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

                          E U R O P E

          Monday, March 1, 2021, Vol. 22, No. 37

                           Headlines



A Z E R B A I J A N

MUGANBANK OJSC: S&P Alters Outlook to Stable, Affirms 'CCC+/C' ICRs


F I N L A N D

NOKIA CORP: S&P Alters Outlook to Positive & Affirms 'BB+' ICR


G E R M A N Y

AVS HOLDING: Moody's Completes Review, Retains B2 CFR
WIRECARD AG: Head of Germany's Watchdog to Step Down Amid Probe


I R E L A N D

BLUEMOUNTAIN EUR 2021-1: Moody's Gives (P)B3 Rating to Cl. F Notes
CAIRN CLO IV: Fitch Assigns BB-(EXP) Rating on Class E-RR Notes
HAYFIN EMERALD I: Fitch Affirms B-(EXP) Rating on Class F-R Debt
HAYFIN EMERALD I: Moody's Gives (P)B3 Rating to Class F-R Notes
PENTA CLO 5: Moody's Gives B3 Rating on EUR10.15M Class F-R Notes

SMURFIT KAPPA: Moody's Raises Secured & Unsecured Notes From Ba1


L U X E M B O U R G

ARDAGH GROUP: S&P Affirms B+ Issuer Credit Rating, Outlook Stable
ARDAGH METAL: Fitch Affirms First-Time 'B+(EXP)' LongTerm IDR
ARDAGH METAL: Moody's Assigns First Time B1 Corp. Family Rating


N E T H E R L A N D S

EUROSAIL-NL 2007-1: Moody's Upgrades EUR12.8M Class D Notes to B2


P O L A N D

ST3 OFFSHORE: Put Up for Sale Following Bankruptcy


S P A I N

GC PASTOR 5: S&P Affirms 'B+' Rating on Class A2 Notes


S W E D E N

DOMETIC GROUP: Moody's Affirms Ba2 CFR & Alters Outlook to Stable


T U R K E Y

[*] TURKEY: SMEs Warn Ending Pandemic Support May Spur Job Losses


U N I T E D   K I N G D O M

ATOTECH LTD: S&P Upgrades ICR to 'B+' on Successful IPO
ATOTECH UK: Moody's Raises CFR to B1, Outlook Stable
IRVINE-WHITLOCK: To Shut Down Following Losses
TECHNIPFMC PLC: Moody's Assigns Ba1 CFR on Energies Unit Spin-off


X X X X X X X X

[*] BOND PRICING: For the Week February 22 to February 26, 2021
[*] EUROPE: Massive Covid-19 Bailouts Prop Up "Zombie" Companies

                           - - - - -


===================
A Z E R B A I J A N
===================

MUGANBANK OJSC: S&P Alters Outlook to Stable, Affirms 'CCC+/C' ICRs
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Muganbank OJSC to stable
from negative and affirmed the 'CCC+/C' long- and short-term issuer
credit ratings.

S&P said, "We revised the outlook to stable from negative because
the bank's funding and liquidity profile have become more stable
over the past three months.   Furthermore, Muganbank's liquidity
has strengthened during the same period, supported by a more stable
deposit base and funds from the central bank. Liquid assets stood
at Azerbaijani new manat (AZN) 97 million as of Feb. 19, 2021
(about 15% of total assets). The bank remained in compliance with
the quick liquidity regulatory ratio in January 2020–February
2021. It has maintained the ratio consistently above 40% since
early December 2020 against the minimum of 30%, and it was 77% on
Feb. 19, 2021.

"We assume Muganbank can maintain sufficient liquidity in 2021,
supported by the more stable deposit environment.   We do not
envisage significant deposit outflows after the government's
unlimited guarantee for retail deposits in the system expires on
April 4, 2021. If the unlimited guarantee is not extended, the
guaranteed amount will reduce to AZN100,000 (about $58,800) per
person. Only about 15% of Muganbank's deposits are above this
amount and some of them are to related parties, which we consider
to be less confidence sensitive."

Muganbank recorded a loss of AZN2.2 million before provisions for
2020 under local accounting standards.   It decided to increase
deposit rates in 2020 to contain deposit outflows, which negatively
pressured its profitability. The net result was positive only
thanks to provision write-backs on recovered nonperforming loans
(NPLs). Muganbank's performance under International Financial
Reporting Standards (IFRS) could be significantly weaker, owing to
differences in provisioning.

As of year-end 2020, Muganbank's regulatory capital adequacy ratios
were well above the minimum.   The Tier 1 ratio was 15.3% versus
the minimum of 5%, and the total capital adequacy ratio was 18.7%
versus the minimum of 10%. S&P expects the bank will remain
compliant with local regulatory ratios, even though it expects its
risk-adjusted capital ratio (RAC) to remain very low, at about 1%,
in 2021. The wide gap between the RAC ratio and the local
regulatory ratio indicates higher provisions under IFRS versus
regulatory provisions. Stage 3 loans reduced to about 18% at
year-end 2020 from 26% at year-end 2019, mainly due to write-offs
and sales of problem loans to pensioners to other banks.

Improvements in liquidity notwithstanding, we believe that
Muganbank's business model remains fragile and may require support
from the majority shareholder.   S&P understand that Muganbank is
planning to review its strategy in the coming months to tackle its
low profitability metrics and growth plans.

S&P said, "The stable outlook reflects our expectations that the
recovering macroeconomic environment in Azerbaijan will be
supportive to the bank's stability, and that Muganbank will be able
to maintain sufficient liquidity and will not experience material
customer deposit outflows in the next 12 months.

"We could take a negative rating action over the next 12 months if
Muganbank's liquidity weakens due to resumed deposit outflows and
the outflows are not fully and on time compensated by support,
either from the bank's shareholder or the Central Bank of
Azerbaijan as lender of last resort."

S&P could take a positive rating action in the next 12 months if
the bank demonstrates:

-- A track record of adequate liquidity;

-- Stability of retail deposits following the transition from the
full deposit guarantee in April 2021;

-- A positive trend in asset quality through further reduction of
legacy NPLs;

-- Strengthening capitalization through increased retained
earnings and/or a capital injection; and

-- A budding track record of its new medium-term strategy that
aims to make its business model profitable and sustainable.




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

NOKIA CORP: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Nokia Corp. to stable
from negative, and affirmed its 'BB+/A-3' ratings on Nokia  Corp
and its 'BB+' rating on its unsecured debt.

The stable outlook reflects S&P's expectations that Nokia will post
positive S&P Global Ratings-adjusted FOCF of at least EUR500
million annually in 2021 and 2022, supporting leverage remaining
below 1.5x, FOCF to debt above 15%, and funds from operations (FFO)
to debt of above 60%.

S&P expects pressure on Nokia's EBITDA margin from nonrecurring
items will ease further in 2021.

Nokia's S&P Global Ratings-adjusted EBITDA margin improved to 9.9%
in 2020 from 9.2% in 2019 and an average of 7.2% between 2016-2018.
This improvement primarily relates to nonrecurring items--including
restructuring and integration costs as well as network equipment
swaps--declining to EUR654 million in 2020 from EUR714 million in
2019 and EUR1.2 billion annually over 2016-2018. The decline
primarily follows the completion of the Alcatel-Lucent integration
and network equipment swaps in 2019. S&P said, "For 2021 and 2022,
we expect that the adjusted EBITDA margin could improve to about
11%-12%, given a further decline in nonrecurring items, since we
expect general restructuring costs will sink, leaving our estimate
of total annual nonrecurring items at about EUR200 million-EUR500
million (of which about half are charged to the income statement
and the other half are cash outflows from previous years'
restructurings). In addition, margin improvements also stem from
operating leverage, shifts in product mix leading to more
profitable contracts, and System-on-a-Chip (SoC) rollouts for its
5G base station products powered by ReefShark. During 2020, Nokia
benefitted from a regional shift to the higher-margin North
American market." It also made better-than-expected progress in
rolling out its SoC, with 43% 5G product shipments being Reefshark
compared with the 30% target for the fourth-quarter of 2020,
reducing product costs and power consumption. Nokia targets 70% of
shipments to be Reefshark by the end of 2021 and 100% by 2022.

S&P expects the gradual improvements in Nokia's EBITDA margin will
allow for sustainable improvement in cash flows.

The profitability improvement and lower cash outflows from previous
restructuring programs should flow through to Nokia's FOCF. S&P
said, "We expect FOCF will improve to about EUR500 million-EUR800
million annually (EUR250 million-EUR550 million after lease
payments) during 2021-2022 from an average of negative EUR400
million during 2016-2019 and following EUR1,273 million in 2020. We
note that the strong cash flow improvement in 2020 also includes a
EUR500 million early payment from a customer that was made in the
last days of 2020, translating to adjusted free cash flow of EUR773
million on a normalized payment cycle."

High research and development (R&D) requirements will continue to
somewhat weigh on margins.

S&P said, "In our view, Nokia will likely face increasing R&D
requirements, at least in the near term, given its stated strategy
to achieve technological leadership within critical networks. This
will require Nokia to sustain high R&D costs, potentially
increasing the R&D expense as a percent of sales to a higher level
than the 18%-19% recorded in 2019-2020 (about EUR4.0 billion-EUR4.5
billion). At the same time, we expect that Nokia's profitability
will benefit from cost synergies from 2021 following the completion
of the Alcatel-Lucent integration and cost-saving programs
(approximately EUR500 million of cost savings in 2020)."

Competition remains intense and revenue decline in mobile networks
will likely continue in 2021.

Nokia has lost market share in the global market for the radio
access network (RAN) segment, which represents about 45% of the
company's net sales, and is the largest submarket within the total
telecom equipment market. The loss in market share primarily
relates to relatively strong market growth in China compared to the
rest of the world over the past few years due to its strong 4G and
(to a lesser extent) 5G momentum. S&P said, "Nokia's market share
in the very competitive Chinese market is low, and we believe it is
unlikely to increase. Excluding China, we estimate that Nokia's
global market share to have remained stable at about 27% in 2020,
despite market share headwinds in North America. However, for 2021,
we estimate that its market share might decline to about 25%-27%
(excluding China), mainly due to some challenges in converting 4G
agreements to 5G in North America, and operators' willingness to
diversify their vendor base to non-European companies, including
Samsung, intensifying competition. This could be somewhat balanced
by some market share gains in Europe, if more countries follow the
U.K. and Sweden in imposing restrictions on Huawei's activities in
their respective countries. In Europe, Huawei had about 40% of the
mobile networks market, however, these geopolitical issues have led
to swap opportunities for Nokia as well as Ericsson."

Nokia's broad product portfolio with strong market positions across
segments protects it against revenue fluctuations in individual
subsegments.

S&P said, "After an estimated 8.7% revenue drop in mobile networks
in 2020, we expect Nokia's revenue in this segment will continue to
decline in 2021 due to the challenging competitive environment in
China and North America, near-term delays in 5G deployments in
Europe, COVID-19-related delays in Latin America, and regulatory
issues in India. However, we expect that revenue growth in network
infrastructure, which we expect will be about 3% annually between
2021-2023, and modest growth in the Nokia Technologies segment will
balance the decline in mobile networks, leaving revenue growth
about flat in 2021 on a constant currency basis. We expect that
this growth will primarily stem from fixed access and fixed
wireless deployments, IP routing sales to communication service
providers (CSPs) as well as enterprise customers and to some extent
from submarine networks. Nokia currently holds a top 3 global
market position in all these segments, including a 32% market share
in fixed access (excluding China), and it is the global leader in
submarine networks. In our view, there could also be potential for
market share growth in coming years, since some CSPs and
governments have the same security concerns with network
infrastructures from Chinese vendors as they did with mobile
networks.

