/raid1/www/Hosts/bankrupt/TCREUR_Public/210201.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, February 1, 2021, Vol. 22, No. 17
Headlines
A Z E R B A I J A N
AZERENERJI: S&P Alters Outlook to Stable & Affirms 'BB/B' ICRs
F R A N C E
ANDROMEDA INVESTISSEMENTS: Fitch Affirms 'B' IDR, Outlook Stable
ELSAN SAS: S&P Rates New EUR350MM Incremental Sec. Term Loan 'B+'
RAMSAY SANTE: Moody's Completes Review, Retains Ba3 CFR
G E R M A N Y
GALERIA KARSTADT: Leadership Faces Probe Over Insolvency Filing
G R E E C E
DANAOS CORP: S&P Assigns Preliminary 'B+' ICR, Outlook Positive
DANAOS CORPORATION: Moody's Assigns B2 CFR, Outlook Positive
I R E L A N D
JUBILEE 2015-XVI: Moody's Affirms B2 Rating on Class F Notes
I T A L Y
BANCA SELLA: Moody's Completes Review, Retains Ba2 BCA
L U X E M B O U R G
KLEOPATRA FINCO: Moody's Gives B2 Rating on New 2026 Secured Notes
KLEOPATRA FINCO: S&P Assigns 'B' ICR & Rates Secured Notes 'B'
N O R W A Y
NORWEGIAN AIR: Aims to Exit Irish Insolvency Proceedings in April
P O L A N D
PLAY COMMUNICATIONS: Moody's Withdraws Ba3 CFR Amid Acquisition
P O R T U G A L
EDA - ELECTRICIDADE DOS ACORES: Moody's Completes Review
EMPRESA DE ELECTRICIDADE: Moody's Completes Review, Retains 'B1'
S P A I N
CODERE FINANCE 2: S&P Rates EUR250MM Secured Notes 'CCC'
SANTANDER CONSUMO 4: Moody's Gives (P)B3 Rating to Class E Notes
S W E D E N
ASSEMBLIN AB: S&P Affirms 'B' ICR on Acquisition of Fidelix
ASSEMBLIN FINANCING: Fitch Affirms 'B' LT IDR, Outlook Stable
ASSEMBLIN FINANCING: Moody's Affirms B2 CFR & Rates Bond Tap 'B2'
U N I T E D K I N G D O M
ARCADIA GROUP: Boohoo In Exclusive to Talks to Buy Three Brands
GKN: Faces Closure, 519 Jobs at Risk
ITHACA ENERGY: S&P Affirms 'CCC+' ICR, Off Watch Negative
X X X X X X X X
[*] BOND PRICING: For the Week January 25 to January 29, 2021
[*] EUROPE: Move to Keep Businesses Alive May Hit Economic Growth
- - - - -
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A Z E R B A I J A N
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AZERENERJI: S&P Alters Outlook to Stable & Affirms 'BB/B' ICRs
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Azerenerji and State Oil
Company of the Azerbaijan Republic (SOCAR) to stable from negative,
while affirmed its 'BB/B' issuer credit rating (ICR) on Azerenerji
and 'BB-' ICR on SOCAR.
The stable outlook on both companies reflects that on the
sovereign.
(Azerenerji)
S&P said, "The rating action follows the outlook revision to
Azerbaijan, because we think Azerenerji's credit quality is closely
tied to that of the sovereign. We believe there is an extremely
high likelihood that Azerbaijan would provide timely and sufficient
extraordinary state support to the company in the event of
financial distress. This is highlighted by a wide track record of
support to the company (including state guarantees on debt),
capital expenditure (capex) financing, government loans to the
company, and close monitoring of Azerenerji's debt payments by the
government. Therefore, we include four notches of uplift in our
'BB' ICR on the company to reflect this.
"We expect the state will continue to help alleviate pressure on
Azerenerji's liquidity and leverage. At the moment, about 85% of
the company's debt is to the government, and the rest is guaranteed
by the government. The Ministry of Finance has a strong track
record of providing financial support to the company (including
paying debt interest, equity injections, direct low-rate state
borrowing, and tax benefits), and we expect this to continue in
2021. For instance, we understand that the government has budgeted
sufficient funds to cover Azerenerji's debt and interest payments
due in 2021, if needed. We expect the company to avoid any
third-party debt without government guarantees.
"We expect Azerenerji's stand-alone performance to be stable, and
liquidity manageable. We understand that COVID-19 and the recent
conflict between Armenia and Azerbaijan have had no direct
implications for Azerenerji's operations or assets, and the
company's liquidity remains manageable thanks to continuing state
support and monitoring. We don't expect Azerenerji to undertake any
large investments (such as to rebuild electricity infrastructure in
the regions affected by the recent conflict) without government
funding. We understand the state budget for 2021 envisages
Azerbaijani manat 2.2 billion (or about 2.9% of GDP) for financing
reconstruction activities.)"
(SOCAR)
The outlook revision follows a similar rating action to the
sovereign, highlighting the importance of SOCAR to the state and
the latter's strong fiscal and external stocks. S&P said, "We
continue to view SOCAR as one of the government's main assets in
the country's key oil and gas sector. The government fully owns the
company, is heavily involved in its strategy and decision-making,
and has a record of providing sizeable equity and debt funding for
SOCAR's capex. Still, we continue to differentiate between the
ratings on the sovereign and those on the company. Only about 10%
of SOCAR's debt is guaranteed by the government. The company's
day-to-day management is autonomous, and its structure is complex
and difficult to monitor (including international or trading
operations, given the absence of centralized treasury management or
consolidated financial plans). We are also monitoring if the recent
establishment of Azerbaijan Investment Holding in August 2020 to
manage government-related entities will have any implications for
SOCAR, because the list of assets to be transferred to the holding
company and the holding company's role have yet to be clarified."
S&P said, "Our assessment of higher volatility in the oil and gas
exploration and production industry affects our view of SOCAR's
business risk. We think the global energy transition, rising
focus on ESG and stricter policies in many countries increase
product substitution and growth trend risks for the oil and gas
exploration and production industry (for more information, see
"Industry Risk Assessments Update: January 2021," published Jan.
25, 2021, on RatingsDirect). We expect oil and gas price volatility
will continue. SOCAR generates majority part of the business from
its oil and gas exploration, production, and refining operations,
which leaves it exposed to the structural global changes for fossil
fuels.
"Our view on SOCAR's credit quality is unchanged at 'b-', due to
high leverage, negative free operating cash flow (FOCF), and lack
of predictability in the company's trajectory. This balances
higher industry volatility and lower risks stemming from the
ceasefire agreement, as well as our expectation that SOCAR will
maintain manageable liquidity and comfortable interest coverage
metrics. Although SOCAR's investment plans are difficult to
predict, in our base-case scenario, we expect SOCAR's FOCF to be
materially negative in 2020-2022 and estimate that funds from
operations (FFO) to debt will be below 12% unless compensated by
additional government funding. We expect only limited upside from
the recent commissioning of the TAP gas pipeline to Europe because
SOCAR is only a minority shareholder in this value chain, the
ramp-up is likely to be gradual, and most export profits will
accrue to the government and not the company.
"One of the main drivers for our revised industry risk assessment
and the related changes in business risk profiles is the energy
transition. Notably, we see the increasing risks and
uncertainties for oil and gas producers because of governments' and
consumers' concerns and actions on greenhouse gas emissions in
particular. The reassessment of SOCAR's business risk profile
reflects the revised industry risk, in part due to these
environmental risks.
Environmental, social, and governance (ESG) credit factors for
these credit rating changes:
-- Greenhouse gas emissions.
(Azerenerji)
S&P said, "The stable outlook on Azerenerji reflects that on the
sovereign. We see an extremely high likelihood of extraordinary
state support for the company and expect the government will
continue to cofinance Azerenerji's large investment program and
cover any liquidity shortages. In our base-case scenario, we expect
the company will not issue debt with third parties without
government guarantees, and that its structure and current asset
composition will not change."
Downside scenario
S&P said, "If we were to lower our long-term rating on Azerbaijan
one notch, we would likely take a similar rating action on
Azerenerji, all else remaining equal. In addition, we could
downgrade the company if its stand-alone credit profile (SACP)
deteriorates or government support weakens. This could occur, for
example, due to weak liquidity, material weakening of the local
currency leading to higher leverage, new debt without state
guarantees (for example, to fund large capex needs), diminishing
government commitment to support Azerenerji , changes in the
government's mechanisms to monitor the company's finances, or
privatization or negative government intervention affecting
Azerenerji's profitability or leverage. None of these scenarios,
however, is our current base-case scenario. We could also downgrade
the company if the government discontinues supportive measures,
indicating diminishing likelihood of extraordinary government
support."
Upside scenario
S&P said, "We believe rating upside is limited because we already
incorporate substantial uplift for state support, and will likely
continue to differentiate between the rating on Azerenerji and that
on the sovereign even if Azerenerji's stand-alone performance
strengthens by up to four notches. A sovereign upgrade would not
automatically lead us to upgrade Azerenerji."
(SOCAR)
S&P said, "The stable outlook reflects our expectation that SOCAR's
liquidity will remain manageable and the government's willingness
to provide extraordinary and ongoing support remains solid. In our
view, this would require an absence of major delays, cost overruns,
and operating issues at the company's capex projects and core
operations, and no major changes in SOCAR's very strong links with
the government. In our base-case scenario, we expect that the
company's liquidity will remain manageable, its domestic operations
and exports will continue uninterrupted, and S&P Global
Ratings-adjusted FFO to debt will be 9%-12% in 2020-2022."
Downside scenario
S&P could downgrade SOCAR if:
-- S&P downgrades Azerbaijan;
-- The government's ability and willingness to support SOCAR
materially weakens, for example if the government focuses more
resources for social and military purposes rather than cofinancing
the company's new oil and gas projects; or
-- SOCAR's liquidity materially weakens, which could happen if the
local financial system comes under pressure, making a large part of
cash balances effectively unavailable, or if the company loses
access to international bank funding.
Upside scenario
Rating upside could stem from a sovereign upgrade. A positive
rating action based on SOCAR's performance is limited in the next
one-to-two years in our view, given the company's substantial debt
and already material uplift for state support. Beyond then, a
positive rating action could be supported by a material improvement
of the SACP to at least 'bb-' on less aggressive and more
predictable financial policies and improvements in management and
governance practices, including disclosure and reporting.
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F R A N C E
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ANDROMEDA INVESTISSEMENTS: Fitch Affirms 'B' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Andromeda Investissements SAS's
(Andromeda) Long-Term Issuer Default Rating (IDR) at 'B' with a
Stable Outlook. Andromeda is an entity incorporated by funds
advised by CVC to control French insurance broker April SA. The
senior secured debt package, consisting of a term loan B (TLB)
facility, has been assigned a final rating of 'B+' with a Recovery
Rating of 'RR3'.
The affirmation reflects April's 3Q20 operating results that are in
line with Fitch’s expectations, extending a similar performance
in 2019. The company has recently been focusing on stabilising its
shareholding structure, disposing its non-core insurance
subsidiaries, and bolstering April's cash through sale proceeds and
retained excess capital from carved-out insurers.
However, gross funds from operations (FFO) remains high at 7.2x for
2020, and Fitch expects it to be around 7.0x (the threshold for a
downgrade to B-) for the next three years. April's upcoming
decision on the use of a substantial cash amount on its balance
sheet will affect gross leverage and be key to Fitch's assessment
of the company's financial risk.
KEY RATING DRIVERS
Stabilised Ownership Structure: Andromeda stabilised ownership of
April after it bought out minorities and gained 100% shareholding
in 2020, in turn delisting the company from the Paris Stock
Exchange in May. To finance the purchase of certain minority stakes
Andromeda contracted a EUR65 million add-on facility on its TLB
amount, which allowed full access to a EUR100 million revolving
credit facility (RCF), signed at the time of April's LBO in 2019.
Lack of Deleveraging: Fitch estimates April's FFO gross leverage to
have increased to 7.2x in 2020 after the minorities buyout, and to
remain around 7.0x for the next three years. The impaired
deleveraging capacity reflects Fitch’s expectations of volatile
FFO, due to the cessation of dividends from subsidiaries that have
been disposed of, which is only partially compensated by an
increase in EBITDA. April's financial risk is partially mitigated
by the substantial amount of cash on balance sheet, as well as by
free cash flow (FCF) generation, sustained by low capex and working
capital requirements.
Acceleration of Disposals: Most of April's planned disposals have
been completed, with only minor pricing impact from the pandemic,
while agreements have been reached for almost all the remaining
entities including Axéria Prévoyance, April's key insurance
subsidiary. Fitch expects disposals to complete in 2021, yielding
cash proceeds of around EUR70 million in total over 2020 and 2021.
The execution of carve outs has bolstered April's cash position,
strengthened by sale proceeds and by the retention of excess
capital in disposed insurers. Net of term deposits, Fitch estimates
the company ended 2020 with cash of around EUR290 million.
Financial Policy to Stabilise: Since the LBO in 2019, April's
management and shareholders have been focused on the
re-organisation of the ownership structure and operational scope.
Fitch believes that the decision on the utilisation of the
substantial amount of cash on balance sheet, to be taken in 2021,
will be key to assessing April's financial risk. Initiating a path
of gross leverage reduction, via increase in profits or debt
prepayments, is key to stabilising its financial profile in line
with a 'B' rating for its sector.
Performance Resilient to Pandemic: April's portfolio protected the
company from the effects of coronavirus, which only affected new
business during the spring of 2020 lockdowns. Fitch expects gross
margin to be around EUR360 million for 2020, up from EUR340 million
in 2019, and Fitch has revised Fitch’s 2019-2022 CAGR forecast
for gross margin to around 4%, up from about 3% previously. Fitch's
forecasts for commission income are mainly driven by the health and
protection division, intermediating healthcare and mortgage
protection policies, which are currently experiencing strong
momentum in France for growth and insurance profitability.
Improvements in Profitability: Efficient management of operating
expenses, in particular for health and protection and property and
casualty (P&C), fed into EBITDA margin improvements for the company
over 2019 and 2020. Fitch expects Fitch-defined EBITDA, adjusted
for extraordinary expenses, to be close to EUR100 million for 2020,
up from around EUR91 million in 2019. Fitch expects efficiency
improvements to drive modest EBITDA growth for the next two to
three years, and forecast EBITDA CAGR of around 4.5% for 2019-2022,
translating into about 27% of gross margin for 2022.
Supportive Operating Environment: Fitch believes French health
insurers will be able to maintain profitability and continue to
exploit growth opportunities despite rising regulatory (in
particular the Covid-19 tax decided for 2020 and 2021) and
competitive pressures. The pandemic has intensified the role of the
government - as it has borne the cost of Covid-19 related sickness
- in the French health market, which Fitch sees as a downside risk
for the sector. However, the sector has faced multiple regulatory
challenges in the past, and Fitch believes French health insurers
can adapt efficiently to new regulation.
Momentum in Mortgage and P&C: Mortgage creditor insurance, as well
as retail P&C lines such as motor or home, have shown strong
results during the pandemic, due largely to a resilient housing and
lending market, as well as a drop in P&C claims frequency. The
'Bourquin' law could increase competition for bancassureurs in
mortgage, but market changes have been slow in this segment.
Pricing conditions for retail motor and home remain adequate,
although some insurers have decided to freeze their motor premiums
in 2021 to reflect low 2020 claims, and retain customers.
Fairly Capitalised Insurance Subsidiaries: Axeria Prevoyance,
April's main insurance subsidiary, was fairly capitalised at
end-2019, with a regulatory Solvency ratio of 195%. Fitch expects
Axeria Prevoyance's Solvency 2 ratio to have remained adequate in
2020, despite pandemic-related pressures on investment results and
protection business claims. This is driven by positive claims
experience in health lines, and good results in mortgage creditor
insurance, mirroring trends in the French market.
DERIVATION SUMMARY
April's core insurance broker business is concentrated on
high-margin products in France, where it has a leading position
particularly in health and mortgage insurance, currently sustained
by increases in technical profitability for insurers and by
supportive legislation on loan protection. In comparison with
Acropole BidCo SAS (Siaci Saint Honoré; B/Negative) April is
larger in size and has a more diversified and consumer-oriented
offering, versus the corporate-oriented B2B model of its peer.
Compared with the Britain-based Ardonagh Midco 2 plc (B-/Stable)
April is comparable in its target clientele, although its
distribution model is partially different (Ardonagh is
retail-focused) and slightly smaller in size.
Both Acropole and Ardonagh recently implemented aggressive
acquisition strategies (including targets such as Swindon for
Ardonagh and Cambiaso Risso for Acropole). Their Negative Outlook
and recent downgrade, respectively, reflect the detrimental effects
on leverage, FFO and FCF of M&A.
On the contrary, April's high gross leverage is the consequence of
weaker FFO from loss of dividends from insurance subsidiaries that
are being sold. April's currently high cash balance mitigates the
financial risk of the company; however, the future deployment of
these relevant cash amounts will be key in determining April's
deleveraging potential.
KEY ASSUMPTIONS
-- 3.2% CAGR in gross margin for 2020-2023
-- EBITDA margin to stabilise around 17% for the next three years
-- Dividends from minorities to cease from 2020 due to disposals
-- Neutral working capital until 2023
-- Capex at around 2.8% of revenue through to 2023
-- FCF at around 5% of revenue until 2023
-- FFO gross leverage to remain around 7.0x for the next three
years
-- EUR25 million of disposal proceeds in 2021
Key Recovery Assumptions
Fitch assesses that April will be a going concern in bankruptcy as
most of its value lies in its brand, client portfolio and its
infrastructure for managing relationships with retail brokers,
final customers and insurance. Consequently, Fitch uses the
going-concern approach for Fitch’s recovery analysis.
Fitch estimates a going-concern EBITDA of around EUR70 million,
down from 2019 brokerage EBITDA (pro-forma for disposals) of about
EUR94 million, as this level of EBITDA would reflect a scenario of
unfavorable regulation changes also affecting the technical
profitability of insurers underwriting risks intermediated by
April, in turn affecting gross margin growth, pricing power and
profitability.
Fitch applies a 5.5x multiple to reflect April's leading position
in the French corporate brokerage market and strong FCF generation.
Fitch factors in supplementary value from insurance subsidiaries of
EUR25 million, in line with the proceeds Fitch expects to be raised
in 2021 from the sale of the remaining entities. This is lower than
the EUR66 million Fitch calculated previously, due to the disposal
of some of the insurance subsidiaries during 2020. At the end of
the disposal process, expected for 2021, the contribution of value
to Fitch’s recovery analysis from insurance subsidiaries should
be nil.
Our debt waterfall includes an RCF of EUR100 million and has been
updated for the TLB add-on financing. Fitch factors in a 10% charge
for administrative claims, resulting in a final recovery of
'RR3'/56%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO gross leverage below 5.5x
-- FFO interest coverage above 2.5x
-- Successful expansion of commission volumes with increased
adoption of a digitalised model
-- FCF sustainably over 5% of revenue
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage remaining over 7.0x as a consequence lower
FFO, debt-financed acquisitions or aggressive shareholder
remuneration
-- FFO interest coverage below 2.0x
-- Unsuccessful delivery of disposal plan, including solvency
issues for insurance subsidiaries
-- FCF below 2% of revenue through-the-cycle
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
April's liquidity is satisfactory with cash on balance sheet in
excess of EUR250 million, excluding term deposits while capex and
working capital requirements are limited. However, Fitch believes
that M&A and dividend payments could reduce cash during 2021.
Moreover, insurance brokers' operating cash requirements are
usually high due to the collection and compensation of insurance
premia.
ESG CONSIDERATIONS
April has an ESG Relevance Score of '4' for Governance Structure
due to the ongoing process of corporate and shareholding
reorganisation. Fitch may consider a score of '3' for this
relevance factor once the disposal of non-core subsidiaries has
been completed.
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.
ELSAN SAS: S&P Rates New EUR350MM Incremental Sec. Term Loan 'B+'
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S&P Global Ratings assigned its 'B+' issue rating and '3' recovery
rating to ELSAN SAS' proposed EUR350 million incremental senior
secured term loan facility. The '3' recovery rating indicates S&P's
expectation for meaningful recovery (50%-70%; rounded estimate:
50%) of principle in the event of a payment default.
The proposed term loan facility ranks pari passu with ELSAN's
existing senior secured term loan, but is not fungible, and will
benefit from a three-year extended maturity. We understand that
investors under the existing term loan can elect to roll into the
proposed EUR350 million tranche, thereby refinancing their current
holding. As such, the tranches may change in size, but the final
senior secured debt quantum will remain the same.
The company will use the proceeds, along with EUR120 million cash
on the balance sheet, to finance the acquisition of C2S Group, the
fifth-largest Medicine, Surgery and Obstetrics (MSO) operator in
France. Additionally, ELSAN will use EUR231 million from a partial
sale and leaseback of C2S's real estate. The transaction should
close by the end of July 2021. The acquisition will improve ELSAN's
scale and geographic footprint in France, adding a network of 17
private hospitals in two regions where it had historically limited
presence--Auvergne Rhône-Alpes and Bourgogne Franche-Comte.
ELSAN's pro forma market share by number of stays will reach 25%,
surpassing that of market leader Ramsay Generale de Sante
(BB-/Stable/--).
S&P said, "In our view, improved scale will benefit the group's
profitability, and gives ELSAN the ability to optimize resources in
clusters, as well as a strong negotiating stance with regulatory
bodies and suppliers. Furthermore, this acquisition will support
future organic growth due to the relatively high quality of C2S'
infrastructure and medical equipment, which helps attract new
physicians--an important volume growth driver. Therefore, we assume
the group will be able to outperform the relatively low growth
prospects in the market. Current financing is mostly based on
tariffs, defined by the state, and the volume of medical procedures
performed. Under the current three year-agreement signed in
February 2020, the state guarantees an increase in tariffs
year-on-year with a floor at 0.2% per annum, and we have factored a
1% yearly tariff improvement in our base case.
"We assume ELSAN has enough headroom under leverage metrics to
accommodate the transaction and the related increase in investments
toward modernization and extension projects at C2S. We forecast S&P
Global Ratings-adjusted debt to EBITDA of close to 7.0x in 2021,
compared with our previous estimate of 6.2x-6.7x, falling
comfortably below this level from 2022. Similarly, we assume a
fixed charge cover ratio of close to 1.7x-1.8x in 2021, bouncing
back to our previous guidance of 1.8x-1.9x thereafter. Improvement
will stem from the full-year EBITDA contribution from C2S and
increased profitability, with ELSAN benefitting from its
management's successful track record of integrating companies in
its network, as well as cost synergies. We understand that C2S'
margin is close to 17.5%, which is below ELSAN's stand-alone level.
This is because a significant portion of C2S' platform is formed by
clinics acquired in the last two years that are still being
integrated.
"We believe ELSAN's debt headroom has reduced, reflecting a higher
acquisition purchase price than our previous estimates, and a
substantial lease-related debt adjustment coming from the sale-and
leaseback transaction, adding close to EUR170 million to adjusted
debt in 2021. As such, we will closely monitor ELSAN's operating
performance versus our base case. In particular, we will monitor
the delivery of envisaged EBITDA improvements, as well as ELSAN's
acquisition strategy, and its ability to gradually deleverage
toward 6.1x-6.6x by the end of 2022 and generate free operating
cash flow after lease payments of at least EUR70 million."
ELSAN's credit quality has been largely resilient against the
effects of the COVID-19 pandemic, with only a relatively limited
decline in year-to-date November 2020 sales and EBITDA of 3% and
3.7%, respectively, compared with its budget. S&P said, "We assume
the group will perform broadly in line with previous expectations
in 2020, reflecting a supportive French assistance program. Recent
negotiations with the state have led to an extension of the revenue
guarantee scheme and compensation of COVID-19-related costs until
June 2021 (from initially December 2020). This will provide
additional support in first-quarter 2021, where we expect targeted
cancellation could happen in the regions more severely affected by
COVID-19, even though there was no formal request by the state to
cancel elective surgeries. We still assume that volumes trends will
normalize to pre-pandemic levels in 2021, as highlighted by
December 2020 MSO revenue being down 1% compared with the same
period last year."
The margin on the term loan comes with a ratchet of 7.5 basis
points linked to sustainability key performance indicators (KPIs).
This allows margins to tighten if the company performs under three
criteria: increasing patient satisfaction (measured by patient
experience results from a national survey), implementing best
practices for reducing medical waste (measured by infectious
medical waste volume per stay), and ensuring that employees are
offered a good work environment (measured by services on which
ELSAN's quality of worklife program is deployed). Documentation
also allows for changes to the sustainability KPIs, subject to
majority lender consent, notably in the case of mergers and
acquisitions. S&P said, "We view ELSAN as well placed to meet those
targets, which are integral part of its four pillars of its
corporate social responsibility strategy. We note that the
improvement of the patient experience is also aligned with the
state's decision to increase the portion of financing coming from
quality incentive subsidies in the coming years."
Issue Rating-Recovery Analysis
Key analytical factors
-- S&P's simulated default scenario contemplates a default
occurring in 2024, likely due to the combination of a loss of
physicians and significant decrease in tariffs.
-- S&P values ELSAN as a going concern, given that it operates
mostly on a leasehold model and shows organic expansion.
-- ELSAN is the borrower under its senior secured facilities
comprising the existing EUR1.4 billion term loan and EUR210 million
revolving credit facility (unrated). The company's secured debt is
unconditionally guaranteed by the group's material subsidiaries.
-- ELSAN is the borrower of the proposed EUR350 million
incremental senior secured term loan facility, which ranks pari
passu with the existing senior secured term loan.
-- The capital structure also comprises substantial amount of
prior-ranking debt, including local bank debt of EUR383 million and
a EUR170 million factoring line (post C2S acquisition) that S&P
assumes to be 80% drawn at default corresponding to its average
yearly usage.
Simulated default assumptions
-- Simulated year of default: 2024
-- Jurisdiction: France
-- Emergence EBITDA: About EUR262 million
-- EBITDA multiple: 6.0x
Simplified waterfall
-- Gross enterprise value: About EUR1.6 billion
-- Net enterprise value after unfunded pension liabilities and
admin expenses (5%): About 1.5 billion
-- Priority Claims: EUR483 million
-- Remaining value for creditors: About EUR1 billion
-- Senior secured debt: About EUR2.0 billion
--Recovery expectations: 50%-70% (rounded estimate: 50%)
--Recovery rating: 3
Note: All debt amounts include six months of prepetition interest.
RAMSAY SANTE: Moody's Completes Review, Retains Ba3 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Ramsay Sante and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on January 14, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. Since January 1, 2019, Moody's
practice has been to issue a press release following each periodic
review to announce its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
The Ba3 corporate family rating assigned to Ramsay Sante (Ramsay)
reflects its leading position in the hospitalization and primary
care sector in Europe, its favorable demographics, which drive
volume growth and its overall good degree of visibility in terms of
future operating performance. The Ba3 rating also reflects the
company's high leverage at 7.3x as of fiscal year ended June 30,
2020 (including IFRS 16 standard) as well as a certain degree of
event risk related to acquisitions as the industry continues to
consolidate. We expect modest organic growth and synergies from the
integration of Capio, acquired in November 2018, to drive gradual
deleveraging in the next twelve months.
The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.
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G E R M A N Y
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GALERIA KARSTADT: Leadership Faces Probe Over Insolvency Filing
---------------------------------------------------------------
Karin Matussek at Bloomberg News reports that German prosecutors
are probing whether the leadership of Galeria Karstadt Kaufhof
GmbH, Germany's leading department store chain, took too long to
file for insolvency as it struggled to survive the pandemic.
According to Bloomberg, a spokeswoman for the office said
prosecutors in Essen started the probe in December after receiving
a complaint from a private person. She said the investigation is
in its early stages and the suspects have yet to be notified,
Bloomberg relates.
Galeria Karstadt Kaufhof, controlled by billionaire Rene Benko,
filed for insolvency in April, seeking to use a mechanism to turn
around its business while being shielded from creditors, Bloomberg
recounts. That led to a restructuring which saw the company cut
liabilities, close 41 stores and cut 2,500 jobs, according to the
Verdi trade union. Mr. Benko also injected fresh equity as part of
the plan, Bloomberg discloses.
Officials familiar with the matter have said the company last
secured a government-aid package of EUR460 million (US$558 million)
loan to weather the fallout from the coronavirus crisis, Bloomberg
notes.
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G R E E C E
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DANAOS CORP: S&P Assigns Preliminary 'B+' ICR, Outlook Positive
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' issuer credit
rating to Danaos Corp. and its preliminary 'B' issue rating to the
proposed $300 million senior unsecured notes to be issued by
Danaos. The recovery rating is '5', indicating its expectation of
modest (10%-30%; rounded estimate: 10%) recovery in the event of a
payment default.
The positive outlook reflects that Danaos has the capacity to
strengthen and maintain S&P Global Ratings-adjusted funds from
operations (FFO) to debt of more than 20% from 2021 if the industry
momentum persists and the company re-charters its ships at rates
consistent with our base case while continuing to reduce financial
leverage in line with the mandatory debt amortization schedule and
applying excess cash for fleet expansion or rejuvenation in a
prudent manner.
S&P said, "Our rating reflects Danaos' competitive position as one
of the largest containership owners and long operating track record
as a reputable and high-quality tonnage provider. This is
complemented by Danaos' conservative chartering policy and
predictable running costs, which typically provide medium-term
visibility on earnings and partly insulate the company from the
industry's higher-than-average underlying volatility. With an
aggregate capacity of 370,000 20-foot equivalent unit (TEU) and
owned fleet of 60 ships of a size ranging from 2,200TEU to
13,100TEU, Danaos is the seventh largest containership owner in the
world, as measured by capacity, in a highly fragmented industry
where the top 10 players together account for only about 20% of the
market share, according to Clarkson Research. With a carrying
capacity of 1 million TEU, Seaspan is the world's leading tonnage
provider and is double the size of the next largest, Costamare.
Although scale provides some competitive advantage, Danaos remains
exposed to volatile container shipping charter rates (and vessel
values), in particular in the event of the counterparty's
nonperformance on charter agreements or default. We view the
shipping sector as having higher-than-average industry risk and as
constraining our overall assessment of Danaos' business risk
profile. This, we believe, stems from the industry's capital
intensity, high fragmentation, frequent supply-demand imbalances,
history of meaningful industry oversupply, and limited ability to
differentiate services provided leaving industry players to compete
mainly on price. We believe Danaos' current medium- to long-term
time-charter profile, underpinned by attractive rates, partly
shields the company from the industry's cyclical swings. We
understand that the charter profile consists of fully
noncancellable and fixed-rate contracts and, as of Dec. 31, 2020,
it had a remaining average duration of 3.1 years and implied about
$1.1 billion of future contracted revenue. Furthermore, Danaos
benefits from good operating efficiency, and predictable and
competitive running costs, with no exposure to volatile bunker fuel
prices and other voyage expenses, which are borne by the
counterparty as stipulated in the time-charter agreements. This is
reflected in the relatively stable operating margins and returns on
capital over the past several years."
Short- to medium-term charter rate conditions should be supportive
and underpin Danaos' cash flow generation. The COVID-19 pandemic
and resulting economic recession have had a less severe impact on
global trade than we previously anticipated, while a positive
stimulus from the industry's supply side contributes to improving
containership charter rates. The movement of essential goods,
strong pickup in e-commerce, and shift in consumer spending to
tangible goods from services have supported the shipping volume
recovery from June 2020. S&P said, "As a result, we now forecast a
recovery in shipped volumes consistent with the global GDP growth
of about 5% in 2021 following an estimated drop by up to 5% in 2020
compared with 2019. In our view, containership supply growth will
stay muted in the coming quarters. With no incentive to place new
large orders amid subdued contracting and ordering activity since
late 2015, the containership order book is at a historic low--9% of
the total global fleet. Persistent funding constraints, potential
pandemic-related disruptions, more stringent regulation on sulfur
emissions (permitting only 0.5% sulfur emission from January 2020),
and broader considerations about greenhouse gas emissions in
general--particularly in the context of decarbonization--will
likely result in uncertainties over the costs and benefits of
various technologies and fuel, and should limit ordering in 2021.
Low levels of new orders have translated into much tighter supply
conditions, which we expect to continue in 2021, propping up
charter rates. We incorporate the industry outlook into our base
case and forecast that Danaos will be able to re-charter its
vessels due for re-employment in 2021 (largely smaller
2,200TEU-4,250TEU ships) at better rates than in the existing
contracts."
Danaos has a narrower business scope than its peer group including
large global transport services providers, with a business model
built around containerships only and large exposure to a few
container liners. Danaos' cash flow generation prospects are
susceptible to counterparties'/container liners' financial capacity
and willingness to deliver on their commitments. Following the most
recent quarterly reporting by the leading container
liners--signifying a steeper-than-expected recovery in global trade
volumes, stringent capacity deployment, lower-than-expected bunker
fuel prices, and effective measures to steadily reduce costs,
Danaos' customers, among others container operators S&P rates--CMA
CGM S.A. (B+/Positive/--), Hapag-Lloyd AG (BB-/Positive/--), and
A.P. Moller - Maersk A/S (BBB/Positive/--)--should have improved
their free operating cash flow (FOCF) and liquidity, and reduced
debt, resulting in stronger credit metrics in 2020. This robust
industry momentum should persist in 2021 allowing container liners
to further expand their financial flexibility. S&P said, "We
realize, however, that the container shipping industry will remain
tied to cyclical supply-and-demand conditions and vulnerable to low
probability high-impact events, which typically depress utilization
and charter rates. Industry downturns in recent years have prompted
high-profile financial restructurings and defaults of the liner
companies that chartered Danaos' vessels. This included South
Korean container liners Hanjin Shipping, which cancelled long-term
charters for eight of Danaos' vessels after it filed for court
receivership in September 2016, and Hyundai Merchant Marine (HMM)
with which Danaos agreed substantial charter rate reductions on 13
ships in July 2016 in exchange for debt and equity securities in
HMM. Furthermore, ZIM Integrated Shipping Services' 2014
restructuring agreement with its creditors included a significant
reduction in the charter rates payable by ZIM under its time
charters for six of Danaos' vessels in exchange for debt and equity
securities in ZIM. As a result of the container liners'
underperformance under charter agreements, Danaos faced an EBITDA
plunge, breached financial covenants, and had to restructure is
outstanding debt, including a debt for equity swap of $550 million
completed in 2018. We understand that, since then, and after a
number of government interventions and equity injections, HMM's and
ZIM's credit quality has improved, with ZIM currently pursuing its
initial public offering (IPO). We also note that Danaos' exposure
to HMM and ZIM has diminished, with 16% and 5% of its $1.1 billion
charter backlog contracted with HMM and ZIM, respectively, as of
Sept. 30, 2020."
France-based container liner CMA CGM is Danaos' largest
counterparty, accounting for about 30% of its revenue backlog. S&P
said, "As a result, our rating on Danaos takes into consideration
CMA CGM's ability to deliver on its charter commitments. We note
that 10 out of 19 charters to CMA CGM are at charter rates that are
significantly higher than our 2021-2022 forecast market rates.
These charters (accounting for about 25% of Danaos' revenue
backlog) provide high earnings contribution to Danaos. However,
they also expose Danaos to re-employment risk, and will likely
weigh on the company's EBITDA when the ships come due for renewal,
potentially at lower rates than stipulated in their current
contracts. Of these 10 charters, one will expire in the fourth
quarter of 2021, four in the first half of 2022, and five in 2024.
Nine other charters to CMA CGM are below or in line with the
current market rates. CMA CGM has fully delivered on its contract
commitments to Danaos also during industry cyclical downturns, and
we think it will continue to do so."
S&P said, "We expect Danaos' credit measures to improve as the
company amortizes debt from free cash flow and its financial
flexibility for potential fleet expansion and rejuvenation to
increase. Resilient EBITDA combined with gradually decreasing
debt (Danaos reduced reported debt by $55 million to $1.47 billion
in the first nine months of 2020) and interest expenses have
resulted in improved credit metrics in 2020, with our adjusted FFO
to debt improving to 17%-18% (from 14%-15% in 2019) and debt to
EBITDA declining to 4.7x (from 5.0x in 2019). This is significantly
below Danaos' historical leverage levels of 6.5x-7.5x, at which the
company used to operate until 2018. Taking into account the current
contracted revenue backlog of about $1.1 billion, solid
EBITDA-to-free cash flow conversion, and the proposed new capital
structure, our base case stipulates that Danaos' cash flow
generation will exceed debt service requirements and help to expand
the liquidity buffer for discretionary spending and against
potential operational underperformance or unforeseen setbacks,
while supporting improvement of adjusted FFO to debt to 23%-25% and
adjusted debt to EBITDA to 3.3x-3.5x over 2021-2022. These levels
are consistent with the higher 'BB-' rating. We consider Danaos'
held-for-sale securities, including a 10%-equity stake in ZIM and
unsecured bonds of HMM and ZIM, as an additional and potentially
large liquidity source, which is, however, difficult to precisely
quantify until the securities are sold.
"We lack a track record of Danaos operating at lower level of
financial leverage as forecast in our base case. We apply a
negative comparable rating analysis (CRA) modifier to our 'bb-'
anchor for Danaos, resulting in an overall rating of 'B+' because
we note that the likely improved credit ratios in 2021 up to the
thresholds consistent with our significant financial risk profile
category (from currently aggressive category) would be a new
achievement for the company. This means that there is no track
record of Danaos' commitment to maintaining this degree of
financial risk, for example, adjusted debt to EBITDA of 3x-4x,
which weighs on the possibility of an upgrade at this time."
Environmental, social and governance. Danaos is well placed
operationally and financially to continue complying with more
stringent environmental regulations, setting a 0.5% global sulfur
cap for marine fuels (versus 3.5% previously), which came into
effect as of Jan. 1, 2020, and imposing standards on ballast water
management from September 2024. This is because the bunker cost for
Danaos is contained by the nature of its time-charter fixed-cost
contracts, whereby the charterer typically pays the fuel bill. In
addition, management aims over time to replace aging containerships
with new ones equipped with more fuel-efficient engines. S&P does
not expect this recurring capital spending (capex) for regulatory
purposes will have a rating impact, given Danaos' financial
flexibility. Notwithstanding this, the company takes ongoing
proactive actions to enhance energy efficiency and cut emissions,
including bulbous bow optimization, propeller retrofits, and low
friction paints. It also has installed exhaust cleaning systems
(scrubbers) on nine of its vessels without a significant impact on
its financial flexibility over 2019-2020. However, a downside risk
remains in that the industry could see increasingly stringent
environmental regulation, which could adversely affect Danaos'
credit quality if not timely covered by corresponding increases in
charter rates.
