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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, April 5, 2021, Vol. 22, No. 62

                           Headlines



F I N L A N D

TEOLLISUUDEN VOIMA: S&P Alters Outlook to Pos., Affirms 'BB' ICR


F R A N C E

EURO ETHNIC: S&P Assigns 'B' Ratings, Outlook Stable


G E O R G I A

TBC BANK JSC: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable


I R E L A N D

ALBACORE EURO II: Moody's Assigns (P)B3 Rating to Class F Notes
ARMADA EURO III: Fitch Assigns Final B- Rating on Class F Notes
ARMADA EURO III: Moody's Affirms B2 Rating on EUR10M Class F Notes
AVOCA CAPITAL CLO X: Fitch Assigns Final B- Rating on F-R-R Debt
AVOCA CAPITAL X: Moody's Assigns B3 Rating to Class F-R-R Notes

AVOCA CLO XIII: Moody's Assigns (P)B3 Rating to Class F-R-R Notes
CVC CORDATUS XII: Moody's Affirms B2 Rating on EUR12M Cl. F Notes
DRYDEN 46 2016: S&P Assigns Prelim B- (sf) Rating to Cl. F-R Notes
ELM PARK CLO: S&P Assigns Prelim B- (sf) Rating on Cl. E-R-R Notes
GRIFFITH PARK: Fitch Affirms Final B- Rating on Class E Notes

GRIFFITH PARK: Moody's Affirms B2 Rating on EUR11.3M Cl. E-R Notes
HARVEST CLO XX: Moody's Affirms B2 Rating on EUR12M Class F Notes
JUBILEE CLO 2018-XXI: Fitch Assigns Final B- Rating on F-R Debt
JUBILEE CLO 2018-XXI: Moody's Assigns B3 Rating to Class F Notes
OAK HILL VIII: Moody's Assigns B3 Rating to EUR8.4M Class F Notes

OAK HILL VIII: S&P Assigns B- (sf) Rating on Class F Notes


I T A L Y

DECO 2019-VIVALDI: Fitch Lowers Class D Notes Rating to 'Bsf'
EMERALD ITALY 2019: Fitch Affirms B Rating on Class D Debt
PIETRA NERA: Fitch Affirms CCC Rating on Class E Debt


L U X E M B O U R G

ADECOAGRO SA: Moody's Affirms Ba2 CFR on Positive Cash Flow


M O L D O V A

ARAGVI FINANCE: Fitch Assigns B(EXP) Rating on Planned Eurobond
ARAGVI HOLDING: S&P Affirms 'B-' Rating, Outlook Stable


N O R W A Y

SEADRILL LTD: Urges Creditors to Write Off 85% of Debts


R U S S I A

CB GEOBANK: Bank of Russia Appoints Provisional Administration
ENEL RUSSIA: Moody's Affirms Ba3 CFR on Expected Recovery
MAYKOPBANK JSC: Under Provisional Administration, License Revoked
RIB LLC: Bank of Russia Appoints Provisional Administration


S L O V E N I A

GORENJSKA BANKA: Fitch Affirms 'BB-' LT IDR, Outlook Negative
NOVA LJUBLJANSKA: Fitch Affirms Then Withdraws 'BB+' IDR


S P A I N

BFA TENEDORA: S&P Downgrades ICRs to 'BB+/B', Outlook Negative
EUSKALTEL SA: Moody's Puts B1 CFR Under Review for Downgrade
LORCA HOLDCO: Moody's Puts B1 CFR Under Review for Downgrade


S W I T Z E R L A N D

CERDIA INTERNATIONAL: S&P Cuts Debt Rating to 'B-', Outlook Stable


U N I T E D   K I N G D O M

ATLANTICA SUSTAINABLE: Fitch Raises LT IDR to 'BB+',Outlook Stable
GREENSILL: Administrator Unable to Verify Gupta Loan Invoices
IVC ACQUISITION: Fitch Affirms 'B' LT IDR, Outlook Stable
IVC ACQUISITION: Moody's Affirms B3 CFR, Rates Add-on Term Loan B2
IVC ACQUISITION: S&P Assigns 'B' Rating to New Sr. Sec. Term Loan

LOIRE UK: Moody's Affirms B3 CFR, Rates New Secured Term Loan B3
NEPTUNE ENERGY: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
PAYSAFE GROUP: Moody's Hikes CFR to B1 on Positive Growth Dynamics
SYNTHOMER PLC: Moody's Affirms Ba2 CFR on Improving Profitability
TOTAL FITNESS: Enters Into Company Voluntary Arrangement



X X X X X X X X

[*] BOND PRICING: For the Week March 29 to April 2, 2021

                           - - - - -


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F I N L A N D
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TEOLLISUUDEN VOIMA: S&P Alters Outlook to Pos., Affirms 'BB' ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Teollisuuden Voima Oyj
(TVO) to positive from negative and affirmed 'BB' long-term issuer
credit rating.

The positive outlook indicates that the reactor project OL3 has
completed its final construction phase, received permission for
fuel loading including regulatory approvals, and that S&P expects
full operations will begin in 2022, which should allow the company
to make progress on its deleverage plans. S&P expects that a new
settlement agreement and financing plan will be announced before
summer.

The fuel loading permit signals that a major milestone is reached
and that deleveraging could begin in 2022 when regular electricity
is produced.  On March 26, TVO received a fuel loading permit from
the Finnish Radiation and Nuclear Safety Authority (STUK). Despite
the 12-year construction delay, the final settlement agreement and
ultimately how much of the overrun cost TVO will have to finance
and how much will be covered by the Areve-Siemens Consortium (ASC)
is still uncertain. S&P said, "That said, we believe that fuel
loading is a significantly positive milestone for the OL3 nuclear
project and we expect that the remaining schedule will not result
in any delays, as several tests have already been undertaken for
the plant to receive the fuel loading permit. The next step is now
to connect OL3 to the electricity grid, which is expected in
October this year and should allow commercial electricity
production to begin in February 2022. We understand that the
Finnish TSO Fingrid (AA-/A-1+'/Stable) has made all the
preparations for the connection. As soon as OL3 is connected to the
grid, it will enter operations, although with a low capacity in the
beginning (producing about 1-3 terawatt hours [TWh]), and then
enter regular production in February 2022."

S&P expects that TVO will start to deleverage as soon as OL3 is
fully operational. Based on TVO's articles of association, the
owners must cover all annual costs regardless of the market price
of electricity, as they are charged incurred costs in proportion
with their ownership and receive electricity as compensation. This
also includes annual interest on interest-bearing debt, as well as
depreciation. These have increased because of the 12-year
construction delay, although the ASC has partly compensated this.
TVO therefore continues to be protected from any competition and
price risks. Since all annual costs are covered in the price model,
including interest, the company can begin to deleverage because S&P
expects that funds from operations (FFO) will cover capital
expenditure (capex) when it's in full operation.

The recent EUR400 million shareholder loan facility shows long-term
support from its owners and gives TVO ample liquidity.  The loan
commitment, announced on Dec. 16, 2020, offers TVO EUR400 million
in new subordinated shareholder loan agreements and was signed by
all TVO's share class B shareholders. During 2020, TVO drew down
the full EUR250 million from its existing shareholder facilities,
giving it a significant amount of liquidity, including about EUR270
million in cash. Combined with its committed credit facilities and
the new shareholder loan, it has liquidity of EUR1.7 billion
available, which is ample to meet its near-term obligations. A
construction price of around EUR5.7 billion has mainly been paid,
and remaining costs before the plant regularly produces electricity
consist of about EUR320 million in milestone payments and about
EUR450 million in general costs related to the project. Most
over-run costs therefore need to be covered by ASC, which has joint
and several liability for contractual obligations. That said, TVO
must service its interest costs in 2020 of about EUR85 million, and
about EUR80 million-EUR100 million per year over the next few
years. S&P assumes TVO will cover these costs with additional debt,
not operational cash flows, until OL3 enters regular commercial
production.

S&P said, "It is our understanding that no additional external debt
was raised due to project delays beyond June 2021. We expect no
more external debt than assumed in the previous schedule and total
cost estimate of EUR5.7 billion, as well as external debt of about
EUR4.7 billion. Upcoming funding needs will be covered by
shareholder loans or other shareholder injections. The shareholder
loans are treated as equity for a Mankala company under
International Financial Reporting Standards (IFRS), and we exclude
the loans from debt in our ratio calculations. This reflects their
equity-like features such as subordination, maturities beyond all
other debt, and the possibility to leave interest unpaid."

Final compensation and penalties on the project are unclear and
remain a concern, and may need to partly be covered by TVO.   The
current underlying agreement with ASC, the 2018 Global Settlement
Agreement (GSA), stipulates compensation and penalty mechanisms to
cover all of TVO's project costs from January 2020 to June 2021,
but not after July 1, 2021. Therefore, although TVO will be
compensated for the capitalized interest costs and other OL3
project costs it accrued from January 2020 until end-June 2021,
there is no agreement regulating any compensation thereafter.
Capitalized interest costs totaled about EUR85 million during 2020.
S&P said, "Furthermore, we understand that compensation from ASC is
capped at EUR400 million under the existing GSA contract, and might
not be sufficient beyond July 2021. Negotiations for a new GSA are
ongoing, but we see an increased risk that talks could end less
favorably for TVO if the parties agree that ASC does not have to
fully compensate TVO for overrun costs."

Areva's sale of financial assets decreases liquidity pressure--at
least temporarily--to cover additional construction cost overruns.
Areva is still responsible a trust mechanism, which needs to be
capitalized to meet all its obligations to finalize the project.
Areva divested 4% of its 40% ownership in Orano S.A., or about
EUR200 million, to be injected in the trust. S&P said, "The sale
improves Areva's liquidity and we view this as a strong commitment
from Areva and the French state to find a solution to finance the
remaining costs for the OL3 reactor project. We still believe,
however, that additional top-up of the trust mechanism is necessary
for Areva to meet all its obligations and costs until the end of
the guarantee period because of the delays. Despite recent sales,
we see continued risk that Areva might not have timely financial
capacity until the end of the plant unit's guarantee period--two
years after provisional takeover, while some items have a guarantee
period longer than two years--as it still needs to sell a material
stake in Orano. In our view, this could lead to a disagreement with
the involved parties and result in new legal procedures, further
delays, and ultimately that TVO will not be fully compensated for
the delay. Furthermore, we believe Areva likely will depend on
asset sales to honor its obligations. The plant contract stipulates
that the supplier consortium (ACS) companies have joint and several
liability for the contractual obligations."

The companies in the ACS have joint and several liability for the
contractual obligations until the end of the OL3 guarantee period,
which limits risks.  The ASC comprises AREVA GmbH (unrated), AREVA
NP SAS (unrated), and Siemens AG (A+/Negative/A-1+). Under the 2018
GSA, the ASC is committed to ensuring that funding is reserved to
finalize OL3, as well as the guarantee period, which lasts for two
years after provisional takeover, while some items have guarantee
periods extending beyond two years. A fund mechanism was
established, financed by the Areva companies, to cover Areva's
share of the costs of finalizing OL3. S&P believes that the joint
liability clause gives TVO solid grounds for negotiation, which
should limit downside risk. Areva and Siemens are each responsible
for finalizing the OL3 project.

S&P said, "The positive outlook indicates that we could raise the
'BB' long-term issuer credit rating within the next 12 months. In
our view, the initiation of fuel loading is a major step for
completing OL3 and starting regular electricity production in the
beginning of 2022. This allows TVO to commence its deleveraging
plan, and because it has no market risk due to the Mankala model
features, TVO is insulated from electricity prices. We therefore
expect that TVO could start to deleverage as soon as OL3 is fully
operational."

S&P could raise the rating on the company if:

-- The risk of completing the OL3 nuclear plant dissipates and the
plant starts regular electricity generation with no operational
issues;

-- S&P expects TVO to start on its lengthy deleveraging path;

-- It has a solid operational track record; and

-- There's continuous support from shareholders.

S&P could take a negative rating action or revise the positive
outlook to stable if:

-- TVO and ASC do not agree on terms for a new GSA within the next
few months, or if the agreement results in material costs that are
not fully covered by TVO's shareholders.

-- Any operational or regulatory issues arise, or more delays
occur for any reason, causing uncompensated cost overruns not fully
covered by the shareholders and thus leading to no more external
debt than assumed in the previous schedule at a total estimated
cost of EUR5.7 billion, and external debt of about EUR4.7 billion.

-- Areva lacks sufficient liquidity to replenish the trust
mechanism, or ASC fails to present a detailed financing plan to
honor its obligation until the guarantee period elapses after two
years, which would be a breach of contract and could imply that
Areva lacks liquidity to finalize the project.




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F R A N C E
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EURO ETHNIC: S&P Assigns 'B' Ratings, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' ratings to Euro Ethnic Foods
Topco, the parent company of EEF, and the group's senior secured
debt.

The stable outlook reflects S&P's view that EEF's sustained high
sales growth and solid operating margins will support deleveraging
to about 6.0x-6.5x in 2021 and 5.5x-6.0x in 2022, from its estimate
of 6.6x at closing of the transaction, and FOCF after lease
payments of about EUR10 million in 2021 and EUR25 million-EUR30
million in 2022.

The ratings are in line with the preliminary ratings we assigned on
Jan. 13, 2021.

Strong growth and preserved profitability will support EEF's
deleveraging, albeit from a high opening leverage.  On Nov. 19,
2020, private equity fund PAI Partners reached an agreement to
acquire a controlling stake in EEF from the two founders
Gabriel-Leo and Patrick Bahadourian. Following the transaction, PAI
owns 60% of EEF and the founders retain a 40% ownership stake. To
support the transaction, Euro Ethnic Foods BidCo, EEF's new
intermediate holding company, issued a new EUR465 million TLB, a
EUR50 million RCF, and a EUR75 million second-lien term loan. S&P
said, "At closing, we estimate adjusted debt amounts to about
EUR675 million, including EUR95 million of lease liabilities,
leading to S&P Global Ratings-adjusted debt to EBITDA of about
6.6x. We exclude the shareholder loans from our debt metrics since
we view them as nondebt-like. In our base case, we project that EEF
will deleverage to 6.0x-6.5x in fiscal 2021 (year ending Sept. 30,
2021) and 5.5x-6.0x in fiscal 2022, supported by sound EBITDA
growth above 10% per year, and absent any debt-financed
acquisitions or shareholder remuneration. That said, we typically
believe that the financial sponsors' interest in deleveraging is
low."

Grand Frais' customer appeal will support EEF's earnings growth.  
S&P said, "In our view, EEF's business model is supported by Grand
Frais' reputation of providing high-quality food at affordable
prices. Grand Frais is a leading player in the specialty food
segment of the French market. Specialty food--including frozen,
fresh, and organic--is the fastest-growing food retail segment in
the past five years and represented 4% of the French retail market
in 2019, versus less than 2% in 2013. Despite its relatively small
network, Grand Frais has a strong brand in France, where it is one
of the preferred store chains. In our view, the specialization of
each member within Grand Frais has been instrumental to building a
strong brand of high-quality food with a distinctive in-store
experience. This has supported its successful network expansion,
opening between 15 and 20 stores annually since 2015 (with the
exception of 2020 as some store openings were delayed due to the
COVID-19 pandemic), and sustained like-for-like growth of about 4%.
We expect these growth trends will continue in future years, as
Grand Frais' quality, healthy, and domestic products fit well with
customers' increasing focus on well-being, product traceability,
and environmental impact. That said, the continued expansion of the
Grand Frais store network will require expanding the supplier base,
while preserving the product sourcing quality that makes the brand
successful. We believe this could present some operational
challenges."

EEF's operating efficiency supports EBITDA margins that are among
the highest in the food retail industry.  EEF's favorable cost
structure is built on an efficient supply chain, relying on
exclusive suppliers. The operating model also relies on direct
relationships with suppliers, with no long-term buying commitments
or engagement on volumes. This provides EEF with some flexibility
on its gross margin. EEF's sourcing strategy is a key
differentiating factor, allowing the company to have an attractive
product offering, with close to 100% of exclusive brands, which
shelters it from price competition and sustaining higher margins.
EEF also benefits from its specialization in grocery and beverages,
with long-shelf-life products limiting waste and breakage costs.
Its specialized employees exhibit high productivity and support a
sales density that is among the highest in the industry, and
significantly higher than that of peers with similar average store
size. Within the food retail industry, EEF stands out, with an
estimated S&P Global Ratings-adjusted EBITDA margin of about 22% in
fiscal 2020, versus an industry average of 5%-10%.

EEF's modest scale in a very competitive market constrain its
creditworthiness, in S&P's view.

S&P said, "We estimate EEF's EBITDA base for fiscal 2020 at close
to EUR95 million, post-International Financial Reporting Standard
16, making it one of the smallest food retailers that we rate.
EEF's geographic and product diversification is also very low. This
is notwithstanding the fast network expansion planned for the next
four years, which could lead to some execution risk, notably
because it implies resizing of the group's supply chain--a key
component of the group's competitive advantage, in our view. We
also believe that competition in the specialty food segment is
likely to stiffen over the longer term, as larger food retailers
aim to put a greater emphasis on quality, freshness, and product
traceability, combined with German discounters' expansion in
France. Furthermore, while the experiential nature of the group's
operations appears to protect it from digital competition for now,
we note that online food purchases are gaining momentum. On the one
hand, traditional retailers are developing state-of-the-art food
purchasing solutions (with the Monoprix/Amazon partnership, for
instance). On the other hand, direct delivery solutions from
suppliers to consumers, thanks to online platforms, are rapidly
scaling up (La Ruche qui dit oui, MonMarché.fr, etc.). Although
these solutions are currently not material, we believe they could
gain momentum rapidly and potentially threaten Grand Frais'
positioning.

"We believe some risks could stem from EEF's limited control over
Grand Frais' product offering.  EEF does not have full control over
Grand Frais' reputation risk and notably sanitary issues, even if
we were to assume that its business partners are equally dedicated
to quality. The fruit and vegetables section of Grand Frais'
stores, operated by Prosol, is the most visited section of the
store. As such, EEF's growth prospects are partly dependent on
Prosol's continued ability to attract customers. EEF's growth
prospects also rely on its ability to further increase its
penetration rate of Grand Frais' customer base. Also, in the longer
term, if Prosol's business partners were to see declining
profitability, which we understand is currently not the case, that
could potentially threaten the current structure of the partnership
agreement.

"EEF generates positive FOCF, albeit constrained by high expansion
capex.  We factor into our base case a capex-to-sales ratio of
about 4% per year, of which we anticipate 1.5%-2.0% will be
maintenance and light remodeling capex. The remainder will comprise
the opening of about 20 new stores per year, a new logistics
platform to support the business expansion, and production sites to
reduce spices supply chain disruption and expand EEF's prune
processing activities. Total capex of EUR20 million-EUR22 million
per year and cash interests of about EUR25 million per year will
constrain EEF's cash flow generation in future years. Yet, we
believe the group will structurally generate free cash flow in
spite of the relatively high expansionary capex forecast over the
next few years.

"As a food retailer, we view EEF's revenue structure and
profitability as relatively immune to crisis.   This is even more
so the case as the group's niche position in the domestic, fresh,
and healthy food segment benefits from strong market momentum.
COVID-19 has translated into a surge in demand for groceries. EEF's
like-for-like sales increased by 3% and 6% year on year,
respectively, during the first and second lockdown periods in
France, and 10% in between the two. This compares with 6%
like-for-like sales growth on average in the months prior to the
pandemic. Because of the pandemic, EEF has incurred some one-off
costs in fiscal 2020, such as employee bonuses for EUR4 million,
sanitary equipment for EUR1.6 million, and the negative product mix
effect on gross margin implied by the temporary closure of kiosk
activity due to sanitary measures (the gross margin rate of kiosks
is 12 basis points higher than that of its self-service, prepacked
offering). That said, the surge in demand, ramp-up of new stores,
and lower promotional activity resulted in an approximate 50 basis
points increase in the company's adjusted EBITDA margin in fiscal
2020, which contrasts with large French food retailers' more muted
performance. We believe the sustainability of increased basket
sizes for food retailers could depend on the continuation of
restrictive measures on restaurants and the length and magnitude of
the recession weighing on consumer spending."

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
  Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

S&P said, "The stable outlook reflects our view that EEF will
achieve sustainable high sales growth thanks to store openings and
healthy like-for-like organic revenue growth, with an ability to
maintain solid operating margins. We forecast adjusted debt to
EBITDA of 6.0x-6.5x and 5.5x-6.0x, respectively, for fiscals 2021
and 2022, along with FOCF after lease payments of about EUR10
million and EUR25 million-EUR30 million, respectively.

"We see upside as remote in the near term because of EEF's elevated
leverage. A positive rating action would hinge on EEF's ability to
continue to show strong organic sales growth and maintain EBITDA
margin close to current levels. We could raise the ratings if, on
the back of strong FOCF generation and adequate liquidity, EEF
deleveraged such that its S&P Global Ratings-adjusted debt to
EBITDA improved sustainably to 5.0x or below and FOCF to debt
improved toward 10%, alongside a prudent financial policy and
absent material shareholders remuneration.

"We could lower the ratings if EEF's operating performance,
including on like-for-like sales growth, were significantly lower
than we anticipate, and its profitability weakened, leading to
EBITDAR cash interest coverage weakening toward 1.8x, or if its
FOCF was materially weaker than anticipated. This could result from
an economic downturn in France, intensified price competition in
the French grocery market debilitating the group's current market
share on its subsegment, a food safety scare damaging its brand, a
supply chain disruption, or an inability to pass on food inflation
to customers."




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TBC BANK JSC: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable
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Fitch Ratings has revised the Outlooks on TBC Bank JSC (TBC), Bank
of Georgia (BOG) and JSC Liberty Bank (LB) to Stable from Negative,
while affirming their Long-Term Issuer Default Ratings (IDRs).
Fitch has also affirmed the Long-Term IDRs of ProCredit Bank
(Georgia) (PCBG) with a Negative Outlook, which mirrors the Outlook
on the sovereign rating.

KEY RATING DRIVERS

The revision of the Outlooks to Stable on TBC, BOG and LB reflects
reduced pressure on the banks' credit profiles from the pandemic
and contraction of the Georgian economy. Fitch expects their
pre-impairment profits will be sufficient to absorb additional
credit losses from the pandemic without jeopardising their
financial profiles. Banks entered the crisis with healthy capital
cushions and sound performance metrics and Fitch believes the
ratings of BOG, TBC and LB can tolerate further moderate
deterioration of asset quality.

The rating affirmation of PCBG reflects limited changes in the
ability and propensity of its parent, ProCredit Holding AG & Co.
KGaA (PCH, BBB/Stable), to provide support to its Georgian
subsidiary, in case of need.

IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS, DEBT RATINGS

The IDRs of TBC, BOG and LB are driven by their intrinsic strength,
as reflected by their Viability Ratings (VRs).

The affirmation of TBC's, BOG's and LB's Support Ratings at '5' and
Support Rating Floors at 'No Floor' reflects Fitch's view that the
recently adopted resolution legislation, combined with constraints
on the ability of the authorities to provide support (especially in
foreign currencies (FC)), mean that government bail-outs, although
still possible, can no longer be relied upon.

Senior unsecured debt of TBC and BOG is rated in line with the
banks' respective Long-Term IDRs of 'BB-'.

The two banks' perpetual additional Tier 1 (AT1) notes are rated at
'B-', three notches below the VRs, reflecting the high loss
severity of the notes due to their deep subordination, and
additional non-performance risk relative to the VR, given fully
discretionary coupon omission.

PCBG's IDRs and Support Rating are driven by the potential support
the bank may receive from its sole shareholder, PCH, in case of
need, given the importance of the Georgian market to the group,
full ownership, common branding, strong integration and the record
of capital and liquidity support. Fitch caps PCBG's ratings at one
notch above the 'BB' Georgian sovereign rating to reflect the
country risks that domestic banks are exposed to. In Fitch's view,
in case of extreme macroeconomic and sovereign stress, these risks
could limit the ability of PCBG to service its obligations or the
parent's propensity to continue providing support, or both. The
Outlook on PCBG's IDRs mirrors that on the sovereign.

VRs

The VRs of all four banks reflect their sensitivity to the
high-risk Georgian operating environment, which was under pressure
in 2020 from the economic fallout from the pandemic and the
resultant effect on their asset-quality metrics. High dollarisation
remains a structural weakness, albeit less so at LB.

Georgian banks provided retail borrowers, as well as corporate and
SME clients on a selective basis, with two main waves of credit
holidays in 2020 of three months each. The share of sector loans
affected during the first moratorium was a high 57%. Although Fitch
believes that a large majority of borrowers have already returned
to regular loan repayments, Fitch expects current impaired loan
metrics to continue weakening. Also, the pace of economic recovery,
in particular in tourism and related sectors remains uncertain.
These risks are balanced by the banks' healthy pre-impairment
profits, which are sufficient to withstand additional loan
impairment charges (LICs), mostly sound capital cushions and stable
funding and liquidity profiles.

TBC and BOG

The VRs of TBC and BOG capture their strong domestic franchises, as
reflected in sizeable market shares (38% and 36% of sector assets,
respectively), strong pricing power and the only moderate impact of
the pandemic on their performance metrics.

Impaired loans (Stage 3 and purchased or originated credit-impaired
loans (POCI), including leasing) ratios increased to 6.1% and 5.2%
at TBC and BOG, respectively, at end-2020 (end-2019: 3% and 4.8%).
Coverage by total loan loss allowances (LLAs) stood at 65% and 59%,
reflecting the banks' reliance on collateral. Stage 2 loans ratios
deteriorated more significantly, to 16% and 10% at TBC and BOG,
respectively, capturing the weaker financial performance of
borrowers and loan restructuring due to the pandemic.

High loan provisioning, coupled with weaker revenues, resulted in
the operating profits to risk-weighted assets (RWAs) ratio
declining to 2.5% and 2.4% at TBC and BOG, respectively, in 2020
(2019: 4.6% and 3.8%). The cost of risk amounted to 2.4% (TBC) and
1.9% (BOG) in 2020, which Fitch expects to moderate this year. Net
interest margins (NIMs) narrowed to 5% at both banks due to higher
funding costs and subdued lending growth in high-yield segments.
Both banks' pre-impairment profits are healthy at 5% of average
gross loans, which Fitch believes should be sufficient to absorb
additional provisioning as loans season in a post-stress
environment.

Fitch Core Capital (FCC) ratios were reasonable at 17% and 15% as
of end-2020, respectively, at TBC and BOG, capturing moderate
growth in 2020 and adequate internal capital generation given
dividend retention. Regulatory CET1 ratios declined to 10.4% at
both banks at end-2020 from 12% (TBC) and 11.5% (BOG) at end-2019,
due to higher prudential one-off loan provisioning in 1Q20 (3% of
average loans at both banks). Simultaneously, the National Bank of
Georgia (NBG) eased regulatory capital requirements by eliminating
the capital conservation buffer (used to be 2.5%) and reducing the
currency-induced credit risk buffer by two-thirds, thus maintaining
wide headroom above the minimum requirements.

Funding and liquidity profiles of both TBC and BOG have been
stable. Banks are largely funded by customer deposits (66% and 73%
of liabilities at TBC and BOG, respectively) and there have been no
material outflows at times of market turbulence in 2020. Upcoming
wholesale debt repayments are manageable and banks maintained good
access to funding from international financial institutions during
the pandemic, thus refinancing risks are low. Highly-liquid assets
(cash, short-term placements with NBG and banks, net of sizable
obligatory reserves, and unpledged securities eligible for repo)
amounted to a reasonable 20% and 18% of deposits at TBC and BOG,
respectively, at end-2020.

PCBG

Despite PCBG's modest franchise, the bank's VR is in line with that
of the largest banks, capturing a robust risk management framework,
healthy asset-quality metrics and sound performance to date.

Impaired loans amounted to 3.1% of the portfolio at end-2020
(almost unchanged from 2.9% at end-2019) and were reasonably
covered by total LLAs, at 87%. In addition, Stage 2 loans were
equal to 5.4% of loans, or 31% of FCC. In Fitch's view, high
lending in FC (77% at end-2020) and exposure to the vulnerable SME
segment continue to represent significant risks for the bank's
asset quality.

Despite the pandemic, PCBG reported still decent profitability,
with an operating profit/RWAs of 2.2% in 2020. NIM continued to
contract on the back of stiffer competition and declining interest
rates, but Fitch expects it to stabilise at around the current
level (3.8% in 2020). The cost of risk amounted to a low 0.4% in
2020, but Fitch believes additional provisions could be required to
cover for potential asset-quality deterioration.

Capitalisation is healthy, as reflected in an 18% FCC ratio at
end-2020 and healthy prudential buffers, supported by profit
retention and moderate growth. The regulatory Tier 1 ratio was a
reasonable 12.4% at end-2020, comfortably above the minimum of
7.3%.

PCBG is mainly funded by customer deposits (58% of end-2020
liabilities), but also has a significant share of wholesale debt,
as reflected in a high 142% loans/deposits ratio. However, these
are mainly attracted from within the group and from IFIs, with
which PCBG has well-established relations, mitigating refinancing
risks. Highly liquid assets covered 22% of customer deposits at
end-2020.

LB

LB's 'b+' VR reflects the bank's moderate market share and,
consequently, weaker pricing power and economy of scale compared
with BOG's and TBC's, which results in weaker profitability.

Based on preliminary financial statements, Stage 3 loans decreased
to 5.4% at end-2020 from 6.6% at end-2019, due to write-offs and
loan growth. Stage 2 loans increased to 9.7% from 3%, reflecting
the impact from the pandemic. Impaired loans coverage by total LLAs
was 140%. The bank's exposure to vulnerable industries accounted
for a moderate 10% of total loans.

Operating profit was a negative 0.5% of regulatory RWAs in 2020
(down from positive 2.2% in 2019). Profitability has been under
pressure from tighter margins on the back of a portfolio-mix change
and declining loan yields. NIM declined to a still high 9% in 2020
from 13% in 2019, but operational expenses remained material due to
the bank's large branch network, and consumed about 80% of the
bank's revenues. As a result, pre-impairment profit declined to
2.7% of average loans in 2020 from 5.6% in 2019, which was not
sufficient to compensate for higher LICs, which increased to 3.4%
of average loans in 2020 from 2.3% in 2019.

FCC was equal to 11.6% of regulatory RWAs at end-2020; down from
14.1% at end-2019, mainly due to loan growth. The regulatory Tier 1
and total capital adequacy ratios (CAR) were 9% and 13.8% at
end-2020, only marginally above the relaxed requirements of 8.2%
and 13.1%, respectively. Fitch expects modest internal capital
generation and limited capital cushion to constrain LB's ambitious
growth plan.

No significant pressures were seen on the bank's funding and
liquidity profile during the pandemic. LB is predominantly funded
by customer accounts (81% of total liabilities at end-2020), with
46% of total liabilities sourced from households. Liquidity buffers
are strong, covering 35% of customer accounts at end-2020.

RATING SENSITIVITIES

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

IDRs

-- The IDRs of TBC, BOG and LB would be upgraded if their VRs are
    upgraded.

-- The Outlook on PCBG's support-driven IDRs could be revised to
    Stable if the Outlook on the Georgian sovereign rating is
    revised to Stable.

VRs

-- An upgrade of the VRs of all four banks would require a
    material improvement in the Georgian operating environment,
    including a return to economic growth and a reduction of
    sector dollarisation, coupled with the banks maintaining
    reasonable financial profiles. In addition, an upgrade of LB's
    VR would require an improvement of performance and
    capitalisation metrics under the bank's new strategy.

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

IDRs

-- The IDRs of TBC, BOG and LB would be downgraded if their VRs
    are downgraded.

-- PCBG's IDRs could be downgraded if Georgian country risks
    materially increase or if Fitch revises downwards its support
    assessment from PCH.

VRs

-- The VRs of TBC, BOG and PCBG could be downgraded if the banks'
    asset-quality metrics are eroded materially (with impaired
    loans ratios rising above 10%), coupled with weaker
    performance (operating profit/RWAs below 1%) and narrow
    headroom above minimum regulatory capital requirements (below
    100bp).

-- LB's VR could come under pressure if the bank is unable to
    return to sustainable profitable performance and to maintain
    an operating profit/RWAs of above 1%. A downgrade could also
    be triggered by further pressure on capitalisation (FCC ratio
    below 10%) from asset-quality deterioration and/or extensive
    loan growth above the bank's internal capital generation.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PCBG's IDRs are linked to the ratings of PCH.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entities, either due to their nature or the way in which they are
being managed by the entities.

    DEBT                       RATING                  PRIOR
    ----                       ------                  -----
JSC Liberty Bank         LT IDR         B+  Affirmed     B+
                         ST IDR         B   Affirmed     B
                         Viability      b+  Affirmed     b+
                         Support        5   Affirmed     5
                         Support Floor  NF  Affirmed     NF
TBC BANK JSC             LT IDR         BB- Affirmed     BB-
                         ST IDR         B   Affirmed     B
                         Viability      bb- Affirmed     bb-
                         Support        5   Affirmed     5
                         Support Floor  NF  Affirmed     NF
senior unsecured         LT             BB- Affirmed     BB-
subordinated             LT             B-  Affirmed     B-
ProCredit Bank (Georgia) LT IDR         BB+ Affirmed     BB+
                         ST IDR         B   Affirmed     B
                         LC LT IDR      BB+ Affirmed     BB+
                         LC ST IDR      B   Affirmed     B
                         Viability      bb- Affirmed     bb-
                         Support        3   Affirmed     3
Bank of Georgia          LT IDR         BB- Affirmed     BB-
                         ST IDR         B   Affirmed     B
                         LC LT IDR      BB- Affirmed     BB-
                         LC ST IDR      B   Affirmed     B
                         Viability      bb- Affirmed     bb-
                         Support        5   Affirmed     5
                         Support Floor  NF  Affirmed     NF
senior unsecured         LT             BB- Affirmed     BB-
subordinated             LT             B-  Affirmed     B-



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

ALBACORE EURO II: Moody's Assigns (P)B3 Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by AlbaCore
Euro CLO II Designated Activity Company (the "Issuer"):

EUR60,500,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR155,000,000 Class A-1 Senior Secured Floating Rate Loan due
2034, Assigned (P)Aaa (sf)

EUR32,500,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR40,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR19,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F 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 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
80% 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 6 month
ramp-up period in compliance with the portfolio guidelines.

AlbaCore Capital LLP ("AlbaCore") 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 quarter
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.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR36,350,000 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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of European corporate assets from a gradual and
unbalanced recovery in European economic activity.

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: EUR400.0m

Diversity Score: 44*

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.65%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8.5 years

ARMADA EURO III: Fitch Assigns Final B- Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Armada Euro CLO III DAC refinancing
notes final ratings.

Armada Euro CLO III DAC

       DEBT                  RATING               PRIOR
       ----                  ------               -----
A-1-R XS2320735785    LT  AAAsf   New Rating    AAA(EXP)sf
A-2-R XS2320736320    LT  AAAsf   New Rating    AAA(EXP)sf
B-R XS2320737054      LT  AAsf    New Rating    AA(EXP)sf
C-R XS2320737567      LT  Asf     New Rating    A(EXP)sf
D-R XS2320738458      LT  BBB-sf  New Rating    BBB-(EXP)sf
E XS1913265044        LT  BB-sf   Affirmed      BB-sf
F XS1913265390        LT  B-sf    Affirmed      B-sf
X XS1913263189        LT  AAAsf   Affirmed      AAAsf

TRANSACTION SUMMARY

This transaction is a cash flow collateralised loan obligation
(CLO) actively managed by the manager, Brigade Capital Europe
Management LLP. The reinvestment period is scheduled to end in
January 2023. On the refinancing closing date, all investment grade
have been refinanced at lower spreads. The class E to F and the
subordinated notes have not been be refinanced.

KEY RATING DRIVERS

Average Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors in the 'B' category. The Fitch weighted average
rating factor (WARF) of the portfolio as of 26 March is 32.68.

Recovery Inconsistent with Criteria: Around 96.9% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the portfolio as of 26 March is 67.71% based on
Fitch's current criteria, and 69.38% based on the recovery rate
provision in the transaction documents.

The recovery rate provision in the transaction documents does not
reflect the latest version of the CLOs and Corporate CDOs Rating
Criteria so that assets without a recovery estimate or recovery
rate by Fitch can map to a higher recovery rate than the criteria.
To account for this, Fitch has applied a haircut of 1.5% to the
WARR covenant considered in its stressed case portfolio analysis.
The haircut is in line with the average impact on the WARR of EMEA
CLOs following the criteria update.

Diversified Portfolio: The top 10 largest obligors limit is set at
26.5%. 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: The transaction has a 1.8-years reinvestment
period and on the refinancing date, the weighted average life
covenant was extended by nine months to seven years. The
reinvestment criteria are 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

RATING SENSITIVITIES

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

-- A 25% default multiplier applied to the portfolio's mean
    default rate, and with this subtracted from all rating default
    levels, and a 25% increase of the recovery rate at all rating
    recovery levels, would lead to an upgrade of up to five
    notches for the rated notes, except for class A where the
    rating is already at the highest rating scale at 'AAA' and
    cannot be upgraded further.

-- 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 specific portfolio limits for the
    transaction as specified in the transaction documents. Even if
    the actual portfolio shows lower defaults and 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 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 note 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
    four notches for the rated notes

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

Coronavirus Baseline Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume that half of the corporate exposure on Negative Outlook will
be downgraded by one notch instead of all of them (floor at 'CCC').
In this scenario, all notes' ratings would remain unchanged.

Coronavirus Downside Scenario

Fitch recently updated its CLO coronavirus downside scenario to
assume the corporate exposure on Negative Outlook is downgraded by
one notch (floor at 'CCC'). In this scenario, all notes' ratings
would remain unchanged.

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

Armada Euro CLO III 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.

ARMADA EURO III: Moody's Affirms B2 Rating on EUR10M Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Armada
Euro CLO III Designated Activity Company (the "Issuer"):

EUR218,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR30,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR35,000,000 Class B Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the outstanding notes which have
not been refinanced

EUR2,000,000 (Current Outstanding Amount EUR 0.5m) Class X Senior
Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously
on Dec 17, 2018 Definitive Rating Assigned Aaa (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Dec 17, 2018
Definitive Rating Assigned Ba2 (sf)

EUR10,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Dec 17, 2018
Definitive Rating Assigned B2 (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.

Moody's rating affirmations of the Class X Notes, Class E Notes and
Class F Notes is a result of the refinancing, which has no impact
on the ratings of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life test date by 9 months to March 17, 2028. It has also
amended definitions including the definition of "Adjusted Weighted
Average Rating Factor" and minor features. In addition, the Issuer
has amended the base matrix that Moody's has taken 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 loans, second-lien loans, high yield bonds and mezzanine
loans.

Brigade Capital Europe Management LLP 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 remaining
reinvestment period which will end in January 2023. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations and credit improved
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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in global economic activity.

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:

Performing par and principal proceeds balance: EUR399.5 million

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3175

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 43.75%

Weighted Average Life (WAL) Test Date: March 17, 2028

AVOCA CAPITAL CLO X: Fitch Assigns Final B- Rating on F-R-R Debt
----------------------------------------------------------------
Fitch Ratings has assigned Avoca Capital CLO X DAC final ratings.

Avoca Capital CLO X DAC

       DEBT                    RATING              PRIOR
       ----                    ------              -----
A-R XS1528063701       LT  PIFsf   Paid In Full    AAAsf
A-R-R XS2305547908     LT  AAAsf   New Rating      AAA(EXP)sf
B-1-R-R XS2305547817   LT  AAsf    New Rating      AA(EXP)sf
B-2-R-R XS2305548112   LT  AAsf    New Rating      AA(EXP)sf
B-R XS1528063966       LT  PIFsf   Paid In Full    AAsf
C-R XS1528064006       LT  PIFsf   Paid In Full    Asf
C-R-R XS2305548542     LT  Asf     New Rating      A(EXP)sf
D-R XS1528064188       LT  PIFsf   Paid In Full    BBBsf
D-R-R XS2305548385     LT  BBB-sf  New Rating      BBB-(EXP)sf
E-R XS1528065151       LT  PIFsf   Paid In Full    BBsf
E-R-R XS2305548898     LT  BB-sf   New Rating      BB-(EXP)sf
F-R XS1528065235       LT  PIFsf   Paid In Full    B-sf
F-R-R XS2305549276     LT  B-sf    New Rating      B-(EXP)sf

TRANSACTION SUMMARY

Avoca Capital CLO X DAC is a securitisation of mainly senior
secured obligations (at least 92.5%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to redeem the old notes (excluding subordinated
notes) and upsize the existing portfolio with a new target par of
EUR400 million.

The portfolio is actively managed by KKR Credit Advisors (Ireland)
Unlimited Company. The collateralised loan obligation (CLO) has a
4.75-year reinvestment period and a 9.0-year weighted average life
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 34.1.

High Recovery Expectations (Positive): At least 92.5% 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 identified portfolio is 63.4%.

Diversified Asset Portfolio (Positive): The transaction has four
Fitch test matrices corresponding to two top 10 obligors'
concentration limits of 15% and 25%, respectively. The manager can
interpolate within and between two matrices. 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 the asset portfolio will
not be exposed to excessive concentration.

Portfolio Management (Positive): The transaction has a 4.75-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.

Deviation from Model-implied Rating (Negative): The ratings of all
the classes of notes are one notch higher than the model-implied
rating (MIR). When analysing the updated matrices with the stressed
portfolio, the notes showed a maximum breakeven default rate
shortfall ranging from -0.1% to -3.4% across the structure at the
assigned ratings. The ratings are supported by the good performance
of the existing CLO, as well as the significant default cushion on
the identified portfolio at the assigned ratings due to the notable
cushion between the covenants of the transactions and the
portfolio's parameters including the higher diversity (189
obligors) of the identified portfolio.

All notes pass the assigned ratings based on the identified
portfolio and the coronavirus baseline sensitivity analysis that is
used for surveillance. The class F notes' deviation from the MIR
reflects the agency's view that the tranche displays a significant
margin of safety given the credit enhancement level at closing. The
notes do not present a "real possibility of default", which is the
definition of 'CCC' in Fitch's Rating Definitions.

RATING SENSITIVITIES

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 an upgrade of up to five
    notches for the rated notes, except the class A-R-R notes,
    which are already at the highest rating on Fitch's scale and
    cannot be upgraded.

-- 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 specific portfolio limits for the
    transaction as specified in the transaction documents. Even if
    the actual portfolio shows lower defaults and 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 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 note 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 build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    higher loss expectation than initially assumed due to
    unexpected high levels of default and portfolio deterioration.

Coronavirus Baseline Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume that half of the corporate exposure on Negative Outlook will
be downgraded by one notch instead of all of them (floor at 'CCC').
In this scenario, no ratings are affected.

Coronavirus Downside Scenario

Fitch recently updated its CLO coronavirus downside scenario to
assume the corporate exposure on Negative Outlook is downgraded by
one notch (floor at 'CCC'). In this scenario, no ratings are
affected.

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

Avoca Capital CLO X 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.

AVOCA CAPITAL X: Moody's Assigns B3 Rating to Class F-R-R Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Avoca
Capital CLO X Designated Activity Company (the "Issuer"):

EUR249,000,000 Class A-R-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR24,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2-R-R Senior Secured Fixed Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR26,750,000 Class C-R-R Deferrable Mezzanine Floating Rate Notes
due 2035, Definitive Rating Assigned A2 (sf)

EUR27,500,000 Class D-R-R Deferrable Mezzanine Floating Rate Notes
due 2035, Definitive Rating Assigned Baa3 (sf)

EUR20,250,000 Class E-R-R Deferrable Junior Floating Rate Notes
due 2035, Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class F-R-R Deferrable Junior Floating Rate Notes
due 2035, Definitive Rating Assigned 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 issues the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-R Notes,
Class B-R Notes, Class C-R Notes, Class D-R Notes, Class E-R Notes
and Class F-R Notes due 2030 (the "2016 Refinanced Notes"),
previously issued on December 20, 2016 (the "2016 Refinancing Date
"), which by itself was issued in connection with the refinancing
of the following classes of notes: Class A Notes, Class B Notes,
Class C Notes, Class D Notes and Class E Notes due 2026 (the
"Original Notes"), previously issued on November 26, 2013 (the
"Original Closing Date"). On the refinancing date, the Issuer uses
the proceeds from the issuance of the refinancing notes to redeem
in full the 2016 Refinanced Notes.

On the Original Closing Date, the Issuer also issued EUR43,500,000
of Subordinated Notes, which will remain outstanding. In addition
to the refinancing notes rated by Moody's, the issuer has issued
EUR12,000,000 of additional Subordinated Notes on the refinancing
date which are not rated.

As part of this reset, the Issuer will increase the target par
amount by EUR100 million to EUR400 million, will extend the
reinvestment period to 4.75 year and the weighted average life to
nine 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 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be approximately 85%
ramped as of the closing date.

KKR Credit Advisors (Ireland) Unlimited Company ("KKR") 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
4.75 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 and credit improved 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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in European economic activity.

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:

Target Par Amount: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3039

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 9 years

AVOCA CLO XIII: Moody's Assigns (P)B3 Rating to Class F-R-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Avoca CLO XIII Designated Activity Company (the "Issuer"):

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR248,000,000 Class A-R-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR26,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR14,000,000 Class B-2-R-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR28,000,000 Class C-R-R Deferrable Mezzanine Floating Rate Notes
due 2034, Assigned (P)A2 (sf)

EUR23,200,000 Class D-R-R Deferrable Mezzanine Floating Rate Notes
due 2034, Assigned (P)Baa3 (sf)

EUR20,800,000 Class E-R-R Deferrable Junior Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F-R-R 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.

As part of this reset, the Issuer will extend the reinvestment
period to around 4.25 years and the weighted average life 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 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 almost fully ramped up 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 [5] month ramp-up period in
compliance with the portfolio guidelines.

KKR Credit Advisors (Ireland) Unlimited Company 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
4.25 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.

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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of European corporate assets from a gradual and
unbalanced recovery in European economic activity.

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:

Target Par Amount: EUR400,000,000

Diversity Score: 56

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 45.40%

Weighted Average Life (WAL): 8.5 years

CVC CORDATUS XII: Moody's Affirms B2 Rating on EUR12M Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by CVC
Cordatus Loan Fund XII Designated Activity Company (the "Issuer"):

EUR242,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR6,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR17,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR27,200,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

Moody's also affirmed the Class X, Class D, Class E and Class F
Notes ratings which have not been refinanced:

EUR1,600,000 (Current balance EUR 200,000) Class X Senior Secured
Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Aug
5, 2020 Affirmed Aaa (sf)

EUR24,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa3 (sf); previously on Aug 5, 2020
Confirmed at Baa3 (sf)

EUR23,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Aug 5, 2020
Confirmed at Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Aug 5, 2020
Confirmed at B2 (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.

Moody's rating affirmation of the Class X Notes, Class D Notes,
Class E and Class F Notes are a result of the refinancing, which
has no impact on the ratings of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life test date by 15 months to September 14, 2028. It has
also amended the reinvestment criteria following the expiry of the
Reinvestment Period, certain concentration limits, definitions and
minor features. In addition, the Issuer has amended the base matrix
and modifiers that Moody's has taken 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 loans, second-lien loans, high yield bonds and mezzanine
loans.

CVC Credit Partners European CLO Management LLP will continue to
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 approximately two 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 and
credit improved 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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of global corporate assets from a gradual and
unbalanced recovery in global economic activity.

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 modelled 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 modelling assumptions:

Performing par and principal proceeds balance: EUR394,104,660

Defaulted Par: EUR2,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life Test Date: September 14, 2028

DRYDEN 46 2016: S&P Assigns Prelim B- (sf) Rating to Cl. F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Dryden 46
Euro CLO 2016 DAC's class A-R to F-R European cash flow reset CLO
notes. At closing, the issuer will issue unrated subordinated
notes.

The portfolio's reinvestment period will end in July 2025.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                Current
  S&P weighted-average rating factor           2,902.02
  Default rate dispersion                        610.10
  Weighted-average life (years)                    4.84
  Obligor diversity measure                       99.58
  Industry diversity measure                      21.17
  Regional diversity measure                       1.25

  Transaction Key Metrics
                                                Current
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                 B
  'CCC' category rated assets (%)                  7.41
  'AAA' weighted-average recovery (%)             34.68
  Covenanted weighted-average spread (%)           3.90
  Covenanted weighted-average coupon (%)           4.15

Frequency switch and interest smoothing mechanics

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments for the remaining life
of the transaction without the ability to switch back to quarterly
paying. Interest proceeds from semiannual obligations will not be
trapped in the smoothing account for so long as the aggregate
principal amount of semiannual obligations is less than or equal to
5%; or the class F interest coverage ratio calculated in relation
to the second payment date following the determination date is
equal to or exceeds 140%, and the par value tests are passing.

Loss mitigation obligations

Another notable feature in this transaction is the introduction of
loss mitigation obligations. Loss mitigation obligations allow the
issuer to participate in potential new financing initiatives by the
borrower in default. This feature aims to mitigate the risk of
other market participants taking advantage of CLO restrictions,
which typically do not allow the CLO to participate in a defaulted
entity's new financing request, and hence increase the chance of
increased recovery for the CLO. While the objective is positive, it
can also lead to par erosion, as additional funds will be placed
with an entity that is under distress or in default. S&P said,
"This may cause greater volatility in our ratings if the loan's
positive effect does not materialize. In our view, the presence of
a bucket for loss mitigation obligations, the restrictions on the
use of principal proceeds to purchase these assets, and the
limitations in reclassifying proceeds received from these assets
from principal to interest help to mitigate the risk."

Loss mitigation obligation mechanics

Under the transaction documents, the issuer can purchase loss
mitigation obligations, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of an obligation, to improve
the recovery value of the related collateral obligation.

The purchase of loss mitigation obligations is not subject to the
reinvestment criteria or the eligibility criteria. Loss mitigation
obligations purchased using principal proceeds must meet the
restructured obligation criteria, and receive defaulted asset
credit in both the principal balance and par coverage tests. Loss
mitigation obligations purchased with interest receive no credit.
The transaction documents limit the CLO's exposure to loss
mitigation obligations that can be acquired with principal proceeds
to 5% of the target par amount.

The issuer may purchase loss mitigation obligations using either
interest proceeds, principal proceeds, or amounts standing to the
credit of the supplemental reserve account. The use of interest
proceeds to purchase loss mitigation obligations are subject to all
the interest coverage tests passing following the purchase and the
manager determining there are sufficient interest proceeds to pay
interest on all the rated notes on the upcoming payment date
including senior expenses. The usage of principal proceeds is
subject to the following conditions: (i) par coverage tests passing
following the purchase; (ii) the obligation meeting the
restructured obligation criteria; (iii) the obligation being pari
passu or senior to the obligation already held by the issuer; (iv)
its maturity falling before the rated notes' maturity date; and (v)
it is not purchased at a premium.

To protect the transaction from par erosion, any distributions
received from loss mitigation obligations that are purchased with
the use of principal proceeds will form part of the issuer's
principal account proceeds and cannot be recharacterized as
interest.

In this transaction, if a loss mitigation obligation that has been
purchased with interest subsequently becomes an eligible CDO, the
manager can designate it as such and transfer out of the principal
account into the interest account the market value of the asset.
S&P considered the alignment of interests for this re-designation
and took into account factors (amongst others) for example that the
reinvestment criteria has to be met and the market value cannot be
self-marked by the manager.

Rating rationale

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.90%), and the
reference weighted-average coupon (4.15%) as indicated by the
collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
actual portfolio presented to us. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.

"Until the end of the reinvestment period on July 15, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A-R to F-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with the same or higher rating levels than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our preliminary
ratings assigned to the notes.

"Under our fixed rate scenario, the class F-R notes' current BDR
cushion is -1.00%. Based on the portfolio's actual characteristics
and additional overlaying factors, including our long-term
corporate default rates and the class F-R notes' credit
enhancement, in our view this class is able to sustain a
steady-state scenario, in accordance with our criteria." S&P's
analysis further reflects several factors, including:

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs it has rated and that has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 26.67% (for a portfolio with a
weighted-average life of 4.75 years) versus 14.73% if it was to
consider a long-term sustainable default rate of 3.1% for 4.75
years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F-R notes is commensurate with the
assigned preliminary 'B- (sf)' rating.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R to E-R
notes to five of the 10 hypothetical scenarios we looked at in our
recent publication.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R 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 sid, "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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by PGIM Loan
Originator Manager Ltd.

  Ratings List

  Class   Prelim.   Prelim.   Interest rate  Credit
          Rating    amount       (%)         enhancement(%)
                   (mil. EUR)
  A-R     AAA (sf)   270.00   3mE + 0.82     40.00
  B-1-R   AA (sf)     22.25   3mE + 1.65     29.50
  B-2-R   AA (sf)     25.00   2.05           29.50
  C-R-R   A (sf)      27.67   3mE + 2.50     23.35
  D-R-R   BBB (sf)    31.95   3mE + 3.70     16.25
  E-R     BB- (sf)    24.50   3mE + 6.21     10.81
  F-R     B- (sf)     16.00   3mE + 8.51      7.25
  Sub     NR          54.11   N/A N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


ELM PARK CLO: S&P Assigns Prelim B- (sf) Rating on Cl. E-R-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Elm Park
CLO DAC's class X, A-1 Note, A-1 Loan, A-2A, A-2B, B-R-R, C-R-R,
D-R-R, and E-R-R notes. At closing, the issuer will issue
subordinated notes.

The transaction is a reset of the existing Elm Park CLO, which
closed in May 2016. The issuance proceeds of the refinancing notes
will be used to redeem the refinanced notes (class A-1-R, A-2-R,
B-R, C-R, D-R, and E-R of the original Elm Park CLO transaction),
and pay fees and expenses incurred in connection with the reset.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which we expect to be
bankruptcy remote.

-- The transaction's counterparty risks, which we expect to be in
line with our counterparty rating framework.

  Portfolio Benchmarks
                                                    Current
  S&P weighted-average rating factor               2,765.16
  Default rate dispersion                            719.79
  Weighted-average life (years) without reinvestment   4.11
  Weighted-average life (years) with reinvestment      4.50
  Obligor diversity measure                          130.17
  Industry diversity measure                          19.68
  Regional diversity measure                           1.24

  Transaction Key Metrics
                                                    Current
  Portfolio weighted-average rating
    derived from our CDO evaluator                        B
  'CCC' category rated assets (%)                      7.54
  Covenanted 'AAA' weighted-average recovery (%)      36.00
  Covenanted weighted-average spread (%)               3.45
  Covenanted weighted-average coupon (%)               4.50

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes. This may allow for the principal proceeds to be
characterized as interest proceeds when the collateral par exceeds
this amount, subject to a limit, and affect the reinvestment
criteria, among others. This feature allows some excess par to be
released to equity during benign times, which may lead to a
reduction in the amount of losses that the transaction can sustain
during an economic downturn. Therefore, as part of its cash flow
analysis, S&P assumed a starting collateral size of EUR493.50
million (i.e. the target par amount declined by the maximum amount
of reduction indicated by the arranger).

