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

                          E U R O P E

          Monday, April 26, 2021, Vol. 22, No. 77

                           Headlines



D E N M A R K

NORICAN GLOBAL: Moody's Affirms B3 CFR on Positive Free Cash Flow


F R A N C E

INOVIE GROUP: Fitch Assigns Final 'B' LT IDR, Outlook Stable


G E R M A N Y

BK LC LUX: Fitch Corrects April 14 Ratings Release
CBR SERVICE: Moody's Rates New EUR470M Guaranteed Sr. Notes 'B2'
HSE FINANCE: Moody's Assigns First Time B2 Corp Family Rating
PCF GMBH: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
WIRECARD AG: German Chancellor Rejects Lobbying Criticism



G R E E C E

ALPHA BANK: Moody's Withdraws Ba1 Rating on Covered Bonds for Reorg
MYTILINEOS SA: Fitch Rates EUR500MM Green Notes 'BB(EXP)'
MYTILINEOS SA: S&P Rates New EUR500MM Unsecured Green Notes 'BB-'
PIRAEUS BANK: S&P Withdraws 'B-' Rating on Senior Unsecured Debt


I R E L A N D

ANCHORAGE CAPITAL 2: Moody's Gives B3 Rating to EUR12MM Cl. F Notes
BAIN CAPITAL 2018-2: Moody's Affirms B2 Rating on EUR11.6M F Notes
HAYFIN EMERALD: Fitch Assigns B-(EXP) Rating on Class F-R Notes
JAZZ SECURITIES: Moody's Gives Ba2 Rating on New Sr. Secured Notes
LAURELIN 2016-1: Moody's Affirms B2 Rating on Class F-R Notes

OCP EURO 2019-3: Moody's Gives B3 Rating to EUR11.25M Cl. F Notes
PEMBROKE PROPERTY: Fitch Affirms B Rating on Class F Notes


L U X E M B O U R G

KANTAR GLOBAL: Hammers Deal to Acquire Millennium Park


N E T H E R L A N D S

BOCK CAPITAL: Fitch Assigns 'B(EXP)' LT IDR, Outlook Stable
BOCK CAPITAL: Moody's Assigns B3 CFR Following Unit4 Acquisition
BOCK CAPITAL: S&P Assigns Preliminary 'B-' Rating, Outlook Stable


R U S S I A

PROINVESTBANK JSCB: Put Under Provisional Administration


S P A I N

HIPOCAT 9: Moody's Upgrades EUR23.5M Class D Notes to Ba3


S W E D E N

ROAR BIDCO: Fitch Assigns Final 'B' LT IDR, Outlook Positive


U K R A I N E

UKRAINIAN RAILWAYS: S&P Cuts ICR to 'CCC', On CreditWatch Negative


U N I T E D   K I N G D O M

ARROW GLOBAL: S&P Places 'BB-' Long-Term ICR on Watch Negative
CLARKS: Landlords Challenge Company Voluntary Arrangement
GF ALLIANCE: Expansion of Unit's Coal Mine Approved in Australia
KANTAR GLOBAL: S&P Places 'B' IDR on Watch Negative
PIZZA EXPRESS: Plans to Recruit 1,000 Employees Following CVA

POUNDSTRETCHER: Kilsby Williams Appointed Auditors Following CVA
RAC BOND: S&P Raises Class B1-Dfrd notes Rating to 'B+ (sf)'
[*] UK: Number of Businesses in Significant Financial Distress Up


X X X X X X X X

[*] BOND PRICING: For the Week April 19 to April 23, 2021

                           - - - - -


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D E N M A R K
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NORICAN GLOBAL: Moody's Affirms B3 CFR on Positive Free Cash Flow
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the B3-PD probability of default rating of Norican
Global A/S, a Danish manufacturer of machines and aftermarket
products for the global metallic parts formation and preparation
industries. Moody's also affirmed the B3 instrument rating on the
EUR340 million guaranteed senior secured notes due 2023, issued by
Norican A/S. The outlook on all ratings has been changed to stable
from negative.

"The outlook change to stable recognizes Norican's ability to
maintain positive free cash flow generation and a strong liquidity
profile during 2020, despite the challenging market conditions
caused by the coronavirus pandemic", says Goetz Grossmann, a
Moody's Vice President and lead analyst for Norican. "Although the
group's leverage remains high at this point, we forecast
considerable earnings growth on a recovering market environment
combined with initiated restructuring to support a progressive
de-leveraging over the next two years."

