---

       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, April 6, 2020, Vol. 21, No. 69

                           Headlines



C R O A T I A

ZAGREBACKI HOLDING: S&P Places 'B+' Rating on CreditWatch Negative


D E N M A R K

WELLTEC A/S: S&P Affirms 'B-' ICR, Outlook Negative


F I N L A N D

OUTOKUMPU OYJ: Moody's Cuts CFR to B3 & Alters Outlook to Negative


F R A N C E

EUROPCAR MOBILITY: Moody's Cuts CFR to B2, On Review for Downgrade
LOXAM SAS: S&P Cuts LT Issuer Rating to 'B'


G E R M A N Y

HAPAG-LLOYD AG: Moody's Affirms B1 CFR, Alters Outlook to Negative


I R E L A N D

VOYA EURO III: Fitch Assigns B-sf Rating to Class F Debt
VOYA EURO III: S&P Assigns B- (sf) Rating to Class F Notes


I T A L Y

EVOCA SPA: S&P Alters Outlook to Negative & Affirms 'B' ICR
INDUSTRIE ILPEA: S&P Puts B Rating on Watch Neg. on COVID-19 Impact
INTERNATIONAL DESIGN: S&P Alters Outlook to Neg. & Affirms 'B' ICR
MARCOLIN SPA: Moody's Cuts CFR to B3, On Review for Downgrade


K A Z A K H S T A N

KAZTRANSGAS JSC: S&P Alters Outlook to Negative & Affirms 'BB' ICR


L U X E M B O U R G

4FINANCE HOLDING: S&P Alters Outlook to Negative & Affirms B+ ICR
ARDAGH GROUP: Fitch Assigns B+ LT IDR, Outlook Stable
GLOBAL BLUE: Moody's Cuts CFR to B2 & Alters Outlook to Negative


N E T H E R L A N D S

INTERNATIONAL PARK: S&P Places 'B-' ICR on CreditWatch Negative
VINCENT TOPCO: S&P Downgrades ICR to 'B-' on Closure of Some Sites


S P A I N

GRUPO COOPERATIVO: Fitch Downgrades LT IDR to BB-, Outlook Neg.
PRONOVIAS: S&P Cuts Rating CCC+ on Unsustainable Capital Structure


S W E D E N

DOMETIC GROUP: S&P Lowers ICR to 'BB-' on Weaker Credit Metrics
PERSTOP HOLDING: Moody's Cuts CFR to B3, Outlook Negative
SSAB AB: S&P Affirms 'BB+' Rating, Alters Outlook to Negative
TRANSCOM AB: S&P Lowers ICR to 'CCC+' on Additional Debt Funding


S W I T Z E R L A N D

SELECTA GROUP: S&P Cuts ICR to 'B-', Outlook Negative
WALNUT MIDCO: Moody's Affirms B1 CFR, Alters Outlook to Negative


U K R A I N E

DTEK ENERGY: Fitch Downgrades LT Issuer Default Rating to C
DTEK ENERGY: Moody's Cuts CFR to Ca on Coupon Payments Suspension


U N I T E D   K I N G D O M

ARCADIA GROUP: Principle Systems Files Winding-up Order
CATH KIDSTON: On Brink of Administration, Seeks Buyer
DEBENHAMS PLC: Set to Appoint Administrators for Second Time
GOURMET BURGER: Future Uncertain After Owner Withholds Support
HEATHROW FINANCE: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.

MABEL MEZZCO: Moody's Places B2 CFR on Review for Downgrade
MONSOON ACCESSORIZE: Sale Among Options, Taps FRP Advisory
PIZZAEXPRESS FINANCING: Moody's Cuts CFR to Ca, Outlook Negative
SPIRIT ISSUER: Fitch Puts BB Rating on Class A Notes on Watch Pos.
STONEGATE PUB: Moody's Cuts CFR to B3, Outlook Developing

TORO PRIVATE: S&P Downgrades ICR to 'B-' on COVID-19 Outbreak
UROPA SECURITIES 2007-01B: Fitch Affirms B Rating on Cl. B2a Debt
VICTORIA PLC: S&P Alters Outlook to Negative & Affirms 'BB-' ICR
VITA CAPITAL VI: S&P Puts 'BB' Class A Notes Rating on Watch Neg.
WELLINGTON PUB: Fitch Puts B- Rating on Class A Notes on Watch Neg



X X X X X X X X

[*] BOND PRICING: For the Week March 30 to April 3, 2020

                           - - - - -


=============
C R O A T I A
=============

ZAGREBACKI HOLDING: S&P Places 'B+' Rating on CreditWatch Negative
------------------------------------------------------------------
S&P Global Ratings placed its 'B+' rating on Zagrebacki Holding on
CreditWatch with negative implications.

The recent earthquake and COVID-19 pandemic will likely limit
Zagreb's ability to provide timely support to Zagrebacki.

Zagrebacki's credit quality is closely linked to that of its 100%
shareholder, the city of Zagreb. S&P said, "On March 27, we revised
the outlook on the city to negative, because the combined effects
of the COVID-19 outbreak and recent earthquake could considerably
worsen the city's financial situation, while support mechanisms
from Croatia's federal government and the EU are yet to be worked
out.

S&P sai, "We see the risk that Zagreb's ability to provide timely
support to Zagrebacki, as well as the city's policy priorities amid
new challenges, could change in the current environment.

"Currently, our rating on Zagrebacki includes a two-notch uplift
reflecting our expectation of very high likelihood of government
support. Zagrebacki provides Zagreb with all the essential
infrastructure (waste removal and treatment, gas distribution and
supply, water treatment and supply, and parking spaces), and is
therefore key to Zagreb's strategy and projects implementation. In
addition, the links between Zagrebacki Holding and Zagreb are very
strong. The city owns 100% of Zagrebacki, approves the group's
investment plans, and guarantees the group's long-term debt, even
if it doesn't intervene in ZGH's day-to-day business. Still, we
note that the holding's activities would likely continue even in a
stress-scenario debt restructuring."

Zagrebacki's liquidity and operations could come under additional
pressure. S&P said, "We believe that the COVID-19 pandemic and the
recent earthquakes could further pressure Zagrebacki's liquidity
and leverage, but the impact is yet to be assessed. The company's
leverage is already high (expected around 10x at the end of 2019)
and it has sizable short-term debt, resulting in our stand-alone
credit profile of 'b-'. Although Zagrebacki traditionally has good
relationships with local banks and has been able to roll over its
short-term debt under normal historical conditions, the
sustainability of its liquidity arrangements will be tested in the
currently challenging operating and financial environment."

S&P said, "We now expect lower cash flows in 2020 than we had
previously forecast, slightly offset by a reduction in capital
expenditure. Zagrebacki stopped non-essential operations (parking,
markets, bus transportation and so on) solely focusing on gas
distribution and supply as well as water and waste treatment and
road works. Meanwhile, some of the holding's labor force may not be
available to repair assets affected by the earthquake because of
social distancing requirements, but we understand from the company
that around 80% of employees are still doing their job. We do not
rule out working capital outlays if customers' payments are
delayed."

It remains to be seen whether the city's support will offset
pressures on Zagrebacki's liquidity.

The CreditWatch reflects the potential for a downgrade stemming
from a combination of three main factors:

-- Potential deterioration in Zagreb's credit quality.

-- A potential change in government if the city's policy
priorities shift amid COVID-19 and the recent earthquake. S&P
recognizes the essential nature of Zagrebacki's operations for the
city, but it believes that its operations could continue even if
the company has to restructure its debt--which may reduce the
government's incentives to provide timely support.

-- Ongoing pressures on Zagrebacki's liquidity and stand-alone
credit quality.

S&P said, "If we lower our rating on Zagreb by one notch, we would
lower our rating on Zagrebacki by at least one notch. If combined,
negative developments in several of the above areas could lead to a
multi-notch downgrade.

"We aim to resolve the CreditWatch within 90 days, and will monitor
the company's and city's plans to cope with mounting adversities."




=============
D E N M A R K
=============

WELLTEC A/S: S&P Affirms 'B-' ICR, Outlook Negative
---------------------------------------------------
S&P Global Ratings said that it has taken rating actions on eight
EMEA-based companies following the oil price collapse, as part of
its global review of the oil and gas industry.

Table 1

  Rating Actions On EMEA Oilfield Service Companies And Refiners
  Company                 New Rating        Previous Rating

  CGG                    B-/Stable/--        B/Stable/--

  Driver: Limited visibility on demand for seismic services under
the new oil prices

  PGS ASA                B-/Watch Neg/--     B/Stable/--

  Driver: Limited visibility on demand for seismic services under
the new oil prices, and tight headroom under financial covenants

  Vallourec             CCC+/Watch Dev/C    B-/Watch Pos/B

  Driver: Potential delays in completing a capital increase,
together with weakening core markets

  Welltec A/S           B-/Negative/--       B-/Stable/--

  Driver: Weaker market environment

  Shelf Drilling
     Holdings Ltd.      CCC+/Stable/--       B-/Stable/--

  Driver: Weaker profitability, leading to an unsustainable capital
structure

  ADES International
     Holdings Ltd.       B+/Negative/--     B+/Stable/--

  Driver: Weaker market environment

  Corral Petroleum
     Holdings AB (Publ)  B/Negative/--      B+/Positive/--

  Driver: Very weak refining industry conditions

  Raffinerie Heide GmbH  B-/Stable/--       B/Stable/--

  Driver: Very weak refining industry conditions

The rating actions reflect S&P's forecasts of disrupted, lower
demand and significantly weaker EBITDA and debt coverage measures
in 2020 as well as high uncertainty about the rate of any
recovery.

S&P downgraded two refiners, namely Corral to B/Negative/-- from
B+/Positive/-- and Heide to B-/Stable/-- from B/Stable/--.

These downgrades reflect a much weaker and particularly uncertain
market outlook stemming particularly from the demand side, leading
to poor credit metrics. In addition, they will need to deal with
new operating risks associated with asset concentration in the
context of COVID-19, including potential workforce safety and
availability.

A number of related EMEA rated issuers are already in the 'CCC'
category, including Seadrill Partners, KCA Deutag, now with higher
chances of defaulting in the coming 6-12 months.

Oil prices have more than halved from January levels and futures,
consensus forecasts and our price assumptions only indicate a slow
recovery. This reflects immediate and severe coronavirus impacts on
oil demand--which are unprecedented--as well as unexpected supply
surpluses that may not rebalance for several quarters or even
years.

S&P said, "Our review of the industry follows the recent revision
of our oil and gas price assumptions. As a consequence of these
updated price assumptions, we have updated our forecasts and sector
outlooks. We recently published rating actions on upstream oil and
gas companies, see, "Harsh Downturn Prompts Rating Actions On
Multiple European Oil And Gas Companies" published March 25, 2020.

"In our view, the impact on the different players in the industry
will rely on the geographical presence, exposure to offshore versus
onshore activities, downstream versus upstream projects, production
versus future growth and more. We believe that companies with
exposure to U.S. onshore activities are especially exposed, while
companies with exposure to activities in the Middle East and Russia
could see a less material impact. We understand that the oil majors
plan to cut their capital expenditure (capex) by 15%-20% already
this year, and are not likely to have a large appetite to increase
this materially in 2021, even assuming higher crude oil prices. At
this stage, the big-five oil majors' combined capex cuts announced
for 2020 total $17 billion. However, it is unlikely that this will
be the final word. On the back of the drop in oil prices, we
already revised our outlook on Baker Hughes to negative from stable
while affirming the 'A-' rating."

Oilfield Services (OFS)

The aggressive cost and capex cuts announced in March by oil
producers globally mean another very challenging year for oilfield
services companies and drillers in most market segments. Producers
are not adopting a wait and see approach in the face of low oil and
gas prices, even if they ultimately need service providers to
sustain their operations. All this comes after the service
providers had barely recovered from the 2014-2016 downturn.

S&P said, "We anticipate significant operating and financial
restructuring and a high risk of distressed exchanges as bonds for
many issuers are trading well below par. Liquidity management will
again be critical in coming weeks and months. The sustainability of
companies' capital structures is also a rating factor.
Specifically, our view on issuers' ability to refinance comfortably
ahead of debt maturities falling due in 2021 and later. We consider
indicators such as EBITDA and free cash flow profiles, current and
future leverage and relative bond market pricing.

"We believe conditions may deteriorate less for some operators in
coming months, and also longer term, depending on the proportion of
contracted revenues and also the nature of their customers. For
example, OPEC producers focused on increasing production and
production capacity may provide more resilient demand for services.
Nonetheless, in the Middle East and elsewhere, we expect more cost
and capital discipline from producers, so even where work isn't
delayed or cancelled day-rates and prices may be under pressure."

Refining

S&P said, "We anticipate a very challenging and volatile second
quarter for European refiners, with significant uncertainty about
the timing of any recovery later in the year. Unlike the 2014-2016
downturn, we see both low oil prices and low refining margins, as
now we have a combined oil demand shock and crude supply surge. Any
hope of benefits from IMO 2020, which were factored previously in
our base-cases, has been eclipsed by the impacts of Coronavirus
travel restrictions and lockdowns." Even the benefit of lower crude
feedstock prices may be short-lived. Jet fuel demand is collapsing
as the IATA projects European airline capacity down 90% in second
quarter 2020 compared with 2019 and down 65% globally. Light
passenger vehicles are parked with their owners required to stay at
home. The only bright spot is for traders that take advantage of
the current contango situation in the market.

With this collapsing demand for gasoline and jet fuel in
particular, refining margins are depressed, with some dipping into
negative territory. In response, refinery runs are being cut. S&P
Global Platts reports that some of the worst affected Italian
refineries running at 20% or 30% capacity. S&P notes Urals cracking
margins are holding up better than lighter sweeter grades. Diesel
cracks have also been resilient in recent weeks, so as ever, local
market conditions for each refinery matter. Increasingly, for a
given refiner the benchmark margins may be less important, and the
ability to switch between different feedstocks and products and to
find outlets for their products would become increasingly a
differentiator factor.

Engineering And Construction (E&C)

S&P said, "In general, we anticipate a less material impact on the
credit quality of companies delivering major projects in the oil
industry. The companies' backlogs that typically spread over
two-three years provide a good visibility over the performance and
eliminate short-term swings. To our knowledge, the drop in oil
prices had no impact on the execution of undergoing projects, and
no requests for delays or cancellations were received by the
companies. That said, some delays may come if the current travel
limitation and production shutdown is several regions effects the
production of components.

"Looking beyond the COVID-19, we believe that the recent sudden
drops in oil prices this year, and the recovery to only $50 per
barrel (/bbl) next year would push more companies to sit on the
fence before sanctioning new projects. We understand that some of
the oil majors already announced or are considering a capex cut of
20% this year. In our view, the impact on the E&C companies will
not be equal, but will be subject to each company's core
competencies, regions, and other activities." In this respect, E&C
companies with higher exposure to offshore deep sea projects will
likely to see less tenders, as projects become less profitable,
compared with companies with higher exposure to downstream projects
in the Middle East.

Most of the E&C companies enter the current crisis with very
limited debt on their balance sheets. For example, during the past
two years, Petrofac eliminated its reported net debt almost
completely and Saipem cut its debt by half.

CGG

S&P said, "We lowered the rating on CGG to 'B-', with a stable
outlook because we consider the seismic subsector vulnerable to low
oil prices and cost reductions by E&P companies. During the
previous downturn, when E&P companies reduced their exploration
budgets, seismic companies found themselves with only a short lead
time before their results were affected. We acknowledge that the
industry landscape has changed materially since the last downturn,
and the seismic companies should be much more resilient to adverse
market conditions. Nevertheless, given the current unprecedentedly
low oil prices, we are taking a more prudent approach. CGG shifted
strategy to become asset-light, divesting its heavy acquisition
business; restructuring its balance sheet; and implementing ongoing
cost-cutting initiatives. The company also repositioned its
activity toward more resilient reservoir development and production
optimization geoscience services and higher multi-client footprint
in mature producing basins. Although we consider CGG is thus better
prepared to face a downturn, it is not fully immune.

"The company showed positive momentum in 2019, causing us to raise
the rating in August 2019. This momentum continued into January and
February, when the company reported several new contracts and a
backlog of close to $540 million (up 34% from February 2019).
However, the sudden dive in oil prices in March is likely to take a
toll in the second half of 2020, and the impact is likely to last
into 2021. As a result, we have revised our projected segmented
EBITDA for 2020 to EUR550 million-EUR600 million from the previous
level of EUR650 million-EUR700 million. In our view, this EBITDA
level should enable the company to report positive free cash flow
of EUR100 million-EUR150 million (excluding potential working
capital inflow).

"Given the volatility of the seismic industry and the limited
visibility, we ran additional scenarios, including a severe
scenario in which EBITDA drops to $350 million, slightly below the
EBITDA reported in the 2016 downturn. In our view, under such
scenarios, the company could flex some of its multiclient spending
and see some working capital inflow, protecting its cash flows.
Furthermore, given that it has no maturities in the coming years
(first maturity in 2023) and sizable cash of more than $600 million
on the balance sheet, the company can accommodate such scenarios
better than its direct competitors, and for longer."

Outlook

S&P said, "The stable outlook reflects the limited downside for the
current rating thanks to the company's comfortable liquidity
position, with sizable cash on the balance sheet, which could be a
cushion against adverse industry conditions in the short-term.

"Under our base-case scenario, assuming a Brent oil price of
$30/bbl for the rest of the year, we expect CGG's segment EBITDA in
the EUR550 million-EUR600 million range in 2020 (equivalent to an
adjusted EBITDA of EUR275 million-EUR325 million), which would
translate to free cash flow of EUR100 million-EUR150 million and
adjusted debt to EBITDA of about 4x (after a deduction of $185
million out of its over $400 million cash position). We view an
adjusted debt to EBITDA of 4x or more as commensurate with the
current rating, subject to the industry's position in the cycle and
the company's cash position."

Downside scenario:  S&P said, "While we see a further negative
rating as unlikely in the coming 6 to 12 months, we could lower the
rating if we consider the capital structure unsustainable. This
could occur if the company experienced material negative free
operating cash flow (FOCF) in the coming 12-18 months, depleting
its current cash position. For example, we could lower the rating
if there is negative FOCF in 2020 materially above $100 million,
and we expected the company to experience a large deficit also in
the following year."

Upside scenario:   An upgrade would require improvement in market
conditions, translating to an adjusted debt-to-EBITDA ratio in the
3x-4x range and at least moderately positive FOCF. Other supporting
factors could include a refinance of its current debt and a longer
operational track record under its new business model.

PGS

The downgrade to 'B-' is driven by the vulnerability of the seismic
subsector to low oil prices and E&P companies' cost reductions. In
addition, S&P placed the rating on CreditWatch with negative
implications to reflect material pressure on the company's
liquidity and the possibility of a further rating action if the
company's performance deteriorated toward the lower part of the
range in its base case.

As experienced in the last downturn, when E&P companies reduced
their exploration budgets, seismic companies have only a short lead
time before it affects their results. While the industry landscape
has changed materially since the last downturn and seismic
companies should be much more resilient to adverse market
conditions, the current unprecedented low oil prices support taking
a more prudent approach. S&P believes that PGS is better prepared
for the downturn than in the past, with fewer vessels and leaner
operations, but could see a sharper drop in its results compared
with peers that prefer an asset-light business model.

Earlier this year, as part of the company's refinancing and equity
injection, we projected reported EBITDA in the $600 million-$650
million range in 2020, taking into account higher contract prices
and an improved order book. However, the sudden dive in oil prices
in March will likely take a toll in the second half of 2020, with
further impacts in 2021. S&P said, "As a result, we have revised
our projected segmented EBITDA for 2020 to $400 million-$450
million. Despite the revision, we believe that the company should
remain free cash flow positive in the $50 million-$150 million
area, taking into account a reduction in the multiclient spending
and a material working capital inflow. In our view, the company's
ability to adjust its multiclient spending is an important lever to
protect the company's cash flows, but a material cut could impair
the company's future income."

In S&P's view, if the company's EBITDA fell toward $400 million, it
might see material pressure on the company's liquidity with a risk
of breaching the financial covenants under the recently secured
RCF. As of Dec. 31, 2019 (pro forma the refinance) the company had
about $80 million of cash on the balance sheet and $100 million
under its $215 million RCF, which could become unavailable in case
of financial covenant risk. However, in practice, given the
company's need to maintain material amounts of cash on the balance
sheet and the tight headroom under the RCF, these cannot be seen as
fully available liquidity sources going forward.

CreditWatch

S&P said, "We expect to resolve the CreditWatch over the coming
three months once we get better clarity on the demand for seismic
services under the current low oil prices, and the impact on PGS's
profitability in 2020 and its counteraction measures. If PGS'
EBITDA fell toward $400 million and the current limited headroom
under its financial covenants became tighter, we would likely lower
the rating by one notch."

Heide

The downgrade to 'B-' with a stable outlook reflects very weak
refining industry conditions and the company's mixed performance in
previous years. At the same time, the company's hedging program and
still comfortable liquidity should limit short-term pressure on the
rating. S&P said, "We have revised our previous expectation of a
material improvement in Heide's results in 2020 (adjusted EBITDA in
the range of EUR110 million-EUR130 million) after the weak
performance in 2019 and 2018. We now anticipate very unfavorable
conditions for the European refineries in the second quarter and
beyond, after a material decline in refining cracking margins over
the past few weeks. In this context, we believe that EBITDA in the
range of EUR80 million-EUR120 million is more realistic in light of
the current uncertainty." This forecast includes the benefits
stemming from the company's hedging program and the positive
contribution from the low oil prices, but also takes into account
lower cracking margins, a sharp decline in the demand, operational
disruptions, and other unforeseen elements.

Outlook

The stable outlook reflects fairly limited downside for the rating
over the short term, thanks to the company's hedging program and
comfortable liquidity position.

S&P said, "Under our base-case scenario, we now assume EBITDA in
the range of EUR80 million-EUR120 million in 2020, which would
translate into free cash flow of EUR50 million-EUR80 million and
adjusted debt to EBITDA of 5x or better. We view adjusted debt to
EBITDA of 5x or more as commensurate with the 'B-' rating, subject
to the industry's position in the cycle and the company's cash
position."

Downside scenario:  Pressure on the company's rating in the coming
6-12 months would be subject to severe refining conditions in
Europe in the second half of the year and/or operational issues at
Heide. The triggers that may prompt a negative rating action
include:

-- Adjusted debt to EBITDA deteriorating toward 6.5x or worse,
leading S&P to classify its capital structure as unsustainable.

-- Deterioration in the liquidity position. Such a re-assessment
could be subject to the company's ability to refinance its existing
EUR150 million factoring facility due in November 2020, reporting
material negative free cash flow; and no plausible plan to
refinance its EUR250 million notes due in 2022 as S&P comes closer
to 2021.

Upside scenario:   S&P sees rating upside as remote in short term,
given the current market conditions. A clear improvement in
industry fundamentals and the company's ability to maintain
adjusted debt to EBITDA below 5.0x, with at least neutral FOCF,
could support a higher rating. Other supporting factors could
include a refinancing of its current debt and building a longer
track record without operational disruptions.

Corral

S&P said, "The downgrade to 'B' with a negative outlook reflects
our expectation of material weakening of credit metrics as a result
of major and increasing uncertainty around future refining margins
in the context of the COVID-19 pandemic and looming global
recession. We believe Corral's markets are not insulated from the
broader collapse in demand across Europe and globally, although
diesel crack spreads have been resilient so far. Oil and product
markets are still adjusting to the COVID-19 pandemic and we see
high uncertainty for future refining margins. While the drop in
crude prices provides a one-off benefit to input costs and working
capital needs, we expect that the overall economic slowdown will
have a disruptive and negative effect on demand as well as
operating performance, which creates a risk of prolonged weak
refining margins.

"We expect adjusted EBITDA for 2020 to be Swedish krona (SEK)2.5
billion-SEK3.0 billion for 2020. We hence forecast debt to EBITDA
rising to 6.0x in 2020, compared with the 3x-4x we consider
commensurate with a 'B+' rating. We recognize that we could see
lower leverage if case market conditions return to normal in the
second half of 2020, but given the uncertainty over the timing of
that, we see a risk that leverage could remain higher for longer.
In a negative scenario, the company could face a breach of
covenants in 2020, although we think the company will obtain
waivers, given that the business can generate meaningful positive
free cash flow in normal market conditions."

Outlook

The negative outlook reflects uncertainty about future refining
margins in a challenging market and macroeconomic environment,
which could further weaken credit metrics and potentially affect
liquidity in the coming quarters.

Downside scenario:  S&P said, "We could take a negative rating
action in the coming 12 months, if market conditions stay depressed
for longer than we anticipate, with much lower refining margins and
volumes. We could lower the rating to 'B-' if we saw limited
prospects of adjusted debt to EBITDA improving to consistently
below 5x or if we saw a high risk of covenant breach that could
weigh on liquidity."

Upside scenario:   S&P said, "We could revise the outlook to stable
if we projected leverage would be comfortably below 5x through the
cycle, together with improved visibility on future margins and cash
flows and an improved liquidity position without near-term prospect
of a squeeze or breaches. Longer term, if and when demand
stabilizes, we could consider raising the rating back to 'B+', if
adjusted debt to EBITDA improves to consistently below 4x with
sustainable positive cash flow."

Vallourec

S&P said, "The downgrade to 'CCC+' reflects our view that a rapid
decline in oil prices and heightened volatility in capital markets
add execution risks to Vallourec's planned EUR800 million equity
increase and refinancing of bank lines. The CreditWatch developing
status indicates that we could raise or lower the rating in the
coming months, depending on the company's ability to complete the
equity increase and avoid a liquidity crunch.

"The proposed rights issue will be submitted to an extraordinary
shareholder meeting on April 6, and we expect core shareholders
will be supportive. We understand that Vallourec continues the
dialogue with its banks, and aims to launch the rights issue
announced on Feb. 19, 2020 as soon as conditions allow." Like many
peers in the sector, Vallourec's market capitalization has declined
significantly, reaching EUR450 million over the past several weeks
compared with over EUR1 billion in late February.