Loss mitigation loans

Under the transaction documents, the issuer can purchase loss
mitigation loans, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of the obligation, to improve
the related collateral obligation's recovery value.

Loss mitigation loans allow the issuer to participate in potential
new financing initiatives by the borrower in default. This feature
aims to mitigate the risk of other market participants taking
advantage of CLO restrictions, which typically do not allow the CLO
to participate in a defaulted entity's new financing request. This
feature therefore increases the chance of a higher recovery for the
CLO. While the objective is positive, it can also lead to par
erosion, as additional funds will be placed with an entity that is
under distress or in default. This may cause greater volatility in
our ratings if the positive effect of the obligations does not
materialize. In S&P's view, the presence of a bucket for loss
mitigation loans, the restrictions on the use of interest and
principal proceeds to purchase those assets, and the limitations in
reclassifying proceeds received from those assets from principal to
interest help to mitigate the risk.

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase loss mitigation loans using interest proceeds, principal
proceeds, or amounts in the supplemental reserve account. The use
of interest proceeds to purchase loss mitigation loans is subject
to:

-- The manager determining that there are sufficient interest
proceeds to pay interest on all the rated notes on the upcoming
payment date; and

-- Following the purchase of a loss mitigation loan, all coverage
tests and the reinvestment par value test must be satisfied.

The use of principal proceeds is subject to:

-- Passing par value tests;

-- The manager having built sufficient excess par in the
transaction so that the aggregate collateral principal amount is
equal to or exceeds the portfolio's reinvestment target par balance
after the reinvestment;

-- The loss mitigation loan being a debt obligation, ranking
senior or pari passu with the related collateral obligation, having
a par value greater than or equal to its purchase price, and not
having a maturity date exceeding the rated note's maturity date.

Loss mitigation loans that are debt obligations and have limited
deviation from the eligibility criteria will receive collateral
value credit for overcollateralization carrying value purposes. To
protect the transaction from par erosion, amounts received from
loss mitigation loans originally purchased with principal proceeds
or loss mitigation loans that have been given a carrying value will
form part of the principal account proceeds, whereas for all other
loss mitigation loans, any amounts can be characterized as interest
at the manager's discretion. Loss mitigation loans that do not meet
this version of the eligibility criteria will receive zero credit.

The cumulative exposure to loss mitigation loans purchased with
principal is limited to 5% of the target par amount. The cumulative
exposure to loss mitigation loans purchased with principal and
interest is limited to 10% of the target par amount.

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR500.00 million target
par amount, the covenanted weighted-average spread (3.45%), the
reference weighted-average coupon (4.50%), and covenanted
weighted-average recovery rates at each rating level. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings."

Until the end of the reinvestment period on Oct. 15, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

S&P said, "At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X to E-R-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class A-2A, A-2B,
B-R-R, and C-R-R notes could withstand stresses commensurate with
higher rating levels than those we have assigned. However, as the
CLO will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our preliminary ratings assigned to the notes.

"For the class E-R-R notes and under the amortizing target scenario
only, our credit and cash flow analysis indicates that the
available credit enhancement could withstand stresses that are
commensurate with a 'CCC' rating. However, we have applied our
'CCC' rating criteria resulting in a 'B-' rating to this class of
notes."

The one notch of ratings uplift (to 'B-') from the model generated
results (of 'CCC'), reflects several key factors, including:

-- S&P noted that the available credit enhancement for this class
of notes is in the same range as other CLOs that it rates, and that
have recently been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated break even default rate at the 'B-'
rating level of 25.08% (for a portfolio with a weighted-average
life of 4.50 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.50 years, which would result
in a target default rate of 13.95%.

-- S&P also noted that the actual portfolio is generating higher
spreads versus the covenanted threshold that we have modelled in
its cash flow analysis.

-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chance for this note
to default, and (iii) if it envisions this tranche to default in
the next 12-18 months.

  -- Following this analysis, S&P considers that the available
credit enhancement for the class E-R-R notes is commensurate with
the 'B- (sf)' rating assigned.

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

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on all classes
of notes to five of the 10 hypothetical scenarios we looked at in
our publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class E-R-R 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Blackstone
Ireland Ltd.

  Ratings List

  Class     Prelim.   Prelim.     Interest   Credit
            Rating    amount      rate (%)   enhancement (%)
                      (mil. EUR)
  X         AAA (sf)     2.50     3mE + 0.30      N/A
  A-1 Note  AAA (sf)   119.00     3mE + 0.82    38.00
  A-1 Loan  AAA (sf)   191.00     3mE + 0.82    38.00
  A-2A      AA (sf)     39.00     3mE + 1.63    28.00
  A-2B      AA (sf)     11.00     2.03          28.00
  B-R-R     A (sf)      35.00     3mE + 2.40    21.00
  C-R-R     BBB (sf)    30.00     3mE + 3.50    15.00
  D-R-R     BB- (sf)    25.00     3mE + 6.16    10.00
  E-R-R     B- (sf)     12.50     3mE + 8.51     7.50
  Subordinated   NR     56.93     N/A             N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


GRIFFITH PARK: Fitch Affirms Final B- Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned Griffith Park CLO DAC refinance notes
final ratings and affirmed the remaining notes.

Griffith Park CLO D.A.C.

           DEBT                    RATING             PRIOR
           ----                    ------             -----
Class A-1A-R XS2309452410    LT  AAAsf   New Rating    AAA(EXP)sf
Class A-1B-R XS2309453061    LT  AAAsf   New Rating    AAA(EXP)sf
Class A-2A-R XS2309453731    LT  AAsf    New Rating    AA(EXP)sf
Class A-2B-R XS2309454200    LT  AAsf    New Rating    AA(EXP)sf
Class A1A XS1903435532       LT  PIFsf   Paid In Full  AAAsf
Class A1B XS1903436183       LT  PIFsf   Paid In Full  AAAsf
Class A2A XS1903436779       LT  PIFsf   Paid In Full  AAsf
Class A2B XS1903437314       LT  PIFsf   Paid In Full  AAsf
Class B-R XS2309455272       LT  Asf     New Rating    A(EXP)sf
Class B1 XS1903438049        LT  PIFsf   Paid In Full  Asf
Class B2 XS1903438718        LT  PIFsf   Paid In Full  Asf
Class C XS1903439369         LT  PIFsf   Paid In Full  BBB-sf
Class C-R XS2309455868       LT  BBB-sf  New Rating    BBB-(EXP)sf

Class D XS1903440532         LT  BB-sf   Affirmed      BB-sf
Class E XS1903440458         LT  B-sf    Affirmed      B-sf

TRANSACTION SUMMARY

This transaction is a cash flow collateralised loan obligation CLO
actively managed by the manager, Blackstone Ireland Limited. The
reinvestment period is scheduled to end in May 2023 and the
weighted average life (WAL) is 6.9 years after the nine-month
extension. On the refinance closing date, the refinancing notes
proceeds have been used to redeem class A1 to C notes. The
remaining notes have not been refinanced.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B'/'B-' category. By
Fitch's calculation, the Fitch weighted average rating factor
(WARF) of the current portfolio is 34.3.

Recovery Inconsistent with Criteria (Negative): Over 98% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the portfolio is 63.0% based on
Fitch's current criteria and 64.6% based on the recovery rate
provision in the transaction documents.

The recovery rate provision does not reflect the latest rating
criteria such that 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 transaction has two matrices
corresponding to two fixed rate asset limits at 10% and 0%. The 10
largest obligors' limit is 20% and is higher than the top 10
obligors' exposure at 12.3% 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 2.1-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.

WAL Extended (Neutral): On the refinancing date, the WAL covenant
has been extended by nine months to 6.9 years and the maximum fixed
rate asset limit increased to 10% from 7.5%. The Fitch test matrix
has been updated.

Model-implied Rating Deviation of One Notch (Negative): The
refinancing notes' ratings pass the target ratings based on the
transaction stress portfolio except for the class C notes, which
shows a marginal shortfall of 11bp in a rising interest rate
scenario. When analysing the updated matrix with the stress
portfolio and extended WAL test, the class D, E and F notes showed
a maximum breakeven default shortfall of 0.11%, 0.96% and 1.34%.

The one notch deviation of class C's assigned rating from the
model-implied rating reflects the comfortable cushion at the target
rating based on the current portfolio and the coronavirus baseline
scenario, the existing portfolio's good performance, and a more
diversified portfolio (at 196 obligors versus 110 in the
transaction stress portfolio). All ratings pass the current
portfolio and the coronavirus baseline scenario that are used for
Fitch's surveillance. This supports the affirmation of the class E
and F notes with Stable Outlooks.

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 25% default multiplier applied to the portfolio's mean
    default rate, and with this subtracted from all rating default

    levels, and a 25% increase of the recovery rate at all rating
    recovery levels, would lead to an upgrade of up to five
    notches for the rated notes, except for the class A notes,
    which are already at the highest rating on Fitch's scale and
    cannot be upgraded.

-- 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 specific portfolio limits for the
    transaction as specified in the transaction documents. Even if
    the actual portfolio shows lower defaults and 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 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 note 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 build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    higher loss expectation than initially assumed due to
    unexpected high levels of default and portfolio deterioration.

Coronavirus Baseline Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume that half of the corporate exposure on Negative Outlook will
be downgraded by one notch instead of all of them (floor at 'CCC').
In this scenario, all notes ratings would remain unchanged.

Coronavirus Downside Scenario

Fitch recently updated its CLO coronavirus downside scenario to
assume the corporate exposure on Negative Outlook is downgraded by
one notch (floor at 'CCC'). In this scenario, all notes ratings
would remain unchanged.

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

Griffith Park CLO D.A.C.

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.

GRIFFITH PARK: Moody's Affirms B2 Rating on EUR11.3M Cl. E-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
Griffith Park CLO Designated Activity Company (the "Issuer"):

EUR264,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR8,750,000 Class A-1B Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR20,500,000 Class A-2A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR31,400,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR26,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the outstanding notes which have
not been refinanced:

EUR24,450,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba3 (sf); previously on Aug 27, 2020
Confirmed at Ba3 (sf)

EUR11,250,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Aug 27, 2020
Confirmed at B2 (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.

Moody's rating affirmations of the Class D-R Notes and Class E-R
Notes are a result of the refinancing, which has no impact on the
ratings of the notes.

Interest and principal payments due to the Class A-1B Notes are
subordinated to interest and principal payments due to the Class
A-1A Notes.

As part of this refinancing, the Issuer has extended weighted
average life test date by 9 months to February 21, 2028. It has
also amended certain concentration limits, definitions and minor
features. In addition, the Issuer has amended the base matrix and
modifiers that Moody's has taken 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 loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is fully ramped as of the closing
date.

Blackstone Ireland Limited will continue to 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 approximately
2-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 and credit improved 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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of European corporate assets from a gradual and
unbalanced recovery in European economic activity.

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:

Target Par Amount: EUR440,000,000

Defaulted Par: none

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3130

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life Test Date: February 21, 2028

HARVEST CLO XX: Moody's Affirms B2 Rating on EUR12M Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by HARVEST
CLO XX DAC (the "Issuer"):

EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR12,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR30,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR27,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR20,900,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the outstanding notes which have
not been refinanced:

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Sep 24, 2020
Confirmed at Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Sep 24, 2020
Confirmed at B2 (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.

Moody's rating affirmations of the Class E Notes and Class F notes
are a result of the refinancing, which has no impact on the ratings
of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life test date by 12 months to May 2028 and has amended
certain definitions and minor features. In addition, the Issuer has
amended the base matrix and modifiers that Moody's has taken 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 and up to 10% of the
portfolio may consist of unsecured senior loans, second-lien loans
and mezzanine loans.

Investcorp Credit Management EU Limited 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
remaining reinvestment period which will end in April 2023.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved 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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of European corporate assets from a gradual and
unbalanced recovery in European economic activity.

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:

Performing par and principal proceeds balance: EUR 92.8 million

Defaulted Par: EUR3.75 million

Diversity Score: 52

Weighted Average Rating Factor (WARF): 3148

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL) Test Date: May 2028

JUBILEE CLO 2018-XXI: Fitch Assigns Final B- Rating on F-R Debt
---------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2018-XXI DAC final ratings.

Jubilee CLO 2018-XXI DAC

      DEBT                    RATING              PRIOR
      ----                    ------              -----
A XS1897607955      LT  PIFsf   Paid In Full      AAAsf
A-R XS2308742639    LT  AAAsf   New Rating        AAA(EXP)sf
B-R XS2308742985    LT  AAsf    New Rating        AA(EXP)sf
B1 XS1897609142     LT  PIFsf   Paid In Full      AAsf
B2 XS1897612286     LT  PIFsf   Paid In Full      AAsf
C-1-R XS2308743520  LT  Asf     New Rating        A(EXP)sf
C-2-R XS2309373111  LT  Asf     New Rating        A(EXP)sf
C1 XS1897612799     LT  PIFsf   Paid In Full      Asf
C2 XS1902186607     LT  PIFsf   Paid In Full      Asf
D XS1897614498      LT  PIFsf   Paid In Full      BBB-sf
D-R XS2308743959    LT  BBB-sf  New Rating        BBB-(EXP)sf
E XS1897616865      LT  PIFsf   Paid In Full      BB-sf
E-R XS2308744338    LT  BB-sf   New Rating        BB-(EXP)sf
F XS1897617087      LT  PIFsf   Paid In Full      B-sf
F-R XS2308744254    LT  B-sf    New Rating        B-(EXP)sf
X-R XS2308742555    LT  AAAsf   New Rating        AAA(EXP)sf

TRANSACTION SUMMARY

Jubilee CLO 2018-XXI DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. Net proceeds from the issuance
have been used to redeem the old notes with a new identified
portfolio comprising the existing portfolio, as modified by sales
and purchases conducted by the manager. The portfolio is actively
managed by Alcentra Ltd. The transaction has a four-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 in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 34.5.

High Recovery Expectations (Positive): 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 identified portfolio is 63.0%.

Diversified Portfolio (Positive): The transaction has six Fitch
test matrices corresponding to the two top 10 obligors'
concentration limits of 15% and 24%, and fixed-rate obligations
limits of 0% ,7.5% and 10.0%. 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 four-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.

Deviation from Model-implied Rating (Negative): The assigned
ratings of all classes are one notch above the model-implied rating
(MIR) except the class F notes. When analysing the matrices based
on the transaction stressed portfolio, the maximum default rate
shortfall at the target rating ranges from -0.2% to -3.7% across
the structure. However, the ratings are supported by the good
performance of the existing CLO, as well as the significant default
cushion against downgrade based on the identified portfolio due to
the cushion between the covenants of the transaction and the
portfolio's parameters including a higher diversity (168 obligors)
for the identified portfolio.

All notes pass the assigned ratings based on the identified
portfolio and the coronavirus sensitivity analysis that is used for
surveillance. The class F notes' deviation from the MIR reflects
the agency's view that the tranche displays a significant margin of
safety given the credit enhancement level. The notes do not
currently present a "real possibility of default", which is the
definition of 'CCC' in Fitch's Rating Definitions.

RATING SENSITIVITIES

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 an upgrade of up to
    three notches for the rated notes, except the class A-R notes,
    which are at the highest rating on Fitch's scale and cannot be
    upgraded.

-- 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 specific portfolio limits for the
    transaction as specified in the transaction documents. Even if
    the actual portfolio shows lower defaults and 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 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 note 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 build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    higher loss expectation than initially assumed due to
    unexpected high levels of default and portfolio deterioration.

Coronavirus Baseline Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume that half of the corporate exposure on Negative Outlook will
be downgraded by one notch instead of all of them (floor at 'CCC').
In this scenario, no ratings are affected.

Coronavirus Downside Scenario

Fitch recently updated its CLO coronavirus downside scenario to
assume the corporate exposure on Negative Outlook is downgraded by
one notch (floor at 'CCC'). In this scenario, no ratings are
affected.

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

Jubilee CLO 2018-XXI 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.

JUBILEE CLO 2018-XXI: Moody's Assigns B3 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the refinancing notes issued by
Jubilee CLO 2018-XXI DAC (the "Issuer"):

EUR1,000,000 Class X Senior Secured Floating Rate Notes due 2035,
Assigned Aaa (sf)

EUR250,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned Aaa (sf)

EUR36,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Assigned Aa2 (sf)

EUR18,000,000 Class C-1 Deferrable Mezzanine Floating Rate Notes
due 2035, Assigned A2 (sf)

EUR7,000,000 Class C-2 Deferrable Mezzanine Fixed Rate Notes due
2035, Assigned A2 (sf)

EUR29,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2035, Assigned Baa3 (sf)

EUR20,000,000 Class E Deferrable Junior Floating Rate Notes due
2035, Assigned Ba3 (sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2035, Assigned 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 issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class X Notes, Class
A Notes, Class B-1 Notes, Class B-2 Notes, Class C-1 Notes, Class
C-2 Notes, Class D Notes, Class E Notes and Class F Notes due in
2032 (the "Original Notes"), previously issued on December 13, 2018
(the "Original Closing Date"). On the refinancing date, the Issuer
uses the proceeds from the issuance of the refinancing notes to
redeem in full the Original Notes.

On the Original Closing Date, the Issuer also issued EUR37,200,000
of subordinated notes, which will remain outstanding. The terms and
conditions of the subordinated notes have been amended in
accordance with the refinancing notes' conditions.

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 EUR500,000 over two payment dates
starting on the second payment date.

As part of this full refinancing, the Issuer has renewed the
reinvestment period at four years and extended the weighted average
life to 8.5 years. It has also amended certain concentration
limits, definitions and other features. The issuer has also
included the ability to hold loss mitigation obligations.

In addition, the Issuer has amended the base matrix and modifiers
that Moody's has taken 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 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 comprises predominantly corporate loans to obligors
domiciled in Western Europe.

Alcentra Limited ("Alcentra") 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.

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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in European economic activity.

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:

Target Par : EUR399,840,864.90

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3165

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8.5 years

OAK HILL VIII: Moody's Assigns B3 Rating to EUR8.4M Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to Notes issued by Oak Hill European
Credit Partners VIII DAC (the "Issuer"):

EUR170,400,000 Class A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR17,600,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

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

EUR18,700,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR19,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR14,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR8,400,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings are 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, senior unsecured loans, mezzanine obligations
and high yield bonds. The portfolio is expected to be approximately
85% 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 six month
ramp-up period in compliance with the portfolio guidelines.

Oak Hill Advisors (Europe), LLP 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.

In addition to the seven Classes of Notes rated by Moody's, the
Issuer will issue EUR26,460,000 Subordinated Notes due 2035 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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of European corporate assets from a gradual and
unbalanced recovery in European economic activity.

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: EUR277,000,000

Diversity Score: 45 (*)

Weighted Average Rating Factor (WARF): 2917

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 8.5 years

OAK HILL VIII: S&P Assigns B- (sf) Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Oak Hill European
Credit Partners VIII DAC's class A, B-1, B-2, C, D, E, and F notes.
At closing, the issuer also issued unrated subordinated notes.

Oak Hill European Credit Partners VIII is a European cash flow CLO
transaction, securitizing a portfolio of primarily senior secured
leveraged loans and bonds. The transaction is managed by Oak Hill
Advisors (Europe) LLP.

The ratings assigned to Oak Hill European Credit Partners VIII's
notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

-- Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

-- The portfolio's reinvestment period ends approximately four
years after closing, and the portfolio's maximum average maturity
date will be 8.6 years after closing.

  Table 1

  Portfolio Benchmarks
                                                       Current
  S&P Global Ratings weighted-average rating factor   2,797.54
  Default rate dispersion                               586.44
  Weighted-average life (years)                           5.42
  Obligor diversity measure                             123.50
  Industry diversity measure                             20.57
  Regional diversity measure                              1.29

  Table 2

  Transaction Key Metrics
                                                       Current
  Total par amount (mil. EUR)                           277.00
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            131
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                       'B'
  'CCC' category rated assets (%)                         1.81
  'AAA' target portfolio weighted-average recovery       37.10
  Covenanted weighted-average spread (%)                  3.70
  Reference weighted-average coupon (%)                   3.50

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow collateralized debt obligations. As such, we have not applied
any additional scenario and sensitivity analysis when assigning
ratings to any classes of notes in this transaction."

S&P said, "In our cash flow analysis, we used the EUR277 million
target par amount, the covenanted weighted-average spread (3.70%),
the reference weighted-average coupon (3.50%), and the target
portfolio weighted-average recovery rate for all rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category. Our credit and
cash flow analysis indicates that the available credit enhancement
for the class B-1 to E notes could withstand stresses commensurate
with higher rating levels than those we have assigned. However, as
the CLO will be in its reinvestment phase starting from closing,
during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes."

Workout obligations

The issuer may purchase workout obligations using:

-- Interest proceeds;
-- Principal proceeds; and/or
-- Amounts standing to the credit of the collateral enhancement
account.

The issuer may only purchase workout obligations if the following
conditions are satisfied:

-- The transaction documents limit the CLO's exposure to workout
obligations quarterly, and it may not exceed 10% of target par if
purchased with principal proceeds.

-- Except for calculation of the par value test numerator, the
principal balance of any workout obligation in all other tests must
be zero.

-- Workout obligations may only be purchased in connection with an
existing collateral obligation held by the issuer.

-- At any time a workout obligation satisfies the CLO's
eligibility criteria, it will be considered as a collateral
obligation.

Use of interest proceeds

At any time, the issuer may purchase workout obligations using
interest proceeds. As a result, the issuer must ensure that after
considering the purchase of any workout obligation the coverage
tests are satisfied, and that it has determined there are
sufficient interest proceeds to pay interest on all notes on the
upcoming payment date.

At the point of purchase, the issuer may determine whether or not
each workout obligation is a principal proceeds workout obligation.
If it is, then all distributions received from workout obligations
up to carry value in the coverage tests will irrevocably form part
of the issuer's principal account proceeds.

In all other cases, zero credit will be attributed to any workout
obligation. That is, any distributions received from workout
obligations in this instance will flow directly back to the
interest proceeds account.

Solely with respect to principal proceeds workout obligations that
satisfy most of the eligibility criteria will a defaulted treatment
be afforded in the CLO's par value tests. Where the issuer makes no
determination in the second scenario above, then it will consider
the workout obligation to be a principal proceed workout
obligation.

Use of collateral enhancement amounts

At any time, the issuer may purchase workout obligations using
amounts standing to the credit of the collateral enhancement
account.

Similar to using interest proceeds above, at the point of purchase,
the issuer may determine whether or not each workout obligation is
a principal proceed workout obligation. If it is, then all
distributions received from workout obligations will irrevocably
form part of the issuer's principal account proceeds. In all other
cases, zero credit will be attributed to any workout obligation.
That is, any distributions received from workout obligations in
this instance will flow directly back to the supplemental reserve
account.

Only with respect to principal proceed workout obligations that are
debt obligations that are current on interest and principal
payments at point of purchase and going forward, will a defaulted
treatment be afforded in the CLO's par value tests.

Where the issuer makes no determination in the second scenario
above, then it will consider the workout obligation to be a
principal proceed workout obligation.

Use of principal proceeds

At any time, the issuer may use principal proceeds to purchase
workout obligations, subject to the following conditions being
satisfied:

-- Any obligation purchased is a debt obligation;

-- The obligation ranks pari passu or senior to the collateral
obligation held by the issuer;

-- Each par value test and interest diversion test is satisfied;

-- The par value of each workout obligation exceeds or equates to
the purchase price of the applicable obligation;

-- For debt obligations whose, immediately after its acquisition,
the aggregate collateral balance is less than the reinvestment
target par amount, then the obligation must satisfy most of the
eligibility criteria; and

-- For equity securities, immediately after its acquisition, the
aggregate collateral balance must be greater than the reinvestment
target par amount.

Any distributions received from workout obligations would be
treated as principal proceeds. As with the scenarios highlighted
above, where the workout obligation satisfies most of the
eligibility criteria, a defaulted treatment will be afforded to
these obligations in the CLO's par value tests. In all other cases,
zero credit will be afforded at all times.

Under S&P's structured finance sovereign risk criteria, it
considers that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels.

Until the end of the reinvestment period on April 18, 2025, the
collateral manager can substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
default potential of the current portfolio plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager can, through trading, deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

The transaction's legal structure is bankruptcy remote, in line
with S&P's legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
our publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020. The results
shown in the chart below are based on covenanted weighted-average
spread, coupon, and recoveries.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F 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."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by Oak Hill Advisors
(Europe) LLP.

  Ratings

  Class  Rating    Balance   Sub (%)    Interest rate
                 (mil. EUR)
  A      AAA (sf)   170.40     38.48    Three/six-month EURIBOR  
                                          plus 0.84%
  B-1    AA (sf)     17.60     28.52    Three/six-month EURIBOR
                                          plus 1.35%
  B-2    AA (sf)     10.00     28.52    1.70%
  C      A (sf)      18.70     21.77    Three/six-month EURIBOR
                                          plus 2.40%
  D      BBB (sf)    19.20     14.84    Three/six-month EURIBOR
                                          plus 3.50%
  E      BB- (sf)    14.00      9.78    Three/six-month EURIBOR
                                          plus 5.67%
  F      B- (sf)      8.40      6.75    Three/six-month EURIBOR
                                          plus 8.13%
  Sub notes   NR     26.46       N/A    N/A

  NR--Not rated.
  N/A--Not applicable.
  EURIBOR--Euro Interbank Offered Rate.




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

DECO 2019-VIVALDI: Fitch Lowers Class D Notes Rating to 'Bsf'
-------------------------------------------------------------
Fitch Ratings has downgraded Deco 2019 - Vivaldi S.r.l.'s class D
notes and affirmed the others. The ratings have been removed from
Rating Watch Negative (RWN).

Deco 2019 - Vivaldi S.r.l.

     DEBT               RATING          PRIOR
     ----               ------          -----
A IT0005372435   LT  A+sf    Affirmed   A+sf
B IT0005372450   LT  BBB+sf  Affirmed   BBB+sf
C IT0005372468   LT  BBsf    Affirmed   BBsf
D IT0005372476   LT  Bsf     Downgrade  B+sf

TRANSACTION SUMMARY

The transaction is a 95% securitisation of two commercial mortgage
loans totalling EUR233.935 million to two Italian borrowers, both
sponsored by Blackstone funds. The loans are both variable-rate
(with variable margins) and each is secured on an Italian fashion
retail outlet village. The transaction benefits from a liquidity
facility of EUR10.5 million available to cover interest on the
class A and B notes, with which the commitment amortises pro rata.

In 4Q20, vacancy increased to 13.5% from 12.6% for Franciacorta and
to 18.2% from 12.5% for Palmanova since 3Q20. The CMBS all-in debt
yield decreased further to 2.6% and 2.5%, respectively, remaining
in breach of the cash trap triggers.

In February Fitch received an updated valuation, which confirmed
Fitch's expectation of a fall in value for assets in the Italian
retail property sector. Values have dropped by 13% for Palmanova
and 11% for Franciacorta (since March 2019). This was largely the
result of updated estimated rental values (ERV), which decreased by
13% and 9%, respectively. Fitch has accounted for this decline,
which leads to a small reduction in modelled ERV to EUR22.5 million
(in total) from EUR23.7 million since the last rating action.

2020 collections almost halved compared with previous years, as a
result of lockdowns. This caused negative net operating income in
some periods for both the outlets. Fitch has been notified that the
sponsor injected funds (mainly in 2Q20) to top up loans' interest
payments.

KEY RATING DRIVERS

Higher Collections Improve Recovery Prospects: Rent collections
improved materially in 3Q20, bringing the total for 2020 to around
58% of contracted amounts. Subject to the risk of further flare-ups
of Covid-19 in Northern Italy, there will be a gradual recovery as
business rebounds and tenants resume their operations.

However, Fitch has tested for further deterioration, assuming no
rent is received until May 2021, followed by two successive
quarters where Fitch caps stressed income in each rating scenario
at half the rent Fitch would otherwise anticipate in Fitch's 'Bsf'
rating analysis. The expected stabilisation and evidence of
collections resilience contains the downgrade to one notch for the
class D notes.

Mixed Performance: Palmanova Outlet's vacancy notably increased
over the past 12 months (to 17.1% from 13.0%), with few new
lettings and mainly agreed on fully turnover rent. The updated
valuation received in February 2021 showed a revised exit yield of
7.0% versus 6.5% at closing. These two factors have prompted Fitch
to increase the base structural vacancy assumption for the mall to
10.0% from 7.0%, which aligns the applied 'Bsf' cap rate with the
revised exit yield. The downgrade of the class D notes reflects
some reduction in expected collateral recoveries.

Prolonged Containment Measures Affecting Retail: The easing of
mobility restrictions in December helped prevent a sharper loss in
activity, but with rising infections necessitating renewed
restrictions in early 2021, visits to retail and recreation venues
have dropped. The timing of the eventual rebound in performance
remains uncertain and the viability of many retailers remains
questionable. Given this, the falls in values, and the risk of a
loss of security of income, Fitch has assigned Negative Outlooks to
the notes.

Adequate Liquidity for Ratings: Fitch has tested if a halt in loan
interest can be covered by available liquidity, including for
property protection payments that may be needed for non-deferrable
borrower expenses. The class C and D notes are not eligible for
liquidity support, and the risk of deferral of interest payments
limits the ratings to below investment grade.

Fitch also tests in the relevant rating scenarios that notes'
interest coverage is sufficient through the life of the
transaction, including in scenarios in which currently deferrable
notes become senior (following allocation of distressed asset sale
proceeds sequentially).

RATING SENSITIVITIES

Current ratings: 'A+sf' / 'BBB+sf' / 'BBsf' / 'B+sf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'A+sf' / 'A-sf' / 'BBB-sf' / 'B+sf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'Asf' / 'BB+sf' / 'Bsf' / 'CCCsf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2H2021. Under this severe scenario, Fitch
reduces the estimated rental value by 10%, with the following
change in model output:

'A-sf' / 'BB+sf' / 'B-sf' / 'CCCsf'

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

-- Improvement in portfolio performance.

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

-- Further increase in vacancy and rent decline within the
    portfolio.

KEY PROPERTY ASSUMPTIONS (all by market value)

ERV assumed for the analysis EUR22.5 million

Depreciation: 10%

-- 'Bsf' weighted average (WA) cap rate: 5.9%

-- 'Bsf' WA structural vacancy: 19.0%

-- 'Bsf' WA rental value decline: 5.0%

-- 'BBsf' weighted average (WA) cap rate: 6.5%

-- 'BBsf' WA structural vacancy: 21.3%

-- 'BBsf' WA rental value decline: 7.0%

-- 'BBBsf' WA cap rate: 7.2%

-- 'BBBsf' WA structural vacancy: 23.8%

-- 'BBBsf' WA rental value decline: 9.0%

-- 'Asf' WA cap rate: 7.8%

-- 'Asf' WA structural vacancy: 26.3%

-- 'Asf' WA rental value decline: 14.5%

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

Deco 2019 - Vivaldi S.r.l.

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.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Overall, 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.

ESG CONSIDERATIONS

Deco 2019 - Vivaldi S.R.L. has an ESG relevance score of '4' for
Rule of Law, Institutional and Regulatory Quality due to
uncertainty of the enforcement process in Italy, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on Deco 2019 -
Vivaldi S.R.L., either due to their nature or to the way in which
they are being managed by Deco 2019 - Vivaldi S.R.L.

EMERALD ITALY 2019: Fitch Affirms B Rating on Class D Debt
----------------------------------------------------------
Fitch Ratings has affirmed Emerald Italy 2019 S.R.L. and removed
the ratings from Rating Watch Negative (RWN).

Emerald Italy 2019 S.R.L.

     DEBT                RATING         PRIOR
     ----                ------         -----
A IT0005387896    LT  A-sf   Affirmed   A-sf
B IT0005387953    LT  BBBsf  Affirmed   BBBsf
C IT0005387961    LT  BB-sf  Affirmed   BB-sf
D IT0005387979    LT  Bsf    Affirmed   Bsf

TRANSACTION SUMMARY

The transaction is a securitisation of a EUR105.8 million loan
(comprising a EUR100.4 million term loan and a EUR5.4 million capex
loan) to an Italian borrower sponsored by Kildare Partners. The
loan is variable-rate (hedged using a cap) and secured on three
average quality northern Italian shopping centres. The transaction
benefits from a liquidity facility of EUR5.2 million available to
cover interest on the class A and B notes, with which the
commitment amortises pro rata.

Since closing, EUR1.3 million of hard and soft amortisation funds
have been received, bringing the current loan balance down to
EUR104.5 million and reducing the loan-to-value ratio to 64.7% from
65.5% (both including the capex facility). However, this is based
on a legacy valuation procured prior to closing, which Fitch
expects now significantly overstates market value.

The loan defaulted in June due to very low rental collections
during the 2Q20 payment period, as a result of tenants refusing to
pay rent during periods when stores were forced to close, and
withholding all rent until discounts have been agreed. This
reflected the acute restrictions imposed on trading during the
initial pandemic lockdown measures. The sponsor did not top up the
debt service shortfall, resulting in the loan payment default and
transfer to special servicing.

The borrower has requested to further defer the valuation to later
in 2021, citing the current market conditions as an obstacle. Fitch
understands that this request will be put to noteholders to
decide.

KEY RATING DRIVERS

Higher Collections Improve Recovery Prospects: Rent collections
improved in recent reporting periods, bringing the total for 2020
to around 50% of contracted amounts. Subject to the risk of further
flare-ups of Covid-19 in Northern Italy, there will be a gradual
recovery as business rebounds and tenants resume their operations.

However, Fitch has tested for further deterioration, assuming no
rent is received until June 2021, followed by two successive
quarters where Fitch caps stressed income in each rating scenario
at half the rent Fitch would otherwise anticipate in Fitch's 'Bsf'
rating analysis. Fitch found that this has no material rating
impact.

Prolonged Containment Measures Affecting Retail: The easing of
mobility restrictions in December helped prevent a sharper loss in
activity, but with rising infections necessitating renewed
restrictions in early 2021, visits to retail and recreation venues
have dropped. The timing of the eventual rebound in performance
remains uncertain and the viability of many retailers remains
questionable. Given this, the absence of an updated valuation, and
the risk of falls in rental values and loss of security of income,
Fitch has assigned Negative Outlooks to the notes.

Reliance on Liquidity: Available funds have not been sufficient to
pay mandatory issuer costs, with interest on the class A and B
notes reliant on drawdowns under the liquidity facility (provided
by J.P. Morgan Chase, N.A., AA-/Negative/F1+). The commitment has
reduced by about 7.6%, in line with amortisation of the class A and
B notes. Fitch has tested a halt in loan interest for two quarters
can be covered by available liquidity, including for property
protection payments that may be needed for non-deferrable borrower
expenses. The class C and D notes are not eligible for liquidity
support and are deferring interest payments, which limits the
ratings to below investment grade.

Fitch also tests note interest coverage through the life of the
transaction, including in scenarios in which currently deferrable
notes become senior (following allocation of distressed asset sale
proceeds sequentially). Fitch finds stressed income on remaining
property sufficient to service the class C and D notes' interest
(when senior) only up to 'BB-sf' and 'Bsf' rating scenarios,
respectively, which is the lowest constraint on their ratings.

RATING SENSITIVITIES

Current ratings: 'A-sf' / 'BBBsf' / 'BB-sf' / 'Bsf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'AA-sf' / 'A-sf' / 'BBB-sf' / 'BBsf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'BBB+sf' / 'BBB-sf' / 'B+sf' / 'Bsf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2H2021. Under this severe scenario, Fitch
reduces the estimated rental value by 10%, with the following
change in model output:

BBBsf' / 'BB+sf' / 'Bsf' / 'CCCsf'

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

-- Improvement in portfolio performance confirmed by a third
    party valuation.

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

-- Further increase in vacancy and rent decline within the
    portfolio.

KEY PROPERTY ASSUMPTIONS (all by market value)

ERV assumed for the analysis EUR11.3 million

Depreciation: 10%

-- 'Bsf' weighted average (WA) cap rate: 6.1%

-- 'Bsf' WA structural vacancy: 24.0%

-- 'Bsf' WA rental value decline: 5.0%

-- 'BBsf' weighted average (WA) cap rate: 6.6%

-- 'BBsf' WA structural vacancy: 27.2%

-- 'BBsf' WA rental value decline: 7.7%

-- 'BBBsf' WA cap rate: 7.3%

-- 'BBBsf' WA structural vacancy: 30.4%

-- 'BBBsf' WA rental value decline: 10.1%

-- 'Asf' WA cap rate: 7.9%

-- 'Asf' WA structural vacancy: 33.6%

-- 'Asf' WA rental value decline: 15.1%

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

Emerald Italy 2019 S.R.L.

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.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Overall, 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.

ESG CONSIDERATIONS

Emerald Italy 2019 Srl has an ESG relevance score of '4' for Rule
of Law, Institutional and Regulatory Quality due to uncertainty of
the enforcement process in Italy, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact Emerald Italy
2019 Srl, either due to their nature or to the way in which they
are being managed by Emerald Italy 2019 Srl.

PIETRA NERA: Fitch Affirms CCC Rating on Class E Debt
-----------------------------------------------------
Fitch Ratings has affirmed Pietra Nera Uno S.r.l. and removed the
ratings from Rating Watch Negative (RWN).

PIETRA NERA UNO S.R.L.

     DEBT               RATING          PRIOR
     ----               ------          -----
A IT0005324402   LT  Asf     Affirmed   Asf
B IT0005324410   LT  BBB-sf  Affirmed   BBB-sf
C IT0005324428   LT  BBsf    Affirmed   BBsf
D IT0005324436   LT  Bsf     Affirmed   Bsf
E IT0005324444   LT  CCCsf   Affirmed   CCCsf

TRANSACTION SUMMARY

The transaction is a securitisation of three commercial mortgage
loans originally totalling EUR403.8 million to Italian borrowers
sponsored by Blackstone funds. The loans are all variable rate
(with variable margins) and secured on four Italian retail
properties - a Sicilian shopping centre (Palermo loan) and three
fashion retail outlet villages (two for the Fashion District loan
and another for the Valdichiana loan). The transaction has a
liquidity facility of EUR14.8 million available to cover interest
on the class A and B notes, with which the commitment amortises pro
rata.

Since the last rating action, EUR1 million of additional
amortisation funds has been collected. This brings the total repaid
since closing up to EUR4.8 million, representing only marginal
deleveraging across each of the three loans, and with no updated
valuations since 2019. As the debt yield triggers remain in breach,
cash trapping continues.

There is no evidence from the recent lettings information shared
with Fitch of material declines in estimated rental values (ERV).
Fitch has maintained its 13% ERV haircut applied at the time of the
last rating action. 2020 collections almost halved compared with
previous years, as a result of lockdowns. This caused negative net
operating income in some periods. Fitch understands from
discussions with the servicer that debt service has been topped up
solely from funds standing to the credit of bank accounts, rather
than from out-of-pocket sponsor equity injections.

KEY RATING DRIVERS

Higher Collections Improve Recovery Prospects: Rent collections
improved materially in recent reporting periods, bringing the total
for 2020 to around 50% of contracted amounts. Subject to the risk
of further flare-ups of Covid-19in Italy, there will be a gradual
recovery as business rebounds and tenants resume their operations.

However, Fitch has tested for a further deterioration, assuming no
rent is received until May 2021, followed by two successive
quarters where Fitch caps stressed income in each rating scenario
at half the rent Fitch would otherwise anticipate in Fitch's 'Bsf'
rating analysis. Fitch found that this has no material rating
impact.

Ratings Held Despite Rising Vacancy: The whole portfolio vacancy
has increased from 6.2% (by area) at the issue date to 10.7% as per
the latest tenancy schedule received. Valdichiana Outlet suffered a
considerable increase in vacancy over the past 12 months, with the
pandemic encouraging tenants to exercise break options when
possible. Fitch has increased the base structural vacancy
assumption for the mall to 9% from 8% to reflect this. Having
avoided any deferral of interest or draw on liquidity since the
last rating action, there is a sufficient collateral buffer to
absorb the impact from the increased stresses at the assigned
ratings.

Prolonged Containment Measures Affecting Retail: The easing of
mobility restrictions in December helped prevent a sharper loss in
activity, but with rising infections necessitating imposition of
renewed restrictions in early 2021, visits to retail and recreation
venues have dropped. The timing of the eventual rebound in
performance remains uncertain and the viability of many retailers
remains questionable. Given this, the absence of an updated
valuation, and the risk of falls in rental values and loss of
security of income, Fitch has assigned Negative Outlooks to the
notes.

Adequate Liquidity for Ratings: Fitch has tested if a halt in loan
interest can be covered by available liquidity, including for
property protection payments that may be needed for non-deferrable
borrower expenses. The class C, D and E notes are not eligible for
liquidity support, and the risk of deferral of interest payments
limits the ratings to below investment grade.

Fitch also tests in the relevant rating scenarios that the notes'
interest coverage is sufficient through the life of the
transaction, including in scenarios where currently deferrable
notes become senior (following allocation of distressed asset sale
proceeds sequentially).

RATING SENSITIVITIES

Current ratings: 'Asf' / 'BBB-sf' / 'BBsf' / 'Bsf' / 'CCCsf'

The change in model output that would apply with 0.8x cap rates is
as follows:

'AAsf' / 'A-sf' / 'BBB+sf' / 'BB+sf' / 'B+sf'

The change in model output that would apply with 1.25x rental value
declines is as follows:

'A-sf' / 'BB+sf' / 'BBsf' / 'BB-sf' / 'Bsf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2H2021. Under this severe scenario, Fitch
reduces the estimated rental value by 10%, with the following
change in model output:

'BBBsf' / 'BB-sf' / 'Bsf' / 'CCCsf' / 'CCCsf'

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

-- Improvement in portfolio performance confirmed by a third
    party valuation.

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

-- Further increase in vacancy and rent decline within the
    portfolio.

KEY PROPERTY ASSUMPTIONS (all by market value)

ERV assumed for the analysis EUR38.3 million

Depreciation: 10%

-- 'Bsf' weighted average (WA) cap rate: 6.6%

-- 'Bsf' WA structural vacancy: 16.4%

-- 'Bsf' WA rental value decline: 5%

-- 'BBsf' weighted average (WA) cap rate: 7.2%

-- 'BBsf' WA structural vacancy: 18.4%

-- 'BBsf' WA rental value decline: 7%

-- 'BBBsf' WA cap rate: 7.9%

-- 'BBBsf' WA structural vacancy: 20.5%

-- 'BBBsf' WA rental value decline: 9%

-- 'Asf' WA cap rate: 8.5%

-- 'Asf' WA structural vacancy: 22.6%

-- 'Asf' WA rental value decline: 13.2%

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

PIETRA NERA UNO S.R.L.

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.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Overall, 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.

ESG CONSIDERATIONS

Pietra Nera Uno S.R.L. has an ESG relevance score of '4' for Rule
of Law, Institutional and Regulatory Quality due to uncertainty of
the enforcement process in Italy, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact Pietra Nera Uno
S.R.L., either due to their nature or to the way in which they are
being managed by Pietra Nera Uno S.R.L.



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

ADECOAGRO SA: Moody's Affirms Ba2 CFR on Positive Cash Flow
-----------------------------------------------------------
Moody's Investors Service has affirmed Adecoagro S.A.'s Ba2
Corporate Family Rating and the Ba2 rating on its senior unsecured
rating. Outlook changed to stable from negative.

Affirmations:

Issuer: Adecoagro S.A.

Corporate Family Rating, Affirmed Ba2

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: Adecoagro S.A.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The change in outlook to stable reflects Adecoagro's sustained
credit metrics and adequate liquidity despite the effects of the
corona virus (COVID-19) crisis that reduced ethanol demand and
prices. Adecoagro's consolidated EBITDA increased by 7.6% in 2020
to $376 million, while gross leverage improved to 3.1x from 3.4x in
the end of 2019. Liquidity also strengthened through liability
management and positive free cash flow generation.

In 2020, the rapid and widening spread of the coronavirus outbreak
lead to falling oil prices and asset price declines creating a
severe and extensive credit shock across many sectors, regions and
markets. The drop in fuel demand caused by lockdowns in Brazil,
since March 2020, coupled with a sharp drop of international oil
prices resulted in lower ethanol prices in USD terms. Adecoagro was
able to shift its production from ethanol to sugar, mitigating the
lower fuel prices. Ethanol and energy revenues reduced by 44% on
lower production and lower USD prices to $217.4 million, while
sugar revenues increased by 72.7% to $167.8 million with a sharp
increase in production and a 90% increase in sales volumes that
resulted in $253 million EBITDA from its sugar-ethanol business
segment. Adecoagro's consolidated EBITDA also benefitted from a
67.8% increase in the EBITDA generated from its rice segment
boosted by higher prices. The company has also demonstrated
positive results from projects it has been developing during the
last few years, which include the expansion of its dairy business
segment and the diversification into downstream and increasing
production of peanuts. Between 2017 and 2020, Adecoagro has
increased its milking cows herd to 13,100 from 7,000 and entered
the downstream business through the acquisition of retail brands
like Las Tres Ninas and Angelita to penetrate the powdered milk and
cheese segments. That resulted in a 21% increase in the EBITDA
derived from its dairy segment. Finally, land sales in Argentina
contributed with $18.1 million of the company's adjusted EBITDA.

Adecoagro's Ba2 ratings incorporate its position in Brazil's
sugar-ethanol sector, including the economies of scale because of
the large size of its plants, high productivity levels, which allow
for one of the lowest cost profiles compared with local peers.
Adequate credit metrics and financial policies are also key credit
considerations, especially given the industry's inherent price
volatility and event risk. The experienced management team and
diversification into agricultural products in Argentina are
additional credit positives.

Raw material concentration in one region is a constraint for the
company, especially with the volatility in agriculture commodities
prices and event risks. Other constraints include the company's
small scale compared with its global peers, and its country risk
exposure to Argentina (Government of Argentina, Ca stable) and
Brazil (Government of Brazil, Ba2 stable).

Liquidity is adequate. In December 2020, Adecoagro had $336 million
in cash and cash equivalents and $158 million in short-term debt.
Total Moody's adjusted debt is at $1.2 billion and gross leverage
at 3.1x in the same period. In 2021, Moody's expects EBITDA to
remain flat at around $375 million. Despite an increase in farming
and sugar-ethanol EBITDA on higher production and higher average
prices, Moody's does not consider any EBITDA gain from the land
management segment in 2021.

The stable outlook reflects Moody's expectation that Adecoagro will
continue to benefit from its increasing sugar-cane crushing
capacity, which provides continuous cost dilution, and increasing
diversification in the farming business. The stable outlook also
incorporates Moody's expectation that dividend payments and
investments in expansions will not jeopardize Adecoagro's adequate
liquidity and leverage.

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

The ratings could be downgraded in case of a deterioration in the
company's liquidity profile, profitability or credit metrics.
Quantitatively, a downgrade could happen if Debt/EBITDA remains
above 3.5x or EBITA/Interest Expense remains below 2.0x.

An upgrade would require an enhanced business profile with
increased product and geographic diversification - reducing country
specific risks and event risks that are inherent to the
agricultural activity. It would also require a sustained free cash
flow generation and a sustained liquidity profile with a cash
balance that consistently covers its short-term obligations.
Quantitatively an upgrade would require Debt/EBITDA below 2.5x and
EBITA/Interest Expense above 5.0x.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Adecoagro S.A., the group's ultimate parent company, is
headquartered in Luxembourg and it generated sales of $818 million
for the last twelve months ending December 31, 2020. An average of
54% of these sales were generated by the Brazilian operations in
the last three years. The company is primarily engaged in
agricultural and agro-industrial activities into three segments:
(i) sugar-ethanol and energy, mainly in Brazil; (ii) farming,
including the production and commercialization of soy, corn, wheat,
rice, dairy and others, and (iii) land transformation. In 2020 the
company´s consolidated EBITDA reached $376 million with a margin
of 46%.



=============
M O L D O V A
=============

ARAGVI FINANCE: Fitch Assigns B(EXP) Rating on Planned Eurobond
---------------------------------------------------------------
Fitch Ratings has assigned Aragvi Finance International DAC's
planned Eurobond an expected rating of 'B(EXP)'/RR4'. Fitch has
also affirmed Aragvi Holding International Limited's (Trans-Oil)
Foreign Currency and Local Currency Long-Term Issuer Default
Ratings (IDRs) at 'B' with Stable Outlook.

The Eurobond will be issued by Trans-Oil's 100%-owned subsidiary
Aragvi Finance International DAC and used primarily to refinance
the existing USD300 million Eurobond through a tender offer. The
bond's expected rating is in line with Trans-Oil's 'B' IDR,
reflecting average recovery prospects in case of default.

The assignment of final instrument rating is contingent on the
successful placement of Eurobond and completion of tender offer for
its existing Eurobond. Final documents should conform to
information already received.

Trans-Oil's 'B' ratings reflect its small scale in the global
agricultural commodity processing and trading market and Fitch's
expectation of moderate leverage despite larger debt quantum in
connection with the acquisition of Serbian Victoria oil and plans
to increase outstanding bond debt. The rating is supported by
Trans-Oil's dominant and well-protected market position in
agricultural exports and sunflower seed crushing in Moldova and
Fitch's expectation that growing operations outside Moldova will
not expose the company to higher commodity risks.

The Stable Outlook reflects Fitch's expectation of adequate
liquidity position and renewal of the pre-export financing (PXF)
facility ahead of its maturity in July 2021.

KEY RATING DRIVERS

Operations Outside Moldova Growing: Over the past two years,
Trans-Oil has grown its operations outside Moldova by acquiring a
plant in Romania and growing origination volumes in Ukraine,
Argentina, Russia and other markets. EBITDA generated outside
Moldova accounted for 20% of the FY20 (fiscal year ending 30 June
2020) total and reached 43% of the total in 1HFY21. This helped
Trans-Oil lower single-country concentration and avoid a reduction
in EBITDA in 1HFY21 as the harvest in Moldova almost halved due to
the drought. Fitch views diversification outside Moldova as
positive for the ratings as long as it does not expose the company
to higher commodity risks or create profit volatility.

Increased Scale: Trans-Oil's EBITDA increased by more than 50% over
FY19-FY20, reaching USD94 million in FY20. Improved liquidity after
its Eurobond placement in 2019 enabled Trans-Oil to finance the
purchase of greater volume of agricultural commodities compared
with previous years and supported expansion outside Moldova. Fitch
assumes that Trans-Oil will mostly grow organically over the next
three years, with additional proceeds from the proposed larger
Eurobond likely to be invested in working capital to increase crops
procurement.

Nevertheless, Fitch expects Trans-Oil to remain small in the global
agricultural commodity trading and processing market. In FY20,
Trans-Oil's scale (as measured by EBITDA of USD94 million) was
around 5x lower than that of Ukrainian peer Kernel Holding S.A.
(BB-/Stable).

Expansion into Serbia: Trans-Oil plans to consolidate Serbian
bottled sunflower oil producer Victoria Oil, which was acquired by
its shareholders in December 2020. The transaction is cashless but
Trans-Oil will consolidate around USD60 million debt. Fitch treats
shareholder loans, which were used to fund the original
transaction, as equity due to their payment in kind nature,
structural subordination and the intention to extend maturity
beyond the maturity of the proposed Eurobond. The acquisition will
allow Trans-Oil to increase its presence in the branded consumer
oil segment, which is less volatile than bulk oil, and leverage its
procurement capabilities in the Danube river area.

Little Rating Headroom: Fitch projects that Trans-Oil's
RMI-adjusted funds from operations (FFO) net leverage will
temporarily exceed its negative rating sensitivity of 4.5x at
end-FY21 but this is mostly because of the timing of the Victoria
Oil consolidation. The full contribution of Victoria Oil to the
group's EBITDA will drive a reduction in leverage in FY22 to levels
commensurate with the rating. However, Fitch expects rating
headroom to remain limited due to additional investments in
inventory and Fitch's assumption that commodity prices will return
to their normal levels after soaring in FY20-FY21.

Strong Market Position in Moldova: Trans-Oil's dominant market
position in Moldova's agricultural exports and sunflower seed
crushing underpins its rating. In FY20, Trans-Oil exported 62% of
agricultural commodities in Moldova and accounted for 93% of
sunflower seeds crushed in the country. Trans-Oil's major
competitive advantage is its ownership of material infrastructure
assets as it operates the country's largest inland silo network and
the only seagoing vessel port. With an 11.5% EBITDA margin in FY20,
Trans-Oil has higher profit margins than most Fitch-rated peers in
the sector due to its asset-heavy business model and strong shares
in its procurement market.

Low Competition in Moldova: Trans-Oil's dominant market position in
Moldova creates substantial market entry barriers for new
competitors and ensures the company's smooth access to crops
procurement in the country. Due to its market position in Moldova,
Trans-Oil benefits from significantly lower competition risks in
procuring crops than its peers in Russia and Ukraine, two other
crop-producing countries in the Black Sea region. This reflects
higher market consolidation and the absence of international
commodity traders and processors in Moldova. Fitch does not expect
the competitive environment in Moldova to materially change over
the medium term.

RMI Adjustments: Fitch applied readily marketable inventory (RMI)
adjustments in evaluating Trans-Oil's leverage and interest
coverage ratios and liquidity position. Certain commodities traded
by Trans-Oil fulfil the eligibility criteria for RMI adjustments as
set out in Fitch's Commodity Processing and Trading Companies:
Ratings Navigator Companion report dated October 2018, as 90% of
the company's international oilseeds and grain sales volumes are
made on the basis of forward contracts.

For the RMI calculations, Fitch applied a 60% advance rate to
eligible inventory to reflect basis and counterparty risks. In
Fitch's calculation of leverage and interest cover metrics, Fitch
excluded debt associated with financing RMI and reclassified the
related interest costs as cost of goods sold. The differential
between RMI-adjusted and RMI-unadjusted FFO net leverage is around
1.0x.

DERIVATION SUMMARY

Trans-Oil compares well with Ukrainian sunflower seed crusher and
grain trader Kernel Holdings S.A due to the similarity of
operations and vertically-integrated models, which include sizeable
logistics and infrastructure assets in their respective home
markets. The main difference in business models is that Kernel is
integrated into crop growing, which limits sourcing and procurement
risk, and has a wider and diversified customer base.

The two-notch differential between the companies' ratings reflects
Kernel's greater business scale and larger sourcing market, which
provides greater protection from weather risks. However,
competition risks for Trans-Oil are lower than Kernel due to its
stronger market position and absence of competition from global
commodity traders and processors in Moldova.

Trans-Oil is considerably smaller in business size and has a weaker
ranking on a global scale than international agricultural commodity
traders and processors, such as Cargill Incorporated (A/Stable),
Archer Daniels Midland Company (A/Stable) and Bunge Limited
(BBB-/Stable). It is also more leveraged than peers.

No Country Ceiling, parent-subsidiary linkage or operating
environment aspects apply for Trans-Oil's ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Increasing sunflower seeds crushing volumes over FY21-FY24,
    due to construction of a high-oleic and organic seeds crushing
    plant with capacity coming on stream in FY21, the successful
    integration of Victoria Oil by FYE21, as well as a widening of
    procurement outside its core region.

-- Normalisation of agricultural commodity prices after their
    increase in FY20-FY21.

