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

                          E U R O P E

          Monday, April 13, 2020, Vol. 21, No. 74

                           Headlines



A Z E R B A I J A N

INTERNATIONAL BANK: Fitch Affirms 'B-' LT IDR, Outlook Now Stable


C R O A T I A

3 MAJ: PEC 2 Polar Cruiser Ship Contract Takes Effect


F I N L A N D

AMER SPORTS: S&P Cuts ICR to 'B-' on Declining Demand, Outlook Neg.


F R A N C E

3AB OPTIQUE: Fitch Affirms 'B' LT IDR, Alters Outlook to Negative
ELIOR GROUP: S&P Alters Outlook to Negative & Affirms 'BB' ICR
FNAC DARTY: S&P Cuts Sr. Unsec. Debt Rating to 'BB', On Watch Neg.
GETLINK SE: Fitch Affirms 'BB+' Bond Rating, Outlook Stable
MOBILUX 2: Moody's Affirms B2 CFR, Alters Outlook to Negative



G E R M A N Y

HEIDELBERGER DRUCKMASCHINEN: S&P Affirms B- ICR, Outlook Now Neg.
INEOS STYROLUTION: Moody's Affirms Ba2 CFR, Alters Outlook to Neg.


I R E L A N D

AVOCA CLO XXI: S&P Assigns B- (sf) Rating to Class F Notes
CARLYLE EURO 2020-1: Fitch Gives B-sf Rating to Class E Notes
HELIOS: S&P Places 'BB-' Class E Notes Rating on Watch Neg.
STOBART AIR: In Crunch Talks with Financial Advisers


I T A L Y

CREDIT SUISSE: Fitch Affirms EUR20MM Debt Rating at 'BB+sf'
DECO 2019: Fitch Cuts Class D Debt Raging to B+sf, On Watch Neg.
EMERALD ITALY 2019: Fitch Cuts Class D Debt to Bsf, On Watch Neg.
FIRE (BC): S&P Cuts EUR650MM Notes Rating to 'B-', Outlook Stable
NEXI SPA: S&P Alters Outlook to Stable & Affirms 'BB-' ICR

PIETRA NERA: Fitch Cuts Class E Debt to CCCsf, On Watch Negative


L U X E M B O U R G

ATENTO LUXCO: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
INEOS GROUP: Moody's Cuts CFR to Ba3 & Alters Outlook to Negative
MATADOR BIDCO: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable


M O N T E N E G R O

OBOD: Eviana Leases Premises in Cetinje to Launch CBD Facility


P O R T U G A L

BANCO COMERCIAL: S&P Alters Outlook to Stable & Affirms 'BB/B' ICR
HAITONG BANK: S&P Alters Outlook to Negative & Affirms 'BB' LT ICR


S P A I N

SANTANDER CONSUMO 3: Moody's Rates EUR51MM Class E Notes 'B1'


S W E D E N

VOLVO CAR: S&P Alters Outlook to Stable & Affirms 'BB+' Rating


S W I T Z E R L A N D

KONGSBERG AUTOMOTIVE: S&P Lowers Rating to B- On Liquidity Concerns
VAT GROUP: S&P Alters Outlook to Negative & Affirms 'BB' ICR


U N I T E D   K I N G D O M

ATOTECH UK: Moody's Cuts CFR to B3 & Alters Outlook to Stable
BIBBY HYDROMAP: Cash Flow Issues Prompt Administration
CHESTER B1: Moody's Gives Ba3 Rating on Class E Notes
CHESTER B1: S&P Assigns BB (sf) Rating on Class E-Dfrd Notes
INEOS ENTERPRISES: Moody's Cuts CFR to B1, Outlook Stable

INEOS ENTERPRISES: S&P Alters Outlook to Neg., Affirms 'BB' ICR
INOVYN LIMITED: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
MAGENTA 2020: S&P Places 'BB+' Rating on Cl. E Notes on Watch Neg.
MB AEROSPACE: Moody's Cuts CFR to Caa2, Outlook Negative
MEADOWHALL FINANCE: Fitch Cuts Cl. C1 Debt Rating to BB+sf, on RWN

MOTION MIDCO: Moody's Cuts CFR to B2, On Review for Downgrade
NEWDAY GROUP: Moody's Places B1 CFR on Review for Downgrade
NMC HEALTH: Main Lenders Set Up Coordinating Committee for Debt
PINNACLE BIDCO: S&P Downgrades ICR to 'B-', On Watch Negative
TOGETHER FINANCIAL: Fitch Places 'BB' LT IDR on Watch Negative

TORO PRIVATE: Fitch Cuts LT IDR to B-, On Watch Negative
WEIR GROUP: S&P Cuts Issuer Credit Rating to 'BB+', Outlook Stable
ZELLIS HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week April 6 to April 10, 2020
[*] EUROPE: Ministers Agree to EUR500BB Coronavirus Rescue Package

                           - - - - -


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A Z E R B A I J A N
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INTERNATIONAL BANK: Fitch Affirms 'B-' LT IDR, Outlook Now Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Open Joint-Stock Company
International Bank of Azerbaijan's Long-Term Issuer Default Rating
to Stable from Positive and affirmed the IDR at 'B-' on coronavirus
uncertainties and lower oil prices.

The rating action follows the revision of Fitch's sector outlook on
Azerbaijani banks to Negative.

The Positive Outlook on IBA's ratings was driven by Fitch's
expectation of the improvement in the bank's credit profile as it
continued to gradually close its large open currency position,
short in foreign currency. However, the economic downturn in
Azerbaijan and pressure on the manat exchange rate weigh on IBA's
financial metrics in the near term. The Outlook is Stable rather
than Negative, helped by a sizable capital buffer and because risks
are largely captured by the bank's rating. In Fitch's view, it is
unlikely that solvency will weaken to the extent that would warrant
a downgrade to the 'CCC' category. Fitch has revised its forecast
for Azerbaijan's real GDP growth to a contraction of close to 5%
for 2020 (from its December 2019 forecast of 2.2%), before
recovering in 2021.

KEY RATING DRIVERS

Unless noted, the key rating drivers are those outlined in its
Rating Action Commentary published in May 2019 ('Fitch Revises Intl
Bank of Azerbaijan Outlook to Positive; Affirms at 'B-'').

The revision of the Outlook to Stable reflects downward pressures
on profitability and capitalization stemming from the economic
downturn and the bank's open currency position. The bank has
reduced the position to USD0.8 billion (1.2x total regulatory
capital) at end-2M20 from USD1.0 billion (1.5x regulatory capital)
at end-1Q19 via FX purchases on the market, but the pace was slower
than Fitch expected and the position remains large. The US
dollar/manat exchange rate has been stable at 1.7 in recent weeks,
supported by government FX interventions. However, devaluation risk
has increased, in Fitch's view, given the fall in the oil price and
the fact that the currencies of other oil producing countries in
the region, Russia and Kazakhstan, devalued by 17% and 18% in
March, respectively.

Fitch believes that IBA's asset quality will be pressured by the
coronavirus outbreak and the lower oil price. Potential devaluation
of the manat might additionally hit unhedged foreign currency
borrowers (foreign currency exposures comprised a notable 34% of
IBA's gross loans at end-2M20). The low share of loans in the total
assets (27%) and the bank's significant exposure to state-related
borrowers mitigate asset quality risk. Stage 3 loans were a
moderate 15% at end-2018 (latest reported date), reflecting the
substantial balance sheet clean-up since 2016. However, increased
loan impairment charges and subdued loan growth will undermine
profitability in 2020.

The risks for IBA's capitalization are significantly mitigated by
the bank's large capital buffers, with regulatory Tier 1 and Total
capital ratios equal to a high 33% and 32% at end-2M20,
respectively. Its stress scenario shows that a 50% manat
devaluation would cause the ratios to fall to 13% and 12%, due to a
combination of FX losses and asset inflation. This would still be
in line with the minimum requirements of 6% (Tier 1) and 12% (total
capital).

In Fitch's view, there is no immediate pressure on IBA's funding
and liquidity profile from the weaker operating environment.
Wholesale funding sources are limited and comprise primarily the
USD1 billion eurobond issued as part of the recent restructuring
and mostly held by the State Oil Fund of Azerbaijan. The bank's
reliance on sovereign-related customer deposits supports the
stability of the funding base. Although moderate deposit outflows
are possible, particularly if devaluation pressures intensify,
Fitch expects the bank's liquidity buffers to remain strong. At
end-2M20, liquid assets exceeded total customer funding.

The affirmation of the Support Rating at '5' and Support Rating
Floor at 'No Floor' reflects Fitch's view that support from the
shareholder, the Azerbaijan sovereign (BB+/Stable), cannot be
relied upon following the bank's default in 2017, despite IBA's
state ownership. However, in Fitch's view, some forms of regulatory
forbearance or state support could be made available to all
Azerbaijani banks and IBA in particular. The authorities have
already announced a AZN2.5 billion program (3% of GDP) to support
companies affected by the coronavirus outbreak.

IBA's senior unsecured debt is rated 'B-', in line with the bank's
Long-Term IDR, reflecting Fitch's view of average recovery
prospects, in case of default.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

IBA's VR and Long-Term IDR could be downgraded if a combination of
large currency losses, increased loan impairment and asset
inflation result in a considerable erosion of the bank's capital
position.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of the ratings is unlikely in the near term given the
negative outlook for the Azerbaijan economy, currency and banking
sector. However, in the longer term, the ratings could be upgraded
if both (i) the impact of the downturn on IBA's asset quality and
capitalization is manageable; and (ii) the bank can materially
reduce or effectively hedge its open currency position.

Positive rating action on IBA's Support Rating and Support Rating
Floor is unlikely in the near term given the patchy record of state
support in Azerbaijan. However, closure of the currency position, a
demonstrated record of state support for the banking sector and
greater clarity with regard to the linkage between the bank and the
Azerbaijani state, could result in an upward revision of the
Support Rating Floor.

The senior debt rating is sensitive to changes in the bank's IDRs.

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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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



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C R O A T I A
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3 MAJ: PEC 2 Polar Cruiser Ship Contract Takes Effect
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Iskra Pavlova at SeeNews reports that Croatian shipyard 3. Maj said
that a contract it had signed with Malta-based PEC 2 for the
construction of the hull structure and part of the equipment of a
polar cruiser ship has become effective.

The agreement for the so-called shipbuilding project 734 came into
force on April 7, 3. Maj said in a brief statement with the Zagreb
bourse, without providing further details, SeeNews relates.

The deal with PEC 2 was signed in December, SeeNews recounts.  At
the time, local media cited the head of 3. Maj, Edi Kucan, as
saying that the vessel will be built for Australian provider of
luxury cruises and tours Scenic, SeeNews notes.

Last month, economy minister Darko Horvat said that the government
will issue new guarantees to 3. Maj to help the troubled company
take out loans in order to finance the planned construction of new
ships, including six luxury yachts for an unnamed Australian
corporation, SeeNews relays.  Mr. Horvat noted that the total
investment of the Australian client will reach up to EUR50 million
(US$54 million), SeeNews discloses.  The government will issue the
guarantees one by one for each new ship that 3. Maj will build, in
order to make sure that the ships will be completed, SeeNews says.

Last year, 3. Maj narrowly avoided the launch of bankruptcy
proceedings thanks to a government decision to issue guarantees for
a HRK150 million (US$21 million/EUR20 million) life-saving loan
from state-owned development bank HBOR to help the shipyard pay
wage arrears and restart production, SeeNews notes.




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

AMER SPORTS: S&P Cuts ICR to 'B-' on Declining Demand, Outlook Neg.
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Amer Sports Holding 1 Oy (Amer Sports') and its debt to
'B-' from 'B+'.

Amer Sports' growth prospects in 2020 will be hampered by the
COVID-19 pandemic, pushing leverage materially above 10x.  In 2019,
Amer Sports reported EUR2.9 billion of sales, up a solid 9% versus
2018. This was mainly spurred by 14% growth in the direct to
consumer business. S&P said, "However, we estimate S&P Global
Ratings-adjusted EBITDA margin declined about 100 basis points
(bps) to 11.0%-11.5% at year-end 2019, mainly due to some
distribution clean-up activities at the footwear division in
Europe. We calculate that S&P Global Ratings-adjusted debt to
EBITDA approached 10.0x-10.5x, which is above the level we deem
commensurate with a 'B+' rating. The COVID-19 pandemic will
pressure the company's ability to execute its growth strategy in
the direct to consumer channel, and footwear and apparel segments
(soft goods) for at least the next 12 months. We estimate S&P
Global Ratings-adjusted debt to EBITDA will approach 15x in 2020
and S&P Global Ratings-adjusted EBITDA interest coverage slightly
below 2.0x. Our adjusted debt calculation includes the EUR1.3
billion of intercompany loan received by its immediate parent Amer
Sport Holding 2 Oy from the proceeds of a EUR1.3 billion term loan
A (TLA) issued by ultimate holding company Amer Sports Holding
(Cayman) Ltd. (formerly known as Mascot JVCo (Cayman) Ltd.) and
guaranteed by Anta. Excluding this instrument we expect the
company's leverage to stay close to 10x in 2020."

Stores shutdowns and containment measures will affect demand for
Amer Sports' products.  Containment measures, including shutdowns
of stores imposed by governments across Europe and the U.S. to
avoid the further spread of COVID-19, will significantly affect
Amer Sports' sales. In particular, Amer Sports' owned retail
network (8% of total sales generated through 234 stores at year-end
2019) and the wholesale business (63% of sales) will be immediately
affected by store closings. The significant proportion of sales
generated in the wholesale channel exposes the company to the risk
of lower re-orders from wholesale partners in the coming months, as
well as longer payment terms or increasing bad receivables, which
could pressure liquidity.

S&P said, "In our current base case, we assume an about 20% revenue
decline in 2020.   The discretionary nature of Amer Sports' product
offering poses additional uncertainties regarding its recovery
prospects once containment measures are lifted. In our view, the
most affected categories will be winter sports equipment (about 18%
of sales in 2019), team sports (13%), and fitness equipment (14%).
In 2020 we assume sales decline of about 20% while we do not expect
significant profitability erosion, with a 150 bps-200 bps S&P
Global Ratings-adjusted EBITDA margin decline to 9.0%-9.5%. This is
due to cost-saving initiatives including tight control of in-house
manufacturing operations (23% of total production, mainly for
winter sports and fitness and balls sports equipment) via suspended
production and temporary staff lay-offs. In addition, the company
has significantly reduced orders from suppliers (fully outsourced
production accounts for roughly 65% of production) and we expect a
reduction of some discretionary spending such as marketing and
research and development."

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, S&P will update its assumptions and estimates
accordingly.

S&P said, "We foresee potential liquidity pressure and limited
headroom under the springing financial covenant.   Cash
preservative measures including cost reductions, postponement of
rent expenses, and a significant investment cut in 2020 should
support near-term liquidity. However, intrayear working capital
requirements could be significantly higher, particularly in the
third quarter (typically EUR200 million-EUR250 million outflow),
and there is the potential for liquidity pressure toward year-end
2020. As a result, we calculate that the company could have limited
headroom under its existing springing financial covenant, requiring
that senior secured net leverage is maintained below 8.0x, in the
next 12 months."

Amer Sports' ownership by a consortium of investors led by Anta
Sports is viewed as rating supportive.  S&P believes that Amer
Sports could benefit from being controlled by a consortium of
investors led by Chinese sporting company Anta Sports. Amer Sports'
owner is confident the company can self-fund its liquidity needs in
the coming months thanks to cash-preservative measures, but
appropriate support will be provided if necessary. Currently, the
parent's support materialized with an agreement to stop the EUR11
million-EUR12 million interest payments on the EUR1.3 billion
intercompany loan due first-quarter 2020. This payment would have
ultimately serviced the interest on the EUR1.3 TLA issued outside
the restricted group, at Amer Sports Holding (Cayman) Ltd. S&P
views of Amer Sports being moderately strategic to its shareholders
is unchanged. This is because the company has a critical role in
Anta's strategy to promote winter sports in China and provide
equipment support for the Chinese national team at the 2022 Olympic
and Paralympic Winter Games.

The negative outlook reflects the risk that significant intrayear
working capital requirements could further pressure the company's
liquidity and already-tight covenant headroom. In addition, S&P
sees the risk that S&P Global Ratings-adjusted leverage could
remain significantly above 10x if containment measures last for a
prolonged period or demand for Amer Sports' discretionary products
does not return due to lower consumer confidence.

S&P said, "We could lower the rating if we were to change our view
on the strategic importance Amer Sports has for its shareholders.
This could happen if the liquidity pressure increases due to a
spike in working capital needs that increases the risk that the
company will not meet its springing financial covenant requirements
with no concrete action from the shareholder to relieve the
pressure.

"We could revise the outlook back to stable if the company was able
to withstand current adverse market conditions while using
cost-management measures and working capital control to restore
adequate liquidity and more than 10% covenant headroom."




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F R A N C E
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3AB OPTIQUE: Fitch Affirms 'B' LT IDR, Alters Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook of 3AB Optique Developpement
S.A.S. to Negative and affirmed its Long-Term Issuer Default Rating
at 'B'. 3AB is the key issuer and consolidating entity of the
Afflelou group, a French retail chain operating as a franchisor in
the optical and hearing-aid product markets in France, Spain,
Belgium and Switzerland.

The changed Outlook reflects Fitch's expectations of an increase in
leverage, a decrease in cash conversion and a reduction in
liquidity headroom as a consequence of store closures imposed to
contain the spread of coronavirus. It now expects funds from
operations (FFO) adjusted gross leverage to not ease below its
downgrade sensitivity until the financial year ending end-July 2022
(FY22). A return to normal trading conditions and evidence of clear
deleveraging momentum in the next 12 months will be key to revising
its Outlook back to Stable.

KEY RATING DRIVERS

Store Closures: Afflelou's footprint in France, Spain and other
countries, involving owned stores and franchisees, is almost
entirely affected by the extraordinary closure measures adopted by
those countries since mid-March to help contain coronavirus. There
are a few exceptions relating to a minority of points-of-sale that
are open on an on-demand basis to help customers with emergency
repairs.

Fitch expects the lockdown measures to materially affect 2H20,
considering the lack of clarity around the reopening date, which
the management expects to be in May. For this reason, its revised
case shows a decline in FY20 revenues by around 30% compared to
FY19, and a decline in Fitch-adjusted EBITDA by around EUR45
million down, from 84 million yoy. Fitch expects a top-line
recovery to pre-crises levels after FY23.

Defensive Liquidity Position: Afflelou's fixed-cost base and the
impact of the shutdown on revenues will jointly affect Afflelou's
liquidity position in the short term. The company is taking
initiatives to exploit state coverage for its employment base
(staff costs account for around 14% of revenues) and to benefit
from the temporary waivers on rental payments (about EUR16 million)
Fitch expects to be granted in various forms by landlords in 2Q20.
Franchisees will take similar actions and Fitch expects a temporary
suspension on franchising fees.

Afflelou can rely on an active cash position of around EUR55
million and on the precautionary drawdown of the whole revolving
credit facility (RCF) of EUR30 million. Overall, Fitch expects the
company to cover its liquidity requirements for the next twelve
months, although its headroom may be affected should precautionary
measures be prolonged.

Material Leverage Increase: The effect of the coronavirus-related
economic shock on EBITDA and FFO is such to revise the projected
leverage on a FFO gross adjusted basis to more than 10x for FY20,
altered by the sudden decline in EBITDA and the drawdown of EUR30
million under the RCF. At this level of indebtedness, Afflelou's
capital structure won't be sustainable in the long term.

However, Fitch forecasts the metric to remain above its downgrade
guidance of 7.0x in FY21, before easing to around 6.9x in FY22,
when it factors in a more robust recovery. Its FFO fixed charge
coverage will remain at or above its downgrade sensitivity of 1.8x,
supported by the assumed temporary reduction of rental costs for
the months affected by the lockdown.

Cash Conversion Unimpaired: Afflelou's business model combines the
typical features of a retailer with a strong franchisor business,
anchored on banner fees and wholesale distribution. This operating
profile keeps cash outflows for capex and working capital under
control, enabling a potential free cash flow (FCF) conversion of
more than 5% of revenues. This cash generation enabled the company
to finance an extraordinary dividend to shareholders in FY19.

Under its revised case, affected by the measures to contain the
coronavirus outbreak, capex savings are key to containing FCF
decreases to around break-even in FY20. However, Fitch deems
long-term capex savings to be unsustainable, in particular due to
the rising necessity to cover new marketing channels, and invest in
state-of-the-art online platforms and services.

Supply-Chain Disruption Expected: Social distancing measures are
also affecting Afflelou's suppliers, in particular frames and
lenses manufacturers which are broadly experiencing a shutdown.
Fitch expects this supply dynamic to affect the revenue intake once
business reopens, as the poor availability of supplies may postpone
consumer purchases.

The management aims to comply with legal guidelines and pay the
outstanding amount to creditors on time. Fitch consequently also
factors in a negative cash effect from working capital because
Afflelou's debtors, mainly franchisees, will likely need to be
allowed to postpone payment for supplies.

FY19 Performance: FY19 EBITDA revenues performed below Fitch
expectations by around 3%, marginally affected by network sales of
discount banners in France. Profits (shown by EBITDA of around
EUR84 million) were in line with management indications from its
last review and supported by a break-even in the hearing aids
business. 2Q20 shows a slowdown of revenues due to the new French
healthcare-reimbursement policy named "100% Sante", effective in
2020.

Industry-wide poor implementation of new invoicing procedures has
adversely affected sector sales in January 2020, hitting Afflelou
revenues by around 9% for the quarter compared to the same period
last year. The reform affected opticians, forcing them to make
available a number of fully reimbursed glasses packages, creating a
trade-down risk in customers who were otherwise prepared to spend
marginally above the reimbursement thresholds.

Favorable Long-Term Trends: The ageing population and diffusion of
myopia increases the proportion of people in need of correction by
1% a year in Europe. In addition, Fitch expects the availability of
sophisticated solutions such as progressive lenses to positively
affect replacement cycles. In this environment, Fitch expects
chains to outperform the market, thanks to stronger economies of
scale and greater sophistication of services.

Independents, generally associated with market niches and specific
services, may suffer from more severe consequences related to the
current lockdown. However, the coronavirus crisis will put further
pressure on optician networks, necessitating more investment in
online channels and innovation in distribution channels, virtually
forcing obsolete business models out of the market.

DERIVATION SUMMARY

Afflelou's ratings reflect the group's involvement with healthcare
products and its retail distribution network, which is
predominantly franchised with owned stores. The credit risk of the
retail component is mitigated by a favorable reimbursement policy
for vision products in France, covered by the state and mutual
insurance policies. This provides for greater operational stability
compared with conventional high-street retailers such as Novartex
SAS (CC), New Look Bonds Limited (CC), Financiere IKKS S.A.S.
(RD/Withdrawn), which face less predictable consumer behavior and,
as a result, are exposed to higher uncertainty around sales and
earnings. Afflelou also compares favorably with Auris Luxembourg II
S.A. (WS Audiology; B/Negative), a supplier of hearing aids. WS
Audiology's wider footprint and stronger hearing-aid growth
prospects allow for a higher leverage for the same rating.

Rodenstock Holding GmbH (B-/Stable), a German centric lens
manufacturer, has similar margins but lower FCF generation, and
lower turnover predictability in the medical devices business due
to the lack of direct protection provided by reimbursement
policies. This translates into more relaxed leverage thresholds for
Afflelou on an FFO adjusted basis (5.5x-7.0x for its 'B' rating)
relative to that of Rodenstock (below 6.0x for an upgrade to 'B').

KEY ASSUMPTIONS

A 31% decline in revenues in FY20 due to store closures, and
FY19-FY22 CAGR of -4%

FY20 Fitch-calculated EBITDA of EUR44 million, recovering to EUR75
million by FY23

A reduction in capex to EUR8 million and a suspension of dividends
for FY20

An extraordinary cash outflow from working capital of EUR15 million
in FY20 due to expected ageing receivables from franchisees

Key recovery assumptions

The recovery analysis assumes that Afflelou would remain a going
concern in restructuring and that it would be reorganized rather
than liquidated. This is because intangible assets, represented by
its relationship with franchisees and suppliers, are key to the
value of the group. Fitch has assumed a 10% administrative claim in
the recovery analysis.

Its analysis assumes a post-restructuring EBITDA of about EUR64
million; around 25% lower than Afflelou's last twelve months (LTM)
to January 2020 EBITDA of around EUR85 million. At this level of
EBITDA, which assumes corrective measures have been taken, Fitch
would expect Afflelou to generate moderately-positive-to-break-even
FCF. Fitch also assumes a distressed multiple of 5.5x and a fully
drawn EUR30 million RCF.

After deducting 10% for administrative claims, its waterfall
analysis generated a ranked recovery in the 'RR3' band, indicating
a 'B+' instrument rating for the outstanding senior secured notes,
and 'RR1' for the RCF. The waterfall analysis, based on current
metrics and assumptions, yields recoveries of 68% for the senior
secured debt and 100% for the super-senior RCF. The recovery of the
senior secured debt marginally increased from 67%, mainly due to a
lower drawdown of bilateral facilities.

Fitch estimates that any small repayment of the senior secured
notes, as currently envisaged by Afflelou, would not materially
change the recoveries, which will remain consistent with 'RR3'.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  - EBITDA approaching EUR100 million as a result of network and
margin performance and a lack of impact from regulatory change

  - FFO adjusted gross leverage sustained below 5.5x

  - FCF margin post-dividends of at least 5% on a sustained basis

  - FFO fixed charge cover sustainably above 2.5x

  - For a stable outlook Fitch expects to see evidence of momentum
in the normalization of trading conditions, with LTM EBITDA
trending above EUR60 million, FFO adjusted gross leverage momentum
trending towards 7.0x or below 7.0x by FY22 and FCF margin
post-dividends improving to around 3%

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  - A deterioration of the EBITDA margin below 18% as a result of
weak network activity or regulatory changes

  - FFO adjusted gross leverage above 7.0x due to a lack of
deleveraging or debt-funded acquisitions

  - Post-dividends FCF margin below 3%

  - FFO fixed charge cover of 1.8x or lower

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios Non-Financial Corporate:

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch-adjusted EBITDA reclassifies lease costs, reported under
depreciation and interest in line with IFRS 16, as operating costs.
Fitch has used a multiple of 8.0x to capitalize operating leases.

SOURCES OF INFORMATION

Audited annual and quarterly financials, the executed credit
facility and notes documentation, company presentations and
exchanges of questions with the management team.

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).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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).

ELIOR GROUP: S&P Alters Outlook to Negative & Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'BB' issuer credit and issue ratings on Elior Group
S.A. (Elior) and its senior secured debt facilities.

S&P said, "We are revising our outlook to negative because we
expect government initiatives and social distancing measures
following the COVID-19 pandemic will negatively affect Elior's
performance in fiscal 2020.   In first-quarter 2020, the company
was already affected by social movement restrictions in France but
still experienced sold new contract wins and anticipated 2% organic
growth and a 10-basis-point margin improvement for the full fiscal
year. We now expect that closures and work-from-home initiatives at
the majority of its education, business, and industry sites will
mean weaker operating performance in 2020 than previously expected.
Despite this, we do anticipate that the health care sector will
continue to see demand, with potential upside for the company's
central kitchens, which deliver cooked meals to be reheated.
Furthermore, the company also has no direct exposure to the highly
affected tourism sector following the sale of Areas in July 2019.

"We anticipate that Elior will reduce capex and acquisition
spending to support its credit metrics, while taking advantage of
government support initiatives in each country.   We believe the
COVID-19 pandemic will continue to tighten rating headroom because
cost-cutting measures and government support will not fully offset
the effects. As a result, we project that leverage will be above 4x
and free operating cash flow (FOCF) to debt below 20% in fiscal
2020. We anticipate a rebound in credit metrics in fiscal 2021, as
the virus is contained and offices and education centers reopen
with minimum-to-no time lag. However, credit metrics are expected
to recover at the lower end of the rating range and therefore
headroom is limited."

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."

S&P said, "We expect the company will maintain comfortable covenant
headroom and sufficient liquidity.   At March 31, 2020, the company
had fully drawn its EUR450 million and $250 million revolving
credit facilities (RCFs) as a precaution amid the COVID-19
pandemic. We believe the company also had close to EUR100 million
cash on the balance sheet on the same date and estimate that
headroom will be in excess of 40% at its March 2020 covenant test.
Therefore, under our revised base case, we do not anticipate that
it will experience any liquidity or covenant constraints over the
next 12 months and it will have sufficient headroom to weather the
current challenging operating environment."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

S&P said, "The negative outlook reflects our view that fiscal 2020
credit metrics will be weaker than prior expectations due to the
COVID-19 pandemic. It also reflects the risk that the group will
not be able to return to pre-pandemic trading levels in fiscal 2021
if the operating environment remains challenging for a sustainable
period.

"We would consider lowering the ratings if Elior's cash flow
dropped such that adjusted funds from operations (FFO) to debt fell
below 20% or adjusted debt to EBITDA remained above 4.0x on a
sustained basis. This could happen due to persistently challenging
operating conditions without sufficient mitigating actions taken by
management regarding shareholder remuneration and cost control.

"We could revise the outlook to stable if the current effects of
the COVID-19 pandemic are short-lived, supporting a return to FFO
to debt above 20% on a sustained basis and adjusted debt to EBITDA
falling back below 4.0x, in light of a normalized operating
environment."


FNAC DARTY: S&P Cuts Sr. Unsec. Debt Rating to 'BB', On Watch Neg.
------------------------------------------------------------------
S&P Global Ratings said that the weakening effects from the
COVID-19 pandemic could result in a rapid deterioration of
specialty retailers' credit metrics and liquidity positions in
2020. Governments across Europe have introduced social distancing
or confinement measures to limit the spread of COVID-19, including
the closure of nonessential businesses. Furthermore, S&P now
expects the eurozone is facing a recession, based on its estimate
that GDP will fall about 2% this year due to economic fallout from
the coronavirus pandemic.

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, S&P will update its assumptions and estimates
accordingly.

S&P has consequently taken the following rating actions on five
European specialty retail operators:

-- S&P lowered to 'BB' from 'BB+' its ratings on FNAC Darty and on
its senior unsecured debt, and placed the ratings on CreditWatch
with negative implications.

-- S&P lowered to 'B' from 'B+' its ratings Tendam Brands, and
placed the ratings on CreditWatch negative.

-- S&P lowered to 'B-' from 'B' its ratings on Areas (PAX Midco
Spain SL), and assigned a negative outlook.

-- S&P placed its 'B-' long-term issuer credit rating on Burger
King France on CreditWatch negative. Similarly, S&P placed on
CreditWatch negative its 'B-' issue rating on its senior secured
notes and our 'CCC' issue rating on the PIK notes.

-- S&P revised to negative from stable its outlook on THOM Europe,
and affirmed the long-term issuer credit rating at 'B'.

