/raid1/www/Hosts/bankrupt/TCREUR_Public/210412.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, April 12, 2021, Vol. 22, No. 67
Headlines
A Z E R B A I J A N
STATE OIL: Moody's Affirms Ba2 CFR & Alters Outlook to Positive
F R A N C E
CGG SA: Fitch Assigns Final 'B-' LT IDR, Outlook Positive
G E O R G I A
TBC LEASING: Fitch Alters Outlook on 'BB-' LT IDR to Stable
G E R M A N Y
MAHLE GMBH: Moody's Assigns Ba1 CFR on Good Liquidity
WIRECARD: Draft Legislation in Wake of Scandal Sparks Worries
I R E L A N D
AVOCA CLO XII: Moody's Assigns B3 Rating to Class F-R-R Notes
CARYSFORT PARK: Moody's Assigns B3 Rating to EUR12MM Class E Notes
LAST MILE 2021: Fitch Assigns Final B Rating to Class F Notes
I T A L Y
ATLANTIA SPA: ACS Makes EUR10-Billion Offer for ASPI
N E T H E R L A N D S
JUBILEE PLACE 2021-1: Moody's Assigns Ba3 Rating to Class X Notes
JUBILEE PLACE 2021-1: S&P Assigns B (sf) Rating to X-Dfrd Notes
R U S S I A
NEFTEPROMBANK: Put Under Provisional Administration
REGISTERED PAYMENT: Bank of Russia Cancels Banking License
[*] RUSSIA: Bank of Russia to Establish NPF Resolution Mechanism
[*] RUSSIA: Households, Businesses Still Need Loan Restructuring
S P A I N
FERIA VALENCIA: Moody's Withdraws Ba1 Sr. Secured Underlying Rating
VIA CELERE: S&P Assigns 'B' Long Term Rating; Outlook Stable
S W I T Z E R L A N D
UPC BROADBAND: Moody's Rates New USD1.25MM Sr. Secured Notes 'B1'
U N I T E D K I N G D O M
ARCADIA GROUP: Topshop's Flagship Oxford Street Store Up for Sale
GREENSILL CAPITAL: Credit Suisse Investors May Take US$1.5BB Hit
GREENSILL CAPITAL: Credit Suisse Loan Invoices Raise Suspicions
PETRA DIAMONDS: Moody's Hikes CFR to Caa1 Following Restructuring
X X X X X X X X
[*] BOND PRICING: For the Week April 5 to April 9, 2021
- - - - -
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A Z E R B A I J A N
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STATE OIL: Moody's Affirms Ba2 CFR & Alters Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook of State Oil Company of the Azerbaijan Republic (SOCAR).
Concurrently, Moody's has affirmed SOCAR's Ba2 corporate family
rating, Ba2-PD probability of default rating, b1 baseline credit
assessment, and Ba2 rating of SOCAR's senior unsecured notes.
The rating action follows a sovereign rating action on Azerbaijan
which took place on April 6, 2021, during which Moody's changed the
outlook on Azerbaijan's rating to positive from stable and affirmed
the long-term issuer and senior unsecured debt ratings at Ba2.
RATINGS RATIONALE
The rating action is in line with the sovereign rating action and
reflects SOCAR's strong credit linkages with the state, as well as
its exposure to Azerbaijan's operating and macroeconomic
environment.
The positive outlook on Azerbaijan's rating reflects Moody's
assessment that governance and in particular policy effectiveness
is improving, albeit from a low base, which may raise the
resilience of the government's credit profile. In particular,
enhancements to the monetary and macro policy framework may promote
stability in the external and banking sectors in the face of
shocks, while continued effective use of sizeable fiscal buffers
would allow counter cyclical spending and limits the deterioration
in the government's fiscal and debt metrics.
The affirmation of Azerbaijan's Ba2 rating balances credit
strengths from the country's sizeable net creditor position that
underpins fiscal strength and lowers government liquidity and
external vulnerability risks, as well as relative domestic
political stability that supports the implementation of oil and gas
projects, against credit challenges including still limited
prospects for economic diversification, longstanding institutional
and governance weaknesses, and geopolitical tensions with
neighbouring Armenia.
As a result, Moody's expects that operating and macroeconomic
environment for SOCAR will gradually improve, supporting its credit
profile.
Given that SOCAR is 100% state owned, Moody's applies its
Government-Related Issuers (GRI) methodology to determine the
company's CFR. SOCAR's CFR of Ba2 factors in (1) the company's BCA
of b1, which measures its standalone credit strength, excluding any
extraordinary government support; (2) the Ba2 local-currency rating
of the Government of Azerbaijan, with a positive outlook; (3) the
very high default dependence between the state and the company; and
(4) the high probability of the government providing support to the
company in the event of financial distress.
SOCAR's b1 BCA factors in (1) the company's key role in the oil and
gas sector of Azerbaijan and the national economy; (2) its
sustainable hydrocarbon production volumes; (3) Moody's expectation
that SOCAR's credit metrics will improve in 2021 driven by a
recovery in oil and gas prices; (4) the company's adequate
liquidity, underpinned by substantial cash balances and a
comfortable debt maturity schedule; and (5) its close links with
the Azerbaijan government, which has accumulated substantial
reserves and should be in a position to provide financial support
to the company if needed.
The BCA also takes into account (1) the company's sizeable trading
operations, which dent its consolidated profitability margins,
inflate leverage and limit predictability of financial results; (2)
uncertainty regarding the execution of two put options provided by
the SOCAR group to Goldman Sachs International (A1 stable) in
2014-15 in relation to shares in SOCAR's certain assets in Turkey,
with a total amount of AZN2.7 billion as of December 31, 2019,
which expire in 2021 and, if exercised, may exert pressure on
SOCAR's liquidity; and (3) complex organisational structure of the
SOCAR group and lack of transparency and disclosure with regard to
foreign assets and transactions with shares in various subsidiaries
and affiliates.
RATIONALE FOR THE POSITIVE OUTLOOK
The positive outlook on SOCAR's rating is in line with the positive
outlook on Azerbaijan's sovereign rating and reflects its strong
positioning within its current rating category, with a potential
for an upgrade if Moody's were to upgrade Azerbaijan's sovereign
rating, provided there is no material deterioration in the
company's specific credit factors, including its operating and
financial performance, market position, credit metrics and
liquidity, and no weakening in the probability of extraordinary
state support in the event of financial distress.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade SOCAR's rating if it were to upgrade
Azerbaijan's sovereign rating, provided there is no significant
deterioration in the company's specific credit factors, including
its operating and financial performance, market position, credit
metrics and liquidity, and no weakening in the probability of
extraordinary state support in the event of financial distress.
Moody's could downgrade SOCAR's rating if it were to downgrade
Azerbaijan's sovereign rating or there is an evidence that the
government's capacity and willingness to provide extraordinary
support to SOCAR are diminishing, or in case of state measures that
would significantly impair SOCAR's credit profile (including
unfavourable regulatory developments or adverse changes in the
taxation regime, significant equity withdrawals or a growing
exposure to the domestic and international infrastructure projects
of the state if the company does not have sufficient capacity to
fund such projects). Moody's could also downgrade the rating if
SOCAR's retained cash flow (RCF)/net debt declines below the
mid-teens in percentage terms and EBIT/interest expenses declines
below 3.0x, both on a Moody's-adjusted and sustained basis, or if
its liquidity deteriorates significantly.
PRINCIPAL METHODOLOGY
The methodologies used in these ratings were Integrated Oil and Gas
Methodology published in September 2019.
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F R A N C E
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CGG SA: Fitch Assigns Final 'B-' LT IDR, Outlook Positive
---------------------------------------------------------
Fitch Ratings has assigned CGG SA a final Long-Term Issuer Default
Rating (IDR) of 'B-' with a Positive Outlook and its USD500 million
and EUR585 million notes due 2027 a final senior secured rating of
'B' with a Recovery Rating of 'RR3' upon completion of the debt
issue.
The completed refinancing minimises liquidity and refinancing risk
through to 2027. Fitch forecasts CGG's leverage to gradually
recover from the effects of the pandemic, but to remain susceptible
to further volatility in the oilfield services sector. The rating
is supported by the company's asset-light business model, strong
market position allowing for premium pricing, and recent cost
reductions.
The Positive Outlook reflects the improving financial profile of
CGG, but debt reduction, maintenance of strong liquidity, its
positioning for energy transition, and sustained supportive market
conditions are pre-requisites for an upgrade.
KEY RATING DRIVERS
Refinancing Improves Credit Profile: The completed refinancing
pushed out maturities to 2027, substantially improving CGG's
liquidity, which is further enhanced by the new USD100 million
super senior revolver. The transaction eliminates refinancing risk
for Fitch's projection horizon and minimises the risk of a
liquidity shortfall arising from potential market volatility.
Debt Quantum Remains High: Following the refinancing, total gross
debt declines modestly to USD1.2 billion from USD1.25 billion
(including accrued payment-in kind interest). Fitch views debt
levels as manageable but high, as Fitch expects funds from
operations (FFO) gross leverage to return to under 3.0x in 2023
after peaking above 4.5x in 2020 and 2021.
Asset-Light Strategy: Following the divestiture of the
marine-acquisition business to Shearwater in January 2020, CGG's
cost base and capital intensity are structurally lower, allowing
for overall less cash flow volatility through the cycle. Alongside
other cost reductions in 2020, Fitch expects CGG's cost- management
strategy will allow the company to avoid sustained periods of
pronounced negative free cash flow (FCF) generation.
Strong Niche Market Position: CGG is well-positioned within the
seismic data processing and equipment sub-sectors, with a leading
position in geoscience and equipment, and a competitive
multi-client library. Its technical expertise, aided by
consistently high R&D spend of USD70 million-USD80 million, allows
it to retain premium pricing over competitors. Its focus on less
volatile development, production, and near-field exploration
projects also allows for greater resilience in backlog through the
cycle.
Seismic Market to Remain Volatile: In 2020, CGG's Fitch-adjusted
EBITDA declined 47% yoy, due to an approximately 30% reduction in
global exploration & production (E&P) spending in response to a
pandemic-driven fall in oil demand. While the current recovery in
demand for oil & gas production will be constructive for seismic
service activity, Fitch expects volatility in the oil & gas market
to remain high. This poses significant inherent downside risk to
the cash flow profiles of CGG and its peers.
Slow Recovery Ahead: Fitch expects recent improvements in
hydrocarbon pricing to contribute to a recovery in E&P activity,
although full recovery to 2019 levels will take time. CGG benefits
from a fairly diverse customer base, with 67% of revenues derived
from price-inelastic national oil companies and large international
oil companies. This supports Fitch's expectation that FFO
generation will gradually return to normalised levels of over
USD350 million by 2023.
Shearwater Agreement: Under the commercial agreement with
Shearwater on the disposal of CGG's marine-acquisition business,
CGG may become again the charterer of the vessels should either CGG
fail to pay the idle capacity compensation of around USD22 million
p.a. and agreed day-rates or should Shearwater become insolvent.
Should such a trigger event transpire, CGG's business model would
revert back to its historical nature and, in the event that CGG
elects to acquire GSS, certain debt obligations may also be assumed
by the company.
While CGG's forecast financial profile supports its ability to pay
its idle compensation obligation, Fitch does not have clear
visibility on Shearwater's financial standing. Fitch continues to
view these commercial agreements as an event risk that may
negatively affect CGG's business and financial profile.
Shift to Non-Oil & Gas: Fitch views positively CGG's strategy of
expanding into non-oil & gas areas such as structural health
monitoring, geothermal, mining, CCUS (carbon capture, utilisation
and storage) as energy transition will lower oil demand in the
longer term. Management is targeting 30% of CGG's revenues to be
generated by non-oil & gas activities by 2024-2025. Such a shift
represents upside to Fitch's forecasts, but it remains to be seen
if these areas will generate the same margins as current
activities.
DERIVATION SUMMARY
CGG is an asset-light geoscience technology and seismic equipment
manufacturing company, headquartered in France, and operates
internationally. CGG provides premium seismic services within the
oil & gas industry, with customers including national oil
companies, international oil majors, and large independent
producers.
Compared with PGS, CGG has a more flexible business model after its
exit from seismic acquisition activities. CGG's capital structure
and liquidity post-refinancing are also stronger than that of PGS
whose recent completion of UK Scheme of Arrangement resulted in
scheduled debt amortisation restarting in September 2022. However,
CGG remains exposed to the intrinsic volatility of the seismic
sector and longer-term challenges related to energy transition.
CGG's EBITDA is around 20% higher than PGS's and more than 10x JSC
Investgeoservis' (IGS; B-/Stable), based on 2019 Fitch-adjusted
figures. FFO gross leverage is lower than PGS's but similar to
IGS's over 2020-2024. However, IGS benefits from more stable cash
flow generation due to its focus on the Russian market. CGG focuses
mostly on the offshore segment of the market, so it does not
benefit from the same diversification of other oilfield services
companies with exposure to both offshore and onshore, such as
Nabors Industries, Inc. (CCC+) nor does it have strategic support
from a key investment-grade anchor customer as IGS with PAO Novatek
(BBB/Stable). However, CGG benefits from much stronger liquidity
and much lower refinancing risk than IGS and Nabors.
KEY ASSUMPTIONS
-- Revenues to increase to USD916 million in 2021, and to USD1.3
billion by 2023 as the seismic industry recovers.
-- EBITDA to decline to USD295 million in 2021 due to a smaller
order book at the beginning of the year and fewer multi-client
investments. EBITDA to increase to USD623 million in 2024
following revenue growth and increase in profitability.
-- Capex (including investments in the multi-client library) of
about USD200 million in 2021 and averaging at USD287 million
over 2022-2024.
-- Around USD35 million of net inflow from divestment and
acquisitions.
-- No dividends.
KEY RECOVERY ANALYSIS ASSUMPTIONS
-- The recovery analysis assumes that CGG would be reorganised as
a going-concern (GC) in bankruptcy rather than liquidated.
-- CGG's GC EBITDA is based on Fitch's assumption that EBITDA
generation will likely be realised by the company following a
potential restructuring.
-- Fitch expects only a steeper market shock than the Covid-19
pandemic would force another restructuring, following CGG's
transition to a lower-cost, asset-light business model.
-- Fitch's potential restructuring assumption is predicated on a
significant and sudden loss of demand for multi-client and
geo-science services, on the back of a sustained period of
very low hydrocarbon prices.
-- Fitch expects that restructuring would likely occur at around
the USD200 million EBITDA level, and the company could
reasonably expect to emerge from it with around a USD250
million run-rate EBITDA. This would be on the back of a
recovery in the market spurring renewed E&P spending, albeit
at lower levels than in 2021.
-- An enterprise value (EV) multiple of 4x is applied to the GC
EBITDA to calculate a post-reorganisation EV.
-- CGG's USD100 million revolver is assumed to be fully drawn.
The revolving credit facility (RCF) is super senior to senior
secured bonds in the waterfall.
-- Fitch applies an additional 10% haircut to the EV generated by
the GC EBITDA and distressed EV multiple assumption. Value is
distributed to each instrument on a priority-ranking basis,
from most senior to most junior in the capital structure. This
results in a waterfall-generated-recovery calculation of 67%
for the senior secured notes (USD1.2 billion). Fitch's
analysis generated a Recovery Rating of 'RR3' indicating a
final 'B' instrument rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A reduction in FFO gross leverage to below 3x on a sustained
basis.
-- Gross debt stabilising at USD900 million or lower.
-- Positive through-the-cycle FCF generation.
-- Successful transition to non-oil and gas activities in line
with management's target.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- As the Outlook is Positive, a negative rating action is
unlikely in the short term. However, slower-than-expected
market recovery leading to FFO gross leverage remaining above
3x would support a revision of the Outlook to Stable.
-- Deteriorating liquidity position.
-- FFO gross leverage above 4.5x on a sustained basis.
-- Triggering of the step-in agreement under the Shearwater
agreement.
-- Structurally negative FCF generation.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: As of end-2020, CGG had USD336 million of
readily-available cash and cash equivalent on its balance sheet,
excluding USD49 million of trapped cash in China. Fitch forecasts
Fitch-defined FCF to remain neutral-to-negative in 2021-2022. Fitch
expects FCF generation to be positive from 2023 and to average
USD70 million per year in 2023-2024. Fitch's forecasts do not
include any further cash inflow from divestments not yet closed or
any outflow due to dividends over the rating horizon.
SUMMARY OF FINANCIAL ADJUSTMENTS
-- USD48.8 million right-of-use asset depreciation and
amortisation and USD9.9 million interests on lease liabilities
added back to lease expenses.
-- USD48.9 million trapped cash reclassified as non-available.
-- USD73 million of impairments and USD42 million of
restructuring expenses added back to EBITDA.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
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G E O R G I A
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TBC LEASING: Fitch Alters Outlook on 'BB-' LT IDR to Stable
-----------------------------------------------------------
Fitch Ratings has revised JSC TBC Leasing's (TBCL) Outlook to
Stable from Negative, while affirming the company's Long-Term
Issuer Default Rating (IDR) at 'BB-' and Support Rating (SR) at
'3'.
The rating action follows the recent revision of the Outlook on
TBCL's parent, TBC Bank, to Stable from Negative.
The Outlook change in TBC Bank reflects lower pressure from the
pandemic and also the stabilisation of the Georgian economy, which
benefits the bank's credit profile and its ability to support
TBCL.
KEY RATING DRIVERS
Unless noted below, the key rating drivers for TBCL's IDR and
senior debt are in line with those outlined in Fitch's Rating
Action Commentary published on 13 January 2021.
TBCL's IDRs are driven by support from TBC Bank (BB-/Stable). The
Stable Outlook mirrors that on the parent. Fitch's view of a high
probability of support is based on high reputational implications
of a subsidiary default for TBC Bank, as this would significantly
damage its reputation with its key wholesale lenders, undermining
its current strategic focus and growth potential.
Fitch's view is also underpinned by full ownership by, close
integration with and a record of capital and funding support from
TBC Bank. To support TBCL's growth, the parent has injected new
equity on several occasions (most recently in December 2019) and
has already approved additional available capital of GEL2.5
million, to be disbursed based on TBCL's needs. TBC Bank provides
TBCL with subordinated and senior loans as well as letters of
support to enable third-party borrowing. It also facilitates TBCL's
bond placements.
TBCL operates solely in Georgia, its domestic market, and is the
market leader in Georgian leasing. The company mainly provides
financial leasing to the corporate clientele of TBC Bank as well as
to SMEs, microbusinesses and individuals. TBCL's clients are often
higher-risk than those of TBC Bank, but this is partly mitigated by
access to liquid collateral and from the adequate pricing of risk.
TBCL aligns its strategy and risk policies with those of the
parent, although TBCL's management is independent in their
operational decisions.
TBCL's standalone credit profile does not drive the IDR as it is
constrained by a monoline business model, weak asset quality, high
risk appetite, and tolerance for high leverage. Positively, TBCL's
profitability is a strength, being above TBC Bank's target and
highlighting TBCL's positive contribution to the parent's
performance.
TBCL's senior secured debt rating is equalised with the company's
Long-Term IDR, notwithstanding the bond's secured nature and an
outstanding buffer of contractually subordinated debt. This
reflects high uncertainty on asset recoveries in the event of both
TBCL and TBC Bank being in default, a scenario that would likely be
accompanied by considerable macroeconomic stress in the country.
RATING SENSITIVITIES
Developments that may collectively or individually lead to negative
rating action/downgrade:
-- A downgrade of TBC Bank's Long-Term IDR would lead to a
downgrade of TBCL's IDR, because the two IDRs are equalised.
-- A material weakening of TBC Bank's propensity or ability to
support TBCL could result in the subsidiary's rating being
notched down from the parent's. This could be driven, for
example, by greater regulatory restrictions on support or a
diminishing of TBCL's strategic importance.
-- A downgrade of TBCL's Long-Term IDR would be mirrored in a
downgrade of the company's senior secured bond rating.
Development that may collectively or individually lead to positive
rating action/upgrade:
-- An upgrade of TBC Bank's Long-Term IDR would lead to an
upgrade of TBCL's IDR and senior secured bond rating.
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
TBCL's IDRs are driven by support from TBC Bank.
ESG CONSIDERATIONS
As support-driven issuers have strong linkages to their support
providers, the ESG Relevance Score assigned to the 'supported'
subsidiaries often mirror those of their corporate and FI parents.
This reflects Fitch's opinion that many of the ESG elements at the
parent level are credit-relevant for the subsidiary.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
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G E R M A N Y
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MAHLE GMBH: Moody's Assigns Ba1 CFR on Good Liquidity
-----------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating and a Ba1-PD probability of default rating to the German
automotive parts supplier MAHLE GmbH. The outlook on the ratings is
stable.
RATINGS RATIONALE
MAHLE's Ba1 CFR reflects as positives the company's (1) size &
scale as one of the world's 25 largest tier 1 automotive parts
suppliers, with annual revenues of around EUR12 billion during the
years 2016-19 and a well-diversified Original Equipment
Manufacturer (OEM) customer base, (2) top 3 market position in its
main product categories of engine systems and coolings, filtration
and engine peripherals and thermal management, (3) positive
strategic alignment with a dual strategy to address the disruptive
automotive industry trend of electrification by using cash flow
generated in the internal combustion engines (ICE) business to
further broaden and grow its exposure to electric vehicle platforms
and products that are not dependent on the powertrain (4)
conservative financial policy, as reflected in a history of
relatively low financial leverage and modest shareholder
distributions, and (5) good liquidity profile.
The rating reflects as negatives the company's (1) exposure to the
cyclicality of automotive production, which has passed its peak in
2018 and is expected to return to previous peak levels only at
around mid-decade, (2) relatively low margins, given the highly
competitive sector environment, and weak free cash flow generation
over the last few years, (3) relatively low exposure to automotive
aftermarket business, which is less cyclical and more profitable,
(4) high investment needs into R&D and capex to make the product
portfolio more independent from ICEs, and (5) challenges related to
carbon transition, given the high dependency on products for
internal combustion engines.
The rating reflects the potential of MAHLE to further strengthen
and consolidate its position in the ICE-related business. While the
business faces secular demand decline, Moody's believe that
managing it to cost competitiveness will still allow the group to
generate significant funds to continuously strengthen its other
businesses so that the relative share of the ICE-related business
will materially shrink over time. At the same time, considering the
still significant challenges for a broader adoption of pure
electric vehicles, related to, amongst other things, consumer
preferences, charging infrastructure and range, Moody's believe
that the demand decline for such products will be in the low single
digit percentages per year and hence manageable for MAHLE.
LIQUIDITY
Moody's considers MAHLE's liquidity position to be good. The
company's main sources of liquidity include (1) cash on the balance
sheet of EUR800 million (as of December 2020, excluding restricted
cash) and (2) Moody's estimate of annual funds from operations of
around EUR400 million. The company also has a EUR1.8 billion
revolving credit facility (RCF) maturing in 2024, of which EUR64
million were drawn as of September 2020. Moreover, MAHLE secured an
additional EUR500 million syndicated credit facility in June 2020
with three years maturity, of which only EUR50 million were drawn
as of September 2020. Together with minor working capital inflow,
the liquidity sources over the next 12 months amount to
approximately EUR3.5 billion under the stressed assumption of no
access to capital markets.
These liquidity sources comfortably exceed liquidity uses, mainly
comprising of capital spending, which Moody's expects at around
EUR530 million to EUR580 million, and a EUR300 million medium term
note maturity in May 2021. Uses of liquidity further include
maturing bank debt of EUR130 million and Moody's working cash
assumption of EUR300 million.
RATING OUTLOOK
The stable outlook reflects the expectation of a continued recovery
in global light vehicle sales after a trough in 2020, and a
recovery of MAHLE's revenues at least in line with market volumes.
The execution of cost saving measures should help to recover
margins into a range of 4%-6% (Moody's adjusted EBITA) and reduce
debt/EBITDA (Moody's adjusted) to a maximum of 3x by 2022, which is
commensurate for the Ba1.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's would consider an upgrade should MAHLE achieve sustainably
Debt/EBITDA (Moody's adjusted) below 2.0x, EBITA margins (Moody's
adjusted) above 7%, and positive free cash flow (FCF). Negative
pressure could arise for MAHLE if debt/EBITDA (Moody's adjusted)
failed to improve to below 3x, EBITA margins remained below 4%
(Moody's adjusted), FCF sustained negative, or liquidity weakened.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.
COMPANY PROFILE
MAHLE GmbH, headquartered in Stuttgart, Germany, is one of the top
25 global automotive parts suppliers. MAHLE's three main business
segments are Thermal management (38% of 2019 sales), Engine Systems
and Components (22%) and Filtration and Engine Peripherals (17%).
During the years 2016-19, MAHLE generated annual revenues of around
EUR12 billion. MAHLE, which employed around 77.000 employees and
produced in around 160 locations worldwide in 2019, is owned by the
MAHLE Foundation.
WIRECARD: Draft Legislation in Wake of Scandal Sparks Worries
-------------------------------------------------------------
Nina Trentmann at The Wall Street Journal reports that auditors and
finance chiefs of some of Germany's biggest businesses are worried
that a new regulatory proposal intended to improve audit quality in
the wake of the Wirecard AG scandal will lead to higher costs and
less competition.
German lawmakers currently are debating draft legislation for the
so-called Act to Strengthen Financial Market Integrity, the Journal
relates. The law is expected to pass over the next few months,
ahead of the country's national elections in the fall, the Journal
notes.
The current proposal stipulates that audit firms pay higher fines
for wrongdoing and auditors themselves take unlimited personal
liability if found grossly negligent, the Journal states.
Companies face a mandatory change of auditors in certain cases and
are required to rotate audit firms every decade, the Journal says.