-- Maintaining the ability to preserve profit margins in the
    origination and crushing segments in Moldova.

-- EBITDA margin at 8.5% over FY21-FY24, diluted by less
    profitable origination outside Moldova.

-- Capex of around USD10 million a year in FY21-FY24.

-- Outflows under working capital in FY21-22, driven by an
    increase in commodity trading volumes traded.

-- No M&A, apart from the integration of Victoria Oil in FY21.

-- No dividends.

KEY RECOVERY RATING ASSUMPTIONS

Adequate Recovery for Secured Bondholders: The proposed senior
secured Eurobond is expected to be rated in line with Trans-Oil's
IDR of 'B', reflecting average recovery prospects given default.
Similar to the existing Eurobond, the new Eurobond will be secured
by pledges over substantially all assets of key Moldovan entities,
excluding commodities. It will also benefit from guarantees from
operating companies, altogether accounting for approximately 81% of
Trans-Oil's EBITDA and 85% of assets in FY20.

Liquidation Scenario: Fitch has applied a liquidation value
approach as it results in a higher return to creditors than
going-concern scenario. The liquidation estimate reflects Fitch's
view of the value of inventory and other assets that can be
realised in a reorganisation and distributed to creditors.

Fitch has applied customary advance rates to trade receivables,
inventory and fixed assets. This resulted in Fitch's debt waterfall
analysis generated a ranked recovery in the 'RR4' band for the
existing USD300 million senior secured Eurobond, indicating a 'B'
rating. The waterfall analysis output percentage on current metrics
and assumptions was 57%. However, the Eurobonds are rated in line
with Trans-Oil's 'B' IDR as, based on Fitch's methodology, notching
up is not possible due to the Moldovan jurisdiction. Therefore, the
waterfall analysis output percentage remains capped at 50%.

Assuming the planned Eurobond proceeds are deployed as expected,
the waterfall analysis output percentage on current metrics and
assumptions would reduce for the new bond to 45% upon completion.
Therefore, the planned Eurobond is rated in line with 'B'
Trans-Oil's IDR.

RATING SENSITIVITIES

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

-- Positive rating action is currently not envisaged.
    Nevertheless, factors that Fitch considers relevant for
    potential  positive rating action include steady growth in
    Trans-Oil's operational scale (as measured by EBITDA),
    improvement of diversification by commodity and sourcing
    market, and maintaining a conservative capital structure and
    risk management practices.

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

-- Weakening of liquidity position or risk of insufficient
    availability of trade finance lines to fund trading and
    processing operations.

-- More aggressive risk management or financial policies, as
    evidenced by increased profits volatility and greater-than
    expected investments in working capital, capex and M&A or
    dividend payment.

-- RMI-adjusted FFO net leverage above 4.5x and RMI-adjusted FFO
    interest cover below 2.0x for more than two consecutive years.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-December 2020, Trans-Oil held USD89
million of cash and Fitch-adjusted RMI of USD173 million,
sufficient to cover short-term obligations, including USD185
million of short-term debt. Fitch expects Trans-Oil to be able to
maintain adequate internal liquidity over the next three years.

Fitch also assumes that Trans-Oil will extend its USD180 million
PXF facility on maturity in end-July 2021. Fitch believes that
refinancing risks are manageable due to projected moderate leverage
and Trans-Oil's record of re-establishing and increasing the limit
of the PXF facility since it was obtained in July 2014.

ARAGVI HOLDING: S&P Affirms 'B-' Rating, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'B-' rating on Moldova-based trader
and processor of sunflower seeds and grains Aragvi Holding
International (TransOil) and assigned its 'B-' issue rating to the
proposed notes.

S&P said, "The stable outlook primarily reflects our view that the
company will post a good operating performance, continue
deleveraging post-transaction, and maintain an EBITDA interest
coverage ratio of more than 2.5x in the next 12 months.

"We expect TransOil's S&P Global Ratings-adjusted leverage to
increase to about 4.5x after the transaction closes, although this
increase is technical and reflects that EBITDA is consolidated on a
pro-rata basis, with full consolidation the following year. We
understand the Eurobond refinancing is both a financial and
strategic decision for the company. Under the new Eurobond, we
believe TransOil will alleviate refinancing risk and reduce its
interest expense. Also, the new issuance should support the
consolidation of the recent V-Oil acquisition within the group
structure. V-Oil is the largest crushing plant in Serbia, and
generated about $128 million in revenues in fiscal 2020. The
company is one of the leading players in the edible oils market in
Serbia (an approximate 30% market share), Montenegro (48%), North
Macedonia (10%), and Bosnia (8%). The acquisition lets TransOil
expand its geographic presence and save on storage costs and give
it access to cheaper funding. Under the new capital structure, we
anticipate that S&P Global Ratings-adjusted debt-to-EBITDA should
now be in the 3.0x-3.5x range over the next two years, with FFO to
debt at about 20% and EBITDA cash interest coverage of 3.2x. We
expect the company to deliver neutral free operating cash flow
(FOCF) in 2021 and anticipate it will turn positive thereafter with
positive operating performance, which should contribute to
deleveraging."

TransOil had positive operating performance in fiscal 2020 with
limited impact from COVID-19, but 2021 will be marked by sustained
inflation on raw materials prices. The company increased revenue
47.5% in 2020, to $814.5 million. The primary contributors to
growth was from grains and seeds, which rose by 44%; and vegetable
oil, which increased by 58%. Volumes rose about 41% to 2.8 million
metric tons. S&P Global Ratings-adjusted EBITDA margin decreased to
11.8% from 13.5% due to growing foreign origination and marketing
volumes. Lower commodity margins in all three commodities (corn,
wheat, and sunflower seeds) also affected overall margins. S&P
said, "We anticipate cash flow improvement for the forecast years
but we see the company posting neutral-to-slightly negative FOCF
after changes in working capital in 2021 due to continued raw
material inflation, along with the consolidation of V-Oil and
commissioning of the Giurgiulesti International Port Terminal in
Moldova, leading to a hit on working capital and capital
expenditure (capex)."

Despite no refinancing risk following the proposed notes' issuance,
our liquidity assessment continues to constrain the ratings, mainly
due to a material deficit on sources minus uses ratio in the event
of a 30% stress scenario. S&P said, "Post-refinancing, we believe
TransOil will enjoy stronger liquidity than two years ago, when it
issued its first bonds on financial markets, but the company
continues to rely on one large syndicated pre-export financing line
maturing July 2021 to fund its large working capital needs. We also
consider that our qualitative assessment of liquidity is an
additional factor negatively weighing on the rating."

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, "The stable outlook on TransOil primarily reflects our
view that the group will post solid operating performance, enabling
it to start its deleveraging process following the Eurobond
issuance. We assume the group will maintain its EBITDA interest
coverage sustainably above 2x while avoiding liquidity pressure in
the next 12 months.

"We could downgrade TransOil in the event of a very poor harvest in
Moldova, which would reduce throughput at its facilities or result
in a large decrease in volumes originated throughout its efficient
infrastructure network, translating into pronounced liquidity
deterioration.

"A positive rating action would be contingent on the company
displaying solid organic growth above that in our current base
case. This would likely come from the successful integration of the
V-Oil acquisition, ultimately spurring significant FOCF and
enhancing its liquidity position. Further diversified sourcing
beyond the group's domestic borders could also strengthen
TransOil's business risk profile. A positive rating action would be
also contingent on the company improving its liquidity profile,
with the sources to uses ratio above 1.2x in the next 12 months."




===========
N O R W A Y
===========

SEADRILL LTD: Urges Creditors to Write Off 85% of Debts
-------------------------------------------------------
Nerijus Adomaitis at Reuters reports that offshore drilling rig
contractor Seadrill has asked creditors to write off more than 85%
of its debts in exchange for a 99% stake in the reorganized
company, a court filing showed.

The Oslo-listed firm controlled by Norwegian-born billionaire John
Fredriksen in February filed for Chapter 11 bankruptcy protection
in the United States, the second time it has done so in four years,
Reuters recounts.

Seadrill has in the past year written off billions of dollars worth
of assets due to a bleak outlook for the oil sector, and warned in
March it expected offshore drilling demand to remain depressed well
into 2021, Reuters notes.

According to the latest restructuring proposal, first reported by
Norwegian business daily Finansavisen and seen by Reuters, the
company could emerge from bankruptcy proceedings by September with
US$750 million in total debt and $300 million in fresh capital.

At the end of 2020, the company's interest-bearing debt stood at
US$6.2 billion, including US$5.7 billion in secured credit
facilities and US$515 million in secured notes due 2025, according
to its annual report published on March 19, Reuters discloses.

Seadrill also said in its proposal it expected to raise a net US$26
million by selling some of its rigs for scrap, Reuters relays.

Seadrill added current shareholders would end up with a stake of
just 1% in the reorganized company, provided unsecured creditors
and shareholders vote in support of the transaction, according to
Reuters.

Seadrill and its creditors are expected to update the U.S.
bankruptcy court in Houston about their negotiations on April 15,
Reuters states.

                      About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor  
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16
jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies
serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs.

Seadrill is presently in talks with lenders on a restructuring of
its $5.7 billion bank debt.



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

CB GEOBANK: Bank of Russia Appoints Provisional Administration
--------------------------------------------------------------
The Bank of Russia, by its Order No. OD-534, dated April 2, 2021,
revoked the banking license of Moscow-based Commercial Bank Geobank
(Limited Liability Company), CB Geobank LLC (Registration No. 2027;
hereinafter, Geobank).  The credit institution ranked 354th by
assets in the Russian banking system.

The Bank of Russia made this decision in accordance with Clause 6
of Part 1 and Clauses 1 and 2 of Part 2 of Article 20 of the
Federal Law "On Banks and Banking Activities", based on the facts
that Geobank:

   -- fully lost its equity;
   -- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied measures against it
over the past 12 months including restrictions on household
deposit-taking.

For its core activities, Geobank used premises leased under
repeatedly extended agreements, which were qualified as short-term
and were recorded on the balance sheet with the violation of the
requirements of Bank of Russia regulations.  Moreover, the credit
institution did not recognize expenses incurred by the said
operations in its accounting in a timely manner. Compliance with
the supervisor's requirements to recognize the leasing agreements
as long-term agreements and to properly record associated expenses
revealed a full loss of equity by Geobank.

The Bank of Russia appointed a provisional administration to
Geobank for the period until the appointment of a receiver or a
liquidator.  In accordance with federal laws; the powers of the
credit institution's executive bodies were suspended.

Information for depositors: Geobank is a participant in the deposit
insurance system; therefore depositors will be compensated for
their deposits in the amount of 100% of the balance of funds, but
no more than a total of
RUR1.4 million per depositor (including interest accrued), except
the cases stipulated by Chapter 2.1 of the Federal Law "On the
Insurance of Deposits with Russian Banks".

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency).  Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.


ENEL RUSSIA: Moody's Affirms Ba3 CFR on Expected Recovery
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of Enel Russia,
PJSC. The outlook remains stable.

RATINGS RATIONALE

The affirmation reflects Moody's understanding that the
deterioration in Enel Russia's financial metrics, driven by
operating asset disposal, termination of conventional capacity
delivery agreements, active investment into renewable assets and
weak operating results in 2020 driven by weak electricity prices,
will be mitigated by greater long-term revenue visibility and an
improved generation mix starting from 2022-23. The agency expects
Enel Russia's performance to recover at a slower pace than
anticipated earlier due to delays in the launch of wind parks that
will defer noticeable deleveraging to 2024 from 2023. Ample backup
liquidity, largely pre-funded investment programme, benign debt
repayment profile during the active investment phase continue to
support rating positioning. Recent decision by Enel Russia to
withhold dividend payment in 2021 is a credit positive, as it
lessens pressure on the company's cash flows in its most difficult
year. However, since the RUB3 billion dividend was not cancelled
but delayed to 2023, meaningful pressure on still-fragile cash
flows will remain in 2022-23 and the agency projects Enel Russia to
underperform under its retained cash flow (funds from operations
net of dividends paid)/debt downgrade trigger set at above 8%-10%
in these years.

Moody's notes, that disposal of the coal-fired operation in 2019
improved the company's positioning with regard to environmental
risks. Starting from 2023-24, share of green energy will approach
one-fifth of Enel Russia's operating margin, a development that
will improve its generation mix and market positioning assessment.
Fixed renewable capacity and, to a lesser extent, modernization
CDAs will provide for guaranteed cash flow and payback of
investments at 12% (the base rate applicable when the government
bond (OFZ) yield stands at 8.5% and adjusted annually in line with
the previous year's actual government bond yield, payments to be
received monthly for a period of 15 years) and 14% (at 8.5% OFZ, 16
years) rate of return, accordingly. In addition to regular capacity
payments that will contribute over 50% to the margin, these fixed
payments will further help hedge Enel Russia's operations against
electricity price volatility.

Moody's however notes a degree of implementation risk related to
the wind projects. The agency does not view construction risks as a
primary concern, given the company's parent ENEL S.p.A. expertise
in the field and high degree of completion of the first Azov
project. However, passing tests for minimal capacity utilisation
and required local content that are necessary for obtaining
regulatory approvals will be a new practice both for Enel Russia
and the respective authorities and could delay eligibility for
CDAs. This would dent current cash flow projections and delay
metrics recovery even further. The agency re-assessed the company's
score on the Capital requirements factor to B from Ba to reflect
the scale of the company's investment programme relative to its
asset base, and associated execution risks.

LIQUIDITY

Enel Russia's operating cash flow and cash balances of RUB11.6
billion as of the end of 2020 will help fund its maintenance and
some of project-related capex. The company will finance its wind
projects with new debt, the repayment schedule of which will be
tied to the project-related cash inflows. As of the end of 2020,
Enel Russia maintained more than RUB80 billion in committed backup
facilities maturing beyond the next 12 months, including those
ear-marked for the wind projects.

Enel Russia has no foreign-currency denominated debt and hedges
investment-related foreign-currency exposure.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Enel Russia
will conduct a prudent financial policy to efficiently address the
anticipated deterioration of its financial profile in 2021-22, and
will demonstrate sustainable improvement in credit metrics in
2023-24, following full commissioning of the wind operations.

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

Implementation of the wind farm projects, and strengthening of
financial profile in accordance with the agency's expectations,
with funds from operations (FFO)/debt sustainably above 25%, and
strong liquidity profile, would exert upward pressure on the
rating.

Conversely, the ratings could be downgraded if the company
experiences further material delays and cost overruns in the wind
project implementation, failing to recover financial metrics as
currently anticipated by the agency by end-2023, reflected in:

a persisting deterioration of FFO/debt to low teens

a persisting weakening of retained cash flow (RCF)/debt to 8%-10%

a material deterioration in the company's operating, business and
liquidity profiles

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Enel Russia faces medium ESG risks because of its high exposure to
the electric utilities sector and strong management of material ESG
issues. The company's carbon risk was materially reduced in 2020
following full exit from coal. Enel Russia plays a special role in
facilitating sustainable development in the regions of its
operations — South Federal District; Central Russia, including
the city of Moscow, Moscow and Tver regions; and the Urals. The
company supports local communities, citizens and organisations in
accordance with its Local Community Support Programme, which is
part of the country sustainability plan approved every year by the
company's board of directors. This programme is created together
with state and municipal institutions, local communities and social
organisations, and aimed at supporting areas such as healthcare,
education, children's sports, art, and the improvement of the urban
infrastructure. The company also supports programmes for people
with disabilities, the development of social entrepreneurship, and
the caring for veterans.

Enel Russia meets high global corporate governance standards and
complies with information disclosure requirements provided by law.
In terms of corporate governance, Enel Russia strictly follows the
best global standards and guidelines, as well as the company's
Corporate Governance Code.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Enel Russia, PJSC (Enel Russia) operates three gas-fired thermal
power plants: 2.5 gigawatt (GW) Konakovskaya GRES, 1.5 GW
Nevinnomysskaya GRES, and 1.6 GW Sredneuralskaya GRES. The
company's total gross installed electrical capacity is 5.6 gigawatt
(GW). ENEL S.p.A. (Enel group, Baa1 stable)'s share in the
company's authorised capital is 56.4%, PFR Partners Fund I
Limited's share is 7.4%, and other minority shareholders' share is
36.2%. In the 12 months ended December 30, 2020, the company
reported consolidated revenue of RUB44 billion and Moody's-adjusted
EBITDA of RUB8.3 billion.

MAYKOPBANK JSC: Under Provisional Administration, License Revoked
-----------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-536, dated April
2, 2021, revoked the banking license of Maykop-based Joint-stock
Company MAYKOPBANK, JSC MAYKOPBANK (Registration No. 1136;
hereinafter, MAYKOPBANK).  The credit institution ranked 321st by
assets in the Russian banking system.

The Bank of Russia made this decision in accordance with Clause 6
of Part 1 of Article 20 of the Federal Law "On Banks and Banking
Activities", based on the facts that MAYKOPBANK:

   -- understated the amount of loan loss provisions to be set up
and overstated the value of assets to artificially improve its
financial indicators and conceal its actual financial standing;

   -- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied measures against it
over the past 12 months including restrictions on household
deposit-taking;

Bad loans represented over half of the loan portfolio of
MAYKOPBANK.  The Bank of Russia repeatedly requested MAYKOPBANK to
create additional loss provisions.  Compliance with the above
requests revealed sufficient grounds in the bank's activities
calling for action to prevent its insolvency (bankruptcy).

The Bank of Russia appointed a provisional administration to
MAYKOPBANK for the period until the appointment of a receiver or a
liquidator.  In accordance with federal laws the powers of the
credit institution's executive bodies were suspended.

Information for depositors: MAYKOPBANK is a participant in the
deposit insurance system; therefore depositors will be compensated
for their deposits in the amount of 100% of the balance of funds,
but no more than a total of RUR1.4 million per depositor (including
interest accrued), except the cases stipulated by Chapter 2.1 of
the Federal Law "On the Insurance of Deposits with Russian Banks".

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency).  Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.


RIB LLC: Bank of Russia Appoints Provisional Administration
-----------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-538, dated April
2, 2021, revoked the banking license of Moscow-based Credit Company
RIB (Limited Liability Company), Credit Company RIB (Registration
No. 2749-К; hereinafter, Credit Company RIB).  The credit
institution ranked 355th by assets in the Russian banking system.
Credit Company RIB is not a member of the deposit insurance
system.

The Bank of Russia made this decision in accordance with Clauses 6
and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that Credit Company RIB:

   -- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied supervisory measures
against it over the past 12 months;

   -- failed to comply with Bank of Russia regulations on
countering the legalisation (laundering) of criminally obtained
incomes and the financing of terrorism.

Credit Company RIB was involved in conducting non-transparent
transactions for payments between individuals and illegal online
casinos and bookmakers.

The Bank of Russia appointed a provisional administration to Credit
Company RIB for the period until the appointment of a receiver or a
liquidator.

In accordance with federal laws, the powers of the credit
institution's executive bodies were suspended.




===============
S L O V E N I A
===============

GORENJSKA BANKA: Fitch Affirms 'BB-' LT IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Slovenia-based Gorenjska Banka d.d.,
Kranj's (Gorenjska Banka) Long-Term Issuer Default Rating (IDR) at
'BB-' and Viability Rating (VR) at 'bb-'. The Outlook on the
Long-Term IDR remains Negative.

The affirmation of the ratings reflects no significant changes to
the bank's credit profile since the last review in April 2020. In
Fitch's view improvements in the reported Stage 3/gross loans ratio
and coverage of Stage 3 loans by all loan loss reserves are
balanced by Gorenjska Banka's high-risk appetite, sizeable
related-party exposures, and fall in specific reserve coverage of
impaired loans. The Negative Outlook reflects pressures on the
bank's capital driven by the expected loan growth with only minimal
profit retention.

The affirmation of Gorenjska Banka's Long-Term IDR also reflects
Fitch's view that potential support benefits or contingent risks
from ownership by Serbian AIK Banka (AIK) are not sufficiently
significant to result in a change in Gorenjska Banka's Long-Term
IDR.

KEY RATING DRIVERS

The IDRs of Gorenjska Banka are driven by its standalone financial
strength, as expressed by its VR.

Gorenjska Banka's ratings do not factor in any potential support
from AIK due to limitations to AIK's own credit profile, given its
exposure to Serbia (BB+/Stable), whose operating environment Fitch
assesses at 'bb-'. In addition, Gorenjska Banka is large relative
to AIK, which could make it difficult for the latter to provide
support in case of need.

At the same time, Fitch does not expect significant near-term
contagion risks from AIK for Gorenjska Banka. This is based on
AIK's reasonable reported financial metrics, limited reliance of
the subsidiary on funding from AIK and Fitch's view that the
Slovenian regulator is sufficiently strong to prevent upstreaming
of capital or liquidity from Gorenjska Banka to AIK to the extent
it could put significant pressure on Gorenjska Banka's credit
profile.

VR

The revision of the outlook on the Slovenian operating environment
score to stable from negative reflects Fitch's view that further
impact from the pandemic on the sector's profitability and asset
quality is likely to be moderate and that a recovery to
pre-pandemic levels will be fairly swift. The performance of the
Slovenian economy during 2020 (GDP contracted 5.5% according to
preliminary figures) was better than Fitch's forecast of 6.9%
contraction for the year. Fitch expects GDP growth to reach 4.3% -
returning GDP to pre-pandemic levels - in 2021 and 4.8% in 2022.

Despite broadly stable core revenue sources, the Slovenian banking
sector's operating profitability (adjusted for one-off gains)
suffered in 2020 from sizeable front-loading of loan impairment
charges (LICs) and vanishing gains related to the resolution of
legacy non-performing loans (NPLs). Reported asset quality was
resilient during 2020, benefitting from favourable regulatory
treatment of loans under moratoria.

Reported impaired loans ratios stood at 3.9% in the corporate loan
book and 2.1% in retail loan book at end-2020. Loan growth suffered
from pandemic-related uncertainties affecting demand for corporate
and consumer loans and from tighter underwriting standards by
banks. Only mortgage lending saw steady growth of around 5% in
2020.

A 12-month loan repayment moratorium introduced by law and
available to all customer segments, although with varying
conditions, deferred recognition of asset-quality trends. According
to Slovenian central bank data loans under active moratoria
accounted for a moderate 10.7% of gross customer loans at
end-February 2021. Despite regulatory forbearance allowing loans
under moratoria to avoid automatic reclassification to higher-risk
buckets, banks have been actively monitoring these exposures,
transferring some of them to higher-risk categories and
front-loading sizeable impairment charges, including through
management's provisioning adjustments.

Fitch assessment of Gorenjska Banka's standalone profile reflects
the bank's small size and modest franchise, modest capital buffers,
sizeable loan-book concentrations and volatile profitability. The
bank's funding profile and liquidity are rating strengths.

Gorenjska Banka's business model is simple and based on traditional
banking. Lending is predominantly to corporates and SMEs, with only
32% exposure to retail clients. Customer deposits provide the bulk
of funding.

In Fitch's view the bank's risk appetite is higher than rated
Slovenian peers'. This is demonstrated by sizeable related-party
lending, higher tolerance for equity-market risk, and
higher-than-average loan growth and industry concentrations,
including to real estate and construction (around 25% of corporate
gross exposure at end-2020).

The bank made good progress in resolving its legacy impaired loans.
At end-2020, the bank's impaired loans ratio (defined as Stage 3
loans under IFRS 9) was about 2% of gross loans (end-2019: 4.5%).
Fitch has revised the outlook on the asset-quality score to
positive from negative due to improved asset- quality metrics and
Fitch's expectation that they will remain reasonable within the
next two years . Sizeable industry and single-obligor
concentrations continue to weigh on Fitch's assessment of Gorenjska
Banka's asset quality.

Operating profitability was solid in 2020 despite economic
pressures from the pandemic. The headline ratio of operating
profit-to- risk weighted assets (RWAs) was sound at just under 2%
in 2020, underpinned by low loan impairment charges. In Fitch's
view Gorenjska Banka's LICs may be slightly higher in 2021, but
overall-profitability metrics should remain reasonable, supported
by expected loan growth. For this reason, Fitch has revised the
outlook on the earnings and profitability score to stable from
negative.

The bank's common equity Tier 1 (CET1) ratio declined to 14.9% at
end-2020 from 15.7% a year before, driven by RWA growth and
distribution of about 93% of 2019 profits. However, the total
capital ratio improved to 16.5% at end-2020 from 15.7% a year
before as a result of shareholder support via a Tier 2 capital
injection of EUR20 million in early 2020. Fitch expects that
Gorenjska Banka's targeted loan growth and material dividend
distribution will weaken the CET1 ratio, justifying the negative
outlook on Gorenjska's capitalisation and leverage score.

Customer deposits are stable and diversified, refinancing risks are
low and liquidity position is solid. Fitch's outlook for the bank's
funding and liquidity profile is stable. Wholesale funding accounts
for about 9% of total funding, primarily sourced from the Slovenian
development bank and European Central Bank. Liquidity remains sound
with regulatory liquidity ratios materially above minimum
requirements.

SUPPORT RATING

The Support Rating of '5' reflects Fitch's opinion that support
from AIK, while possible, cannot be relied on. This reflects the
large size of Gorenjska Banka relative to AIK and Fitch's
assessment that AIK's credit quality could limit the ability of the
parent to provide support.

Gorenjska Banka's direct exposure to AIK was broadly unchanged over
the last year and equivalent to about 48% of Gorenjska Banka's CET1
capital at end-2020. Apart from direct exposures, Gorenjska Banka
refinanced some of AIK's exposures outside Slovenia. In Fitch's
view, this indicates increased risk appetite and weaknesses in
Gorenjska Banka's governance structure relative to peers'. Although
not a key rating driver, in combination with other factors,
governance risk has a moderate influence on Gorenjska Banka's VR.
This is reflected in a score of '4' for Governance Structure under
Fitch's Environmental Social and Governance (ESG) Relevance
Scores.

RATING SENSITIVITIES

IDRs and VR

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

-- Gorenjska Banka's ratings will be downgraded if the bank's
    capitalisation weakens beyond Fitch's baseline expectations,
    in particular if the buffers above the minimum regulatory
    requirements for CET1 ratio decrease substantially, providing
    only small headroom above the minimum capital requirements,
    and if loan-book concentrations are not reduced.

-- A substantial increase in risk appetite especially if combined
    with asset-quality and profitability deterioration, or
    evidence of material governance weakness may also lead to a
    downgrade.

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

-- The Outlook on the Long-Term IDRs could be revised back to
    Stable if the bank maintains solid capital buffers, and
    profitability and asset-quality metrics are maintained close
    to current levels, while risk appetite remains contained.

-- An upgrade is unlikely given the Negative Outlook. This would
    require a significant strengthening of the bank's franchise,
    and a record of sound performance under AIK's ownership.

SUPPORT RATING

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

-- An upgrade is unlikely, as it would require a material change
    of Gorenjska Banka's size relative to AIK and a material
    improvement of Fitch's assessment of AIK's credit quality.

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

-- A downgrade of Gorenjska Banka's Support Rating is not
    possible, given it is currently the lowest Support Rating on
    Fitch's scale.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Gorenjska Banka's Support Rating is linked to credit quality of its
parent AIK.

ESG CONSIDERATIONS

Gorenjska Banka has an ESG Relevance Score of '4' for governance
structure, reflecting board independence issues given sizeable
direct and indirect related-party exposures with parent AIK. This
has a moderately negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

Other ESG issues are credit neutral or have only a minimal credit
impact on the entity, either due to their nature or to the way in
which they are being managed by the entity.

NOVA LJUBLJANSKA: Fitch Affirms Then Withdraws 'BB+' IDR
--------------------------------------------------------
Fitch Ratings has revised Nova Ljubljanska Banka's (NLB) Outlook to
Stable from Negative while affirming the bank's Issuer Default
Rating (IDR) at 'BB+' and Viability Rating (VR) at 'bb+'.

The revision of the Outlook reflects a more moderate impact on
NLB's capital from the acquisition of Komercijlana Banka than
anticipated and better-than-expected performance and outlook for
the economies of NLB's largest operating markets (Slovenia and
Serbia). The latter drove the revision of the outlook on NLB's
operating environment score to stable from negative.

Fitch has simultaneously withdrawn NLB's ratings for commercial
reasons. Fitch will no longer provide ratings or analytical
coverage of NLB.

KEY RATING DRIVERS

The revision of the outlook on the Slovenian operating environment
score to stable from negative reflects Fitch's view that further
impact from the coronavirus pandemic on the sector's profitability
and asset quality is likely to be moderate and that recovery to
pre-pandemic levels will be fairly swift. The performance of the
Slovenian economy during 2020 (GDP contracted 5.5% according to
preliminary figures) was better than Fitch's forecast of 6.9%
contraction for the year. Fitch expects GDP growth to reach 4.3%
-returning GDP to pre-pandemic levels - in 2021 - and 4.8% in
2022.

Despite broadly stable core revenue sources, the Slovenian banking
sector's operating profitability (adjusted for one-off gains)
suffered in 2020 from sizeable front-loading of loan impairment
charges and vanishing gains related to the resolution of legacy
non-performing loans (NPLs). Reported asset quality was resilient
during 2020, benefitting from favourable regulatory treatment of
loans under moratoria.

Reported impaired loan ratios stood at 3.9% in the corporate loan
book and 2.1% in the retail book at end-2020. Loan growth suffered
from pandemic-related uncertainties affecting demand for corporate
and consumer loans and from tighter underwriting standards by
banks. Only mortgage lending saw steady growth of around 5% in
2020.

A 12-month loan repayment moratorium introduced by law and
available to all customer segments, although with varying
conditions before being granted, deferred recognition of
asset-quality trends. According to Slovenian central bank data
loans under active moratoria accounted for a moderate 10.7% of
gross customer loans at end-February 2021. Despite regulatory
forbearance allowing loans under moratoria to avoid automatic
reclassification to higher-risk buckets, banks have been actively
monitoring these exposures, transferring some of them to
higher-risk categories and front-loading sizeable impairment
charges, including through management's provisioning adjustments.

Fitch's expectations for other markets of NLB's operations differ
in prospects, with the bank's currently largest foreign market of
Serbia being the most positive where Fitch expects a 5.2% GDP
growth in 2021 following a modest contraction of about 1% in 2020.

IDR and VR

NLB's ratings balance the bank's sizable and growing exposure to
higher-risk developing markets outside the Slovenian home market
against the bank's solid franchise, reasonable financial profile
and conservative risk appetite.

At end-2020 NLB finalised the acquisition of an 83% stake in
Serbian-based Komercijlana Banka (KB), which materially increased
the bank's market position in the country. However due to its size,
the transaction resulted in significant utilisation of NLB's
capital surplus and drove down the bank's CET1 ratio to an
estimated 14.1% at end-2020. In Fitch's view the bank's capital
position remains moderate relative to NLB's material exposure to
higher-risk emerging Balkan economies.

Asset-quality pressures continue to weigh on NLB's ratings, but
better-than-expected economic performance in 2020 and solid
performance of loans that exited moratoria to date support Fitch's
view that asset-quality risks materializing in the short term are
commensurate with Fitch's current assessment. At end-2020 NLB's
impaired loans stood at an estimated 4.7% of gross loans - a modest
increase from about 4.3% at end 2019. The ratio benefited from the
accounting treatment of KB's acquired problem loans, which at
end-2020 was higher than the group average of 7.2% of gross loans.
Coverage remains solid with total loan loss allowances covering
about 82% of impaired loans at end-2020.

At the NLB group level, about 80% of granted loan moratoria expired
in 2020, leaving about 3.4% of gross loans at end-2020 subject to
payment suspension, compared with a peak of about 17.7%. However,
levels vary by countries of operations, with the largest portfolio
subject to moratoria remaining in Slovenia.

NLB's underlying profitability suffered in 2020 as the bank
front-loaded expected losses and revenues were hit by weaker
lending growth and pressure on net interest margins. The bank's
preliminary operating profit-to-RWAs, on a comparable basis, fell
to about 1.5% (i.e. excluding KB RWAs at end-2020) from 2.4% in
2019. Full-year loan impairment charges were lower than anticipated
by the bank's management, but Fitch expects the cost of risk will
remain high in 2021 as underlying asset-quality risks will continue
to materialise following the expiry of support measures.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating Floor of 'No Floor' and Support Rating of '5'
for NLB express Fitch's opinion that the bank cannot rely on
potential sovereign support. This is underpinned by the EU's Bank
Recovery and Resolution Directive, which provides a framework for
resolving banks that is likely to require senior creditors to
participate in losses, if necessary, instead of or ahead of a bank
receiving sovereign support.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as NLB's ratings have
been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

Following the withdrawal of ratings for NLB, Fitch will no longer
be providing the associated ESG Relevance Scores.



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

BFA TENEDORA: S&P Downgrades ICRs to 'BB+/B', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit ratings on Spain-based
BFA Tenedora de Acciones S.A.U. (BFA) to 'BB+/B' from 'BBB-/A-3'.
S&P removed the ratings from CreditWatch with negative
implications, where it placed them on Feb. 18, 2021. The outlook is
negative.

On March 26, 2021, CaixaBank S.A. completed its merger of Bankia
S.A.: all of Bankia's assets and liabilities were transferred to
CaixaBank and Bankia ceased to exist as a separate legal entity.

S&P said, "The downgrade follows the closing of the merger of
CaixaBank and Bankia on March 26, 2021, after receiving all
required regulatory approvals.  As announced in September 2020,
both entities reached an agreement to merge in an all-share
transaction, with no cash consideration. At the merger's
completion, Bankia ceased to exist as a separate legal entity, and
its debt outstanding was assumed by CaixaBank.

"We now believe that BFA's creditors are exposed to higher risks
since its minority stake in the new combined entity leaves it with
no control.  Following the merger, BFA holds a 16% stake in
CaixaBank, leaving it with little say in management and governance.
Also, BFA no longer falls under the ECB's supervisory and
regulatory oversight. As per our rating approach, we no longer rate
BFA one notch below CaixaBank.

"The merger translates into more constraints on BFA's
creditworthiness.  We now rate BFA three notches below our
assessment of CaixaBank's stand-alone credit profile (SACP),
'bbb+'. BFA's primary revenue stream depends on subordinated and
discretionary dividends from an investee-company that it does not
control. We see a risk that regulators could prevent prudentially
regulated dividend payments in a stress scenario. We also consider
BFA's very limited influence on CaixaBank's board and management,
and in particular in the bank's decisions regarding dividend
distributions. BFA only has one representative on the newly
combined entity's 15-member board of directors.

"BFA's creditworthiness stands at the higher-end of the
speculative-grade rating-range, compared with other rated companies
with non-controlling equity stakes.  We now assess BFA's
stand-alone credit profile (SACP) at 'bb'. We incorporate our
understanding that BFA is in run-down mode, and we consequently do
not expect its balance sheet to grow to encompass other assets. Its
debt (comprising largely short-term repos for about EUR0.7 billion)
should therefore remain contained. Furthermore, on a net basis
(discounting its liquidity buffer), its net debt should reduce over
time, since BFA plans to retain dividends received from its
investee rather than upstreaming those to its shareholders. In our
view, BFA is independently capable of meeting its limited cash-flow
needs with its liquidity sources, given limited outstanding debt.

"We expect the government will sell its minority stake in BFA, but
the timing is uncertain.  As agreed with the European authorities,
the main pending action is for the Spanish government to dispose of
its remaining stake in the merged bank. Although this is due by
end-2023 –following a two-year extension—we do not rule out
additional postponements if market conditions remain depressed.
That said, we expect CaixaBank's shares to remain highly liquid
and, if necessary, BFA to be able to cover its short-term repo
obligations with the proceeds from a potential liquidation of its
stake in CaixaBank by a factor of about 3.6x-4.0x (higher than our
3.0x threshold).

"We applied the criteria exception because, in our view, BFA has
multiple unusual attributes that refrain us from capping the
ratings at 'B+/B'.  We now rate the entity under our "Methodology
For Companies With Noncontrolling Equity Interests," versus the
previous application of our rating approach for groups. BFA's
unique capital structure and sources of income (mainly interest
income from its EUR1.6 billion bond holdings in SAREB--Spain's "bad
bank"--which the group received in 2012 in exchange for its
transfer of problematic exposures) and cash buffers allow it to be
independently capable of meeting its limited financial obligations
regardless of its ability to upstream dividends from its interest
in CaixaBank. This limits the usefulness of several of the rating
caps we consider under our rating approach for companies with
noncontrolling equity interests. We therefore divert from the caps
usually applied under our criteria. As such, we arrive at a higher
SACP for BFA. Nevertheless, a failure to meet its cash flow needs
via its interest income and cash balances would lead us to nullify
this criteria exception, thereby potentially leading us to apply
the relevant caps."

The negative outlook on BFA reflects the potential pressure on the
SACP on CaixaBank over the next 12-18 months, included from the
expected integration of Bankia and a potentially weaker domestic
economic environment. CaixaBank's capitalization is adequate but
has limited room to absorb a slower economic recovery or harsher
credit deterioration from the ongoing shock. S&P expects its RAC
ratio will hover around 7.25%-7.75% by end-2022, but if Spain's
economic risks trend materialized, its RAC could fall below 7%,
which would likely lead S&P to revise down the SACP on CaixaBank.

S&P said, "We use the SACP on CaixaBank as a more relevant
reference than the issuer credit rating (with a stable outlook).
This is because we believe that extraordinary support--most likely
in the form of additional loss-absorbing capacity--would not be
passed onto BFA's deeply subordinated creditors.

"We could lower the ratings on BFA if the SACP on CaixaBank
deteriorated. Rating pressure could also materialize if BFA's
credit metrics were to deteriorate significantly, either because
part of its capital base is depleted due to a loss in the market
value of its CaixaBank's investment or because it increases
materially its debt, so that the potential liquidation of BFA's
stake in CaixaBank would no longer be sufficient to cover its debt.
Although less likely, it could also occur if BFA's shareholders
changed their stance toward BFA's business model (particularly
regarding its growth and dividend upstreaming).

"We could change the outlook to stable if we no longer believe it
likely that we would revise down the SACP on CaixaBank."


EUSKALTEL SA: Moody's Puts B1 CFR Under Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed Euskaltel, S.A.'s B1 corporate
family rating, the B1-PD probability of default rating and the B1
ratings of its existing backed senior unsecured bank credit
facilities on review for downgrade.

The rating action follows the announcement [1] by Masmovil of a
public takeover bid for 100% of Euskaltel's shares for EUR2
billion, equivalent to an estimated EV/EBITDA of around 10x
(pre-synergies). The transaction is expected to close in 2021 and
is subject to a minimum acceptance of 75% of Euskaltel's
shareholders and regulatory approvals.

"We are placing Euskaltel's ratings on review for downgrade because
the debt-financed acquisition of the company will likely result in
weaker credit metrics for the combined entity, including leverage
rising initially to over 6.0x, which is higher than our earlier
guidance for the B1 rating for leverage not to exceed 5.0x. The
weaker metrics will be partially offset by its increased scale and
potential synergies" says Agustin Alberti, a Moody's Vice
President-Senior Analyst and Lead Analyst for Euskaltel.

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

The offer is considered to be friendly as 52.3% of Euskaltel's
shareholders have already signed an irrevocable commitment to
accept the bid, and the company has committed to a collaboration
agreement regarding the offer. Moody's expects that Euskaltel
existing debt will be refinanced at MasMovil level, because of the
change of control clause included in Euskatel's loan
documentation.

The review process will focus on: 1) the benefits to Euskaltel's
business profile derived from the proposed acquisition by MasMovil,
and 2) the future financial profile and policy of Euskaltel
following the proposed acquisition. A downgrade, if any, would
likely be limited to one notch.

Prior to the review process, Moody's had indicated that the rating
could come under positive pressure the company delivers sustained
revenue growth and healthy key performance indicators (KPIs),
including average revenue per user (ARPU) and churn rate, such that
its adjusted debt/EBITDA remains below 4.0x on a sustained basis;
and its FCF/gross debt improves towards 7%. This decrease in
leverage would depend on the company maintaining a conservative
approach to any further acquisitions, such that its deleveraging is
not compromised.

Prior to the review process, Moody's had indicated that the rating
could come under negative pressure if Euskaltel's operating
performance weakens as a result of a pricing strain or market share
loss, reducing its cash flow; the company increases its debt as a
result of acquisitions or shareholder distributions, such that its
adjusted debt/EBITDA rises and remains above 5.0x; or its FCF turns
negative. A weakening in the company's liquidity could also strain
its rating.

LIST OF AFFECTED RATINGS

Issuer: Euskaltel, S.A.

On Review for Downgrade:

Probability of Default Rating, Placed on Review for Downgrade,
currently B1-PD

LT Corporate Family Rating, Placed on Review for Downgrade,
currently B1

BACKED Senior Unsecured Bank Credit Facility, Placed on Review for
Downgrade, currently B1

Outlook Action:

Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pay TV
published in December 2018.

COMPANY PROFILE

Euskaltel, S.A., headquartered in Derio (Vizcaya, Spain), is the
dominant cable operator in the regions of the Basque Country,
Galicia and Asturias. In 2020, Euskaltel reported revenue of €697
million and adjusted EBITDA of around EUR343 million. The company
has been listed on the Spanish Stock Exchange since July 2015. Its
main shareholders are Zegona Communications plc (21%), Kutxabank,
S.A. (Baa2 stable, around 20%) and Corporacion Financiera Alba
(11%).

LORCA HOLDCO: Moody's Puts B1 CFR Under Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade the
B1 corporate family rating and the B1-PD probability of default
rating of Lorca Holdco Limited ("Masmovil" or the "company"),
following the announcement that Masmovil has launched a takeover
bid to acquire Euskaltel, S.A. for EUR2 billion in an all cash
offer [1]. Moody's has also placed under review for downgrade the
B1 rating of the existing EUR2,200 million backed senior secured
credit facility issued by Lorca Finco PLC and the B1 rating of its
existing EUR800 million backed senior secured notes issued by Lorca
Telecom Bondco, S.A.U. Concurrently, Moody's has withdrawn the B1
rating of the EUR1,750 million backed senior credit facility issued
by MasMovil Holdphone S.A.U. which has been fully repaid prior to
this transaction.

"We have placed Masmovil's ratings on review for downgrade because
the debt-financed acquisition of Euskaltel will likely result in
temporarily weaker than expected credit metrics including leverage
peaking at over 6x, based on preliminary calculations before
synergies and disposals, at a time when the company had previously
grown rapidly through M&A albeit with higher integration and
execution risks," says Carlos Winzer, a Moody's Senior Vice
President and lead analyst for Masmovil. Prior to this transaction,
Masmovil's rating was already weakly positioned at B1, with a
stable outlook. We nevertheless recognize that Masmovil will
benefit from an increase in scale and a further strengthening in
its market position and resilience which may offset the weaker
credit metrics.

The review will focus on i) the financing of the transaction, ii)
the strategy of the combined group, and the potential for
synergies, and iii) the likely trajectory of credit metrics over
the next 12-18 months " adds Mr. Winzer. A downgrade, if any, would
likely be limited to one notch.

RATINGS RATIONALE

The acquisition of Euskaltel is viewed by Moody´s positively from
an industrial perspective because it will improve Masmovil's scale
and position in the Spanish market. Euskaltel is the dominant cable
operator in the regions of the Basque Country, Galicia and
Asturias. In 2020, Euskaltel reported revenue of EUR697 million and
adjusted EBITDA of EUR343 million. Moody's recognizes that the
combination is also likely to lead to some synergies due to the
increased scale of the group and cost savings.

LIQUIDITY

Masmovil's current liquidity is adequate, supported by an estimated
cash balance of EUR417 million as of September 2020 and a EUR500
million revolving credit facility (RCF) due 2027 assigned at Lorca
Finco PLC which will remain undrawn. The RCF has a springing
leverage covenant at 8.0x, tested when drawings exceed 40%.
Following the repayment of the existing debt and the issuance of
the new notes, the company will not have any debt maturities until
2027.

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

Prior to the review process, Moody's indicated that upward rating
pressure could be exerted over time if the company delivers on its
business plan with an improved operating performance and revenue
trends while it demonstrates a conservative financial policy
driving sustained deleveraging, such that its Moody's-adjusted
gross debt/EBITDA falls sustainably below 3.75x and its free cash
flows/debt ratio significantly improves.

Prior to the review process, Moody's indicated that downward rating
pressure could emerge if: (1) Masmovil's operating performance
deteriorates leading to weaker credit metrics, such as
Moody's-adjusted gross debt/EBITDA sustainably above 4.75x; (2) the
company conducts large debt-funded M&A or shareholder
distributions; or (3) liquidity deteriorates significantly.

LIST OF AFFECTED RATINGS

Issuer: Lorca Finco PLC

On Review for Downgrade:

BACKED Senior Secured Bank Credit Facilities, Placed on Review for
Downgrade, currently B1

Outlook Action:

Outlook, Changed To Ratings Under Review From Stable

Issuer: Lorca Holdco Limited

On Review for Downgrade:

Probability of Default Rating, Placed on Review for Downgrade,
currently B1-PD

LT Corporate Family Rating, Placed on Review for Downgrade,
currently B1

Outlook action:

Outlook, Changed To Ratings Under Review From Stable

Issuer: Lorca Telecom Bondco, S.A.U.

On Review for Downgrade:

BACKED Senior Secured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B1

Outlook action:

Outlook, Changed To Ratings Under Review From Stable

Issuer: MasMovil Holdphone S.A.U.

Withdrawals:

BACKED Senior Secured Bank Credit Facilities, Withdrawn,
previously rated B1

Outlook action:

Outlook, Changed To Rating Withdrawn From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

Lorca Holdco Limited, the parent company of Masmovil Ibercom, S.A.,
headquartered in Madrid (Spain), is the fourth-largest telecom
operator in Spain offering fixed line, mobile and broadband
services to residential and business customers. The company has its
own mobile network infrastructure for fixed fibre, ADSL, 3G and 4G.
Masmovil's fixed network connects around 24 million building units
(BUs) with fibre. Its 4G mobile network covers 98.5% of the Spanish
population. The company has nine million customers and operates
through its main brands Yoigo, Masmovil, Pepephone, Llamaya, Lebara
and Lycamobile. In the last twelve months September 2020, Masmovil
reported service revenue of EUR1.7 billion and EBITDA of EUR559
million.



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

CERDIA INTERNATIONAL: S&P Cuts Debt Rating to 'B-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on Switzerland-based Cerdia
International GmbH's parent BCP VII Jade Topco (Cayman) Ltd. and
its debt to 'B-' from 'B'.

The stable outlook indicates S&P's view that Cerdia will likely
retain adequate liquidity, supported by our expectation that the
company will extend its debt maturity profile and sustainably
improve its liquidity headroom.

Significant restructuring costs will continue to weigh on Cerdia's
earnings and cash flows in 2021, causing adjusted leverage to
deteriorate.  Cerdia is discontinuing operations at its cellulose
acetate flakes production plant in Roussillon, having announced the
plant's closure already in 2020. S&P said, "Although we believe
this restructuring will improve utilization and reduce production
costs over time, we estimate the company's adjusted earnings
(including cash restructuring and cost savings) will weaken during
the restructuring process. We anticipate the company's S&P Global
Ratings-adjusted debt to EBITDA will remain very high, at about
9.0x in 2021, up from about 8.5x in 2020, increasing pressure on
the rating. We expect closure cash costs of about $30 million in
2021, on top of the $15 million in 2020, will further depress cash
flow generation, resulting in FOCF potentially below $10 million.
We expect FOCF will recover toward $30 million in 2022 given
closure costs will likely moderate in subsequent years. Overall,
the total project cost is estimated at $70 million-$75 million,
with most of the costs related to decontamination, dismantling, and
OSIRIS (chemical platform) fees. We expect an annual cash outflow
of about $10 million in 2022 and $4 million-$8 million per year in
2023-2026. We do not include proceeds from potential sale of land
and equipment related to Roussillon in our base case given the lack
of visibility, but understand that any sale would reduce
dismantling costs while generating proceeds from asset sales."

S&P said, "We anticipate profitability will remain high thanks to
resilient volumes and a favorable cost position, and despite low
filter tow prices.  High underlying profitability, despite low
prices and recurring one-off costs, is a key strength for the
business. We estimate an adjusted EBITDA margin of about 21% (after
restructuring costs and cost savings) in 2021, which is high for a
commodity chemicals producer, reflecting Cerdia's strong operating
efficiency even in a low-cycle environment. More importantly, we
anticipate a significant improvement in adjusted margins next year,
supported by total cost savings from the Roussillon closure of
about $24.5 million on a run-rate basis, and a significant decline
in restructuring costs. As such, we continue to expect the company
will generate positive FOCF, which should support the capital
structure's sustainability once the restructuring is complete,
despite high leverage metrics."

The pandemic has not materially affected Cerdia's performance, but
the structural decline in the cigarette market constrains growth
prospects.  Excluding exceptional items and restructuring costs,
Cerdia reported EBITDA of $116 million in 2020, which is in line
with the 2020 pre-COVID-19 pandemic annual operating plan. This is
also a 7% increase from the previous year, supported by $10.3
million of cost savings fully achieved in 2020, and more than
offsets slightly negative volume and price impact.S&P said, "We
believe Cerdia is exposed to noncyclical end markets given that
cigarette consumption is fairly delinked from macroeconomic
variables, translating into above-average resilience for Cerdia in
the pandemic-induced downturn. That said, we see limited topline
growth given the structural decline in cigarette consumption, with
filter tow global sales declining 0.5%-1.0% every year, alongside
limited selling price upside given the market supply and demand
balance."

S&P said, "The stable outlook indicates that we expect Cerdia will
likely retain adequate liquidity, supported by our expectation that
the company will successfully extend its debt maturity profile, and
sustainably improve its liquidity headroom. We also anticipate the
company will improve its profitability and cash flow generation
from 2022, supported by cost savings and lower cash restructuring
costs from next year.

"We could lower the ratings if Cerdia's operating performance
deteriorates such that its capital structure becomes unsustainable.
Under that scenario, the company would report negative FOCF. This
could stem from either more accelerated decline in cigarette
consumption, more pronounced over-supply in the filter tow market,
unfavorable volume allocation, or higher-than-expected
restructuring costs. We could also lower the rating if the company
encounters difficulty in extending its revolving credit facility
(RCF) and its debt maturity profile.

"We could raise the ratings if FOCF increases toward $30 million,
supported by lower restructuring costs or improving volume and
price fundamentals. This should also enable adjusted debt to EBITDA
to recover toward 6.5x, which we would view as commensurate with a
'B' rating."




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

ATLANTICA SUSTAINABLE: Fitch Raises LT IDR to 'BB+',Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Rating of
Atlantica Sustainable Infrastructure Plc to 'BB+' from 'BB' with a
Stable Outlook. Fitch has also affirmed the senior secured debt at
'BBB-'/'RR1' and senior unsecured debt at 'BB+'/'RR2'.

Atlantica's ratings reflect the stable and predictable nature of
contracted cash flows generated at its nonrecourse project
subsidiaries that are well-diversified regarding geographical
exposure and asset class. All of Atlantica's assets are either
long-term contracted or regulated with minimal commodity risk.

The upgrade and the Stable Outlook reflect successful execution of
the financing program through both refinancing and new debt
issuances at Atlantica and projects levels, as well as
credit-supportive equity issuance. In addition, moderation in the
midterm distribution growth rate to 5%-8% from 8%-10% further
supports conservative financing policy. Gross holding company
(holdco) leverage increased in 2020, but it is projected to average
around 3.5x over the forecast, in line with the ratings. Due to
asset diversity and structure of contracts, there has not been a
material impact from the coronavirus pandemic on Atlantica's
financial performance.

KEY RATING DRIVERS

Holdco Leverage In Line with Ratings: Fitch expects the gross
holdco leverage to decline to the mid-3.0x range post 2021 and
remain below Fitch's 4.0x negative sensitivity trigger throughout
the forecast period. Atlantica exercised its option to buy tax
equity investor's interest in the Solana solar project and has
already prefinanced planned investments for 2021, resulting in the
increased leverage. Holdco-only interest coverage is projected to
average around 7.8x over the forecast, which Fitch considers to be
strong for the rating.

Enhanced Flexibility to Grow Distributions: Recently announced
moderation in the midterm distribution growth rate supports
conservative financing policy and provides additional flexibility
to manage growth. Atlantica continued to deliver on its annual $300
million equity investment target in 2020. Acquisitions in 2021 also
provide visibility to Atlantica's growth strategy. Refinancing and
new debt issuances at lower interest rates in 2020 are accretive to
cash available for distribution (CAFD). Other levers to drive
distribution growth include pricing indexation, built in
contractual agreements and additional project-level refinancings.

Ample access to the capital markets, including a sizable equity
issuance supported by Altantica's sponsor Algonquin Power &
Utilities Corp. (BBB/Stable), enabled Atlantica to pre-finance its
capital needs for 2021. Corporate cash on hand and expanded
revolver capacity provide an additional cushion to finance planned
asset acquisitions in 2021 and beyond without need to access
capital markets.

Conservative Financial Policy: A majority of debt at Atlantica
consists of nonrecourse project debt held at ring-fenced project
subsidiaries. The distribution test in project finance agreements
is typically set at a debt-service coverage ratio (DSCR) of
1.10x-1.25x. As of Dec. 31, 2020, all the projects were performing
in excess of their required DSCRs.

The project debt is typically long-term and self-amortizing with a
term that is shorter than the duration of the contracts. More than
90% of the long-term interest exposure is either fixed or hedged,
mitigating any impact in a rising interest rate environment.
Approximately 90% of the CAFD is in U.S. dollars or euros, and
Atlantica typically hedges its euro exposure on a 24-month rolling
basis.

Stable Cash Flow and Asset Diversity: Atlantica's portfolio of
assets produces stable, predictable cash flows underpinned by
long-term contracts (weighted-average contract life of 17 years
remaining as of Dec. 31, 2020). Most counterparties have strong
investment-grade ratings, although there are some concerns as
highlighted below. The contracts are typically fixed-price with
annual escalation mechanisms. Atlantica's portfolio does not bear
material resource availability risk or commodity risk, and it does
not depend on any single project for more than 15% of its project
distributions.

The forecast cash distributions to the holdco from the project
subsidiaries are largely derived from renewable assets (72%), with
the remainder split between natural gas plants and transmission
lines based on 2021-2025 projections, including announced
acquisitions. Geographically, the split is 41% from North America
(U.S. and Mexico), 36% from Europe (Spain), 14% from South America
and 9% from the rest of the world. Approximately 60% of project
distributions are generated from solar projects; solar resource
availability has typically been strong and predictable.

Offtaker Creditworthiness Improved: PG&E Corporation (BB/Stable),
the sole offtaker on one of the largest projects, Mojave, exited
the bankruptcy on July 1, 2020 with no change to its power purchase
agreement. The cash distributions from Mojave resumed last year.

In the past year, two other offtakes were downgraded by Fitch. For
its ACT natural-gas fired plant, the credit rating of the offtaker,
Petroleos Mexicanos (PEMEX; BB-/Stable), has weakened, but has
stabilized since last year's downgrade. For the Kaxu solar plant in
South Africa, the credit rating of the offtaker, Eskom Holdings SOC
Ltd. (B/Negative) continues to be under pressures. However, Eskom's
payments are guaranteed by the South African Department of Energy,
and political risk insurance provides Atlantica protection for
breach of contract for approximately $90 million. Fitch assumes
Atlantica will continue to receive distributions from both
projects.