Should there be a delay to the equity increase and obtaining the
new EUR800 million four-year unsecured RCF, Vallourec would face a
tight liquidity situation, since it has EUR1.7 billion outstanding
on its EUR2.1 billion current RCFs, which are due in February and
July of 2021. The company had an equivalent amount of cash on hand
as of Dec. 31, 2019, and would therefore have limited leeway to
meet potential negative free operating cash flow this year and next
year. S&P now assesses the company's liquidity as less than
adequate.

S&P said, "Owing to the drop in oil prices, S&P Global Ratings now
forecasts Vallourec's EBITDA will be in the range of EUR300
million-EUR400 million in 2020, compared with our previous estimate
of about EUR500 million. This is due to low demand for the
company's products in North America and potential setbacks in
Brazil and other regions. We now expect another year of negative
free cash flow of up to EUR100 million, excluding potential working
capital inflows."

CreditWatch

The CreditWatch developing status reflects the uncertainty about
whether the planned equity increase will be finalized in the near
term. S&P intends to resolve the CreditWatch once Vallourec's
rights issue is completed.

S&P said, "We could lower our rating if the company does not
complete its capital increase and refinance its bank lines in the
coming months and therefore needs broader debt restructuring amid
difficult oil and capital market conditions.

"We could upgrade Vallourec by one notch if the company completes
its capital increase and extends its bank lines, which in our view
should provide a sufficient liquidity cushion against the effects
of the downturn in oil markets. Some stabilization in the oil
market would also be important."

Welltec

S&P said, "We have affirmed our 'B-' rating and revised the outlook
to negative on the back of weakening industry conditions. Our
previous expectation for strong performance in 2020, after the
encouraging results in 2019, are being reviewed as the COVID-19
pandemic continues to have longer and deeper impact on global
economy and oil prices reach unprecedented lows." At this stage,
S&P views two main risks to Welltec's operations and results in
2020 and beyond:

-- Travel restrictions that constrain the company's ability to
transport its equipment and other items between different
locations. S&P believes these temporary measures will affect mainly
second-quarter results.

-- The expected pressure from exploration companies to reduce
their costs on the back of current oil prices, which may also lead
to maintenance work delays. During the last downturn in 2016, the
company's number of jobs collapsed by about 40%.

S&P said, "Earlier this year, we expected adjusted EBITDA in the
$105 million-$115 million range in 2020. However, since Welltec's
products are relatively advanced for the oil and gas industry, with
material exposure to E&P's cost-cutting measures, we now use a
wider $80 million-$100 million range as more appropriate. This
change in our forecast also takes into account the company's lean
cost structure and its ability to adjust its workforce fairly
swiftly. In addition, most of its capex is discretionary. As a
result, the company's free cash flow should be only slightly
negative in 2020, if at all. The company's EBITDA during the last
downturn was about $40 million, but we don't expect it to reach
that level again, as it has achieved several milestones since then,
including introducing new services and cutting costs with more
automation.

"With forecast EBITDA of $80 million-$100 million in 2020, no
maturities until November 2022 when its $340 million notes are due,
and limited cash burn, Welltec's capital structure is sustainable,
in our view. At this stage, we don't factor in its almost fully
undrawn $40 million RCF as part of its sources, to accommodate
potential higher-than-expected negative free cash flow. This is
because of the tight headroom under the financial covenants if
EBITDA dropped to $80 million or lower."

Lastly, a prolonged period of low demand for Welltec's services may
lessen its ability to reduce its debt and later refinance the
notes, and may prompt a negative rating action as we come closer to
the end of 2021.

Outlook

The negative outlook reflects Welltec's immediate exposure to the
current very low oil prices, which many result in a material drop
in the demand for its services and potentially to negative free
cash flow. S&P said, "Under our base-case scenario, assuming a
Brent oil price of $30/bbl for the rest of the year, we expect
adjusted EBITDA in the $80 million-$100 million range in 2020, with
limited cash burn. We view an adjusted debt to EBITDA in the
5.0x-6.5x range through the cycle as commensurate with the current
rating level, taking into account the company's cash flows and
outstanding cash on the balance sheet."

Downside scenario:  S&P said, "We could downgrade Welltec if we
classified its capital structure as unsustainable. This could be
the case if depressed oil markets are extended, pressuring the
demand for Welltec's services and ultimately to significantly
negative FOCF. In this scenario, we expect that its leverage ratios
could go to 6.5x or more, and its liquidity position deteriorate
with sources of liquidity barely covering the uses as the RCF
becomes unavailable."

Over the medium term, a reassessment of the company's business risk
profile could cap the rating or even pressure the rating. This
could happen if the company did not increase its market share and
if competitors progressed in closing the technological gap. This
could be the case if EBITDA fell to $70 million or less.

Upside scenario:   In S&P's view, a stable outlook would be linked
to a recovery in the oil and gas industry, and better visibility
into the company's operations in the aftermath of the
COVID-19-related economic slowdown. Other triggers would include:

-- Adjusted debt to EBITDA sustained below 6.5x.

-- The company's ability to generate at least free cash flow,
support some reduction in its gross debt as it comes closer to
maturity in November 2022 and, later on, to present a plausible
plan to refinance its debt.

Shelf Drilling Holdings Ltd

The downgrade to 'CCC+' with a stable outlook reflects the risk
that Shelf will not be able to meaningfully deleverage in
2020-2021, as we previously anticipated, with S&P Global
Ratings-adjusted debt to EBITDA staying well above 5x (10.4x as of
Dec. 31, 2019) due to effects of low oil prices and the COVID-19
pandemic on the drilling market. S&P therefore sees the current
capital structure as unsustainable.

This is notwithstanding company's increased backlog and exposure to
low-cost producing markets in the Middle East. Although 84% of 2020
revenue is already contracted, 2021 profitability is more uncertain
and we expect pressure on day rates and risk of contract
cancellations. Operational disruptions from COVID-19 also present
risks. Moreover, the downgrade reflects the risk of a distressed
exchange, given the 2025 bond is trading at discounted levels.

Outlook

The stable outlook reflects the company's long-term maturity
profile, with no maturities until 2023, as well as its significant
backlog, with 84% of 2020 days already contracted.

In S&P's base case, it anticipates Shelf's leverage will be 6x-7x
in 2020, with negative FOCF generation.

Downside scenario:  S&P would lower the rating if liquidity issues
arise as a result of contract cancellations, significant negative
cash flow generation, or volatile working capital. Debt
restructuring or a distressed exchange could also lead to a
downgrade.

Upside scenario:   S&P could upgrade Shelf if and when market
conditions stabilize, with the company successfully deleveraging to
S&P Global Ratings-adjusted debt to EBITDA of about 5x and
reporting positive FOCF.

ADES International Holdings

S&P said, "The negative outlook on our 'B+' rating reflects the
increasing risks and uncertainties from the effects of low oil
prices and COVID-19 pandemic on the drilling market, which could
present contract cancellations and operational disruptions for
ADES. Although the company benefits from high profitability, with
margins of about 40% and cash flow visibility over the next
12-to-18 months, supported by an expanding backlog and strong
relationships with Saudi Aramco and Kuwait Oil Company (81% of
backlog), we believe rising sector uncertainties could prove
challenging for deleveraging. With day rates already contracted at
low levels, we view cancellations as a higher risk for ADES,
despite no track record of the latter." This could subsequently
translate into weaker credit metrics than previously anticipated.

The rating on ADES is supported by the company's backlog visibility
(backlog to revenue exceeding 2x), its high profitability compared
with peers, and long-term maturity profile. ADES' operating model
benefits from a favorable mismatch in Egyptian-pound-denominated
costs and hard-currency-denominated contracts. S&P said, "We view
this, in addition to its footprint in low-cost producing countries
amid a subdued oil price environment, and the high proportion of
onshore (more than 70% of backlog) versus the higher-risk offshore
segment backlog as favorable for margins. In addition, with no
maturities until 2024, we don't see an imminent need for
refinancing."

Outlook

The negative outlook reflects the risks and uncertainties for the
sector, which could prevent the company from deleveraging
meaningfully to an adjusted debt to EBITDA of 3x-4x in 2020 and
about 3x in 2021. This could be due to a further weakening of the
drilling market environment, pressured by lower oil prices or
operational disruptions caused by the COVID-19 pandemic.

Downside scenario:  S&P could lower the rating if adjusted leverage
exceeded 4x, which could result from a loss of contracted revenue
or limited backlog additions, and lead to weaker-than-expected
operating performance.

Upside scenario:   S&P would revises its outlook to stable if
market conditions stabilize and deleveraging was consistent with
its base case, with adjusted debt to EBITDA of about 3x by 2021,
coupled with positive free operating cash flow generation, and a
stable backlog.

  Table 2

  Other Rated Oilfield Services Companies (No Rating Action)

  Company                      Rating        Liquidity Assessment

  Petrofac Ltd.           BBB-/Negative/A-3         Adequate

  Comment: 2020 will be very a challenging year for the company as
S&P expects its EBITDA will further shrink, and the company will
need to reverse the decline in the backlog over the past few years.
In addition, the SFO investigation will continue in the background,
mitigated by the company's very low debt and comfortable
liquidity.

  Saipem SpA              BB+/Stable/--             Strong

  Comment: The buildup of a significant backlog (about EUR25
million) should ensure healthy results in 2020 and 2021. That said,
with lower oil prices, more projects are likely to be delayed,
hampering the company’s ability to maintain its backlog at the
same level, leading potentially to lower profitability over the
medium term. Despite the weak fundamentals, S&P doesn't expect the
drilling divisions to become too heavy a burden on the company.

  Eurasia Drilling Co.      BB+/Stable/B           Adequate

  Comment: S&P anticipates the industry downturn will be less
pronounced for EDC, thanks to the expected production levels in
Russia in the coming years, and its market position. Credit metrics
remain very supportive, with adjusted FFO to debt at about 60%.

  KazMunayGas International N.V.   B/Stable/--  Less than adequate

  Comment: Unlike pure refiners, S&P believes that KMGI is likely
to benefit from its diversification into retailing, which tends to
be less volatile, as well as trading activities, which should
benefit from the current volatility of the market. In addition, S&P
continues to factor into its rating ongoing parental support.

  KCA DEUTAG Alpha Ltd.    CCC+/Negative/--    Less than adequate

  Comment: With heavy maturities in the coming years, the company
continues to consider its options. The latest announcement by the
company that it would utilize the grace periods for the interest
payments due on April 1, 2020, indicates a higher probably of the
company launching a distressed exchange offer, in S&P's view.

  Seadrill Partners LLC    CCC/Negative/C      Less than adequate

  Comment: The risk of a distressed exchange offer continues to
increase, as maturity of the company’s $2.6 billion term loan B
due February 2021 approaches.

  Ratings List

  ADES International Holdings Ltd.
  Ratings Affirmed; Outlook Action  
                                       To            From
  ADES International Holdings Ltd.
   Issuer Credit Rating           B+/Negative/--   B+/Stable/--

  CGG  
  Downgraded  
                                       To            From
  CGG
   Issuer Credit Rating           B-/Stable/--     B/Stable/--

  Corral Petroleum Holdings AB (Publ
  Downgraded; Outlook Action  
                                       To            From
  Corral Petroleum Holdings AB (Publ)
   Issuer Credit Rating           B/Negative/--    B+/Positive/--

  PGS ASA
  Downgraded; CreditWatch Action  
                                       To            From
  PGS ASA
   Issuer Credit Rating           B-/Watch Neg/--  B/Stable/--

  Raffinerie Heide GmbH
  Downgraded  
                                       To            From
  Raffinerie Heide GmbH
   Issuer Credit Rating           B-/Stable/--     B/Stable/--

  Shelf Drilling Holdings Ltd.
  Downgraded  
                                       To            From
  Shelf Drilling Holdings Ltd.
   Issuer Credit Rating           CCC+/Stable/--   B-/Stable/--

  Vallourec
  Downgraded; CreditWatch Action  
                                       To            From
  Vallourec
   Issuer Credit Rating           CCC+/Watch Dev/C  B-/Watch Pos/B

  Welltec A/S
  Ratings Affirmed; Outlook Action  
                                       To            From
  Welltec A/S
   Issuer Credit Rating           B-/Negative/--    B-/Stable/--






=============
F I N L A N D
=============

OUTOKUMPU OYJ: Moody's Cuts CFR to B3 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded to B3 from B2 the corporate
family rating and to B3-PD from B2-PD the probability of default
rating of Finland-based stainless-steel producer Outokumpu Oyj.
Concurrently, Moody's downgraded from B1 to B2 the instrument
rating on the group's senior secured notes due June 2024. The
outlook has been changed to negative from stable.

RATINGS RATIONALE

The downgrade to B3 reflects Outokumpu's very high Moody's-adjusted
financial leverage, which increased to 10.4x debt/EBITDA at
year-end 2019 from 4.4x in 2018 following a sharp slump in earnings
against a marked slowdown in demand and strongly negative price
effects last year. Having previously anticipated market conditions
to improve over the next two years, supporting a marked recovery in
Outokumpu's deteriorated credit metrics, Moody's now expects
conditions to further worsen this year amidst the fast spreading
Coronavirus curbing demand and disrupting production and supply
chains globally. Moody's therefore foresees a significant drop in
Outokumpu's stainless steel deliveries over the next few quarters,
pressuring earnings and free cash flow generation, which will
likely turn negative this year in Moody's view. Considering its
defined 6x maximum leverage tolerated a B3 rating, Moody's
currently does not expect Outokumpu to be able to return towards
such a level before the end of 2021.

The eventual implications of the virus spreading on global growth
and the length and pace of business disruptions driven by it is
impossible to predict at this time. This leaves significant
forecast uncertainty, while Moody's current expectation of the
spreading being controlled by the second half of this year may
prove too optimistic. The projected recovery in Outokumpu's credit
metrics after 2020 may therefore take longer than currently
anticipated, while even a further deterioration cannot be excluded.
Nevertheless, Moody's expects Outokumpu to be able to maintain an
adequate liquidity profile, also in a downside scenario of negative
free cash flow generation over the next two years. Should the
crisis escalate, however, liquidity could eventually become
strained, which, combined with sustained very weak financial ratios
could exert further pressure on Outokumpu's rating, as reflected in
the negative outlook.

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 steel sector
has been one of the sectors moderately to strongly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Outokumpu's credit profile,
including its exposure to cyclical end-markets and countries
affected by government-imposed lockdowns or other social distancing
measures, have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Outokumpu 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 Outokumpu of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

LIQUIDITY

Moody's considers Outokumpu's liquidity as adequate. Cash sources
as of December 31, 2019 consisted of cash on the balance sheet of
EUR325 million and a fully undrawn EUR650 million committed
revolving credit facility, maturing May 2021 (EUR76 million) and
May 2022 (EUR574 million). In addition, the group had access to
EUR78 million available under a capex facility for the expansion of
its Kemi mine. These cash sources, together with only modestly
positive funds from operations over the next 12-18 months
(including EUR50 million restructuring payments in 2020) and
working capital releases of over EUR100 million in 2020 comfortably
cover annual capital expenditures of around EUR200-250 million,
dividends and Moody's 3% of sales working cash assumption.

After the group's redemption of its EUR250 million convertible bond
at its maturity in February this year, debt maturities until June
2021 are estimated at around EUR440 million, consisting mainly of
commercial paper.

Moody's further expects Outokumpu to maintain adequate capacity
under its gearing maintenance covenant at all times (45% at the end
of 2019).

OUTLOOK

The negative outlook reflects Moody's expectations that Outokumpu's
credit metrics will remain stretched for the assigned B3 rating
over the next 12-18 months, while taking into account significant
risk that a further deterioration in metrics could be driven by
prolonged negative effects related to the Coronavirus. An
accelerated contraction of free cash flow generation over the next
quarters in absence of additional offsetting operational and
financial measures could result in further downward rating pressure
during the course of 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Downward pressure on the ratings would evolve, if Outokumpu's (1)
Moody's-adjusted leverage sustainably exceeded 6x gross
debt/EBITDA; (2) Moody's-adjusted interest coverage remained well
below 1x EBIT/interest expense, (3) liquidity deteriorated such as
through the inability to successfully refinance its short-term debt
in a timely manner or prolonged negative free cash flow generation
beyond 2020.

Upward pressure on the ratings would build, if Outokumpu's (1)
Moody's-adjusted leverage decreased sustainably below 5.5x gross
debt/EBITDA, (2) Moody's-adjusted interest coverage improved to 2x
EBIT/interest expense, (3) liquidity strengthened with sustainably
positive FCF generation and only minor reliance on external
financing, except for some committed capital expenditure projects.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Steel Industry
published in September 2017.

COMPANY PROFILE

Headquartered in Helsinki, Finland, Outokumpu is a leading global
manufacturer of flat-rolled stainless steel. It holds a #1 market
position in Europe with a market share of 28% and a #2 position in
NAFTA with a market share of 21% in 2019. With total revenue of
EUR6.4 billion in 2019 and almost 10,400 employees, Outokumpu is
one of the largest Finnish companies. The group operates 18
production sites, including integrated stainless-steel mills in
Europe and North America, as well as a fully owned chrome mine
close to its Tornio/Finland based steel plant. Outokumpu's main
shareholder is Solidium, a holding company wholly owned by the
Finish government, with a stake of around 21.7%.



===========
F R A N C E
===========

EUROPCAR MOBILITY: Moody's Cuts CFR to B2, On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of
France-based car rental company Europcar Mobility Group S.A.
including the corporate family rating to B2 from B1, the
probability of default rating to B2-PD from B1-PD, the ratings on
the senior unsecured notes due 2024 and 2026 to Caa1 from B3.
Moody's has also downgraded the rating on the senior secured notes
due 2022 at EC Finance plc to B2 from B1.

Concurrently, Moody's has placed the ratings on review for further
downgrade.

'The rating action on EMG reflects the rapid spread of the
coronavirus outbreak across many regions and key car rental
markets, which will exert severe pressure on EMG's earnings and on
its credit metrics' says Eric Kang, a Moody's Vice President-Senior
Analyst and lead analyst on EMG. 'Prior to the coronavirus
outbreak, EMG's credit metrics were already deemed to be stretched
as reflected by the negative outlook prior to the rating action',
adds Mr Kang.

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 car rental
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to business and leisure travel.
This has also left EMG vulnerable to the outbreak continuing to
spread. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial credit implications
on public health and safety. The action reflects the impact on EMG
of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

EMG's ratings are under review for further downgrade due to the
risk that weakness in demand will extend through and potentially
beyond the critical travel season, increasing the risk of over
capacity within the car rental sector. The review will also focus
on EMG's liquidity and its success in negotiating additional credit
facilities, including facilities guaranteed by France's State
Investment Bank ("BPI").

Assuming that confinement measures or travel restrictions are
gradually lifted throughout May/June in EMG's key geographies,
Moody's estimates that Moody's-adjusted (gross) debt/EBITDA could
temporarily increase towards 8.0x in 2020 from 5.0x in 2019 while
Moody's-adjusted EBIT/interest could be well below 1.0x compared to
1.2x in 2019 (all metrics are post IFRS16). These forecasts
incorporate recently implemented governmental measures designed to
mitigate the negative effects caused by the lockdown. A
normalization of market conditions will support an improvement in
credit metrics in 2021 although it is difficult to forecast to
which extent at this stage. More positively, Moody's acknowledges
that EMG can reduce its fleet with limited exposure to potential
declines in vehicle residual values thanks to the flexibility
provided by the use of buyback options and operating leases
financings.

Moody's expects the company's liquidity in the coming quarters to
weaken because it forecasts negative corporate free cash flow (as
defined by the company) in the first half of 2020, with a risk of
further deterioration if confinement measures and travel
restrictions persist beyond May 2020. The company had EUR346
million of unrestricted cash on its balance sheet (excluding cash
intended to finance the fleet) at year-end 2019 and EUR102 million
available under the multi-purpose revolving credit facility (RCF)
due 2023. Excluding the fleet securitization debt which funded the
fleet acquisitions and will be covered by normal liquidation of the
fleet, the main debt maturity over 2020-2021 is the EUR50 million
term loan which matures in December 2020.

The review process will focus on (1) the duration of the
coronavirus epidemic and any effects that a prolonged outbreak and
government initiated lockdowns could have on EMG's earnings; (2)
the company's liquidity profile in light of expected weaker free
cash flow, as well as access to new sources of funding; (3)
trajectory of EMG's sales and profitability into 2021 against the
backdrop of deteriorated global economic conditions, which could
weigh on the travel industry especially on business travels.

ESG CONSIDERATIONS

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

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Factors that would lead to an upgrade or downgrade of the ratings:

Downward rating pressure could arise if EMG fails to secure
additional credit facilities to support its liquidity or if a
prolonged weakness in demand results in further deterioration in
credit metrics and liquidity compared to Moody's current
expectations as outlined above. Downward rating pressure could also
arise if Moody's-adjusted (gross) debt/EBITDA remains sustainably
above 5.5x or Moody's EBIT/interest remains sustainably weak.

Upward rating pressure could develop if (1) Moody's-adjusted
(gross) debt/EBITDA reduces sustainably to around 4.5x, (2) Moody's
EBIT/interest is sustainably above 1.5x, and (3) the company
maintains a solid liquidity profile. An upgrade would also require
a normalization of market conditions as well as Moody's expectation
of sustained organic growth in revenues and earnings.

COMPANY PROFILE

Headquartered in Paris, France, Europcar Mobility Group S.A. is the
European leader in car rental services, providing short- to
medium-term rentals of passenger vehicles and light trucks to
corporate, leisure and replacement clients. It generated total
revenue of EUR3.0 billion in 2019.

LOXAM SAS: S&P Cuts LT Issuer Rating to 'B'
-------------------------------------------
S&P Global Ratings lowered its long-term issuer rating on Loxam SAS
to 'B' from 'BB-'.

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 about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

The effect of COVID-19 on Loxam's customer base could materially
harm its short-term financial results and pressure credit quality.
In reaction to the spread of COVID-19, particularly in Europe,
governments have been locking down entire cities or countries.
Equipment rental providers are therefore experiencing a sudden and
complete drop in revenue and cash flows across the entirety of
their customer bases. As a result of these measures, many of
Loxam's customers, specifically those based in France, have
completely closed their work sites. As a result, S&P expects that
revenues from rental equipment will be materially down--at least in
the short term--until the pandemic abates. On the other hand, in
previous economic downturns, Loxam was able to react quickly to a
sudden drop in demand by limiting capital expenditure (capex) and
mergers and acquisitions (M&A) spending.

S&P said, "We think Loxam could reduce costs but we still estimate
the pressure on profitability due to the expected drop in S&P
Global Ratings-adjusted EBITDA could lead to a spike in adjusted
debt to EBITDA of about 6.0x and funds from operations (FFO) to
debt weakening to about 13% in 2020. We then expect a recovery of
demand/volumes and leverage reduction. Once the pandemic has abated
and recovery is underway, we expect Loxam's profitability and
credit metrics to recover, with leverage trending back towards 4.5x
in fiscal 2021 and FFO to debt of more than 17%. If the pandemic or
government-imposed lockdowns last longer than expected or the
recovery is not as immediate as we envisage, rating pressure could
increase.

"Absent the impact of COVID-19, we consider Loxam to be a
fundamentally robust business with good growth and deleveraging
prospects. Its fiscal 2019 results were broadly in in with our
expectations (with debt to EBITDA comfortably under 5x) and the
company traded well through the start of 2020 (until the pandemic
hit). In our previous forecast, we were expecting S&P Global
Ratings-adjusted leverage of about 4.6x in 2019 and 4.4x in 2020.
Loxam generates about 40% of its revenue from France and 55% from
the rest of Europe, and 5% outside of Europe. Hence, the
acquisition of Ramirent in 2019 has helped geographically diversify
the company and lessen the exposure it would have had (to France
and therefore the lockdown relating to COVID-19) without completing
the transaction.

"Loxam's ability to rapidly reduce investments to preserve its
liquidity will be crucial to weathering the pandemic.  We expect
Loxam will protect cash and cut costs as much as possible during
this period of subdued demand, including furloughing staff and
reducing logistics costs quickly as volumes dry up. We expect that
the company could feasibly more than halve its gross capex to under
EUR200 million for 2020--Loxam was previously guiding to EUR400
million gross fleet expenditure in order to maintain positive free
operating cash flows (FOCF). We also expect Loxam to postpone all
new M&A activity and tighten its working capital, as many other
European issuers are doing to preserve liquidity.

"As of March 2020, Loxam had EUR400 million unrestricted cash on
balance including EUR75 million drawn from its revolving credit
facility (RCF). We think that Loxam has enough liquidity to
comfortably manage a shutdown of three months or more, including
debt interest. Moreover, the group has no material debt maturities
before 2022.

"Although not factored into our analysis (we only consider fully
committed lines as a sources of liquidity), the group could
potentially benefit from a loan guaranteed at 90% by the French
state totaling EUR230 million."

The company is currently negotiating with its banks to increase
headroom under its covenant. Loxam is subject to a maintenance
covenant included in the documentation for its EUR75 million RCF,
which stipulates a net leverage ratio of less than 5x if the RCF is
drawn by at least 30%. The company intends to discuss with its
banks increasing the headroom under its covenant.

S&P said, "The negative outlook reflects our view that we could
lower the rating on Loxam over the next few months if governments
take even more drastic measures to halt the pandemic, resulting in
even lower rental volumes and therefore weaker financial results or
liquidity.

"The negative outlook reflects our view that we could lower the
rating on Loxam over the following few months if the COVID-19
pandemic results in a larger-than-expected spike of adjusted debt
to more than 7.0x without any prospect of a swift recovery. It also
reflects our view that Loxam's liquidity position could come under
pressure if it does not react quickly enough to reduce costs and
investments.

"We could lower the rating in the next few months if Loxam exhibits
debt to EBITDA above 7.0x or FFO to debt of less than 12% on a
sustained basis, with no prospect of a swift recovery. We could
also lower the rating if Loxam's liquidity position deteriorated or
if covenant headroom is under pressure.

"We could raise the rating if revenues recover strongly in the
second half of 2020, such that the group looks set to recover
profitability, leverage, and FOCF broadly to 2019 levels."