RATINGS RATIONALE

The rating affirmation and stabilization of the outlook follows
Moody's review of Norican's operating performance and financial
results for 2020, which were severely affected by pandemic-induced
lockdown measures and plummeting investment activity of key
customers, especially from the automotive sector. Although this
prompted group sales to reduce by over 30% year-over-year (yoy) and
reported EBITDA to EUR33 million from EUR63 million in 2019, the
group managed to maintain stable positive Moody's-adjusted free
cash flow (EUR19 million), supported by (typically
counter-cyclical) substantial working capital reductions. This also
helped Norican to protect a strong liquidity profile, which
benefits from a sizeable and further increased cash position of
EUR124 million at December-end 2020 and no short-term debt
maturities.

Norican's sound liquidity also helps to some extent balance its
weakened credit metrics in 2020, exemplified by an elevated
Moody's-adjusted gross debt/EBITDA ratio of 16.9x at the end of
2020 versus 6.9x in the prior year, which currently positions it
weakly in the B3 category. That said, Moody's expects the ratio to
decline over the next two years on a noticeable earnings recovery
as demand in the automotive sector will gather pace and healthier
economic conditions drive up demand in other relevant end markets
such as construction, railway or consumer goods. On a
Moody's-adjusted basis, Norican's EBITDA should also benefit from
much lower restructuring costs in 2021, which increased by over
EUR5 million to EUR12 million in 2020. Moody's expects the measures
taken to consolidate the group's production footprint and sales
office network, and various cost saving actions to yield visible
profitability improvements in the coming years. Albeit leverage
will likely stay high for some time (7x defined as a maximum for
the B3 rating), Moody's also takes into account Norican's
materially lower net leverage, which should reduce towards 5x by
the end of 2022. The expected profit growth and generally low
capital spending needs (c.1% of sales) should enable to Norican to
sustain positive FCF in the next 12-18 months, despite a forecast
moderate working capital build-up this year amid the accelerating
business activity.

In order to maintain a good liquidity profile - besides through
sustained positive FCF - Moody's expects Norican to refinance its
EUR75 million super senior revolving credit facility well ahead of
the maturity in October 2022.

Norican's B3 CFR remains further constrained by (1) its small size,
with revenue of EUR350 million in 2020; (2) its exposure to
cyclical sectors, particularly the automotive sector (c.60% of
group sales); (3) the ongoing shift from ferrous metals to
aluminum; (4) the persistent underperformance of Light Metal
Casting Group (LMCS) since its acquisition in 2017.

The rating is supported by Norican's (1) leading position in the
niche market for green sand molding machines, metal finishing
equipment and aluminum foundry solutions; (2) large installed base,
which underpins its sizable aftermarket activities that provide a
stable revenue stream (55% of revenue in 2020); (3) reasonable
geographic diversification across Europe, North America and Asia;
and (4) low capital intensity, which translated into healthy FCF
generation historically.

LIQUIDITY

Moody's considers Norican's liquidity as good. At the end of 2020,
the group had EUR124 million of cash and cash equivalents on the
balance sheet and full access to EUR55 million available for cash
drawings under its EUR75 million committed revolving credit
facility maturing October 2022. These cash sources, together with
projected funds from operations of around EUR20 million are
sufficient to cover capital expenditures of around EUR11 million
(Moody's-adjusted, including lease payments), moderate working
capital spending and Moody's 3% of sales working cash assumption.
The group has no material debt maturities before its EUR340 million
senior secured bond is due in May 2023.

Moody's further expects Norican to maintain consistent compliance
with its maintenance covenants.

OUTLOOK

Norican's good liquidity and positive FCF generation through
various economic cycles support the stable outlook, while the
rating remains currently weakly positioned against some
deteriorated credit metrics in 2020. The stable outlook further
indicates Moody's expectation of Norican's operating performance to
strongly recover from 2021, which should help reduce its leverage
to adequate levels for the B3 rating category over the next two
years.

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

Upward pressure on the rating would build, if Norican's (1)
Moody's-adjusted EBITA margin exceeded consistently 8%, (2)
Moody's-adjusted gross debt/EBITDA declined sustainably below 5.5x,
(3) positive free cash flow generation could be sustained.