Social risk in the shipping industry is generally less relevant
compared with environmental risk. That said maintaining a reliable,
safe, and economic fleet is key to handling regulatory risks and
public opinion. Danaos boasts a good safety track record and no
history of environmental incidents (such as oil spills) and, in
S&P's view, it has put systems in place to ensure safety
performance monitoring of its fully digitized fleet. This is why
Danaos is one of the preferred tonnage providers of global and
reputation-conscious charterers.
S&P assesses Danaos' management and governance as fair, underpinned
by the reputable team of industry experts running the company as
well as its board of directors mostly comprised of independent
members. It also notes the company's consistent operating track
record and high standard for operating and technological
performance.
The final rating will depend on our receipt and satisfactory review
of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of a final
rating. If S&P Global Ratings does not receive final documentation
within a reasonable time frame, or if final documentation departs
from materials reviewed, S&P reserves the right to withdraw or
revise its rating. Potential changes include, but are not limited
to, use of loan proceeds, maturity, size and conditions of the
loans, financial and other covenants, security, and ranking.
The positive outlook reflects a possibility of a rating upgrade in
the next six to 12 months.
S&P could raise the rating if it believed that Danaos would
strengthen and maintain adjusted FFO to debt of more than 20%,
which is our threshold for a 'BB-' rating. This would be contingent
on the overall charter rate conditions remaining supportive,
allowing Danaos to re-employ its ships at rates consistent with S&P
bases case while continuing to reduce financial leverage in line
with the mandatory debt amortization schedule. Given the industry's
inherent volatility, an upgrade would also depend on the company's
ability to achieve an ample cushion under the credit measures for
potential fluctuations in EBITDA, combined with solid liquidity.
S&P said, "Furthermore, we would need to be convinced that
management's financial policy does not allow for significant
increases in leverage. This means that the company applies excess
cash for fleet expansion or rejuvenation in a conservative and
cash-flow accretive manner and that shareholder remuneration
remains prudent.
"We would revise the outlook to stable if Danaos' earnings appear
to weaken due to a significant deterioration in charter rate
conditions resulting in adjusted FFO to debt unlikely reaching
20%.
"Downward rating pressure would also arise from any unexpected
deviations in terms of financial policy, for example, if we
believed that the company pursued significant and largely
debt-funded investments in additional tonnage or more aggressive
shareholder distributions than we currently forecast, which would
weaken the company's liquidity and credit measures. We would also
consider a downgrade if container liners' credit quality appears to
weaken unexpectedly, increasing the risk of amendments to existing
contracts, delayed payments or nonpayment under the charter
agreements."
DANAOS CORPORATION: Moody's Assigns B2 CFR, Outlook Positive
------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B2-PD profitability of default rating to Danaos Corporation.
Concurrently, Moody's has also assigned a Caa1 rating to the
proposed USD300 million senior unsecured notes to be issued by
Danaos. The outlook on Danaos is positive.
RATINGS RATIONALE
RATIONALE FOR CFR
Danaos' B2 CFR is primarily constrained by (1) its fairly small
size in a broader context of the shipping industry and the limited
product diversification; (2) its exposure to a fairly fragmented
and a highly competitive market for containership charter-owners,
that is inherently cyclical and volatile; (3) a very high
concentration in terms of customers -- the large liner companies,
such as CMA CGM S.A. (B2, positive), its largest customer -- some
of which have a relatively low credit quality and have experienced
financial difficulties in the past; (4) a rechartering risk, albeit
partially mitigated by a staggered lease maturity profile; and (5)
an absence of a track record of the company sustainably operating
with a capital structure and leverage, which Moody's would deem as
commensurate with a higher rating, such as Moody's adjusted gross
debt/EBITDA below 4.5x (4.9x for 12 months that ended September
2020), following a debt refinancing in 2018 driven by a breach of
covenants.
Conversely, Danaos' B2 CFR is primarily supported by its (1)
established position as one of the world's largest containership
charter-owners, with a track record of good profitability slightly
above its main competitors; (2) strategy to lease a significant
part of its fleet under longer-term fixed-priced contracts,
providing a good visibility to the company's revenues and EBITDA
generation for the next 12-18 months; (3) track record of positive
free cash flow (FCF) generation enabled by the good profitability
and the discipline in capital spending; and (4) deleveraging
potential, as majority of Danaos' FCF generation will be used for
scheduled debt amortization. In addition, there is a potential to
unlock value from various financial assets the company owns,
including a roughly 10% stake in the carrier ZIM that is currently
undergoing an IPO process.
Moody's views Danaos' liquidity as adequate, supported by the
company's ability to generate positive FCF in excess of the
scheduled amortization payments. The company will not have any
revolving facility in place and there will be maintenance
covenants, including a minimum cash and loan to value covenants,
under which the agency expects Danaos to maintain ample capacity in
the next 12-18 months.
RATIONALE FOR OUTLOOK
Danaos' ratings are currently strongly positioned, as expressed by
the positive outlook on the company. This outlook reflects an
increasing likelihood that the company will be able to operate with
credit metrics commensurate with a B1 rating. However, such a track
record still needs to be established, in particular with the
regards to the maintenance of the financial discipline and
sustained deleveraging.
The positive outlook is also supported by the agency's expectation
that the market environment will remain benign over the next 12-18
months, considering a fairly low order book in the industry.
However, in medium term Moody's expects the charter rates to remain
volatile, depending also on the industry's discipline to keep the
supply under control even if the demand remains robust.
RATIONALE FOR PDR AND INSTRUMENT RATING
The company's PDR of B2-PD, in line with the CFR, reflects the
agency's standard assumption of 50% family recovery, as is
customary for the structures with the combination of bond and bank
financing. The Caa1 rating of the bond, two notches below the CFR,
reflects its ranking behind a sizeable amount of financing secured
by vessels and vessel-owning subsidiaries. The bond is senior
unsecured and there is currently essentially no unencumbered fixed
assets.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
The shipping sector is affected by the International Maritime
Organization (IMO) regulation and the B2 CFR recognizes that Danaos
has complied with the low-sulfur fuel regulations around IMO 2020
and already met IMO 2030 carbon intensity targets. The agency's
ratings also reflect the company's solid performance amid the
coronavirus pandemic, which Moody's view as a social risk. While
Danaos is publicly listed, the agency notes that the manager of its
fleet, Danaos Shipping, is a related party, albeit with a
relationship on arm's length basis; a concept not uncommon in the
industry. Moody's also notes a key man risk with regards to Danaos'
CEO, Dr. John Coustas. If Dr. Coustas ceases to serve as CEO and a
director of Danaos, lenders could require Danaos to repay the
debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure could arise if Danaos built a track record of its
Moody's adjusted debt/EBITDA sustainably well below 4.5x and its
Moody's adjusted (funds from operations + interest)/interest
sustainably well above 3x. The positive pressure could also arise
if FCF remained visibly positive, the rechartering risks remained
limited and the maturity profile manageable, with a maintenance of
adequate liquidity. The agency is unlikely to upgrade Danaos before
the current refinancing, which besides the senior unsecured bond
also includes a sizeable senior secured facility, is fully
concluded. The B2 CFR assumes that the facility agreement will be
signed within six months after the bond issuance.
Conversely, the negative pressure could develop if the company's
Moody's adjusted (funds from operations + interest)/interest falls
below 2.5x, debt/EBITDA exceeds 5.5x or FCF weakens on a sustained
basis. Downward pressure on the ratings could also result if Danaos
experienced 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
Methodology published in December 2020.
COMPANY PROFILE
Incorporated in Marshall Islands and with an operational
headquarters in Piraeus, Greece, Danaos is one of the world's
largest containership charter-owners, with a fleet of 60
containerships and an aggregated capacity of roughly 370 thousand
twenty-foot equivalent units (excluding its share in the Gemini
Shipholdings Corporation joint venture, in which Danaos holds 49%
share). Danaos is listed on the New York Stock Exchange and its
largest shareholder is Coustas Family Trust with a share close to
40%. The company generated around USD450 million of revenues for 12
months that ended September 2020.
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I R E L A N D
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JUBILEE 2015-XVI: Moody's Affirms B2 Rating on Class F Notes
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Jubilee CLO 2015-XVI DAC.
EUR19,000,000 Class B-1 Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf)
Placed Under Review for Possible Upgrade
EUR37,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2029,
Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf) Placed
Under Review for Possible Upgrade
EUR25,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2029, Upgraded to Aa3 (sf); previously on Dec 8, 2020 A1 (sf)
Placed Under Review for Possible Upgrade
Moody's has also affirmed the ratings on the following notes:
EUR225,000,000 Class A-1 Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Jun 25, 2019 Affirmed Aaa
(sf)
EUR5,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jun 25, 2019 Affirmed Aaa (sf)
EUR20,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2029, Affirmed Baa1 (sf); previously on Jun 25, 2019 Upgraded to
Baa1 (sf)
EUR25,600,000 Class E Deferrable Junior Floating Rate Notes due
2029, Affirmed Ba2 (sf); previously on Jun 25, 2019 Affirmed Ba2
(sf)
EUR13,000,000 Class F Deferrable Junior Floating Rate Notes due
2029, Affirmed B2 (sf); previously on Jun 25, 2019 Affirmed B2
(sf)
Jubilee CLO 2015-XVI DAC, originally issued in December 2015 and
refinanced in December 2017, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Alcentra Limited. The
transaction's reinvestment period ended in December 2019.
The actions conclude the rating review on the Class B-1, B-2 and C
notes initiated on December 8, 2020, "Moody's upgrades 23
securities from 11 European CLOs and places ratings of 117
securities from 44 European CLOs on review for possible upgrade",
https://bit.ly/3taVqSb.
RATINGS RATIONALE
The rating upgrades on the Class B-1, B-2 and C notes are primarily
due to the update of Moody's methodology used in rating CLOs, which
resulted in a change in overall assessment of obligor default risk
and calculation of weighted average rating factor (WARF). Based on
Moody's calculation, the WARF is currently 3068 after applying the
revised assumptions as compared to the trustee reported WARF of
3386 as of December 03, 2020 [1].
Additionally, the transaction has benefited from a reduction in the
portfolio weighted average life (WAL) since the end of the
reinvestment period in December 2019. Based on Moody's calculation,
the WAL is currently 4.14 years compared to 4.97 years in December
2019 [2].
The rating affirmations on the Class A-1, A-2, D, E and F notes
reflects the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization levels as well as applying Moody's
revised CLO assumptions.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR 387,610,655
Defaulted Securities: EUR 4,430,839
Diversity Score: 51
Weighted Average Rating Factor (WARF): 3068
Weighted Average Life (WAL): 4.14 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.6000%
Weighted Average Coupon (WAC): NA
Weighted Average Recovery Rate (WARR): 45.14%
Par haircut in OC tests and interest diversion test: None
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Moody's notes that the credit quality of the CLO portfolio has
deteriorated over the past year as a result of economic shocks
stemming from the coronavirus outbreak. Corporate credit risk
remains elevated, and Moody's projects that default rates will
continue to rise through the first quarter of 2021. Although
recovery is underway in the US and Europe, it is a fragile one
beset by unevenness and uncertainty. As a result, Moody's analyses
continue to take into account a forward-looking assessment of other
credit impacts attributed to the different trajectories that the US
and European economic recoveries may follow as a function of
vaccine development and availability, effective pandemic
management, and supportive government policy responses.
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.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak global 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 our 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.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2020. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the ratings:
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by 1) the manager's investment strategy and behaviour
and 2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.
Additional uncertainty about performance is due to the following:
Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions, and CLO's reinvestment criteria after the end of the
reinvestment period, both of which can have a significant impact on
the notes' ratings. Amortisation could accelerate as a consequence
of high loan prepayment levels or collateral sales by the
collateral manager or be delayed by an increase in loan
amend-and-extend restructurings. Fast amortisation would usually
benefit the ratings of the notes beginning with the notes having
the highest prepayment priority.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.
=========
I T A L Y
=========
BANCA SELLA: Moody's Completes Review, Retains Ba2 BCA
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banca Sella Holding S.p.A. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 20, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations
Banca Sella Holding S.p.A.'s (Sella) Baa3 deposit rating is driven
by the bank's ba2 standalone Baseline Credit Assessment (BCA) and
very low loss given failure under Moody's Loss Given Failure (LGF)
analysis, which results in a two-notch uplift for its deposit
ratings, and Moody's assessment of a low probability of government
support resulting in no further uplift.
Sella's BCA reflects the bank's still-large stock of nonperforming
loans and asset risk pressure stemming from a deteriorating
operating environment in Italy. Sella's profitability and
capitalization are modest whereas its liquidity is robust.
The principal methodology used for this review was Banks
Methodology published in November 2019.
===================
L U X E M B O U R G
===================
KLEOPATRA FINCO: Moody's Gives B2 Rating on New 2026 Secured Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the new guaratanteed senior secured notes due 2026 issued by
Kleopatra Finco S.a.r.l. and assigned a Caa2 instrument rating to
the guaranteed senior notes due 2026 issued by Kleopatra Holdings 2
S.C.A (KP, company).
The proceeds are used to refinance the existing senior secured term
loans and senior secured revolving credit facility of KP as well as
the PIK notes at Kleopatra Holdings 1 S.C.A., a parent of KP and
outside the rated restricted group of KP.
RATINGS RATIONALE
The rating reflects the company's high estimated 2020
Moody's-adjusted debt/EBITDA pro-forma for the refinancing, which
rises to 7.9x from the actual 6.4x as of the last twelve months to
September 2020 due to the refinancing of the PIK notes with
additional debt at KP. However, it also reflects the strong
progress made during 2020 in improving the company's profitability,
leverage and cash flow profile as well as Moody's expectation that
the company will remain on a deleveraging path with ongoing
positive free cash flow. While the company's recent track record of
cost and efficiency improvements as well as growth investments
suggest further EBITDA growth potential, future improvements are
possibly more challenging to achieve in a competitive industry,
with some execution risk, and as the company seeks to further
improve margins.
The rating also continues to reflect (1) the ongoing challenge to
manage at times volatile raw material prices; and (2) the
competitive market environment and some challenges stemming from
the consumer- and regulation-driven efforts to improve the
sustainability of plastic packaging and possibly transition away
from plastic wherever possible, particularly in Europe. However,
the rating also considers the company's (1) position as a large and
diversified plastic packaging provider in both primary and
secondary packaging with a focus on films and, to a lesser extent,
trays; (2) different end-markets, including less cyclical
end-markets such as food or pharma applications; and (3) balanced
geographical profile, although with some focus on Europe. The
company also has limited customer concentration.
The company's liquidity position is good and supported by the new
fully undrawn and committed EUR150 million revolving facility due
2025, ca. EUR88 million on cash on a pro-forma basis as of
September 2020, ongoing free cash flow generation and limited
seasonality in cash flows. The company will not have any larger
debt maturities until 2025/26. The company uses a range of
non-recourse factoring facilities with EUR189 million outstanding
as of September 2020. After renewals earlier in the year the
facilities are all committed for several years. The company also
has local facilities (EUR74 million as of September 2020 of which
EUR11 million are due within the next 12 months). There is a one
financial maintenance covenant related to the RCF, which is only
tested if the RCF is drawn by more than 40% (net of cash), and
Moody's expects the company to maintain sufficient headroom under
this covenant (if it were to be tested).
The guaranteed senior secured notes rating at B2 is one notch above
the CFR, as, together with the senior secured bank debt, it ranks
ahead of the senior notes in the capital structure. The security
package includes comprehensive security in the US and UK, amongst
other, and actual guarantor coverage above 70% as of and for the
nine months to September 2020 (further tested annually). The
guaranteed senior notes rating at Caa2 reflects the notes'
subordination to a substantial amount of secured debt.
The stable outlook reflects Moody's expectation of gradual EBITDA
growth, deleveraging and solid free cash flow generation.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded if the company manages to reduce its
Moody's-adjusted debt/EBITDA sustainably below 6.5x (including
factoring), combined with Moody's-adjusted free cash flow/debt at
least in the mid-single digits in percentage terms. Conversely,
weakening profitability and free cash flow so that leverage fails
to decline from near 8.0x or FCF/debt reduces substantially could
lead to a downgrade. Weakening liquidity would also pressure the
rating.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.
Kleopatra Holdings 2 S.C.A. is a plastic packaging manufacturing
firm that specialises in the manufacturing of flexible plastic
films and rigid plastic trays for use across a wide range of end
markets, including in its Pharma, Health and Durables division for
blister packs, medical device packaging, consumer applications
including labels, credit card films, graphics and home, building
and construction and in its Food Packaging division for protein,
fruit & produce and food-to-go. Total annual revenue on an LTM
September 2020 basis was €1.8 billion with PHD company-adjusted
EBITDA representing 61% and FP 39% for the last twelve months to
September 2020. The majority of revenue (58%) was generated in
Europe, but also around a quarter in North America and the rest
across the world including South America and the Asia Pacific
region. Strategic Value Partners has been the majority shareholder
of the group following a financial restructuring and subsequent
recapitalisation in June 2012.
KLEOPATRA FINCO: S&P Assigns 'B' ICR & Rates Secured Notes 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Kleopatra Finco S.a. r.l. (KP Finco), and its 'B' issue rating to
its senior secured notes. At the same time, S&P also assigned its
'CCC+' issue rating to KH2's senior notes.
The stable outlook on KP Finco mirrors that on KH1.
Kleopatra Finco S.a. r.l. (KP Finco) plans to issue EUR400 million
senior secured notes due 2026. The entity is wholly-owned by
Kleopatra Holdings 1 S.C.A. (KH1; B/Stable/--), the ultimate
holding company of plastic packaging producer Klockner Pentaplast,
and S&P views it as a core subsidiary of the group.
In addition, Kleopatra Holdings 2 S.C.A. (KH2; B/Stable/--),
another wholly owned subsidiary of KH1, plans to issue EUR325
million senior notes due 2026.
S&P equalizes its rating on KP Finco with that on KH1. This
reflects that KP Finco is a wholly-owned subsidiary of KH1, and our
view that it is a core subsidiary of the group based on the
integral role it plays in the group's operations and financing.
The stable outlook on KP Finco mirrors the outlook on KH1, and S&P
expects it will move in tandem with it.
===========
N O R W A Y
===========
NORWEGIAN AIR: Aims to Exit Irish Insolvency Proceedings in April
-----------------------------------------------------------------
Siddharth Vikram Philip and Irene Garcia Perez at Bloomberg News
report that Norwegian Air Shuttle ASA aims to exit Irish insolvency
proceedings in April as the carrier jettisons its
low-cost long haul business to focus on flying in the Nordics.
The airline expects to raise as much as NOK5 billion (US$580
million) in capital, including up to NOK2.5 billion from existing
creditors through a hybrid debt instrument, Bloomberg relays,
citing an investor presentation on Jan. 27.
According to Bloomberg, the company said secured creditors that
contribute to the equity raise will boost their holdings.
Norwegian, as cited by Bloomberg, said it will also "rightsize" its
fleet through the Irish examinership process and issue fresh equity
at the end of February or early March. The write down of leased
and financed aircraft assets is set to reduce equity by about NOK10
billion before exiting the restructuring, with all large creditors
expected to take losses and their debt converted into equity,
according to the presentation, Bloomberg discloses.
At the end of the process, new investors, which could include the
Norwegian government, will own 70% of the equity, Bloomberg states.
The company said converted creditors will hold a 25% stake and
current shareholders 5%, Bloomberg relays.
The carrier was recently granted an extra five weeks of creditor
protection by an Irish court, buying the embattled airline extra
time to complete a restructuring aimed at staving off collapse,
Bloomberg recounts.
The discount airline, struggling to survive after the coronavirus
crisis stunted international travel, qualified for the Irish
procedure via its local divisions Arctic Aviation Assets and
Norwegian Air International, Bloomberg notes.
===========
P O L A N D
===========
PLAY COMMUNICATIONS: Moody's Withdraws Ba3 CFR Amid Acquisition
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and outlook of Poland's leading mobile operator Play
Communications S.A.
At the time of withdrawal, the outlook on the rating was
developing, following the announcement that Play was going to be
acquired by Iliad S.A., a French telecom operator. Iliad S.A.
acquired 96.7% of Play's capital and voting rights on November 25,
2020 and subsequently on December 23, 2020 a squeeze-out for the
remaining 3.3% was completed.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Play Communications S.A. (Play) is the parent company of P4 Sp. z
o.o., Poland's leading mobile network operator in terms of number
of subscribers. The company operates under the commercial name PLAY
and offers voice, non-voice and mobile broadband products and
services to residential and business customers. In the 12 months
ended September 30, 2020, Play reported revenue of PLN7.1 billion
(EUR1.6 billion) and adjusted EBITDA of PLN2.5 billion (EUR570
million).
===============
P O R T U G A L
===============
EDA - ELECTRICIDADE DOS ACORES: Moody's Completes Review
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of EDA - Electricidade dos Acores, S.A. and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on January 26,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
The Ba1 rating of EDA - Electricidade dos Acores S.A. (EDA)
reflects its position as the dominant vertically integrated utility
in the Autonomous Region of Azores; the fully regulated nature of
the business in a relatively well-established and transparent
regulatory framework; and a relatively sound financial profile in a
gradually improving regional economy.
Moody's rating also considers EDA's small size and large investment
plan for 2020-24 to shift its generation mix from thermal to
renewable sources; the costs and challenges associated with
operating in a small, relatively remote archipelago; the tightened
efficiency factors during the extended 2018-21 regulatory period;
and some working capital volatility arising mainly from oil price
movements, although this is likely to decrease with the increasing
share of renewables in the company's generation capacity mix.
Given the RAA's 50.1% ownership, Moody's applies the
Government-Related Issuers rating methodology, published in
February 2020, in the analysis of EDA. The company does not benefit
from any rating uplift from its standalone credit quality for
government ownership.
The principal methodologies used for this review were Regulated
Electric and Gas Utilities published in June 2017.
EMPRESA DE ELECTRICIDADE: Moody's Completes Review, Retains 'B1'
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Empresa de Electricidade da Madeira, S.A. and other
ratings that are associated with the same analytical unit. The
review was conducted through a portfolio review discussion held on
January 26, 2021 in which Moody's reassessed the appropriateness of
the ratings in the context of the relevant principal
methodology(ies), recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.
This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.
Key rating considerations.
Empresa de Electricidade da Madeira, S.A. (EEM)'s B1 rating
reflects its position as a dominant vertically integrated utility
in the Autonomous Region of Madeira (RAM); the fully regulated
nature of the business in a relatively well-established and
transparent regulatory framework; good progress on its capital
investment programme and in resolving certain legacy issues.
Moody's rating also considers EEM's small size and relatively
sizeable investment plan to increase the share of power output from
renewable sources; the costs and challenges associated with
operating in a small, relatively remote archipelago; the tightened
efficiency factors during the extended 2018-21 regulatory period;
its high leverage and reliance on short-term credit facilities.
EEM is 100% owned by the RAM but does not currently benefit from
any rating uplift from its standalone credit quality, or Baseline
Credit Assessment, of b1 under Moody's Government-Related Issuers
rating methodology, published in February 2020.
The principal methodologies used for this review were Regulated
Electric and Gas Utilities published in June 2017.
=========
S P A I N
=========
CODERE FINANCE 2: S&P Rates EUR250MM Secured Notes 'CCC'
--------------------------------------------------------
S&P Global Ratings assigned its 'CCC' issue ratings to Spanish
gaming company Codere Finance 2 (Luxembourg) S.A.'s existing EUR500
million and $300 million senior secured notes. The recovery rating
is '4', indicating our expectation of average recovery (30%-50%;
rounded estimate: 40%) in the event of a payment default.
Additionally, S&P assigned its 'CCC+' issue ratings to Codere
Finance 2 (Luxembourg) S.A.'s EUR250 million super senior secured
notes due 2023. The recovery rating is '2', indicating its
expectation of substantial recovery (90%-100%; rounded estimate:
85%) in the event of a payment default.
Issue Ratings--Recovery Analysis
Key analytical factors
-- The recovery ratings on the existing EUR500 million and $300
million senior secured notes are constrained by the significant
amount of prior-ranking claims under the new structure put in place
in November 2020, following the completion of its debt
restructuring.
-- The recovery ratings on the EUR250 million super senior secured
notes are supported by their priority claim on the security package
in the event of enforcement. However, we see the recovery prospects
of the super senior debt as limited by Codere's significant
exposure to guarantors in less creditor-friendly jurisdictions such
as Argentina, Colombia, Mexico, and Panama.
-- This exposure caps S&P's recovery at '2'.
-- The current capital structure also includes EUR84 million of
debt at operating companies. Most of this debt is structurally
senior to the super senior secured notes. Subject to permitted debt
incurrence, any further material additional priority debt raised
could negatively affect its calculated recovery on the super senior
and senior secured notes.
-- Although not included in our recovery waterfall, Codere's
structure also includes surety bond commitments of up to EUR150
million, which rank along with the EUR250 million super senior
secured notes.
-- The senior secured facilities are secured by share pledges of
major subsidiaries and the holding company. Nevertheless, at 65% of
total consolidated cash flows, the minimum guarantor coverage test
is somewhat weaker than usual, mainly because certain subsidiaries
such as the Mexican and the Uruguay subsidiaries do not guarantee
the debt. The cash flow contribution from guarantors that generate
negative cash flow will be zero.
-- S&P's hypothetical default scenario assumes unfavorable
regulatory changes and worsening economic conditions in Latin
America and Europe.
-- S&P values the company as a going concern, given its leading
market positions in Argentina, Mexico, Panama, and Spain, and its
proven ability to renew its gaming licenses.
Simulated default assumptions
-- Year of default: 2022
-- Jurisdiction: Spain
Simplified waterfall
-- EBITDA at emergence: EUR135 million (minimum capital
expenditure at 4.0% of annual revenue based on the company's
historical trends and future expectations; the standard cyclicality
adjustment is 10%, in line with sector assumptions and 20%
operational adjustments).
-- Implied enterprise value multiple: 5.5x
-- Gross enterprise value at default: EUR741 million
-- Net enterprise value after administrative costs (5%): EUR704
million
-- Estimated priority claims (local debt facilities): EUR93
million
-- Value available for the first-lien debt: EUR611 million
-- Estimated first-lien claims: EUR265 million
-- Recovery range: 85%[1]
-- Recovery rating: 2[1]
-- Value available for senior secured claims: EUR345 million
-- Estimated senior secured claims: EUR811 million
-- Recovery range: 30%-50% (rounded estimate 40%)
-- Recovery rating: 4
All debt amounts include six months of prepetition interest
[1] Recovery ratings of super senior secured notes are capped at
'2' due to Codere's exposure to higher-risk jurisdictions.
SANTANDER CONSUMO 4: Moody's Gives (P)B3 Rating to Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the debts to be issued by Santander Consumo 4 Fondo de
Titulizacion ("FT Santander Consumo 4"):
EUR[]M Class A Notes due September 2032, Provisional Rating
Assigned (P) Aa2 (sf)
EUR[]M Class B Notes due September 2032, Provisional Rating
Assigned (P) A3 (sf)
EUR[]M Class C Notes due September 2032, Provisional Rating
Assigned (P) Baa3 (sf)
EUR[]M Class D Notes due September 2032, Provisional Rating
Assigned (P) Ba3 (sf)
EUR[]M Class E Notes due September 2032, Provisional Rating
Assigned (P) B3 (sf)
Moody's has not assigned any rating to the subordinated EUR[]M
Class F Fixed Rate Notes due September 2032.
RATINGS RATIONALE
The Notes are backed by a one year revolving pool of Spanish
unsecured consumer loans originated by Banco Santander S.A. (Spain)
("Santander"), (A2/P-1 Bank Deposits; A3(cr)/P-2(cr)). This
represents the 4th issuance out of the Santander Consumo programme.
Santander is acting as originator and servicer of the loans while
Santander de Titulizacion S.G.F.T., S.A. (NR) is the Management
Company ("Gestora").
The preliminary portfolio size is approximately 1,896 million as of
10th December 2020 pool cut-off date. 100% of the loans are paying
fixed rate. The weighted average seasoning of the portfolio is 1.4
years and its weighted average remaining term is 5.3 years. Around
53.4% of the outstanding portfolio are loans without specific loan
purpose and 24.2% are loans to finance small consumer expenditures.
Geographically, the pool is concentrated mostly in Madrid (19.1%),
Andalucía (17.2%) and Catalonia (11.2%). The portfolio, as of its
pool cut-off date, contained 0.3% loans in arrears less than 30
days.
The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.
According to Moody's, the transaction benefits from various credit
strengths such as the granularity of the portfolio, securitisation
experience of Santander, a reserve fund sized at 2.0% of the total
rated notes balance at closing, subordination of the notes (Class A
subordination backed by the portfolio at closing is 15.8%) and the
significant excess spread. However, Moody's notes that the
transaction features a number of credit weaknesses, such as a
complex structure including interest deferral triggers for juniors
notes, pro-rata payments on all rated classes of notes from the
first payment date, the incremental risk due to loans being added
during the revolving period and the relatively high linkage to
Santander representing the originator, servicer, cap counterparty,
account bank and paying agent. Moody's also took into account the
performance of other consumer loan ABS in Spain and the positive
selection of consumer loans in this portfolio not being originated
through brokers and excluding the highest internal PDs. These
characteristics, amongst others, were considered in Moody's
analysis and ratings.
The interest rate mismatch between the fixed rate portfolio and the
floating rate Class A and B notes is partially covered by an
interest rate cap. Banco Santander S.A. (Spain) (A2/P-1 Bank
Deposits; A3(cr)/P-2(cr)) is the cap counterparty will be pay any
positive difference between the three-month EURIBOR and the strike
rate of 0.75% on a notional linked to the scheduled amortization of
the floating Class A and B notes to the issuer.
Moody's determined the portfolio lifetime expected defaults of
4.25%, expected recoveries of 15% and Aa1 portfolio credit
enhancement of 17% related to borrower receivables. The expected
defaults and recoveries capture our expectations of performance
considering the current economic outlook, while the PCE captures
the loss we expect the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE are parameters used
by Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in the cash flow model to rate Consumer ABS.
Portfolio expected defaults of 4.25% are lower than the Spanish
Consumer Loan ABS average and are based on Moody's assessment of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator and the
positive selection of consumer loans in this portfolio not being
originated through brokers and excluding the highest internal PDs,
(ii) the pool composition in terms of the exposure to certain
products i.e. pre-approved loans where the borrower was offered an
unsecured consumer loan up to a maximum amount without initiating
an application process, (iii) exclusion of Covid-19 related payment
holidays granted before the date the relevant loan is securitised,
as per the eligibility criteria, (iv) benchmark transactions, and
(v) other qualitative considerations.
Portfolio expected recoveries of 15.00% are in line with the
Spanish Consumer Loan ABS average and are based on Moody's
assessment of the lifetime expectation for the pool taking into
account (i) historic performance of the loan book of the
originator, (ii) benchmark transactions, and (iii) other
qualitative considerations.
PCE of 17.00% is lower than the Spanish Consumer Loan ABS average
and is based on Moody's assessment of the pool which is mainly
driven by: (i) evaluation of the underlying portfolio, complemented
by the historical performance information as provided by the
originator, and (ii) the relative ranking to originator peers in
the Spanish Consumer Loan ABS market. The PCE of 17.00% results in
an implied coefficient of variation of 52.7%.
CURRENT ECONOMIC UNCERTAINTY:
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.
Moody's analysis has considered the effect on the performance of
consumer assets from the current weak Spanish 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 our 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.
The principal methodology used in these ratings was Moody's
Approach to Rating Consumer Loan-Backed ABS published in July
2020.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:
Factors that would lead to an upgrade of the ratings include (i) a
significantly better than expected performance of the pool, (ii) an
increase in credit enhancement of the notes or (iii) an upgrade of
Spain's local country currency (LCC) rating.
Factors that would lead to a downgrade of the ratings include (i) a
decline in the overall performance of the pool, (ii) the
deterioration of the credit quality of Santander, as Santander is
acting as originator, servicer, cap counterparty, account bank and
paying agent, or (iii) a downgrade of Spain's local country
currency (LCC) rating.
===========
S W E D E N
===========
ASSEMBLIN AB: S&P Affirms 'B' ICR on Acquisition of Fidelix
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' ratings on Assemblin AB and its
existing EUR250 million of senior secured notes, while assigning a
'B' issue rating to the proposed additional EUR100 million of
senior secured notes, with a recovery of '3' indicating about 50%
recovery (rounded estimate) in the event of a default.
The stable outlook reflects Assemblin's continued strong cash
generation and increasing EBITDA margins, aided by continued
integration of margin-accretive businesses and improved operational
efficiencies, which we expect will support deleveraging in the
coming 12 months.
Assemblin's acquisition of Fidelix is in line with its strategy.
The rating affirmation follows Assemblin's announcement that it
plans to issue EUR100 million of senior notes to partly fund its
acquisition of Fidelix, a leading technology-led building
automation service company operating in Finland and Sweden. Fidelix
engages in the full life cycle of business management system
projects, from development, design, and installation, to
post-completion management, with a key focus on smart energy,
sustainability, and digital efficiencies consistent with
Assemblin's core values. This positions the company for strong
future growth. S&P expects this acquisition to help diversify
Assemblin's customer base, strengthen market share in Norway, and
improve margins over the long term. In addition, Assemblin
completed 14 bolt-on acquisitions in 2020, adding around Swedish
krona (SEK) 480 million (about EUR45 million) of inorganic revenue.
These small acquisitions have also increased Assemblin's presence
across specific Nordic regions and strengthened its position within
its core divisions: electrical, ventilation, heating and
sanitization. S&P expects Fidelix will support a fourth division
under technical services.
The proposed add-on to the senior secured notes will lead to higher
leverage, but we expect this to be temporary. To finance its
acquisition of Fidelix and complete small bolt-on acquisitions,
Assemblin expects to raise an additional EUR100 million of senior
secured notes, with support from a EUR20 million common equity
injection from Triton. The acquisitions are expected to close in
the first half of 2021. S&P said, "S&P Global Ratings-adjusted debt
to EBITDA is expected to increase to around 7.0x in 2021 from
around 6x in 2020, but we anticipate it will reduce toward 6x by
the end of 2022. The company continues to generate strong cash
flow, which we do not net from our adjusted leverage calculation.
We view the increase in leverage as temporary and still expect
stable interest coverage metrics, solid FOCF and funds from
operations (FFO) to debt of about 9.5%, which is commensurate with
our 'B' rating."
Margins will likely continue improving but with some topline
pressure. Assemblin undertook a number of profitability
initiatives during the fourth quarter of 2019, which supported
margins during 2020. S&P said, "We expect continued margin
improvement in the coming years, supported by an improved service
mix and accretive acquisitions. We anticipate an increase in the
S&P Global Ratings-adjusted margins by about 180 basis points (bps)
to 6.8% in 2020, thanks to a reduction of exceptional costs
following the completion of the profitability program in 2019, and
ongoing efficiency initiatives. We expect a minor decline in
revenue of around 1.3%, primarily from the closure of several
nonperforming branches and the timing of project revenue in the
second half of 2019. To date, the impact of COVID-19 has been
limited to a temporary postponement of some services and projects
during lockdowns. In addition, the company has a strong contracted
backlog of around SEK8 billion, which we expect will continue to
support organic revenue in the coming years."
S&P said, "The stable outlook reflects our view that Assemblin will
continue to see stable EBITDA margin improvement in the coming
years, supported by accretive acquisitions and improved
efficiencies. Following the proposed debt-funded acquisition, we
expect the company will deleverage toward 6x in 2022 and continue
to generate positive FOCF supporting future growth in the coming
years.
"We could lower our ratings if Assemblin experienced a material
decline in profitability or higher volatility in margins, due to
unexpected operational issues or increased competition. This would
include FOCF turning negative or FFO cash interest coverage
declining and staying below 2x."
Alternatively, continued debt-funded acquisitions or
shareholder-friendly returns that would result in S&P Global
Ratings-adjusted debt to EBITDA higher than 7.0x on a sustained
basis could result in a downgrade.
Although S&P considers an upgrade unlikely over the next 12 months,
it could raise the ratings if shareholders commit to and
demonstrate a prudent financial policy and maintain S&P Global
Ratings-adjusted debt to EBITDA lower than 5.0x.
ASSEMBLIN FINANCING: Fitch Affirms 'B' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Swedish installation and service
operator Assemblin Financing AB's Long-Term Issuer Default Rating
(IDR) at 'B' on Assemblin's announcement that it will acquire
Finnish based building management system supplier, Fidelix. The
rating Outlook is Stable.
The Affirmation reflects the margin accretive nature of the
transaction together with a mix of new equity and debt used to fund
the transaction. Fitch expectations are that gross leverage metrics
will increase initially but remain within the agency's
sensitivities and then benefit from forecast strong cash flow
generation.
The rating remains supported by Assemblin's favourable business
profile supported by leading market positions in regions with good
growth prospects. These strengths have been highlighted by the
reasonably stable performance during the pandemic as activities
have been only mildly affected.
The rating is limited by the group's fairly high leverage and
significant geographic concentration to Sweden, which is somewhat
addressed by the recent acquisitions. The company's business
profile benefits from its asset light business model, decentralised
operating capabilities and highly diversified customer and
end-market exposures.
KEY RATING DRIVERS
Acquisitions Increase Leverage: In 4Q20 Assemblin completed a
further seven smaller acquisitions, all financed by internally
generated cash. However, the recently announced larger acquisition
of Fidelix will be partly debt funded with a EUR100 million (SEK
1,024m equivalent) additional issue that will increase leverage.
Fitch expects funds from operations (FFO) gross leverage to reach
5.5x at December 2021, up from an expected 4.5x in 2020. The agency
expects gradual deleveraging from improving FFO leading to FFO
gross leverage of 5.2x in 2022, similar to the 2019 level of 5.2x.
Current expectations of forecast cash build-up means that net
leverage will de-lever quicker reaching 3.4x in 2022 down from 3.9x
in 2021.
Improved Margins: The closing of unprofitable business sites in the
last two years has led to improved margins. This was apparent in
the 1Q20-3Q20 period with a 0.6% margin uplift to 5.9% and further
improvement expected for 4Q20. Fitch therefore expects the EBITDA
margin (excluding non-recurring restructuring charges) to improve
to 6.8% in 2020 (2019: 5.4%). Higher-margin Fidelix together with
the smaller acquisitions that generally have good margins, will
further support margin improvement.
Organic Revenue Decline: Whilst operations were only marginally
affected by the pandemic, like for like revenue growth was negative
in 2020 due to the closure of unprofitable operations. These
actions were largely in 2H20 in an effort to prioritise
profitability over pure sales growth, with a loss of SEK400 million
of revenue but with improved margins (after additional
restructuring charges). Fitch expects this to continue in 2021 with
an organic sales decline of SEK200 million, offset by acquisition
revenue of about SEK400 million.