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

HAPAG-LLOYD AG: Moody's Affirms B1 CFR, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B1
corporate family rating of Hapag-Lloyd AG to negative from stable.
Concurrently, Moody's affirmed the B1 CFR, its B1-PD probability of
default rating its B3 senior unsecured bond ratings.

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 shipping
sector in general and container shipping sector in particular are
dependent on world trade and activity demand for goods from
industrial companies as well as consumers. Given the rapid
development in terms of countries shutting down production and
putting populations in quarantine, it is inevitable that the demand
for container shipping will see contracting volumes from end of
April/beginning of May. Ultimately, the effect on the credit ratios
of European Container Liners will be dependent on (1) The ability
of the container shipping industry to meet lower volume with
cancelled (blanked) sailings, thus saving around 50%-70% in
operating costs per blanked sailing; (2) time until demand picks up
again, and least but most importantly (3) the impact on contracted
as well as spot freight rates.

The rating affirmation also reflects that Hapag Lloyd is confronted
to this crisis, at its starting point, with very solid credit
metrics for the B1 category.

RATING OUTLOOK

The negative outlook balances Hapag Lloyd's solid business profile,
combined with a good track record of management through volatile
industry environments with an adequate liquidity -- $574 million in
cash and $585 million in unused credit lines -- with the challenges
the industry will face during at least Q2 and Q3 2020, when the
effects of the crisis are likely to impact operating performance
and credit metrics. The negative effects could be mitigated with
very tight capacity as a result of a high number of blanked
sailings, thus acting as a stabilizer for freight rates.

ESG CONSIDERATIONS

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.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
Industry published in December 2017.

Factors that would lead to an upgrade or downgrade of the ratings:

At this point in time, a stabilization of the outlook requires
higher visibility regarding the impact on credit ratios from the
coronavirus outbreak, such as forward booking, freight rates and
realized volumes combined with offsetting operational and financial
measures implemented by the company.

Nevertheless, further positive ratings pressure could start to
build if:

  - Moody's-adjusted debt/EBITDA declining below 4x on a sustained
basis

  - Achievement of greater profitability, as measured by its
consistently positive EBIT margin

  - Funds from operations (FFO) + interest expense/interest expense
rising above 4x on a sustained basis

  - Good liquidity at all times

Negative ratings pressure could arise if:

  - Leverage remaining above 5x debt/EBITDA for a prolonged period

  - FFO + interest expense/interest expense falling below 3x

  - Deterioration in the business environment for container
shipping and in particular a longer impact of the coronavirus
crisis than currently considered in its base case scenarios

  - Negative free cash flow generation and pressure on the
company's liquidity profile

LIST OF AFFECTED RATINGS:

Affirmations:

Issuer: Hapag-Lloyd AG

LT Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Unsecured Regular Bond/Debenture, Affirmed B3

Outlook Actions:

Issuer: Hapag-Lloyd AG

Outlook, Changed to Negative from Stable

Hapag-Lloyd AG, headquartered in Hamburg, Germany, is the
fifth-largest container liner globally based on market share by
volume. As of December 2019, it operated a fleet comprising 239
ships, including 112 owned/leased and 127 chartered-in vessels. For
2019, the company reported revenue of USD14.1 billion and EBIT of
USD908 million. Hapag-Lloyd was established in 1970 as a result of
the merger of Hapag (1847) and North German Lloyd (1857).

On December 2, 2014, Hapag-Lloyd merged with the Chilean shipping
company Compania Sud Americana de Vapores (CSAV). On 24 May 2017,
HapagLloyd completed a business combination with United Arab
Shipping Company (UASC), whereby the merger of the two entities was
accomplished via an in-kind contribution.



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

VOYA EURO III: Fitch Assigns B-sf Rating to Class F Debt
--------------------------------------------------------
Fitch Ratings has assigned Voya Euro CLO III Designated Activity
Company final ratings as detailed.

RATING ACTIONS

Voya Euro CLO III DAC

Class A;    LT AAAsf New Rating;  previously at AAA(EXP)sf

Class B-1;  LT AAsf New Rating;   previously at AA(EXP)sf

Class B-2;  LT AAsf New Rating;   previously at AA(EXP)sf

Class C;    LT Asf New Rating;    previously at A(EXP)sf

Class D;    LT BBB-sf New Rating; previously at BBB-(EXP)sf

Class E;    LT BB-sf New Rating;  previously at BB-(EXP)sf

Class F;    LT B-sf New Rating;   previously at B-(EXP)sf

Sub. Notes; LT NRsf New Rating;   previously at NR(EXP)sf

Class X;    LT AAAsf New Rating;  previously at AAA(EXP)sf

TRANSACTION SUMMARY

The transaction is a cash-flow collateralised loan obligation (CLO)
of mainly European senior secured obligations. Net proceeds from
the notes have been used to fund a portfolio with a target of
EUR350 million. The portfolio is managed by Voya Alternative Asset
Management LLC. The CLO features a 4.5-year reinvestment period and
an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality: Fitch places the average credit
quality of obligors to be in the 'B' category. The weighted average
rating factor (WARF) of the identified portfolio calculated by
Fitch is 32.44

High Recovery Expectations: At least 90% of the portfolio comprises
senior secured obligations. Recovery prospects for these assets are
typically more favourable than for second-lien, unsecured and
mezzanine assets. The weighted average recovery rating (WARR) of
the identified portfolio is 67.96

Diversified Asset Portfolio: The transaction includes several Fitch
test matrices corresponding to the two top 10 obligors'
concentration limits of 15% and 23% and fixed rate obligations
limits of 0% and 5%. The manager can interpolate within and between
two matrices. The transaction also includes various concentration
limits, including the maximum exposure to the three largest
(Fitch-defined) industries in the portfolio at 40% and top 10
obligor concentration. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

Portfolio Management: The transaction features a 4.5 year
reinvestment period and includes reinvestment criteria similar to
other European transactions. Fitch's 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 customised 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 has analysed the warehouse
portfolio, which includes EUR326 million of assets. Fitch has
identified the following sectors with the highest exposure to the
COVID-19 outbreak: Transportation & distribution (airline and
shipping related), gaming and leisure and entertainment, retail,
lodging and restaurants, metal and mining, energy oil and gas,
aerospace and defence (airline related)

The total portfolio exposure to these sectors is 9.1%. 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

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up- and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Rating Upgrade Sensitivities

A 25% default multiplier applied to the portfolio's mean default
rate, and with this subtracted from all rating default levels, and
a 25% increase of the recovery rate at all rating recovery levels,
would lead to an upgrade of up to three notches for the rated
notes, except for class X and A where the notes' ratings are at the
highest level on Fitch's scale and cannot be upgraded.

The transaction features a reinvestment period and the portfolio is
actively managed. At closing, Fitch uses a standardised stress
portfolio (Fitch's Stressed Portfolio) that is customised to the
specific portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio shows lower
defaults and losses (at all rating levels) than Fitch's Stressed
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, given the portfolio credit quality
may still deteriorate, not only by natural credit migration, but
also by reinvestments. After the end of the reinvestment period,
upgrades may occur in case of a better than initially expected
portfolio credit quality and deal performance, leading to higher
credit enhancement for the notes and excess spread available to
cover for losses on the remaining portfolio.

Rating Downgrade Sensitivities

A 125% default multiplier applied to the portfolio's mean default
rate, and with the increase added to all rating default levels, and
a 25% decrease of the recovery rate at all rating recovery levels,
would lead to a downgrade of up to five notches for the rated
notes

Downgrades may occur if the built up of credit enhancement for the
notes following amortisation does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to COVID-19 for other vulnerable sectors
become apparent, loan ratings in such sectors would also come under
pressure. Fitch will update the sensitivity scenarios in line with
the view of Fitch Leveraged Finance team.

VOYA EURO III: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class X to F
notes from Voya Euro CLO III DAC. At closing, the issuer also
issued unrated subordinated notes.

Voya Euro CLO III is a European cash flow CLO, securitizing a
portfolio of senior secured euro-denominated leveraged loans and
bonds issued by European borrowers. Voya Alternative Asset
Management LLC is the collateral manager.

S&P's ratings reflect its 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 and portfolio profile
tests.

-- The collateral portfolio's credit quality, which has an S&P
Global Ratings' weighted-average rating factor (SPWARF) of 2710 (up
from 2,681 at the time of pricing).

-- The credit enhancement 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.

S&P said, "Since we assigned preliminary ratings to this
transaction on Feb. 21, 2020, the scenario default rates have
marginally increased (on average by 33 basis points) across all
rating levels. In that period, we have also downgraded 3.57% of the
collateral pool by one notch."

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following such
an event, the notes will permanently switch to semiannual payment.
The portfolio's reinvestment period will end in October 2024.

Until the end of the reinvestment period, 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 rating on the class A 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.

S&P said, "We based our analysis on the prospective effective date
portfolio provided to us by the collateral manager. The portfolio
contains 14.25% of unidentified assets, for which we were provided
provisional assumptions to assess credit risk. The collateral
manager will use commercially reasonable endeavors to ramp up the
remaining 14.25% of the portfolio before the effective date.

"We consider that the portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs. In our cash flow analysis, we used the
EUR350 million target par amount, the covenanted weighted-average
spread (3.50%), the covenanted weighted-average coupon (5.50%), and
the covenanted weighted-average recovery rates at each rating level
as indicated by the 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.

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

"The documented downgrade remedies are in line with our
counterparty criteria.

"Based on the provisions in the transaction documents, we consider
that the issuer is bankruptcy remote, in accordance with our legal
criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.

"In our view, the portfolio is granular in nature and
well-diversified across all obligors, industries, and asset
characteristics when compared to other CLO transactions we have
recently rated. As such, we have not applied any additional
scenario and sensitivity analysis when assigning our ratings.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B1, B2, C, and D notes could
withstand stresses commensurate with higher ratings. However, as
the CLO features a reinvestment period, during which the risk
profile (both credit and cash flow) could deteriorate, we have
capped our ratings on the notes at the levels outlined in the
ratings list above.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class X, A, E, and F notes can withstand
stresses that are commensurate with the assigned ratings.

"Our ratings on the notes also consider the additional quantitative
and qualitative tests (the supplemental tests), which assess the
effect of concentrations and subordination levels on the notes'
creditworthiness, and which address both event risk and model risk
that may be present in the transaction.

"S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. Some
government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

  Ratings List

  Voya Euro CLO III DAC
  Class       Rating
  X           AAA (sf)
  A           AAA (sf)
  B1          AA (sf)
  B2          AA (sf)
  C           A (sf)
  D           BBB (sf)
  E           BB- (sf)
  F           B- (sf)
  Sub notes   NR

  NR--Not rated.




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

EVOCA SPA: S&P Alters Outlook to Negative & Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B' long-term issuer credit and senior secured debt
ratings on Evoca S.p.A.

S&P said, "We expect the COVID-19 outbreak to affect Evoca's
performance in the next 12 months, putting additional pressure to
the already highly leverage capital structure.  We estimate that
leverage could exceed 10x in 2020 and see the risk it could take
time to return to the 8.0x-8.5x range (including the PIK notes
issued at the parent level), which we view as commensurate with the
'B' rating. However, we expect FFO cash interest to remain at about
2x and free operating cash flow (FOCF) to stay positive thanks to
good working capital and cost management. We also do not expect any
immediate erosion in the company's liquidity position, which we
believe will be adequate in the next 12 months."

Manufacturing operations at Evoca have been affected by
coronavirus-containment measures.  Production facilities are mainly
in northern Italy, the area most affected in the country by the
outbreak. The company suspended production activities in Bergamo
and Parma, two cities particularly affected by the epidemic, for
two weeks to March 23. On March 22, the Italian government decree
established a 14-day stoppage of all nonnecessary operations. As a
result, Evoca's operations could not resume. Also, operations in
Spain and Canada have been suspended. This exposes Evoca to the
risk of inventory shortages. However, S&P understands that demand,
which had been relatively healthy at the beginning of the year,
started to slow toward the end of March, suggesting that the
company can recalibrate its production accordingly once operations
resume.

S&P said, "Underlying positive trends in the out-of-home coffee
consumption could turn negative this year on the back of social
distancing imposed by the coronavirus.  The COVID-19 outbreak led
governments around the world to establish actions to contain the
spread. It includes shutdown of restaurants and cafés as well as
travel limitations reducing traffic in hotels and airports which
are immediately impacting out of home coffee consumption. We expect
demand for Evoca's semiautomatic coffee machines to shrink in 2020
due to its exposure to the Ho.Re.Ca. segment and anticipate some
decline in the automatic segment partially offset by machines for
home consumption. In this context we see positively the company's
exposure to the profitable accessories and spare segment (20% of
total sales). We expect many customers will delay coffee machine
purchases, so expect higher demand for spare parts required to
maintain existing machines. Social distancing poses additional
risks about the recovery of the Ho.Re.Ca segment. We anticipate
people could limit social activities even when containment measures
will be lifted. As a result there is high uncertainties around the
potential sales decline Evoca could face in 2020 and about the
magnitude of the recovery in 2021.

"Liquidity is solid despite we anticipate difficult collection of
trade receivables.  For 2020, S&P Global Ratings expects GDP to
decline 2% in the Eurozone and to be flat or 0.5% negative in the
U.S. Under this scenario, we expect some of Evoca's customers to be
under financial distress due to the ongoing shutdowns of their
activities, which will reduce new orders and could delay payments.
In our view, the company has sufficient liquidity at least for the
coming 12 months to withstand the current situation and it will
take advantage of government support mainly in terms of staff costs
(temporary staff support has been granted for at least nine weeks
in Italy). It should avoid significant decline in margins as well
as support liquidity position in the near term. Under our current
base-case scenario, we project that working capital management,
cost control, and cash-preservative measure will translate in
positive FOCF, which is a key factor supporting the rating."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak.   Some
government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. S&P said, "We believe the measures adopted
to contain COVID-19 have pushed the global economy into recession.
As the situation evolves, we will update our assumptions and
estimates accordingly."

The negative outlook reflects the risk that Evoca's adjusted debt
to EBITDA will materially increase and FFO cash interest will
approach 2x over the next 6-12 months. This could follow prolonged
COVID-19 containment measures and ongoing social distancing, which
could affect out-of-home coffee consumption and reduce demand for
the company's products. In addition, S&P believes the recovery in
demand for coffee machines could be somewhat delayed, even when
containment measures are lifted, because there is uncertainty about
consumers' forthcoming behavior trends.

S&P said, "We could lower the rating on Evoca in the next 6-12
months if S&P Global Ratings' adjusted FFO Cash interests falls
below 2x and if we have evidence that adjusted debt to EBITDA will
remain above 10x for a prolonged period. We could also consider
negative rating action if FOCF turns negative. This could happen if
we observed significant working capital outflows and
cost-management is not sufficient to avoid substantial erosion of
EBITDA. In addition, a deteriorating liquidity position will lead
us to lower the rating.

"We could revise the outlook to stable if we believe Evoca's
leverage can recover toward 8.0x-8.5x, including the PIK notes
issued at the parent level, and if we believe that the FFO cash
interest ratio could remain sustainably above 2.0x. At the same
time, we would expect the company to continue to generate positive
FOCF."


INDUSTRIE ILPEA: S&P Puts B Rating on Watch Neg. on COVID-19 Impact
-------------------------------------------------------------------
S&P Global Ratings placed its 'B' ratings on Italy-based magnet
gasket maker Industrie ILPEA SpA on CreditWatch with negative
implications.

COVID-19 is threatening Ilpea's ability to deleverage and maintain
financial covenant headroom.   S&P said, "We believe Ilpea's
turnover could take a hit in the next two quarters as a consequence
of the COVID-19 pandemic, which has triggered an unprecedented
global recession. The recessionary scenario we have for Europe and
the U.S. will likely prevent Ilpea from deleveraging and squeeze
its liquidity and covenant headroom. We've therefore placed our
ratings on CreditWatch negative. S&P Global Ratings acknowledges a
high degree of uncertainty about the rate of spread and peak of the
coronavirus outbreak. Some government authorities estimate the
pandemic will peak about midyear, and we are using this assumption
in assessing the economic and credit implications. We believe the
measures adopted to contain COVID-19 have pushed the global economy
into recession. As the situation evolves, we will update our
assumptions and estimates accordingly."

As of first-quarter 2020, Ilpea's leverage covenant reached 3.5x
against the 4.5x requirement.   S&P said, "We anticipate a steep
decline of EBITDA from the second quarter (ending April 30, 2020)
due to gradually fading demand from the automotive and appliance
sectors; however, the extent of the decrease will become clearer
over the next few weeks. The covenant test for first-quarter 2020
(ended Jan. 31, 2020) resulted in 3.5x versus the 4.5x threshold.
That said, EBITDA includes a nonrecurring positive item of about
EUR9 million. The positive contribution from this nonrecurring item
will gradually subside over the next few quarters, potentially
narrowing covenant headroom, all else being equal. We note Ilpea
drew about $9 million from its $25 million committed revolving
credit facility in second-quarter 2020, about half of which was
used to ensure sufficient stocking to protect the supply chain, and
about $3 million for the Hoiser acquisition."

S&P said, "The CreditWatch indicates that we could downgrade Ilpea
by one notch over the next few weeks once the impact of the
COVID-19 pandemic on Ilpea's leverage and covenant headroom becomes
clearer and we have visibility on demand for Ilpea's products after
COVID-19 has been contained.

"We would lower our ratings if Ilpea's adjusted FFO to debt does
not reach at least 12% or discretionary cash flow turns negative in
2020. Additionally, tight covenant headroom and the risk of a
covenant breach would result in a downgrade.

"We could affirm the rating if Ilpea's cost-cutting and curtailment
measures result in adequate liquidity over time as well as adequate
covenant headroom if EBITDA were to fall by 15%, including FFO to
debt above 12%."


INTERNATIONAL DESIGN: S&P Alters Outlook to Neg. & Affirms 'B' ICR
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
International Design Group SpA (IDG) and revised the outlook to
negative from stable. S&P also affirmed the 'B' issue rating on the
company's senior secured notes.

Coronavirus containment measures in Italy are affecting operations
at IDG.  The COVID-19 outbreak in Italy is expected to hit IDG's
operations as the bulk of Flos and B&B Italia's manufacturing
facilities are located in northern Italy.

On March 22, 2020, the Italian government imposed more containment
measures to avoid the further spread of the virus, establishing a
two-week stop to all non-essential activities.

S&P said, "We believe IDG will experience a significant decline in
demand in the business-to-customer (B2C) and business-to-business
(B2B) segments as consumers will cut back on discretionary
spending.

"We understand that IDG's performance started to slow in March as
the COVID-19 outbreak evolved. This was despite the relatively good
start to 2020 thanks to a solid project pipeline."

The company is suffering from the shutdown of stores in Italy and
across other European countries. The closures will hurt IDG's owned
retail network (about 7% of sales) and will likely postpone the
company's retail network expansion in the U.S.

More importantly, IDG's performance in 2020 will mostly depend on
the effect COVID-19 has on its wholesale business (70% of sales) as
we expect lower reorders from wholesale partners this year.

Its contract division (22% of sales) in the B2B channel will
benefit from the existing pipeline of projects. However, S&P
assumes a significant decline in new orders as commercial clients
(including airports, stores, hotels, and restaurants) are likely to
delay their remodeling projects.

S&P said, "In our opinion, the rebound in both B2C and B2B segments
will be relatively slow as we assume consumers will cut back on
discretionary spending. This is because we are now projecting a
global recession in 2020, with the eurozone economy contracting 2%
and U.S. GDP to be flat or declining 0.5%."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. Some
government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. S&P believes the measures adopted to
contain COVID-19 have pushed the global economy into recession. As
the situation evolves, S&P will update itsassumptions and estimates
accordingly.

S&P said, "We anticipate a significant increase in IDG's leverage
at the end of 2020, compared with 6.0x-6.5x in 2019.   IDG's
management will take all necessary steps to avoid a significant
erosion in profitability. The company will take advantage of
government support in terms of temporary redundancy plans and cut
discretionary spending including some marketing activities.
Additionally, we expect its make-to-order business model (roughly
40% of business) to support profitability and working capital
management.

"However, we anticipate the expected drop in demand and the related
fall in sales and EBITDA will hurt IDG's leverage, which we expect
to be significantly above the 6.0x-6.5x level reported in 2019. We
also expect IDG's EBITDA interest coverage could deteriorate to
below 2.0x, depending on the decline in EBITDA."

The negative outlook reflects the risk that IDG's adjusted leverage
remains significantly high and its EBITDA interest coverage falls
below 2.0x over the next 12 months. This could be driven by
prolonged COVID-19 restrictions or the tail effect of reduced
consumer confidence.

S&P said, "We could lower the rating on IDG in the next 12 months
if S&P Global Ratings' adjusted EBITDA interest coverage falls
significantly below 2x and free operating cash flow turns negative.
This could happen if the management's efforts to control costs are
not sufficient to avoid a significant drop in EBITDA.

"A negative rating action could also be taken if we observe a
deterioration in the company's liquidity position.

"We could revise the outlook back to stable if we believe the
company's leverage can recover to the 6.0x-6.5x range and its
EBITDA interest coverage can stay sustainably above 2.0x. At the
same time, we would expect the company's ability to generate
positive free operating cash flow to remain intact."


MARCOLIN SPA: Moody's Cuts CFR to B3, On Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service downgraded to B3 from B2 the corporate
family rating and to B3-PD from B2-PD the probability of default
rating of Italian eyeglass manufacturer Marcolin S.p.A. and
concurrently placed the ratings on review for downgrade. Moody's
also downgraded to B3 from B2 the senior secured rating of
Marcolin's EUR250 million notes. The rating on the notes is also on
review for downgrade. The outlook was changed to rating under
review from stable.

"The rating action reflects the risk that the spread of the
Coronavirus across Europe and the subsequent weakening consumer
sentiment will negatively impact Marcolin's results and financial
profile in 2020, impairing its ability to reduce leverage and
straining its liquidity" says Lorenzo Re, a Moody's Senior Analyst
and lead analyst for Marcolin.

RATINGS RATIONALE

The spreading of coronavirus across Europe and the related health
and safety social considerations are likely to result in
contraction in consumer spending on discretionary items and
possible supply chain and production disruption for those companies
with production facilities across Italy, where Marcolin is based,
and continental Europe. Marcolin generates approximately 50% of its
revenue from luxury eyewear which is mostly produced in its Italian
production facility, which is currently subject to a temporary
lockdown. Although it is difficult to assess today the full impact
of the Coronavirus outbreak on Marcolin's earnings, any prolonged
and widespread limitation on consumers ability to purchases eyewear
or on the company's production capacity, might affect Marcolin's
key summer season resulting in severe contraction in its
profitability this year as sunglasses accounts for more than 50% of
the company's sales.

The rating review process will focus on:

1. The degree to which the spread of the Coronavirus across Europe
and the US will affect the company's ability to produce and
distribute its products and the broader impact on consumer
spending;

2. The risk that a prolonged contraction in consumer spending might
affect the company's business activity and demand during the
important summer months and the broader consequences on the
macroeconomic environment;

3. The flexibility of the company to adapt to lower volumes
maintaining stable profitability, and to preserve its liquidity in
a context of negative cash flow generation and tightening covenant
headroom;

4. Any measure implemented by the Italian and other governments
that might provide support to consumer spending or to companies
with production difficulties or exposed to drop in demand;

5. The potential support to be provided by the company's main
shareholder.

Moody's notes that prior to this rating action, Marcolin's
financial profile was already weak for its B2 rating because of the
high leverage expected in 2019 (7.0x up from 5.6x in 2018). The
prior rating and stable outlook reflected Moody's expectation that
the company would have progressively reduced its financial leverage
in 2020 on the back of EBITDA growth and increased cash flow
generation. However, the company's performance in 2019 was below
Moody's expectation and affected by (1) the launch of new licenses,
which required initial investments with benefits materializing only
from 2020 onwards; and (2) the continued financial support to
Thelios, the JV with the French luxury group LVMH Moet Hennessy
Louis Vuitton SE (LVMH, A1 stable), which was still in a ramp-up
phase in 2019.

Following a weaker than Moody's expected 2019, a severe and
prolonged contraction in consumer spending and disruption at the
company's Italian production facility, affecting Marcolin's summer
collection, will hamper the company's capacity to reduce leverage
and strain its liquidity during 2020. Moody's estimates that EUR23
million of Marcolin's Moody's adjusted EBITDA (out of a total
estimated EBITDA of about EUR55 million in 2020) is at risk in the
next few months in case of a prolonged lockdown. In this scenario,
the company Moody's-adjusted gross leverage would increase to above
10x in fiscal 2020 from a previous estimate of 5.8x. Moody's
expects to conclude the review within the next three months.

Marcolin's liquidity comprises a Moody's estimated EUR35 million
cash on balance sheet as of 30 December 2019 and limited
availability under the EUR40 million committed revolving credit
facility (RCF) maturing in November 2022. This liquidity is
sufficient to cover all the company's financial needs over the next
18 months under normal condition, but provide limited flexibility
to absorb any significant shock in demand. However, Moody's
acknowledges that the company's shareholder is committed to support
Marcolin's liquidity. In addition, Marcolin recently amended the
financial covenant, based on net leverage, under its RCF the
company, which provides some additional financial flexibility.
However, Moody's expects that a deterioration in EBITDA would
likely lead to a breach of the springing net leverage covenant,
tested when drawings exceed 40% under the company's revolving
credit facility (RCF), which is currently the case, leaving the
company reliant on its ability to waive this covenant.

Marcolin's credit profile is supported by the company's solid
market position in the global eyewear market, with well-balanced
product and geographic diversification, that could further improve
in the long term thanks to the strategic agreement with the French
luxury group LVMH. The rating also factors the company's modest
size and the risk of licenses not being renewed, owing to the lack
of significant proprietary brands and the high sales concentration
in a few brands.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

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 consumer
durable sector is one of the sectors most significantly affected by
the shock given its sensitivity to consumer discretionary spending.
More specifically, the weaknesses in Marcolin's credit profile have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Marcolin remains vulnerable
to the outbreak continuing to spread. Moody's regards the
coronavirus outbreak as a social risk under the ESG framework,
given the substantial implications for public health and safety.
The action reflects the impact on Marcolin of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

With regards to specific governance considerations, Marcolin is
tightly controlled by PAI Partners which — as it is often the
case in highly levered, private equity-sponsored deals — has a
high tolerance for leverage, while governance is comparatively less
transparent. The shareholder has been supportive of the business in
the current challenging environment, providing additional liquidity
via a shareholder loan.