Recovery Ratings: Fitch does not undertake a bespoke recovery
analysis for issuers with IDRs in the 'BB' rating category.
Nevertheless, Fitch's 'RR1' Recovery Rating for the senior secured
debt and 'RR2' Recovery Rating for the senior unsecured debt uses
market transaction multiples of 9.0x-11.0x, enterprise value/EBITDA
or a CAFD yield of 7%-9% for contracted renewable assets. The
recovery valuation also reflects Fitch's expectation that
management will move toward an unsecured capital structure. The
'RR1' Recovery Rating denotes outstanding recovery (90%-100%) and
'RR2' denotes superior recovery (70%-90%) in the event of default.

DERIVATION SUMMARY

Fitch views Atlantica's portfolio of assets as favorably positioned
due to the asset type compared with those of NextEra Energy
Partners, LP (NEP; BB+/Stable) and Terraform Power Operating, LLC
(TERPO; BB-/Stable), owing to Atlantica's large concentration of
solar generation assets that exhibit less resource variability.
Innergex Renewable Energy Inc.'s (BBB-/Stable) portfolio of assets
is anchored by its low-cost hydroelectric and solar generation
assets. In comparison, NEP's portfolio consists of a large
proportion of wind projects and TERPO's portfolio consists of 41%
solar and 59% wind projects.

Fitch views NEP's and Innergex's geographic exposure in the U.S.
and Canada (100% of MW and 88% of MW, respectively) favorably as
compared with TERPO's (68%) and Atlantica's (30%). Both Atlantica
and TERPO have exposure to Spanish regulatory framework for
renewable assets, but the current construct provides clarity of
return for the next six or 12 years. In terms of total MW,
approximately 33% of Atlantica's power generation portfolio is in
Spain compared with 24% for TERPO. Atlantica's long-term contracted
fleet has a remaining contracted life of 17 years, higher than
Innergex's and NEP's at around 15 years and TERPO's at 12 years.

Atlantica's credit metrics are stronger than those of TERPO and
NEP. Fitch forecasts Atlantica's gross leverage ratio (holdco
debt/CAFD) to decline to mid-3.0x post 2021 compared with high 3.0x
for NEP and around 6.0x for TERPO. Atlantica's credit metrics are
modestly weaker compared with Innergex's 3.0x-3.6x projected FFO
leverage through 2024. Atlantica's recently reduced distribution
per-unit target of 5%-8% is more conservative than NEP's at
12%-15%, while still more aggressive than Innergex at 2%-3%. TERPO
has been taken private and is no longer subject to public growth
targets.

Atlantica, TERPO and NEP have strong parent support. Fitch
considers NEP best positioned owing to NEP's association with
NextEra, which is the largest renewable developer in the world.
TERPO benefits from having Brookfield Asset Management as an 100%
owner. Algonquin Power has 44.2% ownership interest in Atlantica.
Algonquin has demonstrated sponsor support by recent participation
in the Atlantica's equity issuance and by working with Atlantica on
project development opportunities through AAG. Fitch rates
Atlantica, NEP, Innergex and TERPO on a deconsolidated approach,
because their portfolio comprises assets financed using nonrecourse
project debt or with tax equity.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- 2021 announced asset purchases completed using cash on hand;

-- Acquisitions beyond 2021 generate 8%-9% CAFD yield;

-- Future acquisition beyond 2021 financed using a combination of
    debt and equity;

-- All projects operating as expected and being able to make
    regular distribution to the holdco;

-- Dividend payout ratio of around 83%;

-- $1.5 billion investment over five years into already announced
    projects (Coso, Calgary District Heating, Chile PV2, La
    Sierpe) and new projects;

-- Future acquisitions beyond 2021 financed using a combination
    of debt and equity;

-- Returns in Spain at 7.4% and 7.1%, depending on the project.

RATING SENSITIVITIES

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

-- Longer-term visibility on acquisitions and distribution per
    share growth;

-- Holding company leverage below 3.0x for several quarters and
    payout ratio at or below 80%.

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

-- Lower than expected performance at its largest assets and
    absence of mitigating measures to replace the lost CAFD;

-- Growth strategy underpinned by aggressive acquisitions or
    addition of assets in the portfolio that bear material
    volumetric, commodity, counterparty or interest rate risks;

-- Lack of access to equity markets to fund growth that may lead
    Atlantica to deviate from its target capital structure;

-- Holding company leverage ratio exceeding 4.0x and payout ratio
    exceeding 85% for several quarters.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of Dec. 31, 2020, corporate cash on hand was
USD335.2 million and availability under the revolver stood at
USD415 million. In March 2021, the revolver limit was increased to
USD450 million. The revolver maturity was also extended to Dec. 31,
2023. An expanded revolver provides financial flexibility to
Atlantica to finance acquisitions of assets before permanent
financing is put in place. Atlantica also has a 2017 credit
facility for up to EUR10 million, which matures on Dec. 13, 2021; a
credit facility with a local bank for up to EUR5 million, which
matures on Dec. 4, 2025; and a euro CP program that allows
Atlantica to issue short-term notes over the next 12 months for up
to EUR50 million. As of Dec. 30, 2020, Atlantica had no outstanding
amounts under the 2017 credit facility, EUR5 million outstanding
under the local bank credit facility and EUR17.4 million
outstanding under the CP program. Atlantica has an average
corporate debt maturity of 5.1 years with minimal debt maturities
in the near-term.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

GREENSILL: Administrator Unable to Verify Gupta Loan Invoices
-------------------------------------------------------------
Aakriti Bhalla and Sarah Morland at Reuters report that Greensill
Capital's administrator has been unable to verify invoices
underpinning loans to Liberty Steel owner Sanjeev Gupta, the
Financial Times reported on April 1.

According to Reuters, the FT report added Greensill's
administrator, Grant Thornton, has received denials from companies
listed as debtors to the steel group stating that they had never
done business with Gupta.

Insolvent finance firm Greensill collapsed last month, days after
losing investor funding and insurance coverage for its supply chain
financing business, Reuters recounts.

Liberty is part of the GFG Alliance, a conglomerate owned by the
Gupta family and one of the biggest customers of Greensill Capital,
Reuters discloses.

The FT report added Grant Thornton, which is looking to regain the
money owed to Greensill in its role as administrator to the
collapsed firm, last month approached companies that were listed as
debtors to Gupta's Liberty Commodities trading firm, Reuters
notes.


IVC ACQUISITION: Fitch Affirms 'B' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed IVC Acquisition Ltd.'s senior secured
term loan at 'B+'/'RR3' following the announced GBP437 million
(equivalent) increase in the loan size and a concurrent increase of
its revolving credit facility (RCF) to GBP347.5 million (from
currently GBP200 million). Fitch has also affirmed IVC Acquisition
Pikco Limited's (IVCE) Long-Term Issuer Default Rating (IDR) at 'B'
with Stable Outlook.

The debt proceeds will be used to support IVCE's ambitious
acquisition strategy and will refinance GBP228 million of payment
in kind (PIK) notes and GBP200 million RCF drawings, and pay for
transaction fees and expenses.

Upon completion of the additional debt-raising being materially in
line with the terms as presented to Fitch, Fitch expects the
recovery percentage for the senior secured debt to be unchanged at
52%, balancing the increased senior secured debt in IVCE's capital
structure with the increased scale and value of the business.

IVCE's ratings are constrained by its high leverage, and the still
developing track record of its veterinary care business, on a
pan-European scale, outside the UK and Nordics. They also reflect
moderate execution risks as the group continues to integrate
acquired businesses and targets more bolt-on acquisitions for
growth. The ratings are supported by the leading market position in
its core markets, resilient performance during the pandemic,
improving operating margins, and strong sector fundamentals
offering organic growth and consolidation opportunities, which is
reflected in the Stable Outlook.

KEY RATING DRIVERS

Static Leverage; Resilient Covid-19 Performance: Fitch expects
IVCE's funds from operations (FFO) adjusted gross leverage to
remain high at close to 8x (pro-forma for acquisitions and the
additional announced debt raise) in 2021. However, IVCE's operating
performance has been resilient with limited disruption to its
services during the pandemic, mainly in the UK, and a steady growth
in activity, as demand for pet care continued during lockdowns.

IVCE outperformed Fitch's organic growth assumptions in FY20 (year
ending September). Fitch forecasts like-for-like sales growth will
remain strong in 2021 at high single digits, leading to a pro-forma
(Fitch- defined rewinding IFRS16 lease adjustments) EBITDA margin
of around 14% in FY21.

Continued Growth Strategy, Limited Headroom: The 'B' rating is
constrained by high financial indebtedness, with the PIK notes
refinanced within the restricted group. IVCE's ambitious inorganic
growth strategy in the UK and certain European markets was
temporarily slowed by the pandemic, but Fitch expects it to
prioritise investment in scale and growth over deleveraging in
Fitch's four year-rating case, leading to low but improving rating
headroom. Fitch views IVCE's FFO adjusted gross leverage as high
for the rating, and assume only moderate deleveraging, forecasting
leverage to trend towards 7x by 2024.

Moderate Execution Risks: Fitch's cautious deleveraging path
reflects Fitch's assumptions of a balanced approach to productivity
enhancements alongside IVCE's ambitious external growth strategy.
IVCE is developing a record of its veterinary care business at the
pan-European level, which translates into reasonably high execution
risks as the group continues to integrate acquired businesses and
targets more bolt-on acquisitions for future growth.

However, this is mitigated by the company's careful planning and
M&A framework. In addition, Fitch notes that acquisitions remain
discretionary and can be paused (as they have been at some stages
during the pandemic), offering satisfactory deleveraging capacity
to the group ahead of key debt refinancing by 2026.

Improving Profitability and Cash Generation: Fitch views IVCE's
EBITDA margin (Fitch- defined) as satisfactory and expect it to
improve towards 15% by 2024. IVCE delivered operating margin and
cash generation improvements in 2020, despite some high integration
and expansion costs recurring. Fitch expects IVCE's free cash flow
(FCF) to be temporarily neutral in 2021 following exceptional
pandemic-related deferred VAT reversal, the equity transaction and
debt arranging fees.

Fitch views some of the expansion costs as recurring, given IVCE's
aggressive expansion strategy but nonetheless expect satisfactory
FCF over the next four years, towards 5% of sales. Fitch also
projects FFO fixed charge cover trending towards 2.0x in Fitch's
rating case, indicating adequate financial flexibility for the 'B'
rating.

Diversified Customer-Centric Operations: IVCE has leading market
positions in its established core markets and is rapidly developing
into a pan-European veterinary care service business, with a strong
medical and customer focus. It plans to focus on growing economies
of scale, consolidating the fragmented animal healthcare market and
creating regionally leading veterinary chains across western
Europe.

These regional operations will be supported by common head office
functions realising scale benefits. Strong market positions in
selected markets (the UK and Nordics) and scalable operations
should allow IVCE to diversify the business internationally, in
Fitch's view, improving underlying profitability and optimising its
service offerings. Fitch also views the recent minority investments
of Nestle and Silver Lake as positive to develop these improved
service and product offerings in the medium term.

DERIVATION SUMMARY

Fitch bases its rating assessment of IVCE on its Generic Navigator
framework, taking into consideration underlying animal care and
consumer service characteristics, which drive its business profile.
IVCE's strategy of consolidating a fragmented care market and
generating benefits from scale and standardised management
structures is similar to strategies currently implemented by other
Fitch-rated health care operations such as laboratory services and
dental/optical chains. The key difference is that the animal care
market is not as regulated as human health care, which allows for
greater operational flexibility, but also introduces a higher
discretionary characteristic to an otherwise defensive spending
profile.

Based on Fitch's peer analysis, IVCE's 'B' rating is firmly
positioned within the European health care service providers with
adequate-to-strong market positions in each of the group's region
of operations, benefiting from attractive underlying market
fundamentals and consolidation opportunities.

IVCE is well positioned against other 'B' credits, despite FFO
adjusted gross leverage of just above 8x in 2020 on a pro forma
basis. Its financial profile is underpinned by expected pro-forma
EBITDA margin improvement towards 15% by 2022 and satisfactory FCF
generation. High-yield peers such as Finnish private health
operator Mehilainen Yhtym Oy (B/Stable), and pan-European
Laboratory testing company Synlab Bondco PLC (B+/Stable) exhibit
similar financial risk profiles to IVCE. However, IVCE has a less
mature business model, lower operating margins and a developing
record of successfully implementing its rapid consolidation outside
its Nordic and UK core markets.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Organic revenue of 6% CAGR and total growth of 21% CAGR
    including acquisition for FY2021-24 on a pro forma basis.

-- Fitch EBITDA margin improving from 13% in FY20 towards 15% by
    FY22.

-- Working capital cash inflow at c.0.5% of sales in FY21-24,
    following normalised working capital level in FY20.

-- Limited capital intensity, with total capex representing just
    under 4% of revenue over the rating horizon.

-- Cumulative bolt-on acquisitions (excluding contingency
    payments) of up to GBP1.4 billion to FY24, requiring
    additional debt issuance over Fitch's rating horizon to FY24.

-- No dividends.

-- Exceptional items of GBP78 million in FY21 deemed as non
    recurring, including pandemic-related deferred VAT reversal
    and fees on the recent equity transaction and term loan B add
    on.

KEY RECOVERY RATING ASSUMPTIONS

Fitch expects IVCE to be restructured and to continue operating as
a going concern in the event of default as Fitch believes that this
approach will maximise recoveries over a liquidation of assets.

Fitch uses a going concern (GC) EBITDA of GBP204 million, higher
than in Fitch's previous analysis (GBP140 million). This figure
includes the full impact of 2021 acquisitions (adjusted for
12-month contributions of all acquisitions but not fully reflective
of synergies). Fitch applies a 5.5x distressed EV/EBITDA multiple
to derive a distressed enterprise value of about GBP1.1 billion.

The GC EBITDA is based on a stressed scenario reflecting adverse
competition or more broader operating environment, inability to
fully extract synergies from past acquisitions, and potentially
higher underlying volatility in IVCE's aggregated earnings profile
than that of labs, which are exposed to regulated tariffs.

The distressed multiple of 5.5x reflects the attractive
characteristics of a larger group (leader in Europe) including a
presence across countries with the ability to negotiate their own
terms with suppliers, reflecting a growing scale. The multiple is
lower than small independent vets' valuation of around 7x-8x, still
reflective of a premium of a larger vet network.

According to Fitch's criteria, Fitch has assumed the new increased
RCF of GBP348 million to be fully drawn and ranking pari passu to
the TLB. The waterfall analysis generates a ranked recovery for the
senior secured TLB in the 'RR3' band, translating into an
instrument rating of 'B+', one notch higher than the IDR. Fitch
expects the waterfall analysis output percentage on current metrics
and assumptions to be unchanged at 52%.

RATING SENSITIVITIES

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

-- Successful integration of acquired operations, increasing
    scale and profitability leading to FFO adjusted gross leverage
    to below 6.5x, EBITDA margin above 17%, and FCF generation in
    high single-digit percentages on a sustained basis.

-- Satisfactory financial flexibility with FFO fixed charge cover
    above 2.5x on a sustained basis.

-- Demonstration of a maturing business model, characterised by
    enhanced diversification and greater scale with revenue
    trending toward GBP2 billion.

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

-- Erosion of profitability from failure to integrate and develop
    acquired operations, leading to EBITDA-margin falling below
    12%.

-- Negative FCF, potentially as a result of an unsuccessful
    acquisition strategy driving weaker credit metrics such as FFO
    adjusted gross leverage remaining above 8.0x (pro-forma for
    acquisitions) on a sustained basis.

-- FFO fixed charge coverage below 1.5x 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

Satisfactory Liquidity post Debt Issuance: Fitch views IVCE's
liquidity as satisfactory following the clean down and upsizing of
the upsizing of its RCF to GBP347.5million as part of this debt
issue. Fitch considers the debt maturity profile as unchallenging
with no impact on the rating as no debt falls due within Fitch's
four-year rating horizon to 2025.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

IVC ACQUISITION: Moody's Affirms B3 CFR, Rates Add-on Term Loan B2
------------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the B3-PD probability of default rating of Bristol-based
pan-European veterinary services group IVC Acquisition Midco Ltd
(IVCE). The rating agency has also affirmed the B2 instrument
ratings on the backed senior secured facilities borrowed by IVC
Acquisition Ltd, and has assigned new B2 ratings to the proposed
equivalent backed senior secured add-on term loan tranches to be
borrowed by IVC Acquisition Ltd. Concurrently, Moody's has changed
the outlook on all entities to positive from stable.

RATINGS RATIONALE

RATIONALE FOR THE RATINGS AND POSITIVE OUTLOOK

"The change to a positive outlook reflects IVCE's solid organic
growth, improving free cash flow generation and ability to delever
to around 6.5x on a Moody's-adjusted basis in the next 12 months,
after the releveraging effect of the add-on facilities now" says
Frederic Duranson, a Moody's Assistant Vice President and lead
analyst for IVCE. "We expect that sustainable deleveraging to
levels commensurate with a B2 CFR will be primarily dependent upon
financial policy choices ", Mr. Duranson adds.

Since the ratings assignment in February 2019, IVCE has recorded
like-for-like revenue growth of around 8% in both its fiscal 2019,
ended September 30, 2019, and fiscal 2020. This strong performance
has been driven by increasing demand for its services as well as
pricing initiatives and a better mix towards more complex
treatments. Organic growth and scale benefits in terms of
procurement have also brought about some margin improvement.
Despite add-on term loan transactions in 2019 and 2020 which
relevered the business, IVCE has reduced its Moody's adjusted gross
debt/EBITDA to around 6.5x as of December 2020 (including the
annualised EBITDA contribution from acquisitions made to date) from
around 8.5x pro forma when Moody's assigned first time ratings to
IVCE in February 2019.

Moody's calculates that IVCE's proposed add-on term loan will
result in the company's Moody's-adjusted gross leverage increasing
by a little more than half a turn while part of the proceeds will
be used to repay PIK debt outside the restricted group, a credit
negative.

However, IVCE continues to have good underlying deleveraging
prospects and will return to around 6.5x Moody's-adjusted leverage
in the next 12 months in the absence of another material
releveraging transaction. Growth prospects remain good and will
continue to be supported by growing pet ownership leading to
increasing volumes, as well as price optimisation and improving
mix, especially in countries where the company's penetration is
currently low. Ongoing procurement synergies and operating leverage
will support improved margins but conversely entry into new markets
and investments behind initiatives such as digitalisation may slow
that process.

In addition to organic growth, Moody's expects that IVCE will
continue to acquire between 250 and 350 sites per year, with a
pipeline skewed toward mainland Europe rather than the UK. While
improved free cash flow (FCF) generation supports acquisition
funding, this level of deals will continue to require additional
debt which will slow deleveraging. The acquisition and integration
processes appear well-established but larger acquisitions and those
in newer countries may present more risks.

Moody's estimates that IVCE's 2020 adjusted free cash flow (FCF,
after interest and lease repayments but before acquisitions) was
around GBP115 million, which represented a significant improvement
over the prior years when the group recorded negative FCF. In
fiscal 2020, IVCE benefited from GBP44 million of COVID-19-related
VAT and government tax deferral and temporarily extended its
interest period to six months which reduced payments in the fiscal
year. Moody's forecasts a reduction in cash generation below GBP50
million in fiscal 2021 as these effects will reverse and the
interest bill will increase due to the add-on facilities but the
rating agency expects that IVCE will lift its annual FCF generation
in excess of GBP100 million thereafter.

ESG CONSIDERATIONS

Key governance factors that Moody's considers in IVCE's credit
profile include the pace and funding of acquisitions as well as the
company's tolerance for high leverage and willingness to
temporarily increase leverage through debt add-ons. More
positively, Moody's recognises the increase in the implied equity
cushion following a recent transaction in which IVCE's main
shareholder EQT, existing minority stakeholder Nestle S.A. (Aa3
stable) and new investor Silver Lake made new equity investments
into IVCE worth EUR3.5 billion, although this did not result in any
net new cash proceeds for the group.

LIQUIDITY

Moody's expects that IVCE's liquidity will remain adequate over the
next 12-18 months. Pro forma for the refinancing transaction, the
group will have around GBP160 million of unrestricted cash on
balance sheet in addition to positive FCF generation (after
interest and before acquisitions). The company's liquidity is
further supported by an upsized RCF of up to GBP347.5 million which
will be fully undrawn as a result of the proposed transaction. The
RCF is subject to a springing net leverage covenant, tested when
the facility is drawn for more than 40%, with ample headroom
expected.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the upsized senior secured first lien RCF and
GBP437 million senior secured first lien add-on term loan, one
notch above the CFR, reflect their priority ranking ahead of the
GBP238 million senior secured second lien facility in the event of
security enforcement and around GBP36 million of short-term lease
obligations.

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

IVCE's rating could be upgraded should (1) the company continue to
record solid like-for-like revenue and EBITDA growth while
maintaining a successful track record of acquisitions' integration
and synergy realisation, (2) leading to a reduction in
Moody's-adjusted gross debt/EBITDA to around 6.5x, (3) while
maintaining positive FCF generation with Moody's-adjusted FCF/debt
sustained toward 5%.

IVCE's ratings could be under downward pressure if (1) organic
revenue and EBITDA growth softened toward zero, or (2) Moody's
adjusted gross debt/EBITDA increased sustainably above 8.5x or (3)
FCF turned negative and liquidity weakened. In addition, an
increase in Moody's-adjusted first lien leverage from the level pro
forma for this transaction could result in a downgrade of the
B2-rated senior secured first lien instrument ratings.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered near Bristol, UK, IVCE is the largest veterinary
services group in Europe, with presence in 12 countries, including
the UK and Ireland, the Nordics, the Benelux, DACH countries,
France and Spain. At the end of December 2020, the group had 1,525
sites (of which more than a third outside the UK & Ireland,
excluding out of hours host sites and e-commerce sites), including
veterinary clinics, hospitals, referral centres and crematoria. In
the 12 months to December 2020, IVCE generated GBP1,414 million of
revenue and GBP263 million of EBITDA before exceptional items per
IFRS. Financial investor EQT has ultimate control over the company
which also has Nestle, financial sponsor Silver Lake and other
institutional investors as significant minority investors.

IVC ACQUISITION: S&P Assigns 'B' Rating to New Sr. Sec. Term Loan
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to the proposed
GBP437 million equivalent euro and British pound senior secured
term loan B3/B4 that veterinary services provider IVC Acquisition
Topco Ltd. (IVCE; B/Stable/--) intends to issue. The recovery
rating on the proposed term loan is '3', reflecting its expectation
of meaningful recovery prospects (50%-70%; rounded estimate: 60%).

The company will use the proceeds to repay the revolving credit
facility (RCF) drawings (GBP200 million), its payment-in-kind (PIK)
notes (about GBP228 million) as well as transaction fees and
expenses. It is also looking to reprice its existing first-lien
euro term loan B2 and upsize the RCF to GBP347.5 million from
GBP200 million.

In the context of the recovery analysis, the refinancing will
change the debt structure and increase senior secured debt by
GBP584.5 million--split between the GBP437 million new first-lien
term loan to repay the RCF and existing PIK debt and about GBP147.5
million for the RCF upsize.

The proposed GBP437 million equivalent euro and pound term loan is
senior secured and ranks pari-passu with the existing term loan.
The incremental facility will be split between a euro term loan B4
facility and British pound term loan B3 facility. Following the
repricing event, the existing euro term loan B2 facility will be
refinanced into the newly created euro term loan B4. S&P's estimate
of the company's gross enterprise value at emergence has slightly
increased to reflect the refinancing at lower interest rates and
significant EBITDA improvements. This is offset by the company's
higher quantum of senior secured debt that will leave recovery
prospects slightly lower--at 60% versus 65% in S&P's previous
publication.

This refinancing comes after Silver Lake, Nestle, and EQT invested
EUR3.5 billion in the company, with the latter remaining the
controlling shareholder. Silver Lake acquired a minority stake in
IVCE while Nestle increased its minority interest in the business
in February 2021. In our view, IVCE's credit quality remains well
placed in the 'B' category, especially given the company has shown
it is recession resistant as seen during the pandemic, together
with increased scale and scope, improved profitability, and
positive free operating cash flow. IVCE completed its fiscal
exercise 2020 (ended Sept. 30, 2020) with positive operating
results, thanks to rising pet ownership during the pandemic and
increasing care complexity, and rising humanization of pets in most
markets. These factors led to solid year-end results despite the
pandemic and lockdown restrictions.

This refinancing comes after Silver Lake, Nestle, and EQT invested
EUR3.5 billion in the company, with the latter remaining the
controlling shareholder. Silver Lake acquired a minority stake in
IVCE while Nestle increased its minority interest in the business
in February 2021. In S&P's view, IVCE's credit quality remains well
placed in the 'B' category, especially given the company has shown
it is recession resistant as seen during the pandemic, improved
profitability, and positive free operating cash flow. IVCE
completed its fiscal exercise 2020 (ended Sept. 30, 2020) with
positive operating results, thanks to rising pet ownership during
the pandemic and increasing care complexity, together with rising
humanization of pets in most markets. These factors led to solid
year-end results despite the pandemic and lockdown restrictions.

S&P said, "We believe the group benefitted from being
geographically diverse with a full range of services, which,
combined with the pet boom during the pandemic, helped mitigate
risks and the impact of the COVID-19 pandemic. As such, IVCE ended
the year reporting about GBP1.31 billion of revenue and GBP220
million of adjusted EBITDA, an increase of 28% and 67%,
respectively, from the previous year.

"We continue to believe the vet market remains attractive with good
compound annual growth prospects of 4.5%-5.5% in 2019-2025. We also
note the group continues to diversify into other services such as
crematoria and own-brand products and expand its e-commerce and
telehealth platforms, which we expect will contribute to growth
going forward. Given the company's size, we expect future
acquisitions will be accretive and it will absorb additional merger
and acquisition (M&A)-related costs. IVCE has both established and
replicated lean integration methods and increased cost savings with
procurement and other operating costs synergies."

S&P's base case for the company is underpinned by the following
assumptions:

-- Revenue growth of 35%-40% in 2021 and about 20% in 2022,
reflecting a continuous increase in pet ownership and veterinary
visits, increasing prices spurred by complex care, and
contributions from adjacent activities such as crematoria and
online sales--complemented with ongoing M&A that we view as core to
the strategy. S&P expects further consolidation in the market
(200-300 clinics expected to be acquired each year) since there are
significant opportunities to increase the company's size in
Europe.

-- S&P Global Ratings-adjusted EBITDA margins of about 19%-21% in
fiscals 2021 and 2022, spurred mainly by cost efficiency plans and
synergies regarding procurements and overheads.

-- Working capital outflows in 2021 due to value-added and other
tax deferrals during fiscal 2021, with positive inflows thereafter.
The deferrals are related to covid-19 and can be considered as a
one-off in 2021.

-- Total capital expenditure (capex) of GBP50 million-GBP90
million over the next three years, mainly comprising maintenance
capex, investment capex, and head-office capex to integrate and
centralize general information technology functions in new
clinics.

-- No dividends.

-- Under S&P's base-case scenario, it assumes the company to reach
S&P Global adjusted EBITDA of GBP340 million-GBP350 million in
FY21, continuing to grow in fiscal 2022, with S&P Global
Ratings-adjusted leveraged approaching 7x in the next 12-24 months.
S&P expects free cash flow of GBP80 million-GBP120 million over the
same period.

-- S&P's S&P Global Ratings-adjusted debt in fiscal 2020 of
GBP2.02 billion comprises GBP1.6 billion of long-term debt, about
GBP342 million of reported lease liabilities and about GBP80
million-GBP85 million of contingent considerations and pension
adjustments.


LOIRE UK: Moody's Affirms B3 CFR, Rates New Secured Term Loan B3
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of life sciences
company Loire UK Midco 3 Limited ("LGC") and its financing
subsidiary Loire Finco Luxembourg S.a.r.l. Affirmed ratings are
LGC's B3 corporate family rating and B3-PD probability of default
rating as well as the B3 ratings on the backed senior secured
facilities, including the GBP1,082 million equivalent term loan B
due 2027 and GBP265 million revolving credit facility due 2026
borrowed by Loire Finco Luxembourg S.a.r.l. The rating agency has
also assigned a B3 rating to the new GBP496 million equivalent
Euro- and US dollar-denominated backed senior secured term loan
tranches which will rank pari passu with the company's existing
debt. The outlook remains positive.

RATINGS RATIONALE

RATIONALE FOR THE RATINGS AND POSITIVE OUTLOOK

"We expect LGC to delever and maintain solid credit metrics for a
B3 rating in the next 12 months as its products remain in high
demand during the pandemic" says Frederic Duranson, a Moody's
Assistant Vice President and lead analyst for LGC. "Nevertheless,
the rating remains constrained by governance considerations
including the company's appetite for a high leverage, reflected in
the proposed transaction, and our expectation that LGC's
acquisitive stance as well as uncertainties around operating
performance post-pandemic will likely result in leverage remaining
around 6.5x over time on a Moody's-adjusted basis" Mr. Duranson
adds.

In the current fiscal year 2021, ending March 31, 2021 ("fiscal
2021"), Moody's expects LGC to generate very strong like-for-like
revenue and EBITDA growth of around 40% and 80% respectively on the
back of a spike in demand for its products in the context of the
COVID-19 pandemic, a key social factor. LGC's broad capabilities in
polymerase chain reaction ("PCR") testing, which has been widely
used to detect the coronavirus, has driven a substantial increase
in sales volumes in the Genomics division. The Standards division's
offering in reference material kits and panels has also benefited
from COVID-19-related demand, albeit to a much lower extent. The
strong growth has led to a material reduction in Moody's-adjusted
gross debt/EBITDA of 5.6x as of the end of December 2020 and below
5.0x as of the end of February 2021, compared with an opening
leverage of around 7.3x a year ago, when Cinven and Astorg
completed their LBO.

The proposed transaction will relever the company by at least 1.5x
to around 6.4x on a Moody's-adjusted basis by the end of fiscal
2021 and is negative for LGC's creditors as it funds a dividend to
shareholders and refinances debt sitting outside the restricted
group. Moody's expects that LGC will continue to benefit from
pandemic-related tailwinds in fiscal 2022, in addition to good
growth prospects maintaining underlying growth above the mid-single
digit in percentage terms. As a result, Moody's expects that LGC's
leverage will decline to around 6.0x in the next 12 months and
generate free cash flow ("FCF", after interest and before
acquisitions) leading to FCF/debt remaining around 5%.

LGC will face uncertainty in regard to revenues associated with
COVID-19, which Moody's calculates will exceed GBP170 million in
fiscal 2021. Management estimates that around 80% of the company's
such revenues flow from testing volumes. It is possible that
testing volumes shift to antibody tests following vaccine roll-out,
an area where LGC has limited presence despite its recent
acquisition of The Native Antigen Company. The rating agency
recognises that travel- and education-related testing demand for
example could remain material beyond the next 12 months, while the
pandemic could widen the spectrum of mass screening needs which LGC
would be able to address. Nevertheless, Moody's cautions that LGC's
adjusted leverage could return to above 6.5x after fiscal 2022.
Despite forecast FCF generation in the range of GBP70 million to
GBP90 million, the company's acquisitive stance will continue to
require some external funding which could result in temporary
increases in leverage given substantially higher acquisition
multiples than the company's leverage.

LGC's B3 CFR reflects the group's (1) high pro forma leverage of
6.4x as measured by Moody's-adjusted debt/EBITDA, pro-forma for
acquisitions completed in the last 12 months; (2) acquisitive
growth strategy, which will likely keep leverage elevated; (3)
relatively small scale in terms of revenue; (4) competitive and
fragmented nature of its end markets; and (5) high non-recurring
and acquisition-related costs somewhat constraining FCF generation,
which was negative pre-pandemic.

Conversely, the rating is supported by LGC's: (1) strong niche
market positions benefitting from high barriers to entry and a
large proportion of recurring revenues; (2) diversified customer
base with an average relationship length of 10 years; (3) solid
profitability, as measured by pro forma Moody's-adjusted EBITDA
margin of around 38%; and (4) underlying revenue growth in the high
single-digit rate in most markets.

The positive outlook reflects Moody's expectations that the company
will remain strongly positioned for the assigned rating and that
the operating environment will remain favourable for the next
quarters. Moody's also expects that new acquisitions will not lead
to a material increase in Moody's-adjusted debt/EBITDA and will be
successfully integrated into the group.

ESG CONSIDERATIONS

Social and governance factors are important elements of LGC's
credit profile. LGC's ratings incorporate its private equity
ownership and related financial policy, characterised by tolerance
of high leverage and its history of pursuing debt-funded growth.
The company also has a stable management team, well-defined
acquisition strategy and good track record of acquisitions'
integration.

Medical products and devices have moderate social risks, largely
driven by demographic trends, product safety and manufacturing
compliance risks. The rating agency views LGC as less exposed to
these risks than the rest of the industry given the company's
minimal direct exposure to patients and consumers and demographic
trends as well as the current public health situation increasing
demand for its products. Conversely, the continued access to a
highly skilled workforce is a constant challenge and one that could
restrict operating margin growth. LGC's reputation as a trusted
provider is critical to its success and any decline in its
standing, through poor quality of testing or weakness in its
control environment could have a material adverse effect in its
credit profile.

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

Upward pressure on the rating could occur if leverage, as measured
by Moody's-adjusted debt/EBITDA, were to remain below 6.5x, and
FCF/debt will increase towards 5%, for a sustained period of time.
An upgrade would also require the adoption of a more conservative
financial policy.

Downward pressure on the rating could occur if, for a sustained
period of time, free cash flow becomes negative or Moody's-adjusted
debt/EBITDA, were to increase above 7.5x; if there is a
deterioration in the liquidity profile or a loss of major
accreditations or clients leading to revenue declines.

LIQUIDITY

LGC's liquidity remains good. Pro forma for the proposed
transaction, LGC will have GBP70 million of unrestricted cash on
balance sheet and a fully undrawn GBP265 million RCF, in addition
to positive FCF generation in the next 12 to 18 months. Moody's
expects ample headroom under the RCF's springing covenant based on
a consolidated senior secured net leverage ratio not exceeding
11.5x.

STRUCTURAL CONSIDERATIONS

The B3 ratings on the existing and proposed senior secured
facilities borrowed by Loire Finco Luxembourg S.a.r.l., a wholly
owned subsidiary of Loire UK Midco 3 Limited, are in line with the
B3 CFR given the all-senior capital structure in which all
instruments rank pari passu.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.

CORPORATE PROFILE

LGC, headquartered in Teddington, UK, provides genomic analysis
tools, measurement tools and supply chain assurance solutions to a
wide range of end-markets including molecular and clinical
diagnostics, pharma and biotech, food, agricultural biotech and
environmental industries. In the last 12 months to December 2020,
LGC generated GBP639 million revenue and GBP254 million of company
EBITDA before non-recurring items, excluding the full year
contribution from acquisitions closed in the period. The company
was acquired by a consortium led by Astorg and Cinven in April
2020.

NEPTUNE ENERGY: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has revised Neptune Energy Group Midco Limited's
(Neptune) Outlook to Stable from Negative, while affirming the
company's Long-Term Issuer Default Rating (IDR) at 'BB'.

Fitch has also affirmed Neptune Energy Bondco Plc's senior
unsecured notes at 'BB'. The Recovery Rating is 'RR4'. The issuer
is a direct subsidiary of Neptune, which guarantees the notes on a
senior unsecured basis.

The Outlook revision to Stable reflects Neptune's
better-than-expected financial performance in 2020 and Fitch's
expectation that leverage should remain materially below Fitch's
negative rating guideline. Its proved reserve life remains below
average for the peer group's, which is mitigated by its
conservative leverage and recent exploration successes.

Neptune is a private medium-scale exploration and production (E&P)
oil and gas producer. The company's portfolio is predominantly
natural gas, including the production of LNG, with assets mainly in
Europe as well as Algeria, Egypt and Indonesia.

KEY RATING DRIVERS

Better-Than-Expected 2020 Performance: Neptune's funds from
operations (FFO) net leveraged was 2.1x in 2020, significantly
lower than Fitch had expected in April 2020, based on stronger
crude oil and natural gas prices, lower capex and the cancelled
acquisition of Edison E&P's UK and Norway assets. Fitch estimates
Neptune's hedging book provided around USD280 million of additional
revenue, which along with cuts to operating expenditure and capex
and dividend suspension, contributed to the company's ability to
generate broadly neutral free cash flow (FCF) despite challenging
market conditions.

Moderate Leverage: Fitch expects Neptune's FFO net leverage to be
at or marginally below 2x in 2021-2024, lower than that of most
'BB' and 'BBB'-rated peers placing the company comfortably at its
rating level. This is in line with Neptune's target to maintain a
conservative capital structure with net debt-to- EBITDAX below 1.5x
through the cycle.

Conservative Financial Policies: Neptune is controlled by
state-owned China Investment Corporation (49%), The Carlyle Group
(30%) and CVC Capital Partners (20%). The presence of strong
shareholders with stated commitment to Neptune's conservative
financial policies support the rating. Fitch believes that the
company's financial policies will not change substantially
following a potential IPO considered by the shareholders.

Diversified Asset Base: Fitch assesses Neptune's reserve base as
fairly diversified. In 2020, its two largest projects (Jangkrik in
Indonesia and Gjoa in Norway) each accounted for 13% of total
production. Neptune's diversification across assets and countries
reduces the company's exposure to potential technical issues and
country risks. The share of natural gas, including LNG, is 75% of
Neptune's portfolio (based on the 2020 production), but its revenue
is more diversified by pricing mechanisms as some of its gas sales
(LNG) are pegged to oil.

Reserve Replacement Critical: In 2020, Neptune's proved reserves of
392mmboe (601mmboe on a 2P basis) remained broadly stable as the
company replaced around 75% of production (on the 1P basis) and its
reserve life edged down to 7.5 years (11.6 years on a 2P basis),
compared with 7.7 years (12 years on a 2P basis) in 2019. Neptune's
reserve life is in the lower range of what Fitch views as
appropriate for producers in the 'BB' rating category, although
this is mitigated by the company's low leverage, which should allow
for bolt-on acquisitions and exploration.

Favourable Exploration Results: In 2020 Neptune and its partners
drilled eight exploration wells, seven of which were successful.
Neptune added 110 million boe (mmboe) to its reserves and
contingent resources, mostly in the North Sea. While contingent
resources imply lower certainty compared with booked reserves,
Fitch positively views Neptune's successful exploration results,
which could contribute to the company's long-term production
potential.

Growing Production: In 2021, Neptune's production will be
negatively affected by shutdowns of the Snohvit field in Norway
following a fire at Hammerfest LNG (2019 output: 16kboe/d), and of
the Touat gas field in Algeria due to repairs need at the
processing plant. Both projects are covered by loss-of- production
income insurance and Fitch expects the shutdowns to have a minimal
impact on Neptune's financial position. Factoring in new projects
starting up in 2021 and beyond, and the re-start of Snohvit and
Touat, Fitch assumes Neptune's production to increase to around
195kboe/d by 2024 from 142kboe/d in 2020, broadly in line with the
company's guidance.

Decommissioning Obligations Tax Deductible: Neptune's
decommissioning obligations are high at USD1.7 billion (on a
pre-tax basis), or USD4/boe of 1P reserves. However, most of
Neptune's decommissioning obligations are long-term and are in
Norway, where they are 78% tax-deductible. Fitch expects Neptune's
post-tax decommissioning expenses will be moderate and to only have
a limited impact on the company's cash flow generation. Fitch
includes expenses associated with decommissioning obligations in
Fitch's rating case by deducting them from FFO.

Lower Taxes In 2021-2022: Fitch expects Neptune to receive a
substantial tax refund in 2021 and to pay fairly low taxes in 2022,
largely due to lower oil and gas prices, investments and
acquisitions. However, from 2022 Fitch expects taxes to increase
and to account for most of the difference between the company's
projected EBITDA and operating cash flow.

DERIVATION SUMMARY

Neptune's level of production (142kboe/d in 2020) is comparable to
that of Murphy Oil Corporation (BB+/Negative, 164kboe/d), but lower
than that of Aker BP ASA (BBB-/Stable; 211kboe/d). The company's
proved reserve life (7.5 years) and absolute level of reserves are
lower than those of 'BB'-rated peers, which is mitigated by a
conservative financial profile, allowing for bolt-on acquisitions.
Neptune's 'BB' rating is also supported by a focus on countries
with strong operating environments.

KEY ASSUMPTIONS

-- Brent oil price: USD58/bbl in 2021, USD53/bbl in 2022-2024;

-- Title transfer facility gas price: USD4.5/mcf in 2021-2022;
    USD5/mcf in 2023-2024;

-- Capex, including capitalised exploration, around USD670
    million on average over 2021-2024;

-- Upstream production gradually increasing to 195 kboe/d by 2024
    (excluding the projected Touat output, which is accounted as a
    joint venture: 181 kboe/d); and

-- Dividends of USD200 million p.a. in 2021 and beyond.

RATING SENSITIVITIES

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

-- Improvement in the business profile, including proved reserve
    life sustainably above eight years, coupled with maintaining a
    conservative financial profile (FFO net leverage below 2.5x).

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

-- FFO net leverage consistently above 3.0x.

-- Large debt-funded acquisitions.

-- Falling 1P and/or 2P reserve life and/or absolute level of
    proved reserves.

-- Consistently negative FCF after dividends.

-- Delays at the largest projects leading to cost overruns and
    falling production.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Neptune's liquidity is strong with an available
reserve based lending (RBL) at around USD2.3 billion, of which only
around USD1 billion was utilised at end-2020. Based on the current
amortisation schedule, availability will fall to USD2.1 billion by
end-2022, to USD1.6 billion by end-2023 and the RBL will finally
mature in May 2024.

Under Fitch's rating case, Neptune will not require additional
funding before 2023, and the company has substantial headroom under
its RBL financial covenant (net debt-to-EBITDA below 3.5x).

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has reclassified USD39.9 million of depreciation of
right-of-use assets and USD7.1 million of interest on lease
liabilities as lease expenses, reducing Fitch-calculated EBITDA by
USD47 million in 2020

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

PAYSAFE GROUP: Moody's Hikes CFR to B1 on Positive Growth Dynamics
------------------------------------------------------------------
Moody's Investors Service has upgraded Paysafe Group Holdings II
Limited's corporate family rating to B1 from B3 and probability of
default rating to B1-PD from B3-PD. Concurrently, Moody's has
upgraded to B1 from B3 the instrument rating on the first lien
backed senior secured facilities held by Pi Lux Finco S.a r.l.,
Paysafe Holdings (US) Corp. and PI UK BidCo Limited. The outlook
has been changed to stable from ratings under review.

The rating action concludes the review for upgrade which was
initiated on December 22, 2020 upon the announcement that Paysafe
would be acquired by the special purpose acquisition company (SPAC)
Foley Trasimene Acquisition Corp. II (Foley Trasimene) in a
transaction that has led to the public listing of Paysafe on the
New York Stock Exchange. The investment from the SPAC, along with
proceeds from a private investment in public equity (PIPE) and a
forward purchase agreement with Cannae Holdings, Inc, total around
$3.6 billion of new equity. The new equity was used primarily to
acquire a controlling interest in Paysafe and repay $1.2 billion of
existing debt. The transaction closed on March 30, 2021.

"The rating action reflects the strengthening of Paysafe's credit
profile following the closing of the SPAC transaction resulting in
its transition to a public company and a significant reduction in
Moody's-adjusted leverage to around 6x from 9x" says Luigi Bucci,
Moody's lead analyst for Paysafe.

"At the same time, the rating also reflects a certain degree of
debt-funded M&A risk as Paysafe continues to target consolidation
in the industry as part of its growth strategy. The company's
long-term financial leverage target is only slightly lower than the
pro forma level, indicating that any financial flexibility created
by improvements in operating performance will be used for
acquisitions" adds Mr. Bucci.

RATINGS RATIONALE

The B1 CFR of Paysafe primarily reflects (1) geographical
diversification of earnings, with presence across the US, Europe
and Asia; (2) sound growth prospects across its key segments; (3)
positive growth dynamics from the deregulation of online gaming in
the US market; (4) more predictable financial policy post-SPAC
transaction closing; and (5) good liquidity supported by a solid
free cash flow (FCF) generation and access to its $225 million
revolving credit facility (RCF).

Conversely, Paysafe's CFR is constrained by (1) its high
Moody's-adjusted gross leverage of 6x, pro forma for the
transaction and based on preliminary 2020 financials; (2) the high
reliance on US small and medium businesses (SMBs), where a portion
of business is secured via US independent sales organisations
(ISOs), a market subject to a high level of competition and pricing
pressure; (3) uncertainties around macroeconomic recovery
post-coronavirus, which may hinder the company's growth prospects;
(4) risk that organic deleveraging after 2021 could be slowed down
by debt-funded acquisitions as the company continues to participate
in the consolidation of the industry; and (5) socially driven
regulatory risks related to the company's exposure to online
gambling.

Moody's expects Paysafe's revenues to grow in the mid-single digit
and mid-to-high single digit over 2021 and 2022, respectively,
noting a material improvement from 2020 levels. While the
deregulation of online betting in the US provides potential upside
to these estimates, uncertainties remain around the pace of a
macroeconomic recovery post-coronavirus and the ultimate impact of
the pandemic on SMBs in the US. The rating agency forecasts
company-adjusted EBITDA, pre-restructuring costs and impact of
potential M&A, to grow towards $530-540 million in 2022 (2020: $426
million), driven by top-line growth and, to a lesser extent, by the
publicly announced cost savings to be achieved post-SPAC
transaction closing.

The rating agency anticipates pro forma Moody's-adjusted leverage
at closing, based on preliminary 2020 financial information and pro
forma for the debt reduction, of around 6x. Under Moody's current
expectations, Paysafe's Moody's-adjusted leverage is likely to
decline towards 5.0x-5.5x by 2021-2022 driven by the anticipated
recovery in EBITDA. While Paysafe retains strong deleveraging
potential, Moody's anticipates that the company will use most of
the financial flexibility created through operating performance
enhancements for debt-funded M&A.

Moody's forecasts Moody's-adjusted FCF/debt to improve towards
8%-10% over 2021-2022 (2020: 5%) largely driven by EBITDA
improvements and by lower interest payments. The potential impact
on FCF from the publicly announced cost savings initiatives will be
likely limited over this timeframe because of the exceptional
charges to achieve those.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Paysafe has meaningful exposure to customers in the gaming industry
which is identified as having high social risk in Moody's ESG
framework. Gambling addiction and elevated potential for crime
(such as money laundering) are generally viewed as the main drivers
of high social credit risk in the gaming sector. Another key risk
area for the sector is security of the large amounts of customer
data. The company has an established framework to manage cyber
risk, including third-party security assessments and insurance
coverage.

In terms of governance, after closing of the SPAC transaction
private equity funds CVC and Blackstone will be the largest
shareholders in the company with a stake of approximately 46%. The
remaining shareholders are largely represented by PIPE shareholders
and Cannae Holdings, Inc. Moody's understands that the current
management team will remain in place with the sole change being the
appointment of a new chairman.

The financial policy of the company is expected to be more
conservative, as evidenced by the long term leverage target of
3.5x. Paysafe's financial policy also reflects the company's
intention to expand through acquisitions and its history of
pursuing debt-funded growth. The company has, however, a
well-defined acquisition strategy as well as a good track record of
successfully integrating acquisitions and achieving operational
efficiencies.

LIQUIDITY

Moody's views Paysafe's liquidity as good, based on the company's
cash flow generation, available cash resources of $388 million as
of December 2020 and an undrawn $225 million committed RCF, as well
as a long-dated maturity profile. The rating agency expects the
company to continue generating positive FCF through 2022,
supporting the liquidity of the business.

The RCF, due 2024, has a springing financial maintenance covenant
(net senior leverage ratio) set at 9.0x, only tested on a quarterly
basis when the RCF is drawn by more than 40%.

STRUCTURAL CONSIDERATIONS

The B1-PD probability of default rating reflects Moody's assumption
of a 50% family recovery rate given the covenant-lite structure of
the term loan. The B1 instrument ratings of the senior secured
first lien term loan and the RCF are in line with the corporate
family rating, reflecting the pari passu capital structure of the
company after the full repayment of the second lien debt.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's view that operating performance
over the next 12-18 months will improve from 2020 levels. The
stable outlook also envisages Moody's-adjusted leverage in the
5x-5.5x range, as well as no transformational debt-funded
acquisition or shareholder distribution.

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

Following today's upgrade the company is solidly positioned in the
rating category. Positive pressure could arise if (1) the group
maintains its Moody's-adjusted gross leverage sustainably below 5x;
(2) Moody's-adjusted FCF/debt remains above 10% on a sustained
basis; and (3) the company were to demonstrate a solid track-record
of commitment to a conservative financial policy under the new
structure.

Moody's would consider a rating downgrade if Paysafe were to
continue experiencing weaknesses in its core segments after 2020 or
if it were to embark in transformational debt-funded acquisitions
or shareholder distributions. Negative pressure would arise if (1)
Moody's-adjusted leverage increases to over 6x on a sustainable
basis; or (2) Moody's-adjusted FCF/Debt reduces to below 5%; or (3)
liquidity weakens.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Paysafe Group Holdings II Limited

Probability of Default Rating, Upgraded to B1-PD from B3-PD

LT Corporate Family Rating, Upgraded to B1 from B3

Issuer: Paysafe Holdings (US) Corp.

Backed Senior Secured Bank Credit Facility, Upgraded to B1 from
B3

Issuer: Pi Lux Finco S.a r.l.

Backed Senior Secured Bank Credit Facility, Upgraded to B1 from
B3

Issuer: PI UK BidCo Limited

Backed Senior Secured Bank Credit Facility, Upgraded to B1 from
B3

Outlook Actions:

Issuer: Paysafe Group Holdings II Limited

Outlook, Changed To Stable From Rating Under Review

Issuer: Paysafe Holdings (US) Corp.

Outlook, Changed To Stable From Rating Under Review

Issuer: Pi Lux Finco S.a r.l.

Outlook, Changed To Stable From Rating Under Review

Issuer: PI UK BidCo Limited

Outlook, Changed To Stable From Rating Under Review

COMPANY PROFILE

Headquartered in London (United Kingdom), Paysafe is a global
provider of online payment solutions and stored-value products
operating in the United States, Europe and Asia. Over 2020, Paysafe
generated net revenues and company-adjusted EBITDA of $1.4 and $0.4
billion, respectively. Following the successful closing of the SPAC
transaction, Paysafe is listed on the New York Stock Exchange.

SYNTHOMER PLC: Moody's Affirms Ba2 CFR on Improving Profitability
-----------------------------------------------------------------
Moody's Investors Service affirmed Synthomer plc's Ba2 corporate
family rating, its Ba2-PD probability of default rating and the Ba2
rating of its EUR520 million backed senior unsecured notes due
2025. Concurrently, Moody's changed the outlook to stable from
negative.

"The stabilization of the outlook reflects Synthomer's strong
performance in H2 2020, the successful delivery of synergies from
the integration of OMNOVA Solutions Inc. (OMNOVA) and our
expectation of further improving profitability in 2021," said Sven
Reinke, a Senior Vice President and Lead Analyst for Synthomer.

RATINGS RATIONALE

After having completed the acquisition of OMNOVA on April 1, 2020,
Synthomer successfully integrated the acquired company and
delivered the intended $30 million of cost synergies ahead of the
targeted date already by the end of 2020. Synthomer has now raised
the synergy target to $40 million which it aims to achieve by the
end of 2022. In addition, the company performed strongly in H2 2020
exceeding Moody's previous base case expectations.

Synthomer reported EBITDA growth of 45.8% in 2020 to GBP259.4
million compared with GBP177.9 million in 2019. While OMNOVA
contributed GBP33.0 million to the EBTIDA growth, Synthomer's
legacy business also performed strongly with a 27.3% EBITDA
increase to GBP226.4 million in 2020. The company benefitted from
rising demand for most of its products in the second half of 2020
and better pricing in particular for acrylonitrile-butadiene rubber
(NBR) latex which was driven by high demand on the back of the
Covid-19 pandemic.

Based on the company's preliminary results, Moody's estimates that
the company's Moody's adjusted EBITDA grew to around GBP257 million
in 2020. With GBP125 million, the company's Moody's adjusted free
cash flow (FCF) was also stronger in 2020 than previously
forecasted due to high funds from operations (FFO), relatively low
capital investments of GBP54 million (GBP64 million on a Moody's
adjusted basis) and low dividend payments including minorities of
only GBP16 million. Accordingly, the rating agency estimates that
Synthomer's Moody's adjusted debt / EBITDA stood at 3.7x and its
Moody's adjusted net debt / EBITDA stood at 2.9x at the end of
2020.

With market conditions remaining very favourable at least in 2021
in particular for NBR latex, which currently enjoys exceptionally
high demand owing to the pandemic, Moody's forecasts further growth
of the company's Moody's adjusted EBITDA to around GBP375 million
in 2021 normalizing to around GBP330 million in 2022. Despite
rising capital investments and higher dividend payments in 2021-22,
Synthomer's FCF generation should remain positive at around GBP60
million - GBP80 million annually. Accordingly, Moody's expects
Synthomer's Moody's adjusted debt / EBITDA metric to fall below
3.0x and its Moody's adjusted net debt / EBITDA metric to fall
below 2x over the next 12-18 months.

Despite Moody's favourable projections, which indicate that
Synthomer could be strongly positioned in the Ba2 rating over the
next 12-18 months, the affirmation of the Ba2 rating with stable
outlook also takes into account Synthomer's stated target to
continue with acquisitive growth which could lead to temporary
higher leverage depending on the financing structure of any larger
future acquisition.

The Ba2 CFR reflects Synthomer's (1) leading European position in
the styrene butadiene (SBR) latex and dispersions chemical markets,
and leading global position in NBR latex; (2) global manufacturing
footprint with strategic presence in key geographies like Malaysia
for NBR and long term relationship with blue chip customers; and
(3) well diversified end markets with expectation of growing
underlying demand, particularly for NBR latex.

However, the Ba2 rating also factors in (1) Synthomer's modest size
even after the integration of OMNOVA with projected revenues of
about GBP2.0 billion in 2021; (2) some geographical concentration
in Europe albeit reduced by the OMNOVA acquisition; (3) mostly
mature and/or cyclical end-markets; and (4) the potential for
temporarily elevated leverage as a result of M&A activity.

LIQUIDITY

Synthomer liquidity is good with a cash balance of GBP202 million
and a EUR460 million committed revolving credit facility (RCF)
which was undrawn at the end of 2020. Moody's expects the company
to continue to generate free cash flow which should further
strengthen the company's liquidity over the next two years.
Synthomer has no material debt maturities until July 2024 when the
RCF and the $260 million term loan mature.

