/raid1/www/Hosts/bankrupt/TCREUR_Public/210208.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 8, 2021, Vol. 22, No. 22
Headlines
F R A N C E
EUROSTAR INT'L: UK Ready to Rescue Business if France Takes Lead
G E R M A N Y
DEUTSCHE LUFTHANSA: Sells EUR1.6BB Bonds to Partly Repay Bailout
I R E L A N D
OAK HILL VI: Fitch Affirms B- Rating on Class F Debt
L U X E M B O U R G
SK INVICTUS II: Fitch Affirms 'B+' LongTerm Issuer Default Rating
N E T H E R L A N D S
TELEFONICA EUROPE: S&P Assigns 'BB' Rating on Hybrid Securities
R U S S I A
EN+ GROUP: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
GEOPROMINING INVESTMENT: Fitch Alters Outlook on 'B+' IDR to Neg.
T U R K E Y
DENIZBANK AS: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
ING BANK: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
TURK EKONOMI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
U N I T E D K I N G D O M
LOOKERS PLC: Posts GBP50-Mil. Loss in First Half 2020
TRAFFORD CENTRE: S&P Lowers Class D1(N) Notes Rating to 'BB+'
TUCAN TRAVEL: Enters Administration Due to COVID-19 Impact
[*] UK: Top London Venues Turn to Crowdfunding to Survive
X X X X X X X X
[*] BOND PRICING: For the Week February 1 to February 5, 2021
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F R A N C E
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EUROSTAR INT'L: UK Ready to Rescue Business if France Takes Lead
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Tim Ross at Bloomberg News reports that the U.K. said it's ready to
pitch in with state funding to help rescue Eurostar International
Ltd. if France takes the lead on bailing out the Channel Tunnel
rail business that's been savaged by pandemic travel restrictions.
According to Bloomberg, British Transport Secretary Grant Shapps
said options including the Bank of England's coronavirus loans and
the U.K.'s export finance regime could be available to help
London-based Eurostar, which operates a passenger-train link with
the continent. But he insisted that the primary responsibility for
the bailout remains with France, which controls the company via
state railway SNCF, Bloomberg notes.
"You've got 55% ownership by the French state so it's not just any
old shareholder, it's a state-backed shareholder," Mr. Shapps told
the U.K. Parliament's transport committee on Feb. 3. "We will look
to be as helpful as possible."
The coronavirus crisis has wiped out 95% of Eurostar's passenger
traffic and SNCF has warned that there is a real risk to the
business's survival without government aid, Bloomberg discloses.
Talks have been ongoing between Shapps and his French counterpart
Jean-Baptiste Djebbari for several weeks but the British are
waiting for the French to come up with a rescue plan before
committing support, Bloomberg relays.
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G E R M A N Y
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DEUTSCHE LUFTHANSA: Sells EUR1.6BB Bonds to Partly Repay Bailout
----------------------------------------------------------------
Irene Garcia Perez and William Wilkes at Bloomberg News report that
German carrier Deutsche Lufthansa AG sold EUR1.6 billion (US$1.92
billion) of bonds on Feb. 4 to partly repay a government bailout
that kept it afloat after the pandemic severely disrupted
international travel.
According to Bloomberg, Lufthansa said in an emailed statement it
will use EUR500 million to refinance financial liabilities due this
year, and the rest of the funds will repay part of a EUR3 billion
loan from state development bank KfW.
The KfW loan was part of a EUR9 billion rescue package from the
German government agreed in June after the pandemic, and associated
collapse in passenger numbers, left the company reeling, Bloomberg
notes.
Airlines were among the hardest hit sectors last year, with many
forced to ground their fleets and Lufthansa was among several that
lost highly-prized investment-grade credit ratings, Bloomberg
recounts.
Raising debt to repay government loans could help Lufthansa avoid
fire sales of assets that would fetch a higher price once the
aviation market recovers from the coronavirus downturn in travel,
Bloomberg states.
Chief executive Carsten Spohr has said he doesn't expect a return
to pre-crisis flying levels until 2024, feeding speculation the
company might need to quickly sell or partially list its Lufthansa
Technik maintenance division, Bloomberg relates.
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I R E L A N D
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OAK HILL VI: Fitch Affirms B- Rating on Class F Debt
----------------------------------------------------
Fitch Ratings relate that the transactions below are cash flow
CLOs, mostly comprising senior secured obligations. They are both
within their reinvestment period and are actively managed by Oak
Hill Advisors (Europe) LLP.
DEBT RATING PRIOR
---- ------ -----
Oak Hill European Credit Partners VI DAC
A-1 XS1720167664 LT AAAsf Affirmed AAAsf
A-2 XS1720609434 LT AAAsf Affirmed AAAsf
B-1 XS1720168043 LT AAsf Affirmed AAsf
B-2 XS1720168399 LT AAsf Affirmed AAsf
C XS1720168712 LT Asf Affirmed Asf
D XS1720169017 LT BBBsf Affirmed BBBsf
E XS1720169520 LT BB-sf Affirmed BB-sf
F XS1720169876 LT B-sf Affirmed B-sf
Oak Hill European Credit Partners IV DAC
A-1-R XS1736667640 LT AAAsf Affirmed AAAsf
A-2-R XS1736668457 LT AAAsf Affirmed AAAsf
B-1-R XS1736668960 LT AAsf Affirmed AAsf
B-2-R XS1736669778 LT AAsf Affirmed AAsf
C-R XS1736670602 LT Asf Affirmed Asf
D-R XS1736671162 LT BBBsf Affirmed BBBsf
E-R XS1736671592 LT BBsf Affirmed BBsf
F-R XS1736671915 LT B-sf Affirmed B-sf
KEY RATING DRIVERS
Asset Performance Stable
Both transactions are still in their reinvestment period and the
portfolios are actively managed by the collateral manager. Asset
performance has been stable in both CLOs since their last review.
Both transactions are below par by 1.51% for Oak Hill ECP IV and
1.23% for Oak Hill ECP VI as of the latest investor report
available.
Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 8.5% for Oak Hill ECP IV (or 9.4% including the unrated names,
which Fitch treats as 'CCC' under its methodology, while the
manager can classify them as 'B-' up to 10% of the portfolio) and
9.1% for Oak Hill ECP VI (or 10.0% when including the unrated
names), compared to the 7.5% limit. They are both exposed to
defaulted assets, at 0.5% for Oak Hill ECP IV and 0.3% for Oak Hill
ECP VI.
All coverage tests are passing in both CLOs.
Resilient to Coronavirus Stress
The affirmations reflect a broadly stable portfolio credit quality
for both transactions since last time they were reviewed. The
Outlook revision of the class D, E and F notes for Oak Hill ECP IV
and for the class E and F notes for Oak Hill ECP VI to Stable from
Negative and the Stable Outlook for all other tranches reflect the
default rate cushion in the sensitivity analysis run in light of
the coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half the corporate exposure
on Negative Outlook is downgraded by one notch instead of 100%.
'B'/'B-' Portfolio
Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category in both portfolios. The Fitch weighted
average rating factor (WARF) of the current portfolio as calculated
by Fitch as of 23 January 2021 is 35.18 for Oak Hill ECP IV, and
35.45 for Oak Hill ECP VI. That calculated by the trustee is 35.03
for Oak Hill ECP IV, and 35.31 for Oak Hill ECP VI, above their
respective maximum covenants of 34.0 and 35.0. The Fitch WARF would
increase to 36.68 after applying the coronavirus stress for Oak
Hill ECP IV and to 36.91 for Oak Hill ECP VI.
High Recovery Expectations
At least 98.5% of the portfolios comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio reported by the trustee as of 6 January 2021 is
64.8% for Oak Hill ECP IV and 63.9% for Oak Hill ECP VI.
Portfolio Well Diversified
Both portfolios are well diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 15.6%
in both CLOs, and no obligor represents more than 2.0% of the
portfolio balance in either CLOs.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- At closing, Fitch used a standardised stress portfolio
(Fitch's Stressed Portfolio) that was customised to the
portfolio limits as specified in the transaction documents.
Even if the actual portfolio shows lower defaults and smaller
losses (at all rating levels) than Fitch's Stressed Portfolio
assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely as the portfolio credit
quality may still deteriorate, not only through natural credit
migration, but also through reinvestments.
-- Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess
spread available to cover for losses in the remaining
portfolio.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high
levels of default and portfolio deterioration. As the
disruptions to supply and demand due to the pandemic become
apparent, loan ratings in those sectors will also come under
pressure. Fitch will update the sensitivity scenarios in line
with the view of its Leveraged Finance team.
Coronavirus Potential Severe Downside Stress Scenario
Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario does not result in downgrade across the capital
structure.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Oak Hill European Credit Partners IV DAC, Oak Hill European Credit
Partners VI DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
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L U X E M B O U R G
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SK INVICTUS II: Fitch Affirms 'B+' LongTerm Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of SK Invictus Intermediate II s.a.r.l. and its parent SK
Invictus Intermediate s.a.r.l. (dba Perimeter Solutions) at 'B+'.
Fitch has also affirmed Intermediate II's first-lien, senior
secured revolving credit facility and first-lien, senior secured
term loan at 'BB'/'RR2' and Intermediate II's second-lien, secured
term loan to at 'B-'/'RR6'. The Rating Outlook is Negative.
The Negative Outlook reflects Fitch's increased visibility into the
impact surrounding a weak fire season and the need to maintain
liquidity and reduce gross debt to prevent covenant concerns should
the company face a period of consecutive weak fire seasons going
forward. Fitch's base case assumes normalized fire seasons
throughout the forecast, which should provide the company with
robust FCF that will allow it to repay debt, fund growth
initiatives and further improve its overall liquidity, which is
consistent with a Stable Outlook. Fitch believes the company will
de-lever through a combination of near-term debt repayment and
EBITDA growth to a gross leverage ratio of below 5x throughout the
forecast, which is consistent with the current 'B+' rating.
Fitch acknowledges that throughout 2020, the company alleviated
pressures related to its elevated leverage profile and covenant
risk that stemmed from an unusually slow 2019 U.S. wildfire season,
and also alleviated weaker earnings within the company's oil
additives business during a period of general industry destocking
and production issues with a key customer that has since subsided.
During 4Q19 and 1Q20, Perimeter benefited from increased
performance within fire safety due to the Australian fires, and the
company was able to convert working capital into cash in order to
repay on its outstanding revolver balance and reduce its covenant
risk during the 1H20. Upon return to a more normalized U.S. fire
season, the company generated strong earnings that significantly
improved the company's liquidity position and leverage profile, and
provides the company with the financial flexibility profile going
forward that Fitch views as more consistent with its previous
expectations.
Fitch will likely review the company within the next six months
following better visibility into additional quarters of the
business performance..
The ratings reflect the company's leading market positions and
substantial FCF generation during normalized operating environments
that Fitch projects will initially be prioritized towards gross
debt reduction. This is anticipated to enhance financial resiliency
consistent with 'B+' rating tolerances during future weak fire
seasons. Furthermore, the company has focused on areas such as
pre-treatment, home protection and other preventative solutions
that further diversifies the company and lessens its overall
exposure to the U.S. fire season.