Shuttered stores because of governments' confinement measures will
materially set back the specialty retail industry in 2020.
Nonessential businesses across Austria, Belgium, Germany, France,
Italy, Spain, Switzerland, and the U.K. are temporarily closed as
governments and authorities attempt to contain the spread of
COVID-19 and manage the capacity response of their health systems.
Such closures will lead to subdued earnings and cash flow in 2020
and possibly beyond.

The eventual reopening of specialty retailers may not alleviate
liquidity concerns.  Although demand and consumption should pick up
once confinement measures are lifted, there is significant
uncertainty around the retailers' ability to deleverage and to
withstand the liquidity stress after stalled revenue over an
extended period. In particular, although temporary unemployment
measures will support consumers' purchasing power, S&P still
expects non-food retailers will face subdued demand, given the
discretionary nature of their product offering. Retailers exposed
to low-growth segments are likely to be even more affected by the
current environment, since the recovery may trail that of the wider
economy, which S&P currently anticipates to be in 2021 as per our
current base case.

That said, some governments have rolled out measures to support the
hardest hit sectors.  For example, fiscal measures across selected
countries, according to the IMF Policy Tracker, include:

France's announced EUR300 billion stated guaranteed loan package to
support companies with liquidity problems due to COVID-19. The
French government is deferring all tax and social charge payments
until the situation normalizes. It is also launching a partial
unemployment mechanism, whereby companies will be somewhat
compensated for paying 70% of employees' gross salary
(corresponding to 84% of the net salary).

Germany's announced EUR600 billion state-guaranteed loan package
and tax payment deferrals. The German government will also continue
its existing state-funded, short-term work program, where the state
pays 60% of the after-tax salary loss due to short-term work.

The Netherlands' package includes compensation of up to 90% of
labor costs for companies expecting a reduction in revenue of 20%
or more; support for entrepreneurs and the self-employed; and
scaling-up of the short-time working scheme (unemployment benefit
compensation available to companies needing to reduce their staff
by at least 20%). In addition, companies can defer tax payments
without penalties. Furthermore, public guarantee schemes,
especially for small and midsize enterprise (SME) loans, have been
expanded to help the most vulnerable companies manage their
liquidity problems.

Spain's key measures include entitlement to unemployment benefit
for workers temporarily laid off under the Temporary Employment
Adjustment Schemes (ERTE) due to COVID-19, an allowance for
self-employed workers affected by economic activity suspension;
exemptions of social contributions by affected companies that
maintain employment under the ERTE; tax payment deferrals for SMEs
for six months; 50% exemption from employer's social security
contributions, from February to June 2020, for workers with
permanent discontinuous contracts in the tourism sector and related
activities.

The U.K.'s measures include the government's intention to pay up to
80% of the salary of workers in the most affected sectors for an
initial three months, a 12-month holiday in business rates, and a
three-month deferral on value-added tax (VAT) payments. The U.K.
government has also launched a commercial paper purchase program
for eligible large businesses, funded by the Bank of England
The cost structure and cash charges typical for specialty retailers
remain highly fixed.  Rent, staff, and interest costs will weigh
heavily on the issuers' liquidity during this time of sharp revenue
decline. S&P therefore expects the companies to implement various
cost-cutting and cash-preservation measures, such as temporary
staff reductions, deferral of rent and tax payments, and decreases
in capital expenditure (capex). S&P has not factored in a large
part of these assumptions into our base case at this stage, owing
to the high level of uncertainty and rapid pace of changes.

Recovery will likely be very gradual.  S&P said, "We currently
assume that first-quarter results will be characterized by a
much-weaker March, with the second quarter being the toughest,
considering heavy operating losses for most retailers. We
anticipate that the third quarter (the crucial summer period) will
see a slow pick-up in footfall, and that normal market conditions
could eventually resurface in the fourth quarter--assuming
credit-easing measures, such as the governmental support, bear
fruit. However, a delayed recovery would weigh further on credit
metrics. We anticipate that a majority of the specialty retailers
will report negative free operating cash flow this year, even after
the likely deferrals in rent payments and capex."

Short-term liquidity needs may lead specialty retails to seek
covenant relief or additional facilities from lenders.   The
broader temporary stress on credit ratios might test specialty
retailers' ability to comply with their maintenance covenants. As a
result, S&P expects the retailers' immediate focus to be on
protecting their liquidity positions in the short term.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

Ratings List

  FNAC Darty SA
  
  Downgraded; CreditWatch Action  
                                       To             From
  FNAC Darty SA

   Issuer Credit Rating          BB/Watch Neg/--    BB+/Stable/--
   Senior Unsecured              BB/Watch Neg       BB+
   Recovery Rating               3(65%)             3(65%)

  NewCo GB SAS (Burger King France)
  
  CreditWatch Action  
                                       To             From
  BURGER KING France SAS

   Issuer Credit Rating          B-/Watch Neg/--    B-/Stable/--
   Senior Secured                B-/Watch Neg       B-
    Recovery Rating                 3(60%)             3(60%)

  NewCo GB SAS (Burger King France)
   Subordinated                  CCC /Watch Neg       CCC
    Recovery Rating                  6(0%)            6(0%)

  PAX Midco Spain

  Downgraded; Outlook Action  
                                       To             From
  PAX Midco Spain
   Issuer Credit Rating          B-/Negative/--     B/Stable/--

  Financiere PAX S.A.S
   Senior Secured                      B-              B
    Recovery Rating                 3(65%)           3(65%)

  THOM Europe S.A.S.

  Ratings Affirmed; Outlook Action  
                                       To             From
  THOM Europe S.A.S.

   Issuer Credit Rating          B/Negative/--      B/Stable/--
   Senior Secured                      B                B
   Recovery Rating                   3(65%)           3(65%)

  Tendam Brands S.A.U.

  Downgraded; CreditWatch Action  
                                       To             From
  Tendam Brands S.A.U.
   Issuer Credit Rating          B/Watch Neg/--    B+/Stable/--
   Senior Secured                B/Watch Neg           B+
    Recovery Rating                   3(50%)         3(50%)

  Cortefiel, S.A.
   Senior Secured                BB-/Watch Neg         BB
    Recovery Rating                  1(95%)          1(95%)


GETLINK SE: Fitch Affirms 'BB+' Bond Rating, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Channel Link Enterprise Finance Plc's
(CLEF) notes at 'BBB' and Getlink S.E.'s (GET) bond at 'BB+'.
Outlook Stable.

CLEF is a ring-fenced structure secured by the core activities of
GET: shuttle services for trucks/cars/coaches as well as
infrastructure operator for railway services (Eurotunnel). CLEF
excludes other activities such as Europorte and ElecLink.

RATING RATIONALE

The ratings of CLEF reflect the critical nature of the asset
managed by GET, the long-term maturity of the concession
terminating in 2086 and the historical resilience of passenger
volumes on high-speed trains and car-shuttle businesses. Fitch
believes these factors will allow CLEF to navigate the financial
impact of the coronavirus pandemic, despite the sudden, albeit
potentially short-lived, drop in traffic. Fitch currently assumes
demand to progressively recover by 2022 from the shock in 2020.

The average debt service coverage ratio (DSCR) of 1.5x under the
revised Fitch Rating Case (FRC) is slightly lower than in last year
review but still consistent with the 'BBB' rating, particularly in
the context of a still strong 1.6x minimum project life cover ratio
(PLCR) until end of concession.

Fitch is constantly monitoring the current pandemic and its effect
on the UK economy and may revise its FRC assumptions if the
severity and duration of the outbreak is worse-than-expected or if
the UK economy fails to recover quickly, derailing Eurotunnel
traffic recovery. Similarly, a material changes in UK-EU
relationship following the UK's exit from the EU or impairment in
the UK supply chain undermining the critical role played by the
asset may lead us to revise FRC assumptions.

GET is credit-linked to CLEF. The 'BB+' rating reflects the
structural subordination of its debt and the refinancing risks
associated with its single-bullet debt structure.

Liquidity position is comfortable throughout 2020 both at CLEF and
GET. CLEF is endowed with a EUR350 million liquidity reserve, which
currently covers 18 months debt service, on top of around EUR291
million of available cash at Eurotunnel level as of end-March 2020.
GET has no debt maturity due until late 2023 and has a EUR20
million debt service reserve account (DSRA) on top of EUR242
million cash available at end-March 2020 at holding company level.

Fitch notches GET's rating down twice from the consolidated profile
of CLEF, which largely depends on Eurotunnel performance. Using its
Parent Subsidiary Linkage Criteria, Fitch assesses the linkage
between CLEF and GET as weaker under the weak parent/strong
subsidiary approach. GET's dependency on Eurotunnel, underlined by
the one-way cross default provision and GET's covenants tested at
the consolidated level, drive the application of a consolidated
approach.

KEY RATING DRIVERS

Coronavirus Affecting Demand

The rapid spread of coronavirus is leading to an unprecedented
impact on travelers' and cargo mobility. During March 2020
passenger vehicles were down 46% year-on-year although this has
only been 18% for truck shuttles, highlighting the critical nature
of the route. Under its revised FRC, Fitch assumes car traffic to
fall by 25%, Eurostar traffic 25% and truck traffic 10% in 2020
before gradually recovering by end-2022.

Credit Metrics Maintain Buffer

This revised FRC leads to lower debt service cover ratios (DSCR)
across the debt tenor, leading to an average DSCR of 1.5x. This is
unchanged on its previous 2019 rating-case average of 1.5x and
still comfortably above its downgrade sensitivity of 1.3x

Fitch is closely monitoring developments in the sector and will
revise the FRC should its assessment of the impact of the pandemic
change.

Mitigants and Protective Measures

CLEF has some flexibility to partially offset the impact of the
expected significant revenue shortfall. In its revised FRC Fitch
assumes a deferral of planned capex over the next three years. The
capex plan is 100%-funded with projected cash flows and investments
are planned in advance taking into account market conditions,
providing flexibility in delivering the capex program.

Solid Liquidity

CLEF and Eurotunnel had around EUR291 million of cash available as
of end-March 2020, committed credit facilities for around EUR260
million and EUR90 million liquidity guarantee. This strong
liquidity position provides ample coverage of CLEF's principal and
interest payments due even under severe traffic-stress
assumptions.

Getlink also benefits from EUR242 million cash available at holding
company level as of end-March 2020 and the company has recently
cancelled the proposal to pay a 2019 dividend of EUR225 million
while reserving the option of proposing the distribution to
shareholders of an interim dividend on the 2020 results. There are
no debt maturities until October 2023, interest payments are
minimal (EUR20 million/year, covered by a EUR20 million DSRA) and
the ElecLink project is currently on hold.

Sensitivity Case

Fitch has also run a sensitivity case where CLEF's traffic falls
further than the FRC with a 35% decline in car traffic, 40% in
Eurostar traffic and 15% in trucks before recovering by end-2022.
Mitigation measures are unchanged compared with those under FRC.
Under this scenario the average DSCR drops further to 1.3x.

RATING SENSITIVITIES

CELF

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Average DSCR consistently above 1.5x under FRC, subject to
clearer visibility on the outcome of the negotiations between the
UK and EU.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Average DSCR below 1.3x under FRC.

  - Fitch will monitor the Brexit negotiations on trade and people
flows between the UK and EU. Any resulting revenue deterioration
beyond its FRC assumptions may result in negative rating action.

  - Indication that traffic volumes will deteriorate above its
expectations or take longer to recover than currently anticipated.

Getlink SE

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - An upgrade of CLEF could lead to an upgrade of Getlink.

  - The notching difference with the consolidated credit profile
might be reduced if after completion, Eleclink generates strong and
stable cash flow and GET continues to have direct and unconditional
access to its cash flow generation.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Given that GET is credit-linked to CLEF, a downgrade of CLEF
would lead to a downgrade of GET.

  - Failure to prefund GET debt well in advance of its maturity
could be rating-negative as could a material increase of debt at
GET or GET subsidiary levels.

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

CLEF is a ring-fenced structure secured by the core activities of
GET: shuttle services for trucks/cars/coaches as well as
infrastructure operator for railway services (Eurotunnel). CLEF
excludes other activities such as Europorte and ElecLink.

Eurotunnel accounted for around 90% of GET's total revenues and
substantially 100% of EBITDA in 2018.

GET is the concessionaire and operator of the Channel Tunnel, the
fixed railway link between the UK and France in operation since
1994.

CLEF Key Rating Drivers - Summary Assessments

Mixed Traffic Performance - Revenue Risk (Volume): Midrange

Some Flexibility - Revenue Risk (Price): Midrange

Largely Maintenance Capex - Infrastructure Development and Renewal:
Midrange

Fully Amortizing, Back-Ended - Debt Structure: Midrange

GET Key Rating Drivers - Summary Assessments

Single Bullet Debt with Refinancing Risk - Debt Structure:
Midrange

As indicated, the recent outbreak of coronavirus and related
government containment measures worldwide creates an uncertain
global environment for transportation in the near term. While
CLEF's and Getlink's most recently available performance data may
not have indicated impairment, material changes in revenue and cost
profile are occurring across the transportation sector in UK and
France 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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).

MOBILUX 2: Moody's Affirms B2 CFR, Alters Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service has changed the outlook of Mobilux 2 SAS,
a holding company owner of French furniture retailer BUT SAS, to
negative from stable. Concurrently, Moody's has affirmed the
company's B2 corporate family rating and its probability of default
rating at B2-PD. At the same time, Moody's has affirmed Mobilux
Finance SAS' B3 rating assigned to the EUR380 million guaranteed
senior secured notes due 2024 and changed the entity's outlook to
negative from stable.

"Its rating action reflects Moody's expectations that the spread of
the coronavirus and store closures will negatively impact BUT's
results and key credit metrics in 2020. The company's solid
liquidity profile is, however, an important mitigating factor,
which will help absorb the shock of the current store lockdown"
said Guillaume Leglise, Assistant Vice President and Moody's lead
analyst on BUT.

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 retail sector
is one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, BUT's exposure to store-based discretionary spending,
has left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions.

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

Its rating action reflects Moody's expectation that the nationwide
lockdown imposed by the French government will materially and
negatively affect revenues with a consequent impact on future
EBITDA and cash flow generation in 2020. Moody's believes that BUT
is vulnerable considering its large store base exposure through its
direct retail stores and franchisees, which together represent 309
stores. In addition, the company has announced that it has stopped
its online activities (representing around 7% of revenue), which
usually mostly comprise click & collect type of purchases.

Most governments in Europe, including France, have announced a
package of measures to support corporates, which will help smooth
out the negative effects during the lockdown period. Despite these
measures Moody's expects that BUT is likely to emerge with weaker
credit metrics and liquidity post the crisis. Moody's recognizes
the company's strong performance to date, relative to home
furniture competitors in France, including its track record of
positive like-for-like sales growth, growing market shares and
solid free cash flow generation in the past three years. However,
Moody's expects that there is likely to be fierce competition and
pricing pressure once stores reopen and potentially weaker demand
for discretionary products, notably home furniture products, in the
medium-term.

OUTLOOK RATIONALE

The negative outlook reflects the uncertainty surrounding the
losses, demand and potential impact on the supply chain as a result
of the coronavirus outbreak. The outlook also considers that BUT
remains vulnerable to a potential prolonged period of lockdown in
France, unfavorable discretionary consumer spending and the
uncertainty regarding the pace at which consumer spending will
recover once stores reopen.

LIQUIDITY

BUT has solid liquidity, with a cash balance of EUR268 million and
full availability under its EUR100 million revolving credit
facility as at end-December 2019. The company has no immediate debt
maturities, with its RCF maturing in November 2022, and its bond
maturing in November 2024. The RCF is subject to a net leverage
maintenance covenant, with ample capacity today (reported net
leverage of 1.1x as at December 31, 2019 against a limit of
6.375x), tested quarterly if more than 35% of the facilities are
drawn. Moody's expects this covenant to be potentially tested
during 2020, and BUT's headroom under this covenant to deteriorate
owing to drop-in sales and earnings, and likely working capital
needs.

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

Positive rating pressure is unlikely to arise until the coronavirus
outbreak has been brought under control, store closure restrictions
have been lifted, and it is evident that consumer sentiment has not
materially affected demand for BUT's products.

Overtime, positive pressure could emerge if BUT (i) demonstrates an
ability to sustainably enhance its profitability, (ii) maintains
its current market shares, (iii) sustains its positive FCF
generation, and (iv) displays a balanced financial policy between
creditors and shareholders. Quantitatively, upward rating pressure
would require Moody's-adjusted (gross) debt/EBITDA to sustainably
remain below 4.5x and for Moody's-adjusted EBIT/interest expense to
comfortably be above 1.75x on a sustained basis.

Conversely, downward rating pressure could emerge if (i) BUT's FCF
generation becomes negative for a prolonged period as a result of a
weakened operating performance, (ii) the company adopts a more
shareholder-friendly financial policy, (iii) its Moody's-adjusted
(gross) debt/EBITDA is sustainably in excess of 5.5x or
Moody's-adjusted EBIT/interest expenses trends below 1.25x. A
weakening liquidity profile could also exert pressure on the
rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Mobilux 2 SAS is a holding company, which owns BUT. Headquartered
in France (Emerainville), BUT is the second largest home equipment
retailer in France, with revenue and EBITDA (as adjusted by the
company) of EUR1.7 billion and EUR113 million respectively for
fiscal 2019. BUT's business model is based on a one-stop-shop
concept, offering its customers furniture, electrical/home
appliances and home decoration products.



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

HEIDELBERGER DRUCKMASCHINEN: S&P Affirms B- ICR, Outlook Now Neg.
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Heidelberger
Druckmaschinen (HDM) to negative and affirmed the 'B-' long-term
issuer credit rating.

On March 17, 2020, management announced a new strategic initiative
to streamline HDM's business, improve profitability, and eliminate
almost all of its net debt.   The program involves the short-term
reduction of structural costs and long-term improvements in
profitability, targeting a EUR100 million increase in EBITDA,
excluding the restructuring results. The measures will include:

-- Discontinuance of the production of certain loss-making
products and product lines, such as Primefire 106 (a digital
printing product) and the large format product line (sheet-fed
offset printing) by no later than the end of 2020.

-- Long-term adjustments to production and structural costs in a
move that could lead to up to 2,000 job cuts worldwide and site
closures.

-- In order to support liquidity, HDM will transfer approximately
EUR375 million of the liquidity reserve from its trust fund.

-- HDM plans to use the additional liquidity to eliminate nearly
all of its net debt--especially to repurchase a high-yield EUR150
million bond early--and to substantially improve the company's
financing structure.

-- The nonrecurring expenses necessary to implement the
restructuring package will total about EUR300 million.

-- The high uncertainty caused by the COVID-19 pandemic, along
with the economic consequences, will put pressure on the company's
performance, despite the restructuring.

S&P said, "Although we recognize HDM's restructuring program should
improve the business by eliminating unnecessary costs and improving
cash flow generation in the longer term, we acknowledge that such
programs carry certain execution risks in the short term, which
could result in additional costs and cash outflows. Furthermore,
management has to steer the company through a period of high
macroeconomic stress and uncertainty. We will therefore closely
monitor the company's restructuring initiatives, financial
performance, and liquidity position.

"HDM's ability to rapidly reduce costs and investments to preserve
its liquidity will be crucial to weathering the pandemic.  We
expect HDM will protect cash and cut costs as much as possible
during this period of subdued demand by furloughing staff and
reducing logistics costs quickly as volumes dry up. We also expect
HDM to postpone all new merger and acquisition activity and tighten
its working capital, as many other European issuers are doing, to
preserve liquidity. We note positively that about 50% of HDM's S&P
Global Ratings-adjusted debt--EUR533 million out of EUR1.1
million--is linked to pensions for the fiscal year ending March 31,
2019 (FY2019).

"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 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.

"The negative outlook reflects our view that such a
transformational program for the company is coupled with high risks
and additional execution-related costs, especially during the times
of macroeconomic uncertainty caused by the COVID-19 pandemic. This
may lead to additional weakness in the operating performance and
unexpected liquidity pressure.

"We could lower the ratings on HDM if the COVID-19 pandemic results
in considerable business disruption leading to weaker liquidity. A
downgrade could also stem from the company's inability to reduce
debt, causing its capital structure to become unsustainable. Funds
from operations (FFO) cash interest cover below 1.5x would also
trigger a downgrade."

Rating upside is unlikely at this point. It would require a
sustainable improvement in HDM's operating performance, supported
macroeconomic stabilization, and HDM demonstrating that it can
execute its restructuring program, improve and maintain a
consistent margin profile, and generate positive free operating
cash flow (FOCF). In addition, any upside would require
demonstration of a prudent financial policy and substantial
reduction of its adjusted debt to EBITDA to comfortably less than
6x and FFO cash interest to above 2.5x.


INEOS STYROLUTION: Moody's Affirms Ba2 CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 corporate family rating
and Ba2-PD probability of default rating of INEOS Styrolution
Holding Limited as well as the Ba2 ratings assigned to INEOS
Styrolution Group GmbH's and INEOS Styrolution US Holding LLC's
senior secured Term Loan B facilities due January 2027 and the Ba2
rating assigned to the EUR600 million senior secured instrument
issued by INEOS Styrolution Group GmbH. Concurrently, Moody's
changed the outlook on all three entities to negative 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 commodity
chemical sector has been affected by the shock given its
sensitivity to consumer and industrial 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, as well as the associated economic impact.

Its outlook revision to negative reflects Moody's expectation that
the G-20 economies will experience an unprecedented shock in H1
2020 and contract in 2020 as a whole. Beyond the initial inventory
holding losses resulting from the recent sharp correction in oil
prices, Styrolution's operating profitability should get some
support from lower oil-linked raw materials and energy costs.
However, it is uncertain at this stage to what extent the increase
in demand in the packaging, household and healthcare markets will
help compensate for the fall in demand from the automotive,
construction and electronics sectors, and underpin selling prices
and margins in the context of the sharp economic slowdown expected
to be triggered by the coronavirus outbreak.

As a result of Styrolution upstreaming total dividends of EUR925
million to its owner during 2019-2020, it estimates that the
group's pro-forma leverage (as measured by adjusted total debt to
EBITDA) rose to 1.9x at year-end 2019 compared to 1.0x in 2018.
Despite the swift actions taken by Styrolution to cut fixed costs
and growth capex in order to conserve cash, as well as the release
of working capital resulting from lower oil prices, Moody's expects
that the group's leverage metrics will be weakly positioned at
year-end 2020 relative to the guidance for the Ba2 rating of
Moody's-adjusted total debt to EBITDA not exceeding 3.0x.

The Ba2 ratings reflect Styrolution's leading global market share
in the styrenics market in terms of capacity, global operational
footprint and cost leadership position benefiting from its
integration within the wider INEOS Limited group of companies.
These positive credit attributes help mitigate Styrolution's
inherent exposure to economic cycles and feedstock price
volatility, as a significant proportion of its customers operate in
cyclical end-markets such as automotive, construction and
electronics. These positive factors also mitigate Styrolution's
lack of product diversification because of its narrow focus on the
styrenics chain and the threat of substitution by other types of
plastic affecting its polystyrene and most standard acrylonitrile
butadiene styrene (ABS) products.

LIQUIDITY

Moody's views Styrolution's liquidity profile as adequate. On 31
January 2020, the Group successfully completed an amend-and-extend
transaction of the existing term loans increasing the principal
amount of the EUR tranche to EUR450 million while keeping the USD
tranche at $202 million. In addition, the Group issued a fixed
coupon senior secured note with a principal amount of EUR600
million. The maturity of the instruments is January 2027.

Styrolution used part of the incremental funds raised through the
refinancing to pay a dividend of EUR350 million to its parent and
repay the drawn amount under the securitisation programme in the
amount of EUR190 million. At the end of Q1 2020, Moody's estimates
that the group had cash balances in excess of EUR300 million and
headroom of around EUR280 million under its EUR450 million trade
receivables securitisation programme expiring in July 2021.
Following the refinancing completed in January 2020, Styrolution
has no material debt maturity before 2027, when its new TLB and
senior secured bond fall due.

While Styrolution does not have any committed revolving credit
facilities, cash and headroom under the securitisation programme
should be sufficient to cover the negative FCF the group may
generate in 2020 under a range of scenarios.

STRUCTURAL CONSIDERATIONS

The Ba2 ratings assigned to the first lien term loans (TLB) and
senior secured bond of INEOS Styrolution Group GmbH and INEOS
Styrolution US Holding LLC reflect the fact that obligations under
the TLB and senior secured bond rank pari passu, sharing the same
guarantee and security packages.

The TLB and senior secured bond are (1) guaranteed on a senior
secured basis by INEOS Styrolution Holding Limited and some of its
material subsidiaries representing at least 85% of the restricted
group's consolidated EBITDA and assets, and (2) secured by first
ranking liens (to the extent possible and subject to permitted
liens) on substantially all of the assets of those entities.

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

Given the group's size and exposure to a cyclical industry, as well
as ambitious medium-term capital spending plans, Moody's considers
a rating upgrade unlikely in the short term, unless: (i) the
group's share of specialty products markedly increases, leading to
more stable EBITDA through the cycle; and (ii) Moody's-adjusted
total debt to EBITDA remains below 2.0x through the cycle.

Conversely, the rating could be downgraded if Moody's-adjusted
EBITDA margin declines to 10% for a prolonged period;
Moody's-adjusted total debt to EBITDA stays above 3.0x because of a
prolonged deterioration in operating profitability, material
increase in debt to fund capex or acquisitions or departure from
its conservative financial policy framework. A rating downgrade
could also result from a material change in the relationship
between Styrolution and the wider INEOS Limited group of
companies.

PRINCIPAL METHODOLOGY

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

INEOS Styrolution Holding Limited, with management based in
Frankfurt, Germany, is a leading global styrenics supplier (based
on revenues), especially in Europe and North America. INEOS
Styrolution is focused on the production and sale of polystyrene,
acrylonitrile butadiene styrene (ABS), styrene monomer, and other
styrenic specialties. The group is a wholly owned subsidiary of
INEOS AG (unrated). In 2019, INEOS Styrolution's revenues and
Moody's-adjusted EBITDA were EUR4.9 billion and EUR726 million,
respectively.



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

AVOCA CLO XXI: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Avoca CLO XXI
DAC's class X, A-1, A-2, B-1, B-2, C, D, E, and F notes. The issuer
has also issued unrated subordinated notes.

Avoca CLO XXI is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers. KKR
Credit Advisors LLC manages the transaction.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio's reinvestment period will end approximately four and
a half years after closing, and the portfolio's maximum average
maturity date will be eight and a half years after closing.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P considers to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P considers to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                  Current
  S&P weighted-average rating factor              2,738.32
  Default rate dispersion                         535.40
  Weighted-average life (years)                   5.48
  Obligor diversity measure                       132.95
  Industry diversity measure                      17.56
  Regional diversity measure                      1.28

  Transaction Key Metrics
                                                  Current
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator              'B'
  'CCC' category rated assets (%)                  0
  Covenanted 'AAA' weighted-average recovery (%)   38.01
  Covenanted weighted-average spread (%)           3.65
  Covenanted weighted-average coupon (%)           5.00

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio will be well-diversified on the
effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow collateralized debt
obligations. In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently.

"In our cash flow analysis, we used the EUR450 million par amount,
the covenanted weighted-average spread of 3.65%, the covenanted
weighted-average coupon of 5.00%, and the covenanted
weighted-average recovery rates for all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category. Our cash flow
analysis also considers scenarios where the underlying pool
comprises 100% of floating-rate assets (i.e., the fixed-rate bucket
is 0%) and where the fixed-rate bucket is fully utilized (in this
case 10%).

"We consider that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class X,
A-1, A-2, B-1, B-2, C, D, E, and F notes.

In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication. The results are as follows:

-- Increase in 'CCC' category asset exposure to 15% and 25%: there
was no rating migration on any of the tranches.

-- 10% portfolio default, assuming a weighted-average recovery
rate at the 'AAA' rating level: the class A and C notes would be
downgraded by one notch, the class D notes by two notches, and the
class E notes by three notches.

-- All the underlying issuers in the portfolio had their ratings
lowered by one notch: there would be a one-notch downgrade of the
class A, C, D, and E notes.

-- 10% decline in the weighted-average recovery rate assumptions:
the class D notes would be downgraded by one notch.

S&P said, "We intend this scenario analysis to be broadly
representative of how our ratings may move in a variety of downturn
scenarios. However, the estimation approach we have used includes
some simplifying assumptions and limitations.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

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."

  Ratings List
  
  Class   Rating    Amount    Credit    Interest rate*    
                   (mil. EUR) enhancement (%)
  X       AAA (sf)     2.00   N/A     Three/six-month EURIBOR
                                           plus 0.33%
  A-1     AAA (sf)   123.00   38.00     Three/six-month EURIBOR
                                           plus 0.89%
  A-2     AAA (sf)   156.00 38.00     Three/six-month EURIBOR
                                           plus 0.89%
  B-1     AA (sf)     30.00 28.00     Three/six-month EURIBOR
                                           plus 1.50%
  B-2     AA (sf)     15.00 28.00     1.85%
  C       A (sf)      32.50 20.78     Three/six-month EURIBOR
                                           plus 2.10%
  D       BBB (sf)    28.00 14.56     Three/six-month EURIBOR
                                           plus 3.15%
  E       BB- (sf)    23.75 9.28      Three/six-month EURIBOR
                                           plus 5.10%
  F       B- (sf)     12.50 6.50      Three/six-month EURIBOR
                                           plus 7.48%
  Sub     NR          35.60 N/A       N/A

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

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


CARLYLE EURO 2020-1: Fitch Gives B-sf Rating to Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned Carlyle Euro CLO 2020-1 DAC final
ratings.

Carlyle Euro CLO 2020-1 DAC  

  - Class A-1; LT AAAsf New Rating

  - Class A-2A; LT AAsf New Rating

  - Class A-2B; LT AAsf New Rating

  - Class B; LT Asf New Rating

  - Class C; LT BBB-sf New Rating

  - Class D; LT BB-sf New Rating

  - Class E; LT B-sf New Rating

  - Subordinated; LT NRsf New Rating

TRANSACTION SUMMARY

Carlyle Euro CLO 2020-1 DAC (the issuer) is a cash-flow
collateralised loan obligation (CLO). Net proceeds from the notes
will be used to purchase a EUR450 million portfolio of mainly
euro-denominated leveraged loans and bonds. The transaction has a
4.5-year reinvestment period and a weighted average life of 8.5
years. The portfolio of assets will be managed by CELF Advisors
LLP.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch assesses the average
credit quality of obligors to be in the 'B'/'B-' category. The
weighted average rating factor (WARF) of the identified portfolio
is 35.32.

High Recovery Expectations: At least 95% of the portfolio comprises
senior secured obligations. Recovery prospects for these assets are
typically more favorable than for second-lien, unsecured and
mezzanine assets. The weighted average recovery rating (WARR) of
the identified portfolio is 67.02%.