The draft legislation also suggests stricter supervision of the
banking regulator BaFin, according to the Journal.
The proposed law, which was drafted in a matter of weeks, comes
after the disclosure last June that Wirecard, a once highflying
electronic-payments company, had a US$2 billion accounting hole,
the Journal recounts. This triggered various investigations into
the company, its auditor Ernst & Young, and how regulators missed
it, the Journal relays. Companies and auditors said they welcome
the intent of the proposed law but worry that rules are being made
even before investigations into what went wrong at Wirecard are
complete, the Journal notes.
Luka Mucic, chief financial officer of German software giant SAP
SE, is among 31 CFOs of German companies who sent a letter in
February to the government voicing their concerns about some of the
clauses of the planned legislation, including the requirement that
a company auditor be removed in cases of perceived conflicts of
interest, the Journal discloses.
Ralf Thomas, CFO of industrial company Siemens AG, and other
executives also fear that the proposed law could result in higher
audit charges, the Journal states. If audit firms take on
increased liability, as suggested by the proposed law, it could
potentially drive up their insurance costs, which could then be
passed on to corporate clients, the Journal discloses.
According to the Journal, Volker Krug, the chief executive of
Deloitte in Germany, said the changes could result in increased
market concentration, with the numbers of small- and medium-size
audit firms shrinking.
Some small audit firms say they are considering whether it makes
sense to stay in business, the Journal relates.
The draft legislation has the support of Chancellor Angela Merkel's
grand coalition of Conservatives and Social Democrats, and could
pass without major changes, the Journal notes.
According to the Journal, some opposition lawmakers have criticized
the proposed law as an attempt to redirect attention away from
BaFin, which falls under the finance ministry. Olaf Scholz, a
Social Democrat who serves as finance minister, is among the
candidates looking to succeed Ms. Merkel.
German regulator BaFin is under pressure for its slow response to
Wirecard's growing problems, which became apparent long before the
company admitted that its missing funds likely never existed, the
Journal discloses. The German government dismissed the head of the
agency earlier this year, the Journal recounts.
The proposed law, however, extends BaFin's powers, giving it more
oversight over companies' financial reporting, strengthening its
collaboration with market participants, offering more reporting
opportunities for whistleblowers and setting up a new
data-intelligence unit, the Journal says. BaFin will also be able
to conduct its own forensic investigations and work more closely
with public prosecutors, according to the Journal.
=============
I R E L A N D
=============
AVOCA CLO XII: 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
CLO XII Designated Activity Company (the "Issuer"):
EUR229,000,000 Class A-R-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)
EUR50,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Definitive Rating Assigned Aaa (sf)
EUR25,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)
EUR20,000,000 Class B-2-R-R Senior Secured Fixed/Floating Rate
Notes due 2034, Definitive Rating Assigned Aa2 (sf)
EUR31,500,000 Class C-R-R Deferrable Mezzanine Floating Rate Notes
due 2034, Definitive Rating Assigned A2 (sf)
EUR27,000,000 Class D-R-R Deferrable Mezzanine Floating Rate Notes
due 2034, Definitive Rating Assigned Baa3 (sf)
EUR22,500,000 Class E-R-R Deferrable Junior Floating Rate Notes
due 2034, Definitive Rating Assigned Ba3 (sf)
EUR13,500,000 Class F-R-R Deferrable Junior Floating Rate Notes
due 2034, 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 issued the Notes in connection with the refinancing of
the following Classes of Notes (the "Original Notes"): Class A
Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes
and Class F Notes due 2027, originally issued on September 17, 2014
(the "Original Issue Date"). The Class A-1R Notes, Class A-2R
Notes, Class B-R Notes, Class C-R Notes, Class D-R Notes, Class E-R
Notes and Class F-R Notes due 2030 were refinanced on April 5,
2017.
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 90% 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
4.6 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.
On the Original Issue Date, the Issuer also issued EUR47,000,000 of
Subordinated Notes, which will remain outstanding. In addition to
the refinancing notes rated by Moody's, the issuer has issued
EUR5,200,000 of additional Subordinated Notes on the refinancing
date 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 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: EUR450,000,000
Diversity Score: 56
Weighted Average Rating Factor (WARF): 3159
Weighted Average Spread (WAS): 3.50%
Weighted Average Coupon (WAC): 4.25%
Weighted Average Recovery Rate (WARR): 45.30%
Weighted Average Life (WAL): 8.5 years
CARYSFORT PARK: Moody's Assigns B3 Rating to EUR12MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the notes issued by Carysfort Park
CLO DAC (the "Issuer"):
EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)
EUR244,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)
EUR40,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)
EUR28,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)
EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)
EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)
EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, 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 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 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 six month ramp-up period in
compliance with the portfolio guidelines.
Blackstone Ireland Limited ("Blackstone") will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.
Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR187,500 on the second payment date
over eight payment dates.
In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR31,100,000 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:
Performing par: EUR400,000,000
Diversity Score: 48
Weighted Average Rating Factor (WARF): 3050
Weighted Average Spread (WAS): 3.5%
Weighted Average Coupon (WAC): 4.0%
Weighted Average Recovery Rate (WARR): 43.5%
Weighted Average Life (WAL): 8.5 years
LAST MILE 2021: Fitch Assigns Final B Rating to Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Last Mile Securities - PE 2021 DAC's
notes final ratings.
Last Mile Securities - PE 2021 DAC
DEBT RATING PRIOR
---- ------ -----
A1 XS2320420792 LT AAAsf New Rating AAA(EXP)sf
A2 XS2320421501 LT AA+sf New Rating AA+(EXP)sf
B XS2320420529 LT AA-sf New Rating AA-(EXP)sf
C XS2320420875 LT A-sf New Rating A-(EXP)sf
D XS2320421683 LT BBB-sf New Rating BBB-(EXP)sf
E XS2320421766 LT BB-sf New Rating BB-(EXP)sf
F XS2320421410 LT Bsf New Rating B(EXP)sf
TRANSACTION SUMMARY
The transaction is the securitisation of 100% of a EUR383.5million
commercial real estate loan, originated by Morgan Stanley Principal
Funding Inc. (the originator) to entities related to The Blackstone
Group Inc. The loan is backed by a portfolio of 49 primarily
logistics/light industrial assets located across Germany and the
Netherlands. The originator is retaining 5% of the liabilities
transferred to the issuer in the form of an issuer loan pari passu
with the notes.
KEY RATING DRIVERS
Granular, Secondary Portfolio: The portfolio overall comprises well
located secondary-quality light industrial properties, in proximity
to major German and Dutch cities. There is no particular
concentration to properties, with none accounting for more than
5.5% of market value. The tenancy schedule is diversified with the
majority of occupiers SMEs. The top 10 tenants account for 16.1% of
gross rental income, with none accounting for more than 2.1%.
Proven Positive Track Record: Since 2017, the sponsor has spent
almost EUR25 million in remedial and value-adding works on the
collateral. This has raised occupancy by 3.3% and translated into
9.6% higher net operating income (NOI) since 2018. Fitch expects
this trend to continue, as cash generated from the collateral
suffices to fund required capex works. This can support stronger
rental performance, especially as older leases roll off.
Limited Adverse Selection Scope: The fairly homogenous portfolio
adequately insulates the notes from the risk of adverse selection,
despite the weaker-than-usual deleveraging structure, and
issuer-level pro rata paydown. If the aggregate release amount of
disposed properties exceeds 10% of the aggregate value of the
properties as at closing, the release premium rises to 110% from
105%. When a property is disposed, the release premium of the
remaining properties is reduced by the release premiums already
distributed, unlike in recent CMBS structures, subject to a 102.5%
floor
Upsizing Lowers Debt Yield: The collateral value backing the
financing has experienced significant growth in recent years,
despite the LTV appearing to be in line with general lending
practices. Some of the value increase is supported by rental growth
but yield compression is the main driver behind it for most markets
represented in the portfolio. The senior leverage proposition is
more accurately expressed via its debt yield metric (based on NOI),
which has compressed from 10.2% to 8% since the collateral was last
financed in CMBS markets.
RATING SENSITIVITIES
KEY PROPERTY ASSUMPTIONS (all by market value)
-- 'Bsf' weighted average (WA) cap rate: 7.18%
-- 'Bsf' WA structural vacancy: 20.81%
-- 'Bsf' WA rental value decline: 7.78%
-- 'BBsf' WA cap rate: 7.72%
-- 'BBsf' WA structural vacancy: 23.14%
-- 'BBsf' WA rental value decline: 10.30%
-- 'BBBsf' WA cap rate: 8.31%
-- 'BBBsf' WA structural vacancy: 26.07%
-- 'BBBsf' WA rental value decline: 12.87%
-- 'Asf' WA cap rate: 8.94%
-- 'Asf' WA structural vacancy: 28.86%
-- 'Asf' WA rental value decline: 15.75%
-- 'AAsf' WA cap rate: 9.63%
-- 'AAsf' WA structural vacancy: 31.25%
-- 'AAsf' WA rental value decline: 18.80%
-- 'AAAsf' WA cap rate: 10.37%
-- 'AAAsf' WA structural vacancy: 37.06%
-- 'AAAsf' WA rental value decline: 21.84%
RATING SENSITIVITIES
Current ratings:
'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'Bsf'
The change in model output that would apply with 0.8x cap rates is
as follows:
'AAAsf'/'AAAsf'/'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'
The change in model output that would apply with 1.25x rental value
declines is as follows:
'AA+sf'/'AAsf'/'Asf'/'BBB+sf'/'BB+sf'/'B+sf'/'B-sf'
Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress. Under this severe scenario,
Fitch reduces the estimated rental value of each asset by 5%, with
the following change in model output:
'AA+sf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'/'B-sf '
Factor that could, individually or collectively, lead to positive
rating actions/upgrade:
-- Letting vacant space or increasing rental income could lead to
positive rating action.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- An increase in vacant space or worsening performance could
lease to negative rating action.
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
Fitch was provided with Form ABS Due Diligence-15E ("Form 15E") as
prepared by KPMG LLP. The third-party due diligence described in
Form 15E focused on certain characteristics with respect to the 49
properties in the portfolio. Fitch considered this information in
its analysis and it did not have an effect on Fitch's analysis or
conclusions.
DATA ADEQUACY
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 asset pool information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
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.
=========
I T A L Y
=========
ATLANTIA SPA: ACS Makes EUR10-Billion Offer for ASPI
----------------------------------------------------
Arash Massoudi and Silvia Sciorilli Borrelli at The Financial Times
report that Spanish construction group ACS has approached Italy's
Atlantia to buy the country's largest motorway network for up to
EUR10 billion, offering to outbid a group led by Italy's
state-controlled investment fund, according to a letter obtained by
the FT.
The approach is a fresh twist in a multiyear saga over the future
of Autostrade per l'Italia (ASPI), Italy's main toll road operator,
the FT notes. Atlantia has been under pressure to relinquish
control following the lethal collapse of the Morandi bridge in
Genoa in 2018, the FT states.
ACS, run by one of Spain's richest men Florentino Perez, is hoping
to add ASPI to its network of global toll roads, which it runs
through holdings in Abertis, a company it part owns with Atlantia,
the FT discloses.
He said ACS was valuing ASPI at between EUR9 billion and EUR10
billion, based on an analysis of public information, the FT
relates.
According to the FT, Mr. Perez, who is also president of Real
Madrid, added that ACS would be willing to accommodate other
investors in the offer, including Cassa Depositi e Prestiti, the
Italian state fund that has been working with a consortium of
investors including Blackstone and Macquarie on a rival deal.
Atlantia's board was set to meet on April 8 to discuss the proposal
received by the funds led by CDP, which valued ASPI at about EUR9
billion, the FT relays. Atlantia owns an 88% stake in ASPI, the FT
discloses.
Chris Hohn, the London-based hedge fund manager whose firm TCI has
a 10% economic interest in Atlantia, told the FT that he welcomed
the interest from ACS.
According to the FT, he expected Atlantia's board "to engage
promptly and professionally to explore the opportunity of a
combination of Abertis and ASPI."
Mr. Hohn added: "ACS-Abertis seem prepared to offer a higher price
than CDP for Aspi and are clearly a superior industrial partner
than Blackstone and Macquarie. ASPI should be allowed to be sold
to the highest bidder without interference from the Italian
government."
Italy's former government, led by Giuseppe Conte, threatened to
strip Atlantia of concessions to operate the toll roads as a way to
punish the billionaire Benetton family, which has a controlling
stake in Atlantia, for the Genoa bridge collapse. The current
agreement to run the motorways ends in 2038, the FT recounts.
Italy would have to pay Atlantia more than EUR20 billion in
compensation if it terminates the contract before its expiry date,
the FT states.
As reported by the Troubled Company Reporter-Europe on Jan. 6,
2020, Reuters related that Atlantia risks going bankrupt if Italy's
government revokes its motorway license with limited compensation,
the infrastructure group's CEO told an Italian daily on Jan. 4,
2020, adding an alternative compromise could be found.
=====================
N E T H E R L A N D S
=====================
JUBILEE PLACE 2021-1: Moody's Assigns Ba3 Rating to Class X Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Jubilee Place 2021-1 B.V.:
EUR254.4M Class A Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned Aaa (sf)
EUR15.2M Class B Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned Aa3 (sf)
EUR9.4M Class C Mortgage Backed Floating Rate Notes due July 2058,
Definitive Rating Assigned A1 (sf)
EUR6.5M Class D Mortgage Backed Floating Rate Notes due July 2058,
Definitive Rating Assigned Baa1 (sf)
EUR3.6M Class E Mortgage Backed Floating Rate Notes due July 2058,
Definitive Rating Assigned Ba2 (sf)
EUR14.5M Class X Mortgage Backed Floating Rate Notes due July
2058, Definitive Rating Assigned Ba3 (sf)
The EUR16.2M VRR Loan due July 2058, the Class S1 Note, the Class
S2 Note and the Class R Notes have not been rated by Moody's.
RATINGS RATIONALE
The Notes are backed by a pool of Dutch buy-to-let ("BTL") mortgage
loans originated by Dutch Mortgage Services B.V. ("DMS", NR), DNL 1
B.V. ("DNL", NR) and Community Hypotheken B.V. ("Community", NR).
The definitive portfolio consists of 962 mortgage loans with a
current balance of EUR304.4 million as of February 28, 2021. The
VRR Loan is a risk retention Note which receives 5% of all
available receipts, while the remaining Notes receive 95% of the
available receipts on a pari-passu basis.
The ratings of the Notes are based on an analysis of the
characteristics and credit quality of the underlying buy-to-let
mortgage pool, sector wide and originator specific performance
data, protection provided by credit enhancement, the roles of
external counterparties and the structural features of the
transaction.
There is a liquidity reserve fund funded at closing at 0.75% of
100/95 of the outstanding balance of Class A Notes. After closing,
principal receipts will be used to build up the reserve fund to a
maximum of 1.25% of 100/95 of Class A Notes until the step-up date
(including that date). Following the step-up date, the liquidity is
amortising and the released amounts are added to the principal
waterfall.
MILAN CE for this pool is 19.0% and the expected loss is 2.8%.
The portfolio's expected loss is 2.8%, which is in line with other
Dutch BTL RMBS transactions owing to: (i) that no historical
performance data for the originator's portfolio is available and
the limited track record of the Dutch BTL market as a whole; (ii)
the performance of comparable originators in the Dutch
owner-occupied and UK BTL market; (iii) the current macroeconomic
environment in the Netherlands; and (iv) benchmarking with a small
sample of similar Dutch BTL transactions.
MILAN CE for this pool is 19.0%, which is in line with other Dutch
BTL RMBS transactions, owing to: (i) that no historical performance
data for the originator's portfolio is available and the limited
track record of the Dutch BTL market as a whole; (ii) benchmarking
with comparable transactions in the Dutch owner-occupied and UK BTL
market; (iii) the WA current LTV for the pool of 72%; (iv) high
borrower concentration, with top 20 borrowers constituting 16% of
the pool; (v) the high interest only (IO) loan exposure (all loans
feature an optionality to become IO loans after reaching 60% LTV as
per a new physical valuation), with significant maturity
concentration; and (vi) benchmarking with a small sample of similar
Dutch BTL transactions.
Operational Risk Analysis: Link Asset Services (Netherlands) B.V.
has been appointed as MPT Servicer by the three master servicers
(DMS, DNL and Community) in the transaction whilst Citibank N.A.,
London Branch, will be acting as the cash manager. In order to
mitigate the operational risk, Vistra Capital Markets (Netherlands)
N.V. (NR) will act as back-up servicer facilitator.
To ensure payment continuity over the transaction's lifetime, the
transaction documentation incorporates estimation language whereby
the cash manager can use the three most recent servicer reports
available to determine the cash allocation in case no servicer
report is available. The transaction also benefits from over 3
quarters of liquidity for Class A based on Moody's calculations.
Finally, there is principal to pay interest as an additional source
of liquidity for the Classes A to E (when the relevant tranche
becomes the most senior Class of Notes outstanding).
Interest Rate Risk Analysis: 97% of the loans in the pool are fixed
rate loans reverting to 3m EURIBOR. The Notes are floating rate
securities with reference to 3M EURIBOR. To mitigate the
fixed-floating mismatch between fixed-rate assets and floating
liabilities, there will be a scheduled notional fixed-floating
interest rate swap provided by BNP Paribas (Aa3(cr)/P-1(cr)).
CURRENT ECONOMIC UNCERTAINTY:
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 consumer assets from a gradual and unbalanced
recovery in Dutch 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.
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.
The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the ratings:
Significantly different actual losses compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment rate, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely an improvement in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.
JUBILEE PLACE 2021-1: S&P Assigns B (sf) Rating to X-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings assigned ratings to Jubilee Place 2021-1 B.V.'s
class A notes and class B-Dfrd to X-Dfrd interest deferrable
notes.
Jubilee Place 2021-1 is a RMBS transaction that securitizes a
portfolio comprising EUR304.3 million of buy-to-let (BTL) mortgage
loans secured on properties located in the Netherlands. This is the
second Jubilee Place transaction, following Jubilee Place 2020-1,
which was also rated by S&P Global Ratings.
The loans in the pool were originated by DNL 1 B.V. (DNL; 30%;
trading as Tulp), Dutch Mortgage Services B.V. (DMS; 53%; trading
as Nestr), and Community Hypotheken B.V. (Community; 17%; trading
as Casarion).
All three originators are new lenders in the Dutch BTL market, with
a very limited track record. However, the key characteristics and
performance to date of their mortgage books are similar with peers.
Moreover, Citibank N.A., London Branch, maintains significant
oversight in operations, and due diligence is conducted by an
external company, Fortrum, which completes an underwriting audit of
all the loans for each lender before a binding mortgage offer can
be issued.
At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee.
Of the securitized pool, no loans have been granted payment
holidays due to COVID-19.
Citibank will retain an economic interest in the transaction in the
form of a vertical risk retention (VRR) loan note accounting for 5%
of the pool balance at closing. The remaining 95% of the pool will
be funded through the proceeds of the mortgage-backed rated notes.
S&P considers the collateral to be prime, based on the originators'
conservative lending criteria, and the absence of loans in arrears
in the securitized pool.
Credit enhancement for the rated notes consists of subordination
from the closing date and overcollateralization following the
step-up date, which will result from the release of the liquidity
reserve excess amount to the principal priority of payments.
The class A notes will benefit from liquidity support in the form
of a liquidity reserve, and the class A and B-Dfrd through E-Dfrd
notes will benefit from the ability of principal to be used to pay
interest, provided that, in the case of the class B-Dfrd to E-Dfrd
notes, they are the most senior class outstanding.
There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.
Ratings Assigned
Class Rating Amount (mil. EUR)
A AAA (sf) 254.4
B-Dfrd AA+ (sf) 15.2
C-Dfrd AA- (sf) 9.4
D-Dfrd A- (sf) 6.5
E-Dfrd BB+ (sf) 3.6
X-Dfrd B (sf) 14.5
S1 NR 0.1
S2 NR 0.1
R NR 1.0
NR--Not rated.
===========
R U S S I A
===========
NEFTEPROMBANK: Put Under Provisional Administration
---------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-618, dated April
9, 2021, revoked the banking license of Moscow-based Joint Stock
Oil-Industrial Investment Commercial Bank, or Nefteprombank
(Registration No. 2156, hereinafter, Nefteprombank). The credit
institution ranked 201st by assets in the Russian banking system.
The Bank of Russia made this decision in accordance with Clause 6
of Part 1 and Clause 1 of Part 2 of Article 20 of the Federal Law
"On Banks and Banking Activities", based on the facts that
Nefteprombank:
-- lost its equity;
-- conducted operations that suggest the intention to siphon off
assets.
-- 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.
High-risk lending policy pursued by Nefteprombank over 2020–2021
resulted in a considerable portion of potentially unrecoverable
household loans on the credit institution's balance sheet. The
said retail lending transactions had signs of attempts to siphon
off funds, prejudicing the interests of creditors and depositors.
The Bank of Russia repeatedly sent orders to Nefteprombank to
create additional loss provisions. Compliance with the above
orders revealed the actual loss of equity by the bank.
The Bank of Russia will submit the information on the bank's
transactions having signs of criminal offences to law enforcement
agencies.
The Bank of Russia also cancelled Nefteprombank's professional
securities market participant license.
The Bank of Russia appointed a provisional administration4 to
Nefteprombank for the period until the appointment of a receiver5
or a liquidator. In accordance with federal laws, the powers of
the credit institution's executive bodies were suspended.
Information for depositors: Nefteprombank 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.
REGISTERED PAYMENT: Bank of Russia Cancels Banking License
----------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-625, dated April
9, 2021, cancelled the banking license of Moscow-based Registered
Payment Institution Electronic payment service, Limited Liability
Company, or Registered Payment Institution EPS, LLC (Registration
No. 3509-К). The credit institution ranked 379th by assets in the
Russian banking system.
The license of Registered Payment Institution EPS, LLC was
cancelled following the request that the credit institution
submitted to the Bank of Russia after the decision of the general
shareholders' meeting on its voluntary liquidation (in accordance
with Article 61 of the Civil Code of the Russian Federation).
Based on the reporting data provided to the Bank of Russia, the
credit institution has sufficient assets to satisfy creditors'
claims.
A liquidator will be appointed to Registered Payment Institution
EPS, LLC.
Registered Payment Institution EPS, LLC is not a member of the
deposit insurance system.
[*] RUSSIA: Bank of Russia to Establish NPF Resolution Mechanism
----------------------------------------------------------------
The Bank of Russia will be entitled to apply a resolution mechanism
to prevent the bankruptcy of non-governmental pension funds (NPFs)
where their exit from the market may entail social tension or
systemic problems in the pension market at both the federal and
regional levels. This draft law was approved by the State Duma on
April 6 in the second reading.
"The NPF resolution procedure will be similar to the existing
mechanisms effective for banks and insurers. The Bank of Russia
will get a preventive tool to ensure the continuity of NPFs'
operation and mitigate adverse consequences for the customers of
not only NPFs themselves, but other market participants as well.
NPFs may possess significant assets and liabilities and often join
financial groups. Therefore, such a mechanism will help us prevent
the contagion effect," Deputy Governor of the Bank of Russia
Vladimir Chistyukhin believes.
[*] RUSSIA: Households, Businesses Still Need Loan Restructuring
----------------------------------------------------------------
The Bank of Russia on April 6 disclosed that based on the
information reported by banks to the regulator, they received
98,600 loan restructuring applications from households over the
period from February 25 through March 31, 2021 (vs 79,500 from
January 28 through February 24, 2021). The number of applications
increased by almost one-fourth, which was due to the longer
duration of the recent monitoring.
Over the year (from March 20, 2020), households requested banks to
change their loan agreements nearly 3.5 million times. As of now,
banks have approved 1.9 million loan restructuring applications.
Over the recent monitoring period, businesses applied to banks for
loan restructuring about 4,000 times (vs approximately 5,000 from
January 28 through February 24).
As regards small and medium-sized enterprises, banks changed 98,900
loan agreements over the past year (restructuring applications
numbered 191,700).
=========
S P A I N
=========
FERIA VALENCIA: Moody's Withdraws Ba1 Sr. Secured Underlying Rating
-------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 senior secured
underlying rating of FERIA VALENCIA for its own business reasons.
Concurrently, Moody's has changed the issuer outlook to Rating
Withdrawn from Negative.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
Issuer: FERIA VALENCIA
Withdrawals:
Underlying Senior Secured (Domestic), Withdrawn from Ba1
Outlook Actions:
Outlook, Changed To Rating Withdrawn From Negative
VIA CELERE: S&P Assigns 'B' Long Term Rating; Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term rating to Spain-based
Via Celere Desarrollos Inmobiliarios S.A. (Via Celere) and 'B+' and
'2' issue and recovery ratings to the company's EUR300 million
senior secured bond, due 2026.
The stable outlook reflects S&P's view that the company's revenue
should remain supported by its solid pre-sales level and continuous
demand for its flats in Spain's main metropolitan belts--where the
majority of Via Celere's projects are located--despite economic
uncertainties and the pandemic's effects on the Spanish housing
market.