KEY RATING DRIVERS
Normalized 2020 U.S. Fire Season: 2020 represented a return to a
more normalized North American fire season in 3Q, following a
historically weak 2019 fire season that saw 3Q EBITDA generated at
less than a third of the amounts generated in each of the prior two
years that resulted in elevated leverage metrics.
Fitch believes that 2020 represents a normal earnings year within
fire safety, and projects the company will average that type of
earnings profile throughout the forecast period, with additional
upside potential stemming from diversification into new regions,
U.S. Forest Services (USFS) initiatives to increase tanker capacity
and pre-treatment measures taken by utilities and homeowners.
Furthermore, Fitch believes that favorable structural shifts within
forest firefighting tactics towards more aerial based approaches
provides additional upside for the company, and that the impact of
coronavirus may accelerate some of these trends.
Alleviation of Covenant Pressure: Weakness during 2019 in both of
the company's segments elevated leverage that put it at a near-term
risk of breach, but that is not the case today. With business
fundamentals exhibiting recent strength and a return to historical
levels in fire safety, Fitch believes the covenant risk has been
significantly mitigated given the strong EBITDA generation
significantly reducing its leverage profile and subsequent full
repayment on its revolver given the revolver drawing threshold on
its leverage covenant. Fitch believes that the covenant pressure
has been significantly reduced over the forecasted period given
expectations for normal fire seasons and strong FCF generation
annually.
Leading Market Positions: Perimeter holds the #1 market position in
both fire safety retardants, where it sells fire retardants for use
in fighting forest fires and fire suppressant foam, and in its Oil
Additives segment, where Perimeter supplies P2S5 for use in
lubricant additives. Both segments are highly consolidated and have
considerable barriers to entry.
Perimeter is the sole supplier of fire retardants to the U.S.
government and primarily sells to governmental and municipal
entities such as U.S. Forest Services (USFS). Potential competitors
would have to go through rigorous approval processes due to the
mission-critical characteristics of the products. Likewise, the
P2S5 Perimeter sells is hazardous in nature and requires
specialized storage facilities to safely transport. Perimeter is
the only competitor within the P2S5 market to have production
capacity in both North America and Europe .
Oil Additives Stability: Perimeter's position in the lubricant
additives market has historically enabled it to post consistent
EBITDA generation, with strong forecast FCF due in part to the
segment's minimal capex requirements. However, this segment saw
volumes pressured in 2019 due to a combination of general customer
de-stocking throughout the industry and production issues with one
of its key customers that have since been resolved.
While 2020 represented a challenging year for travel and fuel
demand, the company was able to improve earnings within oil
additives year over year by what Fitch forecasts to be around a
third of improved earnings versus 2019. This is consistent with
Fitch's views that lubricant additive producers have historically
enjoyed very consistent earnings even in times of rising raw
material costs due to the stable demand profile of the industry.
Fitch projects that EBITDA generation within oil additives improves
sequentially in 2021 and 2022 towards 2018 levels and around GDP
thereafter.
Substantial FCF Generation: Fitch projects Perimeter Solutions will
generate around $50 million-$70 million on average of positive FCF
throughout the forecast due to the anticipation for more normalized
fire seasons and a continued return to historical demand levels
within the oil additives segment. Even with considerable cash
interest payments, the company benefits from high consolidated
EBITDA margins and minimal capex requirements that have
traditionally resulted in substantial FCF generation that is
notably above the metrics of other 'B' peers.
Perimeter's products are highly specialized and account for only a
small portion of its customers' overall costs, which has enabled it
to consistently pass on any increases in the price of its
underlying raw materials helping support margin and cash flow
resiliency. Fitch believes the company will allocate FCF in a
balanced manner consistent with a near-term prioritization of debt
reduction over shareholder friendly allocations or significantly
leveraging transactions.
Leverage Expectations: Perimeter was able to significantly improve
its yoy total debt/EBITDA during 2020 from 2019 as a result of more
normalized earning environment within both segments as well as
repayments on the company's revolver with FCF. Fitch projects
Perimeter's gross leverage ratio will remain somewhat elevated at
YE 2020 due to the substantial amount of debt the company took on
when it was purchased by SK Capital from Israel Chemicals Ltd.
However, the agency also projects that the company will de-lever
its balance sheet to a gross leverage ratio of under 5.0x in 2021
and long term through a combination of EBITDA growth and debt
repayment with FCF generation. Fitch believes this leverage range
mitigates credit risk to an otherwise generally strong operating
profile.
DERIVATION SUMMARY
Perimeter Solutions is relatively small and more highly levered
when compared to chemical peers such as Kronos Worldwide
(B+/Negative), Ingevity Corp. (BB/Stable) and SK Blue Holdings LP
(B/Negative). Perimeter's main differentiating factors from its
peer group are its highly specialized products and leading market
positions within each of its segments that typically lead to higher
EBITDA margins and strong FCF generation far above the average for
most peers.
As such, Perimeter is able to support a higher debt load than a
peer such as Kronos, which sells more commoditized products and has
less of a leadership position in its industry. SK Blue Holdings is
projected to have a similar mid-cycle leverage profile to
Perimeter, but has less growth opportunities in its end-markets and
its margin expansion opportunities are more cost-linked.
Perimeter's typically substantial FCF generation compares with
Ingevity given leading positions within Perimeter's fire safety and
Ingevity's Performance Chemicals segments, and Perimeter could see
upward pressure on its IDR should it see a continued increase in
diversification that reduces cash flow risk and gross leverage
sustained below 4.5x.
KEY ASSUMPTIONS
-- Normalized fire season in 3Q20 with annual growth thereafter
in the low-mid single digits;
-- Oil Additives grow low double digits in 2020 on recouping of
lost volumes from customer production issues and customer re
stocking partially offset by volume declines related to
coronavirus demand impacts, and modest GDP level growth
thereafter as fuel demand picks up;
-- Capex between 2%-3% of sales annually;
-- Dept repayment and EBITDA growth leading to gross leverage
below 5.0x by 2021.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Increase in overall geographic exposure and end-market
diversification that further reduces variability risk in fire
safety;
-- Demonstrated ability to maintain sufficient liquidity to
withstand multiple periods of distress;
-- Total debt with equity credit/operating EBITDA sustained below
4.5x;
-- FCF margin sustained around current levels.
The rating will likely be stabilized should the company generate
normalized FCF in 2021 and demonstrate a commitment to gross
de-leverage while maintaining a cash position with the potential
for future weak fire seasons.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Expectations of total debt/EBITDA above 5.0x at the end of
2021;
-- Operating pressure within the Fire Safety segment resulting in
weakened EBITDA generation and FCF margin trending towards the
mid-single digits;
-- Expectations of FFO Fixed-charge Coverage sustained at or
below 2.0x
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
Solid Liquidity: A return to a normalized 3Q20 fire season resulted
in considerable FCF generation that Fitch projects will continue
over the forecasted period. This FCF should provide Perimeter with
ample flexibility to gross delever, pursue acquisitions and fund
growth initiatives. The company's $100 million revolver should stay
mostly undrawn, with any drawdowns likely to be repaid relatively
quickly, and Fitch expects the company to keep a moderate amount of
cash on hand. Together with the revolver, Perimeter should have a
comfortable liquidity buffer.
Recovery Assumptions: Fitch's recovery analysis considered the high
barriers to entry, leading market positions and specialized product
portfolio of Perimeter's two businesses as well as the considerable
FCF generation ability of each.
Fitch's $90 million going concern EBITDA assumption is made up of
an assumed $25 million from the Oil Additives business and $65
million from the Fire Safety business. In Oil Additives, Fitch
believes customer production issues like the one seen in 2019 and
coronavirus-related impacts have largely subsided. The company is
the market leader in a specialized product that only accounts for a
small percentage of its customers' total costs. The ZDDP Perimeter
provides has no readily available substitute and requires
specialized equipment to safely transport. Fitch believes the
generally stable demand profile of the lubricant additives industry
would allow the segment to generate around $25 million in EBITDA
out of a distressed period.
In Fire Safety, Perimeter is the unquestioned leader, with
substantial market share. The company's products are essentially
the only products certified to be used by its customers, which are
governmental agencies which require years of approval procedures
before a new product can be used. Perimeter's products are also
mission-critical, further limiting new entrants. Demand has
benefited from a structural shift towards greater use of fire
retardants as well as longer fire seasons. However, should
firefighting preferences or tactics change, or should fire activity
dramatically decrease, the company would be vulnerable to declines
in its earnings as exhibited in 2019. As such, Fitch believes a
going concern EBITDA for this segment of around $65 million
appropriately reflects emergence from a stressed scenario and
reflects an amount between the earnings generated during years
considered 'normal' fire seasons and 'weaker' fire seasons.
Fitch has assigned a 7.0x recovery multiple, which is consistent
with highly specialized and highly value-add specialty chemical
producers such as Perimeter. The highly consolidated industries in
which it operates, with high barriers to entry and the significant
growth potential of the Fire Safety segment further support a
higher multiple and the resulting enterprise value.
With the revolver fully drawn, the first-lien debt recovers at a
'BB' rating while the second lien recovers at 'B-'.
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.
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N E T H E R L A N D S
=====================
TELEFONICA EUROPE: S&P Assigns 'BB' Rating on Hybrid Securities
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed hybrid securities of up to EUR1.0 billion to be issued by
Telefonica Europe B.V. (BBB-/Stable/--), the Dutch finance
subsidiary of Spain-based telecommunications group Telefonica S.A.
(BBB-/Stable/A-3), which will guarantee the proposed securities.
Telefonica plans to use the securities' proceeds to refinance up to
EUR1.0 billion of hybrids with a first call date in March 2022. The
company plans to repurchase these instruments by way of a tender
offer. S&P said, "We understand that Telefonica does not intend to
permanently increase its stock of hybrids and wishes to maintain
the size of its hybrid portfolio at the current level, after
completion of the replacement and liability management transaction.
We will assess as having minimal equity content a share of other
existing hybrids equivalent to proceeds from the proposed new
hybrid. This is because we expect the company will keep its overall
hybrid portfolio constant."
S&P said, "We calculate outstanding hybrids to S&P Global
Ratings-adjusted capitalization at 13%-15% for 2020-2022, including
the proposed issuance and replacement. This is slightly below the
15% limit on hybrid capitalization that caps the amount of hybrids
that may receive equity content under our criteria.
"We classify the proposed hybrid as having intermediate equity
content until the first reset date (which we understand will be at
least seven years from issuance) because it meets our criteria in
terms of subordination, permanence, and optional deferability
during this period. Consequently, when we calculate Telefonica
S.A.'s adjusted credit ratios, we will treat 50% of the principal
outstanding under the proposed hybrids as equity rather than debt,
and 50% of the related payments on these securities as equivalent
to a common dividend."
The two-notch difference between S&P's 'BB' issue rating on the
proposed hybrid securities and its 'BBB-' issuer credit rating
(ICR) on Telefonica S.A. reflects the following downward
adjustments from the ICR:
-- One notch for the proposed securities' subordination, because
our long-term ICR on Telefonica S.A. is investment grade; and
-- An additional notch for payment flexibility due to the optional
deferability of interest.
