/2020     EUR    71.570
UBS AG/London            7.700    3/26/2020     EUR    71.910
UBS AG/London            6.700    12/28/2020    EUR    75.370
UBS AG/London            7.400    3/26/2020     EUR    72.310
UBS AG/London            7.700    6/25/2020     EUR    70.420
DZ Bank AG Deutsche Zentr12.000   3/25/2020     EUR    55.750
Landesbank Baden-Wuerttem4.600    3/27/2020     EUR    73.980
HSBC Trinkaus & Burkhardt0.750    4/22/2020     EUR    69.220
Landesbank Baden-Wuerttem5.000    3/26/2021     EUR    77.250
Landesbank Baden-Wuerttem4.500    3/26/2021     EUR    65.120
Landesbank Baden-Wuerttem3.000    3/26/2021     EUR    59.300
Vontobel Financial Produc21.500   3/13/2020     EUR    71.500
Bank J Safra Sarasin AG/G10.400   3/5/2020      CHF    54.580
UBS AG/London            21.000   3/26/2020     EUR    67.280
UBS AG/London            9.200    3/26/2020     EUR    69.660
UBS AG/London            9.400    3/26/2020     EUR    67.050
UBS AG/London            5.800    6/25/2020     EUR    72.970
UBS AG/London            5.300    3/26/2020     EUR    74.780
UBS AG/London            8.400    3/26/2020     EUR    70.080
UBS AG/London            6.600    3/26/2020     EUR    74.150
UBS AG/London            14.600   3/26/2020     EUR    73.870
UBS AG/London            12.900   6/25/2020     EUR    61.770
UBS AG/London            6.300    3/26/2020     EUR    73.130
UBS AG/London            8.700    6/25/2020     EUR    67.810
UBS AG/London            9.000    4/3/2020      CHF    71.950
UBS AG/London            9.000    10/5/2020     EUR    49.550
DZ Bank AG Deutsche Zentr8.400    3/23/2020     EUR    56.650
Vontobel Financial Produc10.000   3/27/2020     EUR    52.150
UBS AG/London            8.750    8/17/2020     CHF    37.300
UBS AG/London            9.500    8/17/2020     CHF    63.550
UBS AG/London            8.000    8/17/2020     EUR    50.300
UBS AG/London            8.000    8/17/2020     CHF    66.750
Raiffeisen Schweiz Genoss5.340    8/17/2020     CHF    59.540
Leonteq Securities AG/Gue6.000    8/24/2020     CHF    62.070
DekaBank Deutsche Girozen3.000    9/11/2020     EUR    68.130
Vontobel Financial Produc3.840    2/17/2020     EUR    61.370
Leonteq Securities AG    8.000    8/24/2020     CHF    63.690
Raiffeisen Schweiz Genoss6.500    2/24/2020     CHF    61.080
Raiffeisen Schweiz Genoss5.250    2/24/2020     CHF    66.810
Societe Generale Effekten5.600    9/4/2023      EUR    71.640
UniCredit Bank AG        3.700    9/14/2022     EUR    48.210
Societe Generale Effekten15.533   6/19/2020     EUR    57.500
UniCredit Bank AG        4.550    9/28/2023     EUR    74.440
SG Issuer SA             3.000    9/2/2021      EUR    62.860
UBS AG/London            6.500    2/24/2020     CHF    55.700
UBS AG/London            10.000   8/24/2020     CHF    67.700
UBS AG/London            11.000   8/24/2020     CHF    60.900
UBS AG/London            12.000   2/24/2020     USD    30.250
Landesbank Hessen-Thuerin6.000    8/4/2022      EUR    57.890
Leonteq Securities AG/Gue6.600    6/30/2020     CHF    72.260
Leonteq Securities AG/Gue5.400    6/30/2020     CHF    65.490
Landesbank Hessen-Thuerin3.250    2/10/2021     EUR    75.200
Landesbank Hessen-Thuerin2.750    12/16/2020    EUR    74.100
Leonteq Securities AG/Gue7.200    9/28/2020     EUR    68.810
UniCredit Bank AG        7.350    7/16/2020     EUR    62.550
HSBC Trinkaus & Burkhardt6.700    3/27/2020     EUR    69.530
HSBC Trinkaus & Burkhardt11.100   6/26/2020     EUR    60.890
HSBC Trinkaus & Burkhardt5.100    6/26/2020     EUR    52.800
HSBC Trinkaus & Burkhardt8.800    9/25/2020     EUR    45.850
HSBC Trinkaus & Burkhardt6.500    9/25/2020     EUR    49.540
HSBC Trinkaus & Burkhardt4.400    9/25/2020     EUR    54.630
HSBC Trinkaus & Burkhardt2.900    9/25/2020     EUR    59.860
HSBC Trinkaus & Burkhardt9.500    2/28/2020     EUR    42.620
HSBC Trinkaus & Burkhardt6.300    2/28/2020     EUR    48.040
HSBC Trinkaus & Burkhardt3.600    2/28/2020     EUR    55.130
HSBC Trinkaus & Burkhardt12.300   6/26/2020     EUR    41.450
HSBC Trinkaus & Burkhardt7.600    6/26/2020     EUR    47.450
Societe Generale SA      9.250    10/1/2020     USD    32.300
Societe Generale Effekten7.315    3/20/2020     EUR    37.160
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    37.460
Landesbank Baden-Wuerttem3.000    4/24/2020     EUR    51.150
Landesbank Baden-Wuerttem2.500    4/24/2020     EUR    41.280
Landesbank Baden-Wuerttem2.500    4/24/2020     EUR    70.460
Landesbank Baden-Wuerttem6.500    5/22/2020     EUR    68.510
Landesbank Baden-Wuerttem6.000    4/24/2020     EUR    66.520
UBS AG/London            8.000    4/3/2020      USD    54.900
UBS AG/London            7.500    9/28/2020     EUR    68.000
Commerzbank AG           5.500    2/28/2020     EUR    72.000
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    64.640
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    56.970
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    73.640
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    63.950
UBS AG/London            4.300    6/25/2020     EUR    72.620
UBS AG/London            5.800    6/25/2020     EUR    67.690
DZ Bank AG Deutsche Zentr6.200    3/23/2020     EUR    60.350
Raiffeisen Schweiz Genoss7.400    4/1/2020      CHF    65.960
Raiffeisen Schweiz Genoss5.800    9/28/2021     CHF    55.840
Raiffeisen Schweiz Genoss7.200    9/28/2020     EUR    59.710
Deutsche Bank AG         4.200    6/23/2020     EUR    74.040
HSBC Trinkaus & Burkhardt8.800    9/25/2020     EUR    60.190
HSBC Trinkaus & Burkhardt8.000    9/25/2020     EUR    61.440
HSBC Trinkaus & Burkhardt5.000    9/25/2020     EUR    67.580
HSBC Trinkaus & Burkhardt6.000    12/28/2020    EUR    65.160
HSBC Trinkaus & Burkhardt4.200    12/28/2020    EUR    69.820
HSBC Trinkaus & Burkhardt10.200   9/25/2020     EUR    55.840
HSBC Trinkaus & Burkhardt8.100    9/25/2020     EUR    59.320
HSBC Trinkaus & Burkhardt6.100    9/25/2020     EUR    63.630
HSBC Trinkaus & Burkhardt9.500    7/24/2020     EUR    57.080
HSBC Trinkaus & Burkhardt9.000    9/25/2020     EUR    71.870
HSBC Trinkaus & Burkhardt7.800    9/25/2020     EUR    74.180
HSBC Trinkaus & Burkhardt6.700    7/24/2020     EUR    63.610
HSBC Trinkaus & Burkhardt4.400    7/24/2020     EUR    69.350
HSBC Trinkaus & Burkhardt12.600   3/27/2020     EUR    61.730
HSBC Trinkaus & Burkhardt9.800    6/26/2020     EUR    68.040
HSBC Trinkaus & Burkhardt8.500    3/27/2020     EUR    58.450
HSBC Trinkaus & Burkhardt5.800    3/27/2020     EUR    64.860
HSBC Trinkaus & Burkhardt8.400    6/26/2020     EUR    59.090
HSBC Trinkaus & Burkhardt6.100    6/26/2020     EUR    64.350
HSBC Trinkaus & Burkhardt11.300   9/25/2020     EUR    54.380
HSBC Trinkaus & Burkhardt5.600    6/26/2020     EUR    72.230
BNP Paribas Emissions- un11.000   3/26/2020     EUR    62.930
BNP Paribas Emissions- un7.500    6/25/2020     EUR    72.630
HSBC Trinkaus & Burkhardt1.750    3/27/2020     EUR    72.900
UBS AG/London            12.000   3/26/2020     EUR    29.600
HSBC Trinkaus & Burkhardt9.400    6/26/2020     EUR    67.900
HSBC Trinkaus & Burkhardt5.100    3/27/2020     EUR    56.470
HSBC Trinkaus & Burkhardt9.100    6/26/2020     EUR    61.830
HSBC Trinkaus & Burkhardt8.700    12/28/2020    EUR    65.300
HSBC Trinkaus & Burkhardt7.000    12/28/2020    EUR    63.840
HSBC Trinkaus & Burkhardt5.100    12/28/2020    EUR    73.530
HSBC Trinkaus & Burkhardt5.600    12/28/2020    EUR    47.110
HSBC Trinkaus & Burkhardt1.880    3/27/2020     EUR    68.930
DekaBank Deutsche Girozen2.750    10/23/2020    EUR    69.230
DekaBank Deutsche Girozen3.400    10/22/2021    EUR    71.420
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    58.340
Landesbank Baden-Wuerttem4.400    7/24/2020     EUR    71.830
UBS AG/London            10.000   6/12/2020     EUR    69.350
HSBC Trinkaus & Burkhardt6.700    2/28/2020     EUR    74.890
HSBC Trinkaus & Burkhardt7.300    3/27/2020     EUR    46.370
HSBC Trinkaus & Burkhardt10.600   3/27/2020     EUR    41.650
UniCredit Bank AG        5.050    1/11/2022     EUR    46.220
UniCredit Bank AG        5.750    1/11/2022     EUR    64.790
UBS AG/London            11.000   9/21/2020     CHF    69.900
UBS AG/London            11.000   9/21/2020     CHF    69.650
Vontobel Financial Produc5.500    4/15/2020     EUR    70.610
Vontobel Financial Produc4.600    4/15/2020     EUR    54.340
HSBC Trinkaus & Burkhardt5.500    2/28/2020     EUR    71.810
BNP Paribas Emissions- un10.000   3/26/2020     EUR    65.040
BNP Paribas Emissions- un12.000   3/26/2020     EUR    60.980
BNP Paribas Emissions- un15.000   6/25/2020     EUR    57.110
UBS AG/London            12.000   6/12/2020     USD    53.320
Luzerner Kantonalbank AG 6.000    4/8/2020      CHF    66.090
Luzerner Kantonalbank AG 10.000   4/8/2020      CHF    53.700
UBS AG/London            11.000   9/28/2020     EUR    73.950
HSBC Trinkaus & Burkhardt5.400    3/27/2020     EUR    66.610
HSBC Trinkaus & Burkhardt3.600    3/27/2020     EUR    72.740
HSBC Trinkaus & Burkhardt9.500    6/26/2020     EUR    75.020
HSBC Trinkaus & Burkhardt6.800    3/27/2020     EUR    75.390
HSBC Trinkaus & Burkhardt2.600    3/27/2020     EUR    59.390
HSBC Trinkaus & Burkhardt10.400   6/26/2020     EUR    43.510
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    73.870
Landesbank Baden-Wuerttem7.000    4/24/2020     EUR    67.080
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    71.970
Landesbank Baden-Wuerttem5.500    4/24/2020     EUR    60.380
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    74.390
Landesbank Baden-Wuerttem3.500    4/24/2020     EUR    67.830
Landesbank Baden-Wuerttem5.000    5/22/2020     EUR    72.930
UniCredit Bank AG        5.550    10/26/2022    EUR    72.980
Natixis SA               1.500    10/4/2021     EUR    69.125
UBS AG/London            10.000   9/28/2020     EUR    55.100
HSBC Trinkaus & Burkhardt3.200    3/27/2020     EUR    62.060
HSBC Trinkaus & Burkhardt7.700    6/26/2020     EUR    61.340
DekaBank Deutsche Girozen8.100    4/23/2021     EUR    65.820
HSBC Trinkaus & Burkhardt7.800    12/28/2020    EUR    64.520
HSBC Trinkaus & Burkhardt7.800    9/25/2020     EUR    67.110
HSBC Trinkaus & Burkhardt8.800    2/28/2020     EUR    64.220
HSBC Trinkaus & Burkhardt3.300    6/26/2020     EUR    58.710
Bank Julius Baer & Co Ltd7.000    3/23/2020     CHF    66.550
HSBC Trinkaus & Burkhardt8.000    6/26/2020     EUR    65.820
BNP Paribas Emissions- un8.000    3/26/2020     EUR    69.730
UniCredit Bank AG        4.350    10/26/2021    EUR    43.530
UBS AG/London            12.000   10/26/2020    CHF    73.450
DekaBank Deutsche Girozen3.250    11/13/2020    EUR    69.820
Landesbank Baden-Wuerttem5.000    2/28/2020     EUR    57.940
Landesbank Baden-Wuerttem7.500    2/28/2020     EUR    75.520
UniCredit Bank AG        14.000   12/29/2020    EUR    33.140
UniCredit Bank AG        12.800   12/29/2020    EUR    33.700
UniCredit Bank AG        7.800    12/29/2020    EUR    39.320
UniCredit Bank AG        9.200    12/29/2020    EUR    37.310
UBS AG/London            10.000   4/24/2020     USD    55.910
UBS AG/London            9.000    4/24/2020     EUR    55.650
DekaBank Deutsche Girozen5.150    5/21/2021     EUR    70.510
Leonteq Securities AG/Gue6.900    2/15/2021     CHF     1.070
Leonteq Securities AG    15.000   5/15/2020     CHF    24.200
Leonteq Securities AG/Gue7.800    2/16/2021     USD    31.230
Raiffeisen Switzerland BV8.250    2/15/2021     CHF    73.010
Leonteq Securities AG/Gue7.000    2/15/2021     CHF     1.070
DZ Bank AG Deutsche Zentr7.000    2/26/2020     EUR    66.350
Vontobel Financial Produc7.500    3/27/2020     EUR    68.580
Vontobel Financial Produc15.000   3/27/2020     EUR    67.660
Vontobel Financial Produc6.500    3/27/2020     EUR    74.150
Vontobel Financial Produc13.000   3/27/2020     EUR    64.360
DZ Bank AG Deutsche Zentr10.250   3/25/2020     EUR    52.590
Vontobel Financial Produc8.500    3/27/2020     EUR    56.750
Landesbank Baden-Wuerttem3.300    9/24/2021     EUR    70.870
Leonteq Securities AG/Gue6.000    8/18/2021     CHF     1.420
Leonteq Securities AG/Gue4.900    2/16/2021     CHF    28.820
Leonteq Securities AG/Gue10.000   2/8/2021      USD    63.200
Vontobel Financial Produc6.500    3/27/2020     EUR    60.260
Landesbank Baden-Wuerttem6.100    3/27/2020     EUR    53.920
Landesbank Baden-Wuerttem4.100    6/25/2021     EUR    73.990
BNP Paribas Emissions- un5.000    3/26/2020     EUR    54.560
DekaBank Deutsche Girozen2.850    3/6/2020      EUR    67.430
Landesbank Baden-Wuerttem5.000    2/28/2020     EUR    66.870
Landesbank Baden-Wuerttem7.000    2/28/2020     EUR    59.510
Landesbank Baden-Wuerttem2.000    2/28/2020     EUR    66.800
Landesbank Baden-Wuerttem3.000    2/28/2020     EUR    63.180
Landesbank Baden-Wuerttem2.500    2/28/2020     EUR    49.610
Landesbank Baden-Wuerttem4.500    2/28/2020     EUR    44.450
Landesbank Baden-Wuerttem5.500    2/28/2020     EUR    41.520
Landesbank Baden-Wuerttem3.000    2/28/2020     EUR    65.880
Landesbank Baden-Wuerttem4.500    2/28/2020     EUR    60.010
Landesbank Baden-Wuerttem6.000    2/28/2020     EUR    54.970
Landesbank Baden-Wuerttem2.500    2/28/2020     EUR    58.980
Landesbank Baden-Wuerttem3.500    2/28/2020     EUR    56.050
Landesbank Baden-Wuerttem4.500    2/28/2020     EUR    52.280
Landesbank Baden-Wuerttem3.000    2/28/2020     EUR    74.830
Landesbank Baden-Wuerttem4.000    2/28/2020     EUR    70.030
Landesbank Baden-Wuerttem5.000    2/28/2020     EUR    66.820
Landesbank Baden-Wuerttem6.000    2/28/2020     EUR    61.460
Landesbank Baden-Wuerttem3.500    2/28/2020     EUR    69.440
Landesbank Baden-Wuerttem2.000    2/28/2020     EUR    56.220
Landesbank Baden-Wuerttem3.500    2/28/2020     EUR    49.960
Landesbank Baden-Wuerttem2.500    2/28/2020     EUR    24.520
Vontobel Financial Produc8.000    3/27/2020     EUR    56.780
UBS AG/London            6.000    2/24/2020     CHF    59.000
UBS AG/London            7.500    8/24/2020     CHF    52.300
UBS AG/London            11.000   8/24/2020     CHF    69.100
Raiffeisen Schweiz Genoss7.200    2/24/2020     CHF    60.420
Leonteq Securities AG/Gue10.000   8/31/2020     EUR    68.140
Raiffeisen Schweiz Genoss7.300    3/5/2020      CHF    60.220
Raiffeisen Schweiz Genoss6.000    3/5/2020      CHF    59.890
Raiffeisen Centrobank AG 5.359    3/24/2020     EUR    68.380
Landesbank Hessen-Thuerin3.150    9/28/2020     EUR    75.600
UniCredit Bank AG        4.750    9/18/2020     EUR    55.720
Raiffeisen Centrobank AG 8.511    3/24/2020     EUR    53.460
Landesbank Baden-Wuerttem2.500    8/28/2020     EUR    75.400
Landesbank Baden-Wuerttem5.000    8/28/2020     EUR    68.540
Landesbank Baden-Wuerttem2.500    8/28/2020     EUR    73.850
Landesbank Baden-Wuerttem4.000    8/28/2020     EUR    67.980
Landesbank Baden-Wuerttem4.000    8/28/2020     EUR    66.800
Landesbank Baden-Wuerttem2.500    8/28/2020     EUR    61.610
Landesbank Baden-Wuerttem3.500    8/28/2020     EUR    56.820
Landesbank Baden-Wuerttem4.500    8/28/2020     EUR    55.020
Landesbank Hessen-Thuerin3.500    9/28/2022     EUR    60.500
Raiffeisen Centrobank AG 9.755    3/24/2020     EUR    60.610
Credit Suisse AG/London  5.000    6/23/2020     EUR    47.740
Raiffeisen Centrobank AG 6.620    3/24/2020     EUR    52.410
Raiffeisen Centrobank AG 6.935    3/24/2020     EUR    67.800
Landesbank Baden-Wuerttem4.000    8/28/2020     EUR    68.370
Landesbank Baden-Wuerttem7.000    8/28/2020     EUR    60.260
Landesbank Baden-Wuerttem2.500    8/28/2020     EUR    60.000
Landesbank Baden-Wuerttem4.000    8/28/2020     EUR    54.000
Landesbank Baden-Wuerttem3.000    8/28/2020     EUR    40.040
Landesbank Baden-Wuerttem5.000    8/28/2020     EUR    35.120
Landesbank Baden-Wuerttem2.500    8/28/2020     EUR    72.610
Landesbank Baden-Wuerttem4.500    8/28/2020     EUR    75.450
Landesbank Baden-Wuerttem6.000    8/28/2020     EUR    74.080
Landesbank Baden-Wuerttem3.000    8/28/2020     EUR    75.060
Vontobel Financial Produc9.500    6/26/2020     EUR    48.730
Vontobel Financial Produc17.000   3/27/2020     EUR    54.380
Plaza Centers NV         6.000    7/1/2020      ILS    20.850
DekaBank Deutsche Girozen2.100    10/9/2020     EUR    73.540
Leonteq Securities AG/Gue7.000    7/14/2020     CHF    69.630
Landesbank Hessen-Thuerin6.000    10/6/2022     EUR    69.410
DekaBank Deutsche Girozen2.900    10/9/2020     EUR    40.710
Commerzbank AG           1.580    9/16/2024     USD     5.110
DekaBank Deutsche Girozen2.000    10/9/2020     EUR    68.050
EFG International Finance5.500    9/21/2020     USD    59.770
Raiffeisen Schweiz Genoss7.410    7/13/2020     CHF    68.860
DekaBank Deutsche Girozen2.200    10/9/2020     EUR    71.670
DekaBank Deutsche Girozen2.400    10/9/2020     EUR    69.520
DekaBank Deutsche Girozen7.700    3/26/2021     EUR    62.180
UBS AG/London            6.250    3/2/2020      CHF    58.600
UBS AG/London            10.000   8/31/2020     CHF    68.650
UBS AG/London            10.500   8/31/2020     EUR    60.050
UBS AG/London            10.000   3/2/2020      EUR    47.200
Raiffeisen Schweiz Genoss7.100    3/10/2020     CHF    62.740
Landesbank Baden-Wuerttem2.500    8/28/2020     EUR    59.780
Landesbank Baden-Wuerttem4.000    8/28/2020     EUR    53.520