S&P said, "Via Celere's business risk profile reflects our view of
the inherent volatility and cyclicality of the development industry
in Spain's highly fragmented housing market. It operates as one
of the largest residential developers in Spain with a gross asset
value (GAV) of EUR1.7 billion and a GDV of EUR5.5 billion at
year-end 2020. The company delivered 1,932 units in 2020 and
benefits from inventories with a book value of about EUR1.2 billion
at year-end, representing a capacity to develop over 21,000 units,
with roughly half related to land bank. The company is mainly
concentrated on the metropolitan belts of large Spanish
cities--Madrid (35% of GAV), Malaga (22%), Barcelona (9%), Sevilla
(8%), and Valencia (7%)--where demand for housing remains solid. We
believe most of the company's operating regions enjoy positive
population growth and stronger economic prospects compared with
more rural areas in Spain. The company's business model focuses on
the development of pre-sold condominiums, with 78% of its total
2021 deliveries and 67% of 2022 deliveries already secured,
supporting cash flow visibility and predictability. That said, our
rating assessment incorporates the inherent volatility and
cyclicality of the real estate development industry in the highly
fragmented Spanish residential property market. The top-five
developers in Spain represent less than 10% of total units
delivered in 2020. Via Celere's geographic concentration could make
the company vulnerable to changes in Spanish regulation and tax
incentives, mortgage availability, and economic growth, thereby
affecting demand for its products.
"We expect Via Celere's revenue and prices will remain stable
overall in 2021, despite economic repercussions of the pandemic.
Although COVID-19 has hit the Spanish economy hard, the residential
real estate segment and, most notably, demand for new dwellings has
remained resilient. We forecast price growth in the Spanish housing
market of about 1.4% in 2021 versus 3.7% in 2019 (see: "Europe’s
Housing Market Will Chill In 2021 As Pent-Up Pandemic Demand
Eases," published Feb. 22, 2021, on RatingsDirect). Via Celere
delivered 1,932 units in 2020, which is the largest 12-month
delivery in terms of units since the financial crisis of 2008-2009.
Similarly, when restrictions were eased following the first
lockdown, Via Celere resumed operations swiftly and
commercialization of units recovered significantly thanks to
resilience in demand for new housing, particularly in the fourth
quarter when the company's sales increased 1.2x compared with the
same period of the previous year. We understand price levels were
in line with or slightly above prices in 2019. We also note that
Via Celere's large, good quality land bank represents about nine
years of housing deliveries. This, coupled with our expectation of
low cost inflation because of the slowdown in economic growth and
stable prices, should result in EBITDA margins of about 10%-12%
(S&P Global Ratings-adjusted, excluding any impairment reversals,
compared with the company's reported 14%-17% EBITDA margin). Via
Celere targets the mid-to-mid-high residential segment, with an
average selling price of about EUR316,000. We understand that the
company may complement its condominium business by entering the
block sale segment with institutional investors as buyers, which is
gaining traction as demand for rental homes in Spain is increasing.
That said, we do not expect any block sales before 2023.
"Our assessment of Via Celere's financial risk profile reflects the
company's financial-sponsor ownership and the risk that a
less-prudent financial policy could slow deleveraging. Although
we expect the company's credit metrics may improve in the near
term, our assessment of the financial risk profile incorporates its
private-equity ownership by Värde Partners, a global alternative
investor, which currently holds 76% of the share capital. This
could push Via Celere toward more aggressive leverage or
redeployment of sales proceeds than listed companies, for example.
Although we understand that the company aims to expand its
operations and revenue base, leverage levels should not increase
after the bond issuance, as we understand Värde Partners is
committed to a more conservative financial policy. Nevertheless, we
understand that the company will likely start paying dividends from
2021, albeit in small amounts.
"Via Celere benefits from a good free operating cash flow (FOCF)
base despite high adjusted debt to EBITDA. Our rating considers
the company's robust positive FOCF, with forecast FOCF to debt of
15%-20% for the next 12 to 24 months. This is supported by limited
capital expenditure (capex) needs and working capital requirements,
given the company's existing owned land bank on the balance sheet
and high pre-sales levels. In 2020, the company repaid EUR200
million of debt, strongly improving its leverage metrics. Including
the EUR300 million senior secured bond, we expect S&P Global
Ratings-adjusted debt to EBITDA of 8x-9x by year-end 2021, up from
4.9x before the issuance at year-end 2020. As of Dec. 31, 2020, our
adjusted ratio of gross debt to EBITDA stood at 4.9x (compared with
reported gross debt to EBITDA of 4.1x--with differences mainly due
to the company's noncash impairment reversals). Our EBITDA
calculation excludes about EUR30 million of impairment reversals
that we consider nonrecurring in nature. Furthermore, we believe
that, depending on deliveries per year, impairment charges may vary
and therefore lead to increasing volatility in the absolute EBITDA
base and, hence, credit metrics. Moreover, we do not deduct cash on
the balance sheet from our debt calculation, in line with our
criteria for the rating assessment. However, we note sufficient
cash on Via Celere's balance sheet (estimated to be about EUR320
million post issuance). We believe that Via Celere will maintain
S&P Global Ratings-adjusted EBITDA interest coverage of at least
2x.
"The stable outlook reflects our view that the company's revenue
should remain supported by its solid pre-sales level and continuous
demand for its flats in Spain's main metropolitan areas--where the
majority of Via Celere's projects are located--despite economic
uncertainties and the pandemic's impact on the Spanish housing
market
"As such, we forecast that Via Celere will maintain S&P Global
Ratings-adjusted EBITDA coverage of 2.0x-2.2x over the next 12
months, with S&P Global Ratings-adjusted debt to EBITDA remaining
high at 8x-9x (excluding approximately EUR25 million-EUR30 million
of impairment reversals). Our base-case scenario also factors in
Via Celere's limited working capital needs supported by its sizable
land bank, resulting in good FOCF coverage, with FOCF to debt of
15%-20%.
"We could lower the rating if we saw evidence of deteriorating
operating performance, for example, owing to a market downturn with
a significant decline in demand for Via Celere's assets, or an
unexpected increase in construction costs." These scenarios might
translate to weakened financial ratios, such as:
-- EBITDA interest coverage falling to or below 2.0x on a
sustained basis;
-- Debt to EBITDA (excluding any impairment reversals) deviating
materially from our base case; or
-- FOCF to debt declining to 5% or less.
The likelihood of an upgrade is currently remote. However, a
positive rating action could follow if the company's credit metrics
move more in line with a higher financial risk assessment, and we
perceive that the risk of re-leveraging is low based on its
financial policy and S&P's view of the owner's financial risk
appetite.
=====================
S W I T Z E R L A N D
=====================
UPC BROADBAND: Moody's Rates New USD1.25MM Sr. Secured Notes 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 instrument rating to
the new USD1,250 million senior secured notes due 2031 to be issued
by UPC Broadband Finco B.V. The outlook on the rating is stable.
The proceeds from the new senior secured notes due 2031 will be
on-lent to UPC Financing Partnership, a subsidiary of UPC Holding
B.V. (UPC), in the form of a new USD-denominated Finco Loan under
the existing UPC Credit Facility. UPC Financing Partnership will
then use the proceeds from the new Finco Loan to refinance the
EUR600 million senior secured notes due 2027 issued by UPCB Finance
IV Limited, of which an aggregate principal amount of EUR540
million remains outstanding as of December 31, 2020, and otherwise
for general corporate and/or working capital purposes of the UPC
group, including the repayment of other senior secured
indebtedness. The new Finco Loan will benefit from the same
guarantee and security packages as the existing loans raised under
the UPC Credit Facility.
RATINGS RATIONALE
The B1 instrument rating assigned to the new senior secured notes
due 2031 reflects their pari passu ranking with senior secured bank
credit facilities and other senior secured notes, rated B1, but
behind liabilities at the operating subsidiaries, including trade
payables, pension obligations and lease rejection claims, which
have been ranked highest in order of priority. The pari passu
ranking of the senior secured notes and senior secured bank credit
facilities reflects Moody's view that the on-lending of the new
senior secured notes within the UPC group via the new Finco Loan
establishes a claim position for holders of such notes that is
broadly equivalent to that of existing lenders under the UPC bank
facility. The second-ranking position of the senior secured debt
and senior secured credit facilities reflects the fact that they
are secured only over the shares in the obligors held by any member
of the senior secured group or any obligor, and over intercompany
loans made by the obligors. The guarantor coverage test for the
senior secured debt is on a consolidated basis, and so, the
guarantees are from the borrower group (including only holding
companies) representing a minimum of 80% of EBITDA on a
consolidated basis. The senior unsecured notes issued by UPC
Holding B.V., rated B3, are ranked last in priority of claims,
reflecting the fact that they are structurally subordinated to the
senior secured debt.
On November 11, 2020, Liberty Global plc (Ba3 stable), the parent
of UPC, completed the acquisition of Sunrise Communications Group
AG (Sunrise) through the settlement of an all cash public tender
offer of the outstanding shares of Sunrise. As of December 31,
2020, Liberty Global held 98.9% of the share capital of Sunrise and
has initiated a statutory squeeze-out procedure according to
applicable Swiss law pursuant to which it will acquire the
remaining Sunrise shares that it does not yet own. This squeeze-out
procedure is expected to be completed prior to the issue date of
the new senior secured notes. Upon the consummation of the
squeeze-out, which is expected to take place on or around April 12,
2021, the CHF1,610 million (equivalent) Term Loan B-1 due 2029
raised in August 2020 to refinance indebtedness of Sunrise and the
EUR213 million revolving credit facility due 2026 raised to support
the liquidity of Sunrise, and which have been initially part of the
Sunrise restricted group, will be converted into UPC credit
facilities ranking pari passu with UPC's existing senior secured
credit facilities.
The stable outlook reflects (1) Moody's expectation that UPC's
pressure on revenues and EBITDA will be mitigated by growth at
Sunrise over the next two years and (2) the company will maintain
adjusted leverage at or below 6.0x.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Upward pressure on the rating could develop over time if (1) UPC's
operating performance improves materially with the timely
realization of synergies and the eventual upside from convergent
opportunities leading to sustainable revenue and EBITDA growth; (2)
its adjusted Gross Debt/EBITDA ratio (as calculated by Moody's)
falls below 5.0x on a sustained basis; and the company maintains a
strong cash flow generation. Downward ratings pressure could
develop if (1) UPC's Moody's adjusted Gross Debt/EBITDA ratio rose
well above 6.0x on a sustained basis; and/or (2) operating
performance deteriorates driven by increasing competition or
problems in executing the integration of Sunrise. Negative pressure
could also arise if liquidity were to deteriorate materially.
Assignments:
Issuer: UPC Broadband Finco B.V.
Senior Secured Regular Bond/Debenture, Assigned B1 (LGD4)
Outlook Actions:
Issuer: UPC Broadband Finco B.V.
Outlook, Assigned Stable
The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.
COMPANY PROFILE
UPC is a European cable company that operates principally in
Switzerland, but also in Poland and Slovakia.
===========================
U N I T E D K I N G D O M
===========================
ARCADIA GROUP: Topshop's Flagship Oxford Street Store Up for Sale
-----------------------------------------------------------------
Business Sale reports that Topshop's flagship Oxford Street store
in London is drawing attention from a number of major retailers
after being placed on the market by its owner.
The store, which is currently controlled by subsidiary Redcastle
Ltd, was not included in the sale of Arcadia Group assets that was
overseen by administrators from Deloitte earlier in the year,
Business Sale notes.
Instead, Redcastle has appointed KPMG as administrators for the
site, Business Sale recounts. The agent has subsequently gone on
to appoint real estate agencies Eastdil and Savills to search for a
buyer for 214 Oxford Street, Business Sale relays.
The 100,000 sq ft store was formally placed on the market at the
beginning of April after Arcadia Group fell into administration in
December, Business Sale states. According to leasing advisor
Savills, the nature of the property's future will depend on
discussions with prospective buyers, and could include a purchase,
lease or split lease arrangement, Business Sale notes.
According to Business Sale, KPMG said that a number of retailers
have already expressed an interest in the store, including JD
Sports, Frasers Group, Amazon and Nike. The administrators have
also been approached by H&M Group and Boohoo Group, the latter of
which purchased Dorothy Perkins, Wallis and Burton from the Arcadia
Group for GBP25.2 million in January, Business Sale relays.
As a result of the store's position, it will not be reopening when
restrictions ease on non-essential retail in mid April, Business
Sale says.
GREENSILL CAPITAL: Credit Suisse Investors May Take US$1.5BB Hit
----------------------------------------------------------------
Margot Patrick, Julie Steinberg, Juliet Chung and Duncan Mavin at
The Wall Street Journal report that Credit Suisse Group AG's
double-barreled financial crisis shares a common theme: a bank that
looked the other way when warning signs argued for pulling back on
lucrative corners of its business.
The Swiss bank with a big Wall Street presence was caught off guard
starting in late February when US$10 billion in complicated
investment funds it ran with financing firm Greensill Capital
unraveled, despite years of internal warnings about the
relationship, the Journal relates.
Then it lent more than other banks on big, concentrated positions
to Archegos Capital Management, run by longtime client Bill Hwang,
the Journal recounts. Though Archegos was flagged as a client of
special interest, Credit Suisse acted more slowly than other banks,
and ended up on the wrong side of a fire sale, the Journal notes.
The bank said on April 6 it would take a US$4.7 billion charge on
the Archegos trade, equivalent to more than a year's worth of
profit, the Journal relates. While it hasn't put a number on the
Greensill damage, a preliminary assessment inside the bank says
losses to Credit Suisse investors may hit US$1.5 billion, the
Journal relays, citing a person familiar with the bank.
According to the Journal, in a statement on April 6, Credit Suisse
Chief Executive Thomas Gottstein said, "We are fully committed to
addressing these situations. Serious lessons will be learned."
GREENSILL CAPITAL: Credit Suisse Loan Invoices Raise Suspicions
---------------------------------------------------------------
Robert Smith, Cynthia O'Murchu and Owen Walker at The Financial
Times report that loans to Sanjeev Gupta's company from Greensill
Capital that were later sold to Credit Suisse investors were made
on the basis of suspect invoices that have raised suspicions of
fraud.
Greensill collapsed last month, triggering a corporate and
political scandal over lobbying on behalf of the company by former
UK prime minister David Cameron, the FT recounts. Investors in a
now-suspended US$10 billion range of Credit Suisse funds are braced
for losses on loans to Mr. Gupta's businesses, the FT discloses.
The FT has seen a series of invoices that Mr. Gupta's Liberty
Commodities trading group provided to Greensill in exchange for
cash, including documents purporting to show it sold products to
four European metals businesses: KME Germany, RPS Siegen,
Voestalpine Boehler Edelstahl and Salzgitter Flachstahl.
All of these companies deny doing business with Mr. Gupta's group,
the FT notes.
"We have nothing to do with Liberty," the FT quotes Ulrich Becker,
chief executive of KME Germany, as saying. "We did not trade with
them in the past, we are not trading with them now, and we will not
trade with them. We are copper producers and don't even know what
we would have bought from them."
The FT revealed that Greensill Capital's administrator Grant
Thornton had been unable to verify some invoices as it contacted
companies listed as debtors to the collapsed firm, the FT
recounts.
One of the companies, a German scrap metal business called RPS
Siegen, told the FT it had never traded with Gupta. The steel
magnate later told the FT that the company had been "identified as
a potential customer" and financing was provided on that basis.
However, among the invoices seen by the FT is a Liberty Commodities
bill submitted to Greensill, which claimed that Gupta's trading
firm had sold nickel to RPS.
Greensill packaged the loans to Mr. Gupta into funds at Credit
Suisse, which list the underlying receivables -- or the money due
under invoices, the FT states.
Six European metals companies named in Credit Suisse's fund
accounts -- RPS Siegen, Amag Austria, KME Germany, Salzgitter
Flachstahl, Voestalpine Bohler Edelstahl and Trimet Aluminium --
all confirmed to the FT they had never traded with Liberty
Commodities.
It is the clearest sign yet that there may be forged documents at
the heart of the Greensill scandal, the FT notes.
In response to questions about the suspect invoices, GFG, as cited
by the FT, said: "Many of Greensill's financing arrangements with
its clients, including with some of the companies in the GFG
Alliance, were prospective receivables programmes, sometimes
described as future receivables. As part of those programmes,
Greensill selected and approved companies with whom its
counterparties could potentially do business in the future."
PETRA DIAMONDS: Moody's Hikes CFR to Caa1 Following Restructuring
-----------------------------------------------------------------
Moody's Investors Service has upgraded Petra Diamonds Limited's
corporate family rating to Caa1 from Caa3. The probability of
default rating has been upgraded to Caa1-PD from Caa3-PD. Moody's
has also assigned a Caa2 rating to Petra's new $337 million
guaranteed senior secured second lien notes issued by Petra
Diamonds US$ Treasury Plc. The outlook for Petra Diamonds Limited
has changed to positive from ratings under review. A positive
outlook has been assigned to Petra Diamonds US$ Treasury Plc. This
concludes the review for upgrade initiated on March 17, 2021.
RATINGS RATIONALE
The decision to upgrade Petra's CFR reflects an improved balance
sheet and liquidity profile following the completion of the
company's capital restructuring in early March 2021. The
restructuring involved replacing the previous $650 million
guaranteed senior secured second lien notes with $337 million of
new notes (including $30 million of new money). The remainder of
the previous notes were converted into equity. The restructuring
led to gross debt being materially reduced to about $450 million
from $810 million.
The Caa1 CFR reflects (1) supportive long-term diamond market
fundamentals as a result of supply side constraints; (2)
well-prospected underground mines with Cullinan and Finsch having
life of mine until 2029 and 2030 respectively; and (3) the
completion of the capital restructuring that has led to a reduced
debt burden and improved liquidity. Moody's forecasts an
improvement in Petra's credit metrics as a result of modest
recovery in diamond prices and higher throughput targets, with
EBIT/interest expense of 1.0x in FY2021 increasing to 1.4x in
FY2022.
The rating however also reflects credit challenges including (1) a
small operational scale with cash flow generation concentrated in
two mines; (2) exposure to rough diamond prices and USD/ZAR
exchange rate volatility; and (3) fluctuations in run-of-mine (ROM)
grade and uncertainty of finding high value diamonds that results
in cash flow volatility.
Petra's new $337 million notes have a senior secured second lien
ranking similar to the previous notes. The notes have been rated
one notch lower than the CFR because they rank in priority behind
the senior secured first lien facilities.
LIQUIDITY
Moody's assesses Petra's liquidity to be adequate over the next
12-18 months with estimated free cash flow of between $50 million
to $70 million in FY2022 depending on diamond prices and production
levels. Debt servicing related cash outflows have reduced as a
result of a materially lower debt load and re-profiling of debt
maturities and therefore can be paid through the forecasted free
cash flow.
The company reported unrestricted cash balances of $92 million as
at December 31, 2020. In March 2021, the company sold a 299ct white
gem quality diamond for about $12 million and received a further
$30 million in new cash as part of the issuance of the new $337
million notes.
There will be no cash interest paid on the new notes for the first
24 months, with payment-in-kind (PIK) interest of 10.5% accruing up
to 9 March 2023 and cash interest of 9.75% to be paid thereafter up
until the March 2026 maturity. This will allow for the company to
focus on paying down its amortizing first lien senior facilities,
namely the ZAR560 million ($38 million using 14.8 USD/ZAR FX rate
and of which $11 million is available) revolving credit facility
and ZAR1.2 billion ($81 million) term loan. Both loans have 3-year
tenors.
Amongst other restrictive covenants, the senior facilities
agreement requires a minimum debt service cover ratio of 1.3x.
Petra is expected to be in compliance of this financial covenant
under Moody's forecasts.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook reflects the potential for the rating to be
upgraded over the next 12-18 months should there be a sustainable
improvement in diamond prices that results in improved credit
metrics and cash flows. This is likely to be a result of recovery
in consumer demand and should key diamond producers continue to
manage supply.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade would require (1) evidence of a meaningful recovery in
diamond prices and on-target production levels such that Petra is
able to fund its medium-term investment plans through operational
cash flows; and (2) EBIT/interest expense is sustainably above
1.5x.
The ratings could be downgraded if (1) there is a deterioration in
Petra's liquidity position, for instance, if rough diamond prices
drop; or (2) EBIT/interest expense does not trend towards 1.0x.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Mining
published in September 2018.
The local market analyst for this rating is Rehan Akbar, +971 (423)
795-65.
COMPANY PROFILE
Petra is a rough diamond producer listed on the London Stock
Exchange, registered in Bermuda and with its group management
office domiciled in the United Kingdom. The company's primary
assets are the Cullinan, Finsch and Koffiefontein underground mines
in South Africa and Williamson open pit mine in Tanzania. For the
last 12 months ended 31 December 2020, Petra reported revenues of
$280 million.