STRUCTURAL CONSIDERATIONS

The Ba2 rating of the EUR520 million senior unsecured notes is in
line with the Ba2 Corporate Family Rating as the notes rank pari
passu with all of the company's financial debt including the $260
million term loan and the EUR460 million RCF.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects that Synthomer made tangible progress
to reduce its Moody's adjusted gross debt / EBITDA towards 3.5x and
Moody's expectation that absent any larger acquisitions,
Synthomer's leverage will continue to reduce over the next 12-18
months. With the rating agency's projected Moody's adjusted gross
debt / EBITDA metric of under 3x at the end of 2021, Synthomer
would be strongly positioned in the Ba2 rating.

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

Synthomer's ratings could be upgraded if the company were to
continue to improve its business profile in terms of size and
profitability for example by increasing its revenue share of
specialty chemicals leading to an improvement in its EBITDA
generation. The company would also have to improve the retained
cash flow (RCF)/debt metric to 20% or higher and lower its Moody's
adjusted debt/EBITDA ratio to 3x or less.

Conversely, downward ratings pressure could develop if the
company's Moody's adjusted debt/EBITDA remains above 3.5x for a
prolonged period or if the RCF / debt metric falls below 15% on
sustainable basis. The rating could also be downgraded if the
liquidity profile deteriorates materially.

PRINCIPAL METHODOLOGY

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

Synthomer plc is a specialty chemical company, one of the world's
leading suppliers of Acrylic and Vinyl emulsions polymers,
specialty polymers and SBR and NBR latex. Synthomer is
headquartered and listed in the UK with a market capitalisation of
GBP2.0 billion on 31 March 2021. In 2020, the company generated
GBP1.6 billion of sales and an estimated Moody's adjusted EBITDA of
GBP257 million (15.6% margin).

TOTAL FITNESS: Enters Into Company Voluntary Arrangement
--------------------------------------------------------
Business Sale reports that Total Fitness, a fitness group that owns
17 gyms across the north of England and Wales, has announced that
it has entered into a company voluntary arrangement (CVA) after
being severely impacted by COVID-19 lockdown restrictions.

The company, which will reopen all but one of its facilities, has
appointed Tracey Pye and Richard Harrison of administration and
advisory service KPMG to provide guidance as it seeks to avoid
entering administration and explore its options moving forward,
Business Sale relates.

In addition, a spokesperson revealed that Total Fitness has sought
out the support of its suppliers and partners, including landlords,
as it attempts to secure the future of the business, Business Sale
notes.

The firm has blamed the COVID-19 pandemic for its financial issues,
suggesting that it is facing similar problems to many other
companies that have dealt with long-term closure as a result of
lockdown restrictions, Business Sale discloses.

Total Fitness first launched in 1993 on the Isle of Man but has
since expanded across parts of England and Wales.  Since June 2018
it has been headed by CEO Sophie Lawler.

Commenting on the announcement, Ms. Lawler, as cited by Business
Sale, said: "The cumulative effects of the lockdown restrictions
have had a major impact on gym and health clubs across the UK.

"Total Fitness clubs have now been closed for eight months.  With
membership payments on pause, this means we are operating with very
limited income and continuing costs."