Significant Cash Built-Up: The planned transaction will be funded
by a SEK1,024 million notes tap issuance and a SEK 225m equity
issue, financing the acquisition but also providing the group with
additional cash. Furthermore, Fitch expects cash generation will
benefit from structurally neutral to positive working capital
movements, low capex requirements and improved EBITDA margins;
readily available cash to revenue is expected to exceed 10% in 2021
(significantly higher than the historic average of 4.5%). Fitch
believes this raises the prospect of higher M&A spend than
Fitch’s case assumption of about SEK 250m per year post 2021.
Increasingly Diversified Service Offering: In a similar way to
Assemblin, Fidelix has grown quickly (CAGR of +25% since 2003) both
through acquisitions and organic growth, as well as the launch of
multiple new technologies over the years. Fidelix's EBITDA margins
are strong (around 15%), supporting those of Assemblin prior to the
addition on any expected synergies.
Fidelix' building automation and management systems together with
its individual metering and debiting systems will enhance
Assemblin's overall offering to its customers and the group will
benefit from ongoing trends for more sustainable buildings and
smarter maintenance including Internet-of- things (IoT) solutions.
Fidelix's small Swedish operation is expected to grow further
through Assemblin's existing network.
Sound Business Profile: Fitch views Assemblin's business profile as
solid, supported by good customer and end-market diversification, a
brand that is appreciated for strong technical expertise and
committed skilled employees. The addition of Fidelix appears to
complement this, in Fitch's view. A fairly high share of contracted
revenues with a good mix of project and service revenues supports
visibility and results in resilience to end-market cyclicality.
This cyclical exposure is further reduced by a low share of
services to the residential new-building sector.
Some Increase in Geographic Diversification: Operations are highly
concentrated in Sweden, however last years' acquisitions in Norway,
and now in Finland, reduces exposure to Sweden to around 78% from
81% in 2019. The business profile also benefits from the
diversified stream of revenues across public infrastructure,
hospitals, schools, sport arenas and more, together with a sizable
and growing share of service and maintenance contracts support the
business risk, as does the roughly 100,000 yearly contract
assignments that lead to low customer or project concentration.
Senior Secured Uplift: The senior secured debt rating is 'B+', one
notch higher than the IDR, to reflect Fitch's expectation of
above-average recoveries for the senior secured loan in a default.
Acquired EBITDA from Fidelix and margin benefits from last year's
restructuring supports a higher enterprise value estimate and
largely balances the increased debt quantum.
In its recovery assessment, Fitch expects that Assemblin will
achieve better recoveries on a going concern basis and
conservatively values Assemblin on the basis of a 5.5x distressed
multiple being applied to an estimated post-restructuring EBITDA of
SEK575 million. The output from Fitch's recovery waterfall suggests
good recovery prospects in the range of 51%-70%, resulting in an
'RR3' Recovery Rating.
DERIVATION SUMMARY
Assemblin compares favourably with major Nordic industrial
competitors, with strong market positions in its prioritised local
markets and margins in line with or better than competitors. Within
Fitch's rated universe, Assemblin has a strong business profile
with well diversified customer and end-user base that is fairly
aligned with that of Polygon (B+/Stable), although with limited
presence outside of Sweden. However, its financial profile is
weaker with substantially lower operating margins but fairly
similar in terms of leverage.
Polygon, also owned by Triton, had FFO leverage of 5.4x in 2019
after a similar refinancing and is expected to delever to levels
below 4x by 2022. Assemblin's FFO leverage reached 5.3x in FY19
post refinancing, but Fitch expects an increase in FY21 from the
Fidelix acquisition with gradual deleveraging thereafter.
Assemblin's leverage is similar compared with Irel Bidco/IFCO
(B+/Stable) with leverage at 5.7x end FY19 and lower than that of
one of its suppliers, Nordic building products distributor
Ahlsell/Quimper (B/Negative) whose leverage is expected to near 9x
in 2020 before deleveraging to still high 7.5x in 2023.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Revenue decline of 1.3% in 2020; -4% which is organic.
-- Pro forma year 2021; revenue growth of 7%; 2% growth is
organic, and about SEK 600 million additional revenue from
Fidelix and SEK 240m from additional acquisitions.
-- Post 2021 revenue growth of 6% on average; 2% organic growth
stable;
-- EBITDA margin improving towards 7.5% for the rating horizon;
-- Capex c.0.4% of sales;
-- M&A spend of SEK 942 million in 2021 for Fidelix, and SEK 100
million for additional acquisitions;
-- M&A spend of SEK 250 million in 2022 and onwards;
-- Equity proceeds of SEK 205 million in 2021, and SEK 1,024
million tap on senior secured notes (EUR 100 million
equivalent), to finance the acquisition of Fidelix.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to a
positive rating action/upgrade:
-- FFO gross leverage sustainably below 4.5x.
-- Increase in EBITDA margins towards 6.5%;
-- FCF margin sustainably above 2%.
Factors that could, individually or collectively, lead to a
negative rating action/downgrade:
-- EBITDA dilution due to unsuccessful M&A resulting in
sustainably below 5% EBITDA margins;
-- FFO gross leverage sustainably above 6.5x;
-- Lack of consistent positive FCF generation.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Following the transaction which is expected to
close in January 2021, Assemblin is expected to have SEK1 billion
of available cash in 2021. Assemblin will raise about SEK1 billion
(EUR 100million) add-on of senior secured notes (at similar terms
to existing notes) and SEK205 million of equity proceeds to finance
the acquisition of Fidelix. Additionally, the revolving credit
facility (RCF) will be upsized to SEK640 million (previously SEK450
million). Given a successful integration of the new business
acquired, Fitch expects to see improvements in EBITDA metrics,
resulting to higher FCF generation relative to Fitch’s last
case.
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.
ASSEMBLIN FINANCING: Moody's Affirms B2 CFR & Rates Bond Tap 'B2'
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of Assemblin
Financing AB, a Sweden-based provider of installation services
mainly related to electricity, heating, sanitation and ventilation.
Concurrently, Moody's has also assigned a B2 instrument rating to
the proposed EUR100 million tap to its senior secured notes due in
2025 and affirmed the B2 rating for the existing EUR250 million
senior secured notes due 2025. The outlook on all ratings remains
stable.
RATINGS RATIONALE
The rating affirmations follows Assemblin's announcement that it
intends to fund the purchase price for the Fidelix Holding Oy
(Fidelix, unrated) acquisition and additional liquidity through a
EUR100 million upsizing of the existing EUR250 million senior
secured notes and EUR20 million equity contribution from the
sponsor.
Following the proposed acquisition financing and the consolidation
of Fidelix, Assemblin's leverage will increase reflecting the
purchase price multiple of the acquisition. Pro forma of the
transaction and before synergies, Moody's estimates that the
company's leverage ratio (defined as gross Debt/EBITDA with Moody's
adjustments) will stand at around 6.0x at end-2020. Moody's
positively notes the company's track record of positive free cash
flow (FCF) which is expected to be sustained and which could
further strengthen the company's financial flexibility going
forward.
The affirmation of the B2 CFR reflects Moody's expectation of a
gradual deleveraging in the next 18 months, supported by the
visibility into earnings from the existing backlog, the company's
profitability improvement initiatives and earnings contribution
from previous acquisitions. Given the fact that the
Moody's-adjusted leverage will be at the downgrade trigger after
closing, there is limited headroom within the current rating
category to absorb any further leverage increase which could be
caused for example by operating underperformance, future
debt-funded acquisitions or shareholder returns.
With annual sales of EUR45.5 million and reported EBITDA of €6.1
million for the fiscal year ended September 2020, Fidelix
acquisition is relatively moderate in size compared to Assemblin's
overall scale. This acquisition will increase the company's
exposure to the building automation market, which has solid growth
fundamentals supported by long-term structural trends, and will add
to its overall market presence in Finland. It also improves the
company's market positioning including a higher technological
content of its service offerings.
The B2 rating of Assemblin continues to reflect its: (1) strong
market position as Sweden's second largest provider of installation
services; (2) asset-light service business with flexible cost
structure enabling swift adjustments to shifts in the cycle; (3)
short but meaningful evidence of margin expansion, albeit from a
low base; and (4) Moody's expectation of continued positive FCF
generation, which is expected to be used for bolt-on M&A that
support earnings growth.
However, the rating is constrained by: (1) high leverage with
Moody's-adjusted debt/EBITDA estimated at around 6.0x at end-2020
on a pro forma basis; (2) high concentration in Sweden, although
gradually reduced with the Fidelix acquisition; (3) its exposure to
the overall health of the cyclical construction industry, and (4)
fairly aggressive financial policies evidenced by shareholder
distributions and debt-funded acquisitions.
LIQUIDITY
Assemblin's liquidity is adequate and will improve with the
proposed transaction. The liquidity profile benefits from the
company's track record of positive FCF generation is expected to be
sustained. It is supported by a cash balance of around SEK507
million as of the end of the third quarter of 2020 and an undrawn
revolving credit facility (RCF) of SEK450 million due 2024, which
will be upsized to SEK640 million upon closing. These sources,
together with internally generated funds from operations, will be
used to cover intra-year working capital swings, with a build-up
during the second and third quarters, and a subsequent release in
the fourth quarter and the first quarter of the next year. Other
uses include annual capital spending, lease payments and spending
on bolt-on M&A. The RCF contains a springing net leverage financial
covenant tested only when the facility is more than 40% drawn.
STRUCTURAL CONSIDERATIONS
Assemblin's capital structure consists of a senior secured bond and
a super senior secured RCF. The senior secured notes are rated B2
and are ranking behind the RCF with respect to recoveries upon
enforcement.
Both instruments are guaranteed by subsidiaries of the group's
holding company Assemblin Holding AB, and certain subsidiaries
which account for at least 80% of consolidated EBITDA and are
secured by pledges over shares in group companies and intercompany
loans. Given the weak collateral value of such assets in a
potential default scenario, the loss given default analysis treats
these instruments as unsecured.
OUTLOOK
The stable rating outlook reflects Moody's expectation that
Assemblin's credit metrics will be improved back to the
requirements for the B2 rating category over the next 12 to 18
months, such that its Moody's-adjusted debt/EBITDA will be improved
towards 5.0x in 2022, as consequence of continued organic growth,
profitability improvements supported by the expected successful
integration of the recent acquisitions. It also reflects Moody's
expectation of positive FCF generation in 2021 and beyond.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on the ratings could come from:
- Moody's-adjusted debt/EBITDA sustainably below 4.5x;
- A material improvement in operating performance with
Moody's-adjusted EBITA margin increasing towards high single
digits
- High single digit Moody's-adjusted FCF/Debt and preservation of
a solid liquidity profile
Downward pressure on the ratings could result from:
- Moody's-adjusted debt/EBITDA sustainably above 6.0x;
- Moody's-adjusted EBITA margins declines below 5%
- Negative FCF generation
- Signs of an even more aggressive financial policy, debt-funded
M&A or a weakened liquidity profile
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Headquartered in Stockholm, Assemblin is the second-largest
installation company in Sweden, with installation services in
electrical, heating and sanitation (H&S), and ventilation. The
company has over 160 branches, and over 5,800 employees, serving
various subsectors of the Nordic construction industry. For the 12
months that ended September 2020, the company reported revenue of
SEK10.1 billion and EBITA of SEK313 million. The company was
created in November 2015, when the current owner Triton acquired
the Nordic perimeter of the bankrupt estate of Royal Imtech.
===========================
U N I T E D K I N G D O M
===========================
ARCADIA GROUP: Boohoo In Exclusive to Talks to Buy Three Brands
---------------------------------------------------------------
BBC News reports that online fashion retailer Boohoo is in
"exclusive" talks to buy the Dorothy Perkins, Wallis and Burton
brands from failed retail group Arcadia.
Sir Philip Green's Arcadia group fell into administration in
November last year casting doubt over the future of its brands and
13,000 jobs, BBC recounts.
Any deal would be for the brands, and not the High Street shops,
BBC notes.
According to BBC, in a short statement to shareholders, Boohoo said
the talks with Arcadia's administrators "may or may not result in
agreement of a transaction".
Earlier last week, Boohoo sealed a deal to buy the Debenhams brand
and website for GBP55 million, BBC relates. However, the price tag
did not include any of the retailer's remaining 118 High Street
stores or its workforce, resulting in up to 12,000 job losses, BBC
states.
Arcadia employed about 13,000 people and had 444 shops at the time
of its collapse, according to BBC.
GKN: Faces Closure, 519 Jobs at Risk
------------------------------------
BBC News reports that a car parts factory is set to close putting
up to 519 jobs at risk.
According to BBC, Birmingham Erdington MP Jack Dromey said the
announcement by GKN was "completely unexpected" and brought to an
end more than 50 years of manufacturing at the Chester Road site.
Unite the union said it was seeking urgent meetings with GKN
claiming the factory remains "extremely viable", BBC relates.
GKN said it had tried to reduce the site's operating costs but
competition from abroad had made it unviable, BBC notes.
It said the proposed closure had been a "difficult decision" after
a "significant effort" had been made over the past 10 years to
invest in the GKN Driveline factory, BBC relays.
ITHACA ENERGY: S&P Affirms 'CCC+' ICR, Off Watch Negative
---------------------------------------------------------
S&P Global Ratings affirmed its rating on U.K. oil and gas producer
Ithaca Energy Ltd at 'CCC+', and removed it from CreditWatch, where
it was placed with developing implications on May 7, 2020. The
issue rating on Ithaca's $500 million senior unsecured debt remains
'CCC'.
S&P said, "The stable outlook reflects our view that Delek's
liquidity situation will have no, or a very limited, impact on
Ithaca's creditworthiness in the coming quarters.
"Our rating on Ithaca continues to reflect Delek's fragile
liquidity, although this is less pronounced than nine months ago.
After being on the verge of default in the first half of 2020,
Delek took several important actions, including asset sales and
raising capital, which resulted in a debt reduction of about $0.7
billion. We estimate Delek's outstanding debt to bondholders is
about $2 billion as at Dec. 31, 2020, and subject to a stand-still
expiring in June 2021. We understand that Delek needs to repay
close to $1 billion of debt in 2021 and 2022 but will likely be
unable to do using operating cash flow. It will therefore have to
rely on further divestments and supportive credit markets, which
are uncertain at present. We therefore continue to see the risk of
Delek defaulting in the near term.
"Post the divestments, Ithaca became the largest asset in Delek's
reduced portfolio, and we believe it is going to play a key role in
Delek's recovery journey. In our view, negative intervention in
Ithaca's operations will remain limited, with Ithaca's financial
instruments restricting dividends. In addition, Delek has a clear
incentive to protect (and increase) Ithaca's value. That said,
change of control clauses might lead to a default of Ithaca if
Delek moved to the hands of the bondholders.
"We expect that over the next few quarters, Delek will divest a
portion of Ithaca in order to meet its financial liabilities. We
understand that Delek is considering the following alternatives:
selling a stake to a partner; an IPO; or a merger with
international energy companies. We believe that Delek's divestment
of a stake in Ithaca may further reduce the likelihood and ability
of Delek's negative intervention into Ithaca's operations. Despite
our expectation of Delek's reduced stake in Ithaca, we believe
Ithaca will continue to play an integral role for Delek, in line
with its strategy as an international oil and gas exploration and
production company. As such, we now see Ithaca as having a higher
status within the Delek group, of highly strategic, compared with a
previous moderately strategic status (this has no direct ratings
impact). However, the timing of the recent changes in Ithaca's
leadership team have led us to revise downward our assessment of
Ithaca's management and governance to fair (no direct ratings
impact).
"Difficult market conditions and a weaker operating performance
weigh on Ithaca's creditworthiness. We estimate that lower oil
and gas prices in 2020, coupled with declining production, will
translate into S&P Global Ratings- adjusted EBITDA of about $750
million in 2020. The drop in EBITDA was partly cushioned by the
company's robust hedging, which supported the financial results
despite low spot prices. The company's actions to protect liquidity
during 2020, including a reduction in capital expenditure (capex)
and a hedging reset, helped generate free cash flow and reduce net
debt to about $1.2 billion at Dec. 31, 2020, from $1.5 billion at
Dec. 31, 2019. We estimate that this will translate into funds from
operations (FFO) to debt of about 30%-32%, and adjusted debt to
EBITDA of 2.4x-2.5x in 2020.
"In 2021, we expect S&P Global Ratings-adjusted EBITDA of about
$475 million-$525 million. The company's decision to reduce its
capex in 2020--to about $130 million, from the initial plan of
about $250 million--will result in a drop in production levels in
2021. We now anticipate that production may fall to 60,000-65,000
barrels of oil equivalent per day (boepd) in 2021, from about
68,000 boepd in 2020, with a further reduction in 2022, also
leading to a low reserve replacement. Although this is not our base
case, decline of production below 50,000 boepd may weigh on our
business assessment. At the same time, the hedging book is less
robust than in 2020, with about 55% of oil and gas production
hedged in 2021, and about 20% in 2022, exposing the company to more
volatility.
"Although EBITDA will be lower in 2021, we still see a reduction in
adjusted debt on the back of positive discretionary cash flow. This
is mainly because of low capex and restrictions on dividends (up to
about $15 million to its parent in 2021, subject to meeting the
reserve-based loan (RBL) requirement of Brent oil prices above $50
per barrel [/bbl] on average). In our view, dividend payments
starting 2022 will be subject to Delek's ongoing needs, Ithaca's
financial covenants, and future ownership.
"We forecast that Ithaca's credit metrics will be under pressure in
2021 compared with 2020, with adjusted FFO to debt and debt to
EBITDA at 23%-26% and 3.2x-3.6x, which we view as commensurate with
a 'b+' stand-alone credit profile (SACP) for Ithaca (we previously
saw Ithaca's SACP at 'bb-').
"The stable outlook reflects our view that Delek's liquidity
situation will have no, or a very limited, impact on Ithaca's
creditworthiness in the coming quarters.
"A higher rating would be linked to a future positive assessment of
Delek's creditworthiness. This would be the case if we saw an
improvement of Delek's liquidity on the back of further divestments
or capital markets transactions.
'Alternatively, we could consider a higher rating for Ithaca if we
saw it as insulated from Delek. This might happen after a
successful IPO of Ithaca and the removal of change of control
clauses from its debt instruments.
"A lower rating, and potentially a default, would be warranted if
Delek defaulted and Ithaca's shares were migrated to Delek's
lenders, triggering the change of control clauses. In our view, a
decision by Ithaca's lenders to accelerate the loans' repayment
would lead to a default of Ithaca."
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week January 25 to January 29, 2021
-------------------------------------------------------------
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Transportes Aereos Port 5.625 12/02/2024 EUR 68.615
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Korian SA 0.875 03/06/2027 EUR 56.375
Odea Bank AS 7.625 08/01/2027 USD 67.835
Mallinckrodt Internatio 5.750 08/01/2022 USD 40.750
Korian SA 2.500 EUR 42.625
Norwegian Air Shuttle A 7.250 11/11/2022 EUR 50.001
Metro Bank PLC 5.500 6/26/2028 GBP 65.049
Moby SpA 7.750 2/15/2023 EUR 23.675
Air France-KLM 0.125 3/25/2026 EUR 14.348
Naviera Armas SA 6.500 7/31/2023 EUR 53.628
Mitsubishi UFJ Investor 3.97712/15/2050 EUR 51.269
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Petra Diamonds US Treas 7.250 05/01/2022 USD 41.000
Ageasfinlux SA 0.833 EUR 71.397
Nexity SA 0.125 01/01/2023 EUR 63.269
Valaris plc 5.750 10/01/2044 USD 9.000
Quadient SA 3.375 EUR 57.630
Pacific Drilling SA 8.375 10/01/2023 USD 27.000
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.146
Distribuidora Internaci 0.875 04/06/2023 EUR 62.854
Avation Capital SA 6.500 5/15/2021 USD 72.928
Nexity SA 0.250 03/02/2025 EUR 66.004
Union Fenosa Preferente 1.108 EUR 71.750
Valaris plc 4.875 06/01/2022 USD 9.970
Amigo Luxembourg SA 7.625 1/15/2024 GBP 61.117
Genfit 3.50010/16/2022 EUR 19.980
Valaris plc 5.200 3/15/2025 USD 8.750
Hurricane Energy PLC 7.500 7/24/2022 USD 43.688
Neoen SA 2.000 06/02/2025 EUR 72.272
Pierre Et Vacances SA 2.000 04/01/2023 EUR 49.814
Intelsat Luxembourg SA 8.125 06/01/2023 USD 6.500
Valaris plc 8.000 1/31/2024 USD 8.063
Officine Maccaferri-SpA 5.750 06/01/2021 EUR 34.915
Neoen SA 1.875 10/07/2024 EUR 68.650
Paper Industries Interm 6.000 03/01/2025 EUR 73.270
Cooperativa Muratori & 6.000 2/15/2023 EUR 1.952
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Koninklijke Luchtvaart 0.750 CHF 23.050
Mallinckrodt Internatio 5.62510/15/2023 USD 41.750
Mallinckrodt Internatio 4.750 4/15/2023 USD 7.375
Nostrum Oil & Gas Finan 8.000 7/25/2022 USD 23.100
Cooperativa Muratori & 6.875 08/01/2022 EUR 1.560
Grupo Isolux Corsan SA 1.00012/30/2021 EUR 0.318
VIC Properties SA 3.000 5/28/2025 EUR 60.000
AX Del1 Oy 5.000 4/19/2021 EUR 69.699
Stockmann OYJ Abp 10.750 EUR 43.573
O1 Properties Finance P 8.250 9/27/2021 USD 22.295
Intelsat Luxembourg SA 7.750 06/01/2021 USD 7.000
Senvion Holding GmbH 3.87510/25/2022 EUR 1.447
Kudelski SA 1.500 9/27/2024 CHF 75.328
Jain International Trad 7.125 02/01/2022 USD 16.303
Valaris plc 4.500 10/01/2024 USD 8.750
Naviera Armas SA 4.25011/15/2024 EUR 53.884
Biocartis Group NV 4.000 05/09/2024 EUR 67.164
Offshore Drilling Holdi 8.375 9/20/2020 USD 9.820
Intelsat Jackson Holdin 8.50010/15/2024 USD 73.030
Swissport Investments S 6.75012/15/2021 EUR 1.264
Valaris plc 4.700 3/15/2021 USD 8.750
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.845
ADLER Real Estate AG 2.500 7/19/2021 EUR 13.943
Rallye SA 3.250 02/08/2024 CHF 18.000
Nostrum Oil & Gas Finan 7.000 2/16/2025 USD 25.839
Pacific Drilling SA 11.000 04/01/2024 USD 4.500
Intelsat Jackson Holdin 9.750 7/15/2025 USD 74.030
Rallye SA 5.250 02/01/2022 EUR 14.357
Intu SGS Finance PLC 3.875 3/17/2023 GBP 55.006
HOCHDORF Holding AG 2.500 CHF 59.391
Valaris plc 7.375 6/15/2025 USD 10.000
Rallye SA 4.00011/23/2020 CHF 16.213
Swissport Investments S 9.75012/15/2022 EUR 35.656
Galapagos Holding SA 7.000 6/15/2022 EUR 7.758
Intu Debenture PLC 5.56212/31/2027 GBP 49.000
Mallinckrodt Internatio 5.500 4/15/2025 USD 40.500
FIGEAC-AERO 1.12510/18/2022 EUR 21.487
EOS Imaging SA 6.000 5/31/2023 EUR 6.818
EA Partners II BV 6.750 06/01/2021 USD 41.480
Andrade Gutierrez Inter 9.50012/30/2024 USD 63.855
Wasps Finance Plc 6.500 5/13/2022 GBP 61.314
Abengoa Abenewco 2 Bis 1.500 4/26/2024 EUR 1.500
Senivita Social Estate 2.000 05/12/2025 EUR 25.010
Travelex Financing PLC 8.000 5/15/2022 EUR 2.195
Grupo Isolux Corsan SA 6.00012/30/2021 EUR 0.769
Intelsat Connect Financ 9.500 2/15/2023 USD 27.000
Intu Metrocentre Financ 4.125 12/06/2023 GBP 45.399
Mitchells & Butlers Fin 2.168 6/15/2036 GBP 71.506
Air Berlin PLC 6.750 05/09/2019 EUR 0.698
Paragon GmbH & Co KGaA 4.500 07/05/2022 EUR 57.041
KCA Deutag UK Finance P 9.875 04/01/2022 USD 48.333
Rallye SA 3.400 1/31/2022 EUR 19.460
Privatbank CJSC Via UK 11.000 02/09/2021 USD 9.550
Air Berlin PLC 8.250 4/19/2018 EUR 0.811
KCA Deutag UK Finance P 9.625 04/01/2023 USD 48.710
Valaris plc 4.750 1/15/2024 USD 7.250
Lambay Capital Securiti 6.250 GBP 0.001
Valaris plc 5.400 12/01/2042 USD 8.500
Cabonline Group Holding 7.500 12/09/2022 SEK 72.912
Virgolino de Oliveira F 10.500 1/28/2018 USD 1.034
Debenhams PLC 5.250 7/15/2021 GBP 1.179
FF Group Finance Luxemb 1.750 07/03/2019 EUR 5.666
Norwegian Air Shuttle A 5.000 02/07/2023 SEK 45.500
Banco Espirito Santo SA 7.12511/28/2023 EUR 0.001
Valaris plc 5.850 1/15/2044 USD 6.000
EA Partners I BV 6.875 9/28/2020 USD 0.890
Avangardco Investments 10.00010/29/2018 USD 3.250
FF Group Finance Luxemb 3.250 11/02/2021 CHF 7.835
WD Invest Sarl 1.900 10/02/2024 EUR 7.724
Stobart Finance PLC 2.750 05/08/2024 GBP 60.000
Rickmers Holding AG 8.875 06/11/2018 EUR 0.796
UkrLandFarming PLC 10.875 3/26/2018 USD 3.333
Virgolino de Oliveira F 11.750 02/09/2022 USD 1.296
Claranova SADIR 5.000 07/01/2023 EUR 1.110
YA Holding AB 4.000 6/18/2022 SEK 60.272
Allied Irish Banks PLC 12.500 6/25/2035 GBP 60.295
Fuerstenberg Capital Er 1.301 EUR 52.479
Mitsubishi UFJ Investor 3.70012/30/2099 EUR 4.910
Hellenic Bank PCL 10.000 EUR 46.704
Eramet SA 4.000 EUR 52.825
Vallourec SA 4.125 08/02/2027 EUR 74.270
Thomas Cook Finance 2 P 3.875 7/15/2023 EUR 1.041
KCA Deutag UK Finance P 7.250 5/15/2021 USD 48.500
Bank Otkritie Financial 10.000 4/26/2019 USD 9.029
Privatbank CJSC Via UK 10.250 1/23/2018 USD 29.974
Yuksel Insaat AS 9.500 11/10/2015 USD 2.537
Joh Friedrich Behrens A 7.750 11/11/2020 EUR 35.000
Jacktel AS 10.000 12/04/2023 USD 20.135
Stichting Afwikkeling O 6.25010/26/2020 EUR 2.976
Norddeutsche Landesbank 7.780 EUR 61.000
Immigon Portfolioabbau 5.705 EUR 12.512
Santhera Pharmaceutical 5.000 2/17/2022 CHF 34.428
Intralot Capital Luxemb 5.250 9/15/2024 EUR 41.996
DOF Subsea AS 8.37011/27/2023 NOK 25.166
Dexia Credit Local SA 1.208 EUR 4.217
Norwegian Air Shuttle A 6.37511/15/2024 USD 70.000
Bilt Paper BV 9.640 USD 0.876
Air Berlin PLC 5.625 05/09/2019 CHF 0.802
JZ Capital Partners Ltd 6.000 7/30/2021 GBP 9.050