S&P said, "The notching of the proposed securities points to our
view that there is a relatively low likelihood that Telefonica
Europe will defer interest payments. Should our view change, we may
significantly increase the number of downward notches that we apply
to the issue rating. We may lower the issue rating before we lower
the ICR."
KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' PERMANENCE
Although the proposed securities are perpetual, Telefonica Europe
can redeem them on any date between the first call date (which
falls at least eight years from issuance) and the first reset date
(which falls in May 2029), and on every annual coupon date
thereafter.
In addition, Telefonica has the ability to call the instrument any
time at a premium through a make-whole redemption option. S&P said,
"Telefonica stated it has no intention to redeem the instrument
prior to the redemption window of the first reset date, and we do
not consider that this type of make-whole clause creates an
expectation that the issue will be redeemed before then.
Accordingly, we do not view it as a call feature in our hybrid
analysis, even if it is referred to as a make-whole option clause
in the hybrid instrument's documentation."
S&P said, "More generally, we understand the group intends to
replace the proposed instruments, although it is not obliged to do
so. In our view, this statement of intent and the group's track
record mitigates the likelihood that it will repurchase the
securities without replacement.
"The coupon to be paid on the proposed securities equals the sum of
the applicable swap rate plus a margin. The margin to be paid on
the proposed securities will increase by 25 basis points (bps) not
earlier than 10 years from issuance, and by a further 75 bps 20
years after the first reset date. We view the cumulative 100 bps as
a moderate step-up, providing Telefonica Europe with an incentive
to redeem the instruments after at least 28 years.
"Consequently, we will no longer recognize the proposed securities
as having intermediate equity content after the first reset date.
This is because the remaining period until its economic maturity
would, by then, be less than 20 years."
KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' SUBORDINATION
The proposed securities will be deeply subordinated obligations of
Telefonica Europe, and will have the same seniority as the hybrids
issued in 2013, 2014, 2016, 2017, 2018, 2019, and 2020. As such,
they will be subordinated to senior debt instruments, and are only
senior to common and preferred shares. S&P understands that the
group does not intend to issue any such preferred shares.
KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' DEFERABILITY
S&P said, "In our view, Telefonica Europe's option to defer payment
of interest on the proposed securities is discretionary and it may
therefore choose not to pay accrued interest on an interest payment
date. However, if an equity dividend or interest on equal-ranking
securities is paid, any outstanding deferred interest payment would
have to be settled in cash.
"That said, this condition remains acceptable under our rating
methodology because once the issuer has settled the deferred
amount, it can choose to defer payment on the next interest payment
date."
The issuer retains the option to defer coupons throughout the
securities' life. The deferred interest on the proposed securities
is cash cumulative and compounding.
===========
R U S S I A
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EN+ GROUP: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Russia-based EN+ Group IPJSC's (EN+)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDR)
at 'B+'. The Outlook is Stable.
The affirmation reflects Fitch’s expectation that the group will
be able to gradually deleverage following a leverage increase in
2020 after the acquisition of its own shares from VTB Group in
February 2020. The IDR reflects Fitch’s rating scope of EN+'s
power segment after deconsolidating subsidiary United Company RUSAL
(Rusal; B+/Stable).
The rating is supported by EN+'s position as one of the largest
low-cost electricity producers in Russia with an installed electric
power capacity of about 20GW at end-2019. It is further underpinned
by hydro generation that enhances profitability, compared with
thermal generators, its vertical integration, and the limited
impact of Covid-19 on operations. However, the rating is
constrained by high leverage metrics versus its Russian peers and
by customer concentration, with about half of its electricity
output sold to Rusal at a 3.5% discount to wholesale power prices.
KEY RATING DRIVERS
Solid 9M20 Operational Results: In 9M20 EN+ generated 59TWh of
electricity, up 5.2% yoy as hydro generation rose 7.5% yoy, while
thermal generation decreased 6.4% yoy. Higher hydro generation was
driven by the increased water reserves of hydro power plants on
Angara cascade at the beginning of 2020 and higher water levels in
the Krasnoyarsk reservoir. Fitch expects hydro generation to
decrease to around the long-term average in 2021-2024.
High Leverage: Fitch expects funds from operations (FFO) net
leverage (excluding dividends from Rusal) to deteriorate to around
5x on average in 2020-2024. This reflects the acquisition by EN+ of
its own shares from VTB Group in February 2020, assumed capex of
about USD300 million annually on average over the same period and
zero dividends in 2020, followed by a Fitch-estimated USD300
million dividends annually on average in 2021-2024. Fitch forecasts
FFO interest coverage (excluding dividends from Rusal) at about
2.5x in 2020-2024.
Deconsolidated Approach: The rating scope reflects EN+'s
deconsolidation of Rusal's financials, but includes dividends from
Rusal, which Fitch views as pass-through cash flow. This is because
Rusal is a listed company owned by a number of strategic investors
in addition to a free float, and is run relatively independently.
There is no centralised treasury at the EN+ level, its operating
companies raise debt independently and there are no
cross-guarantees within the group involving Rusal. However, about
one-fifth of EN+'s debt (deconsolidating Rusal) at end-2020
included cross default provisions to other EN+ entities (including
Rusal), which could constraint EN+'s rating.
Vertical Integration: EN+ is a vertically integrated company
operating in two business segments: aluminium production through
Rusal, and power generation and distribution primarily through JSC
EuroSibEnergo, which is one of the largest Russian electricity
producers, generating 7% of Russia's total electricity in 2019. The
group operates across the entire power value chain, including coal
mining, power generation, and transmission and distribution
networks, but with over 85% of EBITDA from hydro-power generation
in 2019.
Hydro Generation Enhances Profitability: Hydro-power generation
facilities accounted for about 80% of total installed capacity and
power-segment EBITDA, supporting EN+'s business profile and
profitability due to the absence of fuel costs and priority of
dispatch. Fitch expects EBITDA margin to remain broadly stable at
36% on average in 2020-2024.
No Dividends from Rusal Expected: Fitch adjusts Fitch’s credit
metrics by excluding dividends from Rusal because they are part of
EN+'s dividend outflow to shareholders. While Fitch believes the
dividend policy could be adjusted in the event of financial
distress, its general dividend framework implies that dividends
from Rusal will not contribute to EN+'s debt repayment capacity.
Fitch’s forecast includes zero dividends from Rusal in
2020-2024.
CHP Modernisation Programme: In 2019-2020, EN+'s units totalling
1.3GW were selected at modernisation CSAs auctions and at
government commission. The approved generating facilities should be
completed and launched by 2025, with the project's internal rate of
return (IRR) at around 14%. Capex related to combined heat and
power (CHP) modernisation is estimated at about RUB15.2 billion in
2020-2025. The next wave of modernisation auctions will occur in
2021 with capacities to be delivered in 2026.
ESG Scores: In mid-February 2020 EN+ acquired a 21.37% stake in EN+
from VTB Group for USD1.6 billion. The deal was funded with a
three-year loan from Sberbank of RUB100.8 billion. The company also
concluded another loan agreement, which grants it an unconditional
right to extend the abovementioned loan for another four years
during 2022.
The debt-funded acquisition of its own shares had a negative impact
on EN+'s financial profile, including higher leverage, and is
highly relevant to the rating, which is reflected in ESG Relevance
Scores of '5' for Governance Structure. The impact of this
acquisition is also incorporated in ESG Relevance Scores of '4' for
Management Strategy and Group Structure, indicating its rating
relevance and impact, in combination with other factors.
DERIVATION SUMMARY
EN+'s deconsolidated business profile is similar to that of PJSC
RusHydro (BBB/Stable), which has a Standalone Credit Profile (SCP)
of 'bb+'. Both companies generate hydro power and benefit from high
profitability. However, EN+ operates on a smaller scale (based on
total installed capacity) and has a much more concentrated customer
base. EN+ has weaker credit metrics and a weaker liquidity profile
than most rated Russian peers, including RusHydro, PJSC The Second
Generating Company of Wholesale Power Market (OGK-2; BBB-/Positive;
SCP bb+), and the Public Joint Stock Company Territorial Generating
Company No. 1 (TGC-1, BBB/Stable; SCP bbb-).
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Average Russian GDP growth of 3% a year and average CPI of 4%
a year in 2021-2024
-- Electricity hydro power plant generation volumes increased in
2020, due to higher water conditions, and to decrease to
around the long-term average from 2021
-- Capex on average at about USD300 million annually in 2020
2024, including CSA modernisation capex
-- No dividends from Rusal in 2020-2024
-- No dividends from EN+'s power segment (excluding Rusal) to
shareholders in 2020 and dividends of about USD300 million
annually in 2021-2024
-- RUB100.8 billion debt for funding USD1.6 billion acquisition
of a 21.37% stake in EN+ from JSC VTB Capital
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Strengthening of EN+'s financial profile and disciplined
financial policy resulting in FFO net leverage below 4.5x
(excluding dividends from Rusal) and FFO interest coverage
(excluding dividends from Rusal) above 2.5x on a sustained
basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deterioration of the financial profile - for example, FFO net
leverage above 5.5x (excluding dividends from Rusal) and FFO
interest coverage below 2x on a sustained basis - due to,
among other things, aggressive capex or dividend distribution
and much-lower-than-expected electricity prices
-- A multi-notch downgrade of Rusal may constrain EN+'s rating
due to the cross-default provision in some of EN+'s
subsidiaries loans to other EN+ entities
-- Liquidity ratio consistently below 1x
-- Deterioration of the regulatory and operational environment in
Russia
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
Manageable Liquidity: At end-1H20 EN+ had cash of USD442 million;
unused credit facilities (without commitment fees and a maturity of
more than one year) of about RUB63 billion (USD900 million), mainly
from state-owned banks, and Fitch-estimated neutral free cash flow
after capex and dividends in the next 12 months. This compares with
short-term maturities of USD1.3 billion at end-1H20. EN+ expects to
partially refinance and roll over its upcoming maturities.
SUMMARY OF FINANCIAL ADJUSTMENTS
-- EN+'s consolidated IFRS financial statements were adjusted for
deconsolidation of Rusal and respective adjustments to an
inter-company transaction.
-- Fitch excluded from EBITDA loss on disposal of property, plant
and equipment and impairment of non-current assets.
-- Depreciation and interest on assets right-of-use included in
EBITDA.
ESG CONSIDERATIONS
EN+ has an ESG Relevance score of '5' for Governance Structure due
to the debt-funded acquisition of its own shares, which has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in a rating downgrade in February 2020.
EN+ has an ESG Relevance Score of '4' for Management Strategy and
Group Structure due to the debt-funded acquisition of its own
shares, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
GEOPROMINING INVESTMENT: Fitch Alters Outlook on 'B+' IDR to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised GeoProMining Investment Limited's (GPM)
Outlook to Negative from Stable and affirmed the group's Long-Term
Issuer Default Rating (IDR) at 'B+'.
The Negative Outlook reflects the risk of loss of gold reserves at
the Zod mine from ongoing negotiations between GPM and the
government of Azerbaijan (BB+/Negative) for access to the mine.
Barring a renewed conflict between Azerbaijan and Armenia, Fitch
does not forecast GPM's funds from operations (FFO) gross leverage
to exceed 3.5x over 2021-2024 even if GPM does not regain access to
the majority of the Zod mine's reserves. However, this would lead
to re-assessment of the company's business profile and put pressure
on the rating.
