/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/210419.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 19, 2021, Vol. 22, No. 72 Headlines B O S N I A A N D H E R Z E G O V I N A REPUBLIC OF SRPSKA: Moody's Rates EUR350M Bond Issuance (P)B3 G E R M A N Y BK LC LUX: Fitch Gives First-Time 'B+(EXP)' LT IDR, Outlook Stable BK LC LUX: Moody's Assigns B2 CFR on Solid Cash Generation GFK SE: Fitch Corrects April 13 Ratings Release TK ELEVATOR HOLDCO: Moody's Assigns B2 CFR on Robust Performance WIRECARD AG: Administrator Reaches Deal to Sell Chunk of Asia Ops I R E L A N D AVOCA CLO XIII: Fitch Assigns Final B- Rating on F-RR Tranche CIMPRESS PLC: Moody's Rates New Sr. Secured Credit Facility 'Ba3' CONTEGO CLO VI: Fitch Assigns Final B- Rating on Class F-R Tranche MADISON PARK XIII: Fitch Affirms B- Rating on Class F Notes PROVIDUS CLO II: Fitch Affirms Final B- Rating on Class F Notes R U S S I A ALFA-BANK JSC: S&P Alters Outlook to Pos., Affirms 'BB+/B' ICRs BANK NEYVA: Bank of Russia Appoints Provisional Administration CB INTERPROMBANK: Put Under Provisional Administration NORDEA BANK: Bank of Russia Cancels Banking License S W I T Z E R L A N D DDM HOLDING: Fitch Assigns Final 'B' LT IDR, Outloook Stable PEACH PROPERTY: Fitch Affirms 'BB' Senior Unsec. Bonds Rating U N I T E D K I N G D O M CSM BAKERY: Moody's Puts Caa2 CFR Under Review for Upgrade EUROSTAR: Reaches Debt Refinancing Deal with Lenders GATWICK AIRPORT: Fitch Puts BB- Rating to GBP450MM Sr. Sec. Notes GREENSILL CAPITAL: Pension Fund Files Lawsuit v. Credit Suisse GREENSILL CAPITAL: PM Shares Concerns Over Cameron Lobbying LIBERTY STEEL: Dalzell Plate Mill Misses Interest Payments X X X X X X X X [*] BOND PRICING: For the Week April 12 to April 16, 2021 - - - - - =========================================== B O S N I A A N D H E R Z E G O V I N A =========================================== REPUBLIC OF SRPSKA: Moody's Rates EUR350M Bond Issuance (P)B3 ------------------------------------------------------------- Moody's Public Sector Europe assigned a provisional senior unsecured debt rating of (P)B3 to Republic of Srpska's (Srpska) forthcoming bond issuance up to EUR350 million (BAM684.5 million). RATINGS RATIONALE The (P)B3 debt rating reflects the B3 issuer rating of Srpska. Under the preliminary documentation, the new issuance will constitute direct, unsecured, unconditional and unsubordinated obligations of the issuer ranking pari-passu with all its obligations. The purpose of the bond will be to refinance the majority of domestic debt maturing in 2021 (equivalent to BAM355 million) and fund the planned BAM350 million budget deficit. Republic of Srpska's B3 ratings reflects Moody's view that Srpska will be able to withstand the impact of the pandemic despite deteriorated operating performance and debt increase if they remain short lived. Moody's estimate a deep contraction of the operating balance in the course of 2020 with the healthy surplus of 10% operating revenues in 2019 likely to have turned into deficit 8.7% of operating revenues. In 2021 Moody's expect a rebound of the operating balance toward breakeven or a small surplus favored by increased tax revenues. Budgetary deficits are expected in 2020 and 2021 in light of sustained capex needs which are deemed difficult to contain by the current administration. Republic of Srpska's rating remains constrained by a high debt burden, which increased to around 160% of operating revenues in 2020 from 135% of operating revenues in 2019. Moody's expect the debt to stabilize at these levels in 2021-22 following the economic recovery, which will boost the VAT collection and thus operating revenues. Recurrent access to external funding will be key for Srpska to fund its medium term priorities, given the very high financing needs amounting to over BAM1 billion in 2021 and BAM800 million in 2022. Moody's will monitor Srpska's access to domestic and international capital market as well as the impact of any fiscal slippage on its medium term plans. provisional rating is assigned based on the draft documentation received by Moody's. In cases the ultimate documentation contains material changes to terms and conditions compared to the preliminary documentation, Moody's will assess any potential impact on the ratings. The first-time assignment of the provisional unsecured debt rating required the publication of this rating action on a date that deviates from the previously scheduled release date in the sovereign release calendar, published on www.moodys.com The specific economic indicators, as required by EU regulation, are not available for Republic of Srpska The following national economic indicators are relevant to the sovereign rating, which was used as an input to this credit rating action. Sovereign Issuer: Bosnia and Herzegovina, Government of GDP per capita (PPP basis, US$): 15,604 (2019 Actual) (also known as Per Capita Income) Real GDP growth (% change): 2.9% (2019 Actual) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 0.3% (2019 Actual) Gen. Gov. Financial Balance/GDP: 1.5% (2019 Actual) (also known as Fiscal Balance) Current Account Balance/GDP: -3% (2019 Actual) (also known as External Balance) External debt/GDP: [not available] Economic resiliency: b2 Default history: No default events (on bonds or loans) have been recorded since 1983. SUMMARY OF MINUTES FROM RATING COMMITTEE On April 6, 2021, a rating committee was called to discuss the rating of Srpska, Republic of. The main points raised during the discussion were: The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The systemic risk in which the issuer operates has not materially changed. Other views raised included: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength, have not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING WHAT COULD CHANGE THE RATING -- UP An upgrade of Bosnia and Herzegovina's sovereign rating could result in upward pressure on Republic of Srpska's rating, only in presence of continued improvement of its operating and financial performance and gradual reduction in its debt burden. WHAT COULD CHANGE THE RATING -- DOWN Acceleration in debt growth or heightened refinancing risks would exert downward rating pressure. A downgrade of Bosnia and Herzegovina's sovereign rating will lead to a similar action on Republic of Srpska's rating. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Environment considerations are material to the Republic of Srpska's credit profile. Floods of significant proportions have occurred in 2014 damaging key infrastructure. A mitigating factor of this risk is the stance of the international community, who helped the government of Srpska finance to repairs. Srpska took a loan to decrease flood risk on Sava and Drava rivers. Social risks are material to the credit profile of the Republic of Srpska. Low birth rates and ongoing emigration are putting a strain on the sustainability of the pension system. Healthcare and education are also a source of risk, although moderate. Moody's also view the coronavirus outbreak as a social risk under its ESG framework, given its expected impact on economic growth and consequently on RS's operating revenues and expenditures. Governance considerations are material to Srpska's credit profile. Srpska's management and governance are satisfactory and slowly aligning with those of the European Union peers. However the highly complex political structure of Bosnia and the lack of internal consensus that undermines the political and economic reform process could further increase this risk. The principal methodology used in this rating was Regional and Local Governments published in January 2018. ============= G E R M A N Y ============= BK LC LUX: Fitch Gives First-Time 'B+(EXP)' LT IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned BK LC Lux SPV S.a.r.l. (Birkenstock) a first-time expected Long-Term Issuer Default Rating (IDR) of 'B+(EXP)' with a Stable Outlook. It has also assigned an expected senior secured rating of 'BB-(EXP)'/'RR3' to Birkenstock's EUR1,075 million-equivalent term loan B. The debt is being issued to finance the acquisition of Birkenstock by funds advised by L Catterton. The assignment of final ratings is contingent on the receipt of final documents including the financial due diligence report prepared for the transaction, conforming to information already received. The 'B+' IDR balances Birkenstock's concentration on one product category, mainly sandals, with a strong brand in one segment of the global footwear market. The rating also captures Birkenstock's moderate, albeit increasing, scale vs. global consumer goods producers', with Fitch anticipating high single-digit revenue CAGR over FY21-FY24 (year-end September). Fitch also forecasts resilient operating profitability that is in line with the higher end of margins for the sector. Despite high opening leverage, the Stable Outlook reflects Fitch's view on sufficient visibility for a gradual deleveraging toward levels that are commensurate with the rating by FY24. This will be driven by growth in Fitch-defined EBITDA toward EUR250 million, a disciplined financial policy and limited risk of material debt-funded M&As. KEY RATING DRIVERS Strong Brand Recognition: Birkenstock has demonstrated fast revenue growth since 2012 with the brand gaining wide appeal and a loyal customer base in many global markets. Increasing demand and growing brand awareness have been driven by the company's strong innovation capabilities, well- managed expansion of distribution network and growing its direct-to-consumer (D2C) online sales channel. The brand's growth has been supported by collaborations with external designers as well as by Birkenstock benefiting from being a footwear of choice with widely followed celebrities on social media. Fitch does not view marketing costs as being a drag on Birkenstock's profits. One-Product Concentration: Narrow product diversification with around 70% of group sales generated from five core sandal models and modestly complemented by other shoe models and accessory offering, with a concentration of products sold at the premium end of the company's offering, are among the key rating weaknesses. This is partly balanced by a high variety of styles under each model, adapted to meet regional appetite and evolving consumer trends and preferences. In Fitch's view, the company's growth record across a wide geographical footprint partly reduces risks related to a narrow product portfolio. Resilience to the Pandemic: Birkenstock has demonstrated resilient operating performance with 1% growth in revenue and only a modest EBITDA decline in 2020, despite the pandemic. The results were mainly weighed down by a two-month precautionary closure of production sites as well as by wholesale and retail location closures. The latter was offset by significant growth in the online channel, confirming continued demand for the product. Fitch estimates that Birkenstock will deliver a 15% revenue growth in FY21, underpinned by a strong wholesale order book for the peak March-September season and its accelerated online presence since the onset of the pandemic. Concurrently, Fitch expects Fitch-defined EBITDA margins to recover towards 26%, consistent with pre-pandemic levels. Strong Profitability: Fitch forecasts high EBITDA and funds from operations (FFO) margins that are commensurate with the top end of the investment-grade category for the sector. Strong profitability is predicated on the company's high operating efficiency, premium product portfolio, and increasing ownership of distribution channels, including the ongoing shift to online and direct wholesale distribution. Fitch conservatively assumes a moderate EBITDA margin decline toward 24% by FY24, factoring in the potential need for increased investments in product support. High cash generation is supported by low maintenance capex, and Fitch therefore estimates a solid pre-dividend free cash flow (FCF) margin of 7%-9%. High Leverage, Deleveraging Capacity: Fitch estimates Birkenstock's FFO gross leverage at 7.6x at FYE21, which is above Fitch's 6.5x negative rating sensitivity. Fitch projects the company will deleverage toward levels that are consistent with the rating by FY23 due to Fitch's anticipation of Fitch-defined EBITDA growth toward EUR250 million, from EUR218 million estimated for FY21. Focus on Organic Growth: Fitch expects the company to grow mainly organically with limited risks of M&A, as management sees large potential for further sales expansion of its product portfolio within current and new regions of presence, but also in the growing online channel in key markets. Fitch believes that growth will be also supported by the ongoing trend towards casualisation of clothing, including work dress codes post Covid-19, as well as growing disposable incomes and increasing consumer health consciousness, which could be beneficial for Birkenstock's orthopedic offering. DERIVATION SUMMARY Birkenstock has no directly comparable rated peers. However, Fitch has identified a number of consumer goods companies in the 'B'/'BB' rating categories that share some comparable characteristics. Birkenstock is smaller, has a less diversified product portfolio and higher leverage than producer of home improvement and personal care products, Spectrum Brands, Inc. (BB/Stable), which justifies a two-notch gap between the companies despite Birkenstock's significantly higher profitability. Fitch also views Birkenstock's credit profile as weaker than that of Levi Strauss & Co (BB/Negative), which also has a high concentration on one brand, but is much greater in scale and more diversified by product. This, together with anticipated lower leverage in 2021, after a spike in 2020 due to the pandemic impact, results in a higher rating for Levi Strauss. Fitch views Birkenstock's credit profile as stronger compared with Italian furniture producer International Design Group S.p.A.'s (IDG; B/ Negative). Birkenstock benefits from a larger scale, more resilient consumer demand, which combined with high profitability and higher projected revenue growth, suggest greater visibility for Birkenstock's deleveraging versus IDG's. KEY ASSUMPTIONS -- Total sales CAGR of around 10% over FY21-FY24, driven by the expansion of the brand's D2C capabilities; -- EBITDA margin trending towards 24.5% by FY23, from 26% in FY21, due to higher operating expenditure for delivering the D2C strategy; -- Working capital outflow of around EUR30 million p.a. over the next three years to fund revenue growth; -- Capex of around EUR40 million p.a. until FY23; -- Dividends being initiated from FY22, gradually growing from EUR40 million to EUR50 million by 2024 as a reflection of improving net income; and -- No M&A. RECOVERY ASSUMPTIONS Fitch assumes that Birkenstock would be considered a going-concern (GC) in bankruptcy and that it would be reorganised rather than liquidated. In Fitch's bespoke GC recovery analysis, Fitch considered an estimated post-restructuring EBITDA available to creditors of around EUR165 million. In Fitch's view bankruptcy could come as a result of prolonged economic downturn, combined with additional difficulties incurred in balancing the acceleration of the D2C strategy while serving its wholesale audience. Fitch has used a distressed enterprise value (EV)/EBITDA multiple of 6.0x. This is 1.0x higher than the 5.0x mid-point used for the corporates universe outside the US, due to the company's high brand awareness across developed and emerging economies resulting in a highly cash-generative business model, driving a higher-than-average EV multiple. Fitch has assumed EUR180 million out of a EUR200 million-equivalent asset-based lending facility (ABL) could still be drawn even if the company is experiencing distress. Fitch assumes that the ABL will be recovered ahead of other senior secured debt claims due to the specific collateral assigned as part of the facility. Total senior secured claims of EUR1,075 million are expected to be split between the euro and US dollar TLB tranches of EUR325 million- and EUR750 million-equivalent, respectively. After deducting 10% for administrative claims, Fitch's principal waterfall analysis generated a ranked recovery for the senior secured debt in the 'RR3' category with a waterfall generated recovery computation (WGRC) of 66%, leading to an instrument rating one notch above the IDR. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Successful implementation of business plan with annual EBITDA growth toward EUR500 million; -- Maintenance of EBITDA margin above 20% translating into FCF margin above 5%; -- Articulation of a financial policy that would be conducive to sustaining FFO gross leverage below 5.0x. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A material slowdown in revenue growth relative to the business plan, hindering EBITDA progression towards EUR250 million by FY23; -- Business underperformance that reduces prospects for FFO gross leverage moving below 6.5x by FY23; -- FCF margin below 3%. ESG CONSIDERATIONS The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). 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: Over the four-year rating horizon and assuming current financial policies, Birkenstock will have a comfortable liquidity position due to positive, post-dividend FCF generation underpinned by a EUR200 million-equivalent ABL funding inventory build-up during low seasons. Its dividend policy is unclear; however, the draft financing documentation permits distribution under achievable levels of leverage. Nevertheless, Fiitch would expect dividends to be limited in the event of declining profitability and the sponsor will likely prioritise small, supply chain-focused M&As over distributions. Under the new capital structure maturities are extended until 2027 and 2028, with the mandatory 1% (EUR7.5 million-equivalent) amortisation of the US dollar senior secured TLB the only scheduled debt repayment over the rating horizon. BK LC LUX: Moody's Assigns B2 CFR on Solid Cash Generation ---------------------------------------------------------- Moody's Investors Service has assigned a B2 corporate family rating and a B2-PD probability of default rating to BK LC Lux Finco 1 S.a.r.l.(Birkenstock), a holding company of German footwear brand Birkenstock. Concurrently, Moody's assigned a B1 instrument rating to the EUR325 million term loan B to be issued by Birkenstock Group B.V. & Co. KG, a B1 instrument rating to to the USD-equivalent of EUR750 million term loan B to be issued by BK LC US BidCo Inc. and a Caa1 instrument rating to the EUR430 million equivalent other senior unsecured debt to be issued by BK LC Lux Finco 1 S.a.r.l. The outlook on all ratings is stable. The proceeds from the issuance will be used to fund the acquisition of a majority stake in Birkenstock by L Catterton. "Birkenstock's is strongly positioned in the B2 rating and balances the company's strong business profile, good growth prospects and solid cash generation with the high Moody's-adjusted leverage at closing", says Florent Egonneau, lead analyst for Birkenstock. RATINGS RATIONALE The B2 CFR reflects Birkenstock's: (i) strong brand positioning, with limited fashion risk as evidenced by the longevity of the product success and high customer loyalty thanks to the unique value proposition of its core product focused on high quality and orthopedic benefits; (ii) good online presence that allowed the company to continue growing during the coronavirus crisis; (iii) direct and selective distribution strategy to better control the brand image and optimize product allocation; (iii) growth prospects underpinned by favorable social trends (casualization and wellness), white space in the underpenetrated Asian markets and planned expansion into adjacent segments such as closed-toe or professionals shoes; and (iv) high free cash flow generation of around 8-10% FCF/gross debt thanks to strong margins and limited capex spending. In contrast, the CFR is constrained by: (i) the high pro-forma Moody's-adjusted leverage of 8.2x as of December 2020, although Moody's expect a rapid deleveraging to 6.0x in the next 12 to 18 months; (ii) its product concentration with a single brand and mono-product line, albeit offered in a large range of styles; (iii) its exposure to changing customers preferences; and (iv) to some degree the risk that if its good reputation and high brand recognition weaken, earnings and cash flow could come under some pressure. RATING OUTLOOK The stable outlook is based on Moody's expectations that Moody's-adjusted leverage will improve to 6.0x in the next 12-18 months, from a peak of 8.2x at closing of the transaction. It also reflects Moody's expectations for continued mid-single digit sales growth and stable EBITDA margins. The outlook assumes that the company will not execute any large debt-funded acquisitions or shareholder distributions. LIQUIDITY PROFILE Birkenstock's liquidity is good and based on the EUR25 million cash on balance sheet expected at closing, EUR200 million Asset Backed Lending (ABL) facility which will be used to cover seasonal variations in working capital and Moody's expectations of EUR100-110 million of free cash flow to be generated in the fiscal year 2021. The working capital seasonality is substantial with inventories that build up in the first half of the fiscal year (October to March) ahead of the peak summer season. Moody's estimates that the trough in liquidity is in the first quarter (October to December) when working capital is building up and sales are seasonally low. Around half of EBITDA is generated in the second quarter (January to March). The senior facility agreement includes a springing fixed charge coverage ratio of 1.0x attached to the ABL to be tested only when drawn amount exceeds 90% (or more than EUR180m). Moody's expects the company will keep ample headroom if tested. The company doesn't have any short-term maturities with the first large amount of debt not due before 2028 when the TLB matures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on the rating could occur if the company executes well its growth strategy while maintaining a high EBITDA margin. Quantitatively, upward pressure could occur if the company's Moody's adjusted debt/EBITDA ratio declines below 5.0x on a sustainable basis and EBITA/interest expense ratio remains sustainably above 2.5x. An upgrade would also require Birkenstock to maintain a FCF/gross debt above 10% and demonstrate a balanced financial policy. Conversely, negative pressure on the rating could materialize if the company's sales growth and margins are under pressure indicating that its core product is losing its appeal. Quantitatively, downward pressure could occur if the company's Moody's adjusted debt/EBITDA ratio remains above 6.0x for a prolonged period and EBITA/interest expense ratio fall sustainably below 1.5x. Although unlikely based on the historic cash generative nature of the business, negative pressure could also arise from the significant deterioration in FCF or adequate liquidity is not maintained at all times. STRUCTURAL CONSIDERATIONS Birkenstock's debt capital structure comprises a EUR325 million TLB and USD-equivalent of EUR750 million TLB, ranking ahead of the EUR430 million equivalent other senior unsecured debt. The ABL benefits from a priority security package over eligible inventories, raw materials and account receivables. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Apparel Methodology published in October 2019. COMPANY PROFILE Headquartered in Neustadt, Birkenstock is a German footwear brand that designs and manufactures footwear. The product portfolio also includes closed-toe shoes and other accessories. Dating back to 1774, the company mainly distributes its products through the wholesale channel with a direct and selective distribution strategy. Since 2016, it has developed its online division and is now digitally present in 24 countries. Birkenstock operates a small own retail network of 52 flagships stores. In the fiscal year 2020, the company reported EUR731 million in sales and EUR195 million in adjusted EBITDA. GFK SE: Fitch Corrects April 13 Ratings Release ----------------------------------------------- This is a correction of a release published on April 13, 2021. It includes the recovery rating for the senior secured debt, which was omitted from the original release. Fitch Ratings has assigned GFK SE a first-time Long-term Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook and an expected rating of 'BB+(EXP)'/'RR2' to its senior secured Term Loan B (transaction launched this week). The rating takes into account GfK's established position in consumer market research and data analytics. Its core market intelligence and consumer panel business focused on the technology and durables (T&D) and fast-moving consumer goods (FMCG) sub-segments offer underlying growth, while the benefits of a group-wide restructuring, divestment from unprofitable non-core areas and development of AI analytics should support margin expansion. A transformation programme begun in 2017 has reduced costs significantly. Continued margin improvement is likely, with already high reported adjusted EBITDA margins in the low 20s. Limited overlap with large market research peers, an otherwise fragmented industry and what are viewed as high entry barriers underpin leading positions in its chosen segments. Secular risks from the large tech platforms and a continuous need to evolve digital capabilities, are challenges to remaining relevant. Funds from operations (FFO) gross leverage of 4.8x at the end of the 2020 financial year to December 2020, is commensurate with the 'BB-' rating and Fitch expects continued EBITDA growth and potential debt repayments to drive deleveraging. KEY RATING DRIVERS Embedded Intelligence: Fitch views GfK's position in market intelligence and consumer panels, the company's largest and most profitable segments, in T&D and FMCG as incumbent. These segments show reasonable underlying growth with trends in T&D likely to be driven by market expansion, smart design and functional change, which support insight analytics. GfK has more than 100,000 partner relationships with retailers worldwide and a consumer panel network of 1.9 million. These networks offer high entry barriers. The business shows high customer retention, with recurring revenue above 80% and contracted revenue above 60% typically achieved by the second quarter of the year. Limited Competitor Overlap: Market intelligence and consumer insight are fragmented. The top 5 research providers account for roughly 25% of the market, while GfK's largest peers, Intermediate Dutch Holdings (NielsenIQ; B+/Stable) and Kantar focus on different segments and geographic reach. Both have recently undergone ownership change and are at an earlier stage of business transformation. GfK is present in several sub-segments but has a fairly small scale in some. A fragmented industry is likely to lead to M&A, which poses execution risk. High balance-sheet cash, loose documentation and private ownership provides GfK the flexibility to pursue inorganic expansion. Advanced Stages of Restructuring: GfK embarked on a transformation of the business in 2017 under new management. The plan is largely complete with headcount reduced by 5,000 to 8,000 full-time employees (FTEs), which includes 2,000 net hires in growth areas. Initiatives have included office co-location, standardisation/optimisation of central functions, digitisation and automation as well as an exit from zero-margin ad-hoc research. gfknewron, its AI driven analytics platform, was launched in 2020. Fitch believes the restructuring was vital for GfK's long-term survival. Now that it is largely complete, the business is in a better position to grow and to adapt to the evolving challenges of a digital world. Group adjusted EBITDA margin has increased from 12% to 22%; a level indicative of a valued data-driven service. One-Off Costs Obscure Performance: The scale of efficiencies and associated costs driven by the restructuring are substantial, largely comprise employee severance and consulting fees. These costs account for a wide gap between reported and management adjusted EBITDA in historic reporting, which Fitch expects to have largely disappeared by 2022. Rating Constraints; Scale and Restructuring: The scale and complexity of the restructuring leaves some execution risk. A clearer view of clean financial metrics should unfold over the coming years. With to some extent limited revenue and cash flow scale, this serves as constraints to the rating. Digitisation and AI: Management believes it is further along the path in digitisation and the adoption of AI than its peers, having started its digitisation in 2017 and focusing on AI soon after. Fitch views this as key given the value and independence of GfK's proprietary data, and the power of customisable data analytics. Intuitive and user-friendly analytic tools are critical as the company rolls out new products. The early-stage adoption of AI applications provides both upside as well as risk. New platform launches can encounter missteps, teething problems and platform rewrites. Secular Risk: Advertising, an adjacent industry, has for several years grappled with the secular threat of large technology platforms. Fitch believes search engines, online marketplaces and social media have the potential to disrupt traditional market intelligence providers. Aggregate sales of Amazon, Facebook and Google amounted to more than USD650 billion in 2020. These platforms have proven adept at capturing and analysing user data for contextual advertising. Fitch believes an interdependence between big tech and market intelligence providers will continue; GfK provides market independent data and has retail coverage of more than 60% of global sales - both on and offline - in its segments. Fitch does not view the risk as high as that faced by adverting given GfK's independence, something valued by the wider retail and manufacturing sectors. Growth Targets: GfK's core segments have grown at a CAGR of about 2% over the past two years. The management wants growth to be substantially faster, driven by the client focus achieved through the restructuring, underlying sector growth and the roll-out of gfknewron. In Fitch's forecasts, Fitch assumes substantially lower growth expectations, as well as a modest level (EUR10 million) of annual one-off costs (taken above FFO). DERIVATION SUMMARY GfK's peer group includes several business services - data, analytics and transaction processing (DAP) companies, along with leveraged on-line classified advertisers such as AutoScout24 (B/Negative). Within DAP business services Fitch regards Daily Mail and General Trust Plc (DMGT: BBB-/Stable), IPD 3 B.V. (B/Negative) and NielsenIQ its closest peers. NielsenIQ, although far larger, is at an earlier stage in its business transformation and has significantly lower margins (EBITDA margin in low teens compared with GFK's in low 20s). It has comparable gross leverage but higher net leverage given GfK's cash balances, with NielsenIQ's 2020 forecast FFO net leverage of 4x compared with GfK at 3.5x and it has weaker forecast FCF. IPD is also comparable but its business focus is more cyclically exposed. Gross leverage of 10x has been weakened by the pandemic and M&A, and leverage is the main reason for its 'B' rating. With annual sales of GBP1.1 billion, DMGT has greater revenue scale and a diversified portfolio of consumer and B2B businesses. A strong net cash position and a financial policy that includes a leverage cap of 2x EBITDA support its low-investment-grade rating. GfK sits squarely in the middle of its peer group. It has fairly low financial leverage (when measured on a net basis) and is well-positioned in the provision of must-have/hard to give up data and data analytics. Its business has responded well to the pandemic given a high share of contracted and recurring revenue, while its market sub-segments offer growth. A cleaner view of financial metrics, with the mainstay of restructuring complete, and expected FCF growth once delivered could lead to a higher rating. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Small single-digit revenue decline in 2021 followed by low single-digit revenue growth until 2024; -- Gradual Fitch-defined EBITDA margin improvement to 24% in 2024 from 18% in 2021; -- No significant one-offs after 2021; -- Minority dividends up to EUR10 million a year; -- Capex intensity at 6% of revenue; -- Common dividends up to EUR20 million for 2022-2023 and up to EUR30 million in 2024; -- Debt repayment of EUR60 million a year; -- About EUR150 million of readily available cash on the balance sheet, and EUR23 million of restricted cash annually; -- EUR10 million bolt-on acquisitions annually, any larger M&A activity is treated as an event risk. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- FFO gross leverage (excluding reasonable one-offs) that is expected to be managed consistently below 4x. -- Operating performance that tracks closely to Fitch's rating case. -- Producing top-line growth and modest margin expansion. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- FFO gross leverage (excluding reasonable one-offs) that is expected to trend consistently above 5x. -- Meaningful erosion of competitive position evident in below market growth or revenue contraction in an otherwise stable market or operating missteps such as major platform rewrites having a tangible impact on the EBITDA margin. ESG Commentary 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. 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 GfK has a strong liquidity position with its nearest debt maturity due in 2028. Liquidity is underpinned by what Fitch expects to be strong FCF generation and a EUR150 million revolving credit facility. A high cash balance - unrestricted cash of about EUR170 million at end-2020 - is expected to be maintained although potentially at a moderately lower level. TK ELEVATOR HOLDCO: Moody's Assigns B2 CFR on Robust Performance ---------------------------------------------------------------- Moody's Investors Service has affirmed the B1 instrument ratings on the senior secured term loans B, the senior secured notes, the senior secured floating rate notes, and on the senior secured revolving credit facility, raised by TK Elevator Midco GmbH and Vertical U.S. Newco Inc.; and the Caa1 instrument rating on the senior unsecured notes, issued by TK Elevator Holdco GmbH. Moody's has further assigned a B2 corporate family rating and B2-PD probability of default rating to TK Elevator Holdco GmbH, a holding company of German elevator and escalator manufacturer TK Elevator (TKE or group) and has withdrawn the B2 CFR and B2-PD PDR and the stable outlook at the level of TK Elevator Topco GmbH. The outlook of TK Elevator Holdco GmbH, TK Elevator Midco GmbH and Vertical U.S. Newco Inc. remains stable. "TKE's ratings remain weakly positioned given its persistent high leverage, which we expect to reduce to appropriate levels for a B2 rating only by 2023. At the same time, we recognize the group's robust performance with gradual and significant profitability improvements achieved in the last two quarters, despite a pandemic-driven challenging operating environment", says Goetz Grossmann, a Moody's Vice President and lead analyst for TKE. "The rating affirmations also reflect our expectation of TKE to achieve further cost savings and operational improvements from implemented measures, which should enable additional margin improvements and positive free cash flow generation over the next two years." RATINGS RATIONALE The rating affirmations follow TKE's first three quarters of independence after its acquisition by a private equity consortium from thyssenkrupp AG (tkAG) in July 2020. TKE's operating performance during the coronavirus pandemic so far shows a somewhat weaker than expected order intake development (-3% yoy in the financial year ended 30 September 2020, "FY 2019/20", and -12% yoy in Q1 2020/21), while its group sales and Moody's-adjusted EBITDA were broadly in line with Moody's forecasts. TKE's Moody's-adjusted leverage of around 9.1x debt/EBITDA for the 12 months ended 31 December 2020 (excluding EUR2 billion of PIK notes issued outside of the restricted group and shareholder loans, which Moody's treats as equity) continue to position the group very weakly in the B2 rating category. However, Moody's acknowledges TKE's ability to improve its profitability despite the pandemic-related challenges in some segments, as shown by a 2.0%-points increase in its company-adjusted EBITDA margin to 14.3% in Q1 2020/21 versus 12.3% in the prior year and 13.2% in FY 2019/20. This also supported TKE's free cash flow (FCF) generation of around EUR165 million (Moody's-adjusted) in Q1 2020/21. Moody's expects only around break-even FCF for FY 2020/21, however, due to increased capital spending needs for a new headquarter in the US and the capitalization of TKE's innovative ropeless elevator system MULTI, among others. Given the recent slowdown in order intake (Americas region mainly), increasing raw material costs and the risk of negative currency effects, while assuming recovering business activity as existing lockdown measures will likely be lifted in the coming months, Moody forecasts TKE's topline to be stable and its margins to modestly increase in 2020/21. The expected further margin expansion should be driven by ongoing benefits from the group's operational improvement and cost savings measures, which it expects to contribute EUR227 million to its adjusted EBITDA over the next two years. However, substantial restructuring costs still need to be incurred and will lead to a less material growth in Moody's-adjusted earnings. Moody's expects TKE's Moody's-adjusted EBITDA to steadily increase to over EUR1.2 billion over the next two years from just above EUR1 billon in FY 2019/20. Assuming only small debt repayments, TKE's leverage will therefore reach the 7.5x maximum level for a B2 rating only during FY 2022/23. This does not leave room for a potential slower performance recovery without negative rating pressure building up in the coming few quarters. More positively, Moody's expects TKE to maintain its adequate liquidity profile and modestly positive FCF over the next two years (1.5% Moody's-adjusted FCF/debt in FY 2021/22), which continue to support the stable outlook at this time. Moody's also expects TKE to establish and maintain a financial policy focused on de-leveraging, absent material shareholder distributions in any kind or debt-funded acquisitions. The assignment of the B2 CFR to TK Elevator Holdco GmbH and withdrawal of the CFR at TK Elevator Topco GmbH follows Moody's conclusive review of TKE's organizational and legal structure with TK Elevator Holdco GmbH as the top entity of the restricted financing group. This review also included a final assessment of a EUR5.5 billion shareholder loan at the level of TK Elevator Holdco GmbH, which meets Moody's criteria for equity treatment. The B2 CFR remains further constrained by (1) TKE's exposure to the cyclical construction industry; (2) execution risks regarding extensive restructuring aimed at achieving significant further profitability improvements over the next three years; (3) foreign currency risk (largely translational) with around 77% of group revenues being generated in currencies other than the euro; (4) intense competition and price pressure in China from both international and local competitors; (5) exposure to volatile raw material prices, especially in the largest new equipment market China, while the ability to pass on rising input costs to customer is limited; (6) lack of a track record as an operating entity after the separation from tkAG, from which it received corporate and other services that still need to be established on a standalone basis; (7) an aggressive financial policy, illustrated by the substantial amount of debt raised to fund its acquisition, including EUR2 billion of PIK notes issued at a level above the restricted group. TKE's rating is supported by its (1) strong business model as one of the world's largest manufacturers and services providers in the attractive elevator and escalator (E&E) market, which benefits from favorable mega trends of urbanization, rising demand for improved mobility by an ageing population and tightening safety regulations; (2) leading market shares across the Americas, Europe Africa and Asia Pacific regions, with a particular strong presence in the highly profitable since more services-oriented Americas market (41% of revenues in FY 2019/20); (3) sizeable installed base with around 1.4 million units under maintenance; (4) resilient business thanks to over 40% of revenues being derived from multi-year services contracts as well as a high order backlog of profitable new installation and modernization business; (5) healthy profitability, although still below the industry standard; (6) positive FCF generation due to generally low maintenance capital spending, moderate working capital needs and no dividend payments; (7) diverse customer base with the top ten customers accounting for less than 3% of group revenue; and (8) experienced management, focused on strengthening profitability and strong cash conversion. LIQUIDITY TKE's liquidity is adequate, reflecting Moody's forecast of modest positive FCF generation and no material debt maturities over the next few years. As of December 31, 2020, TKE's cash and cash equivalents amounted to EUR695 million and it had access to EUR382 million under its committed EUR992 million revolving credit facility. These cash sources provide TKE more than sufficient liquidity to cover its basic cash needs over the next 12-18 months. The RCF is subject to one springing covenant (Senior Secured Net Leverage Ratio), which basically needs to be tested when the aggregate amounts outstanding under the facility exceed around 40% of the total commitments. The covenant is set with significant headroom and Moody's expects TKE to ensure consistent adequate capacity under it. OUTLOOK While the ratings remain weakly positioned, the stable outlook reflects the group's adequate liquidity position and Moody's expectation of consistent positive FCF generation. The outlook is further predicated on an expected de-leveraging (in terms of Moody's-adjusted gross debt/EBITDA) to below 7.5x by the end of FY 2022/23 at the latest. Any signs of a delay in de-leveraging trajectory or weakening (negative) FCF generation, however, would lead to imminent negative rating pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings appears unlikely at this stage, considering TKE's very high leverage and the existence of a substantial amount of PIK notes above the restricted financing group, reflecting some risk of associated cash leakage over time. However, TKE's ratings could be upgraded, if (1) the group's targeted profitability improvements supported de-leveraging to sustainably below 6.5x Moody's-adjusted debt/EBITDA, (2) Moody's-adjusted FCF/debt ratios improved to at least 5%, (3) a prudent financial policy was established, as shown by excess cash flow being applied to debt reduction and no material shareholder distributions. Downward pressure on TKE's ratings would build, if (1) the group failed to steadily reduce leverage towards 7.5x Moody's-adjusted debt/EBITDA, (2) Moody's-adjusted free cash flow turned negative, (3) its liquidity started to deteriorate. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Manufacturing Methodology published in March 2020. COMPANY PROFILE Headquartered in Dusseldorf, Germany, TK Elevator Holdco GmbH is an intermediate holding company of TKE, a leading manufacturer of elevators and escalators with a presence in the Americas, Europe/Africa and Asia regions. In FY 2019/20, the group generated EUR7.9 billion in revenue and company-adjusted EBIT of EUR847 million (10.7% margin). In February 2020, a consortium led by global private equity firms Advent International and Cinven, together with the Abu Dhabi Investment Authority (ADIA), Singaporean GIC and the German RAG foundation, announced the acquisition of TK Elevator from German diversified industrial group thyssenkrupp AG (tkAG). tkAG, through a EUR1.25 billion reinvestment, retained an around 19% stake in the group. WIRECARD AG: Administrator Reaches Deal to Sell Chunk of Asia Ops ----------------------------------------------------------------- Stefania Palma and Olaf Storbeck at The Financial Times report that Wirecard's administrator has reached an agreement to sell a large chunk of the defunct business' operations in Asia, in a deal that ushers in the final stage of the dismantling of the collapsed German payments group. According to the FT, a payments firm backed by Finch Capital, an Amsterdam-based venture capital fund, is set to buy Wirecard's legal entities in the Philippines, Malaysia, Hong Kong and Thailand as well as the company's regional data warehouse in Singapore, its Asia-Pacific headquarters. An Indonesian group's technology holding company has bought Wirecard's unit in the country, which includes 360 staff in Indonesia and Malaysia, the FT notes. "Following a challenging bidding process we succeeded in selling the companies for the best possible price and securing substantial flows to the debtors' assets in Germany," the FT quotes Michael Jaffe, Wirecard's Munich-based administrator, as saying. Business units "worth retaining" will continue as going concerns, he added. Wirecard collapsed into insolvency last June in one of the country's largest accounting frauds, the FT recounts. Since then Mr. Jaffe has divested the company's operations in the Americas, the UK and continental Europe, the FT states. Last October, US-based Syncapay, a holding company that specializes in payment solutions, acquired Wirecard North America, while Spanish lender Santander one month later paid about EUR100 million for Wirecard's core business in Europe, the FT relays. The German company's banking unit will be wound down, according to the FT. One of the biggest remaining assets is Wirecard's payments business in India, the FT says. The size of Finch Capital's deal -- which includes Wirecard's clients, licenses and more than 120 staff -- fell below the approximately EUR200 million the German group paid Citigroup to acquire its merchant portfolio, according to the FT. ============= I R E L A N D ============= AVOCA CLO XIII: Fitch Assigns Final B- Rating on F-RR Tranche ------------------------------------------------------------- Fitch Ratings has assigned Avoca CLO XIII DAC reset final ratings. Avoca CLO XIII DAC DEBT RATING PRIOR ---- ------ ----- A-R XS1659772468 LT PIFsf Paid In Full AAAsf A-RR XS2326454746 LT AAAsf New Rating AAA(EXP)sf B-1-RR XS2326455396 LT AAsf New Rating AA(EXP)sf B-1R XS1659772542 LT PIFsf Paid In Full AAsf B-2-RR XS2326455636 LT AAsf New Rating AA(EXP)sf B-2R XS1659772971 LT PIFsf Paid In Full AAsf B-3R XS1659773193 LT PIFsf Paid In Full AAsf C-R XS1659773359 LT PIFsf Paid In Full Asf C-RR XS2326455552 LT Asf New Rating A(EXP)sf D-R XS1659773433 LT PIFsf Paid In Full BBBsf D-RR XS2326456014 LT BBB-sf New Rating BBB-(EXP)sf E-R XS1659773516 LT PIFsf Paid In Full BBsf E-RR XS2326456287 LT BB-sf New Rating BB-(EXP)sf F-R XS1659773607 LT PIFsf Paid In Full B-sf F-RR XS2326456105 LT B-sf New Rating B-(EXP)sf X-RR XS2326454589 LT AAAsf New Rating AAA(EXP)sf TRANSACTION SUMMARY Avoca CLO XIII Limited (the issuer) is an arbitrage cash flow collateralised loan obligation (CLO). Net proceeds from the issuance of the notes have been used to redeem existing notes (excluding the subordinated notes) at the reset date. The portfolio is managed by KKR Credit Advisors (Ireland). The CLO has a 4.25-year reinvestment period and an 8.5-year weighted average life (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the 'B'/'B-' category. The Fitch weighted average rating factor (WARF) of the current portfolio is 34.05. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the current portfolio is 64.82%. Diversified Portfolio (Positive): The transaction has several Fitch test matrices corresponding to two top 10 obligors' concentration limits of 15% and 25%, and to two fixed rate asset buckets of 0% and 10%, respectively. The manager can interpolate within and between the matrices. The transaction also includes various concentration limits, including the maximum exposure to the three largest (Fitch-defined) industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Positive): The transaction has a 4.25 year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Deviation from Model-implied Rating (Negative): The class B-1-RR, B-2-RR, C-RR, D-RR and F-RR notes' ratings are one notch higher than the model-implied rating (MIR). When analysing the stressed portfolio, the notes showed a maximum breakeven default rate shortfall ranging from -0.31% to -2.47% across the structure at the assigned ratings. The ratings are supported by the good performance of the existing CLO, as well as the significant default cushion on the current portfolio at the assigned ratings due to the notable cushion between the transaction's covenants and the portfolio's parameters, including a higher diversity (181 obligors) for the current portfolio. All notes pass the assigned ratings based on the current portfolio and the coronavirus sensitivity analysis that is used for ongoing surveillance. The class F-RR notes' deviation from the MIR reflects Fitch's view that the tranche displays a significant margin of safety given the credit enhancement level at closing. The notes do not currently present a "real possibility of default", which is the definition of 'CCC' in Fitch's Rating Definitions. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the default rate (RDR) at all rating levels by 25% of the mean RDR and an increase in the recovery rate (RRR) by 25% at all rating levels would result in an upgrade of up to five notches depending on the notes, except for the class A-RR and X-RR notes, which are already at the highest rating on Fitch's scale and cannot be upgraded. -- At closing, Fitch uses a standardised stress portfolio (Fitch's stressed portfolio) that was customised to the portfolio limits as specified in the transaction documents. Even if the actual portfolio shows lower defaults and smaller losses at all rating levels than Fitch's stressed portfolio assumed at closing, an upgrade of the notes during the reinvestment period is unlikely, as the portfolio credit quality may still deteriorate, not only by natural credit migration, but also through reinvestments. -- After the end of the reinvestment period, upgrades may occur on better-than-expected portfolio credit quality and deal performance, leading to higher credit enhancement and excess spread available to cover for losses in the remaining portfolio. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the RDR at all rating levels by 25% of the mean RDR and a decrease of the RRR by 25% at all rating levels would result in downgrades of no more than five notches depending on the notes. -- Coronavirus Baseline Stress Scenario: Fitch has recently updated its CLO coronavirus stress scenario to assume half of the corporate exposure on Negative Outlook is downgraded by one notch instead of 100%. The Stable Outlooks on all the notes reflect the resilience of the tranches in the sensitivity analysis ran in light of the coronavirus pandemic. -- Coronavirus Potential Severe Downside Stress Scenario: Fitch has added a sensitivity analysis that contemplates a more severe and prolonged economic stress caused by a re-emergence of infections in the major economies. The potential severe downside stress incorporates the following stresses: applying a notch downgrade to all the corporate exposure on Negative Outlook. This scenario shows resilience at the current ratings for all notes. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Avoca CLO XIII DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. CIMPRESS PLC: Moody's Rates New Sr. Secured Credit Facility 'Ba3' ----------------------------------------------------------------- Moody's Investors Service affirmed Cimpress plc's B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured rating. The company's speculative grade liquidity rating was upgraded to SGL-1 from SGL-2 reflecting very good liquidity proforma for the refinancing, supported by high cash balance ($452 million proforma) and the proposed credit facility's covenant-lite structure. Concurrently, Moody's assigned a Ba3 rating to the proposed senior secured credit facility issued by Cimpress and its subsidiary Cimpress USA Incorporated. Rating outlooks at Cimpress and Cimpress USA Incorporated remain stable. The company intends to use the net proceeds from its proposed $1.15 billion term loan to repay $260 million of outstanding revolver borrowings (balance as of 12/31/20), repay term loan A ($144 million outstanding as of 12/31/20), and $300 million of second lien notes, with the remaining proceeds of approximately $400 million staying as cash on the balance sheet. The affirmation of the B1 CFR reflects Moody's view that while the refinancing increases leverage on a gross basis to proforma 5.7x from 4.4x as of LTM 12/31/20 (Moody's adjusted), it is leverage-neutral on a net-of-cash basis and significantly boosts liquidity. Cimpress has indicated its intention to maintain a high cash balance going forward as a liquidity cushion since it is downsizing its current $850 million revolver to $250 million in connection with the proposed refinancing. In addition, the transaction extends the term loan maturity to 2028 and revolver - to 2026, from 2025 for both. Moody's still expects fiscal 2021 to remain challenging for Cimpress as many of the sectors Cimpress operates in haven't fully recovered, yet expectations are for the company to steadily improve credit metrics and maintain very good liquidity. Assignments: Issuer: Cimpress plc Senior Secured 1st Lien Revolving Credit Facility, Assigned Ba3 (LGD3) Issuer: Cimpress USA Incorporated Senior Secured 1st Lien Term Loan B (USD), Assigned Ba3 (LGD3) Senior Secured 1st Lien Term Loan B (Euro), Assigned Ba3 (LGD3) Affirmations: Issuer: Cimpress plc Corporate Family Rating, Affirmed B1 Probability of Default Rating, Affirmed B1-PD Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5) Upgrades: Issuer: Cimpress plc Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2 Outlook Actions: Issuer: Cimpress plc Outlook, Remains Stable Issuer: Cimpress USA Incorporated Outlook, Remains Stable RATINGS RATIONALE Cimpress' B1 CFR continues to reflect the company's entrenched position and well-known brand, albeit in the highly competitive online custom print market. It also factors in the company's very good liquidity, improving cash flows and Moody's expectation of steady improvements in credit metrics as the operating environment continues to stabilize. The rating is further supported by governance considerations, specifically the company's leverage policy that targets Net Debt to EBITDA of under 3.5x (company's definition, before Moody's adjustments). The company's earnings remain vulnerable to business and consumer sentiment as a result of the coronavirus outbreak and the uneven economic recovery across the company's markets. There is still pressure on demand for Cimpress print marketing and consumer products across several of the company's business lines. Over a longer time horizon, there are risks of digital substitutions for certain key products, such as advertising-related end products or business cards. Moody's anticipates Net Debt to EBITDA to remain elevated and above pre-pandemic levels, at around 4.7x (Moody's adjusted) by the end of fiscal year ending 6/2021. Moody's also projects that in the absence of debt-funded M&A, net leverage can improve closer to 4x (Moody's adjusted) by the end of fiscal year ending 6/2022. On a gross basis, Moody's expects the company's Debt/EBITDA will be closer to 6x by FYE 6/2021 and under 5x by the end of FYE 6/2022 (both metrics are Moody's adjusted). LIQUIDITY The company's SGL-1 rating reflects very good liquidity proforma for the refinancing supported by positive and improving internally generated cash flows and a large cash balance. The company's $450 million proforma cash after refinancing and cash flow from operations will be more than sufficient to meet its basic cash needs, including $11.5 million loan amortization and roughly $100 million capex over the next four quarters. Moody's do not expect Cimpress to draw on the revolver over the next 12-18 months given its high cash balance and positive internally generated cash flow. The proposed credit agreement has an excess cash flow sweep provision of 50% with step downs to 25% and 0% upon consolidated leverage ratio of 3.5x and 3x, respectively. Following the refinancing and the second lien debt redemption, Cimpress will have a favorable debt maturity ladder with no material funded debt coming due until June 2026 when the $600 million unsecured note comes due. The proposed credit agreement permits dividends and other distributions so long as the pro forma consolidated leverage ratio does not exceed 3.25x. The company's most recent reported consolidated leverage ratio for LTM 12/31/2020 was 3.5x. Moody's expects that Cimpress will pause share repurchases until its leverage is well under its financial policy limit. Following are some of the preliminary credit agreement terms, which remain subject to market acceptance. The proposed first lien term loan is expected to have no financial maintenance covenants while the proposed revolving credit facility will contain a springing maximum first lien net leverage ratio of 3.25x that will be tested if there is any revolver drawing outstanding at the end of a quarter. The credit agreement provides covenant flexibility for transactions that could adversely affect creditors, including incremental facility capacity of up to the greater of consolidated EBITDA at closing or 100% of consolidated EBITDA, plus an additional amount subject to 2.25x pro forma first lien net leverage ratio (for pari passu first lien debt). No portion of the incremental may be incurred with an earlier maturity than the initial term loans. The credit agreement does not permit the designation of unrestricted subsidiaries, preventing collateral "leakage" to unrestricted subsidiaries. ESG CONSIDERATIONS Cimpress' social risk is elevated. Technological advancement is impacting the way customers consume data. Due to ongoing digitalization for some key advertising-related end products, Moody's consider Cimpress' longer-term risk of digital substitution when assessing the company's business strength. From a governance perspective, Moody's considers Cimpress' commitment to moderate leverage one of key credit considerations supporting the rating. Prescott General Partners LLC (PGP) and Spruce House Investment Management LLC (Spruce House), together hold roughly 30% of the company's publicly traded stock. PGP, Spruce House and the company's Chairman and CEO Robert Keane hold a roughly 40% equity representation on the company's board, which can be a credit risk if the concentrated ownership results in equity interests being prioritized over creditor interests. The stable outlook incorporates Moody's expectation that Cimpress' operating performance and cash flows will continue to improve and Cimpress will adhere to its leverage policy that targets Net Debt/EBITDA of under 3.5x (company's definition). It also assumes that Cimpress will maintain a significant cash balance and an undrawn revolver over the next 12-18 months. STRUCTURAL CONSIDERATIONS The instrument ratings reflect the probability of default of the company, as reflected in the B1-PD Probability of Default Rating, an average expected family recovery rate of 50% at default given the mix of secured and unsecured debt in the capital structure, and the particular instruments' ranking in the capital structure. The company's proposed $1.4 billion senior secured credit facility ($1.15 billion term loan and $250 million revolver) is rated Ba3, one notch above the CFR, reflecting its senior ranking with respect to the $600 million senior unsecured note, which is rated B3. The proposed credit facility is rated one notch lower than the existing credit facility due to the loss of cushion provided by the $300 million second lien note that the company intends to repay. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A downgrade could result if operating performance fails to show continued signs of recovery in the second half of calendar 2021 or if more aggressive financial policies are implemented before long-term financial targets are achieved. The ratings could be downgraded if FCF/Debt is maintained in the mid-single digit percent range or below or if Moody's expects Debt/EBITDA to be sustained above 5x along with a material decline in cash from the proforma cash position. The ratings could be upgraded if the company sustains steady organic revenue growth in the mid-single digit range, debt-to-EBITDA is sustained below 4x (Moody's adjusted) and the company maintains very good liquidity. If the company establishes a track record of maintaining substantial cash levels and commits to maintaining cash at these levels, gross leverage upgrade guidance could be relaxed. Headquartered in Dundalk, Ireland, Cimpress plc is a provider of customized marketing products and services to small businesses and consumers worldwide, largely comprised of printed and other physical products. Revenue for the twelve months ended March 31, 2021 was approximately $2.4 billion. The principal methodology used in these ratings was Media Industry published in June 2017. CONTEGO CLO VI: Fitch Assigns Final B- Rating on Class F-R Tranche ------------------------------------------------------------------ Fitch Ratings has assigned Contego CLO VI DAC reset final ratings. Contego CLO VI DAC DEBT RATING PRIOR ---- ------ ----- A-1 XS1899034216 LT PIFsf Paid In Full AAAsf A-2 XS1897118086 LT PIFsf Paid In Full AAAsf A-R XS2315796057 LT AAAsf New Rating AAA(EXP)sf B-1 XS1897118672 LT PIFsf Paid In Full AAsf B-1-R XS2315796644 LT AAsf New Rating AA(EXP)sf B-2 XS1897119217 LT PIFsf Paid In Full AAsf B-2-R XS2315797451 LT AAsf New Rating AA(EXP)sf C XS1897119647 LT PIFsf Paid In Full Asf C-R XS2315798004 LT Asf New Rating A(EXP)sf D XS1897120140 LT PIFsf Paid In Full BBB-sf D-R XS2315798772 LT BBB-sf New Rating BBB-(EXP)sf E XS1897120496 LT PIFsf Paid In Full BBsf E-R XS2315799317 LT BB-sf New Rating BB-(EXP)sf F XS1897120900 LT PIFsf Paid In Full B-sf F-R XS2315799580 LT B-sf New Rating B-(EXP)sf TRANSACTION SUMMARY Contego CLO VI DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, and second-lien loans. A total note issuance of EUR414.7 million is being used to redeem the existing notes (excluding the subordinated notes) at the reset date. The portfolio is actively managed by Five Arrows Managers LLP. The CLO has a 4.25-year reinvestment period and an 8.5-year weighted average life (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch places the average credit quality of obligors in the 'B'/'B-' category. The Fitch weighted average rating factor (WARF) of the current portfolio is 34.35. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the current portfolio is 63.54%. Diversified Asset Portfolio (Positive): The transaction has several Fitch test matrices corresponding to two top-10 obligors' concentration limits of 16% and 23%, and two fixed-rate asset buckets of 0% and 7.5%, respectively. The manager can interpolate within and between the matrices. The transaction also includes various other concentration limits, including a maximum exposure to the three-largest (Fitch-defined) industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Positive): The transaction has a 4.25-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Deviation from Model-Implied Rating (Negative): The final ratings of the class C-R and F-R notes are one notch higher than the model-implied ratings (MIR), respectively. When analysing the stressed portfolio, the notes showed a maximum break-even default-rate shortfall ranging from -0.02% to -2.31% across the structure at the assigned ratings. However, the ratings are supported by the significant default cushion on the current portfolio due to the notable cushion between the covenants of the transaction and the portfolio's parameters. All notes, except for the class F-R notes which show a marginal failure, pass the assigned ratings based on the current portfolio and the coronavirus sensitivity analysis that is used for surveillance. The class F-R notes' deviation from the MIR reflects Fitch's view that the tranche displays a significant margin of safety given the credit enhancement level at closing. The notes do not currently present a 'real possibility of default', which is the definition of 'CCC' in Fitch's terminology. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the default rate (RDR) at all rating levels by 25% of the mean RDR and an increase in the recovery rate (RRR) by 25% at all rating levels would result in an upgrade of up to five notches depending on the notes, except for the class A-R notes, which are already at the highest 'AAAsf' rating. -- At closing, Fitch used a standardised stress portfolio (Fitch's stressed portfolio) that was customised to the portfolio limits as specified in the transaction documents. Even if the actual portfolio shows lower defaults and smaller losses at all rating levels than Fitch's stressed portfolio assumed at closing, an upgrade of the notes during the reinvestment period is unlikely, as the portfolio credit quality may still deteriorate, not only by natural credit migration, but also through reinvestments. -- After the end of the reinvestment period, upgrades may occur on better-than-expected portfolio credit quality and deal performance, leading to higher credit enhancement and excess spread available to cover for losses in the remaining portfolio. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the RDR at all rating levels by 25% of the mean RDR and a decrease of the RRR by 25% at all rating levels will result in downgrades of no more than five notches depending on the notes. -- Coronavirus Baseline Stress Scenario: Fitch has recently updated its CLO coronavirus stress scenario to assume half of the corporate exposure on Negative Outlook is downgraded by one notch, instead of 100%. The Stable Outlooks on all the notes reflect the resilience of the tranches in the sensitivity analysis Fitch ran in light of the coronavirus pandemic. -- Coronavirus Severe Downside Scenario: Fitch has added a sensitivity analysis that contemplates a more severe and prolonged economic stress caused by a re-emergence of infections in the major economies. The severe downside stress incorporates a single-notch downgrade to all the corporate exposure on Negative Outlook. This scenario shows resilience at the current ratings for all notes except the class F-R notes. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognised statistical rating organisations and/or European securities and markets authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. MADISON PARK XIII: Fitch Affirms B- Rating on Class F Notes ----------------------------------------------------------- Fitch Ratings has assigned Madison Park Euro Funding XIII DAC's refinancing notes final ratings and affirmed the others. Fitch has also revised the Outlook on the class E and F notes to Stable from Negative. Madison Park Euro Funding XIII DAC DEBT RATING PRIOR ---- ------ ----- A XS1943603552 LT PIFsf Paid In Full AAAsf A-R XS2328023085 LT AAAsf New Rating AAA(EXP)sf B XS1943604105 LT PIFsf Paid In Full AAsf B-1-R XS2328023242 LT AAsf New Rating AA(EXP)sf B-2-R XS2328023598 LT AAsf New Rating AA(EXP)sf C XS1943604873 LT PIFsf Paid In Full Asf C-R XS2328023754 LT Asf New Rating A(EXP)sf D XS1943605417 LT PIFsf Paid In Full BBB-sf D-R XS2328023911 LT BBB-sf New Rating BBB-(EXP)sf E XS1943606142 LT BB-sf Affirmed BB-sf F XS1943606811 LT B-sf Affirmed B-sf TRANSACTION SUMMARY Madison Park Euro Funding XIII DAC is a cash flow collateralised loan obligation (CLO). On the refinancing closing date, the proceeds of the issuance have been used to redeem the class A to D notes and re-issue them at lower spreads. The portfolio is managed by Credit Suisse Asset Management Limited. The refinanced CLO envisages a 2.5-year reinvestment period and a 7.4-year weighted average life (WAL). KEY RATING DRIVERS 'B'/'B-' Portfolio Credit Quality: Fitch places the average credit quality of obligors in the 'B'/'B-' range. The Fitch-weighted average rating factor (WARF) of the current portfolio is 34.2. High Recovery Expectations: Senior secured obligations comprise 97.8% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-weighted average recovery rate (WARR) of the identified portfolio is 61.22% as per Fitch's latest recovery assumptions, compared with the trustee-reported WARR (based on recovery rate provision in the transaction documents) of 63.8%. As the recovery rate provision does not reflect Fitch's latest rating criteria, assets without recovery estimate or recovery rate by Fitch can map to a higher recovery rate than in Fitch's current criteria. To factor in this difference, Fitch has applied a stress to the break-even WARR of 1.5%, which is in line with the average impact on the WARR of EMEA CLOs following the criteria update. Diversified Asset Portfolio: The transaction's Fitch matrix caps the maximum exposure to the top 10 obligors at 15% and 20% and maximum fixed assets at 0% and 12.5% of the portfolio. The transaction also includes limits on the Fitch-defined largest industry at a covenanted maximum 17.5% and the three-largest industries at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. WAL Extended: The transaction features a 2.5-year reinvestment period, and on the refinancing date the issuer extended the WAL covenant to 7.4 years. The reinvestment criterion is similar to other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Analysis: Fitch used a customised proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par value and interest coverage tests. Affirmation of Non-refinancing Notes: The affirmation of the class E and F notes with Stable Outlooks reflect the transaction's good performance and the notes' resilience under Fitch's coronavirus baseline scenario. The transaction was below par by 123bp as of the investor report on 22 March 2021. With the exception of another agency's WARF test, all portfolio profile tests, collateral quality tests and coverage tests passed. Deviation from Model-implied Rating: The refinancing notes' ratings are one notch higher than the model-implied ratings. The refinancing notes showed a maximum break-even default-rate shortfall of 2.83% when analysing the pricing point proposed by the manager under the Fitch stressed portfolio analysis. The ratings across the capital structure are supported by the comfortable cushion at the target ratings based on the current portfolio and the coronavirus baseline scenario and the stable performance of the portfolio. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the default rate (RDR) at all rating levels by 25% of the mean RDR and an increase in the recovery rate (RRR) by 25% at all rating levels would result in an upgrade of up to five notches depending on the notes, except for the class A notes, which are already at the highest rating on Fitch's scale and cannot be upgraded. -- At closing, Fitch will use a standardised stress portfolio (Fitch's stressed portfolio) that is customised to the portfolio limits as specified in the transaction documents. Even if the actual portfolio shows lower defaults and smaller losses (at all rating levels) than Fitch's stressed portfolio assumed at closing, an upgrade of the notes during the reinvestment period is unlikely. This is because the portfolio credit quality may still deteriorate, not only by natural credit migration, but also because of reinvestment. -- After the end of the reinvestment period, upgrades may occur in the event of better-than-expected portfolio credit quality and deal performance, leading to higher credit enhancement and excess spread available to cover for losses in the remaining portfolio. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the RDR at all rating levels by 25% of the mean RDR and a decrease of the RRR by 25% at all rating levels will result in downgrades of no more than five notches depending on the notes. -- Coronavirus Baseline Stress Scenario: Fitch has recently updated its CLO coronavirus stress scenario to assume half of the corporate exposure on Negative Outlook is downgraded by one notch instead of 100%. The Stable Outlooks on the class A to F notes reflect the default-rate cushion in the sensitivity analysis Fitch ran in light of the coronavirus pandemic. -- Coronavirus Severe Downside Stress Scenario: Fitch has added a sensitivity analysis that contemplates a more severe and prolonged economic stress caused by a re-emergence of infections in the major economies. The potential severe downside stress incorporates a single-notch downgrade to all the corporate exposures on Negative Outlook. This scenario shows resilience at the current ratings for all refinancing notes. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Madison Park Euro Funding XIII DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. PROVIDUS CLO II: Fitch Affirms Final B- Rating on Class F Notes --------------------------------------------------------------- Fitch Ratings has assigned Providus CLO II DAC's refinancing notes final ratings and affirmed the others. Fitch has also revised the Outlook on the class E and F notes to Stable from Negative. Providus CLO II DAC DEBT RATING PRIOR ---- ------ ----- A XS1905534779 LT PIFsf Paid In Full AAAsf A-R XS2323296298 LT AAAsf New Rating AAA(EXP)sf B-1 XS1905535230 LT PIFsf Paid In Full AAsf B-1-R XS2323296884 LT AAsf New Rating AA(EXP)sf B-2 XS1905535826 LT PIFsf Paid In Full AAsf B-2-R XS2323297429 LT AAsf New Rating AA(EXP)sf C XS1905536550 LT PIFsf Paid In Full Asf C-R XS2323298153 LT Asf New Rating A(EXP)sf D XS1905536980 LT BBB-sf Affirmed BBB-sf E XS1905537368 LT BB-sf Affirmed BB-sf F XS1905537525 LT B-sf Affirmed B-sf TRANSACTION SUMMARY Providus CLO II DAC is a cash flow collateralised loan obligation (CLO). On the refinancing closing date, the proceeds of the issuance were used to redeem the class A to C notes and re-issue them at lower spreads. The portfolio is managed by Permira Debt Managers Group Holdings Limited. The refinanced CLO envisages a further 1.8-year reinvestment period and a 7.2-year weighted average life (WAL). KEY RATING DRIVERS B'/'B-' Portfolio Credit Quality: Fitch places the average credit quality of obligors in the 'B'/'B-' range. The Fitch weighted average rating factor (WARF) of the current portfolio is 33.4. High Recovery Expectations: Senior secured obligations make up 96% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 65.94% as per Fitch's latest recovery assumptions, compared with the trustee-reported WARR (based on the recovery rate provision in the transaction documents) of 67.90%. As the recovery rate provision does not reflect Fitch's latest rating criteria, assets without a recovery estimate or recovery rating from Fitch can map to a higher recovery rate than in Fitch's current criteria. To factor in this difference, Fitch has applied a stress on the breakeven WARR of 1.5%, which is in line with the average impact on the WARR of EMEA CLOs following the criteria update. Diversified Asset Portfolio: The transaction's Fitch matrix caps the maximum exposure to the top 10 obligors at 16% and 26% and maximum fixed assets at 0% and 10% of the portfolio. The transaction also includes limits on the largest Fitch-defined industry at a covenanted maximum 17.5% and the three largest industries at 40.0%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. WAL Extended: The transaction features a 1.8-year reinvestment period and on the refinancing date, the issuer extended the WAL covenant to 7.2 years. The reinvestment criterion is similar to other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Analysis: Fitch used a customised proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par value and interest coverage tests. Affirmation of Non-refinancing Notes: The affirmation of the class D, E and F notes with Stable Outlooks reflect the transaction's good performance and the notes' resilience under Fitch's coronavirus baseline scenario. The transaction was slightly below par by 44bp as of the investor report on 26 February 2021. With the exception of another agency's WARF test and CCC test, all portfolio profile tests, collateral quality tests and coverage tests passed. Deviation from the Model-implied Rating: For the class B-1-R and B-2-R notes, the model-implied rating under the stress portfolio analysis would be one notch higher than assigned ratings. The rating deviation reflects the small default rate cushion at the model-implied rating, which could easily erode if the portfolio performance deteriorated. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the default rate (RDR) at all rating levels by 25% of the mean RDR and in increase in the recovery rate (RRR) by 25% at all rating levels would result in an upgrade of up to five notches depending on the notes, except for the class A notes which are already at the highest rating on Fitch's scale and cannot be upgraded. -- At closing, Fitch used a standardised stress portfolio (Fitch's stress portfolio) that was customised to the portfolio limits as specified in the transaction documents. Even if the actual portfolio shows lower defaults and smaller losses (at all rating levels) than Fitch's stressed portfolio assumed at closing, an upgrade of the notes during the reinvestment period is unlikely. This is because the portfolio credit quality may still deteriorate, not only by natural credit migration, but also because of reinvestment. -- After the end of the reinvestment period, upgrades may occur in the event of better-than-expected portfolio credit quality and deal performance, leading to higher credit enhancement and excess spread available to cover for losses in the remaining portfolio. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the RDR at all rating levels by 25% of the mean RDR and a decrease of the RRR by 25% at all rating levels will result in downgrades of no more than five notches depending on the notes. -- Coronavirus Baseline Stress Scenario: Fitch recently updated its CLO coronavirus stress scenario to assume half of the corporate exposure on Negative Outlook is downgraded by one notch instead of 100%. The Stable Outlooks on the class A to F notes reflect the default rate cushion in the sensitivity analysis ran in light of the coronavirus pandemic. -- Coronavirus Potential Severe Downside Stress Scenario: Fitch has added a sensitivity analysis that contemplates a more severe and prolonged economic stress caused by a re-emergence of infections in the major economies. The potential severe downside stress incorporates the following stresses: applying a notch downgrade to all the corporate exposure on Negative Outlook. This scenario shows resilience at the current ratings for all refinancing notes. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Providus CLO II DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. =========== R U S S I A =========== ALFA-BANK JSC: S&P Alters Outlook to Pos., Affirms 'BB+/B' ICRs --------------------------------------------------------------- S&P Global Ratings revised its outlook on Russia-based Alfa-Bank JSC to positive from stable. At the same time, S&P affirmed its 'BB+/B' long- and short-term issuer credit ratings on the bank. S&P has also revised the outlook on the bank's parent company, ABHF, to positive from stable, and affirmed its 'BB-/B' ratings on the holding company. Alfa-Bank continues to show high profitability and adequate capitalization. In 2020, the bank's ROA reached 2.2%, with cost-to-income ratio of 38%, which compares favorably with those of the bank's Russian and international peers. Due to its well-established market positions and advanced digitalization, the bank also increased its number of corporate and retail clients, and raised its fee and commission income by 19% in 2020 (in U.S. dollar terms). The bank's net fees and commissions now almost fully cover operating expenses. S&P said, "sThe bank also maintained adequate capitalization, with our risk-adjusted capital (RAC) ratio at 8.24%. We expect that the bank will moderately expand its business in 2021-2022, while broadly maintaining its RAC ratio." S&P said, "We expect that the bank's asset quality metrics will remain better than the system average. The bank's nonperforming loans (stage 3 and purchased or originated credit-impaired loans) stood at 4% as of year-end 2020, compared with our system-wide estimate of 8% at the same date. Alfa-Bank's cost of risk is below the system average, despite COVID-19 pressures and recent fast growth in the risky retail segment. We note the Alfa banking group's efficient risk-management framework and absence of directed lending, as well as its very swift and proactive reaction to collateral foreclosure, support asset-quality metrics, even in currently challenging operating conditions. "We consider that Alfa-Bank's earnings buffer is stronger than that of its peers. The earnings buffer indicates that Alfa-Bank has greater capacity to cover normalized losses than peers, and this continues to support its capital base. We project the bank's 2021 earnings buffer at about 122 basis points (on a three-year-average basis) compared with the 68-basis-point average for large Russian banks." S&P Global Ratings believes there remains high, albeit moderating, uncertainty about the evolution of the coronavirus pandemic and its economic effects. Vaccine production is ramping up and rollouts are gathering pace around the world. Widespread immunization, which will help pave the way for a return to more normal levels of social and economic activity, looks to be achievable by most developed economies by the end of the third quarter. However, some emerging markets may only be able to achieve widespread immunization by year-end or later. S&P said, "We use these assumptions about vaccine timing in assessing the economic and credit implications associated with the pandemic. As the situation evolves, we will update our assumptions and estimates accordingly." S&P said, "The positive outlooks on both ABHF and Alfa-Bank reflect our expectation that Alfa-Bank will continue outperforming its peer group in terms of earnings generation and capital build-up over the next 12-18 months, successfully navigating through the pandemic. "We may raise the ratings on Alfa-Bank if we see that the bank is able to maintain a double-digit return on equity, with asset quality metrics remaining broadly stable, and a RAC ratio sustainably exceeding 7%. Additionally, an upgrade of ABHF would depend on our view that there are no material regulatory or tax restrictions that would disrupt potential cash flows from the operating entity. "We may revise the outlook to stable if, contrary to our expectations, the bank's asset quality indicators deteriorate to below system-average levels, or its capitalization falls sharply due to unexpected provisioning needs." BANK NEYVA: Bank of Russia Appoints Provisional Administration -------------------------------------------------------------- The Bank of Russia, by virtue of its Order No. OD-689, dated April 16, 2021, revoked the banking license of Yekaterinburg-based credit institution BANK NEYVA Limited Liability Company, or BANK NEYVA LLC (Registration No. 1293, hereinafter, Bank NEYVA). The credit institution ranked 188th by assets in the Russian banking system. The Bank of Russia made this decision in accordance with Clauses 6 and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and Banking Activities", based on the facts that Bank NEYVA: -- violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied measures against it over the past 12 months, which included restrictions on certain banking operations; -- failed to comply with the anti-money laundering and counter-terrorist financing laws. Bank NEYVA performed dubious large-volume cash foreign currency sale transactions with individuals. The Bank of Russia also cancelled Bank NEYVA's professional securities market participant license. The Bank of Russia appointed a provisional administration to Bank NEYVA for the period until the appointment of a receiver4 or a liquidator. In accordance with federal laws, the powers of the credit institution's executive bodies were suspended. Information for depositors: Bank NEYVA 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 for 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. CB INTERPROMBANK: Put Under Provisional Administration ------------------------------------------------------ The Bank of Russia, by virtue of its Order No. OD-691, dated April 16, 2021, revoked the banking license of Moscow-based credit institution Joint Stock Commercial Bank Interprombank, or JSC CB Interprombank (Registration No. 3266, hereinafter, Interprombank). The credit institution ranked 151st by assets in the Russian banking system. The Bank of Russia made this decision in accordance with Clause 6 of Part 1 of Article 20 of the Federal Law "On Banks and Banking Activities", based on the facts that Interprombank: -- understated the amount of loan loss provisions to be set up and conducted transactions in non-core assets to artificially improve its financial indicators and conceal its actual financial standing; -- violated federal banking laws and Bank of Russia regulations, due to which the regulator repeatedly applied measures against it over the past 12 months including two cases of restrictions on household deposit-taking. Bad loans represented the major part of the loan portfolio of Interprombank. The decline in the quality of the loan portfolio and the bank's involvement in a number of legal proceedings caused substantial financial losses, including due to the need to create significant loan loss provisions. Faced with the deterioration of its loan portfolio quality, Interprombank conducted ‘scheme' transactions with non-core assets to disguise the actual gravity of risks and overstate the size of its capital. Over the course of 2020, the bank's liquid assets declined to the critical level amid a growing number of third parties' (including credit institutions') legal claims against the bank, which evidenced that the bank would not be able to comply with its obligations in the short term. The above-mentioned trends were accompanied by an outflow of client funds and a deterioration of the current liquidity ratio. All of these risks and their growth led to the fact that Interprombank's activities were inefficient. In 2020, the bank suffered losses in the amount of RUR3.9 billion, or 57% of its capital. The Bank of Russia repeatedly ordered Interprombank to create additional loan loss provisions. Compliance with the above requests revealed sufficient grounds in the bank's activities calling for action to prevent its insolvency (bankruptcy) since Interprombank's equity capital declined by over 75% with the simultaneous violation of a number of required ratios. The said circumstances pointed to a real threat to creditors' and depositors' interests from the operations of Interprombank. The Bank of Russia also cancelled Interprombank's professional securities market participant licence. The Bank of Russia appointed a provisional administration to Interprombank for the period until the appointment of a receiver or a liquidator. In accordance with federal laws, the powers of the credit institution's executive bodies were suspended. Information for depositors: Interprombank 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 for 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. NORDEA BANK: Bank of Russia Cancels Banking License --------------------------------------------------- The Bank of Russia, by virtue of its Order No. OD-695, dated April 16, 2021, cancelled the banking license of Moscow-based Joint Stock Company Nordea Bank, or JSC Nordea Bank (Registration No. 3016). The credit institution ranked 141st by assets in the Russian banking system. The license of JSC Nordea Bank 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. The Bank of Russia will appoint a liquidation commission to JSC Nordea Bank. JSC Nordea Bank is a member of the deposit insurance system. ===================== S W I T Z E R L A N D ===================== DDM HOLDING: Fitch Assigns Final 'B' LT IDR, Outloook Stable ------------------------------------------------------------ Fitch Ratings has assigned DDM Holding AG (DDM) and DDM Debt AB (publ) (DDM Debt) final Long-Term Issuer Default Ratings (IDR) of 'B' with Stable Outlooks. At the same time, Fitch has assigned DDM Debt's EUR150 million five-year 9% fixed-rate senior secured notes a 'B' final long-term rating with a Recovery Rating of 'RR4'. The final issuer and issue ratings are in line with expected ratings assigned on 22 March 2021. Fitch had assigned expected IDRs because the bond issuance, in Fitch's view, led to a materially changed financial position, notably regarding funding, liquidity and coverage as well as growth opportunities. The issuance of amount is smaller, the coupon somewhat higher than originally considered by Fitch, leading to lower initial leverage (defined as gross debt/EBITDA), and a smaller proportion of proceeds is to be used for anticipated growth. DDM is a small Switzerland-domiciled and Stockholm-listed debt purchaser with operations largely in south-eastern Europe (notably Croatia). Sweden-domiciled DDM Debt is fully-owned by DDM. KEY RATING DRIVERS IDR Constrained by Company Profile: DDM's Long-Term IDR reflects the institution's small size versus rated peers'. Its correspondingly more volatile performance and more concentrated business model are constraints on its overall rating. Fitch has scored DDM's company profile at 'b-' and this is of 'High Importance' to the IDR. Nominal Franchise; Evolving Business Model: Compared with higher-rated peers', DDM's franchise is small (120 months estimated remaining collections (ERC) of EUR258 million at end-2020, of which DDM expects to receive EUR174 million in the next three years) and concentrated by geography (Croatia accounted for 73% of ERC for the next three years at end-2020) and type (82% secured non-performing loans (NPL) based on end-2020 ERC to be received within the next three years). This represents a fairly well-defined niche franchise, but Fitch believes that DDM's business model could evolve in terms of market and product type. Reliance on Third-party Providers: DDM relies on third-party servicers for the collection of unsecured NPLs and uses a related company (Ax Financial Holding S.A.) for the collection of some of the secured debt. In Fitch's view, the reliance on external collection services limits the value of DDM's own franchise. Stake in Addiko Bank: In 2020 DDM acquired a 9.9% stake in Austria-based Addiko Bank AG with the publicly stated intention to further increase its stake in the bank. There is an overlap between Addiko Bank's and DDM's strategic focus (secured lending in south-eastern Europe), but Fitch views the investment as opportunistic in the context of DDM's debt-purchaser business model. Ambitious Growth Plans: DDM's risk controls as adequate but controls will likely be stretched by ambitious growth expectations, in Fitch's view. It has an identified investment pipeline of over EUR250 million and targets to significantly grow the book in size. Adequate but Volatile Profitability: DDM's profitability is sound, supported by a strong, albeit declining, portfolio internal rate of return and fairly moderate leverage (and associated finance expense) to date. This is reflected in solid and consistent EBITDA margins and the company's ability to report moderate but consistently positive net income. However, in absolute terms, DDM's EBITDA is considerably more volatile than peers', which in 2020 benefited from around EUR60 million accelerated collections due to DDM's exit from the Greek market. In addition, DDM's overall profitability will to some extent rely on Addiko Bank's dividend payment capacity (with a projected dividend yield of 18% for 2021). Fitch views positively that DDM has excluded the Addiko Bank dividend from its EBITDA-margin calculation. Post-transaction Leverage Acceptable: Based on management projections and the reduced issue amount, DDM's gross debt/adjusted EBITDA will increase to around 2.4x at end-2021 from 1.4x at end-2020. Positively, even under Fitch's downside scenario (which haircuts projected collections by 20% each year and keeps collection costs unchanged), DDM's deleveraging capacity is deemed sound. Fitch scores DDM's capitalisation & leverage at 'b', which reflects leverage under Fitch's base case of around 2.8x at end-2021, DDM's small size and concentrated risks, but also an above-average deleveraging profile. Acceptable Liquidity; Concentrated Funding Profile: Post-transaction, DDM's liquidity position will be acceptable, with around EUR48 million in cash and EUR27 million draw-down capacity under the company's revolving credit facility (RCF). However, Fitch's funding, liquidity & coverage score takes into account that DDM's cash will quickly normalise (to around EUR16 million-EUR18 million over the business plan horizon plus EUR27 million RCF capacity) due to portfolio acquisitions. The score also reflects DDM's concentrated funding profile and corresponding medium-term refinancing risk, with virtually all its post-transaction funding due in 2026. Senior Secured Notes: The rating on DDM Debt's senior secured notes reflect Fitch's expectation of average recoveries, resulting in an equalisation of the bonds' ratings with DDM's Long-Term IDR. This is largely because despite their secured nature, the notes are junior to DDM's EUR27 million RCF and represent DDM's main outstanding debt. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A materially larger, more diversified franchise supporting a more stable company profile, in conjunction with maintained or improved financial metrics, could lead to an upgrade of DDM's Long-Term IDR in the medium- to long-term. -- The secured notes' rating is principally sensitive to changes in DDM Debt's Long-Term IDR. In addition, improved recovery expectations, for instance, as a result of a layer of more junior debt, could lead Fitch to notch up the notes' rating up from DDM Debt's Long-Term IDR. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Given its business model, DDM's cash EBITDA is more volatile than that of most of its peers', which has been factored into Fitch's assessment of capitalisation & leverage. However, gross leverage (under Fitch's rating case) exceeding 4.5x on a sustained basis and, inability to deleverage in line with management projections in the medium term could put pressure on DDM's Long-Term IDR. -- Tighter liquidity and inability to address refinancing needs in 2026 well ahead of the contractual maturity could put pressure on DDM's ratings. -- Worsening recovery expectations, for instance as a result of a layer of more senior debt, could lead Fitch to notch down the secured notes' rating from DDM Debt's Long-Term IDR. ESG CONSIDERATIONS Fitch assigns DDM an ESG score of '4' for financial transparency, in view of the significance of internal modelling to portfolio valuations and associated metrics such as ERC. However, this is a feature of the debt purchasing sector as a whole, and not specific to DDM. 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. 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. PEACH PROPERTY: Fitch Affirms 'BB' Senior Unsec. Bonds Rating ------------------------------------------------------------- Fitch Ratings has affirmed Peach Property Group AG's (Peach) senior unsecured rating at 'BB'. The senior unsecured bonds issued by Peach Property Finance GmbH and guaranteed by Peach have also been affirmed at 'BB'. The rating actions follow the publication of the Corporate Recovery Ratings and Instrument Ratings Criteria. Fitch applies the criteria's EMEA real estate sector-specific one-notch uplift for property companies in the 'BB' rating category to Peach's senior unsecured debt. The sector uplift reflects Fitch's expectations of high recoveries, the assets' location in liquid residential markets and Peach's unencumbered asset/unsecured debt ratio of 1.3x at end-2020. KEY RATING DRIVERS Achieving Portfolio Scale. The December 2020 acquisitions of the 'Rock' and 'Pure' German residential portfolios doubled the group's portfolio size to CHF2.0 billion (YE19: CHF1.1 billion) and increased residential units to more than 23,000. Fitch expects the larger portfolio to improve operating margins and profitability, as Peach can leverage its operating platform across a larger portfolio. The acquisitions followed the template of the 4Q19 Grande acquisition and complement the existing portfolio. Improving Leverage: Fitch forecasts Peach's financial profile will improve, with net debt to EBITDA falling to around 19.0x and EBITDA net interest cover to 1.8x in 2021, when Peach has collected its first full year of rent after the acquisitions. Fitch sees potential for further deleveraging, assuming no dilution from other debt-funded acquisitions. The improvement in leverage will primarily be driven by improved profitability, supported by the issuance of a short-term CHF230 million mandatory convertible, of which 87% has already been converted to equity, with the remainder converting before end-1H20. More Unencumbered Assets: The funding of the acquisition has left additional assets unencumbered, bringing Peach's unencumbered portfolio to about CHF0.8 billion, with a Fitch-calculated unencumbered cover ratio around 1.3x (at YE20). Fitch expects the group's LTV ratio will gradually improve from 67% (Fitch-adjusted) at end-2020. Fitch treats Peach's Hybrid warrant bond and the small outstanding share of convertible hybrid bond 2017 as 100% debt. North-Rhine-Westphalia-Focused Portfolio: Peach's off-market acquired portfolios have core metrics broadly comparable with German peers, but pockets of high vacancies to work through. The two completed acquisitions of more than 10,000 units complement Peach's existing footprint (including the Grande portfolio). Its Peach Point network of customer service centres and digital platform leads to better communication with local tenants and cost savings, compared with peers covering a Germany-wide portfolio. Peach's small market share does not work against it, as no participants command a regional market share that can influence evidence for local rent setting. High Vacancy Rates: Vacancies suggest opportunities for landlords to re-set an apartment's rent closer to market rent, particularly if it has been renovated. Peach's vacancy rate at 7.9% at end-2020 is higher than the 2.0% to 4.0% industry norms. Peach acquired two portfolios at Neukirchen in 2015 and Fassberg in 2016 and only gradually reduced their high vacancies after renovating the buildings. The group's end-2020 vacancy rate improved to 7%, excluding its newly acquired portfolio. Together with the Rock and Pure portfolios the vacancy rate was 7.9%. This higher vacancy represents potential rental uplift after capex. Until then, Peach incurs the cost of acquisition and vacancy costs (the latter was CHF2.4 million in 2020 excluding the portfolios acquired). DERIVATION SUMMARY Fitch has compared Peach with German residential peers, and Fitch-rated residential peers Akelius Residential Property AB (BBB/Stable) and Grainger Plc (BBB-/Stable). Peach's portfolio is broadly comparable with larger German peers' portfolios as measured by market value per sq m, in-place-rent per sq m, gross yield for the location and quality. Peach's portfolio is different in that it has markedly higher vacancy rates (end-2020: 7.9%), which stem from some portfolios being acquired with properties awaiting renovation and re-letting. Over time, this provides an opportunity for increased rents. The vacancy is similar to Akelius's higher, renovation-driven, vacancy rate, which Fitch expects to improve as renovation projects are completed. Peach's pro forma end-December 2021 net debt/EBITDA leverage of around 19x is high, consistent with its historical high LTVs, although lower than 23x for Akelius and Grainger. These two peers' portfolios have lower average income yielding assets reflecting their location in more attractive prime cities. Relative to office and retail property company metrics, residential net debt/EBITDA ratios will be higher because of the asset class's tighter income yield and lower risk profile. Given the current and prospective conducive supply and demand dynamics, German residential has a more stable income profile. Peach's growing size, its overall secondary quality of the portfolio (given vacancies, and average rents), exposure to secured funding, and current high leverage frame Peach's Issuer Default Rating within the lower end of the 'BB' rating category. Fitch expects this profile to improve as the company acquires similar portfolios and accesses additional unsecured debt. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include(many of which have now occurred): -- 4Q20 events including the acquisition of the Rock and Pure portfolios for CHF838 million (EUR228 million) subsequently revalued by CHF107 million. -- Issuance of the CHF323 million (EUR300 million) five-year unsecured bond. -- Conversion of an additional CHF28 million of the CHF30.9 million convertible hybrid into equity. CHF230 million equity increase including mandatory convertible. -- CHF145 million (EUR135 million) of new mortgage secured financing. -- Sale of Swiss development assets. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Leverage (for residential) below 18x net debt/EBITDA and EBITDA net interest coverage above 1.75x; -- Vacancies below 7%; -- Commitment to an unencumbered balance sheet resulting in an unencumbered asset cover above 1.5x; -- A larger, more diversified, unencumbered portfolio base. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Leverage above 20x net debt/EBITDA and EBITDA net interest coverage below 1.5x; -- Costs for holding vacancies increasing to 5% of rent roll; -- Contrary to financial policy, incurring more secured funding and leading to unencumbered asset ratio falling below 1.0x; -- For the bespoke Recovery Rating: a decrease in the valuation of the unencumbered portfolio. 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 Limited Liquidity: Available liquidity at end-2020 was limited to CHF68million of cash on balance sheet. This covered maturing bank debt within 12 months (CHF30 million) including secured debt amortisations, excluding its bridge financing to be replaced by mortgage loans by end-2Q21. Peach management intends to run the group with CHF20 million of cash on balance sheet. CRITERIA VARIATION Fitch's recovery criteria for the EMEA real estate sector-uplift would apply to Peach's asset class (German residential-for-rent). The new recovery criteria lists ratio parameters for 'BB' rating category entities having the sector uplift applied to their unsecured debt, including secured debt around 40% of total debt and the unencumbered assets/unsecured debt ratio at 1.5x. Peach's secured debt is 55% of total debt but this proportion is unlikely to result in a residual claim against unencumbered assets, thus detrimental to unsecured debt. Fitch believes that Peach's German residential-for-rent assets have not had and would not have the volatility of capital values associated with commercial real estate (whose historical peak-to-trough 50% EMEA valuation declines inform criteria parameters). Peach's higher level of secured debt does not indicate an over-arching control of secured creditors to the detriment of its unsecured creditors' segregated assets. The sector uplift replaces the uplift Fitch applied to Peach's senior unsecured debt under the transitional approach in the preceding version of the Corporates Notching and Recovery Criteria. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. =========================== U N I T E D K I N G D O M =========================== CSM BAKERY: Moody's Puts Caa2 CFR Under Review for Upgrade ---------------------------------------------------------- Moody's Investors Service placed CSM Bakery Solutions LLC's Caa2 corporate family rating, Caa2-PD probability of default rating, Caa1 senior secured first lien term loan rating, and Caa3 senior secured second lien term loan ratings under review for upgrade. The ratings action follows CSM's planned divestiture of its European and International Ingredients division to Investindustrial for approximately EUR650 million. The transaction is expected to close on or around April 19, 2021. At the close, CSM will receive cash proceeds of approximately EUR416 million, after transaction expenses and separation costs, of which it will use approximately EUR400 million to repay the entire outstanding balance of its first lien term loan. In addition, the divested European Ingredients business will assume approximately EUR150 million in pension obligations, net of deferred tax assets. At the close of the transaction, CSM Bakery Solutions will have approximately $264 million in debt outstanding. The following ratings/assessments are affected by the action: On Review for Upgrade: Issuer: CSM Bakery Solutions LLC Corporate Family Rating, Placed on Review for Upgrade, currently Caa2 Probability of Default Rating, Placed on Review for Upgrade, currently Caa2-PD GTD Senior Secured 1st Lien Term Loan, Placed on Review for Upgrade, currently Caa1 (LGD3) GTD Senior Secured 2nd Lien Term Loan, Placed on Review for Upgrade, currently Caa3 (LGD4) Outlook Actions: Issuer: CSM Bakery Solutions LLC Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on the financial metrics that will result from the divestiture and subsequent repayment of the $453.5 million senior secured first lien term loan, including anticipated lower leverage, pro-forma cash flow and liquidity. In addition, the review will also focus on the company's plans to refinance its $100 million ABL revolver due October 2021. The divestiture of the European and International Ingredients division will allow CSM to focus on its North America Bakery Business (Brill Inc.) and Bakery Products Europe (Baker & Baker) which combined generate approximately EUR1 billion in revenues. Moody's has previously stated that the ratings could be upgraded if operating performance improves such that the company is able to sustainably generate positive free cash flow, reduce leverage meaningfully, and proactively refinance the ABL and extended term loans. Given the uncertainty with respect to CSM's pro-forma credit profile, Moody's are placing the ratings under review for upgrade as opposed to upgrading the ratings. The coronavirus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Moody's analysis has considered the effect on the performance of corporate assets from the current weak US economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous, and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around Moody's forecasts is unusually high. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Governance risk includes the company's financial strategies, which Moody's view as aggressive given its high financial leverage and private equity ownership. The principal methodology used in these ratings was Consumer Packaged Goods Methodology published in February 2020. CSM Bakery Solutions Limited is headquartered in Cardiff, United Kingdom. The company is managed out of its CSM Bakery Solutions LLC's US operations located in Tucker, Georgia (USA). CSM produces and distributes bakery ingredients and products for artisan and industrial bakeries, and for in-store and out-of-home markets, mainly in Western Europe and North America. The company supplies bakery products finished or semi-finished. Annual sales are approximately EUR1.3 billion. The company is owned and controlled by investment funds associated with private equity firm Rhone Capital. EUROSTAR: Reaches Debt Refinancing Deal with Lenders ---------------------------------------------------- According to Reuters, channel tunnel operator Eurostar has struck a deal with its lenders to refinance hundreds of millions of pounds of debts, the Telegraph newspaper reported on April 16, paving the way for talks to restart about financial support from British taxpayers. A group of banks, including state-backed NatWest, have agreed to refinance GBP400 million (US$553 million) of loans that were due to be repaid this summer, Reuters relays, citing the paper. Eurostar owns and runs the trains that travel on high-speed lines between the UK and France, Belgium and the Netherlands but does not own any of the infrastructure it uses, including the Channel Tunnel itself. GATWICK AIRPORT: Fitch Puts BB- Rating to GBP450MM Sr. Sec. Notes ----------------------------------------------------------------- Fitch Ratings has assigned Gatwick Airport Finance Plc's (MidCo) GBP450 million senior secured notes due 2026 a 'BB-' rating with Negative Outlook. RATING RATIONALE The 'BB-' rating reflects the structural subordination of MidCo's debt to that of the Gatwick ring-fenced group (the group), and the current lock-up at the group level preventing dividend distributions, which is expected to last until mid-2024 in the Fitch Rating Case (FRC). The rating also considers the limited visibility of Gatwick group's traffic recovery, which could extend the dividend lock-up beyond 2024. Fitch notches the debt rating down from the consolidated profile, which includes the group and MidCo. MidCo's full ownership of and dependency on the group, underlined by the one-way cross-default provision with the group as well as MidCo's covenants tested at the consolidated level, drive the application of a consolidated approach. KEY RATING DRIVERS Our assessments on volume and price risk, and infrastructure development and renewal, are aligned with Fitch's assessments of Gatwick Funding Limited. Volume Risk - 'Midrange': Covid-19 Affecting Demand but Fundamentally Strong Catchment Area London Gatwick Airport (LGW) is the second-largest airport in the UK, serving as an origin-and-destination, leisure-oriented airport within the significant London/south east UK catchment area. It competes with Heathrow, the region's primary hub/long-haul full service/business airport, as well as Stansted Airport, which focuses on low-cost airlines. The pandemic has led to an unprecedented impact on travellers' mobility with a contraction of 78% of passenger numbers in 2020. Under the FRC, Fitch assumes traffic to remain lower than the 2019 base line, by around 58% in 2021 and 22% in 2022, respectively, before gradually recovering by 2025. Price Risk - 'Midrange': Commitments Monitored by Regulator The airport has operated under revised "soft touch/ light-handed" economic regulation since April 2014. The "contracts and commitments" framework established seven-year, legally binding commitments between the airport and its airlines, creating a default airport tariff covering price and service levels available to all airlines. The regulator, Civil Aviation Authority, compares the blended price charged under the bilateral contracts and published tariff with its view of a "fair price", currently RPI minus 1.6% per year. LGW's blended price under the "commitments" framework is RPI+0% per year over seven years. The framework enables bespoke bilateral contracts with airlines, providing the airport with more pricing flexibility. The contracts LGW signed to date represent over 90% of passengers and are long-term agreements, many of which (covering 60% of passengers) extend beyond the end of the "contracts and commitments" framework in 2021. The contracts incentivise traffic and protect revenue against moderate downside. Infrastructure Development and Renewal - 'Stronger': Flexible Capex, Largely Deferred LGW has considerable experience of managing its own asset base and has carried out significant works in recent years to maintain and improve its infrastructure. Short- and medium-term maintenance needs are well defined. The investment programme is significant but modular. The regulatory framework allows investment flexibility. Investments are funded by internal cash flows and committed facilities. In response to the epidemic and the sharp decrease in traffic and revenue LGW has re-profiled planned capex by cancelling and deferring non-essential projects. Debt Structure - 'Midrange': Reliance on Dividends Upstream Debt service is reliant on dividends being upstreamed from the group. Currently the group is in lock-up and is not expected to make distributions to MidCo until 2024 in the FRC. A 3.5-year debt service reserve account (DSRA) supports interest payments during the lock-up period. However, due to the limited visibility on traffic recovery at LGW, MidCo's debt is exposed to potential shortfalls should the dividend lock-up extend beyond 2024. MidCo's debt has no material exposure to interest-rate risk, but the reliance on bullet debt creates refinance risk, although near-term refinancing needs are low, the ring-fenced group has a strong liquidity buffer, fairly evenly spread maturities and LGW has a record of capital-market access. Structural Subordination to Group Debt Distributions from the group are the MidCo's sole source of earnings and cash flow to support its debt interest costs. Fitch views MidCo's cash flow as having minimal or no diversity and its obligations as structurally subordinated to the operating needs at the group. Fitch notes that distributions could be volatile and pressure debt service at MidCo if the group's cash flow is impaired. Financial Profile The consolidated net debt-to-EBITDA, including the ring-fenced group's and MidCo's debt, averages 9.5x over 2021-2026. The maximum consolidated leverage of 20.6x in 2021 gradually declines to 6.9x in 2024 when dividend distributions are resumed. PEER GROUP The closest peers in Fitch's portfolio are the Heathrow Finance plc high yield debt (BB+/Negative) and Getlink S.E. (BB+/Stable). However, the rating differential between MidCo and Gatwick Funding Limited (BBB+/Negative) is wider than for its peers due to the group's lock-up and the limited visibility on traffic recovery path for airports. This makes it uncertain if the ring-fenced group will exit lock-up before the DSRA has been exhausted, significantly increasing the risk of default compared with peers. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Clearer visibility of the evolution of the operating environment and medium-term traffic path resulting in the removal of the lock-up at the group prior to 2024. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- Weaker-than-expected financial performance as a result, for example, of lower passenger volumes due to more severe Covid 19 related travel restrictions, or an ongoing economic downturn, which would threaten an extension of the dividend lock-up at the group and ultimately lead to a shortfall in funds to make debt service payments after the DSRA has been utilised. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure 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 three 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. TRANSACTION SUMMARY MidCo issued GBP 450million senior secured notes with the objective of down-streaming the funds post DSRA to the group. The purpose of the transaction is to further improve the group's liquidity and net leverage profile. FINANCIAL ANALYSIS Under the FRC, Fitch assumes traffic to remain at around 58% in 2021 and at 22% in 2022 versus the 2019 base line, respectively, before gradually recovering by 2025. In addition, Fitch assumes a flat aero yield in nominal terms until 2024 and reduced retail and commercial revenue, reflecting lower passenger numbers as well as uncertainty in respect to consumer behaviour and measures related to coronavirus over the coming years. Fitch expects moderate increases in operating costs (opex) from a much-reduced level as cost-cutting measures have been broadly applied in response to the pandemic. Opex remains below 2019 levels until 2025. Fitch assumes capex of around GBP50 million in 2021 before it gradually ramps ups to around GBP300 million per year by 2025. Fitch is closely monitoring developments in the sector as LGW's operating environment has substantially worsened and Fitch will revise the FRC if the severity and duration of coronavirus is longer than expected. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. GREENSILL CAPITAL: Pension Fund Files Lawsuit v. Credit Suisse -------------------------------------------------------------- Kanishka Singh at Reuters reports that a pension fund filed a lawsuit against Credit Suisse Group AG on April 16 in a U.S. court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management. The pension fund, City of St. Clair Shores Police & Fire Retirement System, based in St. Clair Shores, Michigan, filed the class action lawsuit in federal court in Manhattan, alleging violations of federal securities laws, Reuters relates. "Specifically, defendants concealed material defects in the Company's risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital and Archegos Capital Management, exposing the company to billions of dollars in losses," Reuters quotes the lawsuit as saying. Switzerland's second-biggest bank has been reeling from its exposure to the collapse first of British fund Greensill and then U.S. investment fund Archegos within the course of one month, Reuters discloses. Reuters reported last month that Credit Suisse was considering compensating investors hit by the collapse of funds linked to Greensill, Reuters recounts. Credit Suisse's asset management unit last month was forced to shut US$10 billion of supply chain finance funds that invested in bonds issued by Greensill after the British firm lost credit insurance coverage shortly before filing for insolvency, Reuters relays. According to Reuters, Swiss newspaper SonntagsZeitung reported on April 11 the head of Switzerland's financial regulator, FINMA, had questioned Credit Suisse over risks in its dealings with Greensill Capital "months" before the bank was forced to close US$10 billion of funds linked to Greensill. GREENSILL CAPITAL: PM Shares Concerns Over Cameron Lobbying ----------------------------------------------------------- Reuters reports that British Prime Minister Boris Johnson said on April 14 he shared concerns over a growing lobbying scandal involving former leader David Cameron who tried to get ministers to help out the now failed supply-chain finance firm Greensill Capital. Though Mr. Cameron's strategy ultimately failed, Mr. Johnson has launched an independent review to look at allegations that lobbyists have an "open door" to his government, Reuters relates. Mr. Cameron's role has raised questions about access to ministers by former colleagues, particularly on behalf of Greensill, Reuters notes. According to Reuters, the government said on April 13 a former procurement chief was allowed to take a part-time role advising the company in 2015 -- when Cameron was prime minister -- while remaining a public official, or civil servant. The reports have fuelled accusations from some lawmakers that Mr. Johnson's government operates a so-called "chumocracy" where contracts are handed to friends -- a charge denied by the government, which says that Cameron's lobbying did not yield his desired objective, Reuters discloses. According to Reuters, asked by opposition Labour leader Keir Starmer whether lobbying rules were fit for purpose, Mr. Johnson told parliament: "I indeed share the widespread concern about some of the stuff that we're reading at the moment." Asked about his contacts with Cameron, Mr. Johnson, as cited by Reuters, said he had not been in contact with the former premier since the case was reported and that he could not "remember when I last spoke to Dave". Mr. Johnson launched the review on April 12 after the Financial Times and Sunday Times newspapers reported that Cameron contacted ministers on behalf of Greensill, including sending text messages to finance minister Rishi Sunak and arranging a drink between banker Lex Greensill and Health Secretary Matt Hancock, Reuters relays. Greensill was brought in to advise the government while Mr. Cameron was prime minister from 2010 to 2016, Reuters recounts. After leaving office, Mr. Cameron became an adviser to Greensill's now-insolvent company, Reuters states. On April 11, Cameron said in a statement he did not break any codes of conduct or government rules and that ultimately the outcome of the discussions on Greensill's proposals on a loan were not taken up, according to Reuters LIBERTY STEEL: Dalzell Plate Mill Misses Interest Payments ---------------------------------------------------------- Michael Pooler and Sylvia Pfeifer at The Financial Times reports that a steel factory in Scotland owned by Sanjeev Gupta, the tycoon fighting to save his metals empire, stopped making interest payments on an overdue taxpayer-backed loan last year after the coronavirus crisis hit the UK. The Dalzell plate mill run by Liberty Steel in Motherwell was reopened in 2016 and the devolved Holyrood administration later provided a GBP7 million three-year commercial debt facility, the FT recounts. It was one of the first acquisitions on which Mr. Gupta built his GFG Alliance, a sprawling industrial conglomerate with US$20 billion in revenue, the FT notes. GFG is now teetering on the brink after the collapse of its main lender, Greensill Capital, last month, the FT states. According to the FT, the agency responsible for the public funding to Dalzell, Scottish Enterprise, said interest payments and loan conditions known as covenants "were met until the impact of the current Covid pandemic". Scottish Enterprise, as cited by the FT, said: "We recognise the challenging environment for businesses in Scotland right now and also the significant economic benefit Liberty Steel brings in terms of jobs, the supply chain and the future safeguarding of Scotland's steel industry." The agency said it was working "to explore avenues of support for the business", but declined to disclose details on when compliance with interest and covenants ended or when the debt originally fell due. "We are in discussion with Liberty Steel on repayment of the loan funding. Debt forbearance is not uncommon in the current market." Mr. Gupta has said he is trying to secure alternative long-term financing for his wider group, the FT relays. But a request for a GBP170 million bailout of Liberty Steel, the UK's third-largest producer of the alloy with 3,000 employees, to help with working capital was recently rejected by the Westminster government, which is concerned about a lack of financial transparency, the FT recounts. The revelation of the missed interest payments will heighten pressure on the Scottish government, which has already faced questions over its decision to provide a GBP575 million guarantee to GFG for the purchase of an aluminium smelter in Lochaber and two adjoining hydropower plants, according to the FT. Mr. Gupta is scrambling to refinance the debts of his GFG Alliance which includes billions of dollars owed to Greensill, the FT discloses. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week April 12 to April 16, 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 * * *