Mitchells & Butlers Fin 1.918 9/15/2034 GBP 73.817
Mallinckrodt Internatio 5.750 08/01/2022 USD 39.250
Intu SGS Finance PLC 4.250 9/17/2030 GBP 56.573
Petra Diamonds US Treas 7.250 05/01/2022 USD 39.125
Afren PLC 6.625 12/09/2020 USD 0.065
Europcar Mobility Group 4.12511/15/2024 EUR 70.506
Hamon & CIE SA 3.300 1/30/2025 EUR 44.750
Tresu Investment Holdin 5.000 9/29/2022 EUR 29.263
Bourbon Corp 7.989 EUR 0.458
Yell Bondco PLC 8.500 05/02/2023 GBP 40.000
Tullow Oil PLC 7.000 03/01/2025 USD 70.852
Alno AG 8.500 5/14/2018 EUR 15.057
Dexia SA 1.265 EUR 2.212
ESFIL-Espirito Santo Fi 5.250 06/12/2015 EUR 1.232
Orient Express Bank PJS 10.000 USD 30.789
Intu SGS Finance PLC 4.625 3/17/2028 GBP 56.242
HI Bidco AS 8.400 1/30/2023 NOK 69.084
Banca Popolare di Vicen 9.500 9/29/2025 EUR 0.011
Breeze Finance SA 6.708 4/19/2027 EUR 28.950
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 2.060
Hema Bondco II BV 8.500 1/15/2023 EUR 1.085
Stichting Afwikkeling O 11.250 EUR 0.506
New World Resources NV 8.000 04/07/2020 EUR 0.105
Paragon GmbH & Co KGaA 4.000 4/23/2024 CHF 39.000
DOF Subsea AS 9.500 3/14/2022 USD 25.239
CBo Territoria 3.750 07/01/2024 EUR 4.700
KTG Agrar SE 7.125 06/06/2017 EUR 2.397
Scandinavian Airlines S 0.625 CHF 23.784
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Espirito Santo Financia 6.87510/21/2019 EUR 0.529
Norske Skogindustrier A 7.00012/30/2026 EUR 0.001
Rallye SA 1.000 10/02/2020 EUR 15.309
Intralot Capital Luxemb 6.750 9/15/2021 EUR 65.032
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 0.770
Gamalife - Cia de Segur 2.959 EUR 69.571
Afren PLC 11.500 02/01/2016 USD 0.032
OGX Austria GmbH 8.500 06/01/2018 USD 0.030
Europcar Mobility Group 4.000 4/30/2026 EUR 70.237
Cirio Holding Luxembour 6.250 2/16/2004 EUR 0.792
MaxFastigheter i Sverig 6.500 SEK 54.792
Privatbank CJSC Via UK 10.875 2/28/2018 USD 30.000
Deutsche Bank AG 1.968 6/28/2033 USD 75.625
Civitas Properties Fina 4.00011/24/2022 EUR 47.000
Banca Popolare di Vicen 2.82112/20/2017 EUR 0.227
Waste Italia SpA 10.50011/15/2019 EUR 0.727
New World Resources NV 4.000 10/07/2020 EUR 1.011
Norwegian Air Shuttle A 4.33011/23/2021 NOK 65.189
Banco Espirito Santo SA 2.110 EUR 0.045
KCA Deutag UK Finance P 7.250 5/15/2021 USD 48.417
Pacific Drilling SA 8.375 10/01/2023 USD 26.000
Afren PLC 10.250 04/08/2019 USD 0.015
OGX Austria GmbH 8.375 04/01/2022 USD 0.010
Steinhoff Finance Holdi 1.25010/21/2023 EUR 43.500
Manchester Building Soc 8.000 GBP 31.161
Banco Espirito Santo SA 6.875 7/15/2016 EUR 20.500
Societe Generale SA 10.55012/30/2022 USD 67.875
Transportes Aereos Port 5.625 12/02/2024 EUR 68.115
Verimatrix SA 6.000 6/29/2022 EUR 4.034
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.173
Hellenic Republic Gover 2.085 7/25/2057 EUR 50.375
International Industria 9.000 07/06/2011 EUR 0.329
Ghelamco Invest 4.500 5/23/2022 EUR 40.000
Avation Capital SA 6.500 5/15/2021 USD 71.830
Elli Investments Ltd 12.250 6/15/2020 GBP 51.580
Agrokor dd 9.875 05/01/2019 EUR 15.000
Praktiker AG 5.875 02/10/2016 EUR 0.069
Veneto Banca SpA 9.878 12/01/2025 EUR 0.013
International Industria 11.000 2/19/2013 USD 0.355
Agrokor dd 9.125 02/01/2020 EUR 15.000
Cattles Ltd 8.125 07/05/2017 GBP 0.031
REM Saltire AS 7.110 6/30/2021 NOK 52.624
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Vseukrainsky Aktsinerny 10.900 6/14/2019 USD 1.056
Havila Shipping ASA 2.590 01/02/2025 NOK 25.000
KCA Deutag UK Finance P 9.875 04/01/2022 USD 48.083
Banco Espirito Santo SA 6.900 6/28/2024 EUR 20.514
Societe Centrale des Bo 2.500 5/15/2023 EUR 6.880
Manchester Building Soc 6.750 GBP 26.857
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.015
Steilmann SE 7.000 03/09/2017 EUR 1.429
Mallinckrodt Internatio 5.500 4/15/2025 USD 40.913
Hellas Telecommunicatio 6.054 1/15/2015 USD 0.001
Intelsat Jackson Holdin 8.50010/15/2024 USD 72.865
Finmek International SA 7.000 12/03/2004 EUR 2.193
Portugal Telecom Intern 6.250 7/26/2016 EUR 0.175
Espirito Santo Financia 3.125 12/02/2018 EUR 1.793
Norske Skogindustrier A 2.00012/30/2115 EUR 0.113
Linas Matkasse Newco AB 8.000 10/09/2022 SEK 55.750
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.601
Chr Bygga Bostader Hold 9.000 07/05/2021 SEK 50.000
Virgolino de Oliveira F 10.500 1/28/2018 USD 1.034
Russian Federal Bond - 0.250 7/20/2044 RUB 18.941
Mallinckrodt Internatio 5.62510/15/2023 USD 30.000
Saleza AS 9.000 07/12/2021 EUR 0.203
Island Offshore Shiphol 2.690 6/30/2021 NOK 4.179
SAS AB 4.407 SEK 32.486
Lehman Brothers UK Capi 3.875 EUR 8.766
Komplett Bank ASA 8.500 NOK 66.708
LBI ehf 6.100 8/25/2011 USD 8.625
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.612
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Dr Wiesent Sozial gGmbH 7.000 EUR 0.210
Kredyt Inkaso SA 5.150 4/26/2023 PLN 74.300
ML 33 Invest AS 7.500 NOK 56.787
Kommunekredit 0.500 7/30/2027 TRY 41.421
Autonomous Community of 2.965 09/08/2039 JPY 72.078
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 1.243
Lehman Brothers UK Capi 5.125 EUR 8.454
Bank Nadra Via NDR Fina 8.250 7/31/2018 USD 0.208
UniCredit Bank AG 12.60012/24/2021 EUR 58.640
OGX Austria GmbH 8.375 04/01/2022 USD 0.024
Intelsat Connect Financ 9.500 2/15/2023 USD 26.906
Hellas Telecommunicatio 8.50010/15/2013 EUR 0.540
Societe Generale SA 12.000 07/08/2021 USD 41.000
Alno AG 8.000 3/21/2019 EUR 14.000
Corporate Commercial Ba 8.250 08/08/2014 USD 0.308
MS Deutschland Beteilig 6.87512/18/2017 EUR 1.900
Cirio Finance Luxembour 7.500 11/03/2002 EUR 2.302
Steilmann SE 7.000 9/23/2018 EUR 1.429
Sairgroup Finance BV 4.375 06/08/2006 EUR 0.233
Banco Espirito Santo SA 2.290 EUR 0.289
Swissport Investments S 9.75012/15/2022 EUR 35.656
Amigo Luxembourg SA 7.625 1/15/2024 GBP 62.025
German Pellets GmbH 7.250 04/01/2016 EUR 0.634
Lehman Brothers UK Capi 5.750 EUR 2.225
KPNQwest NV 10.000 3/15/2012 EUR 0.068
German Pellets GmbH 7.250 07/09/2018 EUR 0.634
Virgolino de Oliveira F 10.875 1/13/2020 USD 30.000
Steilmann SE 6.750 6/27/2017 EUR 2.184
Espirito Santo Financia 9.75012/19/2025 EUR 1.137
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.000
Lehman Brothers UK Capi 6.900 USD 2.745
KCA Deutag UK Finance P 9.625 04/01/2023 USD 48.710
Del Monte Finance Luxem 6.625 5/24/2006 EUR 1.813
Afren PLC 10.250 04/08/2019 USD 0.015
Gebr Sanders GmbH & Co 8.75010/22/2018 EUR 9.478
Deutsche Bank AG/London 2.120 8/28/2034 USD 78.750
Erotik-Abwicklungsgesel 7.750 07/09/2019 EUR 0.779
KTG Agrar SE 7.25010/15/2019 EUR 2.397
Credit Suisse AG/London 0.500 11/02/2023 USD 10.360
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Activa Resources AG 0.50011/15/2021 EUR 1.000
Vneshprombank Ltd Via V 9.00011/14/2016 USD 0.078
Autostrade per l'Italia 2.730 12/10/2038 JPY 28.440
Odea Bank AS 7.625 08/01/2027 USD 67.801
Sairgroup Finance BV 6.625 10/06/2010 EUR 0.233
Afren PLC 6.625 12/09/2020 USD 0.065
Offshore Drilling Holdi 8.375 9/20/2020 USD 9.820
Cooperatieve Rabobank U 0.500 7/30/2043 MXN 16.529
SAir Group 5.500 7/23/2003 CHF 12.625
Uppfinnaren 1 AB 11.000 SEK 40.000
Depfa Funding II LP 6.500 EUR 60.272
Norske Skog Holding AS 8.000 2/24/2023 USD 0.015
Solship Invest 1 AS 5.000 12/08/2024 NOK 6.788
Cooperatieve Rabobank U 0.50010/30/2043 MXN 16.573
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Nostrum Oil & Gas Finan 8.000 7/25/2022 USD 24.325
Agrokor dd 8.875 02/01/2020 USD 15.000
Deutsche Agrar Holding 7.250 9/28/2018 EUR 1.254
Senvion Holding GmbH 3.87510/25/2022 EUR 1.447
German Pellets GmbH 7.25011/27/2019 EUR 0.634
Caixa Economica Montepi 5.000 EUR 50.000
International Finance F 0.500 6/29/2027 ZAR 66.434
Barclays Bank PLC 0.333 4/13/2022 USD 9.770
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.543
Windreich GmbH 6.500 03/01/2015 EUR 5.875
Solstad Offshore ASA 4.000 9/24/2021 NOK 4.500
Skandinaviska Enskilda 9.500 7/17/2023 SEK 58.630
Credit Suisse AG/London 8.00012/21/2023 USD 9.800
Nostrum Oil & Gas Finan 7.000 2/16/2025 USD 24.282
Sidetur Finance BV 10.000 4/20/2016 USD 3.532
Solon SE 1.375 12/06/2012 EUR 0.544
La Veggia Finance SA 7.12511/14/2004 EUR 0.287
Intelsat Jackson Holdin 9.750 7/15/2025 USD 72.499
Paper Industries Interm 6.000 03/01/2025 EUR 73.270
Rio Forte Investments S 4.000 7/22/2014 EUR 5.538
Golden Gate AG 6.500 10/11/2014 EUR 37.500
A-TEC Industries AG 8.75010/27/2014 EUR 0.100
International Bank of A 8.250 10/09/2024 USD 60.375
Marine Subsea AS 9.00012/16/2019 USD 0.688
Alpine Holding GmbH 5.250 07/01/2015 EUR 0.173
UniCredit Bank AG 0.11511/19/2029 EUR 72.343
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
Commerzbank AG 0.08511/19/2029 EUR 62.545
Mriya Agro Holding PLC 10.950 3/30/2016 USD 5.000
Rena GmbH 8.250 07/11/2018 EUR 2.096
WPE International Coope 10.375 9/30/2020 USD 5.706
Stichting Afwikkeling O 2.207 EUR 0.506
Afren PLC 11.500 02/01/2016 USD 0.032
Finance and Credit Bank 9.250 1/25/2019 USD 0.257
Lehman Brothers Treasur 5.220 03/01/2024 EUR 0.100
SiC Processing GmbH 7.125 03/01/2016 EUR 2.572
Danske Bank A/S 6.010 07/09/2023 SEK 71.930
HPI AG 3.500 EUR 3.011
Pescanova SA 8.750 2/17/2019 EUR 0.319
Veneto Banca SpA 6.950 2/25/2025 EUR 0.018
SAG Solarstrom AG 6.25012/14/2015 EUR 31.000
Virgolino de Oliveira F 10.875 1/13/2020 USD 30.000
Societe Generale SA 8.900 11/01/2021 USD 66.500
Naviera Armas SA 4.25011/15/2024 EUR 54.326
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Societe Generale SA 21.00012/23/2022 USD 68.950
Stichting Afwikkeling O 6.625 5/14/2018 EUR 2.976
Havila Shipping ASA 4.270 01/02/2025 NOK 50.982
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.821
Golfino AG 8.00011/18/2023 EUR 0.050
Muehl Product & Service 6.750 03/10/2005 DEM 0.050
OGX Austria GmbH 8.500 06/01/2018 USD 0.030
Rena GmbH 7.00012/15/2015 EUR 2.096
Credit Suisse AG/London 10.00010/26/2023 USD 10.124
Intelsat Jackson Holdin 9.750 7/15/2025 USD 72.499
Barclays Bank PLC 5.000 11/01/2029 BRL 70.919
Resa SA/Belgium 1.950 7/22/2036 EUR 50.000
Ahtium PLC 9.750 04/04/2017 EUR 0.709
Pescanova SA 5.125 4/20/2017 EUR 0.319
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.652
Credit Suisse AG/London 6.500 3/28/2022 USD 3.740
Getin Noble Bank SA 5.260 3/31/2023 PLN 74.749
Credit Suisse AG/London 11.750 1/31/2022 USD 73.846
UBS AG/London 9.000 11/10/2022 USD 5.646
Banco Santander SA 1.855 EUR 2.117
Galapagos Holding SA 7.000 6/15/2022 EUR 7.758
AKB Peresvet ZAO 0.510 08/04/2034 RUB 19.000
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.015
Alpine Holding GmbH 5.250 06/10/2016 EUR 0.173
Cooperatieve Rabobank U 0.500 1/31/2033 MXN 41.003
CRC Breeze Finance SA 6.110 05/08/2026 EUR 39.920
Opus-Chartered Issuance 5.000 03/08/2027 USD 66.440
Mifa Mitteldeutsche Fah 7.500 08/12/2018 EUR 2.100
Veneto Banca SpA 6.411 EUR 0.628
SpareBank 1 SR-Bank ASA 1.20712/21/2030 EUR 71.885
Officine Maccaferri-SpA 5.750 06/01/2021 EUR 34.915
Zurcher Kantonalbank Fi 11.000 7/22/2021 CHF 75.250
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Cooperatieve Rabobank U 0.50011/30/2027 MXN 65.602
Yell Bondco PLC 8.500 05/02/2023 GBP 40.000
Veneto Banca SpA 6.944 5/15/2025 EUR 0.018
Barclays Bank PLC 2.000 06/12/2029 TRY 41.858
SG Issuer SA 0.263 2/20/2025 EUR 20.060
Top Gun Realisations 73 8.000 07/01/2023 GBP 1.387
Landesbank Baden-Wuertt 6.000 8/27/2021 EUR 66.420
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.845
Swissport Investments S 6.75012/15/2021 EUR 1.264
SAir Group 4.250 02/02/2007 CHF 12.625
Naviera Armas SA 6.500 7/31/2023 EUR 54.010
SG Issuer SA 0.820 08/02/2021 SEK 0.820
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.635
New World Resources NV 8.000 04/07/2020 EUR 0.105
Hema Bondco II BV 8.500 1/15/2023 EUR 1.085
Sequa Petroleum NV 5.000 4/29/2020 USD 28.765
Kaupthing ehf 5.750 10/04/2011 USD 0.250
UkrLandFarming PLC 10.875 3/26/2018 USD 3.403
Skandinaviska Enskilda 7.880 1/16/2023 SEK 71.885
Otkritie Holding JSC 0.010 9/17/2027 RUB 1.820
SAir Group 0.125 07/07/2005 CHF 12.625
Intelsat SA 4.500 6/15/2025 USD 52.500
BOA Offshore AS 0.409 7/17/2047 NOK 7.546
Cooperatieve Rabobank U 0.50010/29/2027 MXN 65.704
Norske Skogindustrier A 7.12510/15/2033 USD 0.001
Mox Telecom AG 7.250 11/02/2017 EUR 1.354
Agrokor dd 9.875 05/01/2019 EUR 15.000
SAir Group 5.125 03/01/2003 CHF 12.500
Skandinaviska Enskilda 8.300 7/17/2023 SEK 56.520
Credit Suisse AG/London 20.00011/29/2024 USD 11.550
Agrokor dd 8.875 02/01/2020 USD 15.000
Lehman Brothers Treasur 1.000 10/05/2035 EUR 0.100
LBI ehf 7.431 USD 0.001
Northland Resources AB 4.00010/15/2020 NOK 0.271
Virgolino de Oliveira F 11.750 02/09/2022 USD 1.296
Getin Noble Bank SA 5.250 4/29/2024 PLN 64.990
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Skandinaviska Enskilda 8.600 7/17/2023 SEK 57.050
Danske Bank A/S 8.050 07/09/2023 SEK 64.690
Derzhava-Garant OOO 7.250 06/12/2030 RUB 12.300
getgoods.de AG 7.750 10/02/2017 EUR 0.170
Stichting Afwikkeling O 8.450 8/20/2018 USD 2.976
Kaupthing ehf 6.125 10/04/2016 USD 0.250
Getin Noble Bank SA 4.750 5/31/2024 PLN 66.166
Thomas Cook Finance 2 P 3.875 7/15/2023 EUR 1.041
Bank Otkritie Financial 10.000 4/26/2019 USD 9.029
Lehman Brothers Treasur 0.215 11/02/2035 EUR 0.100
Windreich GmbH 6.500 7/15/2016 EUR 5.875
Landesbank Hessen-Thuer 7.50012/13/2024 EUR 0.100
Landesbank Hessen-Thuer 9.600 01/09/2023 EUR 0.100
LBI ehf 7.431 USD 0.001
O1 Properties Finance P 8.250 9/27/2021 USD 22.295
Portugal Telecom Intern 5.242 11/06/2017 EUR 0.694
UBS AG/London 12.250 5/31/2021 EUR 10.960
Getin Noble Bank SA 4.250 6/28/2024 PLN 68.000
Agrokor dd 9.125 02/01/2020 EUR 15.000
Espirito Santo Financia 5.05011/15/2025 EUR 1.243
Credit Suisse AG/London 6.500 4/30/2021 USD 3.380
Hellas Telecommunicatio 6.054 1/15/2015 USD 0.001
Norske Skog Holding AS 8.000 2/24/2023 USD 0.015
SAir Group 2.750 7/30/2004 CHF 12.625
Landesbank Baden-Wuertt 2.050 7/23/2021 EUR 68.360
Nordea Bank Abp 7.150 7/20/2024 SEK 72.740
Kardan NV 6.325 02/04/2021 ILS 9.570
Barclays Bank PLC 1.450 9/24/2038 MXN 34.748
SALVATOR Vermoegensverw 9.500 EUR 11.100
SALVATOR Vermoegensverw 9.50012/31/2021 EUR 8.250
Cooperatieve Rabobank U 0.500 8/21/2028 MXN 61.730
Moby SpA 7.750 2/15/2023 EUR 23.675
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Bibby Offshore Services 7.500 6/15/2021 GBP 11.639
Landesbank Hessen-Thuer 4.000 3/20/2023 EUR 0.100
Grupo Isolux Corsan SA 0.25012/30/2018 EUR 0.318
Grupo Isolux Corsan SA 6.00012/30/2021 USD 0.813
Ideal Standard Internat 11.750 05/01/2018 EUR 0.050
Ahtium PLC 4.00012/16/2015 EUR 0.586
Lehman Brothers Treasur 2.875 3/14/2013 CHF 0.100
Getin Noble Bank SA 4.270 8/30/2024 PLN 66.817
UniCredit Bank AG 5.45011/21/2022 EUR 9.500
Skandinaviska Enskilda 6.000 1/17/2023 SEK 69.995
Bank Julius Baer & Co L 7.300 1/25/2021 EUR 62.750
Skandinaviska Enskilda 7.600 1/15/2024 SEK 73.510
Societe Generale SA 10.00012/30/2022 USD 58.670
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
Credit Suisse AG 0.50012/16/2025 BRL 67.613
SAir Group 6.25010/27/2002 CHF 12.625
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
Top Gun Realisations 73 8.000 07/01/2023 GBP 1.387
Concern Rossium LLC 6.000 08/05/2030 RUB 100.020
City of Predeal Romania 2.500 5/15/2026 RON 60.000
DekaBank Deutsche Giroz 6.000 06/02/2021 EUR 56.170
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 30.500
HSBC Bank PLC 0.50012/22/2025 BRL 66.635
Kaupthing ehf 9.000 USD 0.122
Credit Agricole CIB Fin 0.39012/16/2032 EUR 54.196
Heta Asset Resolution A 4.87512/31/2023 EUR 2.078
SFO Akkord Finans 10.000 02/12/2024 RUB 61.540
Espirito Santo Financia 5.05011/15/2025 EUR 0.851
Landesbank Hessen-Thuer 8.60011/17/2022 EUR 60.420
Bank Julius Baer & Co L 10.000 6/21/2021 EUR 62.850
BNP Paribas SA 10.500 02/10/2021 USD 62.010
Societe Generale SA 17.000 1/17/2030 USD 56.100
Windreich GmbH 6.750 03/01/2015 EUR 5.875
AKB Peresvet ZAO 0.510 2/14/2032 RUB 12.500
Getin Noble Bank SA 5.280 7/28/2023 PLN 74.982
Agrokor dd Via Aquarius 4.921 08/08/2017 EUR 14.625
Eiendomskreditt AS 2.220 9/17/2029 NOK 68.373
KPNQwest NV 8.125 06/01/2009 USD 0.068
Zaklady Miesne Henryk K 5.460 3/29/2021 PLN
Societe Generale SA 6.000 05/09/2022 USD 2.230
Societe Generale SA 20.000 03/02/2022 USD 52.500
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
BRAbank ASA/NO 7.350 NOK 61.539
Getin Noble Bank SA 5.25012/21/2023 PLN 69.000
SG Issuer SA 2.70011/28/2034 ZAR 44.429
OOO SPV Structural Inve 0.010 09/01/2023 RUB 66.740
Deutsche Bank AG/London 0.50010/18/2038 MXN 16.046
Elli Investments Ltd 12.250 6/15/2020 GBP 51.823
Danske Bank A/S 7.470 07/09/2023 SEK 72.930
Erste Group Bank AG 7.00011/21/2023 EUR 21.100
Decipher Production Ltd 12.500 9/27/2019 USD 1.500
Otkritie Holding JSC 0.010 12/08/2027 RUB 1.900
Cooperativa Muratori & 6.875 08/01/2022 EUR 1.560
Instabank ASA 7.930 02/04/2030 NOK 73.638
Spoldzielczy Bank Rozwo 3.750 7/16/2025 PLN 75.000
Minicentrales Dos SA 0.010 06/06/2047 EUR 67.383
SAir Group 2.125 11/04/2004 CHF 12.625
Norske Skogindustrier A 7.12510/15/2033 USD 0.001
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
Societe Generale SA 17.000 03/03/2021 USD 43.100
Landesbank Baden-Wuertt 2.500 8/27/2021 EUR 63.010
Bayerische Landesbank 3.400 7/16/2021 EUR 67.210
Leonteq Securities AG 11.200 1/27/2021 USD 73.790
Landesbank Hessen-Thuer 7.300 02/07/2023 EUR 0.100
Landesbank Hessen-Thuer 6.900 1/30/2023 EUR
Northland Resources AB 4.00010/15/2020 USD 0.271
PA Resources AB 13.500 03/03/2016 SEK 0.124
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
Gold-Zack AG 7.00012/14/2005 EUR 10.510
SAir Group 6.250 04/12/2005 CHF 12.625
Cooperatieve Rabobank U 0.50012/29/2027 MXN 64.963
Minicentrales Dos SA 0.010 06/06/2047 EUR 65.750
Natixis SA 0.300 6/25/2048 USD 51.735
Samaratransneft-Termina 17.000 6/20/2021 RUB 15.700
Mriya Agro Holding PLC 9.450 4/19/2018 USD 5.000
Landesbank Hessen-Thuer 5.200 01/11/2024 EUR 70.470
SG Issuer SA 2.98012/28/2021 EUR 60.190
Leonteq Securities AG/G 8.000 09/01/2021 CHF 71.320
SG Issuer SA 5.500 04/10/2021 EUR
Satra Forvaltnings AB 9.000 2/27/2021 SEK 65.000
Landesbank Hessen-Thuer 5.650 2/21/2023 EUR 0.100
Bank Julius Baer & Co L 10.100 1/25/2021 USD 56.550
Danske Bank A/S 6.860 07/09/2022 SEK 25.670
Nordea Bank Abp 7.430 1/20/2025 SEK 82.000
Landesbank Hessen-Thuer 8.450 1/24/2023 EUR 0.100
Corner Banca SA 16.400 03/02/2021 CHF 12.630
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.612
ECM Real Estate Investm 5.000 10/09/2011 EUR 15.375
Heta Asset Resolution A 4.35012/31/2023 EUR 2.082
Nordea Bank Abp 5.813 7/20/2024 SEK 71.000
SG Issuer SA 10.400 2/23/2021 USD 3.040
WPE International Coope 10.375 9/30/2020 USD 5.706
Norske Skogindustrier A 2.00012/30/2115 EUR 0.113
Kaupthing ehf 6.125 10/04/2016 USD 0.250
Lehman Brothers Treasur 5.103 6/22/2046 EUR 0.100
Bibby Offshore Services 7.500 6/15/2021 GBP 11.639
DekaBank Deutsche Giroz 1.780 02/05/2021 EUR 62.860
Corner Banca SA 7.600 02/02/2021 CHF 68.640
Erste Group Bank AG 8.000 9/28/2023 EUR 0.300
WEB Windenergie AG 4.00012/17/2025 EUR 0.010
Skandinaviska Enskilda 6.500 1/15/2024 SEK 71.760
COFIDUR SA 0.10012/31/2024 EUR 24.050
New World Resources NV 4.000 10/07/2020 EUR 1.011
Societe Generale SA 8.00010/13/2021 USD 71.000
BRAbank ASA 7.380 NOK 56.110
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Getin Noble Bank SA 4.250 7/26/2024 PLN 74.000
Getin Noble Bank SA 5.270 8/31/2023 PLN 69.997
BLT Finance BV 12.000 02/10/2015 USD 10.500
Norske Skogindustrier A 7.00012/30/2026 EUR 0.001
LBI ehf 6.100 8/25/2011 USD 8.625
Societe Generale SA 8.000 8/18/2021 USD 17.250
Landesbank Hessen-Thuer 5.200 01/08/2024 EUR 46.060
Societe Generale SA 4.890 2/16/2023 USD 55.340
Landesbank Hessen-Thuer 6.750 1/14/2025 EUR 72.170
Leonteq Securities AG/G 10.000 02/08/2021 USD 70.030
EFG International Finan 7.000 5/23/2022 EUR 47.750
Societe Generale SA 1.580 9/16/2024 USD 2.610
Leonteq Securities AG 6.400 5/25/2021 CHF 72.550
UniCredit Bank AG 10.500 5/19/2021 EUR 3.400
Landesbank Baden-Wuertt 3.500 2/26/2021 EUR 71.030
Raiffeisen Switzerland 4.800 6/14/2021 EUR 66.220
Credit Suisse AG/London 8.750 5/20/2021 GBP 60.960
Banque Cantonale Vaudoi 7.550 08/03/2021 CHF 73.230
Leonteq Securities AG 12.00010/18/2021 CHF 65.120
Leonteq Securities AG/G 2.750 9/15/2022 CHF 13.790
Petromena ASA 10.85011/19/2018 USD 0.622
Irish Bank Resolution C 6.75011/30/2013 BGN 33.250
BNP Paribas Issuance BV 6.550 3/28/2025 EUR 44.030
Polski Bank Spoldzielcz 3.760 9/14/2027 PLN 65.346
Lehman Brothers Treasur 5.100 05/08/2017 HKD 0.100
Getin Noble Bank SA 5.250 4/28/2023 PLN 74.732
Barclays Bank PLC 0.500 1/28/2033 MXN 38.461
Lehman Brothers Treasur 7.375 9/20/2008 EUR 0.100
UBS AG/London 7.250 02/08/2021 CHF 60.300
Societe Generale SA 12.000 2/17/2025 USD 57.200
Societe Generale SA 8.600 7/29/2022 USD 45.000
EFG International Finan 6.130 6/20/2024 EUR 3.000
Erste Group Bank AG 4.350 2/28/2022 EUR 52.300
Kancelaria Medius SA 5.770 03/07/2021 PLN 40.000
UBS AG/London 10.000 3/22/2021 EUR 43.450
UBS AG/London 12.500 7/19/2021 USD 70.250
Erste Group Bank AG 5.550 8/30/2022 EUR 52.650
Erste Group Bank AG 4.350 2/20/2022 EUR 52.750
getBACK SA 4.210 2/16/2021 PLN
BNP Paribas Emissions- 8.000 6/24/2021 EUR 66.340
Landesbank Baden-Wuertt 14.770 5/25/2021 EUR 6.110
Leonteq Securities AG 30.000 06/09/2021 CHF 15.200
EFG International Finan 5.600 07/11/2024 EUR 24.660
Landesbank Baden-Wuertt 8.150 02/04/2021 EUR 0.780
Credit Suisse AG/London 6.250 7/21/2022 CHF 73.550
SG Issuer SA 7.000 2/17/2021 EUR 72.310
UBS AG/London 13.500 7/15/2021 CHF 7.490
Leonteq Securities AG/G 25.000 2/18/2021 USD 6.120
Credit Suisse AG/London 10.000 1/25/2021 CHF 74.660
Credit Suisse AG/London 8.750 03/04/2021 EUR 65.710
RENE LEZARD Mode GmbH 7.25011/25/2017 EUR 1.500
Societe Generale SA 17.500 1/26/2023 USD 71.000
Societe Generale SA 10.000 12/02/2021 USD 58.300
Vontobel Financial Prod 0.154 06/10/2021 EUR 62.400
Astana Finance BV 7.875 06/08/2010 EUR 16.000
HSBC Bank PLC 0.50011/25/2025 BRL 67.165
Santander Consumer Bank 5.160 NOK 58.614
Rio Forte Investments S 3.900 07/10/2014 USD 5.500
Grupo Isolux Corsan SA 1.00012/30/2021 USD 0.318
Getin Noble Bank SA 5.260 04/04/2024 PLN 65.000
SG Issuer SA 7.600 2/22/2021 EUR 2.350
Erste Group Bank AG 7.200 9/30/2024 EUR 0.350
Banco Espirito Santo SA 10.000 12/06/2021 EUR 0.001
Lehman Brothers Treasur 6.000 6/21/2011 EUR 0.100
Lehman Brothers Treasur 2.000 3/16/2035 EUR 0.100
Getin Noble Bank SA 5.250 11/09/2023 PLN 70.814
Instabank ASA 7.500 NOK 41.146
Rio Forte Investments S 4.750 11/10/2015 EUR 5.500
Heta Asset Resolution A 0.21712/31/2023 EUR 2.078
Heta Asset Resolution A 5.92012/31/2023 EUR 2.078
AKB Peresvet ZAO 0.510 6/23/2021 RUB 19.020
Mriya Agro Holding PLC 9.450 4/19/2018 USD 5.000
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.543
Hellas Telecommunicatio 8.50010/15/2013 EUR 0.540
Northland Resources AB 15.000 7/15/2019 USD 2.621
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Bilt Paper BV 9.640 USD 0.876
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Raiffeisen Schweiz Geno 11.500 2/18/2021 CHF 52.300
Leonteq Securities AG/G 6.400 11/03/2021 CHF 51.780
Societe Generale SA 6.000 06/06/2022 USD 4.570
Raiffeisen Centrobank A 5.000 9/20/2021 EUR 69.710
Leonteq Securities AG 7.400 03/04/2021 CHF 66.240
Raiffeisen Centrobank A 5.000 08/09/2021 EUR 67.960
Skandinaviska Enskilda 4.100 1/17/2022 SEK 73.650
Corner Banca SA 8.000 5/25/2021 CHF 57.180
Landesbank Hessen-Thuer 7.000 01/09/2023 EUR 59.140
SG Issuer SA 6.700 07/10/2024 EUR 71.960
Societe Generale SA 10.250 02/02/2023 USD 61.300
SG Issuer SA 2.200 01/10/2025 EUR 72.660
SG Issuer SA 6.650 10/10/2021 EUR
Concern Rossium LLC 6.250 12/11/2029 RUB 60.060
AKB Peresvet ZAO 13.000 10/07/2017 RUB 19.625
Windreich GmbH 6.250 03/01/2015 EUR 5.875
Bank Otkritie Financial 0.010 9/24/2025 RUB 72.780
Corner Banca SA 7.350 1/16/2023 CHF 67.710
Cooperativa Muratori & 6.000 2/15/2023 EUR 1.952
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Bank Otkritie Financial 0.010 7/16/2025 RUB 73.140
Pescanova SA 6.750 03/05/2015 EUR 0.319
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
Privatbank CJSC Via UK 10.875 2/28/2018 USD 30.000
Getin Noble Bank SA 5.250 5/31/2023 PLN 69.255
Concern Rossium LLC 6.000 08/05/2030 RUB 100.020
Espirito Santo Financia 5.125 5/30/2016 EUR 1.527
Landesbank Baden-Wuertt 3.000 2/26/2021 EUR 66.570
Zurcher Kantonalbank Fi 7.750 7/23/2021 EUR 70.980
UBS AG/London 14.000 07/06/2021 USD 64.090
Citigroup Global Market 8.050 1/24/2023 EUR 62.930
BNP Paribas Emissions- 9.000 3/25/2021 EUR 66.090
Landesbank Baden-Wuertt 10.500 2/26/2021 EUR 68.230
Landesbank Baden-Wuertt 2.000 6/25/2021 EUR 70.010
WEB Windenergie AG 3.750 9/26/2026 EUR 0.010
WEB Windenergie AG 2.500 9/26/2021 EUR 0.010
UBS AG/London 14.000 6/28/2021 CHF 71.650
Deutsche Bank AG 3.800 02/04/2030 USD
Lehman Brothers Treasur 11.00012/20/2017 AUD 0.100
Santander Consumer Bank 5.160 NOK 59.205
Credito Padano Banca di 3.100 EUR 33.831
KPNQwest NV 8.875 02/01/2008 EUR 0.068
BNP Paribas SA 0.50011/16/2032 MXN 32.993
Kreditanstalt fuer Wied 0.250 10/06/2036 CAD 49.170
Lehman Brothers Treasur 6.650 8/24/2011 AUD 0.100
Landesbank Hessen-Thuer 0.650 10/01/2031 EUR 10.464
Raiffeisen Schweiz Geno 5.800 9/28/2021 CHF 57.900
Raiffeisen Schweiz Geno 6.250 04/01/2021 CHF 66.450
Landesbank Baden-Wuertt 3.00012/23/2022 EUR 64.450
Landesbank Baden-Wuertt 3.20012/23/2022 EUR 67.590
DekaBank Deutsche Giroz 4.000 4/23/2021 EUR 67.500
Corner Banca SA 6.200 10/05/2021 CHF 67.830
Landesbank Hessen-Thuer 3.600 08/12/2021 EUR 52.500
Citigroup Global Market 12.37911/13/2023 SEK 69.380
Corner Banca SA 8.600 10/12/2021 CHF 72.490
UniCredit Bank AG 4.00011/21/2022 EUR 65.560
Raiffeisen Schweiz Geno 5.700 10/12/2021 CHF 72.010
Landesbank Baden-Wuertt 3.500 1/28/2022 EUR 59.000
Landesbank Hessen-Thuer 6.35011/19/2024 EUR 62.820
Leonteq Securities AG 7.600 4/15/2021 CHF 70.860
Leonteq Securities AG/G 5.40010/19/2021 CHF 61.510
Landesbank Baden-Wuertt 3.500 7/23/2021 EUR 63.470
EFG International Finan 12.00010/19/2021 USD 50.840
DekaBank Deutsche Giroz 2.300 11/12/2021 EUR 61.150
BNP Paribas Issuance BV 6.310 07/05/2023 SEK 69.430
Landesbank Baden-Wuertt 3.25012/23/2022 EUR 63.700
Landesbank Baden-Wuertt 2.65012/23/2022 EUR 70.260
Landesbank Hessen-Thuer 2.000 6/13/2022 EUR 55.150
Natixis SA 3.150 06/08/2021 USD 70.870
Natixis SA 2.100 06/08/2021 EUR 59.180
Leonteq Securities AG 5.000 6/15/2021 CHF 57.570
Banque Cantonale Vaudoi 5.800 08/09/2021 CHF 60.720
Leonteq Securities AG 10.000 08/09/2021 CHF 62.230
Leonteq Securities AG 10.000 08/09/2021 CHF 66.010
Landesbank Baden-Wuertt 3.050 9/23/2022 EUR 69.020
Raiffeisen Schweiz Geno 7.500 02/09/2021 EUR 70.450
Raiffeisen Schweiz Geno 5.200 02/09/2021 CHF 66.600
Landesbank Hessen-Thuer 6.25012/13/2024 EUR 71.350
Raiffeisen Schweiz Geno 5.400 8/17/2022 CHF 71.470
Raiffeisen Schweiz Geno 7.800 2/14/2022 EUR 72.040
Raiffeisen Schweiz Geno 10.500 2/17/2021 CHF 73.410
Raiffeisen Schweiz Geno 7.500 5/14/2021 CHF 62.440
Zurcher Kantonalbank Fi 6.000 5/25/2021 CHF 69.010
Zurcher Kantonalbank Fi 6.000 5/25/2021 CHF 63.080
DZ Bank AG Deutsche Zen 8.250 3/24/2021 EUR 50.700
Zurcher Kantonalbank Fi 6.800 5/25/2021 EUR 66.460
Zurcher Kantonalbank Fi 6.000 5/25/2021 EUR 65.450
Credit Suisse AG/London 7.000 2/17/2021 CHF 65.930
Leonteq Securities AG/G 13.750 2/17/2021 EUR 3.280
Leonteq Securities AG/G 6.000 8/17/2022 CHF 73.310
Leonteq Securities AG/G 15.470 5/18/2021 CHF 7.620
DZ Bank AG Deutsche Zen 6.400 2/24/2021 EUR 67.010
UniCredit Bank AG 14.300 3/26/2021 EUR 71.000
UniCredit Bank AG 14.800 6/25/2021 EUR 72.010
UniCredit Bank AG 13.300 6/25/2021 EUR 73.710
UniCredit Bank AG 13.900 3/26/2021 EUR 73.380
Zurcher Kantonalbank Fi 6.000 5/27/2021 CHF 75.340
UniCredit Bank AG 12.200 6/25/2021 EUR 73.370
UniCredit Bank AG 13.800 3/26/2021 EUR 71.850
UniCredit Bank AG 12.200 6/25/2021 EUR 72.370
UniCredit Bank AG 18.300 3/26/2021 EUR 55.610
UniCredit Bank AG 17.600 6/25/2021 EUR 56.840
UniCredit Bank AG 12.900 3/26/2021 EUR 71.390
UniCredit Bank AG 14.200 3/26/2021 EUR 69.690
DZ Bank AG Deutsche Zen 10.800 2/26/2021 EUR 66.360
DZ Bank AG Deutsche Zen 13.100 3/26/2021 EUR 63.750
DZ Bank AG Deutsche Zen 7.000 6/25/2021 EUR 70.770
DZ Bank AG Deutsche Zen 9.000 6/25/2021 EUR 67.470
DZ Bank AG Deutsche Zen 11.300 6/25/2021 EUR 64.730
DZ Bank AG Deutsche Zen 10.700 2/26/2021 EUR 64.230
DZ Bank AG Deutsche Zen 13.400 3/26/2021 EUR 61.300
DZ Bank AG Deutsche Zen 7.000 6/25/2021 EUR 70.690
DZ Bank AG Deutsche Zen 9.300 6/25/2021 EUR 67.150
DZ Bank AG Deutsche Zen 11.700 6/25/2021 EUR 64.000
DZ Bank AG Deutsche Zen 8.000 2/26/2021 EUR 70.510
DZ Bank AG Deutsche Zen 10.200 6/25/2021 EUR 73.270
DZ Bank AG Deutsche Zen 11.800 3/26/2021 EUR 73.860
DZ Bank AG Deutsche Zen 10.700 2/26/2021 EUR 68.130
DZ Bank AG Deutsche Zen 13.400 2/26/2021 EUR 63.890
DZ Bank AG Deutsche Zen 7.400 6/25/2021 EUR 73.570
DZ Bank AG Deutsche Zen 9.200 6/25/2021 EUR 70.180
DZ Bank AG Deutsche Zen 11.200 6/25/2021 EUR 66.140
Credit Suisse AG/London 8.500 5/18/2021 EUR 60.760
Credit Suisse AG/London 7.500 8/13/2021 CHF 69.780
Zurcher Kantonalbank Fi 9.250 8/26/2021 CHF 52.980
Vontobel Financial Prod 12.000 3/26/2021 EUR 64.550
Raiffeisen Schweiz Geno 6.000 2/19/2021 EUR 61.000
UBS AG/London 11.000 2/19/2021 CHF 70.900
UBS AG/London 7.000 2/21/2022 EUR 62.750
UBS AG/London 5.500 8/19/2021 EUR 67.150
UBS AG/London 10.000 8/19/2021 CHF 69.700
UBS AG/London 6.500 8/19/2021 CHF 66.800
UBS AG/London 12.000 8/19/2021 CHF 13.580
UBS AG/London 5.750 8/20/2021 EUR 68.000
Zurcher Kantonalbank Fi 5.000 2/19/2021 EUR 70.410
Landesbank Hessen-Thuer 3.000 06/04/2021 EUR 71.400
Landesbank Hessen-Thuer 5.70011/24/2022 EUR 56.840
Landesbank Hessen-Thuer 4.000 06/04/2021 EUR 59.500
Landesbank Hessen-Thuer 4.000 2/17/2021 EUR 53.580
Landesbank Hessen-Thuer 4.000 2/17/2021 EUR 38.710
UniCredit Bank AG 3.850 2/14/2021 EUR 51.060
Landesbank Hessen-Thuer 6.700 5/17/2022 EUR 56.910
Landesbank Hessen-Thuer 6.600 2/17/2023 EUR 54.240
Landesbank Hessen-Thuer 4.350 2/24/2023 EUR 48.280
Landesbank Hessen-Thuer 5.300 9/23/2022 EUR 45.490
Raiffeisen Schweiz Geno 4.00012/15/2021 CHF 67.690
Landesbank Hessen-Thuer 5.150 6/14/2022 EUR 62.450
Landesbank Baden-Wuertt 2.300 7/23/2021 EUR 66.930
Landesbank Baden-Wuertt 3.500 7/23/2021 EUR 60.030
Landesbank Baden-Wuertt 2.200 7/23/2021 EUR 68.900
Skandinaviska Enskilda 9.020 7/17/2023 SEK 58.540
Credit Suisse AG/Nassau 7.000 6/22/2021 CHF 53.070
Vontobel Financial Prod 4.200 07/06/2021 EUR 67.320
SecurAsset SA 5.250 6/30/2022 EUR 48.700
Raiffeisen Schweiz Geno 4.00012/22/2021 CHF 67.680
SG Issuer SA 4.000 6/22/2026 EUR 45.450
Landesbank Baden-Wuertt 3.000 9/23/2022 EUR 60.690
Landesbank Baden-Wuertt 2.650 9/23/2022 EUR 67.020
Landesbank Hessen-Thuer 2.500 6/21/2021 EUR 68.500
Landesbank Hessen-Thuer 6.70010/13/2023 EUR 60.410
EFG International Finan 11.400 6/28/2021 USD 50.210
UBS AG/London 6.250 6/21/2021 CHF 53.800
SG Issuer SA 11.170 7/20/2025 SEK 50.350
Raiffeisen Schweiz Geno 5.00012/29/2021 CHF 67.670
Raiffeisen Schweiz Geno 4.10012/29/2021 CHF 67.400
Credit Suisse AG/Nassau 7.200 07/05/2021 CHF 56.940
UniCredit Bank AG 4.300 7/26/2022 EUR 60.230
UniCredit Bank AG 4.200 7/26/2022 EUR 38.370
UniCredit Bank AG 4.450 7/23/2022 EUR 59.700
UniCredit Bank AG 4.150 7/26/2022 EUR 55.120
UniCredit Bank AG 3.650 7/23/2022 EUR 62.130
UniCredit Bank AG 6.400 7/23/2021 EUR 74.860
Bayerische Landesbank 2.000 1/28/2022 EUR 64.820
Landesbank Baden-Wuertt 2.700 6/25/2021 EUR 59.470
Landesbank Baden-Wuertt 2.500 6/24/2022 EUR 61.960
EFG International Finan 7.00010/25/2021 EUR 70.540
Landesbank Hessen-Thuer 5.200 9/30/2022 EUR 46.500
Societe Generale SA 8.000 5/28/2027 USD 35.300
Landesbank Hessen-Thuer 5.500 5/25/2023 EUR 35.260
Leonteq Securities AG/G 5.000 08/02/2021 USD 67.380
UniCredit Bank AG 5.700 5/14/2021 EUR 47.880
Landesbank Hessen-Thuer 4.000 8/18/2021 EUR 44.320
UniCredit Bank AG 3.600 8/23/2021 EUR 42.210
Landesbank Hessen-Thuer 5.00011/25/2022 EUR 56.170
Raiffeisen Switzerland 10.500 07/11/2024 USD 18.660
Landesbank Hessen-Thuer 6.150 8/25/2022 EUR 57.620
DekaBank Deutsche Giroz 4.250 05/03/2022 EUR 63.910
UniCredit Bank AG 4.000 2/28/2022 EUR 62.000
SG Issuer SA 5.600 01/10/2023 EUR
UniCredit Bank AG 4.25011/21/2021 EUR 38.890
UniCredit Bank AG 4.20011/21/2021 EUR 64.230
Raiffeisen Switzerland 4.440 4/19/2021 EUR 59.600
Landesbank Hessen-Thuer 4.00011/24/2021 EUR 61.280
Landesbank Hessen-Thuer 4.700 2/24/2023 EUR 54.310
Landesbank Hessen-Thuer 5.000 02/10/2023 EUR 67.690
Raiffeisen Schweiz Geno 4.70010/20/2021 CHF 59.810
Landesbank Baden-Wuertt 4.00010/22/2021 EUR 47.210
Landesbank Baden-Wuertt 3.25010/22/2021 EUR 71.030
EFG International Finan 5.600 4/26/2021 CHF 57.930
Landesbank Hessen-Thuer 4.000 6/16/2022 EUR 54.810
UBS AG/London 11.000 3/15/2021 EUR 45.250
UBS AG/London 7.000 3/15/2021 EUR 53.000
Landesbank Baden-Wuertt 3.750 3/26/2021 EUR 45.380
Bayerische Landesbank 2.250 7/23/2021 EUR 56.040
Leonteq Securities AG/G 5.600 8/24/2021 CHF 51.230
DekaBank Deutsche Giroz 2.500 09/10/2021 EUR 72.770
EFG International Finan 6.500 8/30/2021 CHF 64.850
Zurcher Kantonalbank Fi 8.500 8/24/2021 CHF 64.580
Raiffeisen Schweiz Geno 5.250 8/24/2021 CHF 63.210
Landesbank Hessen-Thuer 5.800 9/24/2024 EUR 56.810
UniCredit Bank AG 8.40012/24/2021 EUR 70.280
UniCredit Bank AG 7.70012/24/2021 EUR 71.660
UniCredit Bank AG 9.200 6/25/2021 EUR 69.650
UniCredit Bank AG 12.100 6/25/2021 EUR 63.610
Zurcher Kantonalbank Fi 5.000 7/23/2021 EUR 68.050
UBS AG/London 14.250 7/19/2021 USD 59.730
Raiffeisen Schweiz Geno 5.250 07/05/2021 CHF 71.470
Raiffeisen Schweiz Geno 4.500 07/05/2021 CHF 63.800
Zurcher Kantonalbank Fi 5.750 7/16/2021 CHF 72.250
Landesbank Hessen-Thuer 4.000 08/09/2023 EUR 58.740
UniCredit Bank AG 7.800 6/25/2021 EUR 67.420
UniCredit Bank AG 10.700 6/25/2021 EUR 54.500
UniCredit Bank AG 10.100 6/25/2021 EUR 59.880
UniCredit Bank AG 9.700 6/25/2021 EUR 70.800
UniCredit Bank AG 10.900 6/25/2021 EUR 68.810
UniCredit Bank AG 11.300 6/25/2021 EUR 74.780
UniCredit Bank AG 12.500 6/25/2021 EUR 71.920
UniCredit Bank AG 11.100 6/25/2021 EUR 69.670
UniCredit Bank AG 6.400 6/25/2021 EUR 70.820
UniCredit Bank AG 9.300 6/25/2021 EUR 64.520
UniCredit Bank AG 6.500 6/25/2021 EUR 66.360
UniCredit Bank AG 7.500 6/25/2021 EUR 62.800
UniCredit Bank AG 11.800 6/25/2021 EUR 52.360
UniCredit Bank AG 8.500 6/25/2021 EUR 59.660
UniCredit Bank AG 9.600 6/25/2021 EUR 56.920
Skandinaviska Enskilda 7.800 7/15/2024 SEK 70.940
Skandinaviska Enskilda 6.500 7/15/2024 SEK 71.800
UniCredit Bank AG 8.10012/24/2021 EUR 67.680
UniCredit Bank AG 5.80012/24/2021 EUR 72.700
UniCredit Bank AG 5.50012/24/2021 EUR 70.650
UniCredit Bank AG 10.60012/24/2021 EUR 67.190
UniCredit Bank AG 9.40012/24/2021 EUR 71.750
UniCredit Bank AG 10.20012/24/2021 EUR 55.720
UniCredit Bank AG 8.50012/24/2021 EUR 59.160
UniCredit Bank AG 6.90012/24/2021 EUR 69.990
UniCredit Bank AG 7.70012/24/2021 EUR 61.320
UniCredit Bank AG 6.80012/24/2021 EUR 63.710
UniCredit Bank AG 6.00012/24/2021 EUR 66.520
UBS AG/London 6.500 07/12/2021 EUR 52.700
EFG International Finan 7.000 07/11/2022 CHF 73.170
Landesbank Hessen-Thuer 5.200 08/09/2024 EUR 69.370
Landesbank Hessen-Thuer 3.350 5/19/2021 EUR 61.400
Societe Generale Effekt 24.419 6/25/2021 EUR 71.840
Leonteq Securities AG/G 8.600 07/12/2021 EUR 52.210
Raiffeisen Schweiz Geno 7.100 07/12/2021 EUR 72.770
UniCredit Bank AG 5.40012/24/2021 EUR 58.290
Landesbank Baden-Wuertt 2.55012/27/2021 EUR 56.820
Landesbank Baden-Wuertt 2.50012/27/2021 EUR 49.990
Landesbank Hessen-Thuer 4.000 11/10/2021 EUR 37.610
Landesbank Hessen-Thuer 5.100 2/17/2023 EUR 51.240
Raiffeisen Schweiz Geno 8.800 03/01/2021 EUR 44.770
Landesbank Baden-Wuertt 3.700 9/24/2021 EUR 60.590
Landesbank Baden-Wuertt 3.000 3/26/2021 EUR 55.760
Landesbank Baden-Wuertt 5.500 3/26/2021 EUR 46.510
Landesbank Baden-Wuertt 2.500 3/26/2021 EUR 71.500
Landesbank Baden-Wuertt 2.500 3/26/2021 EUR 69.690
UniCredit Bank AG 10.20012/24/2021 EUR 66.140
UniCredit Bank AG 6.60012/24/2021 EUR 65.890
UniCredit Bank AG 10.000 6/25/2021 EUR 67.460
UniCredit Bank AG 9.100 6/25/2021 EUR 69.340
UniCredit Bank AG 10.100 6/25/2021 EUR 58.160
UniCredit Bank AG 5.400 6/25/2021 EUR 71.050
Zurcher Kantonalbank Fi 7.250 7/23/2021 USD 70.920
Zurcher Kantonalbank Fi 7.500 7/23/2021 CHF 70.930
Credit Suisse AG/London 4.500 07/12/2021 EUR 59.490
UBS AG/London 7.000 7/19/2021 CHF 53.000
Raiffeisen Switzerland 4.000 8/30/2022 CHF 46.360
Landesbank Baden-Wuertt 3.000 9/23/2022 EUR 55.890
Landesbank Baden-Wuertt 2.500 9/23/2022 EUR 68.920
Societe Generale Effekt 5.600 09/04/2023 EUR 44.550
Landesbank Hessen-Thuer 3.350 9/21/2022 EUR 60.280
UniCredit Bank AG 3.750 9/14/2022 EUR 68.640
SG Issuer SA 3.000 09/02/2021 EUR 41.400
DekaBank Deutsche Giroz 1.000 11/02/2021 EUR 56.300
SG Issuer SA 9.000 7/20/2023 SEK 72.670
UniCredit Bank AG 5.000 5/14/2021 EUR 61.340
Leonteq Securities AG 7.200 02/02/2021 EUR 56.900
Landesbank Hessen-Thuer 8.200 06/09/2022 EUR 70.490
Rosseti South PJSC 9.240 07/01/2022 RUB 70.020
Societe Generale SA 9.000 7/22/2022 USD 41.900
Societe Generale Effekt 3.000 7/22/2022 USD 9.450
UniCredit Bank AG 4.30010/18/2021 EUR 44.950
Landesbank Hessen-Thuer 5.70010/27/2022 EUR 60.190
UniCredit Bank AG 3.80010/24/2021 EUR 64.780
UniCredit Bank AG 4.05010/24/2021 EUR 50.760
Landesbank Hessen-Thuer 3.000 08/06/2021 EUR 36.900
UniCredit Bank AG 3.90010/24/2021 EUR 40.060
EFG International Finan 6.200 8/16/2021 CHF 71.220
UniCredit Bank AG 3.200 09/10/2022 EUR 57.090
Leonteq Securities AG 6.200 2/17/2021 CHF 59.950
Landesbank Hessen-Thuer 5.750 04/07/2022 EUR 70.570
UBS AG/London 6.500 02/08/2021 EUR 62.900
Leonteq Securities AG 6.000 8/17/2021 CHF 41.490
Leonteq Securities AG 5.000 2/17/2021 CHF 56.070
UniCredit Bank AG 9.10012/24/2021 EUR 68.200
UniCredit Bank AG 6.90012/24/2021 EUR 73.010
UniCredit Bank AG 7.50012/24/2021 EUR 63.520
UniCredit Bank AG 7.90012/24/2021 EUR 73.110
UniCredit Bank AG 8.00012/24/2021 EUR 70.490
UniCredit Bank AG 7.300 6/25/2021 EUR 73.540
UniCredit Bank AG 8.200 6/25/2021 EUR 71.370
UniCredit Bank AG 6.000 6/25/2021 EUR 55.880
UniCredit Bank AG 4.700 6/25/2021 EUR 59.730
UniCredit Bank AG 7.500 6/25/2021 EUR 52.680
UniCredit Bank AG 11.400 6/25/2021 EUR 73.450
UniCredit Bank AG 7.600 6/25/2021 EUR 63.750
UniCredit Bank AG 8.90012/24/2021 EUR 51.660
UniCredit Bank AG 4.40012/24/2021 EUR 61.660
UniCredit Bank AG 7.900 6/25/2021 EUR 73.250
UniCredit Bank AG 10.700 6/25/2021 EUR 66.480
UniCredit Bank AG 7.00012/24/2021 EUR 73.200
UniCredit Bank AG 4.35011/21/2021 EUR 48.450
Leonteq Securities AG/G 7.20010/27/2021 CHF 66.440
Landesbank Hessen-Thuer 6.450 2/24/2023 EUR 62.520
Leonteq Securities AG/G 3.600 03/01/2021 EUR 57.800
Landesbank Baden-Wuertt 4.500 3/26/2021 EUR 50.480
Landesbank Baden-Wuertt 5.000 3/26/2021 EUR 48.590
Landesbank Baden-Wuertt 4.500 3/26/2021 EUR 69.510
Landesbank Baden-Wuertt 3.000 3/26/2021 EUR 55.490
Landesbank Baden-Wuertt 3.500 3/26/2021 EUR 68.040
Landesbank Baden-Wuertt 3.500 3/26/2021 EUR 65.630
Landesbank Baden-Wuertt 6.000 3/26/2021 EUR 47.250
Landesbank Baden-Wuertt 3.500 3/26/2021 EUR 67.110
Landesbank Baden-Wuertt 3.000 3/26/2021 EUR 55.920
Landesbank Baden-Wuertt 2.500 3/26/2021 EUR 56.120
Landesbank Baden-Wuertt 4.500 3/26/2021 EUR 62.040
Landesbank Hessen-Thuer 2.000 3/29/2022 EUR 47.150
Landesbank Hessen-Thuer 5.45011/17/2022 EUR 66.740
UniCredit Bank AG 3.800 8/30/2023 EUR 48.550
Landesbank Hessen-Thuer 6.000 9/21/2023 EUR 55.540
DekaBank Deutsche Giroz 2.300 9/24/2021 EUR 54.180
Landesbank Hessen-Thuer 4.000 04/12/2023 EUR 61.990
Leonteq Securities AG/G 7.500 03/11/2021 CHF 63.290
UniCredit Bank AG 4.200 9/21/2022 EUR 52.110
Corner Banca SA 6.500 2/24/2021 CHF 71.390
DekaBank Deutsche Giroz 7.700 3/26/2021 EUR 67.170
UBS AG/London 8.000 03/01/2021 USD 53.380
BNP Paribas Emissions- 12.000 3/25/2021 EUR 2.260
Corner Banca SA 6.400 09/07/2021 CHF 65.600
Landesbank Hessen-Thuer 5.000 9/21/2023 EUR 64.310
DekaBank Deutsche Giroz 3.400 3/26/2021 EUR 65.720
Landesbank Hessen-Thuer 5.700 6/16/2022 EUR 60.110
Landesbank Hessen-Thuer 4.000 3/23/2022 EUR 50.370
Leonteq Securities AG/G 3.750 2/20/2023 CHF 43.910
EFG International Finan 6.400 03/08/2021 EUR 55.670
EFG International Finan 6.000 8/13/2021 CHF 62.470
Leonteq Securities AG/G 6.200 02/10/2021 CHF 44.430
Landesbank Baden-Wuertt 3.000 6/25/2021 EUR 64.640
SG Issuer SA 7.740 7/20/2025 SEK 62.780
Leonteq Securities AG/G 7.000 04/09/2021 EUR 59.650
Societe Generale Effekt 3.750 5/24/2021 EUR 41.280
SG Issuer SA 8.700 1/20/2025 SEK 55.720
Landesbank Hessen-Thuer 6.500 05/11/2023 EUR 64.900
Landesbank Hessen-Thuer 3.500 05/11/2022 EUR 60.180
Landesbank Hessen-Thuer 4.000 05/11/2022 EUR 55.780
Societe Generale SA 3.900 3/23/2022 USD 2.920
Landesbank Baden-Wuertt 2.75011/26/2021 EUR 59.850
Landesbank Baden-Wuertt 3.40011/26/2021 EUR 71.890
Corner Banca SA 19.000 03/09/2021 CHF 5.040
Leonteq Securities AG 15.000 03/09/2021 CHF 9.590
Leonteq Securities AG/G 17.000 03/09/2021 USD 11.150
DZ Bank AG Deutsche Zen 10.250 6/21/2021 EUR 5.110
Leonteq Securities AG/G 11.000 03/10/2021 EUR 1.640
UBS AG/London 9.500 9/13/2021 CHF 73.900
Landesbank Baden-Wuertt 2.700 3/26/2021 EUR 52.070
Landesbank Baden-Wuertt 4.500 3/26/2021 EUR 49.000
Landesbank Baden-Wuertt 6.500 3/26/2021 EUR 73.460
Landesbank Hessen-Thuer 4.000 3/17/2021 EUR 54.810
Landesbank Baden-Wuertt 3.500 8/27/2021 EUR 54.460
Landesbank Baden-Wuertt 3.000 6/25/2021 EUR 63.810
Landesbank Baden-Wuertt 2.150 8/27/2021 EUR 66.780
DekaBank Deutsche Giroz 8.150 2/26/2021 EUR 62.800
Landesbank Hessen-Thuer 6.000 03/10/2023 EUR 59.450
EFG International Finan 6.400 08/09/2021 CHF 61.010
Landesbank Baden-Wuertt 2.000 2/25/2022 EUR 73.210
Danske Bank A/S 5.300 7/15/2023 SEK 45.660
Erste Group Bank AG 4.75012/20/2021 EUR 64.150
SG Issuer SA 9.180 1/20/2025 SEK 57.110
DekaBank Deutsche Giroz 3.150 03/05/2021 EUR 37.480
Leonteq Securities AG/G 2.300 02/08/2023 CHF 42.330
UniCredit Bank AG 4.500 1/18/2022 EUR 45.650
UniCredit Bank AG 3.500 2/13/2023 EUR 45.790
Landesbank Baden-Wuertt 3.000 2/26/2021 EUR 49.290
Landesbank Baden-Wuertt 3.800 2/26/2021 EUR 45.920
Landesbank Baden-Wuertt 2.300 2/25/2022 EUR 62.850
Landesbank Baden-Wuertt 3.000 2/25/2022 EUR 72.860
UniCredit Bank AG 3.80012/29/2022 EUR 60.940
Landesbank Hessen-Thuer 4.000 01/05/2022 EUR 36.930
Landesbank Hessen-Thuer 5.900 03/09/2023 EUR 62.690
Landesbank Baden-Wuertt 2.800 4/25/2022 EUR 63.650
Leonteq Securities AG/G 7.000 02/12/2021 CHF 65.780
Landesbank Hessen-Thuer 1.830 3/15/2021 EUR 59.810
UniCredit Bank AG 6.400 03/05/2021 EUR 38.760
UniCredit Bank AG 5.100 03/05/2021 EUR 49.120
UniCredit Bank AG 4.650 03/05/2021 EUR 37.060
Landesbank Hessen-Thuer 7.600 03/09/2023 EUR 59.190
Landesbank Hessen-Thuer 5.550 3/16/2023 EUR 55.310
Landesbank Hessen-Thuer 8.900 3/16/2023 EUR 63.270
UniCredit Bank AG 5.600 4/16/2021 EUR 50.620
UniCredit Bank AG 3.750 4/19/2022 EUR 68.260
UniCredit Bank AG 3.80010/24/2021 EUR 64.150
Landesbank Hessen-Thuer 3.500 01/05/2022 EUR 54.430
Landesbank Hessen-Thuer 3.500 01/05/2022 EUR 57.090
Landesbank Hessen-Thuer 5.400 04/05/2023 EUR 44.460
DekaBank Deutsche Giroz 2.050 05/03/2021 EUR 59.570
Landesbank Baden-Wuertt 2.800 6/25/2021 EUR 64.230
Nordea Bank Abp 4.100 7/20/2023 SEK 51.500
Landesbank Hessen-Thuer 6.400 03/09/2023 EUR 57.850
EFG International Finan 7.000 2/21/2022 CHF 70.760
EFG International Finan 7.200 2/22/2021 CHF 16.820
Raiffeisen Switzerland 7.000 8/19/2021 EUR 71.560
EFG International Finan 8.620 8/24/2022 CHF 73.640
Raiffeisen Schweiz Geno 4.600 2/20/2023 CHF 70.520
Bank Julius Baer & Co L 8.100 2/23/2021 EUR 66.050
EFG International Finan 8.160 2/26/2025 EUR 72.180
Zurcher Kantonalbank Fi 24.500 6/22/2021 EUR 12.250
EFG International Finan 27.000 6/24/2021 EUR 13.590
DZ Bank AG Deutsche Zen 5.750 9/22/2021 EUR 73.670
UBS AG/London 9.350 12/07/2022 USD 9.950
Vontobel Financial Prod 25.000 3/26/2021 EUR
Vontobel Financial Prod 18.500 6/25/2021 EUR
Vontobel Financial Prod 10.700 3/26/2021 EUR
Vontobel Financial Prod 8.050 3/26/2021 EUR
Leonteq Securities AG/G 5.880 6/16/2021 EUR 57.640
Leonteq Securities AG/G 3.380 6/16/2021 USD 44.360
UniCredit Bank AG 4.500 03/12/2022 EUR 46.440
DekaBank Deutsche Giroz 3.900 4/25/2022 EUR 44.710
EFG International Finan 7.400 03/08/2021 CHF 67.840
UniCredit Bank AG 6.30010/16/2021 EUR 41.160
HSBC Trinkaus & Burkhar 5.000 10/07/2021 EUR 73.720
Goldman Sachs & Co Wert 13.000 3/24/2021 EUR 70.180
Landesbank Hessen-Thuer 5.750 08/03/2023 EUR 52.590
Landesbank Baden-Wuertt 3.500 7/23/2021 EUR 59.090
DekaBank Deutsche Giroz 2.550 7/30/2021 EUR 54.290
Leonteq Securities AG/G 6.200 7/27/2021 CHF 56.570
UniCredit Bank AG 3.500 8/24/2022 EUR 66.570
UniCredit Bank AG 4.100 8/24/2022 EUR 65.240
UniCredit Bank AG 5.350 8/24/2021 EUR 46.680
UniCredit Bank AG 4.200 8/24/2022 EUR 63.730
Leonteq Securities AG/G 26.000 5/28/2021 CHF 13.530
BNP Paribas Emissions- 10.000 3/25/2021 EUR 1.940
BNP Paribas Emissions- 9.000 6/24/2021 EUR 73.660
BNP Paribas Emissions- 5.500 3/25/2021 EUR 74.890
BNP Paribas Emissions- 8.000 3/25/2021 EUR 65.930
BNP Paribas Emissions- 7.500 6/24/2021 EUR 68.690
BNP Paribas Emissions- 9.000 6/24/2021 EUR 66.700
BNP Paribas Emissions- 8.500 6/24/2021 EUR 72.580
BNP Paribas Emissions- 11.000 3/25/2021 EUR 71.730
BNP Paribas Emissions- 8.500 3/25/2021 EUR 72.450
BNP Paribas Emissions- 17.000 6/24/2021 EUR
BNP Paribas Emissions- 6.000 3/25/2021 EUR 73.970
BNP Paribas Emissions- 8.500 3/25/2021 EUR 71.120
BNP Paribas Emissions- 8.000 3/25/2021 EUR 69.990
BNP Paribas Emissions- 10.000 3/25/2021 EUR 68.560
BNP Paribas Emissions- 7.500 6/24/2021 EUR 72.170
BNP Paribas Emissions- 8.500 6/24/2021 EUR 72.580
BNP Paribas Emissions- 12.000 3/25/2021 EUR 65.770
BNP Paribas Emissions- 10.000 6/24/2021 EUR 69.900
BNP Paribas Emissions- 15.000 3/25/2021 EUR 66.930
BNP Paribas Emissions- 10.000 6/24/2021 EUR 72.310
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.250
BNP Paribas Emissions- 11.000 6/24/2021 EUR 70.190
BNP Paribas Emissions- 12.000 6/24/2021 EUR 69.000
BNP Paribas Emissions- 13.000 6/24/2021 EUR 67.880
Landesbank Baden-Wuertt 3.00012/23/2022 EUR 59.610
DekaBank Deutsche Giroz 2.50010/24/2023 EUR 62.170
SG Issuer SA 8.120 7/20/2023 SEK 66.980
UniCredit Bank AG 4.500 10/05/2022 EUR 67.660
UniCredit Bank AG 3.600 10/05/2022 EUR 68.920
UniCredit Bank AG 3.850 10/05/2023 EUR 73.910
Leonteq Securities AG 22.300 6/15/2021 EUR 11.820
Vontobel Financial Prod 8.000 3/26/2021 EUR 73.580
Vontobel Financial Prod 4.000 06/09/2021 EUR 72.950
Landesbank Baden-Wuertt 4.750 8/27/2021 EUR 69.190
Landesbank Baden-Wuertt 6.250 8/27/2021 EUR 65.420
Landesbank Baden-Wuertt 3.750 8/27/2021 EUR 73.420
Landesbank Baden-Wuertt 6.500 8/27/2021 EUR 72.000
Landesbank Baden-Wuertt 8.000 8/27/2021 EUR 68.990
Landesbank Baden-Wuertt 2.750 8/27/2021 EUR 64.240
Landesbank Baden-Wuertt 4.000 8/27/2021 EUR 58.720
Landesbank Baden-Wuertt 5.000 8/27/2021 EUR 56.060
Landesbank Baden-Wuertt 5.750 8/27/2021 EUR 53.620
Landesbank Baden-Wuertt 3.500 8/27/2021 EUR 59.880
Landesbank Baden-Wuertt 6.250 8/27/2021 EUR 73.410
Landesbank Baden-Wuertt 5.250 8/27/2021 EUR 71.250
Landesbank Baden-Wuertt 4.000 8/27/2021 EUR 73.120
Landesbank Baden-Wuertt 5.000 8/27/2021 EUR 69.530
Landesbank Baden-Wuertt 4.750 8/27/2021 EUR 71.560
Landesbank Baden-Wuertt 2.500 8/27/2021 EUR 70.580
Landesbank Baden-Wuertt 3.750 8/27/2021 EUR 66.100
Landesbank Baden-Wuertt 4.500 8/27/2021 EUR 64.190
Landesbank Baden-Wuertt 2.750 8/27/2021 EUR 57.080
Landesbank Baden-Wuertt 3.500 8/27/2021 EUR 55.410
Landesbank Baden-Wuertt 5.000 8/27/2021 EUR 52.500
UBS AG/London 6.750 07/05/2021 CHF 52.050
Banque Cantonale Vaudoi 6.800 6/28/2021 CHF 52.240
EFG International Finan 8.200 07/04/2022 CHF 72.590
Zurcher Kantonalbank Fi 6.000 07/12/2021 CHF 73.170
Leonteq Securities AG 8.600 07/05/2021 CHF 72.610
Landesbank Hessen-Thuer 4.00012/21/2022 EUR 65.650
TransKomplektHolding OO 9.500 11/02/2028 RUB 70.000
Landesbank Baden-Wuertt 3.400 1/27/2023 EUR 63.000
SG Issuer SA 5.000 5/23/2024 EUR 61.640
SG Issuer SA 5.000 04/02/2024 EUR 60.760
UniCredit Bank AG 5.150 01/02/2023 EUR 62.810
Landesbank Baden-Wuertt 4.00012/27/2021 EUR 58.990
DekaBank Deutsche Giroz 2.150 1/21/2022 EUR 69.810
SG Issuer SA 2.98012/28/2021 USD 59.800
DekaBank Deutsche Giroz 6.000 06/11/2021 EUR 47.930
UBS AG/London 6.500 6/28/2021 EUR 52.850
Raiffeisen Schweiz Geno 6.700 3/15/2021 EUR 58.320
Societe Generale Effekt 12.250 2/26/2021 EUR 74.090
Citigroup Global Market 12.900 07/01/2021 EUR 4.640
Corner Banca SA 14.200 8/24/2021 USD 10.060
Landesbank Baden-Wuertt 4.500 2/26/2021 EUR 67.430
Landesbank Baden-Wuertt 3.500 2/26/2021 EUR 69.330
Landesbank Baden-Wuertt 4.250 2/26/2021 EUR 62.820
Landesbank Baden-Wuertt 6.500 2/26/2021 EUR 67.610
Credit Suisse AG/London 7.000 8/25/2021 EUR 67.650
DZ Bank AG Deutsche Zen 7.000 3/26/2021 EUR 73.920
DZ Bank AG Deutsche Zen 10.700 3/26/2021 EUR 69.980
DZ Bank AG Deutsche Zen 7.750 3/24/2021 EUR 70.120
DZ Bank AG Deutsche Zen 3.900 3/26/2021 EUR 74.390
DZ Bank AG Deutsche Zen 7.200 3/26/2021 EUR 69.640
DZ Bank AG Deutsche Zen 8.800 3/26/2021 EUR 71.120
DZ Bank AG Deutsche Zen 12.800 3/26/2021 EUR 69.900
DZ Bank AG Deutsche Zen 6.500 3/22/2021 EUR 72.230
DZ Bank AG Deutsche Zen 5.700 3/22/2021 EUR 73.670
DZ Bank AG Deutsche Zen 7.300 3/22/2021 EUR 70.730
DZ Bank AG Deutsche Zen 3.300 6/21/2021 EUR 73.350
DZ Bank AG Deutsche Zen 4.300 6/21/2021 EUR 71.430
DZ Bank AG Deutsche Zen 3.800 3/22/2021 EUR 73.430
UBS AG/London 12.750 2/26/2021 CHF 68.000
UBS AG/London 12.000 2/26/2021 EUR 67.200
Leonteq Securities AG 7.200 9/22/2021 CHF 54.130
Leonteq Securities AG 7.000 9/22/2021 CHF 70.690
Finca Uco Cjsc 6.000 2/25/2022 USD 25.610
Leonteq Securities AG/G 6.000 06/08/2021 USD 42.030
Leonteq Securities AG/G 5.800 3/29/2021 CHF 52.690
Societe Generale SA 21.000 4/27/2022 USD 52.750
Citigroup Global Market 8.200 3/21/2024 SEK 64.860
Vontobel Financial Prod 19.500 3/26/2021 EUR 72.370
Vontobel Financial Prod 18.000 6/25/2021 EUR 73.000
Landesbank Hessen-Thuer 3.000 05/03/2022 EUR 54.600
Bank Julius Baer & Co L 9.000 2/23/2021 EUR 72.100
Landesbank Baden-Wuertt 3.000 2/26/2021 EUR 72.680
Landesbank Baden-Wuertt 3.800 3/26/2021 EUR 73.070
Landesbank Baden-Wuertt 2.500 2/26/2021 EUR 40.410
Landesbank Baden-Wuertt 4.300 2/26/2021 EUR 59.730
EFG International Finan 4.700 2/24/2023 USD 69.800
Credit Suisse AG/London 6.000 8/22/2022 CHF 66.930
Leonteq Securities AG/G 4.000 2/21/2022 EUR 68.110
Raiffeisen Schweiz Geno 10.170 2/24/2021 CHF 2.350
DZ Bank AG Deutsche Zen 7.200 3/24/2021 EUR 69.900
DZ Bank AG Deutsche Zen 4.200 3/24/2021 EUR 73.980
SG Issuer SA 1.750 2/22/2021 EUR 59.650
Skandinaviska Enskilda 6.800 1/15/2024 SEK 70.510
Vontobel Financial Prod 5.000 4/13/2021 EUR 53.910
EFG International Finan 7.000 3/21/2022 CHF 72.710
Vontobel Financial Prod 11.500 9/24/2021 EUR 72.550
Landesbank Hessen-Thuer 5.250 5/15/2025 EUR 68.760
Landesbank Hessen-Thuer 6.100 4/26/2024 EUR 69.820
Zurcher Kantonalbank Fi 8.000 04/09/2021 EUR 53.060
Landesbank Hessen-Thuer 6.300 8/31/2023 EUR 69.220
Norddeutsche Landesbank 2.500 3/15/2021 EUR 51.250
Landesbank Baden-Wuertt 2.600 9/23/2022 EUR 69.130
Araratbank OJSC 5.250 09/11/2022 USD 24.710
Landesbank Hessen-Thuer 4.000 8/31/2022 EUR 50.000
Landesbank Hessen-Thuer 6.200 6/17/2022 EUR 52.850
Leonteq Securities AG/G 4.000 08/10/2022 CHF 60.880
DekaBank Deutsche Giroz 5.500 2/26/2021 EUR 42.830
BNP Paribas Emissions- 16.000 3/25/2021 EUR 2.950
SG Issuer SA 0.263 4/16/2025 EUR 28.420
UBS AG/London 6.500 08/02/2021 CHF 65.250
EFG International Finan 11.000 02/02/2021 EUR 69.980
EFG International Finan 6.200 08/05/2022 EUR 67.430
EFG International Finan 11.500 08/02/2021 USD 55.970
Leonteq Securities AG 8.000 08/05/2021 CHF 59.570
SG Issuer SA 9.500 07/12/2021 EUR 62.370
Raiffeisen Centrobank A 6.750 09/07/2021 EUR 73.250
BNP Paribas Issuance BV 18.000 8/13/2029 EUR 69.970
EFG International Finan 9.000 08/09/2021 USD 70.930
EFG International Finan 9.800 08/09/2021 USD 74.230
Bayerische Landesbank 3.000 03/12/2021 EUR 50.320
UniCredit Bank AG 8.200 6/25/2021 EUR 62.500
UniCredit Bank AG 9.00012/27/2021 EUR 62.330
UniCredit Bank AG 6.00012/27/2021 EUR 70.050
Landesbank Hessen-Thuer 4.000 3/15/2023 EUR 73.560
DZ Bank AG Deutsche Zen 5.550 3/24/2021 EUR 51.240
DZ Bank AG Deutsche Zen 6.500 3/24/2021 EUR 48.280
UniCredit Bank AG 4.200 03/01/2023 EUR 66.520
SG Issuer SA 10.58012/27/2022 EUR 72.590
Skandinaviska Enskilda 5.850 1/17/2022 SEK 74.100
Societe Generale SA 8.000 03/02/2021 USD 64.830
Landesbank Baden-Wuertt 4.700 3/25/2022 EUR 50.060
Landesbank Baden-Wuertt 3.300 3/25/2022 EUR 56.630
Corner Banca SA 6.000 2/15/2021 CHF 54.850
Leonteq Securities AG/G 7.800 2/16/2021 USD 1.910
Raiffeisen Switzerland 8.250 2/15/2021 CHF 5.560
Leonteq Securities AG/G 4.900 2/16/2021 CHF 1.190
DekaBank Deutsche Giroz 2.750 3/18/2022 EUR 72.350
DekaBank Deutsche Giroz 2.700 3/19/2021 EUR 55.700
Leonteq Securities AG/G 5.850 2/22/2021 USD 60.170
EFG International Finan 10.000 2/25/2021 USD 66.350
UniCredit Bank AG 5.450 3/15/2022 EUR 52.060
Bayerische Landesbank 2.500 04/01/2021 EUR 55.440
Raiffeisen Schweiz Geno 5.750 2/25/2021 CHF 69.700
UniCredit Bank AG 4.400 3/26/2021 EUR 39.120
UniCredit Bank AG 3.250 3/29/2022 EUR 19.880
UniCredit Bank AG 3.750 3/26/2022 EUR 63.190
DekaBank Deutsche Giroz 4.250 4/14/2022 EUR 43.100
Societe Generale Effekt 6.100 04/03/2023 EUR 52.030
DekaBank Deutsche Giroz 2.300 4/16/2021 EUR 54.490
Credit Suisse AG/London 9.600 1/25/2021 EUR 68.820
EFG International Finan 7.200 7/25/2022 CHF 70.320
UBS AG/London 7.000 7/26/2021 EUR 57.450
UBS AG/London 13.750 7/26/2021 USD 69.750
EFG International Finan 10.000 7/26/2021 EUR 61.550
Nordea Bank Abp 6.063 7/20/2024 SEK 71.350
DekaBank Deutsche Giroz 3.400 09/04/2023 EUR 64.770
Raiffeisen Switzerland 5.500 7/26/2021 EUR 54.200
EFG International Finan 11.500 08/02/2021 USD 58.400
Leonteq Securities AG/G 10.600 7/26/2021 USD 61.520
Raiffeisen Schweiz Geno 7.000 7/26/2021 AUD 67.630
Zurcher Kantonalbank Fi 9.000 7/30/2021 EUR 62.210
Leonteq Securities AG/G 11.400 9/20/2021 CHF 8.760
Leonteq Securities AG 3.800 2/15/2021 CHF 21.650
EFG International Finan 7.000 2/15/2021 CHF 53.450
Raiffeisen Schweiz Geno 5.250 02/09/2021 CHF 43.420
Landesbank Hessen-Thuer 3.500 03/09/2022 EUR 53.150
getBACK SA 4.210 4/30/2021 PLN
SG Issuer SA 4.000 08/02/2021 EUR 66.960
Landesbank Baden-Wuertt 2.750 3/25/2022 EUR 61.040
Landesbank Baden-Wuertt 2.500 3/25/2022 EUR 69.240
Leonteq Securities AG/G 4.200 06/01/2021 CHF 26.660
Landesbank Baden-Wuertt 3.100 2/25/2022 EUR 52.450
Landesbank Hessen-Thuer 4.00012/22/2021 EUR 63.000
Raiffeisen Switzerland 4.80011/23/2023 CHF 42.130
Landesbank Hessen-Thuer 6.25012/22/2022 EUR 52.020
UniCredit Bank AG 4.45012/29/2022 EUR 39.970
UniCredit Bank AG 4.30012/19/2021 EUR 62.510
UniCredit Bank AG 4.70012/19/2021 EUR 37.610
Landesbank Hessen-Thuer 4.400 01/05/2023 EUR 50.300
SG Issuer SA 7.500 1/20/2025 SEK 52.240
Skandinaviska Enskilda 10.360 7/17/2023 SEK 63.980
Landesbank Hessen-Thuer 3.600 7/27/2022 EUR 65.290
Zaklady Miesne Henryk K 5.460 3/29/2021 PLN
Landesbank Hessen-Thuer 4.000 08/03/2022 EUR 57.670
Raiffeisen Schweiz Geno 4.000 01/06/2022 CHF 68.330
Natixis SA 2.500 07/12/2021 EUR 53.180
Landesbank Hessen-Thuer 7.500 11/03/2023 EUR 56.860
Leonteq Securities AG 7.600 7/13/2021 CHF 59.240
Leonteq Securities AG 8.000 7/19/2021 CHF 63.800
SG Issuer SA 4.000 7/20/2021 SEK 71.000
UniCredit Bank AG 3.750 8/23/2021 EUR 42.550
Landesbank Hessen-Thuer 6.000 12/01/2022 EUR 59.260
Landesbank Baden-Wuertt 2.600 9/24/2021 EUR 61.450
Landesbank Hessen-Thuer 3.500 09/08/2022 EUR 65.590
Landesbank Hessen-Thuer 4.000 03/08/2021 EUR 69.100
DekaBank Deutsche Giroz 3.000 8/27/2021 EUR 45.420
Leonteq Securities AG/G 7.500 02/12/2021 CHF 64.190
UniCredit Bank AG 4.000 3/13/2022 EUR 40.200
EFG International Finan 7.200 1/25/2021 EUR 51.580
UniCredit Bank AG 4.200 02/12/2021 EUR 38.200
UniCredit Bank AG 4.400 02/12/2021 EUR 48.010
UniCredit Bank AG 5.900 02/12/2021 EUR 41.670
Landesbank Baden-Wuertt 3.000 3/26/2021 EUR 50.070
UniCredit Bank AG 4.130 2/13/2022 EUR 41.310