STRUCTURAL CONSIDERATIONS

The rating of the senior secured notes is in line with the CFR,
reflecting the fact that the EUR250 million bond constitutes most
of the group's debt structure. The notes are secured by share
pledges and are guaranteed (with some limitations under Italian
law) by subsidiaries, representing at least 85% of the group's
EBITDA. The notes are junior to the EUR40 million RCF, which
benefits from a first-ranking priority on the same collateral as
the notes and a special lien (privilegio speciale) over the movable
assets of Marcolin. The size of the RCF is not enough to cause a
notching down of the notes compared to the company's CFR.

LIST OF AFFECTED RATINGS

Issuer: Marcolin S.p.A.

Downgrades:

Probability of Default Rating, Downgraded to B3-PD from B2-PD;
Placed On Review for Downgrade

Corporate Family Rating, Downgraded to B3 from B2; Placed On Review
for Downgrade

Senior Secured Regular Bond/Debenture, Downgraded to B3 from B2;
Placed On Review for Downgrade

Outlook Action:

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

Factors that would lead to an upgrade or downgrade of the rating:

The ratings are under review for downgrade.

COMPANY PROFILE

Headquartered in Italy, Marcolin S.p.A. is a leading designer,
manufacturer and distributor of eyewear, with a portfolio of around
30 licensed brands. The group has a global presence in both
sunglasses and prescription frames. In 2018, the group reported
EUR482.2 million in revenue (EUR487 million expected in 2019) and
EUR55.4 million in Moody's-adjusted EBITDA (around EUR47 million
expected in 2019). Since 2012, Marcolin has been controlled by the
private equity firm PAI Partners.



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

KAZTRANSGAS JSC: S&P Alters Outlook to Negative & Affirms 'BB' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlooks on KazTransGas JSC (KTG)
and KazTransOil JSC (KTO) to negative from stable and affirmed its
'BB' ratings.

On March 27, 2020, S&P revised the outlook on its 'BB' rating on
KazMunayGas (KMG) to negative from stable. KTG and KTO, both
subsidiaries of KMG, have strategic importance to the wider KMG
group, but neither are insulated from their parent's potential
influence.

The rating actions follows the similar rating action on KTO and
KTG's immediate parent, Kazakhstan-based oil and gas group KMG.
Given KMG's control over both entities, influence on dividends,
capital expenditure (capex), strategies, and decision-making, S&P
does not think KTO and KTG are insulated from the parent and
therefore do not expect to rate them above KMG.

Outlook: KazTransGas

The negative outlooks on KTG and its core subsidiary Intergas
Central Asia JSC mirror that on KMG, since S&P doesn't expect to
rate KTG above KMG due to its strategically important status for
the group.

Downside scenario:

S&P would lower the rating on KTG if it lowers the rating on its
parent, KMG. Although currently unlikely, we would downgrade KTG if
its stand-alone credit profile (SACP) deteriorates to 'b+', with no
prospects of recovery. This could result from higher-than-expected
investments or dividend payouts, resulting in funds from operations
(FFO) to debt remaining below 25% for a long time; a significantly
weaker operating performance, for example, due to materially lower
gas transportation and sales volumes; a material change to KTG
group's structure; or large debt-financed capex.

Upside scenario:

S&P would revise the outlook to stable in case of similar action on
the parent.

OUTLOOK: KazTransOil

The negative outlook mirrors that on KTO's immediate parent, KMG.
S&P believes KTO cannot be insulated from the risks attributable to
the group, and it therefore does not expect to rate the subsidiary
above the parent.

Downside scenario:

S&P said, "We will likely downgrade KTO if we lower the rating on
KMG. We see limited risks for KTO's SACP at the moment given that
the company has no debt on its balance sheet. All else being equal,
KTO's SACP would need to deteriorate to 'b' from 'bb+' currently to
trigger a downgrade, which is not our base case. A moderate
increase in debt leverage would not lead to downgrade.

"Although very unlikely in the medium term, a material
multiple-notch deterioration of the SACP could lead us to review
our assessment of the likelihood of support for KTO from the state
or parent, and lower the rating."

Upside scenario:

S&P would revise the outlook to stable in case of similar action on
the parent.

RATINGS SCORE SNAPSHOT

                            KazTransGas JSC      KazTransOil JSC
  Issuer Credit Rating      BB/Negative/--       BB/Negative/--
  Business risk             Fair                 Fair
  Country risk              High                 High
  Industry risk             Low                  Low
  Competitive position      Fair                 Fair
  Financial risk            Significant          Minimal
  Cash flow/Leverage        Significant          Minimal
  Anchor                    bb                   bbb-

  Modifiers  
  Diversification/Portfolio
    Effect (no impact)      Neutral             Neutral
  Capital structure         Neutral             Neutral
  Financial policy          Neutral             Negative
                                                (-1 notch)
  Liquidity                 Adequate            Adequate
  Management & governance   Fair (no impact) Fair (no impact)
  Comparable ratings
    Analysis                Neutral             Neutral
  Stand-alone credit profile    bb                 bb+
  Group credit profile          bb                 bb
  Entity status within group      Strategically important
                             (no impact)      (-1 notch from SACP)
  Related government rating   BBB-                 BBB-
  Likelihood of
   government support        Moderately high    High (no impact)




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

4FINANCE HOLDING: S&P Alters Outlook to Negative & Affirms B+ ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Luxembourg-based 4finance
Holding S.A. to negative from stable. At the same time, S&P
affirmed the 'B+' issuer credit rating on 4finance Holding S.A.

S&P said, "We also affirmed our 'B+' issue rating on 4finance
S.A.'s senior unsecured debt.

"We think the sudden economic stop caused by COVID-19 containment
measures will lead to a global recession this year, which could
harm 4finance's performance. 4finance's product focus remains on
the European unsecured consumer lending market--mainly Spain,
Poland, Bulgaria, and Romania via its subsidiary, TBI Bank. In our
opinion, this focus subjects 4finance to material credit risks in
the context of rapid macroeconomic deterioration in Europe.

"We rate 4finance Holding S.A. based on our consolidated view of
the creditworthiness of its unregulated subsidiaries and TBI Bank.
We do not apply any downward notches to the rating on 4finance
because it directly controls multiple material operating units that
are sufficiently diverse and it generates sufficient cash flows
from unregulated operating subsidiaries to meet its obligations.

"We think 4finance's performance will depend on how severely the
pandemic will harm European economies and the extent of the
measures taken by governments to support individual borrowers and
economic stimuli. The situation remains highly volatile.

"Liquidity is a neutral factor for our assessment, based on our
expectation that 4finance's sources of liquidity will exceed uses
by more than 1.2x through year-end 2020. We note that 4finance is
planning to refinance its upcoming 2021 redemptions in 2020. We
think this could be difficult to achieve if 4finance's performance
for the first half of 2020 is not satisfactory or if markets do not
improve substaintially from current low levels. We note that if
refinancing is not possible, 4finance could instead aim to amortize
its loan book. However, we would then consider potential harm to
the business profile. We view positively that 4finance's loan book
is generally shorter-term than conventional banks'. As of end-2019,
17% (EUR101 million) of the loan book comprises single payment
loans with durations of up to 61 days."

S&P expects principal liquidity sources over the 12 months from
Dec. 31, 2019 will include:

-- Cash available of EUR75.8 million; and
-- Funds from operations of about EUR60 million.

S&P expects principal liquidity uses over the same period will
include:

-- Short-term loans, including single payment, installment, lines
of credit, and other similar products; and

-- No short-term debt maturities;

As of Dec. 31, 2019, 4finance group has the following debt
maturities:

-- EUR150 million due in 2021; and
-- $325 million due in 2022.

S&P notes that 4finance holds $50 million of own bonds due in 2022,
as of Dec. 31, 2019.

S&P continues to see 4finance's cash-flow leverage as aggressive
under our definitions, reflecting primarily our measure of debt to
EBITA well below 5x.

The negative outlook reflects the potential for a lower rating over
the next few quarters if EBITDA decline significantly, most likely
due to an economic downturn as a result of the COVID-19 outbreak in
European countries where 4finance operates. It also reflects
increased pressure on 4finance's refinancing in the medium term
considering the current difficult financial markets. S&P is
expecting elevated credit costs and lower credit demand.

S&P said, "We could lower the rating on 4finance if we thought its
debt to EBITDA would deteriorate above 5x on a stand-alone basis.
We think this could happen due to a significant worsening of the
global macroeconomic environment, primarily because of the COVID-19
outbreak. We could also lower the ratings if we saw significant
liquidity pressure at the level of the holding company. A
significant deterioration in TBI Bank's key asset quality metrics
could also put pressure on the ratings on 4finance.

"We could revise our outlook on 4finance to stable if the risk of a
sustained economic downturn receded and its debt to EBITDA
stabilized comfortably below 4x on a stand-alone basis, with EBITDA
interest coverage rising above 2x. Revision of the outlook would
depend on 4finance demonstrating a clear refinancing strategy of
redeeming its 2021 and 2022 maturities."


ARDAGH GROUP: Fitch Assigns B+ LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has assigned Ardagh Group S.A. a Long-Term Issuer
Default Rating (IDR) of 'B+' with a Stable Outlook. Fitch has also
assigned ratings to Ardagh Group subsidiaries super senior and
senior secured debt of 'BB+'/RR1/100%, and its senior unsecured
debt of 'B'/RR5/29%. Fitch has assigned the toggle notes issued by
Ardagh's parent, ARD Finance S.A., a 'B-'/RR6/0% rating.

Ardagh's rating is based on its leading positions in the metal and
glass packaging segment in Europe, North America and Brazil. Fitch
views these markets as mature and competitive but offering stable
demand with virtually no cyclicality. Ardagh has some concentration
to large beverage customers that increased after the disposal of
the food & specialty metal packaging business, but this is
mitigated by strong and long-term relationships with its customers.
Ardagh's operations generate stable earnings and growing cash
flow.

The rating is constrained by high leverage and while Fitch sees
good potential to deleverage given Ardagh's strong cash flow
generation, Fitch expects the company will prioritise further
investments in its operations. As such Fitch expects leverage to
remain well above its main peers.

KEY RATING DRIVERS

High Leverage, Predictable Cash Flow: Ardagh remains highly
leveraged despite the repayment of USD2.4 billion debt using
proceeds of the disposal of parts of metal packaging to Trivium.
Fitch expects pro-forma funds from operations (FFO) adjusted
leverage to be around 7.5x for 2020, which is higher than many
rated peers. Fitch includes the USD1.13 billion and EUR1.0 billion
toggle notes in Ardagh's consolidated debt when calculating Ardagh
Group's leverage and interest cover. Fitch expects some
deleveraging, with FFO adjusted leverage likely to fall to 6x by
2022, mainly due to gradually improving EBITDA and FFO.

Capital Structure Complex: Fitch views Ardagh's financial policy as
aggressive compared with other global packaging companies, and
expects the company to continue to return a higher dividend to its
shareholders than its peers. Ardagh's debt and corporate structure
is more complex than most corporate issuers. Despite this, Ardagh
has demonstrated good access to the debt markets with substantial
refinancing of both group and holding company debt during 2019,
supported by strong capital markets conditions to extend maturities
and lower the cost of debt. Ardagh's maturity profile is
substantially more spread than most rating peers, reducing
refinancing risk.

Near-Term Corona Implications: Fitch expects Ardagh to be
moderately affected by the COVID-19 crisis, primarily due to weaker
demand for glass bottles consumed at restaurants and bars, offset
by potentially stronger household demand. Current financial market
risk during the crisis is offset by Ardagh's satisfactory liquidity
, comprising USD600 million of cash and further supported by a
USD663 million asset based revolving credit facility (all undrawn)
at December 31, 2019.

Continued Organic Growth: Fitch expects Ardagh's revenues to grow
organically at between 1%-2% per year, based on new contracts, with
capex driven by the investment in plants to service new contracts.
Further acquisitions would likely generate higher growth. Demand
for packaging is underpinned by population growth, urbanisation and
higher living standards. There is some risk of replacement between
various types of packaging made from plastics, metal, glass, carton
and composites and all materials can be subject to pressure from
rising raw material prices.

Beverage Sector Resilient: Following the Trivium disposal, Ardagh
will have more exposure to the beverage sector, representing 85% of
revenue. Fitch views the beverage market as highly resilient to
economic cycles as the consumption of beer, drinks, carbonated
soft-drinks or even wines and spirits show limited cyclicality. The
beverage market in Europe and North America is mature, albeit with
little over-capacity which is supportive.

Ardagh's smaller operations in Brazil (6% of sales) offer higher
growth as the market develops. There has been some transition in
the materials used in packaging, with metal cans replacing glass
for conventional beers, primarily in the US.

Strong Business Profile: Fitch views the packaging industry as
being stable in terms of the predictability of margin and free cash
flow. Fitch believes that Ardagh's business risk could support an
investment grade rating with significantly lower leverage. Fitch
views Ardagh's business risk as strong, supported by its scale with
revenue of about USD6.7 billion for the full year 2019, strong
market positions in the US and EMEA, and strategically located
packaging facilities, typically located close to customers to
reduce transportation costs.

Historically Acquisitive: Ardagh has grown quickly since 2007
through continued debt funded acquisitions. Fitch has not factored
further acquisitions into its own forecasts. However, Fitch
believes that higher than expected cash build up could be deployed
to further acquisitions, which would be EBITDA accretive. Fitch
expects Ardagh to maintain a high level of growth capex during 2020
and 2021, reflecting investment in new contracts, which would also
demonstrate a continued improvement in the business risk profile.

Ratings Uplift for Senior Secured Lenders: Fitch expects that
Ardagh will achieve better recoveries on a going concern basis in a
hypothetical default situation. Based on its assumptions of post
recovery EBITDA of approximately USD890 million, using a valuation
multiple of 5.5x, a discount of 10% for administrative claims and
further reduction of the enterprise value to take into account
receivables factoring of USD473 million, Fitch expects superior
recoveries for the super senior and senior secured lenders to
Ardagh Group S.A. and its subsidiaries in a hypothetical default
scenario. This allows Fitch to rate the senior secured debt three
notches above the IDR. Fitch expects the senior unsecured loans
issued by subsidiaries of Ardagh Group S.A. to have below average
recovery prospects, with ratings one notch lower than the IDR at
'B'. Fitch views the toggle notes issued by ARD Finance S.A. as
deeply subordinated, with no prospects recovery, reflected in a
rating two notches lower at 'B-'.

DERIVATION SUMMARY

Ardagh is similar to its main packaging peers (Ball Corporation,
Berry and Crown) in terms of diversification and strong market
positions in its geographic markets. However, it is smaller at
close to half the size in turnover but with EBITDA and FFO margins
in line with these peers. Fitch believes that Ardagh's business
profile is similar to that of Amcor (BBB/Stable) and Stora Enso
(BBB-/Stable), with strong EBITDA margins and good levels of free
cash flow. Ardagh's capital structure is substantially more
leveraged than its peers, resulting in a much lower IDR. Compared
with higher rated packaging related companies Irel/IFCO (B+/Stable)
Ardagh is substantially larger but with weaker EBITDA and FFO
margins.

KEY ASSUMPTIONS

  - Moderate sales growth for continuing Ardagh (excluding Trivium
assets) of 1% in FY20-21, thereafter 2% with contribution from
recent years growth capex

  - EBITDA margin forecast to grow by around 1% from FY20 to FY23
driven by cost savings, better product mix of glass packaging and
growth capex

  - Cash taxes of -10% of EBIT throughout the rating horizon

  - Common dividends of USD11 million paid to equity stakeholders

  - The dividend related to pay interest on the HoldCo PIK Toggle
notes as interest

  - Working capital outflow at around USD40 million per year

  - Capex of around 7%-8% of sales per year including maintenance
capex of USD350 million and growth capex of USD260 million-USD280
million in FY20-21

RECOVERY ANALYSIS

As Ardagh's IDR is in the 'B' rating category, Fitch undertakes a
bespoke recovery analysis in line with its criteria. Ardagh's
strong market positions and strategically located packaging
facilities in its view supports a going concern approach should the
company enter a distress situation.

Valuation and Discount: Fitch has applied an EBITDA discount of 15%
on 2019 EBITDA resulting in a post restructuring EBITDA of USD890
million, which Fitch find adequately represents Assemblin's
recovery prospects. Fitch applies a 5.5x distressed EV/EBITDA
multiple, which is in line with similarly rated peers.

Outcome: After deducting 10% for administrative claims, Ardagh's
senior secured notes are rated 'BB+'/RR1/100%, its senior unsecured
notes 'B'/RR5/29% and the senior secured notes issued by ARD
Finance S.A. 'B-'/RR6/0%.

RATING SENSITIVITIES

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

  - Positive FCF margins towards mid-single digit of sales on a
sustained basis

  - FFO fixed charge cover sustainably > 3.0x

  - Clear deleveraging commitment and disciplined financial policy
having FFO-adjusted gross leverage sustainably below 5.5x

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

  - EBITDA margin deteriorating to below 15%

  - Neutral free cash flow, thereby reducing financial flexibility

  - FFO fixed charge cover  7.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Fitch views Ardagh's liquidity as satisfactory supported by USD614
million of cash and cash equivalents as of December 31, 2019,
together with access to a USD663 million global asset based RCF
(all undrawn) at December 31, 2019. Fitch restricts USD300 million
cash to reflect intra year working capital swings. Ardagh's
refinancing activity of recent years pushed most of its maturities
to 2026 and beyond, reducing repayment risk. The lower interest
rates on its debt helps support cash flow generation.

Fitch expects positive free cash flow over the rating horizon
driven by (i) modest EBITDA margin expansion, (ii) minimal working
capital outflows and (iii) lower interest expenses due to the
recent refinancing. Although counterbalanced by high capex spending
in FY20-21, Fitch expects Ardagh to generate consistent free cash
flow at around 3% of sales by FY23.

ESG CONSIDERATIONS

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.

GLOBAL BLUE: Moody's Cuts CFR to B2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Global Blue
Finance S.a r.l., the indirect holding company of Global Blue
Acquisition B.V., including Global Blue's corporate family rating
to B2 from B1 and its senior secured instrument ratings issued at
Global Blue Acquisition B.V., a fully-owned and guaranteed
subsidiary of Global Blue, to B2 from B1, as well as Global Blue's
probability of default rating to B2-PD from B1-PD. The rating
outlook for all ratings has been changed to negative from ratings
under review.

RATINGS RATIONALE

This rating action reflects the rapid and widening spread of the
coronavirus outbreak, deteriorating global economic outlook,
falling oil prices, and asset price declines which are creating a
severe and extensive credit shock across many sectors, regions and
markets. The combined credit effects of these developments are
unprecedented. The travel, retail, and international shopping
sectors have been among the sectors most significantly affected by
the shock given their sensitivity to consumer demand and sentiment.
More specifically, Global Blue's exposure to these sectors makes it
vulnerable to shifts in travel market sentiment and, given these
unprecedented operating conditions, the company remains vulnerable
to the outbreak continuing to spread.

Moody's expects Global Blue's leverage to rise sharply from less
than 4x debt/EBITDA to over 6x (as adjusted by Moody's) or higher
as a result of likely earnings pressure from the coronavirus,
assuming the outbreak persists until the end of calendar 2020.
Moody's also anticipates that its coverage will reduce from over 5x
EBITA/interest to less than 4x (as adjusted by Moody's) and that
the company will likely generate only limited free cash flow (per
Moody's definition after capex and dividends, although no regular
dividends are expected until 2021) in 2020 and 2021. Moody's notes
that the company has prepared cost reduction measures to mitigate
the impact of coronavirus on earnings and cash flows.

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 Global Blue of the
breadth and severity of the shock to the travel, retail, and
international shopping sectors, and the broad deterioration in
credit quality it has triggered.

Currently, Global Blue's liquidity is good with cash and cash
equivalents of EUR164 million and an undrawn EUR80 million
revolving credit facility, as of the end of February 2020. Moody's
notes that the company views its liquidity as sufficient to cover
its operational and financing costs for at least twelve months,
even in a scenario with limited revenue generation. The company has
no near-term debt maturities and expects to refinance its debt as
part of the merger with Far Point Acquisition Corporation
(NYSE:FPAC) announced in January 2020. Global Blue informed Moody's
that the new financing facility is fully committed and has no
contingency other than the merger transaction closing. However,
Moody's anticipates that Global Blue's liquidity may come under
pressure from weakened performance in the wake of the coronavirus.
The agency also notes the presence of a net leverage covenant in
Global Blue's facilities; whilst the covenant headroom is
comfortable in the near term, this could rapidly tighten in the
event of a sustained sharp fall in EBITDA.

RATIONALE FOR NEGATIVE OUTLOOK

The negative rating outlook reflects Moody's expectations of a
severe downturn in the travel, retail, and international shopping
sectors, until the end of calendar 2020, that will significantly
pressure Global Blue's credit metrics until the impacts of the
downturn subside and Global Blue recovers to a credit profile
commensurate with a higher rating.

STRUCTURAL CONSIDERATIONS

Moody's rates the EUR630 million senior secured Term Loan B and the
EUR80 million revolving credit facility issued by Global Blue
Acquisition B.V., a subsidiary of Global Blue Finance S.a r.l.,
(which is the indirect holding company of the operating
subsidiaries and the entity to which the CFR is assigned), at B2 in
line with the CFR. Following the listing on the NYSE through a
merger with Far Point Acquisition Corporation, the existing debt is
expected to be refinanced.

PRINCIPAL METHODOLOGY

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

Factors that would lead to an upgrade or downgrade of the ratings:

Although considered unlikely in the near term, Moody's could revise
the rating outlook to stable if Global Blue (1) sustains an
adequate liquidity profile and (2) once there is greater clarity
with respect to a recovery in travel, retail, and international
shopping segments demand.

Conversely, Moody's could downgrade the ratings if Global Blue's
liquidity profile is further weakened or if the company fails to
evidence recovery in demand.

Global Blue Finance S.a r.l., which is domiciled in Luxembourg, is
a holding company of the Global Blue group. The group is a leading
provider of VAT and Goods and Service Tax (GST) refunds to
travelers, as well as added-value payment solutions, such as
currency conversion services. For FY2019 (ended 31 March 2019), the
company reported revenue and EBITDA (as adjusted by the company) of
approximately EUR409 million and EUR170 million, respectively.



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

INTERNATIONAL PARK: S&P Places 'B-' ICR on CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings has placed on CreditWatch with negative
implications its:

-- 'B-' issuer credit rating on Piolin Bidco S.A.U., the parent
company of Parques Reunidos;

-- 'B+' issuer credit rating on Motion Midco Ltd, the parent of
Merlin Entertainment; and

-- 'B-' issuer credit rating on International Park Holdings B.V.,
the parent of PortAventura.

S&P said, "Uncertainty on the duration of the theme park closures
weighs on our ratings on Piolin Bidco, Motion Midco, and
International Park Holdings.  The CreditWatch negative reflects the
groups' exposure to the impacts of COVID-19, notably through the
current closure of several of their leisure parks. This is likely
to materially constrain our previous base-case forecasts for the
groups' 2020-2021 credit metrics. Over the past two weeks, the
spread of COVID-19 has increased markedly, particularly in Europe,
with several countries moving toward lockdown, with all but basic
societal functions on hold. Most of the theme parks throughout
Europe are temporarily closed due to governments' and health
authorities' measures to limit the spread of the virus. S&P Global
Ratings' current base case is for the COVID-19 virus to peak
between June and August 2020, but risks are to the downside and the
situation remains fluid. As such, although we believe these theme
park operators do not face any imminent liquidity risk over the
next few months, a prolonged shutdown could place substantial
pressure on their credit quality.

"We expect theme park operators will enact measures to protect
earnings, cash flow, and liquidity through 2020.  While leverage is
a key component of our ratings, maintaining enough liquidity to
withstand working capital swings is essential for a company to
remain a going concern in the very short term. We estimate European
theme parks operators' available liquidity will be sufficient to
cover at least the coming three months of liquidity needs.
Moreover, given the severity of the COVID-19 situation, theme park
operators have announced several cost-cutting initiatives targeting
marketing, rental and labor expenses, and a freeze of nonessential
maintenance and development capital expenditure. In addition,
several governments globally announced efforts to alleviate the
pressure on companies affected by the health emergency, such as
contribution for salaries and the deferral of social and fiscal
charges.

"A relaxation of confinement measures following COVID-19's peak in
June-August 2019, as per our base case, may not result in an
immediate bounce back in demand.  It is possible that even after
the virus peaks that governments could continue with lockdowns,
social distancing, or containment measures to manage the capacity
response in their healthcare systems. As the situation evolves, we
will update our assumptions and estimates accordingly."

  Ratings List
  
  CreditWatch Action  
                                     To                From
  International Park Holdings B.V.
   Issuer Credit Rating         B-/Watch Neg/--    B-/Stable/--

  Motion Midco Ltd
  Merlin Entertainments PLC
    Issuer Credit Rating        B+/Watch Neg/--    B+/Negative/--

  Piolin Bidco S.A.U.
   Issuer Credit Rating         B-/Watch Neg/--    B-/Positive/--

  N.B. This list does not include all ratings affected.


VINCENT TOPCO: S&P Downgrades ICR to 'B-' on Closure of Some Sites
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and senior
secured debt ratings on Vincent Topco BV NL to 'B-' from 'B'; the
'3' recovery rating on the debt is unchanged.

Vermaat's operating at reduced capacity following closure of sites
due to COVID-19.  The Dutch government continue to adapt to the
pandemic's impact with its most recent measures closing public
places such as museums, bars, cafes, and restaurants until April 6,
and imposing restrictions on mass gatherings. This has resulted in
the closure of almost two-thirds of the company's sites. Leisure,
travel, and hospital segments are the most affected, with partial
operations continuing in its corporate segment and deliveries and
convenience stores largely unaffected.