Landesbank Baden-Wuerttem5.000    8/28/2020     EUR    68.060
Landesbank Hessen-Thuerin4.650    9/28/2023     EUR    63.880
Raiffeisen Centrobank AG 7.757    6/23/2020     EUR    74.890
Raiffeisen Schweiz Genoss7.200    3/10/2020     CHF    62.760
Landesbank Hessen-Thuerin5.200    1/8/2024      EUR    67.530
DekaBank Deutsche Girozen2.200    4/20/2020     EUR    65.400
UniCredit Bank AG        3.800    8/30/2023     EUR    68.110
Landesbank Hessen-Thuerin5.000    9/21/2023     EUR    74.950
Raiffeisen Schweiz Genoss3.000    9/22/2020     CHF     5.720
Leonteq Securities AG    3.600    9/22/2026     CHF    60.530
Raiffeisen Schweiz Genoss3.000    9/21/2029     CHF    68.420
Raiffeisen Schweiz Genoss2.700    9/22/2026     CHF    55.020
Leonteq Securities AG    3.900    12/20/2024    CHF    54.600
Raiffeisen Schweiz Genoss3.200    12/18/2026    CHF    63.100
Raiffeisen Schweiz Genoss10.000   12/31/2024    CHF    73.630
Landesbank Hessen-Thuerin5.000    6/26/2020     EUR    64.900
UniCredit Bank AG        3.750    10/2/2020     EUR    38.860
Landesbank Hessen-Thuerin8.000    4/7/2020      EUR    61.600
Raiffeisen Schweiz Genoss3.400    3/21/2025     CHF    54.370
Credit Suisse AG/London  11.000   3/27/2020     USD    60.850
Credit Suisse AG/London  6.100    3/30/2020     USD    42.750
Landesbank Hessen-Thuerin6.400    8/18/2020     EUR    47.110
Landesbank Hessen-Thuerin9.500    5/15/2020     EUR    26.850
Landesbank Hessen-Thuerin8.400    5/8/2020      EUR    28.500
BNP Paribas Issuance BV  5.650    6/19/2020     EUR    70.710
Leonteq Securities AG    2.750    3/20/2020     CHF    63.090
Credit Suisse AG/London  7.000    4/24/2020     USD    50.150
UniCredit Bank AG        3.600    6/18/2020     EUR    54.900
Landesbank Baden-Wuerttem3.000    6/26/2020     EUR    73.650
Landesbank Hessen-Thuerin6.400    9/4/2020      EUR    73.660
Landesbank Hessen-Thuerin7.400    6/12/2020     EUR    66.950
DZ Bank AG Deutsche Zentr6.750    6/24/2020     EUR    63.830
DZ Bank AG Deutsche Zentr7.200    9/21/2020     EUR    64.600
DZ Bank AG Deutsche Zentr8.300    9/21/2020     EUR    63.420
DZ Bank AG Deutsche Zentr4.750    9/21/2020     EUR    70.010
Vontobel Financial Produc15.000   6/26/2020     EUR    68.950
Sberbank of Russia PJSC  0.010    3/13/2020     RUB    60.100
Commerzbank AG           12.500   7/24/2020     EUR    73.660
Commerzbank AG           8.250    7/24/2020     EUR    67.130
Commerzbank AG           10.250   7/24/2020     EUR    64.600
Commerzbank AG           12.250   7/24/2020     EUR    62.530
Vontobel Financial Produc20.000   9/25/2020     EUR    72.600
DZ Bank AG Deutsche Zentr4.750    9/21/2020     EUR    62.970
DZ Bank AG Deutsche Zentr5.500    9/21/2020     EUR    68.640
DZ Bank AG Deutsche Zentr6.500    9/21/2020     EUR    67.240
Landesbank Baden-Wuerttem4.750    1/22/2021     EUR    70.500
Landesbank Baden-Wuerttem6.500    1/22/2021     EUR    67.990
Raiffeisen Switzerland BV5.000    8/14/2020     EUR    55.180
UBS AG/London            10.500   2/28/2020     CHF    37.400
UBS AG/London            9.500    2/28/2020     EUR    47.550
UBS AG/London            10.000   2/28/2020     EUR    48.200
UBS AG/London            7.500    2/28/2020     EUR    71.100
Raiffeisen Schweiz Genoss5.750    9/9/2020      CHF    43.470
DekaBank Deutsche Girozen3.100    3/27/2020     EUR    60.890
Leonteq Securities AG/Gue8.200    3/2/2020      CHF    20.180
UniCredit Bank AG        4.050    3/26/2021     EUR    41.820
UniCredit Bank AG        4.400    3/26/2021     EUR    71.490
UniCredit Bank AG        4.250    3/29/2021     EUR    63.660
UBS AG/London            11.250   3/9/2020      EUR    54.700
Zurcher Kantonalbank Fina6.600    6/19/2020     CHF    71.040
Commerzbank AG           2.450    3/9/2020      EUR    56.580
DekaBank Deutsche Girozen4.250    4/14/2022     EUR    66.730
Landesbank Baden-Wuerttem6.000    12/29/2020    EUR    71.100
Landesbank Baden-Wuerttem5.000    12/29/2020    EUR    49.020
Leonteq Securities AG/Gue2.990    8/7/2020      USD    71.900
Vontobel Financial Produc9.000    3/13/2020     EUR    60.190
Vontobel Financial Produc5.000    3/13/2020     EUR    69.090
Vontobel Financial Produc13.500   3/13/2020     EUR    53.480
Vontobel Financial Produc11.000   3/13/2020     EUR    56.600
Vontobel Financial Produc7.000    3/13/2020     EUR    64.310
Societe Generale Effekten9.855    3/20/2020     EUR    71.090
Vontobel Financial Produc12.500   3/27/2020     EUR    69.300
Vontobel Financial Produc14.500   3/27/2020     EUR    51.190
Vontobel Financial Produc10.000   3/27/2020     EUR    56.910
Vontobel Financial Produc6.500    3/27/2020     EUR    64.520
Vontobel Financial Produc12.500   3/27/2020     EUR    53.890
Vontobel Financial Produc8.500    3/27/2020     EUR    60.480
Vontobel Financial Produc12.500   3/27/2020     EUR    74.810
Vontobel Financial Produc15.500   3/27/2020     EUR    64.650
Vontobel Financial Produc13.000   3/27/2020     EUR    73.390
Vontobel Financial Produc15.000   3/27/2020     EUR    70.820
Vontobel Financial Produc9.500    3/27/2020     EUR    59.520
UBS AG/London            9.100    6/25/2020     EUR    42.620
UBS AG/London            7.200    3/26/2020     EUR    46.350
UBS AG/London            9.100    3/26/2020     EUR    43.040
Deutsche Bank AG         4.200    3/24/2020     EUR    74.750
DZ Bank AG Deutsche Zentr8.250    3/25/2020     EUR    49.720
DZ Bank AG Deutsche Zentr10.000   3/25/2020     EUR    72.230
UniCredit Bank AG        9.600    12/27/2021    EUR    70.410
UniCredit Bank AG        13.900   12/29/2020    EUR    60.300
UniCredit Bank AG        11.000   12/29/2020    EUR    66.320
Vontobel Financial Produc14.500   3/27/2020     EUR    69.870
Vontobel Financial Produc14.500   3/27/2020     EUR    67.400
Vontobel Financial Produc17.000   3/27/2020     EUR    64.030
Vontobel Financial Produc12.500   3/27/2020     EUR    71.240
HSBC Trinkaus & Burkhardt10.800   3/27/2020     EUR    53.780
HSBC Trinkaus & Burkhardt10.200   6/26/2020     EUR    55.570
HSBC Trinkaus & Burkhardt9.300    6/26/2020     EUR    56.820
HSBC Trinkaus & Burkhardt8.200    2/28/2020     EUR    58.030
HSBC Trinkaus & Burkhardt13.500   3/27/2020     EUR    35.640
HSBC Trinkaus & Burkhardt11.300   3/27/2020     EUR    37.680
HSBC Trinkaus & Burkhardt11.200   6/26/2020     EUR    39.830
HSBC Trinkaus & Burkhardt9.500    2/28/2020     EUR    39.600
HSBC Trinkaus & Burkhardt7.900    3/27/2020     EUR    72.400
HSBC Trinkaus & Burkhardt9.700    6/26/2020     EUR    73.000
DekaBank Deutsche Girozen2.450    3/5/2021      EUR    70.920
Landesbank Baden-Wuerttem4.000    2/28/2020     EUR    56.890
Landesbank Baden-Wuerttem2.000    2/28/2020     EUR    65.750
Landesbank Baden-Wuerttem3.000    2/28/2020     EUR    61.830
Landesbank Baden-Wuerttem3.500    2/28/2020     EUR    45.940
Landesbank Baden-Wuerttem4.500    2/28/2020     EUR    66.750
Landesbank Baden-Wuerttem2.500    2/28/2020     EUR    75.420
Landesbank Baden-Wuerttem4.500    2/28/2020     EUR    66.350
Landesbank Baden-Wuerttem5.000    2/28/2020     EUR    45.000
Landesbank Baden-Wuerttem4.000    2/28/2020     EUR    21.990
UBS AG/London            12.000   3/9/2020      CHF    37.700
UBS AG/London            9.750    3/9/2020      EUR    67.450
UBS AG/London            8.500    3/9/2020      USD    47.050
UBS AG/London            7.500    3/16/2020     EUR    74.050
EFG International Finance7.400    3/29/2021     EUR    58.430
Zurcher Kantonalbank Fina7.150    3/19/2020     CHF    20.630
Leonteq Securities AG/Gue9.000    3/16/2020     CHF    70.440
Raiffeisen Schweiz Genoss7.000    9/23/2020     EUR    56.270
UniCredit Bank AG        4.400    11/1/2020     EUR    60.270
Raiffeisen Schweiz Genoss7.000    4/30/2020     EUR    59.450
Leonteq Securities AG/Gue7.000    10/29/2020    CHF    60.650
HSBC Trinkaus & Burkhardt6.300    3/27/2020     EUR    60.330
HSBC Trinkaus & Burkhardt4.100    3/27/2020     EUR    66.510
HSBC Trinkaus & Burkhardt5.800    3/27/2020     EUR    64.780
Landesbank Baden-Wuerttem3.000    10/23/2020    EUR    71.150
Landesbank Baden-Wuerttem3.000    10/23/2020    EUR    72.720
Landesbank Baden-Wuerttem3.000    7/23/2021     EUR    68.660
Commerzbank AG           12.750   3/27/2020     EUR    67.590
Commerzbank AG           14.750   3/27/2020     EUR    65.120
Credit Suisse AG/London  6.600    5/22/2020     CHF    51.210
Vontobel Financial Produc27.500   8/12/2020     USD    72.650
Commerzbank AG           8.500    6/26/2020     EUR    70.000
Commerzbank AG           10.500   6/26/2020     EUR    67.400
Vontobel Financial Produc13.000   9/11/2020     EUR    62.110
Vontobel Financial Produc5.000    9/11/2020     EUR    69.610
Vontobel Financial Produc10.000   9/11/2020     EUR    63.910
DZ Bank AG Deutsche Zentr6.000    6/24/2020     EUR    73.170
UBS AG/London            24.500   3/26/2020     EUR    52.400
UBS AG/London            15.900   6/25/2020     EUR    57.620
UBS AG/London            20.300   6/25/2020     EUR    56.370
Commerzbank AG           6.500    6/26/2020     EUR    73.380
Commerzbank AG           12.500   6/26/2020     EUR    65.380
Vontobel Financial Produc7.500    9/11/2020     EUR    66.420
DZ Bank AG Deutsche Zentr8.500    6/24/2020     EUR    69.710
Societe Generale Effekten9.979    3/20/2020     EUR    61.510
Vontobel Financial Produc7.000    3/13/2020     EUR    75.110
Vontobel Financial Produc16.000   3/13/2020     EUR    72.870
Landesbank Baden-Wuerttem2.000    7/24/2020     EUR    72.580
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    65.450
Landesbank Baden-Wuerttem3.500    7/24/2020     EUR    71.520
Landesbank Baden-Wuerttem7.000    7/24/2020     EUR    47.180
UBS AG/London            17.700   3/26/2020     EUR    71.200
HSBC Trinkaus & Burkhardt7.700    2/28/2020     EUR    69.110
HSBC Trinkaus & Burkhardt12.500   3/27/2020     EUR    40.410
HSBC Trinkaus & Burkhardt6.900    3/27/2020     EUR    48.080
HSBC Trinkaus & Burkhardt7.400    6/26/2020     EUR    70.300
HSBC Trinkaus & Burkhardt11.100   3/27/2020     EUR    69.760
HSBC Trinkaus & Burkhardt9.300    3/27/2020     EUR    73.610
Commerzbank AG           6.250    7/24/2020     EUR    70.580
Leonteq Securities AG/Gue6.600    8/18/2020     CHF    69.520
Vonetize Plc             6.000    8/1/2022      ILS    65.700
DekaBank Deutsche Girozen2.700    9/18/2020     EUR    68.160
Leonteq Securities AG/Gue8.200    9/1/2020      CHF    73.120
Leonteq Securities AG/Gue6.000    8/18/2020     CHF    74.580
Credit Suisse AG/London  13.100   7/31/2020     USD    73.500
DZ Bank AG Deutsche Zentr17.000   6/26/2020     EUR    58.710
DZ Bank AG Deutsche Zentr11.500   9/25/2020     EUR    63.930
DekaBank Deutsche Girozen2.000    9/18/2020     EUR    55.900
Leonteq Securities AG/Gue5.000    8/25/2020     CHF    74.530
UniCredit Bank AG        3.800    9/19/2021     EUR    65.230
UniCredit Bank AG        3.850    9/19/2021     EUR    48.750
UniCredit Bank AG        3.500    9/19/2021     EUR    50.900
DekaBank Deutsche Girozen3.100    12/3/2021     EUR    74.150
Raiffeisen Centrobank AG 10.000   5/11/2020     EUR    69.040
Landesbank Hessen-Thuerin4.750    5/11/2023     EUR    58.060
Leonteq Securities AG/Gue5.000    10/13/2020    CHF    61.280
UBS AG/London            4.500    3/26/2020     EUR    56.460
UniCredit Bank AG        5.000    9/26/2021     EUR    51.820
getBACK SA               5.710    2/16/2021     PLN
UniCredit Bank AG        4.730    1/2/2023      EUR    71.420
Leonteq Securities AG/Gue10.000   4/17/2020     CHF    43.160
UBS AG/London            5.500    4/6/2020      CHF    68.950
Credit Suisse AG/London  8.750    5/21/2020     USD    51.420
HSBC Trinkaus & Burkhardt11.500   3/27/2020     EUR    43.300
HSBC Trinkaus & Burkhardt9.800    3/27/2020     EUR    69.050
HSBC Trinkaus & Burkhardt10.300   3/27/2020     EUR    44.860
HSBC Trinkaus & Burkhardt6.900    3/27/2020     EUR    50.460
HSBC Trinkaus & Burkhardt5.000    3/27/2020     EUR    55.220
HSBC Trinkaus & Burkhardt9.400    2/28/2020     EUR    46.140
HSBC Trinkaus & Burkhardt11.000   3/27/2020     EUR    71.720
HSBC Trinkaus & Burkhardt9.200    3/27/2020     EUR    55.210
HSBC Trinkaus & Burkhardt6.600    2/28/2020     EUR    59.900
HSBC Trinkaus & Burkhardt4.300    2/28/2020     EUR    66.470
UBS AG/London            7.000    5/21/2020     EUR    69.700
Leonteq Securities AG/Gue10.200   6/3/2020      USD    56.490
Citigroup Global Markets 13.200   12/18/2023    SEK    61.220
HSBC Trinkaus & Burkhardt10.500   3/27/2020     EUR    70.900
HSBC Trinkaus & Burkhardt9.400    3/27/2020     EUR    73.370
HSBC Trinkaus & Burkhardt5.000    3/27/2020     EUR    64.440
HSBC Trinkaus & Burkhardt3.000    3/27/2020     EUR    71.880
HSBC Trinkaus & Burkhardt6.500    6/26/2020     EUR    61.150
HSBC Trinkaus & Burkhardt4.500    6/26/2020     EUR    66.850
UBS AG/London            10.500   11/3/2020     CHF    63.300
EFG International Finance7.000    11/17/2020    CHF    58.480
DekaBank Deutsche Girozen3.000    6/12/2020     EUR    73.310
DekaBank Deutsche Girozen5.950    12/4/2020     EUR    51.720
EFG International Finance7.000    11/23/2020    CHF    72.470
Raiffeisen Schweiz Genoss3.400    5/14/2020     CHF    54.340
Landesbank Baden-Wuerttem2.750    12/29/2020    EUR    67.770
Landesbank Baden-Wuerttem3.500    12/29/2020    EUR    68.360
Landesbank Baden-Wuerttem5.000    6/26/2020     EUR    45.800
Landesbank Baden-Wuerttem5.250    6/26/2020     EUR    74.700
Corner Banca SA          8.000    5/25/2021     CHF    60.380
Citigroup Global Markets 7.200    5/24/2023     SEK    51.250
Raiffeisen Schweiz Genoss5.300    11/23/2020    CHF    56.000
UBS AG/London            6.250    4/20/2020     CHF    38.800
Landesbank Hessen-Thuerin4.000    6/22/2022     EUR    58.890
Leonteq Securities AG/Gue5.500    5/25/2021     CHF    57.490
Leonteq Securities AG    7.800    5/14/2021     CHF    28.140
DekaBank Deutsche Girozen3.500    8/14/2020     EUR    64.500
UniCredit Bank AG        8.300    12/29/2020    EUR    73.710
UniCredit Bank AG        7.700    12/29/2020    EUR    67.270
UniCredit Bank AG        8.100    12/29/2020    EUR    61.140
UniCredit Bank AG        6.200    12/29/2020    EUR    67.640
UniCredit Bank AG        8.200    12/29/2020    EUR    65.940
UniCredit Bank AG        10.200   12/29/2020    EUR    66.900
UniCredit Bank AG        8.800    12/29/2020    EUR    74.080
UniCredit Bank AG        8.600    12/29/2020    EUR    68.910
Societe Generale Effekten7.404    3/20/2020     EUR    65.750
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    65.470
Landesbank Baden-Wuerttem2.500    7/24/2020     EUR    58.730
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    50.380
HSBC Trinkaus & Burkhardt5.000    3/27/2020     EUR    52.630
HSBC Trinkaus & Burkhardt9.200    2/28/2020     EUR    44.300
EFG International Finance7.200    11/30/2020    EUR    65.300
UBS AG/London            10.500   4/20/2020     EUR    53.700
UniCredit Bank AG        5.000    6/11/2021     EUR    55.000
Raiffeisen Schweiz Genoss5.750    5/18/2020     CHF    53.590
Raiffeisen Schweiz Genoss6.500    5/18/2020     CHF    19.620
Bank Julius Baer & Co Ltd6.000    5/11/2020     CHF    63.000
Vontobel Financial Produc20.000   9/25/2020     EUR    71.300
Landesbank Baden-Wuerttem3.000    12/29/2020    EUR    53.910
UniCredit Bank AG        4.000    3/2/2020      EUR    36.310
Erste Group Bank AG      6.250    3/29/2023     EUR    62.000
UniCredit Bank AG        6.300    3/26/2021     EUR    42.850
UniCredit Bank AG        4.600    3/26/2021     EUR    50.180
UniCredit Bank AG        3.250    3/29/2022     EUR    26.680
Societe Generale Effekten16.740   3/20/2020     EUR    71.870
Vontobel Financial Produc16.500   3/13/2020     EUR    73.020
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    60.640
Raiffeisen Centrobank AG 9.626    3/24/2020     EUR    72.050
Raiffeisen Centrobank AG 10.929   3/24/2020     EUR    67.390
Raiffeisen Centrobank AG 9.643    3/24/2020     EUR    69.990
UBS AG/London            10.250   3/23/2020     EUR    36.450
DekaBank Deutsche Girozen2.750    4/16/2021     EUR    68.320
Vontobel Financial Produc6.500    4/20/2020     EUR    67.610
Landesbank Baden-Wuerttem2.750    5/31/2021     EUR    60.690
SG Issuer SA             5.000    4/2/2024      EUR    62.670
Landesbank Baden-Wuerttem3.500    4/24/2020     EUR    59.130
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    74.540
Landesbank Baden-Wuerttem3.000    4/24/2020     EUR    50.540
Landesbank Baden-Wuerttem3.000    4/24/2020     EUR    60.270
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    72.240
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    63.550
Landesbank Baden-Wuerttem4.000    5/22/2020     EUR    72.810
Landesbank Baden-Wuerttem5.500    5/22/2020     EUR    66.100
Landesbank Baden-Wuerttem6.000    5/22/2020     EUR    69.250
Landesbank Baden-Wuerttem3.500    5/22/2020     EUR    74.310
Landesbank Baden-Wuerttem5.000    5/22/2020     EUR    65.170
Landesbank Baden-Wuerttem2.500    4/24/2020     EUR    48.220
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    70.410
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    62.740
Landesbank Baden-Wuerttem3.500    4/24/2020     EUR    57.160
Landesbank Hessen-Thuerin5.400    11/24/2022    EUR    63.270
