---

       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, May 11, 2020, Vol. 21, No. 94

                           Headlines



F R A N C E

BOURBON CORPORATION: Placed Into Court-Ordered Liquidation
FINANCIERE TOP: Fitch Affirms LT IDR at 'B', Outlook Stable
GINKGO PERSONAL 2020-1: DBRS Assigns B Rating to Class F Notes


G E R M A N Y

BEFESA SA: Moody's Affirms Ba2 CFR, Alters Outlook to Negative
K+S: Prepares Potential Application for State Aid Amid High Debt
WESER FUNDING: Moody's Rates EUR52.6MM Class B Notes 'Ba1'


I R E L A N D

BILBAO CLO III: S&P Assigns Prelim BB- (sf) Rating on Cl. D Notes
ENERGIA GROUP: Moody's Affirms B1 CFR, Alters Outlook to Negative
MEEHAN FAMILY: Goes Into Examinership Due to Covid-19 Pandemic


I T A L Y

GAMENET GROUP: S&P Downgrades ICR to 'B' Following Sale to Apollo


L U X E M B O U R G

COLOUROZ MIDCO: Moody's Affirms Caa1 CFR & Cuts PDR to Caa3-PD
EVERGREEN SKILLS: Moody's Cuts CFR to Ca, Outlook Negative
PARTICLE INVESTMENT: S&P Assigns Prelim 'B' ICR, Outlook Stable
PARTICLE LUXEMBOURG: Fitch Assigns 'B' LT IDR


N E T H E R L A N D S

AXALTA COATING: S&P Affirms 'BB' ICR, Outlook Stable
DUTCH PROPERTY 2019-1: DBRS Confirms BB Rating on Class E Notes
STARS GROUP: Moody's Reviews Caa1 Sr. Unsec. Rating for Upgrade
WEBPROS: Moody's Assigns B3 CFR, Outlook Stable


R U S S I A

RUSAL PLC: Fitch Cuts LT IDR to 'B+', Outlook Stable
TRANSCONTAINER PJSC: Moody's Reviews Ba3 CFR for Downgrade


S P A I N

ACI AIRPORT: S&P Assigns Prelim 'B-' Rating to Sr. Sec. Notes
FOODCO BONDCO: Moody's Gives B3 CFR , Outlook Stable


S W E D E N

DOMETIC GROUP: Moody's Affirms Ba2 CFR, Alters Outlook to Negative


S W I T Z E R L A N D

ARCHROMA HOLDINGS: S&P Alters Outlook to Neg. & Affirms 'B' ICR


T U R K E Y

TURKEY: S&P Affirms 'B+' Sovereign Credit Rating, Outlook Stable


U N I T E D   K I N G D O M

DAVID URQUHART: To Wind Up Business Due to Coronavirus Impact
ELIZABETH FINANCE 2018: DBRS Lowers Class E Notes Rating to B(low)
INTU (SGS) FINANCE: S&P Cuts Fixed-Rate Note Ratings to 'BB+ (sf)'
INTU METROCENTRE: S&P Cuts Fixed-Rate Sec. Notes Rating to 'BB+'
ITHACA ENERGY: S&P Downgrades Rating to 'CCC+', On Watch Developing

PIZZAEXPRESS: S&P Affirms 'CC' Issuer Credit Rating, Outlook Neg.
PREMIER OIL: Seeks Better Oilfields Acquisition Terms with BP
SYNLAB UNSECURED: Fitch Affirms LT IDR at 'B', Outlook Stable
[*] UK: Number of Corporate Insolvencies Down in April 2020


X X X X X X X X

[*] BOND PRICING: For the Week May 4 to May 8, 2020
[*] Moody's Alters Outlook on 4 European Labs to Negative
[*] S&P Puts Ratings on 17 Tranches in 14 RMBS Deals on Watch Neg.

                           - - - - -


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

BOURBON CORPORATION: Placed Into Court-Ordered Liquidation
----------------------------------------------------------
Sonali Pathirana at Bloomberg News reports that Bourbon Corporation
was placed into a court-ordered liquidation in a judgment dated
April 29.

According to Bloomberg, Jean Pierre Louis and Marc Senechal were
named as joint liquidators.

Frederic Abitbol and Alexandre Bonetto were named as joint
administrators, Bloomberg relates.

FINANCIERE TOP: Fitch Affirms LT IDR at 'B', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Financiere Top Mendel SAS's Long-Term
Issuer Default Rating at 'B' with Stable Outlook. The company is
the top entity in a restricted group that indirectly owns Ceva
Sante Animale S.A., the French-based manufacturer of animal health
products. Fitch has also affirmed the senior secured debt issued by
Financiere Top Mendel SAS and its direct subsidiary Financiere
Mendel SAS, which directly owns Ceva, at 'B+'/'RR3'/61%.

The 'B' IDR continues to reflect Ceva's robust business profile,
with a diversified portfolio of pharmaceutical and biological
animal therapeutic solutions supported by product innovations and
global market presence, albeit constrained by an excessive
leveraged profile. The Stable Outlook is supported by its
expectations of steadily growing sales, operating profits and cash
flows, which will permit gradual deleveraging and align Ceva's
financial risk with the 'B' IDR by 2021-2022. It also reflects its
assumptions of a resilient near-term business performance during
the current COVID-19 pandemic.

KEY RATING DRIVERS

Limited Impact from COVID-19: Its rating case for Ceva displays a
limited immediate impact from COVID-19 given the robust demand for
animal protein-based food production and secured supply supported
by already high levels of input materials and finished goods. Fitch
factors into its rating forecasts an increased trade working
capital outflow in FY20 to accommodate a temporary weakness in
sales, and potential slowdown in the cash conversion cycle, due to
extended payment terms from customers or higher inventory levels.

Risks and Opportunities from ASF: The outbreak of African Swine
Fever in China last year had a limited impact on Ceva given the
company's low direct exposure to this market. At the same time, a
temporary shortage of animal protein in China resulted in demand
shifting from pork to poultry and has led to increased pork imports
into China from overseas, including US and Europe, along with
accelerated local transition to industrialised swine production,
which in turn will stimulate long-term demand for Ceva's swine
pharmaceutical products in this market. However, in the aftermath
of the outbreak Fitch has assumed still contracting sales in the
swine segment for FY20, mitigated by increased poultry divisional
sales.

High Leverage, Deleveraging on Track: Ceva's ratings are
constrained by high leverage with funds from operations leverage at
9.2x in 2019 post refinancing, which is initially not aligned with
the rating. The 'B' IDR is predicated on leverage reducing to 8.0x
by 2020 and remaining at around 7.0x thereafter. Based on the
company's 2019 performance and unchanged business development
strategy this deleveraging trajectory remains in place, which
underpins its rating assessment. Fitch regards the current
financial year as critical to demonstrate deleveraging
capabilities. Failure to achieve deleveraging in 2020 will put the
ratings under pressure.

Robust Business Model: Fitch views Ceva's business model as robust,
given its well-diversified product portfolio across species,
balanced geographic footprint with good representation in developed
and emerging markets and entrenched market positions in
well-defined niche product areas. This is reflected by Ceva's
ability to deliver positive organic sales growth and stable
operating margins. In a global context, Ceva ranks highly amongst
other niche scale pharmaceutical companies, however, benefitting
from robust EBITDA and FFO margins.

Stable and Profitable Operations: Ceva focuses on niche product
areas, and benefits from organic growth supported by product
innovation and acquisitions. This is translating into sales and
earnings expansion in line with Fitch's expectations in 2020 and
likely 2021. The company's FFO margins have remained above 10%, a
level it would attribute to higher-rated sector peers. Management's
continued emphasis on product innovation and geographic expansion
overlaid with the existent product portfolio provides a solid
operational platform, bearing moderate downside risks with EBITDA
margins projected at 24% and FFO margins forecast to average around
13% by end-FY23.

High Cost of Business Growth: Ceva's asset development strategy
assumes full reinvestment of cash from operations (CFO, after
changes in trade working capital) in expansion, upgrade and
productivity improvement of the production asset base,
compliance-related and R&D projects. As a result, Fitch estimates
that cumulative forecast CFO will nearly double, compared with the
past four years. This accelerated value expansion programme will
require a capital commitment in excess of EUR500 million consuming
all internally generated cash flow, and consequently leading to
break-even or marginally negative free cash flow (FCF) until
December 2023.

Latent M&A Risk: The animal health market offers considerable scope
for consolidation, with accelerated formation of global sector
champions and disposal of animal health assets by large
pharmaceutical companies following strategic reviews of their
product portfolios. Ceva has participated in the market
consolidation, a strategy that will continue in the long term. Its
rating case projections, and the 'B' IDR and Stable Outlook,
support add-on acquisitions of EUR40-60 million a year, which can
be accommodated within Ceva's internal cash flows in 2020-2023.

Larger M&A targets, which as it understands from the company would
be supported by shareholders' contributions, represent event risk
and may put the rating under pressure in case of material
debt-funded opportunistic corporate actions.

Supportive Market Fundamentals: Ceva benefits from supportive
market trends driving long-term demand and market propensity for
accelerated consolidation. The animal health market offers many
growth avenues backed by the rising consumption of animal-based
proteins linked to an expanding global population, increasing
incomes in emerging markets, greater awareness of animal health and
wellbeing in developed countries shifting the focus from cure to
prevention, and advanced farming methods requiring innovative
animal therapies.

DERIVATION SUMMARY

Fitch rates Ceva according to its global Ratings Navigator for
Pharmaceutical companies. Under this framework, Ceva's operations
benefit from a diversified product range, strong product innovation
and broad geographic presence across developed and emerging
markets. However, in the global context Ceva's operations are
constrained by its niche business scale, which combined with
product diversity and innovation would position the company's
unlevered profile on the cusp of the 'B'/'BB' rating categories.
The rating is heavily burdened by Ceva's aggressive leverage
profile, more akin to the 'CCC' category, despite the deleveraging
potential, resulting in the 'B' IDR.

In the peer comparison within the 'B' rating category, which is
typically populated by small, generic businesses with concentrated
product portfolios and levered balance sheets, Ceva 's business
model shows similarities with Nidda BondCo GmbH (Stada; B/Stable),
although Ceva's comparative lack of scale is balanced by greater
geographic reach and R&D capabilities. In its rating analysis Fitch
regards leverage as one of the key differentiating factors. Based
on medium-term forward-looking FFO leverage, Ceva's 'B' IDR
compares well with equally rated Stada, projected to remain between
7.0x-8.0x through 2022, supporting the 'B' IDR.

In contrast, smaller peers such as IWH UK Finco Limited (Theramex;
B/Stable) are less aggressively leveraged at 5.0x-6.0x. However, it
is exposed to higher product concentration risks. The IDRs of 'B+'
assigned to Cheplapharm Arzneimittel GmbH and Antigua Bidco Limited
reflects contained leverage metrics, strong operating profitability
and healthy FCF generation, which neutralise the companies' limited
scale and greater portfolio concentration risks.

KEY ASSUMPTIONS

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

  - high-single digit top line growth, supported by organic growth
and small to mid-sized acquisitions;

  - EBITDA margins improving towards 25% supported by new volumes
and product mix;

  - trade working capital outflows averaging at EUR35 million per
year;

  - capex intensity at 8-11% of sales;

  - EUR40-60 million per year of acquisitions, funded by internal
cash generation (Fitch's own assumption);

  - no cash return to shareholders over the next four years;

  - Minority dividend distribution of EUR1 million per year.

Recovery Assumptions:

  - The recovery analysis assumes that Ceva would be restructured
as a going concern rather than liquidated in a hypothetical event
of default given the company's brand, quality of its product
portfolio and established global market position;

  - Ceva's post-reorganisation, going-concern EBITDA of ca EUR225
million reflects Fitch's view of a sustainable EBITDA, which would
be required to cover ongoing debt service costs of around EUR100
million, capex to sustain its manufacturing assets estimated at
EUR100 million and fund intra-year trade working capital estimated
at EUR20 million. In this scenario, the stress on EBITDA would most
likely result from product contamination or similar compliance
issues, or due to infectious disease outbreaks impacting various
species in several regions akin to ASF;

  - A distressed EV/EBITDA multiple of 6.5x has been applied to
calculate a going-concern enterprise value. This multiple reflects
the group's strong organic growth potential, high underlying
profitability and protected niche market positions;

  - After deducting 10% for administrative claims, its principal
waterfall analysis generated a ranked recovery in the 'RR3' band
for the all-senior secured capital structure, comprising for the
term loan B of EUR2 billion, the fully drawn capex/acquisition
facility of EUR50 million and all of the revolving credit facility
of EUR100 million, which Fitch assumes will be fully drawn prior to
distress in accordance with Fitch's methodology; all facilities
rank pari passu;

  - Its assumptions result in a 'B+'/RR3 instrument rating for the
senior secured debt with an output percentage based on current
metrics and assumptions at 61%.

RATING SENSITIVITIES

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

  - Reduction in FFO leverage towards 6.0x on a sustained basis;

  - Solid operating performance with turnover growing at high
single digit rates in excess of EUR1.5 billion leading to EBITDA
margin expansion to above 25%;

  - Positive FCF margins on a sustained basis.

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

  - Evidence of weak operating performance, operational breakdowns
(product issues/non-compliance) or M&A missteps leading to EBITDA
margins declining towards 20% (FY19: 22.9%);

  - Opportunistic shareholder distributions constraining Ceva's
ability to grow organically at mid-single digit rates;

  - Failure to bring FFO leverage to 8.0x by end of 2020 with no
clear deleveraging path thereafter;

  - FFO interest cover weakening towards 2.0x (FY19: 2.3x).

BEST/WORST CASE RATING SCENARIO

International scale credit 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 Liquidity: Fitch regards Ceva's liquidity position
over the rating horizon as satisfactory. As of end-2019, cash on
balance sheet was around EUR200 million, which will be sufficient
to accommodate further acquisitions in excess of EUR200 million
during 2020-2023 while leaving on average around EUR125 million as
freely available cash balance at year-end (after deducting EUR25
million as minimum cash required to fund intra-year working
capital). Year-end 2019 liquidity is weaker than previously
assessed due to the large acquisitions completed in 2019.

EUR50 million capex facility is fully drawn. The revolving credit
facility of EUR100 million remains committed and undrawn. The
company benefits from long-term contractual debt maturities due in
2026 for TLB/capex facilities and 2025 for the RCF.

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

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

GINKGO PERSONAL 2020-1: DBRS Assigns B Rating to Class F Notes
--------------------------------------------------------------
DBRS Ratings Limited assigned ratings of AAA (sf), AA (sf), A (low)
(sf), BBB (sf), BB (sf), and B (sf) to the Class A, Class B, Class
C, Class D, Class E, and Class F Notes (collectively, the Notes)
issued by Ginkgo Personal Loans 2020-1 (the Issuer).

Class G Notes are issued in this transaction but are not rated by
DBRS Morningstar.

The rating of the Class A Notes addresses the timely payment of
scheduled interest and ultimate repayment of principal by the legal
final maturity date June 23, 2038. The other ratings address the
ultimate payment of scheduled interest while the class is
subordinated and the timely payment of scheduled interest as the
most-senior class, and ultimate repayment of principal by the legal
final maturity date.

DBRS Morningstar based its ratings on information provided by the
Issuer and its agents as of the date of this press release.

The Notes are backed by a portfolio of fixed-rate, unsecured,
amortizing personal loans granted to individuals domiciled in
France for general consumption and serviced by CA Consumer Finance
(the originator).

The transaction includes a 27-month revolving period. During this
period, the Issuer may purchase additional receivables provided
that the eligibility criteria and concentration limits set out in
the transaction documents are satisfied. The revolving period may
end earlier than scheduled if certain events occur, such as the
breach of performance triggers or servicer termination.

Following the scheduled revolving period, the transaction
incorporates a mixed sequential/pro-rata/potentially sequential
amortization mechanism during the normal redemption period.

As the Notes carry floating-rate coupons based on one-month
Euribor, whereas the portfolio pays a fixed interest rate, the
interest rate mismatch risk is largely hedged through an interest
rate swap for the Class A Notes and another swap for Classes B
through F provided by Credit Agricole Corporate and Investment
Bank.

The transaction includes Class A and Class B liquidity reserves
that are available to the Issuer during the revolving period and
the normal redemption period in restricted scenarios where the
interest and principal collections are not sufficient to cover the
shortfalls in senior expenses, swap payments and interests on the
Class A Notes (available from both the Class A and Class B
liquidity reserves) and the Class B Notes (only available from the
Class B liquidity reserve). During the accelerated redemption
period, the amounts in both liquidity reserves are not available to
the Issuer and are instead returned directly to the liquidity
provider.

DBRS Morningstar has rated several consumer loans ABS transactions
in Europe where CA Consumer Finance is the originator or the parent
of the originator(s). Recent examples include FCT Ginkgo
Compartment Debt Conso 2015-1 in France and Matsuba 2016 B.V. and
Magoi B.V. in the Netherlands.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support the
projected expected net losses under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
Notes.

-- The originator and servicer's financial strength and
capabilities with respect to originations, underwriting, and
servicing.

-- The operational risk review of CA Consumer Finance, which DBRS
Morningstar deems to be an acceptable servicer.

-- The transaction parties' financial strength regarding their
respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the originator's
portfolio.

-- DBRS Morningstar's sovereign rating of the Republic of France
at AAA with a Negative trend.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in Euros unless otherwise noted.



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

BEFESA SA: Moody's Affirms Ba2 CFR, Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on Befesa S.A. Concurrently, Moody's has affirmed all the
outstanding ratings of Befesa, including its Ba2 corporate family
rating, its Ba2-PD probability of default rating, as well as the
Ba2 rating of its senior secured instruments.

RATINGS RATIONALE

RATIONALE FOR THE NEGATIVE OUTLOOK

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling commodity prices,
and asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The hazardous
waste and metals recycling sector have been affected by the shock
given its sensitivity to consumer demand and sentiment. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. Its action reflects the impact on Befesa of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The change of the outlook to negative reflects the increasing risk
that Befesa will not be able to improve its credit metrics
commensurate to the levels for a Ba2 rating over the next 12-18
months. Having invested well above its maintenance capital needs
and with a more challenging pricing environment Befesa ended 2019
with a Moody's adjusted debt/EBITDA of 3.7x, which was slightly out
of the range of 2.5x to 3.5x commensurate with a Ba2 rating, thus
positioning the company already weakly in its category before the
start of the coronavirus pandemics. Furthermore, free cash flow
generation was negative in 2019 due to a weaker operating
performance, high investments and dividend payouts. Befesa's
leverage, as adjusted by Moody's, further deteriorated to around
4.0x for 12 months to March 2020 primarily due to significantly
deteriorated zinc and aluminum prices in the first quarter 2020,
driven by the softening demand for both metals.

Moody's believes that Befesa's performance will deteriorate further
in 2020. The deterioration will be driven by lower volumes, given
that Befesa's business is ultimately dependent on the activity in
cyclical industries, primarily automotive and construction,
notwithstanding the fact that the company will benefit from a
higher recycling capacity in Turkey in 2020 on the back of the
investments undertaken last year. Even though Befesa has a hedging
policy for zinc price in place, roughly 30% of its zinc exposure in
2020 and its entire aluminum exposure is unhedged, which will also
add to the pressure on EBITDA, because the rating agency does not
expect the prices to meaningfully improve for the rest of 2020.
Befesa has guided investors that it expects its EBITDA to be in the
range of EUR100 million to EUR135 million in 2020 (compared to
around EUR160 million in 2019) and Moody's believes that there are
increasing risks that Befesa will end the year around the lower end
of that range. This would lead to a deterioration of Befesa's
leverage, as adjusted by Moody's, towards 6.0x in 2020, well above
the agency's expectations for the current rating.

Befesa returning to the leverage commensurate with a Ba2 rating
within 2021 would require substantial improvement in demand in the
end markets as well as a meaningful increase in the metal prices
and Moody's sees an increasing downside risk to such a scenario,
which is reflected in the negative outlook. An absence of a
meaningful increase in the metal prices would also make it more
difficult for Befesa to carry forward its zinc hedges beyond
October 2021 with the hedged price not materially below the
historical levels. In addition, notwithstanding Befesa's good track
record of executing its investments on time and within budget,
there is an execution risk related to its ongoing growth projects
in China, including discipline in undertaking further projects
beyond 2020, which will be critical for the company's ability to
return to a sustained positive free cash flow generation.

RATIONALE FOR AN AFFIRMATION

The affirmation of Befesa's ratings reflects Moody's expectation
that even in 2020, when the company's earnings will be under
significant pressure, Befesa will be able to comfortably cover its
maintenance capital needs of around EUR20 million, which is a
reflection of the company's solid and profitable business model.
Furthermore, the company's decision to cut dividends in 2020, if
needed, will help it to continue with the planned expansion
projects in China, without incurring major negative free cash flow.
Moody's underlines that the current rating provides limited
headroom for continued sizable negative free cash flow generation
over the next quarters.

Befesa's liquidity remains adequate, which also supports the
ratings. As of the end of March 2020 Befesa reported around EUR120
million cash and cash equivalents, further underpinned by an
undrawn revolving facility of EUR75 million. The facility has a
springing net leverage covenant, which is only tested when the
facility is drawn by more than 40%. Even though the rating agency
does not expect the covenant to be tested the capacity under the
covenant will significantly reduce in 2020. There are no material
maturities until 2026. Any signs of materially weakening liquidity
may put pressure on the rating.

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

The ratings could be downgraded if (1) the leverage would
deteriorate to a level higher than 3.5x debt/EBITDA as adjusted by
Moody's for a prolonged period; or (2) the FCF/debt would
deteriorate to a low single digit percentage range for a prolonged
period leading to a weakening of the liquidity profile; (3) Befesa
failed to maintain a long-term hedging strategy; (4) its liquidity
deteriorated.

The ratings could be upgraded if Befesa (1) improved business
profile in terms of size, geographic and business segment
diversification while maintaining a long-term hedging strategy,
would demonstrate its ability to (2) reduce its Moody's adjusted
leverage well below 2.5x debt/EBITDA through the cycle; (3) achieve
meaningful free cash flow (FCF) generation as evidenced by a
FCF/debt consistently in the double digit percentage range despite
dividend payments and growth investments; and (4) maintained a
solid liquidity profile.

LIST OF AFFECTED RATINGS:

Issuer: Befesa S.A.

Affirmations:

LT Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Senior Secured Bank Credit Facility, Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

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

K+S: Prepares Potential Application for State Aid Amid High Debt
----------------------------------------------------------------
Arno Schuetze and Patricia Weiss at Reuters report that German
minerals firm K+S is preparing a potential application for state
aid as the company grapples with a high debt load and the fallout
from the coronavirus pandemic.

According to Reuters, people close to the matter said the potash
and salt company has no liquidity issues but wants to secure
several hundreds of millions of euros in state-backed loans should
financing via the capital markets remain difficult in the wake of
the pandemic.

One of the people added no final decision on whether the company
will actually apply for a bailout has been taken, Reuters notes.

The highly leveraged company had hoped to slash its debt by selling
its salt activities in North and South America, including its
Morton Salt brand, but the coronavirus pandemic has all but halted
global mergers and acquisitions activity and K+S cannot complete
the divestiture as quickly as originally hoped, Reuters discloses.

The group's net debt, which stood at EUR3.1 billion or 4.9 times
core earnings (EBITDA) at the end of 2019, stems mainly from the
EUR3 billion it spent on building its Bethune potash mine in
Canada, Reuters states.


WESER FUNDING: Moody's Rates EUR52.6MM Class B Notes 'Ba1'
----------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the debts issued by Weser Funding S.A. acting in respect
of its Compartment No. 2:

Up to EUR906.7M Class A Compartment No. 2 Fixed Rate Notes due May
2055, Assigned A2 (sf)

EUR52.6M Class B Compartment No. 2 Fixed Rate Notes due May 2055,
Assigned Ba1 (sf)

Moody's has not assigned ratings to the subordinated notes.