S&P said, "We expect weakening credit metrics as a result.   This
is because of the change in product mix, lower volumes, and some
continued fixed costs. However, we anticipate this to be somewhat
contained with management proactively addressing its fixed cost
base (40% of total costs), given current negotiation with landlords
and availing of government's business support measures. "With
subdued earnings and EBITDA during the period, we expect a material
decline in credit metrics, with S&P Global Ratings-adjusted debt to
EBITDA increasing above 10x, which includes IFRS 16 adjustments and
FFO to debt declining to about 3%. Our downgrade reflects this.
While it is difficult to predict the extent and duration of this,
absent a prolonged impact, we expect S&P Global Ratings-adjusted
debt to EBITDA to return to about 9x by 2021.

"We foresee no near-term liquidity pressures.   Management expects
to generate sufficient cash to support the business over the
closure period, with EUR50 million of cash on balance sheet, EUR30
million of which was recently added from a draw on the revolving
credit facility (RCF), leaving remaining availability of EUR75
million on this facility. In addition, management continues to work
with partners to effectively manage working capital and limit
capital expenditure (capex), and we expect them to avail of
government support measures. The Dutch government announced its
initial pack of compensatory measures to support the hardest-hit
sectors." These include:

-- A three-month arrangement to support 90% of labor costs, with
this coming in advance, beginning in April; and

-- Deferral of taxes and fines.

As a result, S&P does not see any near term liquidity pressures.




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

GRUPO COOPERATIVO: Fitch Downgrades LT IDR to BB-, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded Grupo Cooperativo Cajamar's (GCC)
Long-Term Issuer Default Rating (IDR) to 'BB-' from 'BB' and
Viability Rating (VR) to 'bb-' from 'bb'. The Outlook on the
Long-Term IDR is Negative.

At the same time, Fitch has downgraded GCC's central bank - Banco
de Credito Social Cooperativo, S.A.'s (BCC) - and GCC's largest
cooperative bank - Cajamar Caja Rural, Sociedad Cooperativa de
Credito's (Cajamar Caja Rural) - Long-Term IDRs to 'BB-' from 'BB'.
The Outlook on their Long-Term IDRs is Negative.

The rating actions form part of a portfolio review of Spanish banks
as a result of the economic fallout from the coronavirus crisis
(Fitch Takes Action on 17 Spanish Banking Groups On Heightened
Challenges from Coronavirus Outbreak).

GCC is not a legal entity, but a cooperative banking group. Its 18
credit cooperatives and BCC are bound by a mutual support
mechanism, under which members mutualise 100% of their profits and
have a cross-support mechanism for capital and liquidity. Fitch
assigns group ratings in accordance with Annex 4 of its Bank Rating
Criteria and the same IDRs for GCC, BCC and Cajamar Caja Rural.

KEY RATING DRIVERS

IDRs AND VR

The downgrade of GCC's ratings reflects heightened risks from the
economic fallout from the coronavirus crisis. The bank enters the
economic downturn from a position of weakness given its
below-average asset quality domestically, modest profitability and
vulnerable capitalisation, particularly the level of capital tied
to unreserved problem assets (just below 90% of fully-loaded common
equity Tier 1 (CET 1) capital at end-2019, the highest among
domestic peers). Fitch views its vulnerable capitalisation as
limiting GCC's financial flexibility against a downturn in the
operating environment. Spain is one of the most affected European
economies by the coronavirus so far. Fitch expects significant
deterioration in Spain's and the eurozone's GDP prospects.

The Negative Outlook indicates its expectation that asset-quality
trends will weaken relative to its previous expectations and
earnings challenges will intensify due to weaker business volumes
and rising loan impairment charges, ultimately adding pressure to
the bank's capitalisation. However, loan impairment charges could
be mitigated by ECB's flexibility in the prudential treatment of
loans backed by public-support measures and the recommendation to
avoid excessive pro-cyclical effects when applying the IFRS 9
international accounting standards.

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 (in particular execution
capabilities), asset quality, earnings and profitability and
capitalisation and leverage, relative to when Fitch last reviewed
the bank's ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

GCC's Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'No Floor' reflect Fitch's belief that senior creditors can no
longer rely on receiving full extraordinary support from the
sovereign if GCC becomes non-viable. The EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that is
likely to require senior creditors to participate in losses,
instead of, or ahead of, a bank receiving sovereign support.

SUBORDINATED DEBT

BCC's subordinated debt is notched down twice from the group's VR
for loss severity because of lower recovery expectations relative
to senior unsecured debt. These securities are subordinated to all
senior unsecured creditors.

RATING SENSITIVITIES

IDRs AND VR

The Negative Outlook on GCC reflects the risks to its ratings from
the coronavirus outbreak. However, after the downgrade, GCC has
some rating headroom to emerge with its ratings intact as all
factors are in line or above its Viability Rating. This outcome
will depend on the ultimate depth and duration of the coronavirus
shock to the Spanish economy.

GCC's ratings would likely be downgraded if it becomes less likely
that the health crisis is resolved globally in 2H20, which would
make its current expectation of a sharp recovery in global growth
in 2021 more remote. A delay to this sharp recovery in Spain would
likely result in a more permanent damage of the bank's asset
quality, profitability and ultimately capital, which would be
difficult to restore within a short period of time.

The Outlook could be revised to Stable if the bank copes
effectively with the economic downturn, limiting downside risks to
its asset quality, capital and profitability. Rating upside may
result from an improvement in prospects for the operating
environment, supporting a sustained reduction of problem assets
without deteriorating risk-weighted capital ratios, which will all
contribute to reducing capital encumbered to unreserved problem
assets. Improved banking profitability would also be
rating-positive.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support domestic banks. While not impossible, this is highly
unlikely, in Fitch's view.

SUBORDINATED DEBT

The rating on BCC's subordinated notes is sensitive to changes to
GCC's VR, or to changes in the notching in accordance with its
criteria and assumptions on non-performance risk.

BEST/WORST CASE RATING SCENARIO

Ratings of financial institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

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).

PRONOVIAS: S&P Cuts Rating CCC+ on Unsustainable Capital Structure
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on Pronovias and its debt to
'CCC+' from 'B-'.

Pronovias will see a significant sales decline over the next few
months following store shutdowns to contain the spread of COVID-19.
The COVID-19 outbreak across Europe has led many governments to
take hard measures to contain the spread. Restrictions on social
interactions and shutdown of stores will have a material impact on
the bridal wear market. S&P said, "We expect couples will delay
wedding celebrations to later this year or to 2021 and a
significant number of them to complete purchase orders unless their
personal income has been hit by the recession. This is because many
future brides ordered their dresses at the end of last year and we
expect they will protect their deposit, which typically amounts to
30%-60% of the price, by finalizing the purchase. Furthermore, in
the current scenario, S&P Global projects GDP will fall by about 2%
in the eurozone this year due to the economic fallout from the
pandemic. In this context, we expect consumers will cut back on
discretionary spending, which could further hit the bridal wear
market. We expect Pronovias' sales will decline significantly in
2020 due to the group's strong exposure to Italy and Spain (about
45% of total sales), the most affected countries in Europe at the
moment." The rapid expansion of the pandemic across Europe and the
U.S. puts additional pressure on Pronovias' performance in the next
12 months.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak.  

Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. S&P said, "We believe the measures adopted
to contain COVID-19 have pushed the global economy into recession.
As the situation evolves, we will update our assumptions and
estimates accordingly."

Pronovias' highly leveraged capital structure adds risks to its
ability to withstand the current market conditions.  S&P said,
"According to Pronovias' unaudited results for 2019, we estimate
that its S&P Global Ratings-adjusted debt to EBITDA approached 15x
and S&P Global Ratings-adjusted EBITDA interest coverage was
1.0x-1.5x including nonrecurring items. Such leverage is a mixed
result of weak operating performance over the past two years, and
investments to finance nonorganic growth (the Ladybird acquisition
in 2019 was financed with EUR12 million additional debt) and new
store openings mainly in U.S., which we now expect will take more
time to break even. The outbreak of COVID-19 will add additional
pressure on S&P Global Rating-adjusted leverage projections, which
will likely remain materially over 10x in 2020 due to falling sales
and a lower EBITDA base. We recognize Pronovias is taking necessary
measures to avoid significant margin erosion and preserve cash.
These include a temporary redundancy program taking advantage of
government support, reducing marketing expenses, and cautious
working capital management through close negotiations with
customers and suppliers, as well as inventory control. In addition,
we note that the first half of the year is generally a low season
for Pronovias and it generates the bulk of its EBITDA in the second
half of the year. This offers some protection in the very short
term. However, since the evolution of the coronavirus outbreak
remains highly uncertain, we would expect performance to be
affected in the second half of the year as well."

Pronovias' sources of liquidity may not be sufficient to cover uses
in the next 12 months, adding risks of a potential breach of
covenant.  Pronovias mainly operates through wholesale partners
(accounting for roughly 65% of total sales). The store shutdowns
across Europe could impair customers' ability to fulfill their
obligations because some of them could face financial distress.
This exposes Pronovias to potential difficulties in collecting
trade receivables. Furthermore, wholesale partners could be more
cautious in the months following the reopenings, and could reduce
new orders. Pronovias has about EUR5 million-EUR8 million cash
available on its balance sheet and roughly EUR4 million available
under its EUR45 million committed revolving credit facility (RCF).
These may not be sufficient to cover any unusual working capital
requirements in the next months. Additionally, because more than
40% of the RCF is used, the financial covenants will be tested. S&P
see the risk of a breach of the covenant that requires a maximum
reported net leverage ratio of 9.18x.

The negative outlook reflects the risk that restrictions due to
COVID-19 could last for a prolonged period and hurt Pronovias'
performance more severely than we currently envisage. Under this
scenario, S&P sees a high likelihood that the springing covenant
could be breached. It is tested at 40% drawing of the EUR45 million
RCF and requires maximum reported net leverage ratio of 9.18x.

S&P said, "We could lower the rating in the next 12 months if we
envisage a specific default scenario and the breach of the covenant
becomes a certainty. Under this scenario, as the RCF becomes due
and payable, we would expect Pronovias to have less resources
available to run its business.

"We could revise the outlook back to stable if Pronovias' liquidity
improves and the likelihood of a breach of covenant significantly
reduces."




===========
S W E D E N
===========

DOMETIC GROUP: S&P Lowers ICR to 'BB-' on Weaker Credit Metrics
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Dometic
Group AB to 'BB-' from 'BB' and its rating on the company's senior
unsecured bank facilities and senior unsecured notes to 'BB-' from
'BB'.

S&P said, "The recessionary environment will likely result in
weaker credit metrics in 2020 than in our prior base case.  Due to
coronavirus outbreak, we anticipate significantly weaker demand for
Dometic's products in the near term given their discretionary
nature. RV demand has remained weak over the last year, and with
the current recessionary environment, we believe consumers will
defer purchases of big-ticket items. We also believe this lower
demand will weigh on Dometic's sales and margins. We expect the
company's revenue to fall at least 10% in 2020 compared with 1%
growth in 2019. In addition, the bulk of the costs from the
company's ongoing restructuring program will hurt margins in 2020,
and we now expect the adjusted EBITDA margin to fall to about
12%-15% in 2020 compared with 17.5% in 2019. As a result, we now
expect FFO to debt will fall below our previous threshold for the
rating of 25% in 2020.

"We expect management's focus on cost controls, dividend cuts, and
scaled back M&A activity to provide some support to the credit
metrics.  Dometic's management is taking extensive
measures--notably withholding about Swedish kronor (SEK) 650
million of dividends that had already been announced--to mute the
impact of the COVID-19 outbreak, but we don't believe they will be
able to mitigate it fully. Other measures include scaling back
investments and halting M&A spending. Because of those measures, we
believe the company will be able to generate positive free
operating cash flow (FOCF) of about SEK800 million-SEK1.2billion in
2020 compared with SEK2.8 billion in 2019.

"Higher-than-anticipated earnings weakness could lead to a breach
in financial covenants.  If demand for Dometic's products declines
and earnings suffer as expected, we see a risk that this could lead
to pressure on the maintenance financial covenants in the company's
term loan facilities. These stipulate that the net leverage ratio
must stay below 4.0x and the interest coverage ratio must exceed
3.5x. In our base case, Dometic will continue to comply with those
ratios--but with limited headroom. If demand falls more than we
currently anticipate, we see a risk of breach, which would
constitute an event of default.

"We expect to resolve the CreditWatch placement as we learn more
about the severity of the coronavirus impact and the company's
ability to meet its financial covenants."



PERSTOP HOLDING: Moody's Cuts CFR to B3, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgrade Perstorp Holding AB's corporate
family rating and probability of default rating to B3 and B3-PD
respectively from B2 and B2-PD. Concurrently, the rating agency has
downgraded the rating on the EUR850 million equivalent senior
secured term loan B and the EUR100 senior secured million revolving
credit facility both borrowed by Perstorp Holding AB to B3 from B2.
The outlook on the ratings is negative.

RATINGS RATIONALE

The downgrade of Perstorp's ratings reflects the company's high
Moody's adjusted gross leverage of around 7.4x based on preliminary
2019 results published by the company and the expectation that the
company's leverage will further increase from current levels in
2020.

Moody's expects that Perstorp's revenues and profitability will
face further pressure as the rating agency would expect the current
Covid-19 outbreak to translate into weaker demand in 2020. A
weakening in demand will further exacerbate earnings pressure the
company has already been confronted with during 2019, in particular
for such products where new capacities have come to market, such as
TMP and neo. At the same time, lower raw material prices might to
some degree offset earnings pressures for a temporary period, but
this will not be sufficient to compensate for weakening demand,
which will also put pressure on prices. This will result in
leverage and coverage ratios more commensurate with a B3 rating.

The rating positively takes into account its expectation that the
company will take appropriate measures to safeguard its liquidity
profile, such as a substantial reduction of capex and reduction of
fixed cost. This is also evidenced by the fact that the company has
fully drawn down its revolving credit facility as a precaution.

STRUCTURAL CONSIDERATIONS

Perstorp's probability of default rating is in line with its
corporate family rating, implying a recovery rate of 50%. The
EUR850 senior secured term loan B and the senior secured EUR100
million revolving credit facility are borrowed by Perstorp Holding
AB. The B3 rating of both facilities reflects their pari passu
ranking and the fact that they share the same security package and
benefit from the same guarantor group.

LIQUIDITY

The company's liquidity profile is adequate. Internal sources
consist of SEK432million of cash on balance sheet as of Q4 2019[1],
of which SEK137 million are located in jurisdictions where
repatriation can be more challenging and access to a EUR100 million
(around SEK1 billion) revolving credit facility drawn by around 10%
as of Q4 2019, in the meantime the company has fully drawn down
under its RCF as a precaution. In combination with forecasted FFO
generation in the range of SEK600-650 million, Moody's forecasts
those sources to be sufficient to cover maintenance capital
expenditures of around 3% of sales and strategic capital
expenditures, day to day cash needs (estimated to be around 3% of
annual sales) and to accommodate unexpected swings in working
capital. However, Perstorp's factoring program is due in autumn
2020, but the company is currently in the process of extending the
program. Moody's assessment of the company's liquidity profile
assumes that the program will be extended. Furthermore, its rating
incorporates the expectation that the company will meet the
covenant requirement under its revolving credit facility.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on Perstorp's B3 rating highlights the risk
that Perstorp's credit metrics might not remain at levels deemed
commensurate with the B3 rating in the next 12-18 month.

ESG CONSIDERATIONS

The company has been owned by funds managed by PAI Partners SAS
since 2005. In September 2018 PAI announced that the ownership in
Perstorp was transferred to another fund managed by PAI with
Landmark partners as lead investor. In general companies owned by
PE sponsors tend to have tolerance for higher leverage and have a
tendency for more aggressive financial policies. However, there
have been no dividends or shareholder distributions under PAI's
ownership. It remains to be seen how financial policies under the
new ownership structure will evolve.

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 chemicals
sector is one of the sectors significantly affected by the shock
given its sensitivity to consumer and industrial demand. More
specifically, the weaknesses in Perstorp's credit profile,
including its exposure to the transportation and construction end
markets have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Perstorp 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.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Moody's could downgrade Perstorp's rating, in case of an erosion of
the company's liquidity profile, which would also include a
possible breach of covenants and/or if EBITDA margins continued to
decline which could indicate decreasing pricing power, loss of
market share and ongoing product substitution. Furthermore, a
downgrade would be likely, if Moody's adjusted EBIT interest
expense would fall below 1.0x or leverage would rise above 8x for a
prolonged period of time.

An upgrade of Perstorp's rating would require the company to reduce
leverage to around 5.5x on a sustainable basis, increase EBITDA
margins towards the mid teens and a track record of generating
positive Moody's adjusted FCF.

SSAB AB: S&P Affirms 'BB+' Rating, Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings took the following rating actions on four
Russian and European steel companies:

-- S&P revised its outlook on NLMK PJSC to stable from positive
and affirmed the 'BBB-' rating.

-- S&P revised its outlook on Magnitogorsk Iron and Steel Works
(MMK) PJSC to stable from positive and affirmed the 'BBB-' rating.

-- S&P revised outlook on SSAB AB to negative from stable and
affirmed the 'BB+' rating.

-- S&P placed its 'B' rating Metinvest B.V. on CreditWatch with
negative implications.

The rating actions reflect the anticipated collapse in demand and
deterioration of operating conditions following the spread of the
coronavirus across Europe.

After an already challenging 2019, European steel producers are
facing a very difficult second quarter with uncertain recovery
prospects later in 2020. The effects on ratings varies, in part
reflecting which plants are still operating and what measures and
supports are in place. Importantly--unlike the oil
markets--moderating supply in the face of contracting demand should
soften the blow. Also, governments' financial support schemes for
workforces could alleviate cash costs.

At this stage, projecting EBITDA for 2020 is challenging, with so
much uncertainty about key variables. According to preliminary
calculations, and if taking broad assumptions of lower deliveries
of up to 10% compared to 2019, and EBITDA margins declining by up
to 250 bps, the steelmakers could see profitability shrinking by
15%-50% in 2020. But mitigation measures are likely to offset the
blow.

Three months into 2020, the European steel industry is taking a
dramatic turn

S&P said, "With more governments deciding on lockdowns, we are
seeing a collapse in demand for steel. The perfect storm that hit
the European steel industry in 2019, fuelled by the automotive
industry and very high commodity prices, was seen three months ago
as a one-off. Our previous expectations for improved demand from
the automotive industry and very low inventory levels led us to
believe that a recovery, even if muted, was on the way.

"The evolution of the COVID-19 pandemic will determine how the
steel industry will look in 2020, and we believe companies will
need to take quick steps to cut production amid unknown demand. We
understand that steel companies started this year with encouraging
order intakes, which continued into March. However, order intakes
in the second quarter are likely to fall by up to 50%, especially
for the flat steel that goes to the automotive and machinery
industries.

"In our view, unless widespread COVID-19 lockdowns continue into
late 2020, we assume that most of the drop in the demand for steel
will be only temporary, before rapidly recovering until normal
levels are reached toward mid-2021. At this stage, compared to 2019
we assume 2021 steel demand to be about 2% lower in Europe, and up
to 1% lower in the U.S. (in 2021 compared to 2019).

"Overall, compared to the financial crisis in 2009, we assume this
downturn to be less severe" In 2019, European GDP contracted by
slightly more than 5%; the demand for steel collapsed by 40% before
bouncing back by about 25% in the following year.

The name of the game is companies' ability to adjust their
production, balancing between timing and magnitude
Unlike the mini-mills in the U.S., which can turn production on and
off fairly quickly, the blast furnaces in Europe are subject to
longer lead times and higher costs. In this respect, European
steelmakers are in limbo: should they keep facilities running on
the assumption of back to normality in a few weeks, or shut down
capacity assuming the low part of the cycle is still ahead of us?

The answer seems to be the latter--reflecting very low expected
demand in the second quarter and absent a clear path to recovery.
Some recent announcements include ArcelorMittal, Tata Steel Europe,
and Liberty Steel. These were mainly linked to the production of
the flat products that are being used in the severely affected
automotive industry. S&P views as a game changer the growing number
of governments allowing companies to temporarily reduce their
workforce without extra costs. It should allow companies to slash
their fixed costs, and to accelerate some decisions about
production levels. For example, when ArcelorMittal decided to shut
down its Italian operations it reduced its workforce by 5,000.

The last crisis changed the European steel industry; will this one
bring more changes?

In 2009, steel production in Europe collapsed by 35% to about 140Mt
from the industry's peak in 2007 (about 210Mt). S&P has since seen
a recovery of the steel industry in Europe, but production never
came even close to pre-crisis levels. In 2018, the European
industry produced 160Mt of steel, before demand reduced in 2019.
Over this decade, the industry in Europe transformed from being a
steel exporter to a steel importer. In S&P's view, if the demand
for steel by end-2021 remains at the same level, current trade
barriers stay in place, and more companies place more emphasis on
local production as a key takeaway from the COVID-19 pandemic, it
would not expect companies to permanently mothball significant
capacity.

Iron ore and coking coal prices remain resilient for now
Despite the growing concerns around the global economy, iron ore
prices remain elevated at above $80 per ton. Total production is
expected to decrease by about 40Mt-50Mt in 2020 before recovering
fully and starting from 2021. Coking coal prices are currently
trading at about $160 per ton. Lower demand for steel should put
pressure on prices, but lower supply due to COVID-19-related
business disruptions in the mining industry will offset softer
demand. For example, last week Anglo American said that its South
African iron ore division production will reduce by 2Mt-3Mt because
the workforce at its two mines will be halved. In S&P views, with
demand for 60% of global iron production, China will continue to
set the tone for raw material prices in the coming quarters,
notably via its ability to stimulate the economy post-pandemic.

S&P understands that governments continue to view mining as an
essential industry, and intend to keep it open, together with rail
and port logistics infrastructure, while other aspects of their
economies are under lockdowns.

Rating Action Rationales and Outlooks

SSAB

The outlook revision to negative reflects a potential downgrade
within the coming 12 months on the back of an expected global
recession and a second year of challenging steel market conditions.
S&P said, "After it reported weaker-than-expected results in 2019,
with EBITDA of about Swedish krona (SEK) 6.4 billion, we expected
SSAB to see some recovery in 2020 and continue its deleveraging
journey. However, with a sharp drop in demand for steel in Europe
and the U.S., we have lowered our EBITDA assumption to SEK5.0
billion-SEK6.0 billion, from an already reduced SEK7.0 billion,
translating to funds from operations (FFO) to debt of 35%-40%. At
the same time, we expect the company to generate positive free
operating cash flow (FOCF), which is the main reason we are
affirming the rating at 'BB+'. In comparison with the last downturn
in 2015, SSAB has had several years to improve its cost structure
and product offering and its leverage is much lower." In addition,
under new government schemes where it operates, the company will
have more flexibility to introduce temporary layoffs, which should
further improve its ability to flex its overall production and
costs.

S&P believes SSAB's commitment to maintain a prudent financial
policy and strong liquidity, notably its objective of reducing its
overall debt, will also be key to maintaining the current rating.
As of Dec. 31, 2019, adjusted debt was SEK14.7 billion (equivalent
to reported net debt of SEK11.6 billion), compared with SEK12.6
billion in 2018. In S&P's view, the company's capacity to allocate
another SEK0.5 billion-SEK1.0 billion to net debt reduction in 2020
will further support its ability to absorb inherent steel market
volatility. However, S&P expects deleveraging to now take longer
than it previously forecasts. On a positive note, post its earning
release in January, the company decided to propose no dividend
payments to its annual general meeting this year, compared with the
previous announcement of SEK1.5 billion.

Outlook

S&P said, "The negative outlook reflects that we could lower the
rating in the coming six-to-12 months if the company's business
model proved less resilient than peers' and its debt trajectory
turned negative.

"Under our base case, we now project adjusted EBITDA of SEK5.0
billion-SEK6.0 billion in 2020, translating to adjusted FFO to debt
of 35%-40%, which is below our expectation of 45% at the bottom of
the cycle (or above 60% under normal conditions). At the same time,
we expect the company to generate positive FOCF of slightly more
than SEK1 billion."

DOWNSIDE SCENARIO

S&P is likely to take a negative rating action upon one of the
following:

-- If the current recession was more severe and extended beyond
2020, hampering the company's ability to restore its credit metrics
to 45% in 2021.

-- EBITDA dropped below SEK5.0 billion in 2020, a level it
witnessed in the last downturn.

-- A deviation from the current financial policy, including
embarking on an aggressive growth strategy or very sizable
dividends, prompting much higher debt.

UPSIDE SCENARIO

S&P could revise the outlook to stable if it sees positive signs of
a global economic recovery, supporting improved results for SSAB in
2021, with adjusted FFO to debt recovering back to 45%.

Metinvest

S&P said, "We have placed our 'B' rating on Metinvest on
CreditWatch with negative implications due to the risk of a
financial-covenants breach if the company doesn't achieve EBITDA of
at least $300 million in the second quarter. Current economic
conditions mean the company's ability to achieve this is less
visible (in fourth-quarter 2019 it reported EBITDA of negative $17
million, excluding negative $4 million from JVs, and we expect
EBITDA of around $300 million in first-quarter 2020). At the same
time, we believe that pre-export finance (PXF) lenders are more
likely to amend the covenants if this is requested, which is why we
have not lowered the rating for now.

"Looking beyond the immediate liquidity concerns, we previously saw
2020 as a pivotal year for Metinvest because it is about to
complete several important projects in its steel division and it
had weaker-than-expected results in 2019. We now forecast reported
EBITDA of $1.1 billion-$1.3 billion in 2020, compared with the $1.5
billion-$1.7 billion we assumed when upgrading the company in
September 2019. In 2019, Metinvest continued to rely on its mining
division, which benefited from iron ore price levels, while the
steel industry contributed negative EBITDA of $48 million
(excluding negative $59 million contribution from JVs) to the
overall $1.05 billion (excluding $163 million from JVs). With low
demand for steel in Europe in 2020, we expect the company to count
once again on iron ore prices staying at current levels. Other
supportive factors for performance this year include low energy
prices and the depreciation of the local currency. We continue to
view a minimum EBITDA of $1.2 billion as a key anchor for the
rating, supporting our current competitive business assessment, as
well as the company's ability to achieve adjusted FFO to debt of
20%-40% through the cycle."

CreditWatch

S&P said, "We expect to resolve the CreditWatch in the coming three
months once we have better visibility on the company's first-half
results, or if it secures an amendment from PXF lenders in relation
to the upcoming financial covenant test. Although we believe the
risk of a covenant breach has increased, we also think that a
waiver or amendment is more likely." Absent such an agreement, a
covenant breach may lead to debt acceleration.

NLMK

The revision of the outlook to stable reflects uncertainties about
near-term economic prospects, demand/supply and pricing for steel
and raw materials, potential protection measures, and supply chain
disruptions in the international steel markets. S&P said, "It also
reflects our revised expectation that GDP will contract in Russia
by 0.9%, from 1.8% growth previously, which, coupled with COVID-19
spread prevention measures, would result in a reduction in steel
demand. At the same time, we continue to believe that NLMK's FFO to
debt will remain above 60% on average, unless there is a major
disruption to the group's operations."

S&P said, "Under our current base case, which assumes up to 5%
lower sales and 5%-10% lower average selling prices, we forecast
that NLMK's EBITDA will only decline to $2.1 billion-$2.3 billion
in 2020 from $2.6 billion 2019. We note that the depreciating
ruble, which has lost about 25% of its value since the beginning of
2020, will mitigate lower selling prices and volumes, as roughly
70% of NLMK's costs are nominated in rubles. NLMK's nearly full
integration into raw materials, which are produced in Russia, and
the cheaper ruble will allow NLMK to remain among the most
competitive steel producers globally in 2020, in our view."

A major event risk for NLMK currently would be its reliance on a
single site in Lipetsk, Russia, where most of its crude steel is
produced. Any operational disruptions or closure due to COVID-19
could have operational effects far beyond our current base case.
S&P views this as unlikely given that producers in China generally
did not halt production during the acute phase of the pandemic in
February, and it does not include this scenario in its base case at
the moment.

The unavailability of export markets due to supply chain
disruptions or protection measures is another risk. However,
although close to 15% of NLMK's sales are made in Europe (and about
an additional 45% in other export markets) it could (and has done
previously) export to Asian markets and the U.S. Diverting most
exports from Europe would result in lower margins given that we
expect competition to intensify in 2020, but would enable the
company to remain profitable. Such scenario, however, is not part
of its current base case.

Outlook

S&P said, "The stable outlook balances NLMK's currently very
significant financial cushion with our expectation of
bottom-of-the-cycle conditions for the steel market in 2020 and
risks related to the COVID-19 pandemic. We believe that NLMK's
ratio of FFO to debt will be well above the 45% we see as
commensurate with the current rating during this trough in the
steel industry (60% when conditions are benign). Our current base
case for 2020 assumes resilient EBITDA of $2.1 billion-$2.3
billion, supported by the weaker ruble, resulting in FFO to debt of
75%-80% this year with further improvement as markets stabilize in
2021. Importantly, we expect the company to generate neutral cash
flow after dividends in line with its conservative financial
policy."

UPSIDE SCENARIO

S&P could eventually upgrade NLMK if market conditions get back to
normal and the company demonstrates business resilience and commits
to a conservative financial policy, with a moderate decline in
EBITDA during the downturn, and keeps FFO to debt above 60%.

DOWNSIDE SCENARIO

S&P said, "While currently unlikely, we may lower the rating if
earnings decline severely, say as a result of a steep decline in
GDP and steel demand in NLMK's Russian market combined with
increased trade barriers in its key export markets. Also, if we
were to lower the Russian sovereign rating below 'BB+' this would
likely lead us to downgrade NLMK as we do not expect to rate NLMK
more than one notch above the Russian sovereign."

MMK
The revision of the outlook to stable reflects uncertainties about
near-term economic prospects, demand/supply and pricing for steel
and raw materials, potential protection measures, and supply chain
disruptions in the international steel markets. It also reflects
our revised expectation that GDP will contract in Russia by 0.9%,
from 1.8% growth previously, which, coupled with COVID-19 spread
prevention measures, would result in a reduction in steel demand.
At the same time, S&P continues to believe that MMK's FFO to debt
will remain above 60% on average, unless there is a major
disruption to the group's operations.

S&P said, "We forecast that MMK's EBITDA will decline to $1.1
billion-$1.5 billion in 2020 from $1.8 billion 2019. We expect
EBITDA contraction in 2020 to be more pronounced at MMK than for
some of its Russian peers. This is because MMK is the least
integrated into raw materials of all the Russian steel producers,
and therefore will not be able to reap the full benefits of the
depreciating ruble, which has lost roughly a quarter of its value
since the beginning of the year, as it will have to buy raw
materials at market prices set in foreign currencies. In our 2020
forecast for MMK, we are incorporating an iron ore price of $75 per
metric ton; should the prices fall below this level, the effect on
MMK's EBITDA would be positive.

"At the same time, we do not expect MMK's leverage to become
meaningful in 2020, as the company's debt was below its cash
balances at the beginning of 2020 and, thanks to its financial
policy, we do not expect MMK to accumulate more than $100 million
of additional debt during this year. We therefore anticipate MMK's
FFO to debt to be much higher than 60% in the coming years,
including 2020."

A major event risk for MMK currently would be its reliance on a
single site in Magnitogorsk, Russia, where most of its crude steel
is produced. Any operational disruptions, or its closure due to
COVID-19, could have operational effects far beyond our current
base case. S&P views this as unlikely given that producers in China
generally did not halt production during the acute phase of the
pandemic in February, and we do not include this scenario in our
base case at the moment.

Although MMK's exports generate less than 20% of its revenues, if
export markets become effectively closed for its competitors--due
to logistics issues or protection measures across the globe (not
our current base case)--competition in the domestic market could
intensify. Although domestic prices in Russia reflect international
ones, domestic premiums, which have traditionally ensured that
prices in Russia stayed $50-$70 higher than in Europe, could
diminish. This, coupled with much lower demand, could further hurt
MMK's profitability, although it would still be well positioned in
its core sales region of Urals, where Magnitogorsk is located, and
Western Siberia, thanks to cheaper logistics and established
customer relationships.

Outlook

S&P said, "The stable outlook balances MMK's currently very
significant financial cushion with our expectation of
bottom-of-the-cycle conditions for the steel market in 2020 and
risks related to COVID-19. We believe that MMK's ratio of FFO to
debt will be well above the 45% we see as commensurate with the
current rating during this trough in the steel industry (60% when
conditions are benign). Our current base case for 2020 assumes
resilient EBITDA of $1.1 billion-$1.5 billion, partly supported by
the weaker ruble, resulting in FFO to debt of above 100% in 2020
and the coming years. Importantly, we expect the company to
generate neutral cash flow after dividends in line with its
conservative financial policy."

UPSIDE SCENARIO

S&P could eventually upgrade MMK if the company demonstrates
business resilience and commits to a conservative financial policy
with moderate decline in EBITDA during the downturn and keeps FFO
to debt above 60%.

DOWNSIDE SCENARIO

S&P said, "While currently unlikely, we may lower the rating if
there is a severe decline in earnings say from a steep decline in
GDP and steel demand in its key Russian market combined with
increased trade barriers in its export markets. Also, if we were to
lower the Russian sovereign rating below 'BB+' this would likely
lead us to downgrade MMK because we do not expect to rate MMK more
than one notch above the Russian sovereign."

Other Companies In The Spotlight

ArcelorMittal (BBB-/Negative/A-3)

S&P said, "After weaker-than-expected results in FY2019, and the
hope for a recovery in FY2020, we now expect ArcelorMittal to
experience its weakest year since the last crisis in 2009. Under
our base-case scenario, we expect credit metrics like FFO to debt
to remain well below 20%, for the second consecutive year, compared
to the 25% threshold commensurate with the 'BBB-' rating. We also
continue to put most of our emphasis on the company's ability to
generate FOCF and its commitment to maintaining an investment grade
rating. On top of the measures the company has taken over the last
few years to improve its cost structure, we believe that the new
schemes allowing the company to temporary reduce its workforce
without extra costs and to idle capacity will play a key role in
offseting some of current pressure."

Thyssenkrupp AG (BB/Positive/B)

S&P said, "Following the sale agreement of the elevator business in
early March, we revised the outlook on the rating to positive. Once
the sale has closed, the company will start a new journey with much
less debt on its balance sheet but with higher exposure the
cyclical and less-profitable steel industry. We are likely to raise
the rating once the transaction closes as planned and we gain
clarity on the remaining group's new strategic direction and
capital allocation."

Groupe Ecore Holding (B-/Stable)

The downgrade to 'B-' with a stable outlook came after the company
reported weaker-than-expected results in 2019 on the back of a
contraction of the European steel industry in 2019. This is now
also expected to continue in 2020. Based on preliminary
indications, 2020 started with a good order intake but
profitability remained subdued. However, the positive momentum has
changed as more manufacturing facilities have shut down in the last
few weeks following the COVID-19 pandemic. S&P expected credit
metrics to remain elevated, but a comfortable maturity profile
(debt maturity in 2023) and the ability to generate positive free
cash flow at the bottom of the cycle remain the key considerations
supporting the current rating.

  Ratings List

  Magnitogorsk Iron and Steel Works PJSC

  Ratings Affirmed; CreditWatch/Outlook Action  
                                  To                From
  Magnitogorsk Iron and Steel Works PJSC
   Issuer Credit Rating     BBB-/Stable/A-3    BBB-/Positive/A-3

  Metinvest B.V.

  Ratings Affirmed; CreditWatch/Outlook Action  
                                  To                From
  Metinvest B.V.
   Issuer Credit Rating     B/Watch Neg/--     B/Stable/--

  NLMK PJSC
  
  Ratings Affirmed; CreditWatch/Outlook Action  
                                  To                From
  NLMK PJSC
   Issuer Credit Rating     BBB-/Stable/--     BBB-/Positive/--

  SSAB AB

  Ratings Affirmed; CreditWatch/Outlook Action  
                                  To                From
  SSAB AB
   Issuer Credit Rating     BB+/Negative/B     BB+/Stable/B


TRANSCOM AB: S&P Lowers ICR to 'CCC+' on Additional Debt Funding
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating and issue
ratings on Transcom AB to 'CCC+' from 'B-' because it expects the
company will require more favorable operating conditions to support
its capital structure in the longer term.

Transcom saw improved performance in 2019, but is facing growth
headwinds this year.   The company performed in line with S&P's
2019 forecasts with an improvement in EBITDA primarily due to a
significant reduction in restructuring costs and cost-cutting
initiatives under its People Passion Program (PPP). Both these
measures helped margins improve to 11.8% and saw deleveraging
reduce to 5.7x. However, the company expects negative organic
growth in 2020 with the roll-off of the INPS contract and a delay
in the ramp-up of new contracts, which it had anticipated would
partially offset the decline in growth.

COVID-19 is expected to disrupt operations temporarily.  S&P
foresees mixed effects for Transcom and the client relationship
management (CRM) industry stemming from COVID-19. Demand across the
industry is expected to increase with higher call volumes as more
businesses apply social distancing measures.

S&P said, "However, we anticipate some negative effects on the
business including a slower ramp-up of new contracts won in 2019
and productivity challenges from increased remote working. We
expect some execution risk as the company continues to increase its
remote-working capacity to meet this demand; over the past few
weeks it has organized about half of its staff to work remotely. In
addition, working capital pressures remain challenging given
COVID-19's effect across the industry. We believe these factors
will dampen margins and affect cash flow measures over the short
term."

Proposed debt issuance of EUR20 million will support cash flow in
the coming 12 months.  The company expects to complete the issuance
of a EUR20 million senior secured term loan, which will rank pari
passu with existing senior secured notes to support its business
commitments over the coming years. Transcom has a number of pending
payments expected in 2020 and 2021 relating to earn-outs,
litigation, and debt repayments on the unsecured notes. The
downgrade reflects S&P's view that Transcom still depends on
favorable business conditions to meet its financial commitments.

S&P said, "Our negative outlook reflects the continued uncertainty
relating to contract roll-offs and operational disruption in the
current climate.

"We could lower the rating if we believe the company is going to be
burdened by greater-than-anticipated costs amid a prolonged
economic downturn or greater-than-anticipated volume declines
leading to a prolonged adjusted negative FOCF.

"We could revise the outlook to stable if the company successfully
executed on new business wins, while maintaining an S&P Global
Ratings-adjusted EBITDA margin of about 10% and generating positive
FOCF and maintaining sufficient funds to assist its liquidity
position."




=====================
S W I T Z E R L A N D
=====================

SELECTA GROUP: S&P Cuts ICR to 'B-', Outlook Negative
-----------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
vending machine operator Selecta Group B.V. (Selecta) to 'B-' from
'B'. S&P also lowered its ratings on the group's senior secured
notes to 'B-' from 'B', and on the super senior revolving credit
facility (RCF) to 'B+' from 'BB-'. The recovery ratings remain
unchanged.

Selecta's business model and key markets of operation in Europe are
heavily exposed to COVID-19-related disruptions.

Selecta primarily makes money through individuals purchasing food
and drink from its self-service machines in a variety of public,
semi-public, and private places. Despite being well diversified
across Europe, the group's revenue base is significantly affected
by the various social distancing measures being implemented by
governments in response to the COVID-19 outbreak across Europe.
While measures vary by country and region, the result has been
significantly reduced footfall in offices, public transportation
hubs, leisure centers, and other venues in which self-service
vending machines are frequently located.

As such, S&P expects Selecta's FY2020 revenue to significantly
underperform relative to normal trading conditions.

S&P said, "While the current measures' duration and the speed at
which they will be relaxed in each jurisdiction remains uncertain,
we believe the restrictions will result in revenue declines of
about 20% in 2020 for Selecta, assuming a return to relatively
normal trading activity in the second half of the year. Since we
consider it likely that varying degrees of social distancing and
weakened sentiment toward travel could persist beyond this year, we
do not expect revenues to fully recover in 2021. That said, the
group's geographic spread should protect it from more localized
downturns in sentiment.

"Cash-preserving initiatives such as capital expenditure (capex)
and working capital management will likely mitigate leverage and
liquidity deterioration, in our view.  With the appointment of a
new interim CFO in early 2020, Selecta has a renewed focus to
enhance discipline around capex and working capital management. We
believe that Selecta has meaningful actions it can take to help
mitigate the reduction in cash caused by reduced revenues. These
include, among others, scaling down its discretionary capex;
delaying new-hire onboarding and acquisition plans for the current
year; and executing on its cost-savings program (targeted EUR75
million in synergies by the end of 2020).

"Despite the capital spending and expense controls undertaken by
the group, we do not believe that FOCF will become positive in
2020, and have revisited our base case to reflect negative FOCF
generation in 2020 and 2021.  Indeed, we do not believe that the
preventive actions taken by the company will fully offset the
impact of the pandemic on Selecta's revenue and profitability. We
had previously anticipated an inflexion in FOCF generation in our
base case, and we understand that the management's turnaround plan
is heavily centered on generating positive free cash flow after
interest costs in 2020. However, we now forecast FOCF to remain
negative in 2020, and expect the recovery in 2021 to be
insufficient for FOCF to turn positive unless capex is materially
lower than historical levels. As a result, we have lowered the
company's long-term issuer credit rating to 'B-' as we do not
expect it to generate positive FOCF in the short-to-medium term.

"We see a risk that Selecta's liquidity position could become
tighter if the acute downturn in activity persists beyond our base
case. We anticipate that the group will have about EUR90 million of
cash and cash equivalents as of the end of March. It also recently
obtained a EUR50 million liquidity facility from its financial
sponsor, KKR & Co. Inc., which will further support any cash flow
shortfalls in the next quarter. However, in a prolonged scenario of
COVID-19 where disruptions would persist beyond the half year, we
believe that the group's liquidity position could become tighter
and that Selecta would need to raise further funds or obtain
external support. While the recent support provides evidence of
sponsor support, the negative outlook reflects the risk that,
should the acute downturn persist and the company become reliant on
further liquidity support, we would likely consider that scenario
to be consistent with a lower rating level.

"The negative outlook indicates that the rating could be lowered if
the pandemic were to persist and affect Selecta's credit metrics or
liquidity beyond our current base case. The negative outlook also
reflects our belief that Selecta's prospective earnings and
liquidity cushion could become limited if COVID-19's severity
worsened and extended into the second half of 2020, or if we
entered a prolonged recessionary environment."

Downside scenario

S&P said, "We could lower the rating in the next 12 months if
weaker trading levels persisted such that we considered it likely
that FOCF would continue to be negative, or if the group faced
further liquidity issues. This could occur if COVID-19 disruptions
become more significant than we currently forecast, and lead to a
prolonged economic downturn."

Upside scenario

S&P said, "We could revise the outlook to stable if
COVID-19-related disruptions ease with restrictions on people's
movements normalizing, restoring revenue and profitability in line
with normal trading conditions, and easing the group's liquidity
position. This will largely depend on the duration and magnitude of
pandemic-related stress on Selecta's performance, which is highly
uncertain at this time."


WALNUT MIDCO: Moody's Affirms B1 CFR, Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating
and B1-PD Probability of Default Rating of Walnut Midco Limited,
the holding company of Oriflame Holding AG, a Swiss-based producer
and distributor of beauty and wellness products. Concurrently,
Moody's has affirmed the B1 ratings on the EUR773 million
equivalent senior secured notes due in 2024 issued by Walnut Bidco
PLC, a fully owned subsidiary of Walnut Midco Limited. The outlook
on the ratings has been changed to negative from stable.

"We have changed Oriflame's outlook to negative because of the
spread of the coronavirus in many of the markets where the company
operates and the impact that this could have on the company's
direct selling business model, which will be affected by social
distancing measures," says Lorenzo Re, a Moody's Vice President -
Senior Analyst and lead analyst for Oriflame.

"The outlook change also reflects the expected deterioration in
earnings and leverage owing to the recent weakening of emerging
market currencies, as the company's currency exposure is unhedged,
with debt raised or hedged into EUR, but more than 90% of cash
flows generated in emerging market currencies," adds Mr Re.

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 consumer
products sector has been one of the sectors affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Oriflame's credit profile,
including its exposure to multiple countries affected by the
coronavirus outbreak have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and the
company remains vulnerable to the outbreak continuing to spread.

Because of the social distancing measures, the company's ability to
recruit sales force, as well as the ability of representatives to
meet customers and collect orders will be impaired. Moreover,
disruption in the production and distribution facilities could
affect its ability to properly fulfill orders.

These risks are mitigated by (1) the high digitalization of the
company, as 96% of orders are placed on-line, which could partially
overcome the issue of social distancing for its representatives in
some countries; (2) the flexible cost structure and asset-light
business model, allowing to preserve margin and cash generation
even in the case of sharp revenue declines; and (3) a good
liquidity position, which allows to absorb some temporary
deterioration in operating performance.

Foreign-exchange moves continue to represent a risk. The company
has some natural hedging on operating costs because it operates
production facilities in some emerging countries. However, the
company's debt is denominated in euros and US dollars (with the US
dollar tranche hedged into the euro), but more than 90% of the
company's revenue and cash flow are generated in currencies other
than euros and US dollars.

Moody's estimates that the company's credit profile could withstand
a temporary sales decline followed by a normalization already in
the second part of 2020. However, a more severe and prolonged
contraction in consumer spending might challenge the company to
maintain a financial leverage below 5.0x in 2020 and 2021, putting
negative pressure on the rating.

Oriflame's credit profile is supported by the company's good
positioning in the beauty and personal care market, backed by its
good scale, although smaller than its major peers, and global
footprint. However, this is offset by the company's high exposure
to emerging markets, with a degree of concentration in few core
markets, which exposes the company to some revenue volatility and
to potential currency exchange fluctuations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

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 Oriflame of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Environmental considerations are not considered material to
Oriflame's credit profile. Social risks are a meaningful
consideration given the company's direct sales business model, as
changing demographics, economic and employment conditions can
affect the company's ability to recruit and retain its sales force
and can also influence how consumers shop. The business model can
also come under scrutiny by regulators.

In terms of governance, Oriflame is family-owned and governance
might potentially differ from a typical public company. Moodys'
notes that the shareholder has been committed and supportive in the
past.

LIQUIDITY

Oriflame's liquidity is good, supported by EUR143.5 million of cash
as of December 2019 and EUR100 million of fully available RCF
maturing in 2023. Oriflame has no short-term debt/overdraft and no
debt amortization or maturity before 2024. The business presents
moderate seasonality through the year, with the Christmas season
being stronger, which reflects in working capital swings of up to
EUR20 million-EUR25 million between quarters. Oriflame generates
consistent positive FCF because of low capital spending needs
(EUR45 million per year, including EUR20 million of lease cash
costs), providing the company some cushion to absorb some shocks in
terms of operating performance.

STRUCTURAL CONSIDERATIONS

The B1 rating of the EUR773 million equivalent senior secured notes
reflects the fact that the notes represent the majority of the
company's financial debt. While the notes rank junior to the EUR100
million super senior RCF, the revolver size is not enough to cause
a notching down for the notes.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects its expectation that business
disruptions caused by the coronavirus spreading could impair the
company's profitability and cash flow generation, resulting in a
leverage deterioration to materially above 5.0x.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the ratings could arise if (1) Oriflame
successfully executes on its strategy, demonstrating positive track
record of sustainable profitable growth; (2) Moody's adjusted gross
leverage decreases towards 4.0x; and (3) Oriflame demonstrates a
track record of prudent financial policy.

Downward pressure on the ratings could arise as a result of (1) a
deterioration in operating performance, with EBIT margin falling
below 10%; (2) if Moody's adjusted gross leverage does not reduce
below 5.0x; and (3) free cash flow turns negative for an extended
period of time.

LIST OF AFFECTED RATINGS

Issuer: Walnut Bidco PLC

Affirmation:

Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Action:

Outlook, Changed to Negative from Stable

Issuer: Walnut Midco Limited

Affirmations:

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Outlook Action:

Outlook, Changed to Negative from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

CORPORATE PROFILE

Walnut Midco Limited is the holding company of Oriflame Holding Ag,
a Swiss-based producer and distributor of beauty and wellness
products. Following a public tender bid, Walnut Midco became the
sole shareholder of Oriflame. Walnut Midco is controlled by members
of the af Jochnick family and closely related parties, founders of
Oriflame. Oriflame reported EUR1.3 billion revenue and EUR142
million operating profit (before one-off items) in 2019.



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

DTEK ENERGY: Fitch Downgrades LT Issuer Default Rating to C
-----------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based DTEK Energy B.V.'s
(DTEK) Long-Term Foreign Currency Issuer Default Rating (IDR) to
'C' from 'B-'. Fitch has also downgraded DTEK's US dollar
Eurobond's senior unsecured rating to 'C' with a Recovery Rating of
'RR5'.

The downgrade indicates that default is imminent, following the
announcement by DTEK that it will not pay the interest on its bank
debt due on March 31, 2020. DTEK will also not pay Eurobond coupon
payments due on April 1, 2020 in respect to its 10.75% senior PIK
toggle notes maturing in 2024. DTEK is in the process of developing
a standstill agreement and debt-restructuring proposal.

DTEK's liquidity is insufficient to service the company's
obligations and Fitch expects deterioration of operating cash flow
in 2020, reflecting an oversupplied electricity market with low
power prices.

KEY RATING DRIVERS

Payment Default and Debt Restructuring Expected: The non-payment of
bank debt interest due on March 31, 2020 will result in a downgrade
to 'RD' (Restricted Default). DTEK has announced that it will
develop a restructuring proposal and propose a standstill
agreement.

Weak Liquidity: At end-2019 DTEK's cash position was UAH0.3 billion
with no available unused credit facilities in contrast to
short-term debt of UAH2.1 billion. Fitch expects the company to be
free cash flow (FCF)-negative in 2020 on the back of weakened
performance, which will add to funding requirements.

High FX Risks: DTEK is exposed to FX fluctuations as almost all of
its debt at end-1H19 was foreign currency-denominated (mainly US
dollars and euros), while less than 10% of revenue was in foreign
currencies in 1H19. From 2020 the company expects to discontinue
electricity export sales as trading activities will be taken over
by DTEK's sister company within the larger DTEK Group. This will
result in a substantial decrease in FX revenue. Additionally, the
formulaic electricity price linkage to FX ceased following the
introduction of a new market model in July 2019 and DTEK does not
use any hedging instruments. These factors will weaken DTEK's
credit metrics in case of hryvna devaluation.

Performance under Pressure: Fitch expects DTEK's financial
performance to deteriorate in 2020 due to lower generated volumes
and electricity prices, which were negatively affected by continued
cheap imports of electricity from Russia, mild weather conditions,
renewed generation at one of the nuclear power plants (NPPs) in
Ukraine in 2019, as well as increasing pressure on the domestic
economy from the coronavirus pandemic.

Evolving Regulation: A new electricity market model was introduced
in July 2019, replacing the single-buyer market model. It is based
on electricity sales on a day ahead, intraday, balancing markets
and under bilateral contracts. Following the introduction of the
new market model, electricity prices decreased around 5% over
July-August, and further since November 2019. Fitch expects the
average electricity price to decline in 2020 and then to grow at
single-digit rates over 2021-2023.

Distribution Assets Spin-Off: In December 2018, DTEK sold its
distribution assets to a company controlled by its parent to comply
with the EU's Third Energy Package. The sureties provided by
distribution companies for Eurobonds were released. DTEK's
distribution assets operated on a cost-plus basis and were only
marginally profitable. The distribution assets had no debt, and
their effect on net cash flow was slightly negative. The effect on
DTEK's financial ratios from the spin-off was very limited.
However, DTEK's business profile will lack full integration due to
the spin-off of its distribution segment.

ESG Impact: DTEK has an ESG Relevance Score of 5 for management
strategy as management's decision not to pay interest on its
Eurobonds due on April 1, 2020 and on its bank loan on March 31,
2020 was a key driver for the downgrade.