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[*] BOND PRICING: For the Week April 5 to April 9, 2021
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Fuerstenberg Capital I 5.625 EUR 44.445
Casino Guichard Perrac 3.992 EUR 67.940
Casino Guichard Perrac 0.767 EUR 38.774
Rallye SA 4.000 04/02/2021 EUR 28.333
Intralot Capital Luxem 5.250 9/15/2024 EUR 57.610
Obrascon Huarte Lain S 4.750 3/15/2022 EUR 70.500
Mitsubishi UFJ Investo 3.960 12/15/2050 EUR 58.693
PB International BV 7.625 1/26/2022 USD 27.000
Accor SA 0.700 12/07/2027 EUR 55.793
Air France-KLM 0.125 3/25/2026 EUR 15.388
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.484
Naviera Armas SA 6.500 7/31/2023 EUR 60.240
Orient Express Bank PJ 10.000 USD 30.750
Mallinckrodt Internati 5.750 08/01/2022 USD 74.250
VIC Properties SA 3.000 5/28/2025 EUR 70.000
Distribuidora Internac 0.875 04/06/2023 EUR 67.298
BNP Paribas SA 7.625 USD 99.963
Norwegian Air Shuttle 7.250 11/11/2022 EUR 45.000
Korian SA 0.875 03/06/2027 EUR 57.157
Jain International Tra 7.125 02/01/2022 USD 21.000
FIGEAC-AERO 1.125 10/18/2022 EUR 21.542
Obrascon Huarte Lain S 5.500 3/15/2023 EUR 69.339
Mallinckrodt Internati 4.750 4/15/2023 USD 11.500
Moby SpA 7.750 2/15/2023 EUR 23.557
EYEMAXX Real Estate AG 5.500 4/26/2023 EUR 71.390
O1 Properties Finance 0.500 9/27/2028 USD 14.000
Rallye SA 4.371 1/23/2023 EUR 28.000
Voltalia SA 1.000 1/13/2025 EUR 33.251
Quadient SA 3.375 EUR 57.735
HOCHDORF Holding AG 2.500 CHF 53.080
Cooperativa Muratori & 6.000 2/15/2023 EUR 2.880
Biocartis Group NV 4.000 05/09/2024 EUR 70.044
Neoen SA 2.000 06/02/2025 EUR 58.060
Econocom Group SA/NV 0.500 03/06/2023 EUR 7.327
Wirecard AG 0.500 09/11/2024 EUR 9.006
Cooperativa Muratori & 6.875 08/01/2022 EUR 2.596
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 35.515
Pierre Et Vacances SA 2.000 04/01/2023 EUR 29.226
Nexity SA 0.125 01/01/2023 EUR 65.615
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 23.500
Union Fenosa Preferent 1.113 EUR 70.420
Maisons du Monde SA 0.125 12/06/2023 EUR 44.132
Neoen SA 1.875 10/07/2024 EUR 49.203
Vallourec SA 4.125 10/04/2022 EUR 5.948
Korian SA 2.500 EUR 43.096
Mallinckrodt Internati 5.625 10/15/2023 USD 75.000
Turkey Government Bond 8.000 03/12/2025 TRY 72.800
Naviera Armas SA 4.250 11/15/2024 EUR 60.295
Paper Industries Inter 6.000 03/01/2025 EUR 70.000
Intelsat Jackson Holdi 5.500 08/01/2023 USD 62.000
Valaris plc 7.750 02/01/2026 USD 11.000
Metro Bank PLC 5.500 6/26/2028 GBP 60.617
Rallye SA 3.250 02/08/2024 CHF 28.007
Koninklijke Luchtvaart 0.750 CHF 25.000
Norwegian Air Shuttle 5.000 02/07/2023 SEK 46.322
Valaris plc 5.200 3/15/2025 USD 11.000
Intu Debenture PLC 5.562 12/31/2027 GBP 46.833
SAS AB 3.406 SEK 71.000
Stockmann OYJ Abp 10.750 EUR 44.750
Intelsat Luxembourg SA 8.125 06/01/2023 USD 8.125
Hurricane Energy PLC 7.500 7/24/2022 USD 50.425
Fuerstenberg Capital E 1.301 EUR 44.333
Rallye SA 5.250 02/01/2022 EUR 27.929
Genfit 3.500 10/16/2025 EUR 19.177
Scandinavian Airlines 0.625 CHF 23.261
Wasps Finance Plc 6.500 5/13/2022 GBP 70.299
Travelex Financing PLC 8.000 5/15/2022 EUR 1.588
Mallinckrodt Internati 5.500 4/15/2025 USD 75.000
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.836
Nexity SA 0.250 03/02/2025 EUR 69.151
Cabonline Group Holdin 7.500 12/09/2022 SEK 80.583
Lambay Capital Securit 6.250 GBP 0.082
Debenhams PLC 5.250 7/15/2021 GBP 1.751
Valaris plc 5.750 10/01/2044 USD 10.875
Abengoa Abenewco 2 Bis 1.500 4/26/2024 EUR 0.982
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.782
ADLER Real Estate AG 2.500 7/19/2021 EUR 13.937
Swissport Investments 6.750 12/15/2021 EUR 0.942
Intelsat Jackson Holdi 8.500 10/15/2024 USD 62.938
Norddeutsche Landesban 7.780 EUR 65.547
Galapagos Holding SA 7.000 6/15/2022 EUR 7.498
Linas Matkasse Newco A 8.000 10/09/2022 SEK 55.750
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 20.759
Air Berlin PLC 8.250 4/19/2018 EUR 0.895
EOS Imaging SA 6.000 5/31/2023 EUR 6.765
Rallye SA 4.000 11/23/2020 CHF 28.200
Intelsat Jackson Holdi 9.750 7/15/2025 USD 63.438
Swissport Investments 9.750 12/15/2022 EUR 45.679
Hellenic Republic Gove 2.085 7/25/2057 EUR 50.375
Offshore Drilling Hold 8.375 9/20/2020 USD 9.624
Privatbank CJSC Via UK 10.250 1/23/2018 USD 30.002
Rallye SA 3.400 1/31/2022 EUR 28.961
Dexia Credit Local SA 1.187 EUR 3.143
Yell Bondco PLC 8.500 05/02/2023 GBP 40.054
EA Partners II BV 6.750 06/01/2021 USD 44.000
Valaris plc 4.875 06/01/2022 USD 7.027
Air Berlin PLC 6.750 05/09/2019 EUR 0.259
Hema Bondco II BV 8.500 1/15/2023 EUR 0.122
Virgolino de Oliveira 10.500 1/28/2018 USD 0.949
Avangardco Investments 10.000 10/29/2018 USD 1.500
Bank Otkritie Financia 10.000 4/26/2019 USD 9.539
UkrLandFarming PLC 10.875 3/26/2018 USD 2.886
Valaris plc 8.000 1/31/2024 USD 11.000
Mitsubishi UFJ Investo 3.700 12/30/2099 EUR 5.969
Santhera Pharmaceutica 5.000 2/17/2022 CHF 39.609
Intelsat Connect Finan 9.500 2/15/2023 USD 36.000
Stichting Afwikkeling 6.250 10/26/2020 EUR 5.365
Eramet SA 4.000 EUR 63.346
Stobart Finance PLC 2.750 05/08/2024 GBP 65.000
Valaris plc 4.500 10/01/2024 USD 3.980
EA Partners I BV 6.875 9/28/2020 USD 0.774
Valaris plc 4.700 3/15/2021 USD 11.000
HI Bidco AS 8.480 1/30/2023 NOK 69.087
BAT International Fina 2.250 09/09/2052 GBP 74.157
Societe Centrale des B 2.500 5/15/2023 EUR 6.880
FF Group Finance Luxem 3.250 11/02/2021 CHF 9.769
FF Group Finance Luxem 1.750 07/03/2019 EUR 5.304
Claranova SADIR 5.000 07/01/2023 EUR 1.110
Deutsche Bank AG 2.652 6/28/2033 USD 70.530
Vseukrainsky Aktsinern 10.900 6/14/2019 USD 1.056
Intelsat Luxembourg SA 7.750 06/01/2021 USD 5.000
WD Invest Sarl 1.900 10/02/2024 EUR 8.375
Catena Media PLC 7.984 SEK 64.164
Banco Espirito Santo S 7.125 11/28/2023 EUR 0.096
Rickmers Holding AG 8.875 06/11/2018 EUR 0.766
Mallinckrodt Internati 5.750 08/01/2022 USD 65.250
Lehman Brothers UK Cap 5.125 EUR 7.919
Thomas Cook Finance 2 3.875 7/15/2023 EUR 1.024
Joh Friedrich Behrens 6.250 6/18/2024 EUR 43.028
Stichting Afwikkeling 11.250 EUR 1.210
DOF Subsea AS 9.500 3/14/2022 USD 25.172
OGX Austria GmbH 8.375 04/01/2022 USD 0.001
Andrade Gutierrez Inte 9.500 12/30/2024 USD 53.484
CNP Assurances 2.000 EUR 50.005
Joh Friedrich Behrens 7.750 11/11/2020 EUR 44.160
Privatbank CJSC Via UK 11.000 02/09/2021 USD 9.042
Grupo Isolux Corsan SA 1.000 12/30/2021 EUR 0.267
New World Resources NV 4.000 10/07/2020 EUR 0.912
Havila Shipping ASA 4.880 01/02/2025 NOK 24.631
Rallye SA 1.000 10/02/2020 EUR 27.304
Hamon & CIE SA 3.300 1/30/2025 EUR 44.750
Mallinckrodt Internati 5.500 4/15/2025 USD 74.867
Lehman Brothers UK Cap 3.875 EUR 7.398
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
DOF Subsea AS 8.450 11/27/2023 NOK 25.196
Alno AG 8.500 5/14/2018 EUR 14.770
Bourbon Corp 7.989 EUR 0.273
KTG Agrar SE 7.125 06/06/2017 EUR 2.932
Hellenic Bank PCL 10.000 EUR 46.066
Dexia SA 1.232 EUR 1.351
Agrokor dd 9.875 05/01/2019 EUR 15.000
German Pellets GmbH 7.250 11/27/2019 EUR 0.588
Lehman Brothers UK Cap 6.900 USD 2.745
Mallinckrodt Internati 5.625 10/15/2023 USD 74.940
Espirito Santo Financi 6.875 10/21/2019 EUR 0.301
Valaris plc 7.375 6/15/2025 USD 13.750
Alpine Holding GmbH 6.000 5/22/2017 EUR 1.007
Gamalife - Cia de Segu 2.957 EUR 69.997
JZ Capital Partners Lt 6.000 7/30/2021 GBP 9.050
Yuksel Insaat AS 9.500 11/10/2015 USD 2.495
CBo Territoria 3.750 07/01/2024 EUR 4.700
Alitalia-Societa Aerea 5.250 7/30/2020 EUR 1.699
Virgolino de Oliveira 11.750 02/09/2022 USD 1.545
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 1.375
Senivita Social Estate 2.000 05/12/2025 EUR 9.700
Verimatrix SA 6.000 6/29/2022 EUR 3.951
Cirio Holding Luxembou 6.250 2/16/2004 EUR 0.620
Allied Irish Banks PLC 12.500 6/25/2035 GBP 60.614
Autonomous Community o 2.965 09/08/2039 JPY 71.910
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Immigon Portfolioabbau 5.795 EUR 12.466
Privatbank CJSC Via UK 10.875 2/28/2018 USD 29.749
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 0.903
Pongs & Zahn AG 8.500 11/01/2014 EUR 0.002
Banca Popolare di Vice 2.821 12/20/2017 EUR 0.150
Tresu Investment Holdi 5.000 9/29/2022 EUR 28.255
Valaris plc 5.850 1/15/2044 USD 14.000
Valaris plc 5.400 12/01/2042 USD 12.337
Norske Skogindustrier 7.000 12/30/2026 EUR 0.001
Norwegian Air Shuttle 6.375 11/15/2024 USD 50.750
Bilt Paper BV 9.640 USD 1.000
Finmek International S 7.000 12/03/2004 EUR 2.193
Valaris plc 4.750 1/15/2024 USD 14.000
Banca Popolare di Vice 9.500 9/29/2025 EUR 0.049
Banco Espirito Santo S 2.106 EUR 0.100
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.351
Lehman Brothers UK Cap 5.750 EUR 2.225
Virgolino de Oliveira 10.500 1/28/2018 USD 0.949
Manchester Building So 6.750 GBP 30.051
International Industri 9.000 07/06/2011 EUR 0.254
Veneto Banca SpA 9.878 12/01/2025 EUR 0.407
Portugal Telecom Inter 6.250 7/26/2016 EUR 0.175
KCA Deutag UK Finance 9.875 04/01/2022 USD 48.430
Air Berlin PLC 5.625 05/09/2019 CHF 0.513
International Industri 11.000 2/19/2013 USD 0.280
Nostrum Oil & Gas Fina 8.000 7/25/2022 USD 23.299
KCA Deutag UK Finance 9.625 04/01/2023 USD 49.709
Russian Federal Bond - 0.250 7/20/2044 RUB 19.000
Ghelamco Invest 4.500 5/23/2022 EUR 40.000
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Credit Suisse AG/Londo 4.740 6/29/2022 USD 9.900
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Autostrade per l'Itali 2.730 12/10/2038 JPY 28.682
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
New World Resources NV 8.000 04/07/2020 EUR 0.036
Praktiker AG 5.875 02/10/2016 EUR 0.069
Kommunekredit 0.500 7/30/2027 TRY 32.432
Cooperatieve Rabobank 0.500 10/30/2043 MXN 14.404
Civitas Properties Fin 4.000 11/24/2022 EUR 47.000
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Cooperatieve Rabobank 0.500 10/29/2027 MXN 62.920
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 0.732
Virgolino de Oliveira 10.875 1/13/2020 USD 32.000
Corporate Commercial B 8.250 08/08/2014 USD 0.308
SpareBank 1 SR-Bank AS 1.207 12/21/2030 EUR 73.990
Cooperatieve Rabobank 0.500 7/30/2043 MXN 14.493
Cooperatieve Rabobank 0.500 1/31/2033 MXN 37.498
ESFIL-Espirito Santo F 5.250 06/12/2015 EUR 1.311
Elli Investments Ltd 12.250 6/15/2020 GBP 52.265
Island Offshore Shipho 2.790 6/30/2021 NOK 2.651
Cirio Finance Luxembou 7.500 11/03/2002 EUR 2.545
Banco Espirito Santo S 6.875 7/15/2016 EUR 20.375
Steilmann SE 6.750 6/27/2017 EUR 2.184
Centrosolar Group AG 7.000 2/15/2016 EUR 2.505
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Offshore Drilling Hold 8.375 9/20/2020 USD 9.624
CRC Breeze Finance SA 6.110 05/08/2026 EUR 30.272
O1 Properties Finance 8.250 9/27/2021 USD 13.569
Waste Italia SpA 10.500 11/15/2019 EUR 0.500
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.510
Del Monte Finance Luxe 6.625 5/24/2006 EUR 4.426
Agrokor dd 9.125 02/01/2020 EUR 15.000
Alno AG 8.000 3/21/2019 EUR 15.250
OGX Austria GmbH 8.375 04/01/2022 USD 0.001
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Bank Nadra Via NDR Fin 8.250 7/31/2018 USD 0.208
MaxFastigheter i Sveri 6.500 SEK 50.104
ML 33 Invest AS 7.500 NOK 61.704
Tennor Finance BV 5.750 6/17/2024 EUR 75.000
Sairgroup Finance BV 4.375 06/08/2006 EUR 0.233
Espirito Santo Financi 3.125 12/02/2018 EUR 1.752
LBI ehf 6.100 8/25/2011 USD 9.904
KCA Deutag UK Finance 7.250 5/15/2021 USD 48.500
Caixa Economica Montep 5.000 EUR 50.000
Banco Espirito Santo S 6.900 6/28/2024 EUR 20.375
UBS AG/London 14.000 07/06/2021 USD 69.760
Breeze Finance SA 6.708 4/19/2027 EUR 28.950
BNG Bank NV 10.010 6/17/2025 TRY 69.465
Intelsat Jackson Holdi 9.750 7/15/2025 USD 73.250
Veneto Banca SpA 6.411 EUR 0.761
Intelsat Jackson Holdi 8.500 10/15/2024 USD 62.375
Pongs & Zahn AG 8.500 EUR 0.002
Steilmann SE 7.000 03/09/2017 EUR 1.429
Grenke Finance PLC 0.819 2/15/2030 EUR 63.553
Chr Bygga Bostader Hol 9.000 07/05/2021 SEK 50.000
Stichting Afwikkeling 6.625 5/14/2018 EUR 5.375
Solstad Offshore ASA 3.900 9/24/2021 NOK 4.666
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Windreich GmbH 6.500 7/15/2016 EUR 4.315
Rena GmbH 7.000 12/15/2015 EUR 2.096
Alpine Holding GmbH 5.250 07/01/2015 EUR 1.007
REM Saltire AS 7.200 6/30/2021 NOK 51.679
Manchester Building So 8.000 GBP 34.667
KTG Agrar SE 7.250 10/15/2019 EUR 2.932
KPNQwest NV 10.000 3/15/2012 EUR 0.068
Abengoa Abenewco 2 Bis 1.500 4/26/2024 USD 1.315
AKB Peresvet ZAO 0.510 08/04/2034 RUB 36.860
Decipher Production Lt 12.500 9/27/2019 USD 1.500
Sairgroup Finance BV 6.625 10/06/2010 EUR 0.233
Agrokor dd 8.875 02/01/2020 USD 15.000
Saleza AS 9.000 07/12/2021 EUR 0.203
Naviera Armas SA 4.250 11/15/2024 EUR 60.805
Turkey Government Bond 11.700 11/13/2030 TRY 73.250
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.613
Finance and Credit Ban 9.250 1/25/2019 USD 0.257
Mox Telecom AG 7.250 11/02/2017 EUR 1.354
SiC Processing GmbH 7.125 03/01/2016 EUR 2.614
Alpine Holding GmbH 5.250 06/10/2016 EUR 1.007
Depfa Funding III LP 0.040 EUR 37.034
Veneto Banca SpA 6.950 2/25/2025 EUR 0.407
Officine Maccaferri-Sp 5.750 06/01/2021 EUR 35.515
Erotik-Abwicklungsgese 7.750 07/09/2019 EUR 0.779
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
WPE International Coop 10.375 9/30/2020 USD 4.922
Senvion Holding GmbH 3.875 10/25/2022 EUR 0.782
OGX Austria GmbH 8.500 06/01/2018 USD 0.001
Cattles Ltd 8.125 07/05/2017 GBP 0.027
Hema Bondco II BV 8.500 1/15/2023 EUR 0.122
Aralco Finance SA 10.125 05/07/2020 USD 0.934
KCA Deutag UK Finance 9.875 04/01/2022 USD 48.083
German Pellets GmbH 7.250 07/09/2018 EUR 0.588
Banco Espirito Santo S 2.286 EUR 0.235
Windreich GmbH 6.500 03/01/2015 EUR 4.315
Credit Suisse AG/Londo 20.000 11/29/2024 USD 11.890
Dr Wiesent Sozial gGmb 7.000 EUR 0.020
Deutsche Bank AG 0.687 10/11/2049 EUR 72.814
Yell Bondco PLC 8.500 05/02/2023 GBP 40.309
Turkiye Ihracat Kredi 12.540 9/14/2028 TRY 72.225
KCA Deutag UK Finance 7.250 5/15/2021 USD 48.417
SFO Akkord Finans 10.000 02/12/2024 RUB 61.540
Barclays Bank PLC 0.350 05/06/2022 USD 9.865
Banco Santander SA 1.860 EUR 2.117
Deutsche Bank AG/Londo 13.750 6/20/2026 TRY 66.765
Lehman Brothers Treasu 5.220 03/01/2024 EUR 0.100
SAS AB 4.407 SEK 37.652
Espirito Santo Financi 9.750 12/19/2025 EUR 1.134
Agrokor dd 9.875 05/01/2019 EUR 15.000
KCA Deutag UK Finance 9.625 04/01/2023 USD 49.709
Portugal Telecom Inter 5.242 11/06/2017 EUR 0.694
MS Deutschland Beteili 6.875 12/18/2017 EUR 1.920
BOA Offshore AS 0.409 7/17/2047 NOK 7.396
Sidetur Finance BV 10.000 4/20/2016 USD 2.749
Gold-Zack AG 7.000 12/14/2005 EUR 11.030
Intelsat Connect Finan 9.500 2/15/2023 USD 28.000
Virgolino de Oliveira 10.875 1/13/2020 USD 32.000
Rena GmbH 8.250 07/11/2018 EUR 2.096
German Pellets GmbH 7.250 04/01/2016 EUR 0.588
AKB Peresvet ZAO 0.510 2/14/2032 RUB 11.000
Swissport Investments 9.750 12/15/2022 EUR 45.679
Uppfinnaren 1 AB 11.000 SEK 40.000
International Finance 0.500 6/29/2027 ZAR 63.210
Russian Post FGUP 2.750 12/06/2023 RUB 70.000
Intralot Capital Luxem 5.250 9/15/2024 EUR 56.034
Credit Suisse AG/Londo 5.000 3/29/2023 USD 9.610
Promsvyazbank PJSC 2.500 9/29/2029 RUB 67.120
Havila Shipping ASA 4.130 01/02/2025 NOK 49.964
Ideal Standard Interna 11.750 05/01/2018 EUR 0.050
Paper Industries Inter 6.000 03/01/2025 EUR 70.000
Credit Agricole Corpor 5.400 1/31/2028 BRL 73.571
Stichting Afwikkeling 2.207 EUR 1.210
Stichting Afwikkeling 8.450 8/20/2018 USD 5.375
Air Berlin Finance BV 8.500 03/06/2019 EUR 0.510
Getin Noble Bank SA 5.250 4/29/2024 PLN 50.146
Ahtium PLC 4.000 12/16/2015 EUR 0.586
SAir Group 6.250 10/27/2002 CHF 12.625
Vneshprombank Ltd Via 9.000 11/14/2016 USD 0.078
AKB Peresvet ZAO 0.510 6/23/2021 RUB 53.590
Top Gun Realisations 7 8.000 07/01/2023 GBP 1.476
Nostrum Oil & Gas Fina 7.000 2/16/2025 USD 23.482
Ahtium PLC 9.750 04/04/2017 EUR 0.768
NTRP Via Interpipe Ltd 10.250 08/02/2017 USD 30.500
Rio Forte Investments 4.750 11/10/2015 EUR 5.720
UniCredit Bank AG 10.300 12/24/2021 EUR 68.030
DZ Bank AG Deutsche Ze 0.490 03/11/2031 EUR 43.346
getgoods.de AG 7.750 10/02/2017 EUR 0.291
Golfino AG 8.000 11/18/2023 EUR 0.010
DekaBank Deutsche Giro 6.000 06/02/2021 EUR 57.110
Depfa Funding II LP 6.500 EUR 60.474
Norske Skogindustrier 7.125 10/15/2033 USD 0.001
Rio Forte Investments 4.000 7/22/2014 EUR 5.859
Moby SpA 7.750 2/15/2023 EUR 23.557
A-TEC Industries AG 8.750 10/27/2014 EUR 0.100
SAir Group 4.250 02/02/2007 CHF 12.625
Deutsche Agrar Holding 7.250 9/28/2018 EUR 1.254
Commerzbank AG 0.085 11/19/2029 EUR 64.718
Solship Invest 1 AS 5.000 12/08/2024 NOK 6.682
Societe Generale SA 8.000 8/18/2021 USD 34.060
Steilmann SE 7.000 9/23/2018 EUR 1.429
Rio Forte Investments 3.900 07/10/2014 USD 5.394
Credit Suisse AG/Londo 6.500 3/28/2022 USD 4.420
City of Predeal Romani 2.500 5/15/2026 RON 61.000
Barclays Bank PLC 2.000 06/12/2029 TRY 31.926
Air Berlin Finance BV 6.000 03/06/2019 EUR 0.315
HSBC Bank PLC 0.500 6/23/2027 MXN 65.005
Espirito Santo Financi 5.050 11/15/2025 EUR 1.230
Deutsche Bank AG/Londo 0.500 10/18/2038 MXN 15.015
Credit Suisse AG/Londo 12.250 02/08/2024 USD 9.750
Gebr Sanders GmbH & Co 8.750 10/22/2018 EUR 9.492
Dolphin Drilling ASA 4.490 8/28/2019 NOK 0.644
Sequa Petroleum NV 5.000 4/29/2020 USD 28.764
Veneto Banca SpA 6.944 5/15/2025 EUR 0.407
Kingdom of Belgium 0.459 7/23/2079 EUR 71.829
Lloyds Bank PLC 0.500 7/26/2028 MXN 59.466
SAir Group 6.250 04/12/2005 CHF 12.625
Barclays Bank PLC 0.500 4/13/2022 USD
Norske Skogindustrier 7.125 10/15/2033 USD 0.001
Pescanova SA 5.125 4/20/2017 EUR 0.319
Pescanova SA 8.750 2/17/2019 EUR 0.319
UBS AG/London 10.250 4/19/2021 EUR 73.950
BNP Paribas Issuance B 6.550 3/28/2025 EUR 64.350
Credit Suisse AG/Londo 6.250 10/31/2025 USD 11.501
Activa Resources AG 0.500 11/15/2021 EUR 1.000
SAir Group 5.500 7/23/2003 CHF 12.625
BLT Finance BV 12.000 02/10/2015 USD 10.500
Galapagos Holding SA 7.000 6/15/2022 EUR 7.498
Lehman Brothers Treasu 1.000 10/05/2035 EUR 0.100
Barclays Bank PLC 5.000 11/01/2029 BRL 65.893
Muehl Product & Servic 6.750 03/10/2005 DEM 0.080
Virgolino de Oliveira 11.750 02/09/2022 USD 1.545
Solon SE 1.375 12/06/2012 EUR 0.544
Societe Generale SA 6.000 05/09/2022 USD 13.950
Leonteq Securities AG/ 5.880 6/16/2021 EUR 16.600
SG Issuer SA 5.000 5/23/2024 EUR 61.930
Golden Gate AG 6.500 10/11/2014 EUR 37.600
Thomas Cook Finance 2 3.875 7/15/2023 EUR 1.024