The transaction is the second revolving cash securitisation of term
loans to small and medium-sized enterprises and corporates located
mainly in Germany and originated by Oldenburgische Landesbank AG
(Baa2 / P-2 / A3(cr)). The initial portfolio amounts to
EUR1,100.0mn and is intended to be increased to EUR 1,300.0mn
("Total Transaction Amount") by end of December 2020.

As of the closing date, the Issuer issued an initial amount of
class A notes equal to EUR 726.7mn, a class B note of EUR 52.6mn
and the subordinated note of EUR 328.8mn (whereby EUR 320.7mn
financing the portfolio, the remaining amount financing the
reserves) in order to fund (i) the initial portfolio of EUR
1,100.0mn and (ii) the EUR 6.0mn cash reserve and the EUR 2.08mn
initial commingling reserve. Subject to the conditions and the
terms of the transaction documents, which include (i) ensuring a
minimum level of subordination and (ii) satisfying the portfolio
eligibility and concentration criteria, on or before 31 December
2020 the issuer intends to purchase an additional portfolio amount
of EUR 200.0mn by issuing (i) further class A notes to increase
total class A notes amount to up to EUR 906.7mn and (ii) further
subordinated notes to increase the subordinated note portion
financing the portfolio to up to EUR 340.7mn. After this upsizing,
the total portfolio will amount to EUR 1,300.0mn and the class A
note will benefit from 30.25% subordination. Moody's took into
account the intended upsizing of the transaction and the respective
targeted capital structure in its analysis.

RATINGS RATIONALE

The ratings of the notes are primarily based on the analysis of the
credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external counterparties
and the protection provided by credit enhancement.

Its analysis has considered the effect of the coronavirus outbreak
on the German economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate assets and small businesses. The
contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

In Moody's view, the strong credit positive features of this deal
include, among others:

(i) above average portfolio quality due to large number of
corporate borrowers (min 20%) and at most 30% micro SMEs;

(ii) relatively high credit enhancement levels composed of a
non-amortising cash reserve equal to EUR 6.0mn and minimum 30.25%
subordination for class A and 26.2% for class B; and

(iii) a strong back-up servicing agreement.

However, the transaction has several challenging features, such
as:

(i) a three-year revolving period mitigated by a tight early
amortisation trigger terminating the revolving period as soon as
the performing portfolio is lower than the sum of the notes
financing the portfolio;

(ii) a relatively high portion of up to 40% bullet loans in the
portfolio which Moody's considered in its default probability
assumption;

(iii) up to EUR 250mn acquisition finance loans with higher credit
risk linked to the obligors given the higher leverage of these
obligors compared to standard corporate borrowers; Moody's
considered these higher risk loans in its default probability
assumption;

(iv) an unhedged interest rate mismatch between (a) the fixed rate
interest payable on the rated notes and (b) the floating rate
portion of the securitised portfolio representing up to 50% of the
total pool. This risk is partly mitigated by a minimum yield earned
on the portfolio as well as a minimum weighted average margin
earned by the floating rate portion of the portfolio; additionally,
Moody's tested a stressed portfolio yield assumptions in its
analysis;

(v) the transaction faces potential set-off risks given that
borrowers of the portfolio might also hold deposits / current
accounts with OLB and / or entered into derivatives contracts with
OLB causing positive market values for the clients. This risk is
partly mitigated by a set-off reserve dedicated to cover any
set-off risks in excess of 10% of the aggregated portfolio balance;
Moody's took into account 10% set-off risks in its modelling
approach; and

(vi) high degree of linkage to the originator OLB given that OLB
continues to service the portfolio and has the obligation to
continuously finance the reserves.

  - Key collateral assumptions

Key collateral assumptions have been determined based on a worst
possible portfolio with the target portfolio amount of EUR
1,300.0mn constructed based on the concentration limits:

Mean default rate: Moody's assumed a mean default rate of 7.85%
over a weighted average life of 4 years (equivalent to a Ba2 / Ba3
proxy rating as per Moody's Idealized Default Rates). This
assumption is based on: (1) historical data in the form of
migration matrices of internal ratings and historical vintage data,
(2) the performance of the previous transaction originated by OLB,
(3) the concentration limits applicable on the portfolio during the
revolving period, (4) separate rating mapping tables between OLB's
internal rating categories for SME, corporate and AQF obligors and
Moody's rating scale, and (5) the characteristics of the
loan-by-loan portfolio information. Moody's took also into account
the current economic environment and its potential impact on the
portfolio's future performance, as well as industry outlooks or
past observed cyclicality of sector-specific delinquency and
default rates.

Default rate volatility: Moody's assumed a coefficient of variation
of 61.4%, as a result of the analysis of the portfolio
concentrations in terms of single obligors and industry sectors.

Recovery rate: Moody's assumed a 25% fixed recovery rate, primarily
based on the characteristics of the collateral-specific
loan-by-loan portfolio information; the legal analysis of the
collateral structure for the debtors complemented by the available
historical recovery data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 35.3%.

As of April 14, 2020, the final initial asset pool of underlying
assets was composed of a portfolio of 2630 contracts amounting to
EUR 1,100.0mn. The top industry sector in the pool, in terms of
Moody's industry classification, is Construction & Building
(27.3%). The top borrower group represents 1.5% of the portfolio
and the effective number of obligor groups is 186. The assets were
originated mainly between January 2006 and March 2020 and have a
weighted average seasoning of 2.6 years and a weighted average
remaining term of 5.7 years. The interest rate is fixed for 65.5%
of the pool while the remaining part of the pool bears a floating
interest rate. The weighted average spread on the floating portion
is 2.6%, while the weighted average interest on the fixed portion
is 1.9%. Geographically, the pool is concentrated mostly in Lower
Saxony (61.3%) and North-Rhine Westphalia (12.5%). At closing, no
loan is in arrears.

  - Key transaction structure features:

Reserve fund: The transaction benefits from a non-amortising EUR
6.0mn reserve fund, equivalent to 0.46% of the Total Transaction
Amount. The reserve fund provides liquidity protection during the
lifetime of the transaction and credit protection upon full
amortisation of the portfolio.

  - Counterparty risk analysis:

OLB acts as servicer of the loans for the Issuer, while QuantFS
GmbH is the calculation agent of the transaction. MaplesFS
(Luxembourg) S.A. acts as corporate administrator to the issuer.

All of the payments under the assets in the securitised pool are
paid into the collection accounts at OLB (Baa2 / P-2). There is a
monthly sweep of the funds held in OLB's collection accounts into
the issuer account; which exposes the issuer to potential
commingling losses in case of OLB's insolvency. Such commingling
risk is to a great extent mitigated by (i) the daily re-investment
of principal collections during the replenishment period and (ii) a
dynamic commingling reserve to be funded on each payment date in an
amount of (a) expected interest collections during the
replenishment period and (b) expected interest and principal
collections during the amortization phase, for the next monthly
period.

The debtors in the portfolio might hold deposits and / or positive
current account balances with OLB or entered into derivative
contracts with OLB, which exposes the issuer to potential set-off
losses in case of OLB's insolvency. This risk is partially
mitigated by a dynamic set-off reserve equal to any potential
set-off amounts in excess of 10% of the outstanding portfolio
determined on each purchase date and payment date. Set-off risks of
up to 10% of the outstanding loan balance are considered in Moody's
cash flow analysis.

The Issuer account is held at the Bank of New York Mellon (Aa1 /
P-1) with a transfer requirement if the deposit rating of the
account bank falls below A2 / P-1.

  - Principal Methodology:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2019.

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

The notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement.

Furthermore, in case the upsizing of the portfolio to the Total
Transaction Amount of EUR 1.3bn does not take place by December
2020, the rated notes amounts will remain at their closing level
resulting in slightly higher credit enhancement levels for class A
and B. At the same time concentration limits will be higher, which
may add sensitivity to the notes' rating.



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

BILBAO CLO III: S&P Assigns Prelim BB- (sf) Rating on Cl. D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Bilbao CLO III DAC's class A-1, A-2A, A-2B, B, C, and D notes. At
closing, the issuer will also issue unrated subordinated notes.  

Under the transaction documents, the rated notes will 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 1 year
after closing, and the portfolio's maximum average maturity date
will be approximately 6.2 years after closing

The preliminary 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.

  Portfolio Benchmarks
                                                      Current
  S&P Global Ratings weighted-average rating factor   2,764.42
  Default rate dispersion                               619.82
  Weighted-average life (years)                           5.59
  Obligor diversity measure                              70.60
  Industry diversity measure                             16.80
    Regional diversity measure                            1.30
  
  Transaction Key Metrics
                                                      Current
  Total par amount (mil. EUR)                              275
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                             77
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                         6.20
  Covenanted 'AAA' weighted-average recovery (%)         37.12
  Covenanted weighted-average spread (%)                  3.60
  Covenanted weighted-average coupon (%)                  5.00

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
primarily comprise 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 cash flow analysis, we used the EUR275 million par amount,
the covenanted weighted-average spread of 3.60%, 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.

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will 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 preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria."

At closing, S&P considers that the transaction's legal structure
will be bankruptcy remote, in line with its legal criteria.

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class A-2A to D 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. In our view, the portfolio is relatively more
concentrated in nature, and generally less diversified across
obligors, industries, and asset characteristics when compared to
other CLO transactions we have rated recently. However, we consider
that the concentration risk is captured in our credit risk analysis
in assigning preliminary ratings and will continue to be captured
by S&P CDO monitor. As such, we have not applied any additional
scenario and sensitivity analysis when assigning ratings on any
classes of notes in this transaction.

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

"In light of the rapidly shifting credit dynamics within CLO
portfolios due to continuing rating actions (downgrades,
CreditWatch placements, and outlook changes) on speculative-grade
corporate loan issuers, we are making qualitative adjustments to
our analysis when rating CLO tranches to reflect the likelihood
that changes to the credit profile of the underlying assets may
affect a portfolio's credit quality in the near term. This is
consistent with paragraph 15 of our criteria for analyzing CLOs."
To do this, S&P reviews the likelihood of near-term changes to the
portfolio's credit profile by evaluating the transaction's specific
risk factors, including, but not limited to, the percentage of the
underlying portfolio that comes from obligors that:

-- Are rated in the 'CCC' range;
-- Are currently on CreditWatch with negative implications;
-- Are rated with negative a negative outlook; or
-- Sit within a static portfolio CLO transaction.

Based on S&P's review of these factors, and considering the
portfolio concentration, it believes that the minimum cushion
between this CLO tranches' break-even default rates (BDRs) and
scenario default rates (SDRs) should be 1.5% (from a possible range
of 1.0%-5.0%).

As noted above, the purpose of this analysis is to take a
forward-looking approach for potential near-term changes to the
underlying portfolio's credit profile.

Taking the above into account and following S&P's analysis of the
credit, cash flow, counterparty, operational, and legal risks, it
believes that its preliminary ratings are commensurate with the
available credit enhancement for all of the rated classes of
notes.

S&P said, "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
A-1 to D notes to five of the 10 hypothetical scenarios we looked
at in our recent publication."

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."

Bilbao CLO III 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.
Guggenheim Partners Europe will manage the transaction.

  Ratings List

  Class    Prelim   Prelim     Sub (%)  Interest rate*    
           rating   amount
                    (mil. EUR)
  A-1      AAA (sf)  154.25    43.91    Three/six-month EURIBOR  
                                          plus   1.444%
  A-2A     AA (sf)   22.25     30.36    Three/six-month EURIBOR
                                          plus 2.650%
  A-2B     AA (sf)   15.00     30.36    3.250%
  B        A (sf)    18.75     23.55    Three/six-month EURIBOR
                                          plus 3.230%
  C        BBB- (sf) 16.25     17.64    Three/six-month EURIBOR
                                          plus 5.010%
  D        BB- (sf)  12.00     13.27    Three/six-month EURIBOR  
                                          plus 7.450%
  Sub. notes  NR     43.15     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.


ENERGIA GROUP: Moody's Affirms B1 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Energia Group Limited to negative from stable. Concurrently,
Moody's affirmed Energia's B1 corporate family rating and B1-PD
probability of default, the B1 rating on the Senior Secured Notes
issued by Energia Group NI FinanceCo Plc and Energia Group RoI
Holdings DAC, and the Ba1 rating on Energia Group NI Holdings
Limited 's GBP225 million backed super senior secured revolving
credit facility. The outlook for Energia Group NI FinanceCo Plc and
Energia Group NI Holdings Limited has also changed to negative from
stable.

The rating action reflects Energia's exposure to persistently weak
electricity prices in Ireland's all-island electricity market, and
to a likely increase in bad debts in its retail operations. As a
result of these pressures, Moody's believes Energia's ratio of debt
to EBITDA may rise above its guidance for the B1 CFR of no more
than 7.0x. "Despite strong liquidity and a recent track record of
reducing leverage, Moody's expects Energia's earnings and credit
quality to weaken as a result of falling electricity prices,
exacerbated by coronavirus-related pressure on earnings across most
of its business segments" said Graham Taylor, a Moody's Vice
President -- Senior Credit Officer.

RATINGS RATIONALE

The negative outlook reflects Moody's expectation that debt/EBITDA
will rise to around 7.0x in 2020-21, compared to 5.2x in the year
to December 2019, and that it may remain elevated in 2021-22.
Moody's expects consolidated EBITDA to fall by 15%-20% in 2020-21
as a result of coronavirus-related declines in electricity prices
and demand and increases in bad debt, with subsequent recovery
dependent on improvements in electricity prices, economic growth
and employment. Including temporary revenue under-recoveries in the
Power NI regulated retail segment, total EBITDA declines may exceed
30%.

Power prices in Ireland fell sharply over the course of 2019,
largely because of the declining price of gas, and have reached
multiyear lows in 2020. Moody's estimates that electricity price
declines since the summer of 2019 will reduce Energia's EBITDA and
cash flow by over EUR20 million annually. Energia is exposed to
electricity prices through its owned and contracted wind assets in
Northern Ireland, which Moody's estimates will account for around a
third of group EBITDA, because these plants earn 40%-50% of their
revenue from selling power in the wholesale market. Although most
earnings from the Huntstown gas-fired power station come from
capacity payments, the plants also earn modest profit by selling
electricity at above the cost of gas and carbon inputs.

The coronavirus outbreak will also affect the profitability of
Energia's generation and retail energy supply businesses because it
has significantly reduced electricity demand. As of late April,
Moody's estimates that demand had fallen by 10%-15% from the prior
year and 20% from late February, before economic activity was
disrupted. This demand reduction will disproportionately affect
lower-efficiency thermal generators such as Huntstown.

Business failures and unemployment are likely to increase bad debt,
particularly from small business customers. A 1% increase in bad
debt, in line with the Irish utilities' experience during the
financial crisis in late 2000s, would reduce Energia's EBITDA and
cash flow by around EUR10 million.

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

At the same time, the rating affirmation reflects Energia's
diversification across thermal and renewable generation,
price-regulated supply in Northern Ireland, unregulated energy
supply across the island of Ireland and a portfolio of contracted
wind farm output. It also reflects the group's strong liquidity,
including EUR196 million of cash as of December 2019 and
significant undrawn availability under its credit facilities.
However, the ratings remain constrained by Energia's high leverage
and exposure to volatility in Irish electricity prices.

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

The outlook could be stabilised if it appears likely that Energia
will maintain debt/EBITDA below 7.0x as a result of a recovery in
electricity prices and economic growth, or mitigating measures by
the company. In the longer term, the ratings could be upgraded if
Energia's debt/EBITDA fell below 6.0x on a sustained basis.

The ratings could be downgraded if Energia appears unlikely to
achieve debt/EBITDA below 7.0x after 2020-21.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Energia Group Limited (formerly Viridian Group Investments Limited)
is a diversified utility active in both the Republic of Ireland
(ROI) and NI. The company has interests in supply, power generation
(including wind farms and gas generation) and regulated offtake
contracts.

MEEHAN FAMILY: Goes Into Examinership Due to Covid-19 Pandemic
--------------------------------------------------------------
Maria Pepper and Brendan Furlong at New Ross Standard report that
the owner of well-known Wexford food company, Scallan's, which has
gone into examinership due to the Covid-19 pandemic, said that he
is optimistic about the future of the firm.

According to New Ross Standard, efforts are currently being made to
save the Meehan Family Food Group trading as Wert Capital Ltd.
which incorporates Scallan's Food Services at Whitemill Industrial
Estate and Dublin Food Sales Ltd.

The owner Richard Meehan said the coronavirus crisis which resulted
in the closure of restaurants and hotels, had a major impact on the
company's cash flow, forcing the difficult decision to seek
examinership through the courts, New Ross Standard relates.

Staff at Scallan's of Wexford account for about 30 of the company's
73 employees, many of whom are currently on temporary lay-off and
availing of the Covid-19 Wage Subsidy Scheme, New Ross Standard
states.

The company is continuing to operate and is supplying customers
such as takeaway restaurants, shops and nursing homes which have
not closed as a result of the coronavirus crisis, New Ross Standard
notes.

A legal notice was placed in the Irish Independent announcing that
Neil Hughes of Baker Tilly in Dublin had been appointed examiner to
Wert Capital Ltd, Scallan Food Services Ltd and Dublin Foods Sales
Ltd, on foot of an order made by Justice Quinn of the High Court
under Part 10 of the Companies Act, 2014, New Ross Standard
discloses.

In the High Court, the court was told the companies are currently
insolvent and unable to pay their debts and have a reasonable
prospect of survival if certain steps are taken, New Ross Standard
relays.

Those included securing fresh investment in the firm, and the
examiner putting together a scheme of arrangement with creditors,
which would allow them to continue trading if approved by the
court, New Ross Standard states.

The firm, represented by Ross Gorman, B.L., petitioned the court
for Mr. Hughes' appointment, New Ross Standard notes.

According to New Ross Standard, counsel said they had been
profitable in recent years but had run into cash flow
difficulties.

He said the outbreak of Covid-19 and the resultant closure of
businesses, schools, pubs and restaurants, had seen the companies'
turnover fall by 70%, New Ross Standard recounts.

Counsel, as cited by New Ross Standard, said the companies have
also had to lay-off a significant part of their workforce.

Counsel said the court was told that the appointment of an Examiner
would help in putting a scheme of arrangement together which could
also help to resolve any issues with Grenke over the invoicing, New
Ross Standard notes.

Counsel also said there have been expressions of interest in what
are profitable businesses by investors and the firm was looking to
diversify in these troubled times and establish a home delivery
service, according to New Ross Standard.




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

GAMENET GROUP: S&P Downgrades ICR to 'B' Following Sale to Apollo
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Gamenet Group S.p.A (Gamenet) and its debt to 'B' from
'B+', with the recovery ratings on the senior notes unchanged at
'3' (rounded estimate 65%).

The negative outlook reflects downside risks to S&P's base case,
such as a prolonged shutdown or weak recovery that causes further
deterioration in forecast credit metrics. Gamenet's financial
policy and capital structure are more aggressive under
financial-sponsor ownership.

Private-equity firm Apollo Global Management (Apollo) completed the
acquisition of Gamenet in Feb. 2020, in a public-to-private
leveraged buyout (LBO) transaction.

Apollo's acquisition of Gamenet was financed by a new EUR216
million loan issued by Gamma Bidco, Gamenet's bidco parent, along
with equity, which comprises ordinary shares. Gamenet's existing
outstanding EUR431.5 million senior secured notes have been rolled
into the new structure. The company also upsized its revolving
credit facility (RCF) to EUR85 million from EUR50 million. S&P
said, "Gamenet's adjusted leveraged reached 4.9x in 2019, under the
new capital structure, compared with our previous forecast of 3.6x
when the company was public. We view the group's capital structure
and financial policy as aggressive given the high leverage. As a
single market operator, it is fully exposed to the regulatory and
tax environment of Italy, which we believe limits its ability to
absorb unexpected negative outcomes."

The COVID-19 pandemic has led to the temporary closure of Gamenet's
retail network and suspension of sports events, leading S&P to
forecast credit metrics will weaken in 2020, with S&P Global
Ratings-adjusted leverage potentially increasing toward 8x in S&P's
base case, before a full recovery in 2021, and liquidity remaining
adequate throughout.

S&P said, "We expect the COVID-19 pandemic to cause a material
deterioration in operating performance at Gamenet in 2020.  The
spread of COVID-19 has increased markedly in Europe, with Italy
being the first country to move toward lockdown on March 9.
Gamenet's retail gaming operations are now temporarily closed and
sports events are suspended globally. 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 assume gaming sites will be closed for three months, until June
2020, and operations will resume progressively through the rest of
2020. Based on this scenario, we believe revenue could decline by
more than 30% in 2020 compared with 2019. We expect Gamenet's
operating performance to fully recover by 2021. Given uncertainty
regarding both the peak of the virus, and the shape of any
recovery, we believe there are downside risks to our base case. 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."

Gamenet's variable cost structure and cost-cutting initiatives
should mitigate the effects of COVID-19 on cash flow and liquidity.
S&P said, "Gamenet generates about 90% of revenue from its
concessionaire model, which allows for a high level of variable
costs (87% of total costs). Under our base-case scenario, we expect
a 30% revenue decline to translate to a 40% decline in EBITDA, such
that S&P Global Ratings-adjusted leverage could increase toward
8.0x in 2020 from 4.9x at year-end 2019. We understand the company
is engaging in cost-cutting initiatives and capital expenditure
(capex) reductions to preserve cash flow and liquidity through the
lockdown period. We expect free operating cash flow (FOCF) will
deteriorate but remain slightly positive in 2020 compared with
sound FOCF generation of EUR65 million in 2019."

S&P said, "Gamenet's credit metrics will be under pressure in 2020,
but are forecast to rebound in 2021  Under our base-case scenario,
assuming a three month shut down and gradual recovery stress
scenario to 2020, we expect Gamenet to generate revenue of about
EUR500 million in 2020 and EUR740 million in 2021." This would
result in adjusted EBITDA of EUR85 million-EUR100 million in 2020
and EUR140 million-EUR160 million in 2021 and S&P's forecast
metrics of:

-- Adjusted leverage of 7.1x-8.3x in 2020 and 4.5x-5.1x in 2021.

-- Adjusted FOCF to debt of 2%-4% in 2020 and 8%-10% in 2021.

-- Reported FOCF generation of negative EUR10 million-EUR25
million in 2020 and EUR50 million-EUR70 million in 2021.

Liquidity sources are so far sufficient to withstand headwinds this
year.  Gamenet currently has adequate liquidity, with about EUR160
million of available cash on balance sheet and the EUR35 million
undrawn RCF. S&P said, "In our base case we estimate current cash
burn is EUR6 million-EUR8 million for each month of shutdown. In
our view, liquidity is sufficient to cover more than the next 12
months of needs. The RCF has a springing financial covenant based
on a minimum EBITDA of EUR55 million until June 30, 2020, and EUR60
million afterward. It is tested quarterly when the RCF is drawn by
more than 35%. We expect Gamenet will maintain sufficient headroom
in the next 12 months under this covenant." The group has no
upcoming debt maturity until the Gamma Bidco loan comes due in Oct.
2021. Gamenet's senior notes are due in April 2023.

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

-- Health and safety

The negative outlook reflects uncertainty about the duration of the
COVID-19 pandemic and the potential effects it could have on
Gamenet's capital structure, liquidity, financial performance, and
position in 2020 and beyond.

S&P could lower the rating if the effects of COVID-19 led the
group's credit metrics to weaken beyond its base case. The
downgrade could occur from one or a combination of the following:

-- Gamenet experiences sustained material weakness in operating
earnings and margins, for example, from a prolonged shutdown in
response to COVID-19 or adverse regulatory developments that led to
a revision of our assessment of the strength or robustness of
business and earnings stability.