"The stable outlook reflects our expectation that in the next 12
months Nokia will post about flat revenue growth on a constant
currency basis. We expect Nokia's EBITDA margin will improve to
11%-12% from 9.9% in 2020, mainly due to lower nonrecurring costs
and mobile network product cost reductions. This would support FOCF
generation of EUR500 million-EUR600 million (EUR250 million-EUR350
million after lease payments), adjusted FOCF to debt of more than
15%, FFO to debt of above 60%, and adjusted debt to EBITDA well
below 1.5x.

"We could lower the rating if FOCF after lease payments
deteriorated below EUR250 million on a prolonged basis, equivalent
to our adjusted FOCF-to-debt ratio of below 15%. We could also
lower the rating if adjusted debt to EBITDA increases above 1.5x,
with FFO to debt below 60%. We think this could result from
increased competition, a material loss of market share and setbacks
in addressing the challenges of its mobile access product
portfolio, compounded by sluggish performance in other segments and
higher-than-expected restructuring costs.

"We could raise the rating if Nokia's revenue and profitability
prospects improved materially, likely from an improved market
position in the mobile RAN market and higher growth than
anticipated in other segments. This improvement would need to be
reflected in FOCF generation after lease payments exceeding EUR800
million and FOCF to debt of well above 25%, on a sustainable
basis."




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

AVS HOLDING: Moody's Completes Review, Retains B2 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of AVS Holding GmbH and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 24, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations

AVS's B2 Corporate Family Rating is supported by the company's (a)
leading position in the German, Belgian, UK, and Swedish traffic
safety services markets, (b) the group's integrated business model,
which includes the manufacturing of mobile barriers, representing
some barriers to entry, (c) relatively high and stable
profitability margins, with an EBITA margin (Moody's adjusted) of
over 15% (as of September 2020), and (d) historically high free
cash flow generation.

The rating is constrained by AVS's: (a) very small size, with sales
of only approximately EUR460 million (LTM September 2020, pro forma
the acquisition of Chevron and Ramudden) and the absence of a track
record as a combined entity, (b) low product diversification
combined with reliance on public infrastructure spending, and (c)
high financial leverage of approximately 5.6x debt/EBITDA (Moody's
adjusted), expected for fiscal year 2020, pro forma for the
acquisition of Chevron and Ramudden.

The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.


WIRECARD AG: Head of Germany's Watchdog to Step Down Amid Probe
---------------------------------------------------------------
Hans Seidenstuecker and Tom Sims at Reuters report that the head of
Germany's accounting watchdog, under fire for failing to spot
wrongdoing ahead of the collapse of the payments company Wirecard,
is stepping down.

The agency, formally known as the Financial Reporting Enforcement
Panel (FREP), said in a statement on Feb. 24 that President Edgar
Ernst is leaving his post at his own wish, effective Dec. 31,
Reuters relates.

Germany's financial watchdog BaFin called on FREP in February 2019
to investigate Wirecard's accounts, but it had not yet issued
results by the time the company collapsed in June 2020, Reuters
recounts.

According to Reuters, Mr. Ernst earlier this month told a committee
of Germany's parliament investigating the Wirecard case that FREP
had no chance to uncover malfeasance because it was not equipped
with tools to do forensic accounting.




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I R E L A N D
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BLUEMOUNTAIN EUR 2021-1: Moody's Gives (P)B3 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by BlueMountain
EUR 2021-1 CLO DAC (the "Issuer"):

EUR217,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR35,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR22,800,000 Class C Deferrable Mezzanine Floating Rate Notes due
2034, Assigned (P)A2 (sf)

EUR23,600,000 Class D Deferrable Mezzanine Floating Rate Notes due
2034, Assigned (P)Baa3 (sf)

EUR16,600,000 Class E Deferrable Junior Floating Rate Notes due
2034, Assigned (P)Ba3 (sf)

EUR10,500,000 Class F Deferrable Junior Floating Rate Notes due
2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology. The Issuer is a managed cash flow
CLO. At least 90% of the portfolio must consist of senior secured
obligations and up to 10% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be 96% ramped as of
the closing date and to comprise of predominantly corporate loans
to obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the approximately 6 month ramp-up
period in compliance with the portfolio guidelines.

Assured Investment Management, LLC ("Assured Investment
Management") will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 4.3 year reinvestment period.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations or
credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR31,900,000 Subordinated Notes due 2034 which
are not rated. The transaction incorporates interest and par
coverage tests which, if triggered, divert interest and principal
proceeds to pay down the notes in order of seniority.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high.

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR350m

Diversity Score: 47

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years


CAIRN CLO IV: Fitch Assigns BB-(EXP) Rating on Class E-RR Notes
---------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO IV DAC refinancing notes
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

DEBT               RATING  
----               ------
Cairn CLO IV B.V.

A-R     LT  AAA(EXP)sf   Expected Rating
B-R     LT  AA(EXP)sf    Expected Rating
C-R     LT  A(EXP)sf     Expected Rating
D-R     LT  BBB-(EXP)sf  Expected Rating
E-RR    LT  BB-(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Cairn CLO IV DAC is a cash flow collateralised loan obligation
(CLO). On the refinance closing date, the class A, B, C, D and E
notes will be redeemed and re-issued at lower spreads. The
portfolio is managed by Cairn Loan Investments LLP. The
reinvestment period is scheduled to end in April 2021.

KEY RATING DRIVERS

Average Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the current portfolio is 33.03.

High Recovery Expectations

The portfolio comprises only 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 identified portfolio
is 62.74%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 15%
and no obligor represents more than 1.75% of the portfolio
balance.

WAL Extended

On the refinancing date, the weighted average life (WAL) covenant
will be extended by 12 months to 5.6 years. Concurrently, the Fitch
test matrix will be updated.

Deviation from Model-Implied Rating

The rating of the class E notes is one notch higher than the
model-implied ratings. The rating is supported by the significant
default cushion on the current portfolio at the assigned rating due
to the notable cushion between the covenants of the transaction and
the portfolio's parameters. The class E notes passed the assigned
rating based on the current portfolio and the coronavirus
sensitivity analysis that the agency uses for surveillance.

RATING SENSITIVITIES

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

-- A 25% reduction of the mean default rate (RDR) across all
    ratings and a 25% increase in the recovery rate (RRR) across
    all ratings will result in an upgrade of no more than five
    notches across the structure, apart from the class A notes,
    which are already at the highest 'AAAsf' rating.

-- The transaction has a reinvestment period and the portfolio
    will be actively managed. At closing, Fitch uses a
    standardised stress portfolio (Fitch's stress portfolio) that
    is 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 stress portfolio assumed at closing, an upgrade of the
    notes during the reinvestment period is unlikely, as the
    portfolio's credit quality may still deteriorate, not only by
    natural credit migration, but also through reinvestments.

-- After the end of the reinvestment period, upgrades may occur
    if there is 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:

-- A 25% increase of the mean RDR across all ratings and a 25%
    decrease of the RRR across all ratings will result in
    downgrades of between two and five notches across the
    structure.

-- Downgrades may occur if the build-up of the notes' 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 disruptions to supply and demand due to
    coronavirus for other vulnerable sectors become apparent, loan
    ratings in such sectors would also come under pressure. Fitch
    will update the sensitivity scenarios in line with the view of
    its leveraged finance team.

Coronavirus Baseline Scenario

Fitch carried out a sensitivity analysis on the current portfolio
to envisage the coronavirus baseline scenario. The agency notched
down the ratings for half of underlying assets with corporate
issuers on Negative Outlook by one notch (floor at 'CCC'). This
scenario shows resilience of the assigned ratings, with a
substantial cushion across all the notes.

Coronavirus Downside Sensitivity

Fitch also considers a sensitivity analysis that contemplates a
more severe and prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
of assets with corporate issuers on Negative Outlook regardless of
sector. Under this downside scenario, all classes pass the current
ratings.

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

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. 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
Recognised Statistical Rating Organisations 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.

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.


HAYFIN EMERALD I: Fitch Affirms B-(EXP) Rating on Class F-R Debt
----------------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO I DAC's refinancing
notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

DEBT               RATING  
----               ------  
Hayfin Emerald CLO I DAC

A-R      LT  AAA(EXP)sf   Expected Rating
B-R      LT  AA(EXP)sf    Expected Rating
C-R      LT  A(EXP)sf     Expected Rating
D-R      LT  BBB-(EXP)sf  Expected Rating
E-R      LT  BB-(EXP)sf   Expected Rating
F-R      LT  B-(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Hayfin Emerald CLO I DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. The note proceeds will be used to
redeem existing notes except for the subordinated notes and to fund
the current portfolio with a target par of EUR406.8 million. The
portfolio is managed by HayFin Capital Management LLP. The CLO
envisages a 4. 5-year reinvestment period and an 8.5-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the current
portfolio is 34.6, below the indicative WARF covenant of 35.5.

Recovery Inconsistent with Criteria (Negative): At least 90% of the
portfolio will comprise 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 portfolio is 62.3% based on
Fitch's latest criteria and 64.5% based on the recovery rate
provision as defined in the transaction documents. Both are above
the indicative WARR covenant of 62.0%.

The recovery rate provision does not reflect the latest rating
criteria, so assets without a recovery estimate or recovery rate by
Fitch can map to a higher recovery rate than the criteria. For
this, Fitch has applied a haircut of 1.5% to the WARR, which is in
line with the average impact on the WARR of EMEA CLOs following the
criteria update.

Diversified Portfolio (Positive): The indicative 10 largest
obligors' limit at 23% is higher than the top 10 obligors' exposure
at 17% of the portfolio. The transaction also includes various
concentration limits, including the maximum exposure to the three
largest (Fitch-defined) industries in the portfolio at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Model Implied Ratings Deviation (Negative): The assigned ratings of
all classes are one notch above the model implied rating (MIR). All
notes pass one notch below the assigned ratings based on the stress
portfolio with the maximum default rate shortfall at the target
rating at -3%. The deviation reflects the transaction's steady
performance, and the positive cushion across the capital structure
based on the current portfolio and the coronavirus baseline
scenario.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up- and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

-- A 125% default multiplier applied to the portfolio's mean
    default rate, and with this being subtracted from all rating
    default levels, and a 25% increase of the recovery rate at all
    rating recovery levels, would lead to a downgrade of up to
    five notches for the rated notes, except the class A-R 'notes,
    which are already at the highest rating.

-- At closing, Fitch uses a standardised stress portfolio
    (Fitch's Stressed Portfolio) that is customised to the
    specific portfolio limits for each transaction as specified in
    the transaction documents. Even if the actual portfolio shows
    lower defaults and losses (at all rating levels) than the
    Fitch's Stressed Portfolio assumed at closing, an upgrade of
    the notes during the reinvestment period is unlikely, given
    the portfolio credit quality may still deteriorate, not only
    by natural credit migration, but also by reinvestments.