The rating of GPM reflects its small scale of operations, its
medium-to high-cost position, and the concentration of its
activities in Russia and Armenia. The rating also reflects the
group's technological expertise in operating the Albion technology,
resulting in improved gold recovery, satisfactory product
diversification, and a long mine life of 15-18 years.
KEY RATING DRIVERS
Lower Gold Output in 2021: The Nagorno-Karabakh conflict had no
material impact on GPM's operations in 2020. However, Fitch expects
GPM's gold production to be impeded in 2021 by at least 20%, with
an output of 125,000 oz due to uncertainty on grades achieved in
the Armenian part of the mine. Fitch assumes that from 2022 onwards
gold output would average 147,000 oz.
Zod Mine Demarcation Ongoing: GPM's Zod mine is next to the
Azerbaijan-Armenia border, where the demarcation process is
ongoing. GPM is operating its processing facility at full capacity
and with full access to its equipment at Zod. Access to the eastern
part of the mine is blocked until the demarcation process is
finalised. A permanent loss of access to the Azeri part would have
a negative impact on GPM's mine life and business profile. While
Fitch expects lower production, Fitch does not expect GPM's FFO
gross leverage to exceed Fitch’s negative sensitivity of 3.5x
over 2021-2024.
Risk of Permanent Access Loss: GPM's management is working on a
back-up mining plan to allow it to keep working on the western part
of the open pit mine on a long-term basis. A permanent loss of
access to the vast majority of the Zod mine would lead to severe
decline in cash flows beyond GPM's bond maturity and forecast
horizon. It would lead to a reassessment of the business profile as
both scale and reserve life would be affected although this is not
Fitch’s base case. There is no clear timeline for the demarcation
process and negotiations with the Azeri government.
Unique Technology Advantage: The Zod mine is part of GPM's
subsidiary GPM Gold, which has its ore-processing facility over 170
kilometres away in the town of Ararat. GPM Gold has pioneered the
Albion technology at Ararat to process refractory ores from Zod's
deposits. Fitch expects GPM to operate the full mine after the
demarcation process due to the complementarity of assets. The
transportation and processing infrastructure would be expensive to
replicate and no other operator possesses the technology to
efficiently process the ores mined at Zod.
Ceasefire in Place: Armenia, Azerbaijan and Russia have signed a
ceasefire statement following the armed conflict in autumn 2020
between Azerbaijan and Armenia over the disputed region
Nagorno-Karabakh. Russia has installed a peacekeeping force of
almost 2,000 soldiers in the region for the next five years. GPM is
discussing with all relevant parties the terms and principles of
mining activities at Zod - both before and after the border
demarcation. A permanent loss of access to the eastern part, which
Fitch views as unlikely, might result in smaller operations and a
less diversified business profile of the group and hence a negative
rating action.
New Metal Helps Diversification, Scale: GPM will start producing
silver (currently a by-product at GPM Gold), lead and zinc from its
Verkhne-Menkeche site in Russia from 2021, after completion of a
processing facility. Fitch expects production from this mine to
significantly increase total output and improve product
diversification, adding around USD120 million of revenue by 2022,
based on Fitch’s price assumptions.
Small Scale but Satisfactory Diversification: GPM's small
operations generated USD154 million of EBITDA and 172,000 oz of
gold in 2019. This compares with Nord Gold SE (BB/Positive;
1,041,000 oz) or PJSC Polyus (BB/Positive; 2,841,000 oz). Despite
satisfactory product diversification, the scale of its operations
constrains the rating.
Medium-to High-Cost Position: GPM does not provide a cash cost
breakdown per metal for its other assets. Its EBITDA margin at the
Agarak mill (a copper-molybdenum mine) in Armenia was 24% in 2019
versus 45% at the Sakha segment in Russia, which includes Sarylakh
and Sentachan (gold-antimony mines), and 61% at Verkhne-Menkeche
(for the sale of ore in 2019). Fitch assesses the group's overall
cash cost position at between the second and third quartiles.
DERIVATION SUMMARY
GPM's operating profile is situated in between Petropavlovsk plc's
(B/Rating Watch Negative) and Nord Gold's. While it is smaller than
its peers, its financial structure and liquidity are strong
compared with 'B' category rated peers'. Its cost position and
reserve life are comparable to Nord Gold's. GPM's small scale and
dependence on a single mine constrain the rating to the 'B'
category. The group is also exposed to the Nagorno-Karabakh
conflict zone.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Fitch's mid-cycle commodity price assumptions for gold, copper
and zinc
-- Average EBITDA margin of 32% over 2021-2024
-- Capex of USD49 million in 2021 and USD28 million in 2022-2024
Fitch's Key Assumptions for Recovery Analysis
-- The recovery analysis assumes that GPM would be considered a
going concern in bankruptcy and that it would be reorganized
rather than liquidated.
-- The going-concern EBITDA reflects the industry's mid-cycle
conditions and GPM's small scale.
-- An enterprise value (EV)/EBITDA multiple of 4x is based on the
multiple used for other mining companies and incorporates
GPM's weaker operational profile.
-- Fitch’s waterfall analysis includes senior unsecured debt
totalling USD390 million, in the form of the USD300 million
bond and USD90 million prepayment facility, which Fitch
assumes will be fully drawn under the distressed scenario. The
USD9.3 million shareholder loan is subordinated to the senior
unsecured debt.
-- After deducting 10% for administrative claims and taking into
account Fitch’s Country-Specific Treatment of Recovery
Ratings Criteria, Fitch’s waterfall analysis generated a
ranked recovery in the 'RR4' band, indicating a 'B+' rating
for the USD300 million bond. The waterfall analysis output
percentage on current metrics and assumptions was 50%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO gross leverage sustained above 3.5x
-- Permanent loss of access to the majority of gold reserves at
the Zod mine
-- Commencement of material dividend payments or capex that is
more ambitious than Fitch's expectations, leading to inability
to generate positive free cash flow (FCF)
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The rating is on Negative Outlook, therefore making positive
rating action unlikely in the short term. However, the Outlook
may be revised to Stable on a resolution of the conflict and
restored access to the gold reserves at the Zod mine provided
that FFO gross leverage remains below 3.5x on a sustained
basis.
-- Significant improvement in scale while maintaining solid
credit metrics would be positive for the rating.
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: As of 1 January 2021 GPM had a cash balance of
USD37 million and an undrawn USD90 million prepayment facility.
Fitch expects GPM to generate positive FCF in 2021 and for it to
rise substantially in 2022, as the processing plant at
Verkhne-Menkeche is scheduled to ramp up. GPM has no material debt
maturities until its USD300 million bond issued by its finco Karlou
B.V. matures in June 2024.
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.
===========
T U R K E Y
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DENIZBANK AS: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Denizbank A.S.'s Long-Term Foreign
Currency (LTFC) Issuer Default Rating (IDR) at 'B+' with a Negative
Outlook and Viability Rating (VR) at 'b+'.
The support-driven ratings of the bank's subsidiary Deniz Finansal
Kiralama A.S. (Deniz Leasing), which are equalised with the parent,
have also been affirmed.
KEY RATING DRIVERS
IDRS, SENIOR DEBT RATING, SUPPORT RATING AND NATIONAL RATING
Denizbank's 'B+' LTFC IDR and senior debt rating are underpinned by
shareholder support and the bank's standalone creditworthiness, as
reflected in its VR.
Denizbank's '4' Support Rating reflects its strategic importance to
its 100% owner, UAE based Emirates NBD Bank PJSC (ENBD, A+/Stable),
given its increasing integration and role within the wider group
following Denizbank's acquisition from Sberbank of Russia
(BBB/Stable) in July 2019. ENBD's LTFC IDR is driven by an
extremely high probability of support from the UAE authorities
given its flagship status in Dubai. Fitch believes support for
Denizbank would flow through from the UAE authorities via ENBD, in
case of need, given ENBD's systemic importance to the UAE banking
sector.
Integration between Denizbank and ENBD continues to increase,
particularly in terms of the banks' risk management and control
frameworks. Denizbank continues to be run largely by local
management, but ENBD representatives dominate the bank's board,
while a number of key ENBD management members, including the credit
risk officer, are closely involved in the Turkish bank's operations
and oversight.
Fitch's view of government intervention risk caps the bank's LTFC
IDR at 'B+', one notch below Turkey's LTFC IDR (BB-/Negative), and
is also the main driver of the Negative Outlook on the bank. This
reflects Fitch’s assessment that weaknesses in Turkey's external
finances would make some form of intervention in the banking system
that would impede banks' ability to service their foreign-currency
(FC) obligations more likely than a sovereign default. The
sovereign's significantly weaker net FC reserves position together
with weak monetary policy credibility have exacerbated external
financing risks, and this is a key driver of the Negative Outlook
on the sovereign LT IDR.
Denizbank's 'BB-' Long-Term Local-Currency (LTLC) IDR, which is
also driven by institutional support, is one notch above its LTFC
IDR, reflecting Fitch’s view of a lower likelihood of government
intervention that would impede the bank's ability to service
obligations in local currency (LC). However, the Outlook on the
LTLC IDR is also Negative, mirroring the sovereign Outlook,
reflecting Fitch’s view that the likelihood of government
intervention that would impede the bank's ability to service its
obligations in LC is not lower than the probability of a sovereign
default in LC obligations.
The affirmation of Denizbank's National Rating with a Stable
Outlook reflects Fitch’s view that the bank's creditworthiness in
local currency relative to other Turkish issuers' is unchanged.
VR
The affirmation of Denizbank's 'b+' VR reflects the bank's
reasonable strategy, moderate, but weakened, profitability record
and adequate funding and liquidity profile. However, the VR also
considers its moderate franchise (end-9M20: 3.3% of sector assets;
unconsolidated basis) in the challenging Turkish operating
environment, high exposure to risky sectors, asset quality that is
weaker than peers, and only adequate core capitalisation.
Nevertheless, Fitch sees downside risks to Denizbank's VR given
uncertainties over the impact of the pandemic and potential further
market volatility. A deeper and more extended economic contraction
than expected would exacerbate operating environment risks,
heightening pressure on the bank's financial metrics. In addition,
regulatory forbearance measures, which are currently providing
uplift to banks' reported asset quality and capital metrics, are
due to fall away at end-June 2021.
Denizbank's strategy has been largely unchanged since its
acquisition by ENBD. It continues to target more granular SME and
retail lending, primarily in lira, while also serving corporate and
commercial customers. The bank also has a strong presence in the
niche agriculture segment with a 13% market share of sector loans,
supported by its large branch network.
Asset-quality risks were already high for Denizbank entering the
crisis, exacerbated by the below-trend growth in Turkey and high
exposure to risky segments and sectors. The bank reports
above-sector-average foreign-currency (FC) lending (52% of loans at
end-3Q20; peer average, 37%), which heightens credit risk where
borrowers are not fully hedged against lira depreciation (the lira
depreciated by 19% against the US dollar in 2020). However, about
half of FC loans at end-3Q20 were issued by the bank's Austrian
subsidiary Denizbank AG, half of which were to EU-based companies
with access to FC revenues, or cash collateralised, partly
mitigating the risks. FC exposures include significant project
finance (about a fifth of total loans, equal to 1.6x common equity
Tier 1 (CET1) capital at end-3Q20), which mainly comprise
long-term, slowly amortising energy and infrastructure loans,
meaning asset quality problems are likely to feed through only
gradually.
Denizbank's impaired loans ratio fell moderately to 6.9% at
end-3Q20, from 7.5% at end-2019, despite operating environment
pressures, primarily reflecting regulatory forbearance in respect
of loan classification and high nominal loan growth (22% in 9M20;
or 5% on an FX adjusted basis). Net of forbearance, Fitch estimates
Denizbank's impaired loans ratio was 100bp higher. Fitch expects
impaired loans to rise moderately in absolute terms as government
stimulus measures subside, regulatory forbearance is phased out
(expected by end-1H21) and due to maturing pandemic-related loan
deferrals.
Asset quality is also vulnerable to above-peer average Stage 2
loans (17% at end-9M20; flat on end-2019) of which about half were
restructured, which could migrate to Stage 3 as loans season, and
significant exposure to the risky SME segment (24% of loans).
Denizbank had outstanding loan deferrals equal to 4% of gross loans
at end-3Q20, of which 20% were classified as Stage 2. Exposures to
the troubled energy (11% of loans at end-3Q20), tourism (11%) and
construction (6%) sectors, which make up a high share of
Denizbank's Stage 2 and restructured loan portfolios, are also
sources of risk. Energy loans largely comprise project finance,
which benefits to some extent from a government-guaranteed feed-in
tariff set in US dollars. Similarly a high share infrastructure
loans also benefit from state debt and revenue assumption
guarantees, partly mitigating the credit risks.
Denizbank's total loan loss allowances increased materially to 125%
of impaired loans at end-3Q20 (end-2019: 90%), which compares well
with the peer average, partly reflecting the frontloading of
pandemic-related provisions, but also higher reserve coverage of
impaired loans and Stage 2 loans. Fitch believes the improving
growth outlook in Turkey (Fitch forecasts 3.5% real GDP growth in
2021), recent appreciation of the lira, and greater market
stabilisation should be moderately supportive of Turkish banks'
asset quality and collection capacities. Nevertheless, risks remain
to the downside given uncertainty over the pandemic, operating
environment volatility and the higher lira interest rate
environment.
The bank's profitability metrics are weaker than most peers and
have come under pressure since 2018 from significant loan
impairment charges (LICs). LICs absorbed a high 73% of
pre-impairment operating profit in 9M20 (78% in 2019). As a result,
the bank's cost of risk (LICs/average gross loans: 4.4% in 9M20;
2019: 4%) significantly underperforms peers, although to some
extent this is a consequence of conservative loan provisioning
since the bank's acquisition, and in 9M20, the frontloading of
provisions against the pandemic and increased provisioning against
exposures to high risk sectors, in particular in FC.
Despite this, Denizbank's annualised operating profit/risk-weighted
assets (RWAs) ratio moderately increased to 1.6% in 9M20, from 1.0%
in 2019, as rapid loan growth in 2Q and 3Q20, accompanied with
falling funding costs supported net interest income. Nevertheless,
asset-quality weakness is likely to continue to weigh on
performance, given operating environment risks and loan book
seasoning and as forbearance measures are removed. Fitch expects
earnings to remain broadly flat in 2021 given the high interest
rate environment, but margins could start to normalise in 2H21 if
interest rates stabilise. In addition, pre-impairment operating
profit (9M20: 6.3% of average loans; annualised) provides a
significant buffer to absorb unexpected credit losses through the
income statement.
Fitch views Denizbank's capitalisation as only adequate for it its
risk profile, given high asset quality risks, credit
concentrations, weakened internal capital generation and
sensitivity to lira depreciation (given a high share of FC loans).
The CET1 ratio increased to 12.6% at end-3Q20 (from 10.4% at
end-2019), supported by a TRY2.4billion capital increase from ENBD
in 1Q20 (the equivalent of 1.4% of end-2019 RWAs), although net of
regulatory forbearance (set to expire at end-1H21) it was a lower
10.7%. The total capital adequacy ratio was a higher 17.1% (14.7%
net of forbearance) supported by US dollar-denominated, Tier-2
subordinated debt (from ENBD, for which the tenors were extended in
2Q20).
Fitch expects capitalisation to remain under pressure in the near
term due to an increase in RWAs (as forbearance is removed), asset
quality risks and weaker profitability, although it should remain
adequate, supported by the bank's significant pre-impairment
profitability buffer and increased provisioning (unreserved NPLs
were equal to minus 15% of CET1 capital at end-3Q20). Fitch also
believes ordinary capital support would be forthcoming from ENBD,
if needed.
Denizbank is largely customer deposit-funded (78% of total funding
at end-3Q20), mainly from retail customers (about 70%). A
significant 71% of total customer deposits were in FC at end-3Q20.
This reflects both sector-wide dollarisation but also deposits from
Denizbank AG (equal to 35% of the total), given that these are
mainly in euros (85%) and US dollars (15%). The share of FC
deposits in Denizbank's unconsolidated accounts is a lower 55%, in
line with the sector average. Wholesale funding (22% of total
funding at end-3Q20), nearly all in FC, comprises short-term
borrowings (8% of total funding), long-term borrowings (6%),
subordinated debt (3%) and bank deposits (2%). Net of parent
funding (6% of total funding) it was a more reasonable 16%.
Wholesale funding could increase over the medium term, given that
the bank is no longer subject to EU sanctions under its new owner
and the bank is looking to diversify and extend the tenor of its
funding.
Denizbank's loans/deposits ratio increased to a still reasonable
106% at end-3Q20, from 100% at end-2019, as loans grew faster than
deposits in 9M20 as the bank complied with the asset ratio
requirement. Denizbank reported good liquidity coverage ratios
(LCR) at end-3Q20 (total LCR: 168%; FC LCR: 375%), while its
available FC liquidity was sufficient to cover maturing FC
wholesale debt over 12 months plus a moderate share of FC
deposits.
FC liquidity comprises mainly FC swaps (primarily with the Turkish
Central Bank (CBRT)), cash and interbank placements, and FC placed
under the reserve option mechanism at the CBRT. Given only moderate
FC market funding exposure and good FC liquidity, Fitch believes
refinancing risks at the bank should be manageable, particularly
considering potential liquidity support from ENBD and improved
market sentiment. However, FC liquidity could come under pressure
from a change in investor sentiment, a prolonged loss of market
access or FC deposit instability.
SUBSIDIARY AND AFFILIATED COMPANIES
Deniz Leasing's IDRs are driven by potential support from its 100%
owner Denizbank. Fitch’s view of parental support reflects its
strategic importance to and close integration with Denizbank,
including the sharing of risk-assessment systems, management
resources, branding and also customer referrals.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The bank's LT IDRs are primarily sensitive to a change in
Turkey's sovereign rating or in Fitch's view of government
intervention risk in the banking sector. A sovereign
downgrade, particularly if triggered by further weakening in
Turkey's external finances or in the country's FX reserves, or
an increase in intervention risk would likely result in a
downgrade of Denizbank's LT IDRs.
-- A marked reduction in ENBD's ability and propensity to support
Denizbank could also result in a downgrade but only if the
bank's VR was simultaneously downgraded. This is not Fitch’s
base case, given Denizbank's only recent acquisition and its
strategic importance to ENBD.
-- The bank's VR could be downgraded due to a marked
deterioration in the operating environment - as reflected in
adverse changes to the lira exchange rate, interest rates, and
economic growth prospects - or if economic recovery was not as
swift as currently expected by Fitch. In addition, a greater
than expected deterioration of Denizbank's asset quality and a
protracted weakening in operating profitability would likely
lead to a downgrade of the VR. The headroom at the current VR
level would reduce and Denizbank's VR would likely be
downgraded, if its CET1 ratio fell and remained below 9% for a
sustained period or if Fitch viewed capitalisation as no
longer commensurate with the bank's risk profile.
-- The National Rating could be downgraded if the bank's LTLC IDR
was downgraded and Fitch believed Denizbank's creditworthiness
had weakened relative to other rated Turkish issuers.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of the bank's LTIDRs is unlikely in the near term
given the Negative Outlooks. The Outlook on the LT IDRs could
be revised to Stable if Fitch believes that the risk of
government intervention in the banking system has abated, for
example as a result of greater confidence in the
sustainability of Turkey's external financing position. A
significant reduction in intervention risks, likely reflected
in a sovereign upgrade or resulting from a marked improvement
in Turkey's net FX reserves position, could result in an
upgrade.
-- Upside for the VR is limited in the near term in light of the
challenging Turkish operating environment, the bank's moderate
franchise, and the 'BB-' LTFC IDR of the Turkish sovereign.
However, a record of resilient financial metrics
notwithstanding the pandemic, an improvement in underlying
asset quality and the maintenance of adequate core
capitalisation in line with its risk profile would reduce
downside risks to the VR.
-- The National Rating could be upgraded if Fitch believed
Denizbank's creditworthiness had improved relative to other
rated Turkish issuers.
SUBSIDIARY AND AFFILIATED COMPANIES
Deniz Leasing's ratings are sensitive to changes in Denizbank's
Long-Term IDRs.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
SUMMARY OF FINANCIAL ADJUSTMENTS
An adjustment has been made in Fitch's financial spreadsheets of
Denizbank that has had an impact on the core and complimentary
metrics. Fitch has taken a loan that was classified as a financial
asset measured at fair value through profit and loss in the bank's
financial statements and reclassified it under gross loans as Fitch
believes this is the most appropriate line in Fitch spreadsheets to
reflect this exposure.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
All IDRs of the rated entities are either driven or underpinned by
institutional support from their respective shareholders.
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.
ING BANK: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
----------------------------------------------------------
Fitch Ratings has affirmed ING Bank A.S.'s (INGBT) Long-Term
Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B+'. The
Outlook is Negative. At the same time, the agency has affirmed the
bank's Viability Rating (VR) at 'b+'.
KEY RATING DRIVERS
IDRS, SUPPORT RATING AND NATIONAL RATING
The LTFC IDR of INGBT is underpinned by both potential
institutional support from its 100% owner, ING Bank N.V. (ING;
AA-/Negative) and the bank's standalone creditworthiness (as
defined by its VR). INGBT's '4' Support Rating reflects the bank's
strategic importance to, integration and role within the wider ING
group, and small size relative to ING's ability to provide support,
if needed.
Fitch's view of government intervention risk caps the bank's LTFC
IDR at 'B+', one notch below Turkey's LTFC IDR (BB-/Negative) and
is also the main driver of the Negative Outlook on the bank. This
reflects Fitch’s assessment that weaknesses in Turkey's external
finances would result in some form of intervention in the banking
system that would impede banks' ability to service foreign-currency
(FC) obligations more likely than a sovereign default. The
sovereign's significantly weaker net FC reserves, together with
weak monetary-policy credibility, have exacerbated external
financing risks and this is a key driver of the Negative Outlook on
the sovereign rating.