DERIVATION SUMMARY

The downgrade reflects expected payment default. DTEK is the
largest private power generating company in Ukraine. DTEK's peers
include Russia-based players such as PJSC The Second Generating
Company of Wholesale Power Markets (BBB-/Stable) and Enel Russia
PJSC (BB+/Stable), which have a significant share of coal in their
fuel mix, and Kazakh-based Limited Liability Partnership Kazakhstan
Utility Systems (B+/Stable).

DTEK has a more challenging operating environment affecting its
business profile compared with peers, including the evolving
regulatory framework, policy instability and possible macroeconomic
shocks in Ukraine. DTEK also has a weaker financial profile than
most of its peers due to higher leverage and higher debt exposure
to FX. DTEK's ratings do not incorporate any parental support from
its ultimate majority shareholder System Capital Management.

KEY ASSUMPTIONS

  - Electricity generation volumes to decline in 2020 and to grow
slightly in 2021-2022

  - Electricity prices to decline in 2020 and to increase at
single-digit rates in 2021-2022

  - Capex averaging UAH4 billion annually over 2020-2022
  
  - Zero dividends

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes that DTEK would be a
going-concern in bankruptcy and that the company would be
reorganised rather than liquidated

  - A 10% administrative claim

Going-Concern Approach

  - The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level, upon which Fitch has
based the valuation of the company.

  - The going-concern EBITDA of UAH6.5 billion reflects the
potential price pressure in the recently established new
electricity market and the impact of the coronavirus.

  - An enterprise value multiple of 3.0x.

  - Eurobonds, bank loans and other debt are ranked pari passu.

Its principal waterfall analysis results in a recovery output
percentage of 29%, corresponding to a Recovery Rating 'RR5' for the
instrument rating.

RATING SENSITIVITIES

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

  - Uncured payment default on bonds, loans or other material
financial obligations.

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

  - Attaining a more sustainable liquidity profile.

  - Improvement of the macro-economic environment and company's
operational performance.

BEST/WORST CASE RATING SCENARIO

Ratings of non-financial corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

ESG CONSIDERATIONS

DTEK has an ESG Relevance Score of 5 for Management Strategy as the
management's decision not to pay coupon/interest due on its debt.

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

DTEK ENERGY: Moody's Cuts CFR to Ca on Coupon Payments Suspension
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of DTEK Energy B.V. to Ca from Caa2 and changed the outlook
to developing from positive. Concurrently, Moody's has downgraded
DTEK Energy's probability of default to C-PD from Caa2-PD. The
rating action follows the company's announcement on 28 March it
will suspend coupon payments on its bonds and that it will try to
agree a debt restructuring with its bondholders and bank lenders
[1].

If the company does not pay the interest due on its bank loans on
March 31, Moody's will consider that as a limited default and will
assign an "/LD" to the PDR. If the company does not pay the
interest due on its bonds before the end of the 30-day grace
period, Moody's will consider that as a default and expects to
assign a "D" to the PDR.

RATINGS RATIONALE

The downgrade of DTEK Energy's CFR and probability of default
reflects the company's announcement that it will not make scheduled
interest payments due on March 31 and April 1, 2020. The company
intends to approach bond and bank debt holders with a request for a
standstill period and a proposal to restructure the obligations.
These steps are part of the company's "crisis response" to the
coronavirus outbreak and the government of Ukraine's decision to
declare states of emergency in the company's operating regions on
23 and 25 March 2020[2]. As part of the measures, Ukraine has
imposed a quarantine that will extend until at least 24 April 2020
and reduce industrial output and electricity consumption. Because
of the age and low efficiency of DTEK Energy's coal-fired power
stations, it will suffer disproportionately from any weakness in
demand.

Prior the coronavirus outbreak, DTEK Energy's financial resilience
had been eroded by cash outflows in late 2019 resulting from lower
industrial power demand and electricity prices, and delays in
receiving payments from Ukraine's electricity system operator.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling commodity 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 weaknesses in
DTEK Energy's credit profile have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions, in
particular the reduction in industrial output and electricity
demand in Ukraine. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety.

Other social and governance considerations incorporated into its
credit analysis are related to risks from the National
Anti-Corruption Bureau of Ukraine's (NABU) investigation into the
"Rotterdam+" formula formerly used to set wholesale electricity
prices in Ukraine, which has named certain DTEK group's employees,
and the Anti-Monopoly Committee of Ukraine's (AMCU) investigation
of possible abuses of the company's monopoly position in the
Burshtyn zone of western Ukraine. Environmental considerations are
primarily related to global efforts to decarbonise electricity
generation, which pose a long-term threat to DTEK Energy's business
model.

RATIONALE FOR THE DEVELOPING OUTLOOK

The developing outlook reflects significant uncertainty around
final recoveries for bondholders, which will depend on the duration
and severity of the economic downturn, the value of the Ukrainian
hyrivna relative to the US dollar, and the progress of negotiations
with lenders.

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

The CFR could be upgraded if the company makes significant progress
toward an agreement with bondholders and bank lenders such that
Moody's expects debt recovery to be higher than 65%.

The CFR could be downgraded if Moody's believes that debt recovery
is likely to be lower than 35%. A devaluation of the hryvna,
developments that further reduce the profitability of coal-fired
generation in Ukraine, or financial penalties resulting from the
ongoing NABU and AMCU investigations could contribute to lower
recoveries.

Moody's expects to assign a "D" to the PDR on 1 May, when the
30-day grace period for bond interest payments ends, unless the
company makes a payment during this time.

COMPANY PROFILE

DTEK Energy is Ukraine's largest private power generator as well as
coal mining and processing company. As of December 31, 2018, the
group operated eight thermal power generation plants as well as one
heat and power plant with total installed capacity 13,550
megawatts, five coal processing plants, 16 coal mines and two
coal-related machinery manufacturers. DTEK Energy accounts for
around 23% of Ukraine's total generated electricity and operates in
the Donetsk, Lugansk, Vinnitsa, Ivano-Frankovsk, Lvov, Zaporozhe
and Dnipropetrovsk regions. DTEK Energy accounts for more than 70%
of coal mining in Ukraine.

DTEK Energy is fully owned by a larger energy holding company, DTEK
B.V., which also operates in the electricity distribution and
supply, renewable energy, gas production and commodity trading
businesses within Ukraine. DTEK B.V. is fully owned by the
financial and industrial group System Capital Management, whose
100% shareholder is Rinat Akhmetov



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

ARCADIA GROUP: Principle Systems Files Winding-up Order
-------------------------------------------------------
Rachel Millard and Laura Onita at The Telegraph report that Sir
Philip Green's retail empire Arcadia Group faces a winding-up order
as it scrambles to stay afloat by slashing payments to suppliers.

Court records show that Principle Systems, a subsidiary of
marketing company Principle Global, has filed a winding-up petition
against Arcadia Group, which includes Topshop and Dorothy Perkins,
The Telegraph relates.

Arcadia has joined a race by retailers to cancel orders and change
payment terms on those already delivered, The Telegraph discloses.


The pandemic "has dramatically reduced the revenue coming into our
business", the company, as cited by The Telegraph, said, after it
shut all its stores.


CATH KIDSTON: On Brink of Administration, Seeks Buyer
-----------------------------------------------------
Vinjeru Mkandawire at The Telegraph reports that fashion and
homeware chain Cath Kidston is on the brink of administration as it
looks set to become the latest casualty of the coronavirus crisis.

According to The Telegraph, the modern vintage brand, known for its
floral, polka-dot and brightly coloured designs, had been racing to
find a buyer to keep the company afloat but filed a notice of
intent to appoint administrators on April 3 after nearly three
decades on the high street.

Cath Kidston's potential demise could cost 800 jobs at the
retailer's stores across the UK, The Telegraph notes.

The company had appointed restructuring specialist Alvarez & Marsal
to find a buyer as shoppers abandoned the High Street ahead of the
Government's lockdown restrictions on the movement of people, The
Telegraph relates.  It could yet be rescued if a buyer comes
forward, The Telegraph states.



DEBENHAMS PLC: Set to Appoint Administrators for Second Time
------------------------------------------------------------
Emma Simpson at BBC News reports that Debenhams, the department
store chain, is facing administration for a second time.

According to BBC, the retailer is set to appoint administrators as
early as this week to protect the company against claims from
creditors as it tries to restructure its business.

Debenhams has already closed 22 stores this year and plans to shut
a further 28 in 2021, BBC discloses.

However, the coronavirus outbreak has ramped up pressure on the
firm, BBC notes.

Like much of the rest of the High Street, Debenhams' 142 stores are
closed, BBC states.

Although the business is still trading online, it has a large
amount of stock which it cannot sell, BBC says.

It is understood that Debenhams is concerned about potential legal
claims from suppliers who have yet to be paid, according to BBC.

It is expected that the most likely outcome is a pre-pack
administration, where a company arranges to sell its business to a
pre-determined buyer before administrators are appointed, BBC
discloses.

Last April, Debenhams fell into the hands of its lenders,
comprising a group of banks and hedge funds led by US firm Silver
Point Capital, after struggling for years to keep up with
competition from rivals, BBC recounts.

It has also faced rising costs in running its big stores as well as
grappling with a huge amount of debt, BBC notes.

A source familiar with the company's current thinking told the BBC
that if a pre-pack was to happen, the current owners intend to take
the business out of administration once stores are allowed to
re-open and were in talks to inject funding as part of its existing
turnaround plan.


GOURMET BURGER: Future Uncertain After Owner Withholds Support
--------------------------------------------------------------
Henry Saker-Clark at Press Association reports that the future of
Gourmet Burger Kitchen has been thrown into doubt after the dining
chain's owner said it was pulling the plug on its financial
support.

The chain's 62 restaurants face uncertainty after Famous Brands,
its South African owner, said it would "withhold financial support"
from the UK firm, PA relates.

It comes after the troubled burger chain was forced to shut its
restaurants in the face of the coronavirus pandemic, PA notes.

According to PA, Famous Brands said Gourmet Burger Kitchen had seen
a deterioration in sales during March, ahead of the enforced
closures.

It said it has now "reviewed its investment" in the business in
light of the shut-down, as the "uncertainty regarding resumption of
trading was cause for concern", PA relays.

The company, as cited by PA, said: "The board has taken the
decision to not provide any further financial assistance to the
Gourmet Burger Kitchen business.

"Accordingly, the board of Gourmet Burger Kitchen will consider the
options available to the business."

Gourmet Burger Kitchen could undergo a major restructuring for the
second time in two years, having completed a Company Voluntary
Arrangement (CVA) deal in 2018, PA states.


HEATHROW FINANCE: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the ratings of Heathrow Finance plc. The company's Ba1
Corporate Family Rating, the Ba2-PD Probability of Default Rating
and the Ba3 senior secured debt rating were affirmed. HF, through
its shares in Heathrow Limited, owns London Heathrow Airport.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak, the
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 airport sector
is among the most significantly affected by the shock given its
exposure to travel restrictions and sensitivity to consumer demand
and sentiment.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. In addition to the immediate reduction in passenger
volumes as a result of the coronavirus epidemic, airports may need
to implement new health and safety standards and regulation can
result in business practices related to this matter changing over
time, leading to some compliance expenses and potential
non-compliance costs in the form of fines.

Moody's base case assumption is that the coronavirus pandemic will
lead to a period of severe cuts in passenger traffic over the
upcoming weeks but that there will be a gradual recovery in
passenger volumes starting by the third quarter 2020.

Unlike previous negative shocks such as the SARS epidemic in 2003,
the prospects for traffic rebound is more uncertain because (1)
travel restrictions in some form may continue for some time even if
the spread of the virus seems contained; (2) the deteriorating
global economic outlook would likely slow the recovery in traffic
and consumer spending, even if travel restrictions are eased; and
(3) the coronavirus outbreak is also weakening the credit profile
of airlines, which have been drastically cutting capacity. As
events continue to unfold, there is a higher than usual degree of
uncertainty around the length of travel restrictions and drop in
travel demand. Hence, it is difficult to predict the overall
traffic volumes for 2020.

Nevertheless, Moody's currently assumes that the decline in
passenger traffic at LHR will be at least 30% in the financial year
ending December 2020, driven by dramatic declines in the first half
of the year and a recovery in the second half, albeit phased over
the period. There are, however, high risks of more challenging
downside scenarios. The negative outlook assigned to HF's ratings
reflects the company's rising credit and liquidity risks due to the
sharp decline in traffic as a result of the implementation of
travel restrictions and the uncertainties around traffic rebound
prospects. The negative rating outlook also reflects Moody's
expectation that the contraction in cash flow generation resulting
from the declining passenger levels will result in a deterioration
of key credit metrics in 2020, below the levels considered
commensurate with current ratings, particularly in respect of
Moody's Adjusted Interest Cover Ratio (AICR).

Notwithstanding the significantly reduced cash flow over at least
the next few weeks, HF, through its ownership of LHR, remains a key
infrastructure provider with a potential for a strong recovery once
the coronavirus outbreak and its effects have been contained.

More generally, HF's Ba1 CFR continues to reflect (1) its ownership
of LHR, which is one of the world's most important hub airports and
the largest European airport, (2) its long established framework of
economic regulation, (3) the historically resilient traffic
characteristics of LHR, (4) the capacity constraints the airport
faces, (5) the current period of lower capital expenditure levels,
(6) an expectation that the HF group will maintain high leverage,
with Net Debt/RAB in the high 80s percent, and (7) the features of
the HSP secured debt financing structure, which puts certain
constraints around management activity, together with the
protective features of the HF debt, which effectively limit HF's
activities to its investment in HSP. HF's Ba3 senior secured rating
reflects the structural subordination of the HF debt in the HF
group structure versus the debt at HSP.

LIQUIDITY AND DEBT COVENANTS

The HF group as a whole exhibits a good liquidity position,
allowing for flexibility to cover its expenditure in the context of
the significant deterioration in cash flows associated with the
expected contraction in traffic levels. Moody's understands that,
as of March 26, 2020, the HF group had approximately GBP2.8 billion
of cash on balance sheet (of which GBP245 million at the level of
HF). Within the group, HSP also maintains liquidity arising from
delayed drawdowns under previously issued bonds (GBP155 million).
Whilst HF's only source of cash flow remains dividends upstreamed
from HSP, HF currently has availability under undrawn committed
loans (GBP273 million), which provide additional flexibility to
support its debt service requirements. HF's next debt maturity is
in 2024. In addition, the HF group is assessing initiatives aimed
at reducing, where possible, its cost base and optimising its
investment spend, with the objective of further supporting its
liquidity profile in the short term.

Given the currently assumed magnitude of the reduction in earnings,
Moody's expects a reduction in the headroom against financial
covenants included in HF's debt documentation, namely group Net
Debt/RAB of 92.5% and Interest Cover Ratio of 1.0x. In addition,
the group's debt documentation includes covenants at the level of
HSP, which would not be permitted to upstream cash to HF if it
fails to meet certain tests, generally linked to financial metrics,
but also related to the maintenance of adequate liquidity at HSP.
Nevertheless, on the assumption of a traffic rebound, Moody's
currently expects the group as a whole to maintain sufficient
headroom against its financial covenants at least for the next 12
months.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

In light of the current negative outlook, upward rating pressure on
HF's ratings is unlikely in the near future. The outlook could be
stabilised if, following the lifting of border and travel
restrictions and a return to normal traffic performance, the
company's financial profile and key credit metrics sustainably
return to levels commensurate with the current rating, while
continuing to maintain a good liquidity profile.

Downward pressure on HF's ratings could develop if (1) it were to
exhibit a materially reduced headroom under its Net Debt/RAB
covenant of 92.5% or an AICR that is consistently less than 1.0x
times; (2) the group's liquidity profile deteriorates; (3) there
was an increased risk of covenant breaches; or (4) it appeared
likely that the coronavirus outbreak had a more sustained
detrimental impact on traffic levels, either because of travel
restrictions or potential airline failures.

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in September 2017.

The only asset of HF is its shares in HSP, a holding company which
in turns owns the company that owns LHR, Europe's busiest airport
in terms of total passengers. HF is indirectly owned by Heathrow
Airport Holdings Limited (HAH). HAH is ultimately owned 25% by
Ferrovial S.A. (a Spanish infrastructure & construction company),
20% by Qatar Holding LLC (a sovereign wealth fund), 12.62% by
Caisse de depot et placement du Quebec (a pension fund), 11.2% by
the Government of Singapore Investment Corporation (a sovereign
wealth fund), 11.18% by Alinda Capital Partners (an infrastructure
fund), 10% by China Investment Corporation (a sovereign wealth
fund) and 10% by the University Superannuation Scheme (a pension
scheme).

MABEL MEZZCO: Moody's Places B2 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the B2 Corporate Family Rating and B2-PD Probability of
Default Rating of Mabel Mezzco Limited. Concurrently, the rating
agency has placed under review for downgrade the B2 rating of the
GBP225 million backed senior secured notes issued by the company's
subsidiary Wagamama Finance plc. The outlook on all ratings has
been 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.

The rating action was prompted by the complete closure of the
company's UK restaurant network in compliance with government
requirements affecting all restaurants, cafes, pubs and bars in the
country.

Prior to the coronavirus outbreak wagamama had been comfortably
positioned in the B2 rating category. The company enjoyed a very
strong multi-year track record of like-for-like sales growth well
ahead of peers as well as good EBITDA growth. The rating agency
believes the company is an important asset of its ultimate parent,
The Restaurant Group plc (TRG), in contrast, for example to TRG's
Chiquito brand, which entered administration a few days ago.

Moody's review process will be focusing on (i) the length of time
restaurant closures are ultimately necessary in the coming weeks,
(ii) the impact of liquidity measures taken by the company on its
balance sheet, (iii) the extent that TRG is willing and able to
support the company's credit profile, and (iv) any implications the
Coronavirus crisis may have for the company's business profile over
the medium term, including on demand and its supply chain.

Factors that would lead to an upgrade or downgrade of the ratings:

Upward pressure in the short to medium term is unlikely but, could
develop in due course if operational key performance indicators
after restaurants reopen returned to previously strong levels and
Moody's-adjusted debt/EBITDA were to decline to around 5.0x on a
sustained basis.

Conversely, downward pressure on the rating could arise if
Moody's-adjusted debt/EBITDA is expected to remain above 6.5x on a
sustained basis after restaurants reopen or if liquidity concerns
emerge.

LIQUIDITY

Moody's expects that the company will access the UK government's
Coronavirus Job Retention Scheme under which employers claim a
grant of up to 80% of furloughed staff wages, up to a cap of
GBP2,500 per month. In addition the rating agency expects the
company to be deferring all non-essential expenditure. On this
basis, Moody's expects the company to maintain adequate liquidity
over the course of the next few months, although beyond that
clearly, without parental support, there would come a time when
liquidity would become weak if restaurant closures still remain in
place.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. In terms of governance the rating agency positively
recognises that TRG has a publicly communicated goal of reducing
its consolidated debt and leverage levels, which were -- before the
coronavirus crisis -- already modest relative to peers.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.

COMPANY PROFILE

Wagamama is the UK's only company of scale offering pan-Asian
cuisine in the branded restaurant industry. As of February 2020, it
operated 149 sites in the UK and six sites in the US, as well as
more than 50 international sites through a franchise model.

In the fiscal year ended April 28, 2019 the company reported
revenue of GBP339 million and EBITDA of GBP52 million. TRG acquired
the company in December 2018 in a transaction valuing the business
at GBP559 million.

MONSOON ACCESSORIZE: Sale Among Options, Taps FRP Advisory
----------------------------------------------------------
Georgia Wright at Retail Gazette reports that Monsoon Accessorize
said on March 27 it had been badly affected by the coronavirus
pandemic and was looking at a range of options.

According to Retail Gazette, a possible sale of the business is one
option, as restructuring experts from FRP Advisory were drafted in
to work on possible scenarios.

The fashion retailer said it had been ahead of the financial plan
set out at the time of its CVA in 2019 and was trading well until
March, but like many other retailers it was impacted by Covid-19
when it was forced to close stores, Retail Gazette relates.

Its board is looking at a range of options, including a potential
sale of part or all of the business, raising fears for the future
of the retailer's 3500 employees, Retail Gazette notes.

No decisions have been made at this time, although the retailer was
struggling for some time and remained in a critical condition last
year despite the CVA it secured in July, Retail Gazette states.


PIZZAEXPRESS FINANCING: Moody's Cuts CFR to Ca, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term corporate
family rating of PizzaExpress Financing 1 plc to Ca from Caa3.
Concurrently, the rating agency has downgraded the rating of the
GBP200 million senior unsecured notes due August 2022 to C from Ca,
and the rating of the GBP465 million senior secured notes issued by
PizzaExpress Financing 2 plc due August 2021 to Caa3 from Caa1.
Moody's has affirmed the company's Ca-PD probability of default
rating. The outlook is negative.

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 rating action was prompted by the complete closure of the
company's UK restaurant network in compliance with government
requirements affecting all restaurants, cafes, pubs and bars in the
country.

In addition, the downgrade of the CFR and the rating of the senior
secured notes takes into account the company's recently agreed new
GBP70 million super senior term loan. While Moody's recognises the
timely boost to liquidity this funding will bring, it is GBP40
million more than the existing super senior facilities it replaces.
This means that in an eventual restructuring the recoveries will be
lower overall, and in particular for the senior secured notes given
their position ranking behind the new super senior secured loan.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. In terms of governance, the company has only one
director who is independent of Hony Capital and Moody's believes in
these circumstances the board, controlled by majority shareholder
Hony Capital, has likely been particularly focused on the interests
of shareholders, to the potential detriment of other stakeholders.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that a financial
restructuring is highly likely.

Factors that would lead to an upgrade or downgrade of the ratings:

Upward pressure on the rating is unlikely in the short term but
could arise if a sustainable capital structure is put in place.
Downward rating pressure could arise if Moody's expectations of
corporate family recovery rates deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.

COMPANY PROFILE

Founded in 1965 and headquartered in London, PizzaExpress is the
leading operator in the UK casual dining market measured by number
of restaurants. As at September 2019 it operated 482 sites in the
UK and Ireland as well as around 150 international sites,
principally in China. For the 52 weeks period ending 29 September
2019, the company reported revenues of GBP551 million and EBITDA of
GBP75.6 million. PizzaExpress was acquired by Hony Capital in a
GBP895 million LBO in August 2014.

SPIRIT ISSUER: Fitch Puts BB Rating on Class A Notes on Watch Pos.
------------------------------------------------------------------
Fitch Ratings has placed Spirit Issuer plc's (Spirit) class A
notes' 'BB' rating on Rating Watch Positive (RWP).

RATING RATIONALE

The RWP considers the material improvement of transaction metrics
resulting from the recent debt prepayment.

However, the recent UK government introduction of restrictions on
public gatherings and social interactions in order to curb the
spread of the coronavirus through lockdowns limit the medium-term
visibility of Spirit's cash flow generation and prevents, at the
moment, the upgrade of the transaction. Fitch will resolve the RWP
following improved visibility on future cash flow generation.

The liquidity position is comfortable throughout 2020 and Spirit
has some financial flexibility to partially offset any potential
short-term revenue shortfall. Fitch currently assumes the 2020
shock will be progressively recovered by 2021 but if the severity
and duration of the outbreak is longer than expected, Fitch will
revise the rating case accordingly.

KEY RATING DRIVERS

Coronavirus Affecting Demand

The rapid spread of the coronavirus is leading to an unprecedented
impact on pub businesses as government lockdown measures are
enforced that prevent people from visiting pubs. These measures
mean revenues may fall to zero, while they remain in place. The
potential extent of the near-term stresses is unprecedented. During
early March, many pubs were experiencing significant declines in
revenues as people were starting to voluntarily limit their
movement. The effects on revenue increased during the month as the
UK government ordered all pubs to close and a full countrywide
lockdown.

Under its revised Fitch Rating Case (FRC), Fitch assumes yoy
substantial revenue declines in 2Q20, with some knock-on effect
through YE 2020 and a progressive recovery by 2021-2022. The 2020
annual yoy revenue decline is around 15%.

Defensive Measures

Spirit has some flexibility to partially offset the effects of the
expected significant revenue shortfall. In its revised FRC, for
managed pubs Fitch assumes a significant reduction in fixed costs,
to reflect the period of full pub closure, during which Fitch
understands it will be possible to significantly reduce most
elements of opex. Fitch expects tenanted pubs to have some cost
flexibility at the pub level. Fitch also assumes some reduction in
maintenance capex as it can be reduced to minimum covenanted levels
and, in reality, it may be possible to reduce capex further as any
shortfall versus covenant could be made up later in the year as
pubs start to reopen.

Credit Metrics - Recovery from 2021

Under the updated FRC, class A metrics improve to 3.6x, compared
with 1.4x at the last review. This is driven by the prepayment of
the class A2 and A4 notes, which significantly reduces debt service
and outweighs the negative short-term effects of reduced cash flow
under the updated FRC. After the 2020 shock, Spirit's projected
cash flows progressively recover from the impact, which indicated a
temporary impairment of its credit profile. This reflects its view
that demand levels within the pub sector will return to normal in
the medium to long term. However, Fitch is closely monitoring the
development in the sector as Spirit's operating environment has
substantially worsened and Fitch will revise the FRC if the
severity and duration of the coronavirus is longer than expected.

Solid Liquidity Position

Spirit has around GBP18 million of cash available as of March 2020
and committed credit facilities of GBP15 million. Fitch estimates
that its liquidity position provides for more than years of debt
service coverage.

Sensitivity Case

Fitch has also run a more severe sensitivity case which builds on
the FRC and assumes the crisis worsens materially from current
levels with a longer demand shock compared with the revised rating
case, resulting in significant revenue reductions of around 40%
during 2020. Mitigation measures are unchanged compared with the
FRC. The sensitivity shows that under this scenario projected FCF
debt service coverage ratios (DSCRs) for the class A notes fall to
3.5x. If the severity and duration of the coronavirus outbreak is
longer than expected Fitch may raise the FRC to be closed to this
sensitivity case.

RATING SENSITIVITIES

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

A quicker than assumed recovery from the coronavirus shock,
confirming strong projected FCF DSCRs, would allow us to
potentially resolve the RWP and upgrade the ratings.

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

A slower than assumed recovery from the coronavirus shock resulting
in a material weakening of the projected FCF DSCRs.

BEST/WORST CASE RATING SCENARIO

Ratings of Global Infrastructure issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of three notches over three
years. The complete span of best- and worst-case scenario credit
ratings for all rating categories ranges from 'AAA' to 'D'. Best-
and worst-case scenario credit ratings are based on historical
performance.

TRANSACTION SUMMARY

The transaction is a securitization of both managed and tenanted
pubs operated by Greene King, comprising 357 managed pubs and 277
tenanted pubs as at October 2019.

Key Rating Drivers - Summary Assessments

Industry Profile - Midrange

Sub-KRDs: Operating Environment - Weaker; Barriers to Entry -
Midrange; Sustainability - Midrange

Company Profile - Midrange

Sub-KRDs: Financial Performance - Midrange; Company Operations -
Midrange; Transparency - Midrange; Dependence on Operator -
Midrange; Asset Quality - Midrange

Debt Profile - KRD: Debt Structure - Midrange

Sub-KRDs: Debt Profile - Midrange; Security Package - Stronger;
Structural Features – Midrange

The recent outbreak of coronavirus and related government
containment measures worldwide creates an uncertain global
environment for the UK pub sector in the near term. While Spirit
performance data through most recently available issuer data may
not have indicated impairment, material changes in revenue and cost
profile are occurring across the broader UK eating- and
drinking-out sector and likely to worsen in the coming weeks and
months as economic activity suffers and government restrictions are
maintained or expanded. Fitch's ratings are forward-looking in
nature, and Fitch will monitor developments in the sector as a
result of the virus outbreak as it relates to severity and
duration, and incorporate revised base and rating case qualitative
inputs based on expectations for future performance and assessment
of key risks.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means 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).

STONEGATE PUB: Moody's Cuts CFR to B3, Outlook Developing
---------------------------------------------------------
Moody's Investors Service downgraded to B3 from B2 the corporate
family rating of Stonegate Pub Company Limited. Concurrently, the
rating agency has downgraded to B3-PD from B2-PD the company's
probability of default rating. The outlook remains developing. The
ratings of the senior secured notes of Stonegate Pub Company
Financing plc have been withdrawn following the redemption of the
notes.

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 rating action follows the complete closure of the company's pub
and bar estate in compliance with government requirements affecting
all restaurants, cafes, pubs and bars in the country. This occurred
shortly after Stonegate completed its acquisition of Ei Group plc
(EiG) and the company redeemed its outstanding debt by drawing on a
bridging loan agreed when Stonegate launched its recommended offer
for EiG last July.

Moody's expects that to minimise cash burn the company will be
deferring all non-essential expenditure as well as accessing the UK
government's Coronavirus Job Retention Scheme under which employers
claim a grant of up to 80% of furloughed staff wages, up to a cap
of GBP2,500 per month. On this basis, Moody's anticipates the
company will maintain adequate liquidity over the course of the
next several months.

The downgrade to B3 however reflects (a) Moody's base case
expectations that the company will emerge from the closure period
with more debt than previously anticipated (b) a lack of certainty
over whether the coronavirus will have a lasting impact on the way
people choose to socialise, potentially negatively affecting
volumes of pub-goers and in turn Stonegate's profitability and
ability to deleverage; and (c) the operational challenges of
resuming trading after a period of shutdown for such a large scale
and diverse group, which among other things may delay the
realisation of planned synergies.

RATIONALE FOR DEVELOPING OUTLOOK

The developing outlook reflects the fact that at this stage the
long term financing structure of the enlarged business remains
uncertain, and so in due course either positive or negative rating
pressure could emerge.

Factors that would lead to an upgrade or downgrade of the ratings:

Upward rating pressure will be dependent on evidence of an
operating environment that will be supportive for the company
recording underlying performance in line with pre crisis levels as
well as expectations that the planned synergies can be achieved.
Quantitatively this would likely equate to an expectation of
Moody's-adjusted leverage being sustained below 6.5x during the
rating horizon.

Negative rating pressure may arise in the event of the materially
weaker operating environment or credit metrics than anticipated
prior to the Covid-19 outbreak. Weak liquidity would result in a
downgrade.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Stonegate is controlled by the private equity firm TDR
Capital, which in common with other financial sponsors typically
has tolerance for relatively high leverage in the companies it
controls. However, more positively the rating agency expects TDR
will continue to counter-balance this with a desire to ensure that
Stonegate's capital structure is sustainable over the medium term.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.

COMPANY PROFILE

Before the acquisition of EiG the company had grown via a number of
acquisitions to become the largest privately held managed pub
company in the UK, with more than 750 pubs under management.
Separately with an estate of over 4,000 pubs EiG was the largest
leased and tenanted pub operator in the country, quoted on the
London Stock Exchange with a market capitalisation of around GBP0.9
billion prior to Stonegate launching its successful GBP1.3 billion
bid last summer (valuing EiG at GBP4.0 billion including debt).

TORO PRIVATE: S&P Downgrades ICR to 'B-' on COVID-19 Outbreak
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Toro Private
Holdings I Ltd. (Travelport) to 'B-'; from 'B'. S&P also lowered
its issue ratings on the company's debt.

S&P said, "The downgrade reflects our expectation that revenue from
Travelport's travel solutions segment will decline substantially
due to the COVID-19 pandemic's effect on global air traffic
volumes.  Governments worldwide have been implementing travel
restrictions to limit the spread of COVID-19. This has led to a
significant decline in air travel bookings. We expect these trends
to harm Travelport's revenue because its transaction-based business
model ties its revenue to a travel supplier's transaction volumes.
This makes the company particularly vulnerable since corporate
travel bans and sharp declines in personal travel are leading to
steep transaction volume declines in 2020. The global airline
industry faces a significant drop in passenger volumes, so it is
implementing severe cost-cutting measures and focusing on
preserving liquidity. Nevertheless, we think some airlines and
travel agencies will likely go out of business, which will
translate into lost service contracts and potentially prevent the
swit recovery of the global distribution system (GDS) sector.
Accordingly, we think Travelport's consolidated revenue could drop
by 30%-40% in 2020 year-on-year, with steeper EBITDA decline
because not all operating costs are variable. Although air traffic
volumes may start to recover in the second half of 2020, the
airline industry will likely feel the effect of the COVID-19
outbreak in 2021, given the deteriorating economic outlook and
weaker consumer confidence."

There is uncertainty regarding the duration of the COVID-19
pandemic and Travelport's ability to manage its cost structure, so
it is difficult to estimate the effect on the company's future cash
flows.   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. As the situation evolves, we will
update our assumptions and estimates accordingly."

S&P said, "Although Travelport could curb its variable expenses in
the short term, we think this would only partly offset the
substantial earnings decline in 2020. Weaker profitability and high
interest costs--about $250 million per year--will weigh on
operating cash flow generation. Furthermore, free operating cash
flow (FOCF) will be materially negative even if Travelport
meaningfully reduces its capital expenditure (capex). Combined with
our forecast of high debt levels of about $3.4 billion (similar to
2019-end), credit metrics will significantly weaken in 2020, with
S&P Global Ratings-adjusted debt to EBITDA rising materially above
the 7x achieved in 2019. Although financial covenant headroom is
rapidly tightening, our current ratings take into account our
expectation that Travelport could obtain a covenant waiver if
necessary."

The sale of eNett will lead to an additional EBITDA loss of about
$40 million for Travelport but the sale proceeds will support
liquidity.   On Jan. 24, 2020, Travelport entered into a definitive
agreement to sell eNett, its majority-owned subsidiary (about 70%),
to WEX Inc., a leading financial technology service provider. The
total consideration is about $1.7 billion, comprising about $1.3
billion in cash and the rest in shares of WEX's common stock. eNett
is a travel payment solutions provider with a scalable business
model. It has reported good operating performance over the past
couple of years with topline growth above 10%, reporting a revenue
increase of about 23% to about $390 million in 2019 alone and
EBITDA of about $38 million. Proceeds from the sale will provide a
boost to Travelport's liquidity position with material cash inflow.
The loan documentation allows the company to retain the flexibility
to dispose of its eNett business and it expects to complete the
transaction in the third quarter of 2020.

However, if the sale of eNett was delayed and the pandemic and
subdued air travel demand extended into the second half of 2020 and
the start of 2021, this could trigger sustained cash burn and put
pressure on liquidity, making the capital structure unsustainable.

The negative outlook reflects the possibility of a downgrade within
the next 12 months if global air traffic remains constrained and
travel disruptions continue, resulting in sluggish travel bookings
while Travelport's EBITDA generation fails to recover and its
capital structure appears unsustainable.

S&P said, "We would downgrade Travelport if we foresaw the
company's EBITDA and cash flow generation falling short of our base
case such that EBITDA interest cover approached 1x, and its
liquidity deteriorated such that the ratio of liquidity sources to
uses indicated a material shortfall for the coming 12 months,
absent offsetting measures.

"This could occur if air passenger volumes remain depressed toward
year-end 2020. We could also lower the ratings if we thought the
company had no prospects of generating positive free cash flow.

"We could revise our outlook to stable over the next 12 months if
Travelport's earnings weakened less than we currently anticipate,
such that its adjusted debt to EBITDA outperformed our base case.
An outlook revision would also require liquidity sources to remain
above 1.2x uses."


UROPA SECURITIES 2007-01B: Fitch Affirms B Rating on Cl. B2a Debt
-----------------------------------------------------------------
Fitch Ratings has upgraded six tranches of the Uropa RMBS series
and affirmed the others, as follows:

RATING ACTIONS

Uropa Securities plc Series 2007-01B

Class A3a XS0311807753; LT AAAsf Affirmed; previously AAAsf

Class A3b XS0311808561; LT AAAsf Affirmed; previously AAAsf

Class A4a XS0311809452; LT AAAsf Upgrade;  previously AA+sf

Class A4b XS0311809882; LT AAAsf Upgrade;  previously AA+sf

Class B1a XS0311815855; LT BBsf Affirmed;  previously BBsf

Class B1b XS0311816150; LT BBsf Affirmed;  previously BBsf

Class B1b cross currency swap; LT BBsf Affirmed; previously BBsf

Class B2a XS0311816408; LT Bsf Affirmed;   previously Bsf

Class M1a XS0311810385; LT AAsf Upgrade;   previously A+sf

Class M1b XS0311811193; LT AAsf Upgrade;   previously A+sf

Class M2a XS0311813058; LT BBBsf Affirmed; previously BBBsf

Uropa Securities Plc Series 2008-1

Class A XS0406658624;  LT AAAsf Affirmed; previously AAAsf

Class M1 XS0406667534; LT AAAsf Upgrade;  previously AAsf

Class M2 XS0406668938; LT AAsf Upgrade;   previously Asf

TRANSACTION SUMMARY

The transactions securitise non-conforming mortgages purchased by
ABN AMRO (U2007) and Topaz Finance Plc (U2008).

KEY RATING DRIVERS

Removed from Under Criteria Observation

Fitch placed the ratings of the notes of the two transactions Under
Criteria Observation (UCO) following the publication of its updated
UK RMBS Rating Criteria assumptions on October 4, 2019. Both pools
are composed predominantly of non-conforming owner occupied loans
and include a minority of buy-to-let (BTL) mortgages, representing
14.6% for U2007 and 38.8% for U2008.

Fitch has conducted a full review of the transactions using the
updated criteria assumptions and applying the sector-level
assumptions for UK BTL deals for the related portion each pool. The
review led to the upgrades and affirmation of the notes.

Increasing Credit Enhancement, Stable Asset Performance

The transactions closed in 2007 (U2007) and 2008 (U2008) and are
well-seasoned. As a result, credit enhancement has built up through
note amortisation, and U2007 currently has a fully funded reserve
fund. Despite a significant backlog of arrears for both
transactions, performances have remained overall stable,
contributing to the affirmations and upgrades.

Adequate Liquidity Support

Due to the recent measures put in place to reduce the spread of the
coronavirus, Fitch has reviewed the transactions' ability to
survive a significant proportion of borrowers being offered and
taking up a payment holiday. Both transactions benefit from
sizeable liquidity support that mitigates payment interruption
risk. U2007 has an undrawn liquidity facility (LF) while U2008 has
a fully funded liquidity reserve fund (LRF) of currently 21.6% and
16.2% respectively of the outstanding notes' balance. The LF and
LRF can no longer amortise due to irreversible breaches in the
cumulative loss performance triggers.

Notes Repayment, No Excess Spread for U2008

Both transactions are currently repaying pro-rata. However,
sequential repayment of the bonds in the short to medium term is
expected to be triggered by reserve fund/liquidity drawings. For
U2008, Fitch has considered the ongoing accumulation of an
uncleared principal deficiency ledger on the class D notes and the
lack of excess spread available to the structure. Further asset
underperformance could reduce the liquidity reserve fund available
potentially limiting the notes' ratings.

RATING SENSITIVITIES

The transactions performance may be impacted by changes in market
conditions and economic environment. Fitch acknowledges the
uncertainty of the future path of coronavirus related containment
measures, and has therefore considered more severe economic
scenarios. While the impact of the coronavirus outbreak is still
uncertain, Fitch considered that the current ratings are
sufficiently robust to withstand its current expectation in terms
of deterioration in asset performance.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up- and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance. The model implied sensitivities in an
up scenario do not consider any Portfolio Loss Floor, but assume
that any applicable rating cap remains in place.

Downgrade Stress

Fitch tested an additional rating sensitivity scenario by applying
an increase in the foreclosure frequency of up to 30% and
lengthening the foreclosure timing by nine months. The notes can
withstand these stresses at the current rating levels.

Upgrade Stress

Fitch tested an additional rating sensitivity scenario by applying
a decrease in the foreclosure frequency of 15% and an increase in
the recovery rates of 15%. For both deals, the ratings of the
notes, other than those at the highest rating level, would be
approximately one to two categories higher.

VICTORIA PLC: S&P Alters Outlook to Negative & Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB-' long-term issuer credit and senior secured debt
ratings on Victoria PLC.

S&P said, "We estimate that Victoria will face a sharp decline in
its volumes sold in fiscal 2021 (year ending March 31, 2021) in the
context of global recession following the outbreak.  We anticipate
that the company will face a significant decline in demand for its
flooring products and accessories. This is because we think that
retailers and specialists will face a sharp decline in traffic due
to quarantines and confinements measures affecting several European
countries and Australia. Furthermore, we think that most consumers,
which face lower disposable income and have weak confidence, are
focused on staples products and are likely to postpone
discretionary spending on home furnishings to next year."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak.  Some
government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. S&P believes the measures adopted to
contain COVID-19 have pushed the global economy into recession. As
the situation evolves, S&P will update its assumptions and
estimates accordingly.

S&P said, "We estimate that Victoria can sustain a decline in
volume sold thanks to its flexible cost structure that should limit
the negative impact on its EBITDA and adjusted debt leverage ratio.
We forecast sales volumes to decline by 20%-25% during fiscal 2021
that will lead to much lower EBITDA generation. In our view, the
company can leverage on its flexible operating cost structure to
mitigate the impact of lower volumes on its EBITDA, especially in
relation to raw materials and energy, which together represent
about 50%-55% of total costs. We also take into account that
Victoria is both a manufacturer and a distributor and should be
able to reduce its labor, logistics, and marketing expenditures,
although these costs might adjust with a time lag. In our base-case
scenario, we anticipate that Victoria's adjusted debt-to-EBITDA
ratio will increase this year to about 4.5x-5.0x in fiscal 2021
compared with projected 3.5x-4.0x adjusted leverage in 2019.

"We think that Victoria is facing increasing uncertainty in its
cash flow generation, especially on working capital requirements,
that it can offset by reducing its investments in capex and in
acquisition.   The company's customers are primarily small
independent retailers and specialists, which are likely facing huge
financial pressure due to weak demand and therefore might ask for
payment delays or might not able to pay for the goods they
purchased. This could increase working capital requirements offset
by likely inventory releases as Victoria reduces or stops
production in a number of countries. The group will cut capex
significantly this year and not pursue acquisition spending for the
time being which will help conserve cash. In our base-case
scenario, we estimate that the company will generate positive FOCF
of £10 million-£20 million in fiscal 2021.

"Victoria has sufficient liquidity available to meet its short-term
commitments.  We anticipate that the company will have about £188
million of cash balances at the end of March 2020, including the
proceeds from the £75 million super senior revolving credit
facility (RCF) that is now fully drawn. In our view, this is enough
to meet potential large working capital outflows and service debt
in the next 12 months. We also note positively the absence of
significant debt maturities in the next two years following the
recent EUR500 million of senior bonds issued. Finally, we estimate
that the financial covenant headroom should remain at or above 15%
over the next 12 months.

"The negative outlook reflects our view that the recession from the
outbreak will affect consumer demand for Victoria's products for a
number of months this year. Our base-case scenario reflects a sharp
decline in revenues and EBITDA this year, which should pressure
credit metrics and cash flows. That said, we believe the business
should remain self-funding with positive FOCF and adequate headroom
under financial covenants.

"We could take a negative rating action if Victoria's sustained
adjusted debt-to-EBITDA ratio is close to 5x or above over the next
12-18 months. This could occur in case of prolonged very weak
demand next year for the company's products leading to further
declines in EBITDA. We could also lower our rating in case we
anticipate weaker headroom (below 15%) under the financial
covenants. Finally, we would view negatively the company pursuing
an aggressive expansion strategy before having clear demand
visibility and strongly deleveraged.

"We could revise our outlook to stable if Victoria's adjusted
debt-to-EBITDA approaches 4x, combined with robust positive free
cash flow over the next 12-18 months. For the rating category, we
believe FFO-to-debt should remain comfortably in the 12%-20%
range."


VITA CAPITAL VI: S&P Puts 'BB' Class A Notes Rating on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB (sf)' rating on the 2015-I Class
A notes issued by Vita Capital VI Ltd. on CreditWatch with negative
implications. The notes could be at risk of triggering if the
COVID-19 pandemic leads to a significant increase in deaths in
either the U.K., Canada, or Australia.

The notes provide Swiss Reinsurance Co. Ltd. (Swiss Re;
AA-/Stable/A-1+) with protection against extreme adverse mortality
developments such as the current COVID-19 pandemic. The noteholders
are at risk of loss of principal or interest from an increase in
age-and-gender-weighted mortality rates that exceed the specified
percentage of a reference mortality index value specific to each
country. The risk period ends on Dec. 31, 2020. We currently
believe that there is such significant uncertainty around the total
number of deaths caused by the pandemic in any of the three
countries that it is difficult to determine the likelihood of a
rating action at this stage.

The notes would have been at higher risk of triggering if the U.K.
government had not changed its strategy from mitigation by building
up immunity within its population to suppression in recent days.
However, we still believe that the probability of attachment will
increase as a consequence of the pandemic.

The final mortality index value calculated by RMS for 2020 will
depend on the actual mortality experience in the different age and
gender cohorts published by the relevant reporting agencies of each
country, with the higher weights represented by the 30-64 year-old
cohorts. Swiss Re must submit an event notice before the final
mortality index value is calculated. The published rates will
include deaths caused by other diseases or by a stress on each
country's health system, which are currently difficult to predict
since the effects of the pandemic are only starting to unfold.
According to the risk analysis performed by RMS at the inception of
the notes, a repeat of the 1918 Spanish influenza as a bacterial
infection would have caused a 100% loss of principal, whereas a
repeat of the 1957 Asian influenza would not have caused any
principal reduction.

Swiss Re also has the option to extend the maturity of the notes up
to Jan 8, 2024. In this case, there will be a reduction in the
interest rate spread to 1.50% from the current 2.90%. Even in the
event that there is no reduction in principal following a
qualifying event, noteholders will then receive a lower coupon
payment. In accordance with S&P's criteria, it would consider this
event to be a coupon stepdown and would therefore lower its rating
on the class A notes to 'D (sf)'.

As S&P currently does not know how the pandemic will evolve and
whether it can resolve the CreditWatch within 90 days, it intends
to publish interim updates to identify its most current assessment
of the situation.


WELLINGTON PUB: Fitch Puts B- Rating on Class A Notes on Watch Neg
------------------------------------------------------------------
Fitch Ratings has placed Wellington Pub Company Plc's class A and
class B notes, 'B-' and 'B+' rating respectively, on Rating Watch
Negative.

RATING RATIONALE

The RWN reflects the limited visibility of Wellington's future cash
flow generation resulting from the UK government's recent
restrictions on public gatherings and social interactions in order
to curb the spread of the coronavirus.

Fitch therefore expects Wellington's debt coverage to be impacted
by a severe but short-lived demand shock related to the pandemic
although the scale and duration of the impact is still broadly
uncertain.

Liquidity position, which includes liquidity reserves, should be
sufficient to cover debt service throughout 2020 and Wellington has
some financial flexibility to partially offset potential short-term
revenue shortfalls. Fitch currently assumes a progressive recovery
by 2021-2022 but Fitch will revise its rating case if the severity
and duration of the pandemic is longer-than-expected.

KEY RATING DRIVERS

Coronavirus Affecting Demand

The rapid spread of the coronavirus is leading to an unprecedented
impact on pub businesses as government lockdown measures are
enforced that prevent people from visiting pubs. These measures
mean pubs' revenues may fall to zero while they remain in place.
The potential extent of the near-term stresses is unprecedented.
During early March, many pubs were experiencing significant
declines in revenues as people were starting to voluntarily limit
their movement. The impact on revenue increased during the month as
the UK government ordered all pubs to close and a full countrywide
lockdown.

Under its revised Fitch rating case (FRC), Fitch assumes yoy
substantial revenue declines in 2Q20, with some knock-on effect
through to end-2020 and a progressive recovery by 2021-2022. Fitch
estimates the 2020 annual yoy revenue decline at around 15%.

Defensive Measures

Wellington has some flexibility to partially offset the impact of
the expected significant revenue shortfall. In its revised rating
case, Fitch expects tenanted pubs to have some cost flexibility at
the pub level. Fitch also assumes some reduction in maintenance and
development capex and costs, in addition to overhead costs.

Credit Metrics - Recovery from 2021

Under the revised FRC projected metrics (minimum average and median
FCF DSCRs until legal maturity) has marginally declined but still
stand at 1.3x for the class A notes and 1.1x for the class B notes
with a declining coverage profile and stress in 2020 due to the
demand shock.

After the 2020 shock, Wellington's metrics will progressively
recover. This reflects its current view that demand levels within
the pub sector will return to normal in the medium- to long-term.
Fitch is closely monitoring developments in the sector as
Wellington's operating environment has substantially worsened and
Fitch will revise the FRC if the severity and duration of the
pandemic is longer-than-expected.

Liquidity Position

Wellington had around GB17 million of cash available as of
end-February 2020. In addition, it benefits from GBP6 million
liquidity cash reserves, which cover around four months of debt
service.

Sensitivity Case

Fitch has also run a more severe sensitivity case, which builds on
the rating case, and assumes the crisis worsens materially from
current levels with a longer demand shock versus the revised rating
case, resulting in significant revenue reductions of around 40%
during 2020. Mitigation measures remain unchanged compared with the
FRC. The sensitivity shows the projected minimum average and median
FCF DSCRs fall to 1.2x for the class A notes and to 1.0x for the
class B notes.

If the severity and duration of the pandemic is
longer-than-expected Fitch may revise the FRC closer to this
sensitivity case.

Key Rating Drivers - Summary Assessments

Industry Profile - Midrange

Sub KRDs: Operating Environment - Weaker; Barriers to Entry -
Midrange; Sustainability - Midrange.

Company Profile - Weaker

Sub-KRDs: Financial Performance - Weaker; Company Operations -
Weaker; Transparency - Weaker; Dependence on Operator - Stronger;
Asset Quality - Weaker

Debt Structure - Weaker (class A, B)

Sub-KRDs: Debt Profile - class A: Stronger, class B: Midrange,
Security Package - class A: Stronger, class B: Midrange; Structural
Features - class A: Weaker, class B: Weaker

The recent outbreak of coronavirus and related government
containment measures worldwide create an uncertain global
environment for the UK pub sector in the near term. While
Wellington's most recently available performance data may not have
indicated impairment, material changes in revenue and cost profile
are occurring across the broader UK eating- and drinking-out sector
and likely to worsen in the coming weeks and months as economic
activity suffers and government restrictions are maintained or
broadened. Fitch's ratings are forward-looking in nature, and Fitch
will monitor developments in the sector for their severity and
duration, and incorporate revised base- and rating- case
qualitative and quantitative inputs based on expectations for
future performance and assessment of key risks.

RATING SENSITIVITIES

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

  - A quicker-than-assumed recovery from the demand shock,
supporting a sustained recovery in credit metrics to pre-crisis
levels would allow us to resolve the RWN and potentially assign a
Stable Outlook

  - Projected FCF DSCR above 1.5x and 1.2x for the class A and B
notes, respectively, which will put the rating on an upward
trajectory

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

  - A slower-than-assumed recovery from the demand shock resulting
in sustained deterioration of projected debt coverage metrics.

  - Further FCF deterioration beyond FRC assumptions as a result of
an increase in arrears, pub vacancies and/or foreclosure rates and
slower-than-expected deleveraging, leading to projected FCF DSCR
metrics below 1.2x and 1x for the class A and B notes,
respectively.

If Wellington's and/or its affiliates' combined portion of holdings
in the transaction's senior notes exceeds 75% (currently 60%),
Fitch will withdraw the ratings as the majority noteholder will be
able to amend the terms of the notes at its own discretion.

BEST/WORST CASE RATING SCENARIO

Ratings of public finance issuers have a best-case rating upgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a positive direction) of three notches over a
three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of three notches over three
years. The complete span of best- and worst-case scenario credit
ratings for all rating categories ranges from 'AAA' to 'D'. Best-
and worst-case scenario credit ratings are based on historical
performance.

TRANSACTION SUMMARY

Wellington is a securitisation of rental income from 713
free-of-tie pubs, mainly located in residential areas across the
UK, with a strong presence in the south east and London.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, 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
the way in which they are being managed by the entity.



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

[*] BOND PRICING: For the Week March 30 to April 3, 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 * * *