-- After the end of the reinvestment period, upgrades may occur
    in case of a better than initially expected portfolio credit
    quality and deal performance, leading to higher credit
    enhancement and excess spread available to cover for losses on
    the remaining portfolio.

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

-- A 125% default multiplier applied to the portfolio's mean
    default rate, and with the increase added to all rating
    default levels, and a 25% decrease of the recovery rate at all
    rating recovery levels, would lead to a downgrade of up to
    five notches for the rated notes.

-- Downgrades may occur if the built up of the notes' credit
    enhancement following amortisation does not compensate for a
    higher loss expectation than initially assumed due to
    unexpected high level of default and portfolio deterioration.

Coronavirus Baseline Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100% (floor at 'CCC'). All
ratings can withstand the coronavirus baseline sensitivity.

Coronavirus Downside Scenario

The CLO coronavirus downside scenario assumes all corporate
exposure on Negative Outlook is downgraded by one notch (floor at
'CCC'). In this scenario, the class A to C notes' ratings will not
be affected while the class D to F notes will be one notch lower
than their current ratings.

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

Hayfin Emerald CLO I DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. 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.

HAYFIN EMERALD I: Moody's Gives (P)B3 Rating to Class F-R Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Hayfin Emerald CLO I DAC (the "Issuer"):

EUR247,250,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR29,750,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR25,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR28,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,600,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR10,900,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer will issue the refinancing notes in connection with the
refinancing of the following classes of notes: Class X Notes, Class
A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C
Notes, Class D Notes, Class E Notes and Class F Notes due in 2031
(the "Original Notes"). On the refinancing date, the Issuer will
use the proceeds from the issuance of the refinancing notes to
redeem in full the Original Notes.

In addition, the CLO will issue the Class M notes that, on each
payment date, will receive a Subordinated Class M Return Amount
(0.35% pa of collateral principal amount).

On the Original Closing Date, the Issuer also issued EUR 42,050,000
of subordinated notes, which will remain outstanding. The terms and
conditions of the subordinated notes will be amended in accordance
with the refinancing notes' conditions.

As part of this full refinancing, the Issuer will renew the
reinvestment period at four and a half years and extend the
weighted average life Test to 8.5 years. It will also amend certain
concentration limits, definitions and minor features. In addition,
the Issuer will amend the base matrix and modifiers that Moody's
will take into account for the assignment of the definitive
ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, high yield bonds and
mezzanine obligations. The underlying portfolio is expected to be
fully ramped as of the closing date.

Hayfin Emerald Management LLP ("Hayfin") will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high.

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 406.8m

Diversity Score: 47*

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 8.5 years


PENTA CLO 5: Moody's Gives B3 Rating on EUR10.15M Class F-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Penta
CLO 5 Designated Activity Company (the "Issuer"):

EUR2,500,000 Class X-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR245,450,000 Class A-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR33,400,000 Class B-1-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR22,300,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR26,250,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR10,150,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer will issue the notes in connection with the re-issuance
of the following classes of notes (the "Original Notes"):
EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2032,
EUR158,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, EUR90,000,000 Class A-2 Senior Secured Floating Rate Notes
due 2032, EUR32,900,000 Class B-1 Senior Secured Floating Rate
Notes due 2032, EUR5,000,000 Class B-2 Senior Secured Fixed Rate
Notes due 2032, EUR23,900,000 Class C Senior Secured Deferrable
Floating Rate Notes due 2032, EUR26,600,000 Class D Senior Secured
Deferrable Floating Rate Notes due 2032, EUR22,500,000 Class E
Senior Secured Deferrable Floating Rate Notes due 2032,
EUR12,900,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032 previously issued on December 20, 2018 (the "Original
Closing Date").

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of senior secured obligations and up to 5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to is fully ramped up as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe.

Partners Group (UK) Management Ltd ("Partners Group") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 10% or EUR250,000 over the first ten
payment dates.

On the Original Closing Date, the Issuer also issued EUR40.6
million of Subordinated Notes, which will remain outstanding. In
addition, the Issuer will issue EUR1.8 million of additional
Subordinated Notes on the refinancing date. The terms and
conditions of the existing subordinated notes will be amended in
accordance with the refinancing notes' conditions.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high.

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000.00

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 45.00%

Weighted Average Life (WAL): 8.5 years


SMURFIT KAPPA: Moody's Raises Secured & Unsecured Notes From Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Europe's
leading manufacturer of paper-based packaging Smurfit Kappa Group
plc (SKG), assigning a long-term issuer rating of Baa3.
Concurrently, the rating agency has upgraded instrument ratings of
the senior secured and unsecured notes issued by SKG's subsidiaries
to Baa3 from Ba1. The outlook has been changed to stable from
positive.

"The upgrade reflects the company's reduced leverage target and its
commitment to an investment grade rating. Credit metrics have
already been relatively strong in recent years and the equity
capital increase in November 2020 improved them even further. The
change in financial policy reduces the risk of re-leveraging in
coming years when the company is planning to accelerate investments
in order to keep pace with growth in e-commerce and sustainable
packaging", says Vitali Morgovski, a Moody's Assistant Vice
President -- Analyst and lead analyst for SKG.

Moody's has also withdrawn SKG's corporate family rating of Ba1 and
probability of default rating of Ba1-PD following its upgrade to
Baa3, as per the rating agency's practice for corporates with
investment grade ratings.

RATINGS RATIONALE

SKG's rating is supported by the group's large scale, regionally
diversified business profile with a leading market position in
paper-based packaging. While SKG's product portfolio is more
concentrated compared with some of its investment grade rated
peers, with sustainable, 100% recyclable paper-packaging solutions
it is focused on a structurally growing part of the forest products
industry. The company continues to innovate and to increase the
penetration of corrugated packaging solutions by substituting
plastic-based packaging.

The EUR650 million net proceeds from the equity capital increase in
November 2020, aimed to support future EUR1.2 -- 1.4 billion of
growth investments in 2021-23, reduced SKG's net leverage (company
defined) to 1.6x by the year-end 2020 (2.1x in 2019). With the
recent change in leverage target to 1.5x -- 2x from 1.75x -- 2.5x
before and the commitment to investment grade rating, SKG has
clearly signaled its willingness to retain the relative strength of
its balance sheet. The rating action is hence reflecting a more
conservative financial policy, which Moody's consider as a part of
its governance assessment.

Also Moody's adjusted credit metrics such as gross leverage ratio
at 2.9x and retained cash flow-to-debt at 23% at the end of 2020
were relatively firm despite the pandemic, both exceeding
quantitative guidance for the previous rating. Moreover, Moody's
believes that industry dynamics are favorable for SKG as e-commerce
growth and environmental pressures to replace plastic packaging
with paper-based alternatives increases the demand for paper
packaging.

SKG's profitability has been on an improving trend over the past
decade and its Moody's adjusted EBITDA margin averaged around the
mid-teens in percentage terms since 2010. The recent increase in
old corrugated container prices and to a lesser extend higher
energy costs present a challenge for profitability in the near
term. However, Moody's expects that the company will be able to
keep its profitability around the mid-teens level in the coming
12-18 months partly due the strength of its integrated business
model.

At the same time, higher investments in the coming few years will
likely result in a very limited, if any, free cash flow generation
post dividend payments. Though, in light of the company's leverage
and rating commitment Moody's expects SKG to scale down investments
in case of adverse market development.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that SKG
will sustain its leverage within the reduced target range.
Furthermore, Moody's expects that SKG will continue operating with
Moody's-adjusted EBITDA margin around the mid-teens in percentage
terms despite increasing input costs as demand for corrugated
containers/ containerboard remains solid.

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

Positive rating pressure could arise if:

-- Moody's adjusted gross leverage were to decline below 2.5x on a
sustained basis;

-- Moody's adjusted retained cash flow/ debt ratio were to improve
above 25% on a sustained basis;

-- Increased scale, operational flexibility or product
diversification

Conversely, negative rating pressure could arise if:

-- Moody's adjusted gross leverage were to increase above 3.0x on
a sustained basis;

-- Moody's adjusted retained cash flow/ debt ratio were to decline
below 20% on a sustained basis;

-- A sustained deterioration in operating performance

LIQUIDITY

SKG's liquidity profile is solid. At the end of 2020, SKG reported
EUR891 million of cash and cash equivalents, which were further
supplemented by EUR1.25 billion available under the EUR1.35 billion
sustainability linked revolving credit facility (RCF), maturing in
January 2026 and the EUR412 million available under the
securitisation facilities. Despite increased level of targeted
investments, Moody's expects SKG's internally generated cash flow
to largely cover its dividends and capital spending over the next
12-18 months.

ESG CONSIDERATIONS

Despite the fact that the paper and paper-packaging industry is a
fairly large consumer of energy and water in the production
processes, with occasional environmental incidents, Moody's score
it as "moderate risk" in our environmental heat map. This score
means that Moody's believe the industry's exposure to environmental
risk is broadly manageable, or it could be material to credit
quality in the medium to long term (five or more years).

SKG is among the leaders in the environmental sustainability
transition in Europe. The company has recently raised its 2030 CO2
reduction target to 55% from 40% previously, relative to the 2005
baseline and aims to reach net zero fossil emissions by 2050. Until
recently, the group reported a 33% reduction in fossil CO2 emission
intensity compared to 2005. SKG has also raised its target in terms
of certified sustainable raw materials to 95% by 2025 from 90%
previously and plans to reduce the water intake of its paper and
board mills.

Social considerations for SKG are predominantly related to safety,
employee development and inclusion. But it also includes diversity
of its workforce with specific targets on female representation
across the group and among managers.

As a publicly listed company SKG has a well-established corporate
governance structure, consisting of an audit committee, a
compensation committee, a nominations committee and a
sustainability committee, supplemented by a series of codes of
conducts and policies covering a number of areas relating to
operational and managerial practices. Its financial policies
balance the interests of creditors, which includes 1.5x -- 2x net
leverage target and a commitment to investment grade rating, with
investments in business and a growing dividend stream.

LIST OF AFFECTED RATINGS:

Issuer: Smurfit Kappa Acquisitions

Upgrades:

-- BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to
Baa3 from Ba1

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from
Ba1

Outlook Actions:

-- Outlook, Changed To Stable From Positive

Issuer: Smurfit Kappa Group plc

Assignments:

LT Issuer Rating, Assigned Baa3

Withdrawals:

LT Corporate Family Rating, Withdrawn, previously rated Ba1

Probability of Default Rating, Withdrawn, previously rated Ba1-PD

Outlook Actions:

Outlook, Changed To Stable From Positive

Issuer: Smurfit Kappa Treasury Funding Limited

Upgrades:

BACKED Senior Secured Regular Bond/Debenture, Upgraded to Baa3
from Ba1

Outlook Actions:

Outlook, Changed To Stable From Positive

Issuer: Smurfit Kappa Treasury Unlimited Company

Upgrades:

BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3
from Ba1

Outlook Actions:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.