Negative rating pressure would build, if Norican's (1) operating
performance failed to steadily and significantly improve over the
next two years, (2) Moody's-adjusted gross debt/EBITDA remained
above 7x for a prolonged time, (3) FCF turned materially negative,
(4) liquidity started to weaken.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Norican Global A/S ("Norican") is a holding company for a variety
of branded industrial technology businesses that offer products and
services to the global ferrous metals and light metals industries.
The group consists of the following brands: (1) DISA, a provider of
equipment and aftermarket services for the green sand molding
sector (predominantly gray iron casting); (2) Wheelabrator, a
complete provider of cleaning, strengthening and polishing
equipment, and aftermarket services mainly for the ferrous metals
sector; (3) ItalPresse, a provider of gravity, and low- and
high-pressure die-casting solutions; (4) Gauss, a provider of
automated die-casting solutions; and (5) StrikoWestofen, a provider
of aluminum furnace technologies. Norican is owned by a fund
affiliated to Altor Equity Partners, a Nordic-focused private
equity sponsor. In 2020, Norican generated revenue of EUR350
million and reported EBITDA of EUR33 million (9.4% margin).



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F R A N C E
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INOVIE GROUP: Fitch Assigns Final 'B' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Inovie Group (Inovie) a final Long-Term
Issuer Default Rating (IDR) of 'B' with a Stable Outlook. Fitch has
also assigned a final senior secured rating of 'B+' to Inovie's
EUR770 million term loan B (TLB). The rating actions follow the
receipt and review of the final loan documentation, as well as the
completion of the acquisition of Inovie by Ardian and
co-investors.

The 'B' IDR reflects the small scale of Inovie relative to rated
peers' and its high financial leverage, which is compensated by its
strong position in the highly regulated and non-cyclical French
lab-testing market and strong profitability. Fitch's expectation of
robust free cash flow (FCF) generation implies sound deleveraging
capabilities, albeit subject to the company's future financial
policy, including the profile and funding of future acquisitions.

The Stable Outlook reflects Fitch's expectation that Inovie will
maintain some deleveraging capacity, with manageable execution
risks and adequate financial flexibility to implement its future
growth strategy.

KEY RATING DRIVERS

Sustainable Business Model: The rating reflects Fitch's view of
Inovie's sustainable business model in a defensive sector. The
group is the third-largest network of private medical-testing
laboratories in France, with a focus on south and central France.
Fitch expects Inovie to benefit from stable non-Covid-19 revenue,
high and resilient operating margins and superior cash generation,
due to a supportive regulation-and-reimbursement regime combined
with strong barriers to entry.

M&A to Drive Growth: Fitch assumes the non-cyclical and highly
regulated French private lab-testing market to show muted growth
(0%-2%) over the next three years, with volume increases offset by
lower prices. The market is rapidly consolidating but there are
multiple independent laboratories, small and medium-sized
laboratory chains. Fitch expects Inovie to continue to build its
market share in France and to capitalise on a sound and focused M&A
strategy, targeting smaller laboratories in its existing and
adjacent regions, where it is able to maximise synergies.

Exposure to French Regulatory Risks: Inovie's lack of
diversification outside France makes the group vulnerable to
adverse regulatory decisions, especially in relation to detrimental
reimbursement changes. This risk is, however, mitigated by some
regulatory visibility until end-2022, due to the 2020-2022
triennial act and a record of stable and supportive regulation. The
latter has enabled healthy profitability, provided protection to
smaller independent laboratories and guaranteed supply in less
densely-populated areas.

Some Diversification Benefits: Fitch views Inovie's diversification
in the specialty test (around 15% of non-Covid-19 revenue) as
beneficial as these tests are less regulated (not included in the
budgetary scope governed by the triennial act) and offer long-term
growth opportunities. Fitch views Inovie as firmly placed to
withstand potential tariff pressure relative to smaller peers,
given its critical size and operational efficiencies.

Strong Cash Flow: Fitch expects Inovie's non-Covid-19 EBITDA margin
to expand towards 27% in 2021. The higher margin will mostly be
driven by the agreed re-alignment of the salary of partner
biologists to market standards, optimisation of the ratio of
biologists per lab and a reduction of reagent costs. Fitch expects
this to increase FCF margin to the high single digits, higher than
the levels achieved by Synlab and broadly similar to that of French
peers.