Landesbank Hessen-Thuerin4.000    6/8/2022      EUR    59.380
Landesbank Hessen-Thuerin4.000    6/8/2022      EUR    63.730
Leonteq Securities AG/Gue3.000    9/20/2022     CHF    68.530
Commerzbank AG           2.100    8/28/2020     EUR    59.440
Leonteq Securities AG/Gue5.000    9/8/2020      CHF    36.750
Leonteq Securities AG/Gue6.200    3/11/2020     CHF    73.950
Landesbank Hessen-Thuerin3.000    7/6/2021      EUR    69.500
Natixis SA               4.975    3/23/2020     USD    33.761
UBS AG/London            8.000    3/30/2020     EUR    61.150
UBS AG/London            6.500    3/30/2020     CHF    65.850
DekaBank Deutsche Girozen2.050    5/3/2021      EUR    47.100
Raiffeisen Schweiz Genoss6.500    10/9/2020     CHF    47.190
UniCredit Bank AG        3.450    9/14/2022     EUR    67.170
Landesbank Hessen-Thuerin7.800    12/15/2022    EUR    74.540
Landesbank Baden-Wuerttem4.850    6/26/2020     EUR    61.380
UBS AG/London            9.000    11/10/2022    USD     5.880
Leonteq Securities AG/Gue4.200    6/1/2021      CHF    39.470
DekaBank Deutsche Girozen2.200    5/28/2021     EUR    58.500
DekaBank Deutsche Girozen2.700    5/29/2020     EUR    47.670
DekaBank Deutsche Girozen3.100    5/28/2021     EUR    62.860
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    56.610
Landesbank Baden-Wuerttem5.000    5/22/2020     EUR    72.240
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    43.710
Landesbank Baden-Wuerttem5.500    4/24/2020     EUR    65.110
Landesbank Baden-Wuerttem5.500    4/24/2020     EUR    74.980
Landesbank Baden-Wuerttem3.000    4/24/2020     EUR    59.640
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    65.810
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    52.710
UBS AG/London            13.000   5/4/2020      CHF    51.000
BNP Paribas Issuance BV  12.600   2/17/2020     CHF    60.900
EFG International Finance8.000    11/23/2020    EUR    69.830
Raiffeisen Schweiz Genoss5.200    11/11/2020    CHF    55.930
Landesbank Hessen-Thuerin7.000    1/9/2023      EUR    39.730
DekaBank Deutsche Girozen3.650    3/27/2020     EUR    71.930
UBS AG/London            6.500    12/14/2020    EUR    73.250
Leonteq Securities AG/Gue4.750    11/1/2021     CHF    33.470
Landesbank Hessen-Thuerin3.000    6/4/2021      EUR    66.200
UBS AG/London            9.000    5/14/2020     CHF    70.500
Raiffeisen Schweiz Genoss5.300    5/4/2020      EUR    73.400
Commerzbank AG           8.000    11/6/2020     USD     5.980
HSBC Trinkaus & Burkhardt6.630    5/22/2020     EUR    70.920
EFG International Finance7.000    11/16/2020    EUR    62.380
UniCredit Bank AG        4.200    12/8/2021     EUR    62.640
Credit Suisse AG/London  9.750    2/18/2020     USD    60.060
DekaBank Deutsche Girozen2.500    5/28/2021     EUR    71.620
DekaBank Deutsche Girozen2.900    5/29/2020     EUR    46.730
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    56.860
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    53.110
DekaBank Deutsche Girozen3.050    11/20/2020    EUR    70.760
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    53.140
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    45.710
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    43.750
Landesbank Baden-Wuerttem4.500    4/24/2020     EUR    23.690
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    63.370
Landesbank Baden-Wuerttem3.500    4/24/2020     EUR    63.700
Leonteq Securities AG    20.000   5/12/2020     CHF    60.620
Landesbank Baden-Wuerttem3.700    7/23/2021     EUR    72.160
Leonteq Securities AG    12.000   5/12/2020     CHF    74.710
Landesbank Hessen-Thuerin4.000    6/4/2021      EUR    71.600
DekaBank Deutsche Girozen4.700    5/29/2020     EUR    61.860
DekaBank Deutsche Girozen6.000    5/29/2020     EUR    52.670
Landesbank Baden-Wuerttem3.000    10/23/2020    EUR    72.130
DekaBank Deutsche Girozen2.500    5/29/2020     EUR    70.770
DekaBank Deutsche Girozen3.000    5/29/2020     EUR    74.970
SG Issuer SA             5.000    5/23/2024     EUR    63.480
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    65.670
Landesbank Baden-Wuerttem3.500    4/24/2020     EUR    67.060
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    61.830
Landesbank Baden-Wuerttem2.000    4/24/2020     EUR    53.300
Landesbank Baden-Wuerttem2.500    4/24/2020     EUR    26.610
Landesbank Baden-Wuerttem4.000    4/24/2020     EUR    57.410
UBS AG/London            5.100    3/26/2020     EUR    53.870
DekaBank Deutsche Girozen2.200    11/20/2020    EUR    73.440
Landesbank Baden-Wuerttem2.700    10/28/2022    EUR    72.420
Raiffeisen Schweiz Genoss4.700    11/4/2020     CHF    55.430
Landesbank Hessen-Thuerin3.000    12/16/2020    EUR    70.100
EFG International Finance8.000    5/26/2020     USD    52.580
Vontobel Financial Produc10.500   3/27/2020     EUR    53.680
Vontobel Financial Produc12.500   3/27/2020     EUR    50.970
Vontobel Financial Produc6.000    3/27/2020     EUR    72.340
BNP Paribas Emissions- un5.000    6/25/2020     EUR    54.200
BNP Paribas Emissions- un5.000    6/25/2020     EUR    54.060
BNP Paribas Emissions- un9.000    6/25/2020     EUR    55.440
BNP Paribas Emissions- un4.000    3/26/2020     EUR    52.910
BNP Paribas Emissions- un5.000    3/26/2020     EUR    54.560
Luzerner Kantonalbank AG 10.000   8/28/2020     CHF    68.840
BNP Paribas Emissions- un6.000    6/25/2020     EUR    54.400
Landesbank Baden-Wuerttem3.500    6/26/2020     EUR    74.360
Landesbank Baden-Wuerttem4.000    5/27/2022     EUR    75.520
UniCredit Bank AG        4.000    7/31/2020     EUR    74.490
Leonteq Securities AG/Gue7.400    3/3/2020      CHF    60.620
Macquarie Internationale 11.550   8/28/2023     ZAR    13.697
Commerzbank AG           30.000   6/30/2020     USD
Landesbank Baden-Wuerttem5.300    6/26/2020     EUR    72.680
HSBC Trinkaus & Burkhardt8.000    6/26/2020     EUR    58.020
HSBC Trinkaus & Burkhardt8.200    9/25/2020     EUR    58.210
HSBC Trinkaus & Burkhardt5.400    12/28/2020    EUR    62.770
HSBC Trinkaus & Burkhardt6.000    7/24/2020     EUR    61.330
HSBC Trinkaus & Burkhardt10.300   6/26/2020     EUR    57.090
HSBC Trinkaus & Burkhardt9.400    7/24/2020     EUR    58.310
HSBC Trinkaus & Burkhardt7.200    6/26/2020     EUR    69.920
Vontobel Financial Produc7.000    3/27/2020     EUR    65.500
Vontobel Financial Produc7.500    3/27/2020     EUR    54.120
Vontobel Financial Produc9.250    3/26/2020     EUR    71.280
Commerzbank AG           15.500   3/27/2020     EUR    68.230
Commerzbank AG           11.750   3/27/2020     EUR    74.870
Commerzbank AG           11.000   3/27/2020     EUR    69.970
DZ Bank AG Deutsche Zentr7.500    6/24/2020     EUR    52.560
DZ Bank AG Deutsche Zentr8.750    6/24/2020     EUR    72.910
Commerzbank AG           11.500   3/27/2020     EUR    71.270
Commerzbank AG           3.250    3/27/2020     EUR    68.490
Commerzbank AG           5.250    3/27/2020     EUR    61.720
Commerzbank AG           7.250    3/27/2020     EUR    57.580
DZ Bank AG Deutsche Zentr5.250    6/24/2020     EUR    71.810
DZ Bank AG Deutsche Zentr8.500    6/24/2020     EUR    67.040
DZ Bank AG Deutsche Zentr11.000   6/24/2020     EUR    68.210
UBS AG/London            10.000   3/29/2021     EUR    75.650
Landesbank Hessen-Thuerin6.100    4/26/2024     EUR    67.170
UBS AG/London            7.200    5/22/2020     EUR    68.930
Commerzbank AG           8.500    3/27/2020     EUR    70.450
Commerzbank AG           10.500   3/27/2020     EUR    66.220
Commerzbank AG           12.500   3/27/2020     EUR    62.930
Commerzbank AG           14.500   3/27/2020     EUR    60.000
HSBC Trinkaus & Burkhardt8.700    9/25/2020     EUR    56.970
HSBC Trinkaus & Burkhardt8.200    3/27/2020     EUR    69.580
HSBC Trinkaus & Burkhardt7.200    9/25/2020     EUR    71.700
HSBC Trinkaus & Burkhardt8.800    7/24/2020     EUR    70.250
Bank Julius Baer & Co Ltd10.700   9/28/2020     EUR    61.800
Vontobel Financial Produc12.000   3/27/2020     EUR    73.280
Vontobel Financial Produc8.000    3/27/2020     EUR    52.750
Vontobel Financial Produc10.000   3/27/2020     EUR    74.770
Vontobel Financial Produc9.250    3/27/2020     EUR    74.110
Commerzbank AG           9.500    3/27/2020     EUR    53.610
UniCredit Bank AG        3.600    7/18/2021     EUR    50.810
Landesbank Baden-Wuerttem4.000    6/26/2020     EUR    73.030
Landesbank Hessen-Thuerin5.650    10/28/2022    EUR    32.980
Vontobel Financial Produc16.000   12/28/2020    EUR    71.780
Vontobel Financial Produc13.000   12/28/2020    EUR    73.120
Commerzbank AG           16.250   7/24/2020     EUR    73.330
UniCredit Bank AG        9.200    12/29/2020    EUR    68.780
UniCredit Bank AG        8.500    12/29/2020    EUR    62.390
UniCredit Bank AG        6.800    12/29/2020    EUR    50.980
UniCredit Bank AG        8.700    12/29/2020    EUR    63.770
UniCredit Bank AG        8.100    12/29/2020    EUR    63.520
UniCredit Bank AG        7.600    12/29/2020    EUR    35.120
UniCredit Bank AG        6.700    12/29/2020    EUR    36.220
UniCredit Bank AG        11.800   12/29/2020    EUR    48.520
UniCredit Bank AG        10.000   12/29/2020    EUR    39.000
UniCredit Bank AG        8.100    12/29/2020    EUR    62.680
UniCredit Bank AG        8.900    12/29/2020    EUR    25.110
UniCredit Bank AG        7.300    12/29/2020    EUR    57.320
UniCredit Bank AG        6.600    12/29/2020    EUR    58.590
UniCredit Bank AG        9.300    12/29/2020    EUR    43.500
UniCredit Bank AG        7.600    12/29/2020    EUR    41.880
UniCredit Bank AG        7.800    12/29/2020    EUR    72.880
UniCredit Bank AG        8.400    12/29/2020    EUR    56.670
UniCredit Bank AG        8.100    12/29/2020    EUR    58.120
UniCredit Bank AG        6.100    12/29/2020    EUR    67.170
Vontobel Financial Produc9.000    6/5/2020      EUR    49.920
UniCredit Bank AG        4.000    6/7/2022      EUR    61.270
Leonteq Securities AG/Gue5.600    5/25/2021     CHF    55.950
Landesbank Baden-Wuerttem4.650    3/27/2020     EUR    56.780
UBS AG/London            11.000   5/4/2020      USD    63.000
UBS AG/London            7.000    5/4/2020      CHF    69.000
Raiffeisen Schweiz Genoss4.600    5/25/2020     CHF    52.810
Raiffeisen Schweiz Genoss8.600    5/28/2020     CHF    54.850
Raiffeisen Schweiz Genoss6.450    5/25/2020     CHF    67.900
UBS AG/London            6.000    5/18/2020     CHF    54.200
Landesbank Hessen-Thuerin2.350    12/21/2020    EUR    73.600
UniCredit Bank AG        7.000    12/29/2020    EUR    72.610
UniCredit Bank AG        9.800    12/29/2020    EUR    59.240
UniCredit Bank AG        9.400    12/29/2020    EUR    60.370
UniCredit Bank AG        6.300    12/29/2020    EUR    58.590
UniCredit Bank AG        10.100   12/29/2020    EUR    76.120
UniCredit Bank AG        9.300    12/29/2020    EUR    62.240
UniCredit Bank AG        6.600    12/29/2020    EUR    60.160
UniCredit Bank AG        10.500   12/29/2020    EUR    73.460
UniCredit Bank AG        6.900    12/29/2020    EUR    59.240
UniCredit Bank AG        9.800    12/29/2020    EUR    74.180
UniCredit Bank AG        8.800    12/29/2020    EUR    61.020
UniCredit Bank AG        8.100    12/29/2020    EUR    72.360
UniCredit Bank AG        11.500   12/29/2020    EUR    73.290
UniCredit Bank AG        9.200    12/29/2020    EUR    56.000
UniCredit Bank AG        6.600    12/29/2020    EUR    66.180
UniCredit Bank AG        6.600    12/29/2020    EUR    50.870
UniCredit Bank AG        8.300    12/29/2020    EUR    47.690
UniCredit Bank AG        7.000    12/29/2020    EUR    44.090
UniCredit Bank AG        8.400    12/29/2020    EUR    44.680
UniCredit Bank AG        9.200    12/29/2020    EUR    43.160
UniCredit Bank AG        6.400    12/29/2020    EUR    61.600
UniCredit Bank AG        8.300    12/29/2020    EUR    63.450
UniCredit Bank AG        10.600   12/29/2020    EUR    73.290
UniCredit Bank AG        10.800   12/29/2020    EUR    66.150
UniCredit Bank AG        8.000    12/29/2020    EUR    62.960
Raiffeisen Centrobank AG 7.200    6/19/2020     EUR    69.630
Banque Cantonale Vaudoise2.750    5/25/2020     CHF    70.580
UBS AG/London            21.500   9/24/2020     EUR    71.720
EFG International Finance7.200    10/5/2020     USD    61.510
DekaBank Deutsche Girozen2.250    10/16/2020    EUR    73.520
DekaBank Deutsche Girozen3.000    6/18/2020     EUR    74.720
EFG International Finance7.200    7/29/2020     EUR    10.880
Leonteq Securities AG/Gue6.000    4/2/2020      CHF    70.990
UniCredit Bank AG        4.300    10/18/2021    EUR    71.990
Landesbank Hessen-Thuerin5.700    10/27/2022    EUR    48.630
Landesbank Baden-Wuerttem2.850    10/23/2020    EUR    73.150
Landesbank Baden-Wuerttem3.000    10/23/2020    EUR    73.520
Landesbank Baden-Wuerttem3.500    10/23/2020    EUR    67.050
DekaBank Deutsche Girozen4.150    4/30/2020     EUR    60.450
DekaBank Deutsche Girozen2.250    11/8/2022     EUR    68.540
UniCredit Bank AG        3.120    9/25/2020     EUR    42.800
UniCredit Bank AG        3.800    10/24/2021    EUR    59.570
UBS AG/London            7.000    3/27/2020     CHF    74.250
EFG International Finance7.000    10/12/2020    EUR    64.930
UniCredit Bank AG        3.900    10/24/2021    EUR    65.170
Leonteq Securities AG/Gue8.100    4/6/2020      CHF    61.830
Landesbank Hessen-Thuerin3.350    8/6/2021      EUR    62.900
Landesbank Hessen-Thuerin3.000    8/6/2021      EUR    56.100
Landesbank Baden-Wuerttem2.750    9/23/2022     EUR    74.130
DekaBank Deutsche Girozen3.000    5/20/2020     EUR    62.590
Landesbank Hessen-Thuerin8.900    10/6/2020     EUR    23.500
Credit Suisse AG/London  8.000    6/11/2020     USD     5.138
UniCredit Bank AG        3.800    7/23/2020     EUR    56.300
UniCredit Bank AG        4.350    7/21/2020     EUR    71.870
SG Issuer SA             6.420    9/25/2020     CHF    69.550
Landesbank Hessen-Thuerin3.500    10/27/2021    EUR    70.070
DekaBank Deutsche Girozen2.000    10/16/2020    EUR    49.930
Leonteq Securities AG/Gue7.000    9/29/2020     CHF    73.900
Leonteq Securities AG/Gue8.000    9/29/2020     EUR    68.880
HSBC Trinkaus & Burkhardt3.000    12/29/2020    EUR    72.840
EFG International Finance6.600    9/28/2020     EUR    75.400
Landesbank Hessen-Thuerin7.000    10/20/2022    EUR    73.930
Commerzbank AG           16.500   6/26/2020     EUR    70.300
Vontobel Financial Produc14.500   12/28/2020    EUR    72.340
Vontobel Financial Produc12.000   12/28/2020    EUR    74.190
UniCredit Bank AG        6.100    12/29/2020    EUR    52.330
UniCredit Bank AG        7.900    12/29/2020    EUR    65.150
UniCredit Bank AG        7.200    12/29/2020    EUR    66.620
UniCredit Bank AG        7.300    12/29/2020    EUR    55.950
UniCredit Bank AG        7.100    12/29/2020    EUR    75.540
UniCredit Bank AG        7.300    12/29/2020    EUR    74.820
UniCredit Bank AG        9.500    12/29/2020    EUR    59.480
UniCredit Bank AG        11.000   12/29/2020    EUR    74.590
UniCredit Bank AG        8.400    12/29/2020    EUR    56.960
UniCredit Bank AG        8.100    12/29/2020    EUR    58.030
UniCredit Bank AG        9.300    12/29/2020    EUR    39.470
UniCredit Bank AG        8.400    12/29/2020    EUR    25.270
UniCredit Bank AG        10.500   12/29/2020    EUR    41.590
UniCredit Bank AG        10.200   12/29/2020    EUR    72.560
UniCredit Bank AG        8.000    12/29/2020    EUR    42.850
UniCredit Bank AG        8.500    12/29/2020    EUR    52.160
UniCredit Bank AG        7.500    12/29/2020    EUR    65.280
UniCredit Bank AG        12.000   12/29/2020    EUR    28.810
UniCredit Bank AG        13.900   12/29/2020    EUR    27.420
UniCredit Bank AG        8.700    12/29/2020    EUR    40.140
UniCredit Bank AG        9.200    12/29/2020    EUR    51.070
UniCredit Bank AG        8.900    12/29/2020    EUR    56.540
UniCredit Bank AG        4.000    6/11/2020     EUR    65.970
UBS AG/London            9.500    11/16/2020    USD    51.500
Landesbank Hessen-Thuerin5.350    9/22/2023     EUR    64.670
DekaBank Deutsche Girozen2.800    6/19/2020     EUR    48.880
EFG International Finance5.550    7/12/2021     USD    63.500
Raiffeisen Schweiz Genoss5.200    12/1/2020     CHF    50.630
UBS AG/London            12.200   9/24/2020     EUR    65.940
UBS AG/London            25.000   9/24/2020     EUR    61.860
UBS AG/London            23.000   6/25/2020     EUR    60.230
Leonteq Securities AG/Gue6.000    6/8/2020      CHF    68.570
Vontobel Financial Produc17.500   9/25/2020     EUR    72.450
DekaBank Deutsche Girozen2.750    6/26/2020     EUR    68.120
DZ Bank AG Deutsche Zentr8.250    3/25/2020     EUR    66.610
Raiffeisen Switzerland BV11.250   11/25/2020    CHF    38.050
UBS AG/London            17.700   9/24/2020     EUR    73.300
Commerzbank AG           14.500   3/27/2020     EUR    69.260
Vontobel Financial Produc6.500    9/25/2020     EUR    67.970
Vontobel Financial Produc7.000    12/28/2020    EUR    67.900
Vontobel Financial Produc15.500   12/28/2020    EUR    74.770
Leonteq Securities AG/Gue6.000    6/23/2020     CHF    64.700
Landesbank Baden-Wuerttem4.000    7/24/2020     EUR    74.510
Getin Noble Bank SA      5.790    6/28/2024     PLN    74.000
HSBC Trinkaus & Burkhardt5.000    12/29/2020    EUR    65.200
DZ Bank AG Deutsche Zentr15.250   5/20/2020     EUR    66.010