-- Gamenet's credit metrics weakened materially beyond S&P's base
case such that its adjusted leverage remained sustainably above
5.5x; adjusted FOCF to debt was sustainably well below 5%; or
reported FOCF were sustainably below EUR30 million.

-- Liquidity deteriorated materially.

-- The weighted-average maturity of the debt fell below two years
without any clear refinancing plan.

-- If S&P considered heightened risk of a specific default event,
such as a distressed exchange or restructuring, a debt purchase
below par, or covenant breach.

-- If financial policy turns more aggressive, through sustained
weaker credit metrics, debt-funded acquisitions, or shareholder
returns.

-- S&P could revise the outlook to stable once it has more
certainty regarding the duration and severity of the COVID-19
pandemic's effects on Gamenet's operating performance, liquidity,
and cash flows.

-- An affirmation would depend on a full recovery being likely by
year-end 2020 and evidence that the company's efforts to reduce
costs, limit the effect on cash flows, and maintain adequate
liquidity are likely to succeed.

To affirm the rating, S&P would expect to have greater certainty of
credit metrics returning to and remaining anchored at:

-- Adjusted leverage below 5.5x.

-- Adjusted FOCF to debt above 5% in 2021.

-- A stable outlook would also require that the weighted-average
maturity profile remained above two years.



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

COLOUROZ MIDCO: Moody's Affirms Caa1 CFR & Cuts PDR to Caa3-PD
--------------------------------------------------------------
Moody's Investors Service has affirmed ColourOz MidCo's corporate
family rating and downgraded the company's probability of default
rating to Caa3-PD from Caa1-PD ahead of an expected distressed
exchange that would result from the company's request to amend and
extend current loan agreements. Concurrently Moody's has affirmed
the Caa1 rating of COLOUROZ INVESTMENT 1 GMBH & FDS Holdings BV
senior secured first lien term loan credit facilities and the
revolving credit facility, and affirmed the Caa3 ratings on
COLOUROZ INVESTMENT 1 GMBH senior secured second lien term loan
credit facilities. The outlook on all ratings remains negative.

RATINGS RATIONALE

On April 8, 2020 Flint has proposed an amend and extend transaction
to its lenders, the terms of the transaction will extend the
maturity of the company's first and second lien facilities as well
as RCF by two years. If the transaction would close as proposed,
Moody's would consider this transaction as a distressed exchange
according to Moody's criteria, despite the fact that the proposed
transaction moderately improves the company's credit profile. The
change of ColourOz MidCo's PDR reflects the high likelihood that
the transaction will close as proposed. Upon closing of the
transaction Moody's expects to realign CFR and PDR and append an
/LD indicator to the PDR for approximately three business days.

In Moody's view the proposed amend and extend transaction, once
concluded, would be moderately credit positive, as the transaction
alleviates concerns about the company's liquidity profile in the
light of the original maturities of the RCF and first lien
facilities in 2021 and second lien facilities in 2022, which would
be extended to 2023 and 2024 respectively. This provides the
company with additional financial flexibility at a time when the
company is in the middle of restructuring its packaging business
and managing through the structural decline of its CPS business.

However, Flint's Moody's adjusted gross leverage of 11.1x (9.8x
adjusted for the packaging restructuring) in the LTM period ending
March 2020 continues to create a major challenge for the
refinancing of the capital structure after the proposed extended
maturity dates. To retain the Caa1 rating a material improvement in
performance would be necessary in the next 12-18 month.

Flint's leverage in 2019 peaked due to weak performance of its
packaging segment and the continued structural decline in CPS as
well as high restructuring cost in its packaging segment in
addition to its regular restructuring related to its CPS segment.
In combination restructuring in both segments resulted in P&L
charges of EUR62 million during 2019. Going forward, Moody's would
expect a gradual deleveraging supported by lower restructuring
charges and the benefits from restructuring measures. Performance
in Q1-2020 was well above that of prior year due to cost savings
initiatives implemented in late 2019. Q1-2020 results have also
benefitted from increasing demand for food & pharma packaging and
the company indicated that it expects strong demand to continue
through Q2-20, which also should support a moderate deleveraging in
2020.

The affirmation of the company's corporate family rating also takes
into account the company's leading market position in the market
for packaging print inks and printing consumables, which represents
c.90% of the company defined adjusted EBITDA. And its expectation
that the company's currently adequate liquidity profile will be
supported by at least moderately positive adjusted FCF generation
in 2020.

LIQUIDITY

Flint's liquidity profile will be adequate after the exchange. As
at March 31, 2022 the company had around EUR124 million of cash on
balance sheet and around EUR94 million of availability under its
EUR103 million RCF and a $55 million ABL facility provided by its
shareholders. These liquidity source in combination with forecasted
FFO generation should be sufficient to cover forecasted capital
expenditure, scheduled debt amortizations and swings in working
capital over the next 12-18 month. The company's RCF is subject to
financial covenants, which Moody's expects to be met all times
during the next 12-18 month.

STRUCTURAL CONSIDERATIONS

The rating on the first lien debt (including the RCF, which ranks
pari passu) is Caa1, in line with the CFR, while the second lien
debt is rated Caa3, two notches below the CFR. The affirmation of
the instrument ratings reflects the expectation that the proposed
amend and extend will be successful and that the company's
performance should remain resilient in 2020.

RATING OUTLOOK

The negative outlook on Flint's rating reflects Moody's expectation
of adjusted leverage remaining at above 9x in 2020, with limited
free cash-flow to deleverage by the time the debt will be due.
Furthermore, the negative outlook reflects the risk that absent a
performance improvement in the next 12-18-month refinancing risks
will exacerbate again.

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

Upward pressure on the rating could materialize, if there are
visible near-term improvements in performance resulting in Moody's
adjusted leverage decreasing towards 7x, resulting in a high
likelihood that Flint will be able to refinance its capital
structure without any further losses for creditors. Furthermore, an
upgrade of Flint's ratings would require Flint maintaining an
adequate liquidity profile, including comfortable head room under
its covenants, at all times.

Moody's would consider downgrading Flint's rating, if liquidity
weakens due to negative FCF or decreasing covenant headroom under
its RCF. Flint's rating also could be downgraded if there is an
increased likelihood that the company will not be able to refinance
its debt without potential significant losses to creditors.

PRINCIPAL METHODOLOGY

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

EVERGREEN SKILLS: Moody's Cuts CFR to Ca, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Evergreen Skills Lux, S.a
r.l.'s Corporate Family Rating to Ca from Caa3 and downgraded and
appended with a limited default designation its Probability of
Default Rating to Ca-PD/LD. Concurrently, Moody's downgraded the
company's senior secured first lien bank credit facilities to Caa3
from Caa2 and senior secured second lien term loan to C from Ca.
The outlook is negative.

The rating action follows Skillsoft's missed interest and
amortization payments that were due April 30, 2020 under its senior
secured first and second lien credit facilities. The missed
payments are considered an event of default under Moody's
definition. Consequently, Moody's has appended the PDR with an
"/LD" designation indicating the limited default has occurred, and
the "/LD" designation will be removed in three business days.

Skillsoft entered into a forbearance agreement with certain lenders
under the company's first lien credit agreement, second lien credit
agreement and AR credit facility agreement that, among other
things, acknowledge and agree that the missed payments would not be
made on such date. The forbearance agreements relating to the first
and second lien credit agreements will expire on May 31, 2020 and
the agreement relating to the AR credit facility will expire on
June 15, 2020, unless further extended.

Downgrades:

Issuer: Evergreen Skills Lux S.a r.l.

Probability of Default Rating, Downgraded to Ca-PD /LD from
Caa3-PD

Corporate Family Rating, Downgraded to Ca from Caa3

Senior Secured First Lien Bank Credit Facility, Downgraded to Caa3
(LGD3) from Caa2 (LGD3)

Senior Secured Second Lien Bank Credit Facility, Downgraded to C
(LGD5) from Ca (LGD5)

Outlook Actions:

Issuer: Evergreen Skills Lux S.a r.l.

Outlook, Remains Negative

RATINGS RATIONALE

Skillsoft's Ca CFR reflects the company's deemed untenable capital
structure and high likelihood of debt restructuring resulting in
losses on debt claims. The rating also reflects continued
deterioration in the company's free cash flow resulting from its
untenable debt burden and ensuing weak liquidity and very high
leverage in excess of 10x. These risks are counterbalanced by the
company's good market position with its enterprise learning
management and human capital management software businesses.
Skillsoft's untenable capital structure and liquidity position
could be improved if a consensual restructuring transaction with
lenders is reached. While Skillsoft is working toward such a
consensual restructuring transaction, there is considerable risk of
a restructuring resulting in losses on debt claims.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Skillsoft's
untenable capital structure leaves 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. Among other considerations, its actions reflect the
impact on Skillsoft of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

The negative outlook for Skillsoft reflects the high likelihood a
near-term bankruptcy filing will be necessary to effectuate a
consensual restructuring transaction, following missed interest
payments and a forbearance agreement with the first and second lien
lenders and AR facility lenders. The ultimate resolution of the
capital structure remains uncertain at this time.

Skillsoft's liquidity profile is considered weak given the high
leverage levels, missed interest and amortization payments and high
levels of revolver and AR facility borrowings but is supported by
ongoing cash collections.

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

The ratings could be downgraded if the company files for bankruptcy
or Moody's estimates of ultimate recovery deteriorate further.

Although unlikely, the rating could be upgraded if the company
restores its liquidity to adequate levels and reverses the trend of
revenue and cash flow declines.

The principal methodology used in this rating was Software Industry
published in August 2018.

Evergreen Skills Lux S.a r.l. provides cloud based e-learning and
human capital management software solutions for enterprises,
government, and education customers through its Skillsoft, Percipio
and SumTotal businesses. Headquartered in Nashua, New Hampshire,
Skillsoft generated revenues of approximately $518 million in the
LTM period ended October 31, 2019.

PARTICLE INVESTMENT: S&P Assigns Prelim 'B' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigns its preliminary 'B' long-term issuer
credit rating to Particle Investment S.a.r.l. (WebPros) and its 'B'
issue rating to the group's proposed $530 million first-lien loans
and $60 million revolving credit facility (RCF).

CVC's acquisition of WebPros results in a highly leveraged capital
structure in which heavy interest charges weigh on EBITDA interest
coverage.  In December 2019, Oakley Capital and other co-investors
in WebPros, announced that they had agreed to sell a majority stake
in WebPros to CVC for $1.5 billion. The acquisition closed in
February 2020. Since then, CVC has held a 40% stake, which gives it
a controlling interest in WebPros' board of directors. Oakley
Capital remains a minority stakeholder in the company.

The acquisition was funded through a combination of:

-- A senior secured first-lien loan of $530 million;

-- A senior secured second-lien loan of $145 million; and

-- An equity contribution of $912 million, in the form of common
equity.

-- The proceeds were used to fund the buyout and refinance all
outstanding debt at WebPros.

S&P said, "Pro forma the proposed debt issuance, our adjusted debt
to EBITDA is expected to spike at about 7.3x in 2020 and revert to
just below 7.0x in 2021. Given that the second-lien loan is being
privately placed and has a relatively high margin of LIBOR plus 825
basis points, we expect WebPros' EBITDA interest coverage ratio to
be constrained to around 2.0x for 2020 and 2021. That said, the
company's ability to generate solid free cash flow supports our
rating. It benefits from its capital-light nature and minimal
working capital requirements. We therefore expect WebPros to report
free operating cash flow (FOCF) to debt of about 5% in 2020, and
growing thereafter. High profitability, coupled with low capex,
will give it solid free cash flow conversion (FOCF/revenue) of
above 20%. This is stronger than rated peers such as Rackspace
Hosting, Endurance International Group, and Web.com."

WebPros maintains its above-average profitability by having a low
cost of good sales (COGS) and low sales and marketing (S&M)
expenses.  WebPros' adjusted EBITDA margins are expected to rise
above 57% from 2020--most of its software peers have margins of
25%-30%. Due to the asset-light nature of the business, COGS mainly
relates to third-party extensions and commissions to online store
partners, as well as expenses for customer support services. As
such, COGS remain low and represent only around 10% of sales.
Moreover, around 90% of WebPros's revenue is generated through
webhosting partners. WebPros has over 2,800 webhosting partners,
which buy and install WebPros software on their servers and then
sell it onward to end users. As such, hosting partners act as
resellers for WebPros, substantially expanding the company's reach
and enabling it to maintain extremely low customer acquisition
costs. Around 33 million shared hosting accounts use WebPros's
software and it maintains a relatively small sales team, which
focuses on the 10% of revenue generated through direct sales to
end-users and key account management, and S&M costs only about 7%
of revenue.

WebPros has maintained high retention rates, despite moderate price
increases.  It is the leader in the niche market for third-party
control panel software, which is used by shared and
dedicated/VPS-based web hosters. All of its competitors are
materially smaller than WebPros and lag behind WebPros in pricing
and quality of service. WebPros' main competition is from in-house
control panel software developed by web hosters. However, in-house
software requires web hosters to invest significantly in research
and development (R&D), which is often uneconomical. In addition,
the strong brand of WebPros' key products--Plesk and cPanel--and
the relatively low cost for the end user, creates significant
loyalty among the end users. This reduces the threat that they
might switch to new, in-house software developed by hosters.

WebPros' retention rates is 100% for its top 50 hosting partners,
and it has minimal churn of about 2%-3% among its end users, even
when it increased the price of Plesk by 30% in 2017. Low churn
rates, despite price hikes, demonstrate that customers view
WebPros' software as mission-critical.

End users for WebPros' software are website owners and web
developers. They buy the control panel software directly from
WebPros or from a web hoster, and use it to manage their websites.
End users' dependence on cPanel and Plesk and their loyalty to an
established brand acts as an effective barrier to entry for the
potential competitors.

WebPros operates in a niche market that has limited scale and it
has a narrow product profile.  WebPros operates in the web hosting
automation software segment focused on shared and dedicated/VPS
hosting. One of its key software products is control panel
software. Of the estimated 10 million web-facing servers, around
3.7 million servers use control panels for web hosting. This
represents around $0.9 billion in revenue, which is a fairly niche
market. Furthermore, WebPros generated $133 million in pro forma
revenue in 2019, over 95% of which was from control panel software,
Plesk and cPanel. Compared with global peers like SAP and Oracle,
WebPros is fairly small in scale and is solely dependent on the
trends in the web hosting market. In addition, its top 10
web-hosting partners account for a significant proportion of
revenue, although no partner accounts for more than 12% of total
revenue.

That said, web hosters have minimal incentive to switch control
panel software provider, because of WebPros' solid positioning
among end users. Moreover, there is limited concentration risk in
terms of end users, of which there are more than 33 million.
WebPros could risk losing web hosters only if a web hoster decides
to switch to an in-house solution, which is not economical from the
web hoster's perspective.

COVID-19-related disruptions are expected to have minimal impact on
WebPros' business.  Businesses consider their websites to be part
of their core infrastructure and are unlikely to cut costs on
website management. Furthermore, as countries remain on lockdown, a
digital presence becomes vital, enabling businesses to maintain
their e-commerce activities. S&P said, "As such, in some cases we
may expect heightened demand for domain names, due to ongoing
lockdowns. The company also has a flexible cost structure, which
helps it maintain EBITDA in times of weak demand. That said, we
acknowledge the uncertainty regarding the impact of COVID-19 on the
economy and will continue to monitor developments and update our
base case, if needed."

S&P said, "The final ratings will depend on our receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of final ratings. If S&P Global Ratings does not receive
final documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the right
to withdraw or revise our ratings. Potential changes include, but
are not limited to, use of loan proceeds, maturity, size and
conditions of the loans, financial and other covenants, and
ranking.

"The stable outlook indicates that we expect the company to report
solid organic revenue growth of more than 20% in 2020, followed by
growth of 5%-7% in 2021, while S&P Global Ratings-adjusted EBITDA
margins rise above 57%. As such, we expect adjusted debt to EBITDA
of below 7.5x, EBITDA interest coverage ratio of above 2.0x, and
FOCF to debt above 5% in 2020 and 2021."

S&P could lower the rating if:

-- Adjusted debt to EBITDA increases sustainably above 7.5x;

-- EBITDA interest coverage falls below 2.0x; and

-- FOCF to debt falls below 5% for a sustained period.

This could occur if the COVID-19-related economic recession leads
to muted demand, and thus lower-than-expected EBITDA growth.

S&P said, "We see an upgrade as unlikely over the next 12 months,
given WebPros' highly leveraged capital structure. We could raise
the rating over the longer term if WebPros reduces adjusted debt to
EBITDA to below 5.0x, increases EBITDA interest coverage above
3.0x, while maintaining FOCF to debt of nearly 10%."


PARTICLE LUXEMBOURG: Fitch Assigns 'B' LT IDR
---------------------------------------------
Fitch Ratings has assigned Particle Luxembourg S.A R.L. a
first-time Long-Term Issuer Default Rating of 'B'. Fitch has also
assigned WebPros' USD530 million first-lien senior secured term
loan 'B+'/'RR3'/69% ratings.

Particle Investments S.a r.l. and Particle US LLC are co-borrowers
for term loans and a USD60 million revolving credit facility. The
proceeds from the debt issuance, along with equity contribution
from CVC Capital Partners, will be used to fund the acquisition of
a 40% share in WebPros. The stake is valued USD1.5 billion (15.8x
pro-forma 2019 run-rate adjusted EBITDA). The other existing owners
will remain invested with their minority stakes in the company but
CVC will have voting control.

WebPros' ratings are constrained by high leverage and the company's
small scale. However, the ratings are supported by the company's
leading positions in web hosting control panel software in the SMB
web-hosting market, strong and sustainable margins and robust free
cash flow generation. Fitch believes that due to the private equity
ownership of WebPros deleveraging will likely be driven by organic
expansion of EBITDA rather than debt prepayments.

KEY RATING DRIVERS

High Leverage: Fitch expects WebPros' funds from operations gross
leverage to be at 7.9x at end-2020 and 7.4x at end-2021.
Deleveraging is expected to be driven by EBITDA growth on organic
revenue expansion and sustainable margins. Fitch expects WebPros to
generate strong pre-dividend FCF of around USD30 million-USD50
million per year in 2020-2023. Given the current low interest-rate
environment and strong pre-dividend FCF generation WebPros is able
to sustain high debt levels without pressure on operating
performance and growth. Hence Fitch expects that a major part of
FCF will be paid out as dividends as the sponsors seek to optimise
return on equity.

Market Leadership: WebPros is a leader in web-hosting control panel
software for individuals and the small-to-medium-sized business
segment with its flagship products cPanel and Plesk, both favoured
by the majority of web professionals involved in website and
hosting administration. Both products have been on the market for
more than 15 years and are recommended as industry standards,
reflecting strong brand recognition and large user communities.
Before the acquisition by WebPros in 2017 and 2018, respectively,
Plesk and cPanel were the main two competitors on WHCP market with
other products (primarily software developed by hosting companies
in-house) being far behind.

Strong Demand Fundamentals: WHCP is an essential part of the
web-hosting ecosystem and the choice of web-hosting service
providers is often determined by having either cPanel or Plesk
included as a part of the overall service package. WebPros' WHCPs
can be used on any web-hosting infrastructure. Fitch believes that
the substitution risk for these two products is low and therefore
expect stable volume growth in line with the market.

Limited Product Price Sensitivity: Price increases are unlikely to
have a material impact on volume as the cost of a WHCP licence is a
small fraction of the overall web-hosting service cost while the
product itself is particularly important for the professional that
manages the website. This is evidenced by a change in the pricing
model by cPanel in 2H19, which resulted in higher average revenue
per licence but had no material impact on the number of customers.

Favourable Competitive Environment: WebPros' products enjoy modest
competition with most competing software for the SMB segment
provided by small companies that lack R&D budgets or are developed
in-house by hosting providers that are not portable. WebPros' large
developer teams can update their products swiftly in response to
hosting-software changes. Additionally, WebPros offers a high level
of customer support that smaller vendors often cannot afford to
have.

Competition is stronger in the small business/personal website
segment where companies such as Wix, Squarespace and Weebly offer
all-in-one solutions to build, store and manage websites. However,
this segment is not a focus for WebPros' products, which primarily
target websites managed by a dedicated administrator, and usually
require greater flexibility in the features supported by cPanel and
Plesk.

Sustainable Growth: Fitch expects WebPros' revenue to continue
growing at a mid-single digit percentage over the medium term,
driven primarily by new customers as the market grows and the
company's ability to increase prices for its core offering. License
payment for WHCP software is a small component of the price
(typically less than 1%) of a shared hosting service and even
smaller in a context of an overall website management service.
Plesk and cPanel together account for more than 90% of WebPros'
revenues.

Diversified Customer Base: WebPros benefits from broad customer
diversification. As of end-2019 there were more than 900,000
servers operating with product licences from WebPros. Plesk and
cPanel are widely adopted globally with 55% of Webpros' revenue
generated in Americas and 36% in Europe. The products are highly
scalable as most of the company's costs are fixed and relate to
staff costs. Around 90% of licences are distributed via more than
2,800 hosting partners around the globe.

COVID-19 Impact Limited: Fitch expects the COVID-19 pandemic to
have a limited impact on the company's operations due to a
diversified customer base, a small share of licence price in the
overall hosting costs and increasing importance of online presence
during quarantine. A negative impact from overall economic slowdown
can be mitigated by WebPros' cost flexibility.

DERIVATION SUMMARY

The ratings of WebPros are supported by its leading position in its
niche of web-hosting software for the SMB segment. The company has
a highly diversified customer base, established partner
relationships with web-hosting companies and its products have
strong reputations. These strengths are offset by its high leverage
and small scale, resulting in a 'B' rating.

WebPros' operating profile compares well with that of other
Fitch-rated software peers, in particular Gigamon Inc. (B/Stable),
Project Angel Intermediate Holdings, LLC (B/Stable) and Ellie Mae,
Inc (B+/Negative). Compared with these peers WebPros has higher
leverage. Another peer group would be cybersecurity firms such as
Barracuda Networks, Inc (B/Stable), Imperva Inc. (B-/Stable), Surf
Intermediate I Limited (B-/Stable) which enjoy high revenue growth
and strong margins.

WebPros is also broadly comparable with the other private and
publicly Fitch-rated peers in the wider technology sector. It has
slightly higher leverage but benefits from its strong market
leadership, global diversification and comfortable liquidity.

KEY ASSUMPTIONS

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

  - Revenue at USD162 million in 2020 followed by mid-single digit
percentage revenue growth in 2021-2023;

  - EBITDA margin stable at 58.5% in 2020-2023 (Pre-IFRS16);

  - Working capital outflow between USD3 million-USD6 million
annually up to 2023;

  - Capex of about USD2 million annually for the next three years;
and

  - No further M&A activity.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that WebPros would be reorganised as
a going-concern in bankruptcy rather than liquidated.

  - Fitch estimates that the post-restructuring EBITDA would be
around USD75 million. Fitch would expect a default to come from a
secular decline or a drop in revenue and EBITDA following
reputational damage, an unlikely emergence of a disruptive
technology or intensified competition. The USD75 million GC EBITDA
is 21% lower than Fitch-defined 2020 EBITDA forecast of USD95
million.

  - An enterprise value multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The multiple is
higher than the median TMT EV multiple, but is in line with other
similar software companies that exhibit strong pre-dividend FCF
generation. Historical bankruptcy exits multiples for peer
companies range from 2.6x to 10.8x, with a median of 5.1x. However,
software companies demonstrated higher multiples (4.6x-10.8x). In
the current transaction, WebPros was valued at approximately 16x
pro-forma run-rate adjusted EBITDA. Fitch believes that the high
acquisition multiple also supports its recovery multiple
assumption.