Positive Near-Term Covid-19 Impact: The initial lockdown
temporarily reduced the sales and profit margins of Inovie's
routine-testing business. However, Fitch expects this negative
impact to have been more than offset in 2020 by highly profitable
Covid-19 tests, in turn boosting margins. The French government is
targeting a high number of tests and is, at present, fully
reimbursing the Covid-19 PCR test, without the need of a
prescription or symptoms to get tested, unlike the approach taken
by other countries. France has also one of the most generous
reimbursement prices for the test, at around EUR73 including
sampling cost with the added condition since December 2020 that
tests are returned within 24hours.

Covid-19 Contribution Decline Post 2020: For 2021 Fitch expects a
reduction in the reimbursement price for PCR tests to be offset by
a high number of tests. Fitch forecasts a drastic reduction in
Covid-19 test sales and margins from 2022, assuming a successful
rollout of a vaccination programme across a large share of the
population. Fitch nonetheless assumes Covid-19 testing to remain an
additional revenue stream, with margins in 2022 and 2023 that are
broadly in line with the group's EBITDA margin.

Financial Policy Drives Rating Trajectory: Fitch expects Inovie's
prudent buy-and-build M&A strategy to allow for a satisfactory pace
of deleveraging. Excluding Covid-19 activity, Fitch estimates funds
from operations (FFO) adjusted gross leverage at 7.6x in 2021,
before declining to 6.7x in 2022. Discipline in future
acquisitions, multiples paid for target labs, and financing mix
will be critical to future deleveraging, and hence the rating
trajectory. Fitch sees Covid-19 test activity boosting Inovie's
profitability and driving leverage under 6x in 2021. However, such
contribution will be much lower in 2022 and 2023, which Fitch
expects to be counter-balanced by revenue from newly acquired
labs.

DERIVATION SUMMARY

Inovie's 'B' rating is in line with those of its direct routine
medical lab-testing peers Laboratoire Eimer Selas (Biogroup;
B/Stable) and Synlab Bondco PLC (B+/Stable).

Inovie's rating is supported by Fitch's expectation of strong
profitability and cash flow generation once the re-alignment of
biologists' salaries comes into effect and the new debt structure
is fully in place. Inovie's expected profitability is higher than
Synlab's and similar to that of French peers.

Inovie's smaller scale than direct peers' is compensated by lower
leverage, which Fitch expects to be in line with a 'B' IDR at
slightly below 7.0x on FFO gross adjusted basis, compared with
above 8.0x for Biogroup. In addition, Inovie differentiates itself
with less aggressive external growth over recent years, which is
characterised by more prudent financing, equity partnerships with
biologists and smaller targeted acquisitions.

Inovie is less diversified geographically than peers, making it
more exposed to the French market, especially with regard to
potential reimbursement changes in the medium term. Synlab is
well-diversified across Europe, while Biogroup recently expanded in
Belgium. Inovie's lack of geographical diversification is somewhat
compensated by a more diversified product offering, with around 15%
of its non-Covid-19 revenue derived from specialty testing.

KEY ASSUMPTIONS

-- Covid-19 test revenue at around EUR250 million in 2020, EUR200
    million in 2021, EUR40 million in 2022 and EUR20 million in
    2023. EBITDA margins on Covid-19 tests at 49% in 2020, 38% in
    2021 and 27.5% in 2022 and 2023 (trending towards Inovie's
    average);

-- Organic sales growth of non-Covid-19 business at -1% in 2020,
    2.2% in 2021 and 0.5% in 2022 and 2023;

-- EBITDA margin of non-Covid-19 business at 12% in 2020, 26.5%
    in 2021, 27% in 2022 and 27.5% in 2023;

-- Acquisition spending of EUR75 million in 2020, EUR120 million
    in 2021 and 2022, and EUR150 million in 2023. Acquisitions for
    2021-2023 assumed at high single-digit EBITDA multiples,
    partly financed with equity;

-- Operating leases at 4% of revenue, excluding Covid-19 tests,
    from 2021;

-- Taxes paid at 25% of EBIT until 2023;

-- Capex at 3% of revenue from 2021-2023;

-- No material working-capital movements until 2023;

-- No dividends or share buybacks over the next four years.

RECOVERY ANALYSIS ASSUMPTIONS

In Fitch's recovery analysis, Fitch follows a going-concern (GC)
approach as it leads to higher recoveries in bankruptcy than the
liquidation approach.