INGBT's 'BB-' Long-Term Local-Currency (LTLC) IDR, which is also
driven by institutional support, is one notch above the LTFC IDR,
reflecting Fitch’s view of a lower likelihood of government
intervention that would impede the bank's ability to service
obligations in local currency (LC). However, the LTLC IDR is also
on Negative Outlook, mirroring the sovereign Outlook, reflecting
Fitch’s view that the likelihood of government intervention that
would impede the bank's ability to service obligations in LC is not
lower than the probability of a sovereign default in LC
obligations.
The affirmation of INGBT's National Rating reflects Fitch’s view
that the bank's creditworthiness in local currency relative to
other Turkish issuers' remains unchanged.
VR
The affirmation of INGBT's VR at 'b+', a level that is in line with
that of the largest, systemically important banks in the sector
despite the bank's only small size, reflects the bank's record of
solid performance, adequate loss absorption buffers and a
below-peer-average risk appetite. However, the VR also consider the
concentration of the bank's operations in the high-risk Turkish
operating environment, limited franchise, moderate market shares
and limited competitive advantages.
Fitch sees downside risks to INGBT's VR given uncertainty over the
impact of the pandemic and potential further market volatility. A
deeper and more extended economic contraction than expected would
exacerbate operating-environment risks, heightening pressure on the
bank's asset quality, capitalisation and performance metrics. In
addition, regulatory forbearance measures, which are currently
providing uplift to banks' reported asset quality and capital
metrics, are due to expire at end-June 2021.
INGBT has pursued a conservative growth strategy by deleveraging
its loan book from end-2018 to end-2020, largely reflecting a
reduction in FC loans. The loan book contracted 3% in
foreign-exchange (FX) adjusted terms in 9M20, despite the asset
ratio requirement (AR), designed to stimulate sector loan growth,
coming into force in May 2020. The bank aims to slightly increase
loan growth in 2021, which will be focused mainly on LC, while it
will avoid high-risk sectors such as real-estate, energy and
infrastructure projects.
High FC lending (end-9M20: 42% of gross loans) heightens credit
risks given that not all borrowers will be fully hedged against
lira depreciation. INGBT adopts a cautious approach to new FC
lending and has appetite mainly for export and manufacturing loans.
It does not, as a matter of internal policy, undertake real-estate
development projects and has a conservative policy towards energy
projects.
The bank's impaired loans improved to 5.7% of total loans in 9M20
(2019: 7%), due primarily to collections and, to a lesser extent,
regulatory forbearance. Stage 2 loans comprised 12.5% of gross
loans at end-9M20, having declined significantly in recent years
(2019: 10%; 2018: 24%). This decline should partly be considered in
light of the high starting point resulting from the bank's
conservative classification approach (mostly in line with ING Group
standards). INGBT has subsequently reviewed its significant
increase in credit risk (SICR) thresholds for large corporates by
adjusting its portfolio accordingly.
Impaired loans were only 63% covered by specific reserves at
end-9M20 reflecting reliance on collateral, which could be
challenging to realise in the challenging Turkish market. Including
Stage 1 and Stage 2 reserves, total loan loss allowance coverage
increased to 80%, which was still significantly below the sector
average (9M20: 127%).
Fitch believes the improving growth outlook in Turkey (Fitch
forecasts 3.5% real GDP growth in 2021), recent appreciation of the
lira and greater market stabilisation should be moderately
supportive of Turkish banks' asset quality and collection
capacities. Nevertheless, risks remain to the downside given
uncertainty over the pandemic, operating-environment volatility and
a higher lira interest-rate environment.
The bank's profitability metrics deteriorated in 9M20 due to a
slight decline in margins, loan-book contraction, but also to lower
fees (due largely to regulatory restrictions) and weaker trading
income. Cost growth remained muted in 2019 and 9M20, reflecting
sound cost control.
Loan impairment charges (LICs) have remained manageable (9M20:
equal to 25% of pre-impairment profit; 2019: 27%) but the bank
reports weaker reserve coverage than peers. The bank's operating
profit/risk-weighted assets (RWAs) declined to a still reasonable
2.6% at end-9M20 (sector: 2%) from 4% at end-2019.
Fitch expects further contraction in net interest margin (NIM) in
2021, given higher lira interest rates and that liabilities reprice
more quickly than assets, as for the sector, which may only be
partially offset by higher loan growth. Fitch believes that the
cost of risk (LICs/ gross loans) should remain manageable in 2021,
given the improving macro backdrop and the front-loading of
provisions.
Capitalisation is reasonable. INGBT's CET1 ratio was above peer
average at 17% (excluding uplift from forbearance) at end-9M20. Its
total capital ratio was a higher 23.3%, significantly above the 12%
recommended regulatory minimum, supported by USD524 million of FC
subordinated debt from ING, which provides a partial hedge against
FC RWAs. However, as for the rest of the sector, capitalisation
remains sensitive to lira depreciation (due to the inflation of FC
RWAs) and asset-quality deterioration.
Unreserved non-performing loans (NPLs) amounted to 6% of CET1
capital at end-9M20, although pre-impairment operating profit
(amounting to 4.3% of average loans at end-9M20, annualised)
provides a significant buffer to absorb losses through the income
statement before hitting capital.
The bank is largely deposit-funded (end-9M20: 68% of total funding)
and its deposit base is fairly granular, reflecting a high
proportion of retail deposits. Customer deposits contracted 9% in
FX-adjusted terms in 9M20. Combined with loan deleveraging and a
reduction in wholesale funding (largely from the ING group) in
recent years, this led to further improvement in the gross
loans-to-deposits to, albeit still high, 126% at end-9M20 from an
exceptionally high 163% at end-2018 (end-2019: 116%).
Parent funding remains material (around 23% of total funding at
end-9M20), but has been declining, reflecting INGBT's strategy to
become increasingly self-funded, largely through customer deposits.
External wholesale funding - comprising largely trade-finance and
bilateral loans - amounted to a low 4% of total funding at
end-9M20, mitigating refinancing risks.
The bank's available FC liquidity - comprising cash and interbank
balances (including balances placed with the Central Bank of
Turkey), maturing FX swaps and government securities - fully
covered short-term non-deposit FC liabilities falling due within a
year at end-9M20. This means INGBT should be able to cope with a
short-lived market closure. Consequently, and given its moderate
external debt exposure, refinancing risks should be manageable,
particularly considering potential liquidity support from ING.
Nevertheless, FC liquidity could come under pressure from deposit
instability or a prolonged loss of market access.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The bank's LT IDRs and Support Rating are primarily sensitive
to a change in Turkey's sovereign rating or in Fitch's view of
government intervention risk in the banking sector. A
sovereign downgrade, particularly if triggered by further
weakening in Turkey's external finances or in the country's FX
reserves, or an increase in intervention risk, would likely
result in a downgrade of INGBT's LT IDRs.
-- A marked reduction in Fitch's view of ING's propensity or
ability to support INGBT (not Fitch’s base case) could also
result in a downgrade of the LTFC IDR, but this would only
occur if at the same time Fitch also downgrades the bank's VR.
-- The VR could be downgraded due to marked deterioration in the
operating environment - as reflected in adverse changes to the
lira exchange rate, interest rates, and economic-growth
prospects - or if economic recovery is not as swift as
currently expected by Fitch. In addition, greater-than
expected deterioration of INGBT's asset quality, protracted
weakening in operating profitability and a weakening of the
bank's FC liquidity, most likely due to deposit outflows or an
inability to refinance maturing external obligations, if not
offset by shareholder support would likely lead to a downgrade
of the VR.
-- The National Rating could be downgraded if the bank's LTLC IDR
is downgraded and if Fitch believes INGBT's creditworthiness
has weakened relative to other rated Turkish issuers'.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of the bank's LT IDRs is unlikely in the near term
given the Negative Outlooks. The Outlook on the LT IDRs could
be revised to Stable if Fitch believes that the risk of
government intervention in the banking system has abated, for
example as a result of greater confidence in the
sustainability of Turkey's external financing position. A
significant reduction in intervention risk, likely reflected
in a sovereign upgrade or resulting from a marked improvement
in Turkey's net FX reserves, could result in an upgrade.
-- Upside for the VR is limited in the near term in light of the
challenging Turkish operating environment, the bank's limited
franchise, and the 'BB-' sovereign LTFC IDR. However, a record
of resilient financial metrics notwithstanding the pandemic
would reduce downside risks to the VR.
-- The National Rating could be upgraded if Fitch believes
INGBT's creditworthiness has improved relative to other rated
Turkish issuers'.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond 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.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
INGBT's IDRs are either driven or underpinned by institutional
support from ING.
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.
TURK EKONOMI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Turk Ekonomi Bankasi A.S.'s (TEB)
Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B+'
with a Negative Outlook and Viability Rating (VR) at 'b+'.
KEY RATING DRIVERS
IDRS, SENIOR DEBT RATING, SUPPORT RATING AND NATIONAL RATING
TEB's 'B+' LTFC IDR and senior debt rating is underpinned by its
standalone creditworthiness as reflected in its VR, and potential
institutional support from its majority owner, BNP Paribas S.A.
(BNPP; A+/Negative), as reflected in the bank's '4' Support
Rating.
Fitch's view of institutional support reflects TEB's strategic
importance to, integration with and role within the wider BNPP
group and small size relative to BNPP's ability to provide support.
TEB is 55%-owned but fully controlled by TEB Holding, in which BNP
Paribas Fortis (BNPPF; A+/Negative) has a 50% stake. TEB is fully
consolidated by BNPPF, a core subsidiary of BNPP. BNPP ultimately
holds a 72.5% stake in TEB, including a 23.5% stake held directly.
Fitch's view of government intervention risk caps the bank's LTFC
IDR at 'B+', one notch below Turkey's LTFC IDR (BB-/Negative), and
is also the main driver of the Negative Outlook. This reflects
Fitch’s assessment that weaknesses in Turkey's external finances
would make some form of intervention in the banking system that
would impede banks' ability to service their foreign-currency (FC)
obligations more likely than a sovereign default. The sovereign's
significantly weaker net FC reserves position together with weak
monetary policy credibility have exacerbated Turkey's external
financing risks, and this is a key driver of the Negative Outlook
on the sovereign rating.
TEB's 'BB-' Long-Term Local-Currency (LTLC) IDR, which is also
driven by institutional support, is one notch above its LTFC IDR,
reflecting Fitch’s view of a lower likelihood of government
intervention that would impede the bank's ability to service
obligations in local currency (LC). However, the Outlook on the
LTLC IDR is also Negative, mirroring the sovereign Outlook,
reflecting Fitch’s view that the likelihood of government
intervention that would impede the bank's ability to service its
obligations in LC is not lower than the probability of a sovereign
default in LC obligations.
The affirmation of TEB's National Rating with a Stable Outlook
reflects Fitch’s view that the bank's creditworthiness in local
currency relative to other Turkish issuers is unchanged.
VR
The affirmation of TEB's VR at 'b+' considers the bank's asset
quality metrics, which are better than peers, reasonable
profitability and adequate funding and liquidity profile. However,
the VR also reflects TEB's moderate franchise (end-3Q20: 2.2% of
banking sector assets; unconsolidated basis) in the challenging
Turkish operating environment, high exposure to the fairly
high-risk SME segment (end-3Q20: 34% of gross loans at end-3Q20)
and only adequate core capitalisation.
Nevertheless, Fitch sees downside risks to TEB's VR given
uncertainties over the impact of the pandemic and potential further
market volatility. A deeper and more extended economic contraction
than expected would exacerbate operating environment risks,
heightening pressure on the bank's financial metrics. In addition,
regulatory forbearance measures, which are currently providing
uplift to banks' reported asset quality and capital metrics, are
due to fall away at end-June 2021.
TEB has historically pursued a fairly conservative growth strategy,
typically reporting below sector average loan growth. However,
lending grew by 9% (FX adjusted basis) in 9M20 (peer average: 6%),
despite operating environment pressures, and in response to the
asset ratio requirement introduced by the regulators to stimulate
sector growth during the pandemic (but was subsequently removed at
end-2020). The asset ratio requirement also drove an increase in
government securities and swaps with the Turkish Central Bank
(CBRT) at TEB. In 2021, TEB aims to continue focussing on granular
SME and retail lending, following a clean-up of the loan portfolios
since 2018.
Asset-quality risks were already high for TEB entering the crisis,
exacerbated by the below-trend growth in Turkey,
above-sector-average exposure to the risky SME segment and exposure
to the troubled construction and real estate (6% of loans) and
energy (5%) sectors. Exposure to the pandemic-hit tourism sector
(3%) is relatively low. A moderate share of foreign-currency (FC)
lending (18% of loans at end-3Q20; peer average: 37%) also
increases credit risks given that not all borrowers are likely to
be fully hedged against lira depreciation (the lira depreciated by
19% against the US dollar in 2020). However, exposure to long-term
FC investment and project finance loans is limited.
TEB's impaired loans ratio fell moderately to 4.6% at end-3Q20,
from 5.8% at end-2019, despite operating environment pressures,
primarily reflecting regulatory forbearance in respect of loan
classification and high nominal loan growth (16% in 9M20). Net of
forbearance, Fitch estimates the impaired loans ratio was about
75bp higher. Fitch expects impaired loans in absolute terms to rise
moderately as government stimulus measures subside, regulatory
forbearance is phased out (expected by end-1H21) and due to
maturing pandemic-related loan deferrals.
In addition, TEB reported fairly high, albeit below peer average,
Stage 2 loans at end-3Q20 (9.9% of loans; about one-fifth
restructured), which could migrate to Stage 3 as loans season. Loan
deferrals were equal to about 5% of gross loans at end-2020 and
about a third were classified as Stage 2. Total reserve coverage of
impaired loans was below the sector average at 104% at end-9M20,
partly reflecting the bank's focus on SME, and therefore
collateralised, lending.
The improving growth outlook in Turkey (Fitch forecasts 3.5% real
GDP growth in 2021), recent appreciation of the lira and greater
market stabilisation should be moderately supportive of Turkish
banks' asset quality and collection capacities. Nevertheless, risks
remain to the downside given uncertainty over the pandemic,
operating environment volatility and the higher lira interest rate
environment.
TEB's profitability is moderate (9M20: operating
profit/risk-weighted assets (RWA) of 2.3%), although broadly in
line with peers', dampened by its high cost base, limited economies
of scale (costs/assets of 2.8%), and asset quality pressures. The
bank reports an above-sector average net interest margin (NIM;
9M20: 6.0%, or 5.1% FX swap-adjusted), reflecting its focus on
higher-margin, SME lending. However, Fitch expects recently
increased interest rates to put pressure on profitability in 2021,
given that TEB's liabilities reprice faster than its assets,
although margins could normalise in 2H21 if interest rates
stabilise.
TEB's cost of risk (loan impairment charges/average gross loans
ratio) compared well with the peer average in 9M20 (0.9% versus
2.1%) reflecting the clean-up of its loan book prior to the
pandemic (since 2018), ensuing identification of, and adequate
provisioning against, higher risk exposures and relatively high
non-performing loans (NPL) collections in 9M20 (equivalent to about
a third of end-2019 impaired loans). Nevertheless, Fitch believes
loan impairment charges (25% of pre-impairment operating profit in
9M20; 2019: 50%) could increase in 2021 as regulatory forbearance
measures are withdrawn and given the only moderate loan loss
coverage of problematic exposures. Pre-impairment operating profit
(9M20: 3.5% of average loans; 2019: 4.2%) provides a reasonable,
although reduced, buffer to absorb losses through the income
statement.
Fitch views TEB's core capitalisation as only adequate for its risk
profile, internal capital generation and asset quality pressures.
The common equity Tier 1 (CET1) ratio increased to 13.0% at
end-3Q20 (from 12.0% at end-2019), but would have been a lower
10.8% excluding uplift from regulatory forbearance (set to expire
by end-1H21). The total regulatory capital ratio was more
comfortable at 18.8% (or 15.9% net of forbearance) supported by FC
subordinated Tier 2 debt from BNPP, which provides a partial hedge
against potential lira depreciation.
Fitch expects capitalisation to remain under pressure in the near
term due to an increase in RWAs (as forbearance is removed), asset
quality risks, sensitivity to lira depreciation and weaker
profitability. However, it should remain adequate, given the bank's
moderate buffers over minimum regulatory requirements and adequate
reserves coverage (net unreserved NPLs: minus 1% of CET1 at
end-3Q20). Fitch also believes ordinary capital support would be
forthcoming from BNPP, if needed.
TEB is largely deposit-funded (75% of total funding at end-3Q20)
and its loans/deposits ratio (end-9M20: 95%) outperforms peers and
the sector average. Customer deposits, primarily from retail
customers, are sticky despite being contractually short term and
also fairly granular, although FC deposits are significant
(end-9M20: about half, albeit slightly below the sector average).
Wholesale funding is nevertheless fairly high (end-9M20: 25% of
total funding) and is largely in FC, but it includes material BNPP
group funding. Net of the latter, external market funding amounted
to a more moderate 18% of total funding at end-3Q20.
TEB reports good liquidity metrics (Liquidity coverage ratio (LCR)
at end-3Q20: 168%; FC LCR: 375%). At end-3Q20 available FC
liquidity was also sufficient to cover maturing FC wholesale debt
over 12 months plus a moderate share of FC deposits. FC liquidity
comprises mainly FC swaps (primarily with CBRT), FC cash and
interbank placements and FC placed under the reserve option
mechanism at the CBRT. Fitch believes refinancing risks at the bank
should be manageable given low FC debt exposure, good FC liquidity,
potential liquidity support from BNPP and improving market
sentiment. However, FC liquidity could come under pressure from a
change in investor sentiment, FC deposit instability or a prolonged
loss of market access.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The bank's LT IDRs are primarily sensitive to a change in
Turkey's sovereign rating or in Fitch's view of government
intervention risk in the banking sector. A sovereign
downgrade, particularly if triggered by further weakening in
Turkey's external finances or in the country's FX reserves, or
an increase in intervention risk, would likely result in a
downgrade of TEB's LT IDRs.
-- A marked reduction in BNPP's ability and propensity to support
TEB could also result in a downgrade but only if the bank's VR
was simultaneously downgraded.
-- The VR could be downgraded due to a marked deterioration in
the operating environment - as reflected in adverse changes to
the lira exchange rate, interest rates, and economic growth
prospects - or if economic recovery was not as swift as
currently expected by Fitch. In addition, a greater than
expected deterioration of TEB's asset quality and a protracted
weakening in operating profitability would likely lead to a
downgrade of the VR. The headroom at the current VR level
would reduce and TEB's VR would likely be downgraded, if its
CET1 ratio fell and remained below 9% for a sustained period
or if Fitch viewed capitalisation as no longer commensurate
with the bank's risk profile.
-- The National Rating could be downgraded if the bank's LTLC IDR
was downgraded and Fitch believed TEB's creditworthiness had
weakened relative to other rated Turkish issuers.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of the bank's LT IDRs is unlikely in the near term
given the Negative Outlooks. The Outlook on the LT IDRs could
be revised to Stable if Fitch believes that the risk of
government intervention in the banking system has abated, for
example as a result of greater confidence in the
sustainability of Turkey's external financing position. A
significant reduction in intervention risks, likely reflected
in a sovereign upgrade or resulting from a marked improvement
in Turkey's net FX reserves position, could result in an
upgrade.
-- Upside for the VR is limited in the near term in light of the
challenging Turkish operating environment, the bank's moderate
franchise, and the 'BB-' sovereign LTFC IDR. However, a record
of resilient financial metrics notwithstanding the pandemic,
an improvement in underlying asset quality and the maintenance
of adequate core capitalisation in line with its risk profile
would reduce downside risks to the VR.
-- The National Rating could be upgraded if Fitch believed TEB's
creditworthiness improved relative to other rated Turkish
issuers.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond 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.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
TEB IDRs are either driven or underpinned by institutional support
from its majority shareholder, BNPP.
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.
===========================
U N I T E D K I N G D O M
===========================
LOOKERS PLC: Posts GBP50-Mil. Loss in First Half 2020
-----------------------------------------------------
Peter Campbell at The Financial Times reports that embattled car
dealership Lookers booked a GBP50 million loss in the first half of
2020 after the pandemic forced a widespread shutdown of its
showrooms, according to delayed results published on Jan. 29.
According to the FT, the company expects to make a small loss for
the whole year after improved trading in the second half following
the launch of a turnround and a clear out of the board in a
governance overhaul.
Results were delayed after a multiyear fraud probe at the group,
which uncovered tens of millions of pounds of inflated profits, the
FT discloses.
The publication of the half-year results prompted the lifting of a
six-month shares suspension imposed because of delays to producing
2019's accounts, the FT notes.
The group, which is facing a historic mis-selling investigation by
the FCA, suffered a sales fall of 40% to GBP1.6 billion in the
first half, with a GBP50 million pre-tax loss, compared with a
GBP19.6 million profit a year earlier, the FT states.
As well as an underlying loss of GBP36 million, the group also
booked GBP4.2 million in restructuring costs and GBP3.5 million in
fees for advisers related to its investigation and restatements,
according to the FT.
The group previously set aside GBP10.4 million to cover any
expected fine from the mis-selling probe, the FT says.
A restructuring in the first half of last year led to 1,500 job
losses and the sale of 12 sites, but helped boost the company's
profits in the second half of 2020, the FT relates.
TRAFFORD CENTRE: S&P Lowers Class D1(N) Notes Rating to 'BB+'
-------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Trafford Centre
Finance Ltd.'s class A2 and A3 notes to 'A+ (sf)' from 'AA (sf)',
class B, B2, and B3 notes to 'A- (sf)' from 'AA- (sf)', and class
D1(N), D2, and D3 notes to 'BB+ (sf)' from 'BBB+ (sf)'.
Rating rationale
S&P said, "The downgrades follow our updated review of the
transaction's credit and cash flow characteristics. We believe that
a continued decline in cash flows from the property combined with
our view of an increasingly challenging environment for retail
tenants has worsened the notes' credit metrics, including reducing
the junior notes' ability to meet its debt service payments."
Transaction overview
The Trafford Centre Finance is a single loan transaction secured on
the Trafford Centre, a regional shopping center on the outskirts of
Manchester.
The loan within this transaction is divided into eight sub-tranches
that match each class of notes issued. Five of the tranches (A2, B,
B3, D2, and D3) have been issued on a fixed interest rate basis,
while the remaining (A3, B2, and D1[N]) notes pay a floating
interest rate. The notes' legal final maturity dates range between
October 2022 and July 2038.
The loan benefits from scheduled amortization over the
transaction's life. The class A2, B, D1(N), and D2 notes are fully
amortizing notes, and the class A3 notes have partial amortization
with a bullet payment at maturity. The class B2, B3, and D3
sub-tranches are interest-only.
In 2017, Canada Pension Plan Investment Board (CPPIB) provided an
additional GBP250 million subordinate loan facility to Intu,
secured by the equity interest in the Trafford Centre. Following
Intu's administration in June 2020, in the absence of alternative
sources of funding and an unsuccessful sale of the property, CPPIB
confirmed in December 2020 that they had acquired the ownership of
the shopping center.
The Trafford Centre is one of the largest U.K. shopping centers.
The tenant profile comprises a combination of internationally and
nationally recognized retailers, such as Inditex Group, Selfridges,
Next, Hennes & Mauritz AB (H&M), Boots, and Marks & Spencer. Since
our previous review in June 2020, we have not been provided with
updated tenancy details, but at that time the top 10 tenants
accounted for 26% of the passing rent. The reported vacancy level
was equal to 7.6% (based on market rent), and the weighted-average
unexpired lease term to break for the property was 5.8 years.
Based on the last reported market valuation of GBP1,582 million
(Dec. 31, 2019), the transaction has a loan-to-value (LTV) ratio of
42%. Based on comparable evidence of updated valuations for similar
shopping centers in the U.K., reported valuations have decreased by
approximately 30%. Based on this, an updated market valuation for
the Trafford Centre might be expected to be approximately GBP1,100
million, which would reflect an approximate LTV ratio closer to
60%.
An increasing number of retailers are suffering financial
difficulties, which continue to be exacerbated by the effects of
the COVID-19 pandemic in the short to medium term, and the risk of
increased vacancy levels and diminishing rental levels remains. The
risk remains somewhat mitigated in the longer term by the Trafford
Centre being among one of the prime super-regional shopping centers
in the U.K., strong sponsor support, and the potential to create
value through future asset management initiatives. S&P's analysis
has considered these risks when arriving at its long-term vacancy
and rental assumptions.
S&P said, "Since our previous review, our S&P Global Ratings value
has declined by 22% to GBP950 million from GBP1,216 million,
primarily due to a lower rental income assumption of the property,
which we believe will be re-based over the long term. Therefore, we
have reduced the S&P Global Ratings net cash flow (NCF) to GBP65
million from GBP80 million.
"We have then applied a 6.50% capitalization rate against this S&P
Global Ratings NCF (which is an increase from the 6.25% previously
used) and deducted 5.00% of purchase costs to arrive at our S&P
Global Ratings value."
Table 1
Loan And Collateral Summary
Review January 2021 June 2020
(using data from (using data from
October 2020) April 2020)
Securitized loan balance (mil. GBP) 669.1 683.8
Securitized LTV ratio (%) 42 43
Net rental income (mil. GBP) 34.27* GBP87.6
Vacancy rate No updated figure reported 7.6%
Market value: No updated figure reported GBP1,582 million
Net initial yield No updated figure reported 5.2%
Debt service coverage ratio 0.49x 1.07x
*This figure reflects actual rents collected, rather than
contracted rents due.
LTV--Loan to value.
Table 2
S&P Global Ratings' Key Assumptions
Review As Of As Of
January 2021 June 2020
S&P Global Ratings vacancy (%) 10.0 10.0
S&P Global Ratings expenses (%) 7.5 7.5
S&P Global Ratings net cash flow (mil. GBP) 65.0 80.0
S&P Global Ratings value (mil. GBP) 950.0 1,216.0
S&P Global Ratings cap rate (%) 6.50 6.25
Haircut-to-market value (dated Dec. 2019; %) 40 23
S&P Global Ratings LTV ratio
(before recovery rate adjustments; %) 70 56
LTV--Loan to value.
Other analytical considerations
S&P said, "Our ratings analysis also includes an analysis of the
transaction's payment structure and cash flow mechanics. We assess
whether the cash flow from the securitized assets would be
sufficient, at the applicable rating levels, to make timely
payments of interest and ultimate repayment of principal by the
legal maturity date for each class of notes, after taking into
account available credit enhancement and allowing for transaction
expenses and external liquidity support."
The risk of interest shortfalls is mitigated by an GBP80 million
facility that provides liquidity support to service the interest
and certain scheduled principal repayments on the class A and B
notes, if needed. The class D notes also benefit from the same
facility; however, it is subject to a GBP15 million utilization
cap, which, for the class D2 notes, may be made to cover a
shortfall of interest and scheduled principal, and for the class
D1(N) and D3 notes, may be made to cover a shortfall of interest
only.
Reported rent collections (including turnover rents and advertising
income) for March 2020, June 2020, and most recently September
2020, were GBP10.2 million, GBP5.7 million, and GBP12.1 million,
respectively. This compares with approximately GBP22.3 million per
quarter before the onset of COVID-19.
Given the lower collection rates over the last three quarters, the
available cash flow generated from the property has not been
sufficient to service the debt payments on its own. At the October
interest payment date, the reported debt service coverage ratio was
0.49x.
Over this period, S&P understands that CPPIB have been covering the
cash flow shortfalls to meet the debt payments on each class of
notes. Consequently, the issuer has not been required to draw on
the liquidity facility.
S&P said, "The prolonged nature of these reduced collections, which
go beyond any of our standard cash flow stresses, have magnified
the impact of certain structural features in the transaction, which
increase the class D notes' vulnerability to an interest shortfall.
These structural features are the liquidity facility's obligation
to draw down for scheduled principal as well as interest, which is
relatively uncommon compared with most CMBS transactions, and the
utilization cap for these classes of notes. We have therefore
notched down from our model output to reflect the elevated cash
flow risk in light of the COVID-19-induced liquidity stress.
"Our analysis also included a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since our previous review and is commensurate with the ratings
assigned."
Rating actions
S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly in arrears, and the payment
of principal no later than the legal final maturity dates.
"In our view, the transaction's credit quality has declined further
due to the ongoing structural shift in the physical retail sector,
as well as the continued operational disruption resulting from the
spread of COVID-19. We believe this may continue to negatively
affect the cash flows available to the issuer. Although the
magnitude of these effects will ultimately depend on how long the
lockdown and social distancing measures are maintained."
The combination of the above factors results in a reduced
assumption of the long-term sustainable cash flow for the property
and, in turn, a lower S&P Global Ratings value. This results in a
S&P Global Ratings LTV ratio of 47.3%, 57.6%, and 70.4% for the
class A pari passu notes, class B pari passu notes, and class D
pari passu notes, respectively.
Together with transaction-level considerations (such as the
availability of the liquidity facility), S&P has therefore lowered
its ratings to 'A+ (sf)' from 'AA (sf)' on the class A2 and A3
notes, to 'A- (sf)' from 'AA- (sf)' on the class B, B2, and B3
notes, and to 'BB+ (sf)' from 'BBB+ (sf)' on the class D1(N), D2,
and D3 notes.
As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Health and safety.
TUCAN TRAVEL: Enters Administration Due to COVID-19 Impact
----------------------------------------------------------
Business Sale reports that West London-based tour operator Tucan
Travel, which has been in business for 33 years, has fallen into
administration due to the "severe impact" of COVID-19.
The company offered trips to worldwide destinations, but
specialised in travel to South America.
Tucan had initially suspended holidays in March 2020, but had
continued selling trips for 2021 onward, Business Sale recounts.
However, due to the continuing impact of COVID-19, which has led to
an influx of customer cancelling bookings and demanding refunds, it
has ceased trading with immediate effect, Business Sale notes.
According to Business Sale, in a statement, the company said: "The
coronavirus pandemic has had a severe impact on many businesses in
particular the travel industry."
The statement went on to say: "There is unlikely to be any normal
international leisure travel until 2022 and so with a heavy heart,
the decision was taken in the best interests of everyone concerned
to place the company into administration."
As a result of the administration, all staff will be made
redundant. Customers with existing bookings have been told they
will be contacted with details regarding making a claim for any
payments made, Business Sale discloses.
[*] UK: Top London Venues Turn to Crowdfunding to Survive
---------------------------------------------------------
Alice Hancock at The Financial Times reports that top London venues
faced with a sharp drop in footfall in the UK capital have turned
to crowdfunding to survive as government support packages fail to
cover steep overhead costs.
According to the FT, Crowdfunder, one of the UK's largest
crowdfunding platforms, said it had launched 227 campaigns for pubs
or restaurants since the beginning of the coronavirus crisis, 95 of
them for London venues.
With pandemic restrictions keeping international and domestic
customers away and forcing venues to close or limit sales, pubs,
bars and restaurants have had revenues cut off, the FT discloses.
Without more cash, many businesses face administration or closure,
the FT
notes.
Cafe de Paris, a 96-year-old nightclub in London's West End shut
its doors for good in December, while Mayfair's Conduit Club, which
counted former Unilever boss Paul Polman among its members, closed
in October after it failed to agree a financial restructuring with
lenders, the FT recounts.
Many in the sector fear a cliff edge at the end of March when
support measures including VAT relief, a business rates holiday and
a moratorium on eviction for non-payment of rent will stop, the FT
states.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week February 1 to February 5, 2021
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Europcar Mobility Group 4.12511/15/2024 EUR 70.704
Intralot Capital Luxemb 5.250 9/15/2024 EUR 42.069
Voltalia SA 1.000 1/13/2025 EUR 32.928
PB International BV 7.625 1/26/2022 USD 65.210
Europcar Mobility Group 4.000 4/30/2026 EUR 70.303
Intralot Capital Luxemb 6.750 9/15/2021 EUR 65.032
Transportes Aereos Port 5.625 12/02/2024 EUR 68.615
Casino Guichard Perrach 0.767 EUR 33.874
Accor SA 0.700 12/07/2027 EUR 52.232
Casino Guichard Perrach 3.992 EUR 54.801
Andrade Gutierrez Inter 9.50012/30/2024 USD 62.931
DTEK Finance PLC 10.75012/31/2024 USD 63.750
Tullow Oil PLC 7.000 03/01/2025 USD 70.887
European TopSoho Sarl 4.000 9/21/2021 EUR 64.907
Fuerstenberg Capital II 5.625 EUR 52.979
Obrascon Huarte Lain SA 4.750 3/15/2022 EUR 71.847
Carnival PLC 1.00010/28/2029 EUR 72.783
Vallourec SA 4.125 10/04/2022 EUR 5.140
Wirecard AG 0.500 09/11/2024 EUR 7.250
Rallye SA 4.371 1/23/2023 EUR 19.000
Rallye SA 4.000 04/02/2021 EUR 19.418
Obrascon Huarte Lain SA 5.500 3/15/2023 EUR 71.557
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
Valaris plc 7.750 02/01/2026 USD 8.750
Maisons du Monde SA 0.125 12/06/2023 EUR 42.393
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
Intelsat Jackson Holdin 5.500 08/01/2023 USD 69.938
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
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN 1529-2754.
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contact Peter Chapman at 215-945-7000.
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