Diversified Asset Portfolio: The transaction includes several Fitch
test matrices corresponding to the two top 10 obligors'
concentration limits of 16% and 23%, and fixed-rate obligations
limits of 0% and 12.5%. The transaction has various concentration
limits, including a maximum exposure of 40% to the three largest
(Fitch-defined) industries in the portfolio. These covenants ensure
that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management: The transaction has a 4.5-year reinvestment
period and includes reinvestment criteria similar to 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 customized proprietary cash flow
model to replicate the principal and interest waterfalls, and the
various structural features of the transaction, as well as to
assess their effectiveness, including the structural protection
provided by excess spread diverted through the par value and
interest coverage tests.

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 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.

Factors that could, individually or collectively, lead to positive
rating action/upgrade

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 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 standardized stress
portfolio (Fitch's Stressed Portfolio) that is customized 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.

Factors that could, individually or collectively, lead to negative
rating action/downgrade

Coronavirus Sensitivity Analysis: Fitch has analyzed the warehouse
portfolio, which includes 430 million of assets. Fitch has
identified the following sectors with the highest exposure to the
impact of the coronavirus pandemic: transportation and distribution
(airline and shipping related); gaming, leisure and entertainment;
retail, lodging and restaurants; metal and mining; energy oil and
gas; and aerospace and defense (airline related)

The total portfolio exposure to these sectors is EUR56.8 million
(13.4%). 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. In addition, Fitch has
notched down all assets whose Fitch-derived rating had a Negative
Outlook. 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.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 build-up of credit enhancement for the
notes following amortization 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 the coronavirus 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's Leveraged Finance team.

BEST/WORST CASE RATING SCENARIO

Ratings of Structured Finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven 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 seven 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.

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

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

DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other nationally recognized statistical
rating organizations and/or European Securities and Markets
Authority-registered rating agencies. Fitch has relied on the
practices of the relevant groups within Fitch and/or other rating
agencies to assess the asset portfolio information.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool was not
prepared for this transaction. Offering Documents for this market
sector typically do not include RW&Es that are available to
investors and that relate to the asset pool underlying the trust.
Therefore, Fitch credit reports for this market sector will not
typically include descriptions of RW&Es.

HELIOS: S&P Places 'BB-' Class E Notes Rating on Watch Neg.
-----------------------------------------------------------
S&P Global Ratings placed on CreditWatch negative its 'BB- (sf)'
credit rating on Helios (European Loan Conduit No.37) DAC's class E
notes.

The CreditWatch negative placement reflects the uncertainty
surrounding the operational performance of the hotel properties
securing the transaction over the short term due to the spread of
COVID-19 and the potential negative effect that this may have on
the transaction's ability to pay timely interest on the class E
notes.

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.

Helios is backed by a single GBP350 million loan, which was
originated in December 2019 to facilitate the refinancing of 49
limited service hotels in the U.K. by London & Regional Properties.
Specifically, there are 47 Holiday Inn Express hotels, a Hampton by
Hilton hotel, and a Park Inn hotel.

At closing, the issuer used the class RFN's proceeds to fund a
liquidity reserve for the transaction. The reserve is available to
fund, among other things, senior expenses and interest payments to
the class RFN, A, B, C, and D noteholders. However, the class E
notes do not benefit from any coverage.

Social distancing measures and restrictions on transportation has
caused business travel and tourism to grind to a sudden halt. While
the long-term impact of the COVID-19 outbreak still remains to be
seen, it is likely that the hotel sector will experience
significant liquidity stress over a short-term period. As such, in
the absence of any available liquidity support, the class E notes
are vulnerable to the risk of an interest shortfall resulting from
a potential sharp decline in portfolio income.

S&P said, "In our view, the transaction's credit quality may
decline due to operational disruption resulting from the spread of
COVID-19. We believe this may negatively affect the cash flows
available to the issuer.

"Our ratings on this transaction address the timely payment of
interest, payable quarterly, and the payment of principal no later
than the legal final maturity dates, which is in May 2030. We have
therefore placed on CreditWatch negative our 'BB- (sf)' rating on
the class E notes, in line with our criteria.

"We expect to resolve the CreditWatch placement within 90 days as
we learn more about the severity and duration of COVID-19's effect
on the transaction's performance."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.


STOBART AIR: In Crunch Talks with Financial Advisers
----------------------------------------------------
John Mulligan of the Irish Independent reports that the board of
Aer Lingus Regional operator Stobart Air is locked in crunch talks
with financial advisers, thrashing out options to save the
business.

According to Irish Independent, sources close to the situation said
"all options are on the table", including potentially seeking court
protection through an examinership if the board and independent
accountants believe the company meets the criteria.

The situation creates major uncertainty for remaining workers at
the Dublin-based airline, which before the coronavirus pandemic
employed about 450 staff, Irish Independent discloses.




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

CREDIT SUISSE: Fitch Affirms EUR20MM Debt Rating at 'BB+sf'
-----------------------------------------------------------
These rating actions are in response to changes in the Rating,
Rating Outlook and the Rating Watch on the banks that are
risk-presenting entities in the CLN transactions.

Dexia Secured Funding Belgium NV, Compartment DSFB-II  
  - DSFB-II BE0934330268; LT A-sf; Revision Outlook

EUR20m Credit Suisse CLN linked to the Republic of Italy due
December 2030
  
  - EUR20m Credit Suisse CLN linked to the Republic of Italy due
December 2030 XS1289135649; LT BB+sf; Affirmed

Argentum Capital S.A. 2019-133
  
  - 2019-133 XS2022019389; LT A-sf; Upgrade; previously from BBB+sf


KEY RATING DRIVERS

DSFB-II:

The rating action is driven by the revision in the Rating Outlook
to Negative from Stable on the only risk-presenting entity Belfius
Bank SA/NV (A-/Negative/F1) on March 30, 2020. All other
considerations and key rating drivers are unchanged since the
previous review.

Argentum:

The upgrade of the CLN is driven by the upgrade of the Long-Term
Issuer Default Rating of Credit Suisse International (A/
Negative/F1) from 'A-' on March 31, 2020. Fitch assigned Argentum a
Rating Watch Negative (RWN) in line with the now weakest-link
entity Barclays Plc (A/RWN/F1), which was placed on RWN on 1 April
2020. All other considerations and key rating drivers are unchanged
since the previous review. The transaction was removed from Under
Criteria Observation (UCO) following the upgrade of Credit Suisse
International.

EUR20 million Credit Suisse CLN:

The Outlook on one underlying risk-presenting entity, Credit Suisse
AG (A/ Negative/F1), was revised to Negative from Positive. CLN
rating and outlook remain unchanged.

Coronavirus with second-hand effect on ratings

The CLNs' ratings are affected by changes in the rating of their
risk-presenting entities. These may be affected by the economic
fallout from the spread of coronavirus.

RATING SENSITIVITIES

DSFB-II:

The tranche's ratings will be upgraded in line with an upgrade on
the risk-presenting entity's ratings.

The tranche's ratings will be downgraded in line with any downgrade
on the risk-presenting entity's ratings.

Argentum:

If either the weakest link or the additional risk-presenting entity
is downgraded by one notch, the notes' rating would be downgraded
by one notch. If both are downgraded by one notch, the notes'
rating would be downgraded by one notch.

If either the weakest link or the additional risk-presenting entity
is upgraded by one notch, the notes' rating would remain unchanged.
If both are upgraded by one notch, the notes' rating would be
upgraded by one notch.

EUR20 million Credit Suisse CLN:

If the weakest-link entity is downgraded by one notch, the notes'
rating would be downgraded by one notch. If the additional
risk-presenting entity is downgraded by one notch, the rating
remains unchanged. If both are downgraded by one notch then the
notes' rating would be downgraded by one notch.

If the weakest-link entity is upgraded by one notch, the notes'
rating would be upgraded by one notch. If the additional
risk-presenting entity is upgraded by one notch, the rating remains
unchanged. If both are upgraded by one notch then the notes' rating
would be upgraded by one notch.

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios - Structured Finance:

Ratings of Structured Finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven 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 seven 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.

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

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

DATA ADEQUACY

Fitch has not conducted any checks on the consistency and
plausibility of the information it has received about the
performance of the asset pools and the transactions. Fitch has not
reviewed the results of any third-party assessment of the asset
portfolio information or conducted a review of origination files as
part of its ongoing monitoring.

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

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

DECO 2019: Fitch Cuts Class D Debt Raging to B+sf, On Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded Deco 2019 - Vivaldi S.r.L.'s class B,
C and D notes and placed all notes on Rating Watch Negative.

The downgrades are driven by social and market disruption caused by
the coronavirus outbreak and related containment measures,
primarily by weakening medium-term collateral value prospects.
Moreover, there is risk of an accumulation of unpaid borrower
senior indebtedness in respect of potential arrears on forthcoming
loan interest and property operating costs, given the likely impact
of containment measures on retail sales and rental income.

Deco 2019 - Vivaldi S.r.l.  

  - Class A IT0005372435; LT A+sf; Rating Watch On

  - Class B IT0005372450; LT BBB+sf; Downgrade

  - Class C IT0005372468; LT BBsf; Downgrade

  - Class D IT0005372476; LT B+sf; Downgrade

TRANSACTION SUMMARY

The transaction is a 95% securitization of two commercial mortgage
loans totalling EUR233.935 million to two Italian borrowers, both
sponsored by Blackstone funds. The loans are both variable-rate
(with variable margins) and each is secured on an Italian fashion
retail outlet village. The transaction benefits from a liquidity
facility of EUR10.5 million available to cover interest on the
class A and B notes, with which the facility commitment amortizes
pro rata.

The two loans are both secured on established fashion outlets in
northern Italy. Franciacorta Outlet Village is 7km from the city of
Brescia in Lombardy, and 11.6 million people live within a
90-minute drive. The center comprises 186 retail units spanning
across 36,803sqm. Palmanova Outlet Village is an open-air outlet
located in the municipality of Aiello di Friuli, in the province of
Udine, part of the Veneto Region in the north of Italy. It has an
estimated catchment area of about three million people within a
90-minute drive. It comprises of 92 retail units across 22,204sqm.

The properties are generally of good quality, attracting solid
occupational demand. The catchment areas support stable sales from
customers who view these outlets as attractive leisure
destinations. Performance has been broadly stable with vacancy
ticking up by 2% since closing to 11.1% for Franciacorta and 8.3%
for Palmanova. LTVs have remained stable (65%) for both loans given
their non-amortizing nature and the lack of updated valuations
since closing. CMBS all-in debt yield has slightly increased as a
result of passing rent going up by 1% and 2%, respectively.

Recent lettings evidence (preceding the containment measures
arising in response to the coronavirus outbreak) indicates that new
leases have been signed in line or slightly in excess of the
estimated rental values (ERV) ascribed to these units by the
valuer. Also, the properties are in relatively affluent catchment
areas within Italy. Based on these factors Fitch is starting its
analysis by using the valuer's ERVs.

KEY RATING DRIVERS

Coronavirus Causing Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As a base-case (most likely)
scenario, Fitch assumes a global recession in 1H20 driven by sharp
economic contractions in major economies with a rapid spike in
unemployment, followed by a solid recovery that begins in 3Q20 as
the health crisis subsides. As a downside (sensitivity) scenario
provided in the Rating Sensitivities section, Fitch considers a
more severe and prolonged period of stress with a slow recovery
beginning in 2Q21. In this sensitivity scenario, Fitch assumes all
assets suffer permanent falls in ERV by an additional 10%.

Containment Measures Impacting Retail: The pandemic suppression
measures in force across Italy are causing a severe interruption in
public life, with immediate consequences and uncertainty for the
retail sector. Indefinite store closures will threaten the
viability of many retailers, which gives rise to the prospect of
concerted efforts to bring about a suspension of rental payments
while the pandemic ensues.

Assumptions Updated for Coronavirus Impact: Fitch has already
increased rental value decline floors across retail markets, given
the growing pressure faced by many retailers from e-commerce
penetration. Given the predicted further impact of store closures
and job losses resulting from the coronavirus crisis, Fitch has
also increased its base structural vacancy assumption for both
shopping centers to 7% (from 5% for Franciacorta and 6% for
Palmanova as at the last rating action).

Besides these changes to stressed property recoveries, Fitch also
tested an immediate halt in rental payments for six months, albeit
not in the loan prepayment tests (since a non-payment of loan
interest would trigger sequential principal pay, making the
prepayment test redundant). Halting rental income leads to an
accumulation of a semester of loan interest and fixed property
operating costs (Fitch assumes 2.5% of ERV). This increase in
borrower indebtedness reduces net bond recoveries proportionately,
which constrains the class D rating (the other notes are
constrained by prepayment analysis).

Liquidity Risk: The assumed halt in loan interest for two quarters
results in a drawdown of liquidity to cover note interest, senior
issuer costs and property protection payments (to ensure payment of
non-deferrable borrower expenses). In this scenario, Fitch finds
the liquidity facility adequate to cover interest payments due on
the class A and B notes. The class C and D notes are not eligible
for liquidity support and it therefore expects them to defer
interest payments, which is consistent with ratings below
investment grade.

Fitch also tests note interest coverage through the life of the
transaction, including in scenarios in which currently deferrable
notes become senior (following allocation of distressed asset sale
proceeds sequentially). Fitch finds stressed income sufficient to
service class C and D note interest when they become senior at the
contemplated rating levels.

The downgrades are largely caused by a more conservative outlook
for structural vacancy driving down stressed collateral recoveries.
The assumed short-term halt in rental income drives the junior note
rating lower, given the assumed borrower senior debt arrears.

For the class A, B and C notes, testing prepayment of one or other
loan (whereby the loan remaining is not assumed to fall into
arrears) constrains their ratings (contributing a single notch
down). While the financial market reaction to the coronavirus
crisis limits refinancing options, the collateral attributes and
level of leverage mean Fitch does not exclude prepayment risk
(allocated pro rata) from its assessment. Despite little scope for
adverse selection given the similar credit quality of the two
loans, Fitch finds that prepaying Palmanova constrains the ratings
of the top two classes, while prepaying Franciacorta drives the
class C rating.

Testing for possible prolongation of containment measures beyond
the base case, Fitch runs a sensitivity to a 10% decline in ERV.
Given the near-term downside risk presented by this sensitivity,
and the potential material impact on ratings, Fitch has placed the
notes on RWN.

RATING SENSITIVITIES

Current ratings: 'A+sf'/'BBB+sf'/'BBsf'/'B+sf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'A+sf'/'A+sf '/'BBBsf'/'BBB-sf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'Asf'/'BBBsf'/'BB-sf'/'Bsf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a Coronavirus Sensitivity Analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21. Under this severe scenario, Fitch reduces
the estimated rental value of each asset by 10%, with the following
change in model output:

'Asf'/'BBB-sf'/'B+sf'/'CCCsf'

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade: A lifting of the containment measures
applied in reaction to the coronavirus outbreak would allow retail
assets to resume full operation, with lesser disruption in consumer
behavior and discretionary spend, which could lead to Positive
Outlooks or upgrades.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade: A prolonged period of social distancing
beyond six months could weaken liquidity support and dampen retail
property values, resulting in further downgrades.

KEY PROPERTY ASSUMPTIONS (all by market value)

'Bsf' weighted average (WA) cap rate: 6.0%

'Bsf' WA structural vacancy: 14.5%

'Bsf' WA rental value decline: 5.0%

'BBsf' weighted average (WA) cap rate: 6.5%

'BBsf' WA structural vacancy: 16.3%

'BBsf' WA rental value decline: 7.0%

'BBBsf' WA cap rate: 7.2%

'BBBsf' WA structural vacancy: 18.2%

'BBBsf' WA rental value decline: 9.0%

'Asf' WA cap rate: 7.9%

'Asf' WA structural vacancy: 20.1%

'Asf' WA rental value decline: 14.7%

BEST/WORST CASE RATING SCENARIO

Ratings of Structured Finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven 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 seven 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.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

SOURCES OF INFORMATION

Issuer and servicer reports dated March 2020

Tenancy schedule dated February 2020

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on Deco 2019 -
Vivaldi S.R.L., either due to their nature or to the way in which
they are being managed by Deco 2019 - Vivaldi S.R.L.

Deco 2019 - Vivaldi S.R.L. has an ESG Relevance Score of 4 for Rule
of Law, Institutional and Regulatory Quality due to uncertainty of
the enforcement process in Italy which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

EMERALD ITALY 2019: Fitch Cuts Class D Debt to Bsf, On Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded all classes of Emerald Italy 2019
S.R.L. and placed them on Rating Watch Negative due to
coronavirus-related factors. The social and market disruption
caused by the effects of the coronavirus and related containment
measures was one of the factors leading to the downgrades, with
additional senior debt assumed to be drawn to cover unpaid loan
interest and property operating costs, given the likely impact of
containment measures on retail sales and rental income.

Emerald Italy 2019 S.R.L.  

  - Class A IT0005387896; LT Asf; Downgrade

  - Class B IT0005387953; LT BBB+sf; Downgrade

  - Class C IT0005387961; LT BB-sf; Downgrade

  - Class D IT0005387979; LT Bsf; Downgrade

TRANSACTION SUMMARY

The transaction is a securitization of a EUR105.8 million loan
(comprising a EUR100.4 million term loan and a EUR5.4 million capex
loan) to an Italian borrower sponsored by Kildare Partners. The
loan is variable-rate and secured on three average quality northern
Italian shopping centers. The transaction benefits from a liquidity
facility of EUR5.22 million available to cover interest on the
class A and B notes, with which the facility commitment amortizes
pro rata.

Since closing EUR1.3 million of hard and soft amortization funds
have been received, bringing the current loan balance down to
EUR104.5 million and reducing the loan/value ratio to 64.7% from
65.5% (both including the capex facility). No updated valuation has
been conducted since closing.

The shopping centers are in residential areas on the outskirts of
Milan and Brescia. All three were built in the 1990s and are in
reasonable condition (having been refurbished since construction),
but face local competition. Fitch interprets recent lettings
evidence (preceding the containment measures arising in response to
the coronavirus outbreak) as indications of weaker estimated rental
values (ERV) than last attributed to the properties by the valuer,
with the most significant deterioration in the larger shopping
centers, Metropoli Shopping Centre and Rondinelle Shopping Centre,
where recent rentals fall short of prior ERV by on average 16.5%
and 21.5%, respectively (compared with only 9.1% in the
neighborhood mall Settimo Shopping Centre). To account for this
continuation of a number of years of falling income in its base
rating case scenarios, Fitch applied haircuts to ERV for each
property calibrated by the above-mentioned leasing evidence.

Each shopping center is anchored by a food retailer, COOP in
Settimo and Metropoli, and Auchan in Rondinelle. In the case of the
two large malls, the anchor grocer is an owner-occupier and
therefore not included in the collateral, and while it drives
footfall there is limited visibility on the performance or
commitment of the respective tenant. However, in Settimo, COOP is a
tenant and has extended its unbroken commitment to 2031 from 2022
(albeit at a lower rent). Fitch has improved the score of the
property to '4' from '5' to reflect this.

KEY RATING DRIVERS

Coronavirus Causing Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As a base-case (most likely)
scenario, Fitch assumes a global recession in 1H20 driven by sharp
economic contractions in major economies with a rapid spike in
unemployment, followed by a solid recovery that begins in 3Q20 as
the health crisis subsides. As a downside (sensitivity) scenario,
Fitch considers a more severe and prolonged period of stress with a
slow recovery beginning in 2Q21. In this sensitivity scenario,
Fitch assumes all assets suffer permanent falls in ERV by an
additional 10%.

Containment Measures Affecting Retail: The epidemic suppression
measures in force across Italy are causing a severe interruption in
public life, with immediate consequences and uncertainty for the
retail sector. Indefinite store closures will threaten the
viability of very many retailers, which gives rise to the prospect
of concerted efforts to bring about a suspension of rental payments
while the epidemic ensues.

Assumptions Updated for Coronavirus Impact: Given the correction
already well underway for these properties - which Fitch believes
reflects their urban/neighborhood rather than 'destination'
locations - and its property scoring of '4' (with base structural
vacancy assumptions of 8%), besides the haircut to ERV, it makes no
change to base case property analysis other than assuming an
immediate halt in rental payments for six months. By assuming
borrower default, this test leads to an accumulation of a semester
of loan interest and fixed property operating costs (Fitch assumes
2.5% of ERV). This increase in borrower indebtedness acts as a drag
on ratings by reducing net bond recoveries proportionately.

Liquidity Risk: The assumed halt in loan interest for two quarters
results in a drawdown of liquidity to cover note interest, senior
issuer costs and property protection payments (to ensure payment of
non-deferrable borrower expenses). In this scenario, Fitch finds
the liquidity facility adequate to cover interest payments due on
the class A and B notes. The class C and D notes are not eligible
for liquidity support and we, therefore, expect them to defer
interest payments, which limits ratings below investment grade.

Fitch also tests note interest coverage through the life of the
transaction, including in scenarios in which currently deferrable
notes become senior (following allocation of distressed asset sale
proceeds sequentially). Fitch finds stressed income on remaining
property sufficient to service class C and D note interest (when
senior) only up to 'BB-sf' and 'Bsf' rating scenarios respectively,
which is the lowest constraint on their ratings.

The level of stressed income constraining these ratings is driven
by the haircuts to ERV associated with the general decline in mall
performance. Testing for possible prolongation of containment
measures beyond the base case, Fitch runs a sensitivity for a
further 10% decline in ERV. Given the near-term downside risk
presented by this sensitivity, and the potential material impact on
ratings, Fitch has placed the notes on RWN.

RATING SENSITIVITIES

Current ratings: 'Asf'/'BBB+sf'/'BB-sf'/'Bsf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'A+sf'/'A+sf '/'BBB-sf'/'BB+sf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'A-sf'/'BBB+sf'/'B+sf'/'B-sf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a Coronavirus Sensitivity Analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21. Under this severe scenario, Fitch reduces
the estimated rental value of each asset by 10%, with the following
change in model output:

'BBB+sf'/'BBBsf'/'BB-sf'/'B+sf'

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A lifting of the containment measures applied in reaction to the
coronavirus outbreak would allow retail assets to resume full
operation, with lesser disruption in consumer behavior and
discretionary spend, which could lead to positive Outlooks or
upgrades.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A prolonged period of social distancing beyond six months could
both weaken liquidity support and dampen retail property values
resulting in further downgrades.

KEY PROPERTY ASSUMPTIONS (all by market value)

'Bsf' weighted average (WA) cap rate: 6.0%

'Bsf' WA structural vacancy: 24.0%

'Bsf' WA rental value decline: 2.5%

'BBsf' weighted average (WA) cap rate: 6.6%

'BBsf' WA structural vacancy: 27.2%

'BBsf' WA rental value decline: 4.9%

'BBBsf' WA cap rate: 7.2%

'BBBsf' WA structural vacancy: 30.4%

'BBBsf' WA rental value decline: 7.3%

'Asf' WA cap rate: 7.9%

'Asf' WA structural vacancy: 33.6%

'Asf' WA rental value decline: 14.1%

BEST/WORST CASE RATING SCENARIO

Ratings of Structured Finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven 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 seven 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.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

SOURCES OF INFORMATION

Issuer and servicer reports dated March 2020

Tenancy schedule dated March 2020

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Emerald Italy 2019 S.R.L has an ESG Relevance Score of '4' for Rule
of Law, Institutional and Regulatory Quality due to uncertainty of
the enforcement process in Italy, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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 Emerald
Italy 2019 S.R.L., either due to their nature or to the way in
which they are being managed by the Emerald Italy 2019 S.R.L.

FIRE (BC): S&P Cuts EUR650MM Notes Rating to 'B-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on Italmatch's holding
company Fire (BC) S.a.r.l. and its EUR650 million notes due 2024 to
'B-'.

Italmatch will most likely suffer from its exposure to the U.S.
fracking industry. The sector represents slightly less than 10% of
the company's revenue, notably through the recently acquired BWA
and WST businesses. S&P has cut its Brent crude oil price
assumption to $30 per barrel for rest of 2020 and believes the drop
will put high pressure on U.S. fracking companies, which will now
focus on cost savings. In turn, S&P anticipates that Italmatch will
face lower demand for its water-treatment additives from this
market.

Italmatch will be affected by the overall demand slowdown due to
COVID-19. S&P said, "We now forecast a global recession this year,
with 2020 GDP rising just 0.4%. In our base case, we currently
assume that the recovery will start in second-half 2020. Although
Italmatch is exposed to resilient markets (like detergents,
cleaning, lubricants, geothermal, wind mills, and desalination), it
is also exposed to more cyclical electrical and electronics end
markets through its flame retardants business. We believe that
weaker demand due to the COVID-19 pandemic will also weigh on
performance in 2020. We now anticipate S&P Global Ratings-adjusted
leverage will be in excess of 8.0x this year."

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."

Positively, some factors could reduce the effects of the
recessionary environment on the company. S&P understands that most
of Italmatch's production facilities are operational. As a chemical
company, Italmatch is considered to have essential production in
Italy. The critical nature of Italmatch's end products (anti-scale
for the energy and cleaning sector and additives for water
desalinization, geo thermal and wind turbines) should partially
mitigate the reduction in demand. S&P also understands that
Italmatch recently obtained significant new contracts for
anti-scalant (also for O&G production) and corrosion inhibitor
additives that will partially compensate for the slowdown in
fracking and other end markets.

S&P said, "We expect Italmatch's liquidity to remain adequate. We
consider that Italmatch's liquidity sources exceeds uses by about
2.5x over the next 12 months. Italmatch recently drew the remaining
EUR55 million under its EUR100 million revolving credit facility
(RCF) as a precaution and has about EUR90 million of available
cash. However, we will watch Italmatch's cash usage closely in the
coming quarters. We note that working capital is generally cash
absorbing in the first part of the year. Positively, after the
completion of major capital expenditure (capex) programs in 2019,
we expect FOCF will turn positive in 2020. We anticipate capex of
EUR20 million-EUR25 million this year.

"The stable outlook reflects our expectation that Italmatch's
liquidity will remain adequate and macroeconomic conditions will
start to recover in second-half 2020. It also reflects our view
that the company could start generating positive FOCF this year but
adjusted leverage will be in excess of 8.0x.

"We could lower the ratings if Italmatch's operating performance
deteriorates such that its capital structure becomes unsustainable.
Under that scenario, the company would generate negative FOCF. We
could also lower the rating if the company's liquidity deteriorates
materially.

"We could raise the ratings if the group were to post adjusted debt
to EBITDA sustainably below 6.5x, while generating consistent FOCF.
In addition, a strong commitment from the private-equity sponsor to
maintain leverage at a level commensurate with a higher rating
would be important in any upgrade considerations."


NEXI SPA: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on Italian payment services
company Nexi SpA to stable from positive. At the same time, S&P
affirmed its 'BB-' long-term issuer credit and issue ratings on the
company and its senior unsecured notes.

S&P said, "The recovery rating on the senior unsecured notes is
unchanged at '3', indicating our expectation of meaningful recovery
prospects of 50%-90% (rounded estimate: 55%) in the event of a
default.

"The outlook revision reflects our view that the fallout from the
COVID-19 pandemic on consumer spending in Italy is likely to weaken
Nexi's revenue and EBITDA growth in the near-term. This will, in
turn, likely move weighted-average debt to EBITDA closer to the
upper end of 4x-5x over 2019-2021. These new projections compare
with our previous belief that Nexi's financial metrics would not
deteriorate meaningfully after the announced acquisition of
Intesa's merchant book in Dec. 2019. As a result, we now consider
it more unlikely that we will raise our ratings on the company over
the next 12 months."

In addition, the government rescue package should support the
recovery in economic activity and private consumption once
containment measures are lifted. Based on this scenario, the rating
affirmation reflects its forecast of 4x-5x average debt to EBITDA
over 2019-2022.

S&P said, "First, we understand that about 50% of Nexi's revenues
are "installed base" driven (i.e. they do not depend on volumes of
issuing, acquiring, and digital banking activities performed by the
group). This would likely mitigate the effect of lower consumption
on total revenue. Second, we note essential goods consumption is
showing some resilience. This is because lockdown measures exempt
sellers of necessities such as supermarkets and pharmacies, which
represent an important share of total transactions processed by
Nexi, from closing, while online shops remain open.

"We cannot exclude that a prolonged economic downturn or a
slower-than-forecasted recovery in consumer demand could exert
greater pressure on Nexi's financial metrics."

Some government authorities estimate the pandemic will peak about
midyear, and S&P is 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, S&P will update its assumptions and estimates
accordingly.

S&P said, "The stable outlook reflects our expectation that Nexi's
weighted-average debt to EBITDA and FFO to debt will remain below
our 5x and above our 12% thresholds, respectively, over the next 12
months.

"We could lower the ratings if we anticipated weighted-average debt
to EBITDA would significantly increase above 5x and
weighted-average FFO to debt ratio would decrease below 12%, likely
because of a stronger-than-expected economic downturn or following
another debt-financed acquisition.

"We could consider a positive action if we believed that Nexi
withstood the decline in consumer spending with a moderate
deterioration in its credit metrics and we anticipated it had
remained committed to its publicly announced path of financial
strengthening, comfortably maintaining a weighted-average
debt-to-EBITDA ratio within the 4x-5x range and a weighted-average
FFO-to-debt ratio above 12%, by our calculations."


PIETRA NERA: Fitch Cuts Class E Debt to CCCsf, On Watch Negative
----------------------------------------------------------------
Fitch Ratings has downgraded all classes of Pietra Nera Uno S.R.L.
and placed them on Rating Watch Negative due to coronavirus-related
factors. The social and market disruption caused by the effects of
the coronavirus and the related containment measures is responsible
for the downgrades, primarily by weakening medium-term collateral
value prospects.

Moreover, there is risk of an accumulation of unpaid borrower
senior indebtedness in respect of potential arrears on forthcoming
loan interest and property operating costs, given the likely impact
of containment measures on retail sales and rental income.

PIETRA NERA UNO S.R.L.  

  - Class A IT0005324402; LT Asf; Downgrade

  - Class B IT0005324410; LT BBB-sf; Downgrade

  - Class C IT0005324428; LT BBsf; Downgrade

  - Class D IT0005324436; LT Bsf; Downgrade

  - Class E IT0005324444; LT CCCsf; Downgrade

TRANSACTION SUMMARY

The transaction is a securitization of three commercial mortgage
loans totaling EUR403.8 million to Italian borrowers sponsored by
Blackstone funds. The loans are all variable rate (with variable
margins) and secured on four Italian retail properties - a Sicilian
shopping center (Palermo loan) and three fashion retail outlet
villages (two for the Fashion District loan and another for the
Valdichiana loan). The transaction has a liquidity facility of
EUR14.9 million available to cover interest on the class A and B
notes, with which the facility commitment amortizes pro rata.

Since closing, EUR1.8 million of amortization funds have been
received, reducing the loan balance to EUR402 million. Since
closing, the loan-to-value (LTV) ratio has decreased to 69% from
75% for the Fashion District loan and to 63% from 71% for the
Valdichiana loan. The LTV for the Palermo loan has increased to
81.8% from 76.4%. The changes in LTVs are driven by updates in the
valuation of the properties.