Corner Banca SA          8.600    6/16/2020     CHF    69.110
Landesbank Baden-Wuerttem3.100    7/24/2020     EUR    72.230
Societe Generale SA      8.000    5/28/2027     USD    39.500
DekaBank Deutsche Girozen3.000    6/21/2021     EUR    33.760
Corner Banca SA          7.600    6/16/2020     CHF    67.040
Landesbank Hessen-Thuerin4.000    1/13/2021     EUR    69.100
Vontobel Financial Produc13.000   9/25/2020     EUR    68.585
UBS AG/London            18.100   9/24/2020     EUR    62.930
UBS AG/London            9.400    9/24/2020     EUR    68.140
DZ Bank AG Deutsche Zentr7.000    9/23/2020     EUR    72.510
UBS AG/London            6.800    9/24/2020     EUR    70.930
UBS AG/London            15.000   9/24/2020     EUR    64.160
UBS AG/London            13.500   9/11/2020     USD    72.380
SG Issuer SA             0.800    11/30/2020    SEK    11.710
Vontobel Financial Produc7.000    9/25/2020     EUR    70.870
Vontobel Financial Produc5.000    9/25/2020     EUR    74.520
Vontobel Financial Produc6.000    9/25/2020     EUR    72.740
Vontobel Financial Produc5.500    3/27/2020     EUR    64.410
Vontobel Financial Produc8.500    3/27/2020     EUR    72.790
Vontobel Financial Produc10.000   3/27/2020     EUR    68.780
Deutsche Bank AG         4.200    9/22/2020     EUR    74.800
DekaBank Deutsche Girozen2.050    12/11/2020    EUR    59.380
DekaBank Deutsche Girozen4.250    8/21/2020     EUR    60.630
Landesbank Baden-Wuerttem2.600    11/27/2020    EUR    49.370
Bank Julius Baer & Co Ltd6.300    10/23/2020    EUR    72.500
UBS AG/London            8.500    10/23/2020    EUR    73.000
Landesbank Hessen-Thuerin5.450    11/17/2022    EUR    59.580
Landesbank Hessen-Thuerin8.600    11/17/2022    EUR    58.060
Landesbank Baden-Wuerttem3.000    12/29/2020    EUR    66.260
Landesbank Baden-Wuerttem3.000    12/29/2020    EUR    74.770
Landesbank Baden-Wuerttem3.600    12/29/2020    EUR    62.370
DekaBank Deutsche Girozen2.300    11/13/2020    EUR    67.440
UBS AG/London            9.500    4/20/2020     CHF    75.800
EFG International Finance7.200    11/2/2020     EUR    60.280
Landesbank Hessen-Thuerin4.000    11/24/2021    EUR    54.820
Landesbank Baden-Wuerttem2.800    7/24/2020     EUR    75.530
UniCredit Bank AG        3.700    5/28/2021     EUR    70.200
Landesbank Hessen-Thuerin2.200    11/24/2020    EUR    54.610
Landesbank Hessen-Thuerin6.450    2/24/2023     EUR    51.370
Leonteq Securities AG/Gue6.400    11/3/2021     CHF    74.260
Leonteq Securities AG/Gue6.400    11/3/2020     EUR    53.200
DZ Bank AG Deutsche Zentr7.300    3/23/2020     EUR    61.110
Credit Suisse AG/London  8.500    2/26/2020     CHF    72.570
Societe Generale Effekten9.508    6/19/2020     EUR    69.790
BNP Paribas Emissions- un7.500    6/25/2020     EUR    73.050
BNP Paribas Emissions- un9.500    6/25/2020     EUR    73.740
BNP Paribas Emissions- un5.000    9/24/2020     EUR    73.110
BNP Paribas Emissions- un6.500    9/24/2020     EUR    72.460
BNP Paribas Emissions- un9.000    9/24/2020     EUR    70.490
BNP Paribas Emissions- un6.000    6/25/2020     EUR    71.400
BNP Paribas Emissions- un7.500    6/25/2020     EUR    70.820
BNP Paribas Emissions- un15.000   6/25/2020     EUR    70.250
BNP Paribas Emissions- un14.000   6/25/2020     EUR    68.900
BNP Paribas Emissions- un21.000   6/25/2020     EUR    67.560
BNP Paribas Emissions- un12.000   9/24/2020     EUR    69.940
BNP Paribas Emissions- un14.000   9/24/2020     EUR    68.910
BNP Paribas Emissions- un17.000   9/24/2020     EUR    69.420
BNP Paribas Emissions- un19.000   9/24/2020     EUR    68.970
Raiffeisen Schweiz Genoss9.000    10/12/2020    CHF    59.230
EFG International Finance7.200    10/26/2020    EUR    61.740
Landesbank Hessen-Thuerin4.000    8/26/2020     EUR    55.800
Landesbank Hessen-Thuerin5.700    6/2/2023      EUR    73.860
UBS AG/London            6.500    7/31/2020     CHF    64.400
UBS AG/London            7.500    7/31/2020     EUR    50.300
Raiffeisen Centrobank AG 5.450    3/3/2020      EUR    67.400
Bank Julius Baer & Co Ltd7.700    10/26/2020    EUR    66.300
SG Issuer SA             5.000    7/10/2020     EUR
SG Issuer SA             5.000    7/10/2021     EUR
Raiffeisen Schweiz Genoss6.000    5/25/2020     EUR    69.210
Raiffeisen Schweiz Genoss7.500    5/25/2020     CHF    22.140
UBS AG/London            10.000   5/18/2020     CHF    48.100
DekaBank Deutsche Girozen2.660    2/28/2020     EUR    67.210
DekaBank Deutsche Girozen2.800    6/18/2021     EUR    72.750
EFG International Finance7.000    6/8/2021      EUR    72.900
Leonteq Securities AG    7.400    11/25/2020    CHF    47.510
Raiffeisen Centrobank AG 5.500    6/30/2020     EUR    71.980
UBS AG/London            7.000    6/2/2020      CHF    51.950
UniCredit Bank AG        3.850    6/28/2022     EUR    57.410
Credit Suisse AG/Nassau  7.250    6/8/2020      EUR    70.660
UniCredit Bank AG        3.800    6/28/2022     EUR    59.240
Natixis SA               3.150    6/9/2021      USD    46.104
Landesbank Baden-Wuerttem5.000    2/28/2020     EUR    54.860
Landesbank Baden-Wuerttem5.300    2/28/2020     EUR    50.970
Landesbank Hessen-Thuerin3.500    7/6/2022      EUR    70.780
Raiffeisen Schweiz Genoss4.800    12/8/2020     CHF    50.320
Leonteq Securities AG    5.200    6/11/2020     CHF    52.880
BNP Paribas Issuance BV  6.400    6/1/2020      EUR    58.500
DekaBank Deutsche Girozen3.000    6/26/2020     EUR    68.410
DekaBank Deutsche Girozen2.000    6/25/2021     EUR    53.540
Vontobel Financial Produc12.000   3/27/2020     EUR    65.580
Vontobel Financial Produc11.000   3/27/2020     EUR    73.170
DZ Bank AG Deutsche Zentr5.500    3/25/2020     EUR    65.730
Bank Julius Baer & Co Ltd9.450    5/11/2020     USD    62.400
Vontobel Financial Produc13.500   6/26/2020     EUR    56.360
Vontobel Financial Produc8.000    3/27/2020     EUR    60.350
Vontobel Financial Produc9.500    3/27/2020     EUR    58.720
Vontobel Financial Produc13.000   3/27/2020     EUR    55.540
Vontobel Financial Produc6.000    6/26/2020     EUR    64.630
Vontobel Financial Produc9.500    6/26/2020     EUR    59.970
Vontobel Financial Produc10.500   6/26/2020     EUR    58.500
Vontobel Financial Produc12.000   6/26/2020     EUR    57.320
Vontobel Financial Produc12.500   6/26/2020     EUR    74.290
Vontobel Financial Produc10.000   6/26/2020     EUR    73.450
Vontobel Financial Produc5.000    3/27/2020     EUR    76.520
Vontobel Financial Produc8.000    3/27/2020     EUR    71.950
Vontobel Financial Produc9.500    3/27/2020     EUR    69.890
UniCredit Bank AG        4.000    12/7/2020     EUR    74.420
Landesbank Baden-Wuerttem6.000    8/27/2021     EUR    64.480
Vontobel Financial Produc10.000   6/12/2020     EUR    57.940
Vontobel Financial Produc6.500    3/27/2020     EUR    62.240
Vontobel Financial Produc11.500   3/27/2020     EUR    57.070
Vontobel Financial Produc8.000    6/26/2020     EUR    61.240
Vontobel Financial Produc7.000    6/26/2020     EUR    62.870
Vontobel Financial Produc17.000   6/26/2020     EUR    70.580
Vontobel Financial Produc10.500   6/26/2020     EUR    68.050
Vontobel Financial Produc17.000   3/27/2020     EUR    65.950
DZ Bank AG Deutsche Zentr6.900    3/23/2020     EUR    56.660
DZ Bank AG Deutsche Zentr11.000   6/22/2020     EUR    51.090
UniCredit Bank AG        6.200    6/26/2020     EUR    65.820
UniCredit Bank AG        12.300   6/26/2020     EUR    59.740
UniCredit Bank AG        13.500   6/26/2020     EUR    69.570
UniCredit Bank AG        11.800   6/26/2020     EUR    72.090
UniCredit Bank AG        10.700   6/26/2020     EUR    68.660
Leonteq Securities AG    9.000    3/27/2020     USD    46.960
Societe Generale Effekten22.434   3/20/2020     EUR    74.310
Societe Generale Effekten26.833   3/20/2020     EUR    70.390
Societe Generale Effekten21.995   3/20/2020     EUR    65.890
Societe Generale Effekten22.874   3/20/2020     EUR    65.000
Societe Generale Effekten19.135   3/20/2020     EUR    71.430
Societe Generale Effekten25.514   3/20/2020     EUR    69.430
Societe Generale Effekten15.836   3/20/2020     EUR    67.910
Societe Generale Effekten18.342   6/19/2020     EUR    70.060
Societe Generale Effekten12.977   3/20/2020     EUR    71.790
Societe Generale Effekten14.077   3/20/2020     EUR    65.960
Societe Generale Effekten8.958    9/18/2020     EUR    71.970
Societe Generale Effekten7.337    6/19/2020     EUR    58.190
Societe Generale Effekten27.053   3/20/2020     EUR    73.450
Bank Julius Baer & Co Ltd5.600    5/5/2020      EUR    73.900
Vontobel Financial Produc8.000    6/12/2020     EUR    71.980
Vontobel Financial Produc13.500   6/12/2020     EUR    65.090
Vontobel Financial Produc13.000   6/12/2020     EUR    74.640
Vontobel Financial Produc7.750    3/27/2020     EUR    69.850
Commerzbank AG           8.750    3/27/2020     EUR    58.790
Commerzbank AG           12.750   3/27/2020     EUR    53.410
Zurcher Kantonalbank Fina1.003    4/9/2020      CHF    66.480
Vontobel Financial Produc17.500   6/26/2020     EUR    69.500
Bank Julius Baer & Co Ltd11.250   8/6/2020      EUR    60.250
Landesbank Baden-Wuerttem3.250    8/27/2021     EUR    71.080
Landesbank Baden-Wuerttem4.000    8/27/2021     EUR    68.340
Landesbank Baden-Wuerttem5.000    8/27/2021     EUR    66.270
Vontobel Financial Produc13.000   6/12/2020     EUR    55.670
Vontobel Financial Produc7.500    6/12/2020     EUR    60.710
Societe Generale Effekten28.219   6/19/2020     EUR    73.160
Societe Generale Effekten16.649   6/19/2020     EUR    74.150
Societe Generale Effekten22.874   3/20/2020     EUR    42.110
Commerzbank AG           3.000    3/27/2020     EUR    73.490
Vontobel Financial Produc10.500   6/12/2020     EUR    66.070
Vontobel Financial Produc11.500   6/12/2020     EUR    67.090
DZ Bank AG Deutsche Zentr8.500    12/23/2020    EUR    73.010
Vontobel Financial Produc8.500    12/28/2020    EUR    71.650
UniCredit Bank AG        4.200    2/19/2022     EUR    65.680
Leonteq Securities AG    3.800    2/15/2021     CHF    32.080
Credit Suisse AG/Nassau  5.500    2/17/2020     CHF    73.390
UBS AG/London            6.750    7/31/2020     CHF    72.200
EFG International Finance7.000    2/15/2021     CHF    72.380
EFG International Finance7.800    2/15/2021     EUR    59.230
Landesbank Baden-Wuerttem3.000    2/26/2021     EUR    67.220
Corner Banca SA          7.600    2/2/2021      CHF    69.680
DekaBank Deutsche Girozen6.550    8/21/2020     EUR    57.830
Landesbank Hessen-Thuerin3.500    3/9/2022      EUR    65.220
Zurcher Kantonalbank Fina4.704    2/5/2021      CHF    73.930
DZ Bank AG Deutsche Zentr4.250    9/21/2020     EUR    67.520
DZ Bank AG Deutsche Zentr6.200    9/21/2020     EUR    73.760
Commerzbank AG           11.750   8/28/2020     EUR    70.500
National Capital JSC     10.000   9/15/2020     RUB    100.00
DekaBank Deutsche Girozen2.700    7/1/2020      EUR    62.190
DekaBank Deutsche Girozen3.000    9/23/2020     EUR    74.910
Leonteq Securities AG/Gue14.200   11/5/2020     USD    70.120
Commerzbank AG           9.750    8/28/2020     EUR    72.760
Societe Generale Effekten13.589   3/27/2020     EUR    73.180
Societe Generale Effekten14.057   3/27/2020     EUR    73.260
Societe Generale Effekten12.671   4/24/2020     EUR    71.460
Landesbank Baden-Wuerttem5.500    6/25/2021     EUR    76.030
Landesbank Baden-Wuerttem3.000    6/25/2021     EUR    65.460
Landesbank Baden-Wuerttem5.000    6/25/2021     EUR    61.360
Landesbank Baden-Wuerttem6.500    6/25/2021     EUR    59.830
Landesbank Baden-Wuerttem2.000    6/25/2021     EUR    73.110
DekaBank Deutsche Girozen5.500    12/3/2021     EUR    65.410
Vontobel Financial Produc16.000   6/26/2020     EUR    74.570
Societe Generale Effekten20.895   3/20/2020     EUR    66.800
Societe Generale Effekten22.214   3/20/2020     EUR    70.780
Societe Generale Effekten25.074   3/20/2020     EUR    67.760
Societe Generale Effekten11.217   3/20/2020     EUR    73.940
Societe Generale Effekten7.619    6/19/2020     EUR    71.260
Societe Generale Effekten17.156   3/20/2020     EUR    45.260
Societe Generale Effekten11.570   6/19/2020     EUR    53.320
Societe Generale Effekten19.471   6/19/2020     EUR    48.770
DZ Bank AG Deutsche Zentr4.250    12/21/2020    EUR    68.000
DZ Bank AG Deutsche Zentr7.100    9/21/2020     EUR    72.220
DZ Bank AG Deutsche Zentr6.900    12/21/2020    EUR    73.330
Vontobel Financial Produc10.000   9/25/2020     EUR    68.310
Vontobel Financial Produc11.000   9/25/2020     EUR    66.740
Vontobel Financial Produc12.500   9/25/2020     EUR    65.730
Vontobel Financial Produc9.500    6/26/2020     EUR    68.130
Landesbank Hessen-Thuerin4.000    11/10/2021    EUR    63.520
DekaBank Deutsche Girozen2.000    11/2/2020     EUR    71.180
EFG International Finance7.200    10/26/2020    USD    63.650
DekaBank Deutsche Girozen3.000    6/26/2020     EUR    71.750
UniCredit Bank AG        4.250    11/21/2021    EUR    64.770
UniCredit Bank AG        4.200    11/21/2021    EUR    60.130
UniCredit Bank AG        4.350    11/21/2021    EUR    72.970
SG Issuer SA             0.820    8/2/2021      SEK    13.850
BNP Paribas Emissions- un5.000    6/25/2020     EUR    73.920
BNP Paribas Emissions- un6.000    6/25/2020     EUR    74.260
BNP Paribas Emissions- un8.000    6/25/2020     EUR    74.950
BNP Paribas Emissions- un7.500    9/24/2020     EUR    71.050
BNP Paribas Emissions- un9.000    6/25/2020     EUR    69.730
BNP Paribas Emissions- un11.000   6/25/2020     EUR    68.870
BNP Paribas Emissions- un15.000   6/25/2020     EUR    68.270
BNP Paribas Emissions- un18.000   6/25/2020     EUR    67.890
BNP Paribas Emissions- un17.000   6/25/2020     EUR    66.180
BNP Paribas Emissions- un20.000   6/25/2020     EUR    66.330
BNP Paribas Emissions- un4.000    9/24/2020     EUR    75.160
BNP Paribas Emissions- un16.000   9/24/2020     EUR    68.000
BNP Paribas Emissions- un18.000   9/24/2020     EUR    69.190
Leonteq Securities AG/Gue7.000    4/16/2020     CHF    56.880
Landesbank Baden-Wuerttem2.750    10/23/2020    EUR    73.920
Landesbank Baden-Wuerttem2.400    2/25/2022     EUR    75.470
UniCredit Bank AG        3.250    2/27/2022     EUR    62.790
Leonteq Securities AG/Gue8.000    8/5/2020      CHF    65.140
BNP Paribas Emissions- un7.000    9/24/2020     EUR    74.300
BNP Paribas Emissions- un8.500    9/24/2020     EUR    73.650
BNP Paribas Emissions- un8.000    6/25/2020     EUR    72.090
BNP Paribas Emissions- un9.500    6/25/2020     EUR    71.510
BNP Paribas Emissions- un12.000   6/25/2020     EUR    68.210
BNP Paribas Emissions- un16.000   6/25/2020     EUR    67.200
BNP Paribas Emissions- un22.000   6/25/2020     EUR    67.020
BNP Paribas Emissions- un23.000   6/25/2020     EUR    66.510
BNP Paribas Emissions- un4.500    9/24/2020     EUR    74.390
BNP Paribas Emissions- un11.000   9/24/2020     EUR    70.260
Societe Generale Effekten8.065    12/18/2020    EUR    73.590
Societe Generale Effekten10.646   12/18/2020    EUR    70.660
Societe Generale Effekten13.872   12/18/2020    EUR    68.650
Societe Generale Effekten17.098   12/18/2020    EUR    67.120
Societe Generale Effekten20.324   12/18/2020    EUR    65.980
Societe Generale Effekten26.776   12/18/2020    EUR    64.720
DekaBank Deutsche Girozen2.000    2/12/2021     EUR    72.310
DekaBank Deutsche Girozen2.800    2/12/2021     EUR    67.280
Leonteq Securities AG/Gue8.000    7/29/2020     EUR    59.000
Landesbank Baden-Wuerttem2.650    1/27/2023     EUR    69.210
UBS AG/London            10.000   2/20/2020     CHF    71.200
Societe Generale Effekten12.913   3/20/2020     EUR    72.230
Societe Generale Effekten14.273   3/20/2020     EUR    71.060
Societe Generale Effekten15.649   6/19/2020     EUR    74.590
BNP Paribas Emissions- un4.000    6/25/2020     EUR    73.570
BNP Paribas Emissions- un5.500    6/25/2020     EUR    72.360
BNP Paribas Emissions- un7.000    9/24/2020     EUR    71.750
BNP Paribas Emissions- un9.000    9/24/2020     EUR    72.940
BNP Paribas Emissions- un9.500    9/24/2020     EUR    72.240
BNP Paribas Emissions- un10.000   6/25/2020     EUR    72.780
BNP Paribas Emissions- un10.000   6/25/2020     EUR    70.080
BNP Paribas Emissions- un19.000   6/25/2020     EUR    66.870
BNP Paribas Emissions- un21.000   6/25/2020     EUR    65.820
BNP Paribas Emissions- un10.000   9/24/2020     EUR    71.080
BNP Paribas Emissions- un13.000   9/24/2020     EUR    69.630
BNP Paribas Emissions- un15.000   9/24/2020     EUR    68.230
BNP Paribas Emissions- un17.000   9/24/2020     EUR    67.780
BNP Paribas Emissions- un16.000   6/25/2020     EUR    73.110
Raiffeisen Centrobank AG 10.481   12/23/2020    EUR    74.340
UBS AG/London            10.000   8/20/2020     EUR    69.400
Zurcher Kantonalbank Fina12.250   2/27/2020     USD    60.970
BNP Paribas Emissions- un5.500    3/26/2020     EUR    66.970
BNP Paribas Emissions- un11.000   9/24/2020     EUR    70.360
Raiffeisen Centrobank AG 14.127   12/23/2020    EUR    74.330
BNP Paribas Emissions- un14.000   3/26/2020     EUR    65.090
BNP Paribas Emissions- un12.000   3/26/2020     EUR    69.740
BNP Paribas Emissions- un7.000    3/26/2020     EUR    69.720
BNP Paribas Emissions- un6.500    9/24/2020     EUR    72.900
Landesbank Baden-Wuerttem3.200    7/24/2020     EUR    68.670
Landesbank Baden-Wuerttem4.800    10/22/2021    EUR    73.800