Lehman Brothers Treasu 0.188 11/02/2035 EUR 0.100
Otkritie Holding JSC 0.010 10/03/2036 RUB 0.010
Swissport Investments 6.750 12/15/2021 EUR 0.942
Bank Otkritie Financia 0.010 9/24/2025 RUB 71.050
Credit Suisse AG/Londo 4.970 4/29/2022 USD 9.900
Zurcher Kantonalbank F 11.000 7/22/2021 CHF 67.350
Banco Espirito Santo S 10.000 12/06/2021 EUR 0.098
AKB Peresvet ZAO 13.000 10/07/2017 RUB 46.500
Danske Bank A/S 5.300 7/15/2023 SEK 45.850
Societe Generale SA 22.000 11/03/2022 USD 58.400
COFIDUR SA 0.100 12/31/2024 EUR 24.050
Bibby Offshore Service 7.500 6/15/2021 GBP 11.500
Intelsat Jackson Holdi 9.750 7/15/2025 USD 73.250
Credit Agricole Corpor 10.320 7/22/2026 TRY 70.737
BRAbank ASA 7.440 NOK 57.933
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
UniCredit Bank AG 0.115 11/19/2029 EUR 71.236
SG Issuer SA 0.263 2/20/2025 EUR 19.940
Leonteq Securities AG/ 6.400 11/03/2021 CHF 51.020
Societe Generale SA 12.560 09/08/2023 USD
Cooperativa Muratori & 6.875 08/01/2022 EUR 2.596
Credit Agricole Corpor 10.500 2/16/2027 TRY 71.062
Credito Padano Banca d 3.100 EUR 34.168
New World Resources NV 8.000 04/07/2020 EUR 0.036
SAir Group 2.125 11/04/2004 CHF 12.625
Agrokor dd 8.875 02/01/2020 USD 15.000
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Cooperatieve Rabobank 0.500 11/30/2027 MXN 62.901
SALVATOR Vermoegensver 9.500 12/31/2021 EUR 9.250
Leonteq Securities AG 12.500 5/20/2021 CHF 64.860
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
Landesbank Hessen-Thue 0.650 10/01/2031 EUR 10.320
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.265
Agrokor dd Via Aquariu 4.921 08/08/2017 EUR 14.625
International Bank of 8.250 10/09/2024 USD 60.375
Windreich GmbH 6.750 03/01/2015 EUR 4.315
Instabank ASA 5.380 3/28/2028 NOK 71.087
Minicentrales Dos SA 0.010 06/06/2047 EUR 67.347
Societe Generale SA 12.000 07/08/2021 USD
Landesbank Baden-Wuert 6.000 8/27/2021 EUR 55.880
Leonteq Securities AG/ 3.350 12/13/2021 EUR 68.630
Santander Consumer Ban 5.280 NOK 61.002
Barclays Bank PLC 1.450 9/24/2038 MXN 31.388
Astana Finance BV 7.875 06/08/2010 EUR 16.000
SG Issuer SA 4.000 7/20/2021 SEK 71.000
Societe Generale SA 6.000 06/06/2022 USD 14.700
BNP Paribas Emissions- 10.000 6/24/2021 EUR 60.000
Phones4u Finance PLC 9.500 04/01/2018 GBP 71.750
Thomas Cook Group PLC 6.250 6/15/2022 EUR 0.836
BNP Paribas SA 1.000 1/23/2040 MXN 19.850
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Espirito Santo Financi 0.352 10/27/2024 EUR 0.300
A-TEC Industries AG 5.750 11/02/2010 EUR 0.100
Instabank ASA 7.380 NOK 48.428
A-TEC Industries AG 2.750 05/10/2014 EUR 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.068
UniCredit Bank AG 6.600 7/20/2028 EUR 45.780
Landesbank Hessen-Thue 7.000 10/20/2022 EUR 53.810
Metalloinvest Holding 0.010 03/10/2022 RUB 73.160
UkrLandFarming PLC 10.875 3/26/2018 USD 2.886
Credit Agricole Corpor 10.200 08/06/2026 TRY 70.375
Kaupthing ehf 5.750 10/04/2011 USD 0.250
Credit Agricole Corpor 11.190 1/15/2026 TRY 74.476
SAir Group 0.125 07/07/2005 CHF 12.625
Credit Agricole CIB Fi 0.390 12/16/2032 EUR 61.601
Cooperativa Muratori & 6.000 2/15/2023 EUR 2.880
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Cooperatieve Rabobank 0.500 12/29/2027 MXN 62.277
Skandinaviska Enskilda 9.500 7/17/2023 SEK 75.520
SAir Group 5.125 03/01/2003 CHF 12.500
Barclays Bank PLC 2.730 9/27/2024 EUR 71.810
Resa SA/Belgium 1.950 7/22/2036 EUR 50.000
Archer Finance OOO 9.250 3/29/2022 RUB 0.020
Solarwatt GmbH 7.000 11/01/2015 EUR 15.500
LBI ehf 6.100 8/25/2011 USD 9.904
Northland Resources AB 4.000 10/15/2020 NOK 0.271
AlphaNotes ETP Dac 0.010 09/09/2029 USD 68.996
Bulgaria Steel Finance 12.000 05/04/2013 EUR 0.216
Samaratransneft-Termin 17.000 6/20/2021 RUB 32.000
Societe Generale SA 4.500 12/29/2022 USD 4.190
Credit Suisse AG/Londo 8.750 5/20/2021 GBP 63.250
UniCredit Bank AG 5.050 01/11/2022 EUR 35.870
Credit Suisse AG/Londo 8.000 05/04/2021 EUR 74.560
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Santander Consumer Ban 5.280 NOK 60.483
Kaupthing ehf 4.390 10/14/2008 CZK 0.250
SAir Group 2.750 7/30/2004 CHF 12.625
Otkritie Holding JSC 10.000 4/20/2028 RUB 2.440
Credito Padano Banca d 3.100 EUR 33.959
EDOB Abwicklungs AG 7.500 04/01/2012 EUR 2.351
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.376
Barclays Bank PLC 0.500 1/28/2033 MXN 35.423
Espirito Santo Financi 5.125 5/30/2016 EUR 1.526
Cooperatieve Rabobank 0.500 8/21/2028 MXN 58.521
HSBC Bank PLC 10.300 12/10/2024 TRY 74.156
Raiffeisen Switzerland 5.500 7/26/2021 EUR 54.580
EFG International Fina 6.130 6/20/2024 EUR 2.990
Skandinaviska Enskilda 8.300 7/17/2023 SEK 73.280
Landesbank Hessen-Thue 5.400 04/05/2023 EUR 47.360
Nordea Bank Abp 4.100 7/20/2023 SEK 51.500
SG Issuer SA 3.000 09/02/2021 EUR 49.090
Credit Suisse AG/Londo 7.250 4/27/2021 EUR 72.610
Privatbank CJSC Via UK 10.875 2/28/2018 USD 29.749
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.399
Windreich GmbH 6.250 03/01/2015 EUR 4.315
OOO SPV Structural Inv 0.010 09/01/2023 RUB 66.740
Agrokor dd 9.125 02/01/2020 EUR 15.000
Landesbank Baden-Wuert 2.050 7/23/2021 EUR 68.680
Landesbank Hessen-Thue 5.000 02/10/2023 EUR 71.830
Raiffeisen Switzerland 4.000 8/30/2022 CHF 55.490
Credit Suisse AG/Londo 10.250 05/03/2021 CHF 68.440
SG Issuer SA 5.000 07/10/2021 EUR
Getin Noble Bank SA 4.750 5/31/2024 PLN 71.874
Getin Noble Bank SA 4.250 6/28/2024 PLN 59.875
Top Gun Realisations 7 8.000 07/01/2023 GBP 1.476
Bilt Paper BV 9.640 USD 1.000
Heta Asset Resolution 7.500 12/31/2023 ATS 1.994
Lehman Brothers Treasu 14.900 9/15/2008 EUR 0.100
Getin Noble Bank SA 5.250 7/28/2023 PLN 65.059
Kaupthing ehf 9.000 USD 0.122
Pescanova SA 6.750 03/05/2015 EUR 0.319
Societe Generale Effek 3.000 7/22/2022 USD 8.050
SG Issuer SA 2.980 12/28/2021 USD 71.170
Citigroup Global Marke 12.379 11/13/2023 SEK 71.760
Landesbank Hessen-Thue 3.600 08/12/2021 EUR 58.100
Barclays Bank PLC 0.517 05/06/2022 USD 9.950
SG Issuer SA 1.400 12/28/2032 EUR 26.010
UBS AG/London 25.250 08/10/2021 CHF 68.050
Credit Suisse AG/Londo 10.000 1/20/2023 USD 9.780
Bank Julius Baer & Co 10.600 7/22/2021 USD 58.650
Kardan NV 6.325 2/21/2021 ILS 13.860
Bank Julius Baer & Co 9.500 05/07/2021 EUR 70.750
WEB Windenergie AG 4.000 12/17/2025 EUR 0.010
Metalloinvest Holding 0.010 03/07/2022 RUB 70.010
Rosbank PJSC 0.010 4/30/2024 RUB 65.000
Aralco Finance SA 10.125 05/07/2020 USD 0.934
Lehman Brothers Treasu 2.000 3/16/2035 EUR 0.100
Mriya Agro Holding PLC 9.450 4/19/2018 USD 4.376
Minicentrales Dos SA 0.010 06/06/2047 EUR 65.750
Kaupthing ehf 1.588 ISK 0.250
Ideal Standard Interna 11.750 05/01/2018 EUR 0.050
Espirito Santo Financi 5.050 11/15/2025 EUR 0.852
Credit Agricole Corpor 9.450 03/08/2027 TRY 66.519
Lehman Brothers Treasu 6.650 8/24/2011 AUD 0.100
Credit Agricole CIB Fi 7.000 06/12/2023 TRY 75.665
Kaupthing ehf 6.125 10/04/2016 USD 0.250
EYEMAXX Real Estate AG 5.500 9/24/2024 EUR 69.379
Eiendomskreditt AS 2.270 9/17/2029 NOK 71.603
Bank Otkritie Financia 10.000 4/26/2019 USD 9.539
PA Resources AB 13.500 03/03/2016 SEK 0.124
New World Resources NV 4.000 10/07/2020 EUR 0.912
Phosphorus Holdco PLC 10.000 04/01/2019 GBP 0.613
LBI ehf 7.431 USD 0.001
Credit Suisse AG/Londo 0.500 01/08/2026 BRL 63.445
KPNQwest NV 8.125 06/01/2009 USD 0.068
Credit Agricole Corpor 10.200 12/13/2027 TRY 67.955
Norske Skog Holding AS 8.000 2/24/2023 USD 0.006
Lehman Brothers Treasu 5.500 6/22/2010 USD 0.100
HSBC Bank PLC 10.300 12/20/2024 TRY 74.117
LBI ehf 8.650 05/01/2011 ISK 9.375
Credit Agricole Corpor 10.800 3/24/2026 TRY 70.162
Heta Asset Resolution 5.730 12/31/2023 EUR 1.994
Heta Asset Resolution 5.920 12/31/2023 EUR 1.994
Cerruti Finance SA 6.500 7/26/2004 EUR 2.061
Norske Skogindustrier 7.000 12/30/2026 EUR 0.001
UniCredit Bank AG 5.500 07/09/2021 EUR 47.670
DekaBank Deutsche Giro 2.000 11/19/2021 EUR 67.930
Societe Generale SA 4.890 2/16/2023 USD
Leonteq Securities AG/ 2.630 7/30/2021 USD 71.290
TransKomplektHolding O 9.500 11/02/2028 RUB 70.000
SG Issuer SA 5.000 04/02/2024 EUR 58.550
Skandinaviska Enskilda 8.600 7/17/2023 SEK 73.840
Skandinaviska Enskilda 4.400 7/15/2022 SEK 71.045
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 1.000
BNP Paribas Issuance B 5.000 11/05/2024 EUR 27.710
Zurcher Kantonalbank F 10.200 08/06/2021 CHF 73.680
SALVATOR Vermoegensver 9.500 EUR 10.800
Derzhava-Garant OOO 7.500 06/12/2030 RUB 0.990
State of Saxony-Anhalt 0.030 07/03/2028 EUR 60.000
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.000
AKB Peresvet ZAO 13.250 4/25/2018 RUB 46.500
Irish Bank Resolution 4.000 4/23/2018 EUR 33.250
Getin Noble Bank SA 4.250 8/30/2024 PLN 68.371
Intelsat SA 4.500 6/15/2025 USD 35.152
Kaupthing ehf 3.750 02/01/2045 USD 0.232
Nota-Bank OJSC 13.500 04/01/2016 RUB 31.500
SAG Solarstrom AG 7.500 07/10/2017 EUR 31.000
Astana Finance BV 9.000 11/16/2011 USD 15.250
Lehman Brothers Treasu 4.050 9/16/2008 EUR 0.100
Lehman Brothers Treasu 7.375 9/20/2008 EUR 0.100
Hellas Telecommunicati 6.054 1/15/2015 USD 0.001
Lehman Brothers Treasu 8.000 10/23/2008 USD 0.100
Credit Agricole Corpor 10.800 3/24/2026 TRY 72.926
Lehman Brothers Treasu 23.300 9/16/2008 USD 0.100
Heta Asset Resolution 0.131 12/31/2023 EUR 1.994
UBS AG/London 13.750 7/26/2021 USD 70.810
Credit Suisse AG/Nassa 7.000 6/22/2021 CHF 55.930
Danske Bank A/S 10.300 07/09/2023 SEK 11.000
Vontobel Financial Pro 5.000 4/13/2021 EUR 58.463
Landesbank Hessen-Thue 5.000 9/21/2023 EUR 72.020
Corner Banca SA 12.200 4/27/2021 CHF 73.560
UBS AG/London 13.500 4/26/2021 USD 66.950
Credit Suisse AG/Londo 8.750 6/23/2021 EUR 70.940
Santander Consumer Ban 5.280 NOK 60.483
Turkey Government Bond 10.500 08/11/2027 TRY 73.000
IT Holding Finance SA 9.875 11/15/2012 EUR 0.255
Petromena ASA 9.750 5/24/2016 NOK 0.607
HSBC Bank PLC 0.500 11/25/2025 BRL 64.266
Heta Asset Resolution 4.350 12/31/2023 EUR 1.994
Northland Resources AB 4.000 10/15/2020 USD 0.271
Banca Popolare di Vice 9.500 10/02/2025 EUR 0.049
Lehman Brothers Treasu 2.875 3/14/2013 CHF 0.100
Lehman Brothers Treasu 4.350 08/08/2016 SGD 0.100
Nutritek International 8.750 12/11/2008 USD 2.089
MIK OAO 15.000 2/19/2020 RUB 13.875
Deutsche Bank AG/Londo 0.500 04/05/2038 MXN 23.347
BNP Paribas SA 0.500 11/16/2032 MXN 27.540
Kaupthing ehf 7.000 7/24/2009 ISK 0.250
Raiffeisen Switzerland 6.800 05/06/2022 EUR 0.020
Landesbank Hessen-Thue 4.000 07/07/2021 EUR 49.480
DekaBank Deutsche Giro 3.000 6/21/2021 EUR 45.840
Societe Generale SA 3.900 3/23/2022 USD 0.890
UBS AG/London 10.000 8/19/2021 CHF 70.750
UniCredit Bank AG 13.000 6/25/2021 EUR 73.650
Zurcher Kantonalbank F 8.000 2/25/2022 CHF 72.140
Leonteq Securities AG 5.000 6/15/2021 CHF 69.600
Credit Suisse AG/Londo 8.500 5/18/2021 EUR 62.250
Zurcher Kantonalbank F 9.250 8/26/2021 CHF 67.900
Landesbank Hessen-Thue 3.350 5/19/2021 EUR 76.700
UBS AG/London 7.000 2/21/2022 EUR 63.800
UBS AG/London 5.500 8/19/2021 EUR 67.300
UBS AG/London 5.750 8/20/2021 EUR 69.800
Societe Generale Effek 29.303 6/25/2021 EUR 66.510
Leonteq Securities AG/ 8.600 07/12/2021 EUR 62.470
UBS AG/London 6.500 8/19/2021 CHF 67.300
Landesbank Hessen-Thue 5.150 6/14/2022 EUR 69.590
BNP Paribas Emissions- 8.500 6/24/2021 EUR 71.740
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.930
BNP Paribas Emissions- 13.000 6/24/2021 EUR 64.380
BNP Paribas Emissions- 9.000 6/24/2021 EUR 66.980
BNP Paribas Emissions- 7.500 6/24/2021 EUR 73.450
BNP Paribas Emissions- 9.000 6/24/2021 EUR 70.920
BNP Paribas Emissions- 10.000 6/24/2021 EUR 69.610
BNP Paribas Emissions- 12.000 6/24/2021 EUR 72.780
BNP Paribas Emissions- 10.000 6/24/2021 EUR 71.110
BNP Paribas Emissions- 11.000 6/24/2021 EUR 68.680
BNP Paribas Emissions- 12.000 6/24/2021 EUR 67.230
Vontobel Financial Pro 14.500 6/25/2021 EUR 75.250
Vontobel Financial Pro 18.000 6/25/2021 EUR 73.450
Corner Banca SA 15.400 06/02/2021 CHF 71.670
Vontobel Financial Pro 16.000 6/25/2021 EUR 73.910
Vontobel Financial Pro 17.000 6/25/2021 EUR 72.540
Vontobel Financial Pro 19.500 6/25/2021 EUR 72.140
Raiffeisen Schweiz Gen 7.000 7/26/2021 AUD 68.170
BNP Paribas Emissions- 10.000 6/24/2021 EUR 70.430
DekaBank Deutsche Giro 3.400 09/04/2023 EUR 75.990
BNP Paribas Emissions- 9.500 6/24/2021 EUR 71.580
Leonteq Securities AG/ 10.600 7/26/2021 USD 72.270
UBS AG/London 7.500 09/06/2021 CHF 72.400
Leonteq Securities AG 22.300 6/15/2021 EUR 6.240
Leonteq Securities AG 21.800 6/25/2021 CHF 5.680
Leonteq Securities AG/ 4.000 03/03/2022 EUR 34.260
Vontobel Financial Pro 11.000 6/25/2021 EUR 68.179
Landesbank Baden-Wuert 5.700 2/25/2022 EUR 71.730
Landesbank Baden-Wuert 1.200 2/25/2022 EUR 70.000
Landesbank Baden-Wuert 3.700 2/25/2022 EUR 62.780
Landesbank Baden-Wuert 2.800 6/25/2021 EUR 64.880
Citigroup Global Marke 8.050 1/24/2023 EUR 63.570
Erste Group Bank AG 4.350 2/20/2022 EUR 55.450
SG Issuer SA 7.600 1/20/2025 SEK 66.370
UniCredit Bank AG 4.200 2/19/2022 EUR 51.920
DekaBank Deutsche Giro 3.000 8/27/2021 EUR 59.130
Landesbank Hessen-Thue 3.500 03/09/2022 EUR 57.480
UniCredit Bank AG 4.000 3/13/2022 EUR 55.600
Landesbank Hessen-Thue 5.900 03/09/2023 EUR 66.460
EFG International Fina 7.000 2/21/2022 CHF 73.400
Landesbank Hessen-Thue 6.400 03/09/2023 EUR 63.150
Leonteq Securities AG 6.400 5/25/2021 CHF 58.550
Landesbank Hessen-Thue 3.500 07/06/2022 EUR 46.490
Leonteq Securities AG 8.000 06/08/2021 CHF 65.000
UniCredit Bank AG 3.700 6/25/2022 EUR 60.460
UniCredit Bank AG 6.000 12/25/2021 EUR 76.670
Landesbank Hessen-Thue 2.000 6/13/2022 EUR 61.510
UBS AG/London 10.000 8/26/2021 EUR 70.450
Bank Julius Baer & Co 9.500 8/26/2021 CHF 69.050
UBS AG/London 10.750 8/26/2021 CHF 73.800
DZ Bank AG Deutsche Ze 4.300 6/21/2021 EUR 71.510
UBS AG/London 7.000 7/26/2021 EUR 55.400
Credit Suisse AG/Londo 6.000 8/24/2022 CHF 74.970
Credit Suisse AG/Londo 7.500 5/25/2021 CHF 68.480
UBS AG/London 10.250 8/26/2021 CHF 73.800
EFG International Fina 10.000 7/26/2021 EUR 64.480
Landesbank Hessen-Thue 2.300 02/09/2023 EUR 74.110
UniCredit Bank AG 4.130 2/13/2022 EUR 58.260
Landesbank Hessen-Thue 6.500 2/16/2023 EUR 53.850
Societe Generale SA 4.500 12/30/2024 USD 65.180
Societe Generale SA 4.500 12/29/2022 USD 6.100
EFG International Fina 11.500 08/02/2021 USD 60.330
DZ Bank AG Deutsche Ze 5.750 9/22/2021 EUR 74.180
Societe Generale SA 22.000 8/31/2022 USD 73.800
Corner Banca SA 15.000 05/04/2021 CHF 3.580
BNP Paribas Emissions- 8.000 6/24/2021 EUR 73.230
EFG International Fina 14.800 8/19/2021 CHF 67.980
Vontobel Financial Pro 16.500 6/25/2021 EUR 58.334
Landesbank Baden-Wuert 2.200 7/23/2021 EUR 69.190
Landesbank Hessen-Thue 6.000 03/10/2023 EUR 63.670
UniCredit Bank AG 6.000 6/25/2021 EUR 67.570
UniCredit Bank AG 5.400 12/24/2021 EUR 69.230
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 66.130
Raiffeisen Schweiz Gen 5.600 07/12/2021 CHF 45.000
UniCredit Bank AG 7.500 12/24/2021 EUR 53.790
UniCredit Bank AG 10.200 12/24/2021 EUR 70.090
UniCredit Bank AG 4.700 6/25/2021 EUR 72.810
Landesbank Baden-Wuert 2.300 7/23/2021 EUR 67.900
Landesbank Hessen-Thue 4.000 6/16/2022 EUR 55.680
Landesbank Hessen-Thue 5.300 9/23/2022 EUR 45.300
Societe Generale SA 8.000 5/28/2027 USD 44.400
DZ Bank AG Deutsche Ze 3.300 6/21/2021 EUR 73.810
Raiffeisen Schweiz Gen 5.000 12/29/2021 CHF 66.720
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 65.260
UniCredit Bank AG 6.600 12/24/2021 EUR 56.110
UniCredit Bank AG 10.000 6/25/2021 EUR 74.470
UniCredit Bank AG 7.500 6/25/2021 EUR 63.170
Skandinaviska Enskilda 9.020 7/17/2023 SEK 72.110
Corner Banca SA 14.200 8/24/2021 USD 6.610
UniCredit Bank AG 9.100 12/24/2021 EUR 72.640
UniCredit Bank AG 4.100 12/24/2021 EUR 65.500
UniCredit Bank AG 7.600 6/25/2021 EUR 53.280
UniCredit Bank AG 4.400 12/24/2021 EUR 73.430
Landesbank Hessen-Thue 6.700 10/13/2023 EUR 67.750
UniCredit Bank AG 8.700 6/25/2021 EUR 74.550
UniCredit Bank AG 10.700 6/25/2021 EUR 71.250
UniCredit Bank AG 12.100 6/25/2021 EUR 67.600
Zurcher Kantonalbank F 5.000 7/23/2021 EUR 69.980
UniCredit Bank AG 4.400 6/25/2021 EUR 64.550
UniCredit Bank AG 5.400 6/25/2021 EUR 60.220
UniCredit Bank AG 8.900 12/24/2021 EUR 60.090
UniCredit Bank AG 10.100 6/25/2021 EUR 48.040
Landesbank Hessen-Thue 6.200 6/17/2022 EUR 52.860
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 66.000
Landesbank Baden-Wuert 2.650 9/23/2022 EUR 68.240
UBS AG/London 14.250 7/19/2021 USD 66.620
DZ Bank AG Deutsche Ze 5.600 6/23/2021 EUR 69.440
UBS AG/London 7.000 7/19/2021 CHF 53.800
Landesbank Hessen-Thue 2.500 6/21/2021 EUR 68.900
SG Issuer SA 4.000 6/22/2026 EUR 62.320
EFG International Fina 11.400 6/28/2021 USD 50.970
SG Issuer SA 11.170 7/20/2025 SEK 62.000
Credit Suisse AG/Londo 7.000 8/25/2021 EUR 73.750
UBS AG/London 6.250 6/21/2021 CHF 56.800
Vontobel Financial Pro 18.000 6/25/2021 EUR 69.910
Vontobel Financial Pro 13.500 6/25/2021 EUR 67.800
Vontobel Financial Pro 21.000 6/25/2021 EUR 75.660
Vontobel Financial Pro 15.500 6/25/2021 EUR 65.500
Vontobel Financial Pro 22.000 6/25/2021 EUR 74.690
Goldman Sachs & Co Wer 14.000 12/22/2021 EUR 74.150
Goldman Sachs & Co Wer 16.000 12/22/2021 EUR 72.600
Goldman Sachs & Co Wer 19.000 6/23/2021 EUR 68.360
Goldman Sachs & Co Wer 14.000 9/22/2021 EUR 74.070
Goldman Sachs & Co Wer 15.000 7/21/2021 EUR 73.850
Goldman Sachs & Co Wer 18.000 7/21/2021 EUR 69.530
Landesbank Hessen-Thue 5.700 6/16/2022 EUR 57.470
Vontobel Financial Pro 10.500 6/25/2021 EUR 73.340
Vontobel Financial Pro 12.000 6/25/2021 EUR 70.440
Goldman Sachs & Co Wer 18.000 9/22/2021 EUR 69.560
Landesbank Hessen-Thue 5.200 9/30/2022 EUR 46.590
Vontobel Financial Pro 16.500 6/25/2021 EUR 71.330
Vontobel Financial Pro 14.500 6/25/2021 EUR 72.740
Landesbank Baden-Wuert 2.600 2/25/2022 EUR 65.430
Natixis SA 2.500 07/12/2021 EUR 57.090
Leonteq Securities AG 7.600 7/13/2021 CHF 62.260
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 64.900
Landesbank Baden-Wuert 2.850 9/23/2022 EUR 67.800
DekaBank Deutsche Giro 2.550 7/30/2021 EUR 59.540
Landesbank Hessen-Thue 2.750 5/20/2021 EUR 59.100
Bayerische Landesbank 2.000 2/18/2022 EUR 65.200
Landesbank Hessen-Thue 3.500 8/17/2022 EUR 70.550
UniCredit Bank AG 4.300 7/26/2022 EUR 60.980
UniCredit Bank AG 3.650 7/23/2022 EUR 61.050
UniCredit Bank AG 6.400 7/23/2021 EUR 77.010