  - 10% of administrative claims taken off the EV to account for
bankruptcy and associated costs and the RCF of USD60 million, pari
pasu with the USD530 million first-lien term loan, is assumed to be
fully drawn. This gives the senior secured debt a recovery
percentage of 69%, and a 'RR3' instrument rating

RATING SENSITIVITIES

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

  - FFO gross leverage expected at below 6.0x on a sustained
basis;

  - FFO fixed-charge coverage sustainably above 2.0x; and

  - Continued strong market leadership and strong FCF generation.

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

  - FFO gross leverage expected at above 7.5x on a sustained
basis;

  - FFO fixed-charge coverage sustainably below 1.5x; and

  - A weakening market position as evidenced by slowing revenue
growth and/or increasing customers churn.

BEST/WORST CASE RATING SCENARIO

International scale credit 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

Strong Liquidity: Following the acquisition completion, Fitch
expects liquidity to remain strong over the next four years,
supported by positive pre-div FCF generation, a prudent approach to
the amount of cash on the balance sheet and a USD60 million RCF.
First- and second-lien loans are due in seven and eight years,
respectively.

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

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



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

AXALTA COATING: S&P Affirms 'BB' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed the 'BB' issuer credit rating on
coatings player Axalta Coating Systems Dutch Holding B B.V.
(Axalta). The outlook remains stable.

S&P said, "We are affirming our 'BBB-' issue-level rating on the
company's cash flow revolver and first-lien term loans. The '1'
recovery ratings on this debt reflect our expectation for very high
(90%-100%; rounded estimate: 95%) recovery.

"We are raising the issue-level rating on the company's unsecured
debt to 'BB' from 'BB-'. The recovery rating is '4', reflecting our
expectation for average (30%-50%; rounded estimate: 30%) recovery.
This follows the company's optional prepayment of $300 million of
its term loan facility in the first quarter of 2020.

"The stable outlook reflects our expectation that credit measures
will remain appropriate for the rating through a temporary but
severe downturn in demand, such that funds from operations (FFO) to
debt will remain comfortably above 12%.

"We believe the coronavirus pandemic will materially reduce demand
for Axalta's products in 2020, given the company's exposure to
automotive OEM and refinish, transportation, and industrial
markets.  Government-mandated social distancing measures will hurt
demand across the board, as miles driven, vehicle repair, and
light-vehicle and industrial production decline. We expect global
light-vehicle sales to decline by about 15% in 2020. In our base
case we expect these factors to lead to a material decline in
revenue and earnings but for weighted average FFO to debt to remain
solidly in the 12%-20% range. Specifically, we expect FFO to debt
in 2020 to be in the mid-teens, with gradual improvement in 2021.
The company ended 2019 with a financial profile stronger than what
we expect for the current rating, with FFO to debt close to 22%. We
believe that the large cushion under credit metrics at year end
2019 is large enough to support the rating even after factoring a
meaningful decline in 2020 operation performance. We assume the
company will retain and build on its large cash balance or use it
to pay down debt. However, we could review the credit for a
negative rating action if metrics weaken beyond our current
expectations."

S&P expects the current capital structure and business to remain
intact following the completion of the company's strategic review
process.  The company recently announced that it concluded its
review of strategic alternatives. Therefore, S&P's base case
assumes a continuation of the status quo. The capital structure
takes into account the company's voluntary prepayment of $300
million of its term loan facility in the first quarter of 2020. The
company maintains a comfortable debt maturity profile, with no
material maturities until 2024.

The stable outlook on Axalta reflects S&P Global Ratings'
expectation that despite a global recession in 2020, the company's
credit measures will remain appropriate for the 'BB' rating, with
weighted average FFO to debt between 12%-20%. S&P also assumes the
company will not issue dividends, engage in large share buybacks,
or pursue debt-funded acquisitions and the financial policy will
remain appropriate for the current rating. The company's voluntary
debt reduction and large cash balances help offset the expected
earnings deterioration.

S&P could lower the ratings within the next year if the broader
economy or auto industry conditions deteriorate significantly
beyond our already lowered expectations, causing FFO to debt to
weaken below 12% without any prospects for improvement. S&P could
lower the ratings if the company uses substantial debt for, or
depletes its cash balances with, significant shareholder rewards or
a sizable acquisition or if liquidity deteriorates, such that we
believe sources would not exceed uses by more than 1.2x.

S&P said, "We could consider a positive rating action within the
next year if the company improves its business risk profile,
particularly through strengthening its competitive position and
achieving moderately higher EBITDA margins, although we consider
this unlikely in 2020. However, this could occur if the company's
end-market diversity improves or if the company permanently
improves its cost positon. Additionally, there could be upside
potential if we expect the company will maintain weighted-average
FFO to debt of more than 20%, after factoring in its growth
initiatives."


DUTCH PROPERTY 2019-1: DBRS Confirms BB Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited confirmed the following ratings of the notes
issued by Dutch Property Finance 2019-1 B.V. (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in October 2052. The rating on the Class B
Notes addresses the ultimate payment of interest and principal, and
timely payment of interest while the senior-most class outstanding.
The ratings on the Class C Notes, Class D Notes, and Class E Notes
address the ultimate payment of interest and principal on or before
the legal final maturity date.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses.

-- Portfolio default rate (PD), loss given default (LGD). and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

Dutch Property Finance 2019-1 B.V. is a securitization of mortgage
loans secured against buy-to-let residential properties and
commercial real estate properties located in the Netherlands. The
mortgage loans were originated by the RNHB mortgage business.

PORTFOLIO PERFORMANCE

As of January 2020, loans two to three months in arrears
represented 1.4% of the outstanding portfolio balance, the 90+
delinquency ratio was 0.5%, and the cumulative default ratio was
zero.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 13.6% and 11.3%, respectively.

CREDIT ENHANCEMENT

As of the January 2020 payment date, credit enhancement to the
Class A, Class B, Class C, Class D, and Class E notes was 28.6%,
16.8%, 12.3%, 7.8%, and 5.6%, respectively, up from 25.7%, 15.0%,
11.1%, 7.0%, and 5.0% at the DBRS Morningstar initial rating,
respectively. Credit enhancement is provided by the subordination
of junior classes and the reserve fund.

The transaction benefits from a reserve fund of EUR 8 million,
available to cover senior fees, interest, and principal (via the
principal deficiency ledgers) on the rated notes.

Elavon Financial Services DAC, U.K. Branch (Elavon) acts as the
account bank for the transaction. Based on the DBRS Morningstar
private rating of Elavon, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
rating assigned to the Class A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

NatWest Markets Plc acts as the swap counterparty for the
transaction. DBRS Morningstar's public Long-Term Critical
Obligations Rating of NatWest Markets Plc at "A" is above the First
Rating Threshold as described in DBRS Morningstar's "Derivative
Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
arise in the coming months for many RMBS transactions, some
meaningfully. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus. On April 16,
2020, the DBRS Morningstar Sovereign group published its outlook on
the impact to key economic indicators for the 2020-22 time frame.

Notes: All figures are in Euros unless otherwise noted.

STARS GROUP: Moody's Reviews Caa1 Sr. Unsec. Rating for Upgrade
---------------------------------------------------------------
Moody's Investors Service placed all the rating of The Stars Group
Inc. on review for upgrade, including the company's B2 Corporate
Family Rating, B2-PD Probability of Default Rating, as well as the
B1 senior secured and Caa1 senior unsecured ratings of The Stars
Group Holdings B.V. The company's Speculative Grade Liquidity
rating remains SGL-1.

The review for upgrade reflects the closure of the acquisition of
the company by Flutter Entertainment Plc, with Flutter shareholders
owning 54.64% of the combined Flutter/TSG group. Flutter is a
global sports betting and gaming operator. While TSG currently
remains a stand-alone credit group, it is expected that the company
will work towards a single consolidated credit group with Flutter
with TSG's debt to be refinanced (other than its $1 billion 7% sr.
unsecured notes) or guaranteed by Flutter. In working to achieve
this goal of a single credit group, a consent solicitation relating
to TSG's 7% notes was agreed to that included, among other things,
to provide for a guarantee of the notes by Flutter once TSG's term
loans are refinanced or also guaranteed by Flutter. The review for
upgrade reflects the higher expectation that the Flutter guarantee
or a refinancing will be achieved given that the acquisition has
now closed. Moody's expects to withdrawal TSG's CFR, PDR and SGL
ratings, as well as the ratings of any TSG debt that is repaid once
such refinancing occurs.

The review additionally considers the assigned CFR of Ba1 at
Flutter Entertainment Plc, which considers the combined
consolidated company with enhanced size, scale and diversification,
and modest leverage, enabling the company to continue to pursue
growth opportunities in the evolving online gaming and sports
betting industry. Moody's will also assess the final debt structure
of the combined Flutter/TSG organization including the guarantee
and collateral position of TSG's debt that will remain
outstanding.

On Review for Upgrade:

Issuer: Stars Group Holdings B.V. (The)

Senior Secured Bank Credit Facilities, Placed on Review for
Upgrade, currently B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Caa1 (LGD5 from LGD6)

Issuer: Stars Group Inc. (The)

Probability of Default Rating, Placed on Review for Upgrade,
currently B2-PD

Corporate Family Rating, Placed on Review for Upgrade, currently
B2

Outlook Actions:

Issuer: Stars Group Holdings B.V. (The)

Outlook, Changed To Rating Under Review From Stable

Issuer: Stars Group Inc. (The)

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The Stars Group Inc's B2 CFR is supported by the company's market
leading position in terms of revenue in online poker, its licenses
to operate in all major jurisdictions where online poker has been
legalized, and growing gaming and sports betting business. The
ratings are also supported by the company's relatively high EBITDA
margins, strong free cash flow generation, and very good liquidity
profile. Key credit concerns include The Stars Group's high
leverage level as a result of its debt financed acquisition-based
growth strategy, relatively narrow product focus -- the company's
revenue and earnings are derived entirely from online gaming
activities -- along with the uncertainty related to an evolving
regulatory environment for online gaming in various jurisdictions
around the world.

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

A ratings upgrade could occur if the Stars Group is able to
successfully integrate recent acquisitions, obtain identified
synergies, and hit its growth targets, resulting in debt/EBITDA
maintained below 4.5x. TSG's instrument ratings would also be
upgraded in a combined Flutter/TSG organization if the guarantee
and collateral package provides broader credit support than exists
with a stand-alone TSG.

Ratings could be downgraded if the Stars Group's debt/EBITDA rises
above 6.5x, or the pace or size of acquisitions were to increase
meaningfully.

The Stars Group Inc. (formerly TSX and NASDAQ: TSG) provides
technology-based products and services in the global gaming,
betting, and interactive entertainment industries as well as
services and systems to online gaming operators. The company owns
and operates the Poker Stars and Full Tilt Poker online poker
brands, as well as Sky Bet. Total revenue for the last twelve-month
period ended December 31, 2019 was approximately $2.5 billion.

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

WEBPROS: Moody's Assigns B3 CFR, Outlook Stable
-----------------------------------------------
Moody's Investors Service has assigned a first-time B3 Corporate
Family Rating and a B3-PD Probability of Default Rating to Particle
Investments S.a.r.l., the holding company for automation software
provider WebPros. Concurrently, Moody's has assigned a B3 rating to
the proposed $530 million senior secured First Lien Term Loan and
the $60 million senior secured Revolving Credit Facility, due in
2027 and 2025 respectively, to be issued by Particle Investments
S.a.r.l. The outlook on the ratings is stable.

The proceeds from the first lien and the $145 million second lien
term loans (unrated), as well as from shareholder equity, will be
used primarily to fund WebPros' takeover by CVC Capital Partners
and other existing shareholders for a total consideration of $1.5
billion. The acquisition closed in February 2020.

"The B3 rating mainly reflects WebPros' aggressive financial policy
with a very high Moody's-adjusted starting leverage of 8.9x, or
around 7.5x when taking into account the run-rate impact of the
recent price increases, which is expected to reduce to below 7x by
December 2021. The current rating is weakly positioned in the B3
category, leaving no room for underperformance against current
expectations" says Luigi Bucci, Moody's lead analyst for WebPros.

"At the same time, the rating is supported by the company's strong
position in the niche web hosting control panel market together
with its global footprint. The rating also benefits from the large
recurring revenue base and high EBITDA margins supporting strong
cash conversion rates and positive Free Cash Flow" adds Mr Bucci.

RATINGS RATIONALE

WebPros' B3 CFR is mainly supported by (1) its strong position in
the niche market for web hosting control panels; (2) its strong
renewal rates and limited churn; (3) the risks and switching costs
for web hosting providers to change control panel; (4) Moody's
expectation of revenue and EBITDA growth following cPanel
repricing; and (5) its adequate liquidity supported by strong cash
conversion rates.

However, the credit quality of the company is primarily constrained
by (1) the high Moody's adjusted leverage of 8.9x at closing of the
transaction and before pricing run-rate adjustments; (2) its small
addressable market; (3) its limited offering largely concentrated
on two similar products; (4) its reliance on large web hosting
partners; and (5) the limited track record as a combined business
under the current financial perimeter following a period of
acquisitions.

WebPros benefits from its positioning as a leading provider of web
server automation software owing to a unique user experience with a
simple interface, continued functionality updates and high degree
of automation. The company, through its two products, cPanel and
Plesk, primarily focuses on the shared hosting segment servicing
low complexity websites, with low to medium traffic, for
individuals or small and medium businesses. The majority of
customers purchase products and services on a subscription basis,
with 99% of 2019 billings coming from subscriptions. However, the
rating agency notes that WebPros' product portfolio is very limited
and bears a high financial risk should one of its key products,
cPanel or Plesk, reduce its competitive advantage and market
share.

Revenue growth in 2020 will be driven largely by the change in
pricing strategy implemented from September 2019 onwards. Moody's
anticipates WebPros' volume growth to be capped in the low-single
digits in the medium term. Due to WebPros' fixed cost base
structure and the scalability of the business, the rating agency
expects Moody's-adjusted EBITDA to grow to towards the mid-90s (in
$ millions) over 2020 as a result of price increases, driving
Moody's-adjusted EBITDA margins towards 60% over 2020-2021 (2019:
53%).

Moody's currently perceives the coronavirus impact to be initially
limited on WebPros although the future growth prospects will likely
be affected by the ongoing weakening global economic outlook.
Moody's notes that in the current environment an increasing number
of SMBs will be interested in having an internet presence given
that an increasing number of customers is shopping online. However,
this is offset by the fact that SMBs will be likely subject to
higher default risk as a consequence of the coronavirus pandemic.
The rating agency also notes that WebPros' business model, where
licenses are often used to manage multiple websites, provides
downside protection against this risk.

Moody's expects FCF to remain positive supported by (1) organic
EBITDA growth; (2) the absence of major working capital
requirements, owing to monthly subscription billings; and (3)
limited capital expenditure, which will average approximately 1% to
2% of revenues over 2020-2021. Nevertheless, cash conversion will
be reduced by high interest payments which will represent the
largest single use of cash. Moody's-adjusted FCF/debt, pro forma
for the proposed capital structure, is likely to be around 3% in
2020 and improve towards 4%-5% in 2021.

Moody's-adjusted leverage at closing, calculated as
Moody's-adjusted gross debt to EBITDA pro forma for the proposed
capital structure, is very high at 8.9x. When taking into account
the run-rate adjustment for the September 2019 and January 2020
price uplifts on cPanel Moody's-adjusted leverage would stand at
around 7.5x. Under Moody's current expectations, WebPros'
Moody's-adjusted leverage is expected to decline moderately to
below 7.5x and 7x in 2020 and 2021, respectively. The rating agency
notes that deleveraging in 2020 will be largely driven by EBITDA
improvements deriving from repricing actions implemented for a
number of customers through January 2020 that were not fully
materialized over the course of 2019.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's has considered in its analysis of WebPros the following
environmental, social and governance considerations. In terms of
governance, after closing of the acquisition in February 2020, CVC
holds a stake of 40% and controls the board of directors of the
company. The remaining shareholders are represented by Oakley
Capital (22%) together with management, founders and other
investors (38%). Moody's notes that the entrepreneurial and
decentralized nature of WebPros could lead to potential corporate
governance issues although the experience of the private equity
sponsors mitigates to a large extent this risk.

Financial policy will be aggressive across the rating horizon, as
illustrated by the very high starting leverage, which will decrease
only moderately over 2020-2021. The rating agency currently does
not expect large debt-funded acquisitions, such as WebPros'
acquisition of cPanel in 2018, but small bolt-on transactions to
support growth remain likely. At the same time, Moody's considers
WebPros' social risks to be relatively low. WebPros does not own
the data of individual end-users although has access to the list of
websites running on servers using their solutions.

LIQUIDITY

Moody's views WebPros' liquidity as adequate. Cash balances post
closing are expected to be around $5 million, further supported by
the undrawn $60 million revolving credit facility due 2025. Moody's
forecasts WebPros to generate positive pro forma FCF in the range
of $20 million - $30 million on an annual basis over 2020-2021,
supporting the liquidity of the business.

The revolving credit facility, due 2025, is subject to a springing
senior net leverage covenant set at 40% headroom of starting
leverage, tested if drawings under the RCF exceed 40%. Moody's
expect the group to have sizeable headroom under the covenant,
which will increase over time.

STRUCTURAL CONSIDERATIONS

The B3 instrument ratings assigned to the first-lien term loan and
the pari passu ranking RCF are in line with the CFR despite the
seniority over the $145 million second-lien term loan, reflecting
WebPros' weak positioning within the B3 category and the very high
first lien opening leverage.

The security package comprises pledge of shares, bank accounts and
intercompany receivables. The instruments are guaranteed by the
borrower and material subsidiaries representing a minimum of 80% of
consolidated EBITDA and security includes shares, material bank
accounts and intercompany receivables. There is a floating charge
granted by English borrowers and obligors under the laws of the
United States will grant customary all-asset security.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's view that WebPros'
revenue and EBITDA will grow over the next 12-18 months largely
supported by price increases. As a result, Moody's expects
Moody's-adjusted debt/EBITDA to decline to below 7x by 2021 and
Moody's-adjusted FCF/debt to grow towards 5% over the same
timeframe. The stable outlook also incorporates the rating agency
expectation of limited customer attrition and the absence of
material debt-funded acquisitions or shareholder distributions.

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

The ratings are currently weakly positioned and upward rating
pressure is unlikely in the short term. Positive pressure on
WebPros' ratings could arise if: (1) Moody's-adjusted FCF/debt
increased towards 10% on a sustainable basis; (2) Moody's-adjusted
debt/EBITDA fell below 6.0x; (3) the company were to successfully
implement additional price increases, without any deterioration in
customer attrition; and (4) WebPros were to demonstrate a proven
track-record as an integrated group.

Moody's could consider a rating downgrade if WebPros' operating
performance were to weaken significantly on the back of increased
customer attrition. The ratings would also come under negative
pressure if: (1) Moody's-adjusted leverage remained over 8.0x for a
sustained period of time; or (2) FCF turned negative; or (3) the
liquidity profile of the company were to weaken; or (4) WebPros
engaged in material debt-funded acquisitions or shareholder
distributions.

LIST OF AFFECTED RATINGS:

Issuer: Particle Investments S.a.r.l.

Assignments:

LT Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Gtd Senior Secured Term Loan, Assigned B3 (LGD3)

Gtd Senior Secured Revolving Credit Facility, Assigned B3 (LGD3)

Outlook Actions:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
Industry published in August 2018.

COMPANY PROFILE

Headquartered in the Netherlands, WebPros is a global web server
automation software provider, created through the combination of
the web hosting control panels Plesk and cPanel. The group also
acquired WHMCS, a web host billing automation and customer
management solution in May 2019. The company offers a portfolio of
tools that automate and simplify the development, management and
administration of web servers through its channel of more than
2,800 hosting partners worldwide. For the 12 months ended March
2020, WebPros reported revenues and company-adjusted EBITDA of $142
million and $81 million, respectively.



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

RUSAL PLC: Fitch Cuts LT IDR to 'B+', Outlook Stable
----------------------------------------------------
Fitch Ratings has downgraded Russian-based aluminium company United
company RUSAL Plc's Long-Term Issuer Default Rating to 'B+' from
'BB-'. The agency has also downgraded Rusal Capital D.A.C.'s senior
unsecured notes rating to 'B+' from 'BB-'. The Outlook on Long-Term
IDR is Stable.

The downgrade reflects its expectation of a further delay in
deleveraging with funds from operations gross and net leverage
remaining materially above its previous negative sensitivities of
3.5x (2019: 4.7x) and 3.0x (3.7x), respectively, at least until
2022. It also reflects prolonged low commodity prices, along with a
collapse in aluminium demand and uncertainties around the length of
the coronavirus pandemic and the shape of the recovery thereafter,
which will keep the company's margins under pressure.

The Stable Outlook on Rusal is underpinned by its strong liquidity
of around USD1.8 billion at end-2019, which is enough to cover 2020
and 2021 debt maturities; forecast improvement in credit metrics;
its PJSC MMC Norilsk Nickel (NN; BBB-/Stable) stake that provides
significant dividends and collateral coverage; leading market
position; a competitive cost structure; and a vertically integrated
business with access to low-cost hydropower.

KEY RATING DRIVERS

Elevated Leverage Metrics: Rusal entered the coronavirus pandemic
and resulting global downturn with high leverage, which makes it
more susceptible to external shocks. Its debt burden has been high
since the purchase of the NN stake in 2008 without meaningful debt
reduction over the last three years. FFO gross leverage reached
4.7x (3.7x on a net basis) at end-2019 despite record dividends
received from NN (around USD1.1 billion). Given the pandemic, Fitch
believes that leverage metrics will remain elevated in 2020-2021,
averaging 5.0x on a gross basis (4.2x net basis), exceeding its
previous negative guideline of 3.5x and 3.0x respectively for the
'BB-' rating.

Oversupplied Aluminum Market/Demand Collapse: Fitch expects
aluminum end-user demand from automotive and construction, which
already experienced difficulties in 2019, to deteriorate from
considerably lower economic activity amid the pandemic. Consumer
sentiment has been significantly weakened and Fitch does not expect
any material recovery in the short-term. At the same time, the
growth of low-cost Chinese capacity will exacerbate the
oversupplied market. In 1Q20, global primary aluminum demand
decreased more than 6% while worldwide supply continued to grow by
more than 3%.

Conversion to Lower-grade: As of now, Rusal has confirmed that all
its bauxite mines, alumina refineries and aluminum smelters
remained operational without any curtailments across all regions.
The company could convert high value-added products to
commodity-grade ingots to somehow counteract the drop in demand as
semi-finished metals could be easier sold around the globe.
However, this will come at the expense of premiums.

Aluminium Prices under Pressure: The current 3-month LME aluminium
price is around USD1,500/t, a reduction of around 15% from the 2019
average price. Fitch has revised its aluminium price assumptions
downward for a second time this year and Fitch now expects 2020 and
2021 LME prices to average USD1,560/t and USD1,600/t, respectively
and the risks, in its view, are to the downside. According to CRU,
inventories are expected to reach 101 days of consumption by
end-2020, from 62 days in 2019, which will take several years to be
depleted.

Potential Covenant Breach: Based on its estimations, Rusal could
fail its covenants test on December 31, 2020 (tested semi-annually
- December 31 / June 30), absent any additional waivers. It has a
net debt (excluding debt secured by NN's shares - Sberbank loan and
REPO deal)-to-EBITDA covenant of less than 3x. This covenant has
already been relaxed to 3.5x in 2019-2020 due primarily to a
restructuring triggered by sanctions. While covenant breach is
likely to be waived given Rusal's record of access to funding and
long-lasting relationship with domestic banks, this is not certain
given the current difficult environment.