COMPANY PROFILE

Headquartered in Dublin, Ireland, Smurfit Kappa Group plc (SKG) is
Europe's leading manufacturer of containerboard and corrugated
containers as well as specialty packaging, such as bag-in-box
packaging of liquids like water or wine. The group operates in 23
European countries and 12 countries in the Americas. In 2020, SKG
generated EUR8.5 billion in revenue. The group employs around 46
thousand people and has a primary listing on the London Stock
Exchange and a secondary listing on the Irish Stock Exchange with a
market capitalization of around EUR10.5 billion currently.




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

ARDAGH GROUP: S&P Affirms B+ Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on Ardagh Group S.A. and
its subsidiaries at 'B+' and assigned its 'B+' issuer credit rating
to Ireland-based Ardagh Metal Packaging Finance PLC, one of the
co-issuers of the proposed notes.

S&P said, "We are assigning issue ratings of 'BB' and recovery
ratings of '1' to the proposed $1.15 billion senior secured notes
due 2028. We are also assigning issue rating of 'B+' and recovery
ratings of '3' to the proposed senior unsecured notes due 2029.

"The stable outlook indicates that Ardagh's credit metrics are
likely to will remain commensurate with a highly leveraged
financial risk profile. We expect S&P Global Ratings-adjusted
leverage to decline toward 7x over the next two years, from 8.1x in
December 2020, on the back of EBITDA growth and the use of most of
the proceeds from the note issuance to repay debt."

Ardagh Group plans to issue around $1.125 billion in equity and
$2.65 billion in debt and apply much of the proceeds to debt
repayments at the Ardagh Group S.A. level in 2021.  S&P Global
Ratings does not expect this transaction to affect the group's
leverage much. S&P expects debt to EBITDA to remain above 7.5x at
year-end 2021 and would still assess the financial risk profile as
highly leveraged.

S&P expects Ardagh Metal Packaging S.A. (AMP) to remain a core
entity of the group.  AMP generates around half of Ardagh Group's
revenue and EBITDA. It is the second-largest beverage can producer
in Europe and the third-largest in North America and Brazil. Ardagh
Group intends to remain the majority shareholder of AMP, but could
lower its stake to below 80%.

In S&P's view, the group's expansion plan will continue to
undermine free operating cash flow (FOCF) generation.  Ardagh Group
plans to invest $1.6 billion in expansion projects over the next
two years, on top of annual maintenance capital expenditure (capex)
of $400 million. Most of the expansion projects relate to its metal
can operations, a packaging segment that currently benefits from
strong demand, particularly in the U.S., where there is a shortage
of local U.S.-based suppliers. Demand is supported by
sustainability trends, such as the infinite recyclability of metal
cans and the move away from plastic packaging. Although these
investments will result in negative FOCF in 2021 and 2022, it
expects them to boost EBITDA from 2021 onward.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions 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."

S&P said, "Despite high growth investments, the stable outlook
reflects our expectation that Ardagh's credit metrics will remain
commensurate with our highly leveraged financial risk profile
category. We expect adjusted leverage to decline toward 7x in the
next two years, from 8.1x in December 2020, based on EBITDA growth
and the debt repayments that are expected to follow the note
issuance.

"We could lower the rating if Ardagh Group's financial policy
became more aggressive (for example, if it undertook a large
debt-funded acquisition or dividend payment) or Ardagh Group failed
to reduce debt as we expect. This could occur if Ardagh chose not
to use most of the proceeds from the note issuance to repay debt.

"We would also consider lowering the rating if capex exceeded our
current investment plan or Ardagh Group's profitability
deteriorated because the cost of freight or raw material rose and
it was unable to pass this onto customers. A substantial decline in
demand for glass packaging in the U.S., quality problems, or the
loss of a key customer could also hamper or delay the group's plans
to reduce leverage.

"Although unlikely in the near term, we could raise the ratings on
Ardagh Group if its credit metrics improved substantially, so that
net debt to EBITDA fell below 5.0x and FFO to debt exceeded 12% on
a sustained basis."


ARDAGH METAL: Fitch Affirms First-Time 'B+(EXP)' LongTerm IDR
-------------------------------------------------------------
Fitch Ratings has assigned Ardagh Metal Packaging SA (AMP) an
expected first-time Long-Term Issuer Default Rating (IDR) of
'B+(EXP)'. The Outlook is Stable.

The agency has also assigned AMP's upcoming notes an expected
senior secured rating of 'BB+(EXP)'/ 'RR1'/100% and senior
unsecured rating of 'BB-(EXP)'/'RR3'/59%.

The final ratings are contingent upon the receipt of final
documentation conforming materially to information already received
and details regarding the issuing entities, amount, security
package and tenor.

AMP's IDR is aligned with and based on the consolidated credit
profile of parent Ardagh Group S.A.'s (Ardagh; B+/Stable). This
reflects moderate linkage between AMP and Ardagh under Fitch's
Parent and Subsidiary Linkage (PSL) Rating Criteria.

AMP's Standalone Credit Profile (SCP) of 'bb' is stronger than that
of Ardagh and is underpinned by a leading market position in metal
beverage packaging, long-term partnership with customers and
geographical diversification, resilient profitability through the
cycle and expected moderate leverage. Limited product
diversification and eroded free cash flow (FCF) generation in
2021-2022 from significant capacity investments act as a SCP
constraint. Nevertheless, pre-contracted capacity investment and
stable demand for sustainable packaging solutions over the long
term is a key mitigating factor.

The Stable Outlook reflects expected solid operating and financial
performance supported by favourable market conditions. AMP's
operating performance was resilient in 2020 despite the pandemic
and the company was able to maintain positive FCF.

KEY RATING DRIVERS

'bb' SCP: The SCP of AMP reflects its leading market position,
geographical diversification, exposure to non-cyclical end-markets,
a favourable market environment, and long-term relationship with
key customers. It reflects forecast funds from operations (FFO)
gross leverage of about 5.3x by end-2021 with strong deleveraging
capacity. Fitch expects sustainable cash-flow generation post its
USD1.9 billion investment programme. In Fitch's rating case, FFO
gross leverage will not exceed 4.5x at end-2022, supporting Fitch's
view of a solid SCP.

Parent and Subsidiary Linkage: Fitch assesses the overall linkage
between AMP and Ardagh as moderate, based on Fitch's approach for a
weak parent and strong subsidiary. Ardagh as majority shareholder
controls the strategic decisions of AMP and its board of directors.
In addition, Ardagh will provide AMP with board services (including
investor relations etc) but also financing and treasury management
via long-term service agreements.

Moderate Legal and Operational Ties: The debt financing of AMP will
be separate from Ardagh, with no cross-guarantees or cross-default
provisions and separate security packages. However, in Fitch's view
the moderate legal and operational ties, including management of
major contractual relationships and limited caps on up-streaming of
cash under the contemplated debt financing, allow the parent to
control AMP's assets and cash. AMP's rating is therefore aligned
with Ardagh's IDR and is based on the consolidated credit profile
of Ardagh.

Solid Global Market Position: AMP is among the largest global metal
beverage can producers and is exposed to stable end-markets. It
benefits from high operational flexibility through its global
network of manufacturing facilities that are located close to
customers. The company's market position, long-term partnership
with customers and capital-intensive business act as
moderate-to-high entry barriers.

Material Investment Programme: AMP is undertaking a USD1.9 billion
investment programme to enhance its production capacity globally.
Around USD1.3 billion of capex will be spent in 2021-2022, eroding
FCF generation. However, the ambitious capex programme will allow
AMP to capitalise on structural demand for beverage cans and
increase its share of specialty cans to over 60% by 2024 from 40%
currently. This should support revenue, profitability and FCF
growth and further strengthen its competitive position. Fitch
forecasts sustainable FCF margins of around 5% from 2023. This
compares favourably with peers' 3%-5%.

Healthy and Resilient Profitability: AMP benefits from resilient
revenue and cashflow generation from the non-cyclical beverage
end-market and increased sustainability awareness and demand for
metal beverage cans, in particular. AMP's Fitch-defined EBITDA
margin of 14%-15% in 2018-2020 is comparable to that of packaging
peers such as Silgan Holdings Inc. and Amcor plc. Resilient
profitability is supported by the ability to pass on cost increases
to customers, mitigating volatility in raw materials prices.
Planned capex and increased share of specialty cans should support
AMP's profitability further. Fitch forecasts EBITDA margin to reach
19% by 2024.

Strong Deleveraging Capacity: Following Ardagh's planned sale of
19% of AMP and the issue of senior secured and senior notes of
USD2.7 billion Fitch forecasts AMP's FFO gross leverage at about
5.3x end-2021. Sustainable revenue and EBITDA growth over the next
three years provides deleveraging capacity with FFO gross leverage
around 3.5x by end-2023 under Fitch's rating case.

Financial Policies Define Deleveraging Path: The incurrence of
additional debt and restricted payments will depend on capital
allocation decisions by AMP's shareholders. Although there is no
intention to pay dividends currently, this may be revised at a
later stage. Ability to make restricted payments is unlimited once
net debt/ EBITDA is below 4.5x according to preliminary
documentation. Fitch forecasts dividend payments of about USD100
million in 2023 and USD250 million in 2024.

Narrow Product Diversification: AMP has a diversified global
footprint with about 46% of revenue generated in North America in
2020, 43% in Europe and about 11% in Brazil. Nevertheless, the
company's SCP is constrained by a narrow product mix as AMP is a
pure metal beverage can producer. This is mitigated by growing
sustainability awareness of regulators and customers supporting
AMP's niche in metal cans that will be strengthened by the
company's ambitious investment programme.

DERIVATION SUMMARY

AMP is one of the leading metal beverage can producers globally.
The company's business profile is weaker than that of higher-rated
peers such as Amcor plc (BBB/Stable), Smurfit Kappa Group plc
(BBB-/Stable), Berry Global Group, Inc (BB+/Stable) and Silgan
Holdings Inc. (BB+/Stable) due to much smaller scale of operations
and lower customer diversification. In addition, the business
profile of AMP is limited versus that of peers by its narrow
product exposure as a pure producer of metal beverage cans.

Similar to peers, AMP has healthy and resilient profitability with
an expected FFO margin of about 12% in 2020-2021. This compares
well with Amcor, Smurfit Kappa and Berry Global. Financial profile
is additionally supported by sustainable FCF generation, which will
however be under temporary pressure from planned material capex
during 2021-2022.

Nevertheless, AMP's leverage is higher versus higher-rated peers'
with forecast FFO leverage at about 5.3x at end-2021. However,
sustainable cash-flow generation should allow AMP to reduce FFO
gross leverage towards 3.5x by end-2023, which is comparable to
Silgan Holdings' 3.8x.

KEY ASSUMPTIONS

-- Revenue to increase about 5% in 2020-2021, on average 13% for
    2022-2023

-- EBITDA margin at about 15% in 2020, rising to about 18%-19% by
    2022-2023

-- Equity sale proceeds of USD1.1 billion in 2021

-- Issue of USD2.7 billion of notes in 2021 with maturities of
    seven and eight years

-- About USD3.4 billion cash, following the equity sale, to be
    up-streamed to Ardagh

-- Significant rise of capex during 2021-2022 with total capex of
    about USD2.2 billion in 2020-2023

-- No dividend payments prior to 2023 when forecast dividend pay
    out is about USD100 million

-- No M&A

Key Recovery Rating Assumptions:

-- The recovery analysis assumes that AMP would be considered a
    going concern (GC) in bankruptcy and that it would be
    reorganised rather than liquidated

-- Fitch's going-concern value available for claims is estimated
    at USD2.3 billion assuming GC EBITDA of USD500 million. The GC
    EBITDA reflects stress assumptions from the loss of a major
    customer, a secular decline or ESG-related adverse regulatory
    changes related to AMP's operations or the packaging industry
    in general. The assumption also reflects corrective measures
    taken in the reorganisation to offset the adverse conditions
    that trigger the default.