Bayerische Landesbank 2.000 1/28/2022 EUR 66.360
Credit Suisse AG/Nassa 7.200 07/05/2021 CHF 60.150
UniCredit Bank AG 4.200 7/26/2022 EUR 42.510
UniCredit Bank AG 4.450 7/23/2022 EUR 72.310
UniCredit Bank AG 4.150 7/26/2022 EUR 62.040
Landesbank Hessen-Thue 3.600 7/27/2022 EUR 71.010
SG Issuer SA 4.000 08/02/2021 EUR 65.150
Landesbank Hessen-Thue 4.000 08/03/2022 EUR 64.250
Landesbank Hessen-Thue 5.750 08/03/2023 EUR 68.000
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 65.060
Landesbank Hessen-Thue 7.500 11/03/2023 EUR 63.820
Landesbank Baden-Wuert 2.000 2/25/2022 EUR 73.710
Landesbank Hessen-Thue 4.000 8/18/2021 EUR 54.650
Landesbank Hessen-Thue 5.100 2/17/2023 EUR 58.930
UniCredit Bank AG 4.250 11/21/2021 EUR 43.670
UniCredit Bank AG 4.200 11/21/2021 EUR 58.490
Leonteq Securities AG/ 7.200 10/27/2021 CHF 65.270
Landesbank Hessen-Thue 4.000 11/24/2021 EUR 48.730
UniCredit Bank AG 4.500 1/18/2022 EUR 57.640
Landesbank Hessen-Thue 5.000 11/25/2022 EUR 56.590
Raiffeisen Switzerland 10.500 07/11/2024 USD 19.330
UniCredit Bank AG 3.500 2/13/2023 EUR 50.900
UniCredit Bank AG 3.600 8/23/2021 EUR 49.680
Landesbank Hessen-Thue 5.900 8/25/2023 EUR 36.480
Landesbank Hessen-Thue 4.000 06/08/2022 EUR 53.780
Landesbank Hessen-Thue 4.000 06/08/2022 EUR 58.630
Leonteq Securities AG 8.400 05/11/2021 CHF 60.430
UniCredit Bank AG 3.750 8/23/2021 EUR 56.100
UniCredit Bank AG 3.900 10/24/2021 EUR 50.130
UniCredit Bank AG 4.050 10/24/2021 EUR 66.110
EFG International Fina 6.200 8/16/2021 CHF 74.280
Landesbank Baden-Wuert 2.300 7/22/2022 EUR 63.710
UniCredit Bank AG 3.200 09/10/2022 EUR 57.130
Landesbank Baden-Wuert 2.600 9/24/2021 EUR 62.180
UniCredit Bank AG 3.800 10/24/2021 EUR 58.360
Landesbank Hessen-Thue 6.000 12/01/2022 EUR 46.580
Erste Group Bank AG 5.550 8/30/2022 EUR 54.000
DekaBank Deutsche Giro 3.100 5/28/2021 EUR 45.260
Vontobel Financial Pro 6.700 03/07/2022 EUR 58.150
UniCredit Bank AG 3.250 3/29/2022 EUR 20.350
UniCredit Bank AG 3.600 3/29/2022 EUR 72.080
UniCredit Bank AG 3.750 3/26/2022 EUR 63.200
Landesbank Hessen-Thue 4.000 7/21/2021 EUR 70.840
Landesbank Hessen-Thue 5.650 10/28/2022 EUR 61.380
Landesbank Hessen-Thue 3.000 08/11/2022 EUR 66.730
Landesbank Hessen-Thue 6.250 12/22/2022 EUR 55.490
UniCredit Bank AG 4.450 12/29/2022 EUR 44.850
UniCredit Bank AG 4.300 12/19/2021 EUR 56.430
UniCredit Bank AG 4.700 12/19/2021 EUR 40.670
Landesbank Hessen-Thue 4.400 01/05/2023 EUR 53.170
EFG International Fina 7.000 5/23/2022 EUR 56.980
SG Issuer SA 7.500 1/20/2025 SEK 64.760
UniCredit Bank AG 4.400 12/10/2022 EUR 64.130
UniCredit Bank AG 4.200 12/08/2021 EUR 42.520
Landesbank Hessen-Thue 5.400 11/24/2022 EUR 64.140
Landesbank Baden-Wuert 2.750 3/25/2022 EUR 61.840
Landesbank Baden-Wuert 2.500 3/25/2022 EUR 70.760
Leonteq Securities AG/ 4.200 06/01/2021 CHF 29.110
Landesbank Baden-Wuert 3.100 2/25/2022 EUR 67.930
Raiffeisen Switzerland 4.800 11/23/2023 CHF 58.990
Credit Suisse AG/Londo 6.810 4/29/2022 USD 9.900
BNP Paribas Emissions- 23.000 12/23/2021 EUR 16.360
Leonteq Securities AG/ 3.750 2/20/2023 CHF 64.020
Leonteq Securities AG 27.000 06/02/2021 CHF 7.090
EFG International Fina 6.000 8/13/2021 CHF 64.450
Leonteq Securities AG 6.000 8/17/2021 CHF 47.810
Raiffeisen Schweiz Gen 5.800 9/28/2021 CHF 66.900
DekaBank Deutsche Giro 4.000 4/23/2021 EUR 70.990
Corner Banca SA 6.200 10/05/2021 CHF 72.710
UniCredit Bank AG 5.750 01/11/2022 EUR 56.420
DekaBank Deutsche Giro 3.250 06/08/2021 EUR 55.350
HSBC Trinkaus & Burkha 6.500 6/25/2021 EUR 1.470
Natixis SA 2.970 06/08/2021 USD 72.880
Landesbank Baden-Wuert 3.250 2/24/2023 EUR 70.390
HSBC Trinkaus & Burkha 5.700 6/25/2021 EUR 59.070
UniCredit Bank AG 4.250 6/28/2022 EUR 58.620
DekaBank Deutsche Giro 6.000 06/11/2021 EUR 58.390
Landesbank Baden-Wuert 4.100 1/28/2022 EUR 62.860
UniCredit Bank AG 4.350 10/26/2021 EUR 34.460
SG Issuer SA 2.980 12/28/2021 EUR 71.540
Landesbank Baden-Wuert 3.550 6/25/2021 EUR 58.840
Landesbank Baden-Wuert 2.250 6/25/2021 EUR 69.710
Landesbank Hessen-Thue 5.350 9/22/2023 EUR 39.910
Landesbank Baden-Wuert 2.200 6/25/2021 EUR 65.340
EFG International Fina 7.000 10/25/2021 EUR 72.800
Leonteq Securities AG 6.200 06/08/2021 CHF 53.120
DekaBank Deutsche Giro 5.150 5/21/2021 EUR 54.900
Landesbank Baden-Wuert 3.250 12/23/2022 EUR 68.810
Landesbank Baden-Wuert 2.650 12/23/2022 EUR 71.650
Landesbank Hessen-Thue 4.700 2/24/2023 EUR 54.780
Landesbank Hessen-Thue 6.450 2/24/2023 EUR 50.050
Landesbank Hessen-Thue 5.700 11/24/2022 EUR 59.790
Landesbank Hessen-Thue 4.000 06/04/2021 EUR 68.200
Landesbank Baden-Wuert 2.500 1/28/2022 EUR 61.580
Bayerische Landesbank 2.300 11/26/2021 EUR 62.020
UniCredit Bank AG 5.400 06/04/2021 EUR 66.020
Leonteq Securities AG/ 5.500 5/25/2021 CHF 57.970
EFG International Fina 7.000 06/08/2021 EUR 53.710
EFG International Fina 5.550 07/12/2021 USD 4.170
UniCredit Bank AG 4.350 11/21/2021 EUR 63.570
Corner Banca SA 8.000 5/25/2021 CHF 59.590
Leonteq Securities AG 7.800 5/14/2021 CHF 17.340
EFG International Fina 6.200 8/16/2021 CHF 64.840
DekaBank Deutsche Giro 2.500 10/22/2021 EUR 73.970
Leonteq Securities AG 7.400 9/28/2021 CHF 72.460
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 69.650
Landesbank Baden-Wuert 3.200 12/23/2022 EUR 68.530
DekaBank Deutsche Giro 4.250 4/14/2022 EUR 47.430
Landesbank Hessen-Thue 6.800 7/14/2022 EUR 71.520
UniCredit Bank AG 4.300 7/18/2021 EUR 63.760
UniCredit Bank AG 3.600 7/18/2021 EUR 45.300
UBS AG/London 21.800 6/24/2021 EUR 73.510
UBS AG/London 12.200 6/24/2021 EUR 68.090
UniCredit Bank AG 5.350 8/24/2021 EUR 50.640
Raiffeisen Schweiz Gen 5.000 04/05/2022 CHF 75.460
Corner Banca SA 8.600 10/12/2021 CHF 70.850
Landesbank Baden-Wuert 3.500 1/28/2022 EUR 65.690
Landesbank Hessen-Thue 6.350 11/19/2024 EUR 68.210
Landesbank Hessen-Thue 4.000 3/23/2022 EUR 52.970
SG Issuer SA 9.180 1/20/2025 SEK 70.170
Landesbank Baden-Wuert 2.800 4/25/2022 EUR 64.580
Erste Group Bank AG 4.350 2/28/2022 EUR 54.950
Landesbank Hessen-Thue 5.550 3/16/2023 EUR 54.740
UniCredit Bank AG 4.500 03/12/2022 EUR 57.030
UniCredit Bank AG 3.500 8/24/2022 EUR 65.710
UniCredit Bank AG 4.000 2/28/2022 EUR 62.880
UniCredit Bank AG 4.000 11/21/2022 EUR 70.650
HSBC Trinkaus & Burkha 5.000 10/07/2021 EUR 73.510
Landesbank Baden-Wuert 3.950 8/27/2021 EUR 65.150
Landesbank Baden-Wuert 3.400 11/25/2022 EUR 64.330
DekaBank Deutsche Giro 3.100 12/03/2021 EUR 54.910
Landesbank Baden-Wuert 3.800 1/28/2022 EUR 61.260
Bayerische Landesbank 2.500 12/03/2021 EUR 66.740
Landesbank Hessen-Thue 5.600 02/11/2025 EUR 69.310
Leonteq Securities AG/ 4.750 11/01/2021 CHF 37.930
UniCredit Bank AG 4.730 01/02/2023 EUR 64.990
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 64.620
Leonteq Securities AG/ 4.290 7/30/2021 USD 40.210
SG Issuer SA 0.263 4/16/2025 EUR 29.250
Leonteq Securities AG/ 6.200 7/27/2021 CHF 69.190
UniCredit Bank AG 4.100 8/24/2022 EUR 65.880
Landesbank Baden-Wuert 4.000 10/22/2021 EUR 54.730
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 59.800
Leonteq Securities AG 7.200 08/06/2021 CHF 70.850
Araratbank OJSC 5.250 09/11/2022 USD 25.018
Landesbank Hessen-Thue 4.000 8/31/2022 EUR 55.040
DekaBank Deutsche Giro 2.300 11/12/2021 EUR 67.410
SG Issuer SA 7.740 7/20/2025 SEK 75.010
Landesbank Baden-Wuert 2.150 8/27/2021 EUR 67.870
EFG International Fina 6.400 08/09/2021 CHF 63.610
Landesbank Baden-Wuert 2.600 9/23/2022 EUR 70.520
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 70.000
EFG International Fina 12.000 10/19/2021 USD 67.360
Leonteq Securities AG/ 4.000 08/10/2022 CHF 66.410
Landesbank Baden-Wuert 4.000 5/27/2022 EUR 56.040
Landesbank Baden-Wuert 3.300 5/27/2022 EUR 61.960
Leonteq Securities AG 5.400 7/25/2022 CHF 63.940
DekaBank Deutsche Giro 2.800 05/02/2022 EUR 59.190
Landesbank Baden-Wuert 2.300 6/24/2022 EUR 61.070
DekaBank Deutsche Giro 3.400 4/30/2021 EUR 49.550
Landesbank Baden-Wuert 2.550 12/27/2021 EUR 57.390
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 51.010
Landesbank Hessen-Thue 4.400 12/22/2022 EUR 53.280
UniCredit Bank AG 4.300 8/24/2021 EUR 50.010
Landesbank Hessen-Thue 4.000 11/10/2021 EUR 42.880
Landesbank Hessen-Thue 3.000 08/06/2021 EUR 40.500
DekaBank Deutsche Giro 1.000 11/02/2021 EUR 62.440
DekaBank Deutsche Giro 3.900 4/25/2022 EUR 49.360
Leonteq Securities AG/ 6.100 2/21/2022 CHF 73.380
Credit Suisse AG/Londo 4.500 07/12/2021 EUR 71.600
SecurAsset SA 5.250 6/30/2022 EUR 49.500
Leonteq Securities AG/ 4.000 2/21/2022 EUR 68.620
Leonteq Securities AG/ 2.500 06/05/2024 EUR 70.150
DZ Bank AG Deutsche Ze 11.200 6/25/2021 EUR 71.130
Zurcher Kantonalbank F 9.750 8/26/2021 USD 72.180
UBS AG/London 6.750 07/05/2021 CHF 52.900
Landesbank Hessen-Thue 4.000 08/09/2023 EUR 60.000
UniCredit Bank AG 7.800 6/25/2021 EUR 65.640
UniCredit Bank AG 10.700 6/25/2021 EUR 60.450
UniCredit Bank AG 9.700 6/25/2021 EUR 64.620
UniCredit Bank AG 11.300 6/25/2021 EUR 74.950
UniCredit Bank AG 10.100 6/25/2021 EUR 71.450
UniCredit Bank AG 6.400 6/25/2021 EUR 69.360
UniCredit Bank AG 9.300 6/25/2021 EUR 62.400
UniCredit Bank AG 7.500 6/25/2021 EUR 70.990
UniCredit Bank AG 11.800 6/25/2021 EUR 57.670
UniCredit Bank AG 8.500 6/25/2021 EUR 67.050
UniCredit Bank AG 9.600 6/25/2021 EUR 63.590
UniCredit Bank AG 7.600 6/25/2021 EUR 69.870
UniCredit Bank AG 8.100 12/24/2021 EUR 65.760
UniCredit Bank AG 5.800 12/24/2021 EUR 71.490
UniCredit Bank AG 6.600 12/24/2021 EUR 72.720
UniCredit Bank AG 11.000 12/24/2021 EUR 74.970
UniCredit Bank AG 10.200 12/24/2021 EUR 59.120
UniCredit Bank AG 8.500 12/24/2021 EUR 63.450
UniCredit Bank AG 6.900 12/24/2021 EUR 68.390
UniCredit Bank AG 7.700 12/24/2021 EUR 66.070
UniCredit Bank AG 6.800 12/24/2021 EUR 68.990
UniCredit Bank AG 6.000 12/24/2021 EUR 72.230
Landesbank Baden-Wuert 4.000 8/27/2021 EUR 71.550
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 71.970
Landesbank Baden-Wuert 4.000 8/27/2021 EUR 62.330
Landesbank Baden-Wuert 2.750 8/27/2021 EUR 58.560
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 56.630
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 53.240
Leonteq Securities AG 20.000 5/20/2021 CHF 5.350
Leonteq Securities AG 20.400 5/18/2021 CHF 5.460
Corner Banca SA 21.000 5/18/2021 CHF 5.160
Goldman Sachs & Co Wer 21.000 6/23/2021 EUR 68.750
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 68.050
Erste Group Bank AG 8.000 7/31/2024 EUR 70.700
Landesbank Baden-Wuert 3.750 8/27/2021 EUR 73.340
Landesbank Baden-Wuert 5.750 8/27/2021 EUR 64.810
Landesbank Baden-Wuert 3.250 8/27/2021 EUR 66.770
Landesbank Baden-Wuert 5.000 8/27/2021 EUR 58.560
Corner Banca SA 30.000 06/08/2021 USD 7.330
Leonteq Securities AG/ 29.000 06/08/2021 CHF 7.530
Vontobel Financial Pro 11.500 6/25/2021 EUR 74.443
Leonteq Securities AG 30.000 06/09/2021 CHF 7.780
BNP Paribas Emissions- 9.000 6/24/2021 EUR 73.390
BNP Paribas Emissions- 9.500 6/24/2021 EUR 74.990
BNP Paribas Emissions- 11.000 6/24/2021 EUR 71.040
BNP Paribas Emissions- 8.500 6/24/2021 EUR 73.640
BNP Paribas Emissions- 10.000 6/24/2021 EUR 75.470
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.300
BNP Paribas Emissions- 13.000 6/24/2021 EUR 70.200
BNP Paribas Emissions- 15.000 6/24/2021 EUR 67.180
BNP Paribas Emissions- 7.500 6/24/2021 EUR 72.030
BNP Paribas Emissions- 8.500 6/24/2021 EUR 72.220
BNP Paribas Emissions- 12.000 6/24/2021 EUR 67.310
BNP Paribas Emissions- 11.000 6/24/2021 EUR 74.040
BNP Paribas Emissions- 13.000 6/24/2021 EUR 65.850
Leonteq Securities AG/ 6.000 06/08/2021 USD 4.250
BNP Paribas Emissions- 11.000 6/24/2021 EUR 66.060
BNP Paribas Emissions- 10.000 6/24/2021 EUR 75.440
BNP Paribas Emissions- 9.500 6/24/2021 EUR 70.120
EFG International Fina 15.000 05/06/2021 USD 7.710
Corner Banca SA 20.000 4/27/2021 CHF 5.250
UBS AG/London 8.000 03/04/2022 EUR 70.450
BNP Paribas Emissions- 0.170 9/23/2021 EUR 0.440
SG Issuer SA 1.500 12/30/2032 EUR 50.940
UBS AG/London 6.500 07/12/2021 EUR 55.650
UBS AG/London 21.250 2/18/2022 USD 62.600
Landesbank Hessen-Thue 3.000 05/03/2022 EUR 66.000
DZ Bank AG Deutsche Ze 19.300 6/25/2021 EUR 60.880
Leonteq Securities AG 15.600 4/20/2021 CHF 4.180
DZ Bank AG Deutsche Ze 13.900 6/25/2021 EUR 70.240
EFG International Fina 29.000 5/25/2021 CHF 14.760
Banque Cantonale Vaudo 6.800 6/28/2021 CHF 53.250
Landesbank Baden-Wuert 3.250 9/24/2021 EUR 72.660
Finca Uco Cjsc 6.000 2/25/2022 USD 25.176
Leonteq Securities AG 7.200 9/22/2021 CHF 63.640
Citigroup Global Marke 8.200 3/21/2024 SEK 56.710
Landesbank Hessen-Thue 4.000 6/22/2022 EUR 54.330
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 68.260
Landesbank Baden-Wuert 3.000 7/23/2021 EUR 72.260
Leonteq Securities AG/ 3.770 7/30/2021 USD 61.070
Leonteq Securities AG 6.800 05/11/2021 EUR 53.270
UniCredit Bank AG 4.000 06/07/2022 EUR 50.240
UniCredit Bank AG 3.800 6/28/2022 EUR 59.170
UniCredit Bank AG 3.800 12/29/2022 EUR 73.450
Landesbank Hessen-Thue 3.500 01/05/2022 EUR 54.900
Landesbank Hessen-Thue 3.500 01/05/2022 EUR 53.310
UniCredit Bank AG 6.350 5/14/2021 EUR 66.080
EFG International Fina 6.200 05/03/2021 CHF 62.570
Landesbank Hessen-Thue 6.150 8/25/2022 EUR 61.140
Landesbank Baden-Wuert 2.300 2/25/2022 EUR 63.860
Societe Generale Effek 6.100 04/03/2023 EUR 59.740
UniCredit Bank AG 3.750 4/19/2022 EUR 67.430
getBACK SA 4.610 9/14/2021 PLN
Landesbank Baden-Wuert 3.650 6/25/2021 EUR 59.990
UniCredit Bank AG 6.300 10/16/2021 EUR 41.420
UBS AG/London 11.300 6/24/2021 EUR 69.060
UniCredit Bank AG 3.800 10/24/2021 EUR 62.660
UniCredit Bank AG 5.700 5/14/2021 EUR 60.100
Landesbank Hessen-Thue 4.000 01/05/2022 EUR 41.550
Landesbank Hessen-Thue 5.500 5/25/2023 EUR 39.160
Landesbank Hessen-Thue 6.100 4/26/2024 EUR 64.790
Zurcher Kantonalbank F 24.500 6/22/2021 EUR 27.550
EFG International Fina 27.000 6/24/2021 EUR 13.640
EFG International Fina 26.000 6/24/2021 CHF 13.150
Leonteq Securities AG 5.600 5/16/2022 CHF 63.310
UniCredit Bank AG 3.350 6/14/2022 EUR 56.860
Leonteq Securities AG/ 5.600 5/25/2021 CHF 45.350
UniCredit Bank AG 3.700 06/04/2022 EUR 64.410
Landesbank Baden-Wuert 2.100 8/27/2021 EUR 53.480
EFG International Fina 5.600 4/26/2021 CHF 62.480
UBS AG/London 12.900 6/24/2021 EUR 67.130
Landesbank Hessen-Thue 2.000 3/29/2022 EUR 51.070
EFG International Fina 7.600 10/11/2021 CHF 66.400
HSBC Trinkaus & Burkha 7.600 6/25/2021 EUR 1.690
DZ Bank AG Deutsche Ze 13.100 6/25/2021 EUR 76.090
Landesbank Hessen-Thue 4.000 05/11/2022 EUR 62.750
SG Issuer SA 8.700 1/20/2025 SEK 68.610
Landesbank Baden-Wuert 3.700 9/24/2021 EUR 66.510
DZ Bank AG Deutsche Ze 14.600 9/24/2021 EUR 73.580
Landesbank Hessen-Thue 3.500 05/11/2022 EUR 60.920
Landesbank Hessen-Thue 6.500 05/11/2023 EUR 70.820
Banque Cantonale Vaudo 5.800 08/09/2021 CHF 61.890
Raiffeisen Schweiz Gen 7.500 5/14/2021 CHF 63.930
Leonteq Securities AG/ 15.470 5/18/2021 CHF 3.650
UniCredit Bank AG 17.600 6/25/2021 EUR 59.500
DZ Bank AG Deutsche Ze 9.300 6/25/2021 EUR 74.320
Corner Banca SA 15.200 08/11/2021 CHF 7.790
UBS AG/London 6.500 08/02/2021 CHF 63.900
Landesbank Baden-Wuert 2.500 12/27/2021 EUR 59.410
Leonteq Securities AG 7.200 9/24/2021 CHF 70.330
Leonteq Securities AG/ 11.400 9/20/2021 CHF 5.780
DZ Bank AG Deutsche Ze 11.000 6/23/2021 EUR 74.320
UniCredit Bank AG 3.750 12/21/2021 EUR 65.330
Landesbank Baden-Wuert 3.400 2/24/2023 EUR 70.030
Leonteq Securities AG 30.000 6/22/2021 CHF 7.770
Leonteq Securities AG/ 3.380 6/16/2021 USD 47.780
Landesbank Hessen-Thue 4.000 12/21/2022 EUR 71.440
Landesbank Baden-Wuert 3.400 1/27/2023 EUR 67.990
Leonteq Securities AG/ 3.420 6/16/2021 USD 49.490
UniCredit Bank AG 5.150 01/02/2023 EUR 67.040
Landesbank Baden-Wuert 4.000 12/27/2021 EUR 65.800
Zurcher Kantonalbank F 9.000 7/30/2021 EUR 70.660
EFG International Fina 6.200 08/05/2022 EUR 70.450
EFG International Fina 11.500 08/02/2021 USD 55.400
Leonteq Securities AG 8.000 08/05/2021 CHF 72.760
Landesbank Baden-Wuert 3.050 9/23/2022 EUR 70.270
DekaBank Deutsche Giro 2.050 05/03/2021 EUR 70.360
Zurcher Kantonalbank F 6.000 5/25/2021 CHF 72.940
Zurcher Kantonalbank F 6.000 5/25/2021 EUR 70.250
UniCredit Bank AG 12.200 6/25/2021 EUR 71.350
DZ Bank AG Deutsche Ze 7.000 6/25/2021 EUR 70.170
DZ Bank AG Deutsche Ze 9.000 6/25/2021 EUR 66.300
DZ Bank AG Deutsche Ze 11.300 6/25/2021 EUR 62.960
DZ Bank AG Deutsche Ze 11.700 6/25/2021 EUR 70.040
DZ Bank AG Deutsche Ze 10.300 6/25/2021 EUR 70.850
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 71.420
UniCredit Bank AG 4.150 10/12/2022 EUR 62.320
Natixis SA 1.500 10/04/2021 EUR 72.250
Leonteq Securities AG/ 9.200 9/21/2021 EUR 74.920
EFG International Fina 9.800 9/21/2021 EUR 53.540
Landesbank Baden-Wuert 2.550 11/26/2021 EUR 65.160
Leonteq Securities AG 6.000 9/14/2021 CHF 70.370
Landesbank Baden-Wuert 3.000 12/23/2022 EUR 64.670
Landesbank Baden-Wuert 2.500 6/24/2022 EUR 67.680
Bayerische Landesbank 2.250 7/23/2021 EUR 62.530
DekaBank Deutsche Giro 2.600 10/24/2023 EUR 67.440
DekaBank Deutsche Giro 2.500 10/24/2023 EUR 67.170
UniCredit Bank AG 3.850 10/05/2023 EUR 74.760
UBS AG/London 9.500 9/13/2021 CHF 74.050
Landesbank Hessen-Thue 4.000 10/12/2022 EUR 67.690
UniCredit Bank AG 3.600 10/05/2022 EUR 68.190
Center-Invest Commerci 5.250 03/03/2022 RUB 65.000
DekaBank Deutsche Giro 6.300 10/01/2021 EUR 58.900
UniCredit Bank AG 4.300 10/18/2021 EUR 49.440
Landesbank Hessen-Thue 5.700 10/27/2022 EUR 59.450
Landesbank Hessen-Thue 3.000 10/20/2022 EUR 66.070
UniCredit Bank AG 3.850 9/19/2021 EUR 41.300
Leonteq Securities AG/ 8.000 09/01/2021 CHF 69.880
UniCredit Bank AG 5.350 2/27/2023 EUR 61.980
Landesbank Hessen-Thue 4.000 03/01/2023 EUR 62.170
UBS AG/London 10.000 6/14/2021 EUR 65.550
UBS AG/London 14.750 6/14/2021 USD 9.150
Landesbank Hessen-Thue 5.000 9/29/2022 EUR 61.480
Landesbank Hessen-Thue 3.000 07/06/2021 EUR 45.800
Societe Generale SA 1.580 9/16/2024 USD 4.840
UniCredit Bank AG 3.500 9/19/2021 EUR 46.690
Landesbank Hessen-Thue 3.500 9/29/2021 EUR 43.350
UniCredit Bank AG 3.500 10/08/2022 EUR 56.840
Landesbank Hessen-Thue 6.000 10/06/2022 EUR 60.020
DekaBank Deutsche Giro 3.100 04/08/2022 EUR 59.120
DekaBank Deutsche Giro 3.300 04/08/2022 EUR 56.490
Leonteq Securities AG/ 4.000 03/08/2022 EUR 65.920
Raiffeisen Schweiz Gen 4.700 10/20/2021 CHF 70.650
Leonteq Securities AG 7.200 09/08/2021 CHF 57.400