NN a Large Dividend Source: Rusal effectively owns 27.82% of NN, a
leading producer of refined nickel and palladium. As of April 28,
2020, the market value of this stake was around USD11.9 billion,
covering 1.4x Rusal's debt at end-2019. NN has one of the highest
dividend pay-outs in the mining industry. Since 2017 NN introduced
a variable dividend pay-out of 30%-60% of EBITDA and total minimum
distributions payable of USD1 billion (Rusal's pre-tax share:
USD278 million). The aforementioned dividend policy agreement
expires in 2022.

Lower Dividends Likely for 2021: Rusal received USD430 million
dividend in January 2020 and will receive a further USD330 million
by June, pertaining to 2019 profits. 1H20 dividends from NN will be
received by year-end and Fitch expects total dividends received to
be around USD1.2 billion in 2020. However, weaker nickel and copper
prices, alongside weaker market demand compared with its
assumptions, could hit NN's EBITDA and leverage metrics and result
in lower dividends for 2021, in turn affecting Rusal's liquidity.
Furthermore, the terms on which the NN shareholder agreement is
extended beyond 2022 will be key to Rusal's future credit profile
and liquidity.

Higher Capex: Despite the current economic environment, Rusal has
not yet materially scaled back its capex. It plans to invest on
average USD1 billion per year over the next four years mainly for
the Taishet aluminum smelter and anode plant as well as the Dian
Dian bauxite project in Guinea. As a result, Fitch forecasts free
cash flow (FCF, including NN dividends) to be neutral in 2020-2021.
However, Fitch believes that Rusal has the flexibility to postpone
growth plans and preserve cash in case of need as only around 50%
of total capex is for maintenance works.

Competitive Cost Advantage: According to CRU, the majority of
Rusal's smelters are positioned in the first/second quartile of the
global aluminium cost curve. Its smelters are in Siberia and source
most of their electricity needs from the region's hydroelectric
power stations, benefiting from low electricity costs from its
cooperation with EN+.

With an LME 3-month price of around USD1,500/t more than 20% of the
industry's production outside of China is a cash-drain. As aluminum
prices remain depressed, high-cost smelters will continue exiting
the market (already 1.3mmt of capacity curtailed globally), which
should benefit lower-cost producers such as Rusal. However,
stronger demand dynamics are necessary to rebalance the market.

Rouble Devaluation Provides Support: Around 60% of Rusal's
operating costs and about 20% of the company's debt are denominated
in Russian roubles. Currency depreciation has helped Rusal offset
certain adverse market movements in the past, and Fitch expects it
to provide some cushion in the current challenging market. Fitch
forecasts the current steep depreciation of the local currency to
persist until 2021.

Braidy JV Financing Unclear: The JV between Rusal and US-based
Braidy Industries to produce flat-rolled aluminium for the US
automotive industry is expected to contribute to an increase in
Rusal's value-added product share and margins. The structure of the
project financing is currently unclear as negotiations are still
ongoing.

Vertically Integrated Business Model: Rusal operates throughout the
aluminium value chain with bauxite mining, alumina refining and
aluminium-smelting production. This provides some insulation to
input- cost inflation. Its own alumina production covers more than
100% of its aluminium smelter needs. With the completion of the
second stage of the Dian Dian bauxite project in Guinea Rusal would
also be almost 100% bauxite self-sufficient at current production
levels.

Leading Market Position: The ratings reflect Rusal's position as
the top aluminium producer in the world outside China and one of
the top three producers worldwide (after China Hongqiao Group
Limited and Aluminum Corporation of China Limited), accounting for
around 6% of the world's aluminium output. It continues to expand
its footprint with the construction of the Taishet aluminium
smelter and its new aluminium-rolling mill in the JV with Braidy
Industries in the US.

DERIVATION SUMMARY

Comparable Fitch-rated peers to Rusal include China Hongqiao Group
Limited (BB-/Stable), Aluminium Corporation of China Limited
(Chalco; A-/Stable) and Alcoa Corporation (BB+/Stable).

Hongqiao benefits from a larger size, greater self-sufficiency and
stronger margins as a result of substantial economies of scale and
a captive energy base. However, uncertainties regarding the
implications of potential surcharges on its captive generation
assets to the government, which could significantly increase its
production costs, constrain the company's ratings.

Chalco's ratings are equalised with those of 33% parent Chinalco
(A-/Stable), due to strong operational and strategic linkages in
line with Fitch's Parent and Subsidiary Rating Linkage Criteria.
Fitch's assessment of Chinalco's credit profile is based on its
Government-related Entities Rating Criteria and is derived from
China's (A+/Stable) rating, reflecting the state's strong incentive
to support the company. Chalco's standalone credit profile is
assessed at 'b+' due to elevated leverage and weak margins of
8%-9%.

Alcoa's rating reflects a stronger financial profile than Rusal's
due to modest debt levels in the amount of USD1.8 billion at
end-2019 as well as higher margins, which position the company
firmly against its 'BB+' metals peers.

KEY ASSUMPTIONS

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

  - Fitch aluminium LME price assumptions at USD1,560/ton in 2020,
USD1,600/ton in 2021, USD1,800/ton in 2022 and USD1,900/ton in
2023

  - RUB/USD exchange rate of around 74 in 2020-2021, 70 in 2022 and
67 in 2023

  - Aluminium production increases in 2022 due to the Taishet
aluminium smelter

  - Capex in line with company's guidance

  - No dividend pay-out for the next fits years

Fitch's Key Assumptions for Recovery Analysis:

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

Rusal's post-reorganisation, going-concern EBITDA is estimated at
around EUR875 million, based on the current asset base.

Fitch used a distressed enterprise value (EV)/EBITDA multiple of
4.5x to calculate a going-concern EV.

The principal waterfall assumes that the USD3,887 million Sberbank
loan and USD210 million repos, which are both pledged to a 25% NN
stake, along with USD70 million drawing under a factoring facility
and USD1,085 million pre-export finance facility, rank ahead of
senior unsecured Eurobonds.

After deduction of 10% for administrative claims and taking into
account Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, its waterfall analysis generated a ranked recovery in the
'RR4' band, indicating a 'B+' instrument rating for the senior
unsecured eurobonds issued by Rusal Capital D.A.C. and guaranteed
by Rusal. The waterfall analysis output percentage on current
metrics and assumptions is 50%.

RATING SENSITIVITIES

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

  - Successful debt reduction, higher-than-expected dividends from
NN and/or improvement in aluminium market conditions leading to FFO
gross leverage sustainably below 3.5x

  - FFO net leverage sustainably below 3.0x

  - EBITDA margins of above 10% on a sustained basis

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

  - Un-remedied covenant breach of its loan facilities

  - FFO gross leverage sustained above 4.2x

  - FFO net leverage sustained above 3.7x

  - EBITDA margins below 8% on a sustained basis

  - Persistently negative FCF (post-dividend)

BEST/WORST CASE RATING SCENARIO

International scale credit 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

Adequate Liquidity: At end-2019, Rusal had around USD1.8 billion of
balance-sheet cash compared with total short-term maturities of
around USD548 million. Scheduled maturities are also modest in 2021
(USD554 million). However, debt maturities grow materially in 2022
and 2023 to around USD2.3 billion and USD2.8 billion, respectively,
increasing refinancing risk.

The company also benefits from strong access to the domestic
capital market, evidenced by its successful issuance of three
tranches of a Russian bond in 2H19. FCF (including NN dividends)
has been positive historically and Fitch projects it to be neutral
in 2020-2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified USD10 million of depreciation of right-of-use
assets and USD5 million of interest on lease liabilities as lease
expenses, reducing Fitch-calculated EBITDA by USD15 million in
2019.

Fitch adjusted balance-sheet debt as at end-2019 by including the
utilised amount of the true-sale of receivables programme of about
USD70 million.

Fitch also included USD136 million of off-balance sheet debt that
contains guarantees for the financing of the BoAZ smelter under the
BEMO JV.

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

Rusal has an ESG Relevance Score of 4 for Governance Structure due
to its ownership concentration, which has negative impact on its
credit profile and is relevant to the ratings in conjunction with
other factors. In April 2018, the US Treasury Department of Foreign
Asset Control imposed sanctions on Rusal, effectively targeting the
majority shareholder Oleg Deripaska. Although the sanctions were
lifted in January 2019 after the company agreed a corporate
restructuring that ended Mr. Deripaska's control and introduced a
Board that consists of a majority of independent directors, Rusal
is still in the process of re-establishing a track record of stable
corporate governance. Rusal is subject to ongoing compliance with
OFAC and will face consequences should it fail to comply.

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

TRANSCONTAINER PJSC: Moody's Reviews Ba3 CFR for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba3 corporate family rating and Ba3-PD probability of default
rating of TransContainer PJSC, the leading rail container
transportation company in Russia. TransContainer's outlook has been
changed to ratings under review from stable.

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

The rating action reflects Moody's expectations that TransContainer
will operate with credit metrics that might not be at levels
commensurate with its current rating going forward amid the
coronavirus-induced economic downturn and under the new ownership
structure, following the consolidation of a 99.6% stake in the
company by Delo LLC in April 2020. The evolving economic downturn
driven by the unprecedented spread of the coronavirus outbreak,
which Moody's regards as a social risk under its ESG framework,
given the substantial implications for public health and safety,
will exert pressure on the company's operating and financial
performance. The negative effect would be amplified by an increase
in its dividend payouts and debt should Delo push down to the
company part of its own debt raised to fund the acquisition of
TransContainer, which Moody's regards as corporate governance
risks. The company is also in the process of raising additional
sources of liquidity to fund the rising dividends.

The review for downgrade will focus on the assessment of the effect
on TransContainer's earnings, credit metrics, free cash flow and
liquidity, resulting from (1) the likely decline in demand for
freight rail transportation services amid the coronavirus-driven
economic downturn; (2) the expected push-down of part of Delo's
debt to TransContainer; and (3) the increase in the company's
dividend payouts.

Delo acquired the 99.6% stake in TransContainer for around RUB120
billion, 70% of which was funded with bank debt. Following the
change of controlling shareholder, TransContainer's dividend payout
target will likely be raised from the current 25% of net income
under Russian accounting standards, and its internal net
debt/EBITDA cap has already been increased to 3.0x from 2.5x.
Moody's also expects that part of Delo's debt will be pushed down
to TransContainer in 2020-21, subject to the formal completion of
the remaining minorities buy-out procedure by Delo.

Moody's expects that Delo as a strategic investor will pursue an
overall balanced financial and operational strategy for
TransContainer, and will develop the company's potential
operational synergies with other transport and logistics businesses
of the Delo group. However, uncertainty related to the final
structure and timing of the debt push-down, as well as
TransCointainer's lack of a track record of operating under the new
ownership structure, including its ability to consistently adhere
to the new financial policy, which Moody's would view as fairly
balanced, and prudent corporate governance practices, pose risks.
Corporate governance risk is, however, mitigated by the fact that
six out of 11 members on TransContainer's new board of directors
are independent.

The rail container transportation volume in Russia continued to
grow in Q1 2020, with TransContainer's transportation volume
expanding by 10%. However, the rapidly unfolding economic recession
and global trade disruptions amid the unprecedented spread of the
coronavirus outbreak, along with the material rouble depreciation
reducing imports, will likely strain the company's operating
performance and earnings starting from Q2 2020. Moody's now expects
GDP in Russia to contract by 5.5% in 2020, while the prospects and
path of recovery remain highly uncertain for the economy and for
the company. The potential further decline in prices for container
operator services, which started in late 2019, and increasing empty
runs driven by imbalances in container cargo flows across market
segments (i.e., domestic transportation, exports, imports and
transit) will also exert pressure on TransContainer's earnings.

As a result of lower earnings, combined with an increase in debt
because of TransContainer's involvement in the funding structure of
its acquisition by Delo and the need to finance the company's
higher dividend payouts along with expansion capital investment,
TransContainer's historically strong financial metrics may
deteriorate materially beyond the levels commensurate with its
current rating, with its Moody's-adjusted debt/EBITDA potentially
rising above 4.0x over the next 12-18 months from 1.3x in 2019.

Moody's estimates that as of March 31, 2020, TransContainer's cash
balance of RUB6.5 billion together with operating cash flow which
the rating agency expects the company to generate over the next 12
months would be sufficient to cover its moderate debt repayments of
RUB3.5 billion. However, TransContainer will require external
funding to finance its substantial investments and increasing
dividend payouts. Although the company has already cut back on its
investment programme for 2020 in response to the evolving economic
downturn, its planned investments in fleet expansion remain fairly
high. While TransContainer's investment programme remains fairly
flexible, its ultimate ability to adjust dividend payouts in case
of the evolving liquidity pressure remains uncertain.

TransContainer's current rating factors in the company's solid
business profile with (1) strong competitive advantage as a
reliable leading market participant, despite the relatively small
size on a global scale; (2) integrated operating model, with a
large and balanced asset base; (3) diversified customer base; and
(4) prudent operating strategy, focused on improving its
competitive position and efficiencies with tight cost control.

An upgrade of TransContainer's rating is unlikely over the next
12-18 months, given the review for downgrade. Over time, Moody's
could consider an upgrade if the company (1) continues to
demonstrate strong operating and financial performance; and (2)
maintains leverage below 2.5x, solid interest and debt coverage
metrics, and strong liquidity at all times, including during an
active investment phase.

Before placing the rating on review Moody's had indicated that
TransContainer's rating could be downgraded if its liquidity, or
operating and financial performance materially deteriorate, with
Moody's-adjusted debt/EBITDA trending towards 3.0x on a sustained
basis. Increasing concerns over any transformational change in the
company's business structure and financial policy with uncertain or
negative consequences on its credit profile may also strain the
rating.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's considers environmental risks for the surface
transportation and logistics industry elevated, reflecting a
gradual tightening of environmental regulations and emissions
standards, as well as its exposure to (1) heavy usage of diesel
fuel; (2) natural disasters and rail accidents (such as derailments
of rail tank cars with oil or other hazardous materials); and (3)
lower demand for bulk freight that is exposed to environmental
risks. At the same time, given the specifics of TransContainer's
operator business model, Moody's does not expect the company to
incur any material environmental spending, which may have an impact
on its credit metrics. Moody's also expects the company to follow
all environmental standards to ensure compliance with the
requirements under the Russian law and technical standards.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Governance considerations include TransContainer's concentrated
private ownership structure, which creates a risk of rapid changes
in the company's strategy, financial and dividend policies, and
development plans. Governance risk is mitigated by the fact that
six out of 11 members on TransContainer's new board of directors
are independent.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.

TransContainer PJSC is the leading intermodal container
transportation company in Russia. As of December 31, 2019, the
company operated a fleet of 30,676 flatcars and 83,684
International Standards Organization or standardised containers,
and a network of 41 rail-side container terminals in Russia, 19
rail-side terminals in Kazakhstan and a terminal in Slovakia. In
2019, TransContainer generated revenue of RUB86.2 billion and
Moody's-adjusted EBITDA of RUB19.4 billion. The company's principal
shareholder is Delo which owns a 99.6% stake. Delo also owns a
container terminal in the Black Sea Basin, a transportation
logistics business, Ruscon Ltd, and a 30.75% stake in Global Ports
Investments Plc (GPI, Ba2 stable), Russia's leading sea port
container operator with terminals in the Baltic Basin and the Far
East.



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

ACI AIRPORT: S&P Assigns Prelim 'B-' Rating to Sr. Sec. Notes
-------------------------------------------------------------
S&P Global Ratings assigned a 'B-' preliminary rating to ACI
Airport Sudamerica S.A.'S (ACI or the project) proposed senior
secured notes (Series 2020). The outlook on the preliminary notes
is negative. At the same time, S&P placed its 'CCC' rating on ACI's
existing $200 million notes due 2032 (series 2015) on CreditWatch
with developing implications.

The exchange offer includes issuing new notes (series 2020) for an
equal amount of $200 million, same maturity date (2032), same
coupon (at 6.785%) as the existing notes, but incorporates a PIK
option on three coupons that, if exercised, would capitalize at
7.785%. In addition, there's an early participation premium in cash
of $10 for each $1,000 of outstanding principal amount of the
existing notes if validly tendered until May 7, 2020. S&P believes
the bondholders would be compensated for the coupon deferrals with
these features. Therefore, it doesn't believe the tender is
tantamount to a default.

The project has already obtained approval from the holders of PdS's
debt to re-profile its short-term maturities. The new conditions
include absence of principal payment in 2020 and lower lock-up test
for distribution at 1.25x, from original 1.70x. Still, the latter
is conditional to minimal acceptance of ACI's proposed exchange.

S&P said, "In order to assess the preliminary rating on the new
notes (series 2020), we assumed a minimum conversion acceptance of
80%. At the same time, we assumed that the issuer will exercise the
PIK option during the three consecutive quarters, particularly
because of the expected decline of about 55% in passenger traffic
levels for 2020 and that the recovery will take, in our view,
several years. Therefore, if deferred, we wouldn't lower the
ratings on the notes to 'D', as would be consistent with the
imputed promise.

"If the tender occurs, we believe the project's repayment capacity
will improve, in the form of the stronger minimum DSCR, which would
be at around 1.0x in 2022 under the updated scenario, versus the
previously projected 0.5x.

"PdS's cash flow waterfall doesn't prioritize the necessary
expenses to maintain operations before any other use of cash flow.
We consider that this structure protects the project's ongoing
performance. In PdS's debt structure, debt service payment is
placed ahead of operating expenses. However, when once PdS's debt
matures in 2022, we will revise the negative impact of the cash
waterfall limitation. We view the project's liquidity as neutral
given that ACI benefits from a six-month debt service reserve
account (DSRA). We don't expect ACI to deplete the DSRA under our
projections, even under our downside scenario."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety risk


FOODCO BONDCO: Moody's Gives B3 CFR , Outlook Stable
----------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a B3-PD probability of default rating to Foodco Bondco, S.A.U.,
the parent company of Spanish pizza delivery operator Telepizza.
Moody's has also downgraded to B3 from B2 the rating on the EUR335
million senior secured notes due 2026 issued by Foodco Bondco,
S.A.U. The outlook is stable.

Concurrently, Moody's has withdrawn the existing B2 CFR, the B2-PD
PDR and the stable outlook of Tasty Bondco 1, S.A.U. The withdrawal
of the ratings and outlook of Tasty Bondco 1, S.A.U. and assignment
of the ratings and outlook to Foodco Bondco, S.A.U. follows a
corporate reorganisation whereby Foodco Bondco, S.A.U. assumed all
obligations in respect of the senior secured notes. Foodco Bondco,
S.A.U. is the new top entity of the restricted group.

"The downgrade of the notes' rating to B3 from B2 reflects its
expectation that Telepizza's credit metrics, which were already
weak for the existing rating, will significantly deteriorate in
2020, as the company's sales and earnings will suffer a double hit
from the social distancing measures driven by the coronavirus
outbreak and dire consumer sentiment on the back of a global
recession that we expect in 2020," says Igor Kartavov, a Moody's
lead analyst for Telepizza. "The company's credit metrics will
likely remain weak through 2021, given the sensitivity of the pizza
delivery market in Spain to macroeconomic slowdowns," adds Mr.
Kartavov.

RATINGS RATIONALE

Moody's has withdrawn the CFR, PDR and outlook of Tasty Bondco 1,
S.A.U. and assigned the CFR, PDR and outlook to Foodco Bondco,
S.A.U. because of the corporate reorganisation whereby Tasty Bondco
1, S.A.U., which was the issuer of the EUR335 million senior
secured notes, was merged into Foodco Bondco, S.A.U., as announced
by the company on February 27, 2020 [1]. As a result, Foodco
Bondco, S.A.U assumed all obligations of Tasty Bondco 1, S.A.U. in
respect of the notes, the indenture, the intercreditor agreement
and any relevant security documents. Moody's understands that this
transaction did not have an impact of the seniority or security of
the notes or the rights of the noteholders.

The downgrade of the notes' rating to B3 from B2 and the fact that
the B3 CFR assigned to Foodco Bondco, S.A.U. is one notch lower
than the B2 CFR previously assigned to Tasty Bondco 1, S.A.U.
reflect the adverse impact that the continuing spread of the
coronavirus outbreak is having and will continue to have on
Telepizza's business in 2020 as a result of the social distancing
measures imposed by the governments across all key countries where
the company operates. Since March 2020, the company and its
franchisees have progressively halted the eat-in and takeaway
services in all of its stores in compliance with the social
distancing measures, and have chosen to temporarily shut down some
of their stores.

However, the company benefits from a significant share of sales via
the home delivery channel, which represents around 60% of
Telepizza's total sales in Spain and 20% to 50% in Latin American
countries. Although home delivery business might be boosted by the
increased in-home food consumption, this will only partly mitigate
the loss of sales via the eat-in and takeaway channels.

Moody's expects that Telepizza's sales and earnings will remain
subdued for a prolonged period of time after the social distancing
measures are relaxed and ultimately lifted, because of the
potential changes in consumer behavior, which will continue to
dampen eat-in and takeaway sales and, more importantly, because of
the sensitivity of the pizza delivery market to macroeconomic
environment. During the 2008-13 economic slowdown in Spain, both
Telepizza's chain sales and the overall pizza delivery market in
the country contracted by over 20%.

Moody's current macroeconomic outlook assumes a global recession in
2020, with a 4.0% decline in real GDP for the G-20 economies.
Despite the recovery that the rating agency expects in 2021, it
will likely take around two years for the global economy to reach
pre-coronavirus real GDP levels. The resulting structurally high
unemployment rates and income losses will curb discretionary
spending, such as pizza delivery.

The impact of the growing spread of coronavirus on Telepizza's
financial and operating results is currently difficult to estimate
because of the rapid pace of negative developments, which creates
uncertainty regarding the duration and severity of containment
measures adopted by the governments, and because of the uncertain
pace of economic recovery beyond 2020. Moody's estimates that
Telepizza's leverage, measured as Moody's-adjusted gross debt/
EBITDA, may reach 10x in 2020, and will only rebound towards 7.5x
in 2021.

Moody's notes that prior to the coronavirus outbreak, Telepizza's
rating was already weakly positioned in the B2 category. The
company's leverage stood at 6.1x as of year-end 2019, compared to
the rating agency's previous expectations that it would decline
towards 5.5x. A deterioration in earnings relative to 2018 and to
the company's expectations resulted primarily from its inability to
pass through increased costs, in particular the minimum salary
increase in Spain, tight competitive environment in Iberia and
Latin America, additional costs related to network expansion and
conversion, and deteriorated operating conditions in some of its
Latin American markets, particularly in Chile.

LIQUIDITY

While Telepizza's liquidity has weakened, Moody's expects that the
company will maintain adequate liquidity in the next 12 months. As
of end-March 2020, the company had a sizeable cash balance of EUR78
million, including EUR45 million drawn under its revolving credit
facility. Telepizza faces a fairly limited cash burn rate, owing to
its continuing home delivery services as well as its asset-light
business model, whereby more than 80% of its stores are operated by
franchisees and the company has no exposure to these stores'
operating costs. However, Telepizza sub-leases some of its
franchised stores to franchisees and will have to make payments on
the underlying leases even if its franchisees fail to make payments
on the sub-leases.

Moody's understands that Telepizza is currently negotiating with
some of its landlords a reduction or deferral of rental payments.
Although this process is still ongoing, Moody's believes that
Telepizza's negotiations with its landlords will be constructive,
owing to the long-term nature of their contracts and the company's
status as a large and solvent tenant. The company has also applied
a temporary unemployment scheme for part of its store personnel in
Spain, limiting its payroll expenses. Moody's estimates the
company's cash burn rate, including rental payments, at around EUR5
million per month.

Moody's notes that net working capital absorption may result in
additional cash burn for Telepizza, because of the payments the
company has to make for expenses incurred before the partial
shutdown of its stores, such as salaries and costs of ingredients.
Potential delays in payment of royalties and sub-lease fees by
franchisees can result in a further net working capital build-up.
Telepizza customarily uses reverse factoring facilities and intends
to cover part of its net working capital outflow via the increased
uses of such instruments.

Apart from the limited operating cash burn, the company also
benefits from largely flexible capital spending, which comprises
primarily store openings, conversions and refurbishments. All of
these operations are now on hold, limiting the cash burn rate,
although postponement of these investments will result in a slower
sales and earnings growth rate than the company initially
envisaged. The company will also have to make a semiannual coupon
payment on its notes of EUR10.5 million in July and had EUR2.4
million of short-term debt as of year-end 2019.

The company's RCF contains a springing covenant of super senior
debt less cash not exceeding 1.05x of EBITDA, tested when the
facility is over 40% utilised. The covenant limits the company's
ability to draw on the revolver, and exceeding the threshold does
not constitute an event of default.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE 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 restaurant
sector is one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Telepizza's credit profile,
including its exposure to social distancing measures and
macroeconomic environment, have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
the company remains vulnerable to the outbreak continuing to
spread. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. Its rating action reflects the impact on
Telepizza of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The rating action also incorporates material corporate governance
considerations related to Telepizza. The company is controlled by
private equity firm KKR which, as is often the case in highly
levered, private equity sponsored deals, has a high tolerance for
leverage, while governance is comparatively less transparent.

STRUCTURAL CONSIDERATIONS

The B3 rating of the EUR335 million 6.25% senior secured notes due
2026 issued by Foodco Bondco, S.A.U. are in line with the CFR,
reflecting the fact that they represent most of the company's
financial debt. However, the notes are subordinated to the EUR45
million super senior RCF due 2026, which is currently fully drawn.
The senior secured notes and the super senior RCF share the same
security package, with the RCF benefitting from priority claim on
enforcement proceeds. The notes and the RCF also benefit from
guarantees provided by operating subsidiaries of the group. The
security package comprises pledges over the shares of notes' issuer
and guarantors, bank accounts and intragroup receivables.

The B3-PD PDR assigned to Telepizza reflects Moody's assumption of
a 50% family recovery rate, in line with the rating agency's
standard approach for capital structures that include both bonds
and bank debt.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Telepizza's
credit metrics will progressively recover to levels commensurate
with a B3 rating, after a significant deterioration in 2020 on the
back of the coronavirus outbreak. Quantitatively, the stable
outlook factors in Moody's expectation that the company's leverage,
measured as Moody's-adjusted gross debt/EBITDA, will decline
towards 7.5x in 2021 from a peak in 2020. The stable outlook also
factors in the rating agency's expectation that Telepizza will
maintain adequate liquidity and generate at least near-zero free
cash flow in 2021.

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

Moody's could consider an upgrade of Telepizza's ratings if its
credit metrics recover following the coronavirus outbreak, with
Moody's-adjusted gross debt/EBITDA decreasing below 6.0x and
Moody's-adjusted EBIT/interest expense rising above 1.5x on a
sustainable basis. An upgrade would also be conditional on the
company returning to a sustainable non-negative free cash flow.

Downward pressure on the ratings could arise in case of more
protracted implications of the coronavirus outbreak on the
company's financial metrics, such that its Moody's-adjusted gross
debt/EBITDA does not progressively recover towards 7.0x and its
EBIT/interest expense stays below 1.0x. The ratings would come
under immediate negative pressure if the company's liquidity
deteriorates beyond Moody's current expectations.

LIST OF AFFECTED RATINGS

Issuer: Foodco Bondco, S.A.U.

Downgrade:

Senior Secured Regular Bond/Debenture, Downgraded to B3 from B2

Assignments:

Probability of Default Rating, Assigned B3-PD

Corporate Family Rating, Assigned B3

Outlook Action:

Outlook, Assigned Stable

Issuer: Tasty Bondco 1, S.A.U.

Withdrawals:

Probability of Default Rating, Withdrawn, previously rated B2-PD

Corporate Family Rating, Withdrawn, previously rated B2

Outlook Action:

Outlook, Changed To Rating Withdrawn From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Founded in 1987 and headquartered in Madrid, Telepizza is a leading
pizza delivery operator, with operations concentrated mainly in
Spain, Portugal and Latin America. Following its alliance with Yum!
Brands, effective since December 2018, Telepizza has become the
exclusive master franchisee of Pizza Hut brand in Latin America
(excluding Brazil), the Caribbean, Spain, Portugal and Switzerland.
As of December 31, 2019, Telepizza had a network of 2,598 stores,
including 439 own stores and 2,159 stores operated by franchisees.
For the year ended December 31, 2019, the company generated revenue
of EUR384 million and Moody's-adjusted EBITDA of EUR80 million.
Telepizza is majority owned by funds advised by private equity firm
KKR, which hold a 84.3% stake in the company.



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

DOMETIC GROUP: Moody's Affirms Ba2 CFR, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Dometic Group
AB's Ba2 corporate family rating to negative from stable.
Concurrently, Moody's affirmed Dometic's Ba2 CFR, its Ba2-PD
probability of default rating, its Ba2 Euro Medium Term Notes
rating and its (P)Ba2 senior unsecured Euro MTN program rating.

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. For Dometic, the
shutdown of economies has translated into productions stops coupled
with expectations of decreased demand for discretionary spending on
recreational vehicles and powerboats. This leaves the company very
exposed to both the immediate effect as well as the aftermath of
the current crisis. Although credit metrics for 2020 will be
negatively affected, the medium-term effects on the company's
credit profile depend on the timing and the shape of a potential
recovery. Thus, the change in outlook balances the positives -- a
strong liquidity profile and its expectations on still positive FCF
in 2020 stemming from the decision not to pay out a dividend and
supported by expected working capital release -- with risks of a
more protracted recovery leaving the company's credit metrics not
commensurate with the current Ba2 rating. Its rating action also
factors in as positives Dometic's recent announcement [1] that the
company has amended its financing agreement with its bank group,
alleviating short term pressure on quarterly performance.

The affirmation of Dometic's Ba2 rating reflects as positives its
strong operational track record, turning its number one market
position into high profitability with Moody's-adjusted EBITA margin
consistently above 13% as well as its ability to generate positive
FCF through the cycle. The rating also reflects the elevated
leverage, with a gross debt/EBTDA of 4.3x as of December 2019, as
well as the inherent cyclicality of its end markets.

OUTLOOK

The negative outlook balances Dometic's solid business profile, the
ability to generate meaningful free cash flow even through volatile
market environments, as well as a strong liquidity profile -- $4.1
billion of cash end of March 2020, an undrawn syndicated revolving
credit facility of SEK2.1 billion maturing in 2024 -- with the
challenges the company will face during at least the remainder of
2020 but possibly also in 2021. These challenges include Moody's
revenue forecast for 2020 of SEK14.5 billion, which with the
current cost structure implies a gross and net debt to EBITDA ratio
of 6.9x/4.2x. The outlook also incorporates Moody's expectations
that once the market recovers, Dometic will first and foremost use
its high cash balance to pay down debt.

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

A stabilization of the outlook will most likely only happen once
visibility on a possible recovery improves, leading Moody's to
believe that pre-crisis metrics will be achieved within the next
12-18 months. Moreover, positive ratings pressure would build if
Dometic's debt/EBITDA decreased towards 3.0x and its EBITA-margin
would increase back above 15%. Furthermore, an upgrade would rest
on a balanced financial policy.

Negative ratings pressure would arise due to the company's
debt/EBITDA staying above 4x with FCF/debt decreasing towards 5%,
and signs of the EBITA margin falling towards low double-digit
teens. Furthermore, a weakening of the company's currently solid
liquidity profile would cause the rating to come under negative
pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

LIST OF AFFECTED RATINGS:

Affirmations:

Issuer: Dometic Group AB

LT Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba2

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: Dometic Group AB

Outlook, Changed To Negative From Stable

PROFILE

Dometic Group AB, headquartered in Solna, Sweden, is a leading
global manufacturer of various products in the areas of Food &
Beverage, Climate, Power & Control and Other Applications. Dometic
operates in the Americas, EMEA and Asia Pacific, providing products
for use in recreational vehicles, trucks and premium cars, pleasure
and workboats, and for a variety of other uses. The company
manufactures its products across 28 manufacturing sites in twelve
countries under various brands including Dometic (the core brand)
and other supporting brands. For the last twelve months ending
March 2020, the company reported revenue of SEK18.1 billion and
EBITDA of SEK2.9 billion. The company is listed on the Stockholm
Stock Exchange with a market cap of SEK18.1 billion.



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

ARCHROMA HOLDINGS: S&P Alters Outlook to Neg. & Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Archroma Holdings to
negative from stable, and affirmed its 'B' long-term issuer credit
ratings on the company and its term loan B.

S&P said, "We anticipate that Archroma's earnings will be
significantly affected by the drop in demand in some end-markets as
a result of the coronavirus pandemic.  This will be felt the most
in the company's textile business, which manufactures chemicals and
dyes for the fashion and denim industries, as well as in its
coatings, adhesives, and sealants business, which manufactures
specialty emulsions for a variety of sectors including
construction.

"We believe, however, that this will be partly offset by Archroma's
chemistry offering used in the production of technical textiles
such as medical protection clothing and face masks for healthcare
personnel, and in thickeners for sanitizing gels. Demand has soared
in these areas amid the pandemic and governments have focused on
local suppliers. In addition, higher demand for packaging chemicals
and paper chemistry will support Archroma's packaging business as
restrictions on movement increase the demand for home deliveries.

"We see Archroma as well positioned to benefit from the recovery in
the macroeconomic environment in the second half of 2020 and in
2021, assuming that social distancing measures are gradually lifted
and consumer confidence improves sufficiently to translate into a
pickup in demand for fashion. Similarly, investments in
infrastructure as part of broader economic stimulus would benefit
Archroma's coatings, adhesives, and sealants business. The timing
and strength of such a recovery is the main risk factor.

"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 and could
cause a surge of defaults among nonfinancial corporate borrowers.
As the situation evolves, we will update our assumptions and
estimates accordingly.

S&P said, "We estimate S&P Global Ratings-adjusted EBITDA margins
of about 10%-11% for 2020-2021, compared with 11.9% in 2019.  Our
forecast factors in several cost-containment measures implemented
by management to protect margins and liquidity. These include
headcount reduction, short-term workforce measures, renegotiations
of raw material contracts, capital expenditure (capex) cuts, and
enhanced control of working capital. We also factor in the risk of
additional costs to support measures aimed at mitigating the
pandemic, and the time required for renegotiations of raw material
prices during 2020.

"We anticipate Archroma's S&P Global Ratings-adjusted leverage to
peak to about 8.0x-8.5x in 2020, and ease to 7.5x-7.9x in 2021,
with FOCF remaining positive in both years.  The high adjusted
leverage primarily factors in the preventative drawdown of $25
million under the revolving credit facility (RCF) and full drawdown
under the $75 million capex facility to boost the company's
liquidity position. We calculate adjusted leverage for private
equity sponsor-owned issuers on gross basis.

"Still, despite softer end-markets and earnings due to the
recessionary environment, we forecast that Archroma will be able to
maintain positive FOCF of at least $10 million in 2020. This
factors in our assumption of broadly neutral to only slightly
negative working capital, and lower capex.

"While under our base-case we forecast that Archroma will
deleverage once the macroeconomic recovery is underway, its rating
headroom is limited given our forecast of high leverage and modest,
albeit positive FOCF.

"The negative outlook captures the risk that we could lower the
rating if Archroma's FOCF was less than $10 million in 2020-2021,
or if its liquidity came under pressure. This could occur if the
economic impact of COVID-19 is more pronounced that we forecast, or
if the recovery in demand from Archroma's end-markets, notably
fashion, is delayed due to ongoing social-distancing measures. The
stable outlook also factors in that Archroma will be able to
maintain an adjusted EBITDA margin of at least 10%.

"We could revise the outlook to stable once we see that Archroma
returned to consistent and sustainable growth in adjusted EBITDA to
about $160 million-$170 million, leading to positive FOCF of at
least $30 million-$35 million. Under such a scenario, we could see
a progression toward rating-commensurate adjusted debt to EBITDA of
6.0x-6.5x, and potential for a reduction in gross debt. We
anticipate that such an improvement will happen alongside a general
macroeconomic recovery."




===========
T U R K E Y
===========

TURKEY: S&P Affirms 'B+' Sovereign Credit Rating, Outlook Stable
----------------------------------------------------------------
On May 6, 2020, S&P Global Ratings affirmed its unsolicited
long-term foreign currency sovereign credit rating on Turkey at
'B+' and its unsolicited long-term local currency sovereign credit
rating at 'BB-'. The outlook is stable.

S&P affirmed the unsolicited short-term foreign and local currency
sovereign credit ratings at 'B'.

S&P also affirmed the unsolicited national scale ratings at
'trAA+/--/trA-1+'.

As a "sovereign rating" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Turkey are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason for the
deviation is a material deterioration in global economic and
financial conditions as a result of the coronavirus pandemic that
could have a direct impact on Turkey's growth, fiscal, and external
metrics. The next scheduled publication on the sovereign ratings on
Turkey will be on July 24, 2020.

Outlook

The stable outlook balances the downside economic risks stemming
from the coronavirus pandemic over the next 12 months against the
resilience of Turkey's private sector, alongside the
still-contained stock of net general government debt. S&P expects
that, despite currency volatility and COVID-19-related
interruptions to economic activity, the Turkish GDP will recover in
the second half of this year.

Downside scenario

S&P said, "We could lower our ratings if the impact of the COVID-19
pandemic on Turkey's growth, fiscal, and balance of payments
metrics turns out to be greater than we currently forecast. We
could also lower the ratings if we saw an increasing likelihood of
systemic banking distress with potential negative repercussions for
public finances." Currency volatility, for example, could weigh on
asset quality, while also posing risks for banks rolling over their
foreign debt or residents increasingly converting their savings to
foreign currency.

Upside scenario

S&P said, "We could consider an upgrade if Turkey's growth turned
out higher than we forecast over the medium term while external
imbalances declined and net general government debt remained
contained. We could also raise the ratings if the government
successfully devised and implemented a credible and transparent
economic reform program focused on structural macroeconomic
improvements, including strengthening the banking system as well as
bolstering the central bank's foreign exchange (FX) reserves and
monetary policy effectiveness."

Rationale

The COVID-19 pandemic will have a negative impact on the Turkish
economy in the guise of weaker foreign trade and tourism as well as
the direct effects of the virus on domestic demand, alongside
increased currency volatility.

S&P said, "We forecast world GDP to contract by 2.4% this year.
Moreover, we project a 7.3% output contraction in 2020 in the
eurozone, the market for over 30% of Turkish goods exports. We also
anticipate that the Turkish tourism sector will be particularly
hard hit because it will likely take more time for international
borders to reopen and air travel to resume, even if some other
restrictions are lifted earlier across the world. As such, we now
expect that this summer's tourism season is likely to be largely
lost. Consequently, Turkey's exports will contract by 10% in real
terms or around 15% in USD terms this year.

"We forecast both Turkey's domestic consumption and investments to
contract, with the latter shrinking by almost 3%, reflecting high
uncertainty, diminished consumer purchasing power, and a weaker
Turkish lira raising the burden of servicing foreign-currency
denominated debt and thereby limiting the scope for investments. We
note that Turkey has not implemented the across-the-board lockdown
measures common to some other countries in Europe, opting instead
for curfews during certain times and a number of other targeted
measures that vary by province. Nevertheless, we understand that
many businesses are closed or are reporting a notable drop in
economic activity as people stay home.

"There is significant uncertainty surrounding our forecasts and in
particular the speed with which the Turkish economy can recover
from this unprecedented shock. A second wave of the coronavirus,
either in Turkey or in Europe, could worsen the outlook for
recovery. At the same time, we have yet to see how much the
activity will recover once the measures start being lifted. Some
companies might have to be liquidated because of their weakened
financial standing, combined with still-subdued demand from
cautious consumers.

"That said, we consider Turkey's economy to be large and dynamic
with a young and growing population. The private sector has a long
track record of contending with volatile domestic and external
conditions, including the exchange rate. In our view, this should
once again help Turkey weather a period of weaker foreign trade
conditions and high uncertainty. Since the market volatility of
August 2018, there has been only modest capital flight by Turkish
residents, although nonresident portfolio investment is close to
historical lows.

"Overall, in our baseline scenario we expect the Turkish economy to
contract by 3.1% in real terms in 2020 before recovering by 4.2% in
2021. Our medium-term growth forecasts are largely unchanged, with
growth at 3.5% in 2022 and 2023."

Turkey has reported over 100,000 coronavirus infections to date,
but an estimated 60,000 (and reducing) are currently active. A
continued drop in infection rates could bode well for a gradual
reopening of the economy in the coming weeks. In fact, the
government has recently revealed a normalization plan that outlines
the anticipated gradual easing of restrictions.

The government has introduced a number of steps to support the
economy through the pandemic. These include:

-- Additional payments for health sector employees and families in
need.

-- Tax deferrals.

-- Layoffs have been banned for three months, and the government
will contribute to salary payments for affected employees and
businesses.

-- The credit guarantee fund has been doubled in size to TRY50
billion to ease access to credit for domestic companies,
particularly in the SME sector.

-- Several monetary and credit measures, including lowering the
key central bank interest rate, introducing some forbearance
measures, voluntary (as opposed to across the board) debt payment
moratoria, as well as launching central bank government bond
purchases to support market liquidity among others.

S&P forecasts that as a result of the implemented measures, but
also reflecting weaker economic activity and a drop in revenues,
the general government budget will record a deficit of 5% of GDP in
2020. This compares with an estimated 3% of GDP deficit last year
(with Central Bank dividend payments included as a revenue).
According to the authorities, some of the fiscal expenditures
(including automatic stabilizers) will be covered by the
unemployment insurance fund, which has an accumulated cash position
of about 2% of GDP, and would therefore not lead to a direct
increase in government debt.

S&P said, "Consequently, we estimate that net general government
debt will rise to 34% of GDP by end-2020 compared to 29% at the end
of last year. The weaker Turkish lira will also contribute to this
rise; Turkey's public balance sheet is vulnerable to currency
movements given that close to 50% of government debt is
foreign-exchange-denominated and the lira has depreciated since the
start of the year. Still, we consider that Turkey's debt level
leaves policy room for the authorities to respond.

"Although fiscal leverage remains low, we consider that there are
risks from contingent liabilities. We estimate that direct
government guarantees and commitments under Public Private
Partnership agreements remain limited at below 10% of GDP. More
notably, however, we believe the government may have to extend
support to the financial sector, particularly public banks, in an
adverse scenario. We note that one recapitalization already
happened last year (0.7% of GDP) and more support may be required
both as a result of previous rapid loan growth and the effects of
the COVID-19 pandemic on Turkish households and the corporate
sector. We consider that bank asset quality is likely to
deteriorate in the coming months. The Turkish lira is currently
trading at about 7.2 per U.S. dollar, having depreciated by close
to 18% since the start of the year. The weaker exchange rate puts
additional pressure on the domestic corporate sector given that a
significant proportion of its debt is still denominated in foreign
currency, even despite some reduction in its short open FX
position.

"Turkey's balance-of-payments vulnerabilities remain elevated. Last
year the current account recorded a 1% of GDP surplus and we expect
it will remain in surplus this year given weak economic activity
and imports contraction. Still, gross external financing needs are
high with the economy needing to rollover debt close to US$168
billion (24% of GDP) over the next 12 months with a large share
concentrated in the banking sector in terms of nonresident deposits
and syndicated loans. So far, nonresident deposits have remained
stable, and several banks--including Akbank, Ziraat, and
Vakifbank--have managed to refinance their credit lines this year
with rollover rates of 80%-90%. However, we think that ongoing
refinancing needs continue to present downside risk. We believe
that there is a connection between banks' capacity to refinance
themselves and the stability of the exchange rate. With limited
capacity to intervene in the FX market, and policy rates at close
to 0% in real terms, the central bank's ability to counteract
currency pressures is limited, in our opinion. Political pressure
on the independence of the central bank and to keep rates low
continues.

"The central bank's FX reserves have trended down and deteriorated
in quality as its borrowing has picked up via swap lines on the
liability side in foreign currency. We net these obligations out
and expect net FX reserves (usable reserves) to drop below US$10
billion this year from around US$30 billion last year before
staging a gradual recovery over the medium term. We view this as
rather limited firepower to counteract further exchange rate
volatility or to meet unexpected external financing requirements.
At the same time, during periods of low capital inflows into the
financial account, Turkey's net errors and omissions position
typically shifts into surpluses--as was the case in 2015 and 2018.
These surpluses may indicate corporate foreign currency assets
abroad, unrecorded in Turkey's IIP.

"We consider that Turkey's institutional arrangements remain
comparatively weak and continue to constrain the sovereign ratings.
In the June 2018 presidential and parliamentary elections, the
president and the Adalet ve Kalkinma Partisi (AKP)-led coalition
secured a victory that was the final chapter in Turkey's transition
to an executive presidential system. We see limited checks and
balances between government bodies, with power concentrated in the
hands of the executive branch, and so rendering future policy
responses difficult to predict."

Nevertheless, a degree of domestic political competition remains,
as highlighted by the results of last year's local elections, when
opposition parties secured mayorships of large cities including
Istanbul, Ankara, and Izmir, among others, and the electoral
authorities acknowledged these results. S&P considers that this
outcome may lead to greater scrutiny of public spending, but the
situation remains fluid.

S&P also considers that some geopolitical risks remain, including
from Turkish military involvement in Northern Syria.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Turkey
   Sovereign Credit Rating
   Foreign Currency |U^                    B+/Stable/B
   Local Currency |U^                      BB-/Stable/B
   Turkey National Scale |U^               trAA+/--/trA-1+
   Transfer & Convertibility Assessment    BB-




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

DAVID URQUHART: To Wind Up Business Due to Coronavirus Impact
-------------------------------------------------------------
Ross Crae at The Sunday Post reports that David Urquhart Travel say
they've been forced to wind up their coach tour business due to the
"dramatic impact" of the coronavirus crisis.

The company has operated bus trips across Scotland and the rest of
the UK for almost four decades, with their vehicles a familiar
sight on Highland roads, The Sunday Post discloses.

But the impact of a summer of cancelled trips, as well as the
operational and financial challenge of social distancing has meant
the company has found it impossible to determine when they'd be
able to get back to normal operations, The Sunday Post notes.

According to The Sunday Post, an application was lodged by
directors with the Court of Session on May 4 to enter David
Urquhart Travel Ltd into a Company Voluntary Arrangement (CVA).

The company said that customers who had booked trips to travel with
the company in the future can be assured that deposits and payments
will be returned to them "as soon as possible", The Sunday Post
relates.


ELIZABETH FINANCE 2018: DBRS Lowers Class E Notes Rating to B(low)
------------------------------------------------------------------
DBRS Ratings Limited downgraded its ratings on the Class A, Class
B, Class C, Class D, and Class E notes of Elizabeth Finance 2018
DAC (the Issuer) as follows:

-- Class A to AA (high) (sf) from AAA (sf)
-- Class B to A (low) (sf) from AA (low) (sf)
-- Class C to BBB (sf) from A (low) (sf)
-- Class D to B (high) (sf) from BBB (low) (sf)
-- Class E to B (low) (sf) from BB (sf)

DBRS Morningstar changed the trend on Class A notes to Negative
from Stable, in line with the other classes of notes.

The downgrades follow the CBRE Group's (CBRE) recent revaluation of
the properties securing the GBP 66.2 million Maroon loan, which
represents 76% of the total outstanding GBP 87.2 million
securitization balance. In January 2020, CBRE concluded that the
value of the properties securing the Maroon loan declined by GBP
17.1 million to GBP 68.9 million over the year, resulting in a
loan-to-value ratio (LTV) of 96%. Although DBRS Morningstar
initially believed that the revaluation from CBRE appeared quite
conservative given the performance of the Maroon loan's portfolio
improved over the past year, DBRS Morningstar notes the revaluation
is now more in line with the current deteriorating UK retail
sector, following the recent outbreak of the Coronavirus Disease
(COVID-19). The current uncertainty about how the coronavirus
outbreak and the UK's future trading relationship with the European
Union will affect the UK economy—and in particular, the UK retail
property market— is reflected in the Negative trend assigned to
the notes.

Elizabeth Finance 2018 DAC is a securitization of two British
senior commercial real estate loans advanced by Goldman Sachs
International Bank. The two loans are the GBP 66.2 million Maroon
loan (GBP 69.6 million at inception), which was advanced to three
borrowers, and the GBP 20.6 million (GBP 21.1 million at inception)
MCR loan that was advanced to Cypresshawk Limited. Both loans were
refinancing facilities and have partially amortized since the
origination date. The collateral securing the Maroon loan comprises
three shopping centers located in England and Scotland; each
property is held by property holding companies under the respective
Maroon borrower. The MCR loan is secured by a campus-style office
building located in Manchester, England. Oaktree Capital Management
was the sponsor for the Maroon loan, while the sponsor of the MCR
loan is Naeem Kauser as trustee of the Mussarat Children's Trust.

The sharp decline in value of the three secondary shopping centers
securing the Maroon loan has once again triggered a breach of the
cash trap and default LTV covenants set at 70% and 75%,
respectively. The loan was already transferred into special
servicing for a LTV breach in June 2019 because of CBRE's
revaluation in January 2019, which saw the portfolio's market value
drop for the first time by 17.9% to GBP 86 million. At that time,
the mezzanine lender cured the breach by depositing an equity cure
amount of GBP 1.1 million to the cure account. As a result, the
Maroon loan was transferred back to primary servicing in July 2019
as a corrected loan. The servicer recently confirmed that the loan
was transferred into special servicing for a second time because of
(1) the Maroon loan's obligors' failure to cure the breach and (2)
the mezzanine lender's loss of cure rights following its
enforcement of the mezzanine-only security to take control of the
mezzanine borrower in September 2019. DBRS Morningstar does not
expect any enforcement action by the special servicer in the short
term because of the current challenging environment within the UK
retail sector. In addition, the upcoming first loan maturity in
January 2021 has significantly increased the refinancing risk of
the facility, while the outstanding default status of the loan does
not allow for the borrower to exercise one of the two one-year
extension options.

Based on an investors report from January 2020, the performance of
the Maroon's portfolio has been relatively stable since inception,
with the net operating income (NOI) down by just 3.5% to GBP 8.2
million compared with GBP 8.5 million at issuance and current
vacancy at 4.1% versus 11.6% at issuance. DBRS Morningstar
maintained the net cash flow (NCF) at GBP 5.6 million, representing
a haircut of 32% to the latest reported NOI. However, DBRS
Morningstar revised its blended cap rate to 9.5% from 7.7% to
reflect the expected negative impact of the coronavirus outbreak on
the portfolio as well as the further deterioration of investors'
sentiment towards this asset class. The new DBRS Morningstar value
is GBP 59.4 million and considers the moderate scenario outlined in
the DBRS Morningstar commentary on global macroeconomic scenarios
following the spread of the coronavirus.

The MCR loan, which represents 24% of the outstanding securitized
balance, continues to perform in line with expectations. As of a Q4
2019 investor report, the vacancy at the MCR office property
remains low at 5.3%, while the debt yield (DY) at 12.8% and the LTV
at 60.2% are comfortably compliant with the DY and LTV cash trap
covenants of 9.6% and 72.3%, respectively. The expected loan
maturity is in July 2023, and DBRS Morningstar views a potential
prepayment of the MCR loan as credit negative for the transaction,
as it would leave the noteholders fully exposed to the performance
of the Maroon loan.

The coronavirus pandemic and the resulting isolation measures have
caused an economic contraction, leading to sharp increases in
unemployment rates and income reductions for many borrowers. DBRS
Morningstar anticipates that delinquencies may arise in the coming
months for many small and medium-sized (SME) transactions, some
meaningfully. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the disease. On April 16, 2020,
the DBRS Morningstar Sovereign group published its outlook on the
impact to key economic indicators for the 2020-22 period.

Notes: All figures are in British pound sterling unless otherwise
noted.

INTU (SGS) FINANCE: S&P Cuts Fixed-Rate Note Ratings to 'BB+ (sf)'
------------------------------------------------------------------
S&P Global Ratings lowered to 'BB+ (sf)' from 'BBB+ (sf)' its
credit ratings on Intu (SGS) Finance PLC's series 1, 2, and 3
fixed-rate notes.

Rating rationale

The downgrades follow S&P's updated review of the transaction's
credit and cash flow characteristics. S&P believes that the
continued decline in cash flows from the properties combined with
itsr view of an increasingly challenging environment for retail
tenants has worsened the notes' credit metrics.

Transaction overview

Intu (SGS) Finance is a debt platform with the flexibility to raise
various debt types secured on ring-fenced collateral. Intu (SGS)
Finco Ltd. (the borrower in the transaction) uses the proceeds of
its financing activities (whether through borrowing from the issuer
or through other forms of third-party debt) to make loans to
asset-owning companies within the security group (consisting of the
obligors and the borrower). The notes are secured by four shopping
centers located throughout the U.K: intu Lakeside, intu Braehead,
intu Watford, and intu Victoria Centre.

All senior debt within the security group ranks pari passu and
benefits from a common security and covenants package, governed by
a common terms agreement.

The program is structured with a tier regime (one to three) with a
variety of financial and operational covenants applying to each
tier.

The program is currently operating within the tier two regime,
which provides less operational flexibility than tier one. Tier two
requires that the loan-to-value (LTV) ratio be maintained at less
than 72.5% and that the interest coverage ratio be more than 1.4x.
The borrower is not committed to operate within this tier, but the
operational flexibility that it affords is an incentive to do so,
in our opinion. When operating within tier three, additional
covenants apply, such as the introduction of a liquidity support
upon breaching a 63.75% LTV threshold, additional payment
restrictions, and a full cash sweep.

As of Dec. 31, 2019, the securitized property portfolio comprised
4.85 million sq. ft. of accommodation, with a reported portfolio
market value of GBP1.8 billion. This reflects a 14% decline from a
reported market value of GBP2.1 billion in June 2019.

Based on the updated information, the transaction exhibits a
reported LTV ratio of 72% and a historical interest coverage ratio
of 1.8x, compared with 61% and 2.1x, respectively, in June 2019.

As a consequence of the updated 72.00% LTV, the transaction has
breached its 63.75% LTV threshold whereby additional liquidity
support for the transaction is required. As a result, S&P
understand Intu has made arrangements for a liquidity reserve to be
fully cash funded by June 1, 2020. It will be sized to cover the
equivalent of three months of interest payments. If the transaction
migrates into a Tier 3 regime, Intu is required to increase the
amount reserved to cover the equivalent of six months interest.

In terms of the geographic concentration, the largest property
(intu Lakeside) is in the South East and accounts for 55% of the
portfolio by market value. The other properties are situated in
Watford (18%), Glasgow (15%), and Nottingham (11%).

The tenant profile comprises a combination of internationally and
nationally recognized retailers (such as Next, Primark, Boots, and
H&M), with the top 10 tenants accounting for 28% of the passing
rent. The portfolio's weighted-average unexpired lease term of its
approximately 600 leases is 6.9 years. The lease expiration profile
is staggered with no more than 13% of passing rent expiring in any
given year. The highest lease expiration concentration is in 2024
(13%).

S&P said, "Since our previous review, the transaction's net income
has decreased at an accelerated rate, declining by 13% in the last
12 months. We understand this is due to a combination of a decline
in gross income and a spike in the landlord's non-recoverable
costs. The on-going company voluntary arrangement (CVAs) and
administrations have shifted an increasing number of tenant
agreements to turnover deals, significantly reducing base rents."
At the same time, non-recoverable costs have risen across the
portfolio due to a combination of factors, but primarily due to
increased void costs.

While there has been recent additional income from the leasing of
the recent extensions at Lakeside and Watford as well as other new
leasing activity (with about GBP2.7 million of additional income
committed at the expiry of rent-free periods), this additional
income from new tenants has been outweighed by the impact of tenant
CVAs and lease renewals on contracted rents.

In recent years, an increasing number of retailers have suffered
financial difficulties, which will likely be exacerbated by the
effects of the COVID-19 pandemic in the short to medium term, and
there is the risk of increased vacancy levels and diminishing
rental levels. However, while S&P has observed a continued decline
in rental income for the properties, the sponsor has managed to
maintain a relatively stable vacancy of between 3% and 5% for the
portfolio.

S&P said, "Our valuation has declined 10% since our prior review,
driven in large part by material decreases in revenue at the
properties and broad declines in tenant performance (particularly
the larger anchor tenants), which have caused us to revise our
sustainable cash flow for the properties.

"We have calculated the S&P Global Ratings net cash flow (NCF)
using updated reported numbers together with market information.
The analysis has also considered the additional income sources
beyond the contracted rents (such as intu experiences and car
parking income), as well as the ground rent due and payable in
relation to the long leasehold tenure of the Watford asset.

"We have then applied our 6.3% capitalization (cap) rate against
this S&P Global Ratings NCF and deducted 5% of purchase costs to
arrive at our S&P Global Ratings value."

Loan And Collateral Summary (As Of December 2019):

-- Securitized debt balance: GBP1.15 billion
-- Term loan balance: GBP141.75 million
-- Interest coverage ratio: 1.8x
-- Whole LTV ratio: 72%
-- Net rental income: GBP105.5 million
-- Vacancy rate: 3%
-- Market value: GBP1,803.9 million
-- Net yield: 5.5%

S&P Global Ratings' Key Assumptions:

-- S&P Global Ratings vacancy: 5%
-- S&P Global Ratings expenses: 13%
-- S&P Global Ratings net cash flow (NCF): GBP103.6 million
-- S&P Global Ratings value: GBP1,558.0 million
-- S&P Global Ratings cap rate : 6.3%
-- Haircut-to-market value: 14%
-- S&P Global ratings LTV ratio (before recovery rate
adjustments): 83%

Other analytical considerations

S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized assets would be sufficient, at the applicable ratings,
to make timely payments of interest and ultimate repayment of
principal by the legal maturity date for each class of notes, after
considering available credit enhancement and allowing for
transaction expenses and liquidity support. Our assessment of the
payment structure and cash flow mechanics does not constrain our
ratings on this transaction.

"Our analysis also included a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since our previous review and is commensurate with the ratings
assigned."

Rating actions

S&P said, "Our ratings on this transaction address the timely
payment of interest, payable semiannually, and the payment of
principal no later than the legal final maturity dates, which are
between March 2028 (series 1) and September 2035 (series 3).

"Together with the on-going structural shift in the physical retail
sector, we believe that an increasingly challenging environment for
retail tenants is affecting this transaction, which is shown by the
continued decline in reported operating performance. We have
factored this into our analysis when we calculated our S&P Global
recovery value, together with other supporting features, such as
the inclusion of a liquidity reserve and the on-going retention of
excess cash within the structure."

The combination of the above factors results in an S&P Global
Ratings LTV of 83%, which together with transaction-level
considerations translates into a 'BB+ (sf)' rating for the three
series of notes on a pari passu basis.

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 it 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, it will update its assumptions and estimates
accordingly.


INTU METROCENTRE: S&P Cuts Fixed-Rate Sec. Notes Rating to 'BB+'
----------------------------------------------------------------
S&P Global Ratings lowered to 'BB+ (sf)' from 'BBB+ (sf)' its
credit rating on Intu Metrocentre Finance PLC's fixed-rate secured
notes.

Rating rationale

The downgrade follows S&P's updated review of the transaction's
credit and cash flow characteristics. S&P believes that a continued
decline in cash flows from the property combined with its view of
an increasingly challenging environment for retail tenants has
worsened the notes' credit metrics.

Transaction overview

The transaction is backed by a fixed-rate interest-only loan
secured on the Intu Metrocentre regional shopping center and
associated retail park, in Gateshead, South West of Newcastle in
the U.K.

Intu Metrocentre is one of Europe's largest covered shopping and
leisure destinations with over two million square feet of leasable
floor area, as well as multi-story car parks, comprising almost
10,000 spaces and a bus/coach park.

As of Dec. 31, 2019, the property's reported market value was
GBP672.8 million, which reflects a 12% decline from a reported
market value of GBP763 million in June 2019.

Based on the updated information, the transaction exhibits a
reported LTV ratio of 72% and a historical interest coverage ratio
of 1.9x, compared with 64% and 2.1x, respectively, in June 2019.

Given that the transaction has breached a 70% LTV trigger event, it
is currently trapping cash within the structure. If the event
continues for a period of 12 months or more, the obligor security
trustee can appoint a property manager whose recommendations bind
the obligors. If unresolved after 18 months, trapped cash is used
to repay the loan and therefore the notes. Cure of the trigger
events for six months releases trapped cash, and cure for 12 months
permits the property manager's removal.

The tenant profile comprises a combination of internationally and
nationally recognized retailers (such as Next, Debenhams, Primark,
Boots, and Marks & Spencer), with the top 10 tenants accounting for
28% of the passing rent, with no tenant contributing more than 4%.
The property's weighted-average unexpired lease term under its
approximately 285 leases is 8.8 years.

S&P said, "Since our previous review, the property's vacancy level
has increased to 8.2% (from 6.1%) and net income has deteriorated
at an accelerated rate, declining by 11% in the past 12 months (4%
in the past six months). We understand this is due to a combination
of a decline in gross income and a spike in operating costs." The
on-going company voluntary arrangement (CVAs) and administrations
have shifted an increasing number of tenant agreements to turnover
deals, significantly reducing base rents. At the same time,
operating costs have risen due to a combination of factors, but
primarily due to increased void costs and landlord contributions to
service charge.

In recent years, an increasing number of retailers have suffered
financial difficulties, which will likely be exacerbated by the
effects of the COVID-19 pandemic in the short to medium term, and
there is the risk of increased vacancy levels and diminishing
rental levels. However, the risk is somewhat mitigated in the
longer term by the shopping center's strong retail location, and
the potential to create value through other asset management
initiatives. In particular, the sponsor's ability to execute on
their strategy to strengthen and expand the leisure and food &
beverage offering in order to diversify beyond the core retail.

S&P said, "Our valuation has declined 7% since our prior review,
driven in large part by material decreases in revenue at the
property and declines in tenant performance (particularly Debenhams
and Frasers), which have caused us to revise our sustainable cash
flow for the property.

"We have calculated the S&P Global Ratings net cash flow (NCF)
using updated reported numbers together with market information.
The analysis has also considered the additional income sources
beyond the contracted rents (such as Intu experiences), as well as
the ground rent due and payable in relation to the asset's long
leasehold tenure.

"We have then applied our 6.4% capitalization (cap) rate against
this S&P Global Ratings NCF and deducted 5% of purchase costs to
arrive at our S&P Global Ratings value."

Loan And Collateral Summary (As Of December 2019):

-- Securitized debt balance: GBP485 million
-- Interest coverage ratio: 1.9x
-- Whole LTV ratio: 72%
-- Net rental income: GBP39.1 million
-- Vacancy rate: 8.2%
-- Market value: GBP672.8 million
-- Net yield: 5.5%

S&P Global Ratings' Key Assumptions:

-- S&P Global Ratings vacancy: 10.0%
-- S&P Global Ratings expenses: 14.0%
-- S&P Global Ratings net cash flow (NCF): GBP39.1 million
-- S&P Global Ratings value: GBP579.0 million
-- S&P Global Ratings cap rate: 6.4%
-- Haircut-to-market value: 14%
-- S&P Global ratings LTV ratio (before recovery rate
adjustments): 84%

Other analytical considerations

S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized asset would be sufficient, at the applicable rating, to
make timely payments of interest and ultimate repayment of
principal by the legal maturity date of the fixed-rate note, after
considering available credit enhancement and allowing for
transaction expenses and external liquidity support.

"The liquidity facility and issuer debt service reserve account,
which provides not less than 12 months' interest on the notes,
mitigate the risk of interest shortfalls. Our assessment of the
payment structure and cash flow mechanics does not constrain our
rating in this transaction.

"Our analysis also included a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since our previous review and is commensurate with the rating
assigned."

Rating actions

S&P's rating in this transaction addresses the timely payment of
interest, payable semiannually, and the payment of principal no
later than the legal final maturity date in December 2028.

S&P said, "Together with the on-going structural shift in the
physical retail sector, we believe that an increasingly challenging
environment for retail tenants is affecting this transaction, which
is shown by the continued decline in reported operating
performance. We have factored this into our analysis when we
calculated our NCF and also in our cap rate, which has remained the
same as what we used previously."

The combination of the above factors results in an S&P Global
Ratings LTV of 84%, which together with transaction-level
considerations translate into a 'BB+ (sf)' rating for the
fixed-rate secured 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."


ITHACA ENERGY: S&P Downgrades Rating to 'CCC+', On Watch Developing
-------------------------------------------------------------------
S&P Global Ratings lowered its rating on Ithaca Energy Ltd. to
'CCC+' from 'B-', and placed the rating on CreditWatch developing.
S&P also lowered its rating on Ithaca's $500 million senior
unsecured notes to 'CCC' from 'CCC+'; the recovery rating is
unchanged.

The downgrade follows the rapid deterioration in Delek's liquidity
position.  S&P believes Delek's creditworthiness has weakened
substantially, with increased risk of an imminent default. This
could result in a default of Ithaca under certain scenarios.

S&P said, "Since our last publication in April, we have witnessed a
material deterioration in Delek's liquidity. Some of the issues
include a demand by banks to enhance current collaterals, a letter
from the bonds' trustees to vote on the acceleration of the
instruments, and a lawsuit claiming that the company did not
provide full disclosure to its debt and pledges."

At this stage, S&P identifies the following matters that may have a
negative impact on Ithaca's liquidity and ultimately on the
rating:

Change of control: S&P said, "We understand that Delek pledged
shares of Ithaca as a collateral for a bank loan. In this case, if
Delek defaulted and the bank exercised the security, it could
prompt the change of control clause under Ithaca's facilities. We
understand that the outstanding loan is about $160 million (as a
reference point, in 2019 Ithaca acquired Chevron North Sea assets
for $2 billion)"

Reserve-based lending (RBL) facility: S&P understands that the
periodical redetermination is still undergoing. While we continue
to assume that the company would be able to complete the
redetermination process, regardless of the parent company
situation, there is a risk of some changes in the terms and
conditions.

Dividends: S&P said, "We understand that Ithaca could distribute at
least $135 million of dividends in the next few months. Larger
amount would be subject to meeting certain conditions in the
company's debt facilities. Under our base-case scenario for Ithaca,
we assume an annual distribution of at least $200 million per
year."

Currently, Ithaca's access to the financial market is limited, as
evidenced by its notes trading at about 60% of par.

S&P said, "At the same time, we acknowledge Ithaca's sound
operations and cash flow protection from hedges, as well as its
important role in Delek's portfolio. In this respect, we believe
that the different stakeholders would have an incentive to limit a
value impairment.

"We expect to resolve the CreditWatch placement over the coming
months, depending on the evolution of Delek's liquidity situation.

"We may lower the rating if Ithaca's lenders accelerated the
repayment of the current loans, leading to Ithaca's default.

"We may raise the rating on Ithaca if Delek's liquidity improved.
This could be the case if Delek reached an agreement with its
creditors, lifting some of the near-term uncertainty about a
negative intervention."


PIZZAEXPRESS: S&P Affirms 'CC' Issuer Credit Rating, Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
U.K.-based pizza restaurant chain operator PizzaExpress at 'CC'.

On May 1, PizzaExpress announced it has issued a new GBP70 million
super senior debt facility. The new loan has been fully drawn to
redeem the GBP20 million RCF and a GBP10 super senior loan due in
August 2020, while the remaining funds will cover general corporate
and working capital requirements resulting from the
lockdown-induced halt in trading.

S&P said, "Although, after close examination of the new debt
documentation, we do not consider this transaction
distressed--because the terms of the existing debt documentation
have been respected--we believe that the issuance of this new super
senior debt is only an additional step toward a likely broad
restructuring of the group's capital structure.

"We expect to revisit our ratings on PizzaExpress when the terms of
the ongoing restructuring plan are defined and published, including
the terms of any potential debt-for-equity swap, or other
restructuring transactions."

PizzaExpress' capital structure currently comprises the new GBP70
million facility due March 2023, the GBP465 million senior secured
notes due August 2021, and the GBP200 million senior unsecured
notes due August 2022. The new facility shares the same security as
the senior secured notes but is super senior to the latter, as per
the intercreditor agreement. The new super senior facility is set
to mature at the earlier of May 2023 or two weeks before the
maturity of any material indebtedness in the capital structure.

S&P said, "The negative outlook reflects our view that a
restructuring of the company's capital structure in the short term
is highly likely given PizzaExpress' weak earnings prospects and
the approaching maturity of the GBP465 million senior secured
notes, in August 2021. The outlook also incorporates the additional
hurdles PizzaExpress is facing in turning around its weak operating
performance amid an extremely challenging competitive environment
exacerbated by the COVID-19 pandemic.

"We could lower the rating on PizzaExpress if it entered a
comprehensive debt restructuring, declared a conventional default,
completed a transaction akin to a distressed exchange on any of its
outstanding debt facilities, or if it entered into any scheme of
arrangement.

"Although unlikely over the next six to 12 months, we could raise
our ratings on PizzaExpress if its operating performance recovered
rapidly and we saw signs of its standing in the credit markets
sustainably improving. Any upgrade would depend on PizzaExpress'
ability to refinance its maturing debt at par, decreasing the
likelihood of a debt restructuring or repurchases below par in the
future."


PREMIER OIL: Seeks Better Oilfields Acquisition Terms with BP
-------------------------------------------------------------
Ed Clowes and Oliver Gill at The Telegraph report that Premier Oil
is preparing to drag BP back to the negotiating table over a GBP500
million sale of North Sea oilfields, as the troubled explorer
fights for its life after the collapse in the price of crude.

According to The Telegraph, sources said former Lehman Brothers
banker Tony Durrant, Premier's chief executive, is aiming to
extract a steep discount from the FTSE 100 oil titan, in a move
that he hopes will simultaneously quell a row with Premier's
biggest lender.

Hedge fund ARCM, a major investor in Premier's debt, which has also
built up a large bet against its shares, has fought to block the
acquisition, The Telegraph relates.  The takeover of BP North Sea
oilfields is at the center of a complicated restructuring of around
US$2 billion (GBP1.6 billion) of borrowing, The Telegraph notes.
ARCM believes Mr. Durrant is overpaying for the assets and has
opposed the deal and restructuring, The Telegraph discloses.


SYNLAB UNSECURED: Fitch Affirms LT IDR at 'B', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Synlab Unsecured Bondco PLC's Long-Term
Issuer Default Rating at 'B'. The Outlook is Stable.

The 'B' IDR of Synlab is materially constrained by its aggressive
leverage profile and financial policies. These weaknesses are
balanced by the defensive nature of the company's routine
medical-testing business model. Fitch expects the current COVID-19
crisis to have a moderately negative impact on 2020 financials as
reduced routine-testing will only be partly compensated by new
business from COVID-19 testing. With the ease of the pandemic
restrictions Fitch expects a restoration of routine-testing and
therefore do not see the pandemic having a lasting impact on
Synlab's credit profile.

The Stable Outlook is predicated on Synlab's ability to extend
approaching debt maturities of the company's revolving credit
facility and senior secured debt due in July 2021 and July 2022,
respectively by two-to-three years, which is the subject of the
company's current refinancing plan, while deleveraging to below
8.0x post-2020 on a funds from operations adjusted gross basis
(excluding the isolated impact of COVID-19 in 2020).