All the properties were built between 2003 and 2008, and are in
good condition. Valdichiana Outlet Village is in the province of
Arezzo, in central Italy, with a catchment of about three million
people within a 90-minute drive. The property comprises 134 retail
units and has occupancy by area of nearly 88%. Further north is
Mantova Outlet Village in Lombardy, the most populated region in
Italy with a catchment of nearly nine million people within a
90-minute drive. The property has 122 units and is 8% vacant.

The remaining two properties are in southern Italy. Puglia Outlet
Village is 40 kilometers north of Bari and has 137 units, with a
vacancy rate of about 26% (including the currently closed Phase 2).
The only traditional shopping center in the transaction is in
Palermo, which has 125 units, 99% of which are occupied.

There is no evidence in recent letting information shared with
Fitch that indicates estimated rental values (ERV) had materially
fallen before the coronavirus containment measures were imposed.
However, as the portfolio has a significant exposure to fashion
retailing rents in economically weak locations Fitch expects
moderate vulnerability to the economic impact of the pandemic.
Fitch has reduced the ERV by 10% to account for this and also to
account for unusually high irrecoverable cost margins for the
Palermo asset resulting, Fitch believes, from a slowdown and
potential mothballing of some development works.

KEY RATING DRIVERS

Coronavirus Causing Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As a base-case scenario, Fitch
assumes a global recession in 1H20 driven by sharp economic
contractions in major economies with a rapid increase in
unemployment, followed by a solid recovery that begins in 3Q20 as
the health crisis subsides.

As a downside scenario, Fitch considers a more severe and prolonged
period of stress with a slow recovery beginning in 2Q21. In this
scenario, Fitch assumes all assets would suffer permanent falls in
ERV of an additional 10%.

Containment Measures Affecting Retail: The pandemic suppression
measures in force across Italy are severely curtailing public life,
with immediate consequences for the retail sector. Indefinite store
closures will threaten the viability of many retailers, which gives
rise to the prospect of concerted efforts to bring about a
suspension of rental payments.

Assumptions Updated for Coronavirus Impact: Rental value decline
floors across retail markets have risen given the growing pressures
faced by retailers from e-commerce. Given the predicted further
impact of store closures and job losses, Fitch has increased its
base structural vacancy assumption for the malls in Mantova and
Palermo to 7% (the other two assets were already assumed to have a
base structural vacancy of 7% to 8%).

As the Palermo mall extension may take far longer to become
operational (assuming it happens at all), Fitch has lowered the
property score to '2' from '1' in view of the lower appeal of the
center.

Fitch also assumes an immediate halt in rental payments for six
months. By assuming borrower default, this test leads to an
accumulation of a semester of loan interest and fixed property
operating costs (Fitch assumes 2.5% of ERV). This increase in
borrower indebtedness acts as a further drag on ratings by reducing
net bond recoveries proportionately.

Liquidity Risk: The assumed halt in loan interest for two quarters
results in a drawdown of liquidity to cover note interest, senior
issuer costs and property protection payments (to ensure payment of
non-deferrable borrower expenses). In this scenario, Fitch found
that the liquidity facility would be adequate to cover interest
payments due on the class A and B notes. The class C, D and E notes
are not eligible for liquidity support and Fitch therefore expects
them to defer interest payments, which limits ratings below
investment grade.

Fitch also tested note interest coverage through the life of the
transaction, including in scenarios in which currently deferrable
notes become senior (following allocation of distressed asset sale
proceeds sequentially).

The rating downgrades are driven by the haircuts to ERV as well as
the more conservative outlook for structural vacancy. While
prepayment of loans other than Palermo would, if applied pro rata,
further reduce credit quality of class C to E notes, Fitch
considers this a remote possibility given that the emergence of the
crisis limits refinancing options. By the same token, it increases
default risk (and therefore a switch to sequential principal pay)
more so for highly levered borrowers of the kind financed by this
transaction.

Testing for possible prolongation of containment measures beyond
the base case, Fitch runs a sensitivity to a further 10% decline in
ERV. Given the near-term downside risk presented by this
sensitivity and the potential material impact on ratings, Fitch has
placed the notes on Rating Watch Negative.

RATING SENSITIVITIES

Current ratings: 'Asf' / 'BBB-sf' / 'BBsf' / 'Bsf' / 'CCCsf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'AA-sf' / 'A-sf' / 'BBB-sf' / 'BBsf' / 'Bsf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'A-sf' / 'BB+sf' / 'BBsf' / 'B-sf' / 'CCCsf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a Coronavirus Sensitivity Analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21. Under this severe scenario, Fitch reduces
the estimated rental value of each asset by 10%, with the following
change in model output:

'BBBsf' / 'BBsf' / 'Bsf' / 'CCCsf' / 'CCCsf'

Factors that could, individually or collectively, lead to positive
ratings actions/upgrade:

A lifting of the containment measures applied to the coronavirus
outbreak would allow retail assets to resume full operation, with
less disruption to consumer behavior and discretionary spending,
which could lead to positive Outlooks or upgrades.

Factors that could, individually or collectively, lead to negative
ratings action/downgrade:

A prolonged period of social distancing beyond six months could
both weaken liquidity support and dampen retail property values
resulting in further downgrades.

KEY PROPERTY ASSUMPTIONS (all by market value)

'Bsf' weighted average (WA) cap rate: 6.6%

'Bsf' WA structural vacancy: 15.8%

'Bsf' WA rental value decline: 5%

'BBsf' weighted average (WA) cap rate: 7.2%

'BBsf' WA structural vacancy: 17.7%

'BBsf' WA rental value decline: 7%

'BBBsf' WA cap rate: 7.9%

'BBBsf' WA structural vacancy: 19.8%

'BBBsf' WA rental value decline: 9%

'Asf' WA cap rate: 8.5%

'Asf' WA structural vacancy: 21.8%

'Asf' WA rental value decline: 13.2%

BEST/WORST CASE RATING SCENARIO

Ratings of Structured Finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven 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 seven 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.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

ESG CONSIDERATIONS

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

Pietra Nera Uno S.R.L. has an ESG relevance score of '4' for Rule
of Law, Institutional and Regulatory Quality due to uncertainty of
the enforcement process in Italy which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.



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

ATENTO LUXCO: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
-------------------------------------------------------------
Moody's Investors Service has affirmed Atento Luxco 1's Ba3
ratings, including its corporate family rating and the ratings on
its USD 500 million senior secured notes due 2022, irrevocably and
unconditionally guaranteed by Atento S.A. and certain subsidiaries.
The outlook changed to negative from stable.

Outlook Actions:

Issuer: Atento Luxco 1

Outlook, Changed to Negative from Stable

Affirmation:

Issuer: Atento Luxco 1

Corporate Family Rating, Affirmed Ba3

Gtd Senior Secured Notes due 2022, Affirmed Ba3

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. More specifically,
the economic strain caused by the coronavirus outbreak will lead to
increased working capital needs for Atento since Moody's expects
revenues to decline and accounts receivables days to increase.
Also, the company will observe a reduction in US dollar sales
because of a sharp depreciation of local currencies while the bulk
of its debt is US dollar denominated, leading to higher leverage.
On the other hand, Atento has an adequate liquidity profile, which
will be further reinforced by a reduction in capex along with other
contingency measures for the operations, such as the increase in
its remote workforce, scale back in capacity, and flexibilization
of service level agreements.

Atento's Ba3 ratings are supported by its size and scale, among the
top five Business Process Outsourcing providers globally by
revenues, its geographic and product diversity and leading position
in its markets. The ratings also consider its long-term service
contracts, in particular the service agreement between Atento and
its largest client Telefonica that expires in 2021 for certain
countries and in 2023 for Brazil and Spain. The agreement mitigates
the risk of Atento's concentration in Telefonica, currently at
35.3% of revenues. The growth prospects of the BPO and customer
relationship management industry in Latin America also support the
company's ratings.

Conversely, the services rendered to TEF represent limited
expansion potential and Atento's ratings are also constrained by
the large component of labor in the cost structure of this
industry, which weakens the operating flexibility and potentially
generates high contingency provisions. The industry's fragmented
nature and the necessity to diversify, implement technological
innovation and boost value-added offerings to remain competitive
increase the likelihood of M&A activity. Additionally, the
private-equity nature of Bain Capital's ownership brings
uncertainty regarding a future divestment strategy and the
consequent impact on the company's credit metrics.

The CRM/BPO sales volumes will be less impacted by coronavirus
linked disruptions than certain retail related activities, since
several sectors will still require support services, including
telephony, financial institutions and online businesses.
Accordingly, the bulk of Atento's volumes derive from telephony and
financial institutions, with other verticals including retail,
technology, utilities and healthcare.

In segments such as retail the lower volumes from more traditional
companies will be somewhat mitigated by higher volumes from online
and delivery platforms. Atento's operations could be hurt by
possible restrictions on servicing capacity due to site closures
and quarantine measures. At the same time, Atento is increasing its
remote workforce capabilities and the flexibility to its Service
Level Agreements (SLAs) to maintain a servicing level adequate to
the demand, despite the deployment of less workstations. On the
other hand, Moody's believes Atento could experience an increase in
days of sales outstanding as its customers seek to rationalize
payments under a deteriorating economic environment.

The negative outlook on Atento's ratings incorporates its
expectation that leverage will remain high in the next 12 months
and that an extended economic downturn could reduce Atento's
liquidity cushion.

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

Ratings could be downgraded if Atento is unable to deleverage its
balance sheet, if liquidity deteriorates or if company's
profitability deteriorates. The ratings would suffer downward
pressure if Atento's total adjusted debt to EBITDA remains above
4.0x on a sustained basis and if company's free cash flow to total
adjusted debt remains negative for an extended period of time.
Downward pressure could also arise from high dividend payouts that
result in liquidity shortfalls.

Atento's ratings could be upgraded if the company is able to
diversify its customer base while registering sustained organic
revenue growth, higher operating margins and gradual deleveraging.
Additionally, the company would need to maintain total adjusted
debt/EBITDA below 3.5x and free cash flow/total adjusted debt above
8.0% on a sustained basis for a rating upgrade.

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

Headquartered in Luxembourg, Atento Luxco 1 (Atento) was created
after the acquisition of Atento Inversiones Y Teleservicios,
S.A.U.' CRM business by Bain Capital on December 12, 2012. Atento
is the holding company of the Atento group; through its direct and
indirect subsidiaries, it operates in Latin America, North America
and EMEA, offering customer care, telesales and other back-office
outsourced services to mainly telecom companies and financial
institutions. Atento is ultimately owned by Atento S.A., a publicly
listed company, since October 2014. The company is the largest
provider of CRM and BPO services in Latin America, and ranks among
the top providers globally, with net revenue of $1.7 billion for
the 12 months ended September 2019 and more than 151,000 employees.

INEOS GROUP: Moody's Cuts CFR to Ba3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Ineos Group Holdings S.A.'s
Corporate Family Rating to Ba3 from Ba2 and Probability of Default
Rating to Ba3-PD from Ba2-PD. Concurrently, Moody's downgraded the
ratings of Ineos US Finance LLC's and Ineos Finance plc's senior
secured term loan facilities due March 2024 and Ineos Finance plc's
senior secured notes due November 2025 and May 2026 to Ba2 from
Ba1. Moody's also downgraded INEOS's senior unsecured notes due
August 2024 to B2 from B1. Concurrently, Moody's changed the
outlook on all three entities to negative 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 commodity
chemical sector has been affected by the shock given its
sensitivity to consumer and industrial 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, as well as the associated economic impact.

Against this challenging macro-economic backdrop, its rating action
reflects the increase in leverage reported by INEOS in 2019,
following the payment of dividends of EUR1.8 billion (net of EUR260
million received from the sale of its investment in PQ Corporation
to INEOS Limited) to its parent during the year. Together with a
near 20% increase in capital expenditure to EUR1.4 billion, this
led the group to generate a negative free cash flow (FCF) of EUR1.5
billion in 2019. While the shortfall was mostly funded out of
existing cash balances, increased debt combined with a 20% decline
in Moody's-adjusted EBITDA to EUR1.9 billion (largely driven by
lower margins amid increased supply) resulted in a weakening in
INEOS's leverage metrics. At year-end 2019, Moody's-adjusted total
debt to EBITDA rose to 4.6x at year-end 2019 against 3.3x in 2018.

The negative outlook reflects Moody's expectation that the G-20
economies will experience an unprecedented shock in H1 2020 and
contract in 2020 as a whole. Beyond the initial inventory holding
losses resulting from the recent sharp correction in oil prices,
INEOS's operating profitability should get some support from lower
hydrocarbon-linked raw materials and energy costs. However, it is
uncertain at this stage to what extent the increase in demand in
the packaging, medical and other consumable markets will help
compensate for the fall in demand from the automotive, aerospace,
construction and consumer durables sectors, and underpin selling
prices and margins in the context of the sharp economic slowdown
expected to be triggered by the coronavirus outbreak.

Despite the swift actions taken by INEOS to cut fixed costs and
capital expenditure in order to conserve cash, as well as lower tax
payments and the release of working capital resulting from lower
feedstock prices, Moody's cautions that the group's leverage
metrics may be weakly positioned at year-end 2020 relative to the
guidance for the Ba3 rating of Moody's-adjusted total debt to
EBITDA not exceeding 5x.

However, the ratings continue to be underpinned by INEOS's robust
business profile, reflecting its (1) leading market position as one
of the world's largest chemical groups across a number of key
commodity chemicals; (2) vertically integrated business model,
which ensures that the company can capture margins across the whole
value chain and benefit from economies of scale; and (3)
well-invested production facilities, with most of them ranking in
the first or second quartile on the regional industry cost curve.
the rating also reflects the cyclicality of commodity chemical
markets and the group's exposure to volatile raw material prices.

LIQUIDITY

INEOS's liquidity position is robust. Currently, the group holds
cash balances of approximately EUR1,035 million. In addition, it
has availability of around EUR200-250 million under its EUR800
million receivables securitisation facility, which matures in
December 2022. Furthermore, Moody's expects that management's
actions to conserve cash (including the absence of any dividend
payout), lower tax payments and a working capital inflow will help
INEOS remain FCF positive in 2020.

STRUCTURAL CONSIDERATIONS

Applying its Loss Given Default for Speculative-Grade Companies
rating methodology (assuming a standard 50% recovery rate), the
group's outstanding-rated debt instruments fell into three main
categories as of March 2020: (1) senior secured term loans of about
EUR3.5 billion, which are rated Ba2, one notch above the Ba3 CFR
because of their ranking priority; (2) EUR550 million senior
secured notes due in 2025 and EUR770 million senior secured notes
due in 2026, which are also rated Ba2 because of their ranking
priority; and (3) unsecured notes due in 2024, equal to around
EUR1.1 billion, which are rated B2, two notches below the Ba3 CFR,
reflecting their subordinated ranking in the capital structure.

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

While unlikely at this juncture, positive pressure on the rating
may arise over time if (i) retained cash flow to debt is
consistently above 20%; (ii) Moody's-adjusted total debt to EBITDA
is sustained below 4x; and (iii) INEOS maintains good liquidity and
conservative financial policy.

Conversely, the ratings could come under downward pressure if (i)
Moody's-adjusted total debt to EBITDA keeps over 5x and retained
cash flow to debt below 15% for a prolonged period of time; (ii)
the group's liquidity profile weakens and (iii) INEOS adopts a more
aggressive financial policy reflected in recurring large dividends
and/or a material change in the company's relationship with the
wider INEOS group of companies.

PRINCIPAL METHODOLOGY

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

Ineos Group Holdings S.A. was established in 1998 via a management
buy-out of the former BP petrochemicals asset in Antwerp, which was
led by Mr. Ratcliffe, chairman of INEOS Group Holdings S.A. The
group has subsequently grown through a series of acquisitions and
at the end of 2005 acquired Innovene Inc., a 100% subsidiary of BP,
in a $9 billion buy-out, transforming INEOS into one of the world's
largest chemical companies (measured by turnover). In 2019, INEOS
reported consolidated revenues of EUR13.7 billion and EBITDA before
exceptional of EUR1.9 billion.

MATADOR BIDCO: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised Compania Espanola de Petroleos, S.A.'s
and Matador Bidco S.a.r.l's Outlooks to Stable from Positive, due
to economic disruption caused by the coronavirus outbreak. Fitch
has also affirmed the Long-Term Issuer Default Ratings of CEPSA at
'BBB-' and of Matador at 'BB'.

The revision of the Outlook reflects its expectation that CEPSA's
funds from operations net leverage will worsen to 2.5x in 2020, its
revised negative rating sensitivity, due to a more challenging
market environment caused by the pandemic, with forecast
deleveraging from 2021.

The collapse of cooperation between Russia and Saudi Arabia
resulted in significant additional oil supplies being brought to
the market, while country-wide lockdowns introduced in Europe,
North America and India are reducing demand for oil and oil
products. All this has put unprecedented pressure on oil prices and
Fitch also expects demand for fuels to be around 20% lower yoy in
2020 due to the outbreak.

The rating of CEPSA is supported by a diversified business profile
with operations in upstream, downstream, fuel marketing and
chemicals as well as a strong market position in the Iberian
Peninsula. The rating is constrained by its smaller size and less
diversified upstream and downstream divisions than some of its
peers, its meaningful exposure to the European downstream sector
and volatile refining margins. Fitch rates CEPSA on a standalone
basis but view the company's links with majority shareholder
Mubadala Development Company PJSC (Mubadala) as credit- positive.

Matador's 'BB' rating is derived by notching down from CEPSA's, in
line with Fitch's Investment Holding Companies Rating Criteria.

Compania Espanola de Petroleos, S.A.U (CEPSA)

  - LT IDR; BBB-; Affirmed

  - Senior unsecured; LT BBB-; Affirmed

CEPSA Finance, S.A.U.  

  - Senior unsecured; LT BBB-; Affirmed

Matador Bidco S.a.r.l

  - LT IDR; BB; Affirmed

  - Senior secured; LT BB; Affirmed

KEY RATING DRIVERS

Challenging Macro to Stress Results: Fitch expects CEPSA's EBITDA
to decrease 37% yoy in 2020 on the back of lower oil prices
(USD35/bbl according to its oil price deck) and a 20% decrease in
fuel demand due to the pandemic. As a result, Fitch forecasts FFO
net leverage to increase to 2.5x in 2020 from 2.2x in 2019. Fitch
believes CEPSA has strong liquidity and is also able to introduce
cash flow-protection measures similar to those announced by its
European peers to weather the downturn, but in light of rapidly
changing developments amid the crisis, risks to financial
performance remain on the downside in the near term.

Lower Demand due to Pandemic: The market for fuel in 2Q20 is highly
challenging. European refiners report a 50%-60% reduction in demand
at retail stations due to the limitations in movement of people and
closure of businesses aimed at curbing the spread of the
coronavirus and Fitch expects a similar level of decline to hit
CEPSA in its core domestic market. Some European, US and Indian
refiners have already announced reduction in capacity utilization
of 30% to 50%.

Recovery Expected in 2H20: Fitch forecasts deleveraging for CEPSA
from 2021, assuming a gradual recovery in demand from June 2020 and
no second wave of lockdowns. Improvement in demand, coupled with
low oil prices resulting in significant differentials between
various crude oil prices, should help more complex European
refiners defend margins in 2H20.

Growing Upstream Production in UAE: In 2018, CEPSA was awarded a
20% stake in 40-year Umm Lulu and SARB concessions in the UAE for a
participation fee of USD1.5 billion. As a result of the
transaction, CEPSA's 2P reserves significantly improved, and the
company's production (mainly oil production by fully consolidated
subsidiaries) should rise to around 88kboepd in 2024 from 58kboepd
in 2018 on net entitlement basis.

MENA-focused Upstream: CEPSA's upstream segment is focused on two
main regions: Algeria, which is forecast to account for 40% of the
company's net entitlement production in 2020; and Abu Dhabi
contributing 41% of 2020 production. The above-average country risk
of Algeria is somewhat offset by growing production in the UAE.
CEPSA's assets in the latter country are located in the vicinity of
Abu Dhabi, which is rated 'AA' by Fitch with Stable Outlook.

Major Spanish Downstream Player: CEPSA's two major oil refineries
have an average level of complexity with Nelson Complexity Index
(NCI) scores of 9.0 and 8.8 (European average of 9.2, according to
Eni's World Oil Review). However, they are favorably located in
southern Spain, enabling CEPSA to use different types of crude as
feedstock, and are in close proximity to markets with high fuel
import needs, such as Morocco and West Africa. CEPSA is also
well-diversified in retail and marketing, operating almost 1,800
petrol stations in Spain and Portugal.

Strong Position in Petrochemicals: CEPSA has a strong
petrochemicals segment. It is a global leader in linear alkyl
benzene (LAB; used for the production of household and industrial
detergents), the second-largest producer globally of phenol
(primarily used to synthesize plastic) and a large producer of
solvents. CEPSA's diversification into petrochemicals provides
stability to cash flows, but is also important in the context of
oil gradually becoming less important in the global energy mix over
the long term. CEPSA's strategy calls for a higher focus on
petrochemicals over the long term.

Strategy Maintained under New Shareholder: Mubadala agreed in 2019
to sell up to 40% in CEPSA to The Carlyle Group. CEPSA's strategy
and financial policy have not changed following the transaction.
Fitch believes that the introduction of a strong minority investor
is neutral for the rating.

Rating on Standalone Basis: Fitch rates CEPSA on a standalone
basis. Fitch views legal, operational and strategic links between
CEPSA and Mubadala, its majority shareholder, as insufficient to
warrant an uplift for CEPSA's rating. At the same time, Fitch
believes Mubadala will continue to be involved in the company's
strategic direction, and view this as credit-positive. Mubadala has
a record of supporting its investments, and CEPSA's admission to
the Abu Dhabi concession despite its small scale is a good
example.

Holdco Debt: The USD625 million term loan B (TLB) at Matador had
been used to partially fund the price agreed when The Carlyle Group
purchased a 30% stake in CEPSA in 2019. Carlyle has since increased
its stake in CEPSA to 38.5% from 30%, while the TLB has been
upsized by USD200 million in 2020 (the increase will be used in
2020 to fund the deferred purchase price). While the debt at
Matador is small compared with the scale of CEPSA's cash flow
generation, its repayment is contingent on the continuous dividend
payments by CEPSA, which somewhat reduces the latter's financial
flexibility.

Matador's Rating Notched Down from CEPSA's: Fitch applied its
Investment Holding Companies Rating Criteria to assess Matador.
Matador's IDR of 'BB' has been derived by notching down twice from
CEPSA's rating to reflect the structural subordination and higher
leverage at the holdco. CEPSA's FFO gross leverage of 2.5x compares
with Matador's proportional holdco FFO gross leverage of 4.1x, the
latter slightly exceeding its negative rating sensitivity of 4.0x.
This additional leverage results in a further notch down versus
CEPSA opco's rating. Fitch expects Matador's proportional holdco
FFO gross leverage to decrease to below 4.0x up to until 2022. The
Outlook revision on Matador's IDR to Stable mirrors that on CEPSA.

DERIVATION SUMMARY

CEPSA's closest EMEA downstream peers are MOL Hungarian Oil and Gas
Company (MOL, BBB-/Stable) and Polski Koncern Naftowy ORLEN S.A.
(PKN ORLEN, BBB-/Stable).

MOL's upstream output in 2019 of 102kboe/d was higher than CEPSA's
of 77kboe/d, but CEPSA has a slightly larger refining capacity of
457kbbl/d than MOL (417kbbl/d). CEPSA and MOL reported EBITDA of
EUR2.1 billion in 2019. While MOL is yet to publish its annual
report for 2019, Fitch estimates both companies have similar 2P oil
and gas reserves following MOL's acquisition of a 9.57% stake in
Azeri-Chirag-Gunashli field from Chevron in 2019.

PKN ORLEN's 689kboe/d refining capacity is larger than CEPSA's. PKN
ORLEN lags in upstream output (18kboe/d), which is offset by larger
and more profitable petrochemical and retail operations. PKN ORLEN
also reported EBITDA of EUR2.1 billion in 2019.

KEY ASSUMPTIONS

  - Fitch oil price deck of USD35/bbl in 2020, USD45/bbl in 2021,
USD53/bbl in 2022, and USD55/bbl thereafter.

  - Downstream volume down by around 20% yoy in 2020, and by around
5% in 2021 compared with 2019.

  - Revenue falls on volume loss and lower oil prices.

  - Capex and dividend in line with management guidance.

RATING SENSITIVITIES

CEPSA

Fitch has tightened leverage sensitivities for CEPSA to reflect the
application of Fitch's new lease treatment approach following
IFRS16 introduction as well as calibration with peers

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

  - FFO net leverage consistently below 1.5x

  - Consistently positive free cash flow (FCF; after dividends)
through the cycle

  - Successful ramp-up of production in Abu Dhabi

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

  - FFO net leverage consistently above 2.5x

  - Consistently negative FCF after dividends

  - Oil and gas production falling consistently below 60kbpd

Matador:

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

  - Positive rating action on CEPSA opco

  - Sustained decline in FFO gross proportional leverage to below
2.5x

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

  - Negative rating action on CEPSA opco

  - Sustained increase in FFO gross proportional leverage to above
4.0x

  - Revision of the financial policy by CEPSA resulting in a drop
in dividends to holdco, leading to less than 2.0x debt service
coverage ratio or use of the debt service reserve account

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

Comfortable Liquidity: CEPSA's overall liquidity position is solid.
At end-2019, it had readily available cash of EUR561 million, and
availability under the company's committed facilities of EUR2.5
billion comfortably covered Fitch-adjusted short-term debt of
EUR448 million (includes EUR314 million of factoring). Fitch
forecasts positive pre-dividend FCF generation in 2020. Debt
maturities are evenly balanced.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Matador's rating is notched down from CEPSA's.

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).



===================
M O N T E N E G R O
===================

OBOD: Eviana Leases Premises in Cetinje to Launch CBD Facility
--------------------------------------------------------------
SeeNews reports that Canadian healthcare products maker Eviana
Health Corporation has leased the premises of Montenegro's
insolvent household appliance manufacturer Obod in Cetinje where it
plans to launch a cannabidiol (CBD) extraction facility, city mayor
Aleksandar Kascelan said.

Mr. Kascelan said in a statement on April 9 the 30-year lease
agreement for Obod's assets took effect after a consortium led by
Eviana and including Montenegrin companies Montenegro Bio Science
and Ramel fulfilled all legal obligations, SeeNews relates.

In January, the Cetinje city government said a consortium led by
Eviana plans to invest EUR10 million (US$10.9 million) in a
facility for CBD extraction, SeeNews recounts.  The consortium had
placed the best bid in a tender for the lease of Obod's assets and
intends to launch CBD extraction activities at its production site,
the Cetinje city government said back then, SeeNews notes.





===============
P O R T U G A L
===============

BANCO COMERCIAL: S&P Alters Outlook to Stable & Affirms 'BB/B' ICR
------------------------------------------------------------------
S&P Global Ratings revised to stable from positive its outlook on
Banco Comercial Portugues S.A. (BCP) and affirmed its 'BB/B' long-
and short-term issuer credit ratings on the bank.

At the same time, S&P affirmed its 'BBB-/A-3' long- and short-term
resolution counterparty ratings on BCP, as well as all our issue
ratings.

S&P said, "The outlook revision reflects the sharp economic
contraction we now anticipate for 2020 in all the countries where
BCP runs material operations, as well as the significant rising
downside risks attached to the spread of the COVID-19 pandemic
globally. The economic recession will hamper BCP's efforts to clean
up its balance sheet, and will weigh on its earnings. In this
context, we see a limited probability that we could raise our
long-term rating on BCP over the next 12 months."

Economic risks to Portugal--which represents 68% of BCP's loan
book--from COVID-19 are considerable, not only for the protracted
country lockdown but also because over one-fifth of the country's
foreign earnings (and around 8% of gross value added) come from
tourism. In our view, this crisis will take a significant toll on
the tourism sector. The Portuguese government has announced support
measures totaling EUR13 billion (or about 6% of GDP) so far,
including tax deferrals and cuts, subsidies to salaries,
state-backed credit guarantees, and reductions to social security
contributions. In addition, it has approved a EUR20 billion
six-month moratorium on loan payments, covering both capital and
interest, for first-residence mortgages and SMEs and other
corporate loans, subject to certain validations. These measures
should help contain the downside to more manageable levels and
should also support the rebound of the economy we anticipate from
the second half of 2020.

Although, to a lesser extent, BCP is also subject to the economic
deterioration of Poland, where it owns a 50.1% stake in Bank
Millennium and which represents a further 30% of BCP's loan book.
S&P anticipates that the Polish economy will suffer less than the
Portuguese one, but also enter into recession this year. In this
respect, S&P also notes that BCP's plans to expand its consumer
loan book in Poland, following the full integration of Eurobank in
2019, are unlikely to materialize this year.

S&P said, "Before the pandemic, we were projecting BCP's return on
equity at 6%-7% this year and next, with its NPE ratio declining to
below 6% and its risk-adjusted capital (RAC) ratio improving to
6.50%-6.75%. Under the current economic contraction, and despite
the significant uncertainty around the length of the pandemic, we
now assume that BCP's return on equity will decline to 2%-4% this
year and next, reflecting compressed earnings and higher
provisioning needs. We also anticipate that its NPE ratio could
deteriorate to 7%-9%, and its RAC ratio fall to 5.50%-5.75%. Our
lower RAC projection reflects our belief that BCP will remain
profit-making, despite increasing credit losses and pressured
revenues, while volumes will continue growing.

"At the same time, we believe that BCP will prove able to defend
its solid retail franchise in the concentrated Portuguese banking
system, where it holds market shares of about 17.5% in loans and
deposits, and to preserve its better-than-peers' efficiency,
despite some deterioration on the back of compressed earnings. In
particular, we project its cost to income ratio will stand at about
55% over the next 12 months, compared to about 65% average for its
peer group. We also expect that BCP will be able to preserve its
retail deposits base, which represented 86% of its funding base at
end-2019, and its rebalanced funding profile.

"The stable outlook on BCP reflects our expectation that there will
be a sharp economic contraction in 2020 associated with COVID-19,
which will see BCP's return on equity drop to low single digits
over the next 12 months, as well as reverse its previously
improving asset quality--with its NPE ratio likely to increase
above 7%. At the same time, our stable outlook assumes that there
will be an economic rebound starting from second-half 2020 and
throughout 2021; this, together with the authorities' support
measures, should allow BCP to gradually return to its previously
improving trend in terms of domestic profitability and credit
quality. In this context, and despite current headwinds, we believe
that BCP will prove able to defend its solid retail franchise in
Portugal, its better-than-peers' efficiency and its balanced
funding profile.

"We could lower the ratings if we observed a further and more
severe deterioration in economic and operating conditions than we
currently anticipate, which could see BCP experience operating
losses and ultimately impair its capital position. We could also
lower the ratings if BCP's loan performance deteriorates
meaningfully, or if litigation risks in Poland turned out to be
worse than we expect, significantly hitting BCP's consolidated
capital position.

"Although unlikely in the current economy, we could raise our
ratings if BCP proves able to strengthen significantly the
performance of its domestic profitability without increasing its
risk appetite."

HAITONG BANK: S&P Alters Outlook to Negative & Affirms 'BB' LT ICR
------------------------------------------------------------------
S&P Global Ratings revised the outlook on Portugal-based Haitong
Bank S.A. to negative from stable. S&P affirmed its 'BB/B' long-
and short-term issuer credit ratings.

S&P said, "The outlook revision to negative reflects our view that,
amid the emerging economic downturn associated with the COVID-19
pandemic, Haitong Bank will have to navigate through a much tougher
operating environment than previously anticipated. As a result, its
business and financial profile will likely be under pressure. As
the pandemic might last longer and be more widespread than we
currently envisage, Haitong Bank's profits, asset quality, and
capitalization could deteriorate beyond our expectations."

Having achieved a thorough business restructuring and cost-cutting
process over the past two years, Haitong Bank's business priority
in recent months has been to reduce its efficiency gap against the
industry and sustainably improve profitability. On this front,
Haitong Bank was targeting higher business growth, which would
improve efficiency from 67% in 2019 and return on equity to above
mid-single digits. S&P now believes that these targets will be
increasingly tested, and could ultimately hurt the bank's operating
returns.

S&P anticipates that Haitong Bank will incur higher-than-expected
credit losses, and that its inherently volatile earnings profile
will suffer from delays in business origination and market
volatility. S&P expects the bank to score small losses in 2020 and
some very modest earning generation in 2021, owing to:

-- Slowdown of activity across all regions, which will constrain
operating income, even if China benefits from an earlier recovery;

-- Heightened market volatility that will continue weighing on
trading income and fees and commissions from customer services;

-- Still-inefficient structure (cost-to-income of 73%-75%); and

-- Higher-than-previously-expected impairment charges (7.5%-5.6%
of total average loans) through 2020-2021.

S&P said, "The weak bottom-line results might also negatively
affect Haitong Bank's capital position, in our view. We expect our
risk-adjusted capital (RAC) ratio to decline to 11%-12%, from
13.56% at end-2018, pro forma the upgrade of Portugal and our
assessment of improved economic risks in Poland. In our
assumptions, we also exclude any dividend payout and further
additional capital injections from the parent."

Haitong Bank's asset quality metrics improved significantly over
2019, thanks to organic efforts and the carve-out of its Irish
subsidiary, which was completed in December 2019. As a result, the
bank's nonperforming loan (NPL) ratio improved to 3.6% at end-2019,
compared with 26% a year before.

S&P said, "That said, we expect the current economic uncertainty
and reduction of economic activity to cause some credit
deterioration in the loan, bond, and derivative portfolios. The
bank's exposure to transportation, real estate and construction
sectors, which we consider higher-risk segments owing to the
COVID-19 outbreak, stood at 11% of its total exposure at end-2019."
This, coupled with Haitong Bank's high single-name concentration
and significant exposure to noninvestment-grade corporates and
highly leveraged Chinese corporates, heightens the risk of a
material increase of problematic exposures and impairment losses,
in the event of a longer- and deeper-than-expected downturn.

S&P said, "Our concerns are partly mitigated by Haitong Bank's
strategic importance to its parent. Our rating analysis therefore
incorporates the likelihood of receiving extraordinary parent
support; our ratings on Haitong Bank receive three notches of
uplift above the stand-alone credit profile (SACP). Additionally,
our assessment of Haitong Bank's stand-alone creditworthiness also
factors in financial support--in the form of funding guarantees and
capital--that the parent has already provided. The bank has
benefited from capital support of about EUR950 million, including
the acquisition in 2015. Funding support is in the form of parent
guarantees of EUR650 million on a loan provided by a syndicate of
Chinese banks. This parental reliance has been critical, given that
other funding sources could be less readily available or might be
unaffordable.

"The negative outlook reflects the probability of a downgrade in
the next 12-18 months if we anticipate an increasing deterioration
of the bank's business or risk profile amid the current global
economic downturn caused by COVID-19.

"We could lower our ratings if the bank's operating performance
suffered significantly and more than anticipated, from loss of
business or heightened market volatility, or if its exposure to
riskier asset classes increased substantially, resulting in much
higher impairment losses. It could also occur if our projected RAC
ratio fell below 10% or if the parent's future commitment was
called into question.

"We could revise the outlook to stable if the bank improved its
operating profitability sustainably, generating recurring and
stable revenues and preserving its capitalization."




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

SANTANDER CONSUMO 3: Moody's Rates EUR51MM Class E Notes 'B1'
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the debts issued by Fondo De Titulizacion Santander
Consumo 3:

EUR1705M Class A Notes due December 2031, Definitive Rating
Assigned Aa2 (sf)

EUR122M Class B Notes due December 2031, Definitive Rating Assigned
Baa1 (sf)

EUR81M Class C Notes due December 2031, Definitive Rating Assigned
Ba1 (sf)

EUR41M Class D Notes due December 2031, Definitive Rating Assigned
Ba2 (sf)

EUR51M Class E Notes due December 2031, Definitive Rating Assigned
B1 (sf)

Moody's has not assigned any rating to the EUR30M Class F Fixed
Rate Notes due December 2031.

RATINGS RATIONALE

FT Santander Consumo 3 is a 12-month revolving securitisation of
consumer loans granted by Banco Santander S.A. (Spain), (A2/P-1
Bank Deposits; A3(cr)/P-2(cr)), to private obligors in Spain.
Santander is acting as originator and servicer of the loans while
Santander de Titulizacion S.G.F.T., S.A. (NR) is the Management
Company ("Gestora").

As of March 31, 2020, the portfolio is composed of 226,148 consumer
loans granted to private obligors located in Spain, 98.5% of the
loans are paying fixed rate. The weighted average seasoning of the
portfolio is 1.6 years and its weighted average remaining term is
5.1 years. Around 52.5% of the outstanding portfolio are loans
without specific loan purpose and 22.3% are loans to finance small
consumer expenditures. Geographically, the pool is concentrated
mostly in Madrid (19.9%), Andalucía (16.9%) and Catalonia (10.9%).
The portfolio, as of its pool cut-off date, did not include any
loan in arrears.

Moody's analysis focused, amongst other factors, on, (i) an
evaluation of the underlying portfolio of loans at closing and
incremental risk due to loans being added during the revolving
period; (ii) the historical performance information of the total
book and past ABS transactions; (iii) the credit enhancement
provided by the subordination, the excess spread and the cash
reserve; (iv) the liquidity support available in the transaction,
by way of principal to pay interest, and the cash reserve and (v)
the overall legal and structural integrity of the transaction.

According to Moody's, the transaction benefits from several credit
strengths such as the granularity of the portfolio, securitisation
experience of Santander and the significant excess spread. However,
Moody's notes that the transaction features a number of credit
weaknesses, such as a complex structure including interest deferral
triggers for junior notes, pro-rata payments on all classes of
notes from the first payment date and the relatively high linkage
to Santander representing the originator, servicer and paying
agent. Moody's also took into account the performance of other
consumer loan ABS in Spain and the positive selection of consumer
loans in this portfolio not being originated through brokers. These
characteristics, amongst others, were considered in Moody's
analysis and ratings.

Hedging: As the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the Notes
would not be offset with higher collections from the pool. The
transaction therefore benefits from an interest rate swap, linked
to Three-month EURIBOR, with Santander (A2/P-1 Bank Deposits;
A3(cr)/P-2(cr)) as swap counterparty.

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

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
4.25%, expected recoveries of 15.00% and Aa1 portfolio credit
enhancement of 17.00% related to borrower receivables. The expected
defaults and recoveries capture its expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of a
severe recession scenario. Expected defaults and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Consumer ABS.

Portfolio expected defaults of 4.25% are lower than the Spanish
Consumer Loan ABS average and are based on Moody's assessment of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
higher quality products i.e. pre-approved loans being originated
through Santander branches directly instead of through brokers,
(iii) benchmark transactions, and (iv) other qualitative
considerations.

Portfolio expected recoveries of 15.00% are in line with the
Spanish Consumer Loan ABS average and are based on Moody's
assessment of the lifetime expectation for the pool taking into
account (i) historic performance of the loan book of the
originator, (ii) benchmark transactions, and (iii) other
qualitative considerations.

PCE of 17.00% is lower than the Spanish Consumer Loan ABS average
and is based on Moody's assessment of the pool taking into account
the relative ranking to originator peers in the Spanish consumer
loan market. The PCE of 17.00% results in an implied coefficient of
variation ("CoV") of 55.39%.

METHODOLOGY

The principal methodology used in these ratings was 'Moody's
Approach to Rating Consumer Loan-Backed ABS' published in March
2019.

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

Factors that may cause an upgrade of the ratings include (i) a
significantly better than expected performance of the pool, (ii) an
increase in credit enhancement of the notes or (iii) an upgrade of
Spain's local country currency (LCC) rating.

Factors that may cause a downgrade of the ratings include (i) a
decline in the overall performance of the pool, (ii) the
deterioration of the credit quality of Santander or (iii) a
downgrade of Spain's local country currency (LCC) rating.



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

VOLVO CAR: S&P Alters Outlook to Stable & Affirms 'BB+' Rating
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Volvo Car AB to stable
from positive and affirmed its 'BB+' rating.

Volvo's performance will take a significant hit in 2020 due to
lower global light-vehicle sales volumes.   S&P said, "We revised
our global light vehicles sales projections on March 24, 2020, and
now expect a 15% decline in 2020 to less than 80 million units from
90.3 million in 2019, followed by a recovery in the 6%-7% range in
2021. Based on our revised scenario, we assume Volvo's revenues
will decline by 15%-20% this year and the adjusted EBITDA margin
will decrease by 300 basis points (bps) to 400 bps from a solid
8.1% in 2019, leading to materially lower cash flow."

Free operating cash flow (FOCF) will likely be negative, resulting
in debt build up.   Lower sales volumes, the current production
standstill in Europe and the U.S., and a highly uncertain demand
situation for the rest of the year will severely hamper Volvo Car's
cash flow profile in 2020. S&P said, "Since we assume the company
might find it difficult to rapidly cut back on investments, we
expect FOCF to plummet and turn negative by Swedish krona (SEK) 7
billion-SEK11 billion for the year, a major shift from the strong
SEK11.3 billion of positive FOCF delivered in 2019. For this
forecast, we also assume working capital outflow of SEK5
billion-SEK10 billion, which is however difficult to predict. We
assume only gradually lower capital expenditure (capex), including
our adjustments, of SEK12 billion-SEK14 billion. Our current
base-case scenario does not factor in any specific government
support that could offset some of Volvo Car's fixed cash costs if
the production standstill is extended. We believe this implies that
Volvo's debt will increase to SEK10 billion-SEK15 billion during
2020 from zero at year-end 2019."

Production in China has resumed, somewhat offsetting the pressure
on credit ratios.   Volvo Car's plants in China were closed for
about five weeks, longer than the planned stop for Chinese new
year. In March, however the plants were reopened and S&P
understands from management that production levels are almost back
to normal. China is one of the most important markets for Volvo Car
because 22% of its cars were sold there last year. This will
somewhat reduce the weight on ratios.

Volvo has a large liquidity cushion, but the potential costs of the
production shutdown and economic recession are considerable.  
Volvo Car has about SEK55.5 billion in cash and marketable
securities in addition to an undrawn SEK13 billion corporate credit
facility. Although S&P foresees negative cash flow, it expects this
substantial liquidity position will help the company withstand the
anticipated decline in global auto sales and economic depression
due to COVID-19. Still, the stress of having most of its plants
shut down differs from that of a conventional recessionary
downturn, even a severe one. In a conventional recessionary
downturn, although sales may be falling, automakers are still
selling vehicles and covering fixed costs to varying degrees. Volvo
Car's ability to offset a portion of its fixed costs has now
deteriorated sharply. Consequently, the rate of cash burn, even for
a few months, could be faster than that occurring during a typical
recession.

S&P said, "We understand Volvo Car and Geely Auto are still in
merger talks, though the timing remains uncertain.   We continue to
believe that Volvo Car's credit profile would benefit from the full
integration of its operations with Geely Auto, and we would likely
equalize our rating on Volvo Cars with that on Geely if the merger
materializes. At this stage, however, we still assess Volvo as
highly strategic to the Geely group."

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 S&P is 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. Even a shorter extension of the COVID-19
situation beyond our base case, implying lower volumes of cars sold
and continued weakening of credit metric, could lead Volvo Car's
stand-alone credit profile to deteriorate to 'bb' in the near
term.

S&P said, "The stable outlook reflects our view that Volvo Car can
withstand the expected drop in global auto demand in 2020. In our
revised base case for 2020, we observe rapidly weakening credit
metrics, with FFO to debt approaching 70% and adjusted debt to
EBITDA increasing to 1.0x-1.5x, but the decline is from strong
levels at year-end 2019. We expect a material decline of the
adjusted EBITDA margin to 4%-5% and of cash flow generation, before
a recovery in 2021. We expect Volvo's liquidity to remain strong.
However, even a short extension of the COVID-19 situation beyond
our base case, implying lower volumes of cars sold and continued
weakening of credit metrics, could lead Volvo Car's stand-alone
credit profile to deteriorate to 'bb'.

"We could lower our rating on Volvo Car by one notch to 'BB' if
Geely were downgraded to 'BB+', and at the same time we believe the
merger with Geely Auto is less likely to happen and Volvo Car's
credit ratios weaken more than we currently anticipate.

"We would consider revising our assessment of Volvo Car's
stand-alone credit profile to 'bb' if profitability does not
recover strongly from 2020 levels or if FFO to debt stays below 60%
for a long period. This could be the case if plant shutdowns
continue for longer than expected, or a global economic recession
leads to continued negative cash flow, eroding liquidity and
pushing up debt leverage.

"We could consider an upgrade of Volvo Car if we affirmed our
'BBB-' rating on Geely and the companies execute the merger plan."




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

KONGSBERG AUTOMOTIVE: S&P Lowers Rating to B- On Liquidity Concerns
-------------------------------------------------------------------
S&P Global Ratings lowered its rating on Kongsberg Automotive to
'B-' from 'B', and rated on the company's senior secured debt to
'B' from 'B+', and left them on CreditWatch with negative
implications.

Weaker market conditions will further weigh on profitability and
credit metrics in 2020.  S&P said, "On March 23, we further lowered
our forecasts for global light vehicle sales due to the coronavirus
pandemic escalation, and now project global sales will decline by
almost 15% in 2020 compared with our previous expectation of a
3%-4% decline. We expect automotive production rates to decline in
a similar pattern. We therefore expect Kongsberg's sales will
decline by significantly more than 10% in 2020 and that the company
will not achieve an S&P Global Ratings'-adjusted EBITDA margin of
8%-9% in 2020, which we expected for the current rating. Under this
harsh global backdrop, we estimate Kongsberg's EBITDA could decline
by more than one-third in 2020 and that the S&P Global Ratings'
adjusted EBITDA margin will decrease to much less than 7% from 9.6%
in 2019. Furthermore, we expect the company's adjusted funds from
operations (FFO) to debt will reduce to less than 10% in 2020 from
a relatively solid 18.8% in 2019."

Pressure on liquidity is increasing because of lower cash
generation and limited liquidity resources.  S&P said, "We are
revising our liquidity assessment to weak from less than adequate
because we project significantly lower cash generation over the
next 12 months. Kongsberg ended 2019 with a cash position of
EUR25.2 million. We understand that the company needs EUR15
million-EUR20 million cash to run its operations, since a high
proportion of the cash balance is outside jurisdictions covered by
its cash pooling agreements; therefore repatriation of cash could
take a while to execute. The company recently increased its RCF by
EUR20 million to EUR70 million. At year-end, Kongsberg had drawn
about EUR10 million under its RCF. The RCF is subject to a
springing covenant, which stipulates that net leverage needs to
remain below 3.5x to allow drawings of more than EUR28 million
(following the size increase to EUR70 million). We expect the
company would need to negotiate a covenant reset to allow full
drawings under the RCF. With the release of its full-year results,
about a month ago, Kongsberg forecast a cash burn of about EUR23
million for the first quarter."

Kongsberg has announced a number of measures to manage its
stretched liquidity situation.  S&P said, "In the light of the
current situation, we anticipate a significantly higher cash burn
in the second quarter. Kongsberg's management now expects liquidity
needs ranging between EUR90 million and EUR150 million, including
already implemented cost-cutting measures, depending on the
duration of the lockdown (ranging from six weeks to three and a
half months). As a result, we believe the company is highly
dependent on its committed credit facilities and needs to arrange
additional liquidity sources to withstand the negative impact from
the COVID-19 pandemic. We expect that in the short term the company
would benefit from working capital inflows and could scale back or
delay some of its capital expenditures (EUR50 million-EUR60 million
annually) to safeguard liquidity. Kongsberg also intends to raise
capital of about EUR100 million through a mix of convertible bonds
and shares. The company expects to complete this capital increase
in late April or the beginning of May. Although this could provide
significant relief to its stretched liquidity situation, we believe
it remains subject to execution risks." Kongsberg has also
mentioned the potential for issuance of a EUR20 million
asset-backed loan, an additional EUR10 million increase of the RCF,
and government support of EUR10 million to EUR15 million.

S&P said, "We expect to resolve the CreditWatch within the next
three months once we assess Kongsberg's financing plans and actions
to address this significant industry downturn. We acknowledge 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.

"We could lower the rating if Kongsberg's cash balance declines
materially from current levels, due for example to less effective
cash preservation measures; if the company is unable to gather
additional liquidity; or if we forecast a covenant breach at the
end of its second quarter of 2020.

"We could affirm or raise the rating if the company is able to
outperform our base-case assumptions and at the same time ensure
that its expected liquidity needs are well covered for the next 12
months."


VAT GROUP: 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 rating on VAT Group AG.

S&P said, "The rating action reflects our view that the weak global
macroeconomic conditions sparked by the COVID-19 pandemic could
meaningfully dent demand for VAT Group's products over the
near-to-medium term.   In our updated base case, we expect VAT
Group's credit metrics to decline further in 2020, albeit from very
solid levels. In 2019, the company reported adjusted FFO to debt of
about 66.5% and an EBITDA margin of 27.4%, having been particularly
hit by a gloomy trading environment, mainly spurred by low capital
expenditure (capex) in the semiconductor industry. S&P Global
Ratings now expects global GDP growth of only about 0.4% in 2020.
The likely recessionary environment will delay any recovery for the
semiconductor industry, which is the largest end market for VAT
Group. Hence, we expect demand to drop significantly in 2020, which
in turn will affect margins. We now expect adjusted EBITDA margin
to narrow to 22%-24% in 2020, from 27.4% in 2019. However, we
positively acknowledge that VAT Group benefits from a flexible cost
structure and that management is proactively working on defensive
strategies to preserve margins and cash flow. Nevertheless, the
currently proposed Swiss franc (CHF) 120 million dividend to be
paid in second-quarter 2020 on 2019 profits will dent VAT Group's
solid balance sheet. As a result of lower earnings and negative
discretionary cash flows, we forecast the group's adjusted FFO to
debt will decline to 30%-35% for 2020 from 66.5% in 2019."

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, "Despite weaker operating performance, we expect FOCF
will remain positive in 2020.   VAT Group's high exposure to the
inherently volatile semiconductor and display industries, leads to
revenue and profit margin volatility. We see management's efforts
toward improving working capital management and scaling back capex
as positive, which will support cash-flow generation in 2020. We
foresee capex of CHF10 million–CHF15 million in 2020, roughly in
line with 2019 levels. Despite pressured earnings performance, we
believe the company will generate positive FOCF of about CHF50
million in 2020, compared with CHF135 million in 2019."

Liquidity remains adequate, supported by access to the committed
credit facility and no immediate debt maturities.   S&P doesn't
forecast any impending liquidity-related risks for VAT Group at
this time. Liquidity is supported by access to a largely unused
$300 million revolving credit facility (RCF), maturing in 2023 and
cash and cash equivalents at year-end 2019 of CHF110 million.
Additionally, the company does not have any significant upcoming
maturities until Sept. 2023. However, in the event of a prolonged
lockdown of economies, S&P could see a scenario where liquidity
tightens, partly spurred by the proposed CHF120 million dividend.
The RCF has a net senior debt to EBITDA maintenance covenant. In
S&P's base case, VAT Group currently has significant headroom under
the covenant in 2020.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

The negative outlook reflects the risk that VAT Group's credit
ratios could materially weaken due to clients' order postponements
and increasing government efforts to contain COVID-19, resulting in
economic lock downs, over second-quarter 2020.

S&P could downgrade VAT Group if leverage metrics materially
deteriorate, including adjusted FFO to debt falling below 30% in
2020, with no prospects of short-term recovery.

Additionally, although not expected, any material liquidity
tightening following the proposed dividend payment or materially
weaker-than-expected covenant headroom due to a prolonged lockdown
of market activities, could result in a downgrade.

S&P would revise the outlook to stable if management's measures to
reduce the impact of COVID-19 result in FFO to debt above 40%,
coupled with FOCF of about CHF100 million.




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

ATOTECH UK: Moody's Cuts CFR to B3 & Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has downgraded Atotech UK Topco Ltd's
Corporate Family Rating to B3 from B2 and its Probability of
Default Rating to B3-PD from B2-PD. Concurrently Moody's has
downgraded the ratings of the $1.6 billion equivalent senior
secured term loans due in 2024 and the $250 million revolving
credit facility due in 2022, all co-borrowed by Alpha 3 B.V. and
Alpha US Bidco, Inc, to B2 from B1 and downgraded the rating of the
$425 million senior unsecured notes due 2025, co-issued by Alpha 2
B.V. and Alpha US Bidco, Inc, to Caa2 from Caa1.

The rating agency has also downgraded the rating of the $300
million PIK toggle notes due in 2023 issued by Alpha 2 B.V., a 100%
subsidiary of Atotech UK Topco Ltd and parent company of Alpha 3
B.V., to Caa2 from Caa1.

The outlook on all ratings was changed to stable from negative.

Downgrades:

Issuer: Atotech UK Topco Ltd

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Corporate Family Rating, Downgraded to B3 from B2

Issuer: Alpha 2 B.V.

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from
Caa1

Issuer: Alpha 3 B.V.

Senior Secured Term Loan, Downgraded to B2 from B1

Senior Secured Revolving Credit Facility, Downgraded to B2 from B1

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from
Caa1

Outlook Actions:

Issuer: Atotech UK Topco Ltd

Outlook, Changed To Stable From Negative

Issuer: Alpha 2 B.V.

Outlook, Changed To Stable From Negative

Issuer: Alpha 3 B.V.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Its ratings downgrade reflects Moody's expectation that Atotech's
operating performance in 2020 will suffer materially from the
severe downturn of its key end markets particularly the automotive
industry which in parts of the world has temporarily stopped
production owing to the widening spread of the coronavirus
outbreak. Moody's expects that Atotech will reduce its capital
investments in 2020 and utilise general government support programs
such as the German short-time working scheme which enables
companies to stop paying employees without having to lay them off
in order to protect the company's cash flow generation and overall
financial resources.

While the financial projections for Atotech for 2020 are highly
uncertain at the moment, Moody's estimates that revenue and EBITDA
generation could fall by 20% or more compared to 2019. Accordingly,
Moody's expect that Atotech's Moody's adjusted debt to EBITDA
metric will rise to around 9x in 2020 from 7.0x in 2019. However,
despite such a severe deterioration, Moody's does not expect
Atotech to suffer from material negative free cash flow generation
owing to its high profit margins and the expected protective
measures. Atotech has a good liquidity profile which should ensure
that the company will not suffer from any liquidity shortfalls even
in a more severe downturn scenario. In addition, the company's
exposure to China, which had a negative impact on its Q1 2020
operating performance, provides some stability going into Q2 2020
as production levels are gradually getting back to pre-crisis
levels.

Nevertheless, Atotech was already weakly positioned in the B2
rating at the end of 2019 owing to the $500 million dividend
recapitalisation in 2018 and soft operating performance in H1 2019
despite some recovery in H2 2019. Based on Moody's macroeconomic
baseline expectation of a recovery of global economic activity in
H2 2020, which should also translate into improving activity in
Atotech's key end markets such as consumer electronics and
automotive, Moody's expects the company to improve operating
performance in 2021-22 with EBITDA generation recovering to the
2018-19 levels. The rating agency currently projects that the
Moody's adjusted debt to EBITDA metric will fall to less than 8x in
2021 and less than 7x in 2022 thereby preventing further negative
rating pressure.

Atotech's B3 CFR continues to reflect the company's (1) leading
position in the niche plating chemicals market; (2) high barriers
to entry due to its well invested production base, certification
required to be an approved supplier for mission critical products,
history of collaboration with top Original Equipment Manufacturers
(OEMs) and its portfolio of over 2,000 patents; (3) strong
reputation with customers, which benefits from their focus on
quality and technical competence as well as innovation and R&D; and
(4) high reported EBITDA margins in the high twenties percent,
reflective of its large focus on the most value added segments of
its markets.

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 chemical
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Atotech's credit profile, have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Atotech 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.
Its action reflects the impact on Atotech of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

LIQUIDITY

Atotech has a good liquidity position supported by a large $303
million cash balance at the end of December 2019[1], albeit about
$50 million was trapped in China, and a $250 million revolving
credit facility (RCF) due 2022. Despite the projected decline in
revenues and earnings and assuming a cash payment of the PIK notes
interests of around $30 million, Moody's expects no negative free
cash flow (FCF) in 2020-21, which further supports the company's
liquidity profile.

The company's debt maturity profile is also favourable. The first
debt instrument to mature is the PIK toggle due in 2023, then the
senior secured term loan maturing in 2024 and the senior notes due
in 2025.

STRUCTURAL CONSIDERATIONS

Moody's assumes a group recovery of 50%, resulting in a PDR of
B3-PD, in line with the CFR, as is typical of capital structures
consisting of a mix of secured and unsecured debt. The B2 rating on
the $1.6 billion secured term loans, one notch above the CFR,
reflects that there is $425 million of unsecured debt, rated Caa2,
ranking below it in the capital structure. The term loans are
guaranteed by a substantial number of subsidiaries of the group and
secured on a first priority basis by a material amount of assets
owned by the group, excluding those in China. The Term loans have
guarantees from entities that represent 47% of EBITDA and 22% of
assets. The Caa2 rating on the unsecured notes, two notches below
the CFR, reflects the substantial amount of secured debt in the
structure.

The Caa2 rating assigned to the PIK toggle notes reflects its
junior status, being structurally and contractually subordinated to
the senior secured term facilities and senior unsecured notes.
However, Moody's believes that the recovery rate in a liquidation
scenario would be low for both senior unsecured notes and PIK notes
and does not justify a notching difference between the two
instruments.

RATING OUTLOOK

Atotech's stable outlook reflects the good liquidity position and
Moody's expectations that the company's Moody's adjusted leverage
will reduce to a level below 8x in 2021 after projected more
elevated leverage in 2020. Atotech's strong product portfolio, high
EBITDA margins and cash flow generation should enable the company
to recover in line with the forecasted recovery of its key end
markets.

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

The ratings could be upgraded if (1) Moody's adjusted debt/EBITDA
falls sustainable below 7.0x; (2) retained cash flow/debt increases
above 5%, both on a sustained basis; (3) Moody's adjusted EBITDA
margins remains in the high 20s in terms of percentage and (3)
liquidity position remains strong.

Conversely, the ratings could be downgraded if (1) the company
Moody's adjusted debt/EBITDA remains elevated throughout 2021; (2)
and liquidity significantly deteriorates.

COMPANY PROFILE

Atotech UK Topco Ltd (Atotech) is the global leader in specialty
electroplating chemicals. Electroplating is coating a material with
a thin layer of precious metal to enhance its resistance or look.
For 2019, Atotech reported $1.19 billion of revenue and
Moody's-adjusted EBITDA of $339 million (28.5% margin). Established
in 1869, Atotech had been part of Total S.A. (Aa3 positive) since
1977. In January 2017, the Carlyle Group acquired Atotech from
Total S.A. for around $2.7 billion.

PRINCIPAL METHODOLOGY

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

BIBBY HYDROMAP: Cash Flow Issues Prompt Administration
------------------------------------------------------
Grant Rowles at Splash247.com reports that survey specialist Bibby
HydroMap, part of Bibby Marine, has gone into administration with
KPMG's Andrew Stone -- andrew.Stone@KPMG.co.uk -- and Rick Harrison
appointed joint administrators.

According to Splash247.com, cash flow issues led to the company
seeking a potential buyer or investment partner, however initial
interest did not result in a viable offer.

Around 100 staff are believed to have been made redundant as a
result of the company's collapse, Splash247.com discloses.



CHESTER B1: Moody's Gives Ba3 Rating on Class E Notes
-----------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings to
Notes issued by Chester B1 Issuer PLC:

GBP 1,290,392,000 Class A Mortgage Backed Floating Rate Notes due
2058, Definitive Rating Assigned Aaa (sf)

GBP 129,850,000 Class B Mortgage Backed Floating Rate Notes due
2058, Definitive Rating Assigned Aa3 (sf)

GBP 56,810,000 Class C Mortgage Backed Floating Rate Notes due
2058, Definitive Rating Assigned A1 (sf)

GBP 48,694,000 Class D Mortgage Backed Floating Rate Notes due
2058, Definitive Rating Assigned Baa3 (sf)

GBP 32,462,000 Class E Mortgage Backed Floating Rate Notes due
2058, Definitive Rating Assigned Ba3 (sf)

GBP 48,694,000 Class X Mortgage Backed Floating Rate Notes due
2058, Definitive Rating Assigned Caa3 (sf)

The GBP 87,991,000 VRR Loan Note due 2058, the GBP 64,925,000 Class
Z Mortgage Backed Notes due 2058, the Class S1 Certificate due
2058, the Class S2 Certificate due 2058, and the Class Y
Certificates due 2058 have not been rated by Moody's.

The Notes are backed by a pool of UK Prime residential mortgage
loans previously held by NRAM Limited (NR). The pool was acquired
by Citibank, N.A., London Branch (Aa3/P-1; Aa3(cr)/P-1(cr)) from
NRAM Limited. The securitised portfolio consists of 18,758 mortgage
loans with a current balance of GBP 1,708 million. The VRR Loan
Note is a risk retention Note which receives 5% of all available
receipts, while the remaining Notes and Certificates receive 95% of
the available receipts.

RATINGS RATIONALE

The ratings of the Notes are based on an analysis of the
characteristics of the underlying mortgage pool, sector wide and
originator specific performance data, protection provided by credit
enhancement, the roles of external counterparties including the
servicer and the structural features of the transaction.

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

Moody's determined the MILAN CE of 17% and the portfolio expected
loss of 4.0% as input parameters for Moody's cash flow model, which
is based on a probabilistic lognormal distribution.

Portfolio expected loss of 4.0%: This is higher than the UK Prime
sector average of 1% and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
collateral performance of NRAM Limited originated loans to date, as
provided by Citibank, N.A., London Branch; (ii) 2.52% of loans that
were previously restructured and 10.59% of loans in arrears in the
portfolio; (iii) the current macroeconomic environment in the UK
and the potential impact of future interest rate rises on the
performance of the mortgage loans; and (iv) benchmarking with
comparable transactions in the UK market.

MILAN Credit Enhancement of 17%: This is higher than the UK Prime
sector average of 8% and follows Moody's assessment of the
loan-by-loan information taking into account the following key
drivers: (i) the weighted average current loan-to-value of 85.9%,
which is higher than the average seen in the sector; (ii) 2.52% of
loans that were previously restructured and 10.59% of loans in
arrears in the portfolio; and (iii) the historical performance of
the loans with 70.28% of the loans in the pool having never been
more than 1 payment in arrears over the last five years.

The transaction features an amortising liquidity reserve that is
partially funded at 0.5% of class A initial note balance as of
closing. Thereafter it will be funded up to 2.0% of the outstanding
class A using principal receipts. Only interest on Class A and
items senior to it in the revenue waterfall can be paid using the
liquidity reserve. The size of the liquidity reserve is sufficient
to cover over two interest payments on Class A under its stressed
assumptions (based on a fully funded liquidity reserve). While the
liquidity reserve provides enough liquidity support to Class A,
Classes B to E do not benefit from any liquidity support as long as
more senior classes of notes remain outstanding. Only once a class
becomes the most senior outstanding class of notes, it starts to
benefit from principal to pay interest.

Topaz Finance Limited (NR; subsidiary of Computershare Limited
(NR)) is the servicer. Citibank, N.A., London Branch is appointed
as cash manager, while CSC Capital Markets UK Limited (NR) is
appointed as back-up servicer facilitator. To help ensure
continuity of payments the deal contains estimation language
whereby the cash flows will be estimated from the three most recent
servicer reports should the servicer report not be available.

As there are no swap in the transaction, Moody's has modelled the
spread taking into account the minimum margin covenant of SONIA +
3.4%. Due to uncertainty on enforceability of this covenant,
Moody's has taken the view not to give full credit to this
covenant. Instead, Moody's has stressed the interest rate of the
pool by assuming that loans revert to an SVR yield equal to SONIA
+2%.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see "Moody's Approach to Rating RMBS Using the MILAN
Framework" for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

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

Significantly different loss assumptions compared with its
expectations at close, due to either a change in economic
conditions from its central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from a greater unemployment,
worsening household affordability and a weaker housing market could
result in a downgrade of the ratings. Deleveraging of the capital
structure or conversely a deterioration in the Notes available
credit enhancement could result in an upgrade or a downgrade of the
ratings, respectively.

Please note that a Request for Comment was published in which
Moody's requested market feedback on potential revisions to one or
more of the methodologies used in determining these Credit Ratings.
If the revised methodologies are implemented as proposed, it is not
currently expected that the Credit Ratings referenced in this press
release will be affected.

CHESTER B1: S&P Assigns BB (sf) Rating on Class E-Dfrd Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Chester B1 Issuer
PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and X-Dfrd U.K. RMBS
notes. At closing, Chester B1 Issuer also issued unrated class Z
notes, as well as class S1, S2, and Y certificates, and VRR loan
notes.

S&P bases its credit analysis on the underlying pool of GBP1,708.6
million (as of Dec. 31, 2019). The pool comprises first-lien U.K.
residential mortgage loans that Northern Rock PLC predominantly
originated between 2006 and 2009. The underlying residential
properties are in England, Wales, Northern Ireland, and Scotland.
Some of the mortgage loans were originated together with an
unsecured personal loan, an account, and a credit card. None of the
unsecured products are included in the securitized pool. S&P relies
on the representation provided by the seller that the mortgage
loans are free of any lien, set-off, or counterclaim between the
borrower and the legal titleholder and the originator.

Approximately 79% of the pool comprises loans originated for loan
purchase. All loans were owner-occupied at origination; however
currently 5.6% of the pool are consent-to-let. Approximately 44% of
the pool comprises interest-only loans. The largest geographical
concentrations are North West England (15.8%), Scotland (14.5%),
and South East England (13.1%). Loans with either the primary or
the secondary borrower having county court judgement records
comprise 17.7% of the pool. Loans in arrears represent 11.0% of the
pool, including 5.4% of loans in arrears for more than 90 days.
Standard variable rate (SVR) loans make up 99.9% of the pool. Based
on our legal analysis and the conditions outlined in the various
servicing agreements, we have applied a SVR floor rate to the SVR
loans.

The legal titleholder of the pool is Topaz Finance Ltd. (Topaz), a
subsidiary of Computershare. Topaz took over this role from
Northern Rock in November 2019. Topaz will retain the legal title
of the pool and will perform as the pool servicer. Given the
presence of the connected unsecured loans, upon servicer
replacement its successor would have to manage both secured and
unsecured loans to assure servicing consistency. A back-up servicer
facilitator was appointed at closing to assist in finding a
suitable replacement. Still, in S&P's view, identifying a successor
servicer could take a longer time than for a conventional mortgage
pool. S&P therefore stresses two months of commingling liquidity
stress in its cash flow model.

The transaction is exposed to the counterparty risk of Citibank
N.A., London branch as a transaction account provider and HSBC Bank
PLC as a collection account bank. The replacement provisions set by
the transaction documentation meet our counterparty criteria.

During the transaction's life, the issuer will be obligated to
honor any flexible features, which are included in the underlying
mortgage contracts, subject to the borrower meeting the relevant
conditions, the application complying with the applicable law, and
the servicer's approval. The flexible features include payment
holidays, flexible drawings, porting, product switches, and further
advances. In S&P's current cash flow analysis, it stressed the
impact of payment holidays and flexible redraws on the transaction
flows. S&P will monitor the effect of other flexible features
during our surveillance.

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 around
midyear, and S&P is using this assumption in assessing the economic
and credit implications. In S&P's view, the measures adopted to
contain COVID-19 have pushed the global economy into recession.

Policy measures aimed at dampening the economic impact include
forbearance measures for households and small- and mid-size
corporates. S&P expects that the current public health emergency
could cause a sudden increase in delinquencies for collateral pools
backing European ABS and RMBS, which could be severe in some
subsectors. This could occur both because of some borrowers'
inability to pay their installments in full--given interruptions to
many business activities and employment--or government-mandated
forbearance measures adopted by lenders. As the situation evolves,
S&P will update its assumptions and estimates accordingly.

S&P said, "Our credit rating on the class A notes addresses the
timely payment of interest and the ultimate payment of principal.
Our ratings on the class B-Dfrd to E-Dfrd and X-Dfrd notes reflect
the ultimate payment of interest and principal. Our rating
definitions are in line with the terms and conditions of the
notes.

"Our ratings reflect our assessment of the transaction's payment
structure, cash flow mechanics, and the results of our cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios. Subordination and excess spread (there will be no
loss-absorbing reserve fund in this transaction) will provide
credit enhancement to the rated notes. We also factored in
sensitivity scenarios related to potential repercussions of the
coronavirus outbreak, namely an increase in payment holidays,
longer recovery timing, and an elevated default rate in
speculative-grade rating scenarios. Considering these factors, we
believe that the available credit enhancement for the class A to
E-Dfrd notes is commensurate with the ratings assigned."

The timely payment of interest on the class A notes is supported by
the principal borrowing mechanism, the initial liquidity reserve,
and cash collected in January and February 2020, which is expected
to build up the liquidity reserve to its required level of 2% of
the class A notes' balance on the first interest payment date in
July 2020. The liquidity reserve can thereafter cover more than one
year of senior costs and class A interest.

S&P said, "Our rating on the class X-Dfrd notes reflects the
application of our 'CCC' criteria. Considering its junior position
in the payment structure, this class is currently vulnerable to
nonpayment, and it is dependent upon favorable business, financial,
and economic conditions to repay the ultimate interest and
principal. The risk of nonpayment is exacerbated by the current
uncertainty about the rate of spread and peak of the coronavirus
outbreak. This is commensurate with a 'CCC' rating category as per
our criteria. Given that the class fails a 'B' stress in one of
eight scenarios, we have assigned a 'CCC+ (sf)' rating to the class
X-Dfrd notes."

Ratings Assigned

Class      Rating      Amount (mil. GBP)

A          AAA (sf)    1,290.39
B-Dfrd     AA (sf)     129.85
C-Dfrd     A (sf)      56.81
D-Dfrd     BBB (sf)    48.69
E-Dfrd     BB (sf)     32.46
Z          NR          64.93
X-Dfrd     CCC+ (sf)   48.69
Cl S1 cert      NR     N/A
Cl S2 cert      NR     N/A
Cl Y cert       NR     N/A
VRR loan notes  NR     87.99

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


INEOS ENTERPRISES: Moody's Cuts CFR to B1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded INEOS Enterprises Holdings
Limited's corporate family rating to B1 from Ba3 and probability of
default rating to B1-PD from Ba3-PD. Moody's also downgraded to B1
from Ba3 the ratings assigned to INEOS Enterprises Holdings II
Limited's EUR279 million senior secured term loan A ("TLA") due
2024 and EUR780 million senior secured term loan B ("EUR TLB") due
2026, and INEOS Enterprises Holdings US Finco LLC's $370 million
senior secured term loan B ("USD TLB") due 2026 . The outlook on
all three entities is 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 commodity
chemical sector has been affected by the shock given its
sensitivity to consumer and industrial 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, as well as the associated economic impact.

Its rating action reflects Moody's expectations that the G-20
economies will experience an unprecedented shock in H1 2020 and
contract in 2020 as a whole. While some of INEOS Enterprises'
businesses should benefit from lower oil-linked raw materials and
energy costs following the initial inventory holding losses
resulting from the recent sharp correction in oil prices, it is
uncertain at this stage to what extent the increase in demand from
the medical, household and consumer markets will help compensate
for lower sales volumes into other sectors such as construction,
transportation and marine. Pressure on product prices and margins
may constrain the ability of the group to improve operating
profitability in spite of its efforts to accelerate the delivery of
the cost savings targeted in the wake of last year's TiO2 and
composites acquisitions.

While Moody's anticipates that management will cut 2020 capital
expenditure, which in addition to the release of working capital
resulting from lower oil prices will help INEOS Enterprises
conserve cash, Moody's considers that the group is likely to be
challenged to achieve the debt reduction required to bring
Moody's-adjusted total and net debt to EBITDA close to 4x and 3.5x
respectively by year-end 2020.

That said, Moody's believes that the ratings continue to be
underpinned by INEOS Enterprises' robust business profile, which
despite the moderate scale of its overall revenue base, benefits
from leading positions in many of the markets, in which it
operates, and a high degree of product and end-market
diversification. INEOS Enterprises also exhibits a balanced
geographical profile in terms of manufacturing assets and sales
that are evenly spread between the EMEA region and the Americas,
albeit with a limited presence in the fast-growing Asia Pacific
region. This helps mitigate the group's significant exposure to
cyclical commodity-like chemical markets such as TiO2 and
butanediol, and modest operating profitability relative to other
chemical producers of similar scale, albeit due to benefit from
ongoing fixed cost and efficiency saving actions.

LIQUIDITY

INEOS Enterprises' liquidity position is adequate. Moody's
estimates that at year-end 2019, the group had cash balances of
around EUR260 million. In addition, it has access to a EUR300
million securitisation facility collateralised by trade receivables
that has a tenor of three years on a rolling basis. At the end of
2019, it had availability of around EUR250 million under the
programme.

Looking ahead, Moody's expects the group to generate sufficient FCF
to meet scheduled term loan amortisations under a range of
scenarios. The senior secured term loans are covenant-lite, with
the exception of a net total leverage covenant which only applies
to TLA and for which Moody's expects INEOS Enterprises to maintain
comfortable headroom.

STRUCTURAL CONSIDERATIONS

The B1 ratings assigned to the TLA and TLB of INEOS Enterprises
Holdings II Limited and INEOS Enterprises Holdings US Finco LLC
reflects the fact that both loans are senior secured obligations of
the borrowers, rank pari passu with each other and benefit, to the
extent legally possible, from the same first ranking guarantees
from all material subsidiaries representing at least 85% of the
restricted group's consolidated EBITDA and assets.

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

While unlikely at this juncture, positive pressure on the rating
may arise over time should INEOS Enterprises demonstrate the
ability to (i) maintain its Moody's-adjusted EBITDA margin in the
teens; generate positive FCF consistently in support of its
liquidity position; and (iii) keep Moody's-adjusted total and net
debt to EBITDA below 4x and 3.5x through the cycle.

Conversely, the ratings could come under downward pressure, should
INEOS Enterprises' operating results fall short of Moody's
expectations and FCF generation turn negative, resulting in some
deterioration in liquidity and leverage reflected in
Moody's-adjusted total debt to EBITDA rising above 5x for an
extended period of time.

PRINCIPAL METHODOLOGY

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

Headquartered in the UK, INEOS Enterprises is a leading producer of
intermediary chemicals with strong manufacturing platforms in
Europe and North America, operating fourteen sites in each of the
two regions. On a full year pro-forma basis, INEOS Enterprises
reported EBITDA of EUR332 million.

INEOS ENTERPRISES: S&P Alters Outlook to Neg., Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings said that it has revised the outlook to negative
on three petrochemical companies owned by INEOS Ltd. (the INEOS
group). This is due to the COVID-19 pandemic, and the resulting
recessionary environment that will likely translate into higher
leverage and weakening credit metrics across the INEOS group.

Europe and the U.S. are increasing restrictions on person-to-person
contact, which presages a demand collapse that will lower economic
activity sharply in the second quarter of 2020, before a recovery
which S&P expects will begin later in the year. Containment
measures have also been translating into supply chain disruptions
and a clear drop in demand for chemicals, including from activity
slowdown and stoppage in certain end markets. S&P Global Ratings
now forecasts a global recession in 2020, with global GDP rising
just 0.4%, including 2% GDP decline in the eurozone, a 1.3% GDP
decline in the U.S., and a 2.9% GDP growth in China under its base
case. Risks remain firmly on the downside, depending on the speed
of the spread of the virus (for which the U.S. is now the
epicenter); on the duration of lockdown measures; and on subsequent
uncertain effects on economic variables.

Economic slowdown will likely lead to higher leverage across the
INEOS group. S&P said, "Although the group's entities have diverse
exposure by geography and end market, we expect demand
deterioration across many sectors (and more pronounced in the
transportation and construction industries). We therefore expect
capacity utilization and profitability across the INEOS group to
weaken, resulting in higher leverage and reduced free operating
cash flow (FOCF) generation, compared with our previous forecast.
Still, we expect entities within the INEOS group will cut fixed
costs, postpone capital expenditure (capex), and cut dividends in
order to limit the overall negative impact on cash flow."

Specifically, S&P is taking the following rating actions:

-- INEOS Group Holdings S.A. — S&P affirmed the long-term issuer
credit rating at 'BB', but revised the outlook to negative from
stable. S&P also lowered the standalone credit profile (SACP) to
'bb' from 'bb+'. Rated instruments and recovery ratings remain
unchanged.

-- INEOS Enterprises Holdings Ltd. — S&P affirmed the long-term
issuer credit rating at 'BB', but revised the outlook to negative
from stable. S&P also affirmed the SACP at 'bb'. Rated instruments
and recovery ratings remain unchanged.

-- INEOS Styrolution Holding Ltd. - S&P affirmed the long-term
issuer credit rating at 'BB', but revised the outlook to negative
from stable. S&P also affirmed the SACP at 'bb+'. Rated instruments
and recovery ratings remain unchanged.

The negative outlook on INEOS Group Holdings, INEOS Enterprises
Holdings Ltd., and INEOS Styrolution Holding Ltd. reflects the
increased leverage across the INEOS group, and the chance that S&P
could downgrade these companies if it observes higher leverage than
currently anticipated.

Ratings on Inovyn Ltd. remain unaffected. S&P affirmed its
long-term issuer credit rating on Inovyn Ltd. at 'BB-', and the
outlook remains stable. This is based on an unchanged 'bb-' SACP.
Rated instruments and recovery ratings also remain unchanged.

INEOS Group Holdings S.A.
Primary analyst: Ivan Tiutiunnikov

We affirmed our rating on INEOS Group Holdings (IGH) because
leverage across the wider INEOS group remains lower than at IGH
itself, supporting the 'bb' group credit profile. We revised the
outlook to negative, highlighting growing leverage across the group
amid economic slowdown caused by COVID-19. At the same time, we
lowered our stand-alone assessment on IGH to 'bb' from 'bb+',
reflecting our expectation that leverage at IGH will stay above 4x
in 2020, which is commensurate with the lower assessment.

Due to slowing end-market demand, we expect that IGH will post
reduced EBITDA of about EUR1.5 billion-EUR1.7 billion in 2020,
compared with our previous expectation of EUR1.9 billion–EUR2
billion. We expect that IGH will take action that would soften the
impact, including reductions in operating expenses, postponement of
capex, and more. Overall, this should translate into positive FOCF
in 2020, which in turn will help to maintain liquidity headroom
during the year, especially given that the company has no
substantial near-term maturities.

We view IGH as a core subsidiary of INEOS Ltd. As such, we rate IGH
in line with our group credit assessment of 'bb'.

Outlook

The negative outlook on IGH indicates increased pressure on the
leverage at the wider INEOS group. Given the current tough economic
conditions and continuous uncertainty of COVID-19's impact, we see
a risk that the creditworthiness of the wider INEOS group could
weaken in the next 12 months or so.

In our base case, we expect IGH will post EBITDA of about EUR1.5
billion–EUR1.7 billion in 2020. This will likely translate into
adjusted debt to EBITDA of about 4.5x-5x in 2020 (compared with
4.2x in 2019), which is commensurate with the "bb" stand-alone
credit profile.

Downside scenario

Rating pressure could arise if leverage within the wider INEOS
group rose much higher than currently anticipated. This could occur
because:

Creditworthiness at the IGH level deteriorated. In this scenario,
we would observe one or more of the following: adjusted debt to
EBITDA exceeding 5.0x without expectation for near-term recovery,
FOCF turning negative, weaker liquidity, or a change in financial
policy (including large-scale, debt-funded acquisitions or sizable
dividends to shareholders); or

Indebtedness at other INEOS entities rose higher than expected--for
example, if other INEOS entities saw their market environment
deteriorate beyond our base case or if they engaged in substantial
debt-funded acquisitions. In this scenario, we could lower the
rating on IGH, even if adjusted debt to EBITDA at the IGH level
stayed below 5x.

Upside scenario

In the next 12 months, we see rating upside as limited. We may
raise the rating if the credit quality of the wider INEOS group
strengthened; for example, if leverage were lower than expected and
mergers and acquisitions (M&A) and capex more predictable. At the
IGH level, an upgrade would depend on adjusted debt to EBITDA
remaining at or below 2.0x over the cycle.

Ratings Score Snapshot

INEOS Group Holdings S.A.

-- Issuer Credit Rating: BB/Negative/--
-- Business risk: Satisfactory
-- Country risk: Very low
-- Industry risk: Moderately high
-- Competitive position: Satisfactory
-- Financial risk: Aggressive

-- Cash flow/Leverage: Aggressive
-- Anchor: bb

Modifiers

-- Diversification/Portfolio effect: Neutral (no impact)
-- Capital structure: Neutral (no impact)
-- Financial policy: Neutral (no impact)
-- Liquidity: Strong (no impact)
-- Management and governance: Fair (no impact)
-- Comparable rating analysis: Neutral (no impact)
-- Stand-alone credit profile: bb

-- Group credit profile: bb
-- Entity status within group: Core

INEOS Enterprises Holdings Ltd.
Primary analyst: Lucas Hoenn

S&P said, "We revised the outlook on the 'BB' issuer credit rating
on INEOS Enterprises to negative from stable because we see limited
headroom for the company's stand-alone debt metrics in 2020. We
expect INEOS Enterprises to sustain adjusted debt to EBITDA below
4.0x in 2020, despite lower market demand. We see this threshold as
commensurate with the 'bb' SACP. We acknowledge very little
headroom for underperformance in 2020 to maintain the present
standalone credit profile and issuer credit rating.

"The negative outlook also reflects the increased leverage across
the wider INEOS Ltd. group, and the risk that we could downgrade
entities at the 'bb' standalone credit rating level or above, if we
observe higher leverage than anticipated across the group.

INEOS Enterprises has been performing as expected since its string
of acquisitions over 2019. We expect demand to slow down and
revenue to decrease in 2020. The company will benefit from the high
demand for intermediates such as isopropyl alcohol (IPA) used in
hand sanitizer products, but also for solvents and certain
compounds used in health care products, food packaging, or
plastics, partially offsetting a potential decline in its other
businesses. Our forecast reflects reduced demand from industrial
activities, construction, coatings, transportation, and for a wide
array of applications affecting demand for pigments and composites,
two of INEOS Enterprises' other businesses. We also factor in some
price uncertainty, given the cyclical nature of titanium dioxide
(TiO2) in its pigments segment.

"We continue to anticipate that the integration of businesses
acquired by INEOS Enterprises over 2019 will lead to the
realization of synergies, and project further reduction in
operating expenses in 2020. We also anticipate a curtailment or
deferral of a portion of INEOS Enterprises' planned capex over that
period. In our forecast, the company will still generate positive
FOCF and maintain adequate liquidity in 2020.

"We view INEOS Enterprises as a moderately strategic subsidiary of
the INEOS Ltd. parent group. This has no additional effect on our
rating on INEOS Enterprises, because its current stand-alone credit
profile (SACP) is 'bb'."

All rated instruments and recovery ratings related to INEOS
Enterprises remain unchanged.

Outlook

S&P said, "We expect the slowdown relating to COVID-19 to result in
adjusted debt to EBITDA of below 4x at INEOS Enterprises in 2020.
The negative outlook reflects the possibility that we would lower
our rating if adjusted debt to EBITDA were to exceed 4x without a
clear prospect of recovery. The negative outlook also mirrors the
risk that the creditworthiness of the wider INEOS group could
weaken in the next 12 months or so."

Downside scenario

S&P said, "We could lower INEOS Enterprises' SACP and issuer credit
rating if adjusted debt to EBITDA were to exceed 4x without a clear
prospect of recovery in 2020. This could arise from significant
underperformance, an abrupt deterioration in TiO2 demand and
prices, or a significant reduction in capacity beyond our base
case.

"We could also lower the rating on INEOS Enterprises if we were to
project higher leverage across the wider INEOS Ltd. group,
constraining the issuer credit rating on INEOS Enterprises."

Upside scenario

S&P said, "We would revise the outlook to stable if market
conditions improve above our base case over 2020, and we observe
EBITDA growth supporting debt to EBITDA comfortably below 4x at
INEOS Enterprises stand-alone level, and if the credit quality of
the wider INEOS Ltd. group strengthened."

Ratings Score Snapshot

INEOS Enterprises Holdings Ltd.

-- Issuer Credit Rating: BB/Negative/--
-- Business risk: Fair
-- Country risk: Low
-- Industry risk: Moderately high
-- Competitive position: Fair
-- Financial risk: Significant

-- Cash flow/leverage: Significant
-- Anchor: bb

Modifiers

-- Diversification/portfolio effect: Neutral (no impact)
-- Capital structure: Neutral (no impact)
-- Financial policy: Neutral (no impact)
-- Liquidity: Adequate (no impact)
-- Management and governance: Fair (no impact)
-- Comparable rating analysis: Neutral (no impact)
-- Stand-alone credit profile : bb

-- Group credit profile: bb
-- Entity status within group: Moderately strategic

INEOS Styrolution Holding Ltd.
Primary analyst: Gaetan Michel

S&P said, "We revised the outlook on INEOS Styrolution Holding
(Styrolution) to negative from stable, and affirmed our 'BB'
long-term issuer credit rating and 'bb+' SACP on Styrolution.

"The affirmation of Styrolution's SACP reflects our view that
despite the difficult market conditions for 2020, we expect the
company to maintain below 3x adjusted debt to EBITDA, compared with
about 2x previously. We consider leeway at the SACP level to be
largely absorbed by the downside environment, including the
deterioration in metrics at the group level.

"Our base case scenario factors in a significant drop in EBITDA, to
EUR450 million-EUR500 million, from EUR600 million in our previous
forecast. This follows about EUR140 million-EUR150 million EBITDA
we expect for the first quarter, but a significant slowdown in
business activity in the second quarter as a result of the COVID-19
pandemic, reflecting a material slowdown in order intake (including
from the auto end market) and declining capacity utilization rates.
We expect only moderate compensation by stronger demand level from
health care and packaging, and only moderate effect from declining
raw material prices following the oil price drop. We anticipate a
very progressive recovery in activity from the third quarter of
2020. Our base case also takes into account management measures to
contain leverage and liquidity impacts: we expect a material capex
cut to about EUR350 million in 2020, versus EUR500 million
previously, reflecting a clear stop in any new projects and a
downward revision regarding on-going small projects.

"We view Styrolution as a moderately strategic subsidiary of the
INEOS Ltd. parent group. This results in INEOS Ltd.'s group profile
capping the rating on Styrolution, because its SACP is 'bb+'."

All rated instruments and recovery ratings related to INEOS
Styrolution remain unchanged.

Outlook

The negative outlook mirrors the increased pressure on leverage at
the INEOS Ltd. level. Given the difficult economic conditions and
continuous uncertainty of COVID-19's impact, S&P sees a risk that
the wider INEOS group's creditworthiness could weaken in the next
12 months or so.

S&P said, "At the stand-alone level, we expect the slowdown
relating to COVID-19, combined with the anticipated softening in
market conditions, to result in adjusted debt to EBITDA of below
3x. We could consider lowering the SACP to 'bb' above that level,
without affecting the rating. We could consider a negative rating
action at Styrolution if adjusted debt to EBITDA reached 4x or
above."

Upside scenario

S&P could revert the outlook back to stable if leverage pressure
eased at the INEOS Ltd. level, including from Styrolution's
adjusted debt to EBITDA improving again toward 2x.

Ratings Score Snapshot

INEOS Styrolution Holding Ltd.

-- Issuer Credit Rating: BB/Negative/--
-- Business risk: Fair
-- Country risk: Low
-- Industry risk: Moderately high
-- Competitive position: Fair
-- Financial risk: Intermediate

-- Cash flow/Leverage: Intermediate
-- Anchor: bb+

Modifiers

-- Diversification/Portfolio effect: Neutral (no impact)
-- Capital structure: Neutral (no impact)
-- Liquidity: Adequate (no impact)
-- Financial policy: Neutral (no impact)
-- Management and governance: Fair (no impact)
-- Comparable rating analysis: Neutral (no impact)
-- Stand-alone credit profile: bb+

-- Group credit profile: bb
-- Entity status within group: Moderately strategic

UNAFFECTED COMPANIES
Inovyn Ltd.
Primary analyst: Lucas Hoenn

S&P said, "We affirmed our long-term issuer credit rating on Inovyn
Ltd. at 'BB-', and the outlook remains stable. We expect Inovyn's
adjusted debt-to-EBITA ratio will remain below 3x in 2020. Its
current 'bb-' SACP remains unaffected."

By comparison with the other INEOS Ltd. entities, such as INEOS
Styrolution, INEOS Group Holdings, and INEOS Enterprises, Inovyn's
financial policy allows for a higher degree of cyclicality, due to
the nature of the industry in which it operates. Inovyn
concentrates on PVC; it derived about 40% of 2019 sales from
general-purpose vinyls and 12% from specialty vinyls. This remains
a constraining factor for the rating. S&P said, "We continue to see
PVC as predominantly a commoditized product, with some potential
for cyclicality in price in periods of sluggish demand or temporary
imbalance with supply. Our view on Inovyn's business is further
constrained by its exposure to cyclical end markets such as
construction, auto, and consumer goods, which could pose
significant risks in periods of economic downturn." The company's
core markets and operations are concentrated in Europe, namely
Western European countries (Belgium, France, Germany, Norway,
Spain, Sweden, and the U.K.), making the entity more vulnerable in
periods of economic downturn than other companies in the wider
INEOS group.

Operational performance will continue to support the rating,
despite deteriorating market conditions in 2020. S&P's base-case
scenario incorporates headroom for market volatility, notably a
decline from recent years' top-of-the-cycle conditions. Given the
softer markets, S&P anticipates Inovyn will fine-tune its budgeted
investment. Inovyn's capex plans will likely offer a higher degree
of modularity and discretion, including sizing and sequencing of
projects over the coming years, to enable it to adapt to the market
environment, address market uncertainties and capacity level, and
alter its strategy.

S&P views Inovyn as a moderately strategic subsidiary of the INEOS
Ltd. parent group. This has no additional effect on its rating on
Inovyn, because its stand-alone credit profile (SACP) is 'bb-'.

All rated instruments and recovery ratings related to Inovyn remain
unchanged.

Outlook

The stable outlook indicates that market conditions for PVC are
likely to soften in 2020, and performance at Inovyn to weaken,
leading to an adjusted debt-to-EBITA ratio below 3x over the next
12 months.

Downside scenario

S&P could lower the rating following an abrupt deterioration in PVC
and caustic soda margins beyond its base case, either from
depressed European demand or if increased investments or dividends
payments were to constrain cash levels and weaken debt leverage.

An adjusted debt to EBITDA in excess of 3x without clear prospects
of recovery could also trigger a downgrade. However, in such a
scenario, we would assess the parent group's commitment to support
the company's creditworthiness--this could lessen downgrade risk.

Upside scenario

S&P said, "We could raise the rating to 'BB' if Inovyn demonstrates
a consistent track record of positive FOCF and maintaining debt to
EBITDA of 1.5x-2.0x through the cycle. This would also depend on it
adopting a more conservative financial policy and tighter leverage
target at the Inovyn level. In our view, Inovyn's ability to
maintain resilient margins and prudent leverage under mid-cycle
conditions, while balancing growth capex investments and dividend
payments, will be key factors for an upgrade."

Ratings Score Snapshot

Inovyn Ltd.

-- Issuer Credit Rating: BB-/Stable/--
-- Business risk: Fair
-- Country risk: Low
-- Industry risk: Moderately high
-- Competitive position: Fair
-- Financial risk: Significant

-- Cash flow/Leverage: Significant
-- Anchor: bb

Modifiers

-- Diversification/Portfolio effect: Neutral (no impact)
-- Capital structure: Neutral (no impact)
-- Liquidity: Adequate (no impact)
-- Financial policy: Neutral (no impact)
-- Management and governance: Fair (no impact)
-- Comparable ratings analysis: Negative (-1 notch)
-- Stand-alone credit profile: bb-

-- Group credit profile: bb
-- Entity status within group: Moderately strategic

Ratings List

  Ratings Affirmed; Outlook Action  
                                     To             From
  INEOS Enterprises Holdings Ltd.
   Issuer Credit Rating       BB/Negative/--    BB/Stable/--

  Ratings Affirmed  

  INEOS Enterprises Holdings II Ltd.
  Senior Secured  
   Local Currency         BB
   Recovery Rating      3(60%)

  Ineos Enterprises Holdings Us Finco Llc
   Senior Secured  
   Local Currency         BB
   Recovery Rating      3(60%)

  Ratings Affirmed  

  Ineos Group Holdings S.A.
   Senior Unsecured       B+
   Recovery Rating      6(0%)

  INEOS Finance PLC
   Senior Secured         BB+
   Recovery Rating      2(80%)

  INEOS US Finance LLC
   Senior Secured         BB+
   Recovery Rating      2(80%)

  Ratings Affirmed; Outlook Action  
                                     To             From
  Ineos Group Holdings S.A.

  Ineos Holdings Ltd.
   Issuer Credit Rating      BB/Negative/--     BB/Stable/--

  Ratings Affirmed  

  INEOS Styrolution Group GmbH
   Senior Secured             BB
   Recovery Rating     3(60%)

  Ratings Affirmed; CreditWatch/Outlook Action  
                                     To             From
  Ineos Styrolution Holding Ltd.
   Issuer Credit Rating       BB/Negative/--    BB/Stable/--

  Ratings Affirmed  

  Inovyn Ltd.

  Inovyn Finance PLC
   Issuer Credit Rating    BB-/Stable/--

  Inovyn Finance PLC
   Senior Secured          BB-

  Ratings Affirmed  

  Inovyn Finance PLC
   Senior Secured  
   Local Currency          BB-
   Recovery Rating         3(60%)


INOVYN LIMITED: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service affirmed INOVYN Limited's Ba3 corporate
family rating and Ba3-PD probability of default rating. Moody's
also affirmed the rating assigned to INOVYN Finance plc's senior
secured term loan facility due 2027. Concurrently, Moody's changed
the outlook on both entities to negative 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 commodity
chemical sector has been affected by the shock given its
sensitivity to consumer and industrial 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, as well as the associated economic impact.

Its outlook revision to negative reflects Moody's expectation that
the G-20 economies will experience an unprecedented shock in H1
2020 and contract in 2020 as a whole. This is likely to weigh on
INOVYN's financial results in the near-term. The support provided
to PVC margins over ethylene by lower oil prices and energy costs,
and to caustic soda prices as chlorine production is curtailed amid
lower demand from polyurethane producers, may be outweighed by the
decline in volumes resulting from the sharp slowdown in activity
triggered by the coronavirus outbreak, in sectors such as
construction and general manufacturing industries.

While Moody's considers likely that INOVYN will take actions in the
near term to cut fixed costs and growth capex in order to conserve
cash, while benefiting from the release of working capital driven
by lower oil prices, Moody's expects the group's leverage metrics
to be weakly positioned at year-end 2020 relative to the guidance
for the Ba3 rating of Moody's-adjusted total debt to EBITDA not
exceeding 2.5x.

Moody's notes that unlike the EUR300 million dividend paid out in
Q1 2019, which was mostly funded out of existing cash balances, the
additional pay-out of EUR250 million was funded through an add-on
to the group's senior secured term loan B (TLB). Combined with a
15% reduction in EBITDA to EUR623 million, which reflected lower
caustic soda prices and production volumes due to major turnarounds
as well as reduced PVC margins over ethylene, this led to a
deterioration in INOVYN's leverage metrics, including
Moody's-adjusted total debt to EBITDA rising to around 2.4x on a
pro-forma basis at year-end 2019 compared to 1.6x in 2018.

LIQUIDITY

INOVYN's liquidity position is adequate. In February 2020, INOVYN
completed a refinancing whereby it extended the maturity of its
existing EUR814 million senior secured Term Loan B (TLB) to March
2027 from November 2025 and raised an additional EUR250 million,
which was however upstreamed by way of dividends to its parent to
finance expenditure within the broader INEOS group. Excluding the
debt funded dividend, Moody's expects INOVYN to remain free cash
flow positive under a range of assumptions.

STRUCTURAL CONSIDERATIONS

The Ba3 rating assigned to the Term B Loan of INOVYN Finance plc
reflects the fact that obligations under the loan are (i)
guaranteed on a senior secured basis by INOVYN Limited and certain
of its material subsidiaries representing at least 85% of the
restricted group's consolidated EBITDA and assets and (ii) secured
by first-ranking liens (to the extent possible and subject to
permitted liens) on substantially all of the assets of those
entities.

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

Although unlikely in the near term, INOVYN's ratings could be
upgraded should INOVYN should also demonstrate the ability to
remain positive FCF, maintain a good liquidity profile and moderate
leverage through the cycle with Moody's adjusted total debt to
EBITDA below 2.5x and Moody's adjusted EBITDA margin above 15%.

Conversely, the ratings could come under downward pressure, should
(i) INOVYN fail to keep total debt to EBITDA rise below 3.5x for a
prolonged period of time; and/or (ii) its liquidity profile
materially weaken.

PRINCIPAL METHODOLOGY

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

INOVYN is a leading European vinyls producer. With sales volume of
5.8 million tonnes in 2019, INOVYN has more than 4,000 employees
and operates 15 manufacturing sites, a distribution center and a
waste management facility across eight countries in Europe. The
group's product portfolio consists of an extensive range of General
Purpose Vinyls, Specialty Vinyls, Organic Chlorine Derivatives,
Chlor Alkali and Electrochemical & Vinyls.

INOVYN is headquartered in the UK. In 2019, it reported sales of
EUR3.1 billion and EBITDA before exceptional items of EUR606
million.

MAGENTA 2020: S&P Places 'BB+' Rating on Cl. E Notes on Watch Neg.
------------------------------------------------------------------
S&P Global Ratings placed on CreditWatch negative its credit
ratings on Magenta 2020 PLC's class D and E notes.

The CreditWatch negative placements reflect the uncertainty
surrounding the operational performance of the hotel properties
securing the transaction over the short term and the potential
negative effect that this may have on the transaction's ability to
pay timely interest on the class D and E notes.

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."

Magenta 2020 is backed by one loan that facilitated the acquisition
of 17 full-service hotel properties in the U.K. The securitized
loan equals GBP270.9 million and is secured by seven Crowne Plaza,
three Doubletree by Hilton, three Hilton Garden Inn, one Holiday
Inn, one Hotel Indigo, and two AC Hotel by Marriott branded hotels
spread throughout the U.K.

At closing, an additional GBP8.3 million of class A notes was
issued, the proceeds of which are held in cash in the transaction
account. These funds serve as a liquidity reserve in lieu of a
traditional liquidity facility. The reserve is available to fund,
among other things, senior expenses and interest payments on the
class A, B, and C notes. However the class D and E notes do not
benefit from any coverage. Albeit, as of March 2020, the loan
interest coverage ratio was 2.6x.

Restrictions on transportation and social distancing measures have
caused business travel and tourism to grind to a sudden halt. While
the long-term impact of the COVID-19 outbreak still remains to be
seen, it is likely that the borrowers in the hotel sector will
experience significant stress in achievable revenue levels, and in
turn their ability to pay their interest due under the loan over
the short term. As such, in the absence of any available liquidity
support, the class D and E notes are increasingly vulnerable to the
risk of an interest shortfall resulting from a potential sharp
decline in portfolio income.

S&P said, "In our view, the transaction's credit quality may
decline due to operational disruption resulting from the spread of
COVID-19. We believe this may negatively affect the cash flows
available to the issuer.

"Our ratings on this transaction address the ability to meet timely
interest payments and principal repayment no later than the legal
final maturity in December 2029. We have therefore placed on
CreditWatch negative our 'BBB- (sf)' and 'BB+ (sf)' ratings on the
class D and E notes, in line with our criteria.

"We expect to resolve the CreditWatch placements within 90 days as
we learn more about the severity and duration of COVID-19's effect
on the transaction's performance."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.


MB AEROSPACE: Moody's Cuts CFR to Caa2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of UK-headquartered aerospace component manufacturer MB
Aerospace Holdings II Corp. to Caa2 from B3. The outlook is
negative. Its rating action reflects:

  - An expected period of depressed commercial aerospace demand as
a result of the coronavirus pandemic

  - Weak liquidity which is likely to be insufficient to meet
challenging trading conditions in 2020

  - High leverage before the coronavirus outbreak, of 8.4x on a
Moody's-adjusted basis as at September 30, 2019

  - Challenges to improve metrics beyond 2020 due to likely weaker
commercial aerospace demand

  - Steady progress prior to the coronavirus outbreak with revenue
growth, earnings improvement and industrialisation of new product
introductions

Concurrently, Moody's has downgraded the company's $255 million
senior secured first lien term loan due 2025 and $50 million senior
secured revolving credit facility due 2023 to Caa1 from B3, and
downgraded the company's probability of default rating to Caa2-PD
from B3-PD.

RATINGS RATIONALE

The Caa2 corporate family rating reflects the company's: (1) weak
liquidity, negative free cash flows and high leverage entering the
coronavirus outbreak; (2) expectations that the commercial
aerospace aftermarket and original equipment revenues will be
severely curtailed in the coming months and across 2020; (3) the
high probability that liquidity will be insufficient during this
period without additional financing; (4) likely softer market
conditions from 2021 which will make it difficult to achieve growth
and production efficiencies to improve financial metrics; (5)
significant risks that the capital structure will be
unsustainable.

The rating also reflects the company's: (1) leading position as a
tier one / two supplier of critical components for aero-engines;
(2) strong profitability compared to peers; (3) good engine
platform diversification with a high share of sole supplier
positions; (4) high barriers to entry to the aerospace and defense
industry through certification processes, capital intensity and
long-term customer relationships; (5) diversity of commercial and
defense end-markets; and (6) the potential for support from the
company's equity sponsor.

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 aerospace and
defense industry will be affected by the deep capacity cuts and
financial stress for passenger airlines, leading to very
significant reductions in aftermarket activity and widespread
deferrals of new commercial aircraft deliveries in 2020. Airlines'
damaged balance sheets are likely to soften demand for new aircraft
from 2021 onwards.

LIQUIDITY

MB Aerospace's liquidity remains weak. As at September 30, 2019 the
company had approximately $2 million cash on balance sheet and
approximately $38 million availability under its $50 million
revolving credit facility. Moody's expects reduced commercial
aerospace activity, in both the aftermarket and new build segments,
to materially affect the business from April 2020 putting a
significant strain on liquidity headroom. Liquidity is also limited
by ongoing free cash outflows prior to the coronavirus outbreak,
deferred payments in relation to the ACTS acquisition of around $19
million, and short-term seasonal and intra-quarter funding
requirements. Moody's also expects the company to breach its
springing leverage covenant, which applies when the RCF is drawn by
35% or more, in 2020.

Governance considerations which Moody's takes into account in MBA's
credit assessment include: (1) relatively aggressive financial
policies with tolerance for high leverage and use of debt to
finance acquisitions in full or in part; (2) a typical LBO board
structure with Blackstone-appointed non-executive chairman and
private equity sponsors representatives; and (3) relatively limited
granularity of financial reporting and high use of adjustments and
exceptional items.

STRUCTURAL CONSIDERATIONS

The senior secured first lien term loan and RCF are rated Caa1, one
notch above the CFR, reflecting their ranking ahead of the
company's $100 million senior secured second lien term loan. The
senior secured first lien loan and RCF contain a guarantee and
collateral package which is limited largely to US subsidiaries.

OUTLOOK

The negative outlook reflects the company's weak liquidity position
and high leverage. Pressures on trading as a result of the
coronavirus pandemic are expected to further weaken liquidity of
the rest of 2020 which is likely to lead to a requirement for
additional funding. Whilst Moody's expects the company's equity
sponsor to be supportive there is a relatively high risk of
financial restructuring either during the course of 2020 or as a
result of an unsustainable capital structure thereafter. A weaker
demand for commercial aircraft after 2021 is likely to hamper the
company's efforts to ramp up production and improve its financial
metrics.

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

The ratings are unlikely to be upgraded in the short term. Positive
rating pressure would not arise until the coronavirus outbreak is
brought under control, travel restrictions are lifted, airline
passenger traffic resumes and the market for commercial aircraft
stabilises. In addition, for the ratings to be upgraded the company
would need to improve its liquidity, and demonstrate its ability to
grow its business such that leverage and free cash flow metrics are
materially improved from current levels.

The ratings could be downgraded if liquidity concerns deepen, if
the likelihood of a financial restructuring increases or if it
becomes clear that the company will be unable to generate material
trading and cash flow improvements from 2021 onwards.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense Industry published in March 2018.

LIST OF AFFECTED RATINGS:

Downgrades:

Issuer: MB Aerospace Holdings II Corp.

LT Corporate Family Rating, Downgraded to Caa2 from B3

Probability of Default Rating, Downgraded to Caa2-PD from B3-PD

Senior Secured Bank Credit Facility, Downgraded to Caa1 from B3

Outlook Actions:

Issuer: MB Aerospace Holdings II Corp.

Outlook, Changed To Negative From Stable

COMPANY PROFILE

MB Aerospace is a tier one and tier two supplier of original
equipment parts for aero-engines, focused on large-diameter cases,
housings, as well as rotating parts. MB Aerospace has been owned by
private equity funds managed by Blackstone since October 2015.

MEADOWHALL FINANCE: Fitch Cuts Cl. C1 Debt Rating to BB+sf, on RWN
------------------------------------------------------------------
Fitch Ratings has downgraded all classes of Meadowhall Finance PLC
and placed them on Rating Watch Negative due to coronavirus-related
factors. The social and market disruption caused by the effects of
the coronavirus pandemic and related containment measures was one
of the factors leading to the downgrades, primarily by weakening
medium term collateral value prospects as well as given the
longer-term effect (on cash sweep and liquidity facility drawdowns)
of reduced income.

Moreover, there is risk of an accumulation of unpaid borrower
senior indebtedness in respect of potential arrears on forthcoming
loan interest, given the likely impact of containment measures on
retail sales and rental income. The UK government's decision to
temporarily ban evictions of commercial tenants and the operator's
decision to provide relief to some tenants in its mall will likely
contribute to a shortfall in rents received by the borrower on its
collection date. Fitch notes that the shareholders in the borrowing
joint venture, The British Land Company plc and Norges Bank
Investment Management, may elect to inject equity to keep the loan
current.

Meadowhall Finance PLC (Tap Issuance)
  
  - Class A1 Tap Issue XS0278325476; LT AA+sf; Downgrade

  - Class A2 Floating Notes Tap Issue XS0278327415; LT AA+sf;
Downgrade

  - Class B Tap Issue XS0278326441; LT A+sf; Downgrade

  - Class C1 Floating Rate Tap Issue XS0278329890; LT BB+sf;
Downgrade

  - Class M1 Floating Notes XS0278328496; LT BBBsf; Downgrade

TRANSACTION SUMMARY

The transaction is a 2006 securitization of a loan backed by
Meadowhall, a super-regional shopping center located to the north
east of Sheffield. The long-dated loan financing is tranched into
four series, with a combination of bullets and scheduled
amortization arranged in a non-sequential fashion and mirrored by
the CMBS. The issuer has a GBP75 million liquidity facility to
cover interest and some principal obligations across the capital
structure. The class A2, M1 and C1 notes are floating-rate, swapped
at the issuer level.

The class M1 and C1 notes are currently held by the issuer as
(non-issued) "reserve bonds" and may, subject to among other things
investor consent, place the notes with investors to raise funds to
on-lend to the borrower. Fitch has assumed the class M1 and C1
notes are in issue only when rating them. This is relevant because
it calibrates potential drawdowns of the liquidity facility, which
not only determines how much non-senior allowances rank above the
notes (comprising facility drawdowns), but is also a scarce issuer
resource acting as a bottleneck on how long debt service (including
senior principal amortization) can be maintained. The loan-to-value
(LTV) of currently drawn (A and B) loan series is 40.2% - based on
a GBP1.454 billion valuation as of September 2019 (the LTV ratio
rises to 49.9% when taking into account the class M and C notes).

In the 12 months to September 2019, reported net income and
estimated rental value (ERV) have declined by approximately 5%,
with occupancy currently standing at around 97% by square footage.
While the vacancy level may be low, this is masked by a material
increase in short-term lettings: new lettings in the last 12 months
have averaged three years to the earlier of break or expiry.
Moreover, more than half of these have been for 1.5 years or less.
The switch to short lettings is common to many mall operators
struggling to contend with rising vacancy against the backdrop of a
deluge of household name retailers falling into administration or
using company voluntary arrangements (CVA) to restructure leases
(in Meadowhall Fitch estimates 22).

These developments reflect Meadowhall's relatively high exposure to
department store and fashion tenants, many of which are in
distress. Seeking to preserve footfall and share operating costs
can encourage below-market rents to be struck, and in this case the
operator has signed new or renegotiated leases in the last 12
months rents on average around 30% below September ERV. This
shortfall is swollen by short- term lettings, many of which are on
very low or even zero rent, and by excluding these, the ERV
shortfall is approximately halved. In its analysis, Fitch uniformly
haircuts ERV by 20%. As Fitch had previously anticipated falls in
ERV by raising floors in its retail rental value decline guidance
assumptions, Fitch has relaxed this increase to avoid
double-counting.

KEY RATING DRIVERS

Coronavirus Causing Economic Shock: Fitch has made assumptions
about the spread of coronavirus and the economic impact of the
related containment measures. As a base-case (most likely)
scenario, Fitch assumes a global recession in 1H20, driven by sharp
economic contractions in major economies with a rapid spike in
unemployment, followed by a solid recovery that begins in 3Q20 as
the health crisis subsides. As a downside (sensitivity) scenario
provided in the Rating Sensitivities section, Fitch considers a
more severe and prolonged period of stress with a slow recovery
beginning in 2Q21. In this sensitivity scenario Fitch assumes the
mall suffers a further permanent fall in ERV of 10% (in addition to
the mall-specific haircut described elsewhere).

Containment Measures Impacting Retail: The epidemic suppression
measures in force across the UK are causing a severe interruption
to public life, with immediate consequences and uncertainty for the
retail sector. Indefinite store closures will threaten the
viability of many retailers, which gives rise to the prospect of
concerted efforts to bring about a suspension of rental payments
while the epidemic continues.

Assumptions Updated for Coronavirus Impact: Given the predicted
further impact of store closures and job losses resulting from the
coronavirus crisis, Fitch has increased its base structural vacancy
assumption for the mall to 7%. Fitch also assumes an immediate halt
in rental payments for six months. By assuming borrower default,
this test leads to an accumulation of two quarters of loan
interest, representing an increase in borrower indebtedness. Fitch
has not assumed arrears in property costs because of widespread
evidence in the UK of partial rental collections by operators
(including British Land) at the last quarterly collection date, as
well as the government's decision to offer selective business rates
relief. This increase in assumed borrower indebtedness is dwarfed
by the collateral stresses in explaining the downgrades.

Liquidity Risk: The assumed halt in loan interest for two quarters
results in a drawdown of liquidity to cover note interest and
senior issuer costs. In this scenario, Fitch finds the liquidity
facility adequate to cover interest payments due on the notes in
the corresponding rating stresses.

The haircut to ERV and higher base structural vacancy assumptions
play a complex role in the downgrades. For the class C notes,
although upon a loan event of default, if accelerated, the bond
payment waterfall becomes fully sequential - thus locking out
non-senior notes from receiving funds paid by the borrower under
the loan - this class is entitled to draw on GBP7.5 million of
liquidity. This is sufficient to cover timely debt service
(interest) over the minimum two-year recovery period assumed by
Fitch. However, the collateral income and value stresses are
sufficient to downgrade the notes to sub-investment grade, where
expected debt service deferrals would anyway be acceptable.

For the class M and B notes, their entitlement to liquidity
supports its expectation of timely payment required for
investment-grade ratings. For the class A notes, liquidity facility
coverage is abundant enough to support timely debt service in a
high investment grade ('AA+sf') rating stress.

However, unlike for the class C notes, the availability of undrawn
liquidity interacts with its more conservative projection of
property income in explaining the downgrades of three senior
classes of notes. This is because by hastening the exhaustion of
the liquidity facility (drawn against class A, B and M note
obligations for far longer than for the C notes, given the latter
has far lower entitlement), the haircut to ERV and the higher base
structural vacancy assumptions significantly reduce the duration
over which (1) available (reduced) cash flow can be swept as class
A, B and/or M note principal in their respective rankings in the
waterfall and (2) combined (senior ranking) negative swap
mark-to-markets (MTM) can decay.

In other words, the higher rate at which liquidity is drawn
constrains the freedom of the borrower security trustee to delay
liquidating collateral in seeking to optimize the benefit of
greater amortization from cash sweep and decay of the negative swap
MTM against the cost of transferring greater value from senior to
junior creditor via liquidity facility drawdowns. As Fitch assumes
the burden on liquidity expenditure for drawing against class M and
C obligations only applies when rating those notes, this relieves
part of the urgency the borrower security trustee is assumed to be
under when working out the loan in the rating scenarios applicable
to the class A and B notes, which cushions the severity of these
two downgrades by one notch.

Testing for possible prolongation of containment measures beyond
the base case, Fitch runs a sensitivity for a further 10% decline
in ERV. Given the near-term downside risk presented by this
sensitivity, and the potential material impact on ratings, Fitch
has placed the notes on RWN.

RATING SENSITIVITIES

Current ratings: 'AA+sf' / 'AA+sf' / 'A+sf' / 'BBBsf' / 'BB+sf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'AAsf' / 'AAsf' / 'A-sf' / 'BBBsf' / 'BB+sf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a Coronavirus Sensitivity Analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21. Under this severe scenario, Fitch reduces
the estimated rental value of each asset by 10%, with the following
change in model output:

'AA-sf' / 'AA-sf' / 'A-sf' / 'BB+sf' / 'B+sf'

Factors, actions or events that could lead to an upgrade include:

A lifting of the containment measures applied in reaction to the
coronavirus outbreak would allow retail assets to resume full
operation, with lesser disruption in consumer behavior and
discretionary spend, which could lead to Positive Outlooks or
upgrades.

Factors, actions or events that could lead to a downgrade include:

A prolonged period of social distancing beyond six months could
both weaken liquidity support and dampen retail property values
resulting in further downgrades.

KEY PROPERTY ASSUMPTIONS (all by market value)

'Bsf' weighted average (WA) cap rate: 5.6%

'Bsf' WA structural vacancy: 9.8%

'Bsf' WA rental value decline: 2%

'BBsf' weighted average (WA) cap rate: 6.0%

'BBsf' WA structural vacancy: 10.7%

'BBsf' WA rental value decline: 4%

'BBBsf' WA cap rate: 6.6%

'BBBsf' WA structural vacancy: 11.7%

'BBBsf' WA rental value decline: 6%

'Asf' WA cap rate: 7.1%

'Asf' WA structural vacancy: 12.6%

'Asf' WA rental value decline: 14.1%

'AAsf' WA cap rate: 7.7%

'AAsf' WA structural vacancy: 13.5%

'AAsf' WA rental value decline: 22.7%

'AAAsf' WA cap rate: 8.4%

'AAAsf' WA structural vacancy: 14.5%

'AAAsf' WA rental value decline: 31.3%

BEST/WORST CASE RATING SCENARIO

Ratings of structured finance transactions have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of seven 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 seven 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.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

SOURCES OF INFORMATION

Issuer and servicer reports dated December 2019 and January 2020

Tenancy schedule dated December 2019

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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).

MOTION MIDCO: Moody's Cuts CFR to B2, On Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 Corporate
Family Rating and to B2-PD from B1-PD Probability of Default Rating
of Motion Midco Limited. Moody's has also downgraded to B1 from Ba3
ratings of the senior unsecured bonds issued by Merlin
Entertainments Plc as well as ratings of the term loans and the
revolving credit facility falling due in 2026 issued by Motion
Finco S.a.r.l. Concurrently, Moody's has downgraded to Caa1 from B3
rating of the senior unsecured notes due 2027 issued by Motion
Bondco DAC. The ratings have been placed on review for further
downgrade.

The outlook on all ratings is changed to rating under review from
stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus pandemic,
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 leisure and
entertainment sector have been one of the sectors most
significantly affected by the shock given its exposure to travel
restrictions and sensitivity to consumer demand and sentiment. Its
action reflects the impact on Merlin of the breadth and severity of
the shock, and the broad deterioration in credit quality it has
triggered.

The rating action was prompted by government decisions to close
Merlin's attractions in most of the geographies the company
operates, including Europe, the US and Australia, which will result
in a sharp decline in revenue and free cash flows in 2020. From a
regionally contained outbreak the virus has rapidly spread to many
different regions severely denting the travel and leisure
segments.

Moody's base case assumptions are that the coronavirus pandemic
will result in an effective shutdown of close to 90% of the
company's business over the next 3 months. It also assumes that the
remaining 10% of Merlin's business in China and Japan will stay
open after 1-2 months of previous shutdown. According to the rating
agency's base case most of the attractions will start operating
again from mid-June to July, although the pace of recovery may be
slow in the first 1-2 months and uneven across different countries
due to both fears and travel restrictions. There are also high
risks of more challenging downside scenarios and the severity and
duration of the pandemic and hence on travel restrictions and
consumer sentiment is uncertain. Moody's analysis assumes around
40% reduction in revenues for Merlin for the full year but
depending on length and severity of the travel restrictions and
government confinement measures could include a significantly
deeper downside cases including close to zero occupancy during the
peak summer season.

The rating also reflects relative flexibility of the company's cost
base, as Merlin uses significant number of seasonal workforces in
its parks, which can be adjusted before the high summer season
starts. In addition, the company will benefit from the government
support programmes for the payroll for its permanent staff. Moody's
also expects that Merlin will be able to push back non-essential
capex projects and reduce total capex by at least 40% in 2020
compared to the original plan.

The company's Midway attractions in China and LEGOLAND Japan were
recently re-opened, which will help to reduce the net cash burn for
the group compared to other purely European and US operators.
Moody's also does not expect any significant claims for
reimbursements for the Merlin annual passes and hotel bookings, as
the customers were offered free extension.

Assuming that confinement measures or travel restrictions are
gradually lifted throughout June/July in Merlin's key geographies,
Moody's estimates that Moody's-adjusted debt/EBITDA could
temporarily spike to high teens in 2020 from around 7.5x in 2019
before reducing to around 8.5x in 2021. That said, Moody's cautions
there are inherent uncertainties and variables involved in
modelling profitability and cash flows in times of great
uncertainty.

The outlook is rating under review. The review process will focus
on (i) the current market situation with a review travel and
leisure restrictions and visitation levels across Merlin's key
markets, (ii) the liquidity measures taken by the company and their
impact on the company's balance sheet, and (iii) other measures
being taken by the company to reduce its cost base and protect cash
flows.

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.

Moody's notes that a private-equity sponsored structure often
results in higher tolerance for leverage, a greater appetite for
M&A and dividends. Nevertheless, Moody's views Merlin's ownership
structure to have longer investment horizon and potentially be more
supportive in the current situation compared to a typical LBO.
KIRKBI, which owns 50% of the company, is Merlin's partner and a
major investor in the company for almost 15 years. KIRKBI has been
increasingly relying on Merlin as one of the major avenues to
promote its LEGO brand and hence is interested in Merlin's
long-term development. In addition, Blackstone's investment in
Merlin is through its longer dated Core fund.

LIQUIDITY

Moody's expectations of negative free cash flow during the closure
period will weaken Merlin's liquidity although Moody's estimates
that the company will have sufficient liquidity to go through 2020
season even in a scenario of substantial shutdown during the peak
summer months. The rating agency estimates that Merlin had at least
GBP0.5 billion liquidity available as of March thanks to the GBP400
million RCF and $172.5 million deferred draw term loan.

The company's cash flow remains characterised by material seasonal
swings, with nearly all earnings and net inflows generated in the
second and third quarters. Cash flow from operations tends to be
negative in the first quarter as a result of lower earnings and
seasonal capital investment, although there is a working capital
inflow in the quarter, in part owing to prepayments by
ticket-holders for activities during the summer.

STRUCTURAL CONSIDERATIONS

The senior secured credit facilities and Merlin's senior secured
bonds are rated B1 - one notch above the CFR as they benefit from
the cushion provided by structurally and legally subordinated
senior unsecured notes, which are rated two notches below the CFR
at Caa1. The security however only includes material intercompany
receivables of obligors, shares in each obligor and material
company and bank accounts of each obligor.

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control, travel restrictions are lifted,
and travel flows return to more normal levels. Over time, Moody's
could upgrade the company's rating if Merlin's Moody's adjusted
Debt/EBITDA decline toward 7x while recovering its number of
visitors and EBITA margins to pre-crisis levels.

Moody's could downgrade Merlin's ratings if confinement measures
and travel restrictions extend through or beyond the peak summer
season, leading to further deterioration in credit metrics and
liquidity.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS:

Downgrades:

Issuer: Motion Midco Limited

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

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

Issuer: Merlin Entertainments PLC

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to B1
from Ba3; Placed on Review for Possible Downgrade

Issuer: Motion Bondco DAC

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
from B3; Placed on Review for further Downgrade

Issuer: Motion Finco S.A.R.L

Senior Secured Bank Credit Facility, Downgraded to B1 from Ba3;
Placed on Review for further Downgrade

Outlook Actions:

Issuer: Motion Midco Limited

Outlook, Changed To Ratings Under Review From Stable

Issuer: Merlin Entertainments PLC

Outlook, Changed To Ratings Under Review From Stable

Issuer: Motion Bondco DAC

Outlook, Changed To Ratings Under Review From Stable

Issuer: Motion Finco S.A.R.L

Outlook, Changed To Ratings Under Review From Stable

COMPANY PROFILE

Merlin Entertainments Limited, based in Dorset, the UK, is the
largest European and second-largest global operator of visitor
attractions in terms of visitor numbers in 2018. The company
generated GBP1.7 billion in revenue and underlying EBITDA of GBP494
million in 2018, and attracted around 67 million visitors to its
124 locations in that year. Merlin is owned by a group of
investors, comprising KIRKBI (50%), Blackstone (32%) and CPPIB
(18%).

NEWDAY GROUP: Moody's Places B1 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed the B1 Corporate Family Rating
of NewDay Group (Jersey) Limited and the B1 backed senior secured
debt ratings of NewDay BondCo plc on Review for Downgrade. The
outlooks have changed to Ratings under Review from Stable.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

The rating action is driven by Moody's view that, contrary to the
agency's previous expectations, NewDay will be unlikely to achieve
its previously stated profitability, asset quality and
capitalisation targets due to the already weakening operating
environment in the UK, which will be exacerbated by the negative
economic implications of the coronavirus outbreak.

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. Consumer finance
companies represent one of the sectors affected by the outbreak,
given the impact of the weakening economy on demand as well as on
households' ability to repay their debts. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on NewDay of the breadth and
severity of the shock, and the deterioration in credit quality it
has triggered.