EFG International Finan 8.000 02/01/2021 CHF 65.930
Landesbank Hessen-Thuer 6.500 2/16/2023 EUR 48.480
DekaBank Deutsche Giroz 2.800 02/12/2021 EUR 44.580
Societe Generale SA 4.50012/30/2024 USD 61.420
Societe Generale SA 4.50012/29/2022 USD 8.500
EFG International Finan 7.000 02/08/2021 CHF 63.170
SG Issuer SA 7.600 1/20/2025 SEK 53.810
UniCredit Bank AG 4.600 9/14/2022 EUR 56.720
UniCredit Bank AG 4.250 9/14/2022 EUR 69.080
UniCredit Bank AG 3.700 9/14/2022 EUR 61.190
EFG International Finan 7.200 02/08/2021 EUR 54.070
UniCredit Bank AG 4.200 2/19/2022 EUR 42.410
EFG International Finan 7.800 2/15/2021 EUR 39.450
EFG International Finan 7.400 1/25/2021 CHF 66.590
Societe Generale SA 4.50012/29/2022 USD 0.170
Leonteq Securities AG 21.800 6/25/2021 CHF 11.200
Citigroup Global Market 7.200 5/24/2023 SEK 56.240
Landesbank Hessen-Thuer 4.000 6/22/2022 EUR 48.930
UniCredit Bank AG 6.600 7/20/2028 EUR 32.050
Leonteq Securities AG/G 5.500 5/25/2021 CHF 55.210
Landesbank Hessen-Thuer 4.000 07/07/2021 EUR 49.210
UniCredit Bank AG 5.500 07/09/2021 EUR 36.020
DekaBank Deutsche Giroz 3.000 6/21/2021 EUR 38.660
Citigroup Global Market 7.000 6/16/2022 SEK 72.660
Landesbank Hessen-Thuer 6.800 7/14/2022 EUR 64.840
UniCredit Bank AG 3.600 7/18/2021 EUR 39.120
Landesbank Hessen-Thuer 3.00010/20/2022 EUR 64.890
Landesbank Hessen-Thuer 7.00010/20/2022 EUR 51.520
Raiffeisen Schweiz Geno 6.000 09/02/2022 CHF 72.580
Landesbank Baden-Wuertt 4.750 2/25/2022 EUR 51.100
Landesbank Baden-Wuertt 2.600 2/25/2022 EUR 63.720
Landesbank Baden-Wuertt 2.200 2/25/2022 EUR 69.610
Landesbank Baden-Wuertt 3.500 2/25/2022 EUR 65.580
Landesbank Baden-Wuertt 5.700 2/25/2022 EUR 66.550
Leonteq Securities AG 14.500 06/03/2021 CHF 73.840
Landesbank Hessen-Thuer 4.000 03/01/2023 EUR 60.650
Leonteq Securities AG/G 4.000 03/03/2022 EUR 24.380
Landesbank Baden-Wuertt 5.810 3/26/2021 EUR 72.200
UBS AG/London 7.500 09/06/2021 CHF 72.400
Bank Julius Baer & Co L 12.800 03/04/2021 CHF 56.450
Landesbank Baden-Wuertt 6.400 2/25/2022 EUR 72.590
Landesbank Baden-Wuertt 3.500 8/27/2021 EUR 59.950
Landesbank Baden-Wuertt 3.400 2/25/2022 EUR 57.920
Landesbank Baden-Wuertt 2.300 2/25/2022 EUR 73.190
Landesbank Baden-Wuertt 5.300 2/25/2022 EUR 73.980
Landesbank Baden-Wuertt 1.200 2/25/2022 EUR 67.600
Landesbank Baden-Wuertt 3.700 2/25/2022 EUR 61.520
Landesbank Baden-Wuertt 5.100 2/25/2022 EUR 62.260
Landesbank Baden-Wuertt 1.900 2/25/2022 EUR 72.040
Landesbank Baden-Wuertt 3.100 2/25/2022 EUR 68.870
Landesbank Baden-Wuertt 4.500 2/25/2022 EUR 69.980
Societe Generale Effekt 17.500 2/26/2021 EUR
UniCredit Bank AG 5.350 2/27/2023 EUR 57.050
UBS AG/London 8.000 03/04/2022 EUR 69.400
UBS AG/London 8.500 09/06/2021 CHF 66.500
UBS AG/London 12.250 8/26/2021 CHF 71.650
UBS AG/London 10.000 8/26/2021 EUR 70.250
Credit Suisse AG/London 8.000 5/24/2021 EUR 67.620
Leonteq Securities AG 5.000 2/27/2024 CHF 71.330
EFG International Finan 6.400 5/24/2021 EUR 59.770
UBS AG/London 11.160 03/01/2021 CHF 68.750
Credit Suisse AG/London 6.000 8/24/2022 CHF 69.790
Societe Generale SA 9.640 1/28/2021 USD 48.700
Landesbank Baden-Wuertt 12.550 2/26/2021 EUR 64.400
Bank Julius Baer & Co L 10.400 2/26/2021 CHF 51.250
Landesbank Baden-Wuertt 4.800 2/25/2022 EUR 50.490
Vontobel Financial Prod 20.000 3/26/2021 EUR 74.660
Landesbank Hessen-Thuer 6.150 03/11/2025 EUR 66.960
UBS AG/London 3.000 3/25/2021 EUR 60.000
UBS AG/London 15.600 3/25/2021 EUR 64.430
UBS AG/London 4.400 3/25/2021 EUR 60.940
UBS AG/London 5.000 3/25/2021 EUR 67.330
BNP Paribas Emissions- 7.000 3/25/2021 EUR 74.040
BNP Paribas Emissions- 10.000 3/25/2021 EUR 68.980
UBS AG/London 11.000 3/25/2021 EUR 67.480
UBS AG/London 5.600 3/25/2021 EUR 70.590
BNP Paribas Emissions- 11.000 3/25/2021 EUR 73.380
BNP Paribas Emissions- 6.000 6/24/2021 EUR 70.170
BNP Paribas Emissions- 7.000 6/24/2021 EUR 67.720
BNP Paribas Emissions- 11.000 6/24/2021 EUR 71.260
BNP Paribas Emissions- 14.000 6/24/2021 EUR 68.160
BNP Paribas Emissions- 9.000 6/24/2021 EUR 59.700
BNP Paribas Emissions- 6.500 3/25/2021 EUR 68.370
BNP Paribas Emissions- 11.000 3/25/2021 EUR 63.940
BNP Paribas Emissions- 11.000 6/24/2021 EUR 65.110
BNP Paribas Emissions- 12.000 6/24/2021 EUR 70.700
BNP Paribas Emissions- 9.000 3/25/2021 EUR 67.640
BNP Paribas Emissions- 9.500 6/24/2021 EUR 72.980
BNP Paribas Emissions- 9.000 6/24/2021 EUR 71.900
BNP Paribas Emissions- 8.000 3/25/2021 EUR 71.690
BNP Paribas Emissions- 9.500 3/25/2021 EUR 68.610
BNP Paribas Emissions- 12.000 3/25/2021 EUR 64.570
DZ Bank AG Deutsche Zen 4.750 3/22/2021 EUR 65.880
UBS AG/London 6.500 2/28/2022 CHF 73.250
Bank Julius Baer & Co L 9.500 8/26/2021 CHF 59.300
Zurcher Kantonalbank Fi 9.450 2/26/2021 CHF 69.020
DekaBank Deutsche Giroz 3.200 2/25/2022 EUR 72.020
Credit Suisse AG/London 7.500 5/25/2021 CHF 67.270
Zurcher Kantonalbank Fi 10.000 03/05/2021 CHF 66.070
UniCredit Bank AG 6.000 2/22/2022 EUR 69.230
Landesbank Baden-Wuertt 9.690 2/26/2021 EUR 58.470
Erste Group Bank AG 9.250 3/31/2025 EUR 0.550
Vontobel Financial Prod 8.200 03/01/2021 EUR 71.220
UBS AG/London 7.100 9/23/2021 EUR 63.800
UBS AG/London 4.900 3/25/2021 EUR 73.600
BNP Paribas Emissions- 13.000 3/25/2021 EUR 70.870
BNP Paribas Emissions- 6.000 3/25/2021 EUR 73.890
BNP Paribas Emissions- 8.000 3/25/2021 EUR 71.330
BNP Paribas Emissions- 19.000 3/25/2021 EUR 3.260
BNP Paribas Emissions- 10.000 6/24/2021 EUR
UBS AG/London 11.800 6/24/2021 EUR 58.230
BNP Paribas Emissions- 12.000 3/25/2021 EUR 69.070
UBS AG/London 13.900 6/24/2021 EUR 70.860
BNP Paribas Emissions- 13.000 3/25/2021 EUR 71.890
BNP Paribas Emissions- 16.000 6/24/2021 EUR 68.900
BNP Paribas Emissions- 13.000 6/24/2021 EUR 72.340
BNP Paribas Emissions- 10.000 3/25/2021 EUR 73.410
BNP Paribas Emissions- 9.000 3/25/2021 EUR 62.960
Landesbank Hessen-Thuer 4.000 06/08/2022 EUR 42.990
Landesbank Hessen-Thuer 7.250 06/08/2023 EUR 68.270
Landesbank Hessen-Thuer 5.500 06/08/2023 EUR 70.720
Landesbank Hessen-Thuer 4.000 06/08/2022 EUR 51.300
Landesbank Baden-Wuertt 2.300 7/22/2022 EUR 62.700
Vontobel Financial Prod 6.500 3/26/2021 EUR 62.530
UBS AG/London 12.200 3/25/2021 EUR 67.950
Leonteq Securities AG 14.530 3/18/2021 CHF 20.450
EFG International Finan 7.400 3/22/2021 CHF 68.760
EFG International Finan 6.800 3/22/2021 EUR 57.570
Natixis SA 2.750 03/01/2021 USD 47.110
EFG International Finan 6.800 3/29/2021 CHF 65.000
EFG International Finan 7.400 3/29/2021 EUR 56.440
Landesbank Baden-Wuertt 3.650 6/25/2021 EUR 60.880
Leonteq Securities AG 7.200 09/08/2021 CHF 55.080
Leonteq Securities AG/G 8.000 09/08/2021 EUR 68.510
DekaBank Deutsche Giroz 3.100 04/08/2022 EUR 48.620
Leonteq Securities AG/G 4.000 03/08/2022 EUR 62.040
Goldman Sachs & Co Wert 13.000 3/24/2021 EUR 69.940
DekaBank Deutsche Giroz 3.300 04/08/2022 EUR 51.430
UBS AG/London 8.000 3/15/2021 EUR 48.400
UBS AG/London 8.000 3/15/2021 CHF 69.950
UBS AG/London 10.000 3/15/2021 EUR 72.500
DekaBank Deutsche Giroz 6.300 10/01/2021 EUR 54.420
Landesbank Baden-Wuertt 2.55011/26/2021 EUR 66.070
UniCredit Bank AG 4.000 06/07/2022 EUR 41.000
Leonteq Securities AG/G 5.600 5/25/2021 CHF 38.290
UniCredit Bank AG 3.700 06/04/2022 EUR 65.390
Leonteq Securities AG 5.600 5/16/2022 CHF 59.650
Landesbank Baden-Wuertt 2.100 8/27/2021 EUR 54.010
Landesbank Hessen-Thuer 5.350 9/22/2023 EUR 36.400
SG Issuer SA 3.100 5/18/2028 EUR 71.920
Landesbank Baden-Wuertt 2.200 6/25/2021 EUR 64.530
Landesbank Baden-Wuertt 3.550 6/25/2021 EUR 53.510
Landesbank Baden-Wuertt 2.250 6/25/2021 EUR 69.490
EFG International Finan 7.000 06/08/2021 EUR 51.620
EFG International Finan 5.550 07/12/2021 USD 4.170
DekaBank Deutsche Giroz 3.250 06/08/2021 EUR 56.270
Bayerische Landesbank 2.30011/26/2021 EUR 60.780
UniCredit Bank AG 5.400 06/04/2021 EUR 50.580
UniCredit Bank AG 5.000 06/11/2021 EUR 62.960
UniCredit Bank AG 4.650 06/04/2022 EUR 69.030
Leonteq Securities AG 7.800 5/14/2021 CHF 17.340
Leonteq Securities AG 6.800 05/11/2021 EUR 53.980
UniCredit Bank AG 3.350 6/14/2022 EUR 57.270
Leonteq Securities AG 6.200 06/08/2021 CHF 53.700
UniCredit Bank AG 4.300 6/28/2022 EUR 62.640
UniCredit Bank AG 3.800 6/28/2022 EUR 64.050
UniCredit Bank AG 4.250 6/28/2022 EUR 53.160
Natixis SA 3.150 06/09/2021 USD 69.680
Landesbank Hessen-Thuer 3.500 07/06/2022 EUR 43.590
Raiffeisen Schweiz Geno 4.100 06/08/2022 CHF 67.060
DekaBank Deutsche Giroz 2.000 6/25/2021 EUR 68.960
UniCredit Bank AG 5.600 07/02/2021 EUR 61.510
UniCredit Bank AG 3.700 6/25/2022 EUR 61.770
UniCredit Bank AG 6.350 5/14/2021 EUR 53.210
Landesbank Hessen-Thuer 4.40012/22/2022 EUR 52.510
Landesbank Baden-Wuertt 3.050 9/23/2022 EUR 59.640
Landesbank Baden-Wuertt 2.850 9/23/2022 EUR 66.670
SG Issuer SA 8.300 7/21/2025 SEK 65.810
Landesbank Hessen-Thuer 2.750 5/20/2021 EUR 64.500
Bayerische Landesbank 2.000 2/18/2022 EUR 63.710
Landesbank Hessen-Thuer 3.500 8/17/2022 EUR 73.440
Leonteq Securities AG 5.400 7/25/2022 CHF 58.970
UniCredit Bank AG 3.800 9/19/2021 EUR 39.760
UniCredit Bank AG 3.850 9/19/2021 EUR 51.530
Landesbank Hessen-Thuer 5.900 8/25/2023 EUR 47.120
Landesbank Hessen-Thuer 5.000 9/29/2022 EUR 57.970
UniCredit Bank AG 3.500 10/08/2022 EUR 50.350
DekaBank Deutsche Giroz 3.100 5/28/2021 EUR 41.630
EFG International Finan 6.200 05/03/2021 CHF 58.020
UniCredit Bank AG 4.300 8/24/2021 EUR 50.530
UniCredit Bank AG 3.500 9/19/2021 EUR 40.210
Landesbank Hessen-Thuer 3.500 9/29/2021 EUR 42.650
Leonteq Securities AG/G 3.000 9/20/2022 CHF 67.030
Landesbank Hessen-Thuer 3.000 07/06/2021 EUR 45.900
Landesbank Hessen-Thuer 6.000 10/06/2022 EUR 55.080
Landesbank Hessen-Thuer 6.000 08/04/2022 EUR 69.010
Bank Vontobel AG 22.005 06/07/2021 CHF 15.100
UniCredit Bank AG 4.300 7/18/2021 EUR 55.990
Landesbank Hessen-Thuer 4.000 7/21/2021 EUR 59.510
Landesbank Hessen-Thuer 4.000 7/21/2021 EUR 59.840
Corner Banca SA 20.000 4/27/2021 CHF 5.200
Landesbank Baden-Wuertt 2.500 1/28/2022 EUR 60.770
Landesbank Hessen-Thuer 7.80012/15/2022 EUR 63.480
Landesbank Hessen-Thuer 5.40011/24/2022 EUR 66.870
Landesbank Hessen-Thuer 3.000 08/11/2022 EUR 65.400
UniCredit Bank AG 4.400 12/10/2022 EUR 48.430
UniCredit Bank AG 4.200 12/08/2021 EUR 39.040
Landesbank Hessen-Thuer 5.65010/28/2022 EUR 45.520
UniCredit Bank AG 4.050 3/26/2021 EUR 42.100
UniCredit Bank AG 5.550 3/26/2021 EUR 51.940
UniCredit Bank AG 3.700 3/26/2021 EUR 66.660
Leonteq Securities AG 6.000 05/12/2021 CHF 69.800
Landesbank Baden-Wuertt 3.40011/25/2022 EUR 59.360
Nordea Bank Abp 3.500 7/20/2024 SEK 68.630
Landesbank Baden-Wuertt 3.000 7/23/2021 EUR 67.160
Landesbank Baden-Wuertt 3.250 8/27/2021 EUR 54.720
Landesbank Hessen-Thuer 4.000 10/12/2022 EUR 61.360
Leonteq Securities AG/G 4.750 11/01/2021 CHF 15.200
UniCredit Bank AG 6.300 3/26/2021 EUR 37.880
Vontobel Financial Prod 6.700 03/07/2022 EUR 57.460
UniCredit Bank AG 3.600 3/29/2022 EUR 60.590
Landesbank Baden-Wuertt 3.950 8/27/2021 EUR 59.350
Leonteq Securities AG/G 5.000 9/13/2021 CHF 69.000
Landesbank Baden-Wuertt 3.25011/26/2021 EUR 73.230
DekaBank Deutsche Giroz 3.100 12/03/2021 EUR 49.750
Landesbank Hessen-Thuer 5.500 12/03/2024 EUR 67.920
BNP Paribas Emissions- 10.000 3/25/2021 EUR 70.330
BNP Paribas Emissions- 10.000 6/24/2021 EUR 71.060
BNP Paribas Emissions- 7.500 6/24/2021 EUR 73.970
BNP Paribas Emissions- 5.500 3/25/2021 EUR 74.940
BNP Paribas Emissions- 9.500 3/25/2021 EUR 72.600
BNP Paribas Emissions- 10.000 3/25/2021 EUR 71.750
BNP Paribas Emissions- 11.000 3/25/2021 EUR 69.230
BNP Paribas Emissions- 18.000 3/25/2021 EUR 3.120
BNP Paribas Emissions- 5.500 3/25/2021 EUR 74.010
BNP Paribas Emissions- 7.000 3/25/2021 EUR 72.530
BNP Paribas Emissions- 8.500 3/25/2021 EUR 71.220
BNP Paribas Emissions- 12.000 6/24/2021 EUR 68.640
BNP Paribas Emissions- 12.000 6/24/2021 EUR 66.330
Bank Julius Baer & Co L 11.500 03/01/2021 CHF 71.100
Leonteq Securities AG 16.000 03/02/2021 CHF 3.800
Landesbank Hessen-Thuer 5.26010/22/2024 EUR 73.940
Raiffeisen Schweiz Geno 5.150 3/24/2021 CHF 72.390
DekaBank Deutsche Giroz 2.60010/24/2023 EUR 62.400
EFG International Finan 9.800 9/21/2021 EUR 43.310
BNP Paribas Issuance BV 4.00010/31/2022 EUR 71.740
Landesbank Baden-Wuertt 2.50012/27/2021 EUR 60.450
Landesbank Baden-Wuertt 3.15012/27/2021 EUR 73.160
Landesbank Baden-Wuertt 3.500 7/23/2021 EUR 64.730
Danske Bank A/S 10.300 07/09/2023 SEK 9.500
Danske Bank A/S 6.976 07/09/2023 SEK 65.790
Danske Bank A/S 6.300 01/09/2023 SEK 72.290
UniCredit Bank AG 4.150 10/12/2022 EUR 62.030
Natixis SA 1.500 10/04/2021 EUR 58.060
DekaBank Deutsche Giroz 8.100 4/23/2021 EUR 71.100
Leonteq Securities AG 7.400 9/28/2021 CHF 68.270
Concern Rossium LLC 6.25012/13/2028 RUB 60.060
Banque Cantonale Vaudoi 4.500 3/29/2021 EUR 50.570
Banque Cantonale Vaudoi 4.500 3/29/2021 CHF 53.040
EFG International Finan 26.000 6/24/2021 CHF 13.120
DekaBank Deutsche Giroz 3.400 4/30/2021 EUR 45.780
DekaBank Deutsche Giroz 2.800 05/02/2022 EUR 54.050
Leonteq Securities AG 7.400 6/21/2021 CHF 67.060
Leonteq Securities AG/G 8.200 6/21/2021 EUR 59.040
DZ Bank AG Deutsche Zen 5.000 9/20/2021 EUR 74.600
DZ Bank AG Deutsche Zen 16.900 3/26/2021 EUR 72.320
DZ Bank AG Deutsche Zen 13.100 6/25/2021 EUR 74.070
Leonteq Securities AG/G 20.700 3/19/2021 USD 6.030
Leonteq Securities AG 20.600 3/19/2021 EUR 6.000
Leonteq Securities AG 30.000 6/22/2021 CHF 15.190
Leonteq Securities AG 20.000 3/19/2021 CHF 5.860
Bank Vontobel AG 10.003 5/18/2021 CHF 5.180
Vontobel Financial Prod 21.000 3/26/2021 EUR
Vontobel Financial Prod 22.500 3/26/2021 EUR
Vontobel Financial Prod 24.000 3/26/2021 EUR
DZ Bank AG Deutsche Zen 20.200 3/22/2021 EUR 4.510
DZ Bank AG Deutsche Zen 19.200 6/21/2021 EUR 8.940
Societe Generale Effekt 23.500 3/26/2021 EUR
Leonteq Securities AG 15.600 4/20/2021 CHF 4.170
EFG International Finan 29.000 5/25/2021 CHF 14.750
Societe Generale Effekt 21.750 5/28/2021 EUR
EFG International Finan 15.000 05/06/2021 USD 7.650
Leonteq Securities AG/G 3.420 6/16/2021 USD 73.770
UBS AG/London 7.750 6/21/2021 CHF 73.600
Goldman Sachs & Co Wert 25.000 3/24/2021 EUR 71.470
Leonteq Securities AG/G 4.290 7/30/2021 USD 67.760
Leonteq Securities AG/G 2.630 7/30/2021 USD 64.560
Goldman Sachs & Co Wert 21.000 6/23/2021 EUR 72.450
Leonteq Securities AG/G 4.710 6/16/2021 USD 75.340
UBS AG/London 11.250 6/21/2021 USD 54.450
Bank Vontobel AG 10.253 5/17/2021 EUR 49.000
Vontobel Financial Prod 20.000 6/25/2021 EUR
Raiffeisen Centrobank A 5.750 7/19/2021 EUR 61.250
Skandinaviska Enskilda 6.300 7/15/2022 SEK 63.180
Raiffeisen Centrobank A 6.250 7/19/2021 EUR 71.610
UBS AG/London 7.250 6/21/2021 CHF 53.400
UBS AG/London 8.500 6/21/2021 EUR 73.450
UniCredit Bank AG 5.550 7/19/2022 EUR 73.170
Leonteq Securities AG 20.400 5/18/2021 CHF 10.520
Corner Banca SA 21.000 5/18/2021 CHF 10.390
Leonteq Securities AG 20.000 5/20/2021 CHF 10.300
Vontobel Financial Prod 24.500 6/25/2021 EUR
BNP Paribas Emissions- 0.170 9/23/2021 EUR 0.550
Vontobel Financial Prod 23.000 6/25/2021 EUR
UBS AG/London 10.000 6/14/2021 EUR 54.700
Zurcher Kantonalbank Fi 8.250 6/18/2021 CHF 70.180
Landesbank Baden-Wuertt 2.100 7/28/2023 EUR 72.030
Corner Banca SA 15.000 05/04/2021 CHF 7.020
DZ Bank AG Deutsche Zen 21.900 3/22/2021 EUR 4.790
Bayerische Landesbank 3.200 2/19/2021 EUR 53.030
Leonteq Securities AG/G 10.000 06/03/2022 CHF 13.590
Landesbank Baden-Wuertt 4.000 5/27/2022 EUR 50.850
Landesbank Baden-Wuertt 3.300 5/27/2022 EUR 56.760
UniCredit Bank AG 9.60012/27/2021 EUR 65.070
UniCredit Bank AG 8.90012/27/2021 EUR 67.090
Corner Banca SA 15.200 08/11/2021 CHF 11.530
UBS AG/London 11.500 6/14/2021 USD 71.650
UBS AG/London 14.750 6/14/2021 USD 9.950
UBS AG/London 7.500 6/14/2021 EUR 53.750
UBS AG/London 11.200 3/25/2021 EUR 70.390
UBS AG/London 7.000 6/24/2021 EUR 64.220
UBS AG/London 10.200 3/25/2021 EUR 73.650
UBS AG/London 7.200 3/25/2021 EUR 70.920
Vontobel Financial Prod 4.500 3/26/2021 EUR 64.590
Vontobel Financial Prod 4.000 3/26/2021 EUR 74.970
UBS AG/London 2.000 3/25/2021 EUR 63.210
UBS AG/London 7.400 3/25/2021 EUR 69.460
UBS AG/London 9.000 02/01/2021 EUR 56.250
UBS AG/London 9.900 3/25/2021 EUR 68.480
BNP Paribas Emissions- 9.000 3/25/2021 EUR 71.480
UBS AG/London 4.900 3/25/2021 EUR 64.230
UBS AG/London 9.000 9/23/2021 EUR 61.310
BNP Paribas Emissions- 16.000 3/25/2021 EUR 65.560
UBS AG/London 6.200 3/25/2021 EUR 71.020
BNP Paribas Emissions- 9.000 3/25/2021 EUR 73.250
BNP Paribas Emissions- 11.000 3/25/2021 EUR 71.170
BNP Paribas Emissions- 12.000 6/24/2021 EUR 72.460
BNP Paribas Emissions- 7.000 3/25/2021 EUR 66.230
BNP Paribas Emissions- 8.000 3/25/2021 EUR 64.540
BNP Paribas Emissions- 6.500 3/25/2021 EUR 75.040
BNP Paribas Emissions- 6.500 6/24/2021 EUR 74.710
BNP Paribas Emissions- 7.500 3/25/2021 EUR 68.530
BNP Paribas Emissions- 5.000 6/24/2021 EUR 71.990
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.320
BNP Paribas Emissions- 8.500 3/25/2021 EUR 69.040
BNP Paribas Emissions- 9.500 3/25/2021 EUR 69.200
BNP Paribas Emissions- 10.000 3/25/2021 EUR 67.790
BNP Paribas Emissions- 6.500 3/25/2021 EUR 75.100
BNP Paribas Emissions- 12.000 3/25/2021 EUR 71.480
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.510
BNP Paribas Emissions- 9.000 3/25/2021 EUR 71.590
BNP Paribas Emissions- 9.500 3/25/2021 EUR 70.750
BNP Paribas Emissions- 12.000 3/25/2021 EUR 67.710
BNP Paribas Emissions- 6.500 3/25/2021 EUR 74.160
BNP Paribas Emissions- 7.500 3/25/2021 EUR 70.970
BNP Paribas Emissions- 9.000 3/25/2021 EUR 70.150
BNP Paribas Emissions- 7.500 3/25/2021 EUR 71.060
BNP Paribas Emissions- 10.000 6/24/2021 EUR 70.410
BNP Paribas Emissions- 11.000 3/25/2021 EUR 66.530
BNP Paribas Emissions- 7.000 6/24/2021 EUR 73.630
BNP Paribas Emissions- 7.500 6/24/2021 EUR 72.290
BNP Paribas Emissions- 8.000 6/24/2021 EUR 71.490
BNP Paribas Emissions- 8.500 6/24/2021 EUR 70.710
BNP Paribas Emissions- 9.000 6/24/2021 EUR 69.490
BNP Paribas Emissions- 11.000 6/24/2021 EUR 67.180
BNP Paribas Emissions- 13.000 3/25/2021 EUR 66.270
BNP Paribas Emissions- 15.000 6/24/2021 EUR 69.740
Vontobel Financial Prod 15.000 3/26/2021 EUR
Landesbank Baden-Wuertt 2.300 6/24/2022 EUR 55.670
Landesbank Baden-Wuertt 4.100 1/28/2022 EUR 56.690
Landesbank Baden-Wuertt 3.400 2/24/2023 EUR 65.050
HSBC Trinkaus & Burkhar 7.600 6/25/2021 EUR 3.300
HSBC Trinkaus & Burkhar 5.700 6/25/2021 EUR 54.450
Landesbank Hessen-Thuer 6.600 02/01/2024 EUR 67.650
Leonteq Securities AG 27.000 06/02/2021 CHF 13.770
UniCredit Bank AG 5.050 01/11/2022 EUR 34.700
UniCredit Bank AG 5.750 01/11/2022 EUR 68.370
HSBC Trinkaus & Burkhar 6.500 6/25/2021 EUR 2.850
Landesbank Baden-Wuertt 3.250 2/24/2023 EUR 65.430
BNP Paribas Emissions- 23.00012/23/2021 EUR 21.280
Erste Group Bank AG 9.250 4/30/2025 EUR 0.600
Zurcher Kantonalbank Fi 7.750 07/02/2021 EUR 72.750
Landesbank Hessen-Thuer 5.600 02/11/2025 EUR 63.470
UBS AG/London 12.000 3/25/2021 CHF 6.980
Nordea Bank Abp 9.000 7/20/2024 SEK 71.530
Leonteq Securities AG/G 27.000 5/25/2021 EUR 9.810
Bank Julius Baer & Co L 10.200 5/30/2023 EUR 25.800
Zurcher Kantonalbank Fi 4.750 6/18/2021 CHF 65.800
Zurcher Kantonalbank Fi 7.750 6/18/2021 EUR 61.930
Erste Group Bank AG 8.000 7/31/2024 EUR 69.500
Nordea Bank Abp 7.100 7/20/2024 SEK 74.490
DZ Bank AG Deutsche Zen 11.250 2/24/2021 EUR 73.930
Leonteq Securities AG/G 25.000 8/26/2021 USD 18.890
Vontobel Financial Prod 20.000 3/26/2021 EUR
Vontobel Financial Prod 9.690 3/26/2021 USD 74.750
Bayerische Landesbank 2.500 12/03/2021 EUR 60.150
DekaBank Deutsche Giroz 5.150 5/21/2021 EUR 45.070
Landesbank Baden-Wuertt 3.500 7/23/2021 EUR 72.220
Landesbank Baden-Wuertt 3.000 7/23/2021 EUR 72.060
DekaBank Deutsche Giroz 2.00011/19/2021 EUR 55.060
UniCredit Bank AG 4.35010/26/2021 EUR 32.960
Landesbank Baden-Wuertt 3.800 1/28/2022 EUR 55.230
Goldman Sachs & Co Wert 15.000 3/24/2021 EUR 73.070
Goldman Sachs & Co Wert 4.000 3/24/2021 EUR 71.470
Goldman Sachs & Co Wert 6.000 3/24/2021 EUR 61.860
Goldman Sachs & Co Wert 8.000 3/24/2021 EUR 56.960
Goldman Sachs & Co Wert 14.000 3/24/2021 EUR 45.000
DZ Bank AG Deutsche Zen 6.750 6/23/2021 EUR 74.480
Goldman Sachs & Co Wert 10.000 3/24/2021 EUR 51.860
DZ Bank AG Deutsche Zen 6.250 6/23/2021 EUR 74.280
DZ Bank AG Deutsche Zen 8.250 3/24/2021 EUR 74.210
Goldman Sachs & Co Wert 15.000 3/24/2021 EUR 61.610
Goldman Sachs & Co Wert 17.000 3/24/2021 EUR 59.380
Banque Cantonale Vaudoi 4.500 3/29/2021 CHF 50.490
Landesbank Baden-Wuertt 2.300 2/26/2021 EUR 64.220
Landesbank Baden-Wuertt 1.750 2/26/2021 EUR 68.500
Landesbank Baden-Wuertt 4.000 2/26/2021 EUR 72.890
Leonteq Securities AG/G 8.130 2/21/2022 EUR 71.280
Leonteq Securities AG/G 5.700 2/21/2022 CHF 72.990
DZ Bank AG Deutsche Zen 7.900 3/24/2021 EUR 67.770
DZ Bank AG Deutsche Zen 8.500 3/24/2021 EUR 66.870
DZ Bank AG Deutsche Zen 7.000 6/23/2021 EUR 68.650
DZ Bank AG Deutsche Zen 6.700 6/23/2021 EUR 71.020
DZ Bank AG Deutsche Zen 6.200 3/24/2021 EUR 70.390
DZ Bank AG Deutsche Zen 9.800 3/24/2021 EUR 65.700
DZ Bank AG Deutsche Zen 5.600 6/23/2021 EUR 69.760
Raiffeisen Schweiz Geno 5.000 8/24/2022 CHF 69.470
Raiffeisen Schweiz Geno 4.500 2/21/2023 CHF 66.840
Raiffeisen Schweiz Geno 6.000 8/24/2022 CHF 71.560
Corner Banca SA 30.000 06/08/2021 USD 14.800
Leonteq Securities AG/G 29.000 06/08/2021 CHF 14.700
Landesbank Baden-Wuertt 9.000 2/26/2021 EUR 67.410
Landesbank Baden-Wuertt 6.900 2/26/2021 EUR 70.420
Landesbank Baden-Wuertt 7.500 2/26/2021 EUR 61.660
Landesbank Baden-Wuertt 5.000 3/26/2021 EUR 71.670
Vontobel Financial Prod 5.600 2/22/2021 EUR 64.690
Leonteq Securities AG/G 14.000 2/24/2021 USD 3.340
Landesbank Baden-Wuertt 5.400 2/26/2021 EUR 73.040
Landesbank Baden-Wuertt 6.700 2/26/2021 EUR 70.580
Landesbank Baden-Wuertt 7.500 2/26/2021 EUR 72.900
Landesbank Baden-Wuertt 3.750 2/26/2021 EUR 38.860
Landesbank Baden-Wuertt 2.750 2/26/2021 EUR 65.510
Landesbank Baden-Wuertt 4.500 2/26/2021 EUR 71.190
Leonteq Securities AG 12.400 2/24/2021 CHF 2.870
Goldman Sachs & Co Wert 18.000 5/26/2021 EUR 73.090
Goldman Sachs & Co Wert 19.000 6/23/2021 EUR 71.630
UBS AG/London 5.000 3/26/2021 EUR 72.750
Erste Group Bank AG 10.500 4/29/2021 EUR 69.450
UBS AG/London 10.000 3/29/2021 EUR 45.400
Societe Generale SA 8.848 3/29/2024 USD 59.650
Goldman Sachs & Co Wert 18.000 4/21/2021 EUR 73.350
Goldman Sachs & Co Wert 18.000 7/21/2021 EUR 72.550
Goldman Sachs & Co Wert 19.000 2/24/2021 EUR
Goldman Sachs & Co Wert 18.000 9/22/2021 EUR 72.520
Vontobel Financial Prod 16.500 6/25/2021 EUR 74.040
Vontobel Financial Prod 17.500 3/26/2021 EUR 73.890
Landesbank Baden-Wuertt 3.250 9/24/2021 EUR 59.650
Leonteq Securities AG/G 4.000 4/19/2022 EUR 65.090
Credit Suisse AG/London 9.20012/16/2021 USD 9.875
Raiffeisen Schweiz Geno 6.900 08/03/2022 CHF 72.480
Vontobel Financial Prod 5.500 3/26/2021 EUR 67.600
Bank Julius Baer & Co L 8.250 1/31/2022 USD 66.350
Raiffeisen Switzerland 8.500 02/03/2021 EUR 69.600
Bank Julius Baer & Co L 10.300 1/31/2022 USD 73.800
Bank Julius Baer & Co L 9.200 02/01/2021 EUR 53.800
Leonteq Securities AG 16.600 02/03/2021 CHF 4.250
Vontobel Financial Prod 11.500 3/26/2021 EUR
Bank Julius Baer & Co L 9.200 02/05/2021 CHF 59.850
UBS AG/London 12.000 02/05/2021 CHF 8.060
Credit Suisse AG/London 7.500 08/05/2021 CHF 70.470
Vontobel Financial Prod 12.500 3/26/2021 EUR 63.630
UBS AG/London 14.500 02/05/2021 CHF 68.350
Vontobel Financial Prod 13.500 3/26/2021 EUR
Vontobel Financial Prod 14.500 3/26/2021 EUR
Vontobel Financial Prod 9.500 03/12/2021 EUR 55.700
Vontobel Financial Prod 12.500 3/26/2021 EUR 74.900
Vontobel Financial Prod 4.000 03/12/2021 EUR 65.900
SG Issuer SA 0.850 7/29/2024 EUR 9.900
Landesbank Baden-Wuertt 5.000 7/23/2021 EUR 68.820
Landesbank Baden-Wuertt 4.000 7/23/2021 EUR 67.570
Landesbank Baden-Wuertt 3.000 6/25/2021 EUR 67.840
Landesbank Baden-Wuertt 3.000 6/25/2021 EUR 65.730
Zurcher Kantonalbank Fi 8.000 05/07/2021 CHF 55.300
UBS AG/London 8.50011/22/2021 EUR 72.100
Credit Suisse AG/London 6.200 7/29/2022 CHF 72.740
UBS AG/London 10.000 5/20/2021 CHF 72.150
UBS AG/London 13.750 1/29/2021 CHF 70.300
EFG International Finan 23.000 1/29/2021 EUR 11.710
Landesbank Baden-Wuertt 3.250 7/28/2023 EUR 66.420
Societe Generale Effekt 17.468 6/25/2021 EUR 71.310
Zurcher Kantonalbank Fi 5.75011/26/2021 CHF 66.980
Zurcher Kantonalbank Fi 8.125 02/11/2022 EUR 57.630
Zurcher Kantonalbank Fi 9.750 02/11/2022 USD 60.220
Landesbank Baden-Wuertt 4.300 7/23/2021 EUR 72.140
Vontobel Financial Prod 14.500 03/12/2021 EUR
Vontobel Financial Prod 18.000 03/12/2021 EUR 66.430
Societe Generale Effekt 8.734 6/25/2021 EUR 71.420
Landesbank Baden-Wuertt 2.000 7/23/2021 EUR 58.770
Landesbank Baden-Wuertt 5.500 6/25/2021 EUR 52.180
Landesbank Baden-Wuertt 3.500 7/23/2021 EUR 55.090
Landesbank Baden-Wuertt 6.500 6/25/2021 EUR 70.210
DekaBank Deutsche Giroz 5.500 12/03/2021 EUR 67.760
DZ Bank AG Deutsche Zen 7.000 3/22/2021 EUR 73.990
EFG International Finan 10.800 5/26/2021 CHF 58.250
Credit Suisse AG/London 8.000 2/25/2021 EUR 56.500
Landesbank Baden-Wuertt 3.69012/23/2022 EUR 70.780
Landesbank Hessen-Thuer 4.00012/27/2023 EUR 72.860
Credit Suisse AG/London 9.250 2/26/2021 EUR 65.010
Raiffeisen Schweiz Geno 7.80011/22/2021 CHF 57.050
BNP Paribas Emissions- 12.000 6/24/2021 EUR 60.280
BNP Paribas Emissions- 5.000 6/24/2021 EUR 71.990
BNP Paribas Emissions- 6.500 6/24/2021 EUR 70.490
BNP Paribas Emissions- 9.000 6/24/2021 EUR 65.660
BNP Paribas Emissions- 8.000 6/24/2021 EUR 64.600
BNP Paribas Emissions- 10.000 6/24/2021 EUR 61.080
BNP Paribas Emissions- 11.000 6/24/2021 EUR 73.600
Vontobel Financial Prod 5.100 5/28/2021 EUR 70.310
Credit Suisse AG/London 7.000 7/20/2021 EUR 72.810
DZ Bank AG Deutsche Zen 6.200 2/24/2021 EUR 69.230
BNP Paribas Emissions- 9.000 6/24/2021 EUR 73.630
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.710
Leonteq Securities AG/G 14.000 7/20/2021 EUR 69.600
Leonteq Securities AG/G 11.800 4/20/2021 CHF 70.380
Vontobel Financial Prod 4.800 6/18/2021 EUR 70.260
UniCredit Bank AG 10.100 2/26/2021 EUR 70.080
UniCredit Bank AG 8.20011/26/2021 EUR 72.820
UniCredit Bank AG 9.100 7/23/2021 EUR 71.420
Bank Julius Baer & Co L 10.600 7/22/2021 USD 50.450
Credit Suisse AG/London 7.500 4/21/2021 EUR 57.960
Vontobel Financial Prod 3.400 6/18/2021 EUR 59.990
DZ Bank AG Deutsche Zen 10.300 3/26/2021 EUR 67.150
DZ Bank AG Deutsche Zen 6.000 3/26/2021 EUR 72.840
DZ Bank AG Deutsche Zen 9.000 3/26/2021 EUR 60.990
Banque Cantonale Vaudoi 11.400 7/21/2021 EUR 56.820
Banque Cantonale Vaudoi 11.280 7/21/2021 CHF 56.700
UBS AG/London 11.750 7/22/2021 CHF 56.500
UBS AG/London 8.000 1/24/2022 CHF 69.700
UBS AG/London 15.000 7/22/2021 CHF 70.550
Zurcher Kantonalbank Fi 5.350 7/29/2021 CHF 60.330
EFG International Finan 5.600 1/22/2024 CHF 73.990
Bank Julius Baer & Co L 7.850 1/25/2022 USD 66.100
Zurcher Kantonalbank Fi 7.500 5/28/2021 CHF 63.030
Landesbank Baden-Wuertt 3.000 7/23/2021 EUR 70.720
Landesbank Baden-Wuertt 2.500 6/25/2021 EUR 63.260
Landesbank Baden-Wuertt 4.000 6/25/2021 EUR 54.790
Landesbank Baden-Wuertt 5.500 6/25/2021 EUR 50.320
Landesbank Baden-Wuertt 6.500 6/25/2021 EUR 72.250
Landesbank Baden-Wuertt 2.000 6/25/2021 EUR 70.130
Landesbank Baden-Wuertt 3.500 6/25/2021 EUR 63.450
Credit Suisse AG/London 8.000 5/21/2021 CHF 70.940
DekaBank Deutsche Giroz 3.40012/16/2022 EUR 59.450
DekaBank Deutsche Giroz 3.70012/17/2021 EUR 65.850
UniCredit Bank AG 4.450 01/02/2024 EUR 70.830
Corner Banca SA 7.500 05/06/2022 EUR 72.050
Credit Suisse AG/London 10.750 7/26/2021 USD 68.030
Credit Suisse AG/London 7.600 7/23/2021 EUR 60.220
EFG International Finan 5.350 1/24/2023 USD 73.010
Vontobel Financial Prod 7.500 3/26/2021 EUR 72.360
Vontobel Financial Prod 16.000 3/26/2021 EUR
Bank Julius Baer & Co L 10.600 1/25/2021 EUR 69.700
EFG International Finan 4.620 1/27/2021 EUR 72.800
Bank Julius Baer & Co L 8.200 1/25/2021 CHF 56.500
Vontobel Financial Prod 9.100 2/21/2022 EUR 72.690
UBS AG/London 15.000 7/15/2021 CHF 41.850
UBS AG/London 7.500 1/17/2022 CHF 72.800
BNP Paribas Emissions- 15.350 2/25/2021 EUR 1.510
BNP Paribas Emissions- 6.000 3/24/2022 EUR 72.640
BNP Paribas Emissions- 3.000 9/23/2021 EUR 70.340
BNP Paribas Emissions- 6.000 3/25/2021 EUR 73.720
BNP Paribas Emissions- 7.000 3/24/2022 EUR 64.100
BNP Paribas Emissions- 10.00012/23/2021 EUR 9.450
Credit Suisse AG/London 8.000 7/19/2021 CHF 70.580
Corner Banca SA 11.000 7/21/2021 CHF 56.070
Raiffeisen Schweiz Geno 5.200 1/17/2023 CHF 69.980
Raiffeisen Schweiz Geno 8.200 4/20/2021 CHF 55.920
Credit Suisse AG/London 11.500 5/20/2021 CHF 56.780
UBS AG/London 7.000 1/31/2022 EUR 99.050
UniCredit Bank AG 3.200 01/02/2023 EUR 71.940
UBS AG/London 11.000 1/29/2021 CHF 66.650
Bank Julius Baer & Co L 6.950 2/19/2021 CHF 62.550
Leonteq Securities AG 14.800 05/04/2021 CHF 74.090
Societe Generale SA 17.040 4/27/2021 USD 70.000
Leonteq Securities AG/G 8.00011/25/2021 EUR 72.480
DZ Bank AG Deutsche Zen 6.750 3/24/2021 EUR 74.650
SG Issuer SA 0.85010/16/2024 EUR 9.940
Raiffeisen Schweiz Geno 6.300 4/28/2021 CHF 71.730
BNP Paribas Issuance BV 7.150 11/07/2024 SEK 71.600
EFG International Finan 12.880 02/01/2021 CHF 62.980
Zurcher Kantonalbank Fi 7.500 7/28/2021 CHF 61.070
DZ Bank AG Deutsche Zen 7.500 3/24/2021 EUR 51.170
DZ Bank AG Deutsche Zen 5.250 3/24/2021 EUR 56.910
DZ Bank AG Deutsche Zen 5.500 3/24/2021 EUR 69.780
Zurcher Kantonalbank Fi 8.000 1/14/2022 CHF 69.120
Landesbank Baden-Wuertt 3.500 3/24/2023 EUR 69.220
Credit Suisse AG/London 9.250 4/14/2021 EUR 66.190
Societe Generale SA 13.010 02/02/2023 USD 55.150
EFG International Finan 5.350 1/17/2023 USD 69.660
Vontobel Financial Prod 3.800 08/11/2021 EUR 74.330
BNP Paribas Emissions- 10.000 3/24/2022 EUR 11.950
BNP Paribas Emissions- 12.000 3/25/2021 EUR 2.330
UniCredit Bank AG 12.600 3/26/2021 EUR 68.500
UniCredit Bank AG 9.600 3/26/2021 EUR 72.540
SG Issuer SA 9.800 05/03/2021 USD 56.700
UniCredit Bank AG 11.300 3/26/2021 EUR 52.850
UniCredit Bank AG 13.300 3/26/2021 EUR 66.100
Leonteq Securities AG/G 6.800 5/18/2021 EUR 61.150
UniCredit Bank AG 5.300 3/26/2021 EUR 73.410
UniCredit Bank AG 12.800 3/26/2021 EUR 64.290
EFG International Finan 7.200 4/26/2022 CHF 66.860
UniCredit Bank AG 9.600 3/26/2021 EUR 55.560
UniCredit Bank AG 11.100 6/25/2021 EUR 70.540
UniCredit Bank AG 13.500 6/25/2021 EUR 71.570
UniCredit Bank AG 12.00012/24/2021 EUR 74.180
UniCredit Bank AG 13.00012/24/2021 EUR 72.280
UniCredit Bank AG 10.500 3/26/2021 EUR 69.890
Credit Suisse AG/London 10.75011/29/2021 USD 61.445
UBS AG/London 13.500 4/26/2021 USD
Raiffeisen Schweiz Geno 4.00011/15/2022 CHF 65.730
Vontobel Financial Prod 5.400 2/23/2021 EUR 74.280
BNP Paribas Emissions- 3.00012/23/2021 EUR 69.520
BNP Paribas Emissions- 7.000 6/24/2021 EUR 73.740
BNP Paribas Emissions- 7.00012/23/2021 EUR 63.590
Corner Banca SA 4.200 7/20/2021 CHF 74.060
Raiffeisen Schweiz Geno 8.50012/13/2021 CHF 60.670
Luzerner Kantonalbank A 7.120 6/18/2021 CHF 72.150
Zurcher Kantonalbank Fi 6.30012/16/2022 CHF 58.440
Leonteq Securities AG/G 17.490 3/17/2021 EUR 4.190
EFG International Finan 10.26012/19/2024 CHF 73.470
UBS AG/London 12.00012/20/2021 CHF 62.250
UBS AG/London 12.750 6/18/2021 CHF 58.800
UBS AG/London 14.00012/20/2021 CHF 74.100
UBS AG/London 10.25012/20/2021 CHF 73.700
UBS AG/London 7.00012/20/2021 CHF 61.600
Credit Suisse AG/London 6.000 6/16/2022 CHF 73.300
Credit Suisse AG/London 8.000 6/18/2021 CHF 71.230
EFG International Finan 5.35012/19/2022 USD 70.850
Leonteq Securities AG/G 7.000 6/20/2022 CHF 71.280
Leonteq Securities AG/G 7.50012/20/2021 EUR 59.920
Pongs & Zahn AG 8.500 EUR 0.002
EFG International Finan 8.60012/20/2021 CHF 73.590
Zurcher Kantonalbank Fi 6.25012/30/2021 EUR 73.720
Leonteq Securities AG/G 12.000 3/23/2021 EUR 72.640
Leonteq Securities AG 11.00012/20/2021 CHF 74.350
Leonteq Securities AG 10.400 3/23/2021 CHF 73.100
Leonteq Securities AG/G 9.500 6/23/2021 CHF 72.640
Vontobel Financial Prod 8.000 03/12/2021 EUR 62.850
Bank Julius Baer & Co L 12.000 05/05/2021 CHF 73.500
Landesbank Baden-Wuertt 13.120 2/26/2021 EUR 72.690
Vontobel Financial Prod 4.000 03/12/2021 EUR 67.490
Vontobel Financial Prod 8.000 03/12/2021 EUR 71.080
Vontobel Financial Prod 16.500 06/11/2021 EUR 68.290
Skandinaviska Enskilda 6.000 1/15/2025 SEK 62.490
Skandinaviska Enskilda 5.800 1/15/2025 SEK 71.760
Zurcher Kantonalbank Fi 4.000 02/11/2022 CHF 59.880
Zurcher Kantonalbank Fi 6.750 02/11/2022 CHF 67.160
Credit Suisse AG/London 8.000 05/04/2021 EUR 66.090
Leonteq Securities AG 4.00012/18/2026 CHF 68.030
Leonteq Securities AG 3.900 9/21/2029 CHF 71.570
Raiffeisen Schweiz Geno 3.000 9/21/2029 CHF 65.520
Leonteq Securities AG 3.90012/20/2024 CHF 51.850
Zurcher Kantonalbank Fi 3.00011/19/2021 CHF 72.600
Zurcher Kantonalbank Fi 8.750 05/07/2021 CHF 64.020
DZ Bank AG Deutsche Zen 10.900 3/22/2021 EUR 2.380
Bank Julius Baer & Co L 10.000 06/01/2021 CHF 68.700
UBS AG/London 12.250 02/12/2021 CHF 7.270
DZ Bank AG Deutsche Zen 7.000 3/22/2021 EUR 73.230
DZ Bank AG Deutsche Zen 10.250 3/22/2021 EUR 2.510
UBS AG/London 9.300 08/12/2021 CHF 62.950
UBS AG/London 6.200 3/25/2021 EUR 63.470
UBS AG/London 7.100 6/24/2021 EUR 62.300
UBS AG/London 8.000 3/25/2021 EUR 59.540
UBS AG/London 4.000 6/24/2021 EUR 64.530
Landesbank Baden-Wuertt 6.300 6/25/2021 EUR 71.460
Landesbank Baden-Wuertt 3.800 7/23/2021 EUR 70.700
Landesbank Baden-Wuertt 2.500 7/23/2021 EUR 64.170
Landesbank Baden-Wuertt 1.600 6/25/2021 EUR 67.260
UBS AG/London 13.250 06/04/2021 EUR 5.220
UBS AG/London 2.600 3/25/2021 EUR 67.120
UBS AG/London 9.500 3/25/2021 EUR 75.180
Leonteq Securities AG/G 9.500 06/03/2021 EUR 54.300
UBS AG/London 9.000 6/24/2021 EUR 58.840
UBS AG/London 9.700 3/25/2021 EUR 55.950
Landesbank Baden-Wuertt 4.750 6/25/2021 EUR 64.610
Landesbank Baden-Wuertt 7.750 6/25/2021 EUR 64.480
Leonteq Securities AG 5.750 01/09/2023 CHF 73.840
UBS AG/London 12.000 12/06/2021 USD 66.590
Vontobel Financial Prod 10.000 3/26/2021 EUR 69.980
Skandinaviska Enskilda 6.400 1/15/2025 SEK 64.740
Skandinaviska Enskilda 5.750 1/15/2025 SEK 71.590
Raiffeisen Schweiz Geno 5.60011/29/2022 CHF 71.540
Nordea Bank Abp 8.500 1/20/2025 SEK 68.590
Credit Suisse AG/London 8.000 6/30/2021 CHF 69.670
DZ Bank AG Deutsche Zen 4.500 3/22/2021 EUR 60.870
Vontobel Financial Prod 15.000 3/26/2021 EUR
UBS AG/London 14.500 02/12/2021 CHF 67.450
Vontobel Financial Prod 8.480 02/12/2021 EUR
UBS AG/London 10.750 02/12/2021 CHF 67.050
BNP Paribas Issuance BV 8.300 2/25/2021 EUR 66.750
UBS AG/London 10.00010/25/2021 CHF 66.650
Raiffeisen Schweiz Geno 7.000 05/11/2021 CHF 64.080
UniCredit Bank AG 14.200 3/26/2021 EUR 64.230
UniCredit Bank AG 10.30012/24/2021 EUR 69.100
UBS AG/London 7.75010/25/2021 EUR 60.050
Raiffeisen Schweiz Geno 3.400 3/21/2025 CHF 52.320
UBS AG/London 7.000 08/12/2021 CHF 69.750
UBS AG/London 12.250 2/14/2022 CHF 73.000
UBS AG/London 13.500 4/23/2021 CHF 1.750
Leonteq Securities AG/G 3.650 09/02/2021 EUR 56.850
Leonteq Securities AG/G 2.380 09/02/2021 EUR 72.720
Leonteq Securities AG/G 3.430 09/02/2021 EUR 69.480
Leonteq Securities AG/G 6.070 09/02/2021 EUR 64.050
Leonteq Securities AG/G 9.220 09/02/2021 EUR 60.150
Leonteq Securities AG/G 5.120 09/02/2021 EUR 65.990
Leonteq Securities AG/G 7.940 09/02/2021 EUR 61.040
Leonteq Securities AG/G 9.500 09/02/2021 EUR 71.290
Leonteq Securities AG/G 1.150 09/02/2021 EUR 66.320
Leonteq Securities AG/G 2.370 09/02/2021 EUR 67.040
Leonteq Securities AG/G 3.790 09/02/2021 EUR 67.850
Leonteq Securities AG/G 5.270 09/02/2021 EUR 68.770
Leonteq Securities AG/G 6.690 09/02/2021 EUR 69.620
Leonteq Securities AG/G 9.500 09/02/2021 EUR 59.050
Leonteq Securities AG/G 11.140 09/02/2021 EUR 57.620
Vontobel Financial Prod 7.500 3/26/2021 EUR 70.360
Skandinaviska Enskilda 9.200 7/15/2024 SEK 67.650
UniCredit Bank AG 13.200 6/25/2021 EUR 65.670
Leonteq Securities AG/G 5.910 09/02/2021 EUR 60.760
Leonteq Securities AG/G 3.290 09/02/2021 EUR 52.720
Leonteq Securities AG/G 6.020 09/02/2021 EUR 54.370
UBS AG/London 12.000 4/23/2021 CHF 67.250
Leonteq Securities AG/G 4.500 09/02/2021 EUR 59.910
Leonteq Securities AG/G 5.020 09/02/2021 EUR 57.580
Leonteq Securities AG/G 8.760 09/02/2021 EUR 55.910
Leonteq Securities AG/G 9.660 09/02/2021 EUR 62.990
Leonteq Securities AG/G 2.470 09/02/2021 EUR 56.050
Leonteq Securities AG/G 8.590 09/02/2021 EUR 62.350
Leonteq Securities AG/G 1.430 09/02/2021 EUR 55.380
Leonteq Securities AG/G 6.330 09/02/2021 EUR 58.370
Leonteq Securities AG/G 4.570 09/02/2021 EUR 53.530
Leonteq Securities AG/G 7.440 09/02/2021 EUR 55.130
Leonteq Securities AG/G 7.130 09/02/2021 EUR 71.150
Leonteq Securities AG/G 9.900 09/02/2021 EUR 66.060
Leonteq Securities AG/G 4.670 09/02/2021 EUR 66.540
Leonteq Securities AG/G 7.590 09/02/2021 EUR 61.910
Vontobel Financial Prod 5.500 3/26/2021 EUR 73.830
Vontobel Financial Prod 11.000 3/26/2021 EUR 65.900
Vontobel Financial Prod 6.500 3/26/2021 EUR 72.050
EFG International Finan 5.350 12/02/2022 USD 70.080
Vontobel Financial Prod 18.500 3/26/2021 EUR
DekaBank Deutsche Giroz 3.25011/25/2022 EUR 66.880
Vontobel Financial Prod 17.500 3/26/2021 EUR
Corner Banca SA 5.250 1/24/2023 CHF 72.460
Corner Banca SA 12.200 4/27/2021 CHF 70.420
Leonteq Securities AG/G 7.00010/25/2021 EUR 71.920
Leonteq Securities AG/G 13.500 05/12/2021 EUR 6.440
DZ Bank AG Deutsche Zen 12.400 3/22/2021 EUR 2.760
Zurcher Kantonalbank Fi 5.000 4/23/2021 EUR 70.800
Raiffeisen Schweiz Geno 6.900 7/27/2022 CHF 73.460
Vontobel Financial Prod 9.500 3/26/2021 EUR 67.250
Vontobel Financial Prod 8.500 3/26/2021 EUR 68.770
Leonteq Securities AG 19.000 1/27/2021 CHF 5.050
Leonteq Securities AG/G 18.600 1/27/2021 USD 4.930
Skandinaviska Enskilda 4.400 7/15/2022 SEK 69.785
Leonteq Securities AG/G 7.290 09/02/2021 EUR 62.570
Leonteq Securities AG/G 8.480 09/02/2021 EUR 68.440
Leonteq Securities AG/G 11.390 09/02/2021 EUR 64.010
Leonteq Securities AG/G 3.920 09/02/2021 EUR 69.150
Leonteq Securities AG/G 6.460 09/02/2021 EUR 63.320
UniCredit Bank AG 9.30012/24/2021 EUR 59.420
UniCredit Bank AG 7.50012/24/2021 EUR 71.760
UniCredit Bank AG 8.00012/24/2021 EUR 69.380
Raiffeisen Schweiz Geno 7.200 3/23/2021 CHF 60.550
EFG International Finan 5.350 11/07/2022 USD 70.200
Bayerische Landesbank 2.30012/19/2022 EUR 74.080
Credit Suisse AG/London 6.000 3/21/2022 USD 10.000
Vontobel Financial Prod 13.000 3/26/2021 EUR 71.460
UBS AG/London 5.750 8/16/2021 CHF 71.550
Araratbank OJSC 5.500 9/19/2023 USD 24.584
Leonteq Securities AG 7.000 8/16/2021 CHF 64.050
Vontobel Financial Prod 10.000 03/12/2021 EUR 64.280
Vontobel Financial Prod 15.000 03/12/2021 EUR 65.490
Raiffeisen Schweiz Geno 6.000 11/01/2022 CHF 73.490
UniCredit Bank AG 9.90012/24/2021 EUR 67.360
UniCredit Bank AG 13.300 6/25/2021 EUR 70.130
UniCredit Bank AG 9.900 6/25/2021 EUR 62.380
UniCredit Bank AG 12.700 6/25/2021 EUR 62.760
DZ Bank AG Deutsche Zen 7.600 3/24/2021 EUR 59.510
UBS AG/London 7.000 8/16/2021 CHF 57.600
Landesbank Hessen-Thuer 4.000 9/20/2023 EUR 73.860
Vontobel Financial Prod 6.500 03/12/2021 EUR 72.730
Vontobel Financial Prod 14.000 03/12/2021 EUR 57.800
Raiffeisen Schweiz Geno 8.200 02/01/2021 USD 63.260
Leonteq Securities AG/G 15.400 03/12/2021 USD 58.540
Leonteq Securities AG 8.00012/13/2022 CHF 64.460
Corner Banca SA 22.000 3/16/2021 CHF 13.140
Leonteq Securities AG/G 17.570 03/10/2021 CHF 70.840
UBS AG/London 9.00012/13/2021 CHF 71.400
EFG International Finan 15.500 6/16/2021 EUR 7.370
Societe Generale Effekt 18.066 3/19/2021 EUR
BNP Paribas Emissions- 6.000 3/25/2021 EUR 66.850
BNP Paribas Emissions- 9.000 9/23/2021 EUR 6.300
BNP Paribas Emissions- 11.000 3/25/2021 EUR 2.130
UBS AG/London 14.000 06/11/2021 CHF 67.550
BNP Paribas Emissions- 12.000 3/25/2021 EUR 69.450
Credit Suisse AG/London 6.000 06/07/2022 CHF 73.140
Leonteq Securities AG/G 15.000 6/16/2021 CHF 70.520
Leonteq Securities AG/G 11.400 6/16/2021 EUR 63.400
Leonteq Securities AG 6.80012/13/2022 CHF 72.980
WEB Windenergie AG 6.250 EUR 0.010
EFG International Finan 5.35012/19/2022 USD 71.580
Credit Suisse AG/London 8.560 12/06/2022 USD 9.601
Vontobel Financial Prod 13.000 03/12/2021 EUR 65.790
Vontobel Financial Prod 16.000 06/11/2021 EUR 61.370
Vontobel Financial Prod 9.500 03/12/2021 EUR 68.390
DZ Bank AG Deutsche Zen 7.250 3/22/2021 EUR 73.250
BNP Paribas Emissions- 5.000 3/25/2021 EUR 68.850
BNP Paribas Emissions- 7.000 3/25/2021 EUR 63.790
BNP Paribas Emissions- 18.000 3/25/2021 EUR 72.620
Raiffeisen Schweiz Geno 5.300 9/20/2022 CHF 70.040
EFG International Finan 13.000 11/08/2021 EUR 64.870
Landesbank Baden-Wuertt 2.65010/27/2023 EUR 73.200
EFG International Finan 9.700 9/26/2022 CHF 16.170
Bayerische Landesbank 3.00011/26/2021 EUR 68.560
Bank Julius Baer & Co L 7.250 05/07/2021 USD 67.500
Societe Generale Effekt 13.989 6/25/2021 EUR 62.460
UniCredit Bank AG 15.100 6/25/2021 EUR 53.950
UniCredit Bank AG 5.70012/24/2021 EUR 68.290
UniCredit Bank AG 12.000 6/25/2021 EUR 74.070
UniCredit Bank AG 7.600 6/25/2021 EUR 70.070
UniCredit Bank AG 9.700 6/25/2021 EUR 66.210
UniCredit Bank AG 14.200 6/25/2021 EUR 68.590
Raiffeisen Schweiz Geno 6.600 3/23/2022 CHF 68.270
UBS AG/London 14.250 05/06/2021 CHF 72.900
UniCredit Bank AG 10.700 3/26/2021 EUR 71.130
UniCredit Bank AG 11.000 3/26/2021 EUR 63.220
UniCredit Bank AG 14.500 3/26/2021 EUR 65.350
Landesbank Baden-Wuertt 4.100 4/23/2021 EUR 69.210
Landesbank Baden-Wuertt 3.400 4/23/2021 EUR 51.990
Landesbank Baden-Wuertt 4.000 3/26/2021 EUR 67.060
Landesbank Baden-Wuertt 2.500 3/26/2021 EUR 73.350
Landesbank Baden-Wuertt 4.000 3/26/2021 EUR 65.880
Landesbank Baden-Wuertt 7.600 3/26/2021 EUR 56.670
Landesbank Baden-Wuertt 3.250 3/26/2021 EUR 62.670
Landesbank Baden-Wuertt 2.600 3/26/2021 EUR 63.960
BNP Paribas Emissions- 18.000 3/25/2021 EUR 70.380
UBS AG/London 14.280 5/17/2021 CHF 4.220
DZ Bank AG Deutsche Zen 7.900 3/24/2021 EUR 69.770
Leonteq Securities AG/G 10.600 8/13/2021 CHF 66.490
DZ Bank AG Deutsche Zen 4.900 3/22/2021 EUR 72.520
Landesbank Baden-Wuertt 4.25011/26/2021 EUR 67.970
Landesbank Baden-Wuertt 4.00011/26/2021 EUR 58.290
Landesbank Baden-Wuertt 3.10011/26/2021 EUR 64.210
Landesbank Baden-Wuertt 3.25011/26/2021 EUR 71.430
Landesbank Baden-Wuertt 2.10011/26/2021 EUR 74.340
Landesbank Baden-Wuertt 4.00011/26/2021 EUR 69.660
Vontobel Financial Prod 14.500 9/24/2021 EUR 72.400
DZ Bank AG Deutsche Zen 6.250 3/22/2021 EUR 73.100
UniCredit Bank AG 12.300 2/26/2021 EUR 73.650
Landesbank Baden-Wuertt 2.00011/26/2021 EUR 63.190
Credit Suisse AG/London 6.100 8/15/2022 CHF 71.370
Societe Generale Effekt 4.500 07/03/2023 EUR 69.300
UniCredit Bank AG 13.300 2/26/2021 EUR 66.340
Bank Julius Baer & Co L 4.050 4/28/2021 CHF 71.700
UBS AG/London 10.250 4/19/2021 EUR 74.250
Landesbank Baden-Wuertt 3.00011/26/2021 EUR 71.760
Landesbank Baden-Wuertt 2.00011/26/2021 EUR 67.570
Vontobel Financial Prod 12.500 6/25/2021 EUR 72.230
UniCredit Bank AG 12.200 7/23/2021 EUR 69.530
UniCredit Bank AG 10.500 7/23/2021 EUR 72.560
Vontobel Financial Prod 16.500 6/25/2021 EUR 70.380
Zurcher Kantonalbank Fi 8.000 05/04/2021 CHF 66.150
UniCredit Bank AG 11.100 2/26/2021 EUR 70.630
Bank Julius Baer & Co L 5.450 4/28/2021 CHF 67.100
Zurcher Kantonalbank Fi 9.250 4/30/2021 USD 70.250
UniCredit Bank AG 13.60012/24/2021 EUR 71.490
UniCredit Bank AG 13.900 6/25/2021 EUR 56.150
UniCredit Bank AG 13.400 3/26/2021 EUR 53.340
UniCredit Bank AG 13.100 3/26/2021 EUR 50.470
UniCredit Bank AG 10.200 6/25/2021 EUR 68.370
UniCredit Bank AG 10.40012/24/2021 EUR 68.930
UniCredit Bank AG 8.300 3/26/2021 EUR 59.780
UniCredit Bank AG 10.700 3/26/2021 EUR 56.290
UniCredit Bank AG 10.100 3/26/2021 EUR 67.830
UniCredit Bank AG 11.40012/24/2021 EUR 75.110
UniCredit Bank AG 14.000 3/26/2021 EUR 70.810
UniCredit Bank AG 6.600 3/26/2021 EUR 62.210
UniCredit Bank AG 8.100 3/26/2021 EUR 58.670
Credit Suisse AG/London 10.000 5/14/2021 EUR 66.610
Leonteq Securities AG 10.000 8/17/2021 CHF 66.520
Raiffeisen Centrobank A 7.250 12/06/2021 EUR 87.000
Leonteq Securities AG/G 1.600 1/28/2022 EUR 33.760
UBS AG/London 6.250 06/07/2021 CHF 53.000
Credit Suisse AG/London 5.500 1/28/2021 CHF 73.550
Leonteq Securities AG/G 2.29010/29/2021 EUR 47.650
BNP Paribas Emissions- 10.000 3/25/2021 EUR
BNP Paribas Issuance BV 5.000 11/05/2024 EUR 26.560
EFG International Finan 5.35011/15/2022 USD 68.900
UniCredit Bank AG 8.40012/24/2021 EUR 70.230
UniCredit Bank AG 10.200 6/25/2021 EUR 67.230
UniCredit Bank AG 13.300 3/26/2021 EUR 60.360
UniCredit Bank AG 9.00012/24/2021 EUR 73.090
BNP Paribas Emissions- 9.00012/23/2021 EUR
UniCredit Bank AG 8.700 3/26/2021 EUR 68.380
EFG International Finan 5.35010/31/2022 USD 72.470
DZ Bank AG Deutsche Zen 4.700 2/24/2021 EUR 73.700
UBS AG/London 10.50010/18/2021 CHF 70.700
UniCredit Bank AG 8.30012/24/2021 EUR 71.600
UniCredit Bank AG 13.200 6/25/2021 EUR 64.900
UniCredit Bank AG 14.300 6/25/2021 EUR 70.250
UniCredit Bank AG 14.10012/24/2021 EUR 70.660
UniCredit Bank AG 14.900 3/26/2021 EUR 69.170
UniCredit Bank AG 9.900 6/25/2021 EUR 72.120
SG Issuer SA 7.440 05/03/2021 CHF 54.050
UniCredit Bank AG 12.50012/24/2021 EUR 73.210
UniCredit Bank AG 14.900 3/26/2021 EUR 48.360
UniCredit Bank AG 9.700 3/26/2021 EUR 64.990
UniCredit Bank AG 6.200 3/26/2021 EUR 63.910
UniCredit Bank AG 13.100 3/26/2021 EUR 72.540
Raiffeisen Schweiz Geno 12.840 2/15/2021 CHF 52.040
UniCredit Bank AG 11.100 3/26/2021 EUR 70.450
UniCredit Bank AG 8.700 6/25/2021 EUR 73.820
UniCredit Bank AG 6.400 3/26/2021 EUR 70.740
UniCredit Bank AG 13.700 3/26/2021 EUR 63.550
Erste Group Bank AG 12.00011/21/2024 EUR 0.450
UniCredit Bank AG 11.800 3/26/2021 EUR 65.590
Leonteq Securities AG 9.00011/15/2021 CHF 69.910
UniCredit Bank AG 12.000 6/25/2021 EUR 74.460
UniCredit Bank AG 14.60012/24/2021 EUR 69.870
UniCredit Bank AG 8.400 3/26/2021 EUR 70.290
UniCredit Bank AG 12.200 3/26/2021 EUR 74.390
Credit Suisse AG/London 7.750 7/28/2021 CHF 70.930
UniCredit Bank AG 13.500 3/26/2021 EUR 70.720
Landesbank Hessen-Thuer 5.250 06/03/2024 EUR 70.470
UniCredit Bank AG 10.700 2/26/2021 EUR 73.590
UBS AG/London 8.750 06/07/2021 EUR 58.450
Landesbank Hessen-Thuer 5.750 07/12/2024 EUR 71.980
Zurcher Kantonalbank Fi 6.000 05/04/2021 CHF 67.620
DZ Bank AG Deutsche Zen 7.500 2/24/2021 EUR 68.670
Corner Banca SA 17.000 2/17/2021 CHF 4.000
Landesbank Baden-Wuertt 3.00011/26/2021 EUR 60.120
Leonteq Securities AG 13.000 2/17/2021 CHF 3.010
DekaBank Deutsche Giroz 3.70011/25/2022 EUR 63.050
Raiffeisen Switzerland 7.000 1/29/2021 EUR 60.980
Vontobel Financial Prod 11.500 3/26/2021 EUR 73.590
Vontobel Financial Prod 14.500 3/26/2021 EUR 69.450
Societe Generale SA 8.000 7/14/2021 USD 1.130
Bank Julius Baer & Co L 10.900 02/12/2021 USD 72.500
Landesbank Hessen-Thuer 7.700 8/20/2021 EUR 65.780
Vontobel Financial Prod 4.000 3/26/2021 EUR 73.670
EFG International Finan 7.600 5/27/2021 EUR 60.870
Societe Generale Effekt 13.500 3/26/2021 EUR 72.230
Vontobel Financial Prod 9.750 3/26/2021 EUR 66.010
Vontobel Financial Prod 10.000 2/26/2021 EUR 62.190
Vontobel Financial Prod 6.000 3/26/2021 EUR 59.660
Vontobel Financial Prod 7.750 3/26/2021 EUR 62.680
UBS AG/London 3.900 3/25/2021 EUR 69.440
UBS AG/London 11.000 6/28/2021 CHF 69.700
UBS AG/London 10.750 6/28/2021 CHF 61.070
Credit Suisse AG/London 9.500 3/29/2021 EUR 67.230
EFG International Finan 13.00012/27/2021 CHF 12.390
UBS AG/London 13.750 6/28/2021 CHF 9.730
Vontobel Financial Prod 7.250 3/26/2021 EUR 69.900
Vontobel Financial Prod 10.250 2/26/2021 EUR 55.520
Vontobel Financial Prod 9.500 2/26/2021 EUR 72.280
Vontobel Financial Prod 7.000 3/26/2021 EUR 55.710
Bank Julius Baer & Co L 8.350 1/30/2023 CHF 73.450
Credit Suisse AG/London 7.500 1/29/2021 CHF 67.670
UniCredit Bank AG 6.600 2/19/2024 EUR 69.730
BNP Paribas Emissions- 12.000 3/25/2021 EUR 2.260
Leonteq Securities AG 16.000 4/13/2021 CHF 10.880
Leonteq Securities AG/G 6.000 01/10/2023 CHF 71.060
Vontobel Financial Prod 6.500 3/29/2021 EUR 59.840
Vontobel Financial Prod 7.500 03/12/2021 EUR 58.370
Vontobel Financial Prod 10.500 06/11/2021 EUR 71.880
Vontobel Financial Prod 11.500 06/11/2021 EUR 66.400
Raiffeisen Schweiz Geno 5.000 01/10/2023 CHF 69.120
UniCredit Bank AG 5.55012/27/2023 EUR 69.160
Corner Banca SA 15.500 03/09/2021 CHF 69.130
BNP Paribas Issuance BV 7.20012/17/2024 SEK 70.070
Vontobel Financial Prod 16.000 03/12/2021 EUR 66.110
Vontobel Financial Prod 11.500 03/12/2021 EUR 55.050
Vontobel Financial Prod 17.000 03/12/2021 EUR 70.150
Vontobel Financial Prod 7.500 06/11/2021 EUR 73.020
Raiffeisen Schweiz Geno 8.200 7/13/2021 CHF 70.770
DZ Bank AG Deutsche Zen 12.200 3/22/2021 EUR 2.670
Leonteq Securities AG/G 3.35012/13/2021 EUR 61.900
Raiffeisen Schweiz Geno 5.500 12/06/2022 CHF 73.320
UBS AG/London 4.600 3/25/2021 EUR 58.700
Vontobel Financial Prod 6.500 03/12/2021 EUR 69.260
Vontobel Financial Prod 8.000 03/12/2021 EUR 66.930
Vontobel Financial Prod 5.000 03/12/2021 EUR 73.350
Vontobel Financial Prod 12.000 03/12/2021 EUR 70.180
Leonteq Securities AG 9.400 1/13/2022 CHF 67.720
DZ Bank AG Deutsche Zen 7.000 3/22/2021 EUR 61.250
DZ Bank AG Deutsche Zen 11.600 3/22/2021 EUR 2.590
Credit Suisse AG/London 7.000 06/09/2021 CHF 71.340
Vontobel Financial Prod 0.088 06/10/2021 EUR 66.200
Landesbank Hessen-Thuer 7.000 4/29/2022 EUR 58.950
Landesbank Baden-Wuertt 6.500 6/25/2021 EUR 70.340
Landesbank Baden-Wuertt 6.500 7/23/2021 EUR 56.570
Luzerner Kantonalbank A 6.000 6/23/2021 CHF 73.160
UBS AG/London 4.500 3/25/2021 EUR 74.520
UBS AG/London 12.500 3/25/2021 EUR 54.800
UBS AG/London 8.700 3/25/2021 EUR 63.920
Landesbank Baden-Wuertt 4.500 6/25/2021 EUR 59.730
Landesbank Baden-Wuertt 4.250 6/25/2021 EUR 73.250
Landesbank Baden-Wuertt 7.800 6/25/2021 EUR 65.210
Landesbank Baden-Wuertt 4.200 7/23/2021 EUR 59.850
Landesbank Baden-Wuertt 2.900 6/25/2021 EUR 63.160
Landesbank Hessen-Thuer 6.250 7/15/2022 EUR 67.060
Landesbank Baden-Wuertt 3.700 6/25/2021 EUR 66.710
UBS AG/London 7.100 3/25/2021 EUR 61.550
UBS AG/London 9.000 3/25/2021 EUR 57.690
EFG International Finan 12.800 06/09/2021 USD 61.400
Landesbank Baden-Wuertt 5.750 6/25/2021 EUR 63.240
Landesbank Baden-Wuertt 5.100 6/25/2021 EUR 71.760
Landesbank Baden-Wuertt 3.500 7/23/2021 EUR 73.120
Landesbank Baden-Wuertt 5.500 7/23/2021 EUR 62.410
Landesbank Baden-Wuertt 7.000 6/25/2021 EUR 48.750
Landesbank Baden-Wuertt 2.500 6/25/2021 EUR 61.730
Landesbank Baden-Wuertt 3.000 6/25/2021 EUR 64.630
Leonteq Securities AG/G 7.000 5/25/2022 CHF 72.990
Landesbank Baden-Wuertt 4.500 6/25/2021 EUR 61.550
Bayerische Landesbank 1.35012/23/2022 EUR 59.480
EFG International Finan 0.600 9/20/2022 EUR 62.350
Societe Generale SA 12.000 4/18/2024 USD 49.300
Banque Cantonale Vaudoi 5.500 04/08/2021 CHF 51.260
Bayerische Landesbank 2.700 5/14/2021 EUR 52.970
Citigroup Global Market 6.800 05/07/2024 SEK
DekaBank Deutsche Giroz 2.850 9/23/2022 EUR 4.990
Leonteq Securities AG/G 5.000 02/03/2021 EUR 0.520
BNP Paribas Emissions- 7.500 1/28/2021 EUR 66.920
DZ Bank AG Deutsche Zen 5.250 3/24/2021 EUR 69.710
Zurcher Kantonalbank Fi 8.000 5/19/2021 USD 72.590
Raiffeisen Schweiz Geno 6.000 6/30/2021 EUR 58.690
Landesbank Hessen-Thuer 7.770 7/15/2021 EUR 30.710
Bank Julius Baer & Co L 6.300 02/11/2021 EUR 68.050
Leonteq Securities AG/G 10.000 5/28/2021 EUR 62.700
Raiffeisen Schweiz Geno 6.00012/30/2021 CHF 70.660
Vontobel Financial Prod 10.300 3/29/2021 EUR
Skandinaviska Enskilda 7.450 1/15/2025 SEK 68.950
Vontobel Financial Prod 18.500 03/12/2021 EUR
EFG International Finan 5.350 12/06/2022 USD 70.930
Vontobel Financial Prod 6.500 03/12/2021 EUR 73.660
UBS AG/London 3.400 6/24/2021 EUR 62.560
UBS AG/London 3.000 3/25/2021 EUR 61.640
UBS AG/London 8.700 6/24/2021 EUR 65.180
UBS AG/London 7.700 3/25/2021 EUR 66.460
UBS AG/London 6.300 6/24/2021 EUR 68.860
Bank Julius Baer & Co L 5.300 03/08/2021 EUR 61.350
Vontobel Financial Prod 5.000 03/12/2021 EUR 71.790
Vontobel Financial Prod 9.500 03/12/2021 EUR 64.770
Vontobel Financial Prod 11.000 03/12/2021 EUR 67.620
Vontobel Financial Prod 4.900 3/29/2021 EUR 73.070
Skandinaviska Enskilda 6.250 1/15/2025 SEK 72.240
Landesbank Baden-Wuertt 5.500 6/25/2021 EUR 72.480
Landesbank Baden-Wuertt 5.900 7/23/2021 EUR 67.020
Landesbank Baden-Wuertt 5.500 7/23/2021 EUR 66.900
Landesbank Baden-Wuertt 3.000 6/25/2021 EUR 68.440
Landesbank Baden-Wuertt 5.500 6/25/2021 EUR 69.480
UBS AG/London 4.400 3/25/2021 EUR 60.230
UBS AG/London 6.200 3/25/2021 EUR 72.930
UBS AG/London 2.500 3/25/2021 EUR 65.140
UBS AG/London 6.200 3/25/2021 EUR 69.140
UBS AG/London 5.500 3/25/2021 EUR 71.410
UBS AG/London 2.700 3/25/2021 EUR 63.330
UBS AG/London 4.600 3/25/2021 EUR 57.210
UBS AG/London 9.700 3/25/2021 EUR 61.770
UBS AG/London 11.900 3/25/2021 EUR 69.390
Leonteq Securities AG/G 12.200 02/07/2022 USD 72.990
Bank Julius Baer & Co L 8.900 02/12/2021 EUR 72.450
Leonteq Securities AG 13.600 02/10/2021 CHF 3.190
UBS AG/London 5.400 6/24/2021 EUR 75.040
UBS AG/London 4.000 6/24/2021 EUR 68.260
Credit Suisse AG/London 6.000 08/08/2022 CHF 72.740
UBS AG/London 3.800 3/25/2021 EUR 71.620
UBS AG/London 18.100 3/25/2021 EUR 73.470
UBS AG/London 16.900 6/24/2021 EUR 75.970
Bank Julius Baer & Co L 8.900 02/12/2021 CHF 72.450
Bank Julius Baer & Co L 9.500 05/07/2021 EUR 71.650
Araratbank OJSC 5.500 1/29/2024 USD 24.704
UBS AG/London 8.75011/15/2021 CHF 73.400
UniCredit Bank AG 6.900 3/26/2021 EUR 69.550
UniCredit Bank AG 9.20012/24/2021 EUR 67.120
Landesbank Baden-Wuertt 3.600 3/26/2021 EUR 74.070
Landesbank Baden-Wuertt 1.800 4/23/2021 EUR 56.700
Landesbank Baden-Wuertt 4.400 4/23/2021 EUR 50.010
Landesbank Baden-Wuertt 5.700 3/26/2021 EUR 65.810
Landesbank Baden-Wuertt 5.100 3/26/2021 EUR 62.430
Landesbank Baden-Wuertt 1.950 3/26/2021 EUR 67.240
Landesbank Baden-Wuertt 4.500 3/26/2021 EUR 59.140
UniCredit Bank AG 9.600 3/26/2021 EUR 65.160
UniCredit Bank AG 11.900 3/26/2021 EUR 69.060
Bank Julius Baer & Co L 14.750 8/16/2021 EUR 8.250
UniCredit Bank AG 11.400 6/25/2021 EUR 63.900
UniCredit Bank AG 8.40012/24/2021 EUR 68.290
UBS AG/London 6.750 5/14/2021 CHF 73.350
UniCredit Bank AG 5.800 3/26/2021 EUR 72.030
UniCredit Bank AG 10.200 6/25/2021 EUR 65.400
Landesbank Baden-Wuertt 3.250 3/26/2021 EUR 71.270
Landesbank Baden-Wuertt 2.900 4/23/2021 EUR 73.450
UniCredit Bank AG 10.50012/24/2021 EUR 71.100
UniCredit Bank AG 9.500 3/26/2021 EUR 73.330
Vontobel Financial Prod 11.000 05/11/2021 EUR 54.870
UniCredit Bank AG 12.500 3/26/2021 EUR 61.420
UniCredit Bank AG 13.600 3/26/2021 EUR 65.220
UniCredit Bank AG 9.700 3/26/2021 EUR 71.690
UniCredit Bank AG 10.10012/24/2021 EUR 70.590
UBS AG/London 7.250 10/04/2021 CHF 66.800
UniCredit Bank AG 9.30012/24/2021 EUR 71.620
UBS AG/London 7.000 10/04/2021 CHF 69.800
EFG International Finan 5.35010/24/2022 USD 67.260
Credit Suisse AG/London 7.250 4/27/2021 EUR 64.050
UniCredit Bank AG 13.800 3/26/2021 EUR 66.050
UniCredit Bank AG 11.800 6/25/2021 EUR 68.770
DZ Bank AG Deutsche Zen 12.000 2/24/2021 EUR 65.470
UniCredit Bank AG 8.400 3/26/2021 EUR 73.850
UniCredit Bank AG 13.000 6/25/2021 EUR 67.380
DZ Bank AG Deutsche Zen 12.200 2/24/2021 EUR 73.200
Leonteq Securities AG/G 21.800 1/28/2021 USD 14.330
Zurcher Kantonalbank Fi 15.000 06/11/2021 CHF 71.220
UniCredit Bank AG 18.900 3/26/2021 EUR 57.990
Landesbank Baden-Wuertt 5.500 4/23/2021 EUR 65.530
Landesbank Baden-Wuertt 2.950 3/26/2021 EUR 69.770
Landesbank Baden-Wuertt 5.150 3/26/2021 EUR 64.590
DekaBank Deutsche Giroz 4.150 07/01/2022 EUR 59.320
Zurcher Kantonalbank Fi 10.50011/19/2021 CHF 71.380
BNP Paribas Emissions- 3.000 3/25/2021 EUR 70.520
UniCredit Bank AG 12.400 6/25/2021 EUR 66.070
DekaBank Deutsche Giroz 3.400 07/02/2021 EUR 72.450
UniCredit Bank AG 12.400 3/26/2021 EUR 67.780
Skandinaviska Enskilda 10.150 1/15/2025 SEK 69.950
UniCredit Bank AG 11.30012/24/2021 EUR 65.460
UniCredit Bank AG 17.100 3/26/2021 EUR 60.170
Bank Julius Baer & Co L 6.650 5/14/2021 EUR 68.750
Bank Julius Baer & Co L 6.500 2/16/2021 EUR 67.050
UniCredit Bank AG 8.200 3/26/2021 EUR 67.230
Zurcher Kantonalbank Fi 7.000 8/18/2021 CHF 61.350
Zurcher Kantonalbank Fi 6.500 2/19/2021 CHF 66.990
UniCredit Bank AG 10.800 6/25/2021 EUR 72.350
BNP Paribas Emissions- 10.000 9/23/2021 EUR 6.870
UniCredit Bank AG 10.30012/24/2021 EUR 66.690
UniCredit Bank AG 15.800 3/26/2021 EUR 63.710
UniCredit Bank AG 12.900 6/25/2021 EUR 69.250
UniCredit Bank AG 13.200 3/26/2021 EUR 67.180
BNP Paribas Emissions- 5.000 3/25/2021 EUR 72.590
BNP Paribas Emissions- 8.000 3/24/2022 EUR
Barclays Bank PLC 2.730 9/27/2024 EUR 50.260
UBS AG/London 10.50011/15/2021 CHF 73.200
UBS AG/London 11.000 5/14/2021 CHF 57.350
BNP Paribas Emissions- 5.000 6/24/2021 EUR 73.220
BNP Paribas Emissions- 5.000 9/23/2021 EUR 74.070
UniCredit Bank AG 15.300 6/25/2021 EUR 62.210
UniCredit Bank AG 16.700 6/25/2021 EUR 60.650
UniCredit Bank AG 15.300 3/26/2021 EUR 62.420
UniCredit Bank AG 11.000 3/26/2021 EUR 69.650
UniCredit Bank AG 13.000 6/25/2021 EUR 56.890
UniCredit Bank AG 10.90012/24/2021 EUR 72.250
UniCredit Bank AG 10.200 6/25/2021 EUR 47.220
UniCredit Bank AG 7.80012/24/2021 EUR 62.250
UniCredit Bank AG 8.10012/24/2021 EUR 51.580
UniCredit Bank AG 13.600 6/25/2021 EUR 62.620
UniCredit Bank AG 12.300 6/25/2021 EUR 71.740
UniCredit Bank AG 6.000 6/25/2021 EUR 68.460
UniCredit Bank AG 6.50012/24/2021 EUR 72.490
Credit Suisse AG/London 13.00011/30/2021 USD 70.060
UniCredit Bank AG 9.90012/24/2021 EUR 60.180
UniCredit Bank AG 12.300 6/25/2021 EUR 44.360
UniCredit Bank AG 9.70012/24/2021 EUR 49.220
UniCredit Bank AG 8.90012/24/2021 EUR 50.320
UniCredit Bank AG 11.20012/24/2021 EUR 47.350
UniCredit Bank AG 11.200 6/25/2021 EUR 45.670
UniCredit Bank AG 9.70012/24/2021 EUR 70.710
UniCredit Bank AG 12.800 6/25/2021 EUR 73.310
UniCredit Bank AG 11.000 6/25/2021 EUR 56.710
UniCredit Bank AG 8.300 6/25/2021 EUR 62.630
UniCredit Bank AG 11.10012/24/2021 EUR 65.520
UniCredit Bank AG 12.000 6/25/2021 EUR 55.020
UniCredit Bank AG 11.40012/24/2021 EUR 58.000
UniCredit Bank AG 12.90012/24/2021 EUR 56.230
UniCredit Bank AG 10.00012/24/2021 EUR 58.120
UniCredit Bank AG 11.700 6/25/2021 EUR 68.220
UniCredit Bank AG 9.800 6/25/2021 EUR 71.570
UniCredit Bank AG 9.10012/24/2021 EUR 61.370
UniCredit Bank AG 12.000 6/25/2021 EUR 65.250
Landesbank Hessen-Thuer 6.000 03/06/2025 EUR 52.940
Credit Suisse AG/London 8.500 1/25/2021 EUR 58.570
Zurcher Kantonalbank Fi 9.000 11/05/2021 EUR 72.540
Nordea Bank Abp 7.000 7/20/2024 SEK 72.240
UBS AG/London 8.000 11/08/2021 CHF 59.000
UBS AG/London 10.000 05/06/2021 EUR 74.000
Leonteq Securities AG/G 3.400 3/20/2024 CHF 38.080
Leonteq Securities AG/G 8.800 05/07/2021 EUR 65.330
Societe Generale Effekt 12.240 6/25/2021 EUR 66.560
Societe Generale Effekt 13.47912/24/2021 EUR 67.990
Credit Suisse AG/London 6.250 3/26/2021 EUR 55.520
Zurcher Kantonalbank Fi 7.000 2/21/2022 CHF 70.890
SG Issuer SA 6.940 1/20/2025 SEK 72.420
EFG International Finan 5.35011/29/2022 USD 70.600
Raiffeisen Schweiz Geno 7.060 06/02/2021 USD 57.400
DZ Bank AG Deutsche Zen 4.750 9/20/2021 EUR 74.440
Credit Suisse AG/London 7.000 5/31/2021 CHF 70.940
Zurcher Kantonalbank Fi 6.000 2/18/2021 CHF 65.790
Vontobel Financial Prod 10.00012/24/2021 EUR 72.410
UBS AG/London 7.250 6/28/2021 EUR 73.150
Landesbank Baden-Wuertt 2.600 1/26/2024 EUR 72.770
UBS AG/London 5.75012/27/2021 CHF 68.550
UBS AG/London 10.00012/27/2021 CHF 73.150
Zurcher Kantonalbank Fi 5.000 8/18/2021 CHF 61.920
Raiffeisen Schweiz Geno 12.150 3/24/2021 CHF 11.870
Leonteq Securities AG 11.000 01/03/2022 CHF 62.140
DZ Bank AG Deutsche Zen 6.250 3/22/2021 EUR 64.130
Leonteq Securities AG/G 7.000 06/02/2022 CHF 73.680
Raiffeisen Schweiz Geno 7.000 08/10/2021 CHF 68.960
EFG International Finan 11.12012/27/2024 EUR 59.510
EFG International Finan 12.00012/31/2021 USD 67.680
UBS AG/London 9.50011/29/2021 CHF 71.900
UniCredit Bank AG 4.65012/22/2023 EUR 71.610
UBS AG/London 7.00011/29/2021 EUR 57.650
EFG International Finan 17.800 5/27/2021 USD 8.520
Bank Julius Baer & Co L 7.420 02/08/2021 EUR 55.300
Vontobel Financial Prod 19.500 6/25/2021 EUR 68.130
Vontobel Financial Prod 9.500 3/26/2021 EUR 65.870
Vontobel Financial Prod 7.500 3/26/2021 EUR 68.210
Vontobel Financial Prod 5.500 3/26/2021 EUR 70.780
EFG International Finan 9.000 9/20/2021 EUR 60.600
UBS AG/London 7.500 9/20/2021 CHF 57.600
UniCredit Bank AG 6.400 6/25/2021 EUR 67.600
Landesbank Baden-Wuertt 3.600 6/23/2023 EUR 58.190
SG Issuer SA 6.130 1/20/2024 SEK 73.620
Landesbank Baden-Wuertt 2.10010/27/2023 EUR 62.980
UBS AG/London 12.750 9/27/2021 CHF 69.850
Leonteq Securities AG 7.500 11/08/2022 CHF 70.140
DekaBank Deutsche Giroz 2.400 6/17/2022 EUR 67.190
Leonteq Securities AG/G 6.00011/23/2021 CHF 55.460
Raiffeisen Schweiz Geno 8.600 4/21/2021 CHF 58.250
Bayerische Landesbank 2.050 7/23/2021 EUR 65.130
Corner Banca SA 12.200 4/21/2021 USD 70.630
UBS AG/London 7.000 9/27/2021 CHF 68.500
Citigroup Global Market 6.01010/23/2024 RUB
Raiffeisen Schweiz Geno 4.40010/21/2021 CHF 51.130
Landesbank Hessen-Thuer 6.500 07/05/2024 EUR 65.740
Raiffeisen Schweiz Geno 3.20012/18/2026 CHF 64.810
Raiffeisen Schweiz Geno 10.00012/31/2024 CHF 72.220
Leonteq Securities AG 3.600 9/22/2026 CHF 54.180
Raiffeisen Schweiz Geno 2.700 9/22/2026 CHF 50.150
DekaBank Deutsche Giroz 7.250 04/01/2021 EUR 1.960
UBS AG/London 7.50011/14/2025 USD 9.850
DZ Bank AG Deutsche Zen 9.000 3/24/2021 EUR 60.100
Goldman Sachs & Co Wert 13.000 3/24/2021 EUR 70.500
Goldman Sachs & Co Wert 5.000 3/24/2021 EUR 67.170
DekaBank Deutsche Giroz 3.750 2/26/2021 EUR 0.830
Goldman Sachs & Co Wert 7.000 3/24/2021 EUR 59.970
Goldman Sachs & Co Wert 22.000 3/24/2021 EUR 74.830
Leonteq Securities AG/G 14.550 3/24/2021 EUR 3.100
Leonteq Securities AG/G 17.610 3/24/2021 EUR 3.580
DekaBank Deutsche Giroz 3.65010/15/2021 EUR 3.020
Leonteq Securities AG/G 15.18012/27/2021 EUR 15.240
Nutritek International 8.750 12/11/2008 USD 2.089
Lehman Brothers Treasur 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasur 3.000 8/13/2011 EUR 0.100
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
Lehman Brothers Treasur 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasur 4.000 10/12/2010 USD 0.100
Lehman Brothers Treasur 7.00010/22/2010 EUR 0.100
Lehman Brothers Treasur 8.00010/23/2008 USD 0.100
Lehman Brothers Treasur 4.100 06/10/2014 SGD 0.100
Lehman Brothers Treasur 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasur 1.500 10/12/2010 EUR 0.100
ECM Real Estate Investm 5.000 10/09/2011 EUR 15.375
Lehman Brothers Treasur 11.00012/20/2017 AUD 0.100
Lehman Brothers Treasur 11.00012/20/2017 AUD 0.100
Lehman Brothers Treasur 0.50012/20/2017 AUD 0.100
Lehman Brothers Treasur 0.50012/20/2017 USD 0.100
Lehman Brothers Treasur 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasur 6.30012/21/2018 USD 0.100
Lehman Brothers Treasur 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasur 7.000 2/15/2010 CHF 0.100
Kaupthing ehf 4.73012/19/2008 SKK 0.250
Lehman Brothers Treasur 8.80012/27/2009 EUR 0.100
Lehman Brothers Treasur 14.90011/16/2010 EUR 0.100
Lehman Brothers Treasur 16.000 10/08/2008 CHF 0.100
Lehman Brothers Treasur 8.00012/31/2010 USD 0.100
Lehman Brothers Treasur 0.50012/20/2017 USD 0.100
Lehman Brothers Treasur 0.50012/20/2017 AUD 0.100
Lehman Brothers Treasur 0.50012/20/2017 AUD 0.100
Lehman Brothers Treasur 9.30012/21/2010 EUR 0.100
Lehman Brothers Treasur 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasur 0.50012/20/2017 AUD 0.100
Lehman Brothers Treasur 0.50012/20/2017 AUD 0.100
Lehman Brothers Treasur 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasur 0.80012/30/2016 EUR 0.100
Banca Popolare di Vicen 9.500 10/02/2025 EUR 0.011
Lehman Brothers Treasur 3.35010/13/2016 EUR 0.100
Lehman Brothers Treasur 6.000 5/23/2018 CZK 0.100
Lehman Brothers Treasur 4.000 5/17/2010 USD 0.100
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
Lehman Brothers Treasur 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasur 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasur 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasur 4.80011/16/2012 HKD 0.100
Lehman Brothers Treasur 4.600 10/11/2017 ILS 0.100
Lehman Brothers Treasur 3.50012/20/2027 USD 0.100
Lehman Brothers Treasur 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasur 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasur 2.250 05/12/2009 USD 0.100
Lehman Brothers Treasur 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasur 2.480 05/12/2009 USD 0.100
HSBC Bank PLC 0.500 6/23/2027 MXN 66.349
Lehman Brothers Treasur 7.58511/22/2009 MXN 0.100
Lehman Brothers Treasur 4.00011/24/2016 EUR 0.100
Getin Noble Bank SA 5.25011/30/2023 PLN 72.000
Lehman Brothers Treasur 8.000 08/03/2009 USD 0.100
Lehman Brothers Treasur 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasur 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasur 1.50010/25/2011 EUR 0.100
Lehman Brothers Treasur 5.500 4/23/2014 EUR 0.100
Lehman Brothers Treasur 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasur 6.450 2/20/2010 AUD 0.100
Lehman Brothers Treasur 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasur 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasur 7.600 03/04/2010 NZD 0.100
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Lehman Brothers Treasur 7.150 3/21/2013 USD 0.100
Lehman Brothers Treasur 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasur 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasur 4.600 08/01/2013 EUR 0.100
Lehman Brothers Treasur 15.000 06/04/2009 CHF 0.100
Kaupthing ehf 2.775 05/10/2045 ISK 0.250
Lehman Brothers Treasur 10.44211/22/2008 CHF 0.100
Lehman Brothers Treasur 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasur 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasur 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasur 5.00011/22/2012 EUR 0.100
RGS Nedvizhimost OOO 12.00010/18/2017 RUB 0.335
Lehman Brothers Treasur 5.500 6/22/2010 USD 0.100
Lehman Brothers Treasur 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasur 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasur 10.00010/22/2008 USD 0.100
Lehman Brothers Treasur 16.00010/28/2008 USD 0.100
Lehman Brothers Treasur 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasur 7.600 1/31/2013 AUD 0.100
Lehman Brothers Treasur 11.750 03/01/2010 EUR 0.100
Lehman Brothers Treasur 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasur 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasur 8.000 3/19/2012 USD 0.100
Lehman Brothers Treasur 13.432 01/08/2009 ILS 0.100
Landesbank Hessen-Thuer 4.000 5/15/2023 EUR 66.980
Erste Group Bank AG 5.80010/31/2024 EUR 65.750
DekaBank Deutsche Giroz 4.000 11/05/2021 EUR 66.660
Raiffeisen Schweiz Geno 5.000 9/13/2022 CHF 69.850
EFG International Finan 12.530 3/18/2021 CHF 66.660
Raiffeisen Switzerland 7.700 3/16/2021 EUR 65.080
UniCredit Bank AG 6.250 11/04/2021 EUR 71.420
Leonteq Securities AG 6.600 10/12/2021 CHF 54.730
EFG International Finan 14.000 3/18/2021 USD 67.100
Zurcher Kantonalbank Fi 6.50010/15/2021 CHF 72.540
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
UBS AG/London 7.000 10/11/2021 CHF 59.150
Leonteq Securities AG 10.800 10/11/2021 CHF 70.590
UBS AG/London 8.400 3/25/2021 EUR 69.220
DekaBank Deutsche Giroz 3.200 11/04/2022 EUR 70.700
UBS AG/London 4.800 3/25/2021 EUR 64.230
UBS AG/London 5.300 3/25/2021 EUR 61.570
Leonteq Securities AG 7.500 10/04/2021 CHF 72.520
EFG International Finan 0.600 09/06/2022 EUR 66.900
UBS AG/London 6.000 9/23/2021 EUR 64.400
UBS AG/London 5.200 9/23/2021 EUR 66.500
Nordea Bank Abp 7.450 7/20/2024 SEK 73.370
Zurcher Kantonalbank Fi 7.750 09/09/2021 EUR 70.680
UBS AG/London 3.900 3/25/2021 EUR 65.390
WEB Windenergie AG 6.500 EUR 0.010
Raiffeisen Centrobank A 6.000 10/07/2021 EUR 69.080
UBS AG/London 7.000 9/13/2021 CHF 66.600
Landesbank Hessen-Thuer 2.700 09/12/2023 EUR 71.760
Skandinaviska Enskilda 6.350 7/15/2024 SEK 71.370
UBS AG/London 7.750 9/13/2021 EUR 58.150
UBS AG/London 8.500 9/13/2021 EUR 65.300
SG Issuer SA 5.000 07/10/2021 EUR 12.500
EFG International Finan 8.80010/15/2021 CHF 69.740
EFG International Finan 10.40010/15/2021 EUR 50.980
Zurcher Kantonalbank Fi 8.00010/22/2021 EUR 59.610
Zurcher Kantonalbank Fi 10.250 4/23/2021 CHF 65.250
DekaBank Deutsche Giroz 2.800 1/13/2023 EUR 72.190
Raiffeisen Schweiz Geno 5.20012/20/2021 CHF 71.470
Credit Suisse AG/London 8.750 6/23/2021 EUR 60.440
DZ Bank AG Deutsche Zen 12.100 3/26/2021 EUR 71.070
Zurcher Kantonalbank Fi 8.000 5/16/2022 CHF 63.830
Landesbank Baden-Wuertt 5.000 7/23/2021 EUR 51.330
Landesbank Baden-Wuertt 4.000 6/25/2021 EUR 56.350
SG Issuer SA 0.35011/15/2023 EUR 18.340
Landesbank Baden-Wuertt 3.000 6/25/2021 EUR 67.890
Landesbank Baden-Wuertt 6.500 6/25/2021 EUR 52.410
Landesbank Baden-Wuertt 5.500 6/25/2021 EUR 70.550
Leonteq Securities AG/G 15.000 2/25/2021 EUR 3.460
Leonteq Securities AG 13.200 5/25/2021 CHF 72.040
Leonteq Securities AG/G 7.42011/22/2021 EUR 59.700
Bayerische Landesbank 2.500 7/22/2022 EUR 65.470
Leonteq Securities AG 5.000 8/23/2021 CHF 73.750
Leonteq Securities AG/G 10.000 05/10/2021 EUR 52.300
DekaBank Deutsche Giroz 3.000 9/24/2021 EUR 56.200
Raiffeisen Schweiz Geno 8.000 5/14/2021 CHF 54.420
Corner Banca SA 8.620 8/30/2021 CHF 72.810
Leonteq Securities AG/G 8.150 09/02/2021 CHF 46.180
Zurcher Kantonalbank Fi 5.500 03/10/2021 CHF 72.410
Landesbank Baden-Wuertt 4.10010/22/2021 EUR 70.510
Landesbank Baden-Wuertt 5.05010/22/2021 EUR 68.620
Zurcher Kantonalbank Fi 10.875 5/27/2021 EUR 69.870
Landesbank Baden-Wuertt 2.50010/22/2021 EUR 65.240
Landesbank Baden-Wuertt 2.95010/22/2021 EUR 70.590
UBS AG/London 7.250 09/06/2021 CHF 58.600
Societe Generale SA 14.220 5/13/2021 USD 43.300
BNP Paribas Emissions- 5.000 06/04/2021 EUR 53.630
Landesbank Baden-Wuertt 3.05010/22/2021 EUR 73.190
Landesbank Baden-Wuertt 1.20010/22/2021 EUR 70.220
Landesbank Baden-Wuertt 2.90010/22/2021 EUR 68.860
UBS AG/London 11.000 5/17/2021 USD 57.980
Leonteq Securities AG/G 8.000 5/14/2021 CHF 55.660
EFG International Finan 7.000 09/06/2021 EUR 71.770
Zurcher Kantonalbank Fi 10.750 5/21/2021 CHF 62.290
Zurcher Kantonalbank Fi 14.000 5/21/2021 CHF 66.590
DZ Bank AG Deutsche Zen 7.200 3/26/2021 EUR 64.190
Zurcher Kantonalbank Fi 5.500 6/30/2022 CHF 71.120
Citigroup Global Market 3.850 8/22/2022 EUR 70.600
Raiffeisen Schweiz Geno 5.250 8/16/2022 CHF 73.420
UBS AG/London 7.000 8/23/2021 EUR 58.250
UBS AG/London 5.500 8/23/2021 CHF 66.650
Leonteq Securities AG/G 7.000 8/23/2021 EUR 72.490
UBS AG/London 10.750 05/07/2021 USD 52.500
Skandinaviska Enskilda 5.520 7/15/2024 SEK 72.540
Landesbank Hessen-Thuer 4.000 6/14/2023 EUR 69.920
UBS AG/London 7.000 8/30/2021 CHF 65.800
Raiffeisen Schweiz Geno 5.000 05/10/2022 CHF 72.280
Raiffeisen Schweiz Geno 5.550 03/03/2021 CHF 70.320
DekaBank Deutsche Giroz 4.000 1/14/2022 EUR 66.320
EFG International Finan 5.35012/27/2022 USD 69.640
Credit Suisse AG/London 6.000 6/24/2022 CHF 72.860
DZ Bank AG Deutsche Zen 9.000 3/26/2021 EUR 71.170
DZ Bank AG Deutsche Zen 9.900 3/26/2021 EUR 71.420
DZ Bank AG Deutsche Zen 10.900 3/26/2021 EUR 65.090
Metalloinvest Holding C 0.010 03/07/2022 RUB 70.010
UBS AG/London 7.750 5/24/2021 EUR 52.900
Bank Julius Baer & Co L 9.000 1/25/2021 EUR 56.550
Zurcher Kantonalbank Fi 6.500 7/22/2021 CHF 72.940
Zurcher Kantonalbank Fi 9.500 7/22/2021 EUR 52.440
Credit Suisse AG/London 6.000 7/13/2022 CHF 73.240
DZ Bank AG Deutsche Zen 4.250 3/24/2021 EUR 69.020
DZ Bank AG Deutsche Zen 6.500 3/24/2021 EUR 69.380
DZ Bank AG Deutsche Zen 4.500 3/24/2021 EUR 73.150
DZ Bank AG Deutsche Zen 8.500 3/24/2021 EUR 66.420
Zurcher Kantonalbank Fi 10.750 1/21/2022 CHF 61.210
Landesbank Baden-Wuertt 5.000 7/23/2021 EUR 62.990
Landesbank Baden-Wuertt 2.000 6/25/2021 EUR 72.410
Landesbank Baden-Wuertt 3.500 6/25/2021 EUR 69.240
Landesbank Baden-Wuertt 5.000 6/25/2021 EUR 56.220
Leonteq Securities AG 17.400 2/25/2021 CHF 74.680
Leonteq Securities AG/G 4.89011/26/2021 USD 61.090
EFG International Finan 10.85011/29/2024 USD 68.480
DZ Bank AG Deutsche Zen 5.100 3/22/2021 EUR 68.670
Bank Julius Baer & Co L 8.000 2/26/2021 CHF 54.400
Leonteq Securities AG 14.000 2/26/2021 CHF 11.160
Raiffeisen Schweiz Geno 5.60011/22/2021 EUR 72.320
Raiffeisen Schweiz Geno 4.00011/22/2022 CHF 73.210
Raiffeisen Schweiz Geno 9.000 5/25/2021 CHF 57.380
BNP Paribas Emissions- 13.000 6/24/2021 EUR 57.840
BNP Paribas Emissions- 6.000 6/24/2021 EUR 72.400
BNP Paribas Emissions- 7.000 6/24/2021 EUR 68.660
BNP Paribas Emissions- 8.000 6/24/2021 EUR 65.250
BNP Paribas Emissions- 9.500 6/24/2021 EUR 62.400
BNP Paribas Emissions- 5.000 6/24/2021 EUR 68.370
BNP Paribas Emissions- 12.000 6/24/2021 EUR 73.130
Zurcher Kantonalbank Fi 6.000 12/06/2021 CHF 68.370
Astana Finance BV 9.00011/16/2011 USD 15.250
Lehman Brothers Treasur 2.50012/15/2011 GBP 0.100
Credito Padano Banca di 3.100 EUR 34.062
BNP Paribas SA 1.000 1/23/2040 MXN 22.829
Lehman Brothers Treasur 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasur 13.50011/28/2008 USD 0.100
Lehman Brothers Treasur 4.050 9/16/2008 EUR 0.100
Lehman Brothers Treasur 1.680 03/05/2015 EUR 0.100
Lehman Brothers Treasur 3.50010/31/2011 USD 0.100
Lehman Brothers Treasur 14.900 9/15/2008 EUR 0.100
Lehman Brothers Treasur 3.50010/24/2011 USD 0.100
Espirito Santo Financia 5.625 7/28/2017 EUR 0.843
Lehman Brothers Treasur 6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasur 0.25010/19/2012 CHF 0.100
Lehman Brothers Treasur 12.000 07/04/2011 EUR 0.100
Kaupthing ehf 9.750 09/10/2015 USD 0.250
Lehman Brothers Treasur 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasur 7.55012/29/2008 USD 0.100
Lehman Brothers Treasur 8.00012/27/2032 JPY 0.100
Lehman Brothers Treasur 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasur 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasur 0.000 9/21/2010 JPY 0.100
Lehman Brothers Treasur 2.000 6/21/2011 EUR 0.100
Heta Asset Resolution A 0.18712/31/2023 EUR 2.078
Kaupthing ehf 7.000 7/24/2009 ISK 0.250
LBI ehf 8.650 05/01/2011 ISK 8.625
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 38.453
Otkritie Holding JSC 10.000 4/20/2028 RUB 2.300
Lehman Brothers Treasur 4.50012/30/2010 USD 0.100
Lehman Brothers Treasur 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasur 6.000 12/06/2016 USD 0.100
Lehman Brothers Treasur 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasur 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasur 3.630 03/02/2012 EUR 0.100
Lehman Brothers Treasur 4.500 03/07/2015 EUR 0.100
Ideal Standard Internat 11.750 05/01/2018 EUR 0.050
Lehman Brothers Treasur 3.025 1/31/2015 EUR 0.100
Lehman Brothers Treasur 0.750 3/29/2012 EUR 0.100
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.000
Lehman Brothers Treasur 6.000 7/28/2010 EUR 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Lehman Brothers Treasur 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasur 0.50012/20/2017 USD 0.100
Lehman Brothers Treasur 0.50012/20/2017 USD 0.100
Santander Consumer Bank 5.160 NOK 58.614
Lehman Brothers Treasur 8.05012/20/2010 HKD 0.100
Lehman Brothers Treasur 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasur 7.06012/29/2008 EUR 0.100
Lehman Brothers Treasur 6.72012/29/2008 EUR 0.100
Lehman Brothers Treasur 4.100 8/23/2010 USD 0.100
MIK OAO 15.000 2/19/2020 RUB 13.875
Lehman Brothers Treasur 3.600 3/19/2018 JPY 0.100
Kaupthing ehf 7.500 12/05/2014 ISK 0.250
Lehman Brothers Treasur 2.300 6/27/2013 USD 0.100
Irish Bank Resolution C 4.000 4/23/2018 EUR 33.250
Teksid Aluminum Luxembo 12.375 7/15/2011 EUR 0.122
SG Issuer SA 3.300 9/26/2034 ZAR 49.333
Espirito Santo Financia 0.34910/27/2024 EUR 0.304
Lehman Brothers Treasur 2.370 7/15/2013 USD 0.100
Kaupthing ehf 6.500 10/08/2010 ISK 0.250
Lehman Brothers Treasur 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasur 2.000 5/17/2010 EUR 0.100
Lehman Brothers Treasur 4.000 2/28/2010 EUR 0.100
Heta Asset Resolution A 5.03012/31/2023 EUR 2.078
Lehman Brothers Treasur 6.600 02/09/2009 EUR 0.100
Heta Asset Resolution A 5.73012/31/2023 EUR 2.078
Lehman Brothers Treasur 7.625 7/22/2011 HKD 0.100
Cerruti Finance SA 6.500 7/26/2004 EUR 2.061
Lehman Brothers Treasur 6.85012/22/2008 EUR 0.100
Lehman Brothers Treasur 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasur 0.010 9/20/2011 USD 0.100
Kaupthing ehf 1.615 ISK 0.250
Lehman Brothers Treasur 3.82010/20/2009 USD 0.100
Kaupthing ehf 4.39010/14/2008 CZK 0.250
Lehman Brothers Treasur 7.750 01/03/2012 AUD 0.100
Lehman Brothers Treasur 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasur 3.100 06/04/2010 USD 0.100
Lehman Brothers Treasur 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasur 10.00010/23/2008 USD 0.100
Lehman Brothers Treasur 5.500 07/08/2013 EUR 0.100
Lehman Brothers Treasur 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasur 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasur 4.300 06/04/2012 USD 0.100
Lehman Brothers Treasur 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasur 7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasur 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasur 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasur 2.000 6/28/2011 EUR 0.100
Lehman Brothers Treasur 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasur 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasur 13.15010/30/2008 USD 0.100
Lehman Brothers Treasur 2.500 8/15/2012 CHF 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Lehman Brothers Treasur 6.250 09/05/2011 EUR 0.100
Lehman Brothers Treasur 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasur 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasur 6.000 08/07/2013 EUR 0.100
Waste Italia SpA 10.50011/15/2019 EUR 0.727
Lehman Brothers Treasur 11.00012/19/2011 USD 0.100
Lehman Brothers Treasur 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasur 6.600 2/22/2012 EUR 0.100
Lehman Brothers Treasur 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasur 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasur 1.750 02/07/2010 EUR 0.100
Lehman Brothers Treasur 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasur 5.200 3/19/2018 EUR 0.100
Deutsche Bank AG/London 2.00010/25/2023 TRY 63.967
Kaupthing ehf 5.000 01/04/2027 SKK 0.250
Lehman Brothers Treasur 4.82012/18/2036 EUR 0.100
Lehman Brothers Treasur 12.000 7/13/2037 JPY 0.100
Lehman Brothers Treasur 10.000 06/11/2038 JPY 0.100
Lehman Brothers Treasur 4.200 12/03/2008 HKD 0.100
Lehman Brothers Treasur 8.875 1/28/2011 HKD 0.100
LBI ehf 5.080 03/01/2013 ISK 8.625
Heta Asset Resolution A 5.27012/31/2023 EUR 2.078
Credit Suisse AG/London 0.500 01/08/2026 BRL 66.294
Lehman Brothers Treasur 11.25012/31/2008 USD 0.100
Lehman Brothers Treasur 3.000 09/12/2036 JPY 0.100
Lehman Brothers Treasur 5.250 04/01/2023 EUR 0.100
Lehman Brothers Treasur 6.700 4/21/2011 USD 0.100
Lehman Brothers Treasur 13.00012/14/2012 USD 0.100
Lehman Brothers Treasur 4.680 12/12/2045 EUR 0.100
Getin Noble Bank SA 5.280 1/31/2024 PLN 68.000
Lehman Brothers Treasur 5.000 05/02/2022 EUR 0.100
Lehman Brothers Treasur 16.00012/26/2008 USD 0.100
Lehman Brothers Treasur 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasur 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasur 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasur 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasur 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasur 23.300 9/16/2008 USD 0.100
Lehman Brothers Treasur 2.400 6/20/2011 JPY 0.100
Lehman Brothers Treasur 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasur 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasur 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasur 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasur 1.000 05/09/2012 EUR 0.100
SG Issuer SA 3.000 10/10/2034 ZAR 47.033
Kaupthing ehf 3.750 02/01/2045 USD 0.232
Lehman Brothers Treasur 8.600 7/31/2013 GBP 0.100
Lehman Brothers Treasur 8.280 7/31/2013 GBP 0.100
Lehman Brothers Treasur 7.500 7/31/2013 GBP 0.100
Lehman Brothers Treasur 7.320 7/31/2013 GBP 0.100
Lehman Brothers Treasur 1.280 11/06/2010 JPY 0.100
Lehman Brothers Treasur 1.950 11/04/2013 EUR 0.100
Instabank ASA 5.500 3/28/2028 NOK 64.574
Laurel GmbH 7.12511/16/2017 EUR 7.750
Mriya Agro Holding PLC 10.950 3/30/2016 USD 5.000
IT Holding Finance SA 9.87511/15/2012 EUR 0.231
AKB Peresvet ZAO 13.250 4/25/2018 RUB 19.625
Lehman Brothers Treasur 3.000 9/13/2010 JPY 0.100
Lehman Brothers Treasur 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasur 10.000 3/27/2009 USD 0.100
Lehman Brothers Treasur 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasur 7.750 1/30/2009 EUR 0.100
Lehman Brothers Treasur 2.00010/28/2010 EUR 0.100
Lehman Brothers Treasur 7.00011/28/2008 CHF 0.100
Lehman Brothers Treasur 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasur 4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasur 3.850 4/24/2009 USD 0.100
Lehman Brothers Treasur 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasur 5.00010/24/2008 CHF 0.100
Lehman Brothers Treasur 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasur 8.500 07/06/2009 CHF 0.100
IT Holding Finance SA 9.87511/15/2012 EUR 0.231
Lehman Brothers Treasur 9.250 6/20/2012 USD 0.100
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
Lehman Brothers Treasur 4.350 08/08/2016 SGD 0.100
Lehman Brothers Treasur 4.500 03/06/2013 CHF 0.100
Lehman Brothers Treasur 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasur 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasur 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasur 3.700 06/06/2009 EUR 0.100
Northland Resources AB 15.000 7/15/2019 USD 2.621
Heta Asset Resolution A 7.50012/31/2023 ATS 2.078
Lehman Brothers Treasur 5.25011/21/2009 USD 0.100
Deutsche Bank AG/London 0.500 04/05/2038 MXN 24.204
Lehman Brothers Treasur 0.500 2/16/2009 EUR 0.100
Lehman Brothers Treasur 4.250 3/13/2021 EUR 0.100
Lehman Brothers Treasur 3.000 08/08/2017 EUR 0.100
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
LBI ehf 2.250 2/14/2011 CHF 8.625
Lehman Brothers Treasur 6.000 3/17/2011 EUR 0.100
Petromena ASA 9.750 5/24/2016 NOK 0.607
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Instabank ASA 9.380 NOK 57.265
Lehman Brothers Treasur 8.000 4/20/2009 EUR 0.100
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Sidetur Finance BV 10.000 4/20/2016 USD 3.532
Lehman Brothers Treasur 7.50010/24/2008 USD 0.100
Lehman Brothers Treasur 6.00010/24/2008 EUR 0.100
Lehman Brothers Treasur 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasur 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasur 9.000 3/17/2009 GBP 0.100
SAir Group 2.750 7/30/2004 CHF 12.625
Lehman Brothers Treasur 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasur 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasur 7.000 4/14/2009 EUR 0.100
Leonteq Securities AG/G 12.900 1/29/2021 USD 3.560
Vontobel Financial Prod 5.300 1/29/2021 EUR 74.320
DekaBank Deutsche Giroz 7.000 02/01/2021 EUR 62.040
[*] EUROPE: Move to Keep Businesses Alive May Hit Economic Growth
-----------------------------------------------------------------
The New York Times reports that bankruptcies fell 40% last year in
France and Britain, and were down 25% on average in the European
Union.
By contrast, Chapter 11 bankruptcy filings in the United States
rose in the third quarter to the highest level since the 2010
financial crisis, a trend that is expected to continue in 2021, The
New York Times relays, citing an index compiled by the U.S. law
firm Polsinelli.
The difference is the enormous sums European countries are spending
to keep businesses afloat, The New York Times notes. But some
worry they've gone too far; bankruptcies are plunging to levels not
seen in decades, The New York Times states.
According to The New York Times, those statistics are shaping a
debate over whether Europe's strategy of protecting businesses and
workers "at all costs" will cement a recovery, or leave economies
less competitive and more dependent on government aid when the
pandemic recedes.
Letting unviable businesses go under, while painful, will be
essential for allowing competitive sectors to thrive, said Jeffrey
Franks, the head of the International Monetary Fund's mission for
France, The New York Times relays.
*********
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 2021. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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