-- A 10% administrative claim.

-- An enterprise value (EV) multiple of 5.5x is used to calculate
    a post-reorganisation valuation. The choice of multiple is
    based on AMP's global market position in an attractive
    sustainable niche with resilient end-market demand, but also a
    less diversified product offering and some traits of
    commoditisation within packaging.

-- Fitch deducts about USD130 million from the EV, relating to
    the company's highest usage of factoring facility, in line
    with Fitch's criteria.

-- Fitch estimates the total amount of senior debt claims at
    USD2.7 billion, which includes senior secured notes of
    USD1,150 million and senior unsecured notes of USD1.5 billion.

-- After deducting priority claims, the principal waterfall
    results in 'RR1'/100% for senior secured notes and in
    'RR3'/59% for senior unsecured notes.

-- As the majority of revenues and a security package
    representing 75%-80% of EBITDA under the senior secured notes
    is generated in group A countries under Fitch's criteria, we
    are not capping the senior secured notes' Recovery Rating
    despite the parent company being domiciled in Luxembourg.

RATING SENSITIVITIES

AMP

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

-- An upgrade of Ardagh's IDR from an improved consolidated
    credit profile

-- Weakening of operational and legal ties between Ardagh and AMP

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

-- A downgrade of Ardagh's IDR

-- Ardagh

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

-- Positive FCF margins towards mid-single digits on a sustained
    Basis.

-- FFO interest coverage sustainably greater than 3.0x

-- Clear deleveraging commitment and disciplined financial policy
    leaving FFO gross leverage sustainably below 5.5x

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

-- EBITDA margin deteriorating to below 15%

-- Neutral FCF, thereby reducing financial flexibility

-- FFO interest coverage less than 2.5x

-- FFO gross leverage including payment-in-kind greater than 7.5x
    on a sustained basis

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 Expected: Following the debt issue and
upstreaming of cash to Ardagh Fitch expects AMP's cash balance to
be about USD335 million, of which about USD70 million is restricted
for intra-year working capital needs. Thus, readily available cash
of about USD265 million and credit facilities basket under the debt
documentation should be sufficient to cover expected negative FCF
of about USD530 million in 2021.

AMP will have a favourable debt repayment profile with no scheduled
maturities till 2028 following the planned issue of secured and
unsecured notes. Fitch-adjusted short-term debt is represented by a
drawn factoring facility of USD117 million; this debt
self-liquidates with factored receivables.


ARDAGH METAL: Moody's Assigns First Time B1 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating and B1-PD probability of default rating to recently
created Luxembourg based metal beverage can manufacturer Ardagh
Metal Packaging S.A. (AMP or the "company"). Concurrently, Moody's
has assigned a Ba2 rating to the proposed $1,150 million equivalent
guaranteed senior secured notes due 2028 and a B3 rating to the
proposed $1,500 million equivalent guaranteed senior unsecured
notes due 2029, both to be co-issued by Ardagh Metal Packaging
Finance plc and Ardagh Metal Packaging Finance USA LLC. The outlook
on all ratings is stable.

AMP is the metal packaging business of ARD Finance SA (Ardagh, B3
stable), parent of Ardagh Group S.A. As announced by Ardagh on
February 23, AMP will be listed on the NYSE through the business
combination with Gores Holding V, a special purpose acquisition
company sponsored by an affiliate of The Gores Group. Upon
completion of the transaction, expected in Q2 2021, and assuming no
redemptions by Gores Holdings V's public stockholders, Ardagh will
retain approximately 80% stake in AMP. As part of the transaction,
AMP will issue $1,150 equivalent senior secured notes and $1,500
million equivalent senior unsecured notes. Proceeds from the notes
will be used to provide cash consideration to Ardagh Group S.A.,
for general corporate purposes and to pay fees and expenses related
to the transaction.

"The B1 rating is currently weakly positioned in light of the
company's high gross leverage and the expectation of negative free
cash flow for the next two years which will add pressure on
liquidity. The rating is constrained by AMP's business
concentration in terms of product offering, end-market and customer
base, the execution risk associated with its $1.8 billion growth
plan including the risk of industry overcapacity with negative
effect on prices and profitability " says Donatella Maso, Moody's
Vice President, and lead analyst for AMP. "At the same time, the
rating is supported by AMP's leading position in the consolidated
but equally competitive metal beverage can industry, and potential
for significant earnings growth supported by contracted capacity
additions and positive demand trends for beverage cans", adds Ms
Maso.

RATINGS RATIONALE

The B1 CFR assigned to AMP is weakly positioned but supported by
the company's leading market position as world's third largest
beverage can manufacturer in a well-structured and consolidated but
equally competitive industry with some barriers to entry; positive
market fundamentals for beverage cans driven by sustainability
trends, the emergence of new drinks categories and undersupply in
certain regions, which combined with the contracted capacity
additions will support the EBITDA growth in the next few years; and
its 2020 resilient performance during the coronavirus pandemic.

Conversely, the B1 rating is constrained by AMP's business
concentration in terms of product, end-market and customers; a
degree of exposure to fluctuating input prices and currencies,
albeit mitigated by pass though clauses in majority of customers
contracts, hedging, and by the debt being issued in different
currencies matching cash flows; the execution risk associated with
the $1.8 billion investment plan across multiple facilities,
countries and regions, and concentrated in 2021 and 2022; potential
for industry overcapacity with negative effect on prices and
profitability if the anticipated demand for beverage cans does not
materialise; and the expectation of negative free cash flow (FCF)
until 2023, mainly driven by the announced large growth investment
spending.

The rating is also constrained by the high opening leverage
expected to be above 6.0x, as adjusted by Moody's, and based on
FY2020 EBITDA and the appetite for high leverage of the broader
group, albeit the company's stated intention is to operate under a
net leverage of 3.0x-3.5x which translates in Moody's adjusted
leverage of 4.0x-4.5x. The rating nonetheless assumes that the
company will delever towards 5.0x over the next two years as
revenues and EBITDA will benefit from the additional built
capacity, backed by customer contracts. However, considering the
expected cash overfund of $225 million and the cash which will be
absorbed prior to closing due to the business seasonality, the
company will need to fund the investment plan with external sources
of liquidity in the next two years, which may result in some
volatility in the leverage metric and delay any significant
improvement in deleveraging.

The rating assumes that the business combination and the listing of
AMP will be executed as outlined including the signing of a new
asset base lending facility (ABL) facility of sufficient size that
will help the company to finance its investment plan.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

AMP is subject to a broad range of environmental and health and
safety laws, including those governing discharges to air, soil and
water, the handling and disposal of hazardous substances. Various
proposed and instituted mandates around the globe demonstrate the
increased focus on environmental issues in the industry including
improving recyclability and reducing waste. Moody's views AMP's
exposure to these laws and regulation as manageable. Furthermore,
aluminium displays the highest recycling rates compared to glass
and PET, and it can be recycled continuously in a cost-efficient
manner without loss of quality.

From a social risk perspective, AMP can benefit from an increasing
demand for aluminium products because of growing environmental
awareness and preference for recyclable packaging among consumers;
greater focus on sustainability among customers; and regulations
intended to reduce greenhouse gases, curb the use of plastics and
invest in recycling infrastructure.

Governance risks are more relevant for AMP than environmental and
social considerations. Although AMP will likely benefit from a
level of transparency typical of publicly listed companies, its
ownership will be concentrated with the Ardagh Group S.A., which
will retain approximately 80% stake post listing. Ardagh has also
the right amongst other things to nominate the board directors in
proportion to its shares in AMP and to approve certain material
actions as long as it holds at least 40% of the outstanding shares
in the company. At completion of the transaction, the CEO and CCO
of Ardagh will act as Chairman and Vice-Chairman of AMP
respectively and nine directors will be nominated by Ardagh. These
considerations could limit the independence of the board of AMP and
ultimately influence its business and financial policies.

LIQUIDITY

Moody's views AMP's liquidity currently as weak for its near-term
requirements. The liquidity is supported by $482 million pro forma
cash on balance sheet at close, albeit based on the cash position
at the end of 2020 and the overfund from the transaction, the
expectation for a new ABL of sufficient size, and access to
uncommitted non-recourse factoring arrangements. These sources are
deemed sufficient to cover seasonal fluctuations in working
capital, maintenance capital spending while there are no material
near term debt maturities. However, the anticipated negative free
cash flow over the next two years will likely result in increasing
funding needs. Moody's also expects that the company will not
distribute dividends until 2023.

The new ABL facility will be subject to a springing financial
covenant that will require AMP to maintain a 1.0x fixed charge
coverage ratio, tested quarterly, if global borrowing availability
is less than a percentage to be agreed of the lesser of (i) the
commitments as of such date and (ii) the global borrowing base as
of such date. Moody's expects AMP to maintain adequate flexibility
to the covenants in the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The B1 CFR has been assigned to AMP, the top entity of the
restricted group that will provide consolidated financial
statements going forward. The B1-PD PDR is aligned with the CFR
based on a 50% recovery rate, as is customary for transactions
including both bonds and bank debt.

The Ba2 instrument rating assigned to the $1,150 million equivalent
guaranteed senior secured notes is two notches above the CFR mainly
reflecting the significant amount of debt ranking junior to the
notes. The B3 instrument rating assigned to the $1,500 million
equivalent guaranteed senior unsecured notes is two notches lower
than the CFR, reflecting their subordination to the sizeable amount
of senior secured debt that ranks ahead.

Upon completion of the transaction, the senior secured notes will
be secured by share pledges and floating charges over assets in
England, Wales and the US. The senior secured notes will rank
junior with respect to the ABL's collateral. Both senior secured
and senior unsecured notes will be guaranteed by the parent
guarantor (AMP) and its subsidiaries which represent 73% of
aggregate assets and 74% of consolidated EBITDA as of December
2020.

The notes issued within the AMP restricted group will be ring
fenced, with no cross default provisions with the debt sitting at
its parent company (Ardagh) and no upstream or downstream
guarantees.

RATIONALE FOR STABLE OUTLOOK

AMP is initially weakly positioned in the B1 rating category and
Moody's expects the company to build capacity within its rating
overtime and to improve its liquidity. The stable outlook reflects
Moody's view that AMP's future earnings will benefit from the
expected capacity additions which will result in financial leverage
to gradually reduce from the opening level and in FCF to improve
beyond 2022 and that the company will maintain an adequate
liquidity profile. The outlook also incorporates our assumption
that AMP will successfully execute its expansion plan, will
maintain a stable customer base and will not engage in material
shareholder distributions.

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

An upgrade on the rating is unlikely in the near term as the
company is initially weakly positioned in the rating category.
Positive pressure on the rating could arise overtime if AMP
executes and completes successfully its can capacity growth plan
and demonstrates a track record of consistent and prudent financial
policies maintaining a Moody's adjusted leverage sustainably below
4.5x and generating sustained positive free cash flow.