Moody's expects NewDay's profitability to weaken as a result of a
decline in receivables volume, driven by reduced consumer spending,
and also as a result of an expected increase in provisioning.
Moody's no longer expects an improvement in NewDay's asset quality
metrics due to a potential rise in delinquencies and credit losses
in the current economic environment. In addition, Moody's believes
that NewDay's capital build-up could be slower than previously
anticipated due to a likely deterioration in profitability.

During the review, Moody's will assess the current and potential
impact of the coronavirus outbreak on NewDay's profitability,
capitalization, cash flows, and asset risk. The review will also
include an assessment of the likely effectiveness on its credit
profile of the initiatives the company is taking to mitigate a
reduction in profitability and to reduce its business and credit
risk. Moody's will also examine the company's liquidity and funding
strategy during the current period of market dislocation.

An upgrade is unlikely given that NewDay's ratings are on Review
for Downgrade. The ratings could be confirmed if Moody's comes to
believe that the company will be able manage the impact of the
coronavirus outbreak without a meaningful deterioration in
profitability and cash flows relative to the agency's previous
expectations. In addition, for the rating to be confirmed, NewDay
would need to demonstrate a path to an improvement in asset
quality, as it relates to internal collections and credit risk of
its loan portfolio.

NewDay's ratings could be downgraded if Moody's concludes that
NewDay will be unlikely to meet its previously projected targets
for profitability, capital and cash flows, and deems that the
company will be unable to improve its asset quality in line with
previous expectations. The ratings could also be downgraded if the
company's liquidity and funding metrics materially deteriorate
relative to Moody's previous expectations.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019

NMC HEALTH: Main Lenders Set Up Coordinating Committee for Debt
---------------------------------------------------------------
Nicolas Parasie and Archana Narayanan at Bloomberg News report that
the main lenders to embattled NMC Health Plc are setting up a
coordinating committee, taking a major step toward restructuring
the hospital operator's US$6.6 billion debt, according to people
with knowledge of the matter.

HSBC Holdings Plc, Barclays Plc and Standard Chartered Plc will
join Abu Dhabi Commercial Bank PJSC, Dubai Islamic Bank PJSC and
Abu Dhabi Islamic Bank PJSC to lead the debt talks with
representatives for NMC, the people, as cited by Bloomberg, said,
asking not to be named because the discussions are private.  The
company was recently placed in administration, Bloomberg recounts.

The people said the coordinating committee is set to hire Deloitte
LLP and Clifford Chance LLP to advise on the negotiations,
Bloomberg notes.  They said the banks and advisers still have to
formally agree on the formation of the committee and its final
composition may change, Bloomberg relays.

NMC is being run by administrators Alvarez & Marsal Inc. after
succumbing to creditor demands, Bloomberg discloses.



PINNACLE BIDCO: S&P Downgrades ICR to 'B-', On Watch Negative
-------------------------------------------------------------
S&P Global Ratings lowered the long-term issuer credit rating on
U.K.-based Pinnacle Bidco PLC (trading as Pure Gym) to 'B-' from
'B'. At the same time, S&P lowered to 'B+' from 'BB-' the issue
rating on its GBP90 million super senior revolving credit facility
(RCF) and to 'B-' from 'B' the rating on the GBP430 million bonds
due 2023. All ratings are being placed on CreditWatch with negative
implication.

COVID-19 will exacerbate the increase in leverage caused by the
debt-financed acquisition of Fitness World.

S&P Global Ratings forecasts that Pure Gym's leverage will exceed
10x in 2020. S&P said, "The downgrade indicates that we do not
expect Pure Gym to bring leverage below our 7x downgrade threshold
in 2020. The group has closed its gyms in the U.K., Denmark,
Switzerland, and Poland because each of these governments has
implemented measures to control the spread of COVID-19. As a result
of the mandatory closure of its gyms, we revised our base case to
include the assumption that the gyms will close until the end of
June (three months) before being reopened. Combined with GBP378
million of additional indebtedness incurred for the Fitness World
acquisition, we now expect the group's S&P Global Ratings-adjusted
leverage to exceed 10x in 2020."

S&P's base case assumes that the virus peak will occur between June
and August 2020, but risks are to the downside and any recovery may
be gradual.

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. However, we
acknowledge the uncertainty regarding peak and containment of the
virus, risks remain to the downside and the situation remains
fluid. 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."

Mitigating cash burn and preserving liquidity is critical for Pure
Gym while gyms remain closed.

S&P said, "In our current base case, we assume that gyms will
remain closed through the second quarter of 2020. Despite the
various mitigating measures announced, Pure Gym faces significant
EBITDA decline, and a cash burn of about GBP4.5 million per week,
down from the pre-mitigation burn rate of GBP9 million per week. We
understand that at a cash burn rate of GBP4.5 million, the group
would be able to reopen and ramp up operations in short order." If
conditions persist for longer than expected, Pure Gym may instead
pursue a hibernation strategy and target a lower cash burn of about
GBP3 million a month. To achieve this, it would need to take
more-aggressive cost mitigation measures, such as negotiating more
material rent reductions with landlords.

Memberships had been rising, which is a positive sign, but it is
unclear how they would develop if economic conditions decline
materially for a prolonged period.

S&P considers it possible that membership attrition and lowered
revenue may continue past any reopening of gyms. Consumers may view
gym memberships as discretionary spending in a recession, or resist
returning to the gym for a prolonged period due to continued fears
over safety. That said, the value gym segment registered strong
growth during the previous financial crisis recession as consumers
moved downstream from higher-end fitness clubs to more-affordable
options. Value gyms offer a flexible membership model, which allows
customers to cancel membership at a month's notice. Although this
contributes to their fast growth, it also results in cancellation
rates of about 1%-2% each month.

Pure Gym had about 1.8 million members before the COVID-19
outbreak. It placed most of its member accounts on freeze (that is,
no direct debits are being charged) while the gyms are closed,
meaning that members can retain memberships without any cost.

S&P's adequate liquidity assessment depends on the gyms opening at
the beginning of July 2020.

Currently, the group has about GBP165 million in available
liquidity. This comprises its cash, fully drawn RCF, and overdraft
availability. It can fund the cash burn of GBP4.5 million per week
over the next 12 weeks that we modeled under our gym closure base
case from its current available liquidity--this means about GBP55
million in total cash burn under current assumptions. The group's
maintenance covenant under its GBP95 million RCF is tested only if
the RCF is drawn up to 40%. Therefore, S&P considers Pure Gym's
liquidity as adequate at this stage. However, S&P's liquidity
assessment will change if it expects the gyms to be shut down much
beyond June 2020.

Under the terms of the EUR455 million bridge loan facility used to
acquire Fitness World, this facility will convert to a term loan if
it is not refinanced by January 2021. The maturity will match the
existing fixed-rate 6.375% notes due 2025. Thus, there are no
near-term debt maturities.

Prior to the COVID-19 pandemic, Pure Gym performed well at an
operational level; therefore, its financial sponsor could choose to
provide liquidity or capital support, if required.

Leonard Green & Partners, Pure Gym's financial sponsor, has stated
that it considers Pure Gym a key investment asset within its Green
Equity Investors VII fund and considers that the group's
operational performance was favorable until the COVID-19 pandemic
changed the game. Pure Gym has opened 70 new sites in the U.K. over
the past two years. If it had not spent its capital on growing, the
group's free operating cash flow would have been higher by about
GBP40 million each year. The business clearly has the ability to
generate good free cash flow under normal going concern operating
conditions. Given Pure Gym's leading market share and the future
growth potential of the business, S&P believes that the sponsor
could consider providing additional liquidity or capital support in
the future, if required.

For the avoidance of doubt, S&P does not factor in any specific
support into our analysis at this time. However, should support be
contemplated in the future, S&P understands that:

-- It is, as yet, uncertain whether the group will require any
support and if it does, when any support would be made available;

-- The sponsor is under no obligation and has provided no
guarantee that it would provide support; and

-- The conditions and structure of any support are therefore
uncertain.

Finally, the provision of any liquidity support from the sponsor
would not prevent S&P from lowering the rating if, in its view, the
capital structure was unsustainable or the probability of specific
default events occurring had increased.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and Safety

S&P will seek to resolve the CreditWatch placement in the coming
months. A resolution would follow an update of its base case to
revise its assessment of:

-- The potential for COVID-19 to peak beyond S&P's current
modeling base case of end of June 2020;

-- The likelihood that any recovery in demand after June 2020,
might be slower or weaker than S&P current expects;

-- Whether the group's liquidity will remain sufficient to
continue operations through any extended shut-down period,
including the cash burn rate and covenant compliance;

-- The sustainability of the group's capital structure, including
performance of key metrics, such as S&P's adjusted leverage and
free cash flows, in 2020 and 2021.

The probability of specific default event scenarios
occurring--these could include nonpayment of interest, distressed
exchange offering or restructuring, or debt purchase below par.
S&P said, "Following our assessment of the above factors, we could
lower the ratings if we saw a risk that the magnitude and length of
disruption caused by COVID-19 would exceed our current expectation
(that the outbreak be contained by June this year). We could also
lower the rating if high cancellation rates or site closures in the
coming months caused us to view the group's capital structure as
unsustainable. We could downgrade Pure Gym if it faced liquidity
stress through a covenant breach or cash burn-out before the
pandemic passes. We could lower the rating by multiple notches if
we considered specific default events, such as the likelihood of
interest forbearance, debt restructuring, or distressed debt
exchange, as likely."


TOGETHER FINANCIAL: Fitch Places 'BB' LT IDR on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed Together Financial Services Limited's 'BB'
Long-Term Issuer Default Rating on Rating Watch Negative.

The RWN reflects the downside risks to Together's credit profile
from the economic and financial market implications of the
coronavirus pandemic, in particular the unknown impact of the
payment holiday on UK mortgages, and the decision to stop
underwriting new business.

Fitch expects global economic growth to decline sharply in 2020 and
now estimates that the UK's GDP could fall by close to 4% in 2020
in its baseline forecast, followed by a sharp recovery in 2021.
This expectation is based on the assumption that containment
measures will be unwound in 2H20, with material downside risk to
these economic forecasts.

Under this scenario, impairment charges are likely to increase
significantly and profitability to fall below its previous
expectations. Funding availability also presents a material
downside risk to Together as redemptions are likely to decline
significantly and other funding sources, which are largely
wholesale, could become pressurized.

In resolving the RWN, Fitch will monitor closely over the coming
months the impacts on impairments and profitability and in
particular, the trend of redemptions and funding availability.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

Unless noted, the key rating drivers for Together's IDR and senior
debt are those outlined in its Rating Action Commentary in December
2019.

Together's non-perming loan ratio is higher than that of mainstream
lenders as its customers are largely non-standard borrowers. Fitch
would expect this ratio to increase, albeit on a lagged basis with
a deteriorating economic climate. This metric could worsen if the
three-month mortgage payment holidays instigated by the UK
government increase Stage 3 loans under IFRS 9. Profitability is
also expected to materially decline from higher impairment charges
being registered. Fitch expects actual principal losses to remain
contained as Together maintains loan to value (LTV) ratios below
60%.

Fitch does not currently expect any material deterioration in
Together's leverage metrics, and debt to tangible equity was 5x at
end 2Q20 (end-December 2019), increasing from 3.5x FYE18 and
remaining within Fitch's tolerance range for Together's rating.
Fitch's leverage metrics include GBP 350 million of debt issued by
Bracken Midco1 PLC (Midco), which Fitch views as a contingent
obligation of Together. Together has curtailed new loan
originations and as a result, Fitch does not expect any significant
increase in drawn debt.

Together benefits from having no near-term debt maturities and a
degree of headroom within current facilities. However, mortgage
redemptions are likely to be materially down on prior expectations
and in order to preserve liquidity, Together has ceased new lending
while maintaining existing lending commitments. Funding sources are
largely wholesale, largely public and private securitizations and
listed senior secured notes. The covenanted nature of these
facilities could add funding and liquidity pressures.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

Together's IDR and debt ratings are sensitive to a combination of
ongoing rising leverage, increased impairments that negatively
affects profitability and a weaker operating environment that could
trigger a downgrade.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Leverage materially increased above 5x, which could arise if
further debt is drawn and/or tangible equity is reduced if
significant losses are absorbed.

  - A material slowdown in Together's rate of internal capital
generation, for example due to a deteriorating operating
environment adversely affecting asset quality and leading to higher
non-performing loan metrics, could lead to a downgrade. This would
be particularly relevant if accompanied by continued growth in the
loan book, and therefore rising leverage.

  - Significant damage to Together's franchise as a result of the
decision to curtail new lending could also lead to a downgrade, as
could a revised assessment of Together's business model if risk and
underwriting controls prove to be deficient causing significant
declines in profitability or losses to be registered.

  - Funding restrictions or a significant decline in redemptions
necessitating longer-term restrictions on lending could also lead
to a downgrade. Liquidity pressures, which could arise if Together
needs to cure covenant breaches in its lending facilities, could
also lead to a downgrade.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The ratings could be affirmed if COVID-19 related disruptions turn
out to be short-lived, and the impact on company's franchise is
contained while being able to maintain adequate earnings and
leverage.

An upgrade would likely require an upward reappraisal of Together's
franchise and business model, in addition to sound financial
performance.

MIDCO1 - SENIOR PIK TOGGLE NOTES

The rating of the senior PIK toggle notes is sensitive primarily to
changes in Together's IDR, from which it is notched, as well as to
Fitch's assumptions regarding recoveries in a default scenario.
Lower asset encumbrance by senior secured creditors could lead to
higher recovery assumptions and therefore narrower notching from
Together's IDR.

ESG CONSIDERATIONS

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

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.

TORO PRIVATE: Fitch Cuts LT IDR to B-, On Watch Negative
--------------------------------------------------------
Fitch Ratings has downgraded Toro Private Holding I, Ltd
(Travelport) Long-Term Issuer Default Rating to 'B-' from 'B+'. All
ratings have been placed on Rating Watch Negative.

The IDR downgrade reflects the pervasive impact of the coronavirus
outbreak on Travelport's trading given the virtual standstill in
global air traffic and tourism, which Fitch assumes will remain
through to summer 2020 at least. Once travel resumes, Fitch expects
leverage to remain elevated above 9.0x until at least 2022,
combined with weaker free cash flow (FCF) and FFO fixed-charge
coverage to levels that are more commensurate with a 'B-' rating
profile. The downgrade also considers the disposal of eNett, which
Fitch viewed as a key component to Travelport's deleveraging
ability in a more normalized trading environment, and thus a
weakening of the consolidated business profile going forward.

The RWN reflects the uncertainty posed by the coronavirus and the
ultimate strain it can put on Travelport's credit profile and
liquidity if lockdowns stay beyond June 2020. Whilst the
application of proceeds from eNett disposal is still unclear, if
eNett's lost EBITDA contribution is not adequately balanced with
material debt reduction, or liquidity buffers not replenished
should there be a need, this would lead to further downgrade of the
IDR into 'CCC' levels.

KEY RATING DRIVERS

Coronavirus Trading Uncertainties: Travelport's business is
directly correlated to the severe disruption to global travel
caused by the coronavirus outbreak as well as the unknown depth and
duration of the outbreak's impact. While visibility is low beyond
June 2020, the impact of a prolonged period would be significant
given revenue dependency on global travel and a highly leverage
balance sheet with interest payments and mandatory amortization of
the first-lien term loan constituting about half of Fitch's defined
EBITDA for 2019. Currently Fitch estimates that EBITDA and
profitability will take until 2022-2023 to recover back to 2019
levels.

Satisfactory Near-Term Liquidity Eroding: Fitch believes Travelport
has satisfactory liquidity measures to withstand a severe near-term
shock. Fitch estimates at end of March 2020, cash on balance sheet
was about USD300 million after the RCF (USD150 million) was fully
drawn to support operations during the outbreak. About 65% of
Travelport's cost base is variable; therefore, Fitch does not
envisage a build-up of working capital outflows that would
challenge near-term liquidity further. Additionally, of the total
consideration from the eNett disposal (USD600 million-700 million),
the cash element should underpin liquidity. However, there is
uncertainty with regards to the timing of completion and,
specifically, around final application of proceeds.

Disposal Proceeds Drive Rating Trajectory: The resolution of the
RWN will depend on the use of proceeds from the eNett disposal as
well as the severity of the impact on Travelport's trading
particularly in 2Q20-3Q20, the ability to reduce fixed costs and
liquidity pressures. Fitch expects to resolve the RWN after
completion of the eNett disposal by September 2020 once Fitch
expects this transaction would close. In the event of a one-time
dividend to the sponsor, especially in case of lockdowns extending
beyond June 2020, will be indicative of an aggressive financial
policy eroding the liquidity buffer, thus likely leading to at
least a notch downgrade to 'CCC+'. The build-up of a larger cash
cushion or material debt prepayments could, however, help to
stabilize the outlook.

Sustainable Business Model: The sector outlook is negative given
the disruption to global travel in FY20, which could be accentuated
if the current disruption perpetuates sustained economic weakness
going into 2021. Nevertheless, Fitch views the Travelport's
business model as sustainable given its entrenched position in the
GDS market, albeit susceptible to lower levels of demand over the
rating horizon. Travelport's recovery could deviate from global
travel trends due to customer losses driven by customers shifting
between GDS platforms, or those forced out of business given the
heightened disruption to the travel industry.

Elevated Leverage: Under the current consolidation perimeter,
including eNett, Fitch expects FFO leverage to reduce only to 9.0x
by 2022 and return to pre-2019 levels (8.0x) in 2023. This leverage
is aligned with a lower rating reflecting high longer-term
refinancing risks, especially in the context of a less diversified
business post eNett disposal. Fitch also believes that further
operational improvements through cost reductions are achievable in
2020, but positive FCF generation is likely to be low. Failure to
deleverage to a level that provides a FFO fixed-charge coverage
ratio in excess of 1.0x by 2021, or cash flow weakness, could lead
to a negative rating action.

DERIVATION SUMMARY

Travelport's rating reflects its well-established position in the
travel industry, with a 21% market share in the dominant GDS
segment that has historically provided a high proportion of
recurring revenues. This position gives it an advantage to develop
further technology and data solutions to travel buyers and
providers. Sabre, Inc is the most comparable peer. Sabre has a
higher market share of the GDS segment at 36% in 2018, structurally
higher margins and notably lower leverage.

The two notch difference between Carlson Travel, Inc (B+/RWN) a
global operator in business travel management is primarily
Travelport's higher leverage that is set to rise above 8.0x on a
FFO leverage basis for FY19 in the near-term, compared with
Carlson's comparable leverage of 6.0x for the same period; both
businesses will remain highly sensitive to the disruption in global
travel caused by the coronavirus. Higher leverage also explains why
Travelport's rating is lower than Nets Topco Lux 3 Sarl (B+/Stable)
and Latino Italy (Nexi S.p.A.) (BB/RWN).

KEY ASSUMPTIONS

  - Significant revenue decline in 2020 as a result of the
coronavirus' disruption to global travel. Fitch assumes aggregated
revenue declines nearly 40% in 2020, with the lowest revenues
generated in 2Q20. Fitch assumes a moderate recovery in travel
demand in 2021 and 2022, with revenues in 2022 roughly 10% below
2019 levels;

  - Corresponding compression to the EBITDA margin (Fitch-defined)
to 12.5% in 2020, from 19.4% in 2019. In tandem with a recovery in
revenue, Fitch assumed that the EBITDA margin recovers towards
2019's level by 2022.

  - Capex to be broadly in line with 5% of sales per annum, with
additional spending from 2021 onwards reflecting upgrades in the
platform;

  - Customer Loyalty Payments: Travelport makes payments to travel
agencies for their use of Travelport's platform (typically such
agreements last three to five years). Even though under US GAAP,
these are capitalized and subsequently amortized over the life of
the contract, Fitch views the loyalty payments (about USD70 million
per year, likely considerably lower in 2020) as being an operating
cash outflow that has just been paid in advance. Therefore, it
reverses the capitalized treatment and consider such expense an
operating cost;

  - Equity compensation: Fitch treats such payments within EBITDA
(thus above FFO) as they entail cash disbursements which have
proven recurrent;

KEY RECOVERY RATING ASSUMPTIONS:

  - Travelport would be considered a going concern in bankruptcy
and be reorganized rather than liquidated given the asset light
business model.

  - Travelport's going-concern EBITDA is based on FY19 Fitch
adjusted EBITDA of USD483 million (including customer loyalty
payments and equity compensation treated as operating costs),
discounted by 20% to arrive at an estimated post-restructuring
EBITDA of USD386 million. This is the EBITDA level that would allow
Travelport to remain a going concern.

  - Fitch has maintained a distressed EV/EBITDA multiple at 5.5x,
balancing moderate growth prospects post-coronavirus and
Travelport's entrenched position in the GDS sector;

  - Based on the payment waterfall, Fitch assumes the RCF of USD150
million will be fully drawn in the event of default, ranking pari
passu with USD2.8 billion first-lien term loan;

After deducting 10% for administrative claims, its principal
waterfall analysis generates a ranked recovery for senior secured
creditors in the 'RR3' category, leading to a 'B' instrument
rating, one notch above the IDR. The waterfall analysis output
percentage based on current metrics and assumptions is 59%. The
USD500 million second-lien term loan remains at 'RR6' with 0%
expected recoveries, leading to a 'CCC' instrument rating,
two-notches below the IDR.

RATING SENSITIVITIES

Factors That May, Individually or Collectively, Lead to Positive
Rating Action/ Upgrade:

  - FFO leverage returning below 7.5x on a sustained basis;

  - FCF margins trending sustainably positive towards 3%;

  - FFO fixed-charge coverage trending towards 2.0x;

  - FFO leverage sustainably below 8.5x by 2021, supported by a
larger-than-planned trading rebound post-coronavirus, further cash
preservation measures or appropriate debt reduction from eNett
proceeds;

  - FFO fixed-charge cover above 1.5x;

  - Generation of a neutral to positive FCF margin;

Factors That May, Individually or Collectively, Lead to Negative
Rating Action/ Downgrade:

  - Aggressive capital allocation of eNett proceeds, or more
protracted market recovery, diminishing financial flexibility and
realistic prospects of deleveraging with FFO leverage remaining
above 8.5x and thin liquidity buffer in 2020;
  
  - FFO fixed-charge cover below 1.2x by 2021;
  
  - Sustained negative FCF margin

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

Satisfactory Near-Term Liquidity to Deteriorate: Travelport
benefits from long-dated debt maturities of first and second lien
in 2026 and 2027, respectively. The USD150 million RCF (currently
fully drawn) does not contain a clean down provision, and is due in
2025. This has bolstered near-term liquidity along with sufficient
levers in its cost base to withstand a severe shock through to July
2020. Subsequently, Fitch expects weaker liquidity cushion in the
event of a slow return to normality post-summer 2020 exacerbated by
material debt service obligations. Therefore, eNett disposals
proceeds act as an important back stop to Travelport's liquidity
position in 2H20.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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).

WEIR GROUP: S&P Cuts Issuer Credit Rating to 'BB+', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on The Weir
Group PLC to 'BB+' and short-term rating to 'B'.

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 believes Weir's credit metrics will be under pressure this year
due to COVID-19 and lower commodities prices.

Weir's order intake and business activities have not yet been
affected by COVID-19 but we anticipate a tough operating
environment in 2020 because of the pandemic. This could put
additional pressure on Weir's operations and see margins decreasing
by at least 200 basis points from 16.1% recorded in 2019. S&P
understands that the group is taking measures to support cash flow
generation and maintain liquidity. Management has announced that
the final dividend for the year 2019 is to be withdrawn. S&P also
anticipates that the group will have enough flexibility to reduce
capex.

Continued weakness in Weir's oil & gas business and need for
restructuring is pressuring the group's performance. Weir is
exposed to the fracking market in North America, which has been
deteriorating over the past year. As a result, the group had to
record a non-cash impairment of GBP546 million related to customer
relationships, brand names, inventory and property, and plant and
equipment. S&P said, "We note that E&P and oilfield-services
companies are under tremendous pressure to limit spending, maintain
positive free cash flow, and enhance shareholder returns. We also
think most companies will not be able to raise capital as
efficiently as they did during the previous cycle, given capital
market access and COVID-19 concerns."

S&P understands that Weir is taking measures to reduce costs and
cash outflow. However, S&P still acknowledges that business
visibility will remain very limited through 2020, as well as highly
volatile. Weir's order intake was down 30.0% in 2019, while
aftermarket sales fell 30.6% in the same year.

The potential sale of its oil & gas business will help future
stability. Weir's announcement that it wants to become a pure
mining player will help it reduce business volatility, in our view.
Weir Minerals is a more stable business than its oil & gas
operations. Performance in this division is supported by large
aftermarket services, which remained resilient over the cycle and
provided a good cushion to offset the original equipment sales
drop. On the other hand, we note that the business will lose its
scale given its main focus on mining, reducing its overall
diversification.

S&P understands that management intends to reduce leverage with
proceeds from the disposal of oil & gas activities, thereby
strengthening its balance sheet. However, S&P expects that
executing the divestment will be challenging under the current
market conditions, and that oil & gas-related activities will
remain a part of the group's portfolio through 2020.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

S&P said, "The stable outlook reflects our view that Weir will be
able to achieve S&P Global Ratings-adjusted FFO to debt of above
20% and debt to EBITDA below 4x over the next 12 months. We also
anticipate that management will navigate the current weaker
macro-environment by implementing cost-cutting measures, delaying
dividends, and reducing capex. We also anticipate that Weir will
have sufficient liquidity and being able to cover the group's
upcoming short- and long-term maturities over the same period."

S&P would consider lowering the rating if:

-- Weir's credit metrics further deteriorate with FFO to debt
falling below 20% and debt to EBITDA increasing above 4.0x on S&P
Global Ratings-adjusted basis.

-- There are delays in refinancing the group's term loan maturing
in December 2020, along with narrowing access to commercial paper
funding.

-- Rating upside is limited over the next 12 months. Positive
rating pressure could build in the longer term through Weir
exhibiting improved profit and cash flow stability, in combination
with higher credit metrics and/or increasing scale after the sale
of its oil & gas-related activities.



ZELLIS HOLDINGS: S&P Downgrades ICR to 'CCC+', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Zellis
Holdings Ltd. and its issue rating on its first-lien facility to
'CCC+' from 'B-'.

S&P said, "Zellis' customer exposure leads us to revise downward
our base case for the company's revenue and cash flows.   S&P said,
"We expect U.K. GPD to contract by about 2% in 2020 due to the
COVID-19 pandemic. Zellis generates about 14% of revenue from SMEs
and about 10% from companies the COVID-19 pandemic will likely
affect directly. As a result, we have revised downward our base
case, and we now forecast a revenue decline of up to 5% over the
next 12 months, compared to our previous expectation of
approximately 3% growth. This reflects our expectations of a higher
churn rate related to customer bankruptcies. Nevertheless, we think
revenue decline will be relatively limited due to high revenue
visibility amid subscription-based long contract durations--the
majority of contracts are five years long--and expected lower
customer switching over next 12 months, notwithstanding any
slowdown in new contracts.

"This should lead to FOCF of negative GBP5 million-GBP10 million
and debt to EBITDA of about 10x (before exceptional costs) in
FY2021 compared to our previous expectation of breakeven FOCF and
debt to EBITDA of 8.5-9.0x. We also expect EBITDA interest coverage
of about 1.6x (about 1.9x before exceptional costs). We expect the
approximate GBP5 million cost savings coming from headcount
reduction and government-subsidized furlough will partly offset
this revenue decline.

"In our view, Zellis' high leverage, weak interest coverage, and
limited ability to generate cash make the current capital structure
unsustainable over the medium term without a material improvement
in the company's operating environment.

"Despite the unsustainable capital structure, we expect Zellis will
have sufficient liquidity, excluding any additional support.   We
currently expect Zellis to have sufficient liquidity sources to
cover its liquidity needs over the next 12 months. We forecast
liquidity sources to exceed uses by about 1.1x, and about 15%
covenant headroom under its revolving credit facility (RCF). We
therefore do not expect any imminent liquidity crisis unless the
macroeconomic situation becomes significantly worse than our
current base case for the U.K. We also note that Zellis has some
flexibility in its cash outflows thanks to the U.K. government's
support scheme for industries affected by the COVID-19 pandemic.
This mostly relates to value-added tax deferrals and extended
payment terms with suppliers, which will lessen working capital
requirement.

"We think the current sponsor, Bain Capital, could provide
additional support to Zellis if needed, potentially easing any
short-term liquidity pressures.   Bain Capital contributed GBP20
million to Zellis in FY2020 amid liquidity pressures stemming from
business transformation cost overruns, which mostly related to the
carve-out process from Northgate. Given the track record of
shareholder support, we think Bain Capital may be willing to
further support Zellis if needed--especially if it is only to cover
temporary liquidity needs--although we have not had recent
correspondence with the sponsor on the matter.

"The stable outlook reflects our expectations that potential
revenue decline amid the COVID-19 pandemics will be relatively
limited, leaving sufficient liquidity over the next 12 months.

"We could lower the ratings if the company's profitability, cash
flow, and overall liquidity deteriorate to the point that we think
the company is unlikely to be able to meet its fixed
costs--including debt service and capital spending--and hence may
pursue debt restructuring.

"We could raise the rating on Zellis if EBITDA cash interest
coverage approaches 2x and the company generates more than GBP5
million FOCF (after leases) on a sustainable basis."




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

[*] BOND PRICING: For the Week April 6 to April 10, 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


[*] EUROPE: Ministers Agree to EUR500BB Coronavirus Rescue Package
------------------------------------------------------------------
BBC News reports that EU finance ministers have agreed a EUR500
billion (GBP430 billion; US$540 billion) rescue package for
European countries hit hard by the coronavirus pandemic.

The chairman of the Eurogroup, Mario Centeno, announced the deal,
reached after marathon discussions in Brussels, BBC relates.

It comes as Spain's prime minister said the country was close to
passing the worst of its coronavirus outbreak, BBC notes.

The head of the International Monetary Fund (IMF) has warned the
world is facing the worst economic crisis since the Great
Depression of the 1930s, BBC relays.

Kristalina Georgieva, as cited by BBC, said the coronavirus
pandemic would turn economic growth "sharply negative" this year.

At their Brussels talks, EU ministers failed to accept a demand
from France and Italy to share out the cost of the crisis by
issuing so-called coronabonds, BBC relays.

The package finally agreed is smaller than the European Central
Bank (ECB) had urged, BBC states.

According to BBC, the ECB has said the bloc may need up to EUR1.5
trillion (GBP1.3 trillion) to tackle the crisis.

The main component of the rescue plan involves the European
Stability Mechanism, the EU's bailout fund, which will make EUR240
billion available to guarantee spending by indebted countries under
pressure, BBC discloses.

The EU ministers also agreed other measures including EUR200
billion in guarantees from the European Investment Bank and a
European Commission project for national short-time working
schemes, according to BBC.



                           *********


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 * * *