Vontobel Financial Produc15.000   6/26/2020     EUR    63.670
Vontobel Financial Produc14.000   3/27/2020     EUR    68.140
Vontobel Financial Produc10.500   3/27/2020     EUR    68.930
Vontobel Financial Produc17.000   6/12/2020     EUR    75.440
Vontobel Financial Produc10.000   6/12/2020     EUR    72.610
UBS AG/London            6.600    6/25/2020     EUR    74.550
BNP Paribas Emissions- un11.000   9/24/2020     EUR    70.560
Vontobel Financial Produc13.400   9/16/2020     USD    73.740
UBS AG/London            5.900    12/28/2020    EUR    75.730
UBS AG/London            2.300    6/25/2020     EUR    73.450
UBS AG/London            18.600   6/25/2020     EUR    53.180
BNP Paribas Emissions- un9.000    12/24/2020    EUR    73.750
Landesbank Baden-Wuerttem3.000    8/28/2020     EUR    68.870
BNP Paribas Emissions- un22.000   3/26/2020     EUR    59.570
BNP Paribas Emissions- un6.000    9/24/2020     EUR    70.300
BNP Paribas Emissions- un8.000    9/24/2020     EUR    67.080
BNP Paribas Emissions- un10.000   9/24/2020     EUR    64.320
UBS AG/London            4.200    3/26/2020     EUR    64.250
Landesbank Baden-Wuerttem1.500    8/28/2020     EUR    74.370
UBS AG/London            12.300   3/26/2020     EUR    67.380
BNP Paribas Emissions- un16.000   3/26/2020     EUR    64.210
BNP Paribas Emissions- un6.000    6/25/2020     EUR    69.560
Landesbank Baden-Wuerttem3.650    3/27/2020     EUR    72.250
BNP Paribas Emissions- un13.000   12/24/2020    EUR    68.540
UBS AG/London            23.400   3/26/2020     EUR    49.670
UBS AG/London            10.200   6/25/2020     EUR    58.740
Landesbank Baden-Wuerttem6.500    8/28/2020     EUR    62.160
Volga Sport ZAO          9.130    2/29/2024     RUB    100.00
BNP Paribas Emissions- un8.000    6/25/2020     EUR    65.600
BNP Paribas Emissions- un6.000    12/24/2020    EUR    71.080
BNP Paribas Emissions- un8.500    12/24/2020    EUR    67.040
BNP Paribas Emissions- un8.500    3/26/2020     EUR    72.580
BNP Paribas Emissions- un10.000   12/24/2020    EUR    69.000
BNP Paribas Emissions- un8.500    3/26/2020     EUR    67.130
BNP Paribas Emissions- un12.000   3/26/2020     EUR    63.830
BNP Paribas Emissions- un23.000   3/26/2020     EUR    57.850
BNP Paribas Emissions- un8.500    9/24/2020     EUR    69.090
BNP Paribas Emissions- un17.000   9/24/2020     EUR    64.120
DZ Bank AG Deutsche Zentr6.500    8/26/2020     EUR    74.530
BNP Paribas Emissions- un7.500    3/26/2020     EUR    67.060
BNP Paribas Emissions- un9.500    3/26/2020     EUR    67.230
BNP Paribas Emissions- un17.000   3/26/2020     EUR    61.110
BNP Paribas Emissions- un20.000   3/26/2020     EUR    59.410
BNP Paribas Emissions- un8.000    9/24/2020     EUR    71.210
BNP Paribas Emissions- un9.500    9/24/2020     EUR    69.680
DZ Bank AG Deutsche Zentr10.500   12/23/2020    EUR    71.660
BNP Paribas Emissions- un9.000    3/26/2020     EUR    64.850
BNP Paribas Emissions- un14.000   3/26/2020     EUR    61.080
UBS AG/London            6.700    6/25/2020     EUR    61.080
UBS AG/London            12.100   6/25/2020     EUR    73.750
Commerzbank AG           14.500   6/26/2020     EUR    72.410
Leonteq Securities AG/Gue10.000   9/16/2020     EUR    68.180
UBS AG/London            16.300   6/25/2020     EUR    54.900
Commerzbank AG           12.500   6/26/2020     EUR    73.960
UBS AG/London            18.000   6/25/2020     EUR    50.650
Vontobel Financial Produc20.500   9/25/2020     EUR    67.760
Vontobel Financial Produc15.000   6/26/2020     EUR    56.950
Vontobel Financial Produc5.500    6/26/2020     EUR    69.110
Vontobel Financial Produc10.000   6/26/2020     EUR    61.890
Vontobel Financial Produc11.000   6/26/2020     EUR    60.500
Vontobel Financial Produc6.000    3/27/2020     EUR    66.830
Vontobel Financial Produc8.500    3/27/2020     EUR    62.530
Vontobel Financial Produc4.500    6/26/2020     EUR    71.300
DZ Bank AG Deutsche Zentr5.000    9/23/2020     EUR    65.780
BNP Paribas Emissions- un10.000   9/24/2020     EUR    61.730
BNP Paribas Emissions- un11.000   9/24/2020     EUR    60.570
BNP Paribas Emissions- un7.000    12/24/2020    EUR    66.470
BNP Paribas Emissions- un9.000    12/24/2020    EUR    63.340
BNP Paribas Emissions- un13.000   12/24/2020    EUR    60.340
BNP Paribas Emissions- un8.000    12/24/2020    EUR    73.810
BNP Paribas Emissions- un9.500    12/24/2020    EUR    71.160
BNP Paribas Emissions- un13.000   9/24/2020     EUR    74.260
BNP Paribas Emissions- un17.000   3/26/2020     EUR    72.070
Landesbank Baden-Wuerttem4.500    4/24/2020     EUR    72.480
Landesbank Baden-Wuerttem5.000    4/24/2020     EUR    60.900
Landesbank Baden-Wuerttem6.500    4/24/2020     EUR    57.430
DZ Bank AG Deutsche Zentr12.500   4/22/2020     EUR    63.050
DZ Bank AG Deutsche Zentr6.750    4/22/2020     EUR    72.360
EFG International Finance15.000   4/23/2020     USD    50.130
Vontobel Financial Produc14.000   6/26/2020     EUR    73.700
Vontobel Financial Produc9.500    6/26/2020     EUR    72.990
Vontobel Financial Produc9.500    3/27/2020     EUR    74.480
Vontobel Financial Produc13.000   3/27/2020     EUR    70.270
EFG International Finance8.000    3/9/2020      USD    48.220
Vontobel Financial Produc8.000    6/26/2020     EUR    70.000
Vontobel Financial Produc8.500    9/25/2020     EUR    69.500
Vontobel Financial Produc6.500    6/26/2020     EUR    72.020
Vontobel Financial Produc11.500   6/26/2020     EUR    66.660
Vontobel Financial Produc13.000   6/26/2020     EUR    65.010
Commerzbank AG           3.900    3/23/2022     USD     7.720
DekaBank Deutsche Girozen3.000    3/13/2020     EUR    61.940
DekaBank Deutsche Girozen3.350    3/15/2021     EUR    68.640
Vontobel Financial Produc18.750   3/13/2020     EUR    74.490
Societe Generale Effekten14.057   3/27/2020     EUR    73.220
Commerzbank AG           10.250   3/27/2020     EUR    61.400
DZ Bank AG Deutsche Zentr5.000    6/24/2020     EUR    64.370
Societe Generale Effekten14.057   3/27/2020     EUR    72.510
Societe Generale Effekten17.795   6/26/2020     EUR    72.650
Societe Generale Effekten21.164   12/28/2020    EUR    74.030
Societe Generale Effekten11.714   3/27/2020     EUR    73.790
Landesbank Baden-Wuerttem7.000    6/25/2021     EUR    74.420
Landesbank Baden-Wuerttem2.000    6/25/2021     EUR    70.100
Landesbank Baden-Wuerttem3.500    6/25/2021     EUR    63.970
Landesbank Baden-Wuerttem3.500    6/25/2021     EUR    67.490
Vontobel Financial Produc15.500   6/26/2020     EUR    44.700
UniCredit Bank AG        6.400    5/11/2020     EUR    76.280
Leonteq Securities AG/Gue18.400   4/8/2020      USD    61.650
Leonteq Securities AG/Gue15.600   4/8/2020      EUR    61.110
Commerzbank AG           12.750   3/27/2020     EUR    74.650
Landesbank Hessen-Thuerin6.250    7/15/2022     EUR    48.520
Getin Noble Bank SA      6.790    5/31/2023     PLN    75.000
Vontobel Financial Produc13.500   9/25/2020     EUR    72.410
Vontobel Financial Produc12.500   12/28/2020    EUR    74.900
Leonteq Securities AG/Gue3.400    3/20/2024     CHF    49.340
Vontobel Financial Produc8.500    9/25/2020     EUR    71.440
Societe Generale Effekten19.126   3/20/2020     EUR    38.380
Vontobel Financial Produc12.000   12/11/2020    EUR    71.700
Vontobel Financial Produc15.000   12/11/2020    EUR    70.320
Vontobel Financial Produc9.500    12/11/2020    EUR    73.910
Vontobel Financial Produc9.000    9/11/2020     EUR    74.310
Vontobel Financial Produc16.000   9/11/2020     EUR    69.250
Vontobel Financial Produc12.500   9/11/2020     EUR    71.490
Vontobel Financial Produc18.000   9/11/2020     EUR    68.440
UniCredit Bank AG        15.400   12/28/2020    EUR    73.110
UniCredit Bank AG        12.600   9/25/2020     EUR    74.250
DZ Bank AG Deutsche Zentr8.750    12/23/2020    EUR    70.180
DZ Bank AG Deutsche Zentr10.750   11/25/2020    EUR    73.930
DZ Bank AG Deutsche Zentr10.600   9/25/2020     EUR    59.110
DZ Bank AG Deutsche Zentr7.000    6/24/2020     EUR    68.980
Landesbank Baden-Wuerttem3.000    11/27/2020    EUR    66.730
Vontobel Financial Produc14.000   6/26/2020     EUR    58.100
Vontobel Financial Produc15.000   3/27/2020     EUR    55.760
Vontobel Financial Produc12.000   3/27/2020     EUR    58.870
Vontobel Financial Produc6.500    6/26/2020     EUR    66.990
Vontobel Financial Produc7.500    6/26/2020     EUR    65.100
Vontobel Financial Produc12.500   6/26/2020     EUR    59.220
Vontobel Financial Produc8.500    6/26/2020     EUR    63.340
Vontobel Financial Produc13.500   3/27/2020     EUR    57.290
Vontobel Financial Produc7.500    3/27/2020     EUR    64.550
Vontobel Financial Produc10.000   3/27/2020     EUR    60.640
EFG International Finance7.200    2/22/2021     CHF    28.610
Vontobel Financial Produc5.000    9/9/2020      EUR    66.970
Raiffeisen Schweiz Genoss6.900    2/19/2020     EUR    64.100
Leonteq Securities AG/Gue2.300    2/8/2023      CHF    57.910
UniCredit Bank AG        6.400    3/5/2021      EUR    43.720
UniCredit Bank AG        4.650    3/5/2021      EUR    67.870
Noyabrskaya Pge OOO      8.500    11/10/2020    RUB    60.010
Vontobel Financial Produc16.000   6/26/2020     EUR    64.990
Vontobel Financial Produc12.500   3/27/2020     EUR    72.770
Vontobel Financial Produc4.500    3/27/2020     EUR    60.040
Vontobel Financial Produc7.500    3/27/2020     EUR    54.940
Vontobel Financial Produc11.500   3/27/2020     EUR    50.860
Vontobel Financial Produc10.000   3/27/2020     EUR    52.120
Vontobel Financial Produc5.500    6/26/2020     EUR    58.480
Vontobel Financial Produc4.500    6/26/2020     EUR    59.990
Vontobel Financial Produc3.000    6/26/2020     EUR    63.560
Vontobel Financial Produc8.500    6/26/2020     EUR    54.580
Vontobel Financial Produc9.500    6/26/2020     EUR    53.460
Vontobel Financial Produc6.500    6/26/2020     EUR    57.080
Vontobel Financial Produc10.500   6/26/2020     EUR    52.430
Vontobel Financial Produc11.500   6/26/2020     EUR    51.470
Vontobel Financial Produc16.000   3/27/2020     EUR    62.760
BNP Paribas Emissions- un10.000   3/26/2020     EUR    75.120
BNP Paribas Emissions- un15.000   6/25/2020     EUR    71.560
BNP Paribas Emissions- un4.500    3/26/2020     EUR    66.750
BNP Paribas Emissions- un7.000    3/26/2020     EUR    63.390
BNP Paribas Emissions- un8.500    3/26/2020     EUR    60.290
BNP Paribas Emissions- un10.000   3/26/2020     EUR    58.450
BNP Paribas Emissions- un14.000   3/26/2020     EUR    54.410
BNP Paribas Emissions- un17.000   3/26/2020     EUR    52.360
BNP Paribas Emissions- un7.000    9/24/2020     EUR    64.860
BNP Paribas Emissions- un6.000    3/26/2020     EUR    60.310
BNP Paribas Emissions- un7.000    12/24/2020    EUR    60.490
BNP Paribas Emissions- un9.500    12/24/2020    EUR    76.220
BNP Paribas Emissions- un5.500    12/24/2020    EUR    68.470
BNP Paribas Emissions- un8.500    12/24/2020    EUR    64.760
BNP Paribas Emissions- un14.000   6/25/2020     EUR    72.640
BNP Paribas Emissions- un12.000   9/24/2020     EUR    74.710
BNP Paribas Emissions- un10.000   3/26/2020     EUR    70.010
BNP Paribas Emissions- un13.000   3/26/2020     EUR    66.000
BNP Paribas Emissions- un9.000    6/25/2020     EUR    71.090
BNP Paribas Emissions- un14.000   6/25/2020     EUR    71.780
BNP Paribas Emissions- un17.000   6/25/2020     EUR    74.220
Vontobel Financial Produc12.000   6/29/2020     EUR    70.870
Landesbank Baden-Wuerttem3.000    4/24/2020     EUR    64.820
Landesbank Baden-Wuerttem6.000    4/24/2020     EUR    71.410
DZ Bank AG Deutsche Zentr8.300    4/22/2020     EUR    57.100
Societe Generale Effekten25.504   9/18/2020     EUR    55.700
Societe Generale Effekten26.320   3/20/2020     EUR    71.840
Leonteq Securities AG    15.400   4/8/2020      CHF    61.080
Commerzbank AG           4.500    3/27/2020     EUR    67.800
Vontobel Financial Produc14.000   3/27/2020     EUR    70.700
Vontobel Financial Produc5.000    6/25/2020     EUR    62.160
Vontobel Financial Produc13.000   6/26/2020     EUR    74.200
Vontobel Financial Produc6.550    6/26/2020     EUR    49.180
Vontobel Financial Produc5.500    3/27/2020     EUR    58.230
Vontobel Financial Produc6.500    3/27/2020     EUR    56.530
Vontobel Financial Produc9.000    3/27/2020     EUR    53.510
Landesbank Baden-Wuerttem5.400    7/24/2020     EUR    67.980
DZ Bank AG Deutsche Zentr8.250    6/24/2020     EUR    73.700
Vontobel Financial Produc7.500    6/26/2020     EUR    55.780
Vontobel Financial Produc3.500    6/26/2020     EUR    61.620
Vontobel Financial Produc11.500   6/26/2020     EUR    73.530
Vontobel Financial Produc13.000   6/26/2020     EUR    71.910
BNP Paribas Emissions- un14.000   3/26/2020     EUR    69.830
BNP Paribas Emissions- un12.000   9/24/2020     EUR    72.580
BNP Paribas Emissions- un13.000   6/25/2020     EUR    73.310
BNP Paribas Emissions- un14.000   6/25/2020     EUR    72.410
BNP Paribas Emissions- un8.500    9/24/2020     EUR    62.710
BNP Paribas Emissions- un8.000    3/26/2020     EUR    56.780
BNP Paribas Emissions- un7.000    9/24/2020     EUR    59.010
BNP Paribas Emissions- un8.500    9/24/2020     EUR    56.760
BNP Paribas Emissions- un10.000   9/24/2020     EUR    54.840
BNP Paribas Emissions- un11.000   12/24/2020    EUR    55.540
BNP Paribas Emissions- un13.000   12/24/2020    EUR    75.160
Societe Generale Effekten4.397    9/18/2020     EUR    70.830
Societe Generale Effekten17.003   9/18/2020     EUR    58.460
Societe Generale Effekten19.641   9/18/2020     EUR    57.200
UniCredit Bank AG        16.200   6/26/2020     EUR    54.550
UniCredit Bank AG        4.100    12/24/2021    EUR    70.480
UniCredit Bank AG        10.200   12/28/2020    EUR    60.240
UniCredit Bank AG        4.400    6/25/2021     EUR    70.030
UniCredit Bank AG        7.600    6/25/2021     EUR    63.550
UniCredit Bank AG        10.500   6/26/2020     EUR    58.560
UniCredit Bank AG        4.300    6/26/2020     EUR    68.710
UniCredit Bank AG        6.600    12/24/2021    EUR    64.980
UniCredit Bank AG        10.100   6/25/2021     EUR    61.460
UniCredit Bank AG        19.300   3/27/2020     EUR    51.800
WEB Windenergie AG       2.500    9/26/2021     EUR    55.010
Landesbank Baden-Wuerttem4.500    11/27/2020    EUR    63.820
Landesbank Baden-Wuerttem6.000    11/27/2020    EUR    60.460
Goldman Sachs & Co Wertpa19.000   2/26/2020     EUR    73.820
Goldman Sachs & Co Wertpa23.000   2/26/2020     EUR    68.490
Goldman Sachs & Co Wertpa20.000   3/25/2020     EUR    71.620
Goldman Sachs & Co Wertpa24.000   3/25/2020     EUR    67.160
Goldman Sachs & Co Wertpa15.000   2/26/2020     EUR    71.860
Goldman Sachs & Co Wertpa17.000   2/26/2020     EUR    69.630
Goldman Sachs & Co Wertpa24.000   2/26/2020     EUR    67.840
Goldman Sachs & Co Wertpa15.000   3/25/2020     EUR    73.030
Goldman Sachs & Co Wertpa20.000   3/25/2020     EUR    67.090
Goldman Sachs & Co Wertpa22.000   3/25/2020     EUR    65.420
Goldman Sachs & Co Wertpa19.000   4/22/2020     EUR    72.800
Goldman Sachs & Co Wertpa21.000   4/22/2020     EUR    71.050
Goldman Sachs & Co Wertpa19.000   6/24/2020     EUR    72.250
Goldman Sachs & Co Wertpa15.000   2/26/2020     EUR    68.570
Goldman Sachs & Co Wertpa18.000   2/26/2020     EUR    65.620
Goldman Sachs & Co Wertpa24.000   2/26/2020     EUR    60.530
Goldman Sachs & Co Wertpa20.000   3/25/2020     EUR    64.450
Goldman Sachs & Co Wertpa22.000   3/25/2020     EUR    67.140
Goldman Sachs & Co Wertpa19.000   4/22/2020     EUR    71.250
Goldman Sachs & Co Wertpa21.000   4/22/2020     EUR    68.710
Goldman Sachs & Co Wertpa20.000   6/24/2020     EUR    69.380
Goldman Sachs & Co Wertpa17.000   9/23/2020     EUR    72.530
Goldman Sachs & Co Wertpa15.000   12/23/2020    EUR    74.950
Landesbank Baden-Wuerttem3.770    3/27/2020     EUR    73.260
Vontobel Financial Produc14.500   3/13/2020     EUR    73.510
Goldman Sachs & Co Wertpa22.000   3/25/2020     EUR    74.870
Landesbank Baden-Wuerttem7.500    10/23/2020    EUR    67.650
SG Issuer SA             0.800    10/21/2020    SEK    42.730
UniCredit Bank AG        8.500    3/27/2020     EUR    60.530
UniCredit Bank AG        13.300   6/26/2020     EUR    56.370
DZ Bank AG Deutsche Zentr6.000    7/22/2020     EUR    60.600
Landesbank Baden-Wuerttem4.000    10/23/2020    EUR    71.960
WEB Windenergie AG       2.750    12/17/2020    EUR    55.010
Landesbank Hessen-Thuerin4.000    1/6/2021      EUR    74.570
Landesbank Hessen-Thuerin2.250    7/13/2020     EUR    36.500
Landesbank Hessen-Thuerin4.100    7/13/2020     EUR    60.900
DZ Bank AG Deutsche Zentr6.100    3/23/2020     EUR    58.400
DZ Bank AG Deutsche Zentr9.250    9/21/2020     EUR    52.760
Landesbank Hessen-Thuerin4.000    8/9/2023      EUR    71.240
UniCredit Bank AG        10.500   6/26/2020     EUR    73.030
UniCredit Bank AG        11.000   12/28/2020    EUR    69.910
UniCredit Bank AG        8.800    12/28/2020    EUR    72.090
UniCredit Bank AG        8.500    12/28/2020    EUR    74.520
UniCredit Bank AG        12.700   12/28/2020    EUR    69.580
UniCredit Bank AG        14.400   12/28/2020    EUR    73.240
UniCredit Bank AG        10.100   6/26/2020     EUR    61.460
UniCredit Bank AG        8.000    6/26/2020     EUR    63.450
UniCredit Bank AG        14.700   6/26/2020     EUR    58.300
UniCredit Bank AG        13.500   6/26/2020     EUR    65.130
UniCredit Bank AG        13.800   6/26/2020     EUR    69.500
UniCredit Bank AG        9.800    12/28/2020    EUR    72.590
UniCredit Bank AG        7.500    12/24/2021    EUR    63.900
UniCredit Bank AG        5.400    6/25/2021     EUR    67.400
UniCredit Bank AG        13.800   3/27/2020     EUR    75.250
Landesbank Baden-Wuerttem7.000    9/25/2020     EUR    67.710
Goldman Sachs & Co Wertpa24.000   2/26/2020     EUR    72.310
Raiffeisen Centrobank AG 9.367    6/23/2020     EUR    65.140
UBS AG/London            15.200   3/26/2020     EUR    63.000
Raiffeisen Centrobank AG 10.995   6/23/2020     EUR    64.190
Vontobel Financial Produc16.000   6/12/2020     EUR    71.390
Vontobel Financial Produc17.000   3/13/2020     EUR    70.380
Landesbank Baden-Wuerttem4.500    9/25/2020     EUR    66.340
Landesbank Baden-Wuerttem6.000    9/25/2020     EUR    63.160
Landesbank Baden-Wuerttem5.000    9/25/2020     EUR    71.160
Vontobel Financial Produc9.250    4/3/2020      EUR    59.160
UBS AG/London            15.000   4/5/2021      USD    67.940
DekaBank Deutsche Girozen2.250    3/27/2020     EUR    74.760
Landesbank Hessen-Thuerin3.250    8/13/2020     EUR    75.200
Landesbank Hessen-Thuerin3.100    8/13/2020     EUR    58.100
UBS AG/London            4.500    6/25/2020     EUR    64.370
UBS AG/London            5.700    9/24/2020     EUR    74.860
UBS AG/London            10.400   3/26/2020     EUR    69.800
Landesbank Hessen-Thuerin3.250    7/13/2020     EUR    73.500
Landesbank Baden-Wuerttem7.100    3/26/2021     EUR    71.510
Landesbank Hessen-Thuerin5.750    7/12/2024     EUR    63.190
Vontobel Financial Produc3.500    6/12/2020     EUR    73.710
Vontobel Financial Produc6.000    3/13/2020     EUR    66.680
Vontobel Financial Produc16.500   3/13/2020     EUR    55.230
Vontobel Financial Produc5.500    6/12/2020     EUR    68.960
Vontobel Financial Produc9.000    3/13/2020     EUR    62.310
Vontobel Financial Produc12.500   3/13/2020     EUR    58.510
Vontobel Financial Produc8.000    6/12/2020     EUR    65.060
DZ Bank AG Deutsche Zentr13.750   3/25/2020     EUR    70.420
Landesbank Baden-Wuerttem5.000    3/27/2020     EUR    65.240
Societe Generale Effekten24.337   3/20/2020     EUR    61.970
Societe Generale Effekten4.660    3/20/2020     EUR    70.050
Vontobel Financial Produc11.000   9/25/2020     EUR    75.540
Societe Generale Effekten10.874   3/20/2020     EUR    67.750
BNP Paribas Emissions- un4.000    9/24/2020     EUR    69.110
BNP Paribas Emissions- un5.500    9/24/2020     EUR    67.740
Zurcher Kantonalbank Fina7.500    3/13/2020     EUR    73.680
Landesbank Baden-Wuerttem5.500    3/27/2020     EUR    68.230
BNP Paribas Emissions- un7.000    9/24/2020     EUR    66.480
BNP Paribas Emissions- un10.000   3/26/2020     EUR    60.700
Landesbank Baden-Wuerttem4.000    3/27/2020     EUR    72.400
Landesbank Baden-Wuerttem3.000    3/27/2020     EUR    71.110
UBS AG/London            7.400    12/28/2020    EUR    73.880
BNP Paribas Emissions- un3.500    9/24/2020     EUR    71.190
BNP Paribas Emissions- un4.500    9/24/2020     EUR    67.140
BNP Paribas Emissions- un6.500    9/24/2020     EUR    64.150
BNP Paribas Emissions- un7.500    9/24/2020     EUR    64.750
BNP Paribas Emissions- un18.000   3/26/2020     EUR    57.740
BNP Paribas Emissions- un4.000    3/26/2020     EUR    64.370
BNP Paribas Emissions- un8.000    3/26/2020     EUR    64.750
BNP Paribas Emissions- un3.000    6/25/2020     EUR    68.430
BNP Paribas Emissions- un4.500    6/25/2020     EUR    66.550
BNP Paribas Emissions- un15.000   9/24/2020     EUR    60.620
BNP Paribas Emissions- un7.000    12/24/2020    EUR    67.710
UBS AG/London            18.100   3/26/2020     EUR    70.550
BNP Paribas Emissions- un5.000    9/24/2020     EUR    69.700
BNP Paribas Emissions- un6.000    9/24/2020     EUR    65.890
BNP Paribas Emissions- un8.500    3/26/2020     EUR    62.610
BNP Paribas Emissions- un23.000   3/26/2020     EUR    54.920
BNP Paribas Emissions- un6.000    6/25/2020     EUR    64.810
BNP Paribas Emissions- un7.000    6/25/2020     EUR    65.160
BNP Paribas Emissions- un10.000   6/25/2020     EUR    62.100
BNP Paribas Emissions- un19.000   6/25/2020     EUR    58.380
BNP Paribas Emissions- un13.000   12/24/2020    EUR    62.480
BNP Paribas Emissions- un8.000    9/24/2020     EUR    63.130
BNP Paribas Emissions- un12.000   9/24/2020     EUR    61.980
BNP Paribas Emissions- un4.000    12/24/2020    EUR    69.380
BNP Paribas Emissions- un7.500    12/24/2020    EUR    66.180
BNP Paribas Emissions- un9.500    3/26/2020     EUR    62.700
BNP Paribas Emissions- un9.000    3/26/2020     EUR    60.600
BNP Paribas Emissions- un5.000    3/26/2020     EUR    64.470
BNP Paribas Emissions- un6.000    3/26/2020     EUR    64.560
BNP Paribas Emissions- un7.000    3/26/2020     EUR    64.660
BNP Paribas Emissions- un5.500    6/25/2020     EUR    66.890
BNP Paribas Emissions- un6.500    6/25/2020     EUR    67.240
BNP Paribas Emissions- un9.000    6/25/2020     EUR    61.750
BNP Paribas Emissions- un8.000    12/24/2020    EUR    64.750
BNP Paribas Emissions- un4.500    12/24/2020    EUR    67.650
UBS AG/London            10.700   3/26/2020     EUR    71.610
BNP Paribas Emissions- un21.000   3/26/2020     EUR    54.730
BNP Paribas Emissions- un5.000    6/25/2020     EUR    69.120
BNP Paribas Emissions- un7.500    6/25/2020     EUR    63.220
BNP Paribas Emissions- un8.500    6/25/2020     EUR    63.560
BNP Paribas Emissions- un9.000    12/24/2020    EUR    65.600
BNP Paribas Emissions- un10.000   12/24/2020    EUR    63.020
BNP Paribas Emissions- un9.000    9/24/2020     EUR    63.720
BNP Paribas Emissions- un3.500    12/24/2020    EUR    71.210
BNP Paribas Emissions- un6.000    12/24/2020    EUR    66.860
UBS AG/London            6.000    3/26/2020     EUR    75.250
Bank Julius Baer & Co Ltd7.000    3/6/2020      EUR    67.850
DZ Bank AG Deutsche Zentr4.750    12/21/2020    EUR    62.160
BNP Paribas Emissions- un8.500    9/24/2020     EUR    65.340
BNP Paribas Emissions- un14.000   3/26/2020     EUR    57.350
BNP Paribas Emissions- un16.000   3/26/2020     EUR    57.550
Commerzbank AG           8.750    7/24/2020     EUR    74.180
Commerzbank AG           11.000   3/27/2020     EUR    71.640
Commerzbank AG           9.000    3/27/2020     EUR    73.680
Commerzbank AG           10.750   7/24/2020     EUR    71.510
Commerzbank AG           12.750   7/24/2020     EUR    69.430
SG Issuer SA             6.650    10/10/2021    EUR    72.160
Landesbank Hessen-Thuerin4.000    10/14/2020    EUR    33.270
UBS AG/London            6.900    3/26/2020     EUR    75.350
BNP Paribas Emissions- un19.000   3/26/2020     EUR    54.530
UBS AG/London            3.000    3/26/2020     EUR    69.000
UBS AG/London            8.500    3/26/2020     EUR    72.440
UBS AG/London            6.200    3/26/2020     EUR    60.230
UBS AG/London            4.200    6/25/2020     EUR    68.910
UBS AG/London            12.600   6/25/2020     EUR    56.400
UBS AG/London            22.700   3/26/2020     EUR    47.240
BNP Paribas Emissions- un11.000   6/25/2020     EUR    64.430
BNP Paribas Emissions- un14.000   9/24/2020     EUR    63.170
BNP Paribas Emissions- un10.000   12/24/2020    EUR    66.440
Landesbank Baden-Wuerttem6.200    3/26/2021     EUR    72.560
BNP Paribas Emissions- un7.500    6/25/2020     EUR    67.580
BNP Paribas Emissions- un9.000    6/25/2020     EUR    65.850
BNP Paribas Emissions- un4.000    9/24/2020     EUR    73.980
BNP Paribas Emissions- un9.500    9/24/2020     EUR    65.940
BNP Paribas Emissions- un4.000    12/24/2020    EUR    73.970
BNP Paribas Emissions- un6.500    12/24/2020    EUR    69.340
BNP Paribas Emissions- un12.000   12/24/2020    EUR    64.710
DZ Bank AG Deutsche Zentr7.250    3/25/2020     EUR    69.180
BNP Paribas Emissions- un7.000    12/24/2020    EUR    72.070
BNP Paribas Emissions- un4.500    12/24/2020    EUR    72.060
BNP Paribas Emissions- un8.500    12/24/2020    EUR    71.000
BNP Paribas Emissions- un20.000   3/26/2020     EUR    57.930
BNP Paribas Emissions- un4.500    9/24/2020     EUR    71.790
BNP Paribas Emissions- un6.500    9/24/2020     EUR    68.330
BNP Paribas Emissions- un8.000    12/24/2020    EUR    68.560
HSBC Trinkaus & Burkhardt2.250    4/22/2020     EUR    66.250
Vontobel Financial Produc17.000   6/26/2020     EUR    72.940
Vontobel Financial Produc18.500   3/27/2020     EUR    72.570
Vontobel Financial Produc14.500   3/27/2020     EUR    59.860
DZ Bank AG Deutsche Zentr8.000    6/24/2020     EUR    67.250
Landesbank Baden-Wuerttem5.280    8/28/2020     EUR    64.430
Landesbank Hessen-Thuerin4.000    9/20/2023     EUR    70.070
Vontobel Financial Produc5.500    3/20/2020     EUR    64.830
Raiffeisen Switzerland BV9.500    3/11/2020     EUR    61.980
DZ Bank AG Deutsche Zentr10.000   3/25/2020     EUR    61.620
Bank Julius Baer & Co Ltd15.300   3/23/2020     USD    51.400
HSBC Trinkaus & Burkhardt3.000    8/10/2020     EUR    68.580
HSBC Trinkaus & Burkhardt6.000    2/28/2020     EUR    72.460
HSBC Trinkaus & Burkhardt2.250    4/22/2020     EUR    66.250
HSBC Trinkaus & Burkhardt1.000    4/22/2020     EUR    71.760
Deutsche Bank AG         3.200    6/23/2020     EUR    73.680
Deutsche Bank AG         3.200    12/22/2020    EUR    74.590
DZ Bank AG Deutsche Zentr11.750   3/25/2020     EUR    70.580
DZ Bank AG Deutsche Zentr8.750    3/25/2020     EUR    69.810
Deutsche Bank AG         8.200    12/22/2020    EUR    65.000
Societe Generale Effekten6.762    6/26/2020     EUR    70.900
Deutsche Bank AG         8.200    12/22/2020    EUR    60.500
HSBC Trinkaus & Burkhardt1.250    4/22/2020     EUR    74.800
HSBC Trinkaus & Burkhardt5.100    3/27/2020     EUR    66.690
HSBC Trinkaus & Burkhardt7.700    9/25/2020     EUR    60.380
HSBC Trinkaus & Burkhardt5.000    9/25/2020     EUR    72.240
Leonteq Securities AG/Gue7.500    3/11/2021     CHF    70.150
Societe Generale Effekten14.240   3/20/2020     EUR    72.720
Vontobel Financial Produc21.500   6/26/2020     EUR    74.590
Societe Generale Effekten10.601   6/19/2020     EUR    63.950
Vontobel Financial Produc4.500    9/25/2020     EUR    50.640
Societe Generale Effekten8.803    3/20/2020     EUR    71.100
Societe Generale Effekten10.601   6/19/2020     EUR    71.850
Societe Generale Effekten11.564   6/19/2020     EUR    70.580
Societe Generale Effekten13.204   3/20/2020     EUR    52.030
Societe Generale Effekten12.849   6/19/2020     EUR    59.030
Societe Generale Effekten10.740   9/18/2020     EUR    65.240
Societe Generale Effekten25.890   3/20/2020     EUR    43.690
Societe Generale Effekten9.316    6/19/2020     EUR    62.110
Societe Generale Effekten28.268   6/19/2020     EUR    69.230
Vontobel Financial Produc8.500    3/27/2020     EUR    73.020
Societe Generale Effekten15.793   3/20/2020     EUR    61.430
DZ Bank AG Deutsche Zentr8.250    3/25/2020     EUR    66.790
Landesbank Baden-Wuerttem4.750    3/27/2020     EUR    69.450
Deutsche Bank AG         8.200    6/23/2020     EUR    61.500
Societe Generale Effekten9.392    6/26/2020     EUR    63.120
Societe Generale Effekten11.270   6/26/2020     EUR    64.000
Societe Generale Effekten5.000    9/25/2020     EUR    70.550
Societe Generale Effekten6.000    9/25/2020     EUR    71.150
Societe Generale Effekten8.000    9/25/2020     EUR    72.360
Societe Generale Effekten12.500   9/25/2020     EUR    66.220
Societe Generale Effekten6.288    12/28/2020    EUR    71.560
Societe Generale Effekten8.803    12/28/2020    EUR    73.280
Societe Generale Effekten12.575   12/28/2020    EUR    67.180
Societe Generale Effekten15.719   12/28/2020    EUR    69.340
Societe Generale Effekten18.863   12/28/2020    EUR    64.640
Societe Generale Effekten10.492   6/25/2021     EUR    73.080
Societe Generale Effekten12.240   6/25/2021     EUR    74.430
Deutsche Bank AG         8.200    9/22/2020     EUR    64.200
HSBC Trinkaus & Burkhardt5.600    6/26/2020     EUR    65.850
HSBC Trinkaus & Burkhardt6.300    6/26/2020     EUR    72.290
Leonteq Securities AG    7.400    3/2/2020      CHF    19.920
DekaBank Deutsche Girozen3.150    3/5/2021      EUR    60.780
Landesbank Baden-Wuerttem5.000    3/27/2020     EUR    75.310
Societe Generale Effekten19.677   3/20/2020     EUR    73.280
Societe Generale Effekten11.564   6/19/2020     EUR    60.200
Societe Generale Effekten8.026    3/20/2020     EUR    72.660
Societe Generale Effekten8.995    6/19/2020     EUR    74.730
Societe Generale Effekten18.632   6/19/2020     EUR    63.280
Societe Generale Effekten10.097   3/20/2020     EUR    56.760
Societe Generale Effekten14.499   3/20/2020     EUR    51.790
Societe Generale Effekten20.195   3/20/2020     EUR    47.290
Societe Generale Effekten7.067    6/19/2020     EUR    65.730
Societe Generale Effekten14.134   6/19/2020     EUR    56.460
Societe Generale Effekten25.377   6/19/2020     EUR    71.850
Societe Generale Effekten7.767    3/20/2020     EUR    72.990
Societe Generale Effekten22.007   3/20/2020     EUR    72.870
Societe Generale Effekten25.373   3/20/2020     EUR    69.030
Vontobel Financial Produc11.000   3/27/2020     EUR    63.090
Societe Generale Effekten5.260    6/26/2020     EUR    70.190
Societe Generale Effekten7.000    9/25/2020     EUR    71.760
Societe Generale Effekten9.000    9/25/2020     EUR    72.960
Societe Generale Effekten15.000   9/25/2020     EUR    67.720
Societe Generale Effekten7.545    12/28/2020    EUR    72.420
Societe Generale Effekten10.060   12/28/2020    EUR    73.710
Societe Generale Effekten7.514    6/26/2020     EUR    71.250
Leonteq Securities AG/Gue11.000   3/2/2020      CHF    40.490
UniCredit Bank AG        4.500    3/12/2022     EUR    71.330
UBS AG/London            7.500    2/21/2020     EUR    39.750
UBS AG/London            8.500    8/21/2020     EUR    46.850
EFG International Finance6.400    3/8/2021      EUR    56.010
Societe Generale Effekten6.011    6/26/2020     EUR    70.550
UBS AG/London            10.000   3/22/2021     EUR    71.450
HSBC Trinkaus & Burkhardt5.700    9/25/2020     EUR    64.880
HSBC Trinkaus & Burkhardt8.600    3/27/2020     EUR    66.980
HSBC Trinkaus & Burkhardt6.100    12/28/2020    EUR    69.290
HSBC Trinkaus & Burkhardt4.100    12/28/2020    EUR    74.370
HSBC Trinkaus & Burkhardt7.000    7/24/2020     EUR    68.090
HSBC Trinkaus & Burkhardt4.300    7/24/2020     EUR    74.450
HSBC Trinkaus & Burkhardt10.600   3/27/2020     EUR    66.180
Vontobel Financial Produc11.000   3/27/2020     EUR    45.390
Landesbank Baden-Wuerttem7.000    3/27/2020     EUR    60.230
Societe Generale Effekten22.525   3/20/2020     EUR    63.640
Societe Generale Effekten23.301   3/20/2020     EUR    62.780
Societe Generale Effekten24.337   3/20/2020     EUR    72.440
Societe Generale Effekten18.123   3/20/2020     EUR    74.940
Societe Generale Effekten16.052   3/20/2020     EUR    62.180
Societe Generale Effekten9.637    6/19/2020     EUR    73.210
Societe Generale Effekten12.528   6/19/2020     EUR    69.340
Societe Generale Effekten7.249    3/20/2020     EUR    62.630
Societe Generale Effekten9.637    6/19/2020     EUR    64.180
Societe Generale Effekten14.192   9/18/2020     EUR    60.770
Societe Generale Effekten6.990    3/20/2020     EUR    61.110
Societe Generale Effekten11.910   3/20/2020     EUR    54.500
Societe Generale Effekten22.486   6/19/2020     EUR    50.860
Societe Generale Effekten9.321    3/20/2020     EUR    70.260
Societe Generale Effekten12.168   6/19/2020     EUR    74.990
Volga Sport ZAO          7.880    4/4/2022      RUB    100.00
Polski Bank Spoldzielczy 4.790    11/26/2024    PLN    50.000
Societe Generale Effekten8.262    3/20/2020     EUR    68.230
Societe Generale Effekten17.902   3/20/2020     EUR    52.540
Societe Generale Effekten6.473    6/19/2020     EUR    70.810
Societe Generale Effekten23.301   6/19/2020     EUR    54.860
Societe Generale Effekten10.279   9/18/2020     EUR    68.520
Societe Generale Effekten12.849   9/18/2020     EUR    65.520
Societe Generale Effekten15.419   9/18/2020     EUR    63.030
Societe Generale Effekten18.310   9/18/2020     EUR    61.110
Societe Generale Effekten26.984   9/18/2020     EUR    57.290
Societe Generale Effekten13.981   6/19/2020     EUR    72.790
Societe Generale Effekten15.793   6/19/2020     EUR    70.800
Deutsche Bank AG         5.400    3/24/2020     EUR    72.930
Deutsche Bank AG         5.400    2/25/2020     EUR    72.480
Societe Generale Effekten13.447   3/20/2020     EUR    59.610
Leonteq Securities AG/Gue9.600    8/4/2020      CHF    58.350
Societe Generale Effekten12.046   3/20/2020     EUR    69.750
Societe Generale Effekten8.684    3/20/2020     EUR    43.920
Societe Generale Effekten14.041   6/19/2020     EUR    43.540
Societe Generale Effekten5.042    3/20/2020     EUR    70.090
Societe Generale Effekten11.766   3/20/2020     EUR    57.700
Societe Generale Effekten19.610   3/20/2020     EUR    71.180
Societe Generale Effekten25.212   3/20/2020     EUR    64.730
Societe Generale Effekten7.564    3/20/2020     EUR    76.040
Raiffeisen Schweiz Genoss5.750    9/2/2020      CHF    42.390
Raiffeisen Schweiz Genoss7.000    3/2/2020      CHF    73.300
Raiffeisen Schweiz Genoss6.200    3/2/2020      CHF    63.860
Deutsche Bank AG         3.200    9/22/2020     EUR    74.190
BNP Paribas Emissions- un7.500    3/26/2020     EUR    62.510
BNP Paribas Emissions- un4.000    6/25/2020     EUR    68.770
BNP Paribas Emissions- un9.500    6/25/2020     EUR    63.910
BNP Paribas Emissions- un14.000   6/25/2020     EUR    59.860
BNP Paribas Emissions- un17.000   6/25/2020     EUR    57.690
BNP Paribas Emissions- un5.000    12/24/2020    EUR    70.230
BNP Paribas Emissions- un5.500    12/24/2020    EUR    68.500
BNP Paribas Emissions- un6.500    12/24/2020    EUR    65.340
Leonteq Securities AG/Gue3.750    2/20/2023     CHF    54.840
Landesbank Baden-Wuerttem3.000    4/25/2022     EUR    75.610
Landesbank Hessen-Thuerin3.500    9/22/2020     EUR    64.200
Landesbank Baden-Wuerttem2.810    3/24/2023     EUR    73.690
DekaBank Deutsche Girozen5.000    9/14/2020     EUR    64.770
DekaBank Deutsche Girozen7.000    9/14/2020     EUR    60.160
DekaBank Deutsche Girozen3.500    3/14/2022     EUR    72.340
Landesbank Hessen-Thuerin7.000    4/29/2022     EUR    45.540
Vontobel Financial Produc7.500    3/27/2020     EUR    59.100
Landesbank Baden-Wuerttem2.300    2/25/2022     EUR    75.130
Landesbank Baden-Wuerttem2.400    2/25/2022     EUR    72.520
UBS AG/London            11.000   4/17/2020     CHF    40.250
Landesbank Hessen-Thuerin3.000    9/9/2020      EUR    71.300
Landesbank Hessen-Thuerin7.770    7/15/2021     EUR    22.950
DekaBank Deutsche Girozen2.250    1/22/2021     EUR    61.280
DekaBank Deutsche Girozen2.550    11/13/2020    EUR    71.230
EFG International Finance12.000   10/19/2021    USD    74.620
Landesbank Baden-Wuerttem2.600    9/25/2020     EUR    55.240
UBS AG/London            7.000    6/29/2020     CHF    73.750
Leonteq Securities AG/Gue9.000    1/12/2021     USD    39.440
Landesbank Baden-Wuerttem3.000    2/28/2020     EUR    56.760
Landesbank Baden-Wuerttem4.000    2/28/2020     EUR    54.150
Credit Suisse AG/Nassau  7.000    4/17/2020     USD    72.070
DekaBank Deutsche Girozen2.100    1/5/2021      EUR    61.670
Vontobel Financial Produc14.500   3/27/2020     EUR    73.910
UniCredit Bank AG        3.500    1/5/2021      EUR    38.350
UniCredit Bank AG        3.500    1/5/2021      EUR    72.560
Bank Julius Baer & Co Ltd8.150    5/26/2020     EUR    52.250
Landesbank Hessen-Thuerin4.350    2/24/2023     EUR    36.230
Landesbank Baden-Wuerttem3.200    2/26/2021     EUR    63.820
Vontobel Financial Produc9.000    3/27/2020     EUR    61.520
DekaBank Deutsche Girozen5.000    7/31/2020     EUR    41.690
Vontobel Financial Produc18.000   6/26/2020     EUR    70.250
UniCredit Bank AG        4.500    1/18/2022     EUR    68.670
HSBC Trinkaus & Burkhardt9.100    2/28/2020     EUR    36.970
HSBC Trinkaus & Burkhardt9.800    6/26/2020     EUR    70.060
UniCredit Bank AG        4.450    10/30/2020    EUR    69.870
HSBC Trinkaus & Burkhardt13.100   3/27/2020     EUR    33.580
HSBC Trinkaus & Burkhardt12.600   6/26/2020     EUR    36.120
UniCredit Bank AG        3.450    4/30/2020     EUR    70.950
Citigroup Global Markets 12.379   11/13/2023    SEK    60.610
Landesbank Baden-Wuerttem3.000    2/26/2021     EUR    69.000
Landesbank Baden-Wuerttem3.800    2/26/2021     EUR    58.560
Landesbank Hessen-Thuerin3.000    7/29/2020     EUR    69.200
DekaBank Deutsche Girozen6.050    7/31/2020     EUR    53.280
UBS AG/London            11.090   4/8/2020      USD     5.406
Landesbank Baden-Wuerttem4.350    7/24/2020     EUR    46.190
UniCredit Bank AG        3.500    2/13/2023     EUR    70.460
HSBC Trinkaus & Burkhardt7.900    3/27/2020     EUR    38.580
UBS AG/London            8.500    6/22/2020     EUR    42.550
Raiffeisen Schweiz Genoss6.400    4/8/2020      CHF    66.190
HSBC Trinkaus & Burkhardt8.200    3/27/2020     EUR    73.450
United Confectioners Fina8.000    4/3/2023      RUB    100.23
Business-Consulting OAO  8.500    3/26/2020     RUB    100.00
Vontobel Financial Produc10.500   3/27/2020     EUR    73.120
Vontobel Financial Produc9.500    2/28/2020     EUR    64.770
Vontobel Financial Produc13.000   2/28/2020     EUR    68.240
Deutsche Bank AG         7.400    3/24/2020     EUR    69.870
Societe Generale Effekten10.365   3/20/2020     EUR    63.480
Leonteq Securities AG/Gue13.000   8/4/2020      CHF    32.870
Societe Generale Effekten9.245    3/20/2020     EUR    74.400
Societe Generale Effekten14.287   3/20/2020     EUR    67.040
Societe Generale Effekten10.925   3/20/2020     EUR    41.070
Societe Generale Effekten11.986   6/19/2020     EUR    46.040
Societe Generale Effekten7.003    3/20/2020     EUR    65.330
Societe Generale Effekten19.890   3/20/2020     EUR    49.490
Societe Generale Effekten22.411   3/20/2020     EUR    67.770
Societe Generale Effekten9.247    6/19/2020     EUR    76.300
Vontobel Financial Produc5.000    3/20/2020     EUR    69.940
UniCredit Bank AG        3.750    1/18/2022     EUR    74.030
Lehman Brothers Treasury 2.300    6/6/2013      USD     2.571
Lehman Brothers Treasury 7.500    5/30/2010     AUD     2.571
Lehman Brothers Treasury 7.250    7/8/2014      EUR     2.571
Lehman Brothers Treasury 14.100   11/12/2008    USD     2.571
Lehman Brothers Treasury 16.800   8/21/2009     USD     2.571
Lehman Brothers Treasury 13.432   1/8/2009      ILS     2.571
Lehman Brothers Treasury 3.100    6/4/2010      USD     2.571
Lehman Brothers Treasury 11.000   7/4/2011      USD     2.571
Lehman Brothers Treasury 10.000   6/17/2009     USD     2.571
Lehman Brothers Treasury 16.000   12/26/2008    USD     2.571
Lehman Brothers Treasury 12.000   7/4/2011      EUR     2.571
Lehman Brothers Treasury 0.500    6/2/2020      EUR     2.571
Lehman Brothers Treasury 7.600    5/21/2013     USD     2.571
Lehman Brothers Treasury 6.000    3/4/2015      USD     2.571
Lehman Brothers Treasury 11.000   7/4/2011      CHF     2.571
Lehman Brothers Treasury 7.750    1/3/2012      AUD     2.571
Lehman Brothers Treasury 0.500    8/1/2020      EUR     2.571
Lehman Brothers Treasury 6.000    8/7/2013      EUR     2.571
Lehman Brothers Treasury 4.000    4/24/2009     USD     2.571
Lehman Brothers Treasury 10.500   8/9/2010      EUR     2.571
Lehman Brothers Treasury 7.000    11/28/2008    CHF     2.571
Lehman Brothers Treasury 3.850    4/24/2009     USD     2.571
Lehman Brothers Treasury 7.585    11/22/2009    MXN     3.750
Lehman Brothers Treasury 8.280    3/26/2009     USD     2.571
Lehman Brothers Treasury 11.000   12/19/2011    USD     2.571
Lehman Brothers Treasury 4.000    10/12/2010    USD     2.571
Lehman Brothers Treasury 8.000    10/23/2008    USD     2.571
Lehman Brothers Treasury 3.400    9/21/2009     HKD     2.571
Lehman Brothers Treasury 13.000   7/25/2012     EUR     2.571
Lehman Brothers Treasury 1.500    10/12/2010    EUR     2.571
Lehman Brothers Treasury 7.000    10/22/2010    EUR     2.571
Lehman Brothers Treasury 5.250    11/21/2009    USD     2.571
SG Issuer SA             2.700    11/28/2034    ZAR    41.019
Lehman Brothers Treasury 2.500    8/23/2012     GBP     2.571
Lehman Brothers Treasury 3.000    8/13/2011     EUR     2.571
Lehman Brothers Treasury 18.250   10/2/2008     USD     2.571
AKB Peresvet ZAO         0.510    6/23/2021     RUB    17.700
Lehman Brothers Treasury 6.000    5/23/2018     CZK     2.571
Lehman Brothers Treasury 3.350    10/13/2016    EUR     2.571
Investtorgstroi OOO      11.000   1/19/2023     RUB    100.00
Lehman Brothers Treasury 5.100    5/8/2017      HKD     3.400
Lehman Brothers Treasury 6.750    4/5/2012      EUR     2.571
Lehman Brothers Treasury 1.680    3/5/2015      EUR     2.571
Lehman Brothers Treasury 4.100    6/10/2014     SGD     3.750
Lehman Brothers Treasury 4.000    5/30/2010     USD     2.571
Lehman Brothers Treasury 4.000    5/17/2010     USD     2.571
Lehman Brothers Treasury 2.480    5/12/2009     USD     2.571
Lehman Brothers Treasury 2.250    5/12/2009     USD     2.571
Lehman Brothers Treasury 4.500    3/6/2013      CHF     2.571
LBI ehf                  6.100    8/25/2011     USD     7.375
Lehman Brothers Treasury 5.500    6/15/2009     CHF     2.571
Lehman Brothers Treasury 11.000   6/29/2009     EUR     2.571
Lehman Brothers Treasury 8.000    8/3/2009      USD     2.571
Lehman Brothers Treasury 2.000    10/28/2010    EUR     2.571
Heta Asset Resolution AG 4.350    12/31/2023    EUR     1.748
Lehman Brothers Treasury 6.850    12/22/2008    EUR     2.571
Lehman Brothers Treasury 7.600    3/26/2009     EUR     2.571
Lehman Brothers Treasury 7.550    12/29/2008    USD     2.571
Lehman Brothers Treasury 2.500    12/15/2011    GBP     2.571
Lehman Brothers Treasury 4.000    11/24/2016    EUR     2.571
Lehman Brothers Treasury 9.000    6/13/2009     USD     2.571
Lehman Brothers Treasury 7.375    9/20/2008     EUR     2.571
Kaupthing ehf            6.125    10/4/2016     USD     0.250
Lehman Brothers Treasury 9.000    3/17/2009     GBP     2.571
Lehman Brothers Treasury 3.860    9/21/2011     SGD     3.750
Lehman Brothers Treasury 0.250    7/21/2014     EUR     2.571
Samaratransneft-Terminal 17.000   6/20/2021     RUB    10.200
BNP Paribas SA           0.500    11/16/2032    MXN    35.855
Lehman Brothers Treasury 6.000    10/24/2008    EUR     2.571
Lehman Brothers Treasury 4.000    4/13/2011     CHF     2.571
Lehman Brothers Treasury 8.000    5/22/2009     USD     2.571
Lehman Brothers Treasury 7.500    10/24/2008    USD     2.571
Lehman Brothers Treasury 7.000    4/14/2009     EUR     2.571
Lehman Brothers Treasury 5.750    6/15/2009     CHF     2.571
Lehman Brothers Treasury 5.000    10/24/2008    CHF     2.571
Lehman Brothers Treasury 4.300    6/4/2012      USD     2.571
Lehman Brothers Treasury 4.000    6/5/2011      USD     2.571
Lehman Brothers Treasury 1.460    2/19/2012     JPY     3.750
Deutsche Bank AG/London  0.500    4/5/2038      MXN    20.827
Lehman Brothers Treasury 11.250   12/31/2008    USD     2.571
KPNQwest NV              8.875    2/1/2008      EUR     0.634
Lehman Brothers Treasury 8.050    12/20/2010    HKD     2.571
Lehman Brothers Treasury 13.000   12/14/2012    USD     2.571
Kaupthing ehf            9.750    9/10/2015     USD     0.250
Lehman Brothers Treasury 3.000    9/12/2036     JPY     3.750
Lehman Brothers Treasury 6.700    4/21/2011     USD     2.571
Lehman Brothers Treasury 8.000    12/31/2010    USD     2.571
Lehman Brothers Treasury 0.500    12/20/2017    USD     2.571
Lehman Brothers Treasury 0.500    12/20/2017    AUD     2.571
Lehman Brothers Treasury 0.500    12/20/2017    USD     2.571
Lehman Brothers Treasury 9.300    12/21/2010    EUR     2.571
Lehman Brothers Treasury 4.000    3/10/2011     EUR     2.571
Lehman Brothers Treasury 8.000    3/21/2018     USD     2.571
Lehman Brothers Treasury 5.375    2/4/2014      USD     2.571
Lehman Brothers Treasury 11.000   2/16/2009     CHF     2.571
Lehman Brothers Treasury 10.000   2/16/2009     CHF     2.571
Lehman Brothers Treasury 7.000    2/15/2010     CHF     2.571
Lehman Brothers Treasury 6.300    12/21/2018    USD     2.571
Societe Generale SA      0.500    4/4/2024      MXN    74.504
Lehman Brothers Treasury 11.000   12/20/2017    AUD     2.571
Lehman Brothers Treasury 6.000    3/17/2011     EUR     2.571
Lehman Brothers Treasury 4.500    12/30/2010    USD     2.571
Lehman Brothers Treasury 6.000    12/6/2016     USD     2.571
Lehman Brothers Treasury 4.150    8/25/2020     EUR     2.571
Lehman Brothers Treasury 8.000    4/20/2009     EUR     2.571
Lehman Brothers Treasury 8.600    7/31/2013     GBP     2.571
Lehman Brothers Treasury 7.500    7/31/2013     GBP     2.571
Lehman Brothers Treasury 8.280    7/31/2013     GBP     2.571
Lehman Brothers Treasury 3.820    10/20/2009    USD     2.571
Lehman Brothers Treasury 4.100    5/20/2009     USD     2.571
Lehman Brothers Treasury 2.000    6/21/2011     EUR     2.571
Kaupthing ehf            6.500    10/8/2010     ISK     0.250
OOO SPV Structural Invest0.010    9/1/2023      RUB    66.740
Lehman Brothers Treasury 3.700    6/6/2009      EUR     2.571
Lehman Brothers Treasury 1.280    11/6/2010     JPY     3.750
Lehman Brothers Treasury 4.500    8/2/2009      USD     2.571
Lehman Brothers Treasury 4.000    12/2/2012     EUR     2.571
Lehman Brothers Treasury 4.350    8/8/2016      SGD     3.750
Otkritie Holding JSC     10.770   9/17/2027     RUB     0.010
Lehman Brothers Treasury 8.500    7/6/2009      CHF     2.571
AKB Peresvet ZAO         13.000   10/7/2017     RUB    18.000
Lehman Brothers Treasury 7.500    9/13/2009     CHF     2.571
Lehman Brothers Treasury 4.200    12/3/2008     HKD     3.400
Lehman Brothers Treasury 3.600    3/19/2018     JPY     2.571
Hellas Telecommunications8.500    10/15/2013    EUR     0.444
Lehman Brothers Treasury 2.000    5/17/2010     EUR     2.571
Lehman Brothers Treasury 6.000    6/21/2011     EUR     2.571
Lehman Brothers Treasury 4.000    2/28/2010     EUR     2.571
Lehman Brothers Treasury 0.500    2/16/2009     EUR     2.571
Lehman Brothers Treasury 6.000    7/28/2010     EUR     2.571
Lehman Brothers Treasury 6.000    7/28/2010     EUR     2.571
Lehman Brothers Treasury 7.000    7/11/2010     EUR     2.571
Lehman Brothers Treasury 3.000    8/8/2017      EUR     2.571
DZ Bank AG Deutsche Zentr5.000    9/21/2020     EUR    57.140
Landesbank Hessen-Thuerin3.300    6/15/2020     EUR    73.800
DZ Bank AG Deutsche Zentr6.250    9/21/2020     EUR    57.870
DZ Bank AG Deutsche Zentr7.800    9/21/2020     EUR    59.410
EFG International Finance7.400    1/25/2021     CHF    65.540
DekaBank Deutsche Girozen2.000    1/22/2021     EUR    67.900
DekaBank Deutsche Girozen2.000    1/22/2021     EUR    62.890
EFG International Finance7.600    1/11/2021     CHF    65.810
EFG International Finance7.200    1/25/2021     EUR    50.430
UniCredit Bank AG        4.200    2/12/2021     EUR    70.130
UniCredit Bank AG        5.900    2/12/2021     EUR    46.180
Landesbank Hessen-Thuerin3.000    6/15/2020     EUR    70.700
Leonteq Securities AG/Gue8.000    7/22/2020     CHF    62.980
Landesbank Baden-Wuerttem2.000    2/28/2020     EUR    63.050
UBS AG/London            5.750    7/6/2020      EUR    67.450
Landesbank Baden-Wuerttem5.000    2/28/2020     EUR    49.470
UniCredit Bank AG        3.500    1/5/2021      EUR    63.160
Landesbank Baden-Wuerttem2.650    9/25/2020     EUR    73.330
Landesbank Hessen-Thuerin3.800    9/9/2020      EUR    64.300
DekaBank Deutsche Girozen4.550    7/31/2020     EUR    58.730
Landesbank Hessen-Thuerin4.000    2/17/2021     EUR    35.790
Leonteq Securities AG/Gue4.000    12/29/2020    CHF    38.290
DZ Bank AG Deutsche Zentr8.500    6/24/2020     EUR    52.130
UniCredit Bank AG        4.550    2/12/2021     EUR    73.870
UBS AG/London            4.000    7/6/2021      EUR    70.270
Landesbank Baden-Wuerttem3.100    3/26/2021     EUR    68.950
Landesbank Baden-Wuerttem3.000    3/26/2021     EUR    63.130
Corner Banca SA          7.400    7/22/2020     CHF    67.290
Bank Otkritie Financial C1.000    11/11/2023    RUB    65.000
DZ Bank AG Deutsche Zentr5.500    8/26/2020     EUR    68.270
Vontobel Financial Produc7.500    9/25/2020     EUR    72.350
Leonteq Securities AG/Gue5.600    8/24/2021     CHF    59.650
Societe Generale Effekten13.074   3/20/2020     EUR    70.060
Societe Generale Effekten19.949   3/20/2020     EUR    70.030
EFG International Finance8.000    4/21/2020     USD    48.160
Societe Generale Effekten3.750    5/24/2021     EUR    40.650
Landesbank Baden-Wuerttem4.150    6/25/2021     EUR    74.340
Landesbank Hessen-Thuerin3.150    5/11/2022     EUR    65.080
Leonteq Securities AG/Gue5.200    7/28/2020     CHF    71.610
DekaBank Deutsche Girozen2.100    1/4/2021      EUR    61.670
Raiffeisen Centrobank AG 5.333    3/5/2020      EUR    67.620
UniCredit Bank AG        4.200    1/4/2021      EUR    44.510
Leonteq Securities AG/Gue5.000    8/17/2020     CHF    59.250
Leonteq Securities AG    6.000    8/17/2021     CHF    74.060
UniCredit Bank AG        3.750    8/23/2021     EUR    72.670
UBS AG/London            6.500    8/10/2020     CHF    59.300
UBS AG/London            10.000   8/10/2020     CHF    64.750
UBS AG/London            6.500    2/8/2021      EUR    63.250
Raiffeisen Schweiz Genoss5.300    8/17/2020     CHF    58.730
Landesbank Hessen-Thuerin6.000    12/1/2022     EUR    47.900
Credit Suisse AG/London  9.500    2/24/2020     USD    65.290
Landesbank Hessen-Thuerin5.200    9/8/2022      EUR    63.420
EFG International Finance9.200    8/27/2020     USD    74.540
EFG International Finance7.100    8/14/2020     EUR    59.270
Landesbank Hessen-Thuerin4.000    9/14/2022     EUR    72.540
WEB Windenergie AG       2.250    9/25/2028     EUR    55.010
WEB Windenergie AG       4.500                  EUR    55.010
Landesbank Baden-Wuerttem5.500    2/28/2020     EUR    56.920
DekaBank Deutsche Girozen2.400    8/21/2020     EUR    49.360
Landesbank Baden-Wuerttem3.750    12/29/2020    EUR    67.440
Leonteq Securities AG/Gue6.200    2/10/2021     CHF    61.000
DekaBank Deutsche Girozen6.300    7/3/2020      EUR    50.570
UBS AG/London            6.000    8/3/2020      CHF    30.600
DekaBank Deutsche Girozen3.000    12/29/2022    EUR    68.740
DekaBank Deutsche Girozen2.900    1/4/2021      EUR    64.240
Landesbank Baden-Wuerttem5.200    3/27/2020     EUR    58.800
EFG International Finance6.600    8/3/2020      EUR    73.040
EFG International Finance6.000    8/13/2021     CHF    61.680
Zurcher Kantonalbank Fina5.000    12/14/2020    EUR    68.400
Landesbank Baden-Wuerttem4.450    8/28/2020     EUR    73.390
DekaBank Deutsche Girozen2.300    1/8/2021      EUR    74.710
UBS AG/London            3.800    3/26/2020     EUR    59.160
Leonteq Securities AG/Gue10.600   2/17/2020     CHF    58.610
Leonteq Securities AG    5.000    2/17/2021     CHF    49.200
DekaBank Deutsche Girozen3.800    12/18/2020    EUR    52.580
Landesbank Hessen-Thuerin4.000    8/18/2021     EUR    37.960
Landesbank Baden-Wuerttem2.500    2/28/2020     EUR    66.800
Landesbank Hessen-Thuerin6.100    12/4/2023     EUR    46.660
Landesbank Baden-Wuerttem3.200    12/29/2020    EUR    69.450
UniCredit Bank AG        3.800    12/29/2022    EUR    51.950
DekaBank Deutsche Girozen5.150    7/3/2020      EUR    61.970
Leonteq Securities AG/Gue10.600   12/8/2020     EUR    58.880
Landesbank Hessen-Thuerin3.500    1/5/2022      EUR    54.210
Landesbank Hessen-Thuerin4.000    1/5/2022      EUR    59.340
UBS AG/London            10.000   8/3/2020      CHF    65.900
Societe Generale SA      8.000    12/3/2020     USD
Landesbank Baden-Wuerttem4.750    3/27/2020     EUR    66.150
EFG International Finance6.000    8/3/2020      USD    54.210
Raiffeisen Schweiz Genoss5.200    8/10/2020     CHF    57.850
UniCredit Bank AG        3.600    8/23/2021     EUR    54.060
DekaBank Deutsche Girozen3.000    2/21/2020     EUR    74.620
Commerzbank AG           4.500    2/21/2020     EUR    72.710
DekaBank Deutsche Girozen4.400    2/21/2020     EUR    72.550
DekaBank Deutsche Girozen2.050    2/21/2020     EUR    72.400
BNP Paribas Emissions- un13.000   3/26/2020     EUR    73.080
HSBC Trinkaus & Burkhardt13.000   6/26/2020     EUR    38.230
Vontobel Financial Produc16.500   6/26/2020     EUR    73.030
Vontobel Financial Produc17.500   9/25/2020     EUR    72.790
UBS AG/London            17.900   9/24/2020     EUR    69.480
UBS AG/London            14.400   9/24/2020     EUR    71.250
UBS AG/London            21.600   9/24/2020     EUR    68.260
Raiffeisen Schweiz Genoss5.000    4/3/2020      CHF    30.080
Societe Generale Effekten14.539   3/20/2020     EUR    69.050
Landesbank Hessen-Thuerin3.100    11/9/2020     EUR    73.000
Societe Generale Effekten22.316   3/20/2020     EUR    68.380
Societe Generale Effekten23.781   6/19/2020     EUR    74.310
Landesbank Hessen-Thuerin3.600    11/9/2020     EUR    67.100
Landesbank Baden-Wuerttem3.700    6/26/2020     EUR    73.270
Leonteq Securities AG    7.400    4/24/2020     USD    46.950
DekaBank Deutsche Girozen2.900    5/15/2020     EUR    62.370
DekaBank Deutsche Girozen2.100    5/15/2020     EUR    49.350
BNP Paribas Emissions- un11.000   6/25/2020     EUR    69.470
BNP Paribas Emissions- un15.000   3/26/2020     EUR    57.150
BNP Paribas Emissions- un6.500    3/26/2020     EUR    62.510
BNP Paribas Emissions- un9.000    3/26/2020     EUR    56.970
BNP Paribas Emissions- un15.000   3/26/2020     EUR    48.710
BNP Paribas Emissions- un9.000    6/25/2020     EUR    58.240
UniCredit Bank AG        6.100    8/12/2020     EUR    58.540
DZ Bank AG Deutsche Zentr6.250    2/26/2020     EUR    68.830
DZ Bank AG Deutsche Zentr11.500   2/26/2020     EUR    66.410
DZ Bank AG Deutsche Zentr6.500    2/26/2020     EUR    66.770
DZ Bank AG Deutsche Zentr7.800    3/23/2020     EUR    66.800
Vontobel Financial Produc12.000   3/13/2020     EUR    66.930
Vontobel Financial Produc13.000   3/27/2020     EUR    71.300
HSBC Trinkaus & Burkhardt7.200    9/25/2020     EUR    62.780
DekaBank Deutsche Girozen3.000    6/17/2020     EUR    72.100
Vontobel Financial Produc9.000    3/13/2020     EUR    56.460
Landesbank Baden-Wuerttem2.800    12/23/2022    EUR    70.120
DZ Bank AG Deutsche Zentr11.000   6/24/2020     EUR    50.360
Vontobel Financial Produc7.000    3/13/2020     EUR    56.400
HSBC Trinkaus & Burkhardt8.400    6/26/2020     EUR    72.680
UBS AG/London            12.000   4/13/2020     USD    45.400
UniCredit Bank AG        6.000    1/18/2021     EUR    44.040
DZ Bank AG Deutsche Zentr5.500    6/24/2020     EUR    54.610
UBS AG/London            8.500    6/15/2020     CHF    69.850
EFG International Finance7.200    12/29/2020    EUR    54.030
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    73.940
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    67.280
Vontobel Financial Produc11.000   3/13/2020     EUR    53.310
Vontobel Financial Produc16.000   3/13/2020     EUR    69.640
Landesbank Baden-Wuerttem3.000    7/24/2020     EUR    47.420
Landesbank Baden-Wuerttem5.000    7/24/2020     EUR    42.920
Vontobel Financial Produc15.500   3/27/2020     EUR    67.510
Vontobel Financial Produc18.000   3/13/2020     EUR    63.490
Goldman Sachs & Co Wertpa8.000    6/24/2020     EUR    72.810
UBS AG/London            8.000    6/15/2020     EUR    61.000
Vontobel Financial Produc6.500    3/13/2020     EUR    60.010
Landesbank Baden-Wuerttem5.000    9/25/2020     EUR    73.450
HSBC Trinkaus & Burkhardt10.500   6/26/2020     EUR    42.140
HSBC Trinkaus & Burkhardt7.700    6/26/2020     EUR    45.720
HSBC Trinkaus & Burkhardt5.200    6/26/2020     EUR    50.590
HSBC Trinkaus & Burkhardt9.700    2/28/2020     EUR    41.060
HSBC Trinkaus & Burkhardt3.600    6/26/2020     EUR    74.240
HSBC Trinkaus & Burkhardt6.900    9/25/2020     EUR    64.530
HSBC Trinkaus & Burkhardt4.900    9/25/2020     EUR    69.790
HSBC Trinkaus & Burkhardt9.600    3/27/2020     EUR    71.470
Deutsche Bank AG         6.200    3/24/2020     EUR    74.970
Citigroup Global Markets 12.000   2/13/2024     SEK    69.210
Vontobel Financial Produc10.500   3/27/2020     EUR    68.930
Vontobel Financial Produc11.000   3/27/2020     EUR    62.210
Vontobel Financial Produc9.500    3/27/2020     EUR    65.410
Bank Julius Baer & Co Ltd10.350   5/4/2020      EUR    74.800
Bank Julius Baer & Co Ltd15.500   5/4/2020      USD    55.050
Vontobel Financial Produc8.950    4/21/2020     EUR    73.460
Leonteq Securities AG    9.200    7/23/2020     CHF    71.140
Vontobel Financial Produc11.500   6/26/2020     EUR    73.080
Vontobel Financial Produc15.000   3/27/2020     EUR    61.250
Vontobel Financial Produc13.000   6/26/2020     EUR    61.170
Vontobel Financial Produc12.000   6/26/2020     EUR    50.390
Vontobel Financial Produc13.000   3/27/2020     EUR    48.410
DZ Bank AG Deutsche Zentr8.000    6/24/2020     EUR    67.130
UBS AG/London            9.250    10/26/2020    EUR    70.250
UniCredit Bank AG        10.300   7/24/2020     EUR    74.170
UniCredit Bank AG        14.300   7/24/2020     EUR    74.500
UniCredit Bank AG        12.600   7/24/2020     EUR    71.010
UniCredit Bank AG        13.100   7/24/2020     EUR    71.980
UniCredit Bank AG        14.300   7/24/2020     EUR    70.240
Bank Julius Baer & Co Ltd10.060   4/27/2020     CHF    70.600
Bank Julius Baer & Co Ltd8.500    4/27/2020     EUR    68.600
Landesbank Baden-Wuerttem3.750    4/20/2020     EUR    64.880
Bank Julius Baer & Co Ltd9.650    4/27/2020     USD    69.550
Landesbank Baden-Wuerttem2.300    2/25/2022     EUR    74.890
Landesbank Hessen-Thuerin4.000    12/22/2021    EUR    47.620
Raiffeisen Switzerland BV4.800    11/23/2023    CHF    53.930
UniCredit Bank AG        4.450    12/29/2022    EUR    61.980
UniCredit Bank AG        4.300    12/19/2021    EUR    58.480
UniCredit Bank AG        4.700    12/19/2021    EUR    59.280
UniCredit Bank AG        5.900    12/19/2020    EUR    44.810
Natixis SA               3.690    11/9/2020     USD    68.168
Landesbank Hessen-Thuerin3.250    7/8/2020      EUR    61.800
Landesbank Hessen-Thuerin1.950    9/3/2021      EUR    50.800
Goldman Sachs & Co Wertpa10.000   3/25/2020     EUR    51.480
Goldman Sachs & Co Wertpa3.000    6/24/2020     EUR    73.140
Goldman Sachs & Co Wertpa5.000    6/24/2020     EUR    68.820
Goldman Sachs & Co Wertpa10.000   6/24/2020     EUR    57.230
DekaBank Deutsche Girozen3.450    7/31/2020     EUR    59.420
Leonteq Securities AG    6.200    2/17/2021     CHF    60.750
UBS AG/London            10.000   8/10/2020     USD    56.360
Raiffeisen Schweiz Genoss6.000    2/17/2020     CHF    66.300
Landesbank Hessen-Thuerin3.500    9/8/2022      EUR    55.880
DekaBank Deutsche Girozen4.250    5/3/2022      EUR    54.180
DekaBank Deutsche Girozen6.200    11/9/2020     EUR    62.480
DekaBank Deutsche Girozen2.200    5/8/2020      EUR    44.220
DekaBank Deutsche Girozen2.500    5/7/2021      EUR    74.540
DekaBank Deutsche Girozen3.050    5/7/2021      EUR    67.890
EFG International Finance5.600    4/26/2021     CHF    60.990
Leonteq Securities AG/Gue5.000    10/20/2020    CHF    58.470
UniCredit Bank AG        6.350    5/14/2021     EUR    48.990
Landesbank Baden-Wuerttem4.500    2/28/2020     EUR    70.730
Landesbank Baden-Wuerttem4.550    2/28/2020     EUR    61.060
Landesbank Baden-Wuerttem6.500    2/28/2020     EUR    41.010
UniCredit Bank AG        4.400    5/17/2021     EUR    72.250
EFG International Finance6.200    5/3/2021      CHF    61.640
Commerzbank AG           3.200    4/6/2020      USD    65.540
Landesbank Baden-Wuerttem3.500    12/29/2020    EUR    56.610
UBS AG/London            9.000    4/14/2020     CHF    65.150
UBS AG/London            7.000    4/14/2020     CHF    68.850
DekaBank Deutsche Girozen3.300    5/8/2020      EUR    61.700
UniCredit Bank AG        4.900    11/14/2021    EUR    55.510
Landesbank Hessen-Thuerin5.500    5/25/2023     EUR    63.980
UBS AG/London            7.000    4/20/2020     CHF    58.150
Raiffeisen Schweiz Genoss6.250    4/27/2020     CHF    55.570
Raiffeisen Schweiz Genoss6.600    4/27/2020     EUR    73.230
Leonteq Securities AG/Gue8.000    10/27/2020    CHF    59.420
Landesbank Hessen-Thuerin6.000    8/25/2023     EUR    49.710
Landesbank Hessen-Thuerin5.900    8/25/2023     EUR    38.180
UBS AG/London            8.750    4/27/2020     EUR    66.100
UBS AG/London            8.000    4/27/2020     EUR    53.850
Goldman Sachs & Co Wertpa13.000   3/25/2020     EUR    47.570
Goldman Sachs & Co Wertpa10.000   6/24/2020     EUR    52.730
Goldman Sachs & Co Wertpa5.000    3/25/2020     EUR    67.540
Goldman Sachs & Co Wertpa15.000   3/25/2020     EUR    50.250
Leonteq Securities AG/Gue6.400    6/4/2020      CHF    18.550
DekaBank Deutsche Girozen5.500    2/26/2021     EUR    67.130
Vontobel Financial Produc4.500    12/30/2020    EUR    67.660
Landesbank Baden-Wuerttem2.750    11/25/2022    EUR    71.460
Landesbank Baden-Wuerttem4.000    2/28/2020     EUR    59.810
UBS AG/London            5.250    6/1/2020      USD    66.000
Bank Julius Baer & Co Ltd6.400    2/21/2020     EUR    70.900
Lehman Brothers Treasury 4.870    10/8/2013     USD     2.571
Derzhava-Garant OOO      9.000    6/24/2020     RUB    60.000
Lehman Brothers Treasury 3.025    1/31/2015     EUR     2.571
Lehman Brothers Treasury 2.370    7/15/2013     USD     2.571
Lehman Brothers Treasury 1.950    11/4/2013     EUR     2.571
Heta Asset Resolution AG 4.875    12/31/2023    EUR     1.748
Lehman Brothers Treasury 2.300    6/27/2013     USD     2.571
Heta Asset Resolution AG 5.030    12/31/2023    EUR     1.748
Lehman Brothers Treasury 15.000   3/30/2011     EUR     2.571
Lehman Brothers Treasury 9.250    6/20/2012     USD     2.571
Lehman Brothers Treasury 0.750    3/29/2012     EUR     2.571
Lehman Brothers Treasury 4.500    3/7/2015      EUR     2.571
Lehman Brothers Treasury 7.750    1/30/2009     EUR     2.571
Kaupthing ehf            5.000    1/4/2027      SKK     0.250
RGS Nedvizhimost OOO     12.000   10/18/2017    RUB     0.335
Lehman Brothers Treasury 3.000    9/13/2010     JPY     3.750
Lehman Brothers Treasury 3.500    10/31/2011    USD     2.571
Lehman Brothers Treasury 0.250    10/19/2012    CHF     2.571
Mriya Agro Holding PLC   10.950   3/30/2016     USD     7.875
Lehman Brothers Treasury 7.000    2/15/2012     EUR     2.571
Lehman Brothers Treasury 6.000    2/14/2012     EUR     2.571
Lehman Brothers Treasury 4.690    2/19/2017     EUR     2.571
Lehman Brothers Treasury 3.500    10/24/2011    USD     2.571
Lehman Brothers Treasury 5.200    3/19/2018     EUR     2.571
Lehman Brothers Treasury 5.000    5/2/2022      EUR     2.571
Lehman Brothers Treasury 5.000    4/24/2017     EUR     2.571
Lehman Brothers Treasury 0.800    12/30/2016    EUR     2.571
Kaupthing ehf            5.250    7/18/2017     BGN     0.250
Kaupthing ehf            3.750    2/15/2024     ISK     0.250
Lehman Brothers Treasury 4.800    11/16/2012    HKD     2.571
Lehman Brothers Treasury 16.000   10/8/2008     CHF     2.571
SG Issuer SA             3.300    9/26/2034     ZAR    45.876
Lehman Brothers Treasury 6.000    9/20/2011     EUR     2.571
Lehman Brothers Treasury 11.000   12/20/2017    AUD     2.571
Lehman Brothers Treasury 11.000   12/20/2017    AUD     2.571
Lehman Brothers Treasury 0.500    12/20/2017    AUD     2.571
Lehman Brothers Treasury 0.500    12/20/2017    AUD     3.400
Lehman Brothers Treasury 4.000    1/4/2011      USD     2.571
Lehman Brothers Treasury 0.500    12/20/2017    AUD     2.571
Kaupthing ehf            4.730    12/19/2008    SKK     0.250
Lehman Brothers Treasury 8.800    12/27/2009    EUR     2.571
Lehman Brothers Treasury 3.500    12/20/2027    USD     2.571
Lehman Brothers Treasury 5.200    11/9/2011     EUR     3.400
Lehman Brothers Treasury 4.600    10/11/2017    ILS     3.750
Lehman Brothers Treasury 14.900   11/16/2010    EUR     2.571
Lehman Brothers Treasury 8.000    3/19/2012     USD     2.571
Lehman Brothers Treasury 1.000    2/26/2010     USD     2.571
Lehman Brothers Treasury 0.500    12/20/2017    USD     2.571
Lehman Brothers Treasury 13.000   2/16/2009     CHF     2.571
Lehman Brothers Treasury 5.000    11/22/2012    EUR     2.571
Lehman Brothers Treasury 5.500    4/23/2014     EUR     2.571
Lehman Brothers Treasury 10.600   4/22/2014     MXN     2.571
Lehman Brothers Treasury 7.150    3/21/2013     USD     2.571
Lehman Brothers Treasury 6.450    2/20/2010     AUD     2.571
Lehman Brothers Treasury 7.500    2/14/2010     AUD     2.571
Lehman Brothers Treasury 15.000   6/4/2009      CHF     2.571
Lehman Brothers Treasury 5.550    3/12/2015     EUR     2.571
KPNQwest NV              7.125    6/1/2009      EUR     0.634
Lehman Brothers Treasury 2.000    6/28/2011     EUR     2.571
Lehman Brothers Treasury 3.000    6/3/2010      EUR     2.571
Lehman Brothers Treasury 9.000    5/6/2011      CHF     2.571
Lehman Brothers Treasury 16.000   11/9/2008     USD     2.571
Lehman Brothers Treasury 16.200   5/14/2009     USD     2.571
Kaupthing ehf            4.825    5/10/2045     ISK     0.250
Lehman Brothers Treasury 7.600    3/4/2010      NZD     2.571
Lehman Brothers Treasury 17.000   6/2/2009      USD     2.571
Lehman Brothers Treasury 23.300   9/16/2008     USD     2.571
Lehman Brothers Treasury 10.000   5/22/2009     USD     2.571
Lehman Brothers Treasury 8.000    5/22/2009     USD     2.571
Lehman Brothers Treasury 4.600    8/1/2013      EUR     2.571
Lehman Brothers Treasury 12.000   7/13/2037     JPY     2.571
Lehman Brothers Treasury 1.600    6/21/2010     JPY     2.571
Lehman Brothers Treasury 6.600    5/23/2012     AUD     2.571
Lehman Brothers Treasury 3.450    5/23/2013     USD     2.571
Lehman Brothers Treasury 16.000   10/28/2008    USD     2.571
Lehman Brothers Treasury 0.500    7/2/2020      EUR     2.571
Lehman Brothers Treasury 2.500    8/15/2012     CHF     2.571
Lehman Brothers Treasury 13.150   10/30/2008    USD     2.571
Nota-Bank OJSC           13.500   4/1/2016      RUB    31.500
Lehman Brothers Treasury 10.000   10/22/2008    USD     2.571
Lehman Brothers Treasury 7.000    4/24/2009     USD     2.571
Lehman Brothers Treasury 3.500    6/20/2011     EUR     2.571
Lehman Brothers Treasury 5.500    6/22/2010     USD     3.400
Lehman Brothers Treasury 10.000   10/23/2008    USD     2.571
Fondovye Strategicheskie 1.500    10/5/2020     RUB    100.00
Heta Asset Resolution AG 5.270    12/31/2023    EUR     1.748
Lehman Brothers Treasury 8.000    12/27/2032    JPY     2.571
Lehman Brothers Treasury 7.060    12/29/2008    EUR     2.571
Lehman Brothers Treasury 5.120    4/30/2027     EUR     2.571
Lehman Brothers Treasury 6.720    12/29/2008    EUR     2.571
Lehman Brothers Treasury 4.820    12/18/2036    EUR     2.571
Lehman Brothers Treasury 0.010    9/20/2011     USD     2.571
Lehman Brothers Treasury 4.100    8/23/2010     USD     2.571
Lehman Brothers Treasury 7.750    2/21/2016     EUR     2.571
Kaupthing ehf            7.000    7/24/2009     ISK     0.250
Lehman Brothers Treasury 4.050    9/16/2008     EUR     2.571
LBI ehf                  5.080    3/1/2013      ISK     7.375
Heta Asset Resolution AG 0.281    12/31/2023    EUR     1.748
Lehman Brothers Treasury 7.625    7/22/2011     HKD     2.571
Lehman Brothers Treasury 6.600    2/9/2009      EUR     2.571
HSBC Bank PLC            0.500    11/25/2025    BRL    67.694
Lehman Brothers Treasury 2.400    6/20/2011     JPY     2.571
Lehman Brothers Treasury 4.050    9/16/2008     EUR     2.571
Vontobel Financial Produc5.250    2/21/2020     EUR    56.050



                           *********


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., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2020.  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$775 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 215-945-7000.


                * * * End of Transmission * * *