Negative pressure on the rating could arise if the company fails to
gradually reduce its Moody's adjusted leverage gross leverage from
the opening level during 2021 and does not delever below 5.5x by
the end of 2022; its FCF remains negative beyond 2022, or the
company fails to establish an ABL facility of sufficient size upon
closing the transaction or if its liquidity weakens. More
aggressive financial policy or a deterioration on AMP's parent
company's rating could also add pressure on its rating.

LIST OF AFFECTED RATINGS

Issuer: Ardagh Metal Packaging S.A.

Assignments:

Probability of Default Rating, Assigned B1-PD

LT Corporate Family Rating, Assigned B1

Outlook Action:

Outlook, Assigned Stable

Issuer: Ardagh Metal Packaging Finance plc

Assignments:

BACKED Senior Secured Regular Bond/Debenture, Assigned Ba2

BACKED Senior Unsecured Regular Bond/Debenture, Assigned B3

Outlook Action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.

COMPANY PROFILE

AMP is a global manufacturer of metal cans for the beverage
industry. AMP operates through 23 plants located in 9 countries
across Europe, North America and Brasil. AMP has recently announced
the intention to build 21 billion can of additional capacity over
the period 2021-2024 with an investment of $1.8 billion. For the
financial year ending December 31, 2020, AMP generated
approximately $3.5 billion of revenue and $545 million of EBITDA,
as reported by the company.

AMP is a Luxembourg based company, expected to be listed on the New
York Stock Exchange in Q2 2021. Upon completion of the IPO, Ardagh
will remain the majority shareholder with 80% share.




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

EUROSAIL-NL 2007-1: Moody's Upgrades EUR12.8M Class D Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two Classes
of Notes in Eurosail-NL 2007-1 B.V. The rating action reflects
better than expected collateral performance as well as the
increased levels of credit enhancement for the affected Notes.
Moody's has also affirmed the ratings of the Notes that had
sufficient credit enhancement to maintain the current ratings on
the affected Notes.

EUR306.3M Class A Notes, Affirmed Aaa (sf); previously on Jul 31,
2019 Affirmed Aaa (sf)

EUR14.5M Class B Notes, Affirmed Aaa (sf); previously on Jul 31,
2019 Upgraded to Aaa (sf)

EUR14.0M Class C Notes, Upgraded to Aa3 (sf); previously on Jul
31, 2019 Affirmed A3 (sf)

EUR12.8M Class D Notes, Upgraded to B2 (sf); previously on Jul 31,
2019 Affirmed Caa1 (sf)

RATINGS RATIONALE

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transaction has been largely stable since
the last rating action in July 2019. Whilst 90 days plus arrears
increased slightly to 5.3% of current pool balance as at January
2021 from 4.9% in July 2019, cumulative losses remained broadly
unchanged at 17.9% of original pool balance, compared to 17.6% in
July 2019.

Moody's decreased the expected loss assumption to 7.5% as a
percentage of original pool balance from 8.93% due to better than
expected performance.

Increase in Available Credit Enhancement

Sequential amortization and currently non-amortizing reserve fund
led to the increase in the credit enhancement available in this
transaction.

For instance, the credit enhancement for Class C and Class D
increased to 20.2% and 6.4% from 16.9% and 5.4% since the last
rating action in July 2019.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
consumer assets from the current weak economic activity in the
Netherlands and a gradual recovery for the coming months. Although
an economic recovery is underway, it is tenuous and its
continuation will be closely tied to containment of the virus. As a
result, the degree of uncertainty around Moody's forecasts is
unusually high.

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

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; and (3) improvements in the credit quality of
the transaction counterparties

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.




===========
P O L A N D
===========

ST3 OFFSHORE: Put Up for Sale Following Bankruptcy
--------------------------------------------------
Adrijana Buljan at offshoreWIND.biz reports that Polish
manufacturer of steel foundations for offshore wind farms, ST3
Offshore -- which declared bankruptcy in March 2020 -- has been put
up for sale by the Official Receiver of the company in insolvency.

According to offshoreWIND.biz, a tender has been issued for the
sale of ST3 Offshore with a reserve price of the company amounting
to PLN234,680,000 net (around EUR52 million).

To participate in the tender procedure, bids (unconditional and
written in Polish) should be submitted in two copies until 2:00
p.m. on March 10, offshoreWIND.biz discloses.  One copy should be
submitted to the District Court Szczecin-Center in Szczecin, and
the other to the company's Official Receiver, offshoreWIND.biz
notes.

A bidder also needs to submit proof of payment of a bid bond of
PLN23 million (around EUR5.1 million) to the bank account of ST3
Offshore Sp. z o. o. in insolvency, offshoreWIND.biz states.
Bidders also have the right to visit the company on working days
from 10:00 a.m. to 2:00 p.m. after setting the deadline, according
to the tender invitation, offshoreWIND.biz says.

At the beginning of 2020, ST3 Offshore filed for bankruptcy as both
its order book and financial support dried up, offshoreWIND.biz
recounts.  The Szczecin-Centrum District Court then officially
declared the company bankrupt on March 31, offshoreWIND.biz
discloses.

Before going bankrupt, the Polish manufacturer was producing
foundations for offshore wind farms outside Poland, according to
offshoreWIND.biz.




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

GC PASTOR 5: S&P Affirms 'B+' Rating on Class A2 Notes
------------------------------------------------------
S&P Global Ratings affirmed its 'B+ (sf)' credit rating on GC
Pastor Hipotecario 5, Fondo de Titulizacion de Activos' class A2
notes, and its 'D (sf)' ratings on the class B, C, and D notes.

S&P said, "The affirmations follow the implementation of our
revised criteria and assumptions for assessing pools of Spanish
residential loans. They also reflect our full analysis of the most
recent information that we have received and the transaction's
current structural features.

"Upon revising our Spanish RMBS criteria, we placed our rating on
the class A2 notes under criteria observation. Following our review
of the transaction's performance and the application of our updated
criteria for rating Spanish RMBS transactions, the rating is no
longer under criteria observation.

"Our weighted-average foreclosure frequency (WAFF) assumption at
the 'AAA' level has decreased due to the calculation of the
effective loan-to-value (LTV) ratio, which is based on 80% original
LTV (OLTV) and 20% current LTV (CLTV). Under our previous criteria,
we used only the OLTV. Our 'AAA' WAFF assumption also declined
because of the transaction's decrease in arrears and the reduced
share of self-employed borrowers and loans related to second homes.
However, our WAFF assumptions at the 'A' level and below increased
following our revision of the base foreclosure frequencies at the
'B' level to 2.5% from 2.0% for Spanish RMBS transactions (see
"Residential Mortgage Market Outlooks Updated For 13 European
Jurisdictions Following Revised Economic Forecasts," published on
May 1, 2020). Our weighted-average loss severity (WALS) assumptions
have decreased at all levels due to the lower CLTV and lower market
value declines. The reduction in our WALS is partially offset by
the increase in our foreclosure cost assumptions."

  Table 1

  Credit Analysis Results

  Rating   WAFF (%)  WALS (%)  Credit coverage (%)
  AAA      14.82     10.14        1.50
  AA       11.49      7.48        0.86
  A         9.81      3.56        0.35
  BBB       8.48      2.11        0.18
  BB        7.07      2.00     0.14
  B         6.09      2.00        0.12

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

Loan-level arrears increased since 2018 and now stand at 5.60%.
Overall delinquencies are slightly below our Spanish RMBS index.

Cumulative defaults, defined as loans in arrears for a period equal
to or greater than 18 months, represent 10.8% of the closing pool
balance. The class B, C, and D interest deferral triggers, which
are irreversible, were breached previously. S&P expect the defaults
to continue accumulating.

S&P said, "Our analysis also considers the transaction's
sensitivity to the potential repercussions of the coronavirus
outbreak. As of the pool cut-off date (November 2020), 1.01% of
loans are on payment holidays under the Spanish moratorium schemes.
The government announced it will approve a new payment holiday
scheme available until March 31, 2021, where the payment holidays
could last up to three months. In our analysis, we considered the
potential effect of this extension and the liquidity risk the
payment holidays could present should they become arrears in the
future.

"Our operational, sovereign, and legal risk analyses remain
unchanged since our previous review. Therefore, the ratings
assigned are not capped by any of these criteria."

The servicer, Banco Santander S.A., has a standardized, integrated,
and centralized servicing platform. It is a servicer for many
Spanish RMBS transactions.

The swap counterparty is CaixaBank S.A. Considering the remedial
actions defined in the swap counterparty agreement, which are not
in line with our current counterparty criteria, the maximum rating
the notes can achieve in this transaction is 'A- (sf)', the
resolution counterparty rating (RCR) on the swap counterparty,
unless we delink our ratings on this transaction from the
counterparty.

Given that the reserve fund has been fully depleted since 2010, and
that the transaction is undercollateralized by EUR31.5 million, the
available credit enhancement is nil for the class B, C, and D
notes, and only 0.45% for the class A2 notes. The notes amortize
sequentially.

S&P said, "We have affirmed our 'B+ (sf)' rating on the class A2
notes. Under our cash flow analysis, this class could achieve a
higher rating than the one assigned. However, we have limited our
upgrade based on the low credit enhancement and the lack of support
from the fully depleted reserve. In addition, we have considered
that the transaction's performance deteriorated over the past few
years, the level of arrears has increased since 2018, and defaults
continue to accumulate. Furthermore, the macroeconomic environment
is weakened with an expected deterioration of unemployment in the
next years that could weigh on the assets' credit quality. Finally,
in terms of cashflow output, the class A2 notes are highly
sensitive to the assumption we make on the recovery rate for
already defaulted assets.

"The class B, C, and D notes continue to miss their interest
payments. We have therefore affirmed our 'D (sf)' ratings on these
classes of notes.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions 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."




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

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

RATINGS RATIONALE

The rating action is driven by the expectation of a continued
recovery of Dometic's key credit metrics following a trough in the
second quarter of 2020. Although the short-term impact from the
COVID-19 pandemic was material in terms of organic growth and
profitability, the company's most important customers such as
producers of recreational vehicles, motorboats and trucks have
shown strong signs of recovery which Moody's believes will persist
at least during 2021. Incorporating Dometic's strong track record
of generating material free cash flow through the cycle, even
during the pandemic, Moody's see that the risk of negative ratings
pressure that Moody's previously anticipated has now abated.

Although Dometic's Moody's-adjusted debt / EBITDA of 5.6x for 2020
remains elevated for the current Ba2 rating, this is mitigated by
the company's history of maintaining a significant cash balance
resulting in a Moody's-adjusted net debt / EBITDA ratio of 2.7x as
well as a strong profitability even at times of slowing sales.
Nevertheless, Moody's notes that it could take the company as long
as 18 months until the gross leverage threshold of below 4.0x is
reached, which, however, is mitigated by the high cash balance. The
rating action also takes into account the expectation that cash
will be used either to repay debt or for growth investments.