Landesbank Hessen-Thue 4.000 04/12/2023 EUR 67.060
Landesbank Baden-Wuert 2.500 9/23/2022 EUR 70.330
Societe Generale Effek 5.600 09/04/2023 EUR 51.400
Landesbank Hessen-Thue 3.350 9/21/2022 EUR 65.510
UniCredit Bank AG 4.600 9/14/2022 EUR 66.660
UniCredit Bank AG 3.700 9/14/2022 EUR 60.420
UniCredit Bank AG 3.750 9/14/2022 EUR 67.850
Barclays Bank PLC 0.500 06/08/2022 USD 10.000
Landesbank Hessen-Thue 5.200 01/08/2024 EUR 60.630
DekaBank Deutsche Giro 2.300 9/24/2021 EUR 59.660
Landesbank Hessen-Thue 6.000 9/21/2023 EUR 56.180
Landesbank Baden-Wuert 3.250 8/27/2021 EUR 60.170
Corner Banca SA 6.400 09/07/2021 CHF 69.320
UniCredit Bank AG 3.800 8/30/2023 EUR 59.200
Opus-Chartered Issuanc 5.000 03/08/2027 USD 68.720
Bank Julius Baer & Co 10.200 5/30/2023 EUR 23.050
Landesbank Baden-Wuert 2.700 6/25/2021 EUR 59.970
Vontobel Financial Pro 11.500 6/25/2021 EUR 71.092
Leonteq Securities AG/ 22.620 12/23/2021 CHF 72.910
UniCredit Bank AG 4.200 9/21/2022 EUR 58.980
Leonteq Securities AG/ 25.000 8/26/2021 USD 12.710
Landesbank Hessen-Thue 2.500 6/17/2021 EUR 73.700
UBS AG/London 7.500 6/14/2021 EUR 54.400
UniCredit Bank AG 8.200 6/25/2021 EUR 76.370
Landesbank Baden-Wuert 4.800 2/25/2022 EUR 55.070
Raiffeisen Centrobank 5.750 7/19/2021 EUR 62.470
UniCredit Bank AG 6.000 2/22/2022 EUR 69.670
DekaBank Deutsche Giro 3.200 2/25/2022 EUR 73.200
Leonteq Securities AG/ 26.000 5/28/2021 CHF 6.940
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 64.390
Societe Generale Effek 3.750 5/24/2021 EUR 34.340
Landesbank Hessen-Thue 6.700 5/17/2022 EUR 55.880
Landesbank Hessen-Thue 6.600 2/17/2023 EUR 64.270
Landesbank Hessen-Thue 4.350 2/24/2023 EUR 59.680
Zurcher Kantonalbank F 7.750 6/18/2021 EUR 65.450
Landesbank Baden-Wuert 3.300 3/25/2022 EUR 61.800
UniCredit Bank AG 5.450 3/15/2022 EUR 56.730
UniCredit Bank AG 7.000 3/29/2022 EUR 68.680
Leonteq Securities AG/ 3.400 3/20/2024 CHF 54.330
Leonteq Securities AG/ 2.750 9/15/2022 CHF 30.970
Leonteq Securities AG 3.600 9/22/2026 CHF 64.860
Raiffeisen Schweiz Gen 3.000 9/21/2029 CHF 73.450
Leonteq Securities AG 3.900 12/20/2024 CHF 61.630
Raiffeisen Schweiz Gen 3.200 12/18/2026 CHF 75.270
Raiffeisen Schweiz Gen 3.400 3/21/2025 CHF 64.680
Leonteq Securities AG/ 5.000 9/13/2021 CHF 73.600
Raiffeisen Schweiz Gen 2.700 9/22/2026 CHF 61.250
UBS AG/London 7.250 6/21/2021 CHF 54.100
Landesbank Baden-Wuert 3.300 9/24/2021 EUR 66.410
UBS AG/London 6.500 6/28/2021 EUR 53.800
Landesbank Baden-Wuert 4.700 3/25/2022 EUR 54.630
UniCredit Bank AG 9.600 12/27/2021 EUR 62.590
Landesbank Baden-Wuert 3.500 8/27/2021 EUR 65.940
Landesbank Baden-Wuert 3.400 2/25/2022 EUR 63.250
Landesbank Baden-Wuert 4.750 2/25/2022 EUR 55.810
Landesbank Hessen-Thue 4.000 3/15/2023 EUR 70.970
UniCredit Bank AG 3.800 9/19/2021 EUR 49.780
WEB Windenergie AG 2.250 9/25/2028 EUR 0.010
Zurcher Kantonalbank F 8.500 8/24/2021 CHF 65.230
Raiffeisen Schweiz Gen 5.250 8/24/2021 CHF 67.000
Landesbank Hessen-Thue 5.800 9/24/2024 EUR 63.000
Landesbank Baden-Wuert 3.000 9/23/2022 EUR 60.940
UBS AG/London 11.250 6/21/2021 USD 54.450
UniCredit Bank AG 9.000 12/27/2021 EUR 74.670
UniCredit Bank AG 4.200 03/01/2023 EUR 67.150
Skandinaviska Enskilda 6.300 7/15/2022 SEK 72.530
Landesbank Hessen-Thue 6.150 03/11/2025 EUR 65.860
Landesbank Baden-Wuert 2.750 11/26/2021 EUR 59.150
Leonteq Securities AG/ 5.600 8/24/2021 CHF 46.710
EFG International Fina 6.500 8/30/2021 CHF 66.910
Leonteq Securities AG/ 7.420 11/22/2021 EUR 63.630
Landesbank Baden-Wuert 3.690 12/23/2022 EUR 71.830
BNP Paribas Emissions- 8.000 6/24/2021 EUR 70.640
BNP Paribas Emissions- 9.500 6/24/2021 EUR 67.000
BNP Paribas Emissions- 5.000 6/24/2021 EUR 68.640
BNP Paribas Emissions- 12.000 6/24/2021 EUR 71.500
BNP Paribas Emissions- 11.000 6/24/2021 EUR 74.130
EFG International Fina 17.800 5/27/2021 USD 8.570
Vontobel Financial Pro 10.250 9/24/2021 EUR 71.790
Leonteq Securities AG 13.200 5/25/2021 CHF 63.590
DekaBank Deutsche Giro 3.700 12/17/2021 EUR 71.930
EFG International Fina 10.800 5/26/2021 CHF 68.380
UBS AG/London 10.000 5/20/2021 CHF 71.950
UniCredit Bank AG 4.450 01/02/2024 EUR 72.550
Bayerische Landesbank 1.350 12/23/2022 EUR 65.060
BNP Paribas Emissions- 12.000 6/24/2021 EUR 63.950
BNP Paribas Emissions- 13.000 6/24/2021 EUR 60.950
BNP Paribas Emissions- 11.000 6/24/2021 EUR 72.220
UniCredit Bank AG 4.650 12/22/2023 EUR 72.470
Landesbank Hessen-Thue 4.000 9/20/2023 EUR 66.340
Araratbank OJSC 5.500 9/19/2023 USD 25.050
UBS AG/London 7.000 8/16/2021 CHF 58.400
UBS AG/London 10.750 6/28/2021 CHF 68.000
Vontobel Financial Pro 15.500 6/25/2021 EUR 76.650
Societe Generale SA 21.000 12/23/2022 USD 74.100
Landesbank Baden-Wuert 3.500 3/24/2023 EUR 70.480
Zurcher Kantonalbank F 10.750 1/21/2022 CHF 73.170
Raiffeisen Schweiz Gen 5.000 9/13/2022 CHF 73.740
Landesbank Baden-Wuert 2.100 10/27/2023 EUR 63.810
Leonteq Securities AG/ 11.800 4/20/2021 CHF 66.100
Vontobel Financial Pro 3.400 6/18/2021 EUR 71.331
Landesbank Baden-Wuert 5.500 4/23/2021 EUR 64.440
Landesbank Baden-Wuert 3.400 4/23/2021 EUR 63.160
UBS AG/London 7.750 9/13/2021 EUR 58.800
UBS AG/London 11.750 7/22/2021 CHF 71.050
UniCredit Bank AG 11.100 7/23/2021 EUR 74.330
UBS AG/London 8.000 1/24/2022 CHF 70.800
Zurcher Kantonalbank F 5.350 7/29/2021 CHF 71.910
UBS AG/London 15.000 7/22/2021 CHF 64.700
UBS AG/London 11.250 1/24/2022 CHF 73.300
EFG International Fina 13.000 12/27/2021 CHF 12.420
Bank Julius Baer & Co 6.650 5/14/2021 EUR 68.900
Bank Julius Baer & Co 14.750 8/16/2021 EUR 5.000
Raiffeisen Schweiz Gen 8.000 5/14/2021 CHF 55.140
Vontobel Financial Pro 9.100 2/21/2022 EUR 72.877
Zurcher Kantonalbank F 7.000 2/21/2022 CHF 72.130
Leonteq Securities AG 11.000 01/03/2022 CHF 71.600
BNP Paribas Emissions- 10.000 9/23/2021 EUR 4.670
BNP Paribas Emissions- 5.000 06/04/2021 EUR 54.310
Raiffeisen Schweiz Gen 6.000 6/30/2021 EUR 62.720
Zurcher Kantonalbank F 7.000 8/18/2021 CHF 62.980
UBS AG/London 10.000 7/15/2021 CHF 72.800
UBS AG/London 11.750 6/28/2021 CHF 73.550
UBS AG/London 10.000 6/28/2021 CHF 73.300
UBS AG/London 11.000 5/17/2021 USD 66.010
Leonteq Securities AG/ 8.000 5/14/2021 CHF 56.210
Landesbank Baden-Wuert 2.950 10/22/2021 EUR 72.950
Zurcher Kantonalbank F 7.750 09/09/2021 EUR 71.370
Raiffeisen Centrobank 6.000 10/07/2021 EUR 69.120
Landesbank Baden-Wuert 4.400 4/23/2021 EUR 60.440
Zurcher Kantonalbank F 9.500 7/22/2021 EUR 66.310
Zurcher Kantonalbank F 7.500 7/28/2021 CHF 72.340
UBS AG/London 8.500 9/13/2021 EUR 65.300
UBS AG/London 14.250 10/25/2021 CHF 66.250
BNP Paribas Issuance B 7.200 12/17/2024 SEK 69.450
Leonteq Securities AG 16.000 4/13/2021 CHF 14.120
Vontobel Financial Pro 11.500 06/11/2021 EUR 71.050
UBS AG/London 7.750 5/24/2021 EUR 53.650
Vontobel Financial Pro 10.500 06/11/2021 EUR 70.680
UBS AG/London 7.750 10/25/2021 EUR 60.850
UBS AG/London 12.000 4/23/2021 CHF 67.250
UBS AG/London 7.000 10/04/2021 CHF 74.450
UBS AG/London 7.250 10/04/2021 CHF 65.400
Landesbank Baden-Wuert 2.900 4/23/2021 EUR 72.950
Landesbank Baden-Wuert 4.100 4/23/2021 EUR 68.430
UBS AG/London 7.000 9/13/2021 CHF 65.250
Raiffeisen Schweiz Gen 4.400 10/21/2021 CHF 57.550
Vontobel Financial Pro 16.000 06/11/2021 EUR 64.220
SG Issuer SA 0.850 10/16/2024 EUR 11.180
Raiffeisen Schweiz Gen 8.200 4/20/2021 CHF 68.380
Credit Suisse AG/Londo 7.500 4/21/2021 EUR 60.940
Landesbank Baden-Wuert 1.800 4/23/2021 EUR 69.430
Leonteq Securities AG 12.000 10/18/2021 CHF 71.250
Vontobel Financial Pro 5.100 5/28/2021 EUR 70.653
Raiffeisen Schweiz Gen 8.600 4/21/2021 CHF 61.780
EFG International Fina 10.400 10/15/2021 EUR 63.510
UBS AG/London 7.000 10/11/2021 CHF 60.050
Erste Group Bank AG 5.800 10/31/2024 EUR 69.250
Landesbank Baden-Wuert 3.600 6/23/2023 EUR 62.870
UBS AG/London 5.500 8/23/2021 CHF 65.500
Zurcher Kantonalbank F 6.300 12/16/2022 CHF 63.380
UBS AG/London 7.000 8/23/2021 EUR 59.150
Danske Bank A/S 6.860 07/09/2022 SEK 25.790
UniCredit Bank AG 9.200 12/24/2021 EUR 73.490
UniCredit Bank AG 10.200 6/25/2021 EUR 72.060
UniCredit Bank AG 11.400 6/25/2021 EUR 70.010
UniCredit Bank AG 8.400 12/24/2021 EUR 75.030
UniCredit Bank AG 10.300 12/24/2021 EUR 71.470
UniCredit Bank AG 15.300 6/25/2021 EUR 66.530
UniCredit Bank AG 16.700 6/25/2021 EUR 64.140
UniCredit Bank AG 11.300 12/24/2021 EUR 69.850
UniCredit Bank AG 12.400 6/25/2021 EUR 71.860
Credit Suisse AG/Londo 8.250 4/27/2021 CHF 72.260
UniCredit Bank AG 11.800 6/25/2021 EUR 67.110
UniCredit Bank AG 9.300 12/24/2021 EUR 70.980
UniCredit Bank AG 13.000 6/25/2021 EUR 65.440
UniCredit Bank AG 10.100 12/24/2021 EUR 69.670
Bank Julius Baer & Co 8.850 4/28/2021 CHF 69.600
UniCredit Bank AG 7.300 12/24/2021 EUR 73.610
UniCredit Bank AG 8.100 12/24/2021 EUR 72.110
UniCredit Bank AG 9.000 12/24/2021 EUR 70.770
UniCredit Bank AG 12.900 6/25/2021 EUR 62.440
UniCredit Bank AG 13.900 6/25/2021 EUR 70.020
UniCredit Bank AG 10.200 6/25/2021 EUR 62.210
UniCredit Bank AG 10.400 12/24/2021 EUR 63.050
UniCredit Bank AG 12.600 12/24/2021 EUR 71.800
UniCredit Bank AG 8.300 12/24/2021 EUR 65.960
UniCredit Bank AG 13.200 6/25/2021 EUR 58.390
UniCredit Bank AG 14.100 6/25/2021 EUR 60.400
UniCredit Bank AG 11.700 6/25/2021 EUR 64.680
UniCredit Bank AG 10.000 12/24/2021 EUR 68.640
UniCredit Bank AG 10.800 12/24/2021 EUR 66.890
UniCredit Bank AG 12.500 12/24/2021 EUR 63.900
UniCredit Bank AG 11.700 12/24/2021 EUR 65.360
UniCredit Bank AG 7.600 6/25/2021 EUR 73.470
UniCredit Bank AG 9.900 6/25/2021 EUR 69.240
UniCredit Bank AG 8.700 6/25/2021 EUR 71.270
UniCredit Bank AG 11.100 6/25/2021 EUR 67.340
UBS AG/London 11.750 7/29/2021 CHF 71.800
Bank Julius Baer & Co 16.250 05/04/2021 CHF 69.450
Skandinaviska Enskilda 6.000 1/15/2025 SEK 72.300
Zurcher Kantonalbank F 4.000 02/11/2022 CHF 69.390
Bank Julius Baer & Co 7.500 05/05/2021 CHF 73.450
Vontobel Financial Pro 16.500 06/11/2021 EUR 71.860
UBS AG/London 9.300 08/12/2021 CHF 71.550
UBS AG/London 7.000 08/12/2021 CHF 69.750
UniCredit Bank AG 13.200 6/25/2021 EUR 63.640
Leonteq Securities AG/ 4.500 09/02/2021 EUR 65.490
Leonteq Securities AG/ 5.910 09/02/2021 EUR 66.030
Leonteq Securities AG/ 7.290 09/02/2021 EUR 67.550
Leonteq Securities AG/ 8.590 09/02/2021 EUR 67.060
Leonteq Securities AG/ 9.660 09/02/2021 EUR 67.490
Leonteq Securities AG/ 1.430 09/02/2021 EUR 70.850
Leonteq Securities AG/ 2.470 09/02/2021 EUR 71.250
Leonteq Securities AG/ 3.650 09/02/2021 EUR 71.750
Leonteq Securities AG/ 5.020 09/02/2021 EUR 72.280
Leonteq Securities AG/ 6.330 09/02/2021 EUR 72.770
Leonteq Securities AG/ 3.290 09/02/2021 EUR 69.510
Leonteq Securities AG/ 4.570 09/02/2021 EUR 70.020
Leonteq Securities AG/ 6.020 09/02/2021 EUR 70.540
Leonteq Securities AG/ 7.440 09/02/2021 EUR 71.060
Leonteq Securities AG/ 8.760 09/02/2021 EUR 71.570
Leonteq Securities AG/ 9.900 09/02/2021 EUR 70.810
Leonteq Securities AG/ 11.390 09/02/2021 EUR 68.080
Leonteq Securities AG/ 9.220 09/02/2021 EUR 73.750
Raiffeisen Schweiz Gen 8.500 12/13/2021 CHF 69.870
SG Issuer SA 0.850 7/29/2024 EUR 13.530
UBS AG/London 14.000 6/28/2021 CHF 68.300
UBS AG/London 8.000 6/28/2021 CHF 75.900
UBS AG/London 13.750 6/28/2021 CHF 7.610
Vontobel Financial Pro 14.500 9/24/2021 EUR 74.180
Vontobel Financial Pro 17.000 9/24/2021 EUR 71.370
Vontobel Financial Pro 20.000 9/24/2021 EUR 69.180
Vontobel Financial Pro 23.000 6/25/2021 EUR 66.700
UBS AG/London 11.000 6/28/2021 CHF 69.700
EFG International Fina 11.120 12/27/2024 EUR 66.370
Bayerische Landesbank 2.500 7/22/2022 EUR 70.960
Vontobel Financial Pro 13.000 9/24/2021 EUR 75.650
Vontobel Financial Pro 18.500 9/24/2021 EUR 70.230
Vontobel Financial Pro 14.000 6/25/2021 EUR 75.460
Vontobel Financial Pro 15.500 6/25/2021 EUR 73.380
Vontobel Financial Pro 16.000 9/24/2021 EUR 72.840
Vontobel Financial Pro 17.500 6/25/2021 EUR 71.550
Vontobel Financial Pro 21.000 6/25/2021 EUR 68.170
UBS AG/London 10.000 12/27/2021 CHF 74.200
UBS AG/London 7.250 6/28/2021 EUR 73.250
Vontobel Financial Pro 19.500 6/25/2021 EUR 69.850
Vontobel Financial Pro 18.500 6/25/2021 EUR 70.540
Vontobel Financial Pro 20.000 6/25/2021 EUR 68.550
Vontobel Financial Pro 17.500 9/24/2021 EUR 70.200
Vontobel Financial Pro 16.500 6/25/2021 EUR 72.590
Vontobel Financial Pro 14.000 9/24/2021 EUR 74.070
Credit Suisse AG/Londo 10.800 12/07/2021 USD 54.600
UBS AG/London 12.000 12/06/2021 USD 73.560
Leonteq Securities AG/ 9.500 06/03/2021 EUR 58.900
Landesbank Baden-Wuert 5.700 6/25/2021 EUR 72.500
Landesbank Baden-Wuert 5.900 7/23/2021 EUR 71.770
Landesbank Baden-Wuert 2.500 7/23/2021 EUR 66.070
Landesbank Baden-Wuert 4.200 7/23/2021 EUR 61.100
Landesbank Baden-Wuert 6.500 7/23/2021 EUR 57.130
Landesbank Baden-Wuert 4.500 6/25/2021 EUR 71.960
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 69.500
Landesbank Baden-Wuert 3.700 6/25/2021 EUR 67.530
Landesbank Baden-Wuert 4.750 6/25/2021 EUR 65.100
Landesbank Baden-Wuert 5.750 6/25/2021 EUR 63.460
Landesbank Baden-Wuert 7.750 6/25/2021 EUR 70.080
Deutsche Bank AG 3.800 02/04/2030 USD
Landesbank Baden-Wuert 5.050 10/22/2021 EUR 69.410
EFG International Fina 7.000 09/06/2021 EUR 74.500
Raiffeisen Schweiz Gen 6.600 3/23/2022 CHF 67.910
BNP Paribas Emissions- 10.000 3/24/2022 EUR 9.800
Leonteq Securities AG 10.000 8/17/2021 CHF 72.410
BNP Paribas Emissions- 5.000 3/24/2022 EUR 71.240
BNP Paribas Emissions- 7.000 3/24/2022 EUR 69.440
Landesbank Baden-Wuert 4.100 10/22/2021 EUR 71.690
Skandinaviska Enskilda 6.400 1/15/2025 SEK 75.120
Landesbank Baden-Wuert 4.800 10/22/2021 EUR 67.540
BNP Paribas Emissions- 6.000 9/23/2021 EUR 71.850
EFG International Fina 9.700 9/26/2022 CHF 13.740
BNP Paribas Emissions- 10.000 12/23/2021 EUR 7.280
BNP Paribas Emissions- 6.000 6/24/2021 EUR 69.660
UBS AG/London 7.250 09/06/2021 CHF 59.450
BNP Paribas Emissions- 7.000 12/23/2021 EUR 69.190
Leonteq Securities AG/ 6.000 5/20/2021 CHF 74.800
Societe Generale SA 8.000 7/14/2021 USD 5.000
Corner Banca SA 11.000 7/21/2021 CHF 71.570
Zurcher Kantonalbank F 8.000 10/22/2021 EUR 66.780
BNP Paribas Emissions- 9.000 9/23/2021 EUR 4.300
UBS AG/London 12.500 06/11/2021 CHF 74.300
UBS AG/London 9.000 06/11/2021 CHF 76.450
UBS AG/London 14.000 06/11/2021 CHF 59.050
Leonteq Securities AG/ 15.000 6/16/2021 CHF 61.690
EFG International Fina 15.500 6/16/2021 EUR 7.420
Leonteq Securities AG/ 11.400 6/16/2021 EUR 67.630
Leonteq Securities AG 8.000 12/13/2022 CHF 70.800
UBS AG/London 10.750 05/07/2021 USD 52.800
Leonteq Securities AG/ 10.000 05/10/2021 EUR 55.130
BNP Paribas Emissions- 7.000 6/24/2021 EUR 74.650
Barclays Bank PLC 2.000 5/28/2021 USD 11.560
Societe Generale Effek 12.240 6/25/2021 EUR 66.230
Societe Generale Effek 13.989 6/25/2021 EUR 61.650
Zurcher Kantonalbank F 14.000 5/21/2021 CHF 68.400
Societe Generale Effek 13.479 12/24/2021 EUR 67.980
UBS AG/London 7.000 9/27/2021 CHF 73.050
UBS AG/London 9.750 6/18/2021 CHF 74.250
UBS AG/London 7.000 12/20/2021 CHF 61.600
UBS AG/London 10.250 12/20/2021 CHF 74.700
UBS AG/London 12.000 12/20/2021 CHF 71.000
Landesbank Baden-Wuert 2.000 7/23/2021 EUR 60.490
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 62.470
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 67.870
Landesbank Baden-Wuert 3.500 6/25/2021 EUR 58.360
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 71.550
Zurcher Kantonalbank F 6.250 12/30/2021 EUR 74.590
UBS AG/London 6.500 05/03/2021 CHF 72.150
Landesbank Baden-Wuert 5.500 7/23/2021 EUR 71.880
Landesbank Baden-Wuert 7.000 6/25/2021 EUR 52.610
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 69.800
Landesbank Baden-Wuert 7.000 6/25/2021 EUR 70.920
DekaBank Deutsche Giro 5.500 12/03/2021 EUR 57.230
Landesbank Baden-Wuert 2.000 6/25/2021 EUR 66.950
Landesbank Baden-Wuert 4.000 6/25/2021 EUR 67.220
Landesbank Baden-Wuert 5.000 6/25/2021 EUR 60.950
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 74.020
Landesbank Baden-Wuert 4.000 6/25/2021 EUR 61.910
Landesbank Baden-Wuert 2.500 6/25/2021 EUR 76.200
Landesbank Baden-Wuert 6.500 6/25/2021 EUR 56.270
Landesbank Baden-Wuert 4.500 6/25/2021 EUR 62.030
Leonteq Securities AG/ 8.150 09/02/2021 CHF 42.720
Leonteq Securities AG 11.800 12/20/2021 CHF 71.960
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 66.700
Landesbank Baden-Wuert 2.500 6/25/2021 EUR 70.130
Landesbank Baden-Wuert 5.500 6/25/2021 EUR 61.200
Landesbank Baden-Wuert 3.000 6/25/2021 EUR 70.950
Landesbank Baden-Wuert 6.500 6/25/2021 EUR 73.840
Landesbank Baden-Wuert 5.500 6/25/2021 EUR 56.830
Landesbank Baden-Wuert 3.500 7/23/2021 EUR 56.300
Landesbank Baden-Wuert 5.000 7/23/2021 EUR 52.030
Leonteq Securities AG 11.000 12/20/2021 CHF 75.020
Zurcher Kantonalbank F 8.000 5/16/2022 CHF 72.260
UBS AG/London 7.000 8/30/2021 CHF 64.300
DekaBank Deutsche Giro 3.000 9/24/2021 EUR 71.650
DekaBank Deutsche Giro 4.000 1/14/2022 EUR 72.670
Societe Generale Effek 17.468 6/25/2021 EUR 70.550
Zurcher Kantonalbank F 8.125 02/11/2022 EUR 66.370
Zurcher Kantonalbank F 9.750 02/11/2022 USD 68.090
Leonteq Securities AG/ 11.200 08/04/2021 CHF 75.140
UBS AG/London 12.000 08/05/2021 CHF 71.650
UBS AG/London 11.500 08/05/2021 CHF 73.800
Araratbank OJSC 5.500 1/29/2024 USD 24.978
Leonteq Securities AG/ 13.500 05/12/2021 EUR 3.120
UBS AG/London 10.500 11/15/2021 CHF 73.800
UBS AG/London 11.000 5/14/2021 CHF 67.750
Credit Suisse AG/Londo 10.000 5/14/2021 EUR 74.020
Leonteq Securities AG/ 6.800 5/18/2021 EUR 60.780
BNP Paribas Issuance B 7.150 11/07/2024 SEK 71.120
Credit Suisse AG/Londo 11.500 5/20/2021 CHF 67.090
Credit Suisse AG/Londo 7.600 7/23/2021 EUR 70.540
UBS AG/London 14.000 12/20/2021 CHF 65.750
EFG International Fina 5.600 07/11/2024 EUR 25.830
Zurcher Kantonalbank F 8.000 05/07/2021 CHF 67.510
Bank Julius Baer & Co 10.000 6/21/2021 EUR 63.950
Landesbank Baden-Wuert 3.250 7/28/2023 EUR 67.060
Bayerische Landesbank 1.450 1/26/2024 EUR 66.660
Leonteq Securities AG/ 7.500 12/20/2021 EUR 59.750
WEB Windenergie AG 2.500 9/26/2021 EUR 0.010
Vontobel Financial Pro 20.000 6/25/2021 EUR 62.500
Vontobel Financial Pro 22.000 6/25/2021 EUR 61.120
Vontobel Financial Pro 16.500 9/24/2021 EUR 65.040
Vontobel Financial Pro 18.000 6/25/2021 EUR 63.980
Vontobel Financial Pro 16.000 6/25/2021 EUR 65.600
Raiffeisen Schweiz Gen 7.800 11/22/2021 CHF 60.120