KEY RATING DRIVERS

Refinancing Neutral to Rating: Fitch regards the refinancing
proposal as rating-neutral. With the debt quantum remaining
unchanged, it will improve Synlab's debt maturity headroom with a
more balanced maturity distribution between 2022 and 2026, versus a
previously concentrated structure with over EUR1.6 billion of debt
coming due in the next one-to-two years. Fitch also forecasts that
higher cost of debt post-refinancing will be rating-neutral for
Synlab with funds from operations fixed charge cover remaining
close to 2.0x through 2023.

Refinancing Risks Remain: Notwithstanding the refinancing Synlab
still faces a near-term maturity of EUR290 million senior secured
notes due in July 2022. The Stable Outlook is predicated on
Synlab's ability to extend approaching debt maturities in a timely
manner, 18 months ahead of a contractual repayment schedule.

Near Term Impact from COVID-19: The lockdown has led to a
significant loss of business volumes related to routine-testing,
which could not be fully compensated by new coronavirus tests.
Fitch has factored in a revenue decline and a slightly lower EBITDA
margin of 17% (Fitch defined, pre-IFRS 16) for 2020. This negative
operating impact is, however, somewhat offset by Synlab's
flexibility over non-essential capex and M&A, which Fitch assumed
will be scaled back to EUR45million and EUR50 million respectively,
while Fitch does not anticipate excessive movements in trading
working capital. With the return of routine medical tests to normal
volumes post 2020 Fitch sees no lasting impact of the pandemic on
Synlab's credit profile.

Permanently High Leverage: Synlab's permanently elevated
FFO-adjusted gross leverage of around 9.0x in 2019 (2018: 8.6x)
raises doubts over the company's intentions to pursue a less
aggressive financial policy. As Fitch estimates the pandemic will
temporarily weaken Synlab's EBITDA and operating profitability in
2020, gross leverage will likely remain static at 9.0x in 2020.
This high credit risk in combination with refinancing risk after
2020 could drive a change in the Rating Outlook to Negative over
the next 12 months.

Strengthening Cash Flows: Synlab's rating is supported by a record
of steadily improving cash flow generation on the back of organic
and acquisitive growth and stable operating margins. With a
positive momentum in FCF generation since 2018, Fitch projects
Synlab will maintain mid-single digit FCF margins, which should
help mitigate excessive financial leverage.

Supportive Sector Fundamentals: Lab-testing is regarded as social
infrastructure given its defensive non-cyclical characteristics.
The sector is driven by steadily rising demand as preventive and
stratified medicine becomes more prevalent. Incremental volumes in
a structurally growing market compensate for price and
reimbursement pressures, as national regulators contain rising
healthcare costs. National or pan-European sector constituents such
as Synab are best-placed to capitalise on positive long-term demand
fundamentals and extract additional value through scale-driven
efficiencies and market-share gains by displacing less efficient
and less-focused smaller peers.

DERIVATION SUMMARY

Synlab is the largest lab-testing company in Europe, twice the size
of its nearest competitor, Sonic Healthcare. Its operations consist
of a network of around 500 laboratories across some 40 countries,
providing good geographical diversification and limited exposure to
single healthcare systems. Its EBITDA margin at around 18%
(Fitch-defined, pre-IFRS 16) slightly lags behind European industry
peers', due to its exposure to the German market with structurally
lower profitability. The lab-testing market in Europe has attracted
significant private- equity investment, leading to highly leveraged
financial profiles. Synlab is highly geared for its rating with
FFO-adjusted gross leverage at ca 9.0x in 2019 being the key rating
constraint.

At the same time, as with other sector peers, such as CAB Societe
d'excercice liberal par actions simplifiee (B/Negative) and Cerba,
Synlab benefits from a defensive and stable business model given
the infrastructure-like nature of lab-testing services. Fitch
therefore projects that Synlab will be able to generate sustainably
positive free cash flow.

KEY ASSUMPTIONS

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

  - Organic sales decline in 2020 due to COVID-19, before
recovering to low- to mid-single digit organic growth in key
markets;

  - EBITDA margin (Fitch-defined) at 17% in 2020 due to COVID-19,
and at around 18% in 2021-2024;

  - Enterprise value (EV)/EBITDA acquisition multiple of 10x;

  - Around EUR50 million of bolt-on acquisitions in 2020 on slower
M&A activity due to COVID-19, up to EUR150 million per annum up to
2024, funded by debt drawdowns and internal cash flows;

  - Capex temporarily reduced to 2% of sales in 2020 given
coronavirus-related freeze of non-essential capex, and 4% of
revenue 2021-2024;

  - Satisfactory FCF generation of 4% - 5% over the next four
years;

  - Maturity extension or refinancing RCF and senior secured loans
and notes due in July 2021 and July 2022 respectively as presented
in the refinancing proposal;

  - No dividends.

Recovery Assumptions:

The recovery analysis assumes that Synlab would be reorganised as a
going-concern in bankruptcy rather than liquidated given its
asset-light operations.

Fitch has assumed a 10% administrative claim.

Synlab's GC EBITDA of around EUR300 million is an estimate of
post-restructuring EBITDA. At this level of EBITDA Synlab would be
FCF-neutral, i.e. generate the minimum level of cash required to
remain a GC post-distress. The post-restructuring EBITDA could be
achieved as a result of the corrective measures to stabilise
organic operations with a sufficiently invested lab network and to
allow for timely debt service. Distress could come as a result of
adverse regulatory changes, and an aggressive and poorly executed
M&A strategy leading to an unsustainable capital structure.

The distressed EV/EBITDA multiple of 6x reflects Synlab's
geographic breadth and scale as European lab-testing market leader
and with cash-generative operations. This compares with the
EV/EBITDA multiple of 9x-11x for smaller targets that are being
acquired in the sector.

RCF is assumed to be fully drawn upon default and ranks super
senior, on enforcement, ahead of the senior secured and senior
debt.

The allocation of value in the liability waterfall results in a
Recovery Rating 'RR1' for the first-lien revolver and term loan
(EUR250 million) indicating a 'BB' instrument rating with an output
percentage of 100%, and a Recovery Rating 'RR3' for the senior
secured term loan and notes (EUR2.3 million), leading to a 'B+'
instrument rating with an output percentage of 59%.

The senior notes (EUR375 million) have zero recovery under the
waterfall calculation. The Recovery Rating for the senior notes is
'RR6' corresponding to an instrument rating of 'CCC+'.

On completion of the refinancing given the unchanged debt quantum
and ranking as presented in the current refinancing proposal Fitch
expects to maintain unchanged expected recovery output and
instrument ratings for the super senior, senior secured and senior
debt.

RATING SENSITIVITIES

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

  - FFO-adjusted gross leverage below 6.5x and FFO fixed-charge
coverage above 2.0x; and

  - Improved FCF margin in the mid-to-high single-digits or a more
conservative financial policy reflected in lower debt-funded M&A
spending.

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

  - FFO-adjusted gross leverage above 8.0x beyond 2020 (2019: 8.8x)
or FFO fixed-charge coverage at less than 1.5x (2019: 2.0x) for a
sustained period (both adjusted for acquisitions);

  - Reduction in FCF margin to only slightly positive levels or
large debt-funded and margin-dilutive acquisitions;

  - Absence of or negative like-for-like sales growth or inability
to extract synergies, integrate acquisitions or other operational
challenges leading to EBITDA margin declining to below 17%.

BEST/WORST CASE RATING SCENARIO

International scale credit 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 Liquidity: Organic liquidity is satisfactory, with a
cash position of EUR209 million at end-2019. Fitch expects this
cash along with around EUR100 million in projected annual FCF will
be used for bolt-on M&A estimated at EUR150 million per year
(except for 2020 when Fitch assumes lower M&A of EUR50 million due
to COVID-19). With this internal cash generation and discretionary
M&A Fitch projects year-end cash balances of at least EUR100
million from 2020 onwards, assuming debt maturities due 2022-2023
are extended.

Pro-forma for the proposed refinancing plans, Synlab will benefit
from a diversified funding structure and maturity profile. The
currently fully drawn RCF of EUR250 million due in July 2021 is
expected to be extended out by two years to July 2023. The portion
of the senior secured notes not refinanced as part of the current
transaction, equal to EUR290 million, will mature in July 2022,
followed by the senior unsecured notes of EUR375 million due in
July 2023.

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

Synlab has an ESG Relevance Score of 4 for 'Exposure to Social
Impacts' as the company operates in a regulated medical market,
which is subject to pricing and reimbursement pressures as
governments seek to control national healthcare spending and
contain rising healthcare costs and may have a negative impact on
the credit profile. This is relevant to the rating in conjunction
with other factors.

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

[*] UK: Number of Corporate Insolvencies Down in April 2020
-----------------------------------------------------------
Alistair Smout at Reuters reports that the number of corporate
insolvencies in Britain fell a third in April compared to the year
before even as the COVID-19 pandemic hammered the economy, figures
compiled by KPMG showed, as government support packages kept firms
afloat.

The spread of the novel coronavirus -- and lockdown measures
introduced to contain it -- has ravaged the British economy, with
Britons told to stay indoors and many non-essential businesses told
to close, Reuters relates.  The Bank of England said on May 7 it
could cause the biggest economic slump in over 300 years, Reuters
notes.

To support businesses through the lockdown, finance minister Rishi
Sunak has announced a raft of schemes, including a job retention
plan allowing employers to furlough staff while government pays up
to 80% of their wages, Reuters discloses.

According to Reuters, KPMG head of restructuring Blair Nimmo said
that the measures had prevented a deluge of companies entering
administration but cautioned that the route out of the crisis was
uncertain and that, for some, insolvencies might have been merely
delayed.

The analysis of insolvency notices by KPMG's Restructuring practice
showed that 61 companies fell into administration during April 2020
compared to 91 in April 2019, Reuters states.




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

[*] BOND PRICING: For the Week May 4 to May 8, 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


[*] Moody's Alters Outlook on 4 European Labs to Negative
---------------------------------------------------------
Moody's Investors Service has affirmed the ratings of 4 European
laboratories and changed their outlook to negative from stable.
This includes the following issuers: Synlab Unsecured Bondco PLC,
Synlab Bondco PLC, Unilabs Subholding AB, Unilabs Diagnostics AB,
Constantin Investissement 3 S.A.S., Constantin Investissement 4
S.A.S. and Antin Amedes Bidco GmbH. Concurrently, Moody's has
affirmed the ratings of CAB and the outlook remains unchanged.

RATINGS RATIONALE

Its rating action is primarily driven by the weak positioning of
the issuers in their rating category before the coronavirus
outbreak, as a result of their continuously highly levered capital
structure for the rating category. A clear driver of the high
leverage for all issuers has been their debt-funded M&A strategy.
In a fragmented European market continuously exposed to price
pressure, increasing scale enables the large laboratories to
generate economies of scale and efficiency gains and hence maintain
relatively good margin levels.

The rating action balances the negative impact of operational
disruptions triggered by the coronavirus outbreak which is likely
to result in rising leverage in 2020 with the likely recovery of
the demand over the next quarters and the additional volume
potential from coronavirus related testing. While the outlook on
all issuers is negative, ratings in the sector could follow
diverging patterns over the next quarters depending on individual
operating performance, free cash flow generation, leverage level
and liquidity developments.

The laboratory sector is not immune to disruptions caused by the
coronavirus outbreak since the sector experienced a 50% volume drop
on average in Europe during the mid-March to mid-April period.
Countries under strict lockdown restrictions such as Italy or
France have been more affected than countries under more moderate
lockdown restrictions such as Germany or the Nordics. Moreover,
specialty testing and hospital outsourcing activities have been
more resilient than routine activities. The drivers of the volume
drop are, by order of importance, the decrease of patients' visits
to doctors who are issuing prescriptions for tests, postponement of
elective (i.e. non urgent) surgeries which usually require tests
and unavailability of staff due to lockdown restrictions and/or
lack of protective equipment.

Moody's believes that demand for testing services will recover
driven by the critical nature of the services provided and the fact
that the services are mostly reimbursed by public authorities
and/or mandatory health insurances. Moreover, there is an upside
potential in terms of volume provided by additional coronavirus
related tests (PCR and anti-body). As of, all issuers provide PCR
tests which are fully reimbursed in Europe. Prices vary by country
but average around EUR50-60 per test. Regarding anti-body tests,
ramp-up in terms of volume and pricing levels are more uncertain at
this stage but they also represent a potential upside. Moody's
expects that demand for coronavirus tests will gradually increase
as all European public authorities have clearly communicated that
an ambitious testing strategy would be required to successfully
lift the lockdown restrictions going forward. Moody's current base
case assumes a gradual recovery of volume and some tailwinds from
coronavirus related tests.

Given the current situation, all issuers have mentioned that they
had put M&A on hold. But as soon as the situation in terms of
volume stabilizes and loans and bond markets re-open, Moody's
expects the issuers to become active again, which might maintain
their leverage at high level, and limit their FCF generation as it
has been the case in the past years. In order to maintain their
ratings within the B2 category, the issuers should demonstrate an
ability and willingness to maintain their Moody's adjusted
debt/EBITDA and Moody's adjusted FCF/debt ratios within their
respective triggers set for the B2.

Synlab's ratings are supported by its size as the largest provider
of clinical laboratory testing in Europe. Synlab is also the most
diversified in terms of geographic footprint, a key strength as it
limits its exposure to adverse changes in one particular regulatory
regime. The ratings are further supported by the defensive nature
and positive underlying fundamental trends for demand for clinical
laboratory tests and strong barriers to entry. The ratings are
constrained by the company's high leverage (7.3x Moody's adjusted
gross debt / EBITDA at YE 2019 pro forma full-year effect of 2019
acquisitions or 6.1x SFA net total leverage) and the modest FCF
generation (1.8% Moody's adjusted FCF/debt at YE 2019) for the
rating category. The ratings are also constrained by the continuous
price pressure in the industry.

Unilabs' ratings are supported by its size and good business and
geographic diversification, the latest limiting its exposure to
adverse changes in one particular regulatory regime. The ratings
are further supported by the defensive nature and positive
underlying fundamental trends for demand for clinical diagnostic
services and strong barriers to entry. The ratings are constrained
by the company's high leverage (8.6x Moody's adjusted gross debt /
EBITDA at YE 2019 pro forma full-year effect of 2019 acquisitions
or 7.0x SFA net total leverage) and modest FCF generation (1.6%
Moody's adjusted FCF/debt at YE 2019) for the rating category. The
ratings are also constrained by the continuous price pressure in
the industry.

Cerba's ratings are supported by its size, good market positioning
especially in France, its track record of expertise in specialty
testing and its good margin level compared to peers. The ratings
are further supported by the defensive nature and positive
underlying fundamental trends for demand for clinical laboratory
tests and strong barriers to entry. The ratings are constrained by
the company's high leverage (7.2x Moody's adjusted gross debt /
EBITDA at YE 2019 pro forma full-year effect of 2019 acquisitions
or 6.3x SFA net total leverage), some concentration to France
representing around 80% of revenue and continuous price pressure in
the industry. The Moody's adjusted FCF/debt reached 2.7% at YE
2019.

Biogroup's ratings are supported by its size, leading position and
network density in the routine market in France, its high
profitability above that of its peers and good FCF generation for
the rating category. The ratings are further supported by the
defensive nature and positive underlying fundamental trends for
demand for clinical laboratory tests and strong barriers to entry.
The ratings are constrained by the company's high leverage (6.3x
Moody's adjusted gross debt / EBITDA at YE 2019 pro forma full-year
effect of acquisitions), no geographical diversification with full
exposure to the French regulatory environment, the very ambitious
debt funded M&A strategy since 2017, key man risk and continuous
price pressure in the industry. The Moody's adjusted FCF/debt
reached 3.8% at YE 2019.

Amedes' ratings are supported by its good market positioning in
Germany and Belgium and its history of strong expertise in
specialty and gynecology fields. The ratings are further supported
by the defensive nature and positive underlying fundamental trends
for demand for clinical laboratory tests and strong barriers to
entry. The ratings are constrained by the company's high leverage
(6.4x Moody's adjusted gross debt / EBITDA at YE 2019 or 5.4x SFA
net total leverage) and limited FCF generation (1.5% Moody's
adjusted FCF/debt at YE 2019) for the rating category but also by
the limited geographical diversification and continuous price
pressure in the industry.

OUTLOOK RATIONALE

The negative outlook primarily reflects the risks associated with
the expected deleveraging and expected good FCF generation given
the companies' debt-funded acquisition strategy. The negative
outlook also reflects the uncertainties related to the length and
severity of the coronavirus spread, which in a more challenging
downside scenario, could further deteriorate the issuers' liquidity
profile and credit metrics.

LIQUIDITY

The liquidity of all issuers is considered adequate, even when
considering more conservative assumptions than its base case in
terms of volume ramp-up following the mid-March to mid-April shock.
The liquidity is supported by the good starting cash balance, large
RCF and long-dated maturities. The adequate liquidity for all
issuers is a key driver supporting the current B2 rating.

Regarding Synlab, the adequate liquidity is contingent to the
successful extension of upcoming maturities, a transaction which
should be completed during the course of May 2020.

ESG CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

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

For Synlab, given the negative outlook, an upgrade is currently
unlikely in the short term. Downward rating pressure could develop
if (1) the leverage, as measured by Moody's-adjusted debt/EBITDA,
fails to decrease to below 7.0x on a sustained basis; (2) the
Moody's adjusted FCF/debt does not improve towards 5% on a
sustained basis and (3) the company's liquidity deteriorates.

For Unilabs, given the negative outlook, an upgrade is currently
unlikely in the short term. Downward rating pressure could develop
if (1) the leverage, as measured by Moody's-adjusted debt/EBITDA,
fails to decrease to below 7.0x on a sustained basis; (2) the
Moody's adjusted FCF/debt does not improve towards 5% on a
sustained basis and (3) the company's liquidity deteriorates.

For Cerba, given the negative outlook, an upgrade is currently
unlikely in the short term. Downward rating pressure could develop
if (1) the leverage, as measured by Moody's-adjusted debt/EBITDA,
fails to decrease to below 7.0x on a sustained basis; (2) the
Moody's adjusted FCF/debt does not improve toward 5% on a sustained
basis and (3) the company's liquidity deteriorates.

For Biogroup, given the negative outlook, an upgrade is currently
unlikely in the short term. Downward rating pressure could develop
if (1) leverage, as measured by Moody's-adjusted debt/EBITDA,
exceeds 6.25x on a sustained basis; (2) the Moody's adjusted
FCF/debt does not improve to around 5% on a sustained basis and (3)
the company's liquidity deteriorates.

For Amedes, given the negative outlook, an upgrade is currently
unlikely in the short term. Downward rating pressure could develop
if (1) leverage, as measured by Moody's-adjusted debt/EBITDA,
exceeds 6.0x on a sustained basis; (2) the Moody's adjusted
FCF/debt does not improve to around 5% on a sustained basis and (3)
the company's liquidity deteriorates.

LIST OF AFFECTED RATINGS:

Issuer: Synlab Bondco PLC

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B2

Senior Secured Regular Bond/Debenture, Affirmed B2

Assignments:

Senior Secured Bank Credit Facility, Assigned B2

Senior Secured Regular Bond/Debenture, Assigned B2

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: Synlab Unsecured Bondco PLC

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: Constantin Investissement 3 S.A.S.

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: Constantin Investissement 4 S.A.S.

Affirmation:

Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: Unilabs Diagnostics AB

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: Unilabs Subholding AB

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Outlook, Changed to Negative from Stable

Issuer: CAB

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2

Outlook Actions:

Outlook, Remains Negative

Issuer: Antin Amedes Bidco GmbH

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B2

Outlook Actions:

Outlook, Changed to Negative from Stable

PRINCIPAL METHODOLOGY

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

[*] S&P Puts Ratings on 17 Tranches in 14 RMBS Deals on Watch Neg.
------------------------------------------------------------------
S&P Global Ratings placed on CreditWatch negative its ratings on 17
tranches in 14 Spanish, Portuguese, Dutch, and U.K. RMBS
transactions.

The rating actions follow the May 1, 2020, update of our
residential mortgage market outlooks for 13 European jurisdictions.
These updates followed our macroeconomic updates and our current
projection of the impact that COVID-19 is likely to have on certain
European economies and their residential mortgage markets. This
affected our 'B' to 'AA+' foreclosure frequency assumptions for the
archetypal pool in each impacted country.

Based on our current projection of the likely impact on Europe, we
have applied our relevant criteria to revise the 'B' assumptions
for an archetypal pool in each affected country. These revisions
reflect our views of various factors, including:

-- The increased unemployment level forecasts given consumer
demand constraints related to COVID-19;

-- The level of government support related to the health pandemic
in each jurisdiction, including fiscal support to both businesses
and borrowers, which should offset some income curtailment;

-- The implementation of temporary forbearance plans for
mortgagors, for which some forbearance may manifest in increased
credit losses affecting the pools backing RMBS.

S&P said, "We have also updated our related guidance and criteria
to include our explanation of how we analyze payment holidays that
are not contractual, which create additional liquidity risks and
arise from forbearance initiatives led by governments or lenders,
or both.

"For RMBS tranches rated 'B-' and below, in addition to the above
factors, we apply our 'CCC' criteria. Our rating analysis makes
additional considerations before assigning ratings in the 'CCC'
category or 'B-' ratings, in particular collateral performance and
levels of available credit enhancement.

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

Following the application of our criteria, we have placed on
CreditWatch negative 17 ratings in 14 transactions. We will conduct
a full credit and cash flow analysis to determine the final impact
of our revised foreclosure frequency assumptions on these
transactions. We will seek to resolve the CreditWatch placements
within the next 90 days.

"We will continue to review the ratings on our remaining
transactions in light of these macroeconomic events and transaction
performance. We will take further rating actions, including
CreditWatch placements, as we deem appropriate."

  Ratings List

  Issuer name       Class     Rating to         Rating from

  Mansard Mortgages 2006-1 PLC

                     B2a      B (sf)/Watch Neg     B (sf)

  Towd Point Mortgage Funding 2019 Vantage2 PLC

                     F-Dfrd   BBB (sf)/Watch Neg   BBB (sf)

  MADRID RMBS I, Fondo de Titulizacion de Activos

                     C        BBB (sf)/Watch Neg   BBB (sf)

  MADRID RMBS I, Fondo de Titulizacion de Activos

                     D        B (sf)/Watch Neg     B (sf)
  
  MADRID RMBS IV, Fondo de Titulizacion de Activos

                     C        BBB (sf)/Watch Neg   BBB (sf)

  Landmark Mortgage Securities No.1 PLC

                     D        B (sf)/Watch Neg     B (sf)

  Landmark Mortgage Securities No.3 PLC

                     D        B+ (sf)/Watch Neg    B+ (sf)

  E-MAC Program III B.V. Compartment NL 2008-II

                     C        BB (sf)/Watch Neg    BB (sf)

  AyT Kutxa Hipotecario II

                     C        B (sf)/Watch Neg     B (sf)

  Fondo de Titulizacion de Activos UCI 9

                     B        BB (sf)/Watch Neg    BB (sf)

  Fondo de Titulizacion de Activos UCI 9

                     C        B (sf)/Watch Neg     B (sf)
  
  Bankinter 13, Fondo de Titulizacion de Activos

                     D        BB+ (sf)/Watch Neg   BB+ (sf)

  HipoTotta No. 5 PLC

                     E        BBB (sf)/Watch Neg   BBB (sf)

  CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos

                     A        A- (sf)/Watch Neg    A- (sf)

  Lusitano Mortgages No. 4 PLC

                     B       BBB- (sf)/Watch Neg   BBB- (sf)

  Lusitano Mortgages No. 4 PLC

                     C       BB- (sf)/Watch Neg    BB- (sf)

  TDA Ibercaja 6, Fondo de Titulizacion de Activos

                     D       BB- (sf)/Watch Neg    BB- (sf)



                           *********


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 * * *