The affirmation of Dometic's Ba2 rating reflects as positives
current favourable industry trend of outdoor life, which has
strengthened during the pandemic and which Moody's believes will
continue to benefit the recovery of Dometic's credit profile. The
stabilisation of the rating outlook is also based on the assumption
that the recent resurgence of COVID-19 cases will be manageable and
that vaccines will likely be widely available to the general public
by around midyear.

OUTLOOK

The change in outlook to stable from negative is based on Moody's
expectation of the company reaching key credit metrics commensurate
with the Ba2 rating within the next 18 months, which includes a
debt / EBITDA ratio of below 4.0x and a high single-digit free cash
flow / debt ratio. Although Moody's expects credit ratios to remain
somewhat weak for the assigned rating in Moody's forward view, this
is mitigated by the company's good liquidity and profitability
returning to pre-covid levels already in 2021.

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

Positive ratings pressure would build if Dometic's debt/EBITDA
decreased towards 3.0x and its EBITA-margin would increase back
above 15%. Furthermore, an upgrade would rest on a balanced
financial policy.

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

PRINCIPAL METHODOLOGY

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

Actions Taken:

Outlook Actions:

Issuer: Dometic Group AB

Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Dometic Group AB

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating (Local Currency), Affirmed Ba2

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

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2

PROFILE

Dometic Group AB (Dometic), headquartered in Solna, Sweden, is a
leading global manufacturer of various products in the areas of
Food & Beverage, Climate, Power & Control and Other Applications.
Dometic operates in the Americas, EMEA and Asia Pacific, providing
products for use in recreational vehicles, trucks and premium cars,
pleasure and workboats, and for a variety of other uses. The
company manufactures its products across 28 manufacturing sites in
twelve countries under various brands including Dometic (the core
brand) and other supporting brands. In 2020, the company reported
revenue of SEK16.2 billion and EBITDA of SEK1.9 billion. The
company is listed on the Stockholm Stock Exchange with a market cap
of SEK34.2 billion.



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

[*] TURKEY: SMEs Warn Ending Pandemic Support May Spur Job Losses
-----------------------------------------------------------------
Firat Kozok and Selcan Hacaoglu at Bloomberg News report that
Turkey's small businesses warned President Recep Tayyip Erdogan
that ending pandemic support could deliver a severe drop in income
for workers and major job losses if firms go bankrupt.

Mr. Erdogan said that government payments to employees whose place
of work has been partially or fully shut by the health emergency
will be given "for the last time at the end of March", Bloomberg
relates.  A ban on redundancies will be retained, but the changes
set alarm bells ringing for the small and medium-sized firms which
employ nearly 74% of Turkey's total workforce, Bloomberg notes.

Ending the so-called short-time working allowance could push
employers to put staff on unpaid leave, condemning them to a
smaller government paycheck of US$200, or half the monthly minimum
wage, Bloomberg states.

Under the current arrangement employees get close to full salary
with around 60% coming from the government, Bloomberg discloses.
About 1.3 million workers will see a dramatic drop in income should
the government stick to its pledge to end the program, Bloomberg
says.  Workers' representatives who met Treasury and Finance
Minister Lutfi Elvan in Ankara on Feb. 22 urged the government to
continue supporting businesses and not collect social security
premiums to avoid a spike in bankruptcies and unemployment,
Bloomberg relays, citing the TESK confederation, which participated
in the meeting.




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

ATOTECH LTD: S&P Upgrades ICR to 'B+' on Successful IPO
-------------------------------------------------------
S&P Global Ratings raised to 'B+' from 'B' its long-term issuer
credit rating on Atotech Ltd.

S&P said, "We are also assigning our 'B+' issue rating to the new
term loan that Atotech plans to issue to refinance its existing
capital structure.

"The positive outlook reflects that we could upgrade Atotech if it
develops a track record of debt to EBITDA below 5x and funds from
operations (FFO) to debt comfortably above 12%. We note that the
private equity sponsor Carlyle is expected to maintain leverage
metrics at lower levels and gradually reduce its controlling
interest over the next 12 months.

"The upgrade factors in the significant debt reduction due to
Atotech's successful IPO and our largely unchanged expectations for
business performance.

"We estimate that the company will post S&P Global Ratings-adjusted
debt to EBITDA of 5.1x in 2021 and anticipate its metrics will
strengthen to below 5.0x in 2022. This contrasts with leverage of
about 7.0x over the past two years and is lower than our previous
expectations for Atotech at the 'B' rating.

"We anticipate a gradual exit of Carlyle from Atotech and a more
supportive financial policy.   While the IPO sets in motion an exit
strategy for its current owner Carlyle, the financial sponsor
retains about 80% of Atotech post IPO. The precise timing for
Carlyle further reducing its ownership remains subject to favorable
market conditions upon the expiration of the IPO lock-up period. We
understand that Atotech will continue to focus on the operation and
expansion of the business and reducing leverage in the medium term.
We factor in that Carlyle does not intend to increase leverage for
shareholder returns, noting that the IPO filing shows that the new
entity does not plan to pay any dividend in the near term. We note
that as the private equity sponsor reduces its stake in the
company, it will reduce its presence on the board and bring on a
higher proportion of independent board members."

Atotech's electronics business has continued to expand through the
pandemic, helping to offset soft but recovering demand in its
general metal finishing (GMF) segment.  S&P anticipates that demand
for Atotech's chemistry products and strong demand from its
high-margin electronics end-markets will continue to complement
improving demand for light vehicles. While the company suffered
significant volume decline in the GMF segment during the first half
of 2020--reaching a low during the second quarter amid the COVID-19
outbreak and short-term supply chain issues in China--disruptions
did not reverberate beyond the first half of the year.

S&P said, "We anticipate strong demand from the global technology
sector will support Atotech's adjusted EBITDA margins of 27%-29% in
2021.   This is driven by demand for hardware and semiconductors
supporting the 5G rollout and data-center-server expansion, which
will result in organic growth of 2.0%-3.5% for 2021. We forecast
profitability will be supported by Atotech's favorable product mix
shift, with higher contributions from electronics and further
groupwide innovation and cost-reduction initiatives, and only
partly offset by increased palladium prices. We anticipate these
will continue to be passed through to customers -- albeit with a
delay.

"The positive outlook reflects that we could upgrade Atotech if it
develops a track record of debt to EBITDA below 5x, and FFO to debt
comfortably above 12%, as the current private equity owner
maintains leverage metrics at lower levels and gradually reduces
its controlling interest over the next 12 months."

Under S&P's base case, Atotech will continue to increase revenue
and maintain very strong EBITDA margins of 27%-29%, improving its
adjusted leverage to 5.1x and FFO to debt to about 11% in 2021.

S&P could raise its rating on Atotech over the next 12 months if:

-- Its performance supports continual strengthening in EBITDA,
bringing debt to EBITDA on a fully adjusted basis materially below
5x and FFO to debt comfortably above 12% in future years; and

-- The current private equity owner demonstrates a track record of
maintaining leverage comfortably at these levels, indicating a more
supportive financial policy.

S&P could revise the outlook to stable if adjusted leverage remains
above 5x and FFO to debt is below 12% for more than 12 months. Such
a scenario is possible if economic conditions deteriorate
significantly, leading to much lower profitability and a weakening
operating performance. Although not currently anticipated, this
could also come from a more aggressive financial policy, for
example through large debt-funded acquisitions.


ATOTECH UK: Moody's Raises CFR to B1, Outlook Stable
----------------------------------------------------
Moody's Investors Service has upgraded Atotech UK Topco Ltd's
corporate family rating to B1 from B2 and its probability of
default rating to B1-PD from B2-PD. Concurrently, Moody's has
assigned a B1 rating to the new backed senior secured term loans of
$1,350 million and EUR200 million due in 2028 and the new $250
million backed senior secured revolving credit facility due in
2026, all co-borrowed by Alpha 3 B.V., Alpha US BidCo, Inc.,
Atotech B.V., and other entities. The outlook on all entities is
stable.

Moody's has withdrawn the ratings of all previous debt instruments
which were fully repaid and cancelled. This includes the B1 ratings
of the $1.6 billion senior secured term loans due in 2024 and the
$250 million senior secured revolving credit facility due in 2022,
all co-borrowed by Alpha 3 B.V., Alpha US BidCo, Inc. and other
entities, the Caa1 rating of the $425 million senior unsecured
notes due 2025, co-issued by Alpha 3 B.V. and Alpha US BidCo, Inc.
and the Caa1 rating of the $300 million PIK toggle notes due in
2023 issued by Alpha 2 B.V, a 100% subsidiary of Atotech UK Topco
Ltd and parent company of Alpha 3 B.V.

This concludes the review for upgrade initiated by Moody's on
January 27, 2021.

RATINGS RATIONALE

The ratings action reflects Atotech's successful initial public
offering (IPO) of 29.3 million of its common shares at $17 per
share. The Carlyle Group, which refrained from selling additional
common shares as part of the IPO, continues to be the majority
shareholder holding approximately 81% of Atotech common shares. The
company used the net proceeds after fees and expenses of around
$473 million, around $71 million of cash on balance sheet and draw
down around $100 million under the previous $250 million RCF to
redeem the outstanding $219 million PIK toggle notes and the
outstanding $425 million senior unsecured notes.

In addition, Atotech is now refinancing its existing $1,439 million
senior secured Term Loan B as well as the existing $250 million
RCF, which is currently drawn with $100 million, with a new $1,350
million and EUR200 million Term Loan maturing in 2028 and a new
$250 million RCF maturing in 2026. Both new facilities are senior
secured with a similar guarantee and security package as the
current senior secured facilities. The new RCF is expected to be
undrawn at closure of the transaction. Accordingly, Atotech's total
debt will be around $500 million lower than before the IPO
equivalent to a reduction of the Moody's adjusted debt / EBITDA
metric by around 1.6x.

Besides the immediate debt reduction post IPO and refinancing,
today's ratings upgrade also reflects Atotech's new, more
conservative financial policy with targeted reported net leverage
of 2x -- 3x compared with around 3.9x at the end of 2020 pro forma
the IPO and the debt refinancing. In addition, the company does not
intend to pay a dividend for the foreseeable future. The more
conservative financial policy results in an overall more positive
assessment of Atotech's governance. Accordingly, environmental,
social and governance (ESG) considerations were a key factor for
this rating action.

On January 18, 2021, Moody's upgraded Atotech's CFR to B2,
reflecting the company's improving operating performance, which hit
the trough in the second quarter of 2020, and the rating agency's
expectation that its financial performance will continue to recover
in 2021. In Q2 2020, Atotech suffered from the severe downturn of
the automotive industry, as much of the world's car production had
temporarily stopped due to the coronavirus pandemic. However,
driven by the resilient electronics end-market, which accounts for
approximately 64% of revenues, and recovering automotive markets,
Atotech's sales and EBITDA generation returned to growth in Q3
2020.

In addition to the rating agency's continued expectation of EBITDA
growth in 2021-22, lower interest expenses due to the reduced debt
burden will result in higher than previously projected free cash
flow (FCF) generation of around $150 million annually. Accordingly,
Moody's expects that Atotech's Moody's adjusted debt / EBITDA
metrics, which stood at around 5.8x at the end of 2020 pro forma
the IPO and refinancing, will improve around 5.3x in 2021 and below
5x in 2022. Due to the projected material accumulation of cash over
the next two years, the rating agency also forecasts that the
company's Moody's net debt / EBITDA ratio falls faster from around
5.08x at the end of 2020 on pro forma basis to around 3.5x at the
end of 2022.