Raiffeisen Schweiz Gen 9.000 5/25/2021 CHF 67.690
BNP Paribas Emissions- 9.000 6/24/2021 EUR 70.830
Societe Generale SA 10.000 12/02/2021 USD 64.200
Raiffeisen Schweiz Gen 7.060 06/02/2021 USD 58.430
BNP Paribas Emissions- 8.000 6/24/2021 EUR 64.060
UBS AG/London 7.000 11/29/2021 EUR 62.300
Landesbank Baden-Wuert 3.000 11/26/2021 EUR 61.680
DekaBank Deutsche Giro 3.250 11/25/2022 EUR 71.490
Vontobel Financial Pro 11.000 05/11/2021 EUR 61.217
EFG International Fina 9.000 9/20/2021 EUR 60.230
Leonteq Securities AG/ 2.290 10/29/2021 EUR 51.290
SG Issuer SA 7.440 05/03/2021 CHF 54.050
UniCredit Bank AG 10.000 6/25/2021 EUR 67.390
UniCredit Bank AG 12.300 6/25/2021 EUR 59.590
UniCredit Bank AG 7.500 6/25/2021 EUR 73.090
UniCredit Bank AG 12.300 6/25/2021 EUR 48.180
UniCredit Bank AG 10.900 12/24/2021 EUR 74.390
UniCredit Bank AG 15.100 6/25/2021 EUR 56.850
UniCredit Bank AG 5.700 12/24/2021 EUR 70.090
UniCredit Bank AG 9.900 12/24/2021 EUR 71.500
UniCredit Bank AG 9.900 6/25/2021 EUR 68.260
UniCredit Bank AG 7.400 12/24/2021 EUR 70.100
UniCredit Bank AG 11.200 6/25/2021 EUR 50.030
UniCredit Bank AG 12.800 6/25/2021 EUR 71.580
UniCredit Bank AG 11.000 6/25/2021 EUR 56.880
UniCredit Bank AG 12.900 12/24/2021 EUR 59.100
UniCredit Bank AG 9.100 12/24/2021 EUR 66.020
Landesbank Hessen-Thue 7.000 4/29/2022 EUR 73.380
SG Issuer SA 9.800 05/03/2021 USD 56.700
UniCredit Bank AG 10.200 6/25/2021 EUR 52.090
Societe Generale SA 13.010 02/02/2023 USD 65.200
UniCredit Bank AG 11.700 6/25/2021 EUR 73.430
UniCredit Bank AG 13.000 6/25/2021 EUR 60.850
UniCredit Bank AG 7.800 12/24/2021 EUR 63.230
UniCredit Bank AG 11.800 6/25/2021 EUR 73.730
UniCredit Bank AG 9.900 12/24/2021 EUR 64.490
UniCredit Bank AG 8.900 12/24/2021 EUR 53.600
UniCredit Bank AG 8.300 6/25/2021 EUR 63.780
UniCredit Bank AG 10.000 12/24/2021 EUR 58.210
UniCredit Bank AG 9.300 12/24/2021 EUR 59.740
UniCredit Bank AG 8.100 12/24/2021 EUR 55.220
UniCredit Bank AG 8.300 12/24/2021 EUR 71.070
UniCredit Bank AG 13.600 6/25/2021 EUR 66.080
UniCredit Bank AG 9.700 12/24/2021 EUR 52.150
UniCredit Bank AG 11.200 12/24/2021 EUR 49.600
UniCredit Bank AG 11.100 12/24/2021 EUR 69.140
UniCredit Bank AG 12.000 6/25/2021 EUR 54.980
Rosbank PJSC 0.030 4/30/2024 RUB 65.000
HPI AG 3.500 EUR 3.011
UBS AG/London 5.750 8/16/2021 CHF 71.550
Mifa Mitteldeutsche Fa 7.500 08/12/2018 EUR 2.100
Landesbank Hessen-Thue 7.700 8/20/2021 EUR 54.070
EFG International Fina 13.000 11/08/2021 EUR 67.940
Vontobel Financial Pro 4.300 5/24/2021 EUR 75.770
UBS AG/London 8.000 11/08/2021 CHF 59.600
Leonteq Securities AG/ 6.000 11/23/2021 CHF 55.250
DekaBank Deutsche Giro 2.400 6/17/2022 EUR 72.570
Raiffeisen Schweiz Gen 5.500 5/24/2022 CHF 76.090
Zurcher Kantonalbank F 9.000 06/04/2021 CHF 74.630
DekaBank Deutsche Giro 4.150 07/01/2022 EUR 59.370
Landesbank Hessen-Thue 5.750 07/12/2024 EUR 62.160
UBS AG/London 6.250 06/07/2021 CHF 53.950
UBS AG/London 8.750 06/07/2021 EUR 58.400
Bayerische Landesbank 2.700 5/14/2021 EUR 58.970
Leonteq Securities AG 6.600 10/12/2021 CHF 64.320
UniCredit Bank AG 11.400 12/24/2021 EUR 61.600
UniCredit Bank AG 12.000 6/25/2021 EUR 69.500
Landesbank Hessen-Thue 6.000 03/06/2025 EUR 54.580
UBS AG/London 14.250 05/06/2021 CHF 61.250
UBS AG/London 7.500 9/20/2021 CHF 58.300
Vontobel Financial Pro 10.000 12/24/2021 EUR 75.182
Vontobel Financial Pro 15.000 9/24/2021 EUR 65.995
Vontobel Financial Pro 19.500 6/25/2021 EUR 63.351
SG Issuer SA 0.350 11/15/2023 EUR 20.430
Vontobel Financial Pro 19.500 6/25/2021 EUR 68.488
Leonteq Securities AG/ 4.890 11/26/2021 USD 67.510
Vontobel Financial Pro 10.000 9/24/2021 EUR 73.725
Lehman Brothers Treasu 9.250 6/20/2012 USD 0.100
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.374
Lehman Brothers Treasu 3.000 9/13/2010 JPY 0.100
Heta Asset Resolution 5.270 12/31/2023 EUR 1.994
Mriya Agro Holding PLC 10.950 3/30/2016 USD 4.374
Getin Noble Bank SA 5.250 11/30/2023 PLN 70.645
Getin Noble Bank SA 5.250 12/21/2023 PLN 70.412
Getin Noble Bank SA 5.250 04/04/2024 PLN 59.778
Lehman Brothers Treasu 8.600 7/31/2013 GBP 0.100
Lehman Brothers Treasu 7.320 7/31/2013 GBP 0.100
WPE International Coop 10.375 9/30/2020 USD 4.922
Lehman Brothers Treasu 3.600 3/19/2018 JPY 0.100
Lehman Brothers Treasu 8.280 7/31/2013 GBP 0.100
Spoldzielczy Bank Rozw 3.750 7/16/2025 PLN 74.885
Lehman Brothers Treasu 1.280 11/06/2010 JPY 0.100
Lehman Brothers Treasu 4.000 12/02/2012 EUR 0.100
Lehman Brothers Treasu 7.500 7/31/2013 GBP 0.100
Leonteq Securities AG/ 15.180 12/27/2021 EUR 11.440
DekaBank Deutsche Giro 3.700 11/25/2022 EUR 68.250
Leonteq Securities AG 14.800 05/04/2021 CHF 61.760
Landesbank Baden-Wuert 2.000 11/26/2021 EUR 65.220
Landesbank Baden-Wuert 4.000 11/26/2021 EUR 59.500
Landesbank Hessen-Thue 7.770 7/15/2021 EUR 36.840
EFG International Fina 15.000 4/30/2021 CHF 67.580
DekaBank Deutsche Giro 2.300 4/16/2021 EUR 54.570
Bibby Offshore Service 7.500 6/15/2021 GBP 11.500
Lehman Brothers Treasu 5.250 11/21/2009 USD 0.100
Lehman Brothers Treasu 2.300 6/27/2013 USD 0.100
Kaupthing ehf 6.500 10/08/2010 ISK 0.250
Lehman Brothers Treasu 1.950 11/04/2013 EUR 0.100
Lehman Brothers Treasu 4.870 10/08/2013 USD 0.100
Lehman Brothers Treasu 3.630 03/02/2012 EUR 0.100
Lehman Brothers Treasu 0.750 3/29/2012 EUR 0.100
Lehman Brothers Treasu 3.000 08/08/2017 EUR 0.100
Hellas Telecommunicati 8.500 10/15/2013 EUR 0.540
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 6.000 7/28/2010 EUR 0.100
Lehman Brothers Treasu 4.500 03/07/2015 EUR 0.100
Lehman Brothers Treasu 3.025 1/31/2015 EUR 0.100
Kuntarahoitus Oyj 0.250 6/28/2040 CAD 38.412
Getin Noble Bank SA 4.250 7/26/2024 PLN 54.818
Lehman Brothers Treasu 3.820 10/20/2009 USD 0.100
IT Holding Finance SA 9.875 11/15/2012 EUR 0.255
Lehman Brothers Treasu 6.000 3/17/2011 EUR 0.100
Lehman Brothers Treasu 0.500 2/16/2009 EUR 0.100
Credit Suisse AG 0.500 12/16/2025 BRL 64.694
Bank Otkritie Financia 0.010 7/16/2025 RUB 72.660
Lehman Brothers Treasu 4.000 2/28/2010 EUR 0.100
Lehman Brothers Treasu 4.100 5/20/2009 USD 0.100
Lehman Brothers Treasu 2.000 5/17/2010 EUR 0.100
Heta Asset Resolution 4.875 12/31/2023 EUR 1.994
Heta Asset Resolution 5.030 12/31/2023 EUR 1.994
Rosbank PJSC 0.020 4/30/2024 RUB 65.000
Kaupthing ehf 7.500 12/05/2014 ISK 0.250
Lehman Brothers Treasu 2.370 7/15/2013 USD 0.100
Teksid Aluminum Luxemb 12.375 7/15/2011 EUR 0.122
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 0.732
Grupo Isolux Corsan SA 1.000 12/30/2021 USD 0.265
Getin Noble Bank SA 5.250 1/31/2024 PLN 64.875
Rosbank PJSC 0.040 4/30/2024 RUB 65.000
Lehman Brothers Treasu 3.700 06/06/2009 EUR 0.100
HSBC Bank PLC 0.500 12/22/2025 BRL 63.716
Barclays Bank PLC 10.200 2/14/2025 TRY 71.328
Sidetur Finance BV 10.000 4/20/2016 USD 2.749
Lehman Brothers Treasu 4.250 3/13/2021 EUR 0.100
Lehman Brothers Treasu 8.500 07/06/2009 CHF 0.100
Lehman Brothers Treasu 5.103 6/22/2046 EUR 0.100
Getin Noble Bank SA 5.250 3/31/2023 PLN 75.230
Lehman Brothers Treasu 7.500 9/13/2009 CHF 0.100
Lehman Brothers Treasu 0.250 7/21/2014 EUR 0.100
Lehman Brothers Treasu 4.500 03/06/2013 CHF 0.100
Espirito Santo Financi 5.625 7/28/2017 EUR 0.785
Lehman Brothers Treasu 5.500 6/15/2009 CHF 0.100
Lehman Brothers Treasu 8.000 08/03/2009 USD 0.100
Lehman Brothers Treasu 1.500 10/25/2011 EUR 0.100
Lehman Brothers Treasu 10.000 3/27/2009 USD 0.100
Kaupthing ehf 6.125 10/04/2016 USD 0.250
Lehman Brothers Treasu 5.750 6/15/2009 CHF 0.100
Lehman Brothers Treasu 4.000 4/13/2011 CHF 0.100
Lehman Brothers Treasu 7.000 4/14/2009 EUR 0.100
Lehman Brothers Treasu 2.000 10/28/2010 EUR 0.100
Lehman Brothers Treasu 7.750 1/30/2009 EUR 0.100
Lehman Brothers Treasu 3.860 9/21/2011 SGD 0.100
Lehman Brothers Treasu 10.500 08/09/2010 EUR 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 5.000 10/24/2008 CHF 0.100
Lehman Brothers Treasu 7.500 10/24/2008 USD 0.100
Lehman Brothers Treasu 6.000 10/24/2008 EUR 0.100
Lehman Brothers Treasu 8.000 4/20/2009 EUR 0.100
Lehman Brothers Treasu 7.000 07/11/2010 EUR 0.100
Lehman Brothers Treasu 4.500 12/30/2010 USD 0.100
Lehman Brothers Treasu 4.150 8/25/2020 EUR 0.100
Lehman Brothers Treasu 6.000 12/06/2016 USD 0.100
Kreditanstalt fuer Wie 0.250 10/06/2036 CAD 49.140
Lehman Brothers Treasu 3.500 10/31/2011 USD 0.100
BRAbank ASA/NO 7.440 NOK 62.052
Lehman Brothers Treasu 7.585 11/22/2009 MXN 0.100
Lehman Brothers Treasu 6.600 2/22/2012 EUR 0.100
Lehman Brothers Treasu 3.500 10/24/2011 USD 0.100
Lehman Brothers Treasu 0.250 10/19/2012 CHF 0.100
Lehman Brothers Treasu 2.400 6/20/2011 JPY 0.100
Lehman Brothers Treasu 1.600 6/21/2010 JPY 0.100
Lehman Brothers Treasu 6.000 2/14/2012 EUR 0.100
Lehman Brothers Treasu 7.000 2/15/2012 EUR 0.100
Lehman Brothers Treasu 4.690 2/19/2017 EUR 0.100
Lehman Brothers Treasu 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu 6.750 04/05/2012 EUR 0.100
Lehman Brothers Treasu 5.100 05/08/2017 HKD 0.100
Lehman Brothers Treasu 5.000 4/24/2017 EUR 0.100
Lehman Brothers Treasu 13.500 11/28/2008 USD 0.100
Lehman Brothers Treasu 1.680 03/05/2015 EUR 0.100
Getin Noble Bank SA 5.250 8/31/2023 PLN 65.875
Lehman Brothers Treasu 1.750 02/07/2010 EUR 0.100
Heta Asset Resolution 0.217 12/31/2023 EUR 1.994
Kaupthing ehf 5.000 01/04/2027 SKK 0.250
Lehman Brothers Treasu 5.200 3/19/2018 EUR 0.100
Lehman Brothers Treasu 4.000 11/24/2016 EUR 0.100
SG Issuer SA 3.300 9/26/2034 ZAR 47.580
SG Issuer SA 2.700 11/28/2034 ZAR 42.832
SG Issuer SA 3.000 10/10/2034 ZAR 45.358
Lehman Brothers Treasu 2.500 12/15/2011 GBP 0.100
Lehman Brothers Treasu 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu 11.000 12/19/2011 USD 0.100
Lehman Brothers Treasu 4.500 08/02/2009 USD 0.100
Lehman Brothers Treasu 4.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 9.000 3/17/2009 GBP 0.100
Lehman Brothers Treasu 7.250 10/06/2008 EUR 0.100
Lehman Brothers Treasu 9.000 6/13/2009 USD 0.100
Lehman Brothers Treasu 7.000 11/28/2008 CHF 0.100
Lehman Brothers Treasu 3.850 4/24/2009 USD 0.100
Northland Resources AB 15.000 7/15/2019 USD 2.621
Northland Resources AB 15.000 7/15/2019 USD 2.621
LBI ehf 2.250 2/14/2011 CHF 9.375
Lehman Brothers Treasu 4.000 10/12/2010 USD 0.100
ECM Real Estate Invest 5.000 10/09/2011 EUR 15.375
Lehman Brothers Treasu 7.000 10/22/2010 EUR 0.100
Lehman Brothers Treasu 4.800 11/16/2012 HKD 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
PSN Pm OOO 9.500 09/10/2026 RUB 21.625
Natixis SA 0.300 6/25/2048 USD 45.671
LBI ehf 7.431 USD 0.001
Lehman Brothers Treasu 3.400 9/21/2009 HKD 0.100
Lehman Brothers Treasu 3.000 8/13/2011 EUR 0.100
Getin Noble Bank SA 5.250 11/09/2023 PLN 70.605
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
Lehman Brothers Treasu 2.500 8/23/2012 GBP 0.100
Lehman Brothers Treasu 18.250 10/02/2008 USD 0.100
Lehman Brothers Treasu 6.000 5/23/2018 CZK 0.100
Lehman Brothers Treasu 3.350 10/13/2016 EUR 0.100
Lehman Brothers Treasu 0.800 12/30/2016 EUR 0.100
Lehman Brothers Treasu 5.000 05/02/2022 EUR 0.100
Lehman Brothers Treasu 2.250 05/12/2009 USD 0.100
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
Lehman Brothers Treasu 13.000 7/25/2012 EUR 0.100
Lehman Brothers Treasu 4.000 5/17/2010 USD 0.100
Lehman Brothers Treasu 4.000 5/30/2010 USD 0.100
Lehman Brothers Treasu 2.480 05/12/2009 USD 0.100
Lehman Brothers Treasu 4.100 06/10/2014 SGD 0.100
Elli Investments Ltd 12.250 6/15/2020 GBP 52.265
Lehman Brothers Treasu 6.000 9/20/2011 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 9.300 12/21/2010 EUR 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 8.800 12/27/2009 EUR 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Kaupthing ehf 4.730 12/19/2008 SKK 0.250
Lehman Brothers Treasu 0.500 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 4.000 01/04/2011 USD 0.100
Lehman Brothers Treasu 16.000 10/08/2008 CHF 0.100
KPNQwest NV 7.125 06/01/2009 EUR 0.068
Lehman Brothers Treasu 4.600 10/11/2017 ILS 0.100
Lehman Brothers Treasu 5.200 11/09/2011 EUR 0.100
Lehman Brothers Treasu 3.500 12/20/2027 USD 0.100
Waste Italia SpA 10.500 11/15/2019 EUR 0.500
Lehman Brothers Treasu 1.500 10/12/2010 EUR 0.100
Lehman Brothers Treasu 5.375 02/04/2014 USD 0.100
Lehman Brothers Treasu 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 6.300 12/21/2018 USD 0.100
Lehman Brothers Treasu 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 4.200 12/03/2008 HKD 0.100
Lehman Brothers Treasu 8.000 12/31/2010 USD 0.100
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Lehman Brothers Treasu 8.050 12/20/2010 HKD 0.100
Irish Bank Resolution 6.750 11/30/2013 BGN 33.250
Kommunalbanken AS 4.800 12/01/2022 TRY 75.963
Sberbank CIB CJSC 0.010 01/04/2030 RUB 51.366
Lehman Brothers Treasu 1.000 2/26/2010 USD 0.100
Lehman Brothers Treasu 6.000 3/18/2015 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 0.500 12/20/2017 USD 0.100
Lehman Brothers Treasu 8.000 3/19/2012 USD 0.100
KPNQwest NV 8.875 02/01/2008 EUR 0.068
Lehman Brothers Treasu 8.000 3/21/2018 USD 0.100
Lehman Brothers Treasu 4.000 03/10/2011 EUR 0.100
Lehman Brothers Treasu 1.000 05/09/2012 EUR 0.100
Lehman Brothers Treasu 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasu 10.000 5/22/2009 USD 0.100
Northland Resources AB 12.250 3/26/2016 USD 2.621
Lehman Brothers Treasu 5.250 04/01/2023 EUR 0.100
Getin Noble Bank SA 5.250 5/31/2023 PLN 70.147
Credit Agricole Corpor 10.150 02/05/2025 TRY 73.003
Getin Noble Bank SA 5.250 4/28/2023 PLN 70.093
Instabank ASA 9.430 NOK 58.748
Lehman Brothers Treasu 6.700 4/21/2011 USD 0.100
Lehman Brothers Treasu 3.000 09/12/2036 JPY 0.100
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.006
Lehman Brothers Treasu 13.000 12/14/2012 USD 0.100
SAir Group 2.750 7/30/2004 CHF 12.625
Lehman Brothers Treasu 0.500 08/01/2020 EUR 0.100
Lehman Brothers Treasu 4.680 12/12/2045 EUR 0.100
Deutsche Bank AG/Londo 2.000 10/25/2023 TRY 65.214
Lehman Brothers Treasu 4.820 12/18/2036 EUR 0.100
Lehman Brothers Treasu 7.750 2/21/2016 EUR 0.100
Lehman Brothers Treasu 5.500 4/23/2014 EUR 0.100
Lehman Brothers Treasu 15.000 06/04/2009 CHF 0.100
Lehman Brothers Treasu 7.600 03/04/2010 NZD 0.100
Lehman Brothers Treasu 13.500 06/02/2009 USD 0.100
Lehman Brothers Treasu 5.000 11/22/2012 EUR 0.100
Lehman Brothers Treasu 4.600 08/01/2013 EUR 0.100
Lehman Brothers Treasu 1.460 2/19/2012 JPY 0.100
Lehman Brothers Treasu 6.250 09/05/2011 EUR 0.100
Lehman Brothers Treasu 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu 4.000 06/05/2011 USD 0.100
Lehman Brothers Treasu 2.300 06/06/2013 USD 0.100
Lehman Brothers Treasu 4.300 06/04/2012 USD 0.100
Lehman Brothers Treasu 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 7.000 2/15/2010 CHF 0.100
Lehman Brothers Treasu 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasu 11.750 03/01/2010 EUR 0.100
Lehman Brothers Treasu 3.000 06/03/2010 EUR 0.100
Lehman Brothers Treasu 7.600 5/21/2013 USD 0.100
Lehman Brothers Treasu 11.000 07/04/2011 USD 0.100
Lehman Brothers Treasu 11.000 07/04/2011 CHF 0.100
Lehman Brothers Treasu 8.875 1/28/2011 HKD 0.100
Lehman Brothers Treasu 5.550 03/12/2015 EUR 0.100
Lehman Brothers Treasu 2.000 6/28/2011 EUR 0.100
Lehman Brothers Treasu 0.500 06/02/2020 EUR 0.100
Lehman Brothers Treasu 12.400 06/12/2009 USD 0.100
Lehman Brothers Treasu 5.500 07/08/2013 EUR 0.100
Polski Bank Spoldzielc 3.750 9/14/2027 PLN 64.873
Lehman Brothers Treasu 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu 12.000 07/04/2011 EUR 0.100
Lehman Brothers Treasu 6.850 12/22/2008 EUR 0.100
Lehman Brothers Treasu 7.550 12/29/2008 USD 0.100
Lehman Brothers Treasu 7.600 3/26/2009 EUR 0.100
Lehman Brothers Treasu 7.500 5/30/2010 AUD 0.100
Lehman Brothers Treasu 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasu 7.250 07/08/2014 EUR 0.100
Lehman Brothers Treasu 6.000 08/07/2013 EUR 0.100
Lehman Brothers Treasu 11.250 12/31/2008 USD 0.100
Kaupthing ehf 9.750 09/10/2015 USD 0.250
Lehman Brothers Treasu 8.280 3/26/2009 USD 0.100
Lehman Brothers Treasu 16.000 12/26/2008 USD 0.100
LBI ehf 5.080 03/01/2013 ISK 9.375
Lehman Brothers Treasu 2.673 9/21/2010 JPY 0.100
Laurel GmbH 7.125 11/16/2017 EUR 7.750
Lehman Brothers Treasu 7.750 01/03/2012 AUD 0.100
Lehman Brothers Treasu 2.500 8/15/2012 CHF 0.100
Lehman Brothers Treasu 0.500 07/02/2020 EUR 0.100
Lehman Brothers Treasu 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu 13.432 01/08/2009 ILS 0.100
Lehman Brothers Treasu 3.100 06/04/2010 USD 0.100
Lehman Brothers Treasu 16.000 11/09/2008 USD 0.100
Lehman Brothers Treasu 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu 9.000 05/06/2011 CHF 0.100
Lehman Brothers Treasu 6.450 2/20/2010 AUD 0.100
Lehman Brothers Treasu 7.625 7/22/2011 HKD 0.100
Lehman Brothers Treasu 17.000 06/02/2009 USD 0.100
Lehman Brothers Treasu 8.000 5/22/2009 USD 0.100
Kaupthing ehf 2.775 05/10/2045 ISK 0.250
Lehman Brothers Treasu 7.000 4/24/2009 USD 0.100
Lehman Brothers Treasu 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 6.000 03/04/2015 USD 0.100
Lehman Brothers Treasu 2.430 9/25/2009 USD 0.100
Lehman Brothers Treasu 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasu 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasu 6.600 5/23/2012 AUD 0.100
Lehman Brothers Treasu 3.450 5/23/2013 USD 0.100
Lehman Brothers Treasu 6.600 02/09/2009 EUR 0.100
Lehman Brothers Treasu 6.720 12/29/2008 EUR 0.100
Lehman Brothers Treasu 7.600 1/31/2013 AUD 0.100
Lehman Brothers Treasu 7.060 12/29/2008 EUR 0.100
Lehman Brothers Treasu 3.500 6/20/2011 EUR 0.100
Lehman Brothers Treasu 7.150 3/21/2013 USD 0.100
Norske Skogindustrier 2.000 12/30/2115 EUR 0.113
Lehman Brothers Treasu 7.500 2/14/2010 AUD 0.100
Lehman Brothers Treasu 10.000 06/11/2038 JPY 0.100
Lehman Brothers Treasu 6.000 6/21/2011 EUR 0.100
Lehman Brothers Treasu 2.000 6/21/2011 EUR 0.100
Lehman Brothers Treasu 8.000 12/27/2032 JPY 0.100
Lehman Brothers Treasu 4.100 8/23/2010 USD 0.100
Lehman Brothers Treasu 1.500 02/08/2012 CHF 0.100
Lehman Brothers Treasu 5.120 4/30/2027 EUR 0.100
Lehman Brothers Treasu 0.010 9/20/2011 USD 0.100
Lehman Brothers Treasu 12.000 7/13/2037 JPY 0.100
UniCredit Bank AG 5.600 4/16/2021 EUR 61.410
*********
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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *