/raid1/www/Hosts/bankrupt/TCREUR_Public/201019.mbx
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, October 19, 2020, Vol. 21, No. 209
Headlines
F R A N C E
STAN HOLDING: Moody's Assigns Ba3 CFR, Outlook Stable
H U N G A R Y
NITROGENMUVEK ZRT: Fitch Alters Outlook on B- LT IDR to Positive
I R E L A N D
ARZAC DEVELOPMENTS: High Court Appoints Provisional Liquidators
BUSINESS MORTGAGE 4: Fitch Affirms CCC Rating on Class M Debt
NEW LOOK: Examinership Application for Irish Unit "Premature"
K A Z A K H S T A N
SINOASIA B&R: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
N E T H E R L A N D S
LOWLAND MORTGAGE 5: Fitch Affirms BB+ Rating on Class E Debt
R U S S I A
ASIAN-PACIFIC BANK: Fitch Affirms B IDR & Alters Outlook to Stable
PUBLIC BANK: Bank of Russia Provides Update on Administration
PUBLIC BANK: Bankruptcy Hearing Scheduled for Oct. 30
S P A I N
AYT CAJA MURCIA I: S&P Hikes Rating on Class C Notes to 'BB+'
CODERE GROUP: S&P Lowers ICR to 'SD' on Distressed Exchange
FONCAIXA FTGENCAT 4: Fitch Affirms CCsf Rating on Series E Debt
S W I T Z E R L A N D
TRANSOCEAN LTD: S&P Lowers ICR to 'CC' on Announced Tender Offers
U N I T E D K I N G D O M
CINEWORLD: May Run Out of Cash by YearEnd Amid Pandemic
ELSTREE FUNDING 1: Moody's Assigns (P)B2 Rating on Cl. F Notes
ELSTREE FUNDING 1: S&P Assigns Prelim 'BB+' Rating on F Notes
ELVET MORTGAGES 2019-1: Fitch Affirms B-sf Rating on Cl. F Notes
GLOBAL SHIP: Moody's Alters Outlook on B3 CFR to Positive
HEALTHCARE SUPPORT: S&P Cuts Sr. Debt Rating to BB+, On Watch Neg.
HYPERION INSURANCE: Moody's Affirms B2 CFR, Outlook Stable
HYPERION INSURANCE: S&P Affirms 'B' ICR on Announced APG Deal
PETROPAVLOVSK PLC: Fitch Puts B LT IDR on Rating Watch Negative
TOWD POINT 2019-GRANITE4: Fitch Affirms BBsf Rating on Cl. F Notes
X X X X X X X X
[*] BOND PRICING: For the Week October 12 to October 16, 2020
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F R A N C E
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STAN HOLDING: Moody's Assigns Ba3 CFR, Outlook Stable
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Moody's Investors Service assigned a first-time Ba3 corporate
family rating and a Ba3-PD probability of default rating to Stan
Holding S.A.S., the top company within the restricted group and
100% owner of Voodoo SAS, one of the global leading developers and
publishers of hypercasual mobile games. Concurrently, Moody's has
assigned a Ba3 rating to the proposed EUR220 million term loan B
(TLB) and EUR50 million revolving credit facility (RCF), both due
2025 and borrowed by Stan Holding S.A.S. The outlook is stable.
Tencent Holdings Limited (A1 stable) announced in August 2020 the
acquisition of a 26% equity stake in Voodoo valuing the company at
USD1.4 billion. Proceeds from the new loan together with an equity
injection from Tencent will be used to: (1) clean the current
shareholder equity waterfall, (2) refinance Voodoo's existing club
debt facilities, and (3) pay financing fees.
"The Ba3 rating reflects Voodoo's strong position in the growing
mobile hypercasual game industry, the significant growth expected
from its expansion in the APAC region and in new business segments
such as casual games, and its modest and decreasing leverage,
supported by strong EBITDA growth and solid free cash flow
generation," says Agustin Alberti, a Moody's Vice President-Senior
Analyst and lead analyst for Voodoo.
RATINGS RATIONALE
Voodoo's Ba3 CFR reflects: (1) the company's position as one of the
world's leading hypercasual mobile games publishers, (2) the
secular tailwinds for global gaming consumption, the fastest
growing segment within the media space, (3) the significant growth
opportunities and potential benefits in terms of geographic and
segment diversification of the expansion plan into Asia and into
the casual games segment, (4) the company's strong credit metrics
with a modest leverage of around 3.0x Moody's adjusted gross
debt/EBITDA by YE 2020, which is expected to significantly decrease
in the next 2 years on the back of strong EBITDA growth, (5) its
good liquidity supported by strong free cash flow generation, with
limited capex needs and reduced working capital cash outflows, and
(6) the benefits associated with Tencent's 26% share ownership that
could facilitate Voodoo's growth strategy in the APAC region.
However, the rating is constrained by: (1) the company's small
scale compared to broader media peers, and its higher risk business
model focused on the niche segment of mobile hypercasual games, (2)
the volatility in operating performance caused by the relatively
short lifecycle of hypercasual games, (3) the need to constantly
develop and publish successful games, somewhat offset by the large
portfolio of games that Voodoo launches regularly, (4) the exposure
to the volatile and cyclical advertising industry, with high
reliance on advertising revenues from other gaming companies, (5)
the low barriers to entry and fierce competition from existing
gaming rivals or new entrants, (6) the relatively short good
performance of the company and the need to develop a track record
over different cycles, and (7) the risk of relevant acquisitions if
the organic growth strategy proves to be unsuccessful, mitigated by
the expected strong free cash flow generation which translates into
a high and growing cash balance.
The company has laid out a strategic plan that will lead to the
acceleration of revenue growth and the reduction of its
concentration on the hypercasual segment. The plan gravitates
around 3 pillars: (1) the development of the existing hypercasual
business, by growing market share in the APAC region (which only
contributed 20% of Voodoo's revenues in 2019) and in the Android
platform, while implementing measures to extend and improve
lifecycle and monetization of the games; (2) the expansion into the
casual gaming segment by adding functionalities to current hit
games; and (3) the creation of a gaming platform that will enable
the reduction of user acquisition fees and the creation of a solid
brand by hosting all hypercasual and casual games in a single
platform.
Moody's believes that the strategic plan will help the company to
diversify its revenue streams into new geographies and new business
segments, improving its resiliency and reducing the volatility of
the business model. While the rating agency sees limited execution
risk in the development of the existing hypercasual segment, it
considers that the diversification into new business segments will
prove more challenging, especially given the ambitious targets
embedded in the business plan.
Moody's forecasts an acceleration of revenue growth from c.13% in
2020 to 32% in 2021 driven by the implementation of the strategic
plan. The rating agency expects EBITDA margins to improve from c.
20% in 2020 to around 24% in 2021 benefitting from increased
scale.
Voodoo, as other mobile gaming companies, has an asset light
business model. Capital spending needs are low (around 2% of sales)
and are mainly related to internal development costs and to
capitalized publishing refunds to external studios. This results in
strong and growing free cash flow generation with Moody's adjusted
FCF/Debt estimated at around 30% in 2021 compared to 20% in 2020.
Moody's forecasts adjusted gross debt/EBITDA to reduce to 1.8x in
2021, compared to 2.9x in 2020 on the back of strong EBITDA growth.
As the company generates strong free cash flow, Moody's adjusted
net debt/EBITDA is projected to decrease from 2.0x in 2020 to 0.8x
in 2021, in the absence of dividends and acquisitions.
While the company has a clear strategy based on organic growth,
Moody's acknowledges the risk that it may decide to accelerate its
implementation by performing bolt on acquisitions. The acquisitions
are subject to a maximum pro forma leverage of 3.5x over the first
6 months, 3.0x the next 6 months and 2.5x one year after closing.
The debt documentation includes an excess cash flow sweep of 50% if
net leverage exceeds 2.0x. In the absence of acquisitions, and
given the growing cash position, the company could pay dividends,
which are subject to a net leverage test below 1.0x.
In terms of ESG considerations, Moody's has factored in the
following governance and social considerations. Governance
considerations relate to the prudent financial policy stated by the
company with a net leverage target below 2.5x. Moody's has also
factored in (1) the presence of Tencent in the shareholding
structure, which could be beneficial by helping the company to
implement its growth strategy in the casual games space and in the
APAC region, and (2) the commitment of Voodoo's founders, who will
keep control with a 56% share of the equity, to the execution of
the strategy.
Social considerations include the risks from worldwide
implementation of consumer data privacy regulations, as well as the
potential adoption of data protection features by main mobile
gaming platforms, like Apple Inc. (Aa1 stable) or Google (Alphabet
Inc. Aa2 stable), requiring user opt-in approval to access its
data.
LIQUIDITY
Moody's considers Voodoo's liquidity profile to be good, supported
by strong and improving free cash flow generation. At transaction
closing, the company will have cash of around EUR60 million and
access to a EUR50 million revolving credit facility (RCF) due 2025,
fully undrawn.
The company will not have any material maturities until 2025, when
the RCF and the EUR220 million TLB mature. The debt facilities
contain one net leverage-based maintenance covenant set at 5.0x,
which compares with initial leverage (as defined by the covenant)
of 2.3x.
STRUCTURAL CONSIDERATIONS
Voodoo's probability of default rating of Ba3-PD reflects the use
of a 50% family recovery rate, as is customary for all first lien
covenant-lite capital structures.
The Ba3 rated TLB and RCF benefit from the same security and
guarantee structure, and are rated at the same level as the CFR.
Voodoo's debt facilities are secured against share pledges, bank
accounts and receivables of key operating subsidiaries, and benefit
from guarantees from operating entities accounting for at least 80%
of group EBITDA.
RATIONALE FOR STABLE OUTLOOK
The stable outlook on the ratings reflects Moody's expectation that
Voodoo's operating performance will be solid, with strong revenue
and EBITDA growth and solid free cash flow generation. The stable
outlook also assumes that the company will maintain its credit
metrics in line with the parameters defined for the Ba3 rating, and
that it will continue to manage its liquidity in a prudent manner.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the rating is unlikely in the near future, but
could develop over the long term if the company: (1) delivers on
its business plan, increasing its scale, geographic and business
diversification, (2) develops a track record of strong operating
performance over different cycles, (3) maintains a Moody's-adjusted
debt/EBITDA ratio below 2.0x on a sustained basis, and (4)
continues managing liquidity prudently.
Downward rating pressure could be exerted if Voodoo's operating
performance weakens or the company engages in large debt-financed
M&A or shareholder remuneration policies such that: (1) its
Moody's-adjusted debt/EBITDA rises above 3.0x on a sustained basis,
(2) the company's FCF generation becomes negative on a sustained
basis, or (3) its liquidity deteriorates.
LIST OF AFFECTED RATINGS
Issuer: Stan Holding S.A.S.
Assignments:
Probability of Default Rating, Assigned Ba3-PD
Corporate Family Rating, Assigned Ba3
Senior Secured Bank Credit Facilities, Assigned Ba3
Outlook Action:
Outlook, Assigned Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Voodoo, headquartered in Paris (France), is the one of the leading
hypercasual mobile game publishers globally with more than 4.1
billion cumulative game downloads, 133 active games, and c.300
million active users. The company was founded in 2013 and has 253
employees located in France, Germany, Turkey, UK, Netherlands,
Ukraine, Spain, Canada, Singapore and Japan. Voodoo is majority
owned by its founders with 56% of shares, while Tencent holds a 26%
equity stake, and other minority shareholders 17%.
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H U N G A R Y
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NITROGENMUVEK ZRT: Fitch Alters Outlook on B- LT IDR to Positive
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Fitch Ratings has revised Hungary-based fertiliser company
Nitrogenmuvek Zrt's Outlook to Positive from Stable and affirmed
the chemicals company's Long-Term Issuer Default Rating (IDR) at
'B-'.
The Positive Outlook reflects Nitrogenmuvek's outperformance of its
1H20 forecast, a strong liquidity profile and its expectation that
the company will be able to maintain its leverage metrics in line
with its positive rating sensitivity on a through-the-cycle basis,
despite forecast rising gas prices and planned plant turnarounds
every three years.
An upgrade is conditional on credit metrics remaining in line with
its positive sensitivities on a sustained basis, managing
operational performance without material unplanned shutdowns,
adherence to a conservative financial policy and strong corporate
governance framework.
The 'B-' rating reflects Nitrogenmuvek's small scale with a
single-site operation, low geographical and product
diversification, high exposure to gas price volatility and position
at the upper end of the global ammonia cost curve as well as
ownership concentration. Rating strengths are Nitrogenmuvek's
dominant market share in Hungary as the leading manufacturer of
nitrogen fertilisers with a focus on granulated calcium ammonium
nitrate (CAN) with operations being unaffected by the pandemic.
KEY RATING DRIVERS
Low Gas Supports Margins: Significant increase in nitrate premium
over the past two years - due to gas prices declining at a faster
pace than nitrogen fertiliser prices in Nitrogenmuvek's region - as
well as absence of material unplanned shutdowns lifted EBITDA
margin to 29% in 1H20 and 20% in 2019 from 6% in 2018. Fitch
expects the company to deliver record profitability in 2020 but its
EBITDA margin to return to a more normalised level of 16% by 2023
on the back of increasing gas prices. Increased production capacity
and proportion of granulated CAN in sales mix are expected to
support higher margins through the cycle.
Through-the-Cycle Deleveraging Expected: Fitch forecasts funds from
operations (FFO) gross leverage to improve to 3.4x in 2020 from
5.4x in 2019, but to reach 6x in 2022 as a result of the ammonia
plant scheduled turnaround and higher natural gas prices. Fitch
forecasts further deleveraging to slightly below its positive
rating guideline of 4.5x by 2023, which will depend on the
company's ability to deliver stable operational performance barring
planned shutdowns and consistent implementation of prudent
financial policy.
Financial Policy Key: Nitrogenmuvek's HUF93 billion gross debt is
mainly composed of a HUF71.1 billion bond due in 2025. Fitch
understands that management does not intend to materially reduce
debt but could seek to refinance the bond if lower interest can be
achieved. As Fitch forecasts Nitrogenmuvek to generate positive
free cash flow (FCF) over the next three years, Fitch expects net
debt to fall, allowing for potential dividend distribution. While
completion of the intensive investment stage and subsequent capex
moderation helped support credit metrics in 2020, Fitch considers
such capex levels as unsustainable in the medium term and would
expect the company to review them as part of its capital allocation
policy.
Single Asset Risk: Production depends on Nitrogenmuvek's sole
ammonia plant, which exposes the company to operational risk. The
number of unplanned shutdowns fell to 10 days in 2019, versus 58
days in 2018. In 2020, Fitch forecasts Nitrogenmuvek to increase
its production despite 26 days of planned outage. Fitch understands
from management that historical unplanned outages in 2013-2018 were
linked to the company's ammonia plant upgrade, and expects reduced
outages in the absence of any major capacity upgrade. While Fitch
recognises improvement over the past 18 months, the company has yet
to establish a record of broadly stable production.
Price and Gas Cost Volatility: Nitrogenmuvek lacks the product and
geographical diversification of its international peers, and is at
the upper part of the global ammonia cost curve, which leaves it
more exposed to nitrogen price volatility than lower-cost players.
It is also exposed to volatility in natural gas prices, its main
raw material, which it buys through spot or short-term contracts.
Fertiliser price volatility continues to be driven by gas costs,
weather patterns and uncertainties around global supply and trade
patterns. Moreover, plant maintenance must be performed every three
years for a period of 45-60 days, which can reduce production by
12-15% and adds volatility in metrics over time.
Defensible Business Model: Nitrogenmuvek is the only producer of
nitrogen fertiliser in Hungary with a dominant market share. It is
competitive due to Hungary being landlocked, and transportation
cost resulting in poor margins for more distanced competitors. It
benefits from healthy demand from central and eastern Europe where
application rates are lower than in western Europe. Moreover,
Nitrogenmuvek has built a strong capacity in CAN, which is likely
to gain importance in the region due to environmental regulation
and ease of storage.
Limited Impact of COVID-19: Operations have not been affected by
manufacturing or supply-chain disruptions to date. Demand for
fertilisers and crop prices in Europe remains stable whereas
supplies of feedstock have not been impeded by the pandemic.
Nitrogenmuvek has introduced measures to mitigate production
disruption risk.
Favourable Regulation: Nitrogen fertilisers, in particular urea,
release ammonia into the atmosphere when applied to the soil.
Increasing legislative efforts to reduce greenhouse gas emissions
could be favourable to Nitrogenmuvek's main product, CAN, which is
the nitrogen-based fertiliser with the lowest amount of ammonia
losses.
Corporate Governance: Nitrogenmuvek's rating takes into account
ownership concentration. The company is subject to several
litigations, including by the Office of Economic Competition to
determine whether it infringed the provision of the Law of
Competition. The completion of this proceeding is expected in 4Q20.
While Nitrogenmuvek's liquidity is strong and should enable the
company to absorb potential fines, Fitch will evaluate potential
adverse rulings from a corporate governance perspective before
considering an upgrade.
DERIVATION SUMMARY
Nitrogenmuvek has a smaller scale, higher product concentration and
weaker cost position and through-the-cycle profitability levels
than Fitch-rated EMEA nitrogen fertiliser players PJSC Acron
(BB-/Stable) and EuroChem Group AG (BB/Stable). This is somewhat
mitigated by Nitrogenmuvek's sole-domestic producer status and
dominant share in landlocked Hungary, with high transportation
costs for competing importers.
Among wider peer group Roehm Holding GmbH (B-/Stable), a European
producer of methyl methacrylate, is a much larger and diversified
company with strong cost position in Europe but is also exposed to
raw-material volatility and has higher leverage since the carveout
from Evonik Industries AG to private equity fund Advent
International. While Root Bidco Sarl (B(EXP)/Stable, "Rovensa") has
higher leverage than Nitrogenmuvek and limited diversification, it
operates on a larger scale and its rating reflects the stability of
its business profile due to a focus on specialty crop nutrition,
crop protection and biocontrol products as well its positioning in
higher-margin segments with favourable growth prospects.
KEY ASSUMPTIONS
Fitch's Key Assumptions within its Rating Case for the Issuer
- Fertiliser prices generally following Fitch's global fertiliser
price assumptions
- Fertiliser sales volumes increase to 1,210kt in 2020, 1,265kt
in 2021 and decreasing to 1,051kt in 2022 due to scheduled
shutdowns, and return to 1,265kt in 2023. Sales focus is on CAN
- Non-fertiliser segment accounting for no more than 20% of sales
over the next three years
- Raw material costs at 61% in 2020 of total revenues in 2020,
gradually increasing with rising gas prices to 70% in 2021,72% in
2022, and 74% in 2023
- Annual capex as a percentage of sales assumed in high
single-digits during triennial maintenance year, low single-digit
in other years
- Cumulative dividends of HUF20 billion until 2023
Key Recovery Rating Assumptions
- The recovery analysis assumes that Nitrogenmuvek would be
liquidated rather than treated as going-concern, as the estimated
value derived from the sale of the company's assets is higher than
estimated going-concern enterprise value (EV) post restructuring.
- The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised in a reorganisation
and distributed to creditors.
- Property, plant and equipment is discounted by 50%; the value
of accounts receivables by 25% and the value of inventory by 50%,
in line with peers' and industry trends.
- EUR200 million bond ranks pari passu with the company's bank
debt.
- After deduction of 10% for administrative claims, its waterfall
analysis generated a ranked recovery in the 'RR3' band, indicating
a 'B' instrument rating. The waterfall analysis output percentage
on current metrics and assumptions was 67%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Record of operational performance without material unplanned
shutdowns and adherence to conservative financial policy leading to
FFO gross leverage below 4.5x on a sustained basis
- Positive FCF translating into FFO net leverage below 4.0x on a
sustained basis
- Through-the-cycle EBITDA above USD40 million
- Development of a more robust corporate governance structure
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- The Outlook is Positive; therefore, a negative rating action is
unlikely in the short term. However, failure to reduce FFO gross
leverage and FFO net leverage to below 4.5x and 4.0x, respectively,
would support a revision of the Outlook to Stable
- Adverse material impact from potential fines and/or unexpected
maintenance leading to sustained FFO gross leverage above 7.0x and
FFO net leverage above 6.5x, continuous deterioration in EBITDA
margin to below 10% and FCF sustainably negative could lead to a
downgrade
LIQUIDITY AND DEBT STRUCTURE
Strong Cash Build-Up: After several years of capex-driven negative
FCF, Nitrogenmuvek's cash balance improved to HUF30.6 billion as of
end-2019, from HUF16 billion in the prior year. As of June 2020,
cash available stood at HUF26.7 billion and Fitch expects the 2020
year-end cash position to exceed HUF35 billion (around EUR100
million) on the back of strong funds from operations offsetting
working capital outflows and low capex.
Over the coming years, liquidity will be supported by recurring
positive FCF. Nitrogenmuvek has fairly low debt maturities in the
next four years, reflecting HUF3.4 billion yearly amortisations of
two bank loans amounting to HUF22.2 billion as of end-2019.
Nitrogenmuvek has no material liquidity back-up credit facilities
but is expected to maintain a sufficient cash buffer to cope with
seasonal working capital fluctuations.
SUMMARY OF FINANCIAL ADJUSTMENTS
Amortisation of rights-of-use assets (HUF72.7 million) and related
interest expense (HUF5.2 million) reclassified as operating costs.
Lease liabilities (HUF345 million) reclassified to other
liabilities from financial liabilities.
HUF28.8 million gain on sale of assets reclassified as
non-operating income.
HUF8.6 billion change in other working capital reclassified as
working-capital change.
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
Fitch has revised Nitrogenmuvek's ESG Relevance Score for
Governance Structure to 4 from 3 due to concentrated ownership and
ongoing investigations over alleged infringement to the provision
of the Law of Competition, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
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I R E L A N D
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ARZAC DEVELOPMENTS: High Court Appoints Provisional Liquidators
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Aodhan O'Faolain at The Irish Times reports that the High Court has
appointed provisional liquidators to two related companies that
operate 13 Pamela Scott and Richard Alan retail stores across the
Republic.
The court heard the companies sought to be liquidated after coming
under pressure from landlords, changes to the wage subsidy scheme,
a sustained reduction in footfall, and further restrictions
expected imminently due to the increasing number of Covid-19
infections, The Irish Times relates.
The firms are Arzac Developments Ltd, which operates 10 of the
Pamela Scott stores in Ireland, and Richard Alan & Co, which had
operated three stores, The Irish Times discloses.
The two companies are both owned by Dublin-registered Flairline
Fashion Ltd and employ 104 people.
According to The Irish Times, the companies said that in recent
years, they have been experiencing a challenging environment due to
changes in customer shopping habits, and increases in operating
costs.
They said their difficulties have been exacerbated as a result of
the Covid-19 pandemic, and the firms are now insolvent and cannot
continue to trade, The Irish Times notes.
The Pamela Scott stores affected are located in Dublin's Grafton
Street,
Blanchardstown, Swords, Limerick, Tralee, Carlow, Sligo, Dundalk,
Nenagh and Gorey, The Irish Times states. Richard Alan operated
two stores in Dublin and one in Cork, according to The Irish
Times.
At the High Court on Oct. 15, Mr. Justice David Keane appointed
insolvency practitioners Eamonn Richardson and Ian Barrett of KPMG
as joint provisional liquidators to Richard Alan & Co and Arzac
Developments Ltd., The Irish Times relates.
Represented by Ross Gorman BL, the companies, as cited by The Irish
Times, said, having considered all the options available, it is in
the best interests of all creditors the firms be wound up in an
orderly fashion.
Counsel said the winding-up process should be overseen by
experienced insolvency practitioners Messrs. Richardson and Mr.
Barrett, The Irish Times notes.
Both companies were reliant on Flairline for services including
administration, financial and business support, The Irish Times
says. According to The Irish Times, the firms, counsel said, can
no longer rely on these services from its shareholder and their
financial situations continued to deteriorate.
After appointing the provisional liquidators, the judge returned
the case to November, The Irish Times discloses.
BUSINESS MORTGAGE 4: Fitch Affirms CCC Rating on Class M Debt
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Fitch Ratings has upgraded four tranches of the Business Mortgage
Finance (BMF) series and affirmed 18 tranches. Six tranches have
been removed from Rating Watch Negative (RWN) and four tranches
have been assigned Negative Outlooks.
RATING ACTIONS
Business Mortgage Finance 4 Plc
Class B XS0249508754; LT B-sf Affirmed; previously at B-sf
Class C XS0249509133; LT CCCsf Affirmed; previously at CCCsf
Class M XS0249508242; LT AAsf Affirmed; previously at AAsf
Business Mortgage Finance 6 PLC
Class A1 DAC XS0299535384; LT AAAsf Upgrade; previously at AA+sf
Class A1 XS0299445808; LT AAAsf Upgrade; previously at AA+sf
Class A2 DAC XS0299536515; LT AAAsf Upgrade; previously at AA+sf
Class A2 XS0299446103; LT AAAsf Upgrade; previously at AA+sf
Class B2 XS0299447507; LT Csf Affirmed; previously at Csf
Class C XS0299447846; LT Csf Affirmed; previously at Csf
Class M1 XS0299446442; LT CCCsf Affirmed; previously at CCCsf
Class M2 XS0299446798; LT CCCsf Affirmed; previously at CCCsf
Business Mortgage Finance 7 Plc
Class A1 XS0330212597; LT A+sf Affirmed; previously at A+sf
Class A1 XS0330211359; LT A+sf Affirmed; previously at A+sf
Class B1 XS0330228320; LT Csf Affirmed; previously at Csf
Class C XS0330229138; LT Csf Affirmed; previously at Csf
Class M1 XS0330220855; LT CCCsf Affirmed; previously at CCCsf
Class M2 XS0330222638; LT CCCsf Affirmed; previously at CCCsf
Business Mortgage Finance 5 PLC
Class B1 XS0271325291; LT CCsf Affirmed; previously at CCsf
Class B2 XS0271325614; LT CCsf Affirmed; previously at CCsf
Class C XS0271326000; LT Csf Affirmed; previously at Csf
Class M1 XS0271324724; LT BBBsf Affirmed; previously at BBBsf
Class M2 XS0271324997; LT BBBsf Affirmed; previously at BBBsf
TRANSACTION SUMMARY
The BMF transactions are securitisations of mortgages to small and
medium-sized enterprises and to the owner-managed business
community, originated by Commercial First Mortgages Limited (CFML).
Fitch has analysed the performance of the transactions using its
SME Balance Sheet Securitisation Rating Criteria.
KEY RATING DRIVERS
Off RWN (BMF 4, 5 and 7)
The class M and B notes of BMF 4, class M1 and M2 notes for BMF 5
and class A1 notes for BMF 7 have been removed from RWN. They were
placed there in April in response to outbreak of the coronavirus
pandemic (see Fitch Places 140 UK RMBS Ratings on RWN on
Coronavirus Pandemic). The RWN reflected that Fitch considered them
exposed due to limited coverage from transaction reserve funds or
liquidity reserve funds and were therefore likely to defer interest
payments within the next two payment dates. The ratings were
considered sufficiently robust to be affirmed. However, Fitch has
assigned Negative Outlooks to BMF 5 and BMF 7's senior classes.
Negative Outlook
Fitch has assigned Negative Outlooks to BMF 5's class M1 and M2
notes and BMF 7's class A1 notes. Fitch considers these classes
more vulnerable to collateral underperformance and prolonged
forbearance at their current rating. In assigning the Negative
Outlooks, Fitch considered its downside sensitivity, a 25%
reduction in recovery rate, which suggested the possibility for
downgrade should the economic outlook worsen beyond its baseline
expectations.
Robust Credit Enhancement (CE) Levels
The transactions have substantially deleveraged and their current
senior notes' balances are between 14.1% (BMF 4) and 36.0% (BMF 7)
of the original issuance. The resulting increase in CE is the main
driver of the upgrade of the class A1 and A2 notes of BMF 6. The
build-up in CE does not offset the increase in arrears and the
increasing pool concentration for BMF 4, BMF 5 and BMF 7.
Secondary Quality Collateral
The pools comprise owner-occupied commercial real estate, which is
likely to be more affected by a deterioration in economic
sentiment, especially due to the secondary quality of the
collateral properties. This leaves the pool exposed to tail risks
in case of an economic downturn.
Junior Notes Mostly Under-Collateralised
The combination of cumulative large period losses and insufficient
excess spread has led to the depletion of reserve funds and
increasing principal deficiency ledgers (PDL). Specifically, the
outstanding PDLs in BMF 5, 6 and 7 accounts for 15.7%, 27.2% and
22.8% of the current notes balance, respectively. The debited PDLs,
together with the presence of other loans in litigation but still
not provisioned for, leave the junior notes in serious distress.
These distressed notes are rated from 'CCCsf' to' Csf' depending on
each class level of subordination and each transaction recovery
prospects.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The broader global economy remains under stress due to the
coronavirus pandemic, with surging unemployment and pressure on
businesses stemming from social-distancing guidelines. Fitch
acknowledges the uncertainty of the path of coronavirus-related
containment measures and has therefore considered more severe
economic scenarios.
As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases" updated on the 8th of September 2020, Fitch
considers a more severe downside coronavirus scenario for
sensitivity purposes whereby a more severe and prolonged period of
stress is assumed with a halting recovery from 2Q21. Under this
scenario, Fitch assumed a 25% decrease in the weighted average
recover rate. The results indicate an impact of up to one notch for
BMF4, three notches for BMF5, no impact for BMF6 and three notches
for BMF 7.
Further losses and increases in PDLs beyond Fitch's stresses could
lead to negative rating action, particularly on the mezzanine and
junior notes. Given the secondary quality of the collateral, a
downturn of the economic cycle is likely to affect the series
performance more than other UK structured finance transactions.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying an increase in the recovery rate of 25%. The ratings for
the subordinated notes could be upgraded by up to one notch for
BMF4, one notch for BMF5, and no impact on BMF6 and BMF 7.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of
any-third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
NEW LOOK: Examinership Application for Irish Unit "Premature"
-------------------------------------------------------------
Brian Carey at The Sunday Times reports that the decision of the
High Court to slap down the British retailer New Look's application
for an examiner to be appointed to its Irish operations was a clear
victory for the landlords who opposed the move.
It also represents a landmark judgment in how the state's primary
corporate rescue regime operates, The Sunday Times notes.
The retailer was profitable coming into the pandemic, The Sunday
Times states. When it sought the appointment of an examiner, it
had EUR15 million in the bank, according to The Sunday Times. It
was not insolvent, The Sunday Times says.
The court has leeway to afford protection from creditors based on a
future insolvency, but the judge Max Barrett found that the New
Look application was "entirely premature", The Sunday Times
relates.
The landlords claimed the insolvency was "contrived", The Sunday
Times discloses.
===================
K A Z A K H S T A N
===================
SINOASIA B&R: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit and
financial strength ratings and 'kzA+' national scale rating to
Kazakhstan-based Sinoasia B&R Insurance Co. JSC (Sinoasia). The
outlook is stable on the global scale ratings.
S&P said, "The ratings are based on our view of Sinoasia's
competitive standing in Kazakhstan's property and casualty (P/C)
insurance market, namely its established niche position in the
health insurance segment, which is supported by strategic
cooperation with medical company Archimedes Kazakhstan LLC,
business volumes related to risks of various Chinese companies,
good investment portfolio quality, and solid capital adequacy
against business volume." The ratings are constrained by the small
absolute size of the company, based on gross premiums written (GPW)
and capital, and its operating performance, which has been somewhat
volatile.
With about Kazakhstani tenge (KZT) 3 billion (about $7 million) in
GPW expected for 2020 and market share of about 1%, Sinoasia is a
relatively small player in the Kazakhstani P/C insurance market.
However, its position in the health insurance segment with its key
product, voluntary health insurance, is noticeable. The company's
market share in the health insurance segment, based on GPW, is
about 10% as of Sept. 1, 2020, and S&P expects it to remain at
least at these levels in the next two years. Sinoasia benefits from
strategic cooperation with sister company Archimedes Kazakhstan LLC
(both have the same key shareholders), which operates a wide
network of contracted medical providers in Kazakhstan. The company
uses capitation agreements with medical providers, which S&P
considers a specific characteristic supporting its niche position.
Capitation payments are fixed, pre-arranged monthly payments
received by a medical provider per patient enrolled in a health
plan, or per capita, regardless of how often the patient needs
services. The capitation scheme changes the risk profile as it
transfers risk of frequent and small claims to the medical provider
with protection for large losses or an unexpected high loss ratio
on the transferred portfolio. Losses of medical institutions
exceeding 106% of the initial premium are covered by Sinoasia.
Additionally, about 15% of Sinoasia's GPW is related to fronting of
Chinese projects in Kazakhstan for Chinese 'A'-rated insurance
companies. In terms of portfolio split, Sinoasia focuses on
corporate clients, and most business comes from other insurance
companies, with inward reinsurance representing more than 70% of
its portfolio.
Established in 2007, Sinoasia has operated in Kazakhstan for about
13 years. In 2017, one of the company's co-founders, Israeli
investor Shuki Madanes, sold his stake (83%) to Hong Kong investor
Choy Yuk Leung. The current shareholding structure comprises Mr.
Choy (65.1%); BSB Invest (15.9%), controlled by the company's CEO
Ms. Buranbayeva; and a number of minority shareholders including
Bank CenterCredit (BCC; 4.8%), which acquired the stake in
September 2020 for the purpose of further cooperation and
development of a joint product line for bank customers
(bancassurance). S&P expects that health insurance will remain the
dominating line in Sinoasia's business mix in the forecast period,
while the company may start expanding to other segments, including
property damage insurance and motor insurance, as a result of
development of the bancassurance channel with BCC.
Sinoasia has been profitable over the past five years, although its
operating performance has been volatile, with the combined ratio
(loss and expense) at relatively high levels of above 100%. The
company's high net loss ratio (88%-90%) is comparable with
international peers operating in the health insurance segment, but
higher than the average for other P/C segments in Kazakhstan. S&P
expects that Sinoasia will improve its combined ratio in the next
two years due to further expansion to other P/C segments associated
with lower losses. However, the higher expense ratio attributed to
expansion costs (such as commissions to the bank) may to some
extent offset the decrease in losses.
S&P said, "As a health insurer, we believe Sinoasia's earnings and
financial strength is not significantly affected by the COVID-19
pandemic. Pandemics are excluded from health insurance coverage in
Kazakhstan and the public health care sector bears the majority of
costs associated with increased COVID-19-related hospitalizations.
We anticipate that Sinoasia' premium growth, although affected by
the challenging economic environment, will be supported by an
inflow of new clients and its expansion to other P/C segments in
cooperation with BCC.
"Sinoasia enjoys a strong risk-adjusted capital adequacy, according
to our model, supported by low net risk retention, and a liquid
investment portfolio. Capital was redundant at the 'AAA' level as
of Dec. 31, 2019, under our capital model, and we expect this level
to be maintained in the next three years. However, we note the
company has a small capital base in absolute terms (about $6.7
million at Sept. 30, 2020). Sinoasia cedes more than 30% of its
total premiums to a high-quality reinsurance panel, which provides
substantial capacity.
"We consider the company's relatively conservative investment
strategy and highly rated asset portfolio as a strength. Sinoasia
invests predominantly in highly liquid fixed-income instruments of
foreign issuers with investment-grade ratings ('BBB-' and higher),
which accounted for more than 70% of invested assets as of Sept. 1,
2020. We note that the average quality of the investment portfolio
is in the upper end of the 'BBB' range at the respective date. We
also note that the company's portfolio is well-diversified by
country, industry, and issuer and its exposure to Kazakhstani
low-rated local instruments and bank deposits is limited, which
compares well with local peers.
"We note that Sinoasia has exposure to foreign exchange risk. The
overall foreign exchange position accounts for the majority of
total investments, most of which are in U.S. dollars. The company
mitigates the risk by partially tying its reserves to foreign
currency and using short-term repurchase agreements with a central
counterparty to control the currency position. We note that
Sinoasia posted material foreign exchange gains for the first eight
months of 2020 due to tenge depreciation, and we expect these gains
to form a significant portion of full-year 2020 profits."
The company has an experienced management team, which complements
its operational needs. However, its small operation size leaves it
exposed to some degree of key person risk.
The stable outlook reflects S&P's expectation that, over the next
12 months, Sinoasia will maintain its niche position in
Kazakhstan's health insurance market, relatively highly rated
investment portfolio, and very robust capitalization, while
improving underwriting performance on the back of expansion to
other P/C segments.
S&P could lower the ratings on Sinoasia over the next 12 months if,
contrary to S&P's expectations:
-- Sinoasia's competitive position is undermined, for example, due
to increased competition in its niche, or unexpected underwriting
losses and earning volatility from new business lines.
-- The company's risk profile deteriorates, both in terms of
product and investment risks.
-- Capital adequacy weakens significantly and sustainably as a
result of outstanding premium growth, losses, high dividends, or in
case of a further material increase in minimal regulatory
requirements not compensated by capital injections.
-- S&P sees changes in management that are detrimental for the
credit profile.
-- S&P views a positive rating action as remote in the next 12
months, unless the company significantly builds up capital in
absolute terms, while simultaneously improving its competitive
standing.
=====================
N E T H E R L A N D S
=====================
LOWLAND MORTGAGE 5: Fitch Affirms BB+ Rating on Class E Debt
------------------------------------------------------------
Fitch Ratings has affirmed Lowland 5 Mortgage Backed Securities
B.V. and removed one tranche from Rating Watch Negative (RWN).
RATING ACTIONS
Lowland Mortgage Backed Securities 5 B.V.
Class A1 XS1815296014; LT AAAsf Affirmed; previously at AAAsf
Class A2 XS1815297095; LT AAAsf Affirmed; previously at AAAsf
Class B XS1815297178; LT AAAsf Affirmed; previously at AAAsf
Class C XS1815297509; LT AA-sf Affirmed; previously at AA-sf
Class D XS1815297764; LT A-sf Affirmed; previously at A-sf
Class E XS1815297921; LT BB+sf Affirmed; previously at BB+sf
TRANSACTION SUMMARY
This transaction is a true-sale securitisation of prime mortgage
loans originated in the Netherlands by de Volksbank N.V. This is
the fifth RMBS transaction from de Volksbank issued under the
Lowland series
KEY RATING DRIVERS
COVID-19 Additional Stress Assumptions
In response to the developments related with the coronavirus
pandemic, Fitch has identified and applied additional stress
scenarios in conjunction with its European RMBS Rating Criteria
(see: EMEA RMBS: Criteria Assumptions Updated due to Impact of the
Coronavirus Pandemic).
CE Sufficiently Protects Senior Notes
The liabilities are unchanged since closing in 2018 as the
transaction features a five-year revolving period ending in 2023.
Credit enhancement (CE) available to class A and class D notes is
unchanged. Fitch has tested the transaction's available CE against
the expected deterioration of the portfolio's performance under its
downside scenario by increasing the weighted average foreclosure
frequency (WAFF) and reducing the weighted average recovery rates
(WARR) by 15% each. The sensitivities show that the class A and B
notes experience limited impact from a deterioration of asset
performance and are therefore affirmed at their current rating
levels.
The rating of the class C notes is constrained by their higher
sensitivity versus the senior note ratings to the downside scenario
and is therefore affirmed at the current level.
The class D and E notes are affirmed at 'A-sf' and 'BB+sf'
respectively, due to their material exposure to principal
deficiency ledger (PDL) after the first optional redemption date in
higher rating scenarios. In these scenarios, these notes could,
according to the transaction documents, be redeemed below par
(notional net of outstanding PDL), which would constitute a
default.
The class E notes do not benefit from CE and are therefore highly
reliant on excess spread to absorb potential losses. Fitch has
removed the RWN as its coronavirus stress test found that the notes
can withstand the impact of the current crisis in the short term.
The Negative Outlook on the class E notes however reflects the risk
of downgrade in case of continued performance deterioration if the
pandemic is more severe and longer (its coronavirus downside
scenario) than Fitch currently anticipates.
Moderate Pressure Expected on Asset Performance
Due to softer lockdown rules in 2Q20, the contraction of GDP in the
Netherlands is expected to be less severe than in other European
countries with stricter lockdown measures, such as Italy, Spain,
France or Belgium. The Dutch government put in place measures to
protect employee and self-employed income since the beginning of
the pandemic. Those measures, combined with payment holidays
granted on a case-by-case basis, partially mitigate the
deterioration on asset performance expected in the Netherlands.
Fitch expects defaults to rise from levels in recent years, but to
remain lower than the peak observed in vintages affected by the
global financial crisis on the grounds of more prudent underwriting
criteria (loan-to-value (LTV) limitations, decrease of
interest-only loans production, etc.). As of August 2020, total
arrears remained low at 1.5% of the total portfolio, albeit
increasing since the last review (0.7% in March 2020). Late-stage
arrears (3m+) were limited at 0.5% of the total portfolio.
Fitch applied a lender adjustment as the historical performance of
de Volksbank-originated loans compares negatively with average
Dutch RMBS originations. This resulted in an increase in the base
foreclosure frequency of 15%.
Interest-Rate Risk
The transaction does not envisage any hedge to mitigate
interest-rate risk resulting from possible mismatches between the
fixed-rate assets and floating-rate liabilities. The floating-rate
portion of the portfolio remains broadly in line with the class A1
notes, while the rest of the portfolio carries a fixed rate and
corresponds broadly to the proportion of the A2 notes.
Fitch has tested several combinations of fixed- and floating-rate
loan proportions, mortgage-rate resets and interest-rate stresses,
to cater for possible future imbalances resulting from an absence
of a hedging arrangement. The ratings are also supported by 8% of
the issuance being principal only (ie. class B to E notes) and by a
liquidity facility for the class A notes.
Servicing and Underwriting Continuity Assured
Continuity of origination and servicing of the loans is assured by
de Volksbank. The bank confirmed that all employees were able to
work remotely and access all necessary systems for the day-to-day
management of residential loans. The bank also confirmed that the
coronavirus pandemic and associated restrictions have had no impact
on their capacity to originate new loans.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Increase in CE ratios at the end of the revolving period as the
transaction deleverages that fully compensate credit losses and
cash flow stresses that are commensurate with higher rating
scenarios.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Unanticipated increases in the frequency of defaults or
decreases in recovery rates could produce larger losses than its
base case.
- A longer-than-expected coronavirus crisis that weakens
macroeconomic fundamentals and the mortgage market in Netherlands
beyond Fitch's current base case.
- Insufficient CE ratios to compensate the credit losses and cash
flow stresses associated with the current ratings scenarios, all
else being equal.
Coronavirus Downside Scenario Sensitivity
Due to the coronavirus pandemic, the broader global economy remains
under stress, with surging unemployment and pressure on businesses
stemming from social distancing guidelines. Fitch acknowledges the
uncertainty of the path of coronavirus-related containment measures
and has therefore considered more severe economic scenarios.
As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considers a more severe downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed with a halting recovery from
2Q21. Under this scenario, Fitch's analysis uses a 15% WAFF
increase and a 15% WARR decrease. The scenario indicates a
downgrade of the class A to D notes of no more than three notches
and the class E notes of four notches.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction's closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to transaction closing, Fitch conducted a review of a small
targeted sample of de Volksbank's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.
Overall and together with the assumptions referred, Fitch's
assessment of the asset pool information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Lowland Mortgage Backed Securities 5 B.V: has an ESG Relevance
Score of 4 for Human Rights, Community Relations, Access &
Affordability due to part of the securitised assets having the
benefit of an NHG guarantee (about 36% of portfolio balance), which
has a positive impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===========
R U S S I A
===========
ASIAN-PACIFIC BANK: Fitch Affirms B IDR & Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised PJSC Asian-Pacific Bank's (APB) Outlook
to Stable from Negative, and affirmed the bank's Long-Term Issuer
Default Rating (IDR) at 'B'.
The Outlook revision reflects moderation of asset-quality risks and
stabilisation of profitability metrics following the completion of
APB's balance-sheet clean-up. While the bank's asset quality and
profitability remain vulnerable to the consequences of the
pandemic, it will likely tolerate further credit losses even in a
longer and more severe downturn than currently anticipated.
KEY RATING DRIVERS
The IDRs of APB are driven by its intrinsic creditworthiness, which
is reflected in its Viability Rating (VR) of 'b'. Fitch does not
factor in sovereign support into the ratings, despite APB's near
100% ownership by the Central Bank of Russia (CBR), due to the
bank's limited systemic importance and the CBR's plan to sell the
bank. This is reflected in a '5' Support Rating and a 'No Floor'
Support Rating Floor. In June 2020 the regulator announced that it
suspended the bank's sale until 2021-2022 due to uncertainty
stemming from the pandemic.
Impaired loans (Stage 3 under IFRS 9, including leasing and
purchased or originated credit impaired exposures) stood at 18% of
gross loans at end-1H20, down from 28% at end-2019 and 43% at
end-2018, due to sales and write-offs of legacy corporate and
retail exposures. In 3Q20, the bank sold its last large weakly
provisioned problem exposure, which should result in a 4pp decrease
in its impaired loans ratio and in full coverage of its remaining
impaired loans by total loans loss allowances.
Stage 2 loans increased to 12% of gross loans at end-1H20 from 2%
at end-2019, due mainly to a change in loan classification. About
two thirds of these loans were non-overdue granular retail loans,
which reduces the magnitude of credit risk. APB has restructured
about 10% of its gross loans due to the pandemic. These are mainly
treated as Stage 1 and have demonstrated reasonable performance so
far.
APB's profitability improved in 2019-1H20 and operating profit
equaled 1.8% of regulatory risk-weighted assets (RWAs) in 1H20.
Pre-impairment profitability was a reasonable 4%-5% of average
loans in 2019-1H20, supported by lower funding costs and lower
operational expenses (which still equalled a high 67% of gross
revenues in 1H20). Loan impairment charges were modest at 2% of
average loans in 1H20 (2019: 3%), allowing the bank to report
return on average equity (ROAE) of 12%.
Fitch Core Capital (FCC) stood at 12% of regulatory RWAs at
end-1H20. Regulatory capitalisation was tighter with consolidated
Tier 1 and total capital ratios of 9.2% and 11.6%, respectively, at
end-1H20, only modestly above the regulatory minimums of 8.5% and
10.5% including buffers. Capital adequacy is supported by current
year profits equalling to 1.7% of RWAs, which will be added to the
regulatory CET1 and Tier 1 capital when audited.
APB's funding and liquidity are rating strengths. The bank is
mainly funded by granular retail deposits (59% of liabilities at
end-1H20), while funds from corporate customers add another 29%.
Retail deposits are price-sensitive but have proven to be sticky
through the cycle because the majority is covered by the state
deposit insurance scheme. Its liquidity cushion (cash and cash
equivalents, short-term interbank placements and unpledged
securities) is reasonable and covered 32% of customer accounts at
end-8M20.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Positive rating actions are unlikely in the near term given ongoing
pressures in the broader operating environment. In the longer term,
an upgrade would require a prolonged record of stable asset quality
and stronger performance, while maintaining adequate capital
buffers.
If the CBR changes its plans to sell the bank and reconsiders APB's
role under its ownership, Fitch may factor state support into APB's
ratings, which would be credit-positive. The sale of APB to an
institution rated higher than APB could also result in an upgrade.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The bank's ratings could b downgraded in case of marked
deterioration in asset quality or performance, eroding the bank's
capital.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
PUBLIC BANK: Bank of Russia Provides Update on Administration
-------------------------------------------------------------
The provisional administration to manage Public Bank JSC
(hereinafter, the Bank) appointed by virtue of Bank of Russia Order
No. OD-1175, dated July 24, 2020, following the revocation of its
banking license, in the course of the inspection of the Bank
encountered numerous instances of resistance on the part of S.
Turbin, Chairman of the Bank's Board, constituting non-compliance
with the provisions of Article 189.35 of Federal Law No. 127-FZ "On
Insolvency (Bankruptcy)" concerning the submission of title
establishing documents for the Bank's assets.
The provisional administration has forwarded information on the
illegal actions to respective divisions of the Ministry of Internal
Affairs of the Russian Federation for consideration and procedural
decision-making.
PUBLIC BANK: Bankruptcy Hearing Scheduled for Oct. 30
-----------------------------------------------------
The provisional administration to manage Public Bank (JSC)
(hereinafter, the Bank) appointed by virtue of Bank of Russia Order
No. OD-1175, dated July 24, 2020, following the banking license
revocation, in the course of the inspection of the Bank established
circumstances suggesting that the Bank's former management and
owners performed activities aimed at preferential satisfaction of
certain creditors' claims and syphoning out liquid assets through
the sale of property and precious metal coins as well as through
lending to borrowers incapable to meet their obligations. These
activities resulted in damage to the Bank in the amount of at least
RUR1.2 billion.
According to the assessment by the provisional administration, the
value of the Bank's assets is insufficient to fulfil its
obligations to creditors.
On August 21, 2020, the Bank of Russia applied to the Court of
Arbitration of Moscow to declare the Bank insolvent (bankrupt). The
hearing is scheduled for October 30, 2020.
The Bank of Russia submitted the information on the financial
transactions suspected of being criminal offences that had been
conducted by the Bank's officials to the Prosecutor General's
Office of the Russian Federation and the Investigative Committee of
the Ministry of Internal Affairs of the Russian Federation for
consideration and procedural decision-making.
=========
S P A I N
=========
AYT CAJA MURCIA I: S&P Hikes Rating on Class C Notes to 'BB+'
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on AyT Caja Murcia
Hipotecario I, Fondo de Titulizacion de Activos' class B and C
notes, and AyT Caja Murcia Hipotecario II Fondo de Titulizacion de
Activos' class A, B, and C notes. At the same time, S&P has
affirmed its rating on AyT Caja Murcia I's class A notes.
S&P said, "The rating actions follow our full analysis of the most
recent information that we have received and reflect the
transactions' current structural features. Our review reflects the
application of our relevant criteria.
"Our analysis also considers the transactions' sensitivity to the
potential repercussions of the coronavirus outbreak. In AyT Caja
Murcia I and II, 6.36% and 6.47% of the pools, respectively, have
been granted payment holidays so far under the Spanish legal and
sectorial moratorium schemes. In our analysis, we took into account
what could happen should these payment holidays become arrears in
the future, and the liquidity risk they could present. We also
accounted for the notes' sensitivity to a 12-month increase in
recovery timing from our standard assumption of 42 months.
"The analytical framework in our structured finance sovereign risk
criteria assesses a security's ability to withstand a sovereign
default scenario. These criteria classify the transactions'
sensitivity as low. Therefore, the highest rating that we can
assign to the tranches in these transactions is six notches above
the unsolicited sovereign rating on Spain, or 'AAA (sf)'.
"On May 1, 2020, we revised our mortgage market outlook for Spain
due to the updated macroeconomic expectations. We therefore
increased our base foreclosure frequencies in our analysis at the
'B' to 'AA+' ratings."
After applying S&P's European residential loans criteria to these
transactions, the overall effect is increased weighted-average
foreclosure frequency assumptions due to the increased arrears and
base foreclosure frequencies. This is partially offset by a
decrease in the weighted-average loss severity assumptions, in turn
due to the decreased current loan-to-value ratio but higher market
value declines.
Table 1
Credit Analysis Results
Rating WAFF WALS Credit coverage
AyT Caja Murcia Hipotecario I
AAA 18.75% 3.97% 0.74%
AA 13.18% 2.41% 0.32%
A 10.20% 2.00% 0.20%
BBB 7.83% 2.00% 0.16%
BB 5.37% 2.00% 0.11%
B 3.57% 2.00% 0.07%
AyT Caja Murcia Hipotecario II
AAA 14.52% 7.14% 1.04%
AA 10.13% 5.53% 0.56%
A 7.84% 3.35% 0.26%
BBB 6.02% 2.24% 0.13%
BB 4.15% 2.00% 0.08%
B 2.80% 2.00% 0.06%
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
S&P said, "Arrears have slightly increased in both transactions
since our previous full reviews. In AyT Caja Murcia I, total
arrears stand at 2.0% as of July 2020, up from 0.7% as of April
2018. In AyT Caja Murcia II, total arrears increased to 1.6% from
0.7% over the same period.
"We have also applied our counterparty criteria. In AyT Caja Murcia
I, the swap counterparty is JP Morgan Chase Bank N.A., whose
resolution counterparty rating (RCR) is 'A+'. When we give credit
to the swap, the ratings are capped at the RCR plus one notch, or
'AA-', given that there is no clear replacement commitment and the
moderate collateral assessment. CECABANK S.A., which has a 'BBB+'
issuer credit rating (ICR), is the swap counterparty in AyT Caja
Murcia II. When we give credit to the swap, the ratings are capped
at the ICR, given that there is no clear replacement commitment and
the weak collateral assessment. In our analysis of both
transactions, we have delinked the class A and B notes from our
rating on the swap counterparties, while the class C notes remain
linked."
The available credit enhancement for all classes of notes in both
transactions has increased since the previous reviews due to the
nonamortizing reserve funds. The transactions are currently paying
pro-rata.
Table 2
Available Credit Enhancement
Class Current review (%) Previous review (%)
AyT Caja Murcia Hipotecario I
A 12.49 10.85
B 7.80 6.17
C 4.72 3.08
AyT Caja Murcia Hipotecario II
A 11.36 10.14
B 6.21 5.00
C 3.80 2.59
S&P said, "Following the application of our criteria, we have
determined that our assigned ratings on all classes of notes in
these transactions should be the lower of (i) the rating as capped
by our sovereign risk criteria, (ii) the rating as capped by our
counterparty criteria, or (iii) the rating that the class of notes
can attain under our European residential loans criteria.
"In AyT Caja Murcia I, under our credit and cash flow analysis the
class A notes withstand our stresses up to a rating lower than that
currently assigned. However, we have affirmed our 'AA (sf)' rating
on this class of notes given the very small interest shortfalls in
a minor number of scenarios, which were eventually cured at the
assigned rating scenario.
"The class B and C notes achieve higher ratings than those
currently assigned due to our reassessment of commingling risk,
sized now as a loss of one month of total collections with no
constant prepayment rate (CPR), and increased credit enhancement.
However, we have limited our upgrade to 'A (sf)' and 'BB+ (sf)'
from 'BBB+ (sf)' and 'B- (sf)', respectively, on the back of their
credit enhancement and junior position in the waterfall, the
current deteriorating macroeconomic environment, and the risk that
payment holidays could become arrears in the future.
"We have raised to 'AA (sf)', 'A (sf)', and 'BB+ (sf)' from 'AA-
(sf)', 'BBB (sf)', and 'B- (sf)' our ratings on AyT Caja Murcia
II's class A, B, and C notes. These notes could withstand stresses
at higher ratings under our credit and cash flow analysis due to
our reassessment of commingling risk, sized now as a loss of one
month of total collections with no CPR, and increased credit
enhancement. However, we have limited our upgrade on the back of
their overall credit enhancement and position in the waterfall, the
current deteriorating macroeconomic environment, and the risk that
payment holidays could become arrears in the future."
S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P is using this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, S&P will update its assumptions and
estimates accordingly.
CODERE GROUP: S&P Lowers ICR to 'SD' on Distressed Exchange
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Codere to
'SD' (selective default) from 'CC'.
S&P said, "We are also lowering the issue rating on Codere's EUR500
million and $300 million senior secured notes to 'D' from 'CC',
while affirming the 'CCC-' issue rating on the EUR85 million super
senior secures notes and the preliminary 'CCC+' issue rating on the
proposed EUR165 million notes.
"We will re-evaluate Codere's business and financial prospects
under the new capital structure over the coming weeks, and
anticipate raising our issuer credit rating to the 'CCC' category
subject to the successful transaction completion and finalization
of our analysis.
The downgrade follows the approval of Codere's scheme of
arrangement launched on Aug. 3, 2020. After having received all the
necessary scheme approvals, Codere will now implement the proposed
debt restructuring, which will include:
-- A maturity extension of two years on the rated $300 million
7.625% senior secured notes due 2021 and the EUR500 million 6.750%
senior secured notes due 2021 to Nov. 1, 2023 from Nov. 1, 2021.
-- A change in the interest payable on the notes to include a
cash-pay and an optional payment-in-kind (PIK) component (at the
issuer's election).
-- Issuance of an additional EUR165 million of super senior notes
that will also rank senior to the existing senior secured notes, as
one series together with the EUR85 million super senior notes
issued in July 2020. These notes will be partly used to redeem the
outstanding revolving credit facility.
-- Liquidity covenants: A liquidity covenant will be added, which
will require the company to keep a minimum of EUR40 million cash,
cash equivalents, and undrawn committed financing at the end of
every month.
S&P views the proposed transaction as distressed and therefore
tantamount to a default.
S&P said, "We will review our issuer credit rating on Codere and
the issue ratings on the defaulted notes in the coming weeks,
subject to the successful transaction. We expect the funding of the
EUR165 million super senior notes to conclude by the end of October
2020. Upon completion of the funding and consequent debt
restructuring, we will assess the ratings under the proposed
capital structure. We note that implementation of the scheme
transaction will provide additional liquidity and an extension of
existing term maturities, however it will also increase total debt
outstanding and interest cost in the capital structure."
FONCAIXA FTGENCAT 4: Fitch Affirms CCsf Rating on Series E Debt
---------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on 4 Spanish SME
CDOs, including the upgrade of one tranche and removing four
tranches from Rating Watch Negative (RWN).
RATING ACTIONS
Foncaixa FTGENCAT 4, FTA
Series A(G) ES0338013016; LT A+sf Affirmed; previously at A+sf
Series B ES0338013024; LT A+sf Affirmed; previously at A+sf
Series C ES0338013032; LT BBB+sf Affirmed; previously at BBB+sf
Series D ES0338013040; LT BB-sf Affirmed; previously at BB-sf
Series E ES0338013057; LT CCsf Affirmed; previously at CCsf
Caixa Penedes PYMES 1 TDA, FTA
Class B ES0357326018; LT AAAsf Affirmed; previously at AAAsf
Class C ES0357326026; LT BBBsf Affirmed; previously at BBBsf
FT PYMES Santander 14
Series A ES0305381008; LT A+sf Affirmed; previously at A+sf
Series B ES0305381016; LT B+sf Affirmed; previously at B+sf
Series C ES0305381024; LT CCsf Affirmed; previously at CCsf
FTPYME TDA CAM 4, FTA
Class B ES0339759039; LT A+sf Affirmed; previously at A+sf
Class C ES0339759047; LT BBBsf Upgrade; previously at BB+sf
Class D ES0339759054; LT Csf Affirmed; previously at Csf
TRANSACTION SUMMARY
The transactions are securitisations of Spanish SME loans.
KEY RATING DRIVERS
COVID-19 Additional Stresses
In its analysis of the transactions, Fitch has applied additional
stresses in response to the macroeconomic impact of the coronavirus
outbreak in Spain. To approximate the potential impact to
transaction performance, Fitch has increased the base-case rating
default rate (RDR) by 30% and applied a 20% haircut to commercial
collateral property value in addition to the commercial property
haircut outlined in its "SME Balance Sheet Securitisation Rating
Criteria". Fitch expects a generalised weakening of companies'
ability to keep up with payments once government support measures
are phased out in January 2021, especially in sectors like tourism,
restaurants & lodging, and self-employed workers, which are the
most vulnerable groups in business lockdowns.
Fitch also considered a downside coronavirus scenario for
sensitivity purposes whereby a more severe and prolonged period of
stress is assumed. Under this scenario, Fitch's analysis
accommodates an increase of 50% to the base-case RDR of the
portfolios in conjunction with a 15% decrease to recoveries, as
well as a 20% commercial property haircut. The sensitivity of the
ratings to scenarios more severe than currently expected is
provided in the Rating Sensitivities section below.
The affirmations and Stable Outlooks reflect the resilience of the
ratings to the COVID-19 stress scenarios. The RWN has been removed
as the near-term risk of a downgrade has diminished due to stable
credit enhancement trends as described. The Negative Outlooks
assigned to two of the tranches that have been removed from RWN
reflect the risk of a downgrade over the longer term as described.
Credit Enhancement (CE) Trends
Fitch expects structural CE for all transactions to remain stable,
subject to the evolution of asset performance during the COVID-19
crisis, due to strictly sequential amortisation and a currently
non-amortising reserve fund (RF). Santander14 RF is likely to start
amortising on the next interest payment date (IPD), but protection
of junior notes is robust enough to withstand a decrease in CE. CAM
4 RF is progressively replenishing and providing increasing support
to its class C notes, leading to the upgrade. However, for this
class, its rating is lower than the model-implied rating due to the
record of volatile performance of the RF, which may lead to lower
credit protection of the class C notes in the future.
Catalonia Exposure to Delay Recoveries
Penedes and FTGENCAT 4, with securitised portfolios highly
concentrated on loans backed by residential properties in Catalonia
(18.4% and 88% respectively), are exposed to the adverse effects of
the Catalonian Decree Law 17/2019 that allows some defaulted
borrowers to remain in their homes as tenants for as long as 14
years and paying a low monthly rent. Fitch's rating assessment has
accounted for an increase of 60% in recovery timing on loans
secured by residential property in Catalonia.
Highly Granular Portfolio
Despite the high seasoning of Penedes, CAM4 and FTGENCAT 4 (all
three with remaining portfolio balance below 10% compared with
closing) and the rapid amortisation profile of Santander 14, the
portfolios remain granular and well-diversified by obligor and
industry. The highest concentration is found in Penedes where the
largest single borrower group accounts for 2.8% of the portfolio
balance, whereas the 10-largest borrower groups account for 13.2%.
The largest industry is business services (CAM 4 and Santander 14),
real state (Penedes) and retail (FTGENCAT 4).
Low Take-up on Payment Holidays
Fitch does not expect the pandemic-related emergency support
measures introduced by the Spanish government for vulnerable
borrowers to negatively affect the respective SPVs' liquidity
positions. This is due largely to the low take-up rate on payment
holidays in these transactions of less than 8% as of August 2020
with the exception of FTGENCAT 4 where loans in moratorium
accounted for 11%. In addition, principal collections can be used
to pay interest due amounts on the notes in all transactions due to
combined interest and principal payment priority.
Payment Interruption Risk (PiR) Caps Rating
Emergency support measures introduced in Spain include payment
moratoriums for SMEs and micro companies for three months. This
measure could lead to a reduction of collections during the months
the COVID-19 measures are in place. However, Fitch views the
exposure to PiR as mitigated for Penedes, and up to 'A+sf' for
FTGENCAT 4, CAM4 and Santander 14. This is because RFs provide
enough coverage against PiR, collections are swept at least every
two days, and servicer and collection account bank roles are
performed by regulated financial institutions in a developed
market.
Counterparty Risk Cap
Santander class A notes' rating is capped at 'A+sf' as per Fitch's
Structured Finance and Covered Bonds Counterparty Rating Criteria,
due to the account bank replacement trigger being set at 'BBB' or
'F2'.
FTGENCAT 4 features a swap providing material support to the
transaction, as the swap counterparty (Caixabank,
BBB+/Negative/F2/A-dcr) pays interests on a notional equal to the
aggregate balance of the class A to D notes (which equates to the
performing and delinquent loans balance plus the amount of
defaulted loans not provisioned for), while only receiving interest
actually collected on the portfolio. As Fitch believes a swap with
these unique features would not be replaceable, the agency has
given limited credit to the derivative in scenarios above
Caixabank's Derivative Counterparty Rating and considered in its
cash flow analysis a swap with market standard conditions in rating
scenarios above 'A-sf'. As a result, unlike the class A(G) and B
notes, the class C notes cannot currently withstand stresses above
'A-sf'. The Outlook change on the class C notes to Stable reflects
the rating's higher resilience to COVID-19 stresses than Fitch had
anticipated when Fitch placed them on Negative Outlook.
Interest Rate Exposure
Santander 14 is exposed to rising interest-rate scenarios as the
portfolio contains 29.5% of receivables paying fixed interest rates
while the notes pay a floating coupon and no hedging mechanisms are
provided by the structure. Fitch has accounted for this risk and
found sufficient CE to mitigate it.
FTPYME TDA CAM 4, FTA has an ESG Relevance Score of 5 for
"Transaction and Collateral Structure" due to the ratings being
capped at 'A+sf' as a result of PiR not being sufficiently
mitigated. This is because the RF is well below target (so risk of
liquidity shortfall in case of servicer default), which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
RATING SENSITIVITIES
The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:
- Resilience of liquidity sources to coronavirus-associated
stresses such as payment moratoriums and new loan defaults, all
else being equal. This is in connection with the notes affected by
liquidity and PiR.
- Increases in CE ratios as the transactions deleverage to fully
compensate the credit losses and cash flow stresses that are
commensurate with higher rating scenarios, all else being equal.
This is in connection with the notes affected by a weaker asset
performance outlook due to the coronavirus crisis.
The main factors that could, individually or collectively, lead to
negative rating action/downgrade are:
- Weakening of liquidity positions due to large take-ups of loan
payment moratoriums and new defaults as a consequence of the
coronavirus crisis. This is in relation to the notes affected by
liquidity and PiR.
- A longer-than-expected coronavirus crisis that erodes
macroeconomic fundamentals and the lending market in Spain beyond
Fitch's current base case. CE ratios cannot fully compensate the
credit losses and cash flow stresses associated with the current
rating scenarios, all else being equal. This is in connection with
the notes affected by a weaker asset performance outlook due to the
coronavirus crisis.
- A downgrade of Spain's Long-Term Issuer Default Ratings (IDR)
that could lower the maximum achievable rating for Spanish
structured finance transactions. This is in connection with the
senior note rated at 'AAAsf', which is the maximum achievable
rating in the country at six notches above the sovereign IDR, in
line with Fitch's Structured Finance and Covered Bonds Country Risk
Rating Criteria.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
For CAM 4, FTGENCAT 4 and Penedes Fitch did not undertake a review
of the information provided about the underlying asset pools ahead
of the transactions' initial closing. The subsequent performance of
the transactions over the years is consistent with the agency's
expectations given the operating environment and Fitch is therefore
satisfied that the asset pool information relied upon for its
initial rating analysis was adequately reliable
For Santander 14 prior to the transaction closing, Fitch reviewed
the results of a third-party assessment conducted on the asset
portfolio information and concluded that there were no findings
that affected the rating analysis.
Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
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
FTPYME TDA CAM 4, FTA: Transaction & Collateral Structure: 5
The RF is well below target (so risk of liquidity shortfall in case
of servicer default), which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=====================
S W I T Z E R L A N D
=====================
TRANSOCEAN LTD: S&P Lowers ICR to 'CC' on Announced Tender Offers
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Switzerland-based offshore drilling contractor Transocean Ltd. to
'CC' from 'CCC-'. At the same time, S&P lowered all of its
issue-level ratings on the notes involved in the tender offers to
'CC'.
The negative outlook reflects that S&P expects to lower its issuer
credit rating on Transocean to 'SD' (selective default) upon the
completion of the transactions.
Transocean Ltd. announced cash tender offers for the following debt
securities:
-- 6.5% senior notes due 2020--for $970 per $1,000 of principal,
including a $30 early tender premium;
-- 6.375% senior notes due 2021--for a price of $700, including a
$30 early tender premium;
-- 3.8% senior notes due 2022--for a price of $550, including a
$30 early tender premium;
-- 5.375% senior secured notes due 2023--for a price of $650,
including a $30 early tender premium; and
-- 7.25% senior notes due 2025--for a price of $430, including a
$30 early tender premium.
The tender is being made for any and all of the 6.5% senior notes
due 2020 ($191 million currently outstanding) and up to an
aggregate purchase price of $200 million for the remaining
securities. The early tender period ends as of 5:00 p.m. EST on
Oct. 26, 2020, and the tender offer expires at 11:59 p.m. EST on
Nov. 9, 2020.
If consummated as proposed, S&P would view the repurchases as
distressed debt exchanges because they offer the debtholders less
than they were original promised under the securities and the
company has an unsustainable capital structure, a high debt burden,
and is facing weak industry fundamentals.
S&P has lowered its issue-level ratings on the following debt
securities:
-- 6.5% senior unsecured notes due 2020 to 'CC' from 'CCC-';
-- 6.375% senior unsecured notes due 2021 to 'CC' from 'CCC-';
-- 3.8% senior unsecured notes due 2022 to 'CC' from 'CCC-';
-- 5.375% senior secured notes due 2023 to 'CC' from 'CCC+'; and
-- 7.25% senior unsecured notes (with subsidiary guarantees) due
2025 to 'CC' from 'CCC'.
S&P said, "The negative outlook reflects that we expect to lower
our issuer credit rating on Transocean to 'SD' upon the completion
of the tenders because we consider them to be distressed exchanges.
We will also likely lower our issue-level ratings on the notes
tendered to 'D' at that time.
"Although unlikely, we could raise our rating on Transocean if we
no longer expect it to complete the distressed debt exchanges."
===========================
U N I T E D K I N G D O M
===========================
CINEWORLD: May Run Out of Cash by YearEnd Amid Pandemic
-------------------------------------------------------
Oliver Gill at The Telegraph reports that Cineworld risk running
out of cash by the end of the year after a second wave of the
coronavirus pandemic scuppered any chance of a swift recovery.
According to The Telegraph, analysts said that global number two
Cineworld could be weeks from collapse. They added the
London-listed -- which has shut all its 663 cinemas in the UK and
US, with 45,000 jobs at risk -- will need to raise US$500 million
(GBP380 million) from lenders to get through to next spring, The
Telegraph notes.
Cineworld has opened talks with creditors to access fresh funding
as the crisis wreaks havoc across the cinema industry, The
Telegraph relates.
Cineworld has hired consultant PJT Partners to help with
negotiations as it seeks a lifeline, The Telegraph discloses.
Lenders appointed Houlihan Lokey and FTI Consulting ahead of what
were expected to be tough talks over the future of the heavily
indebted company, according to The Telegraph.
Bank of America, an adviser to Cineworld on its aborted GBP1.6
billion acquisition of Canadian rival Cineplex earlier this year,
said the roughly US$400 million the company had in the bank in June
would not be enough to get it to Christmas, The Telegraph relays.
Analysts at the US investment bank estimated that Cineworld would
burn through about US$420 million in the second half of 2020,
assuming its sites remain closed until the end of the year, The
Telegraph notes.
According to The Telegraph, they said: "This suggests the group
could run out of cash in November or December."
Bank of America, as cited by The Telegraph, said tapping investors
for cash through a rights issue is unlikely, suggesting a deal with
lenders is a more probable outcome.
Cineworld previously warned it would need to raise US$200 million
to US$300 million from investors, The Telegraph recounts. But that
was before MGM decided to again delay the new James Bond film No
Time To Die from November until April next year, killing one of the
few opportunities left in the 2020 calendar to bring in cash, The
Telegraph notes.
The company, The Telegraph says, is hoping to renegotiate terms on
its corporate overdraft -- called a revolving cash flow facility
(RCF) -- and access additional support from taxpayers.
Kiranjot Grewal, a research analyst at Bank of America, estimated
that about US$500 million of new funds will be needed to get
through the first six months of 2021 if no RCF extension is
granted, The Telegraph relates. According to The Telegraph, he
said this will be closer to US$700 million if the company starts
paying full rents again next year.
The warning came as it emerged that a US hedge fund could play a
major role in Cineworld's fight for survival, The Telegraph notes.
Centerbridge Partners provided the bulk of a US$250 million secured
loan to Cineworld in June to enable the operator to weather the
fallout from the first wave of coronavirus, The Telegraph relays,
citing Bloomberg.
According to The Telegraph, the prospect of a US-headquartered
Centerbridge, a distressed debt specialist, featuring in some of
Cineworld's top ranking debt will further fuel City speculation
that a debt-for-equity swap is on the cards.
ELSTREE FUNDING 1: Moody's Assigns (P)B2 Rating on Cl. F Notes
--------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to Notes to
be issued by Elstree Funding No.1 PLC:
GBP[]M Class A Mortgage Backed Floating Rate Notes due December
2053, Assigned (P)Aaa (sf)
GBP[]M Class B Mortgage Backed Floating Rate Notes due December
2053, Assigned (P)Aa2 (sf)
GBP[]M Class C Mortgage Backed Floating Rate Notes due December
2053, Assigned (P)A3 (sf)
GBP[]M Class D Mortgage Backed Floating Rate Notes due December
2053, Assigned (P)Baa3 (sf)
GBP[]M Class E Mortgage Backed Floating Rate Notes due December
2053, Assigned (P)Ba2 (sf)
GBP[]M Class F Mortgage Backed Floating Rate Notes due December
2053, Assigned (P)B2 (sf)
Moody's has not assigned ratings to the GBP []M Class Z Mortgage
Backed Notes due December 2053, the GBP []M Class X Floating Rate
Notes due December 2053 and the Residual Certificates.
The portfolio backing this transaction consists of first lien and
second lien UK non-conforming residential loans originated by West
One Secured Loans Limited ("West One", NR) and West One Loan
Limited ("WOLL", NR). West One is the Seller and Servicer under the
Transaction.
RATINGS RATIONALE
The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement (CE) and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of 6.5% and the MILAN CE of 23.0% serve as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution.
The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
consumer assets from the current weak UK economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. 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.
MILAN CE for this pool is 23.0% and the expected loss is 6.5%.
The portfolio expected loss of 6.5%: this is higher than other
recent UK non-conforming securitisations and is based on Moody's
assessment of the lifetime loss expectation taking into account:
(i) 67.7% of the pool consists of second lien mortgages; (ii) 44.2%
of the loans in the pool are secured by non-owner occupied
properties; (iii) 42.4% of the loans are interest-only mortgages;
(iv) the current macroeconomic environment and in particular the
fact that as at August 31, 2020 3.4% of the pool for the second
charge loans and 1.9% for first charge buy-to-let loans has
suspended its payment according to coronavirus-related payment
holidays; and (v) benchmarking with similar transactions in the UK
non-conforming sector.
The MILAN CE for this pool is 23.0%: this is higher than other
recent UK non-conforming transactions and follows Moody's
assessment of the loan-by-loan information taking into account the
historical performance and the following key drivers: (i) the
relatively low weighted-average current LTV of 66.9%; (ii) the
presence of 51.7% loans where the borrower is self-employed; (iii)
borrowers with bad credit history with 5.0% of the pool containing
borrowers with CCJ's; (iv) the low weighted-average seasoning of
the pool of 1.1 year; and (v) benchmarking with similar
transactions in the UK non-conforming sector.
At closing, the mortgage pool balance consists of up to GBP 267.8
million of loans. At closing, an amortising general reserve fund
will be equal to 2.0% of the aggregate principal amount outstanding
of the Notes (excluding the Class X Notes). The general reserve
fund will amortise up to a floor of 1.0% of the closing balance of
the Notes (excluding Class X Notes). The general reserve fund will
be replenished after the PDL cure of the Class F Notes and can be
used to pay senior fees and costs and interest on the Class A to F
Notes and clear Class A to F PDL.
The liquidity reserve fund is zero at closing and at any other time
equal to 1.0% of the outstanding Class A Notes and is initially
funded from available redemption receipts on each interest payment
date. The liquidity reserve fund will be available to cover senior
fees and costs, and Class A interest. After the liquidity reserve
fund reaches its target, it will no longer be replenished from
principal but from the interest collections, if it is utilised
thereafter.
Operational Risk Analysis: West One (not rated) will act as
servicer and the entity is not rated by Moody's. In order to
mitigate the operational risk, the transaction has a back-up
servicer, Link Mortgage Services Limited (not rated). Citibank,
N.A., London Branch (Aa3/P-1; Aa3(cr)/P-1(cr)) will be acting as
cash manager and will ensure payment continuity over the
transaction's lifetime. The transaction documents incorporate
estimation language whereby the cash manager can use the most
recent servicer reports to determine the cash allocation in case no
servicer report is available. At closing, Class A Notes benefit
from approximately 9 months of liquidity.
Interest Rate Risk Analysis: At closing, 71.7% of the pool consists
of fixed rate loans and they will all revert to either SVR or
Libor. The fixed-floating mismatch between the fixed rate loans and
the variable Notes is mitigated by a balance guaranteed
fixed-floating swap provided by NatWest Markets Plc (Baa2/P-2;
A3(cr)/P-2(cr)).
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in May
2020.
The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.
Factors that may lead to a downgrade of the Notes include,
significantly higher losses compared to its expectations at
closing, due to either, performance factors related to the
originator and servicer, or a significant, unexpected deterioration
of the housing market and the economy, including the negative
effects of a prolonged coronavirus outbreak.
ELSTREE FUNDING 1: S&P Assigns Prelim 'BB+' Rating on F Notes
-------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Elstree Funding No. 1 PLC's class A to F notes.
S&P's ratings address timely receipt of interest and ultimate
repayment of principal on all rated classes of notes.
Elstree Funding No. 1 is a static RMBS transaction that securitizes
a portfolio of GBP267.8 million of U.K. mortgage loans. The pool
comprises GBP181.1 million of second-lien (including GBP31 million
of second-lien buy-to-let mortgage loans) and GBP86.6 million of
first-charge buy-to-let mortgage loans originated by West One
Secured Loans Ltd. and West One Loan Ltd. (West One), wholly-owned
subsidiaries of Enra Specialist Finance Ltd. (Enra).
Most of the second-lien pool is considered to be prime, with 79.0%
originated under Enra's prime product range and 3.8% categorized as
"near prime" and the remainder are buy-to-let. These are
categorized by lower credit scores and potentially adverse credit
markers such as county court judgments (CCJs). Of the first-charge
buy-to-let pool, 68% has an excellent or a good score under
Equifax's scoring methodology.
Of the pool, as at Aug. 31, 3.4% and 1.9% of the mortgage loans had
active payment holidays in place due to COVID-19 in the second-lien
and buy-to-let portfolios respectively.
The transaction benefits from liquidity provided by a liquidity
reserve fund, and principal can be used to pay senior fees and
interest on the rated notes subject to various conditions.
Credit enhancement for the rated notes will consist of
subordination and a general reserve fund.
The transaction incorporates a balance-guaranteed swap to hedge the
mismatch between the notes, which pay a coupon based on the
compounded daily Sterling Overnight Index Average (SONIA), and the
portion of loans, which pay fixed-rate interest before reversion.
At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer grants security over all of its assets in favor of the
security trustee.
There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.
S&P said, "Our credit and cash flow analysis and related
assumptions consider the transaction's ability to withstand the
potential repercussions of the COVID-19 outbreak, namely, higher
defaults, longer recovery timing, and additional liquidity
stresses. Considering these factors, we believe that the available
credit enhancement is commensurate with the assigned preliminary
ratings. As the situation evolves, we will update our assumptions
and estimates accordingly."
Preliminary Ratings
Class Prelim. rating Class size (%)
A AAA (sf) 76.75
B AA (sf) 8.00
C A (sf) 4.50
D A- (sf) 2.50
E BBB (sf) 1.50
F BB+ (sf) 1.75
Z NR 5.00
X NR 4.00
NR--Not rated.
ELVET MORTGAGES 2019-1: Fitch Affirms B-sf Rating on Cl. F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Elvet Mortgages 2019-1 plc and removed
the class E and F notes from Rating Watch Negative (RWN).
RATING ACTIONS
Elvet Mortgages 2019-1 plc
Class A XS2080552321; LT AAAsf Affirmed; previously at AAAsf
Class B XS2080552594; LT AAAsf Affirmed; previously at AAAsf
Class C XS2080552677; LT A+sf Affirmed; previously at A+sf
Class D XS2080552750; LT A-sf Affirmed; previously at A-sf
Class E XS2080552834; LT BBB-sf Affirmed; previously at BBB-sf
Class F XS2080552917; LT B-sf Affirmed; previously at B-sf
TRANSACTION SUMMARY
The transaction is Atom Bank plc's second securitisation since
starting its mortgage lending business in 2016. The portfolio is
composed of prime origination mortgage loans, excluding any
interest-only (IO) loans and without significant elements of
adverse credit.
KEY RATING DRIVERS
Off RWN
Fitch has removed the class E and F notes from RWN, where they were
placed in April in response to the coronavirus outbreak. The
transaction has now been analysed under its coronavirus assumptions
(see EMEA RMBS: Criteria Assumptions Updated due to Impact of the
Coronavirus Pandemic) and Fitch considered the ratings sufficiently
robust to be affirmed.
Coronavirus-related Assumptions
Fitch expects a generalised weakening in borrowers' ability to keep
up with mortgage payments due to the economic impact of the
coronavirus pandemic and the related containment measures. As a
result, Fitch applied coronavirus assumptions to the mortgage
portfolios.
The combined application of revised 'Bsf' representative pool
weighted average foreclosure frequency (WAFF), revised rating
multiples and arrears adjustment for prime pool, resulted in a
multiple to the current FF assumptions ranging from 1.1x at 'Bsf'
and of about 1.0x at 'AAAsf'. The coronavirus assumptions are more
modest for higher rating levels as the corresponding rating
assumptions are already meant to withstand more severe shocks.
Fitch also applied a payment holiday stress for the first six
months of projected collections, assuming 5% of interest
collections will be lost, and related principal receipts will be
delayed. This reflects the current payment holiday data provided by
the servicer plus a small margin of safety. The payment holiday
percentage as of July 2020 was 3.3%.
Negative Outlook on Two Tranches
Fitch has assigned the class E and F notes Negative Outlooks. Fitch
considers these classes vulnerable to prolonged payment holidays or
subsequent collateral underperformance given their limited
protection without access to dedicated liquidity and limited margin
of safety at their current ratings. In assigning the Outlooks,
Fitch considered the impact of its downside sensitivity, a 15%
increase in FF and a 15% decrease in recovery rate (RR).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the RR of
15%. The ratings for the subordinated notes could be upgraded by up
to four notches.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The broader global economy remains under stress due to the
coronavirus pandemic, with surging unemployment and pressure on
businesses stemming from social-distancing guidelines. Recent
government measures related to the coronavirus pandemic initially
introduced a suspension on tenant evictions for three months and
mortgage payment holidays, also for up to three months. Fitch
acknowledges the uncertainty of the path of coronavirus-related
containment measures and has therefore considered more severe
economic scenarios.
As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considers a more severe downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed with a halting recovery from
2Q21. Under this scenario, Fitch assumed a 15% increase in WAFF and
a 15% decrease in WARR. The results indicate downgrades of up to
seven notches.
The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated to increasing levels of delinquencies and
defaults that could reduce CE available to the notes.
Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain note ratings
susceptible to potential negative rating actions depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications on all classes
of issued notes.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
GLOBAL SHIP: Moody's Alters Outlook on B3 CFR to Positive
---------------------------------------------------------
Moody's Investors Service changed the outlook for Global Ship
Lease, Inc. (GSL, the company) to positive from stable.
Concurrently, Moody's has affirmed the B3 corporate family rating
(CFR), B3-PD probability of default rating (PDR) and B3 instrument
rating for the first priority senior secured notes due 2022.
RATINGS RATIONALE
The outlook change reflects the resilient performance of both the
company and its end markets through 2020 and Moody's expectation
that Moody's-adjusted debt/EBITDA will start trending below the
threshold required for a higher rating. While the company's
performance should be supportive of refinancing efforts, these
positive developments are partly balanced by the sizeable debt
maturities in 2022, notably the first priority secured notes in
November of that year.
GSL leases out container ships to liner companies typically on
longer-term contracts and as a result has significant contract
cover with 2020 EBITDA largely contracted, and 81% of 2021. While
some contracts include option periods this nevertheless provides
for meaningful forward visibility and Moody's expects the company's
Moody's-adjusted debt/EBITDA to start reducing below 5.0x. The
container market has been more resilient in 2020, particularly
compared with past economic downturns, and current freight and
charter rates are on a positive trajectory with supportive
underlying industry fundamentals including on the supply side.
While this may change in a relatively volatile industry, it
nevertheless also supports the positive outlook because of GSL's
need to recharter part of its fleet in 2021 that is partly on high
rates relative to market prices.
While Moody's expects the company to continue to generate solid
free cash flow, also supported by its cash balances, GSL faces
substantial quarterly and annual debt repayments as well as the
gradually approaching maturity of its largest debt instrument, the
first priority senior secured notes due in November 2022. Although
the company's performance in 2020 should support any refinancing
efforts, the maturity profile of the debt partially balances the
positive pressure on the ratings. Also, Moody's would expect the
company to return its focus on growth through vessel acquisitions
or M&A after the maturity profile has been addressed. For an
upgrade Moody's would expect leverage to remain sustainably below
5.0x and progress on its refinancing efforts.
In addition to the considerations mentioned, the ratings continue
to reflect (1) its modern and diverse fleet of medium-sized and
smaller container ships that benefit from good market demand and
lesser supply than bigger vessels; (2) the consistent historical
positive free cash flow generation, which is expected to continue;
and (3) its strong asset base of a wholly owned fleet with some
above-market charters. The ratings also continue to take into
account (1) GSL's scale, niche focus and degree of historically
driven customer concentration; (2) the market risk associated with
rechartering vessels, particularly related to GSL's above-market
charter contracts; and (3) continued material leverage and high
ongoing annual debt repayments.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Further positive pressure could result if leverage is sustained
below 5.0x, rechartering risks remain manageable and the company
progresses on its refinancing efforts. Conversely, negative
pressure on the ratings or the outlook could develop if the
company's (funds from operations + interest)/interest is sustained
below 1.5x and debt/EBITDA ratio significantly exceeds 6.0x for a
prolonged period. Downward pressure on the ratings could also
result if GSL experiences strained liquidity and difficulties in
terms of the rechartering of vessels when contracts expire.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Shipping
Industry published in December 2017.
Global Ship Lease, Inc. is a Republic of the Marshall Islands
corporation, with administrative offices in London. GSL owns a
fleet of 43 container vessels with a combined capacity of 245,280
twenty-foot equivalent units (TEU) and a TEU-weighted average age
of 13.2 years.
GSL has been publicly traded on the New York Stock Exchange since
August 15, 2008. Its largest shareholders include Kelso, a US
private equity firm, with 42.5% and CMA CGM S.A., a top five global
container liner. GSL generated revenue of $275.8 million and EBITDA
of $161.7 million for the LTM period to June 2020.
HEALTHCARE SUPPORT: S&P Cuts Sr. Debt Rating to BB+, On Watch Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its issue rating on the senior debt
issued by Healthcare Support (Newcastle) Finance PLC to 'BB' from
'BB+' and placed it on CreditWatch with negative implications.
U.K.-based limited-purpose entity Healthcare Support (Newcastle)
Finance PLC issued debt and onlent the funds to ProjectCo.
ProjectCo, in turn, used the proceeds to finance the design and
construction of two new regional hospitals serving patients from
Newcastle and across Northern England: the Freeman Hospital
(Freeman) and the Royal Victoria Infirmary (RVI).
Since the construction was contractually completed in August 2016,
ProjectCo has been responsible for the hard facilities maintenance
(FM) and life cycle works on the new facilities, under a 38-year
availability-based private finance initiative (PFI) project
agreement with the Trust through to September 2043.
ProjectCo subcontracts the hard FM services and certain nonclinical
services to IFM. ProjectCo retains life cycle risk, which is
mitigated through the requirement to fund a three-year
forward-looking major maintenance reserve account (MRA). Soft FM
services, together with clinical services, are conducted by the
Trust.
STRENGTHS
Availability-based revenue stream, which supports cash flow
stability.
Improvement in underlying performance of IFM over the past 12
months, including during the COVID-19 pandemic, with low underlying
performance deductions and SFPs below the contractual thresholds.
RISKS
The trust has cited a high number of SFPs monthly and has declared
substantial monetary deductions because rectification of
construction defects has been delayed. The ProjectCo continues to
dispute these metrics. Although it is negotiating a settlement
agreement with the Trust to address the issues and agree a revised
program of works, the timeline for signing it remains uncertain.
Two warning notices were issued by the Trust this year and are
disputed by the ProjectCo. If it is concluded that the disputed
levels are valid, further increase in SFPs could breach the
contractual thresholds and would allow the Trust to unilaterally
terminate the project agreements.
There are two events of default outstanding. The first related to a
breach of the contractual threshold for SFPs during 2017-2018 and
the second related to the entering into administration of
Interserve PLC, parent company and guarantor of IFM, in March
2019.
Remediation of construction defects has run behind schedule and has
breached the agreed long-stop date. Under the settlement agreement
signed in August 2016 between the ProjectCo, the Trust, LOR, and
IFM, LOR was due to rectify all identified construction defects by
February 2020. Works on the chilled water pipework and new lobby
entrance door were done by the due date, but the remaining
fire-stopping works have been running behind schedule. They had not
been completed by February 2020. S&P understands that the works
required to resolve the fire-related defects are complex and
require access to the clinical areas, which are currently in use.
Furthermore, the parties disagree about the certification process
for the completed works, which adds an additional level of
complexity to the resolution process.
Given the high occupancy of the hospital, restricted access during
the pandemic, and the highly technical nature of the works,
progress since March 2020 on the works has been slow. The
fire-related works resumed in May 2020 and are now expected to be
completed by April 2022. ProjectCo has requested an extension based
on the difficulty of access. Together with the Trust, it is
engaging a new fire works consultant to help expedite the
certification process. Both the new completion timeline and the new
certification process will form part of the proposed settlement
agreement.
The technical advisor prepared a summary of works, which indicates
that about a third of the required rectification fire works for the
buildings had been completed and signed off by the independent
certifier, as of May 2020. Although much of the works seems to have
been completed, certification of these is still outstanding.
The breach of the long-stop date to remedy the construction defects
has triggered substantial SFPs and increased the risk that the
Trust will terminate the contract. Following the delay in the
rectification works, the Trust reinstated the declaration of the
related SFPs, which, if applied, would be in excess of contractual
trigger events and event of default thresholds. Total deductions
cited by Trust for July 2018-May 2020 amounted to around GBP23.5
million. However, the Trust only applied about GBP4.9 million of
these; the remainder were reflected in the reservation of rights
letter from the Trust to the ProjectCo. ProjectCo passed down all
of the applied deductions to IFM and LOR.
Although GBP18.6 million of the GBP23.5 million deductions have not
yet been applied by the Trust and are disputed by the ProjectCo, we
view the Trust's actions as an indication of the weakening
relationship between the parties. There is an increased risk of
subsequent adverse actions by the Trust, including potential
contract termination.
Since the end of 2019, the parties have been negotiating a
settlement agreement that will address the ongoing disputes and
document the revised works completion timeline. The timing of
this remains uncertain and there have been multiple delays over the
past year as the parties continued to discuss the terms. There is
also a risk that an increase in COVID-19 patients could pull
attention away from the negotiation process in the upcoming
months.
Certain events of default are still outstanding. During 2017 and
2018, the level of SFPs awarded to IFM by the Trust exceeded the
contractual threshold, causing an event of default under the
financing documents. ProjectCo, with the help of IFM and approval
from the majority creditors, developed and implemented a
remediation plan, which contributed to the recent gradual
improvement in IFM's performance. The implementation of the cure
proposal is now completed and ProjectCo expects majority creditors
to deem this event of default remedied.
When Interserve PLC entered into administration in March 2019, it
triggered another event of default under the financing documents.
The project is in the process of getting the parent company
guarantee replaced by one from the newly created parent company of
the FM contractor. Once replaced, the majority creditors will cure
the event of default. On the positive side, IFM did not have to be
replaced as the contractor, and although the Trust has previously
complained about its performance, it is now satisfied with IFM's
efforts in the past few months and the increased resourcing on
site.
Although the events of default described above were not formally
waived or remedied by the majority creditors, S&P understands that
the lenders are aware of them and have not yet requested
accelerated debt repayment.
S&P said, "The CreditWatch placement indicates that we could lower
the ratings by one or more notches if we see evidence of
deterioration in the project's relationship with the Trust, such as
an increase in the application of unitary charge deductions or the
issuance of further warning notices. We could also lower the rating
if we see no progress on resolving the construction defects, or if
we believe that the project's cash flows are materially affected by
the associated cost, in a scenario in which LOR was to be replaced.
In addition, we could lower our rating if there were no material
progress toward resolving the outstanding events of default.
"We could also lower the rating if the minimum annual debt-service
coverage ratio (ADSCR) under our base case decreases toward 1.10x,
because, for example, ProjectCo becomes exposed to service
performance or settlement agreement costs and does not have
sufficient liquidity to cover these costs."
HYPERION INSURANCE: Moody's Affirms B2 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
of Hyperion Insurance Group Limited (HIG) and the probability of
default rating at B2-PD. Concurrently, Moody's has affirmed the B2
ratings on the guaranteed senior secured term loans issued by
Hyperion Refinance S.a.r.l. (Hyperion Refinance) and HIG Finance 2
Limited. Moody's has also assigned B2 ratings to the new GBP475
million equivalent (raised in USD) guaranteed senior secured term
loan facility being issued by Hyperion Refinance, and the GBP125
million guaranteed senior secured revolving credit facility being
extended to September 2024 by HIG. The outlooks on all issuers are
stable.
The action follows HIG's announcement on September 23, 2020 of the
proposed acquisition of A-Plan Group (APG), a UK based insurance
broker. HIG expects to fund the acquisition with a combination of
debt and new equity. The transaction remains subject to regulatory
approval.
RATINGS RATIONALE
The rating affirmation reflects Moody's view that the acquisition
of APG will improve HIG's business profile through increased scale
and greater business diversification. The combined group will have
a leading position in the UK, and will continue to grow its
international presence both organically and through further
acquisitions. Moody's views APG's product offerings and
distribution capabilities as complementary to HIG's existing
business, a credit positive.
As part of the transaction, HgCapital, APG's previous private
equity owner, will make an initial GBP400 million equity investment
in HIG, followed by an additional GBP100 million, and will become a
long-term investor alongside HIG's existing shareholders. HgCapital
is committed to further investing in HIG, a credit positive. The
group's liquidity position will also improve, supported by GBP377
million (pro-forma as at end of August) of unrestricted and locked
account cash and full availability under the GBP125 million
revolving credit facility.
Notwithstanding these benefits, Moody's estimates that the proposed
transaction will increase HIG's pro forma debt-to-EBITDA ratio to
approximately 7x, which is high for the company's rating category.
Moody's expects the group to reduce its leverage in the next 12-18
months to not more than 6.5x. These metrics incorporate Moody's
adjustments for operating leases, deferred considerations, certain
non-recurring costs, run-rate earnings from acquisitions, and
benefits of HIG's locked cash account. The locked account can only
be accessed to fund future acquisitions, fund new hires, purchase
minority interests, pay deferred consideration obligations or repay
credit facilities.
Moody's expects that HIG's revenue and EBITDA will continue to
increase, albeit at a slower pace compared to recent years, and
will facilitate deleveraging. However, a material deterioration in
the group's profitability or a failure to reduce financial leverage
could result in negative rating action.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade of HIG's ratings include: (i)
EBITDA coverage of interest consistently exceeding 3.0x; (ii)
free-cash-flow-to-debt ratio consistently exceeding 6%; and (iii)
debt-to-EBITDA ratio consistently below 5.5x.
Factors that could lead to a rating downgrade include: (i) EBITDA
coverage of interest consistently below 1.5x; (ii)
free-cash-flow-to-debt ratio remaining below 3% for the foreseeable
future; and/or (iii) debt-to-EBITDA ratio remaining consistently
above 6.5x.
OUTLOOK AND FACILITY RATINGS
The rating outlook is stable and reflects Moody's expectation that,
notwithstanding the material increase in borrowings, HIG will
gradually reduce its financial leverage through EBITDA growth and
further payments of outstanding deferred consideration obligations
related to recent acquisitions.
LIST OF AFFECTED RATINGS
Issuer: Hyperion Insurance Group Limited
Affirmations:
Long-term Corporate Family Rating, affirmed B2
Probability of Default Rating, affirmed B2-PD
GBP125 million Backed Senior Secured Revolving Credit Facility,
affirmed B2 (rating to be withdrawn at closing)
Outlook Action:
Outlook remains Stable
Assignment:
GBP125 million Backed Senior Secured Revolving Credit Facility,
assigned B2
Hyperion Refinance S.a.r.l.
Affirmation:
$1,200 million Backed Senior Secured Term Loan Facility, affirmed
B2
Outlook Action:
Outlook remains Stable
Assignment:
GBP475 million equivalent Backed Senior Secured Term Loan Facility,
assigned B2
HIG Finance 2 Limited
Affirmation:
EUR250 million Backed Senior Secured Term Loan Facility, affirmed
B2
Outlook Action:
Outlook remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.
HYPERION INSURANCE: S&P Affirms 'B' ICR on Announced APG Deal
-------------------------------------------------------------
S&P Global Ratings affirming its 'B' issuer credit ratings on
U.K.-based Hyperion Insurance Group (Hyperion) and its financing
subsidiaries HIG Finance 2 Ltd. and Hyperion Refinance S.a.r.l.,
and its 'B' issue rating on the group's term loans and revolving
credit facility. The recovery rating is unchanged at '3',
reflecting meaningful recovery prospects (50%-70%).
The stable outlook indicates that Hyperion is likely to record
organic revenue growth of about 3%-6% and robust free operating
cash flow (FOCF) generation, while retaining adequate levels of
liquidity over the next two years. The outlook also incorporates
S&P's view that the group will not undertake any material
debt-funded acquisitions, and thus that adjusted leverage will not
materially deviate from its base case.
Hyperion's acquisition of insurance broker APG is not likely to
materially enhance the group's business risk profile. S&P said,
"We expect the acquisition to be broadly credit-neutral over the
two-year rating horizon. That said, it will add to Hyperion's scale
and enhance the company's product offering in home and motor.
Hyperion's stand-alone exposure to motor represents around 2.5% of
revenue for FY2020. APG reported revenue of about GBP169 million in
the 12 months to Feb. 28, 2020, nearly all of it from the U.K. Its
overall profitability for that period is slightly lower than that
of Hyperion, at about 24% before any exceptional items. We view
execution risk as limited, given Hyperion's record of successfully
integrating acquisitions. We expect the group will make further
acquisitions over FY2021 and will build its teams through targeted
hiring, resulting in integration and acquisition-related costs that
weigh on the firm's profitability."
Hyperion's APG acquisition and M&A pipeline will be funded by the
issuance of a U.S. dollar-denominated term loan B (equivalent to
GBP475 million) and an initial GBP400 million equity injection from
new investor Hg. About GBP225 million of the term loan B proceeds
will be used to fund the APG acquisition, with the remainder
earmarked for future bolt-on acquisitions and growth initiatives.
European investor Hg has committed to making a long-term equity
investment in Hyperion and we understand that it could further
invest in the business, with proceeds significantly exceeding
GBP100 million. This will further support the group's rapid growth
strategy.
The transaction will also see the drawn amount on the RCF repaid in
full and its maturity extended to Sept. 20, 2024 from Dec. 20,
2022. This would leave Hyperion with a robust liquidity position
that comprises an undrawn RCF of GBP125 million and a GBP377
million pro forma cash position once the transaction closes. The
GBP377 million cash position includes GBP239 million of
unrestricted cash and GBP137 million of locked-account cash that
can be used for initiatives such as acquisitions, acquiring
minority shareholdings of subsidiaries, lateral hires, and payments
toward deferred considerations.
Hyperion's robust FOCF generation will support its higher interest
burden and its 'B' rating over the next two years. S&P expects
Hyperion to continue to invest more heavily in its business than
its insurance broker peers, as it did during FY2018 and FY2019. It
maintained a high level of capital expenditure (capex) despite
having relatively low intrinsic capex requirements and moderate
working capital needs.
Transaction fees of around GBP27 million associated with the
acquisition and term loan B will cause cash flow from operations to
dip in FY2021. S&P said, "This will be counterbalanced by our
forecast of increasing and positive free cash flows of around GBP48
million in FY2021 and GBP81 million in FY2022, which is a more
conservative estimate than that of the Hyperion management team.
The group's increased cash flow generation should enable Hyperion
to support a higher debt burden. We estimate that its term loan
cash interest will be about GBP73 million in FY2021."
S&P said, "We expect the COVID-19 pandemic to have a limited
financial effect on Hyperion's revenue base in the next two years.
As of June 30, 2020, Hyperion's financial performance remained
resilient. It reported organic revenue growth of about 8% for the
year to date. We consider that Hyperion's wide array of insurance
products and its global operations make it well-insulated against a
potentially sharp deterioration in revenue during the remainder of
FY2020. Despite hardening in the global reinsurance and
property/casualty insurance markets, we anticipate that Hyperion
faces a heightened likelihood that organic growth in FY2021 and
FY2022 will slow to about 5%." The main reason for the slowdown
would be decreased premium volumes in FY2021 and FY2022, as
activity slows in a depressed economy.
The stable outlook indicates that Hyperion is likely to record
organic revenue growth of about 3%-6% and robust FOCF generation,
while retaining adequate levels of liquidity over the next two
years. The outlook also incorporates S&P's view that the group will
not undertake any material fully debt-funded acquisitions, and thus
that adjusted leverage will not materially deviate from its base
case.
S&P could lower the rating if Hyperion:
-- Faced increased competition and a loss of key personnel such
that revenue growth and profitability were materially affected;
-- Recorded negative FOCF, and funds from operations (FFO) cash
interest coverage dropped below 2.0x on a sustained basis; and
-- Undertook further material debt-financed acquisitions or
implemented a more-aggressive financial policy that increases
leverage.
Although unlikely at this point in time, given Hyperion's
leverage, S&P might consider an upgrade if Hyperion:
-- Improved its credit metrics in line with an aggressive
financial risk profile, and changed its financial policy to support
maintaining metrics at those levels; and
-- Sustained adjusted debt to EBITDA below 5x.
PETROPAVLOVSK PLC: Fitch Puts B LT IDR on Rating Watch Negative
---------------------------------------------------------------
Fitch Ratings has placed Petropavlovsk plc's Long-Term Issuer
Default Rating (IDR) of 'B' on Rating Watch Negative (RWN). Fitch
has also placed the guaranteed notes issued by Petropavlovsk 2016
Limited, the group's main financing vehicle subsidiary on RWN. The
notes' Recovery Rating is 'RR4'.
The RWN follows changes in Petropavlovsk's board and management
composition, delays in appointing an auditor and failure to produce
interim financial statements in accordance with requirements under
its USD500 million notes' indenture.
Continued lack of stability in management and board composition for
a protracted period of time would increase the refinancing risk of
the USD500 million notes due November 2022, may undermine the
recent improvement in operational and financial profile and put
pressure on the rating.
Fitch views failure of obtaining a waiver for late publication of
interim financial statements resulting in an event of default as
unlikely. Petropavlovsk has until October 28, 2020 to publish its
semi-annual results to avoid this breach in covenants if a waiver
is not obtained. Fitch will resolve the RWN following a track
record of stability and effectiveness in management, board and
auditor and strengthened internal control environment, supported by
stable operations.
KEY RATING DRIVERS
Management Changes Highlight Uncertainty: Following a difficult
year so far in terms of management and board changes, a new interim
CEO was appointed on August 28. However, the company has
highlighted lack of cooperation from some current and former
employees. Top management reshuffles in 2018 previously led to
operational underperformance. The company has improved its
operational and financial metrics since then and Fitch does not
expect a significant impact on operations this time. However, a
continued lack of stability and effectiveness in management and
board for a protracted period of time could start feeding into the
company's operations, increase refinancing risk of the notes due
November 2022 and as a result put pressure on the rating.
Governance Issues Trigger Consent Solicitation: Petropavlovsk's
failure to publish interim financials within 90 days after June 30,
each year, as required by the USD500 million notes indenture,
forced the company to launch a consent solicitation to obtain a
waiver from noteholders. The company is currently in a grace period
of 30 days before an event of default can be triggered. Results of
the consent solicitation are expected to be announced on October
26. If consent is received, Petropavlovsk would have until December
15 to publish its semi-annual results.
The delay in semi-annual report publication is due to the changes
in the company's board of directors after the annual general
meeting of June 30 which included the removal of independent and
executive directors and concluded with the requisitioned general
meeting of August 10, leading to another major reshuffle.
As a result, there were changes in the key positions of chairman
and interim CEO. Proposed auditor PwC held off accepting an
appointment until there was more clarity and ultimately refused to
be appointed auditor of the company on August 24. MHA MacIntyre
Hudson was appointed on September 21, which meant the deadline of
September 30 for publication was not feasible.
Revised Guidance Neutral: Fitch does not expect a meaningful impact
on credit metrics as a result of the updated guidance, the negative
impact of which is largely neutralised by its higher gold price
assumptions for 2020-2021. The Pioneer 3.6mt flotation plant
project at Pioneer has been postponed until 2Q21 from 4Q20 while
the 1.8mt capacity addition at Malomir remains on track and is
expected for late 2021/early 2022.
Accelerated capital expenditure for the Malomir expansion and POX
upgrade has led us to increase its capex estimate for 2020 to the
middle of the range, which has been revised from USD70
million-USD80 million to USD90 million-USD100 million.
POX Hub Fully Operational: Petropavlovsk's POX hub at Pokrovskiy
mine in the Far East of Russia successfully ramped up its output
throughout 2019 following its commissioning in November 2018 and
contributed 179.5koz, or 35% of total 2019 output. The POX hub
consists of four autoclaves, all fully operational and run
independently, each with up to 125,000 tonnes of refractory ore
annual processing capacity. The overall capacity sits in the range
of 400koz-500koz and depends on the sulphur content of the
refractory ores.
POX Hub Unlocked Refractory Reserves: The launch of the POX hub is
a transformative event for Petropavlovsk as it allows it to treat
refractory ores, representing 99% of reserves at Malomir and 76% at
Pioneer, or 71% of end-2019 reserves across all three producing
mines. The POX hub will allow Petropavlovsk to maintain production
using refractory ores as end-2019 mine life for non-refractory ores
is less than two years for Malomir and five years for Pioneer.
Refractory ores boost the overall group's mine life to 18 years
based on the 2019 production level, excluding third party
concentrate processed at POX hub.
Costs Position Stabilising: Petropavlovsk guides total cash costs
(TCC; excluding third party concentrate) within the
USD800-USD850/oz range in 2020, higher than with USD703/oz level in
2019, with all-in sustaining costs (AISC; 2019: USD1,020/oz)
broadly following TCC dynamics. Fitch expects post-2020 TCC to
remain broadly within the USD700-820/oz as Pioneer's rising output
and improving grades offset falling grades of Malomyr's depleting
refractory ores. POX hub's use of third-party concentrate is
EBITDA-accretive but will dilute margins and boost the group's TCC,
especially in 2020-2021 when third-party concentrate will account
for 30%-33% of the group's gold sales, reducing to around 25% in
2022 and further down thereafter.
Convertible Conversion: Following multiple conversion events, USD82
million of USD125 million in convertible notes due 2024 have
converted to ordinary shares. Several parties have chosen to
increase their voting rights through the conversion before the
requisitioned general meeting on August 10. Fitch views the
conversion as credit positive due to its positive impact on
leverage and reduction of interest payments.
Prepayment Facilities Treated as Debt: As of June 30, 2020,
Petropavlovsk had gold prepayment facilities of USD121 million
outstanding with Gazprombank and Sberbank. Petropavlovsk has relied
on these gold prepayments to procure liquidity for i) bridge loans
to IRC Limited (NR) that were required to avoid using the
guarantee; and ii) capex for the POX hub. This type of working
capital funding is generally permitted under the Euro bond
indenture. For analytical purposes, Fitch reclassifies gold
prepayments received as financial debt and include them in its
leverage ratios.
Fitch expects Petropavlovsk to redeem these prepayment facilities
by delivering gold within the next 24 months.
Sale Process of IRC Ongoing: On March 18, 2020, Petropavlovsk
reached an agreement with Stocken Board AG to sell 29.9% in IRC for
a cash consideration of USD10 million. The sale is conditional upon
Gazprombank agreeing to release Petropavlovsk from its obligation
to guarantee IRC's debt within 180 days. Fitch views successful
release of the guarantee as a credit positive but do not include it
in its base case. Fitch views the likelihood of these guarantees
becoming payable by Petropavlovsk as rather low. Fitch includes
USD160 million of guarantees in gross debt for 2019, USD160 million
in 2020-2021 and USD80 million in 2022-2023.
Strong Deleveraging: At end-2019, the group reported funds from
operations (FFO) gross leverage of 4.3x, down from 7.9x at
end-2018, including the off-balance sheet guarantee. Fitch expects
Petropavlovsk's FFO gross leverage to improve to about 2.5x by
end-2020, which is much stronger than 4.0x in its previous
forecast.
The deleveraging is driven by a projected increase in FFO due to
higher production volumes as demonstrated by strong first half
production of 321 koz (2019:225 koz), driven by solid mining
operations and significant sourcing of third-party ores, which
accounted for 107 koz of gold production in 1H. Higher production
volumes and corresponding lower TCC in 2021-2023 result in stable
leverage despite a declining price deck.
DERIVATION SUMMARY
Petropavlovsk is smaller in scale and asset diversification than
higher rated Nord Gold SE (BB/Stable). Its scale is relatively
large for the 'B' category, but it lacks diversification across
mines. Its cost position is in the third quartile of the global
gold cost curve and comparable with that of Nord Gold.
Petropavlovsk is substantially larger than GeoProMining Investment
Limited (B+/Stable) but has no diversification across metals, a
higher cost position and higher leverage. Petropavlovsk is
significantly smaller than First Quantum Minerals Ltd (B-/Stable),
but has stronger leverage profile despite weaker margins.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- A gold price of USD1,700/oz in 2020, USD1,412/oz in 2021 and
USD1,200/oz in 2022-2023, based on Fitch's gold price deck and
adjusted by outstanding hedges
- Total gold production of 609 koz on average in 2020-2023,
including third-party ores
- TCC of USD790/oz on average during 2020-2023, excluding
third-party ore
- Capex of USD95 million in 2020, USD84 million in 2021, USD56
million in 2022 and USD42 million in 2023
- Dividend payments of USD30 million in 2021-2022 and USD20
million in 2023.
Key Recovery Rating Assumptions
The recovery analysis assumes that Petropavlovsk would be
considered a going-concern in bankruptcy and that the company would
be reorganized rather than liquidated.
Petropavlovsk's recovery analysis assumes a post-reorganisation
EBITDA at USD175 million, or 25% below its 2019 EBITDA to reflect
mid-cycle price assumption.
A distressed EV/EBITDA multiple of 4.0x has been used to calculate
post-reorganisation valuation and reflects the company's corporate
governance pressures compared to peers and higher third quartile
cost position on the global gold cost curve.
After deduction of 10% for administrative claims and taking into
account Fitch's Country-Specific Treatment of Recovery Ratings
Rating Criteria, its waterfall analysis generated a ranked recovery
in the RR4 band, indicating a 'B' rating for the USD500 million
notes. The waterfall analysis output percentage on current metrics
and assumptions was 50%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Failure to obtain the noteholders' consent for later
publication of financial statements triggering an event of default
- Continued changes in board or management composition making
refinancing of the 2022 notes less likely and/or leading to
material pressure on operations
- FFO gross leverage remaining above 4x on a sustained basis
- Introduction of aggressive dividend policies
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- The ratings are on RWN and an upgrade is unlikely in the short
term. However, a track record of stability and effectiveness in
management, board and auditor and operations in line with revised
management output expectations would lead to a resolution of RWN.
- FFO gross leverage remaining below 3x (2019: 4.3x) on a
sustained basis accompanied by the consistent improvement in
governance practices would lead to positive rating action.
LIQUIDITY AND DEBT STRUCTURE
Strong Free Cash Flow Generation: Fitch expects Petropavlovsk's
liquidity position to be bolstered by positive free cash flow
generation of around USD228 million in 2020-2021 following an
increase in production and very strong pricing. Petropavlovsk faces
maturities in the next 12-18 months consisting of obligations under
its prepayment facilities that totalled USD121 million at the end
of June 2020.The company has a facility with Gazprombank totalling
approximately USD330 million (based on 392koz limit at USD1,200/oz
gold price and at 70% advance rate), available until May 2024.
Fitch classifies prepayment facilities as debt.
Refinancing risk for the USD500 million notes due in November 2022
may be affected by the continuous governance weakness despite
improved cash generation and credit metrics. If Petropavlovsk
deleverages more slowly than expected or its corporate governance
constitutes a credit risk, the bulky nature of the Eurobond
maturity would significantly expose the company to market
conditions. The USD43 million convertibles notes due in 2024 do not
attract equity credit but are likely to convert before maturity, as
they are currently deep in the money.
ESG CONSIDERATIONS
Petropavlovsk plc has an ESG Relevance Score of 4 for governance
structure due to its view that its operational and financial
decisions might be influenced by frequent changes in its major
owners and board composition, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.
Petropavlovsk plc has an ESG Relevance Score of 4 for management
strategy due to its view that its operational and financial
decisions might be influenced by frequent changes in senior
management, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
programme, either due to their nature or the way in which they are
being managed by the issuer.
TOWD POINT 2019-GRANITE4: Fitch Affirms BBsf Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Towd Point Mortgage Funding 2019 -
Granite 4 plc. The class F notes have been removed from Rating
Watch Negative (RWN) and assigned a Negative Outlook. The Outlooks
on the class D and E notes have been revised to Negative from
Stable.
RATING ACTIONS
Towd Point Mortgage Funding 2019 - Granite 4 plc
Class A1 XS1968576568; LT AAAsf Affirmed; previously at AAAsf
Class B XS1968576642; LT AA+sf Affirmed; previously at AA+sf
Class C XS1968576998; LT A+sf Affirmed; previously at A+sf
Class D XS1968577293; LT A-sf Affirmed; previously at A-sf
Class E XS1968577376; LT BBB-sf Affirmed; previously at BBB-sf
Class F XS1968577459; LT BBsf Affirmed; previously at BBsf
TRANSACTION SUMMARY
This transaction is a securitisation of prime UK owner-occupied
mortgages originated pre-2008 by Northern Rock plc.
KEY RATING DRIVERS
Off RWN
Fitch has removed the class F notes from RWN where they were placed
in April in response to the coronavirus outbreak. The transaction
has now been analysed under its coronavirus assumptions and Fitch
considered all notes sufficiently robust to affirm their ratings.
Coronavirus-related Assumptions
Fitch expects a generalised weakening in borrowers' ability to keep
up with mortgage payments due to the economic impact of the
coronavirus pandemic and the related containment measures. As a
result, Fitch applied coronavirus assumptions to the mortgage
portfolio.
The combined application of revised 'Bsf' representative pool
weighted average foreclosure frequency (WAFF), revised rating
multiples and arrears adjustment, resulted in a multiple to the
current FF assumptions of about 1.14x at 'Bsf' and of around 1.10x
at 'AAAsf'. Considering only performing loans the multiples would
be higher at 1.26x at 'Bsf' and 1.10x at 'AAAsf'. The coronavirus
assumptions are more modest for higher rating levels as the
corresponding rating assumptions are already meant to withstand
more severe shocks.
Fitch also applied a payment holiday stress for the first six
months of projections, assuming up to 10% of interest collections
will be lost, and related principal receipts will be delayed.
Negative Outlooks
Fitch has assigned Negative Outlooks to the class F notes and
revised the Outlooks on the class D and E notes to Negative from
Stable. Fitch considers these classes vulnerable to prolonged
payment holidays or subsequent collateral underperformance, which
may lead to negative rating action. The Stable Outlooks on the
class A1, B and C notes demonstrate these notes' resilience to
further adverse changes to the economic situation. Further credit
enhancement is expected to build as the notes pay down, which will
provide additional support to the ratings. The class A1 and B notes
also each have access to dedicated liquidity. In assigning the
Outlooks, Fitch considered the results of its downside sensitivity,
a 15% increase in WAFF and a 15% decrease in weighted average
recovery rate (WARR).
Impact of Payment Holidays
Of the borrowers in the portfolio, 11.3% were on payment holidays
as at end-August. Based on scheduled expiry dates, Fitch expects
this to have fallen to approximately 6.3% at the beginning of
September. In line with Financial Conduct Authority guidance, these
payment holidays were granted based on borrowers'
self-certification. Fitch expects providing borrowers with a
payment holiday of up to six months to have a temporary positive
impact on loan performance. However, the transaction may face some
liquidity constraints if a large number of borrowers opt for a
payment holiday. Fitch has tested the ability of the relevant
liquidity facility and reserves to cover senior fees and the class
A1 and B notes' interest, and found that payment interruption risk
would be mitigated.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement (CE)
levels and potential upgrades. Fitch tested an additional rating
sensitivity scenario by applying a decrease in the WAFF of 15% and
an increase in the WARR of 15%. The ratings for the subordinated
notes could be upgraded by up to four notches.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The broader global economy remains under stress due to the
coronavirus pandemic, with surging unemployment and pressure on
businesses stemming from social-distancing guidelines. Recent
government measures related to the coronavirus pandemic introduced
a suspension on tenant evictions for six months and mortgage
payment holidays, also for up to six months. Fitch acknowledges the
uncertainty of the path of coronavirus-related containment measures
and has therefore considered more severe economic scenarios.
As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considers a more severe downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed with a halting recovery from
2Q21. Under this scenario, Fitch assumed a 15% increase in the WAFF
and a 15% decrease in the WARR. The results indicate an adverse
rating impact of up to five notches in this transaction.
The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated to increasing levels of delinquencies and
defaults that could reduce CE available to the notes.
Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes' ratings
susceptible to potential negative rating actions depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications on all classes
of issued notes.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.
Overall Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week October 12 to October 16, 2020
-------------------------------------------------------------
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Banco BPM SpA 6.125 EUR 66.518
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Explorer II AS 3.375 2/24/2025 EUR 74.834
Promontoria Holding 6.750 8/15/2023 EUR 64.752
Unigel Luxembourg S 8.750 10/01/2026 USD 74.526
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InterCement Financi 5.750 7/17/2024 USD 44.566
Swissport Financing 5.250 8/15/2024 EUR 75.959
Jaguar Land Rover A 2.200 1/15/2024 EUR 74.747
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La Financiere Atali 4.000 5/15/2024 EUR 57.880
Aryzta AG 5.468 CHF 56.224
Tereos Finance Grou 4.125 6/16/2023 EUR 70.985
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Takko Luxembourg 2 5.375 11/15/2023 EUR 27.583
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Tullow Oil PLC 6.250 4/15/2022 USD 65.861
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MSC Cruises SA 3.000 11/30/2021 CHF 54.133
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SGL Carbon SE 4.625 9/30/2024 EUR 74.838
Solocal Group 8.000 3/15/2022 EUR 39.504
Banque Federative d 0.181 EUR 68.910
Hurricane Energy PL 7.500 7/24/2022 USD 45.348
Pacific Drilling SA 8.375 10/01/2023 USD 22.184
ASG Finance Designa 7.875 12/03/2024 USD 55.149
Valaris plc 4.875 06/01/2022 USD 9.551
KCA Deutag UK Finan 9.625 04/01/2023 USD 44.346
Nexity SA 0.125 01/01/2023 EUR 55.913
AXA SA 0.078 EUR 65.978
Norican A/S 4.500 5/15/2023 EUR 66.795
Groupe Ecore Holdin 6.250 11/15/2023 EUR 54.292
Metro Bank PLC 5.500 6/26/2028 GBP 44.559
4finance SA 10.750 05/01/2022 USD 68.951
Astaldi SpA 7.125 12/01/2020 EUR 9.731
Rothschild & Co Con 1.313 USD 64.835
B2Holding ASA 6.350 5/28/2024 EUR 74.612
Mclaren Finance PLC 5.750 08/01/2022 USD 56.526
Odea Bank AS 7.625 08/01/2027 USD 55.557
Hema Bondco II BV 8.500 1/15/2023 EUR 3.266
La Financiere Atali 5.125 5/15/2025 EUR 60.743
International Perso 7.750 12/14/2023 GBP 69.793
SAS AB 5.375 11/24/2022 SEK 75.000
Norwegian Air Shutt 4.875 05/10/2028 USD 64.000
AXA SA 0.870 USD 71.698
CNP Assurances 0.240 EUR 72.341
Boparan Finance PLC 4.375 7/15/2021 EUR 74.833
Valaris plc 4.700 3/15/2021 USD 6.860
GOL Equity Finance 3.750 7/15/2024 USD 45.014
Koninklijke BAM Gro 3.500 6/13/2021 EUR 69.131
Mallinckrodt Intern 4.750 4/15/2023 USD 21.265
O1 Properties Finan 8.250 9/27/2021 USD 31.500
Intralot Capital Lu 5.250 9/15/2024 EUR 21.028
Fugro NV 4.000 10/26/2021 EUR 72.963
Distribuidora Inter 0.875 04/06/2023 EUR 43.702
Ilija Batljan Inves 6.079 9/27/2022 SEK 82.801
Ageasfinlux SA 1.053 EUR 57.437
Nostrum Oil & Gas F 7.000 2/16/2025 USD 23.908
Valaris plc 8.000 1/31/2024 USD 6.591
Cabonline Group Hol 7.603 12/09/2022 SEK 57.259
Aker Solutions ASA 3.280 06/03/2024 NOK 72.204
Ferroglobe PLC / Gl 9.375 03/01/2022 USD 33.105
Rallye SA 4.371 1/23/2023 EUR 18.002
Akka Technologies 3.500 EUR 60.568
Officine Maccaferri 5.750 06/01/2021 EUR 36.219
SAS AB 8.569 SEK 61.000
Amigo Luxembourg SA 7.625 1/15/2024 GBP 74.196
Neoen SA 1.875 10/07/2024 EUR 37.500
OKEA ASA 8.750 12/11/2024 USD 70.000
Saga PLC 3.375 05/12/2024 GBP 73.038
Intu Metrocentre Fi 4.125 12/06/2023 GBP 58.182
OKEA ASA 7.875 6/28/2023 USD 70.503
NIBC Bank NV 1.320 USD 62.201
KCA Deutag UK Finan 7.250 5/15/2021 USD 42.604
Cooperativa Murator 6.000 2/15/2023 EUR 2.705
AnaCap Financial Eu 5.000 08/01/2024 EUR 75.155
FIGEAC-AERO 1.125 10/18/2022 EUR 22.843
Promontoria Holding 6.250 8/15/2023 EUR 63.721
Codere Finance 2 Lu 7.625 11/01/2021 USD 45.020
Aryzta AG 3.640 CHF 60.949
Fuerstenberg Capita 5.625 EUR 66.395
Korian SA 2.500 EUR 40.642
Banco BPM SpA 1.487 EUR 72.663
Econocom Group SA/N 0.500 03/06/2023 EUR 6.590
Tendam Brands SAU 5.250 9/15/2024 EUR 68.634
Dignity Finance PLC 4.696 12/31/2049 GBP 75.317
Abengoa Abenewco 2 1.500 4/26/2024 EUR 2.841
AXA SA 0.580 EUR 65.206
Valaris plc 4.500 10/01/2024 USD 7.468
Debenhams PLC 5.250 7/15/2021 GBP 3.827
Codere Finance 2 Lu 7.625 11/01/2021 USD 40.937
ADLER Real Estate A 2.500 7/19/2021 EUR 14.450
Quadient 3.375 EUR 55.086
Rothschild & Co Con 0.310 EUR 63.402
Intu SGS Finance PL 4.250 9/17/2030 GBP 56.750
Valaris plc 5.200 3/15/2025 USD 6.285
Jain International 7.125 02/01/2022 USD 29.263
Societe Generale SA 0.623 USD 74.000
Novafives SAS 4.500 6/15/2025 EUR 68.916
Midsummer AB 8.826 4/25/2023 SEK 47.563
KCA Deutag UK Finan 9.875 04/01/2022 USD 43.843
Greenyard Fresh NV 3.750 12/22/2021 EUR 69.649
HOCHDORF Holding AG 2.500 CHF 59.241
MCH Group AG 1.875 5/16/2023 CHF 68.560
Thomas Cook Group P 6.250 6/15/2022 EUR 5.000
Republic of Angola 6.927 2/19/2027 USD 67.000
VIC Properties SA 3.000 5/28/2025 EUR 75.000
F-Brasile SpA / F-B 7.375 8/15/2026 USD 73.208
Mallinckrodt Intern 5.500 4/15/2025 USD 20.858
AX Del1 Oy 5.000 4/19/2021 EUR 63.723
Atento Luxco 1 SA 6.125 08/10/2022 USD 71.619
Pierre & Vacances S 2.000 04/01/2023 EUR 50.858
MPC Container Ships 5.945 9/22/2022 USD 74.000
Mallinckrodt Intern 10.000 4/15/2025 USD 66.376
Biocartis NV 4.000 05/09/2024 EUR 59.405
Promontoria MMB SAS 8.000 EUR 70.948
Offshore Drilling H 8.375 9/20/2020 USD 24.100
Valaris plc 5.850 1/15/2044 USD 10.210
Banco Santander SA 0.143 EUR 71.876
Union Fenosa Prefer 1.301 EUR 71.920
Nexity SA 0.250 03/02/2025 EUR 55.776
Host Property AB 6.684 11/28/2022 SEK 61.666
Mallinckrodt Intern 5.625 10/15/2023 USD 23.090
Rallye SA 5.250 02/01/2022 EUR 17.783
Senvion Holding Gmb 3.875 10/25/2022 EUR 4.137
European TopSoho Sa 4.000 9/21/2021 EUR 53.560
EA Partners I BV 6.875 9/28/2020 USD 31.000
Hoist Finance AB 7.750 EUR 65.396
Matalan Finance PLC 9.500 1/31/2024 GBP 29.188
Boparan Finance PLC 5.500 7/15/2021 GBP 75.992
Turkish Airlines 20 4.200 3/15/2027 USD 74.448
Cooperativa Murator 6.875 08/01/2022 EUR 2.760
Swissport Investmen 9.750 12/15/2022 EUR 13.210
Rallye SA 3.250 02/08/2024 CHF 20.506
Ziton A/S 7.900 10/03/2022 EUR 70.224
Petra Diamonds US T 7.250 05/01/2022 USD 37.377
Jaguar Land Rover A 4.500 10/01/2027 USD 67.267
Thomas Cook Finance 3.875 7/15/2023 EUR 3.360
Valaris plc 7.375 6/15/2025 USD 8.257
Kudelski SA 1.500 9/27/2024 CHF 52.298
Vedanta Resources F 9.250 4/23/2026 USD 52.209
Cembrit Group A/S 5.500 3/20/2021 EUR 66.392
Songa Container AS 6.741 12/14/2021 USD 70.000
Independent Oil & G 9.500 9/20/2024 EUR 68.208
Norwegian Air Shutt 7.500 11/10/2023 USD 65.250
Caisse Federale du 0.018 EUR 71.259
Metalcorp Group SA 7.000 06/06/2022 EUR 70.053
Sydbank A/S 0.069 EUR 74.162
Intu Debenture PLC 5.562 12/31/2027 GBP 58.250
Quant AB 6.000 2/15/2023 EUR 59.596
Gol Finance SA 7.000 1/31/2025 USD 45.937
Lehman Brothers UK 5.125 EUR 8.125
Santhera Pharmaceut 5.000 2/17/2022 CHF 55.771
DOF Subsea AS 9.500 3/14/2022 USD 21.008
Stockmann OYJ Abp 10.750 EUR 15.000
Newday Bondco Plc 7.053 02/01/2023 GBP 74.860
European Directorie 8.500 06/09/2021 EUR 70.000
Intelsat Jackson Ho 8.500 10/15/2024 USD 59.000
Koninklijke Luchtva 0.750 CHF 33.000
Intu SGS Finance PL 4.625 3/17/2028 GBP 57.722
Intelsat Connect Fi 9.500 2/15/2023 USD 16.000
Galapagos Holding S 7.000 6/15/2022 EUR 7.704
Fugro NV 4.500 11/02/2024 EUR 60.097
Axactor SE 7.000 6/23/2021 EUR 70.000
Rallye SA 4.000 11/23/2020 CHF 20.266
Groupe Acrotec SA 3.500 10/16/2025 CHF 67.833
Alitalia-Societa Ae 5.250 7/30/2020 EUR 1.841
Banco Espirito Sant 4.000 1/21/2019 EUR 25.326
Atento Luxco 1 SA 6.125 08/10/2022 USD 60.250
Shawbrook Group PLC 7.875 GBP 68.635
EA Partners II BV 6.750 06/01/2021 USD 48.529
Air Berlin PLC 8.250 4/19/2018 EUR 1.623
Jyske Bank A/S 0.366 EUR 73.622
Pizzaexpress Financ 8.625 08/01/2022 GBP 12.298
Solstad Offshore AS 4.620 9/24/2021 NOK 4.625
Grupo Isolux Corsan 1.000 12/30/2021 EUR 0.294
Steinhoff Finance H 1.250 10/21/2023 EUR 43.000
Vedanta Resources L 6.375 7/30/2022 USD 56.864
Scandinavian Airlin 0.625 CHF 29.334
Groupe Acrotec SA 3.750 6/14/2023 CHF 65.468
Prime Living AB 4.811 9/29/2022 SEK 47.091
Privatbank CJSC Via 10.250 1/23/2018 USD 30.747
Banco Espirito Sant 2.625 05/08/2017 EUR 17.048
Paragon GmbH & Co K 4.500 07/05/2022 EUR 44.623
Vedanta Resources L 8.250 06/07/2021 USD 70.197
Hellenic Bank PCL 10.000 EUR 49.393
Tulip Oil Netherlan 8.500 10/25/2022 EUR 83.741
La Financiere Atali 6.625 5/15/2025 GBP 67.594
Deutsche Bank AG/Lo 0.806 10/31/2034 USD 66.625
Turkish Airlines 20 4.200 3/15/2027 USD 74.448
Immigon Portfolioab 5.980 EUR 15.097
Ferroglobe PLC / Gl 9.375 03/01/2022 USD 33.818
Astaldi SpA 4.875 6/21/2024 EUR 7.350
Selecta Group BV 5.875 02/01/2024 EUR 37.980
FF Group Finance Lu 3.250 11/02/2021 CHF 8.618
Republic of Angola 9.412 07/01/2023 USD 61.125
Care Bidco AS 6.620 3/24/2021 NOK 48.109
Valaris plc 4.750 1/15/2024 USD 9.312
Mitchells & Butlers 2.612 6/15/2036 GBP 70.846
Dexia Credit Local 1.468 EUR 6.706
Barclays Bank PLC 0.824 7/31/2034 USD 67.100
FF Group Finance Lu 1.750 07/03/2019 EUR 5.878
Bourbon Corp 6.446 EUR 0.266
Valaris plc 5.400 12/01/2042 USD 11.659
EOS Imaging SA 6.000 5/31/2023 EUR 4.887
Stobart Finance PLC 2.750 05/08/2024 GBP 58.000
KCA Deutag UK Finan 9.625 04/01/2023 USD 44.294
GOL Equity Finance 3.750 7/15/2024 USD 78.127
Wasps Finance Plc 6.500 5/13/2022 GBP 45.684
Tullow Oil PLC 6.250 4/15/2022 USD 65.861
Vedanta Resources L 6.125 08/09/2024 USD 49.391
KCA Deutag UK Finan 9.875 04/01/2022 USD 42.365
Tullow Oil PLC 7.000 03/01/2025 USD 55.826
KCA Deutag UK Finan 7.250 5/15/2021 USD 42.486
LA Perla Fashion Fi 7.250 3/29/2023 EUR 49.623
Yell Bondco PLC 8.500 05/02/2023 GBP 38.028
Lambay Capital Secu 6.250 GBP 0.844
Eramet 4.000 EUR 52.027
Ellaktor Value Plc 6.375 12/15/2024 EUR 75.250
Transcapitalbank JS 10.000 9/18/2020 USD 55.500
Grupo Isolux Corsan 6.000 12/30/2021 EUR 0.307
NIBC Bank NV 0.193 EUR 62.921
Abengoa Abenewco 2 1.500 4/26/2024 USD 2.817
SLM Solutions Group 5.500 10/11/2022 EUR 70.956
BIM SAS 2.500 11/13/2020 EUR 22.014
Jacktel AS 10.000 12/04/2023 USD 15.000
Rickmers Holding AG 8.875 06/11/2018 EUR 1.152
Rallye SA 3.400 1/31/2022 EUR 18.000
DOF Subsea AS 7.760 9/30/2020 NOK 20.000
Mitsubishi UFJ Inve 4.002 12/30/2099 EUR 4.194
YA Holding AB 3.278 6/18/2022 SEK 53.304
Hoist Finance AB 8.625 EUR 69.671
Fuerstenberg Capita 1.287 EUR 64.969
Mclaren Finance PLC 5.750 08/01/2022 USD 57.091
Air Berlin PLC 6.750 05/09/2019 EUR 1.259
Credit Mutuel Arkea 0.316 EUR 67.023
Stichting Afwikkeli 6.250 10/26/2020 EUR 1.426
Dexia SA 1.519 EUR 7.431
OP Corporate Bank p 0.132 EUR 73.614
Mclaren Finance PLC 5.000 08/01/2022 GBP 57.771
Uppfinnaren 1 AB 11.000 SEK 44.092
Bilt Paper BV 9.640 USD 1.021
House of Fraser Fun 5.978 9/15/2020 GBP 3.433
Kredyt Inkaso SA 5.610 4/26/2023 PLN 70.500
Bank Otkritie Finan 10.000 4/26/2019 USD 9.505
Tresu Investment Ho 5.000 9/29/2022 EUR 41.625
DNB Bank ASA 1.750 USD 68.299
Andrade Gutierrez I 9.500 12/30/2024 USD 62.251
CMA CGM SA 5.250 1/15/2025 EUR 70.530
Avangardco Investme 10.000 10/29/2018 USD 3.800
Pacific Drilling SA 8.375 10/01/2023 USD 21.836
Mallinckrodt Intern 5.750 08/01/2022 USD 24.495
UkrLandFarming PLC 10.875 3/26/2018 USD 4.221
Agrokor dd 9.875 05/01/2019 EUR 10.500
Orient Express Bank 10.000 USD 45.089
Air Berlin PLC 5.625 05/09/2019 CHF 0.709
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
GEWA 5 to 1 GmbH & 6.500 3/24/2018 EUR 4.510
JZ Capital Partners 6.000 7/30/2021 GBP 9.200
Norwegian Air Shutt 4.875 05/10/2028 USD 65.243
Virgolino de Olivei 10.500 1/28/2018 USD 0.849
Intelsat Jackson Ho 9.750 7/15/2025 USD 61.250
Rallye SA 1.000 10/02/2020 EUR 22.419
Cirio Holding Luxem 6.250 2/16/2004 EUR 0.942
Virgolino de Olivei 11.750 02/09/2022 USD 0.943
Allied Irish Banks 12.500 6/25/2035 GBP 61.971
Banca Popolare di V 9.500 9/29/2025 EUR 0.046
Afren PLC 6.625 12/09/2020 USD 0.070
4finance SA 10.750 05/01/2022 USD 68.976
CNP Assurances 2.000 EUR 50.000
Banco Espirito Sant 4.750 1/15/2018 EUR 25.599
Selecta Group BV 5.875 02/01/2024 CHF 36.381
Abengoa Abenewco 2 1.500 4/26/2024 USD 3.531
Barclays Bank PLC 0.604 11/29/2030 USD 70.319
Stichting Afwikkeli 11.250 EUR 1.210
InterCement Financi 5.750 7/17/2024 USD 43.575
KTG Agrar SE 7.125 06/06/2017 EUR 1.136
Transportes Aereos 5.625 12/02/2024 EUR 57.214
Vedanta Resources F 8.000 4/23/2023 USD 52.022
International Indus 9.000 07/06/2011 EUR 0.081
DNB Bank ASA 0.621 USD 68.470
Yuksel Insaat AS 9.500 11/10/2015 USD 1.252
CBo Territoria 3.750 07/01/2024 EUR 4.410
Enertronica Santern 7.000 12/31/2022 EUR 34.490
Unigel Luxembourg S 8.750 10/01/2026 USD 74.135
BBVA International 1.527 GBP 65.000
Intelsat Jackson Ho 9.750 7/15/2025 USD 58.597
Paper Industries In 6.000 03/01/2025 EUR 67.000
ASG Finance Designa 7.875 12/03/2024 USD 55.139
Solship Invest 1 AS 5.000 12/08/2024 NOK 11.917
GNB - Cia de Seguro 3.092 EUR 69.905
Corporate Commercia 8.250 08/08/2014 USD 0.836
Prime Living AB 7.339 10/19/2023 SEK 3.793
Takko Luxembourg 2 5.375 11/15/2023 EUR 29.999
OGX Austria GmbH 8.375 04/01/2022 USD 0.010
Europcar Mobility G 4.125 11/15/2024 EUR 64.070
BOA Offshore AS 0.409 7/17/2047 NOK 6.868
Vedanta Resources L 7.125 5/31/2023 USD 51.303
Nostrum Oil & Gas F 8.000 7/25/2022 USD 23.920
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Norwegian Air Shutt 7.500 11/10/2023 USD 65.250
Paragon GmbH & Co K 4.000 4/23/2024 CHF 40.000
Depfa Funding II LP 6.500 EUR 57.819
Lehman Brothers UK 3.875 EUR 8.125
Mitchells & Butlers 2.362 9/15/2034 GBP 73.400
Brado AB 8.603 06/07/2023 SEK 69.774
Privatbank CJSC Via 11.000 02/09/2021 USD 9.248
Banco Espirito Sant 7.125 11/28/2023 EUR 0.563
International Indus 11.000 2/19/2013 USD 0.081
Russian Federal Bon 0.250 7/20/2044 RUB 27.466
Espirito Santo Fina 6.875 10/21/2019 EUR 0.068
Alno AG 8.500 5/14/2018 EUR 13.743
DNB Bank ASA 1.740 USD 68.457
Breeze Finance SA 6.708 4/19/2027 EUR 28.950
Barclays Bank PLC 0.400 5/31/2033 USD 54.235
Banca Popolare di V 2.821 12/20/2017 EUR 0.100
Lehman Brothers UK 6.900 USD 2.745
Portugal Telecom In 6.250 7/26/2016 EUR 0.612
Civitas Properties 4.000 11/24/2022 EUR 54.500
Global Liman Isletm 8.125 11/14/2021 USD 58.296
Claranova SADIR 5.000 07/01/2023 EUR 1.100
New World Resources 4.000 10/07/2020 EUR 1.217
Hellenic Republic G 2.085 7/25/2057 EUR 50.375
HPI AG 3.500 EUR 3.000
Swissport Financing 9.000 2/15/2025 EUR 7.257
DOF Subsea AS 8.280 11/27/2023 NOK 13.054
Swissport Financing 5.250 8/15/2024 EUR 78.340
UniCredit Bank AG 0.483 11/19/2029 EUR 58.160
Vallourec SA 6.625 10/15/2022 EUR 63.495
Promontoria Holding 6.750 8/15/2023 EUR 72.496
Vallourec SA 4.125 08/02/2027 EUR 52.745
Kaupthing ehf 7.625 2/28/2015 USD 0.250
F-Brasile SpA / F-B 7.375 8/15/2026 USD 73.249
Agrokor dd 9.125 02/01/2020 EUR 10.179
ESFIL-Espirito Sant 5.250 06/12/2015 EUR 0.107
Barclays Bank PLC 3.663 3/27/2029 USD 59.391
Mallinckrodt Intern 5.500 4/15/2025 USD 20.858
Banco Espirito Sant 2.343 EUR 0.042
HI Bidco AS 6.060 10/30/2022 NOK 51.031
Selecta Group BV 5.375 02/01/2024 EUR 37.770
International Airpo 12.000 3/15/2033 USD 66.686
New World Resources 8.000 04/07/2020 EUR 0.447
Societe Centrale de 2.500 5/15/2023 EUR 6.780
Deutsche Bank AG 0.687 10/11/2049 EUR 72.646
Havila Shipping ASA 5.000 11/07/2020 NOK 60.000
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Hamon & CIE SA 3.300 1/30/2025 EUR 44.750
Praktiker AG 5.875 02/10/2016 EUR 0.069
Verimatrix SA 6.000 6/29/2022 EUR 3.852
KPNQwest NV 10.000 3/15/2012 EUR 0.076
Virgolino de Olivei 10.875 1/13/2020 USD 26.625
Portigon AG 7.460 06/01/2020 EUR 18.000
Mallinckrodt Intern 10.000 4/15/2025 USD 66.433
Cooperatieve Raboba 0.500 2/26/2029 HUF 70.380
Hellas Telecommunic 6.054 1/15/2015 USD 0.018
Region of Piemont I 0.010 11/27/2036 EUR 65.179
CRC Breeze Finance 6.110 05/08/2026 EUR 50.500
Privatbank CJSC Via 10.875 2/28/2018 USD 30.293
Intralot Capital Lu 6.750 9/15/2021 EUR 40.782
Top Gun Realisation 8.000 07/01/2023 GBP 1.509
Manchester Building 6.750 GBP 18.783
LBI ehf 6.100 8/25/2011 USD 7.375
Rena GmbH 8.250 07/11/2018 EUR 2.096
Afren PLC 11.500 02/01/2016 USD 0.062
German Pellets GmbH 7.250 11/27/2019 EUR 0.311
Societe Generale SA 10.000 6/28/2034 USD 62.900
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.172
Banco Espirito Sant 2.523 EUR 0.159
Nostrum Oil & Gas F 7.000 2/16/2025 USD 23.944
Norske Skogindustri 7.000 12/30/2026 EUR 0.135
Agrokor dd 8.875 02/01/2020 USD 10.838
Agatos SpA 4.750 12/31/2026 EUR 73.500
Espirito Santo Fina 9.750 12/19/2025 EUR 1.144
Takko Luxembourg 2 5.375 11/15/2023 EUR 22.375
Cooperatieve Raboba 0.500 10/30/2043 MXN 20.185
Cirio Finance Luxem 7.500 11/03/2002 EUR 1.364
Saleza AS 9.000 07/12/2021 EUR 0.213
O1 Properties Finan 8.250 9/27/2021 USD 20.255
HI Bidco AS 8.560 1/30/2023 NOK 13.617
Barclays Bank PLC 0.473 3/21/2031 USD 65.588
Kongsberg Actuation 5.000 7/15/2025 EUR 62.300
Hema Bondco II BV 8.500 1/15/2023 EUR 7.030
F-Brasile SpA / F-B 7.375 8/15/2026 USD 80.030
International Finan 0.500 6/29/2027 ZAR 58.334
Hellas Telecommunic 8.500 10/15/2013 EUR 0.497
Naviera Armas SA 6.500 7/31/2023 EUR 50.709
Adler Pelzer Holdin 4.125 04/01/2024 EUR 48.000
Banco Espirito Sant 6.875 7/15/2016 EUR 25.735
Vallourec SA 6.375 10/15/2023 EUR 59.712
Societe Generale SA 21.000 3/30/2023 USD 72.500
Waste Italia SpA 10.500 11/15/2019 EUR 0.608
Kancelaria Medius S 6.900 07/05/2020 PLN 65.300
Hamburgische Landes 0.134 1/22/2041 EUR 66.253
UniCredit Bank AG 8.900 12/29/2020 EUR 26.910
Norske Skogindustri 2.000 12/30/2115 EUR 0.041
Jaguar Land Rover A 4.500 1/15/2026 EUR 74.995
Cooperatieve Raboba 0.500 10/29/2027 MXN 61.991
APP International F 11.750 10/01/2005 USD 0.362
German Pellets GmbH 7.250 07/09/2018 EUR 0.607
Europcar Mobility G 4.000 4/30/2026 EUR 58.625
Danske Bank A/S 6.400 07/09/2025 SEK 74.250
Kancelaria Medius S 7.260 03/07/2021 PLN 52.100
Activa Resources AG 0.500 11/15/2021 EUR 1.500
Banco Espirito Sant 6.900 6/28/2024 EUR 19.327
Dr Wiesent Sozial g 7.000 EUR 10.000
Afren PLC 10.250 04/08/2019 USD 0.062
Commerzbank AG 0.453 11/19/2029 EUR 60.668
Newday Bondco Plc 7.375 02/01/2024 GBP 74.876
Veneto Banca SpA 9.500 12/01/2025 EUR 0.787
Steilmann SE 7.000 03/09/2017 EUR 1.429
Norske Skogindustri 7.125 10/15/2033 USD 0.135
Decipher Production 12.500 9/27/2019 USD 1.500
Espirito Santo Fina 3.125 12/02/2018 EUR 1.099
Erotik-Abwicklungsg 7.750 07/09/2019 EUR 0.779
Offshore Drilling H 8.375 9/20/2020 USD 22.712
Raiffeisen Switzerl 6.000 10/28/2020 EUR 53.050
Lehman Brothers UK 5.750 EUR 2.117
Jaguar Land Rover A 5.875 11/15/2024 EUR 76.484
WPE International C 10.375 9/30/2020 USD 0.023
Linas Matkasse Newc 8.351 10/09/2022 SEK 55.760
KPNQwest NV 7.125 06/01/2009 EUR 0.076
Kommunekredit 0.500 7/30/2027 TRY 41.681
Ahtium PLC 9.750 04/04/2017 EUR 0.976
Norske Skog Holding 8.000 2/24/2021 EUR 0.023
Cooperatieve Raboba 0.500 7/30/2043 MXN 20.886
Virgolino de Olivei 10.500 1/28/2018 USD 0.849
Nordea Bank Abp 3.500 1/22/2024 SEK 67.130
Alno AG 8.000 3/21/2019 EUR 12.000
UBS AG/London 12.500 7/19/2021 USD 45.150
Intralot Capital Lu 5.250 9/15/2024 EUR 23.000
Senvion Holding Gmb 3.875 10/25/2022 EUR 4.137
Societe Generale SA 10.000 11/03/2022 USD 51.700
GE Capital UK Fundi 1.848 03/05/2038 GBP 65.414
Top Gun Realisation 8.000 07/01/2023 GBP 1.509
Naviera Armas SA 4.250 11/15/2024 EUR 49.000
Bulgaria Steel Fina 12.000 05/04/2013 EUR 0.216
Cooperatieve Raboba 0.500 12/29/2027 MXN 61.093
UBS AG/London 12.500 5/17/2021 USD 49.000
Depfa Funding III L 0.378 EUR 57.100
Windreich GmbH 6.500 7/15/2016 EUR 7.738
EFG International A 0.204 EUR 40.494
Cattles Ltd 8.125 07/05/2017 GBP 0.072
Ahtium PLC 4.000 12/16/2015 EUR 0.586
KTG Agrar SE 7.250 10/15/2019 EUR 1.136
Chr Bygga Bostader 9.338 07/05/2021 SEK 50.000
Odea Bank AS 7.625 08/01/2027 USD 55.557
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 0.300
Yell Bondco PLC 8.500 05/02/2023 GBP 38.223
Solon SE 1.375 12/06/2012 EUR 0.769
Hema Bondco I BV 6.250 7/15/2022 EUR 46.183
Finmek Internationa 7.000 12/03/2004 EUR 2.193
Nordea Bank Abp 3.500 7/20/2022 SEK 73.130
Nordea Bank Abp 4.200 1/20/2025 SEK 74.630
UBS AG/London 12.000 11/02/2020 USD 42.550
Danske Bank A/S 7.470 07/09/2023 SEK 58.480
Krakowski Bank Spol 4.820 9/20/2023 PLN 72.010
Hamburgische Landes 0.148 10/30/2040 EUR 73.955
Societe Generale SA 12.000 07/08/2021 USD 23.955
Societe Generale SA 8.000 8/18/2021 USD 18.700
Finans-Avia OOO 10.000 7/31/2022 RUB 7.380
Raffinerie Heide Gm 6.375 12/01/2022 EUR 60.500
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.552
Afren PLC 11.500 02/01/2016 USD 0.062
Swissport Investmen 6.750 12/15/2021 EUR 24.532
Maxeda DIY Holding 6.125 7/15/2022 EUR 69.255
Mallinckrodt Intern 5.625 10/15/2023 USD 23.265
F-Brasile SpA / F-B 7.375 8/15/2026 USD 73.249
KPNQwest NV 8.875 02/01/2008 EUR 0.076
Cooperatieve Raboba 0.500 11/30/2027 MXN 59.706
Skandinaviska Enski 6.000 7/15/2022 SEK 58.750
Skandinaviska Enski 7.000 1/15/2024 SEK 35.110
UniCredit SpA 1.900 6/14/2032 EUR 73.251
Agrokor dd 9.875 05/01/2019 EUR 10.500
Sequa Petroleum NV 5.000 4/29/2020 USD 25.601
Dolphin Drilling AS 4.490 8/28/2019 NOK 0.339
Gebr Sanders GmbH & 8.750 10/22/2018 EUR 11.463
Havila Shipping ASA 4.350 11/07/2020 NOK 51.213
SG Issuer SA 10.850 2/22/2021 CHF 55.000
SALVATOR Vermoegens 9.500 12/31/2021 EUR 8.000
Region of Abruzzo I 0.215 11/07/2036 EUR 65.482
Societe Generale SA 21.000 12/23/2022 USD 29.790
LSF9 Balta Issuer S 7.750 9/15/2022 EUR 49.348
Ghelamco Invest 4.250 1/21/2027 EUR 62.038
SB Holdco PLC 8.000 7/13/2022 EUR 73.000
Societe Generale SA 21.000 6/30/2022 USD 25.240
Leonteq Securities 11.600 9/17/2020 USD 50.300
Kirk Beauty One Gmb 8.750 7/15/2023 EUR 46.853
Credit Suisse AG/Lo 10.500 06/03/2020 USD 38.090
Vseukrainsky Aktsin 10.900 6/14/2019 USD 1.056
Jaguar Land Rover A 2.200 1/15/2024 EUR 75.006
Marine Subsea AS 9.000 12/16/2019 USD 0.688
Vneshprombank Ltd V 9.000 11/14/2016 USD 0.078
Pescanova SA 5.125 4/20/2017 EUR 0.319
Dogus Holding AS 13.220 7/26/2021 TRY 70.000
Del Monte Finance L 6.625 5/24/2006 EUR 0.001
Novafives SAS 5.000 6/15/2025 EUR 68.980
Republic of Italy G 0.047 7/31/2035 EUR 74.754
Pizzaexpress Financ 6.625 08/01/2021 GBP 54.833
Pizzaexpress Financ 8.625 08/01/2022 GBP 12.298
Afren PLC 10.250 04/08/2019 USD 0.062
Boparan Finance PLC 5.500 7/15/2021 GBP 75.138
La Financiere Atali 4.000 5/15/2024 EUR 58.567
Region of Abruzzo I 0.055 11/07/2031 EUR 72.332
Banque Internationa 0.224 2/20/2023 EUR 0.030
Swissport Investmen 9.750 12/15/2022 EUR 13.210
Manchester Building 8.000 GBP 21.750
Credit Agricole Cor 9.000 02/11/2021 USD 39.200
Central Business Ce 5.750 12/30/2021 EUR 31.000
Mifa Mitteldeutsche 7.500 08/12/2018 EUR 2.110
Norske Skog Holding 8.000 2/24/2023 USD 0.022
Sairgroup Finance B 4.375 06/08/2006 EUR 1.829
Alpine Holding GmbH 5.250 07/01/2015 EUR 0.172
UBS AG/London 12.000 08/12/2021 CHF 54.400
Centre Hospitalier 1.500 4/27/2050 EUR 20.138
SiC Processing GmbH 7.125 03/01/2016 EUR 2.611
Cooperatieve Raboba 0.500 1/31/2033 MXN 38.015
Nordea Bank Abp 4.000 7/20/2025 SEK 71.130
Turkey Government I 4.875 4/16/2043 USD 72.980
Matalan Finance PLC 9.500 1/31/2024 GBP 31.354
Virgolino de Olivei 11.750 02/09/2022 USD 0.943
Societe Generale SA 8.000 08/09/2022 USD 22.681
Landesbank Baden-Wu 3.520 8/28/2020 EUR 72.920
Barclays Bank PLC 1.860 5/30/2034 USD 72.250
Region of Molise It 0.060 12/15/2033 EUR 62.452
Autostrade per l'It 3.240 06/10/2034 EUR 73.184
Nordea Bank Abp 2.215 7/20/2021 SEK 13.000
Portugal Telecom In 5.242 11/06/2017 EUR 0.694
Skandinaviska Enski 6.500 1/15/2024 SEK 46.020
Investec Bank PLC 1.594 7/31/2025 GBP 74.560
SAir Group 0.125 07/07/2005 CHF 8.375
Moby SpA 7.750 2/15/2023 EUR 31.750
Banco Santander SA 1.932 EUR 3.772
Summer BC Holdco A 9.250 10/31/2027 EUR 74.500
Phosphorus Holdco P 10.000 04/01/2019 GBP 2.557
Marcolin SpA 4.125 2/15/2023 EUR 70.758
Barclays Bank PLC 1.372 12/23/2033 USD 61.161
Agrokor dd Via Aqua 4.921 08/08/2017 EUR 14.625
MS Deutschland Bete 6.875 12/18/2017 EUR 1.720
Veneto Banca SpA 6.411 EUR 1.199
Alpine Holding GmbH 5.250 06/10/2016 EUR 0.172
Waste Italia SpA 10.500 11/15/2019 EUR 0.608
Centrosolar Group A 7.000 2/15/2016 EUR 2.387
KPNQwest NV 8.125 06/01/2009 USD 0.076
Nordea Bank Abp 4.100 7/20/2023 SEK 35.630
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
German Pellets GmbH 7.250 04/01/2016 EUR 0.429
Cooperatieve Raboba 0.500 8/21/2028 MXN 52.334
Leonteq Securities 9.000 7/28/2020 CHF 48.870
WEB Windenergie AG 2.250 9/25/2028 EUR 55.010
Finans-Avia OOO 0.010 7/31/2027 RUB 3.670
Pro-Gest SpA 3.250 12/15/2024 EUR 55.000
Tendam Brands SAU 5.000 9/15/2024 EUR 69.540
Nordea Bank Abp 3.600 1/22/2024 SEK 73.630
Deutsche Bank AG/Lo 0.500 10/18/2038 MXN 27.229
Veneto Banca SpA 6.944 5/15/2025 EUR 0.070
HSBC Bank PLC 0.500 11/25/2025 BRL 68.123
Landesbank Schleswi 1.518 01/05/2040 USD 56.921
International Bank 8.250 10/09/2024 USD 60.375
Island Offshore Shi 3.450 6/30/2021 NOK 4.449
Frigoglass Finance 6.875 02/12/2025 EUR 65.516
HSBC Bank PLC 0.500 12/22/2025 BRL 67.687
Landesbank Baden-Wu 2.000 12/29/2020 EUR 68.320
UBS AG/London 12.000 9/28/2020 USD 46.450
Matalan Finance PLC 6.750 1/31/2023 GBP 56.799
UBS AG/London 11.500 6/14/2021 USD 44.150
Bank Nadra Via NDR 8.250 7/31/2018 USD 0.208
La Financiere Atali 5.125 5/15/2025 EUR 61.112
Vontobel Financial 17.000 9/25/2020 EUR 58.120
Credit Suisse AG/Lo 11.750 03/03/2021 USD 72.175
Thomas Cook Group P 6.250 6/15/2022 EUR 5.000
AnaCap Financial Eu 5.000 08/01/2024 EUR 75.352
Elli Investments Lt 12.250 6/15/2020 GBP 51.505
Nordea Bank Abp 8.250 1/20/2025 SEK 74.050
Credit Suisse AG/Lo 13.500 10/13/2020 USD 56.910
Sairgroup Finance B 6.625 10/06/2010 EUR 1.829
Heta Asset Resoluti 7.500 12/31/2023 ATS 1.406
Hampshire Trust Ban 7.250 05/10/2028 GBP 72.001
Deutsche Agrar Hold 7.250 9/28/2018 EUR 1.254
KME SE 6.750 02/01/2023 EUR 44.630
Astaldi SpA 7.125 12/01/2020 EUR 9.731
Stichting Afwikkeli 6.625 5/14/2018 EUR 1.426
Galapagos Holding S 7.000 6/15/2022 EUR 7.704
Kaupthing ehf 9.000 USD 0.122
OGX Austria GmbH 8.375 04/01/2022 USD 0.001
Amigo Luxembourg SA 7.625 1/15/2024 GBP 74.928
Leonteq Securities 9.200 10/12/2020 CHF 37.620
SG Issuer SA 5.996 01/10/2023 EUR 62.950
AlphaNotes ETP Dac 0.010 09/09/2029 USD 68.317
Lehman Brothers Tre 2.000 3/16/2035 EUR 3.400
Natixis SA 0.300 6/25/2048 USD 50.307
Societe Generale SA 8.000 5/28/2027 USD 15.700
Raiffeisen Switzerl 9.180 1/25/2021 EUR 71.830
UkrLandFarming PLC 10.875 3/26/2018 USD 5.201
Privatbank CJSC Via 10.875 2/28/2018 USD 30.293
Raiffeisen Switzerl 8.000 07/11/2024 USD 56.100
Skandinaviska Enski 7.620 7/15/2022 SEK 45.610
Golden Gate AG 6.500 10/11/2014 EUR 37.550
Esbank Bank Spoldzi 4.790 7/16/2025 PLN 65.050
Sberbank of Russia 12.270 01/02/2026 RUB 67.230
Mox Telecom AG 7.250 11/02/2017 EUR 1.354
Barclays Bank PLC 0.701 11/28/2029 USD 78.375
Danske Bank A/S 5.300 7/15/2023 SEK 24.830
Nordea Bank Abp 5.100 1/20/2022 SEK 59.880
Nordea Bank Abp 7.150 7/20/2023 SEK 55.000
Leonteq Securities 30.000 7/28/2020 CHF 45.560
Norske Skog Holding 8.000 2/24/2023 USD 0.022
Petromena ASA 10.850 11/19/2018 USD 0.609
Anglian Water Servi 1.081 1/26/2057 GBP 68.948
Banco Espirito Sant 10.000 12/06/2021 EUR 0.563
Otkritie Holding JS 12.090 12/08/2027 RUB 0.100
Argentum Capital SA 4.551 06/06/2023 USD 40.870
Leonteq Securities 19.600 1/20/2021 CHF 63.380
DZ Bank AG Deutsche 10.150 11/27/2020 EUR 62.600
SG Issuer SA 7.000 2/17/2021 EUR 53.640
DZ Bank AG Deutsche 6.400 9/21/2020 EUR 71.790
Barclays Bank PLC 1.088 8/31/2031 USD 78.375
Bank Julius Baer & 10.150 08/07/2020 USD 35.250
SG Issuer SA 6.260 01/10/2024 SEK 72.830
Kredyt Inkaso SA 4.900 3/28/2022 PLN 71.010
IKB Deutsche Indust 1.666 12/31/2031 EUR 62.216
Officine Maccaferri 5.750 06/01/2021 EUR 36.083
Corner Banca SA 7.400 10/13/2020 CHF 46.510
Leonteq Securities 9.000 06/04/2020 USD 41.030
Nordea Bank Abp 2.100 7/20/2023 SEK 70.380
Skandinaviska Enski 7.880 1/16/2023 SEK 55.515
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.445
Promontoria Holding 6.250 8/15/2023 EUR 72.160
Ideal Standard Inte 11.750 05/01/2018 EUR 0.051
DekaBank Deutsche G 9.600 10/16/2020 EUR 47.260
Air Berlin Finance 6.000 03/06/2019 EUR 1.550
REM Saltire AS 8.460 6/30/2021 NOK 50.000
Steilmann SE 6.750 6/27/2017 EUR 2.184
Afren PLC 6.625 12/09/2020 USD 0.070
Steilmann SE 7.000 9/23/2018 EUR 1.429
Banque Cantonale Va 14.550 12/18/2020 USD 72.710
Societe Generale SA 17.000 10/22/2020 USD 23.900
Zurcher Kantonalban 5.750 07/03/2020 CHF 71.290
Finance and Credit 9.250 1/25/2019 USD 0.993
getgoods.de AG 7.750 10/02/2017 EUR 0.126
Credit Suisse AG/London 11/30/2020 USD 30.000
Banque Cantonale Va 11.700 12/18/2020 CHF 71.780
AKB Metallinvestban 6.400 09/04/2023 RUB 99.970
Leonteq Securities 21.000 2/24/2021 CHF 16.000
UniCredit Bank AG 3.000 7/20/2022 EUR 73.550
Air Berlin Finance 8.500 03/06/2019 EUR 1.689
Thomas Cook Finance 3.875 7/15/2023 EUR 3.360
Tendam Brands SAU 5.250 9/15/2024 EUR 69.184
IKB Deutsche Indust 0.712 5/25/2031 EUR 53.115
La Financiere Atali 6.625 5/15/2025 GBP 57.450
Deutsche Bank AG 1.725 1/16/2045 EUR 64.486
Nordea Bank Abp 9.700 1/20/2023 SEK 36.250
Citigroup Global Ma 13.200 12/18/2023 SEK 38.110
Societe Generale SA 14.500 10/01/2020 USD 21.750
UBS AG/London 10.000 09/04/2020 EUR 45.150
UniCredit Bank AG 6.600 7/20/2028 EUR 36.910
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Barclays Bank PLC 1.756 10/10/2029 USD 78.375
PA Resources AB 13.500 03/03/2016 SEK 0.124
Heta Asset Resoluti 0.341 12/31/2023 EUR 1.406
Nordea Bank Abp 8.250 1/20/2023 SEK 36.620
Golfino AG 8.000 11/18/2023 EUR 0.015
Caixa Economica Mon 5.000 EUR 50.000
Credit Suisse AG/Lo 7.550 12/07/2021 USD 69.100
UniCredit Bank AG 2.150 7/20/2022 EUR 71.920
Espirito Santo Fina 5.050 11/15/2025 EUR 1.119
Corner Banca SA 7.800 8/17/2020 CHF 59.240
Nordea Bank Abp 7.110 7/20/2023 SEK 63.620
Leonteq Securities 4.000 01/10/2022 EUR 74.388
SG Issuer SA 1.250 11/15/2027 EUR 64.550
Pongs & Zahn AG 8.500 EUR 0.002
Deutsche Bank AG/Lo 13.750 6/20/2026 TRY 69.353
Metalloinvest Holdi 0.010 03/07/2022 RUB 94.000
Novafives SAS 4.500 6/15/2025 EUR 69.920
Mriya Agro Holding 9.450 4/19/2018 USD 7.625
New World Resources 4.000 10/07/2020 EUR 1.217
Nordea Bank Abp 5.750 10/20/2020 SEK 60.500
WEB Windenergie AG 5.250 04/08/2023 EUR 55.010
Skandinaviska Enski 9.200 7/15/2024 SEK 31.300
GE Capital European 0.330 10/15/2032 EUR 72.839
LBI ehf 7.431 USD 0.001
Bibby Offshore Serv 7.500 6/15/2021 GBP 10.394
Groupe Ecore Holdin 6.250 11/15/2023 EUR 55.062
Minicentrales Dos S 0.010 06/06/2047 EUR 65.750
Skandinaviska Enski 5.250 7/15/2022 SEK 75.350
Societe Generale Ef 5.500 12/24/2021 EUR 62.060
Natixis SA 2.970 06/08/2021 USD 58.604
Leonteq Securities 12.400 2/24/2021 CHF 53.710
Credit Suisse AG/Lo 4.000 2/21/2025 EUR 73.240
Credit Suisse AG/London 1/31/2023 USD 44.000
DZ Bank AG Deutsche 0.910 6/25/2029 EUR 73.410
UBS AG/London 13.500 11/20/2020 CHF 68.650
DekaBank Deutsche G 6.000 06/02/2021 EUR 64.230
Raiffeisen Centroba 6.750 2/17/2022 EUR 69.610
Cooperativa Murator 6.000 2/15/2023 EUR 2.705
Barclays Bank PLC 2.412 4/16/2029 USD 78.375
Otkritie Holding JS 10.770 9/17/2027 RUB 14.120
Otkritie Holding JS 10.000 4/20/2028 RUB 4.030
A-TEC Industries AG 5.750 11/02/2010 EUR 0.141
Barclays Bank PLC 1.183 3/27/2029 USD 78.375
Kaupthing ehf 6.125 10/04/2016 USD 0.250
UniCredit Bank AG 7.850 03/03/2021 EUR 64.300
Credit Suisse AG/London 03/01/2021 USD 48.370
Vontobel Financial 4.750 6/29/2020 EUR 47.000
Skandinaviska Enski 10.950 1/15/2024 SEK 39.680
Skandinaviska Enski 6.000 7/15/2024 SEK 55.000
Credit Suisse AG/London 3/29/2021 USD 67.000
Skandinaviska Enski 7.450 1/15/2025 SEK 34.440
Opus-Chartered Issu 5.000 03/08/2027 USD 56.770
Zurcher Kantonalban 9.000 12/04/2020 USD 52.940
Raiffeisen Centroba 7.250 12/06/2021 EUR 49.000
Nordea Bank Abp 7.430 1/20/2025 SEK 55.750
SG Issuer SA 0.820 08/02/2021 SEK 4.470
ECM Real Estate Inv 5.000 10/09/2011 EUR 15.375
New World Resources 8.000 04/07/2020 EUR 0.447
Bayerische Landesba 1.550 2/13/2040 EUR 72.110
Lloyds Bank PLC 0.500 7/26/2028 MXN 55.332
Grupo Isolux Corsan 0.250 12/30/2018 EUR 0.303
Veneto Banca SpA 6.950 2/25/2025 EUR 0.100
UBS AG/London 8.250 8/24/2020 USD 42.350
Luzerner Kantonalba 6.000 09/04/2020 CHF 67.210
HSBC Trinkaus & Bur 9.600 6/26/2020 EUR 53.880
Zaklady Miesne Henr 6.420 3/29/2021 PLN
Leonteq Securities 5.880 11/27/2020 GBP 43.550
Bayerische Landesba 2.800 06/05/2020 EUR 56.430
Leonteq Securities 7.200 9/24/2021 CHF 65.830
Bank Julius Baer & 12.660 6/23/2021 CHF 74.000
DekaBank Deutsche G 5.150 06/05/2020 EUR 69.000
WEB Windenergie AG 4.500 EUR 55.010
BNP Paribas Issuanc 6.550 3/28/2025 EUR 38.000
Landesbank Baden-Wu 2.400 9/25/2020 EUR 57.450
ING Bank NV 5.050 10/07/2024 EUR 56.500
F-Brasile SpA / F-B 7.375 8/15/2026 USD 73.249
A-TEC Industries AG 8.750 10/27/2014 EUR 0.141
Citigroup Global Ma 1.240 2/18/2040 EUR 74.024
Rio Forte Investmen 4.000 7/22/2014 EUR 6.094
BNP Paribas Issuanc 6.800 06/01/2020 EUR 42.850
Leonteq Securities 8.600 07/05/2021 CHF 58.320
Danske Bank A/S 8.050 07/09/2023 SEK 35.980
Bank Julius Baer & 7.100 11/09/2020 EUR 70.900
Nordea Bank Abp 5.700 1/20/2021 SEK 73.500
BNP Paribas SA 5.900 1/19/2021 USD 64.600
Bayerische Landesba 3.250 5/13/2022 EUR 67.620
Pragma Faktoring SA 5.420 07/04/2023 PLN 76.000
Trinfiko Holdings Z 10.000 3/20/2024 RUB 63.010
Bilt Paper BV 9.640 USD 1.021
NTRP Via Interpipe 10.250 08/02/2017 USD 30.500
Virgolino de Olivei 10.875 1/13/2020 USD 26.625
Mriya Agro Holding 10.950 3/30/2016 USD 7.643
Northland Resources 4.000 10/15/2020 NOK 0.271
Societe Generale SA 26.460 03/09/2023 USD 45.678
Corner Banca SA 7.400 7/22/2020 CHF 46.490
Leonteq Securities 7.400 03/04/2021 CHF 43.700
EFG International F 10.750 7/15/2020 USD 54.050
Nordea Bank Abp 5.600 7/20/2023 SEK 52.000
Natixis SA 3.100 7/26/2021 USD 39.131
Zurcher Kantonalban 11.000 7/22/2021 CHF 55.900
Zurcher Kantonalban 11.750 09/10/2020 USD 52.170
Skandinaviska Enski 6.350 7/15/2024 SEK 43.440
BNP Paribas Emissio 10.000 12/24/2020 EUR 56.910
Societe Generale SA 10.000 06/02/2022 USD 45.009
Bayerische Landesba 2.300 5/13/2022 EUR 43.080
EFG International F 6.500 8/20/2021 CHF 59.400
EFG International F 6.100 07/11/2024 CHF 68.180
Royalbeach Spielwar 7.375 11/10/2020 EUR 3.890
O1 Properties Finan 13.000 10/02/2020 RUB 97.030
Bibby Offshore Serv 7.500 6/15/2021 GBP 10.394
Irish Bank Resoluti 4.000 4/23/2018 EUR 33.250
Lehman Brothers Tre 1.000 10/05/2035 EUR 3.400
Lehman Brothers Tre 0.344 11/02/2035 EUR 3.400
Landesbank Hessen-T 0.044 7/18/2031 EUR 69.651
Landesbank Baden-Wu 3.500 2/26/2021 EUR 69.020
Zurcher Kantonalban 12.000 2/25/2021 CHF 56.370
Skandinaviska Enski 9.600 1/15/2024 SEK 32.900
Leonteq Securities 6.400 09/01/2020 CHF 63.740
Nordea Bank Abp 7.440 1/20/2023 SEK 63.870
Vontobel Financial 4.400 12/18/2020 EUR 72.160
Leonteq Securities 4.890 11/26/2021 USD 45.650
Landesbank Baden-Wu 2.650 12/29/2020 EUR 62.630
WEB Windenergie AG 3.750 9/26/2026 EUR 55.010
Landesbank Hessen-T 6.250 7/15/2022 EUR 49.800
Skandinaviska Enski 7.520 7/15/2024 SEK 46.430
Credit Suisse AG/Lo 4.200 9/25/2020 EUR 64.260
Bulgaria Steel Fina 12.000 05/04/2013 EUR 0.216
Kreditanstalt fuer 0.250 10/06/2036 CAD 46.897
Banca Popolare di V 9.500 10/02/2025 EUR 0.093
Natixis SA 3.150 06/08/2021 USD 27.516
Bank Julius Baer & 6.200 9/28/2020 USD 44.050
UBS AG/London 7.750 07/05/2021 EUR 72.000
mybet Holding SE 6.250 12/12/2020 EUR 0.700
Landesbank Hessen-T 5.250 5/15/2025 EUR 60.970
UniCredit Bank AG 4.250 6/25/2020 EUR 50.730
Credit Suisse AG/Lo 10.250 05/03/2021 CHF 59.890
EFG International F 7.000 10/25/2021 EUR 65.640
Zurcher Kantonalban 5.250 12/30/2021 CHF 74.140
Credit Suisse AG/Lo 12.120 2/28/2022 EUR 59.760
EFG International F 6.300 12/17/2020 EUR 65.710
Vontobel Financial 5.500 12/28/2020 EUR 69.730
Zurcher Kantonalban 14.000 6/17/2020 EUR 60.720
Nordea Bank Abp 7.050 7/20/2024 SEK 54.250
EFG International F 9.150 10/29/2020 USD 75.220
WEB Windenergie AG 6.500 EUR 55.010
Landesbank Hessen-T 5.600 9/27/2024 EUR 65.810
Nordea Bank Abp 6.100 7/20/2024 SEK 64.250
Leonteq Securities 10.000 12/11/2020 CHF 73.730
Irish Bank Resoluti 6.750 11/30/2013 BGN 33.250
Mriya Agro Holding 9.450 4/19/2018 USD 7.625
Espirito Santo Fina 5.125 5/30/2016 EUR 1.486
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.008
SAir Group 6.250 10/27/2002 CHF 8.375
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Cooperativa Murator 6.875 08/01/2022 EUR 2.760
Barclays Bank PLC 0.500 1/28/2033 MXN 38.370
Erste Group Bank AG 6.250 9/28/2023 EUR 61.450
EFG International F 5.550 07/12/2021 USD 4.170
Deutsche Bank AG/Lo 2.200 4/14/2023 EUR 57.250
Nordea Bank Abp 6.060 7/20/2023 SEK 62.750
SG Issuer SA 10.580 12/27/2022 EUR 74.260
Corner Banca SA 7.600 02/02/2021 CHF 52.070
Credit Suisse AG/Lo 10.000 5/14/2021 EUR 51.440
Citigroup Global Ma 6.010 10/23/2024 RUB 34.380
UniCredit Bank AG 6.600 7/23/2021 EUR 66.700
Leonteq Securities 14.000 8/17/2020 EUR 65.910
UBS AG/London 12.750 9/27/2021 CHF 63.000
ING Bank NV 6.500 12/30/2020 EUR 72.370
Credit Suisse AG/Lo 7.000 5/31/2021 CHF 60.270
State of Saxony-Anh 0.134 07/03/2028 EUR 45.000
UniCredit Bank AG 4.500 11/18/2020 EUR 24.850
Pescanova SA 8.750 2/17/2019 EUR 0.319
A-TEC Industries AG 2.750 05/10/2014 EUR 0.141
Vontobel Financial 16.000 6/25/2021 EUR 74.830
Raiffeisen Schweiz 4.100 06/08/2022 CHF 57.250
Societe Generale SA 8.000 1/14/2021 USD 42.080
Corner Banca SA 8.600 6/16/2020 CHF 35.820
Zurcher Kantonalban 13.550 07/03/2020 EUR 67.820
Credit Suisse AG/Lo 12.000 7/24/2020 USD 34.390
Danske Bank A/S 5.000 01/09/2025 SEK 68.200
UBS AG/London 6.250 7/13/2020 CHF 17.360
Landesbank Baden-Wu 13.120 2/26/2021 EUR 70.600
Leonteq Securities 10.250 02/04/2021 USD 56.750
Nordea Bank Abp 2.690 7/20/2023 SEK 13.000
Araratbank OJSC 5.250 09/11/2022 USD 25.248
Societe Generale SA 14.500 09/03/2020 USD 22.444
Bayerische Landesba 2.250 7/23/2021 EUR 53.720
Citigroup Global Ma 12.379 11/13/2023 SEK 35.810
City of Predeal Rom 3.500 5/15/2026 RON 60.000
EFG International F 5.350 11/07/2022 USD 57.170
Bank Spoldzielczy w 3.690 5/15/2025 PLN 75.000
WEB Windenergie AG 5.500 04/08/2023 EUR 55.010
Corner Banca SA 16.400 03/02/2021 CHF 13.330
Russian Railways JS 3.500 10/11/2038 RUB 90.000
Norske Skogindustri 7.000 12/30/2026 EUR 0.135
Norske Skog Holding 8.000 2/24/2021 EUR 0.023
Samaratransneft-Ter 17.000 6/20/2021 RUB 13.960
Agrokor dd 8.875 02/01/2020 USD 10.838
Rena GmbH 7.000 12/15/2015 EUR 2.096
Stichting Afwikkeli 8.450 8/20/2018 USD 1.426
Stichting Afwikkeli 2.504 EUR 1.210
Nordea Bank Abp 6.440 1/22/2024 SEK 57.120
HSBC Trinkaus & Bur 4.500 6/26/2020 EUR 70.100
Zurcher Kantonalban 7.500 06/10/2020 CHF 52.330
Credit Suisse AG/Lo 8.000 12/02/2020 USD 8.707
Landesbank Baden-Wu 2.800 2/26/2021 EUR 74.310
Deutsche Bank AG 8.200 12/22/2020 EUR 41.600
Landesbank Baden-Wu 3.540 7/24/2020 EUR 56.940
SG Issuer SA 3.150 07/10/2020 EUR 66.790
SG Issuer SA 5.000 5/23/2024 EUR 54.940
Danske Bank A/S 10.380 07/10/2023 EUR 44.060
Raiffeisen Centroba 8.250 11/10/2020 EUR 47.540
Bayerische Landesba 2.500 8/21/2020 EUR 47.140
BNP Paribas Emissio 8.000 9/24/2020 EUR 68.160
Landesbank Baden-Wu 2.000 3/26/2021 EUR 58.500
EFG International F 7.100 8/14/2020 EUR 51.170
Raiffeisen Centroba 7.500 4/30/2021 EUR 58.940
Bank Julius Baer & 4.080 08/07/2020 EUR 64.500
Landesbank Baden-Wu 13.660 5/31/2021 EUR 64.090
EFG International F 12.000 11/29/2024 USD 57.190
Banque Cantonale Va 6.100 11/20/2020 CHF 46.530
Nordea Bank Abp 3.792 1/20/2021 EUR 43.620
Nordea Bank Abp 5.000 1/20/2025 SEK 74.870
Raiffeisen Schweiz 7.600 11/15/2021 EUR 66.140
Zurcher Kantonalban 9.500 7/22/2021 EUR 49.780
Zurcher Kantonalban 7.750 6/18/2021 EUR 58.420
EFG International F 7.800 8/17/2020 CHF 36.860
Credit Suisse AG/Lo 9.100 09/10/2020 USD 65.390
EFG International F 12.530 3/18/2021 CHF 56.680
Danske Bank A/S 6.000 07/09/2025 SEK 74.490
EFG International F 9.500 10/11/2022 USD 70.770
Bank Julius Baer & 10.000 6/21/2021 EUR 54.600
Nordea Bank Abp 5.400 1/20/2025 SEK 66.750
EFG International F 19.200 6/18/2021 CHF 71.070
Zurcher Kantonalban 10.875 5/27/2021 EUR 45.080
Landesbank Hessen-T 4.200 9/21/2020 EUR 66.700
UBS AG/London 7.750 5/24/2021 EUR 52.850
UBS AG/London 11.750 06/01/2021 USD 53.430
Zurcher Kantonalban 5.500 10/16/2020 EUR 68.510
Societe Generale SA 22.000 11/03/2022 USD 28.625
HSBC Bank PLC 0.500 6/23/2027 MXN 61.983
Northland Resources 15.000 7/15/2019 USD 2.621
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Jaguar Land Rover A 4.500 10/01/2027 USD 68.657
AKB Peresvet ZAO 0.510 2/14/2032 RUB 11.040
Heta Asset Resoluti 0.050 12/31/2023 EUR 1.406
House of Fraser Fun 5.978 9/15/2020 GBP 3.433
Windreich GmbH 6.500 03/01/2015 EUR 7.738
Windreich GmbH 6.750 03/01/2015 EUR 7.738
Lehman Brothers Tre 11.000 6/29/2009 EUR 2.571
La Veggia Finance S 7.125 11/14/2004 EUR 0.287
Agrokor dd 9.125 02/01/2020 EUR 10.179
Skandinaviska Enski 9.020 7/17/2023 SEK 41.760
Skandinaviska Enski 10.360 7/17/2023 SEK 54.310
UniCredit Bank AG 4.250 11/21/2021 EUR 38.620
Macquarie Internati 11.550 8/28/2023 ZAR 11.816
Raiffeisen Centroba 6.000 09/09/2021 EUR 72.130
Deutsche Bank AG 3.200 6/23/2020 EUR 70.790
Raiffeisen Centroba 4.150 04/05/2022 EUR 66.060
UniCredit Bank AG 9.800 12/29/2020 EUR 33.950
Raiffeisen Schweiz 5.750 11/23/2020 EUR 58.680
Corner Banca SA 7.200 4/20/2021 CHF 54.300
UBS AG/London 7.500 9/21/2020 USD 51.520
Natixis SA 2.750 03/01/2021 USD 48.916
DekaBank Deutsche G 3.000 4/24/2024 EUR 63.510
Raiffeisen Schweiz 6.900 09/10/2020 EUR 63.770
UBS AG/London 5.500 2/22/2021 CHF 59.750
Leonteq Securities 5.630 11/27/2020 GBP 71.900
EFG International F 10.850 11/29/2024 USD 53.430
Danske Bank A/S 9.430 07/09/2024 SEK 22.000
SG Issuer SA 2.200 01/10/2025 EUR 58.240
Vontobel Financial 6.000 2/26/2021 EUR 74.050
Leonteq Securities 18.000 1/28/2021 CHF 63.190
Bank Julius Baer & 11.000 7/31/2020 CHF 74.150
Raiffeisen Switzerl 4.800 6/14/2021 EUR 53.990
Raiffeisen Switzerl 5.900 10/28/2020 CHF 53.110
Landesbank Hessen-T 4.000 4/13/2021 EUR 59.220
Zurcher Kantonalban 5.750 10/18/2022 CHF 68.640
Vontobel Financial 5.850 09/11/2020 EUR 73.140
Credit Suisse AG/Lo 6.250 5/28/2021 USD 73.250
Nordea Bank Abp 2.492 1/20/2021 EUR 68.000
Societe Generale Ef 4.250 6/26/2020 EUR 72.880
UniCredit Bank AG 3.600 6/18/2020 EUR 39.980
Credit Suisse AG/Lo 5.100 2/26/2021 CHF 72.640
Landesbank Hessen-T 5.100 10/04/2024 EUR 51.920
Landesbank Hessen-T 6.450 06/03/2024 EUR 60.060
Bayerische Landesba 2.800 5/14/2021 EUR 56.670
Landesbank Hessen-T 6.500 5/21/2025 EUR 63.900
Danske Bank A/S 5.600 07/09/2025 SEK 72.940
Astana Finance BV 9.000 11/16/2011 USD 15.250
Astana Finance BV 7.875 06/08/2010 EUR 16.000
Hellas Telecommunic 6.054 1/15/2015 USD 0.018
Heta Asset Resoluti 0.570 12/31/2023 EUR 1.406
Bank Otkritie Finan 0.010 7/16/2025 RUB 69.020
BLT Finance BV 12.000 02/10/2015 USD 10.500
Hellas Telecommunic 8.500 10/15/2013 EUR 0.497
Northland Resources 12.250 3/26/2016 USD 2.621
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Northland Resources 4.000 10/15/2020 USD 0.271
Heta Asset Resoluti 4.350 12/31/2023 EUR 1.500
Norske Skogindustri 7.125 10/15/2033 USD 0.135
Elli Investments Lt 12.250 6/15/2020 GBP 51.505
Norddeutsche Landes 4.000 6/28/2038 EUR 61.852
Lehman Brothers Tre 5.103 6/22/2046 EUR 2.571
UBS AG/London 8.000 06/08/2020 CHF 56.500
Deutsche Bank AG 4.200 6/23/2020 EUR 45.300
HSBC Trinkaus & Bur 7.300 9/25/2020 EUR 54.510
Nordea Bank Abp 6.450 1/22/2024 SEK 69.870
Landesbank Hessen-T 6.000 9/21/2023 EUR 41.700
Landesbank Baden-Wu 3.750 1/22/2021 EUR 68.260
DZ Bank AG Deutsche 5.000 11/27/2020 EUR 66.990
EFG International F 10.000 08/07/2020 EUR 54.690
Bayerische Landesba 3.350 08/07/2020 EUR 49.960
Societe Generale SA 10.080 3/16/2022 USD 43.950
Societe Generale Ef 18.288 12/28/2020 EUR 63.850
Skandinaviska Enski 10.300 7/17/2023 SEK 35.130
Skandinaviska Enski 10.400 1/15/2024 SEK 38.420
DekaBank Deutsche G 4.810 6/30/2020 EUR 33.700
Danske Bank A/S 6.860 07/09/2022 SEK 63.910
Leonteq Securities 8.000 7/29/2020 EUR 34.040
Skandinaviska Enski 7.600 1/15/2024 SEK 55.280
Bank Julius Baer & 16.250 05/04/2021 CHF 65.200
Banque Cantonale Va 5.200 08/04/2021 CHF 70.980
Skandinaviska Enski 4.500 7/17/2023 SEK 42.310
Credit Suisse AG/Lo 8.500 2/22/2021 USD 68.900
Zurcher Kantonalban 6.000 11/12/2020 EUR 72.830
Credit Suisse AG/Lo 10.500 11/13/2020 USD 53.280
Skandinaviska Enski 4.350 1/15/2025 SEK 43.660
UBS AG/London 6.200 3/25/2021 EUR 62.650
Landesbank Hessen-T 3.100 11/09/2020 EUR 52.200
UniCredit Bank AG 4.300 06/04/2020 EUR 55.790
Raiffeisen Schweiz 6.000 8/17/2020 CHF 35.940
UniCredit Bank AG 3.750 09/07/2020 EUR 29.300
Bank Julius Baer & 8.950 10/19/2020 USD 35.050
DZ Bank AG Deutsche 6.400 6/26/2020 EUR 72.630
Landesbank Baden-Wu 5.750 11/26/2021 EUR 52.360
Credit Suisse AG/Lo 9.500 7/20/2020 USD 53.460
Landesbank Hessen-T 5.600 6/21/2021 EUR 64.700
BNP Paribas Issuanc 4.992 10/05/2020 CHF 61.700
Landesbank Hessen-T 4.550 11/04/2020 EUR 60.500
Erste Group Bank AG 5.600 9/29/2020 EUR 65.460
DekaBank Deutsche G 2.380 08/11/2020 EUR 60.800
EFG International F 12.870 12/23/2024 USD 62.150
EFG International F 9.700 9/26/2022 CHF 53.900
Corner Banca SA 6.000 4/25/2022 CHF 71.320
Danske Bank A/S 6.310 07/09/2025 SEK 73.820
EFG International F 13.600 2/23/2021 CHF 63.590
Gazprombank JSC 0.010 11/24/2022 RUB 75.020
BNP Paribas Emissio 6.500 12/24/2020 EUR 49.190
Raiffeisen Switzerl 3.590 7/22/2020 EUR 60.760
Skandinaviska Enski 3.000 1/17/2022 SEK 32.700
Kaupthing ehf 3.750 02/01/2045 USD 0.232
Rio Forte Investmen 3.900 07/10/2014 USD 6.125
SAir Group 4.250 02/02/2007 CHF 8.375
AKB Peresvet ZAO 0.510 6/23/2021 RUB 13.140
Rio Forte Investmen 4.750 11/10/2015 EUR 6.125
Espirito Santo Fina 5.050 11/15/2025 EUR 1.119
Barclays Bank PLC 2.000 06/12/2029 TRY 41.894
UBS AG/London 5.750 8/14/2020 CHF 48.300
EFG International F 6.200 8/16/2021 CHF 55.580
Leonteq Securities 6.400 11/03/2020 EUR 41.920
EFG International F 10.400 06/09/2020 USD 61.960
Natixis SA 2.100 06/08/2021 EUR 27.929
Skandinaviska Enski 7.800 7/17/2023 SEK 49.150
Natixis SA 2.075 6/22/2020 EUR 65.408
Raiffeisen Centroba 5.000 08/09/2021 EUR 56.530
EFG International F 6.000 08/03/2020 USD 28.140
EFG International F 11.400 6/28/2021 USD 52.670
EFG International F 10.000 2/22/2024 USD 64.960
UBS AG/London 9.000 8/27/2020 USD 40.050
Societe Generale SA 7.220 5/30/2023 USD 74.550
Leonteq Securities 7.400 11/09/2020 EUR 56.960
EFG International F 13.500 7/19/2021 USD 68.040
Credit Suisse AG/Lo 4.000 6/22/2020 EUR 63.290
Leonteq Securities 7.200 10/27/2021 CHF 51.210
Landesbank Hessen-T 4.000 11/24/2021 EUR 63.510
Societe Generale SA 9.250 9/30/2020 USD 42.500
HSBC Trinkaus & Bur 5.030 12/04/2020 EUR 56.730
Credit Suisse AG/Lo 6.000 1/31/2022 CHF 71.540
EFG International F 11.500 08/02/2021 USD 69.750
Raiffeisen Schweiz 11.500 2/18/2021 CHF 34.400
UBS AG/London 7.000 2/21/2022 EUR 64.100
UBS AG/London 9.250 8/20/2021 USD 66.650
Societe Generale Ef 10.000 2/19/2021 EUR 69.330
Zurcher Kantonalban 7.640 08/06/2020 CHF 46.320
Credit Suisse AG/Lo 2.800 11/17/2020 USD 55.700
EFG International F 13.150 12/17/2020 USD 41.460
Raiffeisen Switzerl 15.120 07/08/2020 USD 49.320
SG Issuer SA 1.750 2/22/2021 EUR 70.000
BNP Paribas Emissio 3.000 6/25/2020 EUR 64.690
EFG International F 4.700 2/21/2023 USD 59.550
Raiffeisen Centroba 5.500 02/08/2021 EUR 61.930
Deutsche Bank AG 8.200 9/22/2020 EUR 43.800
UBS AG/London 7.750 06/08/2020 CHF 55.050
Leonteq Securities 10.600 12/08/2020 EUR 33.870
UBS AG/London 9.000 11/04/2020 USD 48.600
Getin Noble Bank SA 5.710 4/29/2024 PLN 72.000
UBS AG/London 5.250 07/11/2022 CHF 66.050
Deutsche Bank AG/Lo 0.910 11/21/2022 EUR 60.140
Leonteq Securities 10.200 06/03/2020 USD 61.590
UBS AG/London 6.000 11/09/2020 CHF 58.650
Leonteq Securities 8.200 09/01/2020 CHF 40.360
Raiffeisen Schweiz 5.500 09/07/2020 CHF 73.260
Investec Bank PLC 6.650 6/20/2026 SEK 67.570
EFG International F 0.600 07/12/2022 EUR 60.310
Danske Bank A/S 6.010 07/09/2023 SEK 53.350
Corner Banca SA 10.000 10/05/2020 CHF 49.260
UBS AG/London 6.000 8/13/2020 CHF 50.700
EFG International F 9.800 9/21/2021 EUR 32.330
Leonteq Securities 7.400 9/28/2021 CHF 53.950
UniCredit Bank AG 4.100 8/24/2022 EUR 60.110
UBS AG/London 9.000 07/06/2020 USD 64.680
EFG International F 10.500 02/07/2022 EUR 48.780
EFG International F 8.700 9/28/2020 EUR 62.790
Landesbank Hessen-T 5.700 06/02/2023 EUR 55.470
Luzerner Kantonalba 13.200 8/14/2020 CHF 65.400
UBS AG/London 7.500 08/07/2020 EUR 51.650
Leonteq Securities 7.000 8/19/2020 EUR 49.810
Leonteq Securities 3.000 1/31/2022 EUR 67.070
Raiffeisen Switzerl 9.000 02/11/2021 USD 62.160
UniCredit Bank AG 6.600 04/06/2021 USD 59.770
Skandinaviska Enski 9.500 1/17/2023 SEK 37.840
EFG International F 5.350 12/27/2022 USD 56.530
EFG International F 12.750 1/31/2022 USD 53.140
EFG International F 11.500 08/02/2021 USD 70.770
Credit Suisse AG/Lo 6.000 7/15/2020 CHF 72.280
Credit Suisse AG/Lo 6.000 6/24/2022 CHF 64.640
UBS AG/London 7.000 10/26/2020 CHF 61.550
Credit Suisse AG/Lo 10.750 12/21/2020 CHF 54.690
Credit Suisse AG/Lo 7.750 8/30/2021 CHF 71.880
EFG International F 12.000 10/19/2021 USD 42.800
UBS AG/London 7.500 10/19/2020 EUR 68.250
Landesbank Baden-Wu 4.000 8/28/2020 EUR 36.660
EFG International F 4.700 2/24/2023 USD 58.010
Leonteq Securities 2.910 1/20/2021 EUR 69.520
Danske Bank A/S 6.860 07/09/2022 SEK 7.030
Zurcher Kantonalban 9.200 11/06/2020 CHF 69.250
Zurcher Kantonalban 6.000 2/25/2021 CHF 64.030
UBS AG/London 11.500 03/11/2021 EUR 71.450
EFG International F 0.600 08/08/2022 EUR 61.990
Credit Suisse AG/Lo 8.000 03/03/2022 USD 54.430
EFG International F 5.350 11/15/2022 USD 53.940
Leonteq Securities 20.000 2/18/2021 CHF 48.680
WEB Windenergie AG 6.250 EUR 55.010
EFG International F 0.600 6/28/2022 EUR 61.870
EFG International F 13.000 6/14/2021 USD 57.230
UBS AG/London 10.500 6/15/2020 CHF 62.250
Raiffeisen Centroba 5.750 7/19/2021 EUR 56.750
Raiffeisen Schweiz 7.440 6/24/2020 CHF 43.390
EFG International F 5.350 1/24/2023 USD 58.410
Landesbank Hessen-T 3.750 10/06/2020 EUR 66.200
EFG International F 9.200 8/27/2020 USD 51.430
Vontobel Financial 6.000 12/28/2020 EUR 57.070
Credit Suisse AG/Lo 10.000 10/19/2020 EUR 51.230
EFG International F 12.800 02/08/2021 USD 71.990
Raiffeisen Centroba 6.250 12/13/2021 EUR 64.930
Gold-Zack AG 7.000 12/14/2005 EUR 9.030
Zurcher Kantonalban 12.000 9/18/2020 USD 51.820
BNP Paribas Emissio 11.000 6/25/2020 EUR 68.730
EFG International F 5.350 10/31/2022 USD 56.680
EFG International F 5.350 12/19/2022 USD 58.150
EFG International F 8.700 12/17/2020 USD 67.730
Barclays Bank PLC 2.730 9/27/2024 EUR 54.300
EFG International F 5.500 12/14/2020 CHF 56.720
Bank Julius Baer & 13.510 8/17/2020 USD 34.200
Credit Suisse AG/Lo 7.500 12/14/2020 CHF 66.810
EFG International F 20.300 10/08/2021 USD 72.080
Raiffeisen Switzerl 8.400 8/20/2020 USD 57.290
Societe Generale Ef 9.250 9/25/2020 EUR 68.920
EFG International F 0.600 09/06/2022 EUR 46.340
UBS AG/London 10.250 06/05/2020 USD 55.840
UBS AG/London 10.000 5/20/2021 USD 70.620
EFG International F 10.000 12/06/2021 USD 67.460
EFG International F 5.350 12/06/2022 USD 57.150
EFG International F 6.750 10/29/2020 EUR 70.130
EFG International F 5.350 10/24/2022 USD 50.620
WEB Windenergie AG 2.500 9/26/2021 EUR 55.010
EFG International F 5.350 12/19/2022 USD 57.350
WEB Windenergie AG 2.750 12/17/2020 EUR 55.010
EFG International F 5.350 11/29/2022 USD 55.680
Getin Noble Bank SA 4.440 12/21/2020 PLN 60.000
UBS AG/London 12.500 11/30/2020 CHF 58.350
Leonteq Securities 10.400 7/29/2020 EUR 59.880
DekaBank Deutsche G 0.010 6/29/2046 EUR 71.530
SALVATOR Vermoegens 9.500 EUR 13.500
EFG International F 5.350 12/02/2022 USD 56.500
EFG International F 0.600 8/29/2022 EUR 66.590
Otkritie Holding JS 8.030 10/03/2036 RUB 0.200
Metalloinvest Holdi 0.010 03/10/2022 RUB 61.000
Bayerische Landesba 2.700 5/14/2021 EUR 50.850
BNP Paribas Emissio 6.000 6/25/2020 EUR 66.050
Banque Cantonale Va 11.160 01/04/2021 CHF 65.680
Citigroup Global Ma 9.500 9/30/2020 EUR 62.640
Bayerische Landesba 2.700 7/22/2022 EUR 35.590
SG Issuer SA 7.013 11/02/2020 EUR 65.600
Bank Julius Baer & 8.150 08/06/2020 CHF 65.300
Landesbank Baden-Wu 2.560 7/24/2020 EUR 69.590
UBS AG/London 13.500 7/15/2021 CHF 73.650
DekaBank Deutsche G 8.050 1/15/2021 EUR 71.460
EFG International F 0.600 9/20/2022 EUR 45.360
DZ Bank AG Deutsche 1.600 6/24/2026 EUR 72.020
UBS AG/London 13.500 4/26/2021 USD 41.840
Landesbank Baden-Wu 3.250 7/28/2023 EUR 60.410
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.445
Lehman Brothers Tre 11.000 12/20/2017 AUD 2.571
BNP Paribas SA 1.000 1/23/2040 MXN 29.990
Lehman Brothers Tre 4.600 10/11/2017 ILS 3.750
Lehman Brothers Tre 2.875 3/14/2013 CHF 3.750
SpareBank 1 SR-Bank 1.383 12/21/2030 EUR 70.199
SAir Group 6.250 04/12/2005 CHF 8.375
Bank Otkritie Finan 10.000 4/26/2019 USD 9.505
Lehman Brothers Tre 0.500 12/20/2017 AUD 2.571
Northland Resources 15.000 7/15/2019 USD 2.621
Lehman Brothers Tre 4.050 9/16/2008 EUR 2.571
Lehman Brothers Tre 13.432 01/08/2009 ILS 2.571
Credito Padano Banc 3.100 EUR 36.529
Credito Padano Banc 3.100 EUR 36.278
Grupo Isolux Corsan 1.000 12/30/2021 USD 0.303
Pescanova SA 6.750 03/05/2015 EUR 0.319
Kaupthing ehf 6.125 10/04/2016 USD 0.250
Ideal Standard Inte 11.750 05/01/2018 EUR 0.051
DekaBank Deutsche G 1.780 02/05/2021 EUR 68.760
Societe Generale SA 4.000 6/29/2028 USD
Raiffeisen Switzerl 10.500 07/11/2024 USD 5.970
Societe Generale SA 6.640 03/02/2021 USD 72.550
Landesbank Hessen-T 2.600 7/29/2020 EUR 58.900
Societe Generale SA 14.720 6/25/2021 USD 48.600
Credit Suisse AG/Lo 10.000 7/29/2020 USD
Societe Generale SA 17.000 03/02/2023 USD 33.050
Citigroup Global Ma 3.180 08/08/2022 USD 68.460
Landesbank Baden-Wu 3.000 3/26/2021 EUR 59.650
Societe Generale SA 19.000 9/17/2020 USD 24.200
UBS AG/London 1.750 1/23/2023 USD 6.105
Societe Generale SA 6.000 11/30/2032 USD 61.420
Raiffeisen Switzerl 7.000 07/08/2020 USD 32.940
EFG International F 16.400 7/15/2020 USD 11.170
Societe Generale Ef 5.500 6/26/2020 EUR 57.810
Societe Generale SA 11.732 07/12/2024 USD 73.500
Investec Bank PLC 6.700 12/20/2025 SEK 74.380
Landesbank Hessen-T 5.500 5/25/2023 EUR 25.120
Barclays Bank PLC 3.500 8/17/2020 USD 42.750
Societe Generale SA 7.750 02/01/2021 USD 69.750
Societe Generale SA 10.000 03/02/2023 USD 41.750
Raiffeisen Switzerl 6.400 11/11/2020 EUR 58.380
Raiffeisen Switzerl 6.200 11/11/2020 CHF 58.440
Raiffeisen Schweiz 8.200 10/22/2020 USD 36.170
Raiffeisen Schweiz 8.000 9/22/2020 CHF 43.640
Societe Generale SA 9.250 3/30/2022 USD 69.000
EFG International F 9.850 7/30/2020 CHF 60.480
Credit Suisse AG/Lo 6.000 8/24/2022 CHF 62.520
Raiffeisen Schweiz 12.840 2/15/2021 CHF 64.610
Landesbank Baden-Wu 4.350 7/14/2020 EUR 66.220
Credit Suisse AG/Lo 10.000 06/03/2021 USD 73.500
Credit Suisse AG/Lo 20.000 11/29/2024 USD 6.100
Credit Suisse AG/Lo 10.500 10/02/2020 USD 48.310
Societe Generale Ef 7.000 02/01/2021 EUR 53.160
Spoldzielczy Bank R 5.290 7/16/2025 PLN 60.000
Societe Generale SA 7.000 10/02/2029 USD 74.437
Credit Suisse AG/Lo 11.250 12/03/2020 USD 71.683
BNP Paribas Issuanc 4.992 10/05/2020 EUR 61.700
Societe Generale SA 10.000 12/30/2022 USD
Societe Generale SA 10.000 12/30/2022 USD
EFG International F 10.260 12/19/2024 CHF 42.490
SG Issuer SA 5.500 04/10/2021 EUR 56.640
Credit Suisse AG/Lo 10.750 11/29/2021 USD 38.426
Credit Suisse AG/Lo 10.000 12/31/2020 USD 68.000
Landesbank Hessen-T 3.500 5/24/2023 EUR 61.590
Landesbank Baden-Wu 10.670 6/26/2020 EUR 57.330
Barclays Bank PLC 2.000 5/28/2021 USD 10.030
Raiffeisen Schweiz 8.400 11/24/2020 CHF 41.560
Societe Generale SA 11.000 9/23/2021 USD 73.150
Credit Suisse AG/Lo 8.750 09/02/2020 GBP 60.380
Citigroup Global Ma 4.875 8/22/2022 USD 30.620
Societe Generale SA 9.440 05/06/2022 USD
WEB Windenergie AG 6.500 EUR 55.010
SG Issuer SA 6.650 10/10/2021 EUR 37.770
EFG International F 5.600 07/11/2024 EUR 6.510
Lehman Brothers Tre 6.300 12/21/2018 USD 2.571
SAir Group 2.125 11/04/2004 CHF 8.375
AKB Peresvet ZAO 13.000 10/07/2017 RUB 13.375
Windreich GmbH 6.250 03/01/2015 EUR 7.738
SAir Group 5.500 7/23/2003 CHF 8.375
Bank Otkritie Finan 0.010 9/24/2025 RUB 67.560
Lehman Brothers Tre 10.000 10/22/2008 USD 2.571
Kaupthing ehf 3.063 05/10/2045 ISK 0.250
Minicentrales Dos S 0.010 06/06/2047 EUR 65.750
Kaupthing ehf 4.390 10/14/2008 CZK 0.250
BNP Paribas SA 1.147 USD 66.755
Russian Railways JS 10.300 04/03/2026 RUB 90.000
Leonteq Securities 3.500 03/08/2023 CHF 57.080
Leonteq Securities 7.500 03/11/2021 CHF 64.090
BNP Paribas Issuanc 4.800 06/01/2020 EUR 53.950
Raiffeisen Centroba 6.000 7/21/2020 EUR 46.090
Landesbank Baden-Wu 5.810 3/26/2021 EUR 61.050
Citigroup Global Ma 8.050 1/24/2023 EUR 50.150
EFG International F 10.000 2/25/2021 USD 65.750
Bank Julius Baer & 8.750 7/20/2020 USD 45.950
DekaBank Deutsche G 4.800 03/09/2021 EUR 68.090
UBS AG/London 2.000 3/25/2021 EUR 65.080
UBS AG/London 12.000 6/19/2020 USD 31.170
Landesbank Hessen-T 3.000 09/09/2020 EUR 51.400
Luzerner Kantonalba 4.800 1/18/2021 CHF 50.080
Landesbank Baden-Wu 2.400 10/23/2020 EUR 56.180
Banque Cantonale Va 6.720 8/17/2020 CHF 58.120
Leonteq Securities 2.650 1/31/2022 CHF 65.790
Zurcher Kantonalban 14.750 02/04/2021 USD 68.340
Leonteq Securities 8.800 12/23/2021 CHF 68.510
Credit Suisse AG/Lo 7.250 4/27/2021 EUR 47.150
UBS AG/London 10.250 05/10/2021 USD 74.460
Sberbank of Russia 7.550 07/12/2021 RUB 72.600
Credit Suisse AG/Lo 9.000 11/20/2020 USD 64.390
Credit Suisse AG/Lo 6.250 3/26/2021 EUR 61.980
Leonteq Securities 10.000 12/09/2020 CHF 68.470
Bank Julius Baer & 7.000 12/18/2020 CHF 70.050
Raiffeisen Schweiz 10.000 12/10/2020 CHF 35.340
Raiffeisen Schweiz 6.500 10/04/2021 EUR 67.940
Vontobel Financial 10.000 11/22/2021 EUR 70.780
Zurcher Kantonalban 10.000 10/29/2020 EUR 49.810
Russian Railways JS 4.100 5/29/2035 RUB 90.000
Sberbank of Russia 7.550 07/12/2021 RUB 70.020
Bank Julius Baer & 10.100 12/01/2020 EUR 63.750
Landesbank Hessen-T 5.250 06/03/2024 EUR 46.740
Credit Suisse AG/Lo 9.000 9/13/2020 USD 71.000
EFG International F 8.200 8/20/2021 CHF 58.720
Raiffeisen Schweiz 6.600 11/02/2020 EUR 66.330
Vontobel Financial 9.100 2/21/2022 EUR 70.700
Lehman Brothers Tre 4.100 06/10/2014 SGD 3.750
Lehman Brothers Tre 11.000 07/04/2011 CHF 2.571
Kaupthing ehf 1.744 ISK 0.250
AKB Peresvet ZAO 0.510 08/04/2034 RUB 17.520
Kaupthing ehf 5.750 10/04/2011 USD 0.250
EFG International F 6.400 03/08/2021 EUR 43.590
Citigroup Global Ma 13.600 1/25/2023 SEK 70.170
Leonteq Securities 5.200 09/02/2020 EUR 43.960
Landesbank Baden-Wu 2.600 4/28/2023 EUR 59.330
Landesbank Hessen-T 5.050 6/29/2023 EUR 70.660
Raiffeisen Schweiz 5.750 09/02/2020 CHF 44.210
Landesbank Baden-Wu 2.700 10/23/2020 EUR 72.870
Landesbank Baden-Wu 3.300 10/23/2020 EUR 62.610
DekaBank Deutsche G 3.500 3/14/2022 EUR 56.540
DekaBank Deutsche G 3.150 03/05/2021 EUR 36.550
UBS AG/London 7.000 8/28/2020 CHF 66.550
UBS AG/London 7.000 8/28/2020 CHF 72.450
UBS AG/London 7.500 8/28/2020 EUR 66.650
Bayerische Landesba 2.000 12/11/2020 EUR 58.120
Bayerische Landesba 3.400 7/16/2021 EUR 58.600
Leonteq Securities 7.000 03/09/2022 CHF 71.910
Raiffeisen Schweiz 5.750 09/09/2020 CHF 46.830
DekaBank Deutsche G 2.750 3/26/2021 EUR 65.810
DekaBank Deutsche G 2.500 3/26/2021 EUR 60.270
DekaBank Deutsche G 2.900 3/26/2021 EUR 68.130
Landesbank Baden-Wu 2.300 3/25/2022 EUR 68.890
Landesbank Baden-Wu 3.000 3/25/2022 EUR 63.050
EFG International F 7.000 03/01/2021 CHF 57.570
Leonteq Securities 3.750 2/20/2023 CHF 41.510
Landesbank Hessen-T 4.000 9/22/2020 EUR 69.800
Landesbank Hessen-T 3.500 9/22/2020 EUR 48.900
DekaBank Deutsche G 5.000 9/14/2020 EUR 49.160
DekaBank Deutsche G 7.000 9/14/2020 EUR 37.050
Landesbank Hessen-T 4.000 3/23/2022 EUR 59.420
Landesbank Hessen-T 4.000 3/23/2022 EUR 46.950
UBS AG/London 5.500 8/21/2020 CHF 64.850
EFG International F 7.400 03/08/2021 CHF 53.510
Leonteq Securities 5.000 09/02/2020 CHF 43.610
DekaBank Deutsche G 3.000 7/24/2020 EUR 64.090
Landesbank Baden-Wu 2.600 6/24/2022 EUR 65.800
DekaBank Deutsche G 2.300 03/05/2021 EUR 58.410
DekaBank Deutsche G 2.450 03/05/2021 EUR 52.400
Skandinaviska Enski 7.900 1/17/2023 SEK
Landesbank Hessen-T 8.900 3/16/2023 EUR 57.870
Landesbank Hessen-T 7.600 03/09/2023 EUR 48.000
Raiffeisen Schweiz 5.250 8/26/2020 CHF 63.870
UniCredit Bank AG 4.500 03/12/2022 EUR 43.430
DekaBank Deutsche G 4.000 9/21/2021 EUR 57.790
EFG International F 6.600 03/08/2021 CHF 61.210
UBS AG/London 8.500 8/21/2020 EUR 29.980
Leonteq Securities 2.300 02/08/2023 CHF 33.890
UniCredit Bank AG 5.100 03/05/2021 EUR 58.940
UniCredit Bank AG 4.650 03/05/2021 EUR 36.490
Landesbank Baden-Wu 2.150 11/27/2020 EUR 70.360
Landesbank Baden-Wu 3.000 4/25/2022 EUR 61.540
Erste Group Bank AG 4.350 2/28/2022 EUR 48.250
UniCredit Bank AG 3.000 3/21/2023 EUR 67.500
DekaBank Deutsche G 2.150 8/28/2020 EUR 67.360
Landesbank Hessen-T 6.000 12/01/2022 EUR 27.960
Landesbank Hessen-T 5.200 09/08/2022 EUR 64.530
Landesbank Hessen-T 6.000 8/25/2023 EUR 39.860
UniCredit Bank AG 3.800 09/04/2021 EUR 64.140
Skandinaviska Enski 5.500 7/20/2022 SEK 64.160
Leonteq Securities 15.000 03/09/2021 CHF 15.020
Vontobel Financial 3.250 4/23/2021 EUR 68.260
Leonteq Securities 8.000 10/27/2020 CHF 45.060
Leonteq Securities 6.200 08/11/2020 CHF 56.990
UniCredit Bank AG 3.200 09/10/2022 EUR 71.420
Erste Group Bank AG 5.550 8/30/2022 EUR 69.100
UniCredit Bank AG 5.350 7/28/2020 EUR 27.220
Skandinaviska Enski 9.750 1/17/2023 SEK 38.280
Leonteq Securities 17.000 03/09/2021 USD 19.130
Landesbank Baden-Wu 2.600 9/24/2021 EUR 71.710
Landesbank Baden-Wu 2.650 9/24/2021 EUR 68.750
Getin Noble Bank SA 5.790 7/26/2024 PLN 74.000
DekaBank Deutsche G 2.450 8/28/2020 EUR 56.520
Getin Noble Bank SA 5.790 8/30/2024 PLN 70.000
Landesbank Baden-Wu 3.000 8/26/2022 EUR 66.810
Landesbank Hessen-T 4.000 03/08/2021 EUR 60.100
Landesbank Hessen-T 3.450 03/08/2021 EUR 70.400
Leonteq Securities 6.500 03/09/2021 CHF 68.730
Landesbank Hessen-T 3.500 09/08/2022 EUR 58.710
Societe Generale SA 4.000 4/17/2028 EUR 61.600
Vontobel Financial 15.000 6/25/2021 EUR 75.320
Vontobel Financial 13.000 6/25/2021 EUR 75.510
Vontobel Financial 14.000 6/25/2021 EUR 75.420
Vontobel Financial 18.500 6/25/2021 EUR 75.620
Vontobel Financial 19.500 6/25/2021 EUR 75.550
Vontobel Financial 4.100 03/12/2021 EUR 64.200
Landesbank Hessen-T 4.700 2/24/2023 EUR 68.650
Landesbank Hessen-T 6.450 2/24/2023 EUR 30.240
Zurcher Kantonalban 6.250 11/02/2020 CHF 53.830
EFG International F 7.200 11/09/2020 CHF 49.060
Leonteq Securities 6.400 11/03/2021 CHF 59.560
Leonteq Securities 7.200 11/03/2020 CHF 61.800
Commerzbank AG 2.850 10/26/2020 EUR 49.900
Landesbank Hessen-T 5.700 11/24/2022 EUR 65.790
Landesbank Hessen-T 3.750 06/04/2021 EUR 65.300
Landesbank Baden-Wu 2.200 7/24/2020 EUR 62.270
Landesbank Baden-Wu 2.450 7/24/2020 EUR 68.490
Leonteq Securities 8.000 06/08/2021 CHF 63.080
Leonteq Securities 5.200 06/11/2020 CHF 40.130
BNP Paribas Issuanc 7.000 06/01/2020 EUR 41.900
BNP Paribas Issuanc 5.600 06/01/2020 EUR 48.550
BNP Paribas Issuanc 6.600 06/01/2020 EUR 44.350
BNP Paribas Issuanc 6.800 06/01/2020 EUR 54.350
BNP Paribas Issuanc 5.800 06/01/2020 EUR 41.700
BNP Paribas Issuanc 5.800 06/01/2020 EUR 44.850
BNP Paribas Issuanc 6.400 06/01/2020 EUR 30.950
BNP Paribas Issuanc 6.200 06/01/2020 EUR 67.200
BNP Paribas Issuanc 5.000 06/01/2020 EUR 43.950
BNP Paribas Issuanc 4.800 06/01/2020 EUR 53.900
DekaBank Deutsche G 3.650 6/20/2022 EUR 62.290
DekaBank Deutsche G 3.000 6/26/2020 EUR 40.250
DekaBank Deutsche G 2.000 6/25/2021 EUR 39.630
Leonteq Securities 5.200 06/07/2022 CHF 63.960
UniCredit Bank AG 5.600 07/02/2021 EUR 64.650
UniCredit Bank AG 3.700 6/25/2022 EUR 71.140
Landesbank Baden-Wu 2.500 8/25/2023 EUR 56.970
Vontobel Financial 4.000 6/29/2020 EUR 58.170
Leonteq Securities 3.000 12/20/2021 CHF 67.710
Vontobel Financial 5.000 06/07/2021 EUR 70.590
Bayerische Landesba 2.500 07/10/2020 EUR 47.850
Bayerische Landesba 3.100 07/10/2020 EUR 54.610
Bayerische Landesba 2.600 07/09/2021 EUR 67.520
Raiffeisen Centroba 7.000 6/22/2020 EUR 54.160
Landesbank Hessen-T 2.000 6/13/2022 EUR 53.540
DekaBank Deutsche G 3.750 07/04/2022 EUR 70.850
Landesbank Hessen-T 7.600 07/06/2023 EUR 66.390
Leonteq Securities 2.500 06/05/2024 EUR 45.860
UBS AG/London 7.000 06/08/2020 CHF 56.400
UBS AG/London 5.750 11/23/2020 CHF 44.200
UBS AG/London 10.750 06/08/2020 CHF 39.450
Landesbank Hessen-T 6.000 07/06/2023 EUR 65.790
UBS AG/London 6.500 12/07/2020 EUR 45.200
UBS AG/London 7.250 06/08/2020 USD 49.600
EFG International F 5.800 6/21/2021 CHF 63.830
EFG International F 7.200 6/22/2020 EUR 45.870
EFG International F 6.400 6/22/2020 CHF 41.800
Leonteq Securities 6.800 12/15/2021 CHF 71.630
Leonteq Securities 5.000 6/15/2021 CHF 54.620
Leonteq Securities 10.280 06/11/2020 CHF 60.450
Leonteq Securities 7.000 6/15/2020 CHF 41.310
Credit Suisse AG/Na 7.000 6/18/2020 CHF 60.060
Raiffeisen Centroba 7.200 07/10/2020 EUR 52.910
Erste Group Bank AG 4.650 6/29/2022 EUR 52.150
Erste Group Bank AG 4.500 6/29/2023 EUR 71.100
Raiffeisen Schweiz 6.200 12/15/2020 CHF 69.840
Raiffeisen Schweiz 7.100 6/15/2020 CHF 40.250
Raiffeisen Schweiz 9.500 12/15/2020 CHF 44.120
Raiffeisen Schweiz 5.300 12/15/2020 EUR 64.060
Raiffeisen Schweiz 4.000 12/15/2021 CHF 56.460
Skandinaviska Enski 10.320 7/17/2023 SEK 33.910
Landesbank Hessen-T 5.150 6/14/2022 EUR 57.410
DekaBank Deutsche G 5.600 01/04/2021 EUR 47.440
DekaBank Deutsche G 4.300 01/04/2021 EUR 44.940
Landesbank Baden-Wu 2.150 7/23/2021 EUR 70.170
Landesbank Baden-Wu 3.500 7/23/2021 EUR 54.770
UBS AG/London 8.500 6/15/2020 USD 59.300
UBS AG/London 10.250 6/15/2020 CHF 22.320
UBS AG/London 8.000 6/15/2020 CHF 55.200
UBS AG/London 7.000 12/14/2020 CHF 25.600
UBS AG/London 10.500 6/15/2020 EUR 48.850
UBS AG/London 8.750 6/15/2020 EUR 35.250
UBS AG/London 6.500 12/14/2020 EUR 61.400
UBS AG/London 6.500 12/14/2020 EUR 57.600
Landesbank Hessen-T 3.500 7/19/2021 EUR 61.500
Bayerische Landesba 3.000 7/17/2020 EUR 53.710
EFG International F 5.400 12/27/2021 CHF 71.060
Credit Suisse AG/Na 7.000 6/22/2021 CHF 45.100
DekaBank Deutsche G 3.350 07/10/2020 EUR 41.140
DekaBank Deutsche G 2.450 07/10/2020 EUR 53.730
DekaBank Deutsche G 2.350 07/09/2021 EUR 66.320
DekaBank Deutsche G 2.000 07/09/2021 EUR 70.020
Vontobel Financial 4.200 07/06/2021 EUR 55.740
Corner Banca SA 7.400 6/22/2020 CHF 68.450
SecurAsset SA 5.250 6/30/2022 EUR 26.730
Leonteq Securities 5.200 12/22/2020 CHF 42.040
Raiffeisen Schweiz 6.100 6/22/2020 CHF 57.990
Raiffeisen Schweiz 5.000 12/22/2020 CHF 64.220
Raiffeisen Schweiz 4.000 12/22/2021 CHF 56.390
Zurcher Kantonalban 3.400 6/15/2020 CHF 63.380
SG Issuer SA 4.000 6/22/2026 EUR 32.810
Leonteq Securities 2.000 09/07/2023 CHF 66.590
Landesbank Baden-Wu 2.700 9/23/2022 EUR 72.610
Landesbank Baden-Wu 3.000 9/23/2022 EUR 56.660
Landesbank Baden-Wu 2.650 9/23/2022 EUR 60.180
Landesbank Hessen-T 4.000 7/20/2022 EUR 69.020
Landesbank Hessen-T 4.000 7/20/2022 EUR 65.360
Landesbank Hessen-T 3.500 08/03/2022 EUR 48.350
Landesbank Hessen-T 4.000 08/03/2022 EUR 56.540
Landesbank Hessen-T 5.750 08/03/2023 EUR 43.370
Landesbank Hessen-T 3.000 06/08/2020 EUR 70.900
Bayerische Landesba 2.000 08/07/2020 EUR 70.120
Natixis SA 2.500 07/12/2021 EUR 56.695
DekaBank Deutsche G 3.000 7/31/2020 EUR 56.260
DekaBank Deutsche G 3.100 7/31/2020 EUR 41.950
Landesbank Baden-Wu 3.000 7/24/2020 EUR 57.950
Landesbank Baden-Wu 2.000 7/24/2020 EUR 41.200
Landesbank Baden-Wu 3.500 7/24/2020 EUR 36.670
Landesbank Baden-Wu 2.000 7/24/2020 EUR 62.600
Landesbank Baden-Wu 3.000 7/24/2020 EUR 57.630
Landesbank Baden-Wu 4.000 7/24/2020 EUR 53.840
Landesbank Baden-Wu 5.000 7/24/2020 EUR 50.910
Landesbank Baden-Wu 3.500 7/24/2020 EUR 51.390
Landesbank Baden-Wu 3.000 7/24/2020 EUR 38.300
Landesbank Baden-Wu 3.500 7/24/2020 EUR 67.400
Landesbank Baden-Wu 5.000 7/24/2020 EUR 59.470
Landesbank Baden-Wu 6.500 7/24/2020 EUR 54.260
Landesbank Baden-Wu 2.000 7/24/2020 EUR 61.760
Landesbank Baden-Wu 3.000 7/24/2020 EUR 57.470
Landesbank Baden-Wu 3.500 7/24/2020 EUR 66.910
Landesbank Baden-Wu 4.500 7/24/2020 EUR 63.450
Landesbank Baden-Wu 3.500 7/24/2020 EUR 42.610
Landesbank Baden-Wu 5.500 7/24/2020 EUR 37.030
Landesbank Baden-Wu 3.000 7/24/2020 EUR 73.990
Landesbank Baden-Wu 4.000 7/24/2020 EUR 69.030
Landesbank Baden-Wu 5.000 7/24/2020 EUR 65.250
Landesbank Baden-Wu 6.000 7/24/2020 EUR 62.440
Landesbank Baden-Wu 2.000 7/24/2020 EUR 60.500
Landesbank Baden-Wu 3.500 7/24/2020 EUR 53.150
Landesbank Baden-Wu 5.000 7/24/2020 EUR 48.200
Landesbank Baden-Wu 2.500 7/24/2020 EUR 65.790
Landesbank Baden-Wu 4.000 7/24/2020 EUR 60.710
Landesbank Baden-Wu 2.500 7/24/2020 EUR 48.710
Landesbank Baden-Wu 5.000 7/24/2020 EUR 41.620
Landesbank Baden-Wu 2.500 7/24/2020 EUR 66.080
Landesbank Baden-Wu 4.000 7/24/2020 EUR 60.480
Landesbank Baden-Wu 2.000 7/24/2020 EUR 37.090
Landesbank Baden-Wu 3.500 7/24/2020 EUR 33.320
Landesbank Baden-Wu 4.000 7/24/2020 EUR 72.220
Landesbank Baden-Wu 2.500 7/24/2020 EUR 71.900
Landesbank Baden-Wu 4.000 7/24/2020 EUR 62.340
Landesbank Baden-Wu 5.500 7/24/2020 EUR 60.210
Landesbank Baden-Wu 3.500 7/24/2020 EUR 70.470
Landesbank Baden-Wu 3.500 7/24/2020 EUR 55.330
Landesbank Baden-Wu 5.000 7/24/2020 EUR 50.820
Landesbank Baden-Wu 2.000 7/24/2020 EUR 34.910
Landesbank Baden-Wu 3.500 7/24/2020 EUR 31.180
Landesbank Baden-Wu 3.000 7/24/2020 EUR 71.430
Landesbank Baden-Wu 4.000 7/24/2020 EUR 67.340
Landesbank Baden-Wu 2.500 7/24/2020 EUR 65.990
Landesbank Baden-Wu 4.000 7/24/2020 EUR 59.250
Landesbank Baden-Wu 2.500 7/24/2020 EUR 42.060
Landesbank Baden-Wu 3.500 7/24/2020 EUR 39.220
Landesbank Baden-Wu 2.050 7/23/2021 EUR 68.080
Landesbank Baden-Wu 3.100 7/23/2021 EUR 71.410
Landesbank Baden-Wu 3.500 7/23/2021 EUR 53.980
Erste Group Bank AG 6.250 7/27/2023 EUR 60.350
Leonteq Securities 4.130 07/06/2020 CHF 62.690
Landesbank Hessen-T 7.500 11/03/2023 EUR 49.950
UBS AG/London 6.000 6/29/2020 CHF 58.550
UBS AG/London 11.000 6/29/2020 CHF 26.380
UBS AG/London 7.000 6/29/2020 CHF 57.450
UBS AG/London 7.000 6/29/2020 CHF 60.700
UBS AG/London 5.750 6/29/2020 CHF 63.300
UBS AG/London 6.500 6/29/2020 EUR 51.150
UBS AG/London 6.500 6/29/2020 CHF 41.150
UniCredit Bank AG 3.000 08/03/2023 EUR 66.870
DekaBank Deutsche G 7.000 02/01/2021 EUR 54.480
Erste Group Bank AG 4.650 7/27/2022 EUR 50.150
Credit Suisse AG/Na 7.000 1/13/2021 CHF 46.210
Leonteq Securities 7.600 7/13/2021 CHF 48.660
Leonteq Securities 8.400 7/13/2020 EUR 47.570
Leonteq Securities 6.200 1/13/2021 CHF 46.840
Leonteq Securities 7.600 7/13/2020 CHF 37.660
Raiffeisen Schweiz 7.000 7/13/2020 EUR 59.460
Raiffeisen Schweiz 6.000 7/13/2020 CHF 59.580
Bayerische Landesba 3.150 7/31/2020 EUR 57.480
Leonteq Securities 6.800 7/21/2020 CHF 38.310
Landesbank Baden-Wu 3.000 9/24/2021 EUR 69.910
Landesbank Hessen-T 4.000 8/18/2021 EUR 39.050
UniCredit Bank AG 4.300 8/29/2020 EUR 61.100
EFG International F 6.600 08/03/2020 EUR 59.940
UniCredit Bank AG 3.600 8/23/2021 EUR 28.110
DekaBank Deutsche G 3.000 12/28/2020 EUR 58.220
Leonteq Securities 7.000 7/28/2020 CHF 52.890
Leonteq Securities 6.200 7/28/2020 CHF 38.870
Leonteq Securities 5.200 7/28/2020 CHF 56.980
Landesbank Hessen-T 5.000 11/25/2022 EUR 71.020
Societe Generale SA 8.600 7/29/2022 USD 25.700
Societe Generale Ef 16.000 9/25/2020 EUR 68.090
Societe Generale Ef 19.250 9/25/2020 EUR 62.840
Corner Banca SA 14.400 09/02/2021 USD 64.190
UniCredit Bank AG 7.850 03/03/2021 EUR 63.090
Leonteq Securities 4.810 03/03/2022 CHF 65.540
Leonteq Securities 3.910 03/03/2023 CHF 61.750
Corner Banca SA 9.000 09/02/2021 CHF 69.330
Zurcher Kantonalban 7.550 09/03/2021 USD 66.510
Credit Suisse AG/Lo 9.000 06/02/2021 CHF 72.750
Credit Suisse AG/Lo 6.650 09/02/2022 CHF 65.460
EFG International F 4.700 03/03/2023 USD 66.560
Raiffeisen Schweiz 6.160 09/02/2021 EUR 68.630
Zurcher Kantonalban 5.000 06/10/2021 CHF 66.540
Zurcher Kantonalban 12.000 03/10/2022 CHF 54.060
Vontobel Financial 8.350 09/01/2020 EUR 70.520
Raiffeisen Schweiz 6.500 09/02/2021 CHF 67.610
Raiffeisen Schweiz 6.000 09/02/2022 CHF 61.800
Bank Julius Baer & 9.000 03/04/2021 USD 67.700
Bank Julius Baer & 12.800 03/04/2021 CHF 50.650
Landesbank Baden-Wu 2.300 2/25/2022 EUR 69.510
Landesbank Baden-Wu 3.800 2/25/2022 EUR 65.920
Landesbank Baden-Wu 2.000 2/25/2022 EUR 71.120
Landesbank Baden-Wu 3.300 2/25/2022 EUR 66.520
Landesbank Baden-Wu 4.500 2/25/2022 EUR 63.240
Landesbank Baden-Wu 5.900 2/25/2022 EUR 61.650
Landesbank Baden-Wu 4.500 2/25/2022 EUR 71.450
Landesbank Baden-Wu 4.200 2/25/2022 EUR 68.930
Landesbank Baden-Wu 6.200 2/25/2022 EUR 66.240
Landesbank Baden-Wu 6.400 2/25/2022 EUR 68.700
Landesbank Baden-Wu 2.700 2/25/2022 EUR 70.860
Landesbank Baden-Wu 4.500 2/25/2022 EUR 68.710
Landesbank Baden-Wu 6.500 2/25/2022 EUR 67.800
Landesbank Baden-Wu 5.500 2/25/2022 EUR 72.760
Landesbank Baden-Wu 2.800 2/25/2022 EUR 72.500
Landesbank Baden-Wu 3.900 2/25/2022 EUR 70.950
Landesbank Baden-Wu 5.000 2/25/2022 EUR 69.460
Landesbank Baden-Wu 1.800 2/25/2022 EUR 66.750
Landesbank Baden-Wu 3.000 2/25/2022 EUR 64.240
Landesbank Baden-Wu 3.800 2/25/2022 EUR 62.470
Landesbank Baden-Wu 1.700 2/25/2022 EUR 57.840
Landesbank Baden-Wu 2.300 2/25/2022 EUR 56.610
Landesbank Baden-Wu 3.000 2/25/2022 EUR 55.690
Landesbank Baden-Wu 3.800 2/25/2022 EUR 55.080
Landesbank Baden-Wu 4.500 2/25/2022 EUR 54.420
Landesbank Baden-Wu 5.300 2/25/2022 EUR 54.060
Landesbank Baden-Wu 2.000 2/25/2022 EUR 69.720
Landesbank Baden-Wu 3.000 2/25/2022 EUR 68.600
Landesbank Baden-Wu 4.200 2/25/2022 EUR 71.500
Landesbank Baden-Wu 5.700 2/25/2022 EUR 69.380
Landesbank Baden-Wu 1.200 2/25/2022 EUR 72.460
Landesbank Baden-Wu 2.600 2/25/2022 EUR 70.070
Landesbank Baden-Wu 3.700 2/25/2022 EUR 68.760
Landesbank Baden-Wu 4.000 2/25/2022 EUR 72.200
Landesbank Baden-Wu 5.800 2/25/2022 EUR 70.310
Landesbank Baden-Wu 2.200 2/25/2022 EUR 58.340
Landesbank Baden-Wu 3.500 2/25/2022 EUR 55.830
Landesbank Baden-Wu 5.100 2/25/2022 EUR 54.470
Landesbank Baden-Wu 5.000 2/25/2022 EUR 72.870
Landesbank Baden-Wu 6.100 2/25/2022 EUR 72.290
Landesbank Baden-Wu 2.000 2/25/2022 EUR 69.030
Landesbank Baden-Wu 3.500 2/25/2022 EUR 65.300
Landesbank Baden-Wu 1.900 2/25/2022 EUR 72.120
Landesbank Baden-Wu 3.100 2/25/2022 EUR 70.080
Landesbank Baden-Wu 4.000 2/25/2022 EUR 70.350
Landesbank Baden-Wu 5.500 2/25/2022 EUR 69.420
Landesbank Baden-Wu 6.600 2/25/2022 EUR 68.980
Landesbank Baden-Wu 7.800 2/25/2022 EUR 68.750
Landesbank Baden-Wu 8.500 2/25/2022 EUR 68.840
Landesbank Baden-Wu 10.000 2/25/2022 EUR 69.230
Landesbank Baden-Wu 3.400 2/25/2022 EUR 74.720
Landesbank Baden-Wu 3.100 2/25/2022 EUR 73.660
Landesbank Baden-Wu 4.500 2/25/2022 EUR 70.510
Landesbank Baden-Wu 5.700 2/25/2022 EUR 68.300
Landesbank Baden-Wu 2.000 3/25/2022 EUR 70.890
Landesbank Baden-Wu 2.800 3/25/2022 EUR 69.740
Landesbank Baden-Wu 4.300 3/25/2022 EUR 68.690
Credit Suisse AG/Lo 6.750 03/03/2022 CHF 71.810
Zurcher Kantonalban 6.800 09/01/2021 EUR 70.300
Vontobel Financial 19.000 3/26/2021 EUR 73.320
Vontobel Financial 20.500 3/26/2021 EUR 73.330
Vontobel Financial 22.000 3/26/2021 EUR 73.360
Vontobel Financial 13.500 12/28/2020 EUR 74.700
Vontobel Financial 15.000 12/28/2020 EUR 74.230
Vontobel Financial 17.000 12/28/2020 EUR 74.030
Vontobel Financial 19.000 12/28/2020 EUR 73.820
Vontobel Financial 21.000 12/28/2020 EUR 73.600
Vontobel Financial 23.000 12/28/2020 EUR 73.370
Vontobel Financial 25.000 12/28/2020 EUR 73.120
Vontobel Financial 10.500 3/26/2021 EUR 67.260
Vontobel Financial 4.000 12/28/2020 EUR 72.780
Vontobel Financial 4.500 12/28/2020 EUR 71.680
Vontobel Financial 7.000 12/28/2020 EUR 69.100
Vontobel Financial 8.000 12/28/2020 EUR 68.430
Vontobel Financial 9.500 12/28/2020 EUR 68.020
Vontobel Financial 10.500 12/28/2020 EUR 67.360
Vontobel Financial 11.500 12/28/2020 EUR 66.780
Vontobel Financial 10.500 3/26/2021 EUR 73.750
Vontobel Financial 12.000 3/26/2021 EUR 73.760
Vontobel Financial 13.000 3/26/2021 EUR 73.350
Vontobel Financial 14.500 3/26/2021 EUR 73.350
Vontobel Financial 16.000 3/26/2021 EUR 73.330
Vontobel Financial 3.500 3/26/2021 EUR 72.370
Vontobel Financial 4.000 3/26/2021 EUR 71.490
Vontobel Financial 4.500 3/26/2021 EUR 70.610
Vontobel Financial 5.500 3/26/2021 EUR 70.200
Vontobel Financial 17.500 3/26/2021 EUR 73.320
DZ Bank AG Deutsche 3.300 3/24/2021 EUR 72.210
DZ Bank AG Deutsche 2.500 3/24/2021 EUR 70.200
DZ Bank AG Deutsche 8.250 9/23/2020 EUR 61.900
Societe Generale Ef 21.500 7/24/2020 EUR 69.050
Societe Generale Ef 17.500 2/26/2021 EUR 73.180
Leonteq Securities 4.000 03/03/2022 EUR 16.360
UBS AG/London 10.500 03/04/2021 CHF 68.300
UBS AG/London 12.500 09/06/2021 CHF 69.850
Landesbank Baden-Wu 9.310 3/26/2021 EUR 72.720
UBS AG/London 7.500 09/06/2021 CHF 72.200
UBS AG/London 8.500 09/06/2021 CHF 49.700
Landesbank Hessen-T 4.600 7/23/2024 EUR 64.060
DekaBank Deutsche G 3.000 7/17/2020 EUR 45.040
Raiffeisen Centroba 5.250 7/21/2020 EUR 60.920
Raiffeisen Centroba 5.300 7/21/2020 EUR 46.670
DekaBank Deutsche G 3.250 1/18/2021 EUR 56.820
Leonteq Securities 6.100 12/15/2020 EUR 58.040
Vontobel Financial 8.300 6/19/2020 CHF 61.800
UniCredit Bank AG 3.800 7/27/2021 EUR 59.850
UBS AG/London 6.000 6/22/2020 EUR 49.050
Vontobel Financial 5.850 6/22/2020 EUR 59.300
Raiffeisen Schweiz 6.000 6/29/2020 CHF 62.470
Raiffeisen Schweiz 5.700 12/29/2020 EUR 56.420
Raiffeisen Schweiz 4.100 12/29/2021 CHF 56.310
Societe Generale Ef 9.500 9/25/2020 EUR 69.830
Societe Generale Ef 11.250 1/22/2021 EUR 58.570
Societe Generale Ef 15.500 9/25/2020 EUR 68.780
Societe Generale Ef 16.250 11/27/2020 EUR 70.320
Societe Generale Ef 13.750 1/22/2021 EUR 71.390
Societe Generale Ef 6.750 11/27/2020 EUR 62.180
Societe Generale Ef 8.750 11/27/2020 EUR 60.070
Societe Generale Ef 10.750 11/27/2020 EUR 58.600
Societe Generale Ef 12.750 11/27/2020 EUR 57.520
Societe Generale Ef 4.000 12/28/2020 EUR 66.750
Societe Generale Ef 12.000 12/28/2020 EUR 58.140
Societe Generale Ef 5.250 1/22/2021 EUR 64.240
Societe Generale Ef 18.250 9/25/2020 EUR 67.370
Societe Generale Ef 16.750 10/23/2020 EUR 68.280
Societe Generale Ef 15.500 11/27/2020 EUR 69.060
Societe Generale Ef 15.000 12/28/2020 EUR 69.760
Societe Generale Ef 14.250 1/22/2021 EUR 70.180
UBS AG/London 10.500 11/03/2020 CHF 34.050
EFG International F 6.400 11/17/2020 CHF 54.530
DekaBank Deutsche G 5.950 12/04/2020 EUR 44.020
DekaBank Deutsche G 4.350 12/04/2020 EUR 54.930
Raiffeisen Schweiz 5.200 11/11/2020 CHF 42.750
Landesbank Baden-Wu 2.490 6/25/2021 EUR 70.290
Landesbank Baden-Wu 2.000 7/22/2022 EUR 64.000
Landesbank Baden-Wu 2.300 7/22/2022 EUR 71.950
UniCredit Bank AG 5.400 06/04/2021 EUR 57.220
Corner Banca SA 8.000 5/25/2021 CHF 44.730
UniCredit Bank AG 5.000 06/11/2021 EUR 52.390
UniCredit Bank AG 4.650 06/04/2022 EUR 55.380
Leonteq Securities 8.000 7/14/2020 CHF 53.690
Leonteq Securities 7.000 7/14/2020 CHF 38.820
UniCredit Bank AG 4.500 1/18/2022 EUR 49.950
UniCredit Bank AG 5.300 7/19/2021 EUR 54.910
Bayerische Landesba 2.600 7/16/2021 EUR 71.240
Landesbank Baden-Wu 3.000 2/26/2021 EUR 50.600
UBS AG/London 8.500 6/22/2020 EUR 23.560
UBS AG/London 5.750 6/22/2020 EUR 69.000
UniCredit Bank AG 3.500 01/05/2021 EUR 34.220
DekaBank Deutsche G 2.900 08/07/2020 EUR 55.060
DekaBank Deutsche G 4.550 7/31/2020 EUR 44.560
DekaBank Deutsche G 2.250 1/22/2021 EUR 45.650
UniCredit Bank AG 3.750 1/18/2022 EUR 56.450
Landesbank Baden-Wu 2.300 2/25/2022 EUR 58.780
Landesbank Baden-Wu 2.300 2/25/2022 EUR 72.450
Landesbank Baden-Wu 2.750 2/25/2022 EUR 71.770
Landesbank Baden-Wu 2.400 2/25/2022 EUR 57.820
Landesbank Baden-Wu 3.000 2/25/2022 EUR 62.930
Landesbank Baden-Wu 2.650 9/25/2020 EUR 56.830
Erste Group Bank AG 5.800 1/31/2023 EUR 50.300
Leonteq Securities 7.000 01/08/2021 CHF 52.990
DekaBank Deutsche G 3.000 06/12/2020 EUR 64.720
Landesbank Baden-Wu 2.200 9/25/2020 EUR 64.880
DekaBank Deutsche G 2.000 1/22/2021 EUR 52.320
DekaBank Deutsche G 2.000 1/22/2021 EUR 39.440
EFG International F 7.600 01/11/2021 CHF 52.040
EFG International F 7.400 01/11/2021 CHF 55.620
EFG International F 6.200 01/11/2021 EUR 63.200
EFG International F 7.400 01/11/2021 USD 43.590
EFG International F 7.400 1/25/2021 CHF 51.760
EFG International F 6.400 1/25/2021 CHF 62.560
EFG International F 7.200 1/25/2021 EUR 42.050
Leonteq Securities 7.000 1/19/2021 CHF 60.640
Leonteq Securities 6.400 1/19/2021 CHF 47.240
Leonteq Securities 8.000 7/22/2020 CHF 46.110
UniCredit Bank AG 4.200 02/12/2021 EUR 37.240
UniCredit Bank AG 4.400 02/12/2021 EUR 57.800
UniCredit Bank AG 5.000 02/12/2021 EUR 72.880
UniCredit Bank AG 5.900 02/12/2021 EUR 28.110
UniCredit Bank AG 4.550 02/12/2021 EUR 36.570
UniCredit Bank AG 3.500 08/12/2021 EUR 59.580
UBS AG/London 4.000 07/06/2021 EUR 54.690
Bayerische Landesba 2.200 8/20/2021 EUR 60.450
Bayerische Landesba 2.600 8/20/2021 EUR 69.270
Landesbank Baden-Wu 3.100 3/26/2021 EUR 50.700
Landesbank Baden-Wu 3.000 3/26/2021 EUR 64.650
Landesbank Baden-Wu 3.550 3/26/2021 EUR 63.360
Landesbank Baden-Wu 3.000 3/26/2021 EUR 47.480
Landesbank Baden-Wu 2.650 1/27/2023 EUR 53.200
Landesbank Baden-Wu 2.350 10/23/2020 EUR 64.380
Landesbank Baden-Wu 3.000 10/23/2020 EUR 72.780
Landesbank Baden-Wu 2.750 10/23/2020 EUR 57.300
Landesbank Baden-Wu 3.750 12/29/2020 EUR 53.820
Landesbank Baden-Wu 5.750 12/29/2020 EUR 73.390
Raiffeisen Centroba 9.965 9/23/2020 EUR 68.370
Raiffeisen Centroba 10.588 9/23/2020 EUR 53.050
UniCredit Bank AG 4.100 3/15/2023 EUR 73.370
Raiffeisen Centroba 9.031 9/23/2020 EUR 64.490
BNP Paribas Emissio 17.000 9/24/2020 EUR 75.300
BNP Paribas Emissio 11.000 9/24/2020 EUR 42.800
BNP Paribas Emissio 16.000 6/25/2020 EUR 62.030
BNP Paribas Emissio 6.500 9/24/2020 EUR 44.330
BNP Paribas Emissio 12.000 6/25/2020 EUR 56.760
Raiffeisen Schweiz 5.750 2/25/2021 CHF 61.830
Raiffeisen Centroba 13.171 9/23/2020 EUR 68.210
Deutsche Bank AG 6.200 6/23/2020 EUR 68.000
Deutsche Bank AG 6.200 12/22/2020 EUR 68.800
Deutsche Bank AG 6.200 12/22/2020 EUR 57.400
Deutsche Bank AG 6.200 12/22/2020 EUR 47.900
Deutsche Bank AG 6.200 9/22/2020 EUR 48.700
Deutsche Bank AG 6.200 12/22/2020 EUR 50.100
Deutsche Bank AG 6.200 9/22/2020 EUR 64.900
Deutsche Bank AG 6.200 12/22/2020 EUR 60.900
Deutsche Bank AG 6.200 12/22/2020 EUR 61.520
Deutsche Bank AG 6.200 12/22/2020 EUR 56.770
Deutsche Bank AG 6.200 6/23/2020 EUR 47.810
Deutsche Bank AG 6.200 12/22/2020 EUR 53.950
Deutsche Bank AG 6.200 12/22/2020 EUR 51.280
Deutsche Bank AG 6.200 12/22/2020 EUR 48.850
Deutsche Bank AG 6.200 12/22/2020 EUR 73.800
Deutsche Bank AG 6.200 12/22/2020 EUR 72.600
DZ Bank AG Deutsche 11.000 6/24/2020 EUR 60.700
DZ Bank AG Deutsche 9.250 6/24/2020 EUR 46.510
DZ Bank AG Deutsche 9.000 6/24/2020 EUR 65.910
UBS AG/London 5.000 8/27/2020 CHF 50.300
Leonteq Securities 3.600 03/01/2021 EUR 42.105
Raiffeisen Centroba 5.070 9/23/2020 EUR 59.510
Raiffeisen Centroba 11.092 9/23/2020 EUR 66.730
Deutsche Bank AG 4.200 12/22/2020 EUR 54.260
UniCredit Bank AG 3.000 8/13/2021 EUR 70.250
EFG International F 5.000 6/29/2020 CHF 52.530
Raiffeisen Schweiz 6.200 03/01/2021 CHF 69.010
Raiffeisen Schweiz 5.000 09/01/2020 CHF 67.360
Leonteq Securities 6.600 6/30/2020 CHF 40.370
Leonteq Securities 5.400 6/30/2020 CHF 51.940
DekaBank Deutsche G 3.050 7/26/2022 EUR 63.120
Landesbank Baden-Wu 3.050 7/24/2020 EUR 56.880
Landesbank Baden-Wu 3.000 7/24/2020 EUR 60.330
Bayerische Landesba 2.500 08/07/2020 EUR 62.760
Societe Generale SA 13.200 12/11/2020 USD 18.180
DekaBank Deutsche G 3.000 6/17/2020 EUR 57.850
Landesbank Hessen-T 3.250 02/10/2021 EUR 57.100
Landesbank Baden-Wu 2.400 9/25/2020 EUR 65.000
Landesbank Baden-Wu 2.800 12/23/2022 EUR 54.130
UniCredit Bank AG 4.400 7/29/2021 EUR 71.610
UniCredit Bank AG 4.500 08/06/2021 EUR 53.570
Leonteq Securities 8.800 12/28/2020 EUR 49.610
UniCredit Bank AG 6.000 1/18/2021 EUR 26.970
Leonteq Securities 7.400 12/29/2020 CHF 65.810
Nordea Bank Abp 4.000 1/20/2023 SEK 69.000
UniCredit Bank AG 4.100 2/13/2023 EUR 73.630
UniCredit Bank AG 3.500 2/13/2023 EUR 45.860
Landesbank Baden-Wu 3.000 2/26/2021 EUR 63.880
Landesbank Baden-Wu 3.550 2/26/2021 EUR 65.960
Landesbank Hessen-T 3.100 7/29/2020 EUR 60.200
Landesbank Hessen-T 4.000 02/09/2022 EUR 70.120
Landesbank Hessen-T 5.000 08/11/2021 EUR 67.910
DekaBank Deutsche G 2.100 01/05/2021 EUR 38.660
Raiffeisen Schweiz 7.410 7/13/2020 CHF 39.110
Landesbank Hessen-T 3.000 7/29/2020 EUR 55.000
UniCredit Bank AG 4.000 01/05/2021 EUR 66.800
DekaBank Deutsche G 2.400 08/07/2020 EUR 63.970
DekaBank Deutsche G 6.050 7/31/2020 EUR 32.740
Landesbank Hessen-T 4.600 05/02/2023 EUR 54.820
Landesbank Baden-Wu 2.600 9/25/2020 EUR 34.850
UBS AG/London 5.750 6/29/2020 CHF 51.100
UBS AG/London 6.250 6/29/2020 CHF 70.900
UBS AG/London 7.000 6/29/2020 CHF 43.700
Bayerische Landesba 2.700 8/20/2021 EUR 56.600
Leonteq Securities 7.200 01/04/2021 CHF 64.040
Leonteq Securities 6.400 01/12/2021 CHF 61.400
Leonteq Securities 8.000 01/12/2021 EUR 62.030
Leonteq Securities 9.000 01/12/2021 USD 24.040
UBS AG/London 9.750 07/06/2020 EUR 48.100
Leonteq Securities 7.600 01/12/2021 CHF 49.910
Leonteq Securities 7.400 01/12/2021 CHF 51.680
Landesbank Hessen-T 4.000 1/26/2022 EUR 65.180
UBS AG/London 5.750 07/06/2020 EUR 62.700
Danske Bank A/S 2.300 07/10/2023 SEK 72.460
Danske Bank A/S 4.750 1/20/2022 SEK 70.380
Landesbank Baden-Wu 2.800 7/22/2022 EUR 63.780
Landesbank Hessen-T 7.250 06/08/2023 EUR 63.610
Landesbank Hessen-T 5.500 06/08/2023 EUR 62.040
UniCredit Bank AG 4.970 3/27/2023 EUR 68.120
UniCredit Bank AG 5.450 3/15/2022 EUR 50.140
UniCredit Bank AG 3.900 3/15/2022 EUR 72.250
DekaBank Deutsche G 3.000 04/03/2024 EUR 70.270
Bayerische Landesba 2.500 04/01/2021 EUR 51.280
BNP Paribas Emissio 8.500 9/24/2020 EUR 50.780
BNP Paribas Emissio 6.500 6/25/2020 EUR 59.470
BNP Paribas Emissio 20.000 6/25/2020 EUR 55.520
BNP Paribas Emissio 8.000 9/24/2020 EUR 61.480
Deutsche Bank AG 6.200 12/22/2020 EUR 71.400
DZ Bank AG Deutsche 8.500 6/22/2020 EUR 68.660
DZ Bank AG Deutsche 4.700 6/22/2020 EUR 58.650
Raiffeisen Schweiz 8.000 8/25/2020 EUR 41.170
Leonteq Securities 17.400 2/22/2021 RUB 41.990
Raiffeisen Schweiz 7.000 2/25/2021 CHF 67.570
Raiffeisen Centroba 6.400 04/01/2021 EUR 56.570
Deutsche Bank AG 6.200 12/22/2020 EUR 65.700
Deutsche Bank AG 6.200 6/23/2020 EUR 60.410
Landesbank Hessen-T 4.000 7/21/2021 EUR 55.750
Luzerner Kantonalba 7.800 9/14/2020 CHF 66.910
Deutsche Bank AG 4.200 9/22/2020 EUR 73.900
Deutsche Bank AG 4.200 6/23/2020 EUR 63.420
Deutsche Bank AG 4.200 6/23/2020 EUR 57.420
Deutsche Bank AG 4.200 6/23/2020 EUR 52.450
Deutsche Bank AG 4.200 12/22/2020 EUR 71.900
Landesbank Hessen-T 4.600 07/08/2020 EUR 45.800
HSBC Trinkaus & Bur 4.300 9/25/2020 EUR 61.690
HSBC Trinkaus & Bur 2.300 9/25/2020 EUR 69.320
HSBC Trinkaus & Bur 5.200 7/24/2020 EUR 58.920
HSBC Trinkaus & Bur 11.400 12/28/2020 EUR 72.590
HSBC Trinkaus & Bur 9.800 6/26/2020 EUR 42.560
HSBC Trinkaus & Bur 11.300 9/25/2020 EUR 36.030
HSBC Trinkaus & Bur 10.200 9/25/2020 EUR 51.690
HSBC Trinkaus & Bur 4.300 9/25/2020 EUR 64.350
HSBC Trinkaus & Bur 7.900 7/24/2020 EUR 57.050
DekaBank Deutsche G 2.000 6/28/2021 EUR 65.410
Deutsche Bank AG 4.200 9/22/2020 EUR 50.300
Goldman Sachs & Co 8.000 6/24/2020 EUR 64.920
Goldman Sachs & Co 10.000 9/23/2020 EUR 66.440
Goldman Sachs & Co 8.000 12/23/2020 EUR 67.310
DekaBank Deutsche G 2.750 07/10/2020 EUR 54.190
Landesbank Hessen-T 6.000 08/04/2022 EUR 54.960
Raiffeisen Schweiz 11.200 09/09/2021 CHF 72.480
Zurcher Kantonalban 9.250 9/17/2021 CHF 64.080
Landesbank Hessen-T 4.000 06/08/2022 EUR 54.860
Landesbank Hessen-T 4.000 06/08/2022 EUR 40.660
Landesbank Hessen-T 4.000 06/08/2022 EUR 55.250
DZ Bank AG Deutsche 10.250 6/21/2021 EUR 72.130
DZ Bank AG Deutsche 12.500 3/22/2021 EUR 70.550
Leonteq Securities 8.400 05/11/2021 CHF 57.670
Landesbank Baden-Wu 4.850 6/26/2020 EUR 39.410
Landesbank Baden-Wu 5.000 6/26/2020 EUR 43.350
Landesbank Baden-Wu 5.250 6/26/2020 EUR 32.610
EFG International F 6.200 5/25/2021 CHF 64.230
EFG International F 6.400 5/24/2021 EUR 48.020
Bayerische Landesba 2.300 11/26/2021 EUR 70.480
Deutsche Bank AG 4.200 6/23/2020 EUR 70.850
Landesbank Hessen-T 4.000 7/21/2021 EUR 55.720
Landesbank Hessen-T 5.650 10/28/2022 EUR 34.040
Deutsche Bank AG 4.200 9/22/2020 EUR 53.110
Deutsche Bank AG 4.200 12/22/2020 EUR 63.010
Deutsche Bank AG 4.200 12/22/2020 EUR 72.600
Deutsche Bank AG 4.200 12/22/2020 EUR 70.300
HSBC Trinkaus & Bur 4.300 6/26/2020 EUR 60.970
HSBC Trinkaus & Bur 6.400 9/25/2020 EUR 56.670
HSBC Trinkaus & Bur 7.000 9/25/2020 EUR 69.320
HSBC Trinkaus & Bur 8.800 9/25/2020 EUR 37.760
HSBC Trinkaus & Bur 2.200 12/28/2020 EUR 51.480
HSBC Trinkaus & Bur 8.100 6/26/2020 EUR 66.860
HSBC Trinkaus & Bur 9.700 6/26/2020 EUR 69.390
HSBC Trinkaus & Bur 9.000 9/25/2020 EUR 42.950
HSBC Trinkaus & Bur 4.100 12/28/2020 EUR 51.640
HSBC Trinkaus & Bur 4.400 7/24/2020 EUR 44.030
HSBC Trinkaus & Bur 11.400 9/25/2020 EUR 57.260
HSBC Trinkaus & Bur 5.200 9/25/2020 EUR 55.890
HSBC Trinkaus & Bur 3.000 7/24/2020 EUR 59.750
HSBC Trinkaus & Bur 8.200 9/25/2020 EUR 64.540
Leonteq Securities 9.000 09/01/2020 CHF 68.950
Deutsche Bank AG 4.200 6/23/2020 EUR 51.400
Deutsche Bank AG 4.200 6/23/2020 EUR 49.400
Deutsche Bank AG 4.200 9/22/2020 EUR 48.100
DekaBank Deutsche G 3.100 7/17/2020 EUR 43.940
UBS AG/London 7.000 8/27/2020 CHF 67.300
UBS AG/London 7.000 03/01/2021 CHF 70.650
Raiffeisen Centroba 9.507 9/23/2020 EUR 66.430
Deutsche Bank AG 4.200 12/22/2020 EUR 46.580
UniCredit Bank AG 3.600 7/18/2021 EUR 26.440
Landesbank Baden-Wu 4.000 6/26/2020 EUR 51.570
Deutsche Bank AG 4.200 6/23/2020 EUR 63.600
Landesbank Hessen-T 3.500 7/21/2021 EUR 66.170
Vontobel Financial 4.300 9/25/2020 EUR 64.710
DekaBank Deutsche G 2.100 7/17/2020 EUR 59.610
Credit Suisse AG/Lo 6.000 8/27/2020 CHF 52.590
DekaBank Deutsche G 3.300 7/17/2020 EUR 63.740
DekaBank Deutsche G 2.600 7/19/2021 EUR 69.960
Deutsche Bank AG 4.200 12/22/2020 EUR 57.930
Deutsche Bank AG 4.200 12/22/2020 EUR 73.300
Deutsche Bank AG 4.200 12/22/2020 EUR 55.630
Deutsche Bank AG 4.200 9/22/2020 EUR 60.490
EFG International F 7.400 07/06/2020 CHF 56.240
Skandinaviska Enski 5.110 7/20/2022 SEK 63.440
Leonteq Securities 16.200 06/04/2020 EUR 40.020
Deutsche Bank AG 4.200 9/22/2020 EUR 52.300
Deutsche Bank AG 4.200 6/23/2020 EUR 69.200
Deutsche Bank AG 4.200 12/22/2020 EUR 66.550
Deutsche Bank AG 4.200 12/22/2020 EUR 48.900
Deutsche Bank AG 4.200 6/23/2020 EUR 68.900
Deutsche Bank AG 4.200 12/22/2020 EUR 70.300
Landesbank Baden-Wu 3.000 7/23/2021 EUR 66.280
Raiffeisen Schweiz 6.000 09/01/2020 CHF 37.360
Skandinaviska Enski 8.200 7/15/2022 SEK 42.910
Raiffeisen Schweiz 5.500 6/22/2020 CHF 49.440
Raiffeisen Schweiz 8.800 03/01/2021 EUR 37.660
DekaBank Deutsche G 5.000 7/31/2020 EUR 39.740
Bayerische Landesba 2.200 7/16/2021 EUR 59.490
Landesbank Baden-Wu 3.800 2/26/2021 EUR 30.160
Landesbank Baden-Wu 3.200 2/26/2021 EUR 47.860
Leonteq Securities 7.000 01/04/2021 CHF 51.590
DekaBank Deutsche G 3.550 01/05/2022 EUR 58.050
UniCredit Bank AG 3.500 01/05/2021 EUR 29.940
UniCredit Bank AG 3.500 01/05/2021 EUR 26.450
UniCredit Bank AG 3.500 01/05/2021 EUR 36.120
UniCredit Bank AG 3.650 7/26/2022 EUR 72.840
UniCredit Bank AG 5.000 7/23/2021 EUR 46.320
UniCredit Bank AG 3.900 7/26/2022 EUR 69.570
UniCredit Bank AG 3.650 7/23/2022 EUR 71.640
Bayerische Landesba 2.000 1/28/2022 EUR 65.950
Bayerische Landesba 2.450 7/31/2020 EUR 53.340
Zurcher Kantonalban 6.250 07/03/2020 CHF 69.800
Bank Julius Baer & 3.930 6/29/2020 EUR 58.850
UniCredit Bank AG 8.900 12/29/2020 EUR 43.510
UniCredit Bank AG 7.900 12/29/2020 EUR 61.800
UniCredit Bank AG 6.200 12/29/2020 EUR 67.700
UniCredit Bank AG 6.700 12/29/2020 EUR 66.160
UniCredit Bank AG 6.300 12/29/2020 EUR 65.020
UniCredit Bank AG 6.800 12/29/2020 EUR 34.870
UniCredit Bank AG 8.200 12/29/2020 EUR 73.710
UniCredit Bank AG 6.300 12/29/2020 EUR 70.870
UniCredit Bank AG 8.300 12/29/2020 EUR 44.040
UniCredit Bank AG 10.100 12/29/2020 EUR 30.960
UniCredit Bank AG 7.300 12/29/2020 EUR 73.580
UniCredit Bank AG 7.900 12/29/2020 EUR 40.080
UniCredit Bank AG 9.100 12/29/2020 EUR 38.540
UniCredit Bank AG 6.800 12/29/2020 EUR 30.290
UniCredit Bank AG 6.900 12/29/2020 EUR 51.760
UniCredit Bank AG 6.900 12/29/2020 EUR 55.180
UniCredit Bank AG 10.600 12/29/2020 EUR 37.220
UniCredit Bank AG 11.200 12/29/2020 EUR 36.560
UniCredit Bank AG 6.200 12/29/2020 EUR 57.170
UniCredit Bank AG 6.600 12/29/2020 EUR 60.920
UniCredit Bank AG 7.500 12/29/2020 EUR 50.600
UniCredit Bank AG 9.500 12/29/2020 EUR 71.110
UniCredit Bank AG 10.100 12/29/2020 EUR 42.070
UniCredit Bank AG 9.500 12/29/2020 EUR 49.350
UniCredit Bank AG 9.900 12/29/2020 EUR 68.720
UniCredit Bank AG 10.000 12/29/2020 EUR 50.530
UniCredit Bank AG 7.500 12/29/2020 EUR 70.590
UniCredit Bank AG 6.600 12/29/2020 EUR 71.890
UniCredit Bank AG 7.300 12/29/2020 EUR 61.280
UniCredit Bank AG 6.400 12/29/2020 EUR 56.380
UniCredit Bank AG 6.600 12/29/2020 EUR 52.770
UniCredit Bank AG 6.500 12/29/2020 EUR 40.390
UniCredit Bank AG 7.200 12/29/2020 EUR 18.270
UniCredit Bank AG 7.300 12/29/2020 EUR 39.190
UniCredit Bank AG 8.700 12/29/2020 EUR 40.400
UniCredit Bank AG 8.000 12/29/2020 EUR 41.460
UniCredit Bank AG 6.100 12/29/2020 EUR 69.760
UniCredit Bank AG 9.100 12/29/2020 EUR 34.110
UniCredit Bank AG 8.200 12/29/2020 EUR 62.860
UniCredit Bank AG 9.400 12/29/2020 EUR 69.480
UniCredit Bank AG 7.000 12/29/2020 EUR 40.460
UniCredit Bank AG 8.300 12/29/2020 EUR 38.870
UniCredit Bank AG 10.100 12/29/2020 EUR 68.020
UniCredit Bank AG 7.200 12/29/2020 EUR 57.940
UniCredit Bank AG 9.500 12/29/2020 EUR 59.200
UniCredit Bank AG 6.300 12/29/2020 EUR 72.340
UniCredit Bank AG 7.100 12/29/2020 EUR 69.950
UBS AG/London 6.250 6/29/2020 CHF 39.800
UBS AG/London 7.500 6/29/2020 EUR 40.600
UBS AG/London 6.000 12/28/2020 CHF 42.700
Vontobel Financial 4.200 7/20/2020 EUR 58.090
Zurcher Kantonalban 6.500 07/03/2020 CHF 21.630
Credit Suisse AG/Na 7.250 07/06/2020 CHF 64.920
Leonteq Securities 6.000 07/06/2020 CHF 62.880
UBS AG/London 6.000 07/12/2021 EUR 70.900
Leonteq Securities 6.000 07/06/2020 CHF 65.640
Vontobel Financial 5.250 6/29/2020 EUR 68.810
Raiffeisen Schweiz 5.000 01/06/2021 CHF 62.650
Raiffeisen Schweiz 5.200 01/06/2021 CHF 44.030
Raiffeisen Schweiz 5.000 07/06/2020 CHF 65.510
Raiffeisen Schweiz 4.000 01/06/2022 CHF 57.030
Landesbank Baden-Wu 2.500 8/25/2023 EUR 59.930
Raiffeisen Centroba 9.674 12/23/2020 EUR
Raiffeisen Centroba 12.438 12/23/2020 EUR
UBS AG/London 7.000 7/19/2021 CHF 53.050
UBS AG/London 11.750 1/18/2021 CHF 60.400
Bank Julius Baer & 10.300 7/20/2020 EUR 62.100
Raiffeisen Centroba 8.182 12/22/2021 EUR 66.210
Raiffeisen Centroba 8.292 12/23/2020 EUR 65.710
EFG International F 16.200 01/12/2021 CHF 44.870
Leonteq Securities 11.200 10/22/2020 USD 48.850
Bank Julius Baer & 8.000 10/19/2020 CHF 70.250
Raiffeisen Schweiz 7.080 7/22/2020 EUR 56.640
Leonteq Securities 20.000 10/19/2020 CHF 60.200
Leonteq Securities 6.000 7/19/2021 CHF 66.450
Leonteq Securities 8.000 7/19/2021 CHF 40.420
Leonteq Securities 7.200 1/19/2022 CHF 73.220
SG Issuer SA 4.000 10/22/2029 EUR 72.760
SG Issuer SA 4.000 7/20/2021 SEK 63.050
UniCredit Bank AG 5.000 7/24/2021 EUR 74.360
DekaBank Deutsche G 3.000 1/18/2021 EUR 51.340
DekaBank Deutsche G 2.650 1/18/2021 EUR 71.060
UBS AG/London 6.250 6/21/2021 CHF 44.650
UBS AG/London 5.000 6/22/2020 CHF 70.600
UBS AG/London 6.000 6/22/2020 EUR 55.800
UBS AG/London 7.000 6/22/2020 EUR 72.950
EFG International F 5.000 07/05/2021 CHF 69.190
Landesbank Hessen-T 5.650 7/20/2023 EUR 66.360
Raiffeisen Schweiz 5.900 6/29/2020 CHF 67.610
Raiffeisen Schweiz 5.000 12/29/2021 CHF 55.780
UniCredit Bank AG 6.700 7/27/2021 USD 60.750
Credit Suisse AG/Na 7.200 07/05/2021 CHF 48.090
UniCredit Bank AG 4.300 7/26/2022 EUR 56.370
UniCredit Bank AG 5.000 7/26/2021 EUR 58.610
UniCredit Bank AG 4.200 7/26/2022 EUR 31.750
UniCredit Bank AG 3.600 7/26/2021 EUR 69.290
UniCredit Bank AG 4.450 7/23/2022 EUR 59.730
UniCredit Bank AG 4.150 7/26/2022 EUR 52.840
DekaBank Deutsche G 2.000 7/30/2021 EUR 57.440
Bayerische Landesba 2.600 7/30/2021 EUR 67.600
DekaBank Deutsche G 3.000 7/23/2021 EUR 62.250
UniCredit Bank AG 8.000 12/29/2020 EUR 47.790
UniCredit Bank AG 7.300 12/29/2020 EUR 54.640
UniCredit Bank AG 8.000 12/29/2020 EUR 60.770
UniCredit Bank AG 7.400 12/29/2020 EUR 34.280
UniCredit Bank AG 7.000 12/29/2020 EUR 68.710
UniCredit Bank AG 6.700 12/29/2020 EUR 47.980
UniCredit Bank AG 9.100 12/29/2020 EUR 38.930
UniCredit Bank AG 8.300 12/29/2020 EUR 55.930
UniCredit Bank AG 6.800 12/29/2020 EUR 59.240
UniCredit Bank AG 6.000 12/29/2020 EUR 43.250
UniCredit Bank AG 8.400 12/29/2020 EUR 28.340
UniCredit Bank AG 9.200 12/29/2020 EUR 27.860
UniCredit Bank AG 6.700 12/29/2020 EUR 37.030
UniCredit Bank AG 8.500 12/29/2020 EUR 32.540
UniCredit Bank AG 6.500 12/29/2020 EUR 76.260
UniCredit Bank AG 6.800 12/29/2020 EUR 34.540
UniCredit Bank AG 7.400 12/29/2020 EUR 33.430
UniCredit Bank AG 6.100 12/29/2020 EUR 31.070
UniCredit Bank AG 6.000 12/29/2020 EUR 54.100
UniCredit Bank AG 6.600 12/29/2020 EUR 27.650
UniCredit Bank AG 9.300 12/29/2020 EUR 26.200
UniCredit Bank AG 9.400 12/29/2020 EUR 27.400
UniCredit Bank AG 7.200 12/29/2020 EUR 28.320
UniCredit Bank AG 14.800 12/29/2020 EUR 11.890
UniCredit Bank AG 6.500 12/29/2020 EUR 68.140
UniCredit Bank AG 9.300 12/29/2020 EUR 60.230
UniCredit Bank AG 8.300 12/29/2020 EUR 60.750
UniCredit Bank AG 10.000 12/29/2020 EUR 69.680
UniCredit Bank AG 11.900 12/29/2020 EUR 64.490
UniCredit Bank AG 9.900 12/29/2020 EUR 47.390
UniCredit Bank AG 9.000 12/29/2020 EUR 55.120
UniCredit Bank AG 6.900 12/29/2020 EUR 49.430
UniCredit Bank AG 7.800 12/29/2020 EUR 53.600
UniCredit Bank AG 10.700 12/29/2020 EUR 71.170
UniCredit Bank AG 8.200 12/29/2020 EUR 43.860
UniCredit Bank AG 10.800 12/29/2020 EUR 41.280
UniCredit Bank AG 6.300 12/29/2020 EUR 57.070
UniCredit Bank AG 8.700 12/29/2020 EUR 67.550
UniCredit Bank AG 10.500 12/29/2020 EUR 62.110
UniCredit Bank AG 7.400 12/29/2020 EUR 54.610
UniCredit Bank AG 6.700 12/29/2020 EUR 62.900
UniCredit Bank AG 8.200 12/29/2020 EUR 37.140
UniCredit Bank AG 7.800 12/29/2020 EUR 51.700
UniCredit Bank AG 8.800 12/29/2020 EUR 49.920
UniCredit Bank AG 8.200 12/29/2020 EUR 65.570
UniCredit Bank AG 6.600 12/29/2020 EUR 65.730
UniCredit Bank AG 7.500 12/29/2020 EUR 38.030
UniCredit Bank AG 6.700 12/29/2020 EUR 59.420
UniCredit Bank AG 8.200 12/29/2020 EUR 61.990
UniCredit Bank AG 8.400 12/29/2020 EUR 51.780
UniCredit Bank AG 9.500 12/29/2020 EUR 49.820
UniCredit Bank AG 9.400 12/29/2020 EUR 72.740
UniCredit Bank AG 12.100 12/29/2020 EUR 56.060
UniCredit Bank AG 7.800 12/29/2020 EUR 48.960
UniCredit Bank AG 6.400 12/29/2020 EUR 51.830
UniCredit Bank AG 10.900 12/29/2020 EUR 58.740
UniCredit Bank AG 7.800 12/29/2020 EUR 53.430
UniCredit Bank AG 8.100 12/29/2020 EUR 69.780
UniCredit Bank AG 8.100 12/29/2020 EUR 49.880
UniCredit Bank AG 6.900 12/29/2020 EUR 73.300
UniCredit Bank AG 6.500 12/29/2020 EUR 18.430
UniCredit Bank AG 10.700 12/29/2020 EUR 32.420
UniCredit Bank AG 10.900 12/29/2020 EUR 64.870
UniCredit Bank AG 9.700 12/29/2020 EUR 68.020
UniCredit Bank AG 12.000 12/29/2020 EUR 47.440
UniCredit Bank AG 10.100 12/29/2020 EUR 47.600
UniCredit Bank AG 7.200 12/29/2020 EUR 65.270
UniCredit Bank AG 9.000 12/29/2020 EUR 29.360
UniCredit Bank AG 8.000 12/29/2020 EUR 50.420
UniCredit Bank AG 7.900 12/29/2020 EUR 30.220
Landesbank Hessen-T 3.600 7/27/2022 EUR 63.060
UBS AG/London 7.000 6/22/2020 CHF 71.700
UBS AG/London 6.000 6/29/2020 CHF 49.450
Leonteq Securities 17.000 10/12/2020 CHF 60.420
Leonteq Securities 6.500 07/12/2021 CHF 69.040
Leonteq Securities 6.000 07/12/2021 CHF 71.770
Vontobel Financial 6.250 7/15/2020 EUR 59.630
Societe Generale Ef 7.650 6/26/2020 EUR 72.160
UniCredit Bank AG 10.800 12/28/2020 EUR 48.810
UniCredit Bank AG 10.200 12/28/2020 EUR 73.770
UniCredit Bank AG 9.300 12/28/2020 EUR 57.130
UniCredit Bank AG 11.500 12/28/2020 EUR 65.880
UniCredit Bank AG 7.250 8/16/2022 EUR 66.100
Raiffeisen Schweiz 7.100 01/12/2021 CHF 67.330
Raiffeisen Schweiz 5.000 01/12/2022 CHF 64.960
UniCredit Bank AG 4.100 6/25/2021 EUR 58.140
UniCredit Bank AG 8.400 6/26/2020 EUR 58.330
UniCredit Bank AG 14.500 6/26/2020 EUR 64.660
Vontobel Financial 7.000 6/26/2020 EUR 67.560
UniCredit Bank AG 5.400 12/24/2021 EUR 54.460
UniCredit Bank AG 6.300 12/24/2021 EUR 68.820
UniCredit Bank AG 8.200 12/24/2021 EUR 69.310
UniCredit Bank AG 4.800 12/24/2021 EUR 72.180
UniCredit Bank AG 4.700 12/24/2021 EUR 65.930
UniCredit Bank AG 7.500 12/24/2021 EUR 44.720
UniCredit Bank AG 7.900 12/24/2021 EUR 72.130
UniCredit Bank AG 7.600 12/24/2021 EUR 65.750
UniCredit Bank AG 4.100 12/24/2021 EUR 49.090
UniCredit Bank AG 7.700 12/24/2021 EUR 60.450
UniCredit Bank AG 5.800 12/24/2021 EUR 63.210
UniCredit Bank AG 8.600 6/26/2020 EUR 48.520
UniCredit Bank AG 5.500 6/26/2020 EUR 52.650
UniCredit Bank AG 14.400 6/26/2020 EUR 43.620
UniCredit Bank AG 12.600 6/26/2020 EUR 68.380
UniCredit Bank AG 5.300 6/26/2020 EUR 71.020
UniCredit Bank AG 6.100 12/24/2021 EUR 71.850
UniCredit Bank AG 5.300 12/24/2021 EUR 64.590
UniCredit Bank AG 8.300 12/24/2021 EUR 59.710
UniCredit Bank AG 6.900 12/24/2021 EUR 73.280
UniCredit Bank AG 9.600 12/24/2021 EUR 58.690
UniCredit Bank AG 5.600 6/25/2021 EUR 55.400
UniCredit Bank AG 11.600 12/24/2021 EUR 62.570
UniCredit Bank AG 6.000 6/25/2021 EUR 52.590
UniCredit Bank AG 7.500 6/25/2021 EUR 51.000
UniCredit Bank AG 7.000 6/25/2021 EUR 67.880
UniCredit Bank AG 11.100 6/25/2021 EUR 72.230
UniCredit Bank AG 12.100 12/28/2020 EUR 48.040
UniCredit Bank AG 11.600 12/28/2020 EUR 61.380
UniCredit Bank AG 7.500 12/28/2020 EUR 68.780
UniCredit Bank AG 5.100 6/25/2021 EUR 64.850
UniCredit Bank AG 8.200 6/25/2021 EUR 59.290
UniCredit Bank AG 11.400 6/25/2021 EUR 56.000
UniCredit Bank AG 7.900 6/25/2021 EUR 65.260
UniCredit Bank AG 9.000 6/25/2021 EUR 63.980
UniCredit Bank AG 6.800 6/25/2021 EUR 66.630
UniCredit Bank AG 8.500 6/25/2021 EUR 64.640
UniCredit Bank AG 13.600 6/25/2021 EUR 59.950
UniCredit Bank AG 10.100 6/25/2021 EUR 41.980
UniCredit Bank AG 4.400 6/25/2021 EUR 47.610
UniCredit Bank AG 5.400 6/25/2021 EUR 45.700
UniCredit Bank AG 7.600 6/25/2021 EUR 43.140
UniCredit Bank AG 8.900 12/24/2021 EUR 51.710
UniCredit Bank AG 4.400 12/24/2021 EUR 56.410
UniCredit Bank AG 7.400 12/24/2021 EUR 66.620
UniCredit Bank AG 6.500 6/25/2021 EUR 69.950
UniCredit Bank AG 7.000 6/26/2020 EUR 50.490
UniCredit Bank AG 14.500 6/26/2020 EUR 68.970
UniCredit Bank AG 7.200 6/26/2020 EUR 48.100
UniCredit Bank AG 15.600 6/26/2020 EUR 67.350
UniCredit Bank AG 10.500 6/26/2020 EUR 36.430
UniCredit Bank AG 10.000 6/26/2020 EUR 55.820
UniCredit Bank AG 7.700 12/24/2021 EUR 54.250
UniCredit Bank AG 19.000 6/26/2020 EUR 46.270
UniCredit Bank AG 7.900 6/25/2021 EUR 68.010
UniCredit Bank AG 6.400 12/24/2021 EUR 55.380
DekaBank Deutsche G 3.000 7/31/2020 EUR 46.920
Landesbank Baden-Wu 3.000 6/25/2021 EUR 64.480
Landesbank Baden-Wu 4.000 7/24/2020 EUR 54.510
Landesbank Baden-Wu 2.000 7/24/2020 EUR 61.270
Landesbank Baden-Wu 4.000 7/24/2020 EUR 55.000
Landesbank Baden-Wu 5.000 7/24/2020 EUR 52.750
Landesbank Baden-Wu 5.000 7/24/2020 EUR 33.880
Landesbank Baden-Wu 5.000 7/24/2020 EUR 70.900
Landesbank Baden-Wu 4.500 7/24/2020 EUR 68.080
Landesbank Baden-Wu 2.000 7/24/2020 EUR 65.300
Landesbank Baden-Wu 3.500 7/24/2020 EUR 55.360
Landesbank Baden-Wu 5.000 7/24/2020 EUR 49.470
Landesbank Baden-Wu 6.500 7/24/2020 EUR 44.800
Landesbank Baden-Wu 2.000 7/24/2020 EUR 54.690
Landesbank Baden-Wu 3.000 7/24/2020 EUR 50.620
Landesbank Baden-Wu 4.000 7/24/2020 EUR 47.880
Landesbank Baden-Wu 2.000 7/24/2020 EUR 56.840
Landesbank Baden-Wu 5.000 7/24/2020 EUR 46.980
Landesbank Baden-Wu 2.000 7/24/2020 EUR 70.810
Landesbank Baden-Wu 3.000 7/24/2020 EUR 66.070
Landesbank Baden-Wu 4.000 7/24/2020 EUR 62.800
Landesbank Baden-Wu 5.000 7/24/2020 EUR 59.920
Landesbank Baden-Wu 4.000 7/24/2020 EUR 69.300
Landesbank Baden-Wu 5.000 7/24/2020 EUR 65.800
Landesbank Baden-Wu 2.000 7/24/2020 EUR 41.080
Landesbank Baden-Wu 6.500 7/24/2020 EUR 44.510
Landesbank Baden-Wu 3.000 7/24/2020 EUR 70.980
Landesbank Baden-Wu 4.000 7/24/2020 EUR 66.780
Landesbank Baden-Wu 5.000 7/24/2020 EUR 28.650
Landesbank Baden-Wu 2.000 7/24/2020 EUR 60.610
Landesbank Baden-Wu 2.500 7/24/2020 EUR 18.900
Landesbank Baden-Wu 4.000 7/24/2020 EUR 17.040
Landesbank Baden-Wu 4.500 7/24/2020 EUR 37.260
Landesbank Baden-Wu 2.000 7/24/2020 EUR 60.830
Landesbank Baden-Wu 2.000 7/24/2020 EUR 67.470
Landesbank Baden-Wu 4.000 7/24/2020 EUR 58.150
Landesbank Baden-Wu 4.500 7/24/2020 EUR 73.290
Landesbank Baden-Wu 6.000 7/24/2020 EUR 67.650
Landesbank Hessen-T 6.150 8/25/2022 EUR 64.880
Landesbank Baden-Wu 2.850 8/28/2020 EUR 62.180
Landesbank Baden-Wu 3.500 8/28/2020 EUR 62.190
Landesbank Baden-Wu 3.250 8/28/2020 EUR 62.050
Landesbank Baden-Wu 4.450 8/28/2020 EUR 27.990
Corner Banca SA 8.000 08/10/2020 CHF 54.000
Bayerische Landesba 2.100 8/28/2020 EUR 68.560
Bayerische Landesba 2.300 8/28/2020 EUR 69.720
Bayerische Landesba 2.500 8/28/2020 EUR 65.700
UniCredit Bank AG 3.750 8/23/2021 EUR 39.830
Landesbank Hessen-T 3.500 09/01/2021 EUR 65.840
Leonteq Securities 5.200 08/04/2020 EUR 65.040
Landesbank Baden-Wu 2.850 7/22/2022 EUR 65.060
Societe Generale Ef 3.825 6/26/2020 EUR 70.680
Societe Generale Ef 10.241 12/28/2020 EUR 68.870
Societe Generale Ef 24.419 6/25/2021 EUR 54.630
UniCredit Bank AG 6.900 12/24/2021 EUR 68.750
UniCredit Bank AG 9.000 12/24/2021 EUR 64.580
UniCredit Bank AG 5.800 12/24/2021 EUR 70.460
UniCredit Bank AG 8.000 12/24/2021 EUR 67.840
UniCredit Bank AG 10.200 12/24/2021 EUR 65.930
UniCredit Bank AG 7.100 12/24/2021 EUR 61.300
UniCredit Bank AG 7.200 12/24/2021 EUR 66.270
UniCredit Bank AG 6.300 12/24/2021 EUR 67.260
UniCredit Bank AG 8.500 12/24/2021 EUR 64.880
UniCredit Bank AG 8.100 12/24/2021 EUR 65.390
UniCredit Bank AG 8.200 6/25/2021 EUR 52.690
UniCredit Bank AG 10.900 6/25/2021 EUR 72.630
UniCredit Bank AG 11.100 12/28/2020 EUR 72.930
UniCredit Bank AG 6.200 12/28/2020 EUR 69.190
UniCredit Bank AG 9.800 6/25/2021 EUR 57.420
UniCredit Bank AG 7.400 6/25/2021 EUR 60.430
UniCredit Bank AG 10.200 6/25/2021 EUR 62.860
UniCredit Bank AG 10.700 6/25/2021 EUR 62.230
UniCredit Bank AG 12.500 6/25/2021 EUR 60.850
UniCredit Bank AG 7.000 6/25/2021 EUR 70.140
UniCredit Bank AG 13.400 6/26/2020 EUR 51.480
UniCredit Bank AG 16.600 6/26/2020 EUR 42.250
UniCredit Bank AG 10.400 6/26/2020 EUR 46.740
UniCredit Bank AG 10.800 6/26/2020 EUR 71.160
UniCredit Bank AG 8.400 12/24/2021 EUR 53.910
UniCredit Bank AG 13.300 6/26/2020 EUR 34.540
UniCredit Bank AG 9.200 6/25/2021 EUR 66.160
UniCredit Bank AG 8.400 6/25/2021 EUR 68.430
UniCredit Bank AG 18.400 6/26/2020 EUR 71.190
UniCredit Bank AG 11.600 6/26/2020 EUR 71.720
UniCredit Bank AG 4.800 6/26/2020 EUR 51.890
UniCredit Bank AG 14.000 6/26/2020 EUR 55.370
UniCredit Bank AG 14.800 6/26/2020 EUR 65.950
UniCredit Bank AG 16.100 6/26/2020 EUR 59.630
UniCredit Bank AG 15.400 6/26/2020 EUR 58.820
UniCredit Bank AG 12.100 6/25/2021 EUR 63.440
DZ Bank AG Deutsche 12.250 7/22/2020 EUR 44.530
Raiffeisen Centroba 6.992 6/23/2020 EUR 70.010
Raiffeisen Centroba 7.757 6/23/2020 EUR 52.150
EFG International F 6.800 9/14/2020 CHF 51.400
DekaBank Deutsche G 7.250 04/01/2021 EUR 51.940
UBS AG/London 10.000 8/31/2020 CHF 36.050
UBS AG/London 9.000 8/31/2020 CHF 57.800
UBS AG/London 7.000 8/31/2020 EUR 47.850
Leonteq Securities 8.000 09/07/2020 EUR 56.060
Corner Banca SA 6.400 09/07/2021 CHF 53.790
EFG International F 7.200 9/13/2021 CHF 66.450
Raiffeisen Switzerl 4.440 4/19/2021 EUR 47.730
DekaBank Deutsche G 2.300 9/24/2021 EUR 49.330
Vontobel Financial 3.300 09/04/2020 EUR 68.850
Landesbank Baden-Wu 2.800 7/24/2020 EUR 58.480
UniCredit Bank AG 3.700 5/28/2021 EUR 52.210
Skandinaviska Enski 6.900 7/15/2022 SEK 44.420
Leonteq Securities 7.400 11/03/2020 CHF 55.650
EFG International F 7.000 11/09/2020 EUR 61.340
Commerzbank AG 1.000 11/02/2020 USD 6.480
Landesbank Hessen-T 3.000 06/04/2021 EUR 49.900
Landesbank Hessen-T 4.000 06/04/2021 EUR 52.200
DekaBank Deutsche G 3.000 6/26/2020 EUR 54.470
Landesbank Baden-Wu 3.000 12/29/2020 EUR 48.920
Landesbank Hessen-T 5.200 01/08/2024 EUR 33.960
UniCredit Bank AG 4.200 11/21/2021 EUR 48.150
UniCredit Bank AG 3.700 11/21/2021 EUR 56.530
UniCredit Bank AG 4.350 11/21/2021 EUR 53.110
Landesbank Hessen-T 3.000 11/24/2022 EUR 68.320
Landesbank Hessen-T 5.000 9/21/2023 EUR 42.140
EFG International F 7.000 11/02/2020 CHF 50.000
EFG International F 7.200 11/02/2020 EUR 36.830
Landesbank Baden-Wu 2.650 9/22/2023 EUR 63.030
Raiffeisen Centroba 6.000 10/09/2020 EUR 61.380
Raiffeisen Centroba 5.500 10/09/2020 EUR 34.430
Raiffeisen Centroba 7.000 10/09/2020 EUR 57.650
Raiffeisen Centroba 6.500 10/09/2020 EUR 53.290
Raiffeisen Centroba 7.000 10/09/2020 EUR 70.890
Zurcher Kantonalban 5.500 11/03/2020 CHF 55.420
Landesbank Hessen-T 2.200 11/24/2020 EUR 27.420
Bayerische Landesba 2.100 10/09/2020 EUR 59.240
UBS AG/London 9.000 8/24/2020 EUR 44.100
UBS AG/London 10.000 8/24/2020 CHF 35.950
Landesbank Baden-Wu 2.550 12/27/2021 EUR 66.670
UBS AG/London 7.250 8/31/2020 CHF 25.900
UBS AG/London 6.250 8/31/2020 CHF 64.400
UBS AG/London 8.000 03/01/2021 USD 49.120
UniCredit Bank AG 4.850 11/01/2020 EUR 67.030
Leonteq Securities 6.000 09/07/2020 CHF 42.200
Landesbank Baden-Wu 3.000 12/29/2020 EUR 57.160
Raiffeisen Schweiz 6.200 09/10/2020 EUR 60.590
DekaBank Deutsche G 2.300 11/13/2020 EUR 49.480
Leonteq Securities 7.000 10/26/2020 EUR 51.570
Leonteq Securities 6.000 8/31/2020 CHF 68.850
Leonteq Securities 5.000 10/27/2020 CHF 50.670
DekaBank Deutsche G 3.400 3/26/2021 EUR 60.820
Landesbank Hessen-T 4.000 11/24/2021 EUR 36.120
UBS AG/London 10.500 8/31/2020 EUR 32.800
Landesbank Hessen-T 5.450 11/17/2022 EUR 42.380
Landesbank Hessen-T 8.600 11/17/2022 EUR 45.560
UniCredit Bank AG 3.800 8/30/2023 EUR 43.910
Landesbank Baden-Wu 3.500 12/29/2020 EUR 66.240
Landesbank Baden-Wu 3.600 12/29/2020 EUR 47.460
Landesbank Baden-Wu 4.400 12/29/2020 EUR 30.900
Vontobel Financial 3.800 8/31/2021 EUR 70.830
Societe Generale Ef 8.438 9/25/2020 EUR 65.770
Societe Generale Ef 29.303 6/25/2021 EUR 59.100
Raiffeisen Schweiz 6.000 8/19/2020 CHF 49.740
UniCredit Bank AG 6.400 03/05/2021 EUR 26.880
Leonteq Securities 7.000 02/12/2021 CHF 49.600
Landesbank Baden-Wu 2.600 4/25/2022 EUR 62.620
Landesbank Hessen-T 5.550 3/16/2023 EUR 35.930
Societe Generale Ef 8.263 7/24/2020 EUR 70.390
Societe Generale Ef 11.721 6/25/2021 EUR 68.540
Leonteq Securities 9.000 10/12/2020 CHF 60.830
Leonteq Securities 5.600 07/12/2022 CHF 71.960
Leonteq Securities 16.800 10/15/2020 USD 41.760
Leonteq Securities 8.600 07/12/2021 EUR 49.040
Societe Generale Ef 4.822 9/25/2020 EUR 58.020
Societe Generale Ef 18.082 9/25/2020 EUR 45.120
Societe Generale Ef 14.630 12/28/2020 EUR 69.950
UniCredit Bank AG 7.900 12/28/2020 EUR 66.240
UniCredit Bank AG 7.200 12/28/2020 EUR 60.350
UniCredit Bank AG 8.300 12/28/2020 EUR 67.810
UniCredit Bank AG 16.200 12/28/2020 EUR 58.710
Raiffeisen Schweiz 7.100 07/12/2021 EUR 59.370
UniCredit Bank AG 17.000 12/28/2020 EUR 57.970
UniCredit Bank AG 12.300 6/26/2020 EUR 62.450
UniCredit Bank AG 16.200 6/26/2020 EUR 32.880
UniCredit Bank AG 5.600 6/26/2020 EUR 64.180
UniCredit Bank AG 8.700 6/26/2020 EUR 67.340
UniCredit Bank AG 9.100 12/24/2021 EUR 66.790
UniCredit Bank AG 8.900 12/24/2021 EUR 59.080
UniCredit Bank AG 6.800 12/24/2021 EUR 66.840
UniCredit Bank AG 10.200 12/28/2020 EUR 39.010
UniCredit Bank AG 8.200 12/28/2020 EUR 58.630
UniCredit Bank AG 13.100 6/26/2020 EUR 70.320
UniCredit Bank AG 10.300 6/26/2020 EUR 73.200
UniCredit Bank AG 16.000 6/26/2020 EUR 67.700
UniCredit Bank AG 13.600 6/26/2020 EUR 69.760
UniCredit Bank AG 17.000 6/26/2020 EUR 63.700
UniCredit Bank AG 6.500 12/24/2021 EUR 62.270
UniCredit Bank AG 6.600 12/24/2021 EUR 45.310
UniCredit Bank AG 7.300 6/25/2021 EUR 53.430
UniCredit Bank AG 6.400 6/25/2021 EUR 54.290
UniCredit Bank AG 4.800 6/25/2021 EUR 56.640
UniCredit Bank AG 10.000 6/25/2021 EUR 51.550
UniCredit Bank AG 9.100 6/25/2021 EUR 52.070
UniCredit Bank AG 11.600 6/25/2021 EUR 61.360
UniCredit Bank AG 10.000 6/25/2021 EUR 73.620
UniCredit Bank AG 5.600 6/25/2021 EUR 71.010
UniCredit Bank AG 4.700 6/25/2021 EUR 54.870
UniCredit Bank AG 8.500 6/25/2021 EUR 65.250
UniCredit Bank AG 10.000 6/25/2021 EUR 63.040
UniCredit Bank AG 10.100 6/25/2021 EUR 73.150
UniCredit Bank AG 6.200 12/28/2020 EUR 62.230
UniCredit Bank AG 5.900 6/25/2021 EUR 63.270
UniCredit Bank AG 6.600 6/25/2021 EUR 61.720
UniCredit Bank AG 9.000 6/25/2021 EUR 58.290
UniCredit Bank AG 7.400 6/25/2021 EUR 66.010
UniCredit Bank AG 9.600 6/25/2021 EUR 63.380
UniCredit Bank AG 11.300 6/25/2021 EUR 61.750
UniCredit Bank AG 11.900 6/25/2021 EUR 61.280
Credit Suisse AG/Lo 4.500 07/12/2021 EUR 63.520
DZ Bank AG Deutsche 6.000 7/22/2020 EUR 36.610
DZ Bank AG Deutsche 10.500 9/23/2020 EUR 61.350
DZ Bank AG Deutsche 9.000 9/23/2020 EUR 74.330
Raiffeisen Centroba 9.674 12/23/2020 EUR
Raiffeisen Centroba 12.438 12/23/2020 EUR
UBS AG/London 14.250 7/19/2021 USD 52.440
UBS AG/London 5.250 7/19/2021 CHF 64.400
UBS AG/London 15.000 7/17/2020 CHF 52.850
UBS AG/London 13.250 7/17/2020 USD 51.290
Zurcher Kantonalban 7.750 7/23/2021 EUR 63.130
Zurcher Kantonalban 7.500 7/23/2021 CHF 62.900
Societe Generale Ef 12.500 7/24/2020 EUR 65.380
DZ Bank AG Deutsche 7.000 7/22/2020 EUR 70.040
DZ Bank AG Deutsche 10.750 7/22/2020 EUR 65.620
DZ Bank AG Deutsche 9.750 6/24/2020 EUR 69.310
DZ Bank AG Deutsche 8.000 9/23/2020 EUR 70.290
DZ Bank AG Deutsche 7.750 6/24/2020 EUR 66.200
UniCredit Bank AG 9.800 6/25/2021 EUR 66.970
UniCredit Bank AG 5.200 6/25/2021 EUR 72.150
UniCredit Bank AG 11.700 6/26/2020 EUR 72.370
UniCredit Bank AG 6.900 6/26/2020 EUR 61.100
UniCredit Bank AG 15.700 6/26/2020 EUR 62.710
UniCredit Bank AG 5.100 12/24/2021 EUR 56.960
UniCredit Bank AG 5.700 12/24/2021 EUR 56.030
UniCredit Bank AG 12.300 6/26/2020 EUR 45.100
UniCredit Bank AG 6.900 6/26/2020 EUR 71.460
UniCredit Bank AG 14.700 6/26/2020 EUR 61.780
UniCredit Bank AG 10.700 6/25/2021 EUR 64.740
UniCredit Bank AG 7.000 12/24/2021 EUR 54.690
Credit Suisse AG/Lo 5.750 01/10/2022 CHF 68.470
Zurcher Kantonalban 7.250 7/23/2021 USD 59.690
Zurcher Kantonalban 5.000 7/23/2021 EUR 55.370
Bank Julius Baer & 11.800 7/16/2020 USD 53.300
DZ Bank AG Deutsche 6.500 7/22/2020 EUR 62.590
DZ Bank AG Deutsche 13.000 7/22/2020 EUR 57.220
DZ Bank AG Deutsche 7.250 9/23/2020 EUR 67.610
Landesbank Hessen-T 6.400 03/09/2023 EUR 64.440
UniCredit Bank AG 5.350 03/05/2021 EUR 72.270
UniCredit Bank AG 3.750 03/05/2021 EUR 61.190
Landesbank Baden-Wu 2.810 3/24/2023 EUR 56.880
Leonteq Securities 4.230 07/12/2021 CHF 64.620
EFG International F 18.400 01/12/2021 USD 45.980
Societe Generale Ef 9.644 9/25/2020 EUR 73.590
Societe Generale Ef 8.778 12/28/2020 EUR 73.230
Societe Generale Ef 17.582 6/25/2021 EUR 71.300
UniCredit Bank AG 4.700 12/28/2020 EUR 72.460
UniCredit Bank AG 13.600 12/28/2020 EUR 59.490
UniCredit Bank AG 5.300 12/28/2020 EUR 64.340
UniCredit Bank AG 11.500 12/28/2020 EUR 54.550
UniCredit Bank AG 15.400 12/28/2020 EUR 59.480
UniCredit Bank AG 10.400 12/28/2020 EUR 55.770
UniCredit Bank AG 13.900 12/28/2020 EUR 52.560
UniCredit Bank AG 7.100 6/26/2020 EUR 69.940
UniCredit Bank AG 18.800 6/26/2020 EUR 55.670
UniCredit Bank AG 9.400 6/26/2020 EUR 66.620
UniCredit Bank AG 11.600 6/26/2020 EUR 53.540
UniCredit Bank AG 4.300 6/26/2020 EUR 74.380
UniCredit Bank AG 4.300 6/26/2020 EUR 44.220
UniCredit Bank AG 15.200 6/26/2020 EUR 49.590
UniCredit Bank AG 19.800 6/26/2020 EUR 57.520
UniCredit Bank AG 9.700 6/26/2020 EUR 73.520
Vontobel Financial 9.000 6/26/2020 EUR 66.460
Landesbank Baden-Wu 3.950 8/27/2021 EUR 54.550
Leonteq Securities 7.400 05/12/2021 CHF 58.620
Corner Banca SA 6.200 11/09/2021 CHF 72.970
Landesbank Baden-Wu 3.400 11/25/2022 EUR 56.330
Landesbank Baden-Wu 3.400 1/27/2023 EUR 60.100
UniCredit Bank AG 3.750 12/21/2021 EUR 43.960
UBS AG/London 7.000 11/16/2020 CHF 69.850
UBS AG/London 8.000 11/16/2020 CHF 29.400
UBS AG/London 7.000 10/30/2020 EUR 41.650
Raiffeisen Centroba 5.800 11/19/2020 EUR 61.530
Raiffeisen Centroba 4.500 11/19/2020 EUR 46.800
Zurcher Kantonalban 6.117 11/20/2020 CHF 64.690
DekaBank Deutsche G 3.800 12/04/2020 EUR 66.300
Raiffeisen Schweiz 7.000 11/30/2020 CHF 66.190
Skandinaviska Enski 8.200 1/15/2024 SEK 50.520
Banque Cantonale Va 6.500 06/05/2020 CHF 56.780
Landesbank Baden-Wu 2.000 7/24/2020 EUR 64.940
Landesbank Baden-Wu 3.500 7/24/2020 EUR 59.760
Landesbank Baden-Wu 5.000 7/24/2020 EUR 56.490
Landesbank Baden-Wu 2.000 7/24/2020 EUR 52.630
Landesbank Baden-Wu 3.500 7/24/2020 EUR 46.920
Landesbank Baden-Wu 5.000 7/24/2020 EUR 43.120
Landesbank Baden-Wu 2.500 7/24/2020 EUR 55.840
Landesbank Baden-Wu 5.000 7/24/2020 EUR 47.440
Landesbank Baden-Wu 6.000 7/24/2020 EUR 74.470
Landesbank Baden-Wu 2.500 7/24/2020 EUR 66.310
Landesbank Baden-Wu 4.000 7/24/2020 EUR 59.360
Landesbank Baden-Wu 5.500 7/24/2020 EUR 55.570
Landesbank Baden-Wu 3.500 7/24/2020 EUR 70.570
Landesbank Baden-Wu 3.000 7/24/2020 EUR 61.580
Landesbank Baden-Wu 4.500 7/24/2020 EUR 54.730
Landesbank Baden-Wu 6.000 7/24/2020 EUR 51.080
Landesbank Baden-Wu 2.000 7/24/2020 EUR 67.090
Landesbank Baden-Wu 3.500 7/24/2020 EUR 61.320
Landesbank Baden-Wu 2.000 7/24/2020 EUR 53.090
Landesbank Baden-Wu 4.000 7/24/2020 EUR 45.570
Landesbank Baden-Wu 5.500 7/24/2020 EUR 42.680
Landesbank Baden-Wu 5.500 7/24/2020 EUR 72.500
Landesbank Baden-Wu 3.500 7/24/2020 EUR 74.370
Landesbank Baden-Wu 5.000 7/24/2020 EUR 69.680
Landesbank Baden-Wu 2.000 7/24/2020 EUR 59.910
Landesbank Baden-Wu 3.500 7/24/2020 EUR 53.690
Landesbank Baden-Wu 5.000 7/24/2020 EUR 49.590
Landesbank Baden-Wu 3.500 7/24/2020 EUR 65.170
Landesbank Baden-Wu 5.000 7/24/2020 EUR 62.000
Landesbank Baden-Wu 4.000 7/24/2020 EUR 71.030
Landesbank Baden-Wu 3.000 7/24/2020 EUR 55.880
Landesbank Baden-Wu 5.500 7/24/2020 EUR 47.240
Landesbank Baden-Wu 3.000 7/24/2020 EUR 58.640
Landesbank Baden-Wu 5.500 7/24/2020 EUR 72.920
Landesbank Baden-Wu 2.000 7/24/2020 EUR 71.490
Landesbank Baden-Wu 4.000 7/24/2020 EUR 63.080
Landesbank Baden-Wu 2.000 7/24/2020 EUR 52.600
Landesbank Baden-Wu 3.500 7/24/2020 EUR 45.690
Landesbank Baden-Wu 5.000 7/24/2020 EUR 41.350
Landesbank Baden-Wu 2.500 7/24/2020 EUR 42.130
Landesbank Baden-Wu 5.000 7/24/2020 EUR 35.280
Landesbank Baden-Wu 7.000 7/24/2020 EUR 32.590
Landesbank Baden-Wu 6.000 7/24/2020 EUR 73.400
Landesbank Baden-Wu 8.000 7/24/2020 EUR 67.420
Landesbank Baden-Wu 2.000 7/24/2020 EUR 67.790
Landesbank Baden-Wu 3.000 7/24/2020 EUR 63.870
Landesbank Baden-Wu 4.500 7/24/2020 EUR 59.380
UBS AG/London 7.100 9/24/2020 EUR 46.120
UBS AG/London 7.100 9/24/2020 EUR 47.830
UBS AG/London 7.400 6/25/2020 EUR 50.420
HSBC Trinkaus & Bur 2.800 6/26/2020 EUR 62.320
HSBC Trinkaus & Bur 3.000 6/26/2020 EUR 56.860
Landesbank Baden-Wu 3.500 10/23/2020 EUR 57.030
Landesbank Baden-Wu 6.000 10/23/2020 EUR 49.100
Landesbank Baden-Wu 5.000 10/23/2020 EUR 71.020
Landesbank Baden-Wu 5.500 10/23/2020 EUR 71.930
Landesbank Baden-Wu 4.000 10/23/2020 EUR 65.920
Landesbank Baden-Wu 3.000 10/23/2020 EUR 52.990
Landesbank Baden-Wu 5.000 10/23/2020 EUR 45.890
Landesbank Baden-Wu 4.500 10/23/2020 EUR 65.410
Landesbank Baden-Wu 2.500 10/23/2020 EUR 65.500
Landesbank Baden-Wu 3.000 10/23/2020 EUR 45.840
Landesbank Baden-Wu 2.500 10/23/2020 EUR 37.620
Landesbank Baden-Wu 3.000 7/23/2021 EUR 63.960
Landesbank Baden-Wu 5.000 7/23/2021 EUR 58.510
Landesbank Baden-Wu 4.000 10/23/2020 EUR 55.780
Landesbank Baden-Wu 3.000 10/23/2020 EUR 39.730
Landesbank Baden-Wu 5.000 10/23/2020 EUR 62.990
Landesbank Baden-Wu 3.000 7/23/2021 EUR 45.270
EFG International F 7.000 11/01/2021 CHF 63.650
UBS AG/London 9.000 10/19/2020 USD 58.200
UniCredit Bank AG 4.100 11/27/2020 EUR 68.590
Landesbank Baden-Wu 3.250 1/28/2022 EUR 70.940
Landesbank Baden-Wu 3.800 1/28/2022 EUR 51.070
Landesbank Baden-Wu 3.600 1/28/2022 EUR 73.020
Raiffeisen Switzerl 5.600 11/02/2020 CHF 29.290
Corner Banca SA 8.000 11/02/2020 CHF 51.290
Raiffeisen Schweiz 7.000 11/02/2020 CHF 66.340
HSBC Trinkaus & Bur 5.100 6/26/2020 EUR 68.200
HSBC Trinkaus & Bur 3.000 6/26/2020 EUR 68.060
HSBC Trinkaus & Bur 4.100 6/26/2020 EUR 54.760
HSBC Trinkaus & Bur 8.200 6/26/2020 EUR 39.300
HSBC Trinkaus & Bur 5.100 6/26/2020 EUR 71.140
HSBC Trinkaus & Bur 6.500 6/26/2020 EUR 50.530
HSBC Trinkaus & Bur 6.500 6/26/2020 EUR 50.530
Landesbank Baden-Wu 3.000 6/24/2022 EUR 61.750
Landesbank Baden-Wu 3.050 7/24/2020 EUR 57.540
Landesbank Baden-Wu 3.100 7/24/2020 EUR 53.100
Landesbank Baden-Wu 3.300 7/24/2020 EUR 58.740
Bayerische Landesba 2.600 6/26/2020 EUR 60.460
Leonteq Securities 7.800 06/02/2020 EUR 39.330
Landesbank Baden-Wu 2.700 6/25/2021 EUR 67.330
Landesbank Hessen-T 5.200 9/30/2022 EUR 62.020
Leonteq Securities 6.200 06/08/2020 CHF 57.250
Leonteq Securities 6.000 06/08/2020 CHF 54.850
UniCredit Bank AG 5.750 07/04/2020 EUR 53.730
Erste Group Bank AG 6.000 6/28/2022 EUR 77.550
DekaBank Deutsche G 2.750 6/26/2020 EUR 51.260
DekaBank Deutsche G 2.150 6/28/2021 EUR 57.010
DekaBank Deutsche G 2.200 6/26/2020 EUR 60.450
Leonteq Securities 5.200 06/12/2020 CHF 50.370
Commerzbank AG 6.000 06/06/2022 USD 0.370
Landesbank Hessen-T 4.000 07/07/2021 EUR 63.180
Landesbank Hessen-T 4.000 07/07/2021 EUR 64.690
Bayerische Landesba 2.200 6/26/2020 EUR 62.910
Landesbank Baden-Wu 3.500 6/26/2020 EUR 56.620
UniCredit Bank AG 3.500 07/09/2021 EUR 64.360
UniCredit Bank AG 5.500 07/09/2021 EUR 32.950
Corner Banca SA 7.600 6/16/2020 CHF 53.630
EFG International F 7.000 6/22/2020 USD 44.550
DekaBank Deutsche G 3.000 6/21/2021 EUR 32.970
Landesbank Hessen-T 3.750 1/13/2021 EUR 70.800
Landesbank Hessen-T 3.350 1/13/2021 EUR 68.100
Landesbank Hessen-T 4.000 1/13/2021 EUR 48.600
Landesbank Hessen-T 2.750 1/13/2021 EUR 52.000
Citigroup Global Ma 7.000 6/16/2022 SEK 51.090
Landesbank Baden-Wu 3.330 6/25/2021 EUR 65.100
Leonteq Securities 7.000 6/16/2020 CHF 54.460
Landesbank Baden-Wu 2.400 7/24/2020 EUR 67.800
Bayerische Landesba 2.400 7/17/2020 EUR 61.850
Landesbank Hessen-T 6.800 7/14/2022 EUR 53.550
Getin Noble Bank SA 5.190 5/31/2024 PLN 71.000
Getin Noble Bank SA 5.790 6/28/2024 PLN 71.000
Landesbank Baden-Wu 3.100 7/24/2020 EUR 57.530
Landesbank Baden-Wu 3.200 7/24/2020 EUR 51.250
Landesbank Baden-Wu 3.400 7/24/2020 EUR 59.170
Landesbank Baden-Wu 4.000 7/24/2020 EUR 52.260
Bayerische Landesba 2.100 7/17/2020 EUR 67.320
Leonteq Securities 6.000 6/23/2020 CHF 50.550
UniCredit Bank AG 4.300 7/18/2021 EUR 51.240
Landesbank Hessen-T 4.000 10/13/2021 EUR 70.580
DekaBank Deutsche G 2.100 10/09/2020 EUR 56.650
DekaBank Deutsche G 2.200 10/09/2020 EUR 51.700
DekaBank Deutsche G 2.600 10/09/2020 EUR 62.190
DekaBank Deutsche G 2.900 10/09/2020 EUR 39.430
Commerzbank AG 1.580 9/16/2024 USD 0.630
EFG International F 7.200 9/28/2020 CHF 52.540
EFG International F 6.600 9/28/2020 EUR 58.790
Leonteq Securities 7.000 9/22/2020 CHF 53.620
DekaBank Deutsche G 2.000 10/09/2020 EUR 54.430
Landesbank Baden-Wu 4.000 6/26/2020 EUR 54.110
Landesbank Baden-Wu 2.150 6/26/2020 EUR 67.830
UniCredit Bank AG 5.400 10/30/2020 EUR 29.120
Landesbank Baden-Wu 2.000 10/22/2021 EUR 66.700
Landesbank Baden-Wu 2.000 11/26/2021 EUR 63.900
Landesbank Baden-Wu 2.000 11/26/2021 EUR 65.110
Landesbank Hessen-T 3.000 10/20/2022 EUR 72.410
Landesbank Hessen-T 7.000 10/20/2022 EUR 50.550
Bank Julius Baer & 4.500 9/28/2020 CHF 43.600
Bank Julius Baer & 5.000 9/28/2020 EUR 43.850
Landesbank Baden-Wu 2.350 6/26/2020 EUR 69.730
Landesbank Baden-Wu 2.500 6/26/2020 EUR 63.230
Landesbank Baden-Wu 3.600 6/26/2020 EUR 51.270
EFG International F 7.000 10/05/2020 CHF 50.100
EFG International F 6.600 10/05/2020 EUR 41.470
EFG International F 7.200 10/05/2020 USD 30.940
DekaBank Deutsche G 2.250 10/16/2020 EUR 46.190
DekaBank Deutsche G 2.000 10/16/2020 EUR 48.720
Leonteq Securities 7.200 9/29/2020 CHF 52.540
Leonteq Securities 7.000 9/29/2020 CHF 58.990
Leonteq Securities 8.000 9/29/2020 EUR 53.190
Leonteq Securities 8.200 9/29/2020 USD 69.720
Leonteq Securities 7.000 9/29/2020 CHF 57.060
UniCredit Bank AG 5.350 10/18/2020 EUR 66.130
UniCredit Bank AG 4.300 10/18/2021 EUR 42.860
DekaBank Deutsche G 2.500 9/22/2020 EUR 71.990
SG Issuer SA 6.420 9/25/2020 CHF 39.600
Landesbank Hessen-T 5.700 10/27/2022 EUR 36.180
Landesbank Hessen-T 3.500 10/27/2021 EUR 55.530
Leonteq Securities 7.600 10/06/2020 CHF 58.970
Bayerische Landesba 2.200 10/30/2020 EUR 58.240
Bayerische Landesba 3.300 10/30/2020 EUR 64.600
Bayerische Landesba 2.100 4/30/2021 EUR 71.500
UniCredit Bank AG 4.500 11/12/2022 EUR 67.250
Landesbank Baden-Wu 3.850 10/23/2020 EUR 72.620
Landesbank Baden-Wu 2.850 10/23/2020 EUR 52.400
Landesbank Baden-Wu 3.000 10/23/2020 EUR 55.220
Landesbank Baden-Wu 3.250 10/23/2020 EUR 66.160
Landesbank Baden-Wu 3.500 10/23/2020 EUR 50.240
DekaBank Deutsche G 2.250 11/08/2022 EUR 52.190
UniCredit Bank AG 3.120 9/25/2020 EUR 40.300
UniCredit Bank AG 3.550 10/24/2021 EUR 57.140
UniCredit Bank AG 4.920 9/25/2020 EUR 28.690
UniCredit Bank AG 3.800 10/24/2021 EUR 47.590
DekaBank Deutsche G 3.000 6/18/2020 EUR 59.980
Vontobel Financial 6.500 6/26/2020 EUR 46.200
Credit Suisse AG/Lo 5.750 12/24/2021 CHF 69.640
Zurcher Kantonalban 5.000 6/25/2021 CHF 67.410
DZ Bank AG Deutsche 8.250 9/23/2020 EUR 42.620
DZ Bank AG Deutsche 4.500 9/23/2020 EUR 66.310
DZ Bank AG Deutsche 6.250 9/23/2020 EUR 52.960
DZ Bank AG Deutsche 5.750 9/23/2020 EUR 67.420
Landesbank Baden-Wu 7.500 8/27/2021 EUR 66.660
Landesbank Baden-Wu 5.250 8/27/2021 EUR 60.100
Landesbank Baden-Wu 4.000 8/27/2021 EUR 70.970
Landesbank Baden-Wu 5.250 8/27/2021 EUR 68.840
Landesbank Baden-Wu 2.250 8/27/2021 EUR 72.090
Landesbank Baden-Wu 3.500 8/27/2021 EUR 68.110
Landesbank Baden-Wu 3.500 8/27/2021 EUR 72.540
Landesbank Baden-Wu 2.750 8/27/2021 EUR 62.800
Landesbank Baden-Wu 4.000 8/27/2021 EUR 58.820
Landesbank Baden-Wu 3.500 8/27/2021 EUR 64.980
Landesbank Baden-Wu 4.000 8/27/2021 EUR 55.930
Landesbank Baden-Wu 5.000 8/27/2021 EUR 53.910
Landesbank Baden-Wu 6.250 8/27/2021 EUR 52.900
Landesbank Baden-Wu 5.750 8/27/2021 EUR 67.200
Landesbank Baden-Wu 5.250 8/27/2021 EUR 59.950
Landesbank Baden-Wu 3.250 8/27/2021 EUR 47.340
Landesbank Baden-Wu 4.000 8/27/2021 EUR 45.120
Landesbank Baden-Wu 5.000 8/27/2021 EUR 43.630
Landesbank Baden-Wu 6.000 8/27/2021 EUR 42.470
Landesbank Baden-Wu 3.750 8/27/2021 EUR 69.100
Landesbank Baden-Wu 5.000 8/27/2021 EUR 67.010
Landesbank Baden-Wu 4.750 8/27/2021 EUR 71.730
Landesbank Baden-Wu 6.500 8/27/2021 EUR 67.690
Landesbank Baden-Wu 2.500 8/27/2021 EUR 68.130
Landesbank Baden-Wu 3.750 8/27/2021 EUR 64.980
Landesbank Baden-Wu 3.500 8/27/2021 EUR 62.870
Landesbank Baden-Wu 4.500 8/27/2021 EUR 64.740
Landesbank Baden-Wu 6.000 8/27/2021 EUR 62.030
Landesbank Baden-Wu 3.000 8/27/2021 EUR 66.550
Landesbank Baden-Wu 7.500 8/27/2021 EUR 61.380
Landesbank Baden-Wu 2.500 7/24/2020 EUR 65.900
Landesbank Baden-Wu 2.600 7/24/2020 EUR 60.890
Landesbank Baden-Wu 5.250 8/27/2021 EUR 66.920
Landesbank Baden-Wu 6.250 8/27/2021 EUR 64.730
Landesbank Baden-Wu 4.500 8/27/2021 EUR 63.750
Landesbank Baden-Wu 3.000 8/27/2021 EUR 57.380
Landesbank Baden-Wu 2.750 8/27/2021 EUR 64.090
Landesbank Baden-Wu 5.000 8/27/2021 EUR 60.780
Landesbank Baden-Wu 3.250 8/27/2021 EUR 68.230
Landesbank Baden-Wu 4.500 8/27/2021 EUR 73.000
Landesbank Baden-Wu 6.000 8/27/2021 EUR 71.910
Landesbank Baden-Wu 6.000 8/27/2021 EUR 62.760
Vontobel Financial 13.000 06/12/2020 EUR 34.000
Vontobel Financial 7.500 06/12/2020 EUR 38.350
Credit Suisse AG/Lo 8.000 10/02/2020 EUR 50.180
Vontobel Financial 12.000 06/12/2020 EUR 58.700
Vontobel Financial 12.500 09/11/2020 EUR 58.730
Vontobel Financial 9.500 09/11/2020 EUR 61.600
Vontobel Financial 18.500 09/11/2020 EUR 45.190
Vontobel Financial 8.000 06/12/2020 EUR 64.370
Vontobel Financial 9.500 06/12/2020 EUR 71.650
Vontobel Financial 8.000 06/12/2020 EUR 46.030
Vontobel Financial 5.400 9/18/2020 EUR 61.220
UBS AG/London 9.250 07/03/2020 CHF 64.200
UBS AG/London 5.500 07/04/2022 CHF 65.150
Vontobel Financial 13.600 6/19/2020 EUR 64.490
Vontobel Financial 10.000 09/11/2020 EUR 61.910
UniCredit Bank AG 4.100 08/02/2023 EUR 67.180
EFG International F 10.000 01/08/2021 EUR 55.540
Bank Julius Baer & 7.500 07/06/2020 EUR 51.150
Raiffeisen Switzerl 12.480 07/08/2020 EUR 48.820
Raiffeisen Switzerl 12.040 07/08/2020 CHF 48.220
Vontobel Financial 13.500 6/26/2020 EUR 34.260
Bayerische Landesba 3.200 06/12/2020 EUR 61.130
Bayerische Landesba 2.000 12/11/2020 EUR 72.240
Leonteq Securities 7.800 12/21/2020 CHF 54.320
Leonteq Securities 7.400 12/22/2020 CHF 42.670
Landesbank Hessen-T 3.000 6/15/2020 EUR 57.000
Landesbank Hessen-T 3.300 6/15/2020 EUR 57.600
UBS AG/London 7.000 6/15/2020 CHF 73.900
UBS AG/London 8.000 6/15/2020 EUR 34.200
UBS AG/London 5.500 6/15/2020 EUR 51.300
UBS AG/London 8.500 6/15/2020 CHF 30.700
EFG International F 7.200 12/29/2020 CHF 66.070
Bank Julius Baer & 6.000 12/29/2020 USD 45.950
Landesbank Baden-Wu 2.750 12/29/2020 EUR 49.780
Landesbank Baden-Wu 3.400 12/29/2020 EUR 73.140
Landesbank Baden-Wu 4.250 12/29/2020 EUR 32.360
Landesbank Baden-Wu 3.100 2/25/2022 EUR 44.560
Landesbank Baden-Wu 2.300 2/25/2022 EUR 58.570
Landesbank Baden-Wu 2.750 2/25/2022 EUR 61.760
Landesbank Hessen-T 4.000 12/22/2021 EUR 50.720
Landesbank Hessen-T 3.500 12/22/2021 EUR 58.400
DekaBank Deutsche G 4.000 01/07/2021 EUR 65.150
DekaBank Deutsche G 3.250 01/07/2021 EUR 53.230
Bayerische Landesba 3.000 12/04/2020 EUR 53.540
UBS AG/London 8.000 12/07/2020 CHF 66.300
UBS AG/London 9.100 9/24/2020 EUR 45.280
UBS AG/London 10.000 06/12/2020 EUR 35.700
Raiffeisen Centroba 7.500 1/14/2021 EUR 65.150
HSBC Trinkaus & Bur 9.200 6/26/2020 EUR 72.700
Societe Generale Ef 17.000 9/25/2020 EUR 65.010
Societe Generale Ef 15.500 12/28/2020 EUR 71.530
Societe Generale Ef 14.500 1/22/2021 EUR 71.860
Societe Generale Ef 18.250 9/25/2020 EUR 58.750
Societe Generale Ef 13.750 11/27/2020 EUR 65.200
Societe Generale Ef 7.750 12/28/2020 EUR 67.240
Societe Generale Ef 9.750 12/28/2020 EUR 66.270
Societe Generale Ef 7.000 1/22/2021 EUR 67.750
Societe Generale Ef 12.000 8/28/2020 EUR 65.460
Societe Generale Ef 8.000 12/28/2020 EUR 70.430
Societe Generale Ef 9.000 12/28/2020 EUR 69.320
Societe Generale Ef 15.000 12/28/2020 EUR 65.010
Societe Generale Ef 7.000 8/28/2020 EUR 70.470
Societe Generale Ef 8.000 8/28/2020 EUR 69.110
Societe Generale Ef 9.000 8/28/2020 EUR 67.900
Societe Generale Ef 19.000 8/28/2020 EUR 61.410
Societe Generale Ef 6.750 9/25/2020 EUR 71.050
Societe Generale Ef 17.750 9/25/2020 EUR 62.350
Societe Generale Ef 9.750 12/28/2020 EUR 63.900
Societe Generale Ef 6.250 11/27/2020 EUR 70.010
Societe Generale Ef 8.250 11/27/2020 EUR 65.850
Societe Generale Ef 10.250 11/27/2020 EUR 62.990
EFG International F 6.200 2/20/2023 CHF 65.560
Societe Generale Ef 8.250 7/24/2020 EUR 45.310
Societe Generale Ef 9.250 7/24/2020 EUR 44.310
Societe Generale Ef 9.750 7/24/2020 EUR 53.980
Societe Generale Ef 13.500 6/26/2020 EUR 72.270
Societe Generale Ef 17.500 6/26/2020 EUR 65.530
Societe Generale Ef 15.500 6/26/2020 EUR 62.010
Societe Generale Ef 17.500 6/26/2020 EUR 57.010
Societe Generale Ef 6.500 7/24/2020 EUR 70.930
Societe Generale Ef 7.500 7/24/2020 EUR 69.170
Societe Generale Ef 10.750 7/24/2020 EUR 73.170
Societe Generale Ef 8.500 7/24/2020 EUR 73.090
Societe Generale Ef 7.250 7/24/2020 EUR 69.620
Goldman Sachs & Co 8.000 6/24/2020 EUR 66.390
Goldman Sachs & Co 7.000 9/23/2020 EUR 69.810
Goldman Sachs & Co 19.000 9/23/2020 EUR 49.270
Goldman Sachs & Co 15.000 12/23/2020 EUR 53.900
Goldman Sachs & Co 6.000 3/24/2021 EUR 70.140
Goldman Sachs & Co 8.000 3/24/2021 EUR 66.140
Goldman Sachs & Co 9.000 6/24/2020 EUR 69.400
Goldman Sachs & Co 19.000 6/24/2020 EUR 55.410
Societe Generale Ef 11.750 7/24/2020 EUR 75.690
Societe Generale Ef 13.750 7/24/2020 EUR 71.490
Goldman Sachs & Co 10.000 9/23/2020 EUR 67.880
Goldman Sachs & Co 17.000 9/23/2020 EUR 58.360
Goldman Sachs & Co 8.000 3/24/2021 EUR 72.890
Societe Generale Ef 7.000 7/24/2020 EUR 69.420
Societe Generale Ef 8.000 7/24/2020 EUR 67.170
Societe Generale Ef 9.000 7/24/2020 EUR 65.200
Goldman Sachs & Co 9.000 9/23/2020 EUR 51.630
Goldman Sachs & Co 14.000 9/23/2020 EUR 46.420
Goldman Sachs & Co 17.000 9/23/2020 EUR 43.800
Goldman Sachs & Co 3.000 12/23/2020 EUR 65.530
Goldman Sachs & Co 5.000 12/23/2020 EUR 59.410
Goldman Sachs & Co 6.000 12/23/2020 EUR 56.790
Goldman Sachs & Co 7.000 12/23/2020 EUR 54.500
Goldman Sachs & Co 10.000 12/23/2020 EUR 51.160
Goldman Sachs & Co 2.000 3/24/2021 EUR 72.760
Goldman Sachs & Co 3.000 3/24/2021 EUR 66.200
Goldman Sachs & Co 3.000 3/24/2021 EUR 69.900
Goldman Sachs & Co 4.000 3/24/2021 EUR 63.540
Goldman Sachs & Co 5.000 3/24/2021 EUR 61.040
Societe Generale Ef 7.750 7/24/2020 EUR 67.610
Goldman Sachs & Co 8.000 3/24/2021 EUR 54.920
Goldman Sachs & Co 14.000 3/24/2021 EUR 49.720
Societe Generale Ef 8.500 7/24/2020 EUR 71.660
Societe Generale Ef 9.500 7/24/2020 EUR 70.380
Societe Generale Ef 19.500 6/26/2020 EUR 62.710
Societe Generale Ef 12.750 7/24/2020 EUR 72.220
Goldman Sachs & Co 15.000 9/23/2020 EUR 70.900
Societe Generale Ef 9.000 7/24/2020 EUR 66.420
Societe Generale Ef 13.000 7/24/2020 EUR 60.850
Societe Generale Ef 7.000 7/24/2020 EUR 59.220
Goldman Sachs & Co 19.000 6/24/2020 EUR 65.870
Banque Cantonale Va 4.500 3/29/2021 CHF 48.770
Vontobel Financial 16.000 06/12/2020 EUR 61.390
Landesbank Baden-Wu 2.500 9/25/2020 EUR 61.580
Landesbank Baden-Wu 4.500 9/25/2020 EUR 57.990
Landesbank Baden-Wu 4.000 9/25/2020 EUR 64.020
Landesbank Baden-Wu 2.500 9/25/2020 EUR 68.510
Landesbank Baden-Wu 3.000 9/25/2020 EUR 59.940
Landesbank Baden-Wu 6.000 9/25/2020 EUR 65.140
Landesbank Baden-Wu 5.000 9/25/2020 EUR 58.080
Landesbank Baden-Wu 6.000 9/25/2020 EUR 64.440
Landesbank Baden-Wu 7.000 9/25/2020 EUR 73.620
Leonteq Securities 10.600 7/26/2021 USD 52.430
Landesbank Baden-Wu 3.000 9/25/2020 EUR 61.000
Leonteq Securities 9.000 10/26/2020 EUR 67.280
Landesbank Baden-Wu 5.000 9/25/2020 EUR 59.520
Landesbank Baden-Wu 5.000 9/25/2020 EUR 57.300
Landesbank Baden-Wu 3.000 9/25/2020 EUR 69.870
Landesbank Baden-Wu 3.000 9/25/2020 EUR 64.800
Landesbank Baden-Wu 4.000 9/25/2020 EUR 56.040
Landesbank Baden-Wu 3.000 9/25/2020 EUR 65.210
BNP Paribas Emissio 13.000 6/25/2020 EUR 75.970
Goldman Sachs & Co 19.000 6/24/2020 EUR 59.050
Goldman Sachs & Co 21.000 6/24/2020 EUR 57.240
Goldman Sachs & Co 15.000 12/23/2020 EUR 63.410
Goldman Sachs & Co 14.000 3/24/2021 EUR 66.110
Goldman Sachs & Co 14.000 6/24/2020 EUR 56.160
Goldman Sachs & Co 8.000 9/23/2020 EUR 63.150
Goldman Sachs & Co 10.000 9/23/2020 EUR 60.230
Goldman Sachs & Co 15.000 9/23/2020 EUR 52.770
Goldman Sachs & Co 5.000 12/23/2020 EUR 66.400
Goldman Sachs & Co 10.000 12/23/2020 EUR 57.450
Goldman Sachs & Co 16.000 12/23/2020 EUR 51.210
Goldman Sachs & Co 7.000 3/24/2021 EUR 62.230
Goldman Sachs & Co 8.000 3/24/2021 EUR 61.070
Goldman Sachs & Co 15.000 3/24/2021 EUR 54.970
Goldman Sachs & Co 5.000 6/24/2020 EUR 67.390
Goldman Sachs & Co 8.000 6/24/2020 EUR 58.060
Goldman Sachs & Co 15.000 6/24/2020 EUR 47.420
Goldman Sachs & Co 19.000 6/24/2020 EUR 42.850
Goldman Sachs & Co 4.000 9/23/2020 EUR 69.400
Goldman Sachs & Co 5.000 9/23/2020 EUR 67.100
Goldman Sachs & Co 8.000 9/23/2020 EUR 59.400
Goldman Sachs & Co 6.000 12/23/2020 EUR 61.890
Goldman Sachs & Co 9.000 12/23/2020 EUR 56.610
Goldman Sachs & Co 15.000 12/23/2020 EUR 49.710
Goldman Sachs & Co 4.000 3/24/2021 EUR 68.160
Goldman Sachs & Co 7.000 3/24/2021 EUR 60.900
Goldman Sachs & Co 10.000 3/24/2021 EUR 55.270
Goldman Sachs & Co 13.000 3/24/2021 EUR 51.480
Vontobel Financial 20.000 9/25/2020 EUR 71.970
Vontobel Financial 10.000 9/25/2020 EUR 48.820
UBS AG/London 7.000 04/06/2021 CHF 70.550
UBS AG/London 15.000 04/05/2021 USD 44.790
Vontobel Financial 11.000 6/26/2020 EUR 55.900
Deutsche Bank AG 6.200 12/22/2020 EUR 67.600
Deutsche Bank AG 6.200 6/23/2020 EUR 56.690
Deutsche Bank AG 6.200 12/22/2020 EUR 60.180
DZ Bank AG Deutsche 9.000 6/24/2020 EUR 62.710
DZ Bank AG Deutsche 6.500 9/23/2020 EUR 58.990
DZ Bank AG Deutsche 5.750 9/23/2020 EUR 67.770
DekaBank Deutsche G 3.100 4/30/2021 EUR 71.610
Societe Generale Ef 12.750 6/26/2020 EUR 57.030
Banque Cantonale Va 4.500 3/29/2021 EUR 49.110
Bank Julius Baer & 6.360 7/30/2020 CHF 71.800
Zurcher Kantonalban 9.000 7/30/2021 EUR 58.320
Raiffeisen Centroba 8.959 6/23/2020 EUR 59.320
Landesbank Baden-Wu 5.750 1/22/2021 EUR 73.130
Landesbank Baden-Wu 5.250 1/22/2021 EUR 72.420
Landesbank Baden-Wu 7.000 2/26/2021 EUR 63.460
Landesbank Baden-Wu 5.250 1/22/2021 EUR 67.970
Landesbank Baden-Wu 2.000 1/22/2021 EUR 70.970
Landesbank Baden-Wu 4.000 1/22/2021 EUR 71.340
Landesbank Baden-Wu 3.000 7/22/2022 EUR 70.410
Leonteq Securities 5.600 04/04/2022 CHF 69.450
Vontobel Financial 5.000 06/01/2020 EUR 60.505
Vontobel Financial 7.200 7/31/2020 EUR 55.570
Vontobel Financial 5.500 08/07/2020 CHF 67.160
Vontobel Financial 8.900 08/07/2020 USD 66.910
UBS AG/London 8.000 7/31/2020 CHF 72.600
UBS AG/London 9.000 08/02/2021 CHF 70.800
UBS AG/London 4.000 08/02/2022 CHF 71.200
UBS AG/London 4.500 08/01/2022 EUR 72.000
UBS AG/London 6.000 08/02/2021 EUR 68.000
EFG International F 11.000 02/02/2021 EUR 49.550
Deutsche Bank AG 8.200 9/22/2020 EUR 57.300
Societe Generale Ef 3.750 6/26/2020 EUR 53.830
Societe Generale Ef 4.750 6/26/2020 EUR 51.800
Societe Generale Ef 5.750 6/26/2020 EUR 50.200
Credit Suisse AG/Lo 7.000 10/26/2020 CHF 64.370
Credit Suisse AG/Lo 5.000 7/30/2021 CHF 65.450
Credit Suisse AG/Lo 4.200 1/29/2021 CHF 64.890
Zurcher Kantonalban 6.800 1/29/2021 EUR 68.410
DZ Bank AG Deutsche 4.900 6/22/2020 EUR 46.150
Vontobel Financial 12.000 9/25/2020 EUR 62.040
Landesbank Baden-Wu 4.750 5/27/2022 EUR 69.280
Landesbank Baden-Wu 3.300 5/27/2022 EUR 52.760
DZ Bank AG Deutsche 13.100 6/26/2020 EUR 57.850
DZ Bank AG Deutsche 4.700 12/28/2020 EUR 73.640
DZ Bank AG Deutsche 7.300 12/28/2020 EUR 62.190
DZ Bank AG Deutsche 7.000 6/26/2020 EUR 46.170
DZ Bank AG Deutsche 5.200 9/25/2020 EUR 50.220
DZ Bank AG Deutsche 7.600 9/25/2020 EUR 65.270
DZ Bank AG Deutsche 10.000 9/25/2020 EUR 60.910
DZ Bank AG Deutsche 6.900 12/28/2020 EUR 66.240
Societe Generale Ef 11.500 6/26/2020 EUR 69.340
Societe Generale Ef 5.000 6/26/2020 EUR 70.350
DZ Bank AG Deutsche 11.900 12/28/2020 EUR 68.050
DZ Bank AG Deutsche 7.700 12/28/2020 EUR 68.410
Bank Julius Baer & 10.300 06/12/2020 CHF 73.650
DZ Bank AG Deutsche 9.500 6/26/2020 EUR 66.690
DZ Bank AG Deutsche 15.100 6/26/2020 EUR 60.600
DZ Bank AG Deutsche 4.900 12/28/2020 EUR 72.740
DZ Bank AG Deutsche 7.600 9/25/2020 EUR 61.590
DZ Bank AG Deutsche 13.500 12/28/2020 EUR 55.050
DZ Bank AG Deutsche 10.700 6/26/2020 EUR 57.210
DZ Bank AG Deutsche 17.000 6/26/2020 EUR 33.410
DZ Bank AG Deutsche 11.500 9/25/2020 EUR 38.780
Vontobel Financial 4.700 9/18/2020 EUR 53.620
Vontobel Financial 8.000 9/25/2020 EUR 57.030
UBS AG/London 4.500 02/01/2021 CHF 65.050
Leonteq Securities 8.000 08/05/2021 CHF 39.720
Leonteq Securities 6.500 08/05/2021 CHF 71.550
Leonteq Securities 16.400 11/05/2020 CHF 46.880
Leonteq Securities 9.200 08/02/2021 USD 64.600
EFG International F 13.500 08/05/2020 USD 56.060
Vontobel Financial 27.500 08/12/2020 USD 71.370
Corner Banca SA 7.500 08/05/2022 CHF 69.220
Corner Banca SA 9.000 11/05/2020 CHF 67.850
Corner Banca SA 17.000 08/05/2020 CHF 43.580
Societe Generale Ef 6.500 6/26/2020 EUR 46.990
Societe Generale Ef 10.500 6/26/2020 EUR 42.190
Raiffeisen Schweiz 5.200 08/02/2022 CHF 65.120
Raiffeisen Centroba 6.750 09/07/2021 EUR 53.190
Vontobel Financial 2.500 09/11/2020 EUR 52.950
Vontobel Financial 4.500 09/11/2020 EUR 49.160
Vontobel Financial 10.500 09/11/2020 EUR 43.630
Vontobel Financial 7.500 09/11/2020 EUR 45.920
Vontobel Financial 8.000 09/11/2020 EUR 72.840
Vontobel Financial 16.500 09/11/2020 EUR 68.980
Vontobel Financial 3.500 09/11/2020 EUR 74.200
Vontobel Financial 13.500 09/11/2020 EUR 63.660
Vontobel Financial 15.500 06/12/2020 EUR 55.720
Vontobel Financial 10.500 06/12/2020 EUR 61.600
Vontobel Financial 6.500 09/11/2020 EUR 69.130
Vontobel Financial 8.500 09/11/2020 EUR 66.350
Vontobel Financial 11.610 8/17/2020 EUR 73.620
Vontobel Financial 11.500 09/11/2020 EUR 70.670
Vontobel Financial 9.500 06/12/2020 EUR 72.610
Vontobel Financial 7.000 06/12/2020 EUR 71.950
Vontobel Financial 12.500 06/12/2020 EUR 66.320
Vontobel Financial 8.500 09/11/2020 EUR 70.610
Vontobel Financial 12.500 09/11/2020 EUR 66.450
Vontobel Financial 13.000 09/11/2020 EUR 70.460
Vontobel Financial 6.000 12/11/2020 EUR 61.930
Vontobel Financial 3.500 06/12/2020 EUR 64.840
Vontobel Financial 7.500 09/11/2020 EUR 60.110
Vontobel Financial 2.500 09/11/2020 EUR 55.330
Vontobel Financial 16.080 11/23/2020 EUR 49.320
Vontobel Financial 9.000 09/11/2020 EUR 49.800
Vontobel Financial 11.500 09/11/2020 EUR 66.720
Vontobel Financial 7.000 12/11/2020 EUR 66.810
Vontobel Financial 5.000 12/11/2020 EUR 70.460
Vontobel Financial 12.500 09/11/2020 EUR 53.510
Vontobel Financial 11.500 09/11/2020 EUR 57.220
Vontobel Financial 4.000 12/11/2020 EUR 70.550
Zurcher Kantonalban 6.000 5/25/2021 CHF 69.390
DZ Bank AG Deutsche 7.750 12/23/2020 EUR 66.530
DZ Bank AG Deutsche 8.250 3/24/2021 EUR 46.730
DZ Bank AG Deutsche 1.900 2/24/2021 EUR
Societe Generale Ef 14.250 1/22/2021 EUR 69.020
Societe Generale Ef 6.000 12/28/2020 EUR 70.240
Societe Generale Ef 6.000 8/28/2020 EUR 46.530
Societe Generale Ef 11.750 10/23/2020 EUR 45.570
Societe Generale Ef 14.000 9/25/2020 EUR 66.160
Societe Generale Ef 11.500 10/23/2020 EUR 46.000
Societe Generale Ef 8.000 10/23/2020 EUR 66.560
Societe Generale Ef 12.250 1/22/2021 EUR 70.230
Societe Generale Ef 6.250 8/28/2020 EUR 72.140
Societe Generale Ef 5.000 10/23/2020 EUR 73.800
Societe Generale Ef 7.000 10/23/2020 EUR 72.000
Societe Generale Ef 22.000 8/28/2020 EUR 69.150
Societe Generale Ef 17.750 12/28/2020 EUR 69.620
Vontobel Financial 10.000 9/25/2020 EUR 63.580
Vontobel Financial 5.500 09/11/2020 EUR 69.150
Vontobel Financial 8.500 12/11/2020 EUR 71.010
Vontobel Financial 11.000 12/11/2020 EUR 67.810
Vontobel Financial 11.500 12/11/2020 EUR 60.310
Vontobel Financial 8.500 09/11/2020 EUR 72.140
Vontobel Financial 13.000 09/11/2020 EUR 38.440
Societe Generale Ef 9.500 2/19/2021 EUR 55.170
Vontobel Financial 5.000 09/11/2020 EUR 44.340
Zurcher Kantonalban 6.000 5/25/2021 CHF 73.500
Zurcher Kantonalban 4.000 5/25/2021 EUR 60.290
Zurcher Kantonalban 6.800 5/25/2021 EUR 59.770
Vontobel Financial 12.000 09/11/2020 EUR 62.220
Vontobel Financial 13.000 09/11/2020 EUR 60.880
Vontobel Financial 14.000 09/11/2020 EUR 59.590
Vontobel Financial 15.500 09/11/2020 EUR 58.490
DZ Bank AG Deutsche 8.500 6/24/2020 EUR 41.420
DZ Bank AG Deutsche 10.250 6/24/2020 EUR 71.660
DZ Bank AG Deutsche 5.750 8/26/2020 EUR 50.700
Vontobel Financial 14.250 2/18/2021 EUR 64.570
Credit Suisse AG/Lo 8.250 11/05/2020 EUR 69.510
Zurcher Kantonalban 6.600 02/05/2021 EUR 67.090
Zurcher Kantonalban 8.000 8/13/2021 CHF 71.350
Zurcher Kantonalban 7.000 08/07/2020 EUR 57.670
Leonteq Securities 13.750 2/17/2021 EUR 53.710
Leonteq Securities 6.000 8/17/2022 CHF 62.020
Leonteq Securities 15.470 5/18/2021 CHF 62.560
Raiffeisen Schweiz 6.300 2/17/2022 CHF 65.030
UniCredit Bank AG 18.100 3/26/2021 EUR 68.380
UniCredit Bank AG 16.300 3/26/2021 EUR 68.840
Landesbank Hessen-T 4.000 3/20/2023 EUR 71.280
UniCredit Bank AG 14.300 3/26/2021 EUR 68.840
UniCredit Bank AG 14.800 6/25/2021 EUR 71.080
UniCredit Bank AG 19.300 12/28/2020 EUR 67.220
Corner Banca SA 8.410 08/06/2020 EUR 65.860
UBS AG/London 6.500 9/24/2020 EUR 52.390
Zurcher Kantonalban 6.000 5/27/2021 CHF 65.160
UBS AG/London 2.900 12/28/2020 EUR 71.970
UBS AG/London 4.900 9/24/2020 EUR 63.150
UniCredit Bank AG 18.100 6/26/2020 EUR 48.880
UniCredit Bank AG 18.300 3/26/2021 EUR 53.350
UniCredit Bank AG 17.900 9/25/2020 EUR 69.500
UniCredit Bank AG 18.600 3/26/2021 EUR 67.300
Zurcher Kantonalban 10.000 5/25/2021 EUR 63.780
Zurcher Kantonalban 8.000 8/20/2021 USD 66.110
UBS AG/London 8.400 12/28/2020 EUR 75.430
UniCredit Bank AG 14.000 12/24/2021 EUR 69.320
UniCredit Bank AG 19.700 3/26/2021 EUR 67.060
UBS AG/London 3.700 12/28/2020 EUR 67.580
DZ Bank AG Deutsche 15.900 12/28/2020 EUR 47.380
DZ Bank AG Deutsche 20.000 12/28/2020 EUR 65.220
DZ Bank AG Deutsche 16.800 3/26/2021 EUR 67.080
DZ Bank AG Deutsche 10.700 2/26/2021 EUR 48.910
DZ Bank AG Deutsche 7.000 6/25/2021 EUR 51.140
DZ Bank AG Deutsche 9.300 6/25/2021 EUR 50.890
DZ Bank AG Deutsche 15.700 9/25/2020 EUR 70.050
DZ Bank AG Deutsche 9.900 3/26/2021 EUR 73.280
DZ Bank AG Deutsche 6.900 6/25/2021 EUR 73.070
DZ Bank AG Deutsche 6.200 2/26/2021 EUR 67.560
DZ Bank AG Deutsche 9.100 6/25/2021 EUR
DZ Bank AG Deutsche 9.800 6/25/2021 EUR
DZ Bank AG Deutsche 14.000 2/26/2021 EUR 73.030
DZ Bank AG Deutsche 13.400 6/25/2021 EUR 70.780
DZ Bank AG Deutsche 14.900 6/25/2021 EUR 69.710
UBS AG/London 13.200 9/24/2020 EUR 71.290
UBS AG/London 9.300 9/24/2020 EUR 58.480
UBS AG/London 7.100 9/24/2020 EUR 65.620
DZ Bank AG Deutsche 12.000 6/25/2021 EUR 69.180
DZ Bank AG Deutsche 9.800 6/25/2021 EUR 71.710
DZ Bank AG Deutsche 19.000 9/25/2020 EUR
DZ Bank AG Deutsche 15.600 12/28/2020 EUR
DZ Bank AG Deutsche 20.800 12/28/2020 EUR 68.630
DZ Bank AG Deutsche 9.000 3/26/2021 EUR 64.750
DZ Bank AG Deutsche 8.300 6/25/2021 EUR 65.790
DZ Bank AG Deutsche 13.600 6/25/2021 EUR 63.150
DZ Bank AG Deutsche 8.000 9/25/2020 EUR
DZ Bank AG Deutsche 11.200 2/26/2021 EUR
DZ Bank AG Deutsche 10.700 2/26/2021 EUR 67.340
DZ Bank AG Deutsche 13.400 2/26/2021 EUR 66.080
DZ Bank AG Deutsche 7.400 6/25/2021 EUR 70.090
DZ Bank AG Deutsche 9.200 6/25/2021 EUR 68.640
DZ Bank AG Deutsche 11.200 6/25/2021 EUR 67.770
Societe Generale Ef 15.250 6/26/2020 EUR 73.130
Societe Generale Ef 5.250 9/25/2020 EUR 46.880
Societe Generale Ef 3.750 10/23/2020 EUR 47.920
Societe Generale Ef 18.000 11/27/2020 EUR 69.730
Societe Generale Ef 3.250 8/28/2020 EUR 73.440
Societe Generale Ef 4.000 8/28/2020 EUR 47.090
Societe Generale Ef 10.000 8/28/2020 EUR 44.240
Societe Generale Ef 11.750 11/27/2020 EUR 69.400
Societe Generale Ef 3.000 8/28/2020 EUR 51.710
Vontobel Financial 4.700 02/08/2021 EUR 70.520
Vontobel Financial 6.400 9/18/2020 EUR 53.710
Credit Suisse AG/Lo 9.000 08/03/2020 USD 56.960
Credit Suisse AG/Lo 11.000 08/06/2020 USD 51.200
Zurcher Kantonalban 10.000 5/18/2021 CHF 55.790
Zurcher Kantonalban 7.000 5/19/2021 CHF 73.600
Zurcher Kantonalban 9.750 8/26/2021 USD 62.000
Zurcher Kantonalban 9.250 8/26/2021 CHF 43.390
Zurcher Kantonalban 8.000 2/25/2022 CHF 51.740
EFG International F 6.400 08/09/2022 CHF 72.690
EFG International F 9.800 08/09/2021 USD 65.730
Societe Generale Ef 9.000 7/24/2020 EUR 70.610
Societe Generale Ef 14.750 8/28/2020 EUR 55.310
Raiffeisen Schweiz 6.000 2/19/2021 EUR 50.880
Vontobel Financial 20.000 9/25/2020 EUR 58.000
Bank Julius Baer & 9.050 08/07/2020 USD 67.200
UBS AG/London 8.000 02/08/2021 CHF 64.900
UBS AG/London 6.500 08/08/2022 CHF 68.200
UBS AG/London 7.250 02/08/2021 CHF 40.400
UBS AG/London 7.500 02/08/2021 EUR 70.800
Leonteq Securities 13.910 11/06/2020 CHF 47.160
Vontobel Financial 12.000 08/10/2020 EUR 60.750
Vontobel Financial 6.800 08/07/2020 CHF 65.490
Societe Generale Ef 13.500 6/26/2020 EUR 54.590
Societe Generale Ef 12.250 6/26/2020 EUR 71.580
Societe Generale Ef 16.250 6/26/2020 EUR 65.130
Societe Generale Ef 10.500 6/26/2020 EUR 72.900
Societe Generale Ef 9.750 6/26/2020 EUR 67.820
Societe Generale Ef 4.000 6/26/2020 EUR 62.560
Societe Generale Ef 14.000 6/26/2020 EUR 65.810
Societe Generale Ef 9.500 7/24/2020 EUR 55.790
Societe Generale Ef 14.500 6/26/2020 EUR 71.580
UBS AG/London 13.000 2/22/2021 USD 72.950
Vontobel Financial 12.000 2/22/2021 USD 69.820
Vontobel Financial 12.000 8/26/2020 EUR 63.620
Banque Cantonale Va 5.800 08/09/2021 CHF 56.720
UniCredit Bank AG 5.500 9/25/2020 EUR 62.150
UniCredit Bank AG 13.600 6/25/2021 EUR 70.220
UniCredit Bank AG 14.500 12/28/2020 EUR 74.420
UBS AG/London 5.750 8/20/2021 EUR 67.100
UniCredit Bank AG 12.100 6/26/2020 EUR 69.400
Leonteq Securities 20.000 11/09/2020 CHF 52.200
Leonteq Securities 10.000 08/09/2021 CHF 53.590
Leonteq Securities 8.000 08/09/2021 EUR 71.630
Leonteq Securities 9.400 08/09/2021 EUR 62.330
Bayerische Landesba 2.850 1/22/2021 EUR 54.280
HSBC Trinkaus & Bur 5.200 6/26/2020 EUR 58.280
HSBC Trinkaus & Bur 6.300 6/26/2020 EUR 43.360
HSBC Trinkaus & Bur 4.200 6/26/2020 EUR 48.180
BNP Paribas Emissio 7.500 6/25/2020 EUR 46.370
DekaBank Deutsche G 3.200 1/15/2021 EUR 49.450
HSBC Trinkaus & Bur 6.700 6/26/2020 EUR 40.340
HSBC Trinkaus & Bur 5.600 12/28/2020 EUR 32.150
HSBC Trinkaus & Bur 6.300 12/28/2020 EUR 70.520
HSBC Trinkaus & Bur 5.700 6/25/2021 EUR 50.560
HSBC Trinkaus & Bur 5.000 6/26/2020 EUR 65.170
HSBC Trinkaus & Bur 7.000 6/26/2020 EUR 57.240
HSBC Trinkaus & Bur 9.500 6/26/2020 EUR 40.890
HSBC Trinkaus & Bur 7.100 6/26/2020 EUR 63.970
HSBC Trinkaus & Bur 8.900 9/25/2020 EUR 69.740
HSBC Trinkaus & Bur 7.400 9/25/2020 EUR 73.310
HSBC Trinkaus & Bur 3.100 9/25/2020 EUR 67.580
HSBC Trinkaus & Bur 8.800 9/25/2020 EUR 30.250
HSBC Trinkaus & Bur 2.900 9/25/2020 EUR 41.370
HSBC Trinkaus & Bur 8.700 6/26/2020 EUR 65.390
BNP Paribas Emissio 9.500 6/25/2020 EUR 66.290
SG Issuer SA 6.000 6/24/2020 EUR 65.990
Societe Generale Ef 9.000 9/25/2020 EUR 69.500
Societe Generale Ef 11.000 9/25/2020 EUR 67.950
Societe Generale Ef 13.000 9/25/2020 EUR 66.730
Societe Generale Ef 15.000 9/25/2020 EUR 65.770
Societe Generale Ef 19.000 9/25/2020 EUR 64.340
Societe Generale Ef 21.000 9/25/2020 EUR 63.800
DZ Bank AG Deutsche 15.100 9/25/2020 EUR 71.710
DZ Bank AG Deutsche 18.700 9/25/2020 EUR 69.440
DZ Bank AG Deutsche 22.800 9/25/2020 EUR 67.570
DZ Bank AG Deutsche 14.000 12/28/2020 EUR 71.010
Societe Generale Ef 6.750 10/23/2020 EUR 71.410
Societe Generale Ef 8.750 10/23/2020 EUR 69.410
Societe Generale Ef 10.750 10/23/2020 EUR 67.900
Societe Generale Ef 12.750 10/23/2020 EUR 66.680
Societe Generale Ef 14.750 10/23/2020 EUR 65.750
Societe Generale Ef 16.750 10/23/2020 EUR 65.080
Societe Generale Ef 18.750 10/23/2020 EUR 64.490
Societe Generale Ef 6.500 11/27/2020 EUR 71.260
Societe Generale Ef 8.500 11/27/2020 EUR 68.880
Societe Generale Ef 10.500 11/27/2020 EUR 67.670
Societe Generale Ef 12.500 11/27/2020 EUR 66.560
Societe Generale Ef 14.500 11/27/2020 EUR 65.790
Societe Generale Ef 16.500 11/27/2020 EUR 65.180
Societe Generale Ef 7.000 12/28/2020 EUR 69.680
Societe Generale Ef 9.000 12/28/2020 EUR 68.380
Societe Generale Ef 11.000 12/28/2020 EUR 67.200
Societe Generale Ef 13.000 12/28/2020 EUR 66.320
Societe Generale Ef 15.000 12/28/2020 EUR 65.640
Societe Generale Ef 18.500 9/25/2020 EUR 70.730
Societe Generale Ef 20.500 9/25/2020 EUR 69.450
DZ Bank AG Deutsche 16.700 12/28/2020 EUR 69.530
DZ Bank AG Deutsche 19.700 12/28/2020 EUR 68.530
DZ Bank AG Deutsche 11.500 3/26/2021 EUR 71.760
DZ Bank AG Deutsche 13.600 3/26/2021 EUR 70.610
DZ Bank AG Deutsche 15.800 3/26/2021 EUR 69.950
DZ Bank AG Deutsche 9.900 6/25/2021 EUR 72.570
DZ Bank AG Deutsche 11.600 6/25/2021 EUR 71.480
DZ Bank AG Deutsche 13.400 6/25/2021 EUR 70.860
Societe Generale Ef 16.750 10/23/2020 EUR 71.520
Societe Generale Ef 18.750 10/23/2020 EUR 70.160
Societe Generale Ef 16.750 11/27/2020 EUR 70.980
Vontobel Financial 13.500 3/26/2021 EUR 73.560
UBS AG/London 10.750 3/18/2021 CHF 72.500
UBS AG/London 11.500 3/18/2021 CHF 72.200
UBS AG/London 14.250 3/18/2021 CHF 16.200
Societe Generale SA 3.000 11/07/2031 EUR 45.750
EFG International F 8.200 07/04/2022 CHF 65.080
Vontobel Financial 5.500 6/26/2020 EUR 58.890
Vontobel Financial 10.500 6/26/2020 EUR 51.900
Vontobel Financial 14.000 6/26/2020 EUR 67.040
Vontobel Financial 6.000 6/26/2020 EUR 40.920
Vontobel Financial 8.000 6/26/2020 EUR 38.350
Vontobel Financial 7.000 6/26/2020 EUR 39.590
Vontobel Financial 9.500 6/26/2020 EUR 37.230
Vontobel Financial 10.500 6/26/2020 EUR 36.150
Vontobel Financial 12.000 6/26/2020 EUR 35.170
Vontobel Financial 14.500 6/26/2020 EUR 72.080
Vontobel Financial 24.000 6/26/2020 EUR 55.290
Vontobel Financial 19.500 6/26/2020 EUR 62.720
Vontobel Financial 6.500 6/26/2020 EUR 55.620
Vontobel Financial 11.000 6/26/2020 EUR 45.130
Vontobel Financial 7.500 6/26/2020 EUR 48.520
Vontobel Financial 8.500 6/26/2020 EUR 69.230
Vontobel Financial 11.500 6/26/2020 EUR 62.960
Vontobel Financial 12.500 6/26/2020 EUR 41.820
Vontobel Financial 17.000 6/26/2020 EUR 38.960
Vontobel Financial 4.000 6/26/2020 EUR 72.770
Vontobel Financial 14.500 6/26/2020 EUR 60.270
Vontobel Financial 6.000 6/26/2020 EUR 65.130
Vontobel Financial 15.000 6/26/2020 EUR 53.950
Bank Julius Baer & 11.350 07/06/2020 EUR 61.750
Vontobel Financial 16.000 6/26/2020 EUR 64.790
Vontobel Financial 19.000 6/25/2020 EUR 72.130
Vontobel Financial 3.000 6/26/2020 EUR 63.200
Vontobel Financial 6.000 6/26/2020 EUR 58.750
Vontobel Financial 10.000 6/26/2020 EUR 55.260
Vontobel Financial 20.000 6/26/2020 EUR 58.970
Vontobel Financial 11.000 6/26/2020 EUR 73.310
Vontobel Financial 12.000 6/26/2020 EUR 70.970
Leonteq Securities 18.000 10/05/2020 CHF 62.710
Leonteq Securities 11.200 10/05/2020 CHF 72.700
Corner Banca SA 11.300 07/08/2020 EUR 57.250
Leonteq Securities 7.600 07/05/2021 CHF 68.190
Leonteq Securities 7.800 07/08/2021 CHF 72.780
Raiffeisen Schweiz 8.750 10/05/2020 CHF 42.740
Raiffeisen Schweiz 5.250 07/05/2021 CHF 56.000
Raiffeisen Schweiz 5.000 07/05/2022 CHF 68.830
UniCredit Bank AG 4.600 8/14/2023 EUR 70.930
Societe Generale Ef 5.500 6/26/2020 EUR 70.400
Raiffeisen Switzerl 4.800 11/23/2023 CHF 42.790
Landesbank Hessen-T 3.000 12/22/2022 EUR 68.140
Landesbank Hessen-T 6.250 12/22/2022 EUR 31.390
UniCredit Bank AG 4.450 12/29/2022 EUR 40.430
UniCredit Bank AG 4.300 12/19/2021 EUR 46.890
UniCredit Bank AG 4.700 12/19/2021 EUR 36.500
UniCredit Bank AG 5.500 12/19/2020 EUR 56.510
Natixis SA 3.690 11/09/2020 USD 36.940
Corner Banca SA 10.000 12/01/2020 CHF 50.180
Landesbank Hessen-T 3.250 07/08/2020 EUR 47.400
UniCredit Bank AG 4.150 12/28/2021 EUR 73.060
Leonteq Securities 6.400 06/04/2020 CHF 8.400
Leonteq Securities 8.000 06/04/2020 EUR 63.570
Vontobel Financial 11.500 6/26/2020 EUR 64.880
Vontobel Financial 17.000 9/25/2020 EUR 59.200
Vontobel Financial 7.500 9/25/2020 EUR 71.710
Zurcher Kantonalban 7.170 2/17/2021 CHF 63.730
Raiffeisen Schweiz 5.400 8/17/2022 CHF 60.150
Raiffeisen Schweiz 7.800 2/14/2022 EUR 62.630
Raiffeisen Schweiz 8.000 2/14/2022 CHF 63.590
Raiffeisen Schweiz 10.500 2/17/2021 CHF 54.130
Raiffeisen Schweiz 5.250 2/14/2022 CHF 72.160
Societe Generale Ef 4.500 6/26/2020 EUR 50.790
Societe Generale Ef 8.500 6/26/2020 EUR 44.300
Societe Generale Ef 12.500 6/26/2020 EUR 40.460
Vontobel Financial 9.000 06/12/2020 EUR 73.930
Vontobel Financial 8.000 09/11/2020 EUR 68.160
Vontobel Financial 10.500 06/12/2020 EUR 60.570
Vontobel Financial 14.500 09/11/2020 EUR 56.900
Vontobel Financial 16.500 06/12/2020 EUR 54.220
Vontobel Financial 7.500 09/11/2020 EUR 67.830
Vontobel Financial 11.000 09/11/2020 EUR 63.610
Vontobel Financial 7.000 09/11/2020 EUR 77.030
Vontobel Financial 11.500 06/12/2020 EUR 71.830
Vontobel Financial 13.500 06/12/2020 EUR 53.330
Vontobel Financial 16.500 09/11/2020 EUR 52.930
Vontobel Financial 5.500 09/11/2020 EUR 52.170
Vontobel Financial 10.000 06/12/2020 EUR 43.350
Vontobel Financial 8.000 09/11/2020 EUR 70.820
Vontobel Financial 12.500 12/11/2020 EUR 66.520
Vontobel Financial 8.500 12/11/2020 EUR 70.020
Vontobel Financial 9.500 12/11/2020 EUR 64.280
Vontobel Financial 17.500 09/11/2020 EUR 51.800
Vontobel Financial 8.000 12/11/2020 EUR 62.260
Vontobel Financial 12.500 12/11/2020 EUR 56.640
Zurcher Kantonalban 10.000 2/25/2021 CHF 70.920
Zurcher Kantonalban 6.000 5/25/2021 CHF 57.040
DZ Bank AG Deutsche 7.000 2/24/2021 EUR 71.500
Societe Generale Ef 13.250 1/22/2021 EUR 69.610
Societe Generale Ef 6.000 10/23/2020 EUR 69.800
Societe Generale Ef 17.000 10/23/2020 EUR 67.000
Societe Generale Ef 16.000 11/27/2020 EUR 67.840
Societe Generale Ef 10.250 1/22/2021 EUR 71.770
Societe Generale Ef 11.250 1/22/2021 EUR 70.990
Societe Generale Ef 7.500 9/25/2020 EUR 71.510
Societe Generale Ef 6.000 10/23/2020 EUR 72.810
Societe Generale Ef 23.000 8/28/2020 EUR 68.520
Vontobel Financial 3.500 12/11/2020 EUR 71.420
Vontobel Financial 7.000 12/11/2020 EUR 64.990
Vontobel Financial 11.500 09/11/2020 EUR 67.930
Vontobel Financial 9.500 06/12/2020 EUR 71.240
Vontobel Financial 9.000 09/11/2020 EUR 72.550
Vontobel Financial 7.500 09/11/2020 EUR 41.940
Vontobel Financial 10.000 09/11/2020 EUR 39.950
Zurcher Kantonalban 10.000 5/25/2021 CHF 68.300
Zurcher Kantonalban 5.600 5/25/2021 CHF 62.680
Zurcher Kantonalban 8.000 5/25/2021 EUR 64.370
Zurcher Kantonalban 6.000 5/25/2021 EUR 57.240
Zurcher Kantonalban 6.500 5/25/2021 EUR 67.390
Zurcher Kantonalban 8.600 8/25/2021 USD 71.260
Credit Suisse AG/Lo 9.500 2/16/2021 USD 72.260
Vontobel Financial 9.500 09/11/2020 EUR 64.840
DZ Bank AG Deutsche 6.000 6/24/2020 EUR 64.520
DZ Bank AG Deutsche 7.500 9/23/2020 EUR 61.690
DZ Bank AG Deutsche 5.250 8/26/2020 EUR 48.260
Societe Generale Ef 17.000 6/26/2020 EUR 67.170
Credit Suisse AG/Lo 7.000 11/06/2020 CHF 67.190
Zurcher Kantonalban 5.858 1/22/2021 CHF 64.880
UniCredit Bank AG 19.800 9/25/2020 EUR 67.230
UniCredit Bank AG 11.100 12/24/2021 EUR 72.530
UniCredit Bank AG 19.000 9/25/2020 EUR 71.360
Landesbank Baden-Wu 3.400 6/23/2023 EUR 71.350
UBS AG/London 15.700 9/24/2020 EUR 57.500
UBS AG/London 5.200 9/24/2020 EUR 53.820
UniCredit Bank AG 17.600 6/25/2021 EUR 54.560
UniCredit Bank AG 18.200 6/26/2020 EUR 75.260
UniCredit Bank AG 19.100 3/26/2021 EUR 67.140
UniCredit Bank AG 19.800 9/25/2020 EUR 68.420
UniCredit Bank AG 18.900 12/28/2020 EUR 67.070
UniCredit Bank AG 18.900 9/25/2020 EUR 68.960
UniCredit Bank AG 19.700 12/28/2020 EUR 66.860
UBS AG/London 2.500 9/24/2020 EUR 68.320
UniCredit Bank AG 17.400 6/25/2021 EUR 67.270
DZ Bank AG Deutsche 20.300 9/25/2020 EUR 44.580
DZ Bank AG Deutsche 14.100 2/26/2021 EUR 67.940
DZ Bank AG Deutsche 9.500 6/25/2021 EUR 70.740
DZ Bank AG Deutsche 13.400 3/26/2021 EUR 49.200
DZ Bank AG Deutsche 11.700 6/25/2021 EUR 50.770
DZ Bank AG Deutsche 12.000 12/28/2020 EUR 72.050
DZ Bank AG Deutsche 8.500 6/25/2021 EUR 72.230
DZ Bank AG Deutsche 3.000 3/26/2021 EUR
DZ Bank AG Deutsche 5.500 6/25/2021 EUR
DZ Bank AG Deutsche 8.200 2/26/2021 EUR
DZ Bank AG Deutsche 7.000 6/25/2021 EUR
DZ Bank AG Deutsche 16.100 2/26/2021 EUR 71.530
DZ Bank AG Deutsche 13.400 3/26/2021 EUR 73.630
DZ Bank AG Deutsche 12.000 6/25/2021 EUR 73.420
DZ Bank AG Deutsche 10.300 6/25/2021 EUR 70.370
DZ Bank AG Deutsche 11.400 6/25/2021 EUR
DZ Bank AG Deutsche 14.700 6/25/2021 EUR 68.160
UBS AG/London 5.900 9/24/2020 EUR 62.210
UBS AG/London 6.700 9/24/2020 EUR 67.430
UBS AG/London 1.900 9/24/2020 EUR 70.200
DZ Bank AG Deutsche 15.700 9/25/2020 EUR
DZ Bank AG Deutsche 10.900 6/25/2021 EUR 64.150
DZ Bank AG Deutsche 14.200 6/25/2021 EUR 71.710
BNP Paribas Issuanc 18.000 8/13/2029 EUR 67.060
Societe Generale Ef 4.750 1/22/2021 EUR 56.050
Bank Julius Baer & 4.750 08/07/2020 EUR 72.600
Bank Julius Baer & 7.820 08/07/2020 EUR 73.250
Societe Generale Ef 7.250 9/25/2020 EUR 45.800
Societe Generale Ef 9.250 9/25/2020 EUR 45.150
Societe Generale Ef 5.750 10/23/2020 EUR 46.450
Societe Generale Ef 17.000 12/28/2020 EUR 70.700
Societe Generale Ef 8.000 8/28/2020 EUR 44.840
Societe Generale Ef 3.250 9/25/2020 EUR 48.680
Societe Generale Ef 7.250 10/23/2020 EUR 69.940
Societe Generale Ef 12.750 11/27/2020 EUR 68.750
Credit Suisse AG/Lo 8.750 11/02/2020 USD 68.480
Credit Suisse AG/Lo 6.000 02/07/2022 CHF 72.100
Credit Suisse AG/Lo 8.500 5/18/2021 EUR 62.870
Zurcher Kantonalban 5.750 8/27/2021 CHF 70.150
EFG International F 16.000 08/12/2020 CHF 48.350
EFG International F 9.000 08/09/2021 USD 69.900
EFG International F 11.000 08/07/2020 EUR 68.350
EFG International F 8.600 08/09/2021 CHF 62.580
UniCredit Bank AG 4.650 09/11/2023 EUR 68.410
Societe Generale Ef 6.500 6/26/2020 EUR 66.270
Societe Generale Ef 13.500 9/25/2020 EUR 56.200
Vontobel Financial 4.000 1/13/2021 EUR 68.190
Leonteq Securities 3.000 2/19/2024 CHF 72.790
Raiffeisen Switzerl 10.000 2/19/2021 USD 38.520
Credit Suisse AG/Lo 7.000 8/19/2021 CHF 71.250
Credit Suisse AG/Lo 4.850 2/27/2023 EUR 72.870
Vontobel Financial 5.040 2/23/2021 EUR 66.860
Societe Generale Ef 6.750 10/23/2020 EUR 71.410
Societe Generale Ef 7.750 10/23/2020 EUR 70.040
Societe Generale Ef 8.750 10/23/2020 EUR 68.820
Societe Generale Ef 9.750 10/23/2020 EUR 67.800
Societe Generale Ef 3.750 12/28/2020 EUR 71.210
Societe Generale Ef 5.750 12/28/2020 EUR 68.770
Societe Generale Ef 9.000 1/22/2021 EUR 66.620
Societe Generale Ef 8.000 8/28/2020 EUR 68.190
Societe Generale Ef 10.000 8/28/2020 EUR 66.650
Societe Generale Ef 7.000 12/28/2020 EUR 71.710
Societe Generale Ef 10.000 12/28/2020 EUR 68.340
Societe Generale Ef 11.000 12/28/2020 EUR 67.450
Societe Generale Ef 7.750 9/25/2020 EUR 69.680
Raiffeisen Switzerl 7.000 8/19/2021 EUR 62.800
EFG International F 8.160 2/26/2025 EUR 48.640
Bank Julius Baer & 6.400 2/23/2021 USD 73.950
Vontobel Financial 18.300 8/21/2020 USD 31.060
Vontobel Financial 13.950 8/21/2020 USD 53.270
Zurcher Kantonalban 10.200 2/19/2021 CHF 59.510
Zurcher Kantonalban 7.602 2/19/2021 CHF 63.580
Vontobel Financial 5.600 2/22/2021 EUR 44.480
Corner Banca SA 14.200 8/24/2021 USD 56.430
Raiffeisen Schweiz 5.600 5/20/2021 CHF 66.360
Leonteq Securities 6.800 2/20/2023 CHF 59.550
Bank Julius Baer & 9.000 2/23/2021 EUR 57.950
Landesbank Hessen-T 3.750 6/15/2020 EUR 59.700
Landesbank Hessen-T 2.600 6/15/2020 EUR 66.200
Leonteq Securities 7.260 11/16/2020 CHF 52.740
DekaBank Deutsche G 1.900 11/20/2020 EUR 67.440
DekaBank Deutsche G 3.000 06/12/2020 EUR 58.820
EFG International F 7.200 11/23/2020 CHF 53.720
EFG International F 7.000 11/23/2020 CHF 40.890
EFG International F 8.000 11/23/2020 EUR 49.930
EFG International F 7.800 11/24/2020 USD 40.150
Landesbank Hessen-T 5.400 11/24/2022 EUR 35.630
Landesbank Baden-Wu 3.000 12/29/2020 EUR 62.990
Landesbank Baden-Wu 3.500 12/29/2020 EUR 50.720
Leonteq Securities 6.400 11/17/2020 CHF 53.080
Raiffeisen Schweiz 7.300 11/13/2020 CHF 62.260
DekaBank Deutsche G 2.550 12/11/2020 EUR 54.500
Landesbank Hessen-T 7.800 12/15/2022 EUR 39.880
Landesbank Hessen-T 7.250 3/15/2023 EUR 59.410
Landesbank Baden-Wu 2.200 8/28/2020 EUR 64.460
Landesbank Baden-Wu 2.450 8/28/2020 EUR 72.330
Landesbank Baden-Wu 3.000 8/28/2020 EUR 59.960
Landesbank Baden-Wu 3.350 8/28/2020 EUR 63.570
Societe Generale SA 11.500 11/30/2020 USD
EFG International F 6.800 11/29/2021 CHF 63.930
EFG International F 7.000 11/30/2020 CHF 54.450
EFG International F 7.200 11/30/2020 EUR 48.440
Landesbank Baden-Wu 2.750 3/25/2022 EUR 70.950
Landesbank Baden-Wu 2.800 3/25/2022 EUR 60.780
Landesbank Baden-Wu 2.500 3/25/2022 EUR 61.940
Leonteq Securities 4.200 06/01/2021 CHF 30.150
DekaBank Deutsche G 2.000 12/11/2020 EUR 66.110
Landesbank Baden-Wu 2.350 11/26/2021 EUR 67.770
Landesbank Baden-Wu 3.500 11/26/2021 EUR 69.770
Zurcher Kantonalban 7.000 9/14/2020 CHF 64.660
Leonteq Securities 6.100 3/15/2021 CHF 68.890
DZ Bank AG Deutsche 6.000 9/27/2021 EUR 65.100
Raiffeisen Schweiz 7.300 9/14/2020 CHF 51.980
Raiffeisen Schweiz 7.000 9/14/2020 CHF 52.620
Raiffeisen Schweiz 6.500 9/14/2020 EUR 62.800
Raiffeisen Schweiz 6.100 9/14/2020 CHF 68.870
Raiffeisen Schweiz 5.300 9/14/2020 CHF 68.540
Landesbank Hessen-T 4.000 10/12/2022 EUR 58.940
Landesbank Hessen-T 3.000 7/15/2021 EUR 71.700
DekaBank Deutsche G 2.300 10/02/2020 EUR 70.830
DekaBank Deutsche G 2.900 10/02/2020 EUR 65.170
Basler Kantonalbank 4.950 9/25/2020 CHF 65.730
Landesbank Hessen-T 5.200 10/22/2024 EUR 57.550
UniCredit Bank AG 5.550 10/05/2021 EUR 52.370
UniCredit Bank AG 4.500 10/05/2022 EUR 65.120
UBS AG/London 6.250 9/14/2020 CHF 51.650
Raiffeisen Schweiz 6.300 06/10/2020 CHF 54.390
Raiffeisen Schweiz 6.000 12/07/2020 EUR 46.520
UBS AG/London 7.000 12/07/2020 EUR 69.100
UBS AG/London 12.000 06/05/2020 EUR 43.150
UBS AG/London 6.200 12/07/2020 EUR 53.100
UniCredit Bank AG 5.050 01/11/2022 EUR 33.320
UniCredit Bank AG 4.750 01/11/2022 EUR 61.000
UniCredit Bank AG 5.750 01/11/2022 EUR 43.100
Landesbank Baden-Wu 4.000 7/24/2020 EUR 61.120
Landesbank Baden-Wu 3.600 7/24/2020 EUR 45.600
Bank Julius Baer & 10.900 12/14/2020 USD 46.250
Landesbank Hessen-T 4.300 7/17/2020 EUR 55.900
DekaBank Deutsche G 2.150 1/21/2022 EUR 47.720
HSBC Trinkaus & Bur 3.100 6/26/2020 EUR 67.150
UBS AG/London 12.000 06/12/2020 USD 19.100
Nordea Bank Abp 7.340 1/20/2024 SEK 73.500
Commerzbank AG 2.980 12/28/2021 EUR 49.570
Commerzbank AG 2.980 12/28/2021 USD 49.100
DekaBank Deutsche G 6.000 06/11/2021 EUR 45.490
Landesbank Baden-Wu 4.100 1/28/2022 EUR 52.740
UBS AG/London 10.000 6/19/2020 EUR 67.150
EFG International F 14.800 8/19/2021 CHF 65.150
Raiffeisen Schweiz 4.600 2/20/2023 CHF 62.580
Leonteq Securities 10.000 8/19/2021 CHF 60.630
Bank Julius Baer & 8.100 2/23/2021 EUR 62.050
Raiffeisen Centroba 20.605 12/23/2020 EUR 71.700
Raiffeisen Centroba 24.137 12/23/2020 EUR 72.010
Vontobel Financial 18.650 8/21/2020 USD 74.070
Raiffeisen Centroba 18.250 12/23/2020 EUR 69.280
EFG International F 8.620 8/24/2022 CHF 66.750
Leonteq Securities 14.000 2/24/2021 USD 63.930
Corner Banca SA 8.000 2/24/2021 CHF 44.650
Bank Julius Baer & 6.200 2/23/2021 CHF 70.850
Vontobel Financial 21.600 8/21/2020 USD 32.100
Landesbank Baden-Wu 4.200 2/26/2021 EUR 73.610
Landesbank Baden-Wu 3.250 2/26/2021 EUR 71.720
Landesbank Baden-Wu 6.000 2/26/2021 EUR 68.280
Landesbank Baden-Wu 10.500 2/26/2021 EUR 65.360
Landesbank Baden-Wu 1.900 2/26/2021 EUR 65.320
Landesbank Baden-Wu 4.000 2/26/2021 EUR 61.870
Landesbank Baden-Wu 3.000 2/26/2021 EUR 64.780
Landesbank Baden-Wu 7.500 2/26/2021 EUR 68.160
Landesbank Baden-Wu 4.700 2/26/2021 EUR 68.130
Landesbank Baden-Wu 5.200 2/26/2021 EUR 66.750
Landesbank Baden-Wu 6.000 2/26/2021 EUR 69.240
Landesbank Baden-Wu 3.000 2/26/2021 EUR 73.830
Landesbank Baden-Wu 4.500 2/26/2021 EUR 68.260
Landesbank Baden-Wu 7.500 2/26/2021 EUR 64.990
Landesbank Baden-Wu 12.000 2/26/2021 EUR 66.170
Landesbank Baden-Wu 11.500 2/26/2021 EUR 62.720
Landesbank Baden-Wu 2.900 2/26/2021 EUR 72.260
Landesbank Baden-Wu 3.600 2/26/2021 EUR 71.330
Landesbank Baden-Wu 4.400 2/26/2021 EUR 70.520
Landesbank Baden-Wu 3.500 2/26/2021 EUR 74.660
Landesbank Baden-Wu 2.300 2/26/2021 EUR 52.910
Landesbank Baden-Wu 4.000 2/26/2021 EUR 67.130
Landesbank Baden-Wu 6.250 2/26/2021 EUR 64.790
Landesbank Baden-Wu 2.400 2/26/2021 EUR 51.370
Landesbank Baden-Wu 3.500 2/26/2021 EUR 50.140
Landesbank Baden-Wu 4.000 2/26/2021 EUR 49.760
Landesbank Baden-Wu 4.500 2/26/2021 EUR 49.020
Landesbank Baden-Wu 2.000 2/26/2021 EUR 70.330
Societe Generale Ef 8.000 10/23/2020 EUR 45.440
Societe Generale Ef 13.000 11/27/2020 EUR 70.120
Societe Generale Ef 12.000 12/28/2020 EUR 70.790
Societe Generale Ef 21.250 10/23/2020 EUR 71.210
Societe Generale Ef 10.500 10/23/2020 EUR 68.920
Societe Generale Ef 12.500 10/23/2020 EUR 67.560
Societe Generale Ef 12.250 1/22/2021 EUR 68.280
Societe Generale Ef 15.500 11/27/2020 EUR 60.220
Societe Generale Ef 9.000 1/22/2021 EUR 64.900
Societe Generale Ef 13.000 8/28/2020 EUR 60.070
Societe Generale Ef 15.000 8/28/2020 EUR 58.970
Societe Generale Ef 9.500 9/25/2020 EUR 63.080
Societe Generale Ef 12.500 9/25/2020 EUR 60.790
Societe Generale Ef 12.500 10/23/2020 EUR 61.210
Societe Generale Ef 5.500 11/27/2020 EUR 69.140
Societe Generale Ef 6.500 11/27/2020 EUR 67.460
Societe Generale Ef 8.500 11/27/2020 EUR 64.940
Societe Generale Ef 12.500 11/27/2020 EUR 61.740
Societe Generale Ef 13.250 11/27/2020 EUR 67.360
Societe Generale Ef 7.000 12/28/2020 EUR 72.190
Societe Generale Ef 5.750 9/25/2020 EUR 71.940
Societe Generale Ef 17.500 10/23/2020 EUR 60.430
Societe Generale Ef 7.500 12/28/2020 EUR 67.270
Societe Generale Ef 13.000 12/28/2020 EUR 67.840
Societe Generale Ef 6.250 1/22/2021 EUR 73.100
Societe Generale Ef 12.000 1/22/2021 EUR 62.560
Societe Generale Ef 13.000 1/22/2021 EUR 62.020
Societe Generale Ef 14.000 1/22/2021 EUR 61.510
Societe Generale Ef 14.750 8/28/2020 EUR 65.840
Societe Generale Ef 5.500 9/25/2020 EUR 74.310
Societe Generale Ef 7.500 9/25/2020 EUR 71.630
Societe Generale Ef 11.500 9/25/2020 EUR 68.050
Zurcher Kantonalban 6.000 8/24/2021 EUR 71.480
Vontobel Financial 20.450 8/20/2020 USD 73.780
Credit Suisse AG/Lo 7.500 06/04/2020 CHF 67.310
Landesbank Baden-Wu 5.000 3/26/2021 EUR 70.010
Landesbank Baden-Wu 6.000 3/26/2021 EUR 70.500
Landesbank Baden-Wu 3.000 3/26/2021 EUR 52.970
Landesbank Baden-Wu 4.500 3/26/2021 EUR 49.410
Landesbank Baden-Wu 4.000 3/26/2021 EUR 65.680
Landesbank Baden-Wu 4.500 3/26/2021 EUR 42.160
Landesbank Baden-Wu 4.000 3/26/2021 EUR 60.240
Landesbank Baden-Wu 8.000 9/24/2021 EUR 70.910
Landesbank Baden-Wu 3.000 3/26/2021 EUR 63.040
Landesbank Baden-Wu 3.500 3/26/2021 EUR 59.300
Landesbank Baden-Wu 4.500 3/26/2021 EUR 56.900
Vontobel Financial 9.500 06/12/2020 EUR 58.390
Vontobel Financial 15.500 06/12/2020 EUR 40.570
Vontobel Financial 17.000 06/12/2020 EUR 56.330
Vontobel Financial 10.500 06/12/2020 EUR 69.840
Vontobel Financial 9.000 06/12/2020 EUR 63.360
DZ Bank AG Deutsche 8.200 3/24/2021 EUR
DZ Bank AG Deutsche 8.500 9/23/2020 EUR 47.030
DZ Bank AG Deutsche 5.700 9/23/2020 EUR 70.900
DZ Bank AG Deutsche 6.900 9/23/2020 EUR
DZ Bank AG Deutsche 5.400 3/24/2021 EUR
DZ Bank AG Deutsche 10.500 9/23/2020 EUR
EFG International F 7.000 03/07/2022 CHF 66.370
DZ Bank AG Deutsche 9.500 3/24/2021 EUR
UBS AG/London 11.000 09/07/2020 EUR 40.200
UBS AG/London 4.500 09/07/2020 CHF 69.450
Societe Generale Ef 18.250 8/28/2020 EUR 64.860
Societe Generale Ef 18.500 9/25/2020 EUR 64.620
Societe Generale Ef 11.250 10/23/2020 EUR 68.910
Erste Group Bank AG 8.250 3/29/2024 EUR 64.550
Societe Generale Ef 10.500 10/23/2020 EUR 61.590
Societe Generale Ef 14.500 11/27/2020 EUR 59.740
Societe Generale Ef 11.500 10/23/2020 EUR 69.750
UBS AG/London 5.400 12/28/2020 EUR 46.980
Societe Generale Ef 11.500 12/28/2020 EUR 68.820
UBS AG/London 3.900 6/25/2020 EUR 49.250
Societe Generale Ef 17.250 10/23/2020 EUR 65.380
UBS AG/London 4.500 9/24/2020 EUR 71.040
Zurcher Kantonalban 7.000 09/03/2021 CHF 70.430
Zurcher Kantonalban 6.000 06/08/2020 EUR 61.780
Credit Suisse AG/Lo 7.000 09/02/2020 USD 53.590
Landesbank Hessen-T 4.000 04/12/2023 EUR 70.810
Landesbank Hessen-T 4.000 04/12/2023 EUR 56.530
DZ Bank AG Deutsche 5.000 6/22/2020 EUR 51.800
DZ Bank AG Deutsche 3.900 6/22/2020 EUR 59.750
Leonteq Securities 7.500 03/11/2021 CHF 55.480
DZ Bank AG Deutsche 5.000 6/24/2020 EUR 69.020
DekaBank Deutsche G 2.900 04/08/2022 EUR 68.920
DekaBank Deutsche G 2.500 04/09/2021 EUR 51.510
DekaBank Deutsche G 3.100 04/08/2022 EUR 62.880
DekaBank Deutsche G 3.300 04/08/2022 EUR 47.320
Bank Julius Baer & 10.800 06/12/2020 CHF 57.650
Raiffeisen Schweiz 6.400 09/08/2021 CHF 69.700
Raiffeisen Schweiz 7.200 09/08/2020 CHF 66.090
Zurcher Kantonalban 6.250 3/19/2021 CHF 68.270
Zurcher Kantonalban 6.500 3/19/2021 EUR 64.710
Credit Suisse AG/Lo 8.000 06/12/2020 EUR 54.810
Deutsche Bank AG 3.200 9/22/2020 EUR 58.900
Goldman Sachs & Co 13.000 3/24/2021 EUR 60.670
HSBC Trinkaus & Bur 3.000 08/10/2020 EUR 60.170
UBS AG/London 5.000 3/15/2021 CHF 67.850
UBS AG/London 8.000 3/15/2021 EUR 37.900
UBS AG/London 11.000 3/15/2021 CHF 73.150
UBS AG/London 8.000 3/15/2021 CHF 68.900
Landesbank Baden-Wu 3.250 8/27/2021 EUR 52.830
UBS AG/London 7.000 3/15/2021 EUR 53.000
Leonteq Securities 5.000 9/13/2021 CHF 54.710
Deutsche Bank AG 3.200 6/23/2020 EUR 63.350
Deutsche Bank AG 3.200 9/22/2020 EUR 49.790
UniCredit Bank AG 4.050 10/09/2020 EUR 72.930
UBS AG/London 10.000 09/07/2020 CHF 32.900
UBS AG/London 10.000 09/07/2020 EUR 60.900
Raiffeisen Schweiz 12.900 9/14/2020 GBP 52.710
Credit Suisse AG/Lo 5.750 01/03/2022 CHF 69.570
Zurcher Kantonalban 5.000 07/02/2021 CHF 68.950
Vontobel Financial 15.000 09/11/2020 EUR 64.240
Vontobel Financial 13.500 06/12/2020 EUR 57.570
Vontobel Financial 15.000 06/12/2020 EUR 56.160
Vontobel Financial 15.000 06/12/2020 EUR 57.840
Vontobel Financial 8.000 09/11/2020 EUR 65.330
Vontobel Financial 13.000 06/12/2020 EUR 45.220
Vontobel Financial 9.500 06/12/2020 EUR 44.290
Vontobel Financial 13.000 06/12/2020 EUR 61.620
UBS AG/London 5.750 07/03/2020 CHF 65.400
Vontobel Financial 12.350 9/18/2020 EUR 59.200
Vontobel Financial 7.650 09/11/2020 EUR 65.230
Zurcher Kantonalban 8.500 07/10/2020 CHF 51.950
Zurcher Kantonalban 7.000 07/10/2020 CHF 66.430
Zurcher Kantonalban 6.000 07/12/2021 CHF 60.390
Vontobel Financial 5.500 6/26/2020 EUR 65.500
Vontobel Financial 7.000 6/26/2020 EUR 61.200
Vontobel Financial 17.000 6/26/2020 EUR 46.630
Vontobel Financial 13.500 6/26/2020 EUR 60.280
Vontobel Financial 8.000 6/26/2020 EUR 61.850
Vontobel Financial 12.500 6/26/2020 EUR 56.310
UniCredit Bank AG 5.100 12/19/2020 EUR 55.650
UniCredit Bank AG 5.900 12/19/2020 EUR 27.030
Landesbank Hessen-T 4.400 01/05/2023 EUR 38.460
EFG International F 7.000 5/23/2022 EUR 44.990
Credit Suisse AG/Lo 7.000 5/20/2021 CHF 73.820
Credit Suisse AG/Lo 8.750 5/20/2021 GBP 62.610
Landesbank Baden-Wu 5.000 3/26/2021 EUR 72.800
Landesbank Baden-Wu 9.000 3/26/2021 EUR 73.030
Landesbank Baden-Wu 4.000 9/24/2021 EUR 72.550
Landesbank Baden-Wu 7.500 3/26/2021 EUR 73.580
Landesbank Baden-Wu 6.000 3/26/2021 EUR 47.570
Landesbank Baden-Wu 5.000 3/26/2021 EUR 50.790
Raiffeisen Switzerl 8.500 8/24/2021 EUR 72.100
Leonteq Securities 8.130 2/21/2022 EUR 64.800
Landesbank Baden-Wu 3.000 3/26/2021 EUR 62.700
Landesbank Baden-Wu 5.000 3/26/2021 EUR 53.760
Landesbank Baden-Wu 2.500 3/26/2021 EUR 70.590
Leonteq Securities 4.000 2/21/2022 EUR 69.790
Leonteq Securities 5.700 2/21/2022 CHF 62.000
Landesbank Baden-Wu 2.500 3/26/2021 EUR 62.220
Landesbank Baden-Wu 5.000 3/26/2021 EUR 57.580
Landesbank Baden-Wu 3.000 3/26/2021 EUR 61.020
Corner Banca SA 12.800 8/24/2021 CHF 60.770
Vontobel Financial 14.000 06/12/2020 EUR 50.200
Vontobel Financial 13.000 06/12/2020 EUR 61.310
Vontobel Financial 8.500 06/12/2020 EUR 67.850
Vontobel Financial 11.500 06/12/2020 EUR 63.100
Vontobel Financial 6.500 06/12/2020 EUR 68.150
Vontobel Financial 11.500 06/12/2020 EUR 59.210
DZ Bank AG Deutsche 9.200 12/23/2020 EUR 64.420
DZ Bank AG Deutsche 7.900 3/24/2021 EUR 66.490
DZ Bank AG Deutsche 8.500 3/24/2021 EUR 66.140
DZ Bank AG Deutsche 6.200 9/23/2020 EUR
DZ Bank AG Deutsche 5.200 12/23/2020 EUR
DZ Bank AG Deutsche 4.500 3/24/2021 EUR
DZ Bank AG Deutsche 7.800 12/23/2020 EUR 48.850
DZ Bank AG Deutsche 6.700 6/23/2021 EUR 51.110
DZ Bank AG Deutsche 6.100 12/23/2020 EUR
DZ Bank AG Deutsche 5.000 6/23/2021 EUR
UBS AG/London 5.000 03/08/2021 CHF 67.700
Societe Generale Ef 8.500 9/25/2020 EUR 71.500
Societe Generale Ef 16.500 9/25/2020 EUR 65.620
Societe Generale Ef 7.250 10/23/2020 EUR 72.750
Societe Generale Ef 16.500 9/25/2020 EUR 57.850
Societe Generale Ef 10.500 11/27/2020 EUR 70.430
Societe Generale Ef 15.500 12/28/2020 EUR 66.710
UBS AG/London 6.600 6/25/2020 EUR 64.180
Societe Generale Ef 14.250 8/28/2020 EUR 67.030
Societe Generale Ef 14.250 11/27/2020 EUR 67.050
UBS AG/London 6.700 12/28/2020 EUR 44.890
UBS AG/London 7.400 12/28/2020 EUR 43.920
Leonteq Securities 5.000 03/08/2021 CHF 70.110
DekaBank Deutsche G 2.500 10/24/2023 EUR 55.580
EFG International F 5.400 9/27/2021 CHF 71.190
UBS AG/London 7.500 9/14/2020 CHF 66.700
UniCredit Bank AG 5.900 10/05/2021 EUR 55.380
Leonteq Securities 6.000 9/27/2021 CHF 68.780
Raiffeisen Schweiz 7.000 9/21/2020 CHF 65.390
Vontobel Financial 3.950 9/14/2020 EUR 62.370
UniCredit Bank AG 3.450 9/14/2022 EUR 53.460
UniCredit Bank AG 4.200 10/09/2020 EUR 63.650
UniCredit Bank AG 6.300 10/09/2020 EUR 72.310
HSBC Trinkaus & Bur 4.300 9/25/2020 EUR 51.680
HSBC Trinkaus & Bur 6.700 9/25/2020 EUR 46.220
UniCredit Bank AG 5.500 10/26/2021 EUR 57.160
Landesbank Baden-Wu 2.300 12/27/2021 EUR 68.520
Landesbank Baden-Wu 3.150 12/27/2021 EUR 67.070
Skandinaviska Enski 4.000 7/17/2023 SEK 59.720
Landesbank Baden-Wu 3.050 9/23/2022 EUR 55.770
Raiffeisen Centroba 8.699 9/23/2020 EUR 61.550
Credit Suisse AG/Lo 8.000 6/29/2020 CHF 67.870
Raiffeisen Schweiz 7.500 9/29/2020 CHF 30.450
Leonteq Securities 5.800 3/29/2021 CHF 52.590
Raiffeisen Schweiz 5.400 9/29/2021 CHF 71.240
Raiffeisen Schweiz 6.200 3/29/2021 CHF 68.370
Vontobel Financial 4.150 6/19/2020 EUR 40.100
Vontobel Financial 6.500 6/19/2020 USD 69.380
Vontobel Financial 5.450 8/24/2020 EUR 65.150
Vontobel Financial 15.000 06/12/2020 EUR 67.050
DekaBank Deutsche G 3.000 4/14/2022 EUR 72.130
Landesbank Baden-Wu 5.000 7/24/2020 EUR 51.380
Landesbank Baden-Wu 3.500 12/29/2020 EUR 53.850
Banque Cantonale Va 8.000 9/29/2020 CHF 70.090
Vontobel Financial 6.100 6/19/2020 EUR 47.360
Vontobel Financial 4.900 6/19/2020 EUR 72.700
Deutsche Bank AG 8.200 6/23/2020 EUR 53.520
Deutsche Bank AG 8.200 12/22/2020 EUR 55.090
Societe Generale Ef 3.250 7/24/2020 EUR 60.270
Societe Generale Ef 4.250 7/24/2020 EUR 57.530
Societe Generale Ef 5.250 7/24/2020 EUR 55.530
Societe Generale Ef 6.250 7/24/2020 EUR 53.920
Societe Generale Ef 7.250 7/24/2020 EUR 52.580
Societe Generale Ef 3.750 7/24/2020 EUR 64.730
Societe Generale Ef 5.750 7/24/2020 EUR 59.800
Societe Generale Ef 7.750 7/24/2020 EUR 56.410
Societe Generale Ef 8.500 7/24/2020 EUR 67.610
Societe Generale Ef 12.750 7/24/2020 EUR 69.860
Societe Generale Ef 7.500 7/24/2020 EUR 63.470
Societe Generale Ef 9.500 7/24/2020 EUR 60.290
Societe Generale Ef 11.500 7/24/2020 EUR 57.960
Societe Generale Ef 4.250 7/24/2020 EUR 49.130
Societe Generale Ef 8.250 7/24/2020 EUR 42.620
Societe Generale Ef 10.250 7/24/2020 EUR 40.590
Societe Generale Ef 12.250 7/24/2020 EUR 38.920
Societe Generale Ef 5.250 7/24/2020 EUR 73.640
Societe Generale Ef 6.250 7/24/2020 EUR 71.490
Goldman Sachs & Co 10.000 6/24/2020 EUR 61.980
Goldman Sachs & Co 19.000 6/24/2020 EUR 46.790
Goldman Sachs & Co 17.000 12/23/2020 EUR 52.820
Goldman Sachs & Co 10.000 3/24/2021 EUR 62.760
Goldman Sachs & Co 15.000 3/24/2021 EUR 55.320
Goldman Sachs & Co 15.000 6/24/2020 EUR 60.590
Goldman Sachs & Co 13.000 9/23/2020 EUR 62.410
Goldman Sachs & Co 8.000 12/23/2020 EUR 71.100
Societe Generale Ef 12.250 7/24/2020 EUR 57.490
Goldman Sachs & Co 5.000 6/24/2020 EUR 60.140
Goldman Sachs & Co 7.000 6/24/2020 EUR 56.690
Goldman Sachs & Co 8.000 6/24/2020 EUR 53.500
Goldman Sachs & Co 20.000 6/24/2020 EUR 40.720
Goldman Sachs & Co 4.000 9/23/2020 EUR 63.110
Goldman Sachs & Co 5.000 9/23/2020 EUR 59.640
Goldman Sachs & Co 6.000 9/23/2020 EUR 56.500
Goldman Sachs & Co 8.000 9/23/2020 EUR 54.070
Goldman Sachs & Co 15.000 12/23/2020 EUR 46.280
Societe Generale Ef 5.750 7/24/2020 EUR 71.220
Goldman Sachs & Co 6.000 3/24/2021 EUR 58.770
Goldman Sachs & Co 7.000 3/24/2021 EUR 56.740
Goldman Sachs & Co 10.000 3/24/2021 EUR 52.020
Societe Generale Ef 16.750 7/24/2020 EUR 65.660
Goldman Sachs & Co 14.000 12/23/2020 EUR 72.330
Goldman Sachs & Co 13.000 3/24/2021 EUR 69.880
DZ Bank AG Deutsche 5.330 7/24/2020 EUR 56.650
Vontobel Financial 19.500 06/12/2020 EUR 44.110
Credit Suisse AG/Lo 8.500 07/02/2020 EUR 67.140
Vontobel Financial 8.000 06/12/2020 EUR 50.700
Landesbank Baden-Wu 5.500 9/25/2020 EUR 57.490
Landesbank Baden-Wu 4.000 9/25/2020 EUR 64.390
Landesbank Baden-Wu 5.000 9/25/2020 EUR 53.780
Landesbank Baden-Wu 7.000 9/25/2020 EUR 50.680
Landesbank Baden-Wu 6.000 9/25/2020 EUR 39.780
Landesbank Baden-Wu 6.500 9/25/2020 EUR 55.130
Landesbank Baden-Wu 5.000 9/25/2020 EUR 60.900
Landesbank Baden-Wu 6.000 9/25/2020 EUR 58.580
Landesbank Baden-Wu 7.000 9/25/2020 EUR 56.460
Landesbank Baden-Wu 5.000 10/23/2020 EUR 71.380
Landesbank Baden-Wu 6.000 9/25/2020 EUR 73.950
Landesbank Baden-Wu 6.000 9/25/2020 EUR 54.120
Landesbank Baden-Wu 3.000 9/25/2020 EUR 66.240
Landesbank Baden-Wu 7.000 9/25/2020 EUR 54.910
Landesbank Baden-Wu 3.000 9/25/2020 EUR 62.560
Landesbank Baden-Wu 3.000 9/25/2020 EUR 59.160
Landesbank Baden-Wu 7.000 9/25/2020 EUR 49.640
Landesbank Baden-Wu 5.500 9/25/2020 EUR 61.350
Landesbank Baden-Wu 5.000 9/25/2020 EUR 58.940
Landesbank Baden-Wu 5.000 9/25/2020 EUR 54.800
Vontobel Financial 8.500 9/25/2020 EUR 66.450
Goldman Sachs & Co 10.000 9/23/2020 EUR 71.750
Goldman Sachs & Co 9.000 6/24/2020 EUR 65.600
Goldman Sachs & Co 20.000 6/24/2020 EUR 48.730
Goldman Sachs & Co 7.000 9/23/2020 EUR 65.350
Goldman Sachs & Co 19.000 9/23/2020 EUR 49.950
Goldman Sachs & Co 6.000 12/23/2020 EUR 62.360
Goldman Sachs & Co 6.000 3/24/2021 EUR 65.620
Goldman Sachs & Co 7.000 6/24/2020 EUR 60.860
Goldman Sachs & Co 9.000 6/24/2020 EUR 55.510
Goldman Sachs & Co 4.000 9/23/2020 EUR 73.510
Goldman Sachs & Co 7.000 9/23/2020 EUR 61.760
Goldman Sachs & Co 4.000 12/23/2020 EUR 72.200
Goldman Sachs & Co 5.000 12/23/2020 EUR 66.760
Goldman Sachs & Co 7.000 12/23/2020 EUR 59.970
Goldman Sachs & Co 8.000 12/23/2020 EUR 58.220
Societe Generale Ef 3.000 6/26/2020 EUR 66.160
Raiffeisen Schweiz 7.000 7/26/2021 AUD 57.100
Vontobel Financial 7.000 9/25/2020 EUR 64.880
Vontobel Financial 16.500 6/26/2020 EUR 46.930
UBS AG/London 9.000 04/06/2021 CHF 73.450
Credit Suisse AG/Lo 4.000 05/05/2023 EUR 71.870
Deutsche Bank AG 6.200 12/22/2020 EUR 72.100
Societe Generale Ef 14.250 6/26/2020 EUR 68.090
Societe Generale Ef 3.500 6/26/2020 EUR 72.140
Societe Generale Ef 5.500 6/26/2020 EUR 66.240
Societe Generale Ef 13.750 6/26/2020 EUR 62.440
Landesbank Baden-Wu 4.300 9/25/2020 EUR 69.930
Societe Generale Ef 7.750 6/26/2020 EUR 71.110
Societe Generale Ef 11.750 6/26/2020 EUR 64.740
Societe Generale Ef 12.750 6/26/2020 EUR 69.890
Societe Generale Ef 12.000 6/26/2020 EUR 68.740
Societe Generale Ef 10.000 6/26/2020 EUR 55.090
UBS AG/London 11.000 2/19/2021 CHF 53.550
Societe Generale Ef 12.500 6/26/2020 EUR 74.680
UBS AG/London 9.000 2/19/2021 CHF 70.400
UBS AG/London 10.750 8/19/2021 CHF 70.450
UBS AG/London 12.000 8/19/2021 CHF 62.650
Banque Cantonale Va 6.100 08/09/2021 EUR 56.330
UniCredit Bank AG 12.200 9/25/2020 EUR 61.420
UniCredit Bank AG 14.400 3/26/2021 EUR 61.950
UniCredit Bank AG 8.500 6/26/2020 EUR 69.010
UniCredit Bank AG 6.200 6/26/2020 EUR 60.770
UniCredit Bank AG 14.200 6/26/2020 EUR 66.330
UniCredit Bank AG 12.100 12/24/2021 EUR 61.880
UniCredit Bank AG 13.400 12/24/2021 EUR 72.890
UniCredit Bank AG 8.900 9/25/2020 EUR 64.270
UniCredit Bank AG 12.300 3/26/2021 EUR 63.040
UniCredit Bank AG 11.900 12/24/2021 EUR 63.870
Corner Banca SA 9.000 11/09/2020 CHF 71.760
Leonteq Securities 10.000 08/09/2021 CHF 42.570
Leonteq Securities 10.400 11/09/2020 CHF 69.850
Leonteq Securities 10.800 08/09/2021 USD 71.720
Leonteq Securities 15.500 11/09/2020 CHF 50.660
Landesbank Baden-Wu 3.050 9/23/2022 EUR 61.840
Raiffeisen Schweiz 7.500 02/09/2021 EUR 64.890
Raiffeisen Schweiz 5.200 02/09/2021 CHF 63.540
Raiffeisen Schweiz 5.600 08/09/2022 CHF 64.060
Societe Generale Ef 3.500 6/26/2020 EUR 55.970
Societe Generale Ef 15.750 6/26/2020 EUR 57.810
Societe Generale Ef 10.500 7/24/2020 EUR 69.840
Societe Generale Ef 12.500 7/24/2020 EUR 67.110
Societe Generale Ef 14.250 7/24/2020 EUR 73.500
Societe Generale Ef 16.250 7/24/2020 EUR 70.270
Societe Generale Ef 13.000 7/24/2020 EUR 57.170
Societe Generale Ef 6.500 6/26/2020 EUR 61.090
Societe Generale Ef 4.000 7/24/2020 EUR 65.730
Societe Generale Ef 10.250 7/24/2020 EUR 48.870
Vontobel Financial 15.000 9/25/2020 EUR 71.840
Vontobel Financial 17.000 9/25/2020 EUR 58.980
Vontobel Financial 19.500 9/25/2020 EUR 56.980
Vontobel Financial 11.500 6/26/2020 EUR 70.910
Vontobel Financial 17.000 6/26/2020 EUR 62.520
Vontobel Financial 18.500 6/26/2020 EUR 60.700
Vontobel Financial 20.000 6/26/2020 EUR 58.970
Vontobel Financial 9.500 9/25/2020 EUR 67.750
Vontobel Financial 8.500 9/25/2020 EUR 69.130
Vontobel Financial 10.500 9/25/2020 EUR 66.390
Vontobel Financial 14.500 9/25/2020 EUR 61.180
Vontobel Financial 16.000 9/25/2020 EUR 60.140
Vontobel Financial 11.500 9/25/2020 EUR 65.040
Vontobel Financial 18.000 9/25/2020 EUR 57.820
Vontobel Financial 10.000 6/26/2020 EUR 73.260
Vontobel Financial 13.000 6/26/2020 EUR 68.670
Vontobel Financial 14.000 6/26/2020 EUR 66.480
Vontobel Financial 15.500 6/26/2020 EUR 64.460
Societe Generale Ef 7.500 6/26/2020 EUR 62.190
Societe Generale Ef 9.500 6/26/2020 EUR 59.130
Societe Generale Ef 11.500 6/26/2020 EUR 56.680
Landesbank Baden-Wu 4.000 9/25/2020 EUR 71.240
Landesbank Baden-Wu 8.500 9/25/2020 EUR 65.240
HSBC Trinkaus & Bur 2.420 8/28/2020 EUR 58.870
Landesbank Baden-Wu 3.900 8/28/2020 EUR 48.740
DZ Bank AG Deutsche 8.000 9/21/2020 EUR 61.890
DZ Bank AG Deutsche 6.600 9/21/2020 EUR 72.210
DZ Bank AG Deutsche 9.300 9/21/2020 EUR 69.870
DZ Bank AG Deutsche 10.700 9/21/2020 EUR 67.330
DZ Bank AG Deutsche 9.200 12/21/2020 EUR 67.260
DZ Bank AG Deutsche 9.000 6/24/2020 EUR 71.620
DekaBank Deutsche G 7.800 09/11/2020 EUR 63.260
Societe Generale Ef 6.000 7/24/2020 EUR 62.600
Societe Generale Ef 10.000 7/24/2020 EUR 63.160
Societe Generale Ef 8.500 6/26/2020 EUR 64.710
Societe Generale Ef 10.500 6/26/2020 EUR 62.590
Societe Generale Ef 8.000 7/24/2020 EUR 65.190
Landesbank Hessen-T 6.250 12/13/2024 EUR 55.330
Landesbank Baden-Wu 4.200 12/27/2021 EUR 69.860
Landesbank Baden-Wu 2.500 12/27/2021 EUR 70.900
BNP Paribas Emissio 3.000 9/24/2020 EUR 66.420
Societe Generale Ef 8.250 7/24/2020 EUR 51.440
Societe Generale Ef 11.750 7/24/2020 EUR 51.800
Societe Generale Ef 15.500 6/26/2020 EUR 68.670
Societe Generale Ef 9.500 7/24/2020 EUR 66.230
Societe Generale Ef 9.500 7/24/2020 EUR 71.700
Societe Generale Ef 5.500 7/24/2020 EUR 67.370
Societe Generale Ef 6.250 7/24/2020 EUR 45.320
Goldman Sachs & Co 7.000 6/24/2020 EUR 68.850
Societe Generale Ef 8.250 7/24/2020 EUR 67.970
Societe Generale Ef 9.250 7/24/2020 EUR 66.560
Goldman Sachs & Co 14.000 6/24/2020 EUR 53.200
Goldman Sachs & Co 21.000 6/24/2020 EUR 44.680
Goldman Sachs & Co 8.000 9/23/2020 EUR 67.820
Goldman Sachs & Co 9.000 9/23/2020 EUR 63.860
Goldman Sachs & Co 14.000 9/23/2020 EUR 53.730
Goldman Sachs & Co 7.000 12/23/2020 EUR 70.370
Goldman Sachs & Co 7.000 12/23/2020 EUR 68.290
Goldman Sachs & Co 10.000 12/23/2020 EUR 62.430
Goldman Sachs & Co 10.000 12/23/2020 EUR 60.750
Goldman Sachs & Co 15.000 12/23/2020 EUR 55.080
Goldman Sachs & Co 7.000 3/24/2021 EUR 69.010
Goldman Sachs & Co 8.000 6/24/2020 EUR 72.080
Goldman Sachs & Co 8.000 9/23/2020 EUR 72.250
Societe Generale Ef 16.250 7/24/2020 EUR 55.830
Goldman Sachs & Co 7.000 12/23/2020 EUR 72.930
Goldman Sachs & Co 9.000 12/23/2020 EUR 69.370
Goldman Sachs & Co 15.000 12/23/2020 EUR 61.340
Goldman Sachs & Co 8.000 3/24/2021 EUR 70.720
Societe Generale Ef 14.250 7/24/2020 EUR 55.150
Goldman Sachs & Co 3.000 6/24/2020 EUR 68.870
Goldman Sachs & Co 4.000 6/24/2020 EUR 64.230
Goldman Sachs & Co 10.000 6/24/2020 EUR 50.760
Goldman Sachs & Co 14.000 6/24/2020 EUR 46.120
Goldman Sachs & Co 2.000 9/23/2020 EUR 71.150
Goldman Sachs & Co 3.000 9/23/2020 EUR 66.980
Goldman Sachs & Co 3.000 12/23/2020 EUR 69.510
Goldman Sachs & Co 4.000 12/23/2020 EUR 62.370
Societe Generale Ef 6.750 7/24/2020 EUR 69.250
Societe Generale Ef 7.500 7/24/2020 EUR 73.140
Societe Generale Ef 14.750 7/24/2020 EUR 68.770
Societe Generale Ef 18.750 7/24/2020 EUR 62.920
Landesbank Baden-Wu 3.100 6/26/2020 USD 69.080
Vontobel Financial 7.000 6/19/2020 USD 61.450
Goldman Sachs & Co 16.000 9/23/2020 EUR 69.610
Societe Generale Ef 11.000 7/24/2020 EUR 63.340
Societe Generale Ef 6.000 7/24/2020 EUR 60.430
Societe Generale Ef 8.000 7/24/2020 EUR 58.060
Societe Generale Ef 9.000 7/24/2020 EUR 57.120
Goldman Sachs & Co 15.000 6/24/2020 EUR 70.740
Raiffeisen Centroba 5.750 05/06/2021 EUR 66.560
Vontobel Financial 6.000 06/12/2020 EUR 60.430
Vontobel Financial 11.500 06/12/2020 EUR 45.740
Vontobel Financial 16.000 06/12/2020 EUR 41.720
Landesbank Baden-Wu 8.000 9/25/2020 EUR 62.670
Landesbank Baden-Wu 3.500 9/25/2020 EUR 59.290
Landesbank Baden-Wu 8.000 9/25/2020 EUR 61.400
Landesbank Baden-Wu 3.000 9/25/2020 EUR 45.310
Landesbank Baden-Wu 4.500 9/25/2020 EUR 42.070
Landesbank Baden-Wu 3.500 9/25/2020 EUR 62.210
Landesbank Baden-Wu 8.000 9/25/2020 EUR 59.050
Leonteq Securities 5.800 7/26/2021 CHF 60.400
Landesbank Baden-Wu 4.500 9/25/2020 EUR 56.910
Landesbank Baden-Wu 5.000 9/25/2020 EUR 53.590
Landesbank Baden-Wu 4.000 9/25/2020 EUR 68.980
Landesbank Baden-Wu 6.500 9/25/2020 EUR 60.470
Landesbank Baden-Wu 3.000 9/25/2020 EUR 57.360
BNP Paribas Emissio 6.000 6/25/2020 EUR 46.510
Vontobel Financial 14.000 9/25/2020 EUR 68.170
Goldman Sachs & Co 12.000 6/24/2020 EUR 67.890
Goldman Sachs & Co 15.000 9/23/2020 EUR 63.730
Goldman Sachs & Co 18.000 9/23/2020 EUR 60.750
Goldman Sachs & Co 10.000 12/23/2020 EUR 71.070
Goldman Sachs & Co 9.000 3/24/2021 EUR 72.160
Goldman Sachs & Co 22.000 6/24/2020 EUR 46.710
Goldman Sachs & Co 6.000 9/23/2020 EUR 67.650
Goldman Sachs & Co 4.000 12/23/2020 EUR 69.550
Goldman Sachs & Co 6.000 12/23/2020 EUR 64.610
Goldman Sachs & Co 7.000 12/23/2020 EUR 60.760
Goldman Sachs & Co 15.000 12/23/2020 EUR 52.410
Goldman Sachs & Co 4.000 3/24/2021 EUR 69.770
Goldman Sachs & Co 4.000 3/24/2021 EUR 67.390
Goldman Sachs & Co 6.000 3/24/2021 EUR 63.480
Goldman Sachs & Co 10.000 3/24/2021 EUR 59.900
Goldman Sachs & Co 17.000 3/24/2021 EUR 54.950
Goldman Sachs & Co 5.000 6/24/2020 EUR 70.450
Goldman Sachs & Co 10.000 9/23/2020 EUR 55.260
Goldman Sachs & Co 15.000 9/23/2020 EUR 47.660
Goldman Sachs & Co 16.000 9/23/2020 EUR 46.500
Goldman Sachs & Co 4.000 12/23/2020 EUR 68.540
Vontobel Financial 9.500 9/25/2020 EUR 64.400
Goldman Sachs & Co 4.000 3/24/2021 EUR 71.590
Goldman Sachs & Co 5.000 3/24/2021 EUR 66.760
Goldman Sachs & Co 6.000 3/24/2021 EUR 62.450
Goldman Sachs & Co 8.000 3/24/2021 EUR 59.500
Goldman Sachs & Co 13.000 3/24/2021 EUR 52.890
Raiffeisen Schweiz 6.700 7/26/2021 EUR 72.060
Leonteq Securities 4.100 7/29/2020 CHF 62.410
EFG International F 5.750 04/04/2022 CHF 72.560
Deutsche Bank AG 6.200 12/22/2020 EUR 68.900
Bank Julius Baer & 9.700 7/29/2020 CHF 40.850
DZ Bank AG Deutsche 7.000 6/22/2020 EUR 71.740
DZ Bank AG Deutsche 4.750 9/21/2020 EUR 72.710
DZ Bank AG Deutsche 5.500 9/21/2020 EUR 66.660
DZ Bank AG Deutsche 4.750 9/21/2020 EUR 54.890
DZ Bank AG Deutsche 6.250 9/21/2020 EUR 63.000
DZ Bank AG Deutsche 7.000 9/21/2020 EUR 57.310
DZ Bank AG Deutsche 4.750 9/21/2020 EUR 40.100
DZ Bank AG Deutsche 8.000 6/22/2020 EUR 65.030
DZ Bank AG Deutsche 7.250 9/21/2020 EUR 61.660
DZ Bank AG Deutsche 7.100 6/22/2020 EUR 69.360
DZ Bank AG Deutsche 5.800 9/21/2020 EUR 70.840
DZ Bank AG Deutsche 6.500 9/21/2020 EUR 69.700
DZ Bank AG Deutsche 5.500 9/21/2020 EUR 42.890
DZ Bank AG Deutsche 6.500 9/21/2020 EUR 41.770
DZ Bank AG Deutsche 9.100 9/21/2020 EUR 68.840
DZ Bank AG Deutsche 10.500 9/21/2020 EUR 66.150
Deutsche Bank AG 6.200 9/22/2020 EUR 64.050
Deutsche Bank AG 6.200 9/22/2020 EUR 60.160
Deutsche Bank AG 6.200 12/22/2020 EUR 63.770
Erste Group Bank AG 6.000 4/29/2024 EUR 63.000
DekaBank Deutsche G 4.100 4/30/2021 EUR 61.420
Societe Generale Ef 16.750 6/26/2020 EUR 52.540
Banque Cantonale Va 4.500 3/29/2021 CHF 52.900
Bank Julius Baer & 5.700 7/30/2020 CHF 53.550
Zurcher Kantonalban 6.500 08/06/2021 CHF 67.480
Zurcher Kantonalban 10.750 08/06/2021 USD 72.290
Goldman Sachs & Co 11.000 6/24/2020 EUR 70.400
Raiffeisen Centroba 10.181 6/23/2020 EUR 53.120
Landesbank Baden-Wu 7.750 1/22/2021 EUR 68.350
Landesbank Baden-Wu 3.000 1/22/2021 EUR 65.450
Landesbank Baden-Wu 8.500 1/22/2021 EUR 68.200
UBS AG/London 5.500 9/24/2020 EUR 56.590
UBS AG/London 10.400 9/24/2020 EUR 57.130
Landesbank Baden-Wu 5.750 1/22/2021 EUR 65.770
Landesbank Baden-Wu 5.000 2/26/2021 EUR 67.200
Landesbank Baden-Wu 8.000 1/22/2021 EUR 65.260
Landesbank Baden-Wu 6.250 1/22/2021 EUR 66.680
Landesbank Baden-Wu 5.000 7/22/2022 EUR 69.510
Landesbank Baden-Wu 2.000 1/22/2021 EUR 66.560
Landesbank Baden-Wu 2.000 1/22/2021 EUR 55.900
Landesbank Baden-Wu 4.000 1/22/2021 EUR 58.950
Landesbank Baden-Wu 5.750 1/22/2021 EUR 55.770
BNP Paribas Emissio 9.500 9/24/2020 EUR 74.280
Landesbank Baden-Wu 4.400 1/22/2021 EUR 68.840
Landesbank Baden-Wu 7.000 1/22/2021 EUR 64.270
Landesbank Baden-Wu 2.750 1/22/2021 EUR 50.210
Landesbank Baden-Wu 6.500 1/22/2021 EUR 43.990
Landesbank Baden-Wu 4.000 1/22/2021 EUR 56.320
BNP Paribas Emissio 10.000 9/24/2020 EUR 73.800
BNP Paribas Emissio 12.000 9/24/2020 EUR 71.120
Landesbank Baden-Wu 2.000 1/22/2021 EUR 72.410
EFG International F 8.400 10/30/2020 EUR 69.380
Leonteq Securities 23.440 03/09/2021 CHF 27.980
UBS AG/London 21.900 12/28/2020 EUR 66.860
UBS AG/London 11.200 3/25/2021 EUR 66.970
UBS AG/London 9.200 12/28/2020 EUR 59.030
UBS AG/London 8.400 3/25/2021 EUR 73.380
UBS AG/London 8.600 3/25/2021 EUR 70.610
UBS AG/London 3.300 3/25/2021 EUR 69.480
UBS AG/London 7.000 6/24/2021 EUR 56.890
UBS AG/London 7.600 3/25/2021 EUR 56.580
UBS AG/London 11.300 3/25/2021 EUR 66.230
UBS AG/London 5.900 12/28/2020 EUR 73.740
UBS AG/London 5.500 3/25/2021 EUR 60.570
UBS AG/London 4.900 3/25/2021 EUR 69.840
UBS AG/London 7.200 3/25/2021 EUR 66.940
UBS AG/London 13.700 9/24/2020 EUR 58.240
UBS AG/London 8.400 3/25/2021 EUR 72.100
UBS AG/London 25.200 9/24/2020 EUR 59.140
UBS AG/London 7.100 9/23/2021 EUR 56.840
UBS AG/London 8.600 3/25/2021 EUR 71.130
UBS AG/London 12.400 12/28/2020 EUR 64.690
UBS AG/London 11.200 12/28/2020 EUR 72.760
UBS AG/London 13.400 12/28/2020 EUR 71.650
UBS AG/London 2.500 3/25/2021 EUR 64.870
UBS AG/London 7.400 6/24/2021 EUR 70.620
UBS AG/London 9.200 9/24/2020 EUR 66.370
UBS AG/London 8.200 6/24/2021 EUR 69.460
UBS AG/London 12.700 6/24/2021 EUR 70.950
UBS AG/London 3.500 3/25/2021 EUR 62.670
UBS AG/London 6.200 9/23/2021 EUR 70.080
UBS AG/London 12.000 3/25/2021 EUR 71.790
UBS AG/London 7.400 3/25/2021 EUR 63.740
UBS AG/London 5.800 3/25/2021 EUR 57.990
UBS AG/London 10.600 12/28/2020 EUR 73.280
UBS AG/London 10.200 12/28/2020 EUR 66.580
UBS AG/London 7.500 3/25/2021 EUR 72.310
UBS AG/London 13.100 12/28/2020 EUR 71.830
UBS AG/London 9.600 3/25/2021 EUR 72.510
UBS AG/London 10.900 12/28/2020 EUR 72.580
UBS AG/London 4.600 3/25/2021 EUR 60.870
UBS AG/London 6.400 3/25/2021 EUR 57.210
UBS AG/London 3.000 3/25/2021 EUR 62.630
UBS AG/London 5.200 3/25/2021 EUR 67.730
UBS AG/London 6.900 12/28/2020 EUR 67.430
UBS AG/London 5.400 3/25/2021 EUR 66.690
UBS AG/London 8.900 9/24/2020 EUR 61.150
UBS AG/London 4.400 3/25/2021 EUR 54.400
UBS AG/London 4.900 3/25/2021 EUR 66.680
UBS AG/London 7.900 3/25/2021 EUR 71.640
UBS AG/London 9.900 3/25/2021 EUR 65.860
UBS AG/London 8.400 12/28/2020 EUR 62.930
UBS AG/London 7.600 9/24/2020 EUR 62.730
UBS AG/London 8.400 3/25/2021 EUR 74.160
UBS AG/London 5.900 3/25/2021 EUR 58.980
UBS AG/London 9.100 12/28/2020 EUR 68.630
UBS AG/London 24.300 9/24/2020 EUR 61.800
UBS AG/London 5.000 3/25/2021 EUR 62.340
UBS AG/London 9.600 12/28/2020 EUR 50.810
UBS AG/London 13.400 9/24/2020 EUR 65.590
UBS AG/London 22.400 12/28/2020 EUR 63.800
UBS AG/London 17.500 12/28/2020 EUR 64.110
UBS AG/London 10.600 12/28/2020 EUR 72.590
UBS AG/London 15.700 9/24/2020 EUR 62.620
UBS AG/London 8.800 3/25/2021 EUR 71.190
UBS AG/London 4.600 3/25/2021 EUR 70.730
UBS AG/London 7.500 3/25/2021 EUR 68.330
UBS AG/London 5.200 6/24/2021 EUR 68.090
UBS AG/London 7.800 12/28/2020 EUR 67.290
UBS AG/London 5.600 3/25/2021 EUR 60.100
UBS AG/London 12.500 3/25/2021 EUR 68.340
UBS AG/London 5.600 3/25/2021 EUR 64.680
UBS AG/London 5.800 3/25/2021 EUR 58.400
UBS AG/London 11.800 6/24/2021 EUR 55.780
UBS AG/London 4.900 3/25/2021 EUR 59.690
UBS AG/London 12.000 3/25/2021 EUR 71.540
UBS AG/London 12.600 12/28/2020 EUR 64.730
UBS AG/London 9.000 9/23/2021 EUR 56.310
UBS AG/London 7.000 3/25/2021 EUR 57.330
UBS AG/London 12.500 3/25/2021 EUR 69.380
UBS AG/London 14.100 12/28/2020 EUR 66.380
UBS AG/London 3.900 3/25/2021 EUR 59.080
UBS AG/London 12.700 6/24/2021 EUR 70.410
UBS AG/London 8.600 12/28/2020 EUR 69.980
Raiffeisen Schweiz 6.900 8/13/2020 CHF 70.350
Zurcher Kantonalban 10.100 08/12/2020 EUR 43.700
Vontobel Financial 16.000 6/26/2020 EUR 59.850
Vontobel Financial 20.500 6/26/2020 EUR 55.620
Vontobel Financial 10.500 9/25/2020 EUR 66.810
Vontobel Financial 13.500 9/25/2020 EUR 62.660
Raiffeisen Schweiz 10.000 8/17/2021 CHF 68.810
Raiffeisen Schweiz 7.500 5/14/2021 CHF 59.050
Societe Generale Ef 18.632 6/19/2020 EUR 37.040
Societe Generale Ef 12.849 6/19/2020 EUR 39.020
Leonteq Securities 6.500 03/08/2021 CHF 70.690
Leonteq Securities 7.200 09/08/2021 CHF 54.090
Deutsche Bank AG 8.200 9/22/2020 EUR 67.500
Deutsche Bank AG 8.200 6/23/2020 EUR 51.700
Deutsche Bank AG 8.200 6/23/2020 EUR 49.600
Deutsche Bank AG 8.200 12/22/2020 EUR 53.300
DZ Bank AG Deutsche 8.000 6/22/2020 EUR 68.670
Credit Suisse AG/Lo 7.000 06/08/2020 CHF 66.120
DekaBank Deutsche G 2.400 04/09/2021 EUR 56.760
DekaBank Deutsche G 3.200 04/09/2021 EUR 63.070
DekaBank Deutsche G 3.100 04/08/2022 EUR 41.870
Raiffeisen Schweiz 6.200 03/08/2021 CHF 66.980
Leonteq Securities 4.000 03/08/2022 EUR 55.720
Raiffeisen Schweiz 7.200 03/08/2021 EUR 66.260
Deutsche Bank AG 3.200 6/23/2020 EUR 58.300
Deutsche Bank AG 3.200 12/22/2020 EUR 64.000
HSBC Trinkaus & Bur 9.500 6/26/2020 EUR 66.820
HSBC Trinkaus & Bur 8.800 6/26/2020 EUR 66.770
HSBC Trinkaus & Bur 6.000 6/26/2020 EUR 66.590
HSBC Trinkaus & Bur 9.400 6/26/2020 EUR 46.960
HSBC Trinkaus & Bur 6.000 12/28/2020 EUR 41.620
HSBC Trinkaus & Bur 8.700 12/28/2020 EUR 41.620
HSBC Trinkaus & Bur 7.700 12/28/2020 EUR 58.390
HSBC Trinkaus & Bur 11.000 6/26/2020 EUR 63.860
HSBC Trinkaus & Bur 8.800 12/28/2020 EUR 64.630
HSBC Trinkaus & Bur 7.600 6/25/2021 EUR 67.200
HSBC Trinkaus & Bur 6.500 6/25/2021 EUR 68.170
Landesbank Hessen-T 6.600 02/01/2024 EUR 58.190
Landesbank Baden-Wu 3.250 2/24/2023 EUR 62.520
UniCredit Bank AG 7.350 7/16/2020 EUR 39.760
HSBC Trinkaus & Bur 3.900 9/25/2020 EUR 50.940
HSBC Trinkaus & Bur 6.100 6/26/2020 EUR 46.080
HSBC Trinkaus & Bur 4.300 6/26/2020 EUR 51.080
HSBC Trinkaus & Bur 3.200 9/25/2020 EUR 54.330
HSBC Trinkaus & Bur 7.500 6/26/2020 EUR 68.380
BNP Paribas Emissio 8.500 6/25/2020 EUR 65.150
BNP Paribas Emissio 10.000 6/25/2020 EUR 51.670
Erste Group Bank AG 9.000 1/31/2024 EUR 73.100
BNP Paribas Emissio 5.000 6/25/2020 EUR 71.950
Societe Generale Ef 12.207 6/19/2020 EUR 58.560
Societe Generale Ef 18.953 6/19/2020 EUR 50.680
HSBC Trinkaus & Bur 5.100 6/26/2020 EUR 59.350
Corner Banca SA 6.200 03/08/2022 CHF 71.250
Leonteq Securities 10.200 06/08/2020 USD 35.250
Leonteq Securities 8.000 09/08/2021 EUR 57.460
Deutsche Bank AG 8.200 12/22/2020 EUR 66.200
Deutsche Bank AG 8.200 6/23/2020 EUR 38.100
Deutsche Bank AG 8.200 12/22/2020 EUR 41.900
Deutsche Bank AG 8.200 9/22/2020 EUR 70.600
Deutsche Bank AG 8.200 6/23/2020 EUR 67.000
Deutsche Bank AG 8.200 12/22/2020 EUR 68.900
DZ Bank AG Deutsche 4.750 6/22/2020 EUR 63.620
Leonteq Securities 6.000 9/14/2021 CHF 64.980
Societe Generale Ef 13.200 9/19/2023 SEK 55.530
Landesbank Baden-Wu 2.200 12/23/2022 EUR 68.700
Landesbank Hessen-T 4.000 11/28/2024 EUR 68.570
Center-Invest Comme 7.000 03/03/2022 RUB 63.130
Zurcher Kantonalban 6.500 9/20/2021 CHF 68.240
Goldman Sachs & Co 10.000 3/24/2021 EUR 62.850
UBS AG/London 9.500 3/15/2021 EUR 68.050
UBS AG/London 6.000 3/15/2021 CHF 66.250
Erste Group Bank AG 4.250 9/28/2022 EUR 65.950
EFG International F 6.100 09/07/2020 CHF 61.240
UniCredit Bank AG 4.500 10/09/2020 EUR 54.700
Deutsche Bank AG 3.200 12/22/2020 EUR 52.250
Deutsche Bank AG 3.200 12/22/2020 EUR 44.940
UBS AG/London 5.500 09/07/2020 CHF 56.850
UniCredit Bank AG 4.400 04/12/2023 EUR 72.970
DekaBank Deutsche G 6.300 10/01/2021 EUR 53.280
Bank Julius Baer & 7.760 3/15/2021 CHF 60.350
UBS AG/London 7.000 3/15/2021 CHF 67.500
UBS AG/London 8.000 3/15/2021 CHF 70.050
UBS AG/London 11.000 3/15/2021 EUR 46.900
Erste Group Bank AG 8.000 9/28/2023 EUR 52.900
Landesbank Baden-Wu 2.600 8/27/2021 EUR 71.560
Landesbank Baden-Wu 3.250 8/27/2021 EUR 73.030
Credit Suisse AG/Lo 5.250 9/13/2021 CHF 67.280
Landesbank Baden-Wu 3.600 12/29/2020 EUR 60.690
Bayerische Landesba 2.500 08/07/2020 EUR 67.020
Vontobel Financial 3.000 09/05/2023 EUR 72.340
Deutsche Bank AG 3.200 6/23/2020 EUR 54.750
Deutsche Bank AG 3.200 12/22/2020 EUR 55.060
UniCredit Bank AG 6.650 10/09/2020 EUR 60.220
UBS AG/London 8.000 09/07/2020 CHF 64.000
Zurcher Kantonalban 5.500 9/14/2020 CHF 49.380
Leonteq Securities 6.000 9/17/2020 CHF 55.830
Landesbank Baden-Wu 3.250 11/26/2021 EUR 67.150
Raiffeisen Schweiz 5.000 09/10/2020 CHF 52.920
Landesbank Baden-Wu 2.150 12/23/2022 EUR 68.150
Landesbank Baden-Wu 3.000 12/23/2022 EUR 56.510
DekaBank Deutsche G 3.700 10/02/2020 EUR 54.790
DekaBank Deutsche G 3.150 10/02/2020 EUR 41.510
DekaBank Deutsche G 3.300 10/04/2021 EUR 65.390
DekaBank Deutsche G 3.100 12/21/2020 EUR 65.330
Societe Generale SA 7.000 10/20/2020 USD 0.010
Bayerische Landesba 3.300 07/03/2020 EUR 69.200
Landesbank Hessen-T 3.400 8/13/2020 EUR 60.100
Landesbank Hessen-T 3.350 8/13/2020 EUR 63.500
Landesbank Hessen-T 3.800 8/13/2020 EUR 67.000
Landesbank Hessen-T 2.500 8/13/2020 EUR 62.000
Bayerische Landesba 2.600 07/03/2020 EUR 62.230
Landesbank Baden-Wu 2.300 2/26/2021 EUR 68.290
Landesbank Hessen-T 3.100 8/13/2020 EUR 30.800
DekaBank Deutsche G 2.400 10/09/2020 EUR 54.750
Landesbank Hessen-T 4.000 2/17/2021 EUR 31.530
EFG International F 7.000 10/12/2020 EUR 48.370
Corner Banca SA 9.000 10/06/2020 CHF 48.600
UniCredit Bank AG 4.050 10/24/2021 EUR 54.330
Leonteq Securities 5.200 10/06/2020 CHF 58.940
Landesbank Hessen-T 3.000 08/06/2021 EUR 34.400
Leonteq Securities 7.400 10/12/2020 CHF 63.910
Leonteq Securities 6.000 10/12/2020 CHF 58.760
Credit Suisse AG/Lo 7.250 12/28/2020 EUR 44.480
DZ Bank AG Deutsche 6.000 9/23/2020 EUR 67.810
SG Issuer SA 6.700 07/10/2024 EUR 60.390
Landesbank Hessen-T 3.250 8/13/2020 EUR 58.000
DekaBank Deutsche G 2.600 10/09/2020 EUR 72.960
Citigroup Global Ma 5.600 9/15/2022 SEK 55.540
DekaBank Deutsche G 3.250 10/09/2020 EUR 64.190
Landesbank Hessen-T 4.000 2/17/2021 EUR 61.240
Landesbank Hessen-T 1.550 10/27/2020 EUR 52.180
EFG International F 7.000 10/12/2020 CHF 63.500
EFG International F 7.000 10/12/2020 CHF 49.410
UniCredit Bank AG 3.900 10/24/2021 EUR 37.680
Landesbank Hessen-T 3.350 08/06/2021 EUR 49.500
Landesbank Baden-Wu 2.750 9/23/2022 EUR 56.620
DekaBank Deutsche G 1.000 11/02/2021 EUR 50.220
Skandinaviska Enski 4.000 7/15/2022 SEK 76.310
Landesbank Baden-Wu 2.150 7/24/2020 EUR 67.380
Leonteq Securities 10.800 9/28/2020 CHF 67.020
Leonteq Securities 6.400 6/28/2021 CHF 63.980
Raiffeisen Schweiz 7.000 9/28/2020 EUR 69.240
Leonteq Securities 10.000 9/28/2020 USD 49.980
Raiffeisen Schweiz 6.100 6/28/2021 CHF 63.690
Vontobel Financial 7.000 6/26/2020 EUR 55.630
Vontobel Financial 9.000 6/26/2020 EUR 55.760
Vontobel Financial 10.500 6/26/2020 EUR 52.440
Vontobel Financial 10.500 6/26/2020 EUR 51.010
Vontobel Financial 8.000 6/26/2020 EUR 70.390
Vontobel Financial 8.500 6/26/2020 EUR 37.580
Vontobel Financial 11.500 6/26/2020 EUR 51.410
Raiffeisen Schweiz 6.000 07/01/2022 CHF 71.290
Credit Suisse AG/Lo 8.000 9/25/2020 CHF 69.320
Credit Suisse AG/Lo 7.000 10/01/2020 CHF 65.190
UniCredit Bank AG 4.400 01/09/2021 EUR 54.990
DZ Bank AG Deutsche 7.500 9/23/2020 EUR 59.910
DZ Bank AG Deutsche 8.750 9/23/2020 EUR 53.730
DZ Bank AG Deutsche 12.000 6/24/2020 EUR 67.060
DZ Bank AG Deutsche 6.250 9/23/2020 EUR 71.030
UniCredit Bank AG 4.000 12/07/2020 EUR 46.850
Landesbank Baden-Wu 6.000 8/27/2021 EUR 69.150
Landesbank Baden-Wu 4.750 8/27/2021 EUR 66.310
Landesbank Baden-Wu 6.250 8/27/2021 EUR 63.770
Landesbank Baden-Wu 3.500 8/27/2021 EUR 64.660
Landesbank Baden-Wu 6.500 8/27/2021 EUR 66.970
Landesbank Baden-Wu 8.000 8/27/2021 EUR 65.600
Landesbank Baden-Wu 4.500 8/27/2021 EUR 70.230
Landesbank Baden-Wu 5.000 8/27/2021 EUR 57.140
Landesbank Baden-Wu 5.750 8/27/2021 EUR 55.410
Landesbank Baden-Wu 2.500 8/27/2021 EUR 67.230
Landesbank Baden-Wu 4.250 8/27/2021 EUR 70.400
Landesbank Baden-Wu 7.500 8/27/2021 EUR 64.700
Landesbank Baden-Wu 3.250 8/27/2021 EUR 64.620
Landesbank Baden-Wu 7.250 8/27/2021 EUR 64.690
Landesbank Baden-Wu 3.500 8/27/2021 EUR 71.320
Landesbank Baden-Wu 4.500 8/27/2021 EUR 64.500
Landesbank Baden-Wu 8.750 8/27/2021 EUR 60.060
Vontobel Financial 10.000 06/12/2020 EUR 36.030
Zurcher Kantonalban 5.000 07/02/2021 CHF 73.660
Vontobel Financial 6.000 06/12/2020 EUR 71.080
Vontobel Financial 8.500 06/12/2020 EUR 66.080
Vontobel Financial 12.500 09/11/2020 EUR 59.030
Vontobel Financial 13.000 09/11/2020 EUR 66.000
UBS AG/London 7.500 01/04/2021 CHF 73.800
UBS AG/London 6.750 07/05/2021 CHF 52.100
UBS AG/London 14.000 07/06/2021 USD 54.080
Banque Cantonale Va 6.800 6/28/2021 CHF 52.820
SAir Group 5.125 03/01/2003 CHF 12.500
Erste Group Bank AG 4.750 12/20/2021 EUR 58.050
Leonteq Securities 8.000 12/08/2020 CHF 53.520
Landesbank Baden-Wu 2.050 1/28/2022 EUR 61.660
Corner Banca SA 8.200 6/15/2020 CHF 52.500
Leonteq Securities 7.400 12/15/2020 CHF 66.530
Leonteq Securities 7.000 12/15/2020 CHF 64.000
UniCredit Bank AG 4.200 12/08/2021 EUR 37.670
Leonteq Securities 7.400 12/15/2020 CHF 61.800
DekaBank Deutsche G 2.300 01/08/2021 EUR 45.920
Leonteq Securities 4.000 12/29/2020 CHF 29.840
Landesbank Hessen-T 3.300 6/15/2020 EUR 66.600
UBS AG/London 7.000 6/15/2020 CHF 44.200
Landesbank Hessen-T 8.000 01/05/2023 EUR 59.330
Leonteq Securities 8.000 12/22/2020 CHF 55.040
EFG International F 7.200 12/29/2020 EUR 44.970
DekaBank Deutsche G 3.050 11/20/2020 EUR 44.410
Vontobel Financial 4.500 12/30/2020 EUR 52.680
DekaBank Deutsche G 3.800 12/18/2020 EUR 40.910
UniCredit Bank AG 5.200 1/14/2021 USD 43.780
Landesbank Hessen-T 6.100 11/17/2020 EUR 49.970
Landesbank Baden-Wu 2.750 11/25/2022 EUR 54.740
UBS AG/London 5.250 06/01/2020 USD 55.800
Landesbank Baden-Wu 2.400 1/28/2022 EUR 63.810
DekaBank Deutsche G 2.200 11/20/2020 EUR 56.620
Leonteq Securities 9.800 06/12/2020 CHF 32.730
DekaBank Deutsche G 3.000 12/29/2022 EUR 53.320
BNP Paribas Issuanc 6.400 01/05/2024 SEK 71.790
EFG International F 7.400 12/21/2020 USD 44.570
DekaBank Deutsche G 2.150 01/04/2021 EUR 72.290
Zurcher Kantonalban 5.000 12/14/2020 EUR 54.850
EFG International F 7.200 11/16/2020 CHF 62.820
EFG International F 6.400 11/16/2020 CHF 56.050
UBS AG/London 8.000 06/08/2020 CHF 52.850
DekaBank Deutsche G 2.900 01/04/2021 EUR 48.270
DekaBank Deutsche G 2.100 01/04/2021 EUR 38.660
Skandinaviska Enski 4.744 1/17/2023 SEK 48.730
Leonteq Securities 6.800 12/15/2020 CHF 53.670
Landesbank Hessen-T 4.000 12/08/2021 EUR 51.770
Landesbank Baden-Wu 2.000 2/25/2022 EUR 62.070
Bayerische Landesba 2.000 12/11/2020 EUR 68.640
UniCredit Bank AG 4.200 01/04/2021 EUR 42.290
Landesbank Baden-Wu 2.700 10/28/2022 EUR 55.390
DekaBank Deutsche G 4.050 07/03/2020 EUR 60.810
Landesbank Baden-Wu 3.000 9/25/2020 EUR 59.350
EFG International F 7.400 12/21/2020 CHF 51.670
Landesbank Baden-Wu 2.900 11/26/2021 EUR 61.630
Skandinaviska Enski 8.600 1/17/2023 SEK 36.250
UniCredit Bank AG 4.400 12/10/2022 EUR 43.290
EFG International F 7.000 11/16/2020 EUR 46.180
Leonteq Securities 7.000 12/15/2020 EUR 61.140
Landesbank Hessen-T 4.000 12/08/2021 EUR 72.940
Landesbank Baden-Wu 2.200 2/25/2022 EUR 62.980
Landesbank Baden-Wu 2.500 1/28/2022 EUR 70.610
Landesbank Baden-Wu 3.200 12/29/2020 EUR 50.890
UniCredit Bank AG 3.300 12/29/2022 EUR 60.150
Landesbank Hessen-T 4.000 01/05/2022 EUR 36.380
UniCredit Bank AG 3.600 09/03/2020 EUR 51.000
Landesbank Hessen-T 5.000 04/05/2023 EUR 73.650
Landesbank Hessen-T 5.400 04/05/2023 EUR 57.510
UBS AG/London 5.500 06/08/2020 EUR 70.150
DekaBank Deutsche G 2.800 01/04/2021 EUR 52.560
Zurcher Kantonalban 4.500 12/07/2020 CHF 61.810
Landesbank Baden-Wu 3.300 12/29/2020 EUR 65.390
Landesbank Baden-Wu 3.750 12/29/2020 EUR 50.190
UniCredit Bank AG 3.800 12/29/2022 EUR 51.530
DekaBank Deutsche G 5.150 07/03/2020 EUR 47.950
DekaBank Deutsche G 6.300 07/03/2020 EUR 30.840
Leonteq Securities 7.000 12/08/2021 CHF 69.250
Leonteq Securities 8.000 12/08/2020 CHF 55.320
Leonteq Securities 7.200 12/08/2020 USD 42.050
Landesbank Hessen-T 3.500 01/05/2022 EUR 68.790
Landesbank Hessen-T 3.500 01/05/2022 EUR 44.360
DekaBank Deutsche G 2.450 11/20/2020 EUR 69.690
DekaBank Deutsche G 3.000 11/22/2021 EUR 70.480
Landesbank Baden-Wu 3.000 7/24/2020 EUR 57.790
Leonteq Securities 6.800 12/13/2021 CHF 71.070
UBS AG/London 5.000 11/02/2020 CHF 63.700
Landesbank Hessen-T 3.000 09/06/2021 EUR 72.800
HSBC Trinkaus & Bur 5.200 6/26/2020 EUR 41.130
HSBC Trinkaus & Bur 7.000 6/26/2020 EUR 33.680
DekaBank Deutsche G 3.100 12/03/2021 EUR 46.070
Landesbank Baden-Wu 3.000 10/23/2020 EUR 51.370
Landesbank Baden-Wu 3.000 10/23/2020 EUR 68.980
Landesbank Baden-Wu 3.000 10/23/2020 EUR 60.900
Landesbank Baden-Wu 2.500 10/23/2020 EUR 69.560
Landesbank Baden-Wu 3.000 10/23/2020 EUR 72.510
Landesbank Baden-Wu 3.000 10/23/2020 EUR 57.650
Landesbank Baden-Wu 5.000 10/23/2020 EUR 31.860
Landesbank Baden-Wu 4.750 8/28/2020 EUR 72.400
Landesbank Baden-Wu 3.000 10/23/2020 EUR 57.680
Landesbank Baden-Wu 3.000 10/23/2020 EUR 51.230
Landesbank Baden-Wu 3.000 10/23/2020 EUR 68.910
Landesbank Baden-Wu 3.500 7/23/2021 EUR 64.620
UBS AG/London 6.000 10/26/2020 EUR 53.400
Bayerische Landesba 2.500 12/03/2021 EUR 56.660
UniCredit Bank AG 5.350 11/27/2020 EUR 59.030
Landesbank Baden-Wu 5.000 10/23/2020 EUR 66.040
Landesbank Baden-Wu 3.000 7/23/2021 EUR 60.370
Landesbank Baden-Wu 3.800 8/28/2020 EUR 59.670
Landesbank Baden-Wu 5.500 8/28/2020 EUR 47.710
Landesbank Baden-Wu 5.500 10/23/2020 EUR 73.000
Landesbank Baden-Wu 3.000 10/23/2020 EUR 57.550
Landesbank Baden-Wu 3.000 10/23/2020 EUR 69.870
Landesbank Baden-Wu 7.000 10/23/2020 EUR 57.330
UBS AG/London 6.000 11/02/2020 CHF 57.300
DZ Bank AG Deutsche 6.000 9/23/2020 EUR 71.330
UniCredit Bank AG 8.100 6/25/2021 EUR 71.520
UniCredit Bank AG 10.700 6/25/2021 EUR 55.430
UniCredit Bank AG 10.600 6/25/2021 EUR 62.650
UniCredit Bank AG 7.500 6/25/2021 EUR 71.720
UniCredit Bank AG 8.200 6/25/2021 EUR 70.880
UniCredit Bank AG 8.600 6/25/2021 EUR 71.970
UniCredit Bank AG 9.900 6/25/2021 EUR 63.480
UniCredit Bank AG 11.100 6/25/2021 EUR 70.360
UniCredit Bank AG 8.600 12/24/2021 EUR 70.840
UniCredit Bank AG 7.100 12/24/2021 EUR 72.650
UniCredit Bank AG 9.600 6/25/2021 EUR 56.530
UniCredit Bank AG 5.100 6/25/2021 EUR 50.190
UniCredit Bank AG 8.600 6/25/2021 EUR 60.020
UniCredit Bank AG 9.400 6/25/2021 EUR 64.180
Leonteq Securities 7.400 10/13/2020 CHF 62.960
UniCredit Bank AG 9.700 6/25/2021 EUR 73.420
UniCredit Bank AG 10.900 6/25/2021 EUR 59.350
UniCredit Bank AG 12.300 6/25/2021 EUR 61.820
UniCredit Bank AG 7.300 12/24/2021 EUR 73.340
UniCredit Bank AG 9.500 12/24/2021 EUR 61.860
UniCredit Bank AG 11.400 12/24/2021 EUR 61.310
UniCredit Bank AG 10.200 6/25/2021 EUR 57.280
UniCredit Bank AG 11.300 6/25/2021 EUR 56.460
UniCredit Bank AG 7.100 6/25/2021 EUR 63.200
UniCredit Bank AG 7.000 6/25/2021 EUR 48.320
UniCredit Bank AG 8.500 6/25/2021 EUR 70.580
UniCredit Bank AG 9.800 12/28/2020 EUR 58.700
UniCredit Bank AG 12.300 12/28/2020 EUR 54.850
UniCredit Bank AG 14.400 12/28/2020 EUR 51.240
DZ Bank AG Deutsche 5.250 7/22/2020 EUR 44.670
Landesbank Hessen-T 5.000 9/22/2023 EUR 70.960
Landesbank Hessen-T 5.900 9/22/2023 EUR 63.770
DZ Bank AG Deutsche 6.000 9/23/2020 EUR 64.120
UniCredit Bank AG 7.800 6/25/2021 EUR 56.990
Landesbank Baden-Wu 2.100 6/25/2021 EUR 69.630
UniCredit Bank AG 6.000 6/25/2021 EUR 49.120
DekaBank Deutsche G 2.250 6/18/2021 EUR 62.430
UniCredit Bank AG 10.700 6/25/2021 EUR 64.890
UniCredit Bank AG 9.600 6/25/2021 EUR 69.630
UniCredit Bank AG 8.700 12/24/2021 EUR 59.870
UniCredit Bank AG 6.500 12/24/2021 EUR 55.910
UniCredit Bank AG 7.700 12/24/2021 EUR 63.050
UniCredit Bank AG 5.200 6/25/2021 EUR 64.780
UniCredit Bank AG 8.000 6/25/2021 EUR 59.410
UniCredit Bank AG 6.400 6/25/2021 EUR 58.380
UniCredit Bank AG 9.300 6/25/2021 EUR 55.970
DZ Bank AG Deutsche 6.500 6/24/2020 EUR 47.430
DZ Bank AG Deutsche 9.250 9/23/2020 EUR 62.230
Landesbank Hessen-T 4.750 05/11/2023 EUR 49.810
Landesbank Hessen-T 6.500 05/11/2023 EUR 59.600
UniCredit Bank AG 10.300 6/25/2021 EUR 57.660
UniCredit Bank AG 10.100 6/25/2021 EUR 46.880
UniCredit Bank AG 9.000 6/25/2021 EUR 47.160
UniCredit Bank AG 8.200 6/25/2021 EUR 65.940
UniCredit Bank AG 8.000 6/25/2021 EUR 62.060
UniCredit Bank AG 10.500 6/25/2021 EUR 69.250
UniCredit Bank AG 12.500 6/25/2021 EUR 67.100
UniCredit Bank AG 5.500 6/25/2021 EUR 64.710
UniCredit Bank AG 14.600 6/25/2021 EUR 60.480
UniCredit Bank AG 11.300 6/25/2021 EUR 55.530
UniCredit Bank AG 5.200 12/24/2021 EUR 66.010
UniCredit Bank AG 9.800 12/24/2021 EUR 71.180
UniCredit Bank AG 9.400 6/25/2021 EUR 49.660
UniCredit Bank AG 6.000 6/25/2021 EUR 62.580
UniCredit Bank AG 10.700 6/25/2021 EUR 48.440
Leonteq Securities 3.000 07/04/2024 CHF 73.150
UniCredit Bank AG 11.800 6/25/2021 EUR 54.520
UniCredit Bank AG 11.900 6/25/2021 EUR 55.800
DekaBank Deutsche G 2.800 6/19/2020 EUR 43.250
UniCredit Bank AG 6.200 12/24/2021 EUR 62.710
UniCredit Bank AG 7.300 6/25/2021 EUR 72.310
UniCredit Bank AG 10.600 6/25/2021 EUR 74.490
UniCredit Bank AG 12.000 6/25/2021 EUR 47.540
UniCredit Bank AG 6.500 6/25/2021 EUR 61.480
UniCredit Bank AG 7.500 6/25/2021 EUR 59.530
UniCredit Bank AG 11.800 6/25/2021 EUR 61.320
UniCredit Bank AG 14.000 6/25/2021 EUR 69.420
UniCredit Bank AG 7.600 6/25/2021 EUR 70.760
UniCredit Bank AG 7.000 6/25/2021 EUR 67.910
Societe Generale Ef 10.500 6/26/2020 EUR 70.200
Skandinaviska Enski 7.800 7/15/2024 SEK 27.730
Skandinaviska Enski 6.500 7/15/2024 SEK 43.470
Credit Suisse AG/Lo 7.000 10/09/2020 CHF 70.370
Landesbank Baden-Wu 3.750 4/23/2021 EUR 63.840
UniCredit Bank AG 6.100 12/24/2021 EUR 64.130
UniCredit Bank AG 7.300 12/24/2021 EUR 71.760
UniCredit Bank AG 6.400 12/24/2021 EUR 73.760
Leonteq Securities 6.800 05/11/2021 EUR 60.670
UniCredit Bank AG 8.300 12/29/2020 EUR 44.050
UniCredit Bank AG 8.500 12/29/2020 EUR 57.040
UniCredit Bank AG 6.200 12/29/2020 EUR 66.020
UniCredit Bank AG 7.400 12/29/2020 EUR 45.390
UniCredit Bank AG 9.300 12/29/2020 EUR 49.220
UniCredit Bank AG 7.000 12/29/2020 EUR 55.870
UniCredit Bank AG 9.200 12/29/2020 EUR 51.470
UniCredit Bank AG 9.200 12/29/2020 EUR 55.850
UniCredit Bank AG 9.400 12/29/2020 EUR 42.560
UniCredit Bank AG 7.600 12/29/2020 EUR 45.960
UniCredit Bank AG 7.300 12/29/2020 EUR 47.690
UniCredit Bank AG 9.800 12/29/2020 EUR 63.760
UniCredit Bank AG 7.900 12/29/2020 EUR 67.840
UniCredit Bank AG 7.100 12/29/2020 EUR 55.560
UniCredit Bank AG 7.400 12/29/2020 EUR 72.450
UniCredit Bank AG 8.400 12/29/2020 EUR 74.410
UniCredit Bank AG 6.700 12/29/2020 EUR 25.400
UniCredit Bank AG 6.500 12/29/2020 EUR 56.490
UniCredit Bank AG 7.900 12/29/2020 EUR 75.410
UniCredit Bank AG 9.800 12/29/2020 EUR 57.970
UniCredit Bank AG 8.500 12/29/2020 EUR 43.460
UniCredit Bank AG 9.500 12/29/2020 EUR 37.570
UniCredit Bank AG 8.400 12/29/2020 EUR 33.980
UniCredit Bank AG 11.500 12/29/2020 EUR 47.800
UniCredit Bank AG 8.100 12/29/2020 EUR 47.490
UniCredit Bank AG 10.000 12/29/2020 EUR 25.230
UniCredit Bank AG 8.100 12/29/2020 EUR 51.690
UniCredit Bank AG 6.600 12/29/2020 EUR 54.900
UniCredit Bank AG 8.400 12/29/2020 EUR 17.510
UniCredit Bank AG 8.900 12/29/2020 EUR 17.380
UniCredit Bank AG 9.200 12/29/2020 EUR 74.290
UniCredit Bank AG 7.300 12/29/2020 EUR 41.930
UniCredit Bank AG 6.700 12/29/2020 EUR 74.210
UniCredit Bank AG 10.500 12/29/2020 EUR 70.610
UniCredit Bank AG 6.600 12/29/2020 EUR 42.920
UniCredit Bank AG 6.600 12/29/2020 EUR 47.410
UniCredit Bank AG 7.400 12/29/2020 EUR 68.380
UniCredit Bank AG 6.700 12/29/2020 EUR 52.830
UniCredit Bank AG 9.300 12/29/2020 EUR 61.380
UniCredit Bank AG 6.800 12/29/2020 EUR 70.110
UniCredit Bank AG 8.300 12/29/2020 EUR 43.900
UniCredit Bank AG 8.600 12/29/2020 EUR 63.440
UniCredit Bank AG 9.300 12/29/2020 EUR 26.990
UniCredit Bank AG 10.500 12/29/2020 EUR 27.330
UniCredit Bank AG 7.000 12/29/2020 EUR 35.260
UniCredit Bank AG 8.400 12/29/2020 EUR 27.670
UniCredit Bank AG 7.400 12/29/2020 EUR 67.450
UniCredit Bank AG 8.800 12/29/2020 EUR 63.380
UniCredit Bank AG 10.200 12/29/2020 EUR 48.450
UniCredit Bank AG 8.800 12/29/2020 EUR 49.460
UniCredit Bank AG 9.400 12/29/2020 EUR 58.890
UniCredit Bank AG 7.600 12/29/2020 EUR 29.910
UniCredit Bank AG 9.200 12/29/2020 EUR 28.350
UniCredit Bank AG 8.000 12/29/2020 EUR 34.100
UniCredit Bank AG 8.500 12/29/2020 EUR 29.170
UniCredit Bank AG 6.400 12/29/2020 EUR 70.990
UniCredit Bank AG 7.500 12/29/2020 EUR 41.220
UniCredit Bank AG 9.600 12/29/2020 EUR 69.340
UniCredit Bank AG 8.300 12/29/2020 EUR 40.080
UniCredit Bank AG 7.800 12/29/2020 EUR 34.090
UniCredit Bank AG 8.700 12/29/2020 EUR 28.590
UniCredit Bank AG 10.600 12/29/2020 EUR 55.670
UniCredit Bank AG 8.400 12/29/2020 EUR 64.100
UniCredit Bank AG 10.800 12/29/2020 EUR 31.620
UniCredit Bank AG 8.000 12/29/2020 EUR 27.630
UniCredit Bank AG 8.100 12/29/2020 EUR 27.390
UniCredit Bank AG 9.200 12/29/2020 EUR 28.640
UniCredit Bank AG 6.100 12/29/2020 EUR 28.950
Raiffeisen Centroba 7.200 6/19/2020 EUR 46.030
UniCredit Bank AG 3.250 06/04/2021 EUR 60.430
UniCredit Bank AG 3.350 6/14/2022 EUR 69.980
UniCredit Bank AG 4.200 06/07/2021 EUR 61.640
Landesbank Baden-Wu 3.000 8/25/2023 EUR 59.480
Vontobel Financial 9.000 06/05/2020 EUR 28.180
DekaBank Deutsche G 2.200 4/16/2021 EUR 49.000
Landesbank Baden-Wu 4.400 6/24/2022 EUR 63.960
EFG International F 6.600 06/01/2021 CHF 61.240
UniCredit Bank AG 4.000 06/11/2020 EUR 36.880
Raiffeisen Schweiz 5.300 11/23/2020 CHF 41.780
Leonteq Securities 5.500 5/25/2021 CHF 44.290
Landesbank Baden-Wu 3.000 6/23/2023 EUR 62.900
Leonteq Securities 7.800 5/14/2021 CHF 22.040
DekaBank Deutsche G 3.500 8/14/2020 EUR 49.190
UniCredit Bank AG 7.700 12/29/2020 EUR 67.880
UniCredit Bank AG 8.200 12/29/2020 EUR 66.310
UniCredit Bank AG 7.600 12/29/2020 EUR 70.930
UniCredit Bank AG 10.200 12/29/2020 EUR 54.130
UniCredit Bank AG 8.800 12/29/2020 EUR 59.480
UniCredit Bank AG 8.600 12/29/2020 EUR 52.810
UniCredit Bank AG 8.500 12/29/2020 EUR 35.650
UniCredit Bank AG 6.200 12/29/2020 EUR 65.820
UniCredit Bank AG 7.400 12/29/2020 EUR 67.860
UniCredit Bank AG 7.200 12/29/2020 EUR 71.680
UniCredit Bank AG 7.200 12/29/2020 EUR 51.680
UniCredit Bank AG 9.300 12/29/2020 EUR 38.130
UniCredit Bank AG 6.900 12/29/2020 EUR 68.480
UniCredit Bank AG 7.500 12/29/2020 EUR 53.140
UniCredit Bank AG 6.600 12/29/2020 EUR 35.760
UniCredit Bank AG 7.000 12/29/2020 EUR 64.370
UniCredit Bank AG 6.100 12/29/2020 EUR 70.730
UniCredit Bank AG 7.300 12/29/2020 EUR 53.610
UniCredit Bank AG 3.800 10/24/2021 EUR 75.050
DekaBank Deutsche G 2.600 8/14/2020 EUR 71.270
UniCredit Bank AG 6.200 12/29/2020 EUR 38.190
UniCredit Bank AG 7.000 12/29/2020 EUR 53.010
UniCredit Bank AG 6.300 12/29/2020 EUR 63.550
UniCredit Bank AG 8.400 12/29/2020 EUR 41.470
UniCredit Bank AG 9.000 12/29/2020 EUR 63.760
UniCredit Bank AG 8.200 12/29/2020 EUR 60.490
UniCredit Bank AG 6.800 12/29/2020 EUR 40.400
UniCredit Bank AG 8.700 12/29/2020 EUR 76.030
UniCredit Bank AG 7.900 12/29/2020 EUR 50.450
UniCredit Bank AG 6.300 12/29/2020 EUR 50.220
UniCredit Bank AG 10.100 12/29/2020 EUR 42.790
UniCredit Bank AG 7.100 12/29/2020 EUR 45.370
UniCredit Bank AG 8.100 12/29/2020 EUR 44.890
UniCredit Bank AG 9.200 12/29/2020 EUR 69.660
UniCredit Bank AG 7.600 12/29/2020 EUR 22.330
UniCredit Bank AG 7.300 12/29/2020 EUR 65.340
UniCredit Bank AG 6.900 12/29/2020 EUR 41.280
UniCredit Bank AG 10.800 12/29/2020 EUR 66.950
UniCredit Bank AG 7.000 12/29/2020 EUR 71.210
UniCredit Bank AG 8.800 12/29/2020 EUR 38.550
UniCredit Bank AG 11.000 12/29/2020 EUR 48.620
UniCredit Bank AG 7.000 12/29/2020 EUR 69.950
UniCredit Bank AG 8.200 12/29/2020 EUR 67.870
UniCredit Bank AG 8.100 12/29/2020 EUR 53.030
UniCredit Bank AG 9.200 12/29/2020 EUR 45.610
UniCredit Bank AG 9.300 12/29/2020 EUR 25.510
UniCredit Bank AG 4.000 06/07/2022 EUR 38.170
UniCredit Bank AG 3.700 06/04/2022 EUR 74.810
Bank Julius Baer & 10.000 07/08/2020 EUR 50.050
Raiffeisen Schweiz 4.500 07/05/2021 CHF 35.720
DZ Bank AG Deutsche 6.700 9/21/2020 EUR 71.160
DekaBank Deutsche G 3.000 7/24/2020 EUR 61.510
DZ Bank AG Deutsche 10.500 6/22/2020 EUR 70.050
DZ Bank AG Deutsche 10.000 9/21/2020 EUR 68.550
DZ Bank AG Deutsche 5.250 9/21/2020 EUR 66.520
Zurcher Kantonalban 6.750 7/16/2021 CHF 66.000
UniCredit Bank AG 7.000 12/29/2020 EUR 41.470
UniCredit Bank AG 7.500 12/29/2020 EUR 42.610
UniCredit Bank AG 6.200 12/29/2020 EUR 57.390
UniCredit Bank AG 6.100 12/29/2020 EUR 41.580
UniCredit Bank AG 6.500 12/29/2020 EUR 56.050
UniCredit Bank AG 8.700 12/29/2020 EUR 39.040
UniCredit Bank AG 10.500 12/29/2020 EUR 48.460
UniCredit Bank AG 7.500 12/29/2020 EUR 54.150
UniCredit Bank AG 6.700 12/29/2020 EUR 67.240
UniCredit Bank AG 11.800 12/29/2020 EUR 33.480
Leonteq Securities 5.600 5/25/2021 CHF 24.700
Vontobel Financial 11.500 6/26/2020 EUR 63.400
Vontobel Financial 9.500 6/26/2020 EUR 68.610
Vontobel Financial 9.500 6/26/2020 EUR 60.820
Vontobel Financial 10.500 6/26/2020 EUR 52.850
Vontobel Financial 14.000 6/26/2020 EUR 60.160
DZ Bank AG Deutsche 8.250 6/22/2020 EUR 65.050
Zurcher Kantonalban 6.500 7/16/2021 EUR 62.500
UniCredit Bank AG 4.000 10/30/2021 EUR 62.450
DZ Bank AG Deutsche 12.200 6/22/2020 EUR 65.770
EFG International F 7.600 10/11/2021 CHF 64.750
Landesbank Baden-Wu 3.000 3/25/2022 EUR 59.450
UBS AG/London 6.750 11/17/2020 CHF 56.700
Leonteq Securities 3.250 5/18/2021 CHF 62.540
DZ Bank AG Deutsche 7.250 6/22/2020 EUR 65.300
Bayerische Landesba 2.500 6/18/2021 EUR 63.570
DZ Bank AG Deutsche 9.250 9/21/2020 EUR 62.270
Zurcher Kantonalban 5.250 7/16/2021 CHF 66.990
Bayerische Landesba 3.000 11/05/2021 EUR 61.810
UniCredit Bank AG 8.900 6/26/2020 EUR 67.300
UniCredit Bank AG 9.000 6/26/2020 EUR 70.580
UniCredit Bank AG 12.600 6/26/2020 EUR 64.350
UniCredit Bank AG 10.300 6/26/2020 EUR 67.760
Landesbank Hessen-T 2.500 5/20/2021 EUR 58.800
Landesbank Baden-Wu 3.500 6/25/2021 EUR 59.450
Bayerische Landesba 2.800 06/05/2020 EUR 70.450
Societe Generale Ef 11.750 6/26/2020 EUR 69.440
Societe Generale Ef 7.750 6/26/2020 EUR 55.980
Societe Generale Ef 5.500 6/26/2020 EUR 69.650
Societe Generale Ef 7.500 6/26/2020 EUR 65.870
Commerzbank AG 6.000 05/09/2022 USD 0.160
Societe Generale Ef 4.500 6/26/2020 EUR 45.380
Societe Generale Ef 11.750 6/26/2020 EUR 50.910
Societe Generale Ef 4.500 6/26/2020 EUR 72.040
Societe Generale Ef 6.500 6/26/2020 EUR 67.610
Societe Generale Ef 10.500 6/26/2020 EUR 64.340
Societe Generale Ef 3.750 6/26/2020 EUR 64.680
Societe Generale Ef 5.750 6/26/2020 EUR 59.550
Landesbank Hessen-T 6.000 03/10/2023 EUR 66.880
UBS AG/London 6.500 07/12/2021 EUR 52.500
EFG International F 10.000 7/15/2020 CHF 55.690
UniCredit Bank AG 9.800 6/25/2021 EUR 57.120
UniCredit Bank AG 4.000 7/31/2020 EUR 54.170
Societe Generale Ef 11.500 6/26/2020 EUR 72.170
Societe Generale Ef 9.750 6/26/2020 EUR 53.100
BNP Paribas Issuanc 5.000 06/12/2023 SEK 68.580
Societe Generale Ef 11.250 6/26/2020 EUR 69.110
Societe Generale Ef 9.500 6/26/2020 EUR 62.900
Landesbank Hessen-T 8.200 06/09/2022 EUR 54.020
Societe Generale Ef 5.250 6/26/2020 EUR 68.970
Societe Generale Ef 14.000 6/26/2020 EUR 61.370
Societe Generale Ef 5.250 6/26/2020 EUR 74.410
Societe Generale Ef 4.500 6/26/2020 EUR 59.960
Societe Generale Ef 6.500 6/26/2020 EUR 50.670
Societe Generale Ef 7.500 6/26/2020 EUR 49.210
Societe Generale Ef 9.500 6/26/2020 EUR 46.770
Societe Generale Ef 12.750 6/26/2020 EUR 46.630
Societe Generale Ef 8.500 6/26/2020 EUR 60.150
Societe Generale Ef 12.500 6/26/2020 EUR 60.640
Bayerische Landesba 3.200 11/20/2020 EUR 62.480
Societe Generale Ef 7.250 6/26/2020 EUR 63.320
Societe Generale Ef 6.500 6/26/2020 EUR 56.020
Societe Generale Ef 8.500 6/26/2020 EUR 53.200
Societe Generale Ef 14.750 6/26/2020 EUR 44.010
Societe Generale Ef 10.000 6/26/2020 EUR 71.240
Societe Generale Ef 9.250 6/26/2020 EUR 72.740
Societe Generale Ef 8.500 6/26/2020 EUR 64.310
Skandinaviska Enski 8.300 7/17/2023 SEK 40.680
Landesbank Hessen-T 3.150 05/11/2022 EUR 54.730
UBS AG/London 8.500 07/10/2020 CHF 70.950
UBS AG/London 11.000 07/10/2020 CHF 52.750
Landesbank Baden-Wu 2.900 12/29/2020 EUR 64.850
Landesbank Baden-Wu 2.400 12/29/2020 EUR 72.100
DekaBank Deutsche G 4.250 11/09/2020 EUR 62.760
UBS AG/London 6.250 06/02/2020 CHF 71.350
UBS AG/London 7.000 06/02/2020 CHF 36.300
UBS AG/London 7.500 06/01/2020 EUR 72.100
Vontobel Financial 18.000 9/25/2020 EUR 67.260
Vontobel Financial 4.000 6/26/2020 EUR 73.470
Vontobel Financial 11.500 9/25/2020 EUR 53.500
DekaBank Deutsche G 2.200 06/08/2020 EUR 74.200
DekaBank Deutsche G 2.250 06/08/2020 EUR 62.400
UBS AG/London 7.500 07/10/2020 CHF 68.900
Leonteq Securities 10.000 12/07/2020 EUR 52.450
DekaBank Deutsche G 4.250 05/03/2022 EUR 52.520
Landesbank Hessen-T 3.450 09/09/2020 EUR 60.700
UniCredit Bank AG 3.300 06/11/2021 EUR 62.220
Bank Julius Baer & 6.750 7/13/2020 EUR 43.400
Bank Julius Baer & 8.050 7/13/2020 EUR 55.600
Vontobel Financial 18.500 6/26/2020 EUR 57.500
Leonteq Securities 7.400 11/25/2020 CHF 24.400
Raiffeisen Schweiz 3.100 5/28/2021 CHF 67.120
Raiffeisen Centroba 5.500 6/30/2020 EUR 64.630
Landesbank Baden-Wu 2.650 8/26/2022 EUR 67.830
UBS AG/London 6.250 07/12/2021 CHF 64.650
EFG International F 7.000 07/11/2022 CHF 66.990
Landesbank Hessen-T 5.200 08/09/2024 EUR 56.010
UniCredit Bank AG 13.500 6/25/2021 EUR 61.160
UniCredit Bank AG 6.600 12/24/2021 EUR 72.340
UniCredit Bank AG 8.300 12/24/2021 EUR 62.060
UniCredit Bank AG 8.300 12/24/2021 EUR 65.410
Leonteq Securities 7.000 04/09/2021 EUR 70.670
UniCredit Bank AG 8.600 12/24/2021 EUR 62.510
Societe Generale Ef 3.750 5/24/2021 EUR 22.720
UniCredit Bank AG 10.200 12/24/2021 EUR 56.720
UniCredit Bank AG 7.700 12/24/2021 EUR 49.390
UniCredit Bank AG 10.300 12/24/2021 EUR 58.650
Raiffeisen Schweiz 6.250 12/01/2020 CHF 63.490
UniCredit Bank AG 7.000 12/24/2021 EUR 61.530
UniCredit Bank AG 11.100 6/25/2021 EUR 62.590
Societe Generale Ef 10.750 6/26/2020 EUR 66.730
Societe Generale Ef 4.500 6/26/2020 EUR 63.170
UniCredit Bank AG 8.000 12/24/2021 EUR 72.080
UniCredit Bank AG 8.100 12/24/2021 EUR 58.320
Leonteq Securities 5.000 10/13/2020 CHF 46.760
Bayerische Landesba 2.800 12/11/2020 EUR 60.760
UniCredit Bank AG 10.600 12/24/2021 EUR 60.790
UniCredit Bank AG 11.100 6/25/2021 EUR 69.940
UniCredit Bank AG 9.400 12/24/2021 EUR 72.170
Bayerische Landesba 3.000 09/04/2020 EUR 70.320
UniCredit Bank AG 7.200 12/24/2021 EUR 63.020
UniCredit Bank AG 6.500 12/24/2021 EUR 72.520
UniCredit Bank AG 7.900 12/24/2021 EUR 71.790
UniCredit Bank AG 10.500 12/24/2021 EUR 61.610
UniCredit Bank AG 9.300 12/24/2021 EUR 51.530
UniCredit Bank AG 12.300 12/24/2021 EUR 61.090
UniCredit Bank AG 4.630 7/30/2020 EUR 45.430
UniCredit Bank AG 9.500 12/24/2021 EUR 59.210
UniCredit Bank AG 6.900 12/24/2021 EUR 58.960
Raiffeisen Schweiz 5.200 12/01/2020 CHF 53.500
Landesbank Baden-Wu 2.800 6/25/2021 EUR 65.800
Societe Generale Ef 8.750 6/26/2020 EUR 69.960
Societe Generale Ef 12.500 6/26/2020 EUR 53.720
Landesbank Baden-Wu 3.500 6/26/2020 EUR 49.730
Societe Generale Ef 9.500 6/26/2020 EUR 71.830
Societe Generale Ef 15.250 6/26/2020 EUR 50.150
Societe Generale Ef 7.000 6/26/2020 EUR 74.550
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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.
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