Atotech's B1 CFR reflects the company's (1) leading position in the
niche plating chemicals market; (2) high barriers to entry due to
its well invested production base, certification required to be an
approved supplier for mission critical products, history of
collaboration with top Original Equipment Manufacturers (OEMs) and
its portfolio of over 2,000 patents; (3) strong reputation with
customers, which benefits from their focus on quality and technical
competence as well as innovation and R&D; and (4) high reported
EBITDA margins in the high twenties percent, reflective of its
strategic focus on the most value added segments of its markets. At
the same time, Atotech's CFR remains constrained by the relatively
smaller size compared with its closest competitors in both key
end-markets as well as its still relatively high Moody's adjusted
debt / EBITDA metric.

LIQUIDITY

Atotech has a good liquidity position supported by a large $241
million cash balance at the end of December 2020 pro forma the
transaction, albeit about $68 million was located in China, and a
new undrawn $250 million revolving credit facility (RCF) due in
2026. In addition, Moody's expects positive free cash flow (FCF) in
2021-22, which further supports the company's liquidity profile.
The company's debt maturity profile is also favourable with the
term loan only maturing in 2028.

STRUCTURAL CONSIDERATIONS

Atotech capital structure has been simplified with the repayment of
the old debt instruments which had different seniorities and
therefore carried different instrument ratings. Atotech's new
senior secured term loans and RCF are guaranteed by a substantial
number of subsidiaries of the group and secured on a first priority
basis by a material amount of assets owned by the group, excluding
those in China. The debt instruments have guarantees from entities
that represent around 47% of EBITDA and 62% of assets. However,
despite their senior secured status, all debt instruments are rated
B1 in line with the CFR as there are no subordinated debt
instruments in Atotech's capital structure.

RATING OUTLOOK

Atotech's stable outlook reflects the good liquidity position and
the rating agency's expectation that the company's Moody's adjusted
leverage will reduce to below 5.5x at the end of 2021. Atotech's
strong product portfolio, high EBITDA margins and cash flow
generation should enable the company to continue to benefit from
the forecasted recovery of its key end markets.

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

The ratings could be upgraded if (1) Moody's adjusted debt/EBITDA
falls towards 4.0x; and (2) retained cash flow/net debt increases
above 15%, both on a sustained basis; (3) Moody's adjusted EBITDA
margins remains in the high 20s in terms of percentage and (4)
liquidity position remains strong.

The ratings could be downgraded if (1) the company Moody's adjusted
debt/EBITDA remains above 5.5x; (2) retained cash flow/net debt
falls below 10%; and (3) if Atotech does not continue to generate
positive FCF.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Atotech UK Topco Ltd (Atotech) is the global leader in specialty
electroplating chemicals. Electroplating is coating a material with
a thin layer of precious metal to enhance its resistance or look.
For 2019, Atotech reported $1.19 billion of revenue and generated
Moody's-adjusted EBITDA of $339 million (28.5% margin). Established
in 1869, Atotech had been part of Total SE (Aa3 Negative) since
1977. In January 2017, the Carlyle Group acquired Atotech from
Total SE for around $2.7 billion. Atotech became a listed company
on February 4, 2021 but the Carlyle Group continues to be the
majority shareholder.


IRVINE-WHITLOCK: To Shut Down Following Losses
----------------------------------------------
Business Sale reports that Brickwork firm Irvine-Whitlock, a
subsidiary of building materials giant Hanson, is to close down
after almost 60 years of trading.

The Bedford-based company was founded in 1963 and was a specialist
in general building, brickwork, design engineering, block-work,
natural and reconstituted stonework and terracotta and stone rain
screen systems.

The company, which employed around 60 staff, was acquired by Hanson
in 2007, as the group sought to unite brick supply and brick laying
services under one business, Business Sale recounts.

However, Irvine-Whitlock had become loss-making in recent years,
going from a post-tax profit of GBP168,533 in 2017, to a loss of
GBP1.2 million in 2018, before registering losses of GBP5,634 on
turnover of close to GBP16 million in its most recent accounts for
2019, Business Sale relates.

Meanwhile, Derbyshire-based masonry contractor Phoenix Brickwork
has moved to hire six of Irvine-Whitlock's project managers and
quantity surveyors, as it looks to expand into the collapsed firm's
former markets, Business Sale discloses.


TECHNIPFMC PLC: Moody's Assigns Ba1 CFR on Energies Unit Spin-off
-----------------------------------------------------------------
Moody's Investors Service downgraded TechnipFMC plc, assigning a
Ba1 Corporate Family Rating Ba1-PD Probability of Default Rating
and SGL-2 Speculative Grade Liquidity rating, while withdrawing its
Baa3 issuer rating. Moody's affirmed the Ba1 rating of TechnipFMC's
$1 billion guaranteed senior unsecured notes due 2026 and
downgraded the rating of its $500 million senior unsecured notes
due 2022 to Ba2 from Baa3. The unsecured notes due 2022 should be
repaid in the near-term, and its rating will be withdrawn upon
repayment. Concurrently, Moody's downgraded the commercial paper
rating of FMC Technologies, Inc., a subsidiary of TechnipFMC, to
Not Prime from Prime-3. TechnipFMC's rating outlook is stable.

TechnipFMC's ratings were downgraded and placed on review for
downgrade on January 7, 2021. These actions conclude the ratings
review following the company's spin-off of its Technip Energies
segment into a standalone public company.

"TechnipFMC's Ba1 rating reflects its higher leverage that we do
not expect to reverse over the near-term," said Amol Joshi, Moody's
Vice President and Senior Credit Officer. "TechnipFMC's size and
scale is reduced after the spin-off of its Technip Energies
segment, while the company has significant exposure to weak
offshore drilling and development activities through its subsea
business."

Downgrades:

Issuer: FMC Technologies, Inc.

Commercial Paper, Downgraded to NP from P-3

Issuer: TechnipFMC plc

Senior Unsecured Notes due 2022, Downgraded to Ba2 (LGD5) from
Baa3

Assignments:

Issuer: TechnipFMC plc

Probability of Default Rating, Assigned Ba1-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Corporate Family Rating, Assigned Ba1

Affirmations:

Issuer: TechnipFMC plc

Guaranteed Senior Unsecured Notes due 2026, Affirmed Ba1 (LGD3)

Outlook Actions:

Issuer: TechnipFMC plc

Outlook, Changed To Stable From Rating Under Review

Withdrawals:

Issuer: TechnipFMC plc

Issuer Rating, Withdrawn , previously rated Baa3

RATINGS RATIONALE

TechnipFMC's downgrade and Ba1 CFR reflects its weaker credit
metrics and reduced size and scale following the spin-off of its
Technip Energies segment. TechnipFMC is supported by its geographic
and business diversification, leading market position in the subsea
segment and a track record of relatively conservative financial
policies. Project backlog provides revenue visibility and is
supported by TechnipFMC's strong competitive position and its
integrated project execution capabilities. The company can engage
with customers earlier in the development process with integrated
front-end engineering design (FEED) studies, and to more cost
effectively and efficiently execute projects, likely improving
overall project economics by reducing costs for customers through
standardization and technological innovation, especially deepwater.
However, the company has significant exposure to weak offshore
drilling and development activities through its subsea business,
that will continue to pose downside risks to credit metrics. While
TechnipFMC's cash balance should provide some flexibility, the
company has a relatively complex capital structure with a secured
revolver, guaranteed unsecured notes and multiple tranches of other
unsecured notes.

TechnipFMC's guaranteed unsecured notes are rated Ba1, consistent
with the Ba1 CFR. The guaranteed unsecured notes benefit from
subsidiary guarantees, providing a structurally superior claim to
TechnipFMC's assets compared to the company's other unsecured
notes, but junior to TechnipFMC's new secured revolving credit
facility having first priority claim to certain assets of the
company and its subsidiaries.

TechnipFMC's SGL-2 rating reflects good liquidity. The company
should have approximately $600 million of cash pro forma for the
spin-off and associated transactions completed in mid-February.
TechnipFMC should have about $400 million drawn under its $1
billion secured revolving credit facility around that time. The
revolver matures in 2024 and has financial covenants including a
maximum First Lien Leverage Ratio of 2.5x, minimum Interest
Coverage Ratio of 3x and a maximum Total Leverage Ratio of 5.5x for
the quarter ending June 30, 2021, reducing in steps to 3.5x for the
quarter ending March 31, 2023 and thereafter. The company should
generate modest free cash flow upon satisfying its capital spending
needs. TechnipFMC is expected to receive $200 million from
Bpifrance Participations SA (BPI), representing BPI's purchase of a
portion of the company's 49.9% retained Technip Energies stake, and
$80 million of realized foreign exchange gains associated with
hedges of debt borrowings repaid at the time of spin-off.
TechnipFMC intends to significantly reduce its shareholding in
Technip Energies over the 18 months following the spin-off,
providing a source of additional liquidity to the company.

The stable rating outlook reflects the company's supportive cash
balances and its ability to generate modest free cash flow even as
the offshore environment remains stressed.

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

TechnipFMC's debt to EBITDA should improve in 2021, but the pace of
improvement is uncertain. Moody's expects Debt/EBITDA to be below
4.5x in 2021 and decline to below 4x in 2022. If those metrics
trend worse than expected, then the ratings could be downgraded.
The ratings could be downgraded if Debt to EBITDA exceeds 4x in
2022, liquidity considerably weakens or TechnipFMC's financial
policy changes, such as using significant amount of debt to provide
shareholder payouts. The ratings could be upgraded if TechnipFMC's
Debt to EBITDA falls below 3x, its capital structure is simplified,
cash flow grows in an improving oilfield services environment and
the company maintains good liquidity.

TechnipFMC plc, headquartered in London, United Kingdom,
manufactures, markets, and services equipment used in the
production of oil and natural gas across two segments: Subsea and
Surface Technologies.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.



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

[*] BOND PRICING: For the Week February 22 to February 26, 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

[*] EUROPE: Massive Covid-19 Bailouts Prop Up "Zombie" Companies
----------------------------------------------------------------
Aoife White at Bloomberg News reports that massive Covid-19
bailouts probably kept some "zombie" companies alive when they
would normally have gone bust, the European Union's top antitrust
official said on Feb. 24.

According to Bloomberg, Olivier Guersent, the head of the European
Commission's competition unit, said at an online conference for the
Organization for Economic Co-operation and Development, regulators
usually screen state subsidies to avoid "undesirable effects" such
as life support for unprofitable businesses.  Those rules were
relaxed last year to allow states to support businesses as the
pandemic halted normal business, Bloomberg discloses.

"You can already see that in quite a number of member states the
rates of bankruptcies in the 2020 is lower than in any year
before," Bloomberg quotes Mr. Guersent as saying.  "That indicates
that probably we have zombie companies hanging round.  As long as
this remains limited, probably it's an unavoidable side effect of
this type of policy."

Mr. Guersent said more than EUR3 trillion (US$3.6 trillion) in
potential virus state aid has been approved by the EU so far, "far
from what has been spent", Bloomberg notes.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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