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

[*] BOND PRICING: For the Week March 29 to April 2, 2021
--------------------------------------------------------
Issuer                      Coupon  Maturity  Currency  Price
------                      ------  --------  --------  -----
Europcar Mobility Group       4.12511/15/2024     EUR   70.704
Intralot Capital Luxemb       5.250 9/15/2024     EUR   42.069
Voltalia SA                   1.000 1/13/2025     EUR   32.928
PB International BV           7.625 1/26/2022     USD   65.210
Europcar Mobility Group       4.000 4/30/2026     EUR   70.303
Intralot Capital Luxemb       6.750 9/15/2021     EUR   65.032
Transportes Aereos Port       5.625 12/02/2024    EUR   68.615
Casino Guichard Perrach       0.767               EUR   33.874
Accor SA                      0.700 12/07/2027    EUR   52.232
Casino Guichard Perrach       3.992               EUR   54.801
Andrade Gutierrez Inter       9.50012/30/2024     USD   62.931
DTEK Finance PLC             10.75012/31/2024     USD   63.750
Tullow Oil PLC                7.000 03/01/2025    USD   70.887
European TopSoho Sarl         4.000 9/21/2021     EUR   64.907
Fuerstenberg Capital II       5.625               EUR   52.979
Obrascon Huarte Lain SA       4.750 3/15/2022     EUR   71.847
Carnival PLC                  1.00010/28/2029     EUR   72.783
Vallourec SA                  4.125 10/04/2022    EUR    5.140
Wirecard AG                   0.500 09/11/2024    EUR    7.250
Rallye SA                     4.371 1/23/2023     EUR   19.000
Rallye SA                     4.000 04/02/2021    EUR   19.418
Obrascon Huarte Lain SA       5.500 3/15/2023     EUR   71.557
Korian SA                     0.875 03/06/2027    EUR   56.375
Odea Bank AS                  7.625 08/01/2027    USD   67.835
Mallinckrodt Internatio       5.750 08/01/2022    USD   40.750
Korian SA                     2.500               EUR   42.625
Norwegian Air Shuttle A       7.250 11/11/2022    EUR   50.001
Metro Bank PLC                5.500 6/26/2028     GBP   65.049
Moby SpA                      7.750 2/15/2023     EUR   23.675
Air France-KLM                0.125 3/25/2026     EUR   14.348
Naviera Armas SA              6.500 7/31/2023     EUR   53.628
Mitsubishi UFJ Investor       3.97712/15/2050     EUR   51.269
Valaris plc                   7.750 02/01/2026    USD    8.750
Maisons du Monde SA           0.125 12/06/2023    EUR   42.393
Petra Diamonds US Treas       7.250 05/01/2022    USD   41.000
Ageasfinlux SA                0.833               EUR   71.397
Nexity SA                     0.125 01/01/2023    EUR   63.269
Valaris plc                   5.750 10/01/2044    USD    9.000
Quadient SA                   3.375               EUR   57.630
Pacific Drilling SA           8.375 10/01/2023    USD   27.000
Econocom Group SA/NV          0.500 03/06/2023    EUR    7.146
Distribuidora Internaci       0.875 04/06/2023    EUR   62.854
Avation Capital SA            6.500 5/15/2021     USD   72.928
Nexity SA                     0.250 03/02/2025    EUR   66.004
Union Fenosa Preferente       1.108               EUR   71.750
Valaris plc                   4.875 06/01/2022    USD    9.970
Amigo Luxembourg SA           7.625 1/15/2024     GBP   61.117
Genfit                        3.50010/16/2022     EUR   19.980
Valaris plc                   5.200 3/15/2025     USD    8.750
Hurricane Energy PLC          7.500 7/24/2022     USD   43.688
Neoen SA                      2.000 06/02/2025    EUR   72.272
Pierre Et Vacances SA         2.000 04/01/2023    EUR   49.814
Intelsat Luxembourg SA        8.125 06/01/2023    USD    6.500
Valaris plc                   8.000 1/31/2024     USD    8.063
Officine Maccaferri-SpA       5.750 06/01/2021    EUR   34.915
Neoen SA                      1.875 10/07/2024    EUR   68.650
Paper Industries Interm       6.000 03/01/2025    EUR   73.270
Cooperativa Muratori &        6.000 2/15/2023     EUR    1.952
Intelsat Jackson Holdin       5.500 08/01/2023    USD   69.938
Koninklijke Luchtvaart        0.750               CHF   23.050
Mallinckrodt Internatio       5.62510/15/2023     USD   41.750
Mallinckrodt Internatio       4.750 4/15/2023     USD    7.375
Nostrum Oil & Gas Finan       8.000 7/25/2022     USD   23.100
Cooperativa Muratori &        6.875 08/01/2022    EUR    1.560
Grupo Isolux Corsan SA        1.00012/30/2021     EUR    0.318
VIC Properties SA             3.000 5/28/2025     EUR   60.000
AX Del1 Oy                    5.000 4/19/2021     EUR   69.699
Stockmann OYJ Abp            10.750               EUR   43.573
O1 Properties Finance P       8.250 9/27/2021     USD   22.295
Intelsat Luxembourg SA        7.750 06/01/2021    USD    7.000
Senvion Holding GmbH          3.87510/25/2022     EUR    1.447
Kudelski SA                   1.500 9/27/2024     CHF   75.328
Jain International Trad       7.125 02/01/2022    USD   16.303
Valaris plc                   4.500 10/01/2024    USD    8.750
Naviera Armas SA              4.25011/15/2024     EUR   53.884
Biocartis Group NV            4.000 05/09/2024    EUR   67.164
Offshore Drilling Holdi       8.375 9/20/2020     USD    9.820
Intelsat Jackson Holdin       8.50010/15/2024     USD   73.030
Swissport Investments S       6.75012/15/2021     EUR    1.264
Valaris plc                   4.700 3/15/2021     USD    8.750
Thomas Cook Group PLC         6.250 6/15/2022     EUR    0.845
ADLER Real Estate AG          2.500 7/19/2021     EUR   13.943
Rallye SA                     3.250 02/08/2024    CHF   18.000
Nostrum Oil & Gas Finan       7.000 2/16/2025     USD   25.839
Pacific Drilling SA          11.000 04/01/2024    USD    4.500
Intelsat Jackson Holdin       9.750 7/15/2025     USD   74.030
Rallye SA                     5.250 02/01/2022    EUR   14.357
Intu SGS Finance PLC          3.875 3/17/2023     GBP   55.006
HOCHDORF Holding AG           2.500               CHF   59.391
Valaris plc                   7.375 6/15/2025     USD   10.000
Rallye SA                     4.00011/23/2020     CHF   16.213
Swissport Investments S       9.75012/15/2022     EUR   35.656
Galapagos Holding SA          7.000 6/15/2022     EUR    7.758
Intu Debenture PLC            5.56212/31/2027     GBP   49.000
Mallinckrodt Internatio       5.500 4/15/2025     USD   40.500
FIGEAC-AERO                   1.12510/18/2022     EUR   21.487
EOS Imaging SA                6.000 5/31/2023     EUR    6.818
EA Partners II BV             6.750 06/01/2021    USD   41.480
Andrade Gutierrez Inter       9.50012/30/2024     USD   63.855
Wasps Finance Plc             6.500 5/13/2022     GBP   61.314
Abengoa Abenewco 2 Bis        1.500 4/26/2024     EUR    1.500
Senivita Social Estate        2.000 05/12/2025    EUR   25.010
Travelex Financing PLC        8.000 5/15/2022     EUR    2.195
Grupo Isolux Corsan SA        6.00012/30/2021     EUR    0.769
Intelsat Connect Financ       9.500 2/15/2023     USD   27.000
Intu Metrocentre Financ       4.125 12/06/2023    GBP   45.399
Mitchells & Butlers Fin       2.168 6/15/2036     GBP   71.506
Air Berlin PLC                6.750 05/09/2019    EUR    0.698
Paragon GmbH & Co KGaA        4.500 07/05/2022    EUR   57.041
KCA Deutag UK Finance P       9.875 04/01/2022    USD   48.333
Rallye SA                     3.400 1/31/2022     EUR   19.460
Privatbank CJSC Via UK       11.000 02/09/2021    USD    9.550
Air Berlin PLC                8.250 4/19/2018     EUR    0.811
KCA Deutag UK Finance P       9.625 04/01/2023    USD   48.710
Valaris plc                   4.750 1/15/2024     USD    7.250
Lambay Capital Securiti       6.250               GBP    0.001
Valaris plc                   5.400 12/01/2042    USD    8.500
Cabonline Group Holding       7.500 12/09/2022    SEK   72.912
Virgolino de Oliveira F      10.500 1/28/2018     USD    1.034
Debenhams PLC                 5.250 7/15/2021     GBP    1.179
FF Group Finance Luxemb       1.750 07/03/2019    EUR    5.666
Norwegian Air Shuttle A       5.000 02/07/2023    SEK   45.500
Banco Espirito Santo SA       7.12511/28/2023     EUR    0.001
Valaris plc                   5.850 1/15/2044     USD    6.000
EA Partners I BV              6.875 9/28/2020     USD    0.890
Avangardco Investments       10.00010/29/2018     USD    3.250
FF Group Finance Luxemb       3.250 11/02/2021    CHF    7.835
WD Invest Sarl                1.900 10/02/2024    EUR    7.724
Stobart Finance PLC           2.750 05/08/2024    GBP   60.000
Rickmers Holding AG           8.875 06/11/2018    EUR    0.796
UkrLandFarming PLC           10.875 3/26/2018     USD    3.333
Virgolino de Oliveira F      11.750 02/09/2022    USD    1.296
Claranova SADIR               5.000 07/01/2023    EUR    1.110
YA Holding AB                 4.000 6/18/2022     SEK   60.272
Allied Irish Banks PLC       12.500 6/25/2035     GBP   60.295
Fuerstenberg Capital Er       1.301               EUR   52.479
Mitsubishi UFJ Investor       3.70012/30/2099     EUR    4.910
Hellenic Bank PCL            10.000               EUR   46.704
Eramet SA                     4.000               EUR   52.825
Vallourec SA                  4.125 08/02/2027    EUR   74.270
Thomas Cook Finance 2 P       3.875 7/15/2023     EUR    1.041
KCA Deutag UK Finance P       7.250 5/15/2021     USD   48.500
Bank Otkritie Financial      10.000 4/26/2019     USD    9.029
Privatbank CJSC Via UK       10.250 1/23/2018     USD   29.974
Yuksel Insaat AS              9.500 11/10/2015    USD    2.537
Joh Friedrich Behrens A       7.750 11/11/2020    EUR   35.000
Jacktel AS                   10.000 12/04/2023    USD   20.135
Stichting Afwikkeling O       6.25010/26/2020     EUR    2.976
Norddeutsche Landesbank       7.780               EUR   61.000
Immigon Portfolioabbau        5.705               EUR   12.512
Santhera Pharmaceutical       5.000 2/17/2022     CHF   34.428
Intralot Capital Luxemb       5.250 9/15/2024     EUR   41.996
DOF Subsea AS                 8.37011/27/2023     NOK   25.166
Dexia Credit Local SA         1.208               EUR    4.217
Norwegian Air Shuttle A       6.37511/15/2024     USD   70.000
Bilt Paper BV                 9.640               USD    0.876
Air Berlin PLC                5.625 05/09/2019    CHF    0.802
JZ Capital Partners Ltd       6.000 7/30/2021     GBP    9.050
Mitchells & Butlers Fin       1.918 9/15/2034     GBP   73.817
Mallinckrodt Internatio       5.750 08/01/2022    USD   39.250
Intu SGS Finance PLC          4.250 9/17/2030     GBP   56.573
Petra Diamonds US Treas       7.250 05/01/2022    USD   39.125
Afren PLC                     6.625 12/09/2020    USD    0.065
Europcar Mobility Group       4.12511/15/2024     EUR   70.506
Hamon & CIE SA                3.300 1/30/2025     EUR   44.750
Tresu Investment Holdin       5.000 9/29/2022     EUR   29.263
Bourbon Corp                  7.989               EUR    0.458
Yell Bondco PLC               8.500 05/02/2023    GBP   40.000
Tullow Oil PLC                7.000 03/01/2025    USD   70.852
Alno AG                       8.500 5/14/2018     EUR   15.057
Dexia SA                      1.265               EUR    2.212
ESFIL-Espirito Santo Fi       5.250 06/12/2015    EUR    1.232
Orient Express Bank PJS      10.000               USD   30.789
Intu SGS Finance PLC          4.625 3/17/2028     GBP   56.242
HI Bidco AS                   8.400 1/30/2023     NOK   69.084
Banca Popolare di Vicen       9.500 9/29/2025     EUR    0.011
Breeze Finance SA             6.708 4/19/2027     EUR   28.950
Alitalia-Societa Aerea        5.250 7/30/2020     EUR    2.060
Hema Bondco II BV             8.500 1/15/2023     EUR    1.085
Stichting Afwikkeling O      11.250               EUR    0.506
New World Resources NV        8.000 04/07/2020    EUR    0.105
Paragon GmbH & Co KGaA        4.000 4/23/2024     CHF   39.000
DOF Subsea AS                 9.500 3/14/2022     USD   25.239
CBo Territoria                3.750 07/01/2024    EUR    4.700
KTG Agrar SE                  7.125 06/06/2017    EUR    2.397
Scandinavian Airlines S       0.625               CHF   23.784
Tennor Finance BV             5.750 6/17/2024     EUR   75.000
Espirito Santo Financia       6.87510/21/2019     EUR    0.529
Norske Skogindustrier A       7.00012/30/2026     EUR    0.001
Rallye SA                     1.000 10/02/2020    EUR   15.309
Intralot Capital Luxemb       6.750 9/15/2021     EUR   65.032
Abengoa Abenewco 2 Bis        1.500 4/26/2024     USD    0.770
Gamalife - Cia de Segur       2.959               EUR   69.571
Afren PLC                    11.500 02/01/2016    USD    0.032
OGX Austria GmbH              8.500 06/01/2018    USD    0.030
Europcar Mobility Group       4.000 4/30/2026     EUR   70.237
Cirio Holding Luxembour       6.250 2/16/2004     EUR    0.792
MaxFastigheter i Sverig       6.500               SEK   54.792
Privatbank CJSC Via UK       10.875 2/28/2018     USD   30.000
Deutsche Bank AG              1.968 6/28/2033     USD   75.625
Civitas Properties Fina       4.00011/24/2022     EUR   47.000
Banca Popolare di Vicen       2.82112/20/2017     EUR    0.227
Waste Italia SpA             10.50011/15/2019     EUR    0.727
New World Resources NV        4.000 10/07/2020    EUR    1.011
Norwegian Air Shuttle A       4.33011/23/2021     NOK   65.189
Banco Espirito Santo SA       2.110               EUR    0.045
KCA Deutag UK Finance P       7.250 5/15/2021     USD   48.417
Pacific Drilling SA           8.375 10/01/2023    USD   26.000
Afren PLC                    10.250 04/08/2019    USD    0.015
OGX Austria GmbH              8.375 04/01/2022    USD    0.010
Steinhoff Finance Holdi       1.25010/21/2023     EUR   43.500
Manchester Building Soc       8.000               GBP   31.161
Banco Espirito Santo SA       6.875 7/15/2016     EUR   20.500
Societe Generale SA          10.55012/30/2022     USD   67.875
Transportes Aereos Port       5.625 12/02/2024    EUR   68.115
Verimatrix SA                 6.000 6/29/2022     EUR    4.034
Alpine Holding GmbH           6.000 5/22/2017     EUR    0.173
Hellenic Republic Gover       2.085 7/25/2057     EUR   50.375
International Industria       9.000 07/06/2011    EUR    0.329
Ghelamco Invest               4.500 5/23/2022     EUR   40.000
Avation Capital SA            6.500 5/15/2021     USD   71.830
Elli Investments Ltd         12.250 6/15/2020     GBP   51.580
Agrokor dd                    9.875 05/01/2019    EUR   15.000
Praktiker AG                  5.875 02/10/2016    EUR    0.069
Veneto Banca SpA              9.878 12/01/2025    EUR    0.013
International Industria      11.000 2/19/2013     USD    0.355
Agrokor dd                    9.125 02/01/2020    EUR   15.000
Cattles Ltd                   8.125 07/05/2017    GBP    0.031
REM Saltire AS                7.110 6/30/2021     NOK   52.624
Kaupthing ehf                 7.625 2/28/2015     USD    0.250
Vseukrainsky Aktsinerny      10.900 6/14/2019     USD    1.056
Havila Shipping ASA           2.590 01/02/2025    NOK   25.000
KCA Deutag UK Finance P       9.875 04/01/2022    USD   48.083
Banco Espirito Santo SA       6.900 6/28/2024     EUR   20.514
Societe Centrale des Bo       2.500 5/15/2023     EUR    6.880
Manchester Building Soc       6.750               GBP   26.857
Norske Skog Holding AS        8.000 2/24/2021     EUR    0.015
Steilmann SE                  7.000 03/09/2017    EUR    1.429
Mallinckrodt Internatio       5.500 4/15/2025     USD   40.913
Hellas Telecommunicatio       6.054 1/15/2015     USD    0.001
Intelsat Jackson Holdin       8.50010/15/2024     USD   72.865
Finmek International SA       7.000 12/03/2004    EUR    2.193
Portugal Telecom Intern       6.250 7/26/2016     EUR    0.175
Espirito Santo Financia       3.125 12/02/2018    EUR    1.793
Norske Skogindustrier A       2.00012/30/2115     EUR    0.113
Linas Matkasse Newco AB       8.000 10/09/2022    SEK   55.750
Cirio Del Monte NV            7.750 3/14/2005     EUR    0.601
Chr Bygga Bostader Hold       9.000 07/05/2021    SEK   50.000
Virgolino de Oliveira F      10.500 1/28/2018     USD    1.034
Russian Federal Bond -        0.250 7/20/2044     RUB   18.941
Mallinckrodt Internatio       5.62510/15/2023     USD   30.000
Saleza AS                     9.000 07/12/2021    EUR    0.203
Island Offshore Shiphol       2.690 6/30/2021     NOK    4.179
SAS AB                        4.407               SEK   32.486
Lehman Brothers UK Capi       3.875               EUR    8.766
Komplett Bank ASA             8.500               NOK   66.708
LBI ehf                       6.100 8/25/2011     USD    8.625
Phosphorus Holdco PLC        10.000 04/01/2019    GBP    0.612
Kaupthing ehf                 5.750 10/04/2011    USD    0.250
Dr Wiesent Sozial gGmbH       7.000               EUR    0.210
Kredyt Inkaso SA              5.150 4/26/2023     PLN   74.300
ML 33 Invest AS               7.500               NOK   56.787
Kommunekredit                 0.500 7/30/2027     TRY   41.421
Autonomous Community of       2.965 09/08/2039    JPY   72.078
Abengoa Abenewco 2 Bis        1.500 4/26/2024     USD    1.243
Lehman Brothers UK Capi       5.125               EUR    8.454
Bank Nadra Via NDR Fina       8.250 7/31/2018     USD    0.208
UniCredit Bank AG            12.60012/24/2021     EUR   58.640
OGX Austria GmbH              8.375 04/01/2022    USD    0.024
Intelsat Connect Financ       9.500 2/15/2023     USD   26.906
Hellas Telecommunicatio       8.50010/15/2013     EUR    0.540
Societe Generale SA          12.000 07/08/2021    USD   41.000
Alno AG                       8.000 3/21/2019     EUR   14.000
Corporate Commercial Ba       8.250 08/08/2014    USD    0.308
MS Deutschland Beteilig       6.87512/18/2017     EUR    1.900
Cirio Finance Luxembour       7.500 11/03/2002    EUR    2.302
Steilmann SE                  7.000 9/23/2018     EUR    1.429
Sairgroup Finance BV          4.375 06/08/2006    EUR    0.233
Banco Espirito Santo SA       2.290               EUR    0.289
Swissport Investments S       9.75012/15/2022     EUR   35.656
Amigo Luxembourg SA           7.625 1/15/2024     GBP   62.025
German Pellets GmbH           7.250 04/01/2016    EUR    0.634
Lehman Brothers UK Capi       5.750               EUR    2.225
KPNQwest NV                  10.000 3/15/2012     EUR    0.068
German Pellets GmbH           7.250 07/09/2018    EUR    0.634
Virgolino de Oliveira F      10.875 1/13/2020     USD   30.000
Steilmann SE                  6.750 6/27/2017     EUR    2.184
Espirito Santo Financia       9.75012/19/2025     EUR    1.137
EDOB Abwicklungs AG           7.500 04/01/2012    EUR    2.000
Lehman Brothers UK Capi       6.900               USD    2.745
KCA Deutag UK Finance P       9.625 04/01/2023    USD   48.710
Del Monte Finance Luxem       6.625 5/24/2006     EUR    1.813
Afren PLC                    10.250 04/08/2019    USD    0.015
Gebr Sanders GmbH & Co        8.75010/22/2018     EUR    9.478
Deutsche Bank AG/London       2.120 8/28/2034     USD   78.750
Erotik-Abwicklungsgesel       7.750 07/09/2019    EUR    0.779
KTG Agrar SE                  7.25010/15/2019     EUR    2.397
Credit Suisse AG/London       0.500 11/02/2023    USD   10.360
SAG Solarstrom AG             7.500 07/10/2017    EUR   31.000
Activa Resources AG           0.50011/15/2021     EUR    1.000
Vneshprombank Ltd Via V       9.00011/14/2016     USD    0.078
Autostrade per l'Italia       2.730 12/10/2038    JPY   28.440
Odea Bank AS                  7.625 08/01/2027    USD   67.801
Sairgroup Finance BV          6.625 10/06/2010    EUR    0.233
Afren PLC                     6.625 12/09/2020    USD    0.065
Offshore Drilling Holdi       8.375 9/20/2020     USD    9.820
Cooperatieve Rabobank U       0.500 7/30/2043     MXN   16.529
SAir Group                    5.500 7/23/2003     CHF   12.625
Uppfinnaren 1 AB             11.000               SEK   40.000
Depfa Funding II LP           6.500               EUR   60.272
Norske Skog Holding AS        8.000 2/24/2023     USD    0.015
Solship Invest 1 AS           5.000 12/08/2024    NOK    6.788
Cooperatieve Rabobank U       0.50010/30/2043     MXN   16.573
Bulgaria Steel Finance       12.000 05/04/2013    EUR    0.216
Nostrum Oil & Gas Finan       8.000 7/25/2022     USD   24.325
Agrokor dd                    8.875 02/01/2020    USD   15.000
Deutsche Agrar Holding        7.250 9/28/2018     EUR    1.254
Senvion Holding GmbH          3.87510/25/2022     EUR    1.447
German Pellets GmbH           7.25011/27/2019     EUR    0.634
Caixa Economica Montepi       5.000               EUR   50.000
International Finance F       0.500 6/29/2027     ZAR   66.434
Barclays Bank PLC             0.333 4/13/2022     USD    9.770
Tonon Luxembourg SA          12.500 5/14/2024     USD    0.543
Windreich GmbH                6.500 03/01/2015    EUR    5.875
Solstad Offshore ASA          4.000 9/24/2021     NOK    4.500
Skandinaviska Enskilda        9.500 7/17/2023     SEK   58.630
Credit Suisse AG/London       8.00012/21/2023     USD    9.800
Nostrum Oil & Gas Finan       7.000 2/16/2025     USD   24.282
Sidetur Finance BV           10.000 4/20/2016     USD    3.532
Solon SE                      1.375 12/06/2012    EUR    0.544
La Veggia Finance SA          7.12511/14/2004     EUR    0.287
Intelsat Jackson Holdin       9.750 7/15/2025     USD   72.499
Paper Industries Interm       6.000 03/01/2025    EUR   73.270
Rio Forte Investments S       4.000 7/22/2014     EUR    5.538
Golden Gate AG                6.500 10/11/2014    EUR   37.500
A-TEC Industries AG           8.75010/27/2014     EUR    0.100
International Bank of A       8.250 10/09/2024    USD   60.375
Marine Subsea AS              9.00012/16/2019     USD    0.688
Alpine Holding GmbH           5.250 07/01/2015    EUR    0.173
UniCredit Bank AG             0.11511/19/2029     EUR   72.343
Tonon Luxembourg SA           9.250 1/24/2020     USD    1.000
Commerzbank AG                0.08511/19/2029     EUR   62.545
Mriya Agro Holding PLC       10.950 3/30/2016     USD    5.000
Rena GmbH                     8.250 07/11/2018    EUR    2.096
WPE International Coope      10.375 9/30/2020     USD    5.706
Stichting Afwikkeling O       2.207               EUR    0.506
Afren PLC                    11.500 02/01/2016    USD    0.032
Finance and Credit Bank       9.250 1/25/2019     USD    0.257
Lehman Brothers Treasur       5.220 03/01/2024    EUR    0.100
SiC Processing GmbH           7.125 03/01/2016    EUR    2.572
Danske Bank A/S               6.010 07/09/2023    SEK   71.930
HPI AG                        3.500               EUR    3.011
Pescanova SA                  8.750 2/17/2019     EUR    0.319
Veneto Banca SpA              6.950 2/25/2025     EUR    0.018
SAG Solarstrom AG             6.25012/14/2015     EUR   31.000
Virgolino de Oliveira F      10.875 1/13/2020     USD   30.000
Societe Generale SA           8.900 11/01/2021    USD   66.500
Naviera Armas SA              4.25011/15/2024     EUR   54.326
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
Societe Generale SA          21.00012/23/2022     USD   68.950
Stichting Afwikkeling O       6.625 5/14/2018     EUR    2.976
Havila Shipping ASA           4.270 01/02/2025    NOK   50.982
Lloyds Bank PLC               0.500 7/26/2028     MXN   59.821
Golfino AG                    8.00011/18/2023     EUR    0.050
Muehl Product & Service       6.750 03/10/2005    DEM    0.050
OGX Austria GmbH              8.500 06/01/2018    USD    0.030
Rena GmbH                     7.00012/15/2015     EUR    2.096
Credit Suisse AG/London      10.00010/26/2023     USD   10.124
Intelsat Jackson Holdin       9.750 7/15/2025     USD   72.499
Barclays Bank PLC             5.000 11/01/2029    BRL   70.919
Resa SA/Belgium               1.950 7/22/2036     EUR   50.000
Ahtium PLC                    9.750 04/04/2017    EUR    0.709
Pescanova SA                  5.125 4/20/2017     EUR    0.319
Air Berlin Finance BV         6.000 03/06/2019    EUR    0.652
Credit Suisse AG/London       6.500 3/28/2022     USD    3.740
Getin Noble Bank SA           5.260 3/31/2023     PLN   74.749
Credit Suisse AG/London      11.750 1/31/2022     USD   73.846
UBS AG/London                 9.000 11/10/2022    USD    5.646
Banco Santander SA            1.855               EUR    2.117
Galapagos Holding SA          7.000 6/15/2022     EUR    7.758
AKB Peresvet ZAO              0.510 08/04/2034    RUB   19.000
A-TEC Industries AG           2.750 05/10/2014    EUR    0.100
Norske Skog Holding AS        8.000 2/24/2021     EUR    0.015
Alpine Holding GmbH           5.250 06/10/2016    EUR    0.173
Cooperatieve Rabobank U       0.500 1/31/2033     MXN   41.003
CRC Breeze Finance SA         6.110 05/08/2026    EUR   39.920
Opus-Chartered Issuance       5.000 03/08/2027    USD   66.440
Mifa Mitteldeutsche Fah       7.500 08/12/2018    EUR    2.100
Veneto Banca SpA              6.411               EUR    0.628
SpareBank 1 SR-Bank ASA       1.20712/21/2030     EUR   71.885
Officine Maccaferri-SpA       5.750 06/01/2021    EUR   34.915
Zurcher Kantonalbank Fi      11.000 7/22/2021     CHF   75.250
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Aralco Finance SA            10.125 05/07/2020    USD    0.934
Cooperatieve Rabobank U       0.50011/30/2027     MXN   65.602
Yell Bondco PLC               8.500 05/02/2023    GBP   40.000
Veneto Banca SpA              6.944 5/15/2025     EUR    0.018
Barclays Bank PLC             2.000 06/12/2029    TRY   41.858
SG Issuer SA                  0.263 2/20/2025     EUR   20.060
Top Gun Realisations 73       8.000 07/01/2023    GBP    1.387
Landesbank Baden-Wuertt       6.000 8/27/2021     EUR   66.420
Thomas Cook Group PLC         6.250 6/15/2022     EUR    0.845
Swissport Investments S       6.75012/15/2021     EUR    1.264
SAir Group                    4.250 02/02/2007    CHF   12.625
Naviera Armas SA              6.500 7/31/2023     EUR   54.010
SG Issuer SA                  0.820 08/02/2021    SEK    0.820
Air Berlin Finance BV         8.500 03/06/2019    EUR    0.635
New World Resources NV        8.000 04/07/2020    EUR    0.105
Hema Bondco II BV             8.500 1/15/2023     EUR    1.085
Sequa Petroleum NV            5.000 4/29/2020     USD   28.765
Kaupthing ehf                 5.750 10/04/2011    USD    0.250
UkrLandFarming PLC           10.875 3/26/2018     USD    3.403
Skandinaviska Enskilda        7.880 1/16/2023     SEK   71.885
Otkritie Holding JSC          0.010 9/17/2027     RUB    1.820
SAir Group                    0.125 07/07/2005    CHF   12.625
Intelsat SA                   4.500 6/15/2025     USD   52.500
BOA Offshore AS               0.409 7/17/2047     NOK    7.546
Cooperatieve Rabobank U       0.50010/29/2027     MXN   65.704
Norske Skogindustrier A       7.12510/15/2033     USD    0.001
Mox Telecom AG                7.250 11/02/2017    EUR    1.354
Agrokor dd                    9.875 05/01/2019    EUR   15.000
SAir Group                    5.125 03/01/2003    CHF   12.500
Skandinaviska Enskilda        8.300 7/17/2023     SEK   56.520
Credit Suisse AG/London      20.00011/29/2024     USD   11.550
Agrokor dd                    8.875 02/01/2020    USD   15.000
Lehman Brothers Treasur       1.000 10/05/2035    EUR    0.100
LBI ehf                       7.431               USD    0.001
Northland Resources AB        4.00010/15/2020     NOK    0.271
Virgolino de Oliveira F      11.750 02/09/2022    USD    1.296
Getin Noble Bank SA           5.250 4/29/2024     PLN   64.990
Dolphin Drilling ASA          4.490 8/28/2019     NOK    0.644
Skandinaviska Enskilda        8.600 7/17/2023     SEK   57.050
Danske Bank A/S               8.050 07/09/2023    SEK   64.690
Derzhava-Garant OOO           7.250 06/12/2030    RUB   12.300
getgoods.de AG                7.750 10/02/2017    EUR    0.170
Stichting Afwikkeling O       8.450 8/20/2018     USD    2.976
Kaupthing ehf                 6.125 10/04/2016    USD    0.250
Getin Noble Bank SA           4.750 5/31/2024     PLN   66.166
Thomas Cook Finance 2 P       3.875 7/15/2023     EUR    1.041
Bank Otkritie Financial      10.000 4/26/2019     USD    9.029
Lehman Brothers Treasur       0.215 11/02/2035    EUR    0.100
Windreich GmbH                6.500 7/15/2016     EUR    5.875
Landesbank Hessen-Thuer       7.50012/13/2024     EUR    0.100
Landesbank Hessen-Thuer       9.600 01/09/2023    EUR    0.100
LBI ehf                       7.431               USD    0.001
O1 Properties Finance P       8.250 9/27/2021     USD   22.295
Portugal Telecom Intern       5.242 11/06/2017    EUR    0.694
UBS AG/London                12.250 5/31/2021     EUR   10.960
Getin Noble Bank SA           4.250 6/28/2024     PLN   68.000
Agrokor dd                    9.125 02/01/2020    EUR   15.000
Espirito Santo Financia       5.05011/15/2025     EUR    1.243
Credit Suisse AG/London       6.500 4/30/2021     USD    3.380
Hellas Telecommunicatio       6.054 1/15/2015     USD    0.001
Norske Skog Holding AS        8.000 2/24/2023     USD    0.015
SAir Group                    2.750 7/30/2004     CHF   12.625
Landesbank Baden-Wuertt       2.050 7/23/2021     EUR   68.360
Nordea Bank Abp               7.150 7/20/2024     SEK   72.740
Kardan NV                     6.325 02/04/2021    ILS    9.570
Barclays Bank PLC             1.450 9/24/2038     MXN   34.748
SALVATOR Vermoegensverw       9.500               EUR   11.100
SALVATOR Vermoegensverw       9.50012/31/2021     EUR    8.250
Cooperatieve Rabobank U       0.500 8/21/2028     MXN   61.730
Moby SpA                      7.750 2/15/2023     EUR   23.675
Centrosolar Group AG          7.000 2/15/2016     EUR    2.505
Bibby Offshore Services       7.500 6/15/2021     GBP   11.639
Landesbank Hessen-Thuer       4.000 3/20/2023     EUR    0.100
Grupo Isolux Corsan SA        0.25012/30/2018     EUR    0.318
Grupo Isolux Corsan SA        6.00012/30/2021     USD    0.813
Ideal Standard Internat      11.750 05/01/2018    EUR    0.050
Ahtium PLC                    4.00012/16/2015     EUR    0.586
Lehman Brothers Treasur       2.875 3/14/2013     CHF    0.100
Getin Noble Bank SA           4.270 8/30/2024     PLN   66.817
UniCredit Bank AG             5.45011/21/2022     EUR    9.500
Skandinaviska Enskilda        6.000 1/17/2023     SEK   69.995
Bank Julius Baer & Co L       7.300 1/25/2021     EUR   62.750
Skandinaviska Enskilda        7.600 1/15/2024     SEK   73.510
Societe Generale SA          10.00012/30/2022     USD   58.670
Russian Post FGUP             2.750 12/06/2023    RUB   70.000
Credit Suisse AG              0.50012/16/2025     BRL   67.613
SAir Group                    6.25010/27/2002     CHF   12.625
Solarwatt GmbH                7.000 11/01/2015    EUR   15.500
Top Gun Realisations 73       8.000 07/01/2023    GBP    1.387
Concern Rossium LLC           6.000 08/05/2030    RUB  100.020
City of Predeal Romania       2.500 5/15/2026     RON   60.000
DekaBank Deutsche Giroz       6.000 06/02/2021    EUR   56.170
NTRP Via Interpipe Ltd       10.250 08/02/2017    USD   30.500
HSBC Bank PLC                 0.50012/22/2025     BRL   66.635
Kaupthing ehf                 9.000               USD    0.122
Credit Agricole CIB Fin       0.39012/16/2032     EUR   54.196
Heta Asset Resolution A       4.87512/31/2023     EUR    2.078
SFO Akkord Finans            10.000 02/12/2024    RUB   61.540
Espirito Santo Financia       5.05011/15/2025     EUR    0.851
Landesbank Hessen-Thuer       8.60011/17/2022     EUR   60.420
Bank Julius Baer & Co L      10.000 6/21/2021     EUR   62.850
BNP Paribas SA               10.500 02/10/2021    USD   62.010
Societe Generale SA          17.000 1/17/2030     USD   56.100
Windreich GmbH                6.750 03/01/2015    EUR    5.875
AKB Peresvet ZAO              0.510 2/14/2032     RUB   12.500
Getin Noble Bank SA           5.280 7/28/2023     PLN   74.982
Agrokor dd Via Aquarius       4.921 08/08/2017    EUR   14.625
Eiendomskreditt AS            2.220 9/17/2029     NOK   68.373
KPNQwest NV                   8.125 06/01/2009    USD    0.068
Zaklady Miesne Henryk K       5.460 3/29/2021     PLN
Societe Generale SA           6.000 05/09/2022    USD    2.230
Societe Generale SA          20.000 03/02/2022    USD   52.500
Bulgaria Steel Finance       12.000 05/04/2013    EUR    0.216
BRAbank ASA/NO                7.350               NOK   61.539
Getin Noble Bank SA           5.25012/21/2023     PLN   69.000
SG Issuer SA                  2.70011/28/2034     ZAR   44.429
OOO SPV Structural Inve       0.010 09/01/2023    RUB   66.740
Deutsche Bank AG/London       0.50010/18/2038     MXN   16.046
Elli Investments Ltd         12.250 6/15/2020     GBP   51.823
Danske Bank A/S               7.470 07/09/2023    SEK   72.930
Erste Group Bank AG           7.00011/21/2023     EUR   21.100
Decipher Production Ltd      12.500 9/27/2019     USD    1.500
Otkritie Holding JSC          0.010 12/08/2027    RUB    1.900
Cooperativa Muratori &        6.875 08/01/2022    EUR    1.560
Instabank ASA                 7.930 02/04/2030    NOK   73.638
Spoldzielczy Bank Rozwo       3.750 7/16/2025     PLN   75.000
Minicentrales Dos SA          0.010 06/06/2047    EUR   67.383
SAir Group                    2.125 11/04/2004    CHF   12.625
Norske Skogindustrier A       7.12510/15/2033     USD    0.001
WEB Windenergie AG            2.250 9/25/2028     EUR    0.010
Societe Generale SA          17.000 03/03/2021    USD   43.100
Landesbank Baden-Wuertt       2.500 8/27/2021     EUR   63.010
Bayerische Landesbank         3.400 7/16/2021     EUR   67.210
Leonteq Securities AG        11.200 1/27/2021     USD   73.790
Landesbank Hessen-Thuer       7.300 02/07/2023    EUR    0.100
Landesbank Hessen-Thuer       6.900 1/30/2023     EUR
Northland Resources AB        4.00010/15/2020     USD    0.271
PA Resources AB              13.500 03/03/2016    SEK    0.124
Tonon Luxembourg SA           9.250 1/24/2020     USD    1.000
Gold-Zack AG                  7.00012/14/2005     EUR   10.510
SAir Group                    6.250 04/12/2005    CHF   12.625
Cooperatieve Rabobank U       0.50012/29/2027     MXN   64.963
Minicentrales Dos SA          0.010 06/06/2047    EUR   65.750
Natixis SA                    0.300 6/25/2048     USD   51.735
Samaratransneft-Termina      17.000 6/20/2021     RUB   15.700
Mriya Agro Holding PLC        9.450 4/19/2018     USD    5.000
Landesbank Hessen-Thuer       5.200 01/11/2024    EUR   70.470
SG Issuer SA                  2.98012/28/2021     EUR   60.190
Leonteq Securities AG/G       8.000 09/01/2021    CHF   71.320
SG Issuer SA                  5.500 04/10/2021    EUR
Satra Forvaltnings AB         9.000 2/27/2021     SEK   65.000
Landesbank Hessen-Thuer       5.650 2/21/2023     EUR    0.100
Bank Julius Baer & Co L      10.100 1/25/2021     USD   56.550
Danske Bank A/S               6.860 07/09/2022    SEK   25.670
Nordea Bank Abp               7.430 1/20/2025     SEK   82.000
Landesbank Hessen-Thuer       8.450 1/24/2023     EUR    0.100
Corner Banca SA              16.400 03/02/2021    CHF   12.630
Phosphorus Holdco PLC        10.000 04/01/2019    GBP    0.612
ECM Real Estate Investm       5.000 10/09/2011    EUR   15.375
Heta Asset Resolution A       4.35012/31/2023     EUR    2.082
Nordea Bank Abp               5.813 7/20/2024     SEK   71.000
SG Issuer SA                 10.400 2/23/2021     USD    3.040
WPE International Coope      10.375 9/30/2020     USD    5.706
Norske Skogindustrier A       2.00012/30/2115     EUR    0.113
Kaupthing ehf                 6.125 10/04/2016    USD    0.250
Lehman Brothers Treasur       5.103 6/22/2046     EUR    0.100
Bibby Offshore Services       7.500 6/15/2021     GBP   11.639
DekaBank Deutsche Giroz       1.780 02/05/2021    EUR   62.860
Corner Banca SA               7.600 02/02/2021    CHF   68.640
Erste Group Bank AG           8.000 9/28/2023     EUR    0.300
WEB Windenergie AG            4.00012/17/2025     EUR    0.010
Skandinaviska Enskilda        6.500 1/15/2024     SEK   71.760
COFIDUR SA                    0.10012/31/2024     EUR   24.050
New World Resources NV        4.000 10/07/2020    EUR    1.011
Societe Generale SA           8.00010/13/2021     USD   71.000
BRAbank ASA                   7.380               NOK   56.110
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
Getin Noble Bank SA           4.250 7/26/2024     PLN   74.000
Getin Noble Bank SA           5.270 8/31/2023     PLN   69.997
BLT Finance BV               12.000 02/10/2015    USD   10.500
Norske Skogindustrier A       7.00012/30/2026     EUR    0.001
LBI ehf                       6.100 8/25/2011     USD    8.625
Societe Generale SA           8.000 8/18/2021     USD   17.250
Landesbank Hessen-Thuer       5.200 01/08/2024    EUR   46.060
Societe Generale SA           4.890 2/16/2023     USD   55.340
Landesbank Hessen-Thuer       6.750 1/14/2025     EUR   72.170
Leonteq Securities AG/G      10.000 02/08/2021    USD   70.030
EFG International Finan       7.000 5/23/2022     EUR   47.750
Societe Generale SA           1.580 9/16/2024     USD    2.610
Leonteq Securities AG         6.400 5/25/2021     CHF   72.550
UniCredit Bank AG            10.500 5/19/2021     EUR    3.400
Landesbank Baden-Wuertt       3.500 2/26/2021     EUR   71.030
Raiffeisen Switzerland        4.800 6/14/2021     EUR   66.220
Credit Suisse AG/London       8.750 5/20/2021     GBP   60.960
Banque Cantonale Vaudoi       7.550 08/03/2021    CHF   73.230
Leonteq Securities AG        12.00010/18/2021     CHF   65.120
Leonteq Securities AG/G       2.750 9/15/2022     CHF   13.790
Petromena ASA                10.85011/19/2018     USD    0.622
Irish Bank Resolution C       6.75011/30/2013     BGN   33.250
BNP Paribas Issuance BV       6.550 3/28/2025     EUR   44.030
Polski Bank Spoldzielcz       3.760 9/14/2027     PLN   65.346
Lehman Brothers Treasur       5.100 05/08/2017    HKD    0.100
Getin Noble Bank SA           5.250 4/28/2023     PLN   74.732
Barclays Bank PLC             0.500 1/28/2033     MXN   38.461
Lehman Brothers Treasur       7.375 9/20/2008     EUR    0.100
UBS AG/London                 7.250 02/08/2021    CHF   60.300
Societe Generale SA          12.000 2/17/2025     USD   57.200
Societe Generale SA           8.600 7/29/2022     USD   45.000
EFG International Finan       6.130 6/20/2024     EUR    3.000
Erste Group Bank AG           4.350 2/28/2022     EUR   52.300
Kancelaria Medius SA          5.770 03/07/2021    PLN   40.000
UBS AG/London                10.000 3/22/2021     EUR   43.450
UBS AG/London                12.500 7/19/2021     USD   70.250
Erste Group Bank AG           5.550 8/30/2022     EUR   52.650
Erste Group Bank AG           4.350 2/20/2022     EUR   52.750
getBACK SA                    4.210 2/16/2021     PLN
BNP Paribas Emissions-        8.000 6/24/2021     EUR   66.340
Landesbank Baden-Wuertt      14.770 5/25/2021     EUR    6.110
Leonteq Securities AG        30.000 06/09/2021    CHF   15.200
EFG International Finan       5.600 07/11/2024    EUR   24.660
Landesbank Baden-Wuertt       8.150 02/04/2021    EUR    0.780
Credit Suisse AG/London       6.250 7/21/2022     CHF   73.550
SG Issuer SA                  7.000 2/17/2021     EUR   72.310
UBS AG/London                13.500 7/15/2021     CHF    7.490
Leonteq Securities AG/G      25.000 2/18/2021     USD    6.120
Credit Suisse AG/London      10.000 1/25/2021     CHF   74.660
Credit Suisse AG/London       8.750 03/04/2021    EUR   65.710
RENE LEZARD Mode GmbH         7.25011/25/2017     EUR    1.500
Societe Generale SA          17.500 1/26/2023     USD   71.000
Societe Generale SA          10.000 12/02/2021    USD   58.300
Vontobel Financial Prod       0.154 06/10/2021    EUR   62.400
Astana Finance BV             7.875 06/08/2010    EUR   16.000
HSBC Bank PLC                 0.50011/25/2025     BRL   67.165
Santander Consumer Bank       5.160               NOK   58.614
Rio Forte Investments S       3.900 07/10/2014    USD    5.500
Grupo Isolux Corsan SA        1.00012/30/2021     USD    0.318
Getin Noble Bank SA           5.260 04/04/2024    PLN   65.000
SG Issuer SA                  7.600 2/22/2021     EUR    2.350
Erste Group Bank AG           7.200 9/30/2024     EUR    0.350
Banco Espirito Santo SA      10.000 12/06/2021    EUR    0.001
Lehman Brothers Treasur       6.000 6/21/2011     EUR    0.100
Lehman Brothers Treasur       2.000 3/16/2035     EUR    0.100
Getin Noble Bank SA           5.250 11/09/2023    PLN   70.814
Instabank ASA                 7.500               NOK   41.146
Rio Forte Investments S       4.750 11/10/2015    EUR    5.500
Heta Asset Resolution A       0.21712/31/2023     EUR    2.078
Heta Asset Resolution A       5.92012/31/2023     EUR    2.078
AKB Peresvet ZAO              0.510 6/23/2021     RUB   19.020
Mriya Agro Holding PLC        9.450 4/19/2018     USD    5.000
Tonon Luxembourg SA          12.500 5/14/2024     USD    0.543
Hellas Telecommunicatio       8.50010/15/2013     EUR    0.540
Northland Resources AB       15.000 7/15/2019     USD    2.621
A-TEC Industries AG           5.750 11/02/2010    EUR    0.100
Bilt Paper BV                 9.640               USD    0.876
Aralco Finance SA            10.125 05/07/2020    USD    0.934
Raiffeisen Schweiz Geno      11.500 2/18/2021     CHF   52.300
Leonteq Securities AG/G       6.400 11/03/2021    CHF   51.780
Societe Generale SA           6.000 06/06/2022    USD    4.570
Raiffeisen Centrobank A       5.000 9/20/2021     EUR   69.710
Leonteq Securities AG         7.400 03/04/2021    CHF   66.240
Raiffeisen Centrobank A       5.000 08/09/2021    EUR   67.960
Skandinaviska Enskilda        4.100 1/17/2022     SEK   73.650
Corner Banca SA               8.000 5/25/2021     CHF   57.180
Landesbank Hessen-Thuer       7.000 01/09/2023    EUR   59.140
SG Issuer SA                  6.700 07/10/2024    EUR   71.960
Societe Generale SA          10.250 02/02/2023    USD   61.300
SG Issuer SA                  2.200 01/10/2025    EUR   72.660
SG Issuer SA                  6.650 10/10/2021    EUR
Concern Rossium LLC           6.250 12/11/2029    RUB   60.060
AKB Peresvet ZAO             13.000 10/07/2017    RUB   19.625
Windreich GmbH                6.250 03/01/2015    EUR    5.875
Bank Otkritie Financial       0.010 9/24/2025     RUB   72.780
Corner Banca SA               7.350 1/16/2023     CHF   67.710
Cooperativa Muratori &        6.000 2/15/2023     EUR    1.952
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Bank Otkritie Financial       0.010 7/16/2025     RUB   73.140
Pescanova SA                  6.750 03/05/2015    EUR    0.319
PSN Pm OOO                    9.500 09/10/2026    RUB   21.625
Otkritie Holding JSC          0.010 10/03/2036    RUB    0.010
Privatbank CJSC Via UK       10.875 2/28/2018     USD   30.000
Getin Noble Bank SA           5.250 5/31/2023     PLN   69.255
Concern Rossium LLC           6.000 08/05/2030    RUB  100.020
Espirito Santo Financia       5.125 5/30/2016     EUR    1.527
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   66.570
Zurcher Kantonalbank Fi       7.750 7/23/2021     EUR   70.980
UBS AG/London                14.000 07/06/2021    USD   64.090
Citigroup Global Market       8.050 1/24/2023     EUR   62.930
BNP Paribas Emissions-        9.000 3/25/2021     EUR   66.090
Landesbank Baden-Wuertt      10.500 2/26/2021     EUR   68.230
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   70.010
WEB Windenergie AG            3.750 9/26/2026     EUR    0.010
WEB Windenergie AG            2.500 9/26/2021     EUR    0.010
UBS AG/London                14.000 6/28/2021     CHF   71.650
Deutsche Bank AG              3.800 02/04/2030    USD
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Santander Consumer Bank       5.160               NOK   59.205
Credito Padano Banca di       3.100               EUR   33.831
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
BNP Paribas SA                0.50011/16/2032     MXN   32.993
Kreditanstalt fuer Wied       0.250 10/06/2036    CAD   49.170
Lehman Brothers Treasur       6.650 8/24/2011     AUD    0.100
Landesbank Hessen-Thuer       0.650 10/01/2031    EUR   10.464
Raiffeisen Schweiz Geno       5.800 9/28/2021     CHF   57.900
Raiffeisen Schweiz Geno       6.250 04/01/2021    CHF   66.450
Landesbank Baden-Wuertt       3.00012/23/2022     EUR   64.450
Landesbank Baden-Wuertt       3.20012/23/2022     EUR   67.590
DekaBank Deutsche Giroz       4.000 4/23/2021     EUR   67.500
Corner Banca SA               6.200 10/05/2021    CHF   67.830
Landesbank Hessen-Thuer       3.600 08/12/2021    EUR   52.500
Citigroup Global Market      12.37911/13/2023     SEK   69.380
Corner Banca SA               8.600 10/12/2021    CHF   72.490
UniCredit Bank AG             4.00011/21/2022     EUR   65.560
Raiffeisen Schweiz Geno       5.700 10/12/2021    CHF   72.010
Landesbank Baden-Wuertt       3.500 1/28/2022     EUR   59.000
Landesbank Hessen-Thuer       6.35011/19/2024     EUR   62.820
Leonteq Securities AG         7.600 4/15/2021     CHF   70.860
Leonteq Securities AG/G       5.40010/19/2021     CHF   61.510
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   63.470
EFG International Finan      12.00010/19/2021     USD   50.840
DekaBank Deutsche Giroz       2.300 11/12/2021    EUR   61.150
BNP Paribas Issuance BV       6.310 07/05/2023    SEK   69.430
Landesbank Baden-Wuertt       3.25012/23/2022     EUR   63.700
Landesbank Baden-Wuertt       2.65012/23/2022     EUR   70.260
Landesbank Hessen-Thuer       2.000 6/13/2022     EUR   55.150
Natixis SA                    3.150 06/08/2021    USD   70.870
Natixis SA                    2.100 06/08/2021    EUR   59.180
Leonteq Securities AG         5.000 6/15/2021     CHF   57.570
Banque Cantonale Vaudoi       5.800 08/09/2021    CHF   60.720
Leonteq Securities AG        10.000 08/09/2021    CHF   62.230
Leonteq Securities AG        10.000 08/09/2021    CHF   66.010
Landesbank Baden-Wuertt       3.050 9/23/2022     EUR   69.020
Raiffeisen Schweiz Geno       7.500 02/09/2021    EUR   70.450
Raiffeisen Schweiz Geno       5.200 02/09/2021    CHF   66.600
Landesbank Hessen-Thuer       6.25012/13/2024     EUR   71.350
Raiffeisen Schweiz Geno       5.400 8/17/2022     CHF   71.470
Raiffeisen Schweiz Geno       7.800 2/14/2022     EUR   72.040
Raiffeisen Schweiz Geno      10.500 2/17/2021     CHF   73.410
Raiffeisen Schweiz Geno       7.500 5/14/2021     CHF   62.440
Zurcher Kantonalbank Fi       6.000 5/25/2021     CHF   69.010
Zurcher Kantonalbank Fi       6.000 5/25/2021     CHF   63.080
DZ Bank AG Deutsche Zen       8.250 3/24/2021     EUR   50.700
Zurcher Kantonalbank Fi       6.800 5/25/2021     EUR   66.460
Zurcher Kantonalbank Fi       6.000 5/25/2021     EUR   65.450
Credit Suisse AG/London       7.000 2/17/2021     CHF   65.930
Leonteq Securities AG/G      13.750 2/17/2021     EUR    3.280
Leonteq Securities AG/G       6.000 8/17/2022     CHF   73.310
Leonteq Securities AG/G      15.470 5/18/2021     CHF    7.620
DZ Bank AG Deutsche Zen       6.400 2/24/2021     EUR   67.010
UniCredit Bank AG            14.300 3/26/2021     EUR   71.000
UniCredit Bank AG            14.800 6/25/2021     EUR   72.010
UniCredit Bank AG            13.300 6/25/2021     EUR   73.710
UniCredit Bank AG            13.900 3/26/2021     EUR   73.380
Zurcher Kantonalbank Fi       6.000 5/27/2021     CHF   75.340
UniCredit Bank AG            12.200 6/25/2021     EUR   73.370
UniCredit Bank AG            13.800 3/26/2021     EUR   71.850
UniCredit Bank AG            12.200 6/25/2021     EUR   72.370
UniCredit Bank AG            18.300 3/26/2021     EUR   55.610
UniCredit Bank AG            17.600 6/25/2021     EUR   56.840
UniCredit Bank AG            12.900 3/26/2021     EUR   71.390
UniCredit Bank AG            14.200 3/26/2021     EUR   69.690
DZ Bank AG Deutsche Zen      10.800 2/26/2021     EUR   66.360
DZ Bank AG Deutsche Zen      13.100 3/26/2021     EUR   63.750
DZ Bank AG Deutsche Zen       7.000 6/25/2021     EUR   70.770
DZ Bank AG Deutsche Zen       9.000 6/25/2021     EUR   67.470
DZ Bank AG Deutsche Zen      11.300 6/25/2021     EUR   64.730
DZ Bank AG Deutsche Zen      10.700 2/26/2021     EUR   64.230
DZ Bank AG Deutsche Zen      13.400 3/26/2021     EUR   61.300
DZ Bank AG Deutsche Zen       7.000 6/25/2021     EUR   70.690
DZ Bank AG Deutsche Zen       9.300 6/25/2021     EUR   67.150
DZ Bank AG Deutsche Zen      11.700 6/25/2021     EUR   64.000
DZ Bank AG Deutsche Zen       8.000 2/26/2021     EUR   70.510
DZ Bank AG Deutsche Zen      10.200 6/25/2021     EUR   73.270
DZ Bank AG Deutsche Zen      11.800 3/26/2021     EUR   73.860
DZ Bank AG Deutsche Zen      10.700 2/26/2021     EUR   68.130
DZ Bank AG Deutsche Zen      13.400 2/26/2021     EUR   63.890
DZ Bank AG Deutsche Zen       7.400 6/25/2021     EUR   73.570
DZ Bank AG Deutsche Zen       9.200 6/25/2021     EUR   70.180
DZ Bank AG Deutsche Zen      11.200 6/25/2021     EUR   66.140
Credit Suisse AG/London       8.500 5/18/2021     EUR   60.760
Credit Suisse AG/London       7.500 8/13/2021     CHF   69.780
Zurcher Kantonalbank Fi       9.250 8/26/2021     CHF   52.980
Vontobel Financial Prod      12.000 3/26/2021     EUR   64.550
Raiffeisen Schweiz Geno       6.000 2/19/2021     EUR   61.000
UBS AG/London                11.000 2/19/2021     CHF   70.900
UBS AG/London                 7.000 2/21/2022     EUR   62.750
UBS AG/London                 5.500 8/19/2021     EUR   67.150
UBS AG/London                10.000 8/19/2021     CHF   69.700
UBS AG/London                 6.500 8/19/2021     CHF   66.800
UBS AG/London                12.000 8/19/2021     CHF   13.580
UBS AG/London                 5.750 8/20/2021     EUR   68.000
Zurcher Kantonalbank Fi       5.000 2/19/2021     EUR   70.410
Landesbank Hessen-Thuer       3.000 06/04/2021    EUR   71.400
Landesbank Hessen-Thuer       5.70011/24/2022     EUR   56.840
Landesbank Hessen-Thuer       4.000 06/04/2021    EUR   59.500
Landesbank Hessen-Thuer       4.000 2/17/2021     EUR   53.580
Landesbank Hessen-Thuer       4.000 2/17/2021     EUR   38.710
UniCredit Bank AG             3.850 2/14/2021     EUR   51.060
Landesbank Hessen-Thuer       6.700 5/17/2022     EUR   56.910
Landesbank Hessen-Thuer       6.600 2/17/2023     EUR   54.240
Landesbank Hessen-Thuer       4.350 2/24/2023     EUR   48.280
Landesbank Hessen-Thuer       5.300 9/23/2022     EUR   45.490
Raiffeisen Schweiz Geno       4.00012/15/2021     CHF   67.690
Landesbank Hessen-Thuer       5.150 6/14/2022     EUR   62.450
Landesbank Baden-Wuertt       2.300 7/23/2021     EUR   66.930
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   60.030
Landesbank Baden-Wuertt       2.200 7/23/2021     EUR   68.900
Skandinaviska Enskilda        9.020 7/17/2023     SEK   58.540
Credit Suisse AG/Nassau       7.000 6/22/2021     CHF   53.070
Vontobel Financial Prod       4.200 07/06/2021    EUR   67.320
SecurAsset SA                 5.250 6/30/2022     EUR   48.700
Raiffeisen Schweiz Geno       4.00012/22/2021     CHF   67.680
SG Issuer SA                  4.000 6/22/2026     EUR   45.450
Landesbank Baden-Wuertt       3.000 9/23/2022     EUR   60.690
Landesbank Baden-Wuertt       2.650 9/23/2022     EUR   67.020
Landesbank Hessen-Thuer       2.500 6/21/2021     EUR   68.500
Landesbank Hessen-Thuer       6.70010/13/2023     EUR   60.410
EFG International Finan      11.400 6/28/2021     USD   50.210
UBS AG/London                 6.250 6/21/2021     CHF   53.800
SG Issuer SA                 11.170 7/20/2025     SEK   50.350
Raiffeisen Schweiz Geno       5.00012/29/2021     CHF   67.670
Raiffeisen Schweiz Geno       4.10012/29/2021     CHF   67.400
Credit Suisse AG/Nassau       7.200 07/05/2021    CHF   56.940
UniCredit Bank AG             4.300 7/26/2022     EUR   60.230
UniCredit Bank AG             4.200 7/26/2022     EUR   38.370
UniCredit Bank AG             4.450 7/23/2022     EUR   59.700
UniCredit Bank AG             4.150 7/26/2022     EUR   55.120
UniCredit Bank AG             3.650 7/23/2022     EUR   62.130
UniCredit Bank AG             6.400 7/23/2021     EUR   74.860
Bayerische Landesbank         2.000 1/28/2022     EUR   64.820
Landesbank Baden-Wuertt       2.700 6/25/2021     EUR   59.470
Landesbank Baden-Wuertt       2.500 6/24/2022     EUR   61.960
EFG International Finan       7.00010/25/2021     EUR   70.540
Landesbank Hessen-Thuer       5.200 9/30/2022     EUR   46.500
Societe Generale SA           8.000 5/28/2027     USD   35.300
Landesbank Hessen-Thuer       5.500 5/25/2023     EUR   35.260
Leonteq Securities AG/G       5.000 08/02/2021    USD   67.380
UniCredit Bank AG             5.700 5/14/2021     EUR   47.880
Landesbank Hessen-Thuer       4.000 8/18/2021     EUR   44.320
UniCredit Bank AG             3.600 8/23/2021     EUR   42.210
Landesbank Hessen-Thuer       5.00011/25/2022     EUR   56.170
Raiffeisen Switzerland       10.500 07/11/2024    USD   18.660
Landesbank Hessen-Thuer       6.150 8/25/2022     EUR   57.620
DekaBank Deutsche Giroz       4.250 05/03/2022    EUR   63.910
UniCredit Bank AG             4.000 2/28/2022     EUR   62.000
SG Issuer SA                  5.600 01/10/2023    EUR
UniCredit Bank AG             4.25011/21/2021     EUR   38.890
UniCredit Bank AG             4.20011/21/2021     EUR   64.230
Raiffeisen Switzerland        4.440 4/19/2021     EUR   59.600
Landesbank Hessen-Thuer       4.00011/24/2021     EUR   61.280
Landesbank Hessen-Thuer       4.700 2/24/2023     EUR   54.310
Landesbank Hessen-Thuer       5.000 02/10/2023    EUR   67.690
Raiffeisen Schweiz Geno       4.70010/20/2021     CHF   59.810
Landesbank Baden-Wuertt       4.00010/22/2021     EUR   47.210
Landesbank Baden-Wuertt       3.25010/22/2021     EUR   71.030
EFG International Finan       5.600 4/26/2021     CHF   57.930
Landesbank Hessen-Thuer       4.000 6/16/2022     EUR   54.810
UBS AG/London                11.000 3/15/2021     EUR   45.250
UBS AG/London                 7.000 3/15/2021     EUR   53.000
Landesbank Baden-Wuertt       3.750 3/26/2021     EUR   45.380
Bayerische Landesbank         2.250 7/23/2021     EUR   56.040
Leonteq Securities AG/G       5.600 8/24/2021     CHF   51.230
DekaBank Deutsche Giroz       2.500 09/10/2021    EUR   72.770
EFG International Finan       6.500 8/30/2021     CHF   64.850
Zurcher Kantonalbank Fi       8.500 8/24/2021     CHF   64.580
Raiffeisen Schweiz Geno       5.250 8/24/2021     CHF   63.210
Landesbank Hessen-Thuer       5.800 9/24/2024     EUR   56.810
UniCredit Bank AG             8.40012/24/2021     EUR   70.280
UniCredit Bank AG             7.70012/24/2021     EUR   71.660
UniCredit Bank AG             9.200 6/25/2021     EUR   69.650
UniCredit Bank AG            12.100 6/25/2021     EUR   63.610
Zurcher Kantonalbank Fi       5.000 7/23/2021     EUR   68.050
UBS AG/London                14.250 7/19/2021     USD   59.730
Raiffeisen Schweiz Geno       5.250 07/05/2021    CHF   71.470
Raiffeisen Schweiz Geno       4.500 07/05/2021    CHF   63.800
Zurcher Kantonalbank Fi       5.750 7/16/2021     CHF   72.250
Landesbank Hessen-Thuer       4.000 08/09/2023    EUR   58.740
UniCredit Bank AG             7.800 6/25/2021     EUR   67.420
UniCredit Bank AG            10.700 6/25/2021     EUR   54.500
UniCredit Bank AG            10.100 6/25/2021     EUR   59.880
UniCredit Bank AG             9.700 6/25/2021     EUR   70.800
UniCredit Bank AG            10.900 6/25/2021     EUR   68.810
UniCredit Bank AG            11.300 6/25/2021     EUR   74.780
UniCredit Bank AG            12.500 6/25/2021     EUR   71.920
UniCredit Bank AG            11.100 6/25/2021     EUR   69.670
UniCredit Bank AG             6.400 6/25/2021     EUR   70.820
UniCredit Bank AG             9.300 6/25/2021     EUR   64.520
UniCredit Bank AG             6.500 6/25/2021     EUR   66.360
UniCredit Bank AG             7.500 6/25/2021     EUR   62.800
UniCredit Bank AG            11.800 6/25/2021     EUR   52.360
UniCredit Bank AG             8.500 6/25/2021     EUR   59.660
UniCredit Bank AG             9.600 6/25/2021     EUR   56.920
Skandinaviska Enskilda        7.800 7/15/2024     SEK   70.940
Skandinaviska Enskilda        6.500 7/15/2024     SEK   71.800
UniCredit Bank AG             8.10012/24/2021     EUR   67.680
UniCredit Bank AG             5.80012/24/2021     EUR   72.700
UniCredit Bank AG             5.50012/24/2021     EUR   70.650
UniCredit Bank AG            10.60012/24/2021     EUR   67.190
UniCredit Bank AG             9.40012/24/2021     EUR   71.750
UniCredit Bank AG            10.20012/24/2021     EUR   55.720
UniCredit Bank AG             8.50012/24/2021     EUR   59.160
UniCredit Bank AG             6.90012/24/2021     EUR   69.990
UniCredit Bank AG             7.70012/24/2021     EUR   61.320
UniCredit Bank AG             6.80012/24/2021     EUR   63.710
UniCredit Bank AG             6.00012/24/2021     EUR   66.520
UBS AG/London                 6.500 07/12/2021    EUR   52.700
EFG International Finan       7.000 07/11/2022    CHF   73.170
Landesbank Hessen-Thuer       5.200 08/09/2024    EUR   69.370
Landesbank Hessen-Thuer       3.350 5/19/2021     EUR   61.400
Societe Generale Effekt      24.419 6/25/2021     EUR   71.840
Leonteq Securities AG/G       8.600 07/12/2021    EUR   52.210
Raiffeisen Schweiz Geno       7.100 07/12/2021    EUR   72.770
UniCredit Bank AG             5.40012/24/2021     EUR   58.290
Landesbank Baden-Wuertt       2.55012/27/2021     EUR   56.820
Landesbank Baden-Wuertt       2.50012/27/2021     EUR   49.990
Landesbank Hessen-Thuer       4.000 11/10/2021    EUR   37.610
Landesbank Hessen-Thuer       5.100 2/17/2023     EUR   51.240
Raiffeisen Schweiz Geno       8.800 03/01/2021    EUR   44.770
Landesbank Baden-Wuertt       3.700 9/24/2021     EUR   60.590
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.760
Landesbank Baden-Wuertt       5.500 3/26/2021     EUR   46.510
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   71.500
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   69.690
UniCredit Bank AG            10.20012/24/2021     EUR   66.140
UniCredit Bank AG             6.60012/24/2021     EUR   65.890
UniCredit Bank AG            10.000 6/25/2021     EUR   67.460
UniCredit Bank AG             9.100 6/25/2021     EUR   69.340
UniCredit Bank AG            10.100 6/25/2021     EUR   58.160
UniCredit Bank AG             5.400 6/25/2021     EUR   71.050
Zurcher Kantonalbank Fi       7.250 7/23/2021     USD   70.920
Zurcher Kantonalbank Fi       7.500 7/23/2021     CHF   70.930
Credit Suisse AG/London       4.500 07/12/2021    EUR   59.490
UBS AG/London                 7.000 7/19/2021     CHF   53.000
Raiffeisen Switzerland        4.000 8/30/2022     CHF   46.360
Landesbank Baden-Wuertt       3.000 9/23/2022     EUR   55.890
Landesbank Baden-Wuertt       2.500 9/23/2022     EUR   68.920
Societe Generale Effekt       5.600 09/04/2023    EUR   44.550
Landesbank Hessen-Thuer       3.350 9/21/2022     EUR   60.280
UniCredit Bank AG             3.750 9/14/2022     EUR   68.640
SG Issuer SA                  3.000 09/02/2021    EUR   41.400
DekaBank Deutsche Giroz       1.000 11/02/2021    EUR   56.300
SG Issuer SA                  9.000 7/20/2023     SEK   72.670
UniCredit Bank AG             5.000 5/14/2021     EUR   61.340
Leonteq Securities AG         7.200 02/02/2021    EUR   56.900
Landesbank Hessen-Thuer       8.200 06/09/2022    EUR   70.490
Rosseti South PJSC            9.240 07/01/2022    RUB   70.020
Societe Generale SA           9.000 7/22/2022     USD   41.900
Societe Generale Effekt       3.000 7/22/2022     USD    9.450
UniCredit Bank AG             4.30010/18/2021     EUR   44.950
Landesbank Hessen-Thuer       5.70010/27/2022     EUR   60.190
UniCredit Bank AG             3.80010/24/2021     EUR   64.780
UniCredit Bank AG             4.05010/24/2021     EUR   50.760
Landesbank Hessen-Thuer       3.000 08/06/2021    EUR   36.900
UniCredit Bank AG             3.90010/24/2021     EUR   40.060
EFG International Finan       6.200 8/16/2021     CHF   71.220
UniCredit Bank AG             3.200 09/10/2022    EUR   57.090
Leonteq Securities AG         6.200 2/17/2021     CHF   59.950
Landesbank Hessen-Thuer       5.750 04/07/2022    EUR   70.570
UBS AG/London                 6.500 02/08/2021    EUR   62.900
Leonteq Securities AG         6.000 8/17/2021     CHF   41.490
Leonteq Securities AG         5.000 2/17/2021     CHF   56.070
UniCredit Bank AG             9.10012/24/2021     EUR   68.200
UniCredit Bank AG             6.90012/24/2021     EUR   73.010
UniCredit Bank AG             7.50012/24/2021     EUR   63.520
UniCredit Bank AG             7.90012/24/2021     EUR   73.110
UniCredit Bank AG             8.00012/24/2021     EUR   70.490
UniCredit Bank AG             7.300 6/25/2021     EUR   73.540
UniCredit Bank AG             8.200 6/25/2021     EUR   71.370
UniCredit Bank AG             6.000 6/25/2021     EUR   55.880
UniCredit Bank AG             4.700 6/25/2021     EUR   59.730
UniCredit Bank AG             7.500 6/25/2021     EUR   52.680
UniCredit Bank AG            11.400 6/25/2021     EUR   73.450
UniCredit Bank AG             7.600 6/25/2021     EUR   63.750
UniCredit Bank AG             8.90012/24/2021     EUR   51.660
UniCredit Bank AG             4.40012/24/2021     EUR   61.660
UniCredit Bank AG             7.900 6/25/2021     EUR   73.250
UniCredit Bank AG            10.700 6/25/2021     EUR   66.480
UniCredit Bank AG             7.00012/24/2021     EUR   73.200
UniCredit Bank AG             4.35011/21/2021     EUR   48.450
Leonteq Securities AG/G       7.20010/27/2021     CHF   66.440
Landesbank Hessen-Thuer       6.450 2/24/2023     EUR   62.520
Leonteq Securities AG/G       3.600 03/01/2021    EUR   57.800
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   50.480
Landesbank Baden-Wuertt       5.000 3/26/2021     EUR   48.590
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   69.510
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.490
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   68.040
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   65.630
Landesbank Baden-Wuertt       6.000 3/26/2021     EUR   47.250
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   67.110
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.920
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   56.120
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   62.040
Landesbank Hessen-Thuer       2.000 3/29/2022     EUR   47.150
Landesbank Hessen-Thuer       5.45011/17/2022     EUR   66.740
UniCredit Bank AG             3.800 8/30/2023     EUR   48.550
Landesbank Hessen-Thuer       6.000 9/21/2023     EUR   55.540
DekaBank Deutsche Giroz       2.300 9/24/2021     EUR   54.180
Landesbank Hessen-Thuer       4.000 04/12/2023    EUR   61.990
Leonteq Securities AG/G       7.500 03/11/2021    CHF   63.290
UniCredit Bank AG             4.200 9/21/2022     EUR   52.110
Corner Banca SA               6.500 2/24/2021     CHF   71.390
DekaBank Deutsche Giroz       7.700 3/26/2021     EUR   67.170
UBS AG/London                 8.000 03/01/2021    USD   53.380
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.260
Corner Banca SA               6.400 09/07/2021    CHF   65.600
Landesbank Hessen-Thuer       5.000 9/21/2023     EUR   64.310
DekaBank Deutsche Giroz       3.400 3/26/2021     EUR   65.720
Landesbank Hessen-Thuer       5.700 6/16/2022     EUR   60.110
Landesbank Hessen-Thuer       4.000 3/23/2022     EUR   50.370
Leonteq Securities AG/G       3.750 2/20/2023     CHF   43.910
EFG International Finan       6.400 03/08/2021    EUR   55.670
EFG International Finan       6.000 8/13/2021     CHF   62.470
Leonteq Securities AG/G       6.200 02/10/2021    CHF   44.430
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   64.640
SG Issuer SA                  7.740 7/20/2025     SEK   62.780
Leonteq Securities AG/G       7.000 04/09/2021    EUR   59.650
Societe Generale Effekt       3.750 5/24/2021     EUR   41.280
SG Issuer SA                  8.700 1/20/2025     SEK   55.720
Landesbank Hessen-Thuer       6.500 05/11/2023    EUR   64.900
Landesbank Hessen-Thuer       3.500 05/11/2022    EUR   60.180
Landesbank Hessen-Thuer       4.000 05/11/2022    EUR   55.780
Societe Generale SA           3.900 3/23/2022     USD    2.920
Landesbank Baden-Wuertt       2.75011/26/2021     EUR   59.850
Landesbank Baden-Wuertt       3.40011/26/2021     EUR   71.890
Corner Banca SA              19.000 03/09/2021    CHF    5.040
Leonteq Securities AG        15.000 03/09/2021    CHF    9.590
Leonteq Securities AG/G      17.000 03/09/2021    USD   11.150
DZ Bank AG Deutsche Zen      10.250 6/21/2021     EUR    5.110
Leonteq Securities AG/G      11.000 03/10/2021    EUR    1.640
UBS AG/London                 9.500 9/13/2021     CHF   73.900
Landesbank Baden-Wuertt       2.700 3/26/2021     EUR   52.070
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   49.000
Landesbank Baden-Wuertt       6.500 3/26/2021     EUR   73.460
Landesbank Hessen-Thuer       4.000 3/17/2021     EUR   54.810
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   54.460
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   63.810
Landesbank Baden-Wuertt       2.150 8/27/2021     EUR   66.780
DekaBank Deutsche Giroz       8.150 2/26/2021     EUR   62.800
Landesbank Hessen-Thuer       6.000 03/10/2023    EUR   59.450
EFG International Finan       6.400 08/09/2021    CHF   61.010
Landesbank Baden-Wuertt       2.000 2/25/2022     EUR   73.210
Danske Bank A/S               5.300 7/15/2023     SEK   45.660
Erste Group Bank AG           4.75012/20/2021     EUR   64.150
SG Issuer SA                  9.180 1/20/2025     SEK   57.110
DekaBank Deutsche Giroz       3.150 03/05/2021    EUR   37.480
Leonteq Securities AG/G       2.300 02/08/2023    CHF   42.330
UniCredit Bank AG             4.500 1/18/2022     EUR   45.650
UniCredit Bank AG             3.500 2/13/2023     EUR   45.790
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   49.290
Landesbank Baden-Wuertt       3.800 2/26/2021     EUR   45.920
Landesbank Baden-Wuertt       2.300 2/25/2022     EUR   62.850
Landesbank Baden-Wuertt       3.000 2/25/2022     EUR   72.860
UniCredit Bank AG             3.80012/29/2022     EUR   60.940
Landesbank Hessen-Thuer       4.000 01/05/2022    EUR   36.930
Landesbank Hessen-Thuer       5.900 03/09/2023    EUR   62.690
Landesbank Baden-Wuertt       2.800 4/25/2022     EUR   63.650
Leonteq Securities AG/G       7.000 02/12/2021    CHF   65.780
Landesbank Hessen-Thuer       1.830 3/15/2021     EUR   59.810
UniCredit Bank AG             6.400 03/05/2021    EUR   38.760
UniCredit Bank AG             5.100 03/05/2021    EUR   49.120
UniCredit Bank AG             4.650 03/05/2021    EUR   37.060
Landesbank Hessen-Thuer       7.600 03/09/2023    EUR   59.190
Landesbank Hessen-Thuer       5.550 3/16/2023     EUR   55.310
Landesbank Hessen-Thuer       8.900 3/16/2023     EUR   63.270
UniCredit Bank AG             5.600 4/16/2021     EUR   50.620
UniCredit Bank AG             3.750 4/19/2022     EUR   68.260
UniCredit Bank AG             3.80010/24/2021     EUR   64.150
Landesbank Hessen-Thuer       3.500 01/05/2022    EUR   54.430
Landesbank Hessen-Thuer       3.500 01/05/2022    EUR   57.090
Landesbank Hessen-Thuer       5.400 04/05/2023    EUR   44.460
DekaBank Deutsche Giroz       2.050 05/03/2021    EUR   59.570
Landesbank Baden-Wuertt       2.800 6/25/2021     EUR   64.230
Nordea Bank Abp               4.100 7/20/2023     SEK   51.500
Landesbank Hessen-Thuer       6.400 03/09/2023    EUR   57.850
EFG International Finan       7.000 2/21/2022     CHF   70.760
EFG International Finan       7.200 2/22/2021     CHF   16.820
Raiffeisen Switzerland        7.000 8/19/2021     EUR   71.560
EFG International Finan       8.620 8/24/2022     CHF   73.640
Raiffeisen Schweiz Geno       4.600 2/20/2023     CHF   70.520
Bank Julius Baer & Co L       8.100 2/23/2021     EUR   66.050
EFG International Finan       8.160 2/26/2025     EUR   72.180
Zurcher Kantonalbank Fi      24.500 6/22/2021     EUR   12.250
EFG International Finan      27.000 6/24/2021     EUR   13.590
DZ Bank AG Deutsche Zen       5.750 9/22/2021     EUR   73.670
UBS AG/London                 9.350 12/07/2022    USD    9.950
Vontobel Financial Prod      25.000 3/26/2021     EUR
Vontobel Financial Prod      18.500 6/25/2021     EUR
Vontobel Financial Prod      10.700 3/26/2021     EUR
Vontobel Financial Prod       8.050 3/26/2021     EUR
Leonteq Securities AG/G       5.880 6/16/2021     EUR   57.640
Leonteq Securities AG/G       3.380 6/16/2021     USD   44.360
UniCredit Bank AG             4.500 03/12/2022    EUR   46.440
DekaBank Deutsche Giroz       3.900 4/25/2022     EUR   44.710
EFG International Finan       7.400 03/08/2021    CHF   67.840
UniCredit Bank AG             6.30010/16/2021     EUR   41.160
HSBC Trinkaus & Burkhar       5.000 10/07/2021    EUR   73.720
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   70.180
Landesbank Hessen-Thuer       5.750 08/03/2023    EUR   52.590
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   59.090
DekaBank Deutsche Giroz       2.550 7/30/2021     EUR   54.290
Leonteq Securities AG/G       6.200 7/27/2021     CHF   56.570
UniCredit Bank AG             3.500 8/24/2022     EUR   66.570
UniCredit Bank AG             4.100 8/24/2022     EUR   65.240
UniCredit Bank AG             5.350 8/24/2021     EUR   46.680
UniCredit Bank AG             4.200 8/24/2022     EUR   63.730
Leonteq Securities AG/G      26.000 5/28/2021     CHF   13.530
BNP Paribas Emissions-       10.000 3/25/2021     EUR    1.940
BNP Paribas Emissions-        9.000 6/24/2021     EUR   73.660
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.890
BNP Paribas Emissions-        8.000 3/25/2021     EUR   65.930
BNP Paribas Emissions-        7.500 6/24/2021     EUR   68.690
BNP Paribas Emissions-        9.000 6/24/2021     EUR   66.700
BNP Paribas Emissions-        8.500 6/24/2021     EUR   72.580
BNP Paribas Emissions-       11.000 3/25/2021     EUR   71.730
BNP Paribas Emissions-        8.500 3/25/2021     EUR   72.450
BNP Paribas Emissions-       17.000 6/24/2021     EUR
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.970
BNP Paribas Emissions-        8.500 3/25/2021     EUR   71.120
BNP Paribas Emissions-        8.000 3/25/2021     EUR   69.990
BNP Paribas Emissions-       10.000 3/25/2021     EUR   68.560
BNP Paribas Emissions-        7.500 6/24/2021     EUR   72.170
BNP Paribas Emissions-        8.500 6/24/2021     EUR   72.580
BNP Paribas Emissions-       12.000 3/25/2021     EUR   65.770
BNP Paribas Emissions-       10.000 6/24/2021     EUR   69.900
BNP Paribas Emissions-       15.000 3/25/2021     EUR   66.930
BNP Paribas Emissions-       10.000 6/24/2021     EUR   72.310
BNP Paribas Emissions-        9.500 6/24/2021     EUR   71.250
BNP Paribas Emissions-       11.000 6/24/2021     EUR   70.190
BNP Paribas Emissions-       12.000 6/24/2021     EUR   69.000
BNP Paribas Emissions-       13.000 6/24/2021     EUR   67.880
Landesbank Baden-Wuertt       3.00012/23/2022     EUR   59.610
DekaBank Deutsche Giroz       2.50010/24/2023     EUR   62.170
SG Issuer SA                  8.120 7/20/2023     SEK   66.980
UniCredit Bank AG             4.500 10/05/2022    EUR   67.660
UniCredit Bank AG             3.600 10/05/2022    EUR   68.920
UniCredit Bank AG             3.850 10/05/2023    EUR   73.910
Leonteq Securities AG        22.300 6/15/2021     EUR   11.820
Vontobel Financial Prod       8.000 3/26/2021     EUR   73.580
Vontobel Financial Prod       4.000 06/09/2021    EUR   72.950
Landesbank Baden-Wuertt       4.750 8/27/2021     EUR   69.190
Landesbank Baden-Wuertt       6.250 8/27/2021     EUR   65.420
Landesbank Baden-Wuertt       3.750 8/27/2021     EUR   73.420
Landesbank Baden-Wuertt       6.500 8/27/2021     EUR   72.000
Landesbank Baden-Wuertt       8.000 8/27/2021     EUR   68.990
Landesbank Baden-Wuertt       2.750 8/27/2021     EUR   64.240
Landesbank Baden-Wuertt       4.000 8/27/2021     EUR   58.720
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   56.060
Landesbank Baden-Wuertt       5.750 8/27/2021     EUR   53.620
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   59.880
Landesbank Baden-Wuertt       6.250 8/27/2021     EUR   73.410
Landesbank Baden-Wuertt       5.250 8/27/2021     EUR   71.250
Landesbank Baden-Wuertt       4.000 8/27/2021     EUR   73.120
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   69.530
Landesbank Baden-Wuertt       4.750 8/27/2021     EUR   71.560
Landesbank Baden-Wuertt       2.500 8/27/2021     EUR   70.580
Landesbank Baden-Wuertt       3.750 8/27/2021     EUR   66.100
Landesbank Baden-Wuertt       4.500 8/27/2021     EUR   64.190
Landesbank Baden-Wuertt       2.750 8/27/2021     EUR   57.080
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   55.410
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   52.500
UBS AG/London                 6.750 07/05/2021    CHF   52.050
Banque Cantonale Vaudoi       6.800 6/28/2021     CHF   52.240
EFG International Finan       8.200 07/04/2022    CHF   72.590
Zurcher Kantonalbank Fi       6.000 07/12/2021    CHF   73.170
Leonteq Securities AG         8.600 07/05/2021    CHF   72.610
Landesbank Hessen-Thuer       4.00012/21/2022     EUR   65.650
TransKomplektHolding OO       9.500 11/02/2028    RUB   70.000
Landesbank Baden-Wuertt       3.400 1/27/2023     EUR   63.000
SG Issuer SA                  5.000 5/23/2024     EUR   61.640
SG Issuer SA                  5.000 04/02/2024    EUR   60.760
UniCredit Bank AG             5.150 01/02/2023    EUR   62.810
Landesbank Baden-Wuertt       4.00012/27/2021     EUR   58.990
DekaBank Deutsche Giroz       2.150 1/21/2022     EUR   69.810
SG Issuer SA                  2.98012/28/2021     USD   59.800
DekaBank Deutsche Giroz       6.000 06/11/2021    EUR   47.930
UBS AG/London                 6.500 6/28/2021     EUR   52.850
Raiffeisen Schweiz Geno       6.700 3/15/2021     EUR   58.320
Societe Generale Effekt      12.250 2/26/2021     EUR   74.090
Citigroup Global Market      12.900 07/01/2021    EUR    4.640
Corner Banca SA              14.200 8/24/2021     USD   10.060
Landesbank Baden-Wuertt       4.500 2/26/2021     EUR   67.430
Landesbank Baden-Wuertt       3.500 2/26/2021     EUR   69.330
Landesbank Baden-Wuertt       4.250 2/26/2021     EUR   62.820
Landesbank Baden-Wuertt       6.500 2/26/2021     EUR   67.610
Credit Suisse AG/London       7.000 8/25/2021     EUR   67.650
DZ Bank AG Deutsche Zen       7.000 3/26/2021     EUR   73.920
DZ Bank AG Deutsche Zen      10.700 3/26/2021     EUR   69.980
DZ Bank AG Deutsche Zen       7.750 3/24/2021     EUR   70.120
DZ Bank AG Deutsche Zen       3.900 3/26/2021     EUR   74.390
DZ Bank AG Deutsche Zen       7.200 3/26/2021     EUR   69.640
DZ Bank AG Deutsche Zen       8.800 3/26/2021     EUR   71.120
DZ Bank AG Deutsche Zen      12.800 3/26/2021     EUR   69.900
DZ Bank AG Deutsche Zen       6.500 3/22/2021     EUR   72.230
DZ Bank AG Deutsche Zen       5.700 3/22/2021     EUR   73.670
DZ Bank AG Deutsche Zen       7.300 3/22/2021     EUR   70.730
DZ Bank AG Deutsche Zen       3.300 6/21/2021     EUR   73.350
DZ Bank AG Deutsche Zen       4.300 6/21/2021     EUR   71.430
DZ Bank AG Deutsche Zen       3.800 3/22/2021     EUR   73.430
UBS AG/London                12.750 2/26/2021     CHF   68.000
UBS AG/London                12.000 2/26/2021     EUR   67.200
Leonteq Securities AG         7.200 9/22/2021     CHF   54.130
Leonteq Securities AG         7.000 9/22/2021     CHF   70.690
Finca Uco Cjsc                6.000 2/25/2022     USD   25.610
Leonteq Securities AG/G       6.000 06/08/2021    USD   42.030
Leonteq Securities AG/G       5.800 3/29/2021     CHF   52.690
Societe Generale SA          21.000 4/27/2022     USD   52.750
Citigroup Global Market       8.200 3/21/2024     SEK   64.860
Vontobel Financial Prod      19.500 3/26/2021     EUR   72.370
Vontobel Financial Prod      18.000 6/25/2021     EUR   73.000
Landesbank Hessen-Thuer       3.000 05/03/2022    EUR   54.600
Bank Julius Baer & Co L       9.000 2/23/2021     EUR   72.100
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   72.680
Landesbank Baden-Wuertt       3.800 3/26/2021     EUR   73.070
Landesbank Baden-Wuertt       2.500 2/26/2021     EUR   40.410
Landesbank Baden-Wuertt       4.300 2/26/2021     EUR   59.730
EFG International Finan       4.700 2/24/2023     USD   69.800
Credit Suisse AG/London       6.000 8/22/2022     CHF   66.930
Leonteq Securities AG/G       4.000 2/21/2022     EUR   68.110
Raiffeisen Schweiz Geno      10.170 2/24/2021     CHF    2.350
DZ Bank AG Deutsche Zen       7.200 3/24/2021     EUR   69.900
DZ Bank AG Deutsche Zen       4.200 3/24/2021     EUR   73.980
SG Issuer SA                  1.750 2/22/2021     EUR   59.650
Skandinaviska Enskilda        6.800 1/15/2024     SEK   70.510
Vontobel Financial Prod       5.000 4/13/2021     EUR   53.910
EFG International Finan       7.000 3/21/2022     CHF   72.710
Vontobel Financial Prod      11.500 9/24/2021     EUR   72.550
Landesbank Hessen-Thuer       5.250 5/15/2025     EUR   68.760
Landesbank Hessen-Thuer       6.100 4/26/2024     EUR   69.820
Zurcher Kantonalbank Fi       8.000 04/09/2021    EUR   53.060
Landesbank Hessen-Thuer       6.300 8/31/2023     EUR   69.220
Norddeutsche Landesbank       2.500 3/15/2021     EUR   51.250
Landesbank Baden-Wuertt       2.600 9/23/2022     EUR   69.130
Araratbank OJSC               5.250 09/11/2022    USD   24.710
Landesbank Hessen-Thuer       4.000 8/31/2022     EUR   50.000
Landesbank Hessen-Thuer       6.200 6/17/2022     EUR   52.850
Leonteq Securities AG/G       4.000 08/10/2022    CHF   60.880
DekaBank Deutsche Giroz       5.500 2/26/2021     EUR   42.830
BNP Paribas Emissions-       16.000 3/25/2021     EUR    2.950
SG Issuer SA                  0.263 4/16/2025     EUR   28.420
UBS AG/London                 6.500 08/02/2021    CHF   65.250
EFG International Finan      11.000 02/02/2021    EUR   69.980
EFG International Finan       6.200 08/05/2022    EUR   67.430
EFG International Finan      11.500 08/02/2021    USD   55.970
Leonteq Securities AG         8.000 08/05/2021    CHF   59.570
SG Issuer SA                  9.500 07/12/2021    EUR   62.370
Raiffeisen Centrobank A       6.750 09/07/2021    EUR   73.250
BNP Paribas Issuance BV      18.000 8/13/2029     EUR   69.970
EFG International Finan       9.000 08/09/2021    USD   70.930
EFG International Finan       9.800 08/09/2021    USD   74.230
Bayerische Landesbank         3.000 03/12/2021    EUR   50.320
UniCredit Bank AG             8.200 6/25/2021     EUR   62.500
UniCredit Bank AG             9.00012/27/2021     EUR   62.330
UniCredit Bank AG             6.00012/27/2021     EUR   70.050
Landesbank Hessen-Thuer       4.000 3/15/2023     EUR   73.560
DZ Bank AG Deutsche Zen       5.550 3/24/2021     EUR   51.240
DZ Bank AG Deutsche Zen       6.500 3/24/2021     EUR   48.280
UniCredit Bank AG             4.200 03/01/2023    EUR   66.520
SG Issuer SA                 10.58012/27/2022     EUR   72.590
Skandinaviska Enskilda        5.850 1/17/2022     SEK   74.100
Societe Generale SA           8.000 03/02/2021    USD   64.830
Landesbank Baden-Wuertt       4.700 3/25/2022     EUR   50.060
Landesbank Baden-Wuertt       3.300 3/25/2022     EUR   56.630
Corner Banca SA               6.000 2/15/2021     CHF   54.850
Leonteq Securities AG/G       7.800 2/16/2021     USD    1.910
Raiffeisen Switzerland        8.250 2/15/2021     CHF    5.560
Leonteq Securities AG/G       4.900 2/16/2021     CHF    1.190
DekaBank Deutsche Giroz       2.750 3/18/2022     EUR   72.350
DekaBank Deutsche Giroz       2.700 3/19/2021     EUR   55.700
Leonteq Securities AG/G       5.850 2/22/2021     USD   60.170
EFG International Finan      10.000 2/25/2021     USD   66.350
UniCredit Bank AG             5.450 3/15/2022     EUR   52.060
Bayerische Landesbank         2.500 04/01/2021    EUR   55.440
Raiffeisen Schweiz Geno       5.750 2/25/2021     CHF   69.700
UniCredit Bank AG             4.400 3/26/2021     EUR   39.120
UniCredit Bank AG             3.250 3/29/2022     EUR   19.880
UniCredit Bank AG             3.750 3/26/2022     EUR   63.190
DekaBank Deutsche Giroz       4.250 4/14/2022     EUR   43.100
Societe Generale Effekt       6.100 04/03/2023    EUR   52.030
DekaBank Deutsche Giroz       2.300 4/16/2021     EUR   54.490
Credit Suisse AG/London       9.600 1/25/2021     EUR   68.820
EFG International Finan       7.200 7/25/2022     CHF   70.320
UBS AG/London                 7.000 7/26/2021     EUR   57.450
UBS AG/London                13.750 7/26/2021     USD   69.750
EFG International Finan      10.000 7/26/2021     EUR   61.550
Nordea Bank Abp               6.063 7/20/2024     SEK   71.350
DekaBank Deutsche Giroz       3.400 09/04/2023    EUR   64.770
Raiffeisen Switzerland        5.500 7/26/2021     EUR   54.200
EFG International Finan      11.500 08/02/2021    USD   58.400
Leonteq Securities AG/G      10.600 7/26/2021     USD   61.520
Raiffeisen Schweiz Geno       7.000 7/26/2021     AUD   67.630
Zurcher Kantonalbank Fi       9.000 7/30/2021     EUR   62.210
Leonteq Securities AG/G      11.400 9/20/2021     CHF    8.760
Leonteq Securities AG         3.800 2/15/2021     CHF   21.650
EFG International Finan       7.000 2/15/2021     CHF   53.450
Raiffeisen Schweiz Geno       5.250 02/09/2021    CHF   43.420
Landesbank Hessen-Thuer       3.500 03/09/2022    EUR   53.150
getBACK SA                    4.210 4/30/2021     PLN
SG Issuer SA                  4.000 08/02/2021    EUR   66.960
Landesbank Baden-Wuertt       2.750 3/25/2022     EUR   61.040
Landesbank Baden-Wuertt       2.500 3/25/2022     EUR   69.240
Leonteq Securities AG/G       4.200 06/01/2021    CHF   26.660
Landesbank Baden-Wuertt       3.100 2/25/2022     EUR   52.450
Landesbank Hessen-Thuer       4.00012/22/2021     EUR   63.000
Raiffeisen Switzerland        4.80011/23/2023     CHF   42.130
Landesbank Hessen-Thuer       6.25012/22/2022     EUR   52.020
UniCredit Bank AG             4.45012/29/2022     EUR   39.970
UniCredit Bank AG             4.30012/19/2021     EUR   62.510
UniCredit Bank AG             4.70012/19/2021     EUR   37.610
Landesbank Hessen-Thuer       4.400 01/05/2023    EUR   50.300
SG Issuer SA                  7.500 1/20/2025     SEK   52.240
Skandinaviska Enskilda       10.360 7/17/2023     SEK   63.980
Landesbank Hessen-Thuer       3.600 7/27/2022     EUR   65.290
Zaklady Miesne Henryk K       5.460 3/29/2021     PLN
Landesbank Hessen-Thuer       4.000 08/03/2022    EUR   57.670
Raiffeisen Schweiz Geno       4.000 01/06/2022    CHF   68.330
Natixis SA                    2.500 07/12/2021    EUR   53.180
Landesbank Hessen-Thuer       7.500 11/03/2023    EUR   56.860
Leonteq Securities AG         7.600 7/13/2021     CHF   59.240
Leonteq Securities AG         8.000 7/19/2021     CHF   63.800
SG Issuer SA                  4.000 7/20/2021     SEK   71.000
UniCredit Bank AG             3.750 8/23/2021     EUR   42.550
Landesbank Hessen-Thuer       6.000 12/01/2022    EUR   59.260
Landesbank Baden-Wuertt       2.600 9/24/2021     EUR   61.450
Landesbank Hessen-Thuer       3.500 09/08/2022    EUR   65.590
Landesbank Hessen-Thuer       4.000 03/08/2021    EUR   69.100
DekaBank Deutsche Giroz       3.000 8/27/2021     EUR   45.420
Leonteq Securities AG/G       7.500 02/12/2021    CHF   64.190
UniCredit Bank AG             4.000 3/13/2022     EUR   40.200
EFG International Finan       7.200 1/25/2021     EUR   51.580
UniCredit Bank AG             4.200 02/12/2021    EUR   38.200
UniCredit Bank AG             4.400 02/12/2021    EUR   48.010
UniCredit Bank AG             5.900 02/12/2021    EUR   41.670
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   50.070
UniCredit Bank AG             4.130 2/13/2022     EUR   41.310
EFG International Finan       8.000 02/01/2021    CHF   65.930
Landesbank Hessen-Thuer       6.500 2/16/2023     EUR   48.480
DekaBank Deutsche Giroz       2.800 02/12/2021    EUR   44.580
Societe Generale SA           4.50012/30/2024     USD   61.420
Societe Generale SA           4.50012/29/2022     USD    8.500
EFG International Finan       7.000 02/08/2021    CHF   63.170
SG Issuer SA                  7.600 1/20/2025     SEK   53.810
UniCredit Bank AG             4.600 9/14/2022     EUR   56.720
UniCredit Bank AG             4.250 9/14/2022     EUR   69.080
UniCredit Bank AG             3.700 9/14/2022     EUR   61.190
EFG International Finan       7.200 02/08/2021    EUR   54.070
UniCredit Bank AG             4.200 2/19/2022     EUR   42.410
EFG International Finan       7.800 2/15/2021     EUR   39.450
EFG International Finan       7.400 1/25/2021     CHF   66.590
Societe Generale SA           4.50012/29/2022     USD    0.170
Leonteq Securities AG        21.800 6/25/2021     CHF   11.200
Citigroup Global Market       7.200 5/24/2023     SEK   56.240
Landesbank Hessen-Thuer       4.000 6/22/2022     EUR   48.930
UniCredit Bank AG             6.600 7/20/2028     EUR   32.050
Leonteq Securities AG/G       5.500 5/25/2021     CHF   55.210
Landesbank Hessen-Thuer       4.000 07/07/2021    EUR   49.210
UniCredit Bank AG             5.500 07/09/2021    EUR   36.020
DekaBank Deutsche Giroz       3.000 6/21/2021     EUR   38.660
Citigroup Global Market       7.000 6/16/2022     SEK   72.660
Landesbank Hessen-Thuer       6.800 7/14/2022     EUR   64.840
UniCredit Bank AG             3.600 7/18/2021     EUR   39.120
Landesbank Hessen-Thuer       3.00010/20/2022     EUR   64.890
Landesbank Hessen-Thuer       7.00010/20/2022     EUR   51.520
Raiffeisen Schweiz Geno       6.000 09/02/2022    CHF   72.580
Landesbank Baden-Wuertt       4.750 2/25/2022     EUR   51.100
Landesbank Baden-Wuertt       2.600 2/25/2022     EUR   63.720
Landesbank Baden-Wuertt       2.200 2/25/2022     EUR   69.610
Landesbank Baden-Wuertt       3.500 2/25/2022     EUR   65.580
Landesbank Baden-Wuertt       5.700 2/25/2022     EUR   66.550
Leonteq Securities AG        14.500 06/03/2021    CHF   73.840
Landesbank Hessen-Thuer       4.000 03/01/2023    EUR   60.650
Leonteq Securities AG/G       4.000 03/03/2022    EUR   24.380
Landesbank Baden-Wuertt       5.810 3/26/2021     EUR   72.200
UBS AG/London                 7.500 09/06/2021    CHF   72.400
Bank Julius Baer & Co L      12.800 03/04/2021    CHF   56.450
Landesbank Baden-Wuertt       6.400 2/25/2022     EUR   72.590
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   59.950
Landesbank Baden-Wuertt       3.400 2/25/2022     EUR   57.920
Landesbank Baden-Wuertt       2.300 2/25/2022     EUR   73.190
Landesbank Baden-Wuertt       5.300 2/25/2022     EUR   73.980
Landesbank Baden-Wuertt       1.200 2/25/2022     EUR   67.600
Landesbank Baden-Wuertt       3.700 2/25/2022     EUR   61.520
Landesbank Baden-Wuertt       5.100 2/25/2022     EUR   62.260
Landesbank Baden-Wuertt       1.900 2/25/2022     EUR   72.040
Landesbank Baden-Wuertt       3.100 2/25/2022     EUR   68.870
Landesbank Baden-Wuertt       4.500 2/25/2022     EUR   69.980
Societe Generale Effekt      17.500 2/26/2021     EUR
UniCredit Bank AG             5.350 2/27/2023     EUR   57.050
UBS AG/London                 8.000 03/04/2022    EUR   69.400
UBS AG/London                 8.500 09/06/2021    CHF   66.500
UBS AG/London                12.250 8/26/2021     CHF   71.650
UBS AG/London                10.000 8/26/2021     EUR   70.250
Credit Suisse AG/London       8.000 5/24/2021     EUR   67.620
Leonteq Securities AG         5.000 2/27/2024     CHF   71.330
EFG International Finan       6.400 5/24/2021     EUR   59.770
UBS AG/London                11.160 03/01/2021    CHF   68.750
Credit Suisse AG/London       6.000 8/24/2022     CHF   69.790
Societe Generale SA           9.640 1/28/2021     USD   48.700
Landesbank Baden-Wuertt      12.550 2/26/2021     EUR   64.400
Bank Julius Baer & Co L      10.400 2/26/2021     CHF   51.250
Landesbank Baden-Wuertt       4.800 2/25/2022     EUR   50.490
Vontobel Financial Prod      20.000 3/26/2021     EUR   74.660
Landesbank Hessen-Thuer       6.150 03/11/2025    EUR   66.960
UBS AG/London                 3.000 3/25/2021     EUR   60.000
UBS AG/London                15.600 3/25/2021     EUR   64.430
UBS AG/London                 4.400 3/25/2021     EUR   60.940
UBS AG/London                 5.000 3/25/2021     EUR   67.330
BNP Paribas Emissions-        7.000 3/25/2021     EUR   74.040
BNP Paribas Emissions-       10.000 3/25/2021     EUR   68.980
UBS AG/London                11.000 3/25/2021     EUR   67.480
UBS AG/London                 5.600 3/25/2021     EUR   70.590
BNP Paribas Emissions-       11.000 3/25/2021     EUR   73.380
BNP Paribas Emissions-        6.000 6/24/2021     EUR   70.170
BNP Paribas Emissions-        7.000 6/24/2021     EUR   67.720
BNP Paribas Emissions-       11.000 6/24/2021     EUR   71.260
BNP Paribas Emissions-       14.000 6/24/2021     EUR   68.160
BNP Paribas Emissions-        9.000 6/24/2021     EUR   59.700
BNP Paribas Emissions-        6.500 3/25/2021     EUR   68.370
BNP Paribas Emissions-       11.000 3/25/2021     EUR   63.940
BNP Paribas Emissions-       11.000 6/24/2021     EUR   65.110
BNP Paribas Emissions-       12.000 6/24/2021     EUR   70.700
BNP Paribas Emissions-        9.000 3/25/2021     EUR   67.640
BNP Paribas Emissions-        9.500 6/24/2021     EUR   72.980
BNP Paribas Emissions-        9.000 6/24/2021     EUR   71.900
BNP Paribas Emissions-        8.000 3/25/2021     EUR   71.690
BNP Paribas Emissions-        9.500 3/25/2021     EUR   68.610
BNP Paribas Emissions-       12.000 3/25/2021     EUR   64.570
DZ Bank AG Deutsche Zen       4.750 3/22/2021     EUR   65.880
UBS AG/London                 6.500 2/28/2022     CHF   73.250
Bank Julius Baer & Co L       9.500 8/26/2021     CHF   59.300
Zurcher Kantonalbank Fi       9.450 2/26/2021     CHF   69.020
DekaBank Deutsche Giroz       3.200 2/25/2022     EUR   72.020
Credit Suisse AG/London       7.500 5/25/2021     CHF   67.270
Zurcher Kantonalbank Fi      10.000 03/05/2021    CHF   66.070
UniCredit Bank AG             6.000 2/22/2022     EUR   69.230
Landesbank Baden-Wuertt       9.690 2/26/2021     EUR   58.470
Erste Group Bank AG           9.250 3/31/2025     EUR    0.550
Vontobel Financial Prod       8.200 03/01/2021    EUR   71.220
UBS AG/London                 7.100 9/23/2021     EUR   63.800
UBS AG/London                 4.900 3/25/2021     EUR   73.600
BNP Paribas Emissions-       13.000 3/25/2021     EUR   70.870
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.890
BNP Paribas Emissions-        8.000 3/25/2021     EUR   71.330
BNP Paribas Emissions-       19.000 3/25/2021     EUR    3.260
BNP Paribas Emissions-       10.000 6/24/2021     EUR
UBS AG/London                11.800 6/24/2021     EUR   58.230
BNP Paribas Emissions-       12.000 3/25/2021     EUR   69.070
UBS AG/London                13.900 6/24/2021     EUR   70.860
BNP Paribas Emissions-       13.000 3/25/2021     EUR   71.890
BNP Paribas Emissions-       16.000 6/24/2021     EUR   68.900
BNP Paribas Emissions-       13.000 6/24/2021     EUR   72.340
BNP Paribas Emissions-       10.000 3/25/2021     EUR   73.410
BNP Paribas Emissions-        9.000 3/25/2021     EUR   62.960
Landesbank Hessen-Thuer       4.000 06/08/2022    EUR   42.990
Landesbank Hessen-Thuer       7.250 06/08/2023    EUR   68.270
Landesbank Hessen-Thuer       5.500 06/08/2023    EUR   70.720
Landesbank Hessen-Thuer       4.000 06/08/2022    EUR   51.300
Landesbank Baden-Wuertt       2.300 7/22/2022     EUR   62.700
Vontobel Financial Prod       6.500 3/26/2021     EUR   62.530
UBS AG/London                12.200 3/25/2021     EUR   67.950
Leonteq Securities AG        14.530 3/18/2021     CHF   20.450
EFG International Finan       7.400 3/22/2021     CHF   68.760
EFG International Finan       6.800 3/22/2021     EUR   57.570
Natixis SA                    2.750 03/01/2021    USD   47.110
EFG International Finan       6.800 3/29/2021     CHF   65.000
EFG International Finan       7.400 3/29/2021     EUR   56.440
Landesbank Baden-Wuertt       3.650 6/25/2021     EUR   60.880
Leonteq Securities AG         7.200 09/08/2021    CHF   55.080
Leonteq Securities AG/G       8.000 09/08/2021    EUR   68.510
DekaBank Deutsche Giroz       3.100 04/08/2022    EUR   48.620
Leonteq Securities AG/G       4.000 03/08/2022    EUR   62.040
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   69.940
DekaBank Deutsche Giroz       3.300 04/08/2022    EUR   51.430
UBS AG/London                 8.000 3/15/2021     EUR   48.400
UBS AG/London                 8.000 3/15/2021     CHF   69.950
UBS AG/London                10.000 3/15/2021     EUR   72.500
DekaBank Deutsche Giroz       6.300 10/01/2021    EUR   54.420
Landesbank Baden-Wuertt       2.55011/26/2021     EUR   66.070
UniCredit Bank AG             4.000 06/07/2022    EUR   41.000
Leonteq Securities AG/G       5.600 5/25/2021     CHF   38.290
UniCredit Bank AG             3.700 06/04/2022    EUR   65.390
Leonteq Securities AG         5.600 5/16/2022     CHF   59.650
Landesbank Baden-Wuertt       2.100 8/27/2021     EUR   54.010
Landesbank Hessen-Thuer       5.350 9/22/2023     EUR   36.400
SG Issuer SA                  3.100 5/18/2028     EUR   71.920
Landesbank Baden-Wuertt       2.200 6/25/2021     EUR   64.530
Landesbank Baden-Wuertt       3.550 6/25/2021     EUR   53.510
Landesbank Baden-Wuertt       2.250 6/25/2021     EUR   69.490
EFG International Finan       7.000 06/08/2021    EUR   51.620
EFG International Finan       5.550 07/12/2021    USD    4.170
DekaBank Deutsche Giroz       3.250 06/08/2021    EUR   56.270
Bayerische Landesbank         2.30011/26/2021     EUR   60.780
UniCredit Bank AG             5.400 06/04/2021    EUR   50.580
UniCredit Bank AG             5.000 06/11/2021    EUR   62.960
UniCredit Bank AG             4.650 06/04/2022    EUR   69.030
Leonteq Securities AG         7.800 5/14/2021     CHF   17.340
Leonteq Securities AG         6.800 05/11/2021    EUR   53.980
UniCredit Bank AG             3.350 6/14/2022     EUR   57.270
Leonteq Securities AG         6.200 06/08/2021    CHF   53.700
UniCredit Bank AG             4.300 6/28/2022     EUR   62.640
UniCredit Bank AG             3.800 6/28/2022     EUR   64.050
UniCredit Bank AG             4.250 6/28/2022     EUR   53.160
Natixis SA                    3.150 06/09/2021    USD   69.680
Landesbank Hessen-Thuer       3.500 07/06/2022    EUR   43.590
Raiffeisen Schweiz Geno       4.100 06/08/2022    CHF   67.060
DekaBank Deutsche Giroz       2.000 6/25/2021     EUR   68.960
UniCredit Bank AG             5.600 07/02/2021    EUR   61.510
UniCredit Bank AG             3.700 6/25/2022     EUR   61.770
UniCredit Bank AG             6.350 5/14/2021     EUR   53.210
Landesbank Hessen-Thuer       4.40012/22/2022     EUR   52.510
Landesbank Baden-Wuertt       3.050 9/23/2022     EUR   59.640
Landesbank Baden-Wuertt       2.850 9/23/2022     EUR   66.670
SG Issuer SA                  8.300 7/21/2025     SEK   65.810
Landesbank Hessen-Thuer       2.750 5/20/2021     EUR   64.500
Bayerische Landesbank         2.000 2/18/2022     EUR   63.710
Landesbank Hessen-Thuer       3.500 8/17/2022     EUR   73.440
Leonteq Securities AG         5.400 7/25/2022     CHF   58.970
UniCredit Bank AG             3.800 9/19/2021     EUR   39.760
UniCredit Bank AG             3.850 9/19/2021     EUR   51.530
Landesbank Hessen-Thuer       5.900 8/25/2023     EUR   47.120
Landesbank Hessen-Thuer       5.000 9/29/2022     EUR   57.970
UniCredit Bank AG             3.500 10/08/2022    EUR   50.350
DekaBank Deutsche Giroz       3.100 5/28/2021     EUR   41.630
EFG International Finan       6.200 05/03/2021    CHF   58.020
UniCredit Bank AG             4.300 8/24/2021     EUR   50.530
UniCredit Bank AG             3.500 9/19/2021     EUR   40.210
Landesbank Hessen-Thuer       3.500 9/29/2021     EUR   42.650
Leonteq Securities AG/G       3.000 9/20/2022     CHF   67.030
Landesbank Hessen-Thuer       3.000 07/06/2021    EUR   45.900
Landesbank Hessen-Thuer       6.000 10/06/2022    EUR   55.080
Landesbank Hessen-Thuer       6.000 08/04/2022    EUR   69.010
Bank Vontobel AG             22.005 06/07/2021    CHF   15.100
UniCredit Bank AG             4.300 7/18/2021     EUR   55.990
Landesbank Hessen-Thuer       4.000 7/21/2021     EUR   59.510
Landesbank Hessen-Thuer       4.000 7/21/2021     EUR   59.840
Corner Banca SA              20.000 4/27/2021     CHF    5.200
Landesbank Baden-Wuertt       2.500 1/28/2022     EUR   60.770
Landesbank Hessen-Thuer       7.80012/15/2022     EUR   63.480
Landesbank Hessen-Thuer       5.40011/24/2022     EUR   66.870
Landesbank Hessen-Thuer       3.000 08/11/2022    EUR   65.400
UniCredit Bank AG             4.400 12/10/2022    EUR   48.430
UniCredit Bank AG             4.200 12/08/2021    EUR   39.040
Landesbank Hessen-Thuer       5.65010/28/2022     EUR   45.520
UniCredit Bank AG             4.050 3/26/2021     EUR   42.100
UniCredit Bank AG             5.550 3/26/2021     EUR   51.940
UniCredit Bank AG             3.700 3/26/2021     EUR   66.660
Leonteq Securities AG         6.000 05/12/2021    CHF   69.800
Landesbank Baden-Wuertt       3.40011/25/2022     EUR   59.360
Nordea Bank Abp               3.500 7/20/2024     SEK   68.630
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   67.160
Landesbank Baden-Wuertt       3.250 8/27/2021     EUR   54.720
Landesbank Hessen-Thuer       4.000 10/12/2022    EUR   61.360
Leonteq Securities AG/G       4.750 11/01/2021    CHF   15.200
UniCredit Bank AG             6.300 3/26/2021     EUR   37.880
Vontobel Financial Prod       6.700 03/07/2022    EUR   57.460
UniCredit Bank AG             3.600 3/29/2022     EUR   60.590
Landesbank Baden-Wuertt       3.950 8/27/2021     EUR   59.350
Leonteq Securities AG/G       5.000 9/13/2021     CHF   69.000
Landesbank Baden-Wuertt       3.25011/26/2021     EUR   73.230
DekaBank Deutsche Giroz       3.100 12/03/2021    EUR   49.750
Landesbank Hessen-Thuer       5.500 12/03/2024    EUR   67.920
BNP Paribas Emissions-       10.000 3/25/2021     EUR   70.330
BNP Paribas Emissions-       10.000 6/24/2021     EUR   71.060
BNP Paribas Emissions-        7.500 6/24/2021     EUR   73.970
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.940
BNP Paribas Emissions-        9.500 3/25/2021     EUR   72.600
BNP Paribas Emissions-       10.000 3/25/2021     EUR   71.750
BNP Paribas Emissions-       11.000 3/25/2021     EUR   69.230
BNP Paribas Emissions-       18.000 3/25/2021     EUR    3.120
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.010
BNP Paribas Emissions-        7.000 3/25/2021     EUR   72.530
BNP Paribas Emissions-        8.500 3/25/2021     EUR   71.220
BNP Paribas Emissions-       12.000 6/24/2021     EUR   68.640
BNP Paribas Emissions-       12.000 6/24/2021     EUR   66.330
Bank Julius Baer & Co L      11.500 03/01/2021    CHF   71.100
Leonteq Securities AG        16.000 03/02/2021    CHF    3.800
Landesbank Hessen-Thuer       5.26010/22/2024     EUR   73.940
Raiffeisen Schweiz Geno       5.150 3/24/2021     CHF   72.390
DekaBank Deutsche Giroz       2.60010/24/2023     EUR   62.400
EFG International Finan       9.800 9/21/2021     EUR   43.310
BNP Paribas Issuance BV       4.00010/31/2022     EUR   71.740
Landesbank Baden-Wuertt       2.50012/27/2021     EUR   60.450
Landesbank Baden-Wuertt       3.15012/27/2021     EUR   73.160
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   64.730
Danske Bank A/S              10.300 07/09/2023    SEK    9.500
Danske Bank A/S               6.976 07/09/2023    SEK   65.790
Danske Bank A/S               6.300 01/09/2023    SEK   72.290
UniCredit Bank AG             4.150 10/12/2022    EUR   62.030
Natixis SA                    1.500 10/04/2021    EUR   58.060
DekaBank Deutsche Giroz       8.100 4/23/2021     EUR   71.100
Leonteq Securities AG         7.400 9/28/2021     CHF   68.270
Concern Rossium LLC           6.25012/13/2028     RUB   60.060
Banque Cantonale Vaudoi       4.500 3/29/2021     EUR   50.570
Banque Cantonale Vaudoi       4.500 3/29/2021     CHF   53.040
EFG International Finan      26.000 6/24/2021     CHF   13.120
DekaBank Deutsche Giroz       3.400 4/30/2021     EUR   45.780
DekaBank Deutsche Giroz       2.800 05/02/2022    EUR   54.050
Leonteq Securities AG         7.400 6/21/2021     CHF   67.060
Leonteq Securities AG/G       8.200 6/21/2021     EUR   59.040
DZ Bank AG Deutsche Zen       5.000 9/20/2021     EUR   74.600
DZ Bank AG Deutsche Zen      16.900 3/26/2021     EUR   72.320
DZ Bank AG Deutsche Zen      13.100 6/25/2021     EUR   74.070
Leonteq Securities AG/G      20.700 3/19/2021     USD    6.030
Leonteq Securities AG        20.600 3/19/2021     EUR    6.000
Leonteq Securities AG        30.000 6/22/2021     CHF   15.190
Leonteq Securities AG        20.000 3/19/2021     CHF    5.860
Bank Vontobel AG             10.003 5/18/2021     CHF    5.180
Vontobel Financial Prod      21.000 3/26/2021     EUR
Vontobel Financial Prod      22.500 3/26/2021     EUR
Vontobel Financial Prod      24.000 3/26/2021     EUR
DZ Bank AG Deutsche Zen      20.200 3/22/2021     EUR    4.510
DZ Bank AG Deutsche Zen      19.200 6/21/2021     EUR    8.940
Societe Generale Effekt      23.500 3/26/2021     EUR
Leonteq Securities AG        15.600 4/20/2021     CHF    4.170
EFG International Finan      29.000 5/25/2021     CHF   14.750
Societe Generale Effekt      21.750 5/28/2021     EUR
EFG International Finan      15.000 05/06/2021    USD    7.650
Leonteq Securities AG/G       3.420 6/16/2021     USD   73.770
UBS AG/London                 7.750 6/21/2021     CHF   73.600
Goldman Sachs & Co Wert      25.000 3/24/2021     EUR   71.470
Leonteq Securities AG/G       4.290 7/30/2021     USD   67.760
Leonteq Securities AG/G       2.630 7/30/2021     USD   64.560
Goldman Sachs & Co Wert      21.000 6/23/2021     EUR   72.450
Leonteq Securities AG/G       4.710 6/16/2021     USD   75.340
UBS AG/London                11.250 6/21/2021     USD   54.450
Bank Vontobel AG             10.253 5/17/2021     EUR   49.000
Vontobel Financial Prod      20.000 6/25/2021     EUR
Raiffeisen Centrobank A       5.750 7/19/2021     EUR   61.250
Skandinaviska Enskilda        6.300 7/15/2022     SEK   63.180
Raiffeisen Centrobank A       6.250 7/19/2021     EUR   71.610
UBS AG/London                 7.250 6/21/2021     CHF   53.400
UBS AG/London                 8.500 6/21/2021     EUR   73.450
UniCredit Bank AG             5.550 7/19/2022     EUR   73.170
Leonteq Securities AG        20.400 5/18/2021     CHF   10.520
Corner Banca SA              21.000 5/18/2021     CHF   10.390
Leonteq Securities AG        20.000 5/20/2021     CHF   10.300
Vontobel Financial Prod      24.500 6/25/2021     EUR
BNP Paribas Emissions-        0.170 9/23/2021     EUR    0.550
Vontobel Financial Prod      23.000 6/25/2021     EUR
UBS AG/London                10.000 6/14/2021     EUR   54.700
Zurcher Kantonalbank Fi       8.250 6/18/2021     CHF   70.180
Landesbank Baden-Wuertt       2.100 7/28/2023     EUR   72.030
Corner Banca SA              15.000 05/04/2021    CHF    7.020
DZ Bank AG Deutsche Zen      21.900 3/22/2021     EUR    4.790
Bayerische Landesbank         3.200 2/19/2021     EUR   53.030
Leonteq Securities AG/G      10.000 06/03/2022    CHF   13.590
Landesbank Baden-Wuertt       4.000 5/27/2022     EUR   50.850
Landesbank Baden-Wuertt       3.300 5/27/2022     EUR   56.760
UniCredit Bank AG             9.60012/27/2021     EUR   65.070
UniCredit Bank AG             8.90012/27/2021     EUR   67.090
Corner Banca SA              15.200 08/11/2021    CHF   11.530
UBS AG/London                11.500 6/14/2021     USD   71.650
UBS AG/London                14.750 6/14/2021     USD    9.950
UBS AG/London                 7.500 6/14/2021     EUR   53.750
UBS AG/London                11.200 3/25/2021     EUR   70.390
UBS AG/London                 7.000 6/24/2021     EUR   64.220
UBS AG/London                10.200 3/25/2021     EUR   73.650
UBS AG/London                 7.200 3/25/2021     EUR   70.920
Vontobel Financial Prod       4.500 3/26/2021     EUR   64.590
Vontobel Financial Prod       4.000 3/26/2021     EUR   74.970
UBS AG/London                 2.000 3/25/2021     EUR   63.210
UBS AG/London                 7.400 3/25/2021     EUR   69.460
UBS AG/London                 9.000 02/01/2021    EUR   56.250
UBS AG/London                 9.900 3/25/2021     EUR   68.480
BNP Paribas Emissions-        9.000 3/25/2021     EUR   71.480
UBS AG/London                 4.900 3/25/2021     EUR   64.230
UBS AG/London                 9.000 9/23/2021     EUR   61.310
BNP Paribas Emissions-       16.000 3/25/2021     EUR   65.560
UBS AG/London                 6.200 3/25/2021     EUR   71.020
BNP Paribas Emissions-        9.000 3/25/2021     EUR   73.250
BNP Paribas Emissions-       11.000 3/25/2021     EUR   71.170
BNP Paribas Emissions-       12.000 6/24/2021     EUR   72.460
BNP Paribas Emissions-        7.000 3/25/2021     EUR   66.230
BNP Paribas Emissions-        8.000 3/25/2021     EUR   64.540
BNP Paribas Emissions-        6.500 3/25/2021     EUR   75.040
BNP Paribas Emissions-        6.500 6/24/2021     EUR   74.710
BNP Paribas Emissions-        7.500 3/25/2021     EUR   68.530
BNP Paribas Emissions-        5.000 6/24/2021     EUR   71.990
BNP Paribas Emissions-       11.000 6/24/2021     EUR   72.320
BNP Paribas Emissions-        8.500 3/25/2021     EUR   69.040
BNP Paribas Emissions-        9.500 3/25/2021     EUR   69.200
BNP Paribas Emissions-       10.000 3/25/2021     EUR   67.790
BNP Paribas Emissions-        6.500 3/25/2021     EUR   75.100
BNP Paribas Emissions-       12.000 3/25/2021     EUR   71.480
BNP Paribas Emissions-       11.000 6/24/2021     EUR   72.510
BNP Paribas Emissions-        9.000 3/25/2021     EUR   71.590
BNP Paribas Emissions-        9.500 3/25/2021     EUR   70.750
BNP Paribas Emissions-       12.000 3/25/2021     EUR   67.710
BNP Paribas Emissions-        6.500 3/25/2021     EUR   74.160
BNP Paribas Emissions-        7.500 3/25/2021     EUR   70.970
BNP Paribas Emissions-        9.000 3/25/2021     EUR   70.150
BNP Paribas Emissions-        7.500 3/25/2021     EUR   71.060
BNP Paribas Emissions-       10.000 6/24/2021     EUR   70.410
BNP Paribas Emissions-       11.000 3/25/2021     EUR   66.530
BNP Paribas Emissions-        7.000 6/24/2021     EUR   73.630
BNP Paribas Emissions-        7.500 6/24/2021     EUR   72.290
BNP Paribas Emissions-        8.000 6/24/2021     EUR   71.490
BNP Paribas Emissions-        8.500 6/24/2021     EUR   70.710
BNP Paribas Emissions-        9.000 6/24/2021     EUR   69.490
BNP Paribas Emissions-       11.000 6/24/2021     EUR   67.180
BNP Paribas Emissions-       13.000 3/25/2021     EUR   66.270
BNP Paribas Emissions-       15.000 6/24/2021     EUR   69.740
Vontobel Financial Prod      15.000 3/26/2021     EUR
Landesbank Baden-Wuertt       2.300 6/24/2022     EUR   55.670
Landesbank Baden-Wuertt       4.100 1/28/2022     EUR   56.690
Landesbank Baden-Wuertt       3.400 2/24/2023     EUR   65.050
HSBC Trinkaus & Burkhar       7.600 6/25/2021     EUR    3.300
HSBC Trinkaus & Burkhar       5.700 6/25/2021     EUR   54.450
Landesbank Hessen-Thuer       6.600 02/01/2024    EUR   67.650
Leonteq Securities AG        27.000 06/02/2021    CHF   13.770
UniCredit Bank AG             5.050 01/11/2022    EUR   34.700
UniCredit Bank AG             5.750 01/11/2022    EUR   68.370
HSBC Trinkaus & Burkhar       6.500 6/25/2021     EUR    2.850
Landesbank Baden-Wuertt       3.250 2/24/2023     EUR   65.430
BNP Paribas Emissions-       23.00012/23/2021     EUR   21.280
Erste Group Bank AG           9.250 4/30/2025     EUR    0.600
Zurcher Kantonalbank Fi       7.750 07/02/2021    EUR   72.750
Landesbank Hessen-Thuer       5.600 02/11/2025    EUR   63.470
UBS AG/London                12.000 3/25/2021     CHF    6.980
Nordea Bank Abp               9.000 7/20/2024     SEK   71.530
Leonteq Securities AG/G      27.000 5/25/2021     EUR    9.810
Bank Julius Baer & Co L      10.200 5/30/2023     EUR   25.800
Zurcher Kantonalbank Fi       4.750 6/18/2021     CHF   65.800
Zurcher Kantonalbank Fi       7.750 6/18/2021     EUR   61.930
Erste Group Bank AG           8.000 7/31/2024     EUR   69.500
Nordea Bank Abp               7.100 7/20/2024     SEK   74.490
DZ Bank AG Deutsche Zen      11.250 2/24/2021     EUR   73.930
Leonteq Securities AG/G      25.000 8/26/2021     USD   18.890
Vontobel Financial Prod      20.000 3/26/2021     EUR
Vontobel Financial Prod       9.690 3/26/2021     USD   74.750
Bayerische Landesbank         2.500 12/03/2021    EUR   60.150
DekaBank Deutsche Giroz       5.150 5/21/2021     EUR   45.070
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   72.220
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   72.060
DekaBank Deutsche Giroz       2.00011/19/2021     EUR   55.060
UniCredit Bank AG             4.35010/26/2021     EUR   32.960
Landesbank Baden-Wuertt       3.800 1/28/2022     EUR   55.230
Goldman Sachs & Co Wert      15.000 3/24/2021     EUR   73.070
Goldman Sachs & Co Wert       4.000 3/24/2021     EUR   71.470
Goldman Sachs & Co Wert       6.000 3/24/2021     EUR   61.860
Goldman Sachs & Co Wert       8.000 3/24/2021     EUR   56.960
Goldman Sachs & Co Wert      14.000 3/24/2021     EUR   45.000
DZ Bank AG Deutsche Zen       6.750 6/23/2021     EUR   74.480
Goldman Sachs & Co Wert      10.000 3/24/2021     EUR   51.860
DZ Bank AG Deutsche Zen       6.250 6/23/2021     EUR   74.280
DZ Bank AG Deutsche Zen       8.250 3/24/2021     EUR   74.210
Goldman Sachs & Co Wert      15.000 3/24/2021     EUR   61.610
Goldman Sachs & Co Wert      17.000 3/24/2021     EUR   59.380
Banque Cantonale Vaudoi       4.500 3/29/2021     CHF   50.490
Landesbank Baden-Wuertt       2.300 2/26/2021     EUR   64.220
Landesbank Baden-Wuertt       1.750 2/26/2021     EUR   68.500
Landesbank Baden-Wuertt       4.000 2/26/2021     EUR   72.890
Leonteq Securities AG/G       8.130 2/21/2022     EUR   71.280
Leonteq Securities AG/G       5.700 2/21/2022     CHF   72.990
DZ Bank AG Deutsche Zen       7.900 3/24/2021     EUR   67.770
DZ Bank AG Deutsche Zen       8.500 3/24/2021     EUR   66.870
DZ Bank AG Deutsche Zen       7.000 6/23/2021     EUR   68.650
DZ Bank AG Deutsche Zen       6.700 6/23/2021     EUR   71.020
DZ Bank AG Deutsche Zen       6.200 3/24/2021     EUR   70.390
DZ Bank AG Deutsche Zen       9.800 3/24/2021     EUR   65.700
DZ Bank AG Deutsche Zen       5.600 6/23/2021     EUR   69.760
Raiffeisen Schweiz Geno       5.000 8/24/2022     CHF   69.470
Raiffeisen Schweiz Geno       4.500 2/21/2023     CHF   66.840
Raiffeisen Schweiz Geno       6.000 8/24/2022     CHF   71.560
Corner Banca SA              30.000 06/08/2021    USD   14.800
Leonteq Securities AG/G      29.000 06/08/2021    CHF   14.700
Landesbank Baden-Wuertt       9.000 2/26/2021     EUR   67.410
Landesbank Baden-Wuertt       6.900 2/26/2021     EUR   70.420
Landesbank Baden-Wuertt       7.500 2/26/2021     EUR   61.660
Landesbank Baden-Wuertt       5.000 3/26/2021     EUR   71.670
Vontobel Financial Prod       5.600 2/22/2021     EUR   64.690
Leonteq Securities AG/G      14.000 2/24/2021     USD    3.340
Landesbank Baden-Wuertt       5.400 2/26/2021     EUR   73.040
Landesbank Baden-Wuertt       6.700 2/26/2021     EUR   70.580
Landesbank Baden-Wuertt       7.500 2/26/2021     EUR   72.900
Landesbank Baden-Wuertt       3.750 2/26/2021     EUR   38.860
Landesbank Baden-Wuertt       2.750 2/26/2021     EUR   65.510
Landesbank Baden-Wuertt       4.500 2/26/2021     EUR   71.190
Leonteq Securities AG        12.400 2/24/2021     CHF    2.870
Goldman Sachs & Co Wert      18.000 5/26/2021     EUR   73.090
Goldman Sachs & Co Wert      19.000 6/23/2021     EUR   71.630
UBS AG/London                 5.000 3/26/2021     EUR   72.750
Erste Group Bank AG          10.500 4/29/2021     EUR   69.450
UBS AG/London                10.000 3/29/2021     EUR   45.400
Societe Generale SA           8.848 3/29/2024     USD   59.650
Goldman Sachs & Co Wert      18.000 4/21/2021     EUR   73.350
Goldman Sachs & Co Wert      18.000 7/21/2021     EUR   72.550
Goldman Sachs & Co Wert      19.000 2/24/2021     EUR
Goldman Sachs & Co Wert      18.000 9/22/2021     EUR   72.520
Vontobel Financial Prod      16.500 6/25/2021     EUR   74.040
Vontobel Financial Prod      17.500 3/26/2021     EUR   73.890
Landesbank Baden-Wuertt       3.250 9/24/2021     EUR   59.650
Leonteq Securities AG/G       4.000 4/19/2022     EUR   65.090
Credit Suisse AG/London       9.20012/16/2021     USD    9.875
Raiffeisen Schweiz Geno       6.900 08/03/2022    CHF   72.480
Vontobel Financial Prod       5.500 3/26/2021     EUR   67.600
Bank Julius Baer & Co L       8.250 1/31/2022     USD   66.350
Raiffeisen Switzerland        8.500 02/03/2021    EUR   69.600
Bank Julius Baer & Co L      10.300 1/31/2022     USD   73.800
Bank Julius Baer & Co L       9.200 02/01/2021    EUR   53.800
Leonteq Securities AG        16.600 02/03/2021    CHF    4.250
Vontobel Financial Prod      11.500 3/26/2021     EUR
Bank Julius Baer & Co L       9.200 02/05/2021    CHF   59.850
UBS AG/London                12.000 02/05/2021    CHF    8.060
Credit Suisse AG/London       7.500 08/05/2021    CHF   70.470
Vontobel Financial Prod      12.500 3/26/2021     EUR   63.630
UBS AG/London                14.500 02/05/2021    CHF   68.350
Vontobel Financial Prod      13.500 3/26/2021     EUR
Vontobel Financial Prod      14.500 3/26/2021     EUR
Vontobel Financial Prod       9.500 03/12/2021    EUR   55.700
Vontobel Financial Prod      12.500 3/26/2021     EUR   74.900
Vontobel Financial Prod       4.000 03/12/2021    EUR   65.900
SG Issuer SA                  0.850 7/29/2024     EUR    9.900
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   68.820
Landesbank Baden-Wuertt       4.000 7/23/2021     EUR   67.570
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   67.840
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   65.730
Zurcher Kantonalbank Fi       8.000 05/07/2021    CHF   55.300
UBS AG/London                 8.50011/22/2021     EUR   72.100
Credit Suisse AG/London       6.200 7/29/2022     CHF   72.740
UBS AG/London                10.000 5/20/2021     CHF   72.150
UBS AG/London                13.750 1/29/2021     CHF   70.300
EFG International Finan      23.000 1/29/2021     EUR   11.710
Landesbank Baden-Wuertt       3.250 7/28/2023     EUR   66.420
Societe Generale Effekt      17.468 6/25/2021     EUR   71.310
Zurcher Kantonalbank Fi       5.75011/26/2021     CHF   66.980
Zurcher Kantonalbank Fi       8.125 02/11/2022    EUR   57.630
Zurcher Kantonalbank Fi       9.750 02/11/2022    USD   60.220
Landesbank Baden-Wuertt       4.300 7/23/2021     EUR   72.140
Vontobel Financial Prod      14.500 03/12/2021    EUR
Vontobel Financial Prod      18.000 03/12/2021    EUR   66.430
Societe Generale Effekt       8.734 6/25/2021     EUR   71.420
Landesbank Baden-Wuertt       2.000 7/23/2021     EUR   58.770
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   52.180
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   55.090
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   70.210
DekaBank Deutsche Giroz       5.500 12/03/2021    EUR   67.760
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   73.990
EFG International Finan      10.800 5/26/2021     CHF   58.250
Credit Suisse AG/London       8.000 2/25/2021     EUR   56.500
Landesbank Baden-Wuertt       3.69012/23/2022     EUR   70.780
Landesbank Hessen-Thuer       4.00012/27/2023     EUR   72.860
Credit Suisse AG/London       9.250 2/26/2021     EUR   65.010
Raiffeisen Schweiz Geno       7.80011/22/2021     CHF   57.050
BNP Paribas Emissions-       12.000 6/24/2021     EUR   60.280
BNP Paribas Emissions-        5.000 6/24/2021     EUR   71.990
BNP Paribas Emissions-        6.500 6/24/2021     EUR   70.490
BNP Paribas Emissions-        9.000 6/24/2021     EUR   65.660
BNP Paribas Emissions-        8.000 6/24/2021     EUR   64.600
BNP Paribas Emissions-       10.000 6/24/2021     EUR   61.080
BNP Paribas Emissions-       11.000 6/24/2021     EUR   73.600
Vontobel Financial Prod       5.100 5/28/2021     EUR   70.310
Credit Suisse AG/London       7.000 7/20/2021     EUR   72.810
DZ Bank AG Deutsche Zen       6.200 2/24/2021     EUR   69.230
BNP Paribas Emissions-        9.000 6/24/2021     EUR   73.630
BNP Paribas Emissions-        9.500 6/24/2021     EUR   71.710
Leonteq Securities AG/G      14.000 7/20/2021     EUR   69.600
Leonteq Securities AG/G      11.800 4/20/2021     CHF   70.380
Vontobel Financial Prod       4.800 6/18/2021     EUR   70.260
UniCredit Bank AG            10.100 2/26/2021     EUR   70.080
UniCredit Bank AG             8.20011/26/2021     EUR   72.820
UniCredit Bank AG             9.100 7/23/2021     EUR   71.420
Bank Julius Baer & Co L      10.600 7/22/2021     USD   50.450
Credit Suisse AG/London       7.500 4/21/2021     EUR   57.960
Vontobel Financial Prod       3.400 6/18/2021     EUR   59.990
DZ Bank AG Deutsche Zen      10.300 3/26/2021     EUR   67.150
DZ Bank AG Deutsche Zen       6.000 3/26/2021     EUR   72.840
DZ Bank AG Deutsche Zen       9.000 3/26/2021     EUR   60.990
Banque Cantonale Vaudoi      11.400 7/21/2021     EUR   56.820
Banque Cantonale Vaudoi      11.280 7/21/2021     CHF   56.700
UBS AG/London                11.750 7/22/2021     CHF   56.500
UBS AG/London                 8.000 1/24/2022     CHF   69.700
UBS AG/London                15.000 7/22/2021     CHF   70.550
Zurcher Kantonalbank Fi       5.350 7/29/2021     CHF   60.330
EFG International Finan       5.600 1/22/2024     CHF   73.990
Bank Julius Baer & Co L       7.850 1/25/2022     USD   66.100
Zurcher Kantonalbank Fi       7.500 5/28/2021     CHF   63.030
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   70.720
Landesbank Baden-Wuertt       2.500 6/25/2021     EUR   63.260
Landesbank Baden-Wuertt       4.000 6/25/2021     EUR   54.790
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   50.320
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   72.250
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   70.130
Landesbank Baden-Wuertt       3.500 6/25/2021     EUR   63.450
Credit Suisse AG/London       8.000 5/21/2021     CHF   70.940
DekaBank Deutsche Giroz       3.40012/16/2022     EUR   59.450
DekaBank Deutsche Giroz       3.70012/17/2021     EUR   65.850
UniCredit Bank AG             4.450 01/02/2024    EUR   70.830
Corner Banca SA               7.500 05/06/2022    EUR   72.050
Credit Suisse AG/London      10.750 7/26/2021     USD   68.030
Credit Suisse AG/London       7.600 7/23/2021     EUR   60.220
EFG International Finan       5.350 1/24/2023     USD   73.010
Vontobel Financial Prod       7.500 3/26/2021     EUR   72.360
Vontobel Financial Prod      16.000 3/26/2021     EUR
Bank Julius Baer & Co L      10.600 1/25/2021     EUR   69.700
EFG International Finan       4.620 1/27/2021     EUR   72.800
Bank Julius Baer & Co L       8.200 1/25/2021     CHF   56.500
Vontobel Financial Prod       9.100 2/21/2022     EUR   72.690
UBS AG/London                15.000 7/15/2021     CHF   41.850
UBS AG/London                 7.500 1/17/2022     CHF   72.800
BNP Paribas Emissions-       15.350 2/25/2021     EUR    1.510
BNP Paribas Emissions-        6.000 3/24/2022     EUR   72.640
BNP Paribas Emissions-        3.000 9/23/2021     EUR   70.340
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.720
BNP Paribas Emissions-        7.000 3/24/2022     EUR   64.100
BNP Paribas Emissions-       10.00012/23/2021     EUR    9.450
Credit Suisse AG/London       8.000 7/19/2021     CHF   70.580
Corner Banca SA              11.000 7/21/2021     CHF   56.070
Raiffeisen Schweiz Geno       5.200 1/17/2023     CHF   69.980
Raiffeisen Schweiz Geno       8.200 4/20/2021     CHF   55.920
Credit Suisse AG/London      11.500 5/20/2021     CHF   56.780
UBS AG/London                 7.000 1/31/2022     EUR   99.050
UniCredit Bank AG             3.200 01/02/2023    EUR   71.940
UBS AG/London                11.000 1/29/2021     CHF   66.650
Bank Julius Baer & Co L       6.950 2/19/2021     CHF   62.550
Leonteq Securities AG        14.800 05/04/2021    CHF   74.090
Societe Generale SA          17.040 4/27/2021     USD   70.000
Leonteq Securities AG/G       8.00011/25/2021     EUR   72.480
DZ Bank AG Deutsche Zen       6.750 3/24/2021     EUR   74.650
SG Issuer SA                  0.85010/16/2024     EUR    9.940
Raiffeisen Schweiz Geno       6.300 4/28/2021     CHF   71.730
BNP Paribas Issuance BV       7.150 11/07/2024    SEK   71.600
EFG International Finan      12.880 02/01/2021    CHF   62.980
Zurcher Kantonalbank Fi       7.500 7/28/2021     CHF   61.070
DZ Bank AG Deutsche Zen       7.500 3/24/2021     EUR   51.170
DZ Bank AG Deutsche Zen       5.250 3/24/2021     EUR   56.910
DZ Bank AG Deutsche Zen       5.500 3/24/2021     EUR   69.780
Zurcher Kantonalbank Fi       8.000 1/14/2022     CHF   69.120
Landesbank Baden-Wuertt       3.500 3/24/2023     EUR   69.220
Credit Suisse AG/London       9.250 4/14/2021     EUR   66.190
Societe Generale SA          13.010 02/02/2023    USD   55.150
EFG International Finan       5.350 1/17/2023     USD   69.660
Vontobel Financial Prod       3.800 08/11/2021    EUR   74.330
BNP Paribas Emissions-       10.000 3/24/2022     EUR   11.950
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.330
UniCredit Bank AG            12.600 3/26/2021     EUR   68.500
UniCredit Bank AG             9.600 3/26/2021     EUR   72.540
SG Issuer SA                  9.800 05/03/2021    USD   56.700
UniCredit Bank AG            11.300 3/26/2021     EUR   52.850
UniCredit Bank AG            13.300 3/26/2021     EUR   66.100
Leonteq Securities AG/G       6.800 5/18/2021     EUR   61.150
UniCredit Bank AG             5.300 3/26/2021     EUR   73.410
UniCredit Bank AG            12.800 3/26/2021     EUR   64.290
EFG International Finan       7.200 4/26/2022     CHF   66.860
UniCredit Bank AG             9.600 3/26/2021     EUR   55.560
UniCredit Bank AG            11.100 6/25/2021     EUR   70.540
UniCredit Bank AG            13.500 6/25/2021     EUR   71.570
UniCredit Bank AG            12.00012/24/2021     EUR   74.180
UniCredit Bank AG            13.00012/24/2021     EUR   72.280
UniCredit Bank AG            10.500 3/26/2021     EUR   69.890
Credit Suisse AG/London      10.75011/29/2021     USD   61.445
UBS AG/London                13.500 4/26/2021     USD
Raiffeisen Schweiz Geno       4.00011/15/2022     CHF   65.730
Vontobel Financial Prod       5.400 2/23/2021     EUR   74.280
BNP Paribas Emissions-        3.00012/23/2021     EUR   69.520
BNP Paribas Emissions-        7.000 6/24/2021     EUR   73.740
BNP Paribas Emissions-        7.00012/23/2021     EUR   63.590
Corner Banca SA               4.200 7/20/2021     CHF   74.060
Raiffeisen Schweiz Geno       8.50012/13/2021     CHF   60.670
Luzerner Kantonalbank A       7.120 6/18/2021     CHF   72.150
Zurcher Kantonalbank Fi       6.30012/16/2022     CHF   58.440
Leonteq Securities AG/G      17.490 3/17/2021     EUR    4.190
EFG International Finan      10.26012/19/2024     CHF   73.470
UBS AG/London                12.00012/20/2021     CHF   62.250
UBS AG/London                12.750 6/18/2021     CHF   58.800
UBS AG/London                14.00012/20/2021     CHF   74.100
UBS AG/London                10.25012/20/2021     CHF   73.700
UBS AG/London                 7.00012/20/2021     CHF   61.600
Credit Suisse AG/London       6.000 6/16/2022     CHF   73.300
Credit Suisse AG/London       8.000 6/18/2021     CHF   71.230
EFG International Finan       5.35012/19/2022     USD   70.850
Leonteq Securities AG/G       7.000 6/20/2022     CHF   71.280
Leonteq Securities AG/G       7.50012/20/2021     EUR   59.920
Pongs & Zahn AG               8.500               EUR    0.002
EFG International Finan       8.60012/20/2021     CHF   73.590
Zurcher Kantonalbank Fi       6.25012/30/2021     EUR   73.720
Leonteq Securities AG/G      12.000 3/23/2021     EUR   72.640
Leonteq Securities AG        11.00012/20/2021     CHF   74.350
Leonteq Securities AG        10.400 3/23/2021     CHF   73.100
Leonteq Securities AG/G       9.500 6/23/2021     CHF   72.640
Vontobel Financial Prod       8.000 03/12/2021    EUR   62.850
Bank Julius Baer & Co L      12.000 05/05/2021    CHF   73.500
Landesbank Baden-Wuertt      13.120 2/26/2021     EUR   72.690
Vontobel Financial Prod       4.000 03/12/2021    EUR   67.490
Vontobel Financial Prod       8.000 03/12/2021    EUR   71.080
Vontobel Financial Prod      16.500 06/11/2021    EUR   68.290
Skandinaviska Enskilda        6.000 1/15/2025     SEK   62.490
Skandinaviska Enskilda        5.800 1/15/2025     SEK   71.760
Zurcher Kantonalbank Fi       4.000 02/11/2022    CHF   59.880
Zurcher Kantonalbank Fi       6.750 02/11/2022    CHF   67.160
Credit Suisse AG/London       8.000 05/04/2021    EUR   66.090
Leonteq Securities AG         4.00012/18/2026     CHF   68.030
Leonteq Securities AG         3.900 9/21/2029     CHF   71.570
Raiffeisen Schweiz Geno       3.000 9/21/2029     CHF   65.520
Leonteq Securities AG         3.90012/20/2024     CHF   51.850
Zurcher Kantonalbank Fi       3.00011/19/2021     CHF   72.600
Zurcher Kantonalbank Fi       8.750 05/07/2021    CHF   64.020
DZ Bank AG Deutsche Zen      10.900 3/22/2021     EUR    2.380
Bank Julius Baer & Co L      10.000 06/01/2021    CHF   68.700
UBS AG/London                12.250 02/12/2021    CHF    7.270
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   73.230
DZ Bank AG Deutsche Zen      10.250 3/22/2021     EUR    2.510
UBS AG/London                 9.300 08/12/2021    CHF   62.950
UBS AG/London                 6.200 3/25/2021     EUR   63.470
UBS AG/London                 7.100 6/24/2021     EUR   62.300
UBS AG/London                 8.000 3/25/2021     EUR   59.540
UBS AG/London                 4.000 6/24/2021     EUR   64.530
Landesbank Baden-Wuertt       6.300 6/25/2021     EUR   71.460
Landesbank Baden-Wuertt       3.800 7/23/2021     EUR   70.700
Landesbank Baden-Wuertt       2.500 7/23/2021     EUR   64.170
Landesbank Baden-Wuertt       1.600 6/25/2021     EUR   67.260
UBS AG/London                13.250 06/04/2021    EUR    5.220
UBS AG/London                 2.600 3/25/2021     EUR   67.120
UBS AG/London                 9.500 3/25/2021     EUR   75.180
Leonteq Securities AG/G       9.500 06/03/2021    EUR   54.300
UBS AG/London                 9.000 6/24/2021     EUR   58.840
UBS AG/London                 9.700 3/25/2021     EUR   55.950
Landesbank Baden-Wuertt       4.750 6/25/2021     EUR   64.610
Landesbank Baden-Wuertt       7.750 6/25/2021     EUR   64.480
Leonteq Securities AG         5.750 01/09/2023    CHF   73.840
UBS AG/London                12.000 12/06/2021    USD   66.590
Vontobel Financial Prod      10.000 3/26/2021     EUR   69.980
Skandinaviska Enskilda        6.400 1/15/2025     SEK   64.740
Skandinaviska Enskilda        5.750 1/15/2025     SEK   71.590
Raiffeisen Schweiz Geno       5.60011/29/2022     CHF   71.540
Nordea Bank Abp               8.500 1/20/2025     SEK   68.590
Credit Suisse AG/London       8.000 6/30/2021     CHF   69.670
DZ Bank AG Deutsche Zen       4.500 3/22/2021     EUR   60.870
Vontobel Financial Prod      15.000 3/26/2021     EUR
UBS AG/London                14.500 02/12/2021    CHF   67.450
Vontobel Financial Prod       8.480 02/12/2021    EUR
UBS AG/London                10.750 02/12/2021    CHF   67.050
BNP Paribas Issuance BV       8.300 2/25/2021     EUR   66.750
UBS AG/London                10.00010/25/2021     CHF   66.650
Raiffeisen Schweiz Geno       7.000 05/11/2021    CHF   64.080
UniCredit Bank AG            14.200 3/26/2021     EUR   64.230
UniCredit Bank AG            10.30012/24/2021     EUR   69.100
UBS AG/London                 7.75010/25/2021     EUR   60.050
Raiffeisen Schweiz Geno       3.400 3/21/2025     CHF   52.320
UBS AG/London                 7.000 08/12/2021    CHF   69.750
UBS AG/London                12.250 2/14/2022     CHF   73.000
UBS AG/London                13.500 4/23/2021     CHF    1.750
Leonteq Securities AG/G       3.650 09/02/2021    EUR   56.850
Leonteq Securities AG/G       2.380 09/02/2021    EUR   72.720
Leonteq Securities AG/G       3.430 09/02/2021    EUR   69.480
Leonteq Securities AG/G       6.070 09/02/2021    EUR   64.050
Leonteq Securities AG/G       9.220 09/02/2021    EUR   60.150
Leonteq Securities AG/G       5.120 09/02/2021    EUR   65.990
Leonteq Securities AG/G       7.940 09/02/2021    EUR   61.040
Leonteq Securities AG/G       9.500 09/02/2021    EUR   71.290
Leonteq Securities AG/G       1.150 09/02/2021    EUR   66.320
Leonteq Securities AG/G       2.370 09/02/2021    EUR   67.040
Leonteq Securities AG/G       3.790 09/02/2021    EUR   67.850
Leonteq Securities AG/G       5.270 09/02/2021    EUR   68.770
Leonteq Securities AG/G       6.690 09/02/2021    EUR   69.620
Leonteq Securities AG/G       9.500 09/02/2021    EUR   59.050
Leonteq Securities AG/G      11.140 09/02/2021    EUR   57.620
Vontobel Financial Prod       7.500 3/26/2021     EUR   70.360
Skandinaviska Enskilda        9.200 7/15/2024     SEK   67.650
UniCredit Bank AG            13.200 6/25/2021     EUR   65.670
Leonteq Securities AG/G       5.910 09/02/2021    EUR   60.760
Leonteq Securities AG/G       3.290 09/02/2021    EUR   52.720
Leonteq Securities AG/G       6.020 09/02/2021    EUR   54.370
UBS AG/London                12.000 4/23/2021     CHF   67.250
Leonteq Securities AG/G       4.500 09/02/2021    EUR   59.910
Leonteq Securities AG/G       5.020 09/02/2021    EUR   57.580
Leonteq Securities AG/G       8.760 09/02/2021    EUR   55.910
Leonteq Securities AG/G       9.660 09/02/2021    EUR   62.990
Leonteq Securities AG/G       2.470 09/02/2021    EUR   56.050
Leonteq Securities AG/G       8.590 09/02/2021    EUR   62.350
Leonteq Securities AG/G       1.430 09/02/2021    EUR   55.380
Leonteq Securities AG/G       6.330 09/02/2021    EUR   58.370
Leonteq Securities AG/G       4.570 09/02/2021    EUR   53.530
Leonteq Securities AG/G       7.440 09/02/2021    EUR   55.130
Leonteq Securities AG/G       7.130 09/02/2021    EUR   71.150
Leonteq Securities AG/G       9.900 09/02/2021    EUR   66.060
Leonteq Securities AG/G       4.670 09/02/2021    EUR   66.540
Leonteq Securities AG/G       7.590 09/02/2021    EUR   61.910
Vontobel Financial Prod       5.500 3/26/2021     EUR   73.830
Vontobel Financial Prod      11.000 3/26/2021     EUR   65.900
Vontobel Financial Prod       6.500 3/26/2021     EUR   72.050
EFG International Finan       5.350 12/02/2022    USD   70.080
Vontobel Financial Prod      18.500 3/26/2021     EUR
DekaBank Deutsche Giroz       3.25011/25/2022     EUR   66.880
Vontobel Financial Prod      17.500 3/26/2021     EUR
Corner Banca SA               5.250 1/24/2023     CHF   72.460
Corner Banca SA              12.200 4/27/2021     CHF   70.420
Leonteq Securities AG/G       7.00010/25/2021     EUR   71.920
Leonteq Securities AG/G      13.500 05/12/2021    EUR    6.440
DZ Bank AG Deutsche Zen      12.400 3/22/2021     EUR    2.760
Zurcher Kantonalbank Fi       5.000 4/23/2021     EUR   70.800
Raiffeisen Schweiz Geno       6.900 7/27/2022     CHF   73.460
Vontobel Financial Prod       9.500 3/26/2021     EUR   67.250
Vontobel Financial Prod       8.500 3/26/2021     EUR   68.770
Leonteq Securities AG        19.000 1/27/2021     CHF    5.050
Leonteq Securities AG/G      18.600 1/27/2021     USD    4.930
Skandinaviska Enskilda        4.400 7/15/2022     SEK   69.785
Leonteq Securities AG/G       7.290 09/02/2021    EUR   62.570
Leonteq Securities AG/G       8.480 09/02/2021    EUR   68.440
Leonteq Securities AG/G      11.390 09/02/2021    EUR   64.010
Leonteq Securities AG/G       3.920 09/02/2021    EUR   69.150
Leonteq Securities AG/G       6.460 09/02/2021    EUR   63.320
UniCredit Bank AG             9.30012/24/2021     EUR   59.420
UniCredit Bank AG             7.50012/24/2021     EUR   71.760
UniCredit Bank AG             8.00012/24/2021     EUR   69.380
Raiffeisen Schweiz Geno       7.200 3/23/2021     CHF   60.550
EFG International Finan       5.350 11/07/2022    USD   70.200
Bayerische Landesbank         2.30012/19/2022     EUR   74.080
Credit Suisse AG/London       6.000 3/21/2022     USD   10.000
Vontobel Financial Prod      13.000 3/26/2021     EUR   71.460
UBS AG/London                 5.750 8/16/2021     CHF   71.550
Araratbank OJSC               5.500 9/19/2023     USD   24.584
Leonteq Securities AG         7.000 8/16/2021     CHF   64.050
Vontobel Financial Prod      10.000 03/12/2021    EUR   64.280
Vontobel Financial Prod      15.000 03/12/2021    EUR   65.490
Raiffeisen Schweiz Geno       6.000 11/01/2022    CHF   73.490
UniCredit Bank AG             9.90012/24/2021     EUR   67.360
UniCredit Bank AG            13.300 6/25/2021     EUR   70.130
UniCredit Bank AG             9.900 6/25/2021     EUR   62.380
UniCredit Bank AG            12.700 6/25/2021     EUR   62.760
DZ Bank AG Deutsche Zen       7.600 3/24/2021     EUR   59.510
UBS AG/London                 7.000 8/16/2021     CHF   57.600
Landesbank Hessen-Thuer       4.000 9/20/2023     EUR   73.860
Vontobel Financial Prod       6.500 03/12/2021    EUR   72.730
Vontobel Financial Prod      14.000 03/12/2021    EUR   57.800
Raiffeisen Schweiz Geno       8.200 02/01/2021    USD   63.260
Leonteq Securities AG/G      15.400 03/12/2021    USD   58.540
Leonteq Securities AG         8.00012/13/2022     CHF   64.460
Corner Banca SA              22.000 3/16/2021     CHF   13.140
Leonteq Securities AG/G      17.570 03/10/2021    CHF   70.840
UBS AG/London                 9.00012/13/2021     CHF   71.400
EFG International Finan      15.500 6/16/2021     EUR    7.370
Societe Generale Effekt      18.066 3/19/2021     EUR
BNP Paribas Emissions-        6.000 3/25/2021     EUR   66.850
BNP Paribas Emissions-        9.000 9/23/2021     EUR    6.300
BNP Paribas Emissions-       11.000 3/25/2021     EUR    2.130
UBS AG/London                14.000 06/11/2021    CHF   67.550
BNP Paribas Emissions-       12.000 3/25/2021     EUR   69.450
Credit Suisse AG/London       6.000 06/07/2022    CHF   73.140
Leonteq Securities AG/G      15.000 6/16/2021     CHF   70.520
Leonteq Securities AG/G      11.400 6/16/2021     EUR   63.400
Leonteq Securities AG         6.80012/13/2022     CHF   72.980
WEB Windenergie AG            6.250               EUR    0.010
EFG International Finan       5.35012/19/2022     USD   71.580
Credit Suisse AG/London       8.560 12/06/2022    USD    9.601
Vontobel Financial Prod      13.000 03/12/2021    EUR   65.790
Vontobel Financial Prod      16.000 06/11/2021    EUR   61.370
Vontobel Financial Prod       9.500 03/12/2021    EUR   68.390
DZ Bank AG Deutsche Zen       7.250 3/22/2021     EUR   73.250
BNP Paribas Emissions-        5.000 3/25/2021     EUR   68.850
BNP Paribas Emissions-        7.000 3/25/2021     EUR   63.790
BNP Paribas Emissions-       18.000 3/25/2021     EUR   72.620
Raiffeisen Schweiz Geno       5.300 9/20/2022     CHF   70.040
EFG International Finan      13.000 11/08/2021    EUR   64.870
Landesbank Baden-Wuertt       2.65010/27/2023     EUR   73.200
EFG International Finan       9.700 9/26/2022     CHF   16.170
Bayerische Landesbank         3.00011/26/2021     EUR   68.560
Bank Julius Baer & Co L       7.250 05/07/2021    USD   67.500
Societe Generale Effekt      13.989 6/25/2021     EUR   62.460
UniCredit Bank AG            15.100 6/25/2021     EUR   53.950
UniCredit Bank AG             5.70012/24/2021     EUR   68.290
UniCredit Bank AG            12.000 6/25/2021     EUR   74.070
UniCredit Bank AG             7.600 6/25/2021     EUR   70.070
UniCredit Bank AG             9.700 6/25/2021     EUR   66.210
UniCredit Bank AG            14.200 6/25/2021     EUR   68.590
Raiffeisen Schweiz Geno       6.600 3/23/2022     CHF   68.270
UBS AG/London                14.250 05/06/2021    CHF   72.900
UniCredit Bank AG            10.700 3/26/2021     EUR   71.130
UniCredit Bank AG            11.000 3/26/2021     EUR   63.220
UniCredit Bank AG            14.500 3/26/2021     EUR   65.350
Landesbank Baden-Wuertt       4.100 4/23/2021     EUR   69.210
Landesbank Baden-Wuertt       3.400 4/23/2021     EUR   51.990
Landesbank Baden-Wuertt       4.000 3/26/2021     EUR   67.060
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   73.350
Landesbank Baden-Wuertt       4.000 3/26/2021     EUR   65.880
Landesbank Baden-Wuertt       7.600 3/26/2021     EUR   56.670
Landesbank Baden-Wuertt       3.250 3/26/2021     EUR   62.670
Landesbank Baden-Wuertt       2.600 3/26/2021     EUR   63.960
BNP Paribas Emissions-       18.000 3/25/2021     EUR   70.380
UBS AG/London                14.280 5/17/2021     CHF    4.220
DZ Bank AG Deutsche Zen       7.900 3/24/2021     EUR   69.770
Leonteq Securities AG/G      10.600 8/13/2021     CHF   66.490
DZ Bank AG Deutsche Zen       4.900 3/22/2021     EUR   72.520
Landesbank Baden-Wuertt       4.25011/26/2021     EUR   67.970
Landesbank Baden-Wuertt       4.00011/26/2021     EUR   58.290
Landesbank Baden-Wuertt       3.10011/26/2021     EUR   64.210
Landesbank Baden-Wuertt       3.25011/26/2021     EUR   71.430
Landesbank Baden-Wuertt       2.10011/26/2021     EUR   74.340
Landesbank Baden-Wuertt       4.00011/26/2021     EUR   69.660
Vontobel Financial Prod      14.500 9/24/2021     EUR   72.400
DZ Bank AG Deutsche Zen       6.250 3/22/2021     EUR   73.100
UniCredit Bank AG            12.300 2/26/2021     EUR   73.650
Landesbank Baden-Wuertt       2.00011/26/2021     EUR   63.190
Credit Suisse AG/London       6.100 8/15/2022     CHF   71.370
Societe Generale Effekt       4.500 07/03/2023    EUR   69.300
UniCredit Bank AG            13.300 2/26/2021     EUR   66.340
Bank Julius Baer & Co L       4.050 4/28/2021     CHF   71.700
UBS AG/London                10.250 4/19/2021     EUR   74.250
Landesbank Baden-Wuertt       3.00011/26/2021     EUR   71.760
Landesbank Baden-Wuertt       2.00011/26/2021     EUR   67.570
Vontobel Financial Prod      12.500 6/25/2021     EUR   72.230
UniCredit Bank AG            12.200 7/23/2021     EUR   69.530
UniCredit Bank AG            10.500 7/23/2021     EUR   72.560
Vontobel Financial Prod      16.500 6/25/2021     EUR   70.380
Zurcher Kantonalbank Fi       8.000 05/04/2021    CHF   66.150
UniCredit Bank AG            11.100 2/26/2021     EUR   70.630
Bank Julius Baer & Co L       5.450 4/28/2021     CHF   67.100
Zurcher Kantonalbank Fi       9.250 4/30/2021     USD   70.250
UniCredit Bank AG            13.60012/24/2021     EUR   71.490
UniCredit Bank AG            13.900 6/25/2021     EUR   56.150
UniCredit Bank AG            13.400 3/26/2021     EUR   53.340
UniCredit Bank AG            13.100 3/26/2021     EUR   50.470
UniCredit Bank AG            10.200 6/25/2021     EUR   68.370
UniCredit Bank AG            10.40012/24/2021     EUR   68.930
UniCredit Bank AG             8.300 3/26/2021     EUR   59.780
UniCredit Bank AG            10.700 3/26/2021     EUR   56.290
UniCredit Bank AG            10.100 3/26/2021     EUR   67.830
UniCredit Bank AG            11.40012/24/2021     EUR   75.110
UniCredit Bank AG            14.000 3/26/2021     EUR   70.810
UniCredit Bank AG             6.600 3/26/2021     EUR   62.210
UniCredit Bank AG             8.100 3/26/2021     EUR   58.670
Credit Suisse AG/London      10.000 5/14/2021     EUR   66.610
Leonteq Securities AG        10.000 8/17/2021     CHF   66.520
Raiffeisen Centrobank A       7.250 12/06/2021    EUR   87.000
Leonteq Securities AG/G       1.600 1/28/2022     EUR   33.760
UBS AG/London                 6.250 06/07/2021    CHF   53.000
Credit Suisse AG/London       5.500 1/28/2021     CHF   73.550
Leonteq Securities AG/G       2.29010/29/2021     EUR   47.650
BNP Paribas Emissions-       10.000 3/25/2021     EUR
BNP Paribas Issuance BV       5.000 11/05/2024    EUR   26.560
EFG International Finan       5.35011/15/2022     USD   68.900
UniCredit Bank AG             8.40012/24/2021     EUR   70.230
UniCredit Bank AG            10.200 6/25/2021     EUR   67.230
UniCredit Bank AG            13.300 3/26/2021     EUR   60.360
UniCredit Bank AG             9.00012/24/2021     EUR   73.090
BNP Paribas Emissions-        9.00012/23/2021     EUR
UniCredit Bank AG             8.700 3/26/2021     EUR   68.380
EFG International Finan       5.35010/31/2022     USD   72.470
DZ Bank AG Deutsche Zen       4.700 2/24/2021     EUR   73.700
UBS AG/London                10.50010/18/2021     CHF   70.700
UniCredit Bank AG             8.30012/24/2021     EUR   71.600
UniCredit Bank AG            13.200 6/25/2021     EUR   64.900
UniCredit Bank AG            14.300 6/25/2021     EUR   70.250
UniCredit Bank AG            14.10012/24/2021     EUR   70.660
UniCredit Bank AG            14.900 3/26/2021     EUR   69.170
UniCredit Bank AG             9.900 6/25/2021     EUR   72.120
SG Issuer SA                  7.440 05/03/2021    CHF   54.050
UniCredit Bank AG            12.50012/24/2021     EUR   73.210
UniCredit Bank AG            14.900 3/26/2021     EUR   48.360
UniCredit Bank AG             9.700 3/26/2021     EUR   64.990
UniCredit Bank AG             6.200 3/26/2021     EUR   63.910
UniCredit Bank AG            13.100 3/26/2021     EUR   72.540
Raiffeisen Schweiz Geno      12.840 2/15/2021     CHF   52.040
UniCredit Bank AG            11.100 3/26/2021     EUR   70.450
UniCredit Bank AG             8.700 6/25/2021     EUR   73.820
UniCredit Bank AG             6.400 3/26/2021     EUR   70.740
UniCredit Bank AG            13.700 3/26/2021     EUR   63.550
Erste Group Bank AG          12.00011/21/2024     EUR    0.450
UniCredit Bank AG            11.800 3/26/2021     EUR   65.590
Leonteq Securities AG         9.00011/15/2021     CHF   69.910
UniCredit Bank AG            12.000 6/25/2021     EUR   74.460
UniCredit Bank AG            14.60012/24/2021     EUR   69.870
UniCredit Bank AG             8.400 3/26/2021     EUR   70.290
UniCredit Bank AG            12.200 3/26/2021     EUR   74.390
Credit Suisse AG/London       7.750 7/28/2021     CHF   70.930
UniCredit Bank AG            13.500 3/26/2021     EUR   70.720
Landesbank Hessen-Thuer       5.250 06/03/2024    EUR   70.470
UniCredit Bank AG            10.700 2/26/2021     EUR   73.590
UBS AG/London                 8.750 06/07/2021    EUR   58.450
Landesbank Hessen-Thuer       5.750 07/12/2024    EUR   71.980
Zurcher Kantonalbank Fi       6.000 05/04/2021    CHF   67.620
DZ Bank AG Deutsche Zen       7.500 2/24/2021     EUR   68.670
Corner Banca SA              17.000 2/17/2021     CHF    4.000
Landesbank Baden-Wuertt       3.00011/26/2021     EUR   60.120
Leonteq Securities AG        13.000 2/17/2021     CHF    3.010
DekaBank Deutsche Giroz       3.70011/25/2022     EUR   63.050
Raiffeisen Switzerland        7.000 1/29/2021     EUR   60.980
Vontobel Financial Prod      11.500 3/26/2021     EUR   73.590
Vontobel Financial Prod      14.500 3/26/2021     EUR   69.450
Societe Generale SA           8.000 7/14/2021     USD    1.130
Bank Julius Baer & Co L      10.900 02/12/2021    USD   72.500
Landesbank Hessen-Thuer       7.700 8/20/2021     EUR   65.780
Vontobel Financial Prod       4.000 3/26/2021     EUR   73.670
EFG International Finan       7.600 5/27/2021     EUR   60.870
Societe Generale Effekt      13.500 3/26/2021     EUR   72.230
Vontobel Financial Prod       9.750 3/26/2021     EUR   66.010
Vontobel Financial Prod      10.000 2/26/2021     EUR   62.190
Vontobel Financial Prod       6.000 3/26/2021     EUR   59.660
Vontobel Financial Prod       7.750 3/26/2021     EUR   62.680
UBS AG/London                 3.900 3/25/2021     EUR   69.440
UBS AG/London                11.000 6/28/2021     CHF   69.700
UBS AG/London                10.750 6/28/2021     CHF   61.070
Credit Suisse AG/London       9.500 3/29/2021     EUR   67.230
EFG International Finan      13.00012/27/2021     CHF   12.390
UBS AG/London                13.750 6/28/2021     CHF    9.730
Vontobel Financial Prod       7.250 3/26/2021     EUR   69.900
Vontobel Financial Prod      10.250 2/26/2021     EUR   55.520
Vontobel Financial Prod       9.500 2/26/2021     EUR   72.280
Vontobel Financial Prod       7.000 3/26/2021     EUR   55.710
Bank Julius Baer & Co L       8.350 1/30/2023     CHF   73.450
Credit Suisse AG/London       7.500 1/29/2021     CHF   67.670
UniCredit Bank AG             6.600 2/19/2024     EUR   69.730
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.260
Leonteq Securities AG        16.000 4/13/2021     CHF   10.880
Leonteq Securities AG/G       6.000 01/10/2023    CHF   71.060
Vontobel Financial Prod       6.500 3/29/2021     EUR   59.840
Vontobel Financial Prod       7.500 03/12/2021    EUR   58.370
Vontobel Financial Prod      10.500 06/11/2021    EUR   71.880
Vontobel Financial Prod      11.500 06/11/2021    EUR   66.400
Raiffeisen Schweiz Geno       5.000 01/10/2023    CHF   69.120
UniCredit Bank AG             5.55012/27/2023     EUR   69.160
Corner Banca SA              15.500 03/09/2021    CHF   69.130
BNP Paribas Issuance BV       7.20012/17/2024     SEK   70.070
Vontobel Financial Prod      16.000 03/12/2021    EUR   66.110
Vontobel Financial Prod      11.500 03/12/2021    EUR   55.050
Vontobel Financial Prod      17.000 03/12/2021    EUR   70.150
Vontobel Financial Prod       7.500 06/11/2021    EUR   73.020
Raiffeisen Schweiz Geno       8.200 7/13/2021     CHF   70.770
DZ Bank AG Deutsche Zen      12.200 3/22/2021     EUR    2.670
Leonteq Securities AG/G       3.35012/13/2021     EUR   61.900
Raiffeisen Schweiz Geno       5.500 12/06/2022    CHF   73.320
UBS AG/London                 4.600 3/25/2021     EUR   58.700
Vontobel Financial Prod       6.500 03/12/2021    EUR   69.260
Vontobel Financial Prod       8.000 03/12/2021    EUR   66.930
Vontobel Financial Prod       5.000 03/12/2021    EUR   73.350
Vontobel Financial Prod      12.000 03/12/2021    EUR   70.180
Leonteq Securities AG         9.400 1/13/2022     CHF   67.720
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   61.250
DZ Bank AG Deutsche Zen      11.600 3/22/2021     EUR    2.590
Credit Suisse AG/London       7.000 06/09/2021    CHF   71.340
Vontobel Financial Prod       0.088 06/10/2021    EUR   66.200
Landesbank Hessen-Thuer       7.000 4/29/2022     EUR   58.950
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   70.340
Landesbank Baden-Wuertt       6.500 7/23/2021     EUR   56.570
Luzerner Kantonalbank A       6.000 6/23/2021     CHF   73.160
UBS AG/London                 4.500 3/25/2021     EUR   74.520
UBS AG/London                12.500 3/25/2021     EUR   54.800
UBS AG/London                 8.700 3/25/2021     EUR   63.920
Landesbank Baden-Wuertt       4.500 6/25/2021     EUR   59.730
Landesbank Baden-Wuertt       4.250 6/25/2021     EUR   73.250
Landesbank Baden-Wuertt       7.800 6/25/2021     EUR   65.210
Landesbank Baden-Wuertt       4.200 7/23/2021     EUR   59.850
Landesbank Baden-Wuertt       2.900 6/25/2021     EUR   63.160
Landesbank Hessen-Thuer       6.250 7/15/2022     EUR   67.060
Landesbank Baden-Wuertt       3.700 6/25/2021     EUR   66.710
UBS AG/London                 7.100 3/25/2021     EUR   61.550
UBS AG/London                 9.000 3/25/2021     EUR   57.690
EFG International Finan      12.800 06/09/2021    USD   61.400
Landesbank Baden-Wuertt       5.750 6/25/2021     EUR   63.240
Landesbank Baden-Wuertt       5.100 6/25/2021     EUR   71.760
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   73.120
Landesbank Baden-Wuertt       5.500 7/23/2021     EUR   62.410
Landesbank Baden-Wuertt       7.000 6/25/2021     EUR   48.750
Landesbank Baden-Wuertt       2.500 6/25/2021     EUR   61.730
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   64.630
Leonteq Securities AG/G       7.000 5/25/2022     CHF   72.990
Landesbank Baden-Wuertt       4.500 6/25/2021     EUR   61.550
Bayerische Landesbank         1.35012/23/2022     EUR   59.480
EFG International Finan       0.600 9/20/2022     EUR   62.350
Societe Generale SA          12.000 4/18/2024     USD   49.300
Banque Cantonale Vaudoi       5.500 04/08/2021    CHF   51.260
Bayerische Landesbank         2.700 5/14/2021     EUR   52.970
Citigroup Global Market       6.800 05/07/2024    SEK
DekaBank Deutsche Giroz       2.850 9/23/2022     EUR    4.990
Leonteq Securities AG/G       5.000 02/03/2021    EUR    0.520
BNP Paribas Emissions-        7.500 1/28/2021     EUR   66.920
DZ Bank AG Deutsche Zen       5.250 3/24/2021     EUR   69.710
Zurcher Kantonalbank Fi       8.000 5/19/2021     USD   72.590
Raiffeisen Schweiz Geno       6.000 6/30/2021     EUR   58.690
Landesbank Hessen-Thuer       7.770 7/15/2021     EUR   30.710
Bank Julius Baer & Co L       6.300 02/11/2021    EUR   68.050
Leonteq Securities AG/G      10.000 5/28/2021     EUR   62.700
Raiffeisen Schweiz Geno       6.00012/30/2021     CHF   70.660
Vontobel Financial Prod      10.300 3/29/2021     EUR
Skandinaviska Enskilda        7.450 1/15/2025     SEK   68.950
Vontobel Financial Prod      18.500 03/12/2021    EUR
EFG International Finan       5.350 12/06/2022    USD   70.930
Vontobel Financial Prod       6.500 03/12/2021    EUR   73.660
UBS AG/London                 3.400 6/24/2021     EUR   62.560
UBS AG/London                 3.000 3/25/2021     EUR   61.640
UBS AG/London                 8.700 6/24/2021     EUR   65.180
UBS AG/London                 7.700 3/25/2021     EUR   66.460
UBS AG/London                 6.300 6/24/2021     EUR   68.860
Bank Julius Baer & Co L       5.300 03/08/2021    EUR   61.350
Vontobel Financial Prod       5.000 03/12/2021    EUR   71.790
Vontobel Financial Prod       9.500 03/12/2021    EUR   64.770
Vontobel Financial Prod      11.000 03/12/2021    EUR   67.620
Vontobel Financial Prod       4.900 3/29/2021     EUR   73.070
Skandinaviska Enskilda        6.250 1/15/2025     SEK   72.240
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   72.480
Landesbank Baden-Wuertt       5.900 7/23/2021     EUR   67.020
Landesbank Baden-Wuertt       5.500 7/23/2021     EUR   66.900
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   68.440
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   69.480
UBS AG/London                 4.400 3/25/2021     EUR   60.230
UBS AG/London                 6.200 3/25/2021     EUR   72.930
UBS AG/London                 2.500 3/25/2021     EUR   65.140
UBS AG/London                 6.200 3/25/2021     EUR   69.140
UBS AG/London                 5.500 3/25/2021     EUR   71.410
UBS AG/London                 2.700 3/25/2021     EUR   63.330
UBS AG/London                 4.600 3/25/2021     EUR   57.210
UBS AG/London                 9.700 3/25/2021     EUR   61.770
UBS AG/London                11.900 3/25/2021     EUR   69.390
Leonteq Securities AG/G      12.200 02/07/2022    USD   72.990
Bank Julius Baer & Co L       8.900 02/12/2021    EUR   72.450
Leonteq Securities AG        13.600 02/10/2021    CHF    3.190
UBS AG/London                 5.400 6/24/2021     EUR   75.040
UBS AG/London                 4.000 6/24/2021     EUR   68.260
Credit Suisse AG/London       6.000 08/08/2022    CHF   72.740
UBS AG/London                 3.800 3/25/2021     EUR   71.620
UBS AG/London                18.100 3/25/2021     EUR   73.470
UBS AG/London                16.900 6/24/2021     EUR   75.970
Bank Julius Baer & Co L       8.900 02/12/2021    CHF   72.450
Bank Julius Baer & Co L       9.500 05/07/2021    EUR   71.650
Araratbank OJSC               5.500 1/29/2024     USD   24.704
UBS AG/London                 8.75011/15/2021     CHF   73.400
UniCredit Bank AG             6.900 3/26/2021     EUR   69.550
UniCredit Bank AG             9.20012/24/2021     EUR   67.120
Landesbank Baden-Wuertt       3.600 3/26/2021     EUR   74.070
Landesbank Baden-Wuertt       1.800 4/23/2021     EUR   56.700
Landesbank Baden-Wuertt       4.400 4/23/2021     EUR   50.010
Landesbank Baden-Wuertt       5.700 3/26/2021     EUR   65.810
Landesbank Baden-Wuertt       5.100 3/26/2021     EUR   62.430
Landesbank Baden-Wuertt       1.950 3/26/2021     EUR   67.240
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   59.140
UniCredit Bank AG             9.600 3/26/2021     EUR   65.160
UniCredit Bank AG            11.900 3/26/2021     EUR   69.060
Bank Julius Baer & Co L      14.750 8/16/2021     EUR    8.250
UniCredit Bank AG            11.400 6/25/2021     EUR   63.900
UniCredit Bank AG             8.40012/24/2021     EUR   68.290
UBS AG/London                 6.750 5/14/2021     CHF   73.350
UniCredit Bank AG             5.800 3/26/2021     EUR   72.030
UniCredit Bank AG            10.200 6/25/2021     EUR   65.400
Landesbank Baden-Wuertt       3.250 3/26/2021     EUR   71.270
Landesbank Baden-Wuertt       2.900 4/23/2021     EUR   73.450
UniCredit Bank AG            10.50012/24/2021     EUR   71.100
UniCredit Bank AG             9.500 3/26/2021     EUR   73.330
Vontobel Financial Prod      11.000 05/11/2021    EUR   54.870
UniCredit Bank AG            12.500 3/26/2021     EUR   61.420
UniCredit Bank AG            13.600 3/26/2021     EUR   65.220
UniCredit Bank AG             9.700 3/26/2021     EUR   71.690
UniCredit Bank AG            10.10012/24/2021     EUR   70.590
UBS AG/London                 7.250 10/04/2021    CHF   66.800
UniCredit Bank AG             9.30012/24/2021     EUR   71.620
UBS AG/London                 7.000 10/04/2021    CHF   69.800
EFG International Finan       5.35010/24/2022     USD   67.260
Credit Suisse AG/London       7.250 4/27/2021     EUR   64.050
UniCredit Bank AG            13.800 3/26/2021     EUR   66.050
UniCredit Bank AG            11.800 6/25/2021     EUR   68.770
DZ Bank AG Deutsche Zen      12.000 2/24/2021     EUR   65.470
UniCredit Bank AG             8.400 3/26/2021     EUR   73.850
UniCredit Bank AG            13.000 6/25/2021     EUR   67.380
DZ Bank AG Deutsche Zen      12.200 2/24/2021     EUR   73.200
Leonteq Securities AG/G      21.800 1/28/2021     USD   14.330
Zurcher Kantonalbank Fi      15.000 06/11/2021    CHF   71.220
UniCredit Bank AG            18.900 3/26/2021     EUR   57.990
Landesbank Baden-Wuertt       5.500 4/23/2021     EUR   65.530
Landesbank Baden-Wuertt       2.950 3/26/2021     EUR   69.770
Landesbank Baden-Wuertt       5.150 3/26/2021     EUR   64.590
DekaBank Deutsche Giroz       4.150 07/01/2022    EUR   59.320
Zurcher Kantonalbank Fi      10.50011/19/2021     CHF   71.380
BNP Paribas Emissions-        3.000 3/25/2021     EUR   70.520
UniCredit Bank AG            12.400 6/25/2021     EUR   66.070
DekaBank Deutsche Giroz       3.400 07/02/2021    EUR   72.450
UniCredit Bank AG            12.400 3/26/2021     EUR   67.780
Skandinaviska Enskilda       10.150 1/15/2025     SEK   69.950
UniCredit Bank AG            11.30012/24/2021     EUR   65.460
UniCredit Bank AG            17.100 3/26/2021     EUR   60.170
Bank Julius Baer & Co L       6.650 5/14/2021     EUR   68.750
Bank Julius Baer & Co L       6.500 2/16/2021     EUR   67.050
UniCredit Bank AG             8.200 3/26/2021     EUR   67.230
Zurcher Kantonalbank Fi       7.000 8/18/2021     CHF   61.350
Zurcher Kantonalbank Fi       6.500 2/19/2021     CHF   66.990
UniCredit Bank AG            10.800 6/25/2021     EUR   72.350
BNP Paribas Emissions-       10.000 9/23/2021     EUR    6.870
UniCredit Bank AG            10.30012/24/2021     EUR   66.690
UniCredit Bank AG            15.800 3/26/2021     EUR   63.710
UniCredit Bank AG            12.900 6/25/2021     EUR   69.250
UniCredit Bank AG            13.200 3/26/2021     EUR   67.180
BNP Paribas Emissions-        5.000 3/25/2021     EUR   72.590
BNP Paribas Emissions-        8.000 3/24/2022     EUR
Barclays Bank PLC             2.730 9/27/2024     EUR   50.260
UBS AG/London                10.50011/15/2021     CHF   73.200
UBS AG/London                11.000 5/14/2021     CHF   57.350
BNP Paribas Emissions-        5.000 6/24/2021     EUR   73.220
BNP Paribas Emissions-        5.000 9/23/2021     EUR   74.070
UniCredit Bank AG            15.300 6/25/2021     EUR   62.210
UniCredit Bank AG            16.700 6/25/2021     EUR   60.650
UniCredit Bank AG            15.300 3/26/2021     EUR   62.420
UniCredit Bank AG            11.000 3/26/2021     EUR   69.650
UniCredit Bank AG            13.000 6/25/2021     EUR   56.890
UniCredit Bank AG            10.90012/24/2021     EUR   72.250
UniCredit Bank AG            10.200 6/25/2021     EUR   47.220
UniCredit Bank AG             7.80012/24/2021     EUR   62.250
UniCredit Bank AG             8.10012/24/2021     EUR   51.580
UniCredit Bank AG            13.600 6/25/2021     EUR   62.620
UniCredit Bank AG            12.300 6/25/2021     EUR   71.740
UniCredit Bank AG             6.000 6/25/2021     EUR   68.460
UniCredit Bank AG             6.50012/24/2021     EUR   72.490
Credit Suisse AG/London      13.00011/30/2021     USD   70.060
UniCredit Bank AG             9.90012/24/2021     EUR   60.180
UniCredit Bank AG            12.300 6/25/2021     EUR   44.360
UniCredit Bank AG             9.70012/24/2021     EUR   49.220
UniCredit Bank AG             8.90012/24/2021     EUR   50.320
UniCredit Bank AG            11.20012/24/2021     EUR   47.350
UniCredit Bank AG            11.200 6/25/2021     EUR   45.670
UniCredit Bank AG             9.70012/24/2021     EUR   70.710
UniCredit Bank AG            12.800 6/25/2021     EUR   73.310
UniCredit Bank AG            11.000 6/25/2021     EUR   56.710
UniCredit Bank AG             8.300 6/25/2021     EUR   62.630
UniCredit Bank AG            11.10012/24/2021     EUR   65.520
UniCredit Bank AG            12.000 6/25/2021     EUR   55.020
UniCredit Bank AG            11.40012/24/2021     EUR   58.000
UniCredit Bank AG            12.90012/24/2021     EUR   56.230
UniCredit Bank AG            10.00012/24/2021     EUR   58.120
UniCredit Bank AG            11.700 6/25/2021     EUR   68.220
UniCredit Bank AG             9.800 6/25/2021     EUR   71.570
UniCredit Bank AG             9.10012/24/2021     EUR   61.370
UniCredit Bank AG            12.000 6/25/2021     EUR   65.250
Landesbank Hessen-Thuer       6.000 03/06/2025    EUR   52.940
Credit Suisse AG/London       8.500 1/25/2021     EUR   58.570
Zurcher Kantonalbank Fi       9.000 11/05/2021    EUR   72.540
Nordea Bank Abp               7.000 7/20/2024     SEK   72.240
UBS AG/London                 8.000 11/08/2021    CHF   59.000
UBS AG/London                10.000 05/06/2021    EUR   74.000
Leonteq Securities AG/G       3.400 3/20/2024     CHF   38.080
Leonteq Securities AG/G       8.800 05/07/2021    EUR   65.330
Societe Generale Effekt      12.240 6/25/2021     EUR   66.560
Societe Generale Effekt      13.47912/24/2021     EUR   67.990
Credit Suisse AG/London       6.250 3/26/2021     EUR   55.520
Zurcher Kantonalbank Fi       7.000 2/21/2022     CHF   70.890
SG Issuer SA                  6.940 1/20/2025     SEK   72.420
EFG International Finan       5.35011/29/2022     USD   70.600
Raiffeisen Schweiz Geno       7.060 06/02/2021    USD   57.400
DZ Bank AG Deutsche Zen       4.750 9/20/2021     EUR   74.440
Credit Suisse AG/London       7.000 5/31/2021     CHF   70.940
Zurcher Kantonalbank Fi       6.000 2/18/2021     CHF   65.790
Vontobel Financial Prod      10.00012/24/2021     EUR   72.410
UBS AG/London                 7.250 6/28/2021     EUR   73.150
Landesbank Baden-Wuertt       2.600 1/26/2024     EUR   72.770
UBS AG/London                 5.75012/27/2021     CHF   68.550
UBS AG/London                10.00012/27/2021     CHF   73.150
Zurcher Kantonalbank Fi       5.000 8/18/2021     CHF   61.920
Raiffeisen Schweiz Geno      12.150 3/24/2021     CHF   11.870
Leonteq Securities AG        11.000 01/03/2022    CHF   62.140
DZ Bank AG Deutsche Zen       6.250 3/22/2021     EUR   64.130
Leonteq Securities AG/G       7.000 06/02/2022    CHF   73.680
Raiffeisen Schweiz Geno       7.000 08/10/2021    CHF   68.960
EFG International Finan      11.12012/27/2024     EUR   59.510
EFG International Finan      12.00012/31/2021     USD   67.680
UBS AG/London                 9.50011/29/2021     CHF   71.900
UniCredit Bank AG             4.65012/22/2023     EUR   71.610
UBS AG/London                 7.00011/29/2021     EUR   57.650
EFG International Finan      17.800 5/27/2021     USD    8.520
Bank Julius Baer & Co L       7.420 02/08/2021    EUR   55.300
Vontobel Financial Prod      19.500 6/25/2021     EUR   68.130
Vontobel Financial Prod       9.500 3/26/2021     EUR   65.870
Vontobel Financial Prod       7.500 3/26/2021     EUR   68.210
Vontobel Financial Prod       5.500 3/26/2021     EUR   70.780
EFG International Finan       9.000 9/20/2021     EUR   60.600
UBS AG/London                 7.500 9/20/2021     CHF   57.600
UniCredit Bank AG             6.400 6/25/2021     EUR   67.600
Landesbank Baden-Wuertt       3.600 6/23/2023     EUR   58.190
SG Issuer SA                  6.130 1/20/2024     SEK   73.620
Landesbank Baden-Wuertt       2.10010/27/2023     EUR   62.980
UBS AG/London                12.750 9/27/2021     CHF   69.850
Leonteq Securities AG         7.500 11/08/2022    CHF   70.140
DekaBank Deutsche Giroz       2.400 6/17/2022     EUR   67.190
Leonteq Securities AG/G       6.00011/23/2021     CHF   55.460
Raiffeisen Schweiz Geno       8.600 4/21/2021     CHF   58.250
Bayerische Landesbank         2.050 7/23/2021     EUR   65.130
Corner Banca SA              12.200 4/21/2021     USD   70.630
UBS AG/London                 7.000 9/27/2021     CHF   68.500
Citigroup Global Market       6.01010/23/2024     RUB
Raiffeisen Schweiz Geno       4.40010/21/2021     CHF   51.130
Landesbank Hessen-Thuer       6.500 07/05/2024    EUR   65.740
Raiffeisen Schweiz Geno       3.20012/18/2026     CHF   64.810
Raiffeisen Schweiz Geno      10.00012/31/2024     CHF   72.220
Leonteq Securities AG         3.600 9/22/2026     CHF   54.180
Raiffeisen Schweiz Geno       2.700 9/22/2026     CHF   50.150
DekaBank Deutsche Giroz       7.250 04/01/2021    EUR    1.960
UBS AG/London                 7.50011/14/2025     USD    9.850
DZ Bank AG Deutsche Zen       9.000 3/24/2021     EUR   60.100
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   70.500
Goldman Sachs & Co Wert       5.000 3/24/2021     EUR   67.170
DekaBank Deutsche Giroz       3.750 2/26/2021     EUR    0.830
Goldman Sachs & Co Wert       7.000 3/24/2021     EUR   59.970
Goldman Sachs & Co Wert      22.000 3/24/2021     EUR   74.830
Leonteq Securities AG/G      14.550 3/24/2021     EUR    3.100
Leonteq Securities AG/G      17.610 3/24/2021     EUR    3.580
DekaBank Deutsche Giroz       3.65010/15/2021     EUR    3.020
Leonteq Securities AG/G      15.18012/27/2021     EUR   15.240
Nutritek International        8.750 12/11/2008    USD    2.089
Lehman Brothers Treasur       2.500 8/23/2012     GBP    0.100
Lehman Brothers Treasur       3.000 8/13/2011     EUR    0.100
Kaupthing ehf                 3.750 2/15/2024     ISK    0.250
Lehman Brothers Treasur       3.400 9/21/2009     HKD    0.100
Lehman Brothers Treasur       4.000 10/12/2010    USD    0.100
Lehman Brothers Treasur       7.00010/22/2010     EUR    0.100
Lehman Brothers Treasur       8.00010/23/2008     USD    0.100
Lehman Brothers Treasur       4.100 06/10/2014    SGD    0.100
Lehman Brothers Treasur       6.000 9/20/2011     EUR    0.100
Lehman Brothers Treasur       1.500 10/12/2010    EUR    0.100
ECM Real Estate Investm       5.000 10/09/2011    EUR   15.375
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur      10.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       6.30012/21/2018     USD    0.100
Lehman Brothers Treasur      11.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       7.000 2/15/2010     CHF    0.100
Kaupthing ehf                 4.73012/19/2008     SKK    0.250
Lehman Brothers Treasur       8.80012/27/2009     EUR    0.100
Lehman Brothers Treasur      14.90011/16/2010     EUR    0.100
Lehman Brothers Treasur      16.000 10/08/2008    CHF    0.100
Lehman Brothers Treasur       8.00012/31/2010     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       9.30012/21/2010     EUR    0.100
Lehman Brothers Treasur       4.000 01/04/2011    USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       5.375 02/04/2014    USD    0.100
Lehman Brothers Treasur       0.80012/30/2016     EUR    0.100
Banca Popolare di Vicen       9.500 10/02/2025    EUR    0.011
Lehman Brothers Treasur       3.35010/13/2016     EUR    0.100
Lehman Brothers Treasur       6.000 5/23/2018     CZK    0.100
Lehman Brothers Treasur       4.000 5/17/2010     USD    0.100
Kaupthing ehf                 5.250 7/18/2017     BGN    0.250
Lehman Brothers Treasur       6.000 3/18/2015     USD    0.100
Lehman Brothers Treasur       1.000 2/26/2010     USD    0.100
Lehman Brothers Treasur       5.200 11/09/2011    EUR    0.100
Lehman Brothers Treasur       4.80011/16/2012     HKD    0.100
Lehman Brothers Treasur       4.600 10/11/2017    ILS    0.100
Lehman Brothers Treasur       3.50012/20/2027     USD    0.100
Lehman Brothers Treasur      13.000 7/25/2012     EUR    0.100
Lehman Brothers Treasur      18.250 10/02/2008    USD    0.100
Lehman Brothers Treasur       2.250 05/12/2009    USD    0.100
Lehman Brothers Treasur       4.000 5/30/2010     USD    0.100
Lehman Brothers Treasur       2.480 05/12/2009    USD    0.100
HSBC Bank PLC                 0.500 6/23/2027     MXN   66.349
Lehman Brothers Treasur       7.58511/22/2009     MXN    0.100
Lehman Brothers Treasur       4.00011/24/2016     EUR    0.100
Getin Noble Bank SA           5.25011/30/2023     PLN   72.000
Lehman Brothers Treasur       8.000 08/03/2009    USD    0.100
Lehman Brothers Treasur       5.500 6/15/2009     CHF    0.100
Lehman Brothers Treasur      11.000 6/29/2009     EUR    0.100
Lehman Brothers Treasur       1.50010/25/2011     EUR    0.100
Lehman Brothers Treasur       5.500 4/23/2014     EUR    0.100
Lehman Brothers Treasur       1.600 6/21/2010     JPY    0.100
Lehman Brothers Treasur       6.450 2/20/2010     AUD    0.100
Lehman Brothers Treasur       6.600 5/23/2012     AUD    0.100
Lehman Brothers Treasur       9.000 05/06/2011    CHF    0.100
Lehman Brothers Treasur       7.600 03/04/2010    NZD    0.100
Kaupthing ehf                 7.625 2/28/2015     USD    0.250
Lehman Brothers Treasur       7.150 3/21/2013     USD    0.100
Lehman Brothers Treasur       6.000 03/04/2015    USD    0.100
Lehman Brothers Treasur      10.000 5/22/2009     USD    0.100
Lehman Brothers Treasur       4.600 08/01/2013    EUR    0.100
Lehman Brothers Treasur      15.000 06/04/2009    CHF    0.100
Kaupthing ehf                 2.775 05/10/2045    ISK    0.250
Lehman Brothers Treasur      10.44211/22/2008     CHF    0.100
Lehman Brothers Treasur       8.000 5/22/2009     USD    0.100
Lehman Brothers Treasur      17.000 06/02/2009    USD    0.100
Lehman Brothers Treasur      13.500 06/02/2009    USD    0.100
Lehman Brothers Treasur       5.00011/22/2012     EUR    0.100
RGS Nedvizhimost OOO         12.00010/18/2017     RUB    0.335
Lehman Brothers Treasur       5.500 6/22/2010     USD    0.100
Lehman Brothers Treasur       3.450 5/23/2013     USD    0.100
Lehman Brothers Treasur       7.500 2/14/2010     AUD    0.100
Lehman Brothers Treasur      10.00010/22/2008     USD    0.100
Lehman Brothers Treasur      16.00010/28/2008     USD    0.100
Lehman Brothers Treasur       3.500 6/20/2011     EUR    0.100
Lehman Brothers Treasur       7.600 1/31/2013     AUD    0.100
Lehman Brothers Treasur      11.750 03/01/2010    EUR    0.100
Lehman Brothers Treasur       8.000 3/21/2018     USD    0.100
Lehman Brothers Treasur       4.000 03/10/2011    EUR    0.100
Lehman Brothers Treasur       8.000 3/19/2012     USD    0.100
Lehman Brothers Treasur      13.432 01/08/2009    ILS    0.100
Landesbank Hessen-Thuer       4.000 5/15/2023     EUR   66.980
Erste Group Bank AG           5.80010/31/2024     EUR   65.750
DekaBank Deutsche Giroz       4.000 11/05/2021    EUR   66.660
Raiffeisen Schweiz Geno       5.000 9/13/2022     CHF   69.850
EFG International Finan      12.530 3/18/2021     CHF   66.660
Raiffeisen Switzerland        7.700 3/16/2021     EUR   65.080
UniCredit Bank AG             6.250 11/04/2021    EUR   71.420
Leonteq Securities AG         6.600 10/12/2021    CHF   54.730
EFG International Finan      14.000 3/18/2021     USD   67.100
Zurcher Kantonalbank Fi       6.50010/15/2021     CHF   72.540
Rosbank PJSC                  0.030 4/30/2024     RUB   65.000
UBS AG/London                 7.000 10/11/2021    CHF   59.150
Leonteq Securities AG        10.800 10/11/2021    CHF   70.590
UBS AG/London                 8.400 3/25/2021     EUR   69.220
DekaBank Deutsche Giroz       3.200 11/04/2022    EUR   70.700
UBS AG/London                 4.800 3/25/2021     EUR   64.230
UBS AG/London                 5.300 3/25/2021     EUR   61.570
Leonteq Securities AG         7.500 10/04/2021    CHF   72.520
EFG International Finan       0.600 09/06/2022    EUR   66.900
UBS AG/London                 6.000 9/23/2021     EUR   64.400
UBS AG/London                 5.200 9/23/2021     EUR   66.500
Nordea Bank Abp               7.450 7/20/2024     SEK   73.370
Zurcher Kantonalbank Fi       7.750 09/09/2021    EUR   70.680
UBS AG/London                 3.900 3/25/2021     EUR   65.390
WEB Windenergie AG            6.500               EUR    0.010
Raiffeisen Centrobank A       6.000 10/07/2021    EUR   69.080
UBS AG/London                 7.000 9/13/2021     CHF   66.600
Landesbank Hessen-Thuer       2.700 09/12/2023    EUR   71.760
Skandinaviska Enskilda        6.350 7/15/2024     SEK   71.370
UBS AG/London                 7.750 9/13/2021     EUR   58.150
UBS AG/London                 8.500 9/13/2021     EUR   65.300
SG Issuer SA                  5.000 07/10/2021    EUR   12.500
EFG International Finan       8.80010/15/2021     CHF   69.740
EFG International Finan      10.40010/15/2021     EUR   50.980
Zurcher Kantonalbank Fi       8.00010/22/2021     EUR   59.610
Zurcher Kantonalbank Fi      10.250 4/23/2021     CHF   65.250
DekaBank Deutsche Giroz       2.800 1/13/2023     EUR   72.190
Raiffeisen Schweiz Geno       5.20012/20/2021     CHF   71.470
Credit Suisse AG/London       8.750 6/23/2021     EUR   60.440
DZ Bank AG Deutsche Zen      12.100 3/26/2021     EUR   71.070
Zurcher Kantonalbank Fi       8.000 5/16/2022     CHF   63.830
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   51.330
Landesbank Baden-Wuertt       4.000 6/25/2021     EUR   56.350
SG Issuer SA                  0.35011/15/2023     EUR   18.340
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   67.890
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   52.410
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   70.550
Leonteq Securities AG/G      15.000 2/25/2021     EUR    3.460
Leonteq Securities AG        13.200 5/25/2021     CHF   72.040
Leonteq Securities AG/G       7.42011/22/2021     EUR   59.700
Bayerische Landesbank         2.500 7/22/2022     EUR   65.470
Leonteq Securities AG         5.000 8/23/2021     CHF   73.750
Leonteq Securities AG/G      10.000 05/10/2021    EUR   52.300
DekaBank Deutsche Giroz       3.000 9/24/2021     EUR   56.200
Raiffeisen Schweiz Geno       8.000 5/14/2021     CHF   54.420
Corner Banca SA               8.620 8/30/2021     CHF   72.810
Leonteq Securities AG/G       8.150 09/02/2021    CHF   46.180
Zurcher Kantonalbank Fi       5.500 03/10/2021    CHF   72.410
Landesbank Baden-Wuertt       4.10010/22/2021     EUR   70.510
Landesbank Baden-Wuertt       5.05010/22/2021     EUR   68.620
Zurcher Kantonalbank Fi      10.875 5/27/2021     EUR   69.870
Landesbank Baden-Wuertt       2.50010/22/2021     EUR   65.240
Landesbank Baden-Wuertt       2.95010/22/2021     EUR   70.590
UBS AG/London                 7.250 09/06/2021    CHF   58.600
Societe Generale SA          14.220 5/13/2021     USD   43.300
BNP Paribas Emissions-        5.000 06/04/2021    EUR   53.630
Landesbank Baden-Wuertt       3.05010/22/2021     EUR   73.190
Landesbank Baden-Wuertt       1.20010/22/2021     EUR   70.220
Landesbank Baden-Wuertt       2.90010/22/2021     EUR   68.860
UBS AG/London                11.000 5/17/2021     USD   57.980
Leonteq Securities AG/G       8.000 5/14/2021     CHF   55.660
EFG International Finan       7.000 09/06/2021    EUR   71.770
Zurcher Kantonalbank Fi      10.750 5/21/2021     CHF   62.290
Zurcher Kantonalbank Fi      14.000 5/21/2021     CHF   66.590
DZ Bank AG Deutsche Zen       7.200 3/26/2021     EUR   64.190
Zurcher Kantonalbank Fi       5.500 6/30/2022     CHF   71.120
Citigroup Global Market       3.850 8/22/2022     EUR   70.600
Raiffeisen Schweiz Geno       5.250 8/16/2022     CHF   73.420
UBS AG/London                 7.000 8/23/2021     EUR   58.250
UBS AG/London                 5.500 8/23/2021     CHF   66.650
Leonteq Securities AG/G       7.000 8/23/2021     EUR   72.490
UBS AG/London                10.750 05/07/2021    USD   52.500
Skandinaviska Enskilda        5.520 7/15/2024     SEK   72.540
Landesbank Hessen-Thuer       4.000 6/14/2023     EUR   69.920
UBS AG/London                 7.000 8/30/2021     CHF   65.800
Raiffeisen Schweiz Geno       5.000 05/10/2022    CHF   72.280
Raiffeisen Schweiz Geno       5.550 03/03/2021    CHF   70.320
DekaBank Deutsche Giroz       4.000 1/14/2022     EUR   66.320
EFG International Finan       5.35012/27/2022     USD   69.640
Credit Suisse AG/London       6.000 6/24/2022     CHF   72.860
DZ Bank AG Deutsche Zen       9.000 3/26/2021     EUR   71.170
DZ Bank AG Deutsche Zen       9.900 3/26/2021     EUR   71.420
DZ Bank AG Deutsche Zen      10.900 3/26/2021     EUR   65.090
Metalloinvest Holding C       0.010 03/07/2022    RUB   70.010
UBS AG/London                 7.750 5/24/2021     EUR   52.900
Bank Julius Baer & Co L       9.000 1/25/2021     EUR   56.550
Zurcher Kantonalbank Fi       6.500 7/22/2021     CHF   72.940
Zurcher Kantonalbank Fi       9.500 7/22/2021     EUR   52.440
Credit Suisse AG/London       6.000 7/13/2022     CHF   73.240
DZ Bank AG Deutsche Zen       4.250 3/24/2021     EUR   69.020
DZ Bank AG Deutsche Zen       6.500 3/24/2021     EUR   69.380
DZ Bank AG Deutsche Zen       4.500 3/24/2021     EUR   73.150
DZ Bank AG Deutsche Zen       8.500 3/24/2021     EUR   66.420
Zurcher Kantonalbank Fi      10.750 1/21/2022     CHF   61.210
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   62.990
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   72.410
Landesbank Baden-Wuertt       3.500 6/25/2021     EUR   69.240
Landesbank Baden-Wuertt       5.000 6/25/2021     EUR   56.220
Leonteq Securities AG        17.400 2/25/2021     CHF   74.680
Leonteq Securities AG/G       4.89011/26/2021     USD   61.090
EFG International Finan      10.85011/29/2024     USD   68.480
DZ Bank AG Deutsche Zen       5.100 3/22/2021     EUR   68.670
Bank Julius Baer & Co L       8.000 2/26/2021     CHF   54.400
Leonteq Securities AG        14.000 2/26/2021     CHF   11.160
Raiffeisen Schweiz Geno       5.60011/22/2021     EUR   72.320
Raiffeisen Schweiz Geno       4.00011/22/2022     CHF   73.210
Raiffeisen Schweiz Geno       9.000 5/25/2021     CHF   57.380
BNP Paribas Emissions-       13.000 6/24/2021     EUR   57.840
BNP Paribas Emissions-        6.000 6/24/2021     EUR   72.400
BNP Paribas Emissions-        7.000 6/24/2021     EUR   68.660
BNP Paribas Emissions-        8.000 6/24/2021     EUR   65.250
BNP Paribas Emissions-        9.500 6/24/2021     EUR   62.400
BNP Paribas Emissions-        5.000 6/24/2021     EUR   68.370
BNP Paribas Emissions-       12.000 6/24/2021     EUR   73.130
Zurcher Kantonalbank Fi       6.000 12/06/2021    CHF   68.370
Astana Finance BV             9.00011/16/2011     USD   15.250
Lehman Brothers Treasur       2.50012/15/2011     GBP    0.100
Credito Padano Banca di       3.100               EUR   34.062
BNP Paribas SA                1.000 1/23/2040     MXN   22.829
Lehman Brothers Treasur       5.000 4/24/2017     EUR    0.100
Lehman Brothers Treasur      13.50011/28/2008     USD    0.100
Lehman Brothers Treasur       4.050 9/16/2008     EUR    0.100
Lehman Brothers Treasur       1.680 03/05/2015    EUR    0.100
Lehman Brothers Treasur       3.50010/31/2011     USD    0.100
Lehman Brothers Treasur      14.900 9/15/2008     EUR    0.100
Lehman Brothers Treasur       3.50010/24/2011     USD    0.100
Espirito Santo Financia       5.625 7/28/2017     EUR    0.843
Lehman Brothers Treasur       6.750 04/05/2012    EUR    0.100
Lehman Brothers Treasur       0.25010/19/2012     CHF    0.100
Lehman Brothers Treasur      12.000 07/04/2011    EUR    0.100
Kaupthing ehf                 9.750 09/10/2015    USD    0.250
Lehman Brothers Treasur       8.280 3/26/2009     USD    0.100
Lehman Brothers Treasur       7.55012/29/2008     USD    0.100
Lehman Brothers Treasur       8.00012/27/2032     JPY    0.100
Lehman Brothers Treasur       1.500 02/08/2012    CHF    0.100
Lehman Brothers Treasur       5.120 4/30/2027     EUR    0.100
Lehman Brothers Treasur       0.000 9/21/2010     JPY    0.100
Lehman Brothers Treasur       2.000 6/21/2011     EUR    0.100
Heta Asset Resolution A       0.18712/31/2023     EUR    2.078
Kaupthing ehf                 7.000 7/24/2009     ISK    0.250
LBI ehf                       8.650 05/01/2011    ISK    8.625
Kuntarahoitus Oyj             0.250 6/28/2040     CAD   38.453
Otkritie Holding JSC         10.000 4/20/2028     RUB    2.300
Lehman Brothers Treasur       4.50012/30/2010     USD    0.100
Lehman Brothers Treasur       7.000 07/11/2010    EUR    0.100
Lehman Brothers Treasur       6.000 12/06/2016    USD    0.100
Lehman Brothers Treasur       6.000 7/28/2010     EUR    0.100
Lehman Brothers Treasur       4.150 8/25/2020     EUR    0.100
Lehman Brothers Treasur       3.630 03/02/2012    EUR    0.100
Lehman Brothers Treasur       4.500 03/07/2015    EUR    0.100
Ideal Standard Internat      11.750 05/01/2018    EUR    0.050
Lehman Brothers Treasur       3.025 1/31/2015     EUR    0.100
Lehman Brothers Treasur       0.750 3/29/2012     EUR    0.100
EDOB Abwicklungs AG           7.500 04/01/2012    EUR    2.000
Lehman Brothers Treasur       6.000 7/28/2010     EUR    0.100
Northland Resources AB       12.250 3/26/2016     USD    2.621
Lehman Brothers Treasur      13.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Santander Consumer Bank       5.160               NOK   58.614
Lehman Brothers Treasur       8.05012/20/2010     HKD    0.100
Lehman Brothers Treasur       7.750 2/21/2016     EUR    0.100
Lehman Brothers Treasur       7.06012/29/2008     EUR    0.100
Lehman Brothers Treasur       6.72012/29/2008     EUR    0.100
Lehman Brothers Treasur       4.100 8/23/2010     USD    0.100
MIK OAO                      15.000 2/19/2020     RUB   13.875
Lehman Brothers Treasur       3.600 3/19/2018     JPY    0.100
Kaupthing ehf                 7.500 12/05/2014    ISK    0.250
Lehman Brothers Treasur       2.300 6/27/2013     USD    0.100
Irish Bank Resolution C       4.000 4/23/2018     EUR   33.250
Teksid Aluminum Luxembo      12.375 7/15/2011     EUR    0.122
SG Issuer SA                  3.300 9/26/2034     ZAR   49.333
Espirito Santo Financia       0.34910/27/2024     EUR    0.304
Lehman Brothers Treasur       2.370 7/15/2013     USD    0.100
Kaupthing ehf                 6.500 10/08/2010    ISK    0.250
Lehman Brothers Treasur       4.100 5/20/2009     USD    0.100
Lehman Brothers Treasur       2.000 5/17/2010     EUR    0.100
Lehman Brothers Treasur       4.000 2/28/2010     EUR    0.100
Heta Asset Resolution A       5.03012/31/2023     EUR    2.078
Lehman Brothers Treasur       6.600 02/09/2009    EUR    0.100
Heta Asset Resolution A       5.73012/31/2023     EUR    2.078
Lehman Brothers Treasur       7.625 7/22/2011     HKD    0.100
Cerruti Finance SA            6.500 7/26/2004     EUR    2.061
Lehman Brothers Treasur       6.85012/22/2008     EUR    0.100
Lehman Brothers Treasur       7.600 3/26/2009     EUR    0.100
Lehman Brothers Treasur       0.010 9/20/2011     USD    0.100
Kaupthing ehf                 1.615               ISK    0.250
Lehman Brothers Treasur       3.82010/20/2009     USD    0.100
Kaupthing ehf                 4.39010/14/2008     CZK    0.250
Lehman Brothers Treasur       7.750 01/03/2012    AUD    0.100
Lehman Brothers Treasur       0.500 07/02/2020    EUR    0.100
Lehman Brothers Treasur       3.100 06/04/2010    USD    0.100
Lehman Brothers Treasur       0.500 08/01/2020    EUR    0.100
Lehman Brothers Treasur      10.00010/23/2008     USD    0.100
Lehman Brothers Treasur       5.500 07/08/2013    EUR    0.100
Lehman Brothers Treasur       0.500 06/02/2020    EUR    0.100
Lehman Brothers Treasur       7.500 5/30/2010     AUD    0.100
Lehman Brothers Treasur       4.300 06/04/2012    USD    0.100
Lehman Brothers Treasur       4.000 06/05/2011    USD    0.100
Lehman Brothers Treasur       7.250 07/08/2014    EUR    0.100
Lehman Brothers Treasur       2.300 06/06/2013    USD    0.100
Lehman Brothers Treasur       1.460 2/19/2012     JPY    0.100
Lehman Brothers Treasur       2.000 6/28/2011     EUR    0.100
Lehman Brothers Treasur       7.600 5/21/2013     USD    0.100
Lehman Brothers Treasur      10.000 6/17/2009     USD    0.100
Lehman Brothers Treasur      13.15010/30/2008     USD    0.100
Lehman Brothers Treasur       2.500 8/15/2012     CHF    0.100
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Lehman Brothers Treasur       6.250 09/05/2011    EUR    0.100
Lehman Brothers Treasur      16.800 8/21/2009     USD    0.100
Lehman Brothers Treasur      14.100 11/12/2008    USD    0.100
Lehman Brothers Treasur       6.000 08/07/2013    EUR    0.100
Waste Italia SpA             10.50011/15/2019     EUR    0.727
Lehman Brothers Treasur      11.00012/19/2011     USD    0.100
Lehman Brothers Treasur      15.000 3/30/2011     EUR    0.100
Lehman Brothers Treasur       6.600 2/22/2012     EUR    0.100
Lehman Brothers Treasur       6.000 2/14/2012     EUR    0.100
Lehman Brothers Treasur       4.690 2/19/2017     EUR    0.100
Lehman Brothers Treasur       1.750 02/07/2010    EUR    0.100
Lehman Brothers Treasur       7.000 2/15/2012     EUR    0.100
Lehman Brothers Treasur       5.200 3/19/2018     EUR    0.100
Deutsche Bank AG/London       2.00010/25/2023     TRY   63.967
Kaupthing ehf                 5.000 01/04/2027    SKK    0.250
Lehman Brothers Treasur       4.82012/18/2036     EUR    0.100
Lehman Brothers Treasur      12.000 7/13/2037     JPY    0.100
Lehman Brothers Treasur      10.000 06/11/2038    JPY    0.100
Lehman Brothers Treasur       4.200 12/03/2008    HKD    0.100
Lehman Brothers Treasur       8.875 1/28/2011     HKD    0.100
LBI ehf                       5.080 03/01/2013    ISK    8.625
Heta Asset Resolution A       5.27012/31/2023     EUR    2.078
Credit Suisse AG/London       0.500 01/08/2026    BRL   66.294
Lehman Brothers Treasur      11.25012/31/2008     USD    0.100
Lehman Brothers Treasur       3.000 09/12/2036    JPY    0.100
Lehman Brothers Treasur       5.250 04/01/2023    EUR    0.100
Lehman Brothers Treasur       6.700 4/21/2011     USD    0.100
Lehman Brothers Treasur      13.00012/14/2012     USD    0.100
Lehman Brothers Treasur       4.680 12/12/2045    EUR    0.100
Getin Noble Bank SA           5.280 1/31/2024     PLN   68.000
Lehman Brothers Treasur       5.000 05/02/2022    EUR    0.100
Lehman Brothers Treasur      16.00012/26/2008     USD    0.100
Lehman Brothers Treasur      11.000 07/04/2011    USD    0.100
Lehman Brothers Treasur      11.000 07/04/2011    CHF    0.100
Lehman Brothers Treasur       5.550 03/12/2015    EUR    0.100
Lehman Brothers Treasur       3.000 06/03/2010    EUR    0.100
Lehman Brothers Treasur      12.400 06/12/2009    USD    0.100
Lehman Brothers Treasur      23.300 9/16/2008     USD    0.100
Lehman Brothers Treasur       2.400 6/20/2011     JPY    0.100
Lehman Brothers Treasur       7.000 4/24/2009     USD    0.100
Lehman Brothers Treasur      16.000 11/09/2008    USD    0.100
Lehman Brothers Treasur      10.600 4/22/2014     MXN    0.100
Lehman Brothers Treasur      16.200 5/14/2009     USD    0.100
Lehman Brothers Treasur       1.000 05/09/2012    EUR    0.100
SG Issuer SA                  3.000 10/10/2034    ZAR   47.033
Kaupthing ehf                 3.750 02/01/2045    USD    0.232
Lehman Brothers Treasur       8.600 7/31/2013     GBP    0.100
Lehman Brothers Treasur       8.280 7/31/2013     GBP    0.100
Lehman Brothers Treasur       7.500 7/31/2013     GBP    0.100
Lehman Brothers Treasur       7.320 7/31/2013     GBP    0.100
Lehman Brothers Treasur       1.280 11/06/2010    JPY    0.100
Lehman Brothers Treasur       1.950 11/04/2013    EUR    0.100
Instabank ASA                 5.500 3/28/2028     NOK   64.574
Laurel GmbH                   7.12511/16/2017     EUR    7.750
Mriya Agro Holding PLC       10.950 3/30/2016     USD    5.000
IT Holding Finance SA         9.87511/15/2012     EUR    0.231
AKB Peresvet ZAO             13.250 4/25/2018     RUB   19.625
Lehman Brothers Treasur       3.000 9/13/2010     JPY    0.100
Lehman Brothers Treasur       3.860 9/21/2011     SGD    0.100
Lehman Brothers Treasur      10.000 3/27/2009     USD    0.100
Lehman Brothers Treasur       0.250 7/21/2014     EUR    0.100
Lehman Brothers Treasur       7.750 1/30/2009     EUR    0.100
Lehman Brothers Treasur       2.00010/28/2010     EUR    0.100
Lehman Brothers Treasur       7.00011/28/2008     CHF    0.100
Lehman Brothers Treasur       5.750 6/15/2009     CHF    0.100
Lehman Brothers Treasur       4.000 4/13/2011     CHF    0.100
Lehman Brothers Treasur       3.850 4/24/2009     USD    0.100
Lehman Brothers Treasur      10.500 08/09/2010    EUR    0.100
Lehman Brothers Treasur       5.00010/24/2008     CHF    0.100
Lehman Brothers Treasur       4.000 4/24/2009     USD    0.100
Lehman Brothers Treasur       8.500 07/06/2009    CHF    0.100
IT Holding Finance SA         9.87511/15/2012     EUR    0.231
Lehman Brothers Treasur       9.250 6/20/2012     USD    0.100
Nota-Bank OJSC               13.500 04/01/2016    RUB   31.500
Lehman Brothers Treasur       4.350 08/08/2016    SGD    0.100
Lehman Brothers Treasur       4.500 03/06/2013    CHF    0.100
Lehman Brothers Treasur       4.500 08/02/2009    USD    0.100
Lehman Brothers Treasur       4.870 10/08/2013    USD    0.100
Lehman Brothers Treasur       4.000 12/02/2012    EUR    0.100
Lehman Brothers Treasur       3.700 06/06/2009    EUR    0.100
Northland Resources AB       15.000 7/15/2019     USD    2.621
Heta Asset Resolution A       7.50012/31/2023     ATS    2.078
Lehman Brothers Treasur       5.25011/21/2009     USD    0.100
Deutsche Bank AG/London       0.500 04/05/2038    MXN   24.204
Lehman Brothers Treasur       0.500 2/16/2009     EUR    0.100
Lehman Brothers Treasur       4.250 3/13/2021     EUR    0.100
Lehman Brothers Treasur       3.000 08/08/2017    EUR    0.100
Rosbank PJSC                  0.040 4/30/2024     RUB   65.000
LBI ehf                       2.250 2/14/2011     CHF    8.625
Lehman Brothers Treasur       6.000 3/17/2011     EUR    0.100
Petromena ASA                 9.750 5/24/2016     NOK    0.607
Rosbank PJSC                  0.010 4/30/2024     RUB   65.000
Instabank ASA                 9.380               NOK   57.265
Lehman Brothers Treasur       8.000 4/20/2009     EUR    0.100
Rosbank PJSC                  0.020 4/30/2024     RUB   65.000
Sidetur Finance BV           10.000 4/20/2016     USD    3.532
Lehman Brothers Treasur       7.50010/24/2008     USD    0.100
Lehman Brothers Treasur       6.00010/24/2008     EUR    0.100
Lehman Brothers Treasur       7.500 9/13/2009     CHF    0.100
Lehman Brothers Treasur       9.000 6/13/2009     USD    0.100
Lehman Brothers Treasur       9.000 3/17/2009     GBP    0.100
SAir Group                    2.750 7/30/2004     CHF   12.625
Lehman Brothers Treasur       7.250 10/06/2008    EUR    0.100
Lehman Brothers Treasur       8.000 5/22/2009     USD    0.100
Lehman Brothers Treasur       7.000 4/14/2009     EUR    0.100
Leonteq Securities AG/G      12.900 1/29/2021     USD    3.560
Vontobel Financial Prod       5.300 1/29/2021     EUR   74.320
DekaBank Deutsche Giroz       7.000 02/01/2021    EUR   62.040



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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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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                * * * End of Transmission * * *