-- Estimated GC EBITDA of EUR132 million, which is a discounted
    value relative to pro-forma EBITDA in 2020, reflects the
    contribution of acquisitions made in 2020 and early 2021. This
    level of EBITDA also reflects stress assumptions from weak
    operating performance with regulatory issues and/or increased
    competition with deteriorating margins. The assumption further
    reflects corrective measures taken in the reorganisation to
    offset the adverse conditions that trigger default.

-- Distressed enterprise value (EV)/EBITDA multiple of 5.5x, in
    line with Biogroup's and implies a discount of 0.5x against
    the more geographically diversified and larger Synlab's
    multiple of 6.0x

-- Committed revolving credit facility (RCF) of EUR175 million
    assumed fully drawn prior to distress, in line with Fitch's
    Corporates Notching and Recovery Ratings Criteria

-- EUR140 million of structurally higher-ranking senior debt at
    subsidiary level, ranking ahead the RCF and TLB.

-- After deducting 10% for administrative claims from the
    estimated post-distress EV, Fitch's waterfall analysis
    generates a ranked recovery for the senior secured debt
    (including RCF and TLB) in the 'RR3' band, indicating a 'B+'
    instrument rating. Fitch's waterfall-generated recovery
    computation (WGRC) is 54% based on current metrics and
    assumptions.

RATING SENSITIVITIES

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

-- A larger scale and/or increased product/geographical
    diversification while maintaining EBITDA margin at around 27%
    on a sustained basis;

-- FFO adjusted gross leverage trending towards 6.0x on a
    sustained basis (pro-forma for acquisitions);

-- FFO fixed charge coverage above 3.0x on a sustained basis
    (pro-forma for acquisitions);

-- FCF margin in high single digits on a sustained basis.

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

-- Loss of M&A target selection discipline leading to weak
    operating performance, and/or adverse regulatory changes
    eroding profitability;

-- FFO adjusted gross leverage above 8.0x on a sustained basis
    (pro-forma for acquisitions);

-- FFO fixed charge coverage below 2.0x on a sustained basis
    (pro-forma for acquisitions);

-- FCF margin in low single digits on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch expects Inovie to have comfortable
liquidity following its LBO transaction, with around EUR10 million
in readily available cash, undrawn committed bank facilities of
EUR175 million maturing in 2027 and no other debt maturities until
2027. Fitch's expectation of consistently positive FCF generation
also enhances Inovie's liquidity profile and future financial
flexibility.

ESG Considerations:

Inovie has an ESG Relevance Score of '4' for Social Impacts due to
its exposure to the French regulated French medical lab-testing
market, which has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

The French medical lab-testing market is subject to pricing and
reimbursement pressures as governments seek to control national
healthcare spending. Adverse regulatory changes in the lab-testing
services sector may, therefore, have a negative impact on Inovie's
ratings. This is mitigated by the 2020-2022 triennial plan
agreement, providing some market growth and earnings visibility
until December 2022.

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



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G E R M A N Y
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BK LC LUX: Fitch Corrects April 14 Ratings Release
--------------------------------------------------
This is a correction of a press release published on April 14,
2021. It corrects the name of the issuer to BK LC Lux Finco 1
S.a.r.l., and updates the amount of the term loan B issued by
Birkenstock Holding B.V. & Co. KG, and includes the USD term loan B
issued by BK LC US Bidco INC., omitted from the original release.

Fitch Ratings has assigned BK LC Lux Finco 1 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 EUR325 million term
loan B (TLB) to be issued by Birkenstock Holding B.V. & Co. KG and
to EUR750 million-equivalent USD TLB to be issued by BK LC US Bidco
Inc.

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, Fitch 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.

CBR SERVICE: Moody's Rates New EUR470M Guaranteed Sr. Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service has changed the outlook of German apparel
company CBR Service GmbH to stable from negative. Concurrently,
Moody's has affirmed the company's B2 corporate family rating and
B2-PD probability of default rating. Moody's has also assigned a B2
rating to the proposed EUR470 million guaranteed senior secured
notes due 2026 to be issued by CT Investment GmbH, a new holding
company and subsidiary of CBR Service GmbH.

Concurrently, Moody's has affirmed the existing instruments ratings
of the group, including the B2 rating assigned on the EUR450
million guaranteed senior secured notes due 2022 issued by CBR
Fashion Finance B.V. and the Ba2 rating assigned on the EUR30
million guaranteed revolving credit facility (RCF) issued by CBR
Fashion GmbH. The instrument ratings of these entities will be
withdrawn once the proposed refinancing transaction will close. The
outlook for CBR Service GmbH, CBR Fashion GmbH and CBR Fashion
Finance B.V. has changed to stable from negative. Moody's has
assigned a stable outlook for CT Investment GmbH.

The proceeds from the proposed issuance will be used to (1) repay
the existing senior secured notes due 2022; (2) repay the senior
loan contracted during the covid-19 pandemic in 2020; and (3) pay
transaction fees and related costs.

"The rating action reflects CBR's resilient operating performance
during the pandemic, reflecting its asset-light business model and
growing online channel", says Guillaume Leglise, a Moody's
Assistant Vice President and lead analyst for CBR. "While trading
conditions remain challenging, with some store closures since
mid-December 2020 in Germany, we expect CBR's earnings to recover
and free cash flow to continue to be positive in the next 18
months, as seen prior the pandemic", adds Mr Leglise.

RATINGS RATIONALE

The B2 CFR reflects (1) CBR's resilient trading performance in 2020
despite the impact of the pandemic in Europe, including in Germany,
its main market; (2) its good credit metrics for the rating
category underpinned by high margins, high interest cover and
positive free cash flow (FCF) expected in the next two years; (3)
its asset-light business model and limited direct inventory risk
with most of the production already covered by the orders of CBR's
wholesale clients; and (4) its good track record in terms of
operational execution and historically good control of its value
chain, combined with growing online capabilities.

Conversely, the B2 CFR incorporates (1) the company's history of
shareholder-oriented financial policies as evidenced by the
company's numerous past dividends; (2) its leveraged capital
structure despite a track record of significant gross deleveraging
since 2017; (3) the company's relatively small scale and exposure
to the highly competitive woman clothing market in Germany; and (4)
its exposure to fashion risk, although this is mitigated by
relatively short lead times and low inventory risk.

Pro forma the proposed refinancing transaction, CBR's leverage
ratio (total gross debt to EBITDA as adjusted by Moody's) will be
high at around 5.1x based on 2020 earnings, compared with 2.8x in
2019. While the proposed refinancing does not involve additional
debt, the company's earnings have been negatively impacted by the
store lockdown restrictions during 2020 and translated into a 39%
decline in Moody's-adjusted EBITDA. However, Moody's expects the
company's earnings to recover towards pre-crisis levels in the next
18 months thanks to gradually improving trading conditions, which
should support deleveraging towards 4.5x by 2022.

Pro forma the proposed transaction, CBR's liquidity is adequate.
CBR's liquidity is supported by: (1) an initial cash balance of
EUR68 million; (2) access to an undrawn EUR50 million RCF; and (3)
Moody's expectations of positive FCF over the next 12-18 months.
The new RCF is subject to a springing senior net leverage covenant,
with ample capacity today, tested quarterly if more than 40% of the
facility is drawn.
STABLE OUTLOOK

The stable outlook reflects Moody's view that CBR's sales and
earnings will gradually recover towards pre-crisis levels over the
next two years, owing to more normalized trading conditions, a
growing contribution from the online segment and the company's
flexible cost structure. The stable outlook also incorporates
Moody's expectations that CBR will continue to generate positive
FCF and will maintain an adequate liquidity profile.

ESG CONSIDERATIONS

Overall, Moody's considers social risk to be moderate for the
apparel retail industry. Changes in customer behavior, notably the
shift to online, creates challenges for incumbent retailers. This
risk is mitigated by the fact that CBR has already developed strong
omni-channel capabilities, with online sales representing around
24% of the group's 2020 revenue. As an apparel retailer, CBR is
also subject to social factors such as responsible sourcing,
product and supply sustainability, privacy and data protection.

CBR is controlled by Alteri Investors (Alteri) which, as is often
the case in highly levered, private equity sponsored deals, has a
high tolerance for leverage and where governance is comparatively
less transparent. The company has shareholder-friendly financial
policies. Since the 2018 leverage buyout, CBR has distributed
approximately EUR195 million to its sponsor via cash dividends and
shareholder loans.

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

Positive pressure could materialize overtime if: (1) CBR
demonstrates a good operational execution as evidenced by positive
growth in both sales and profits; (2) its adjusted gross
debt/EBITDA trends below 4.5x on a sustainable basis; (3) it
continues to generate positive FCF while it demonstrates more
balanced financial policies, which would be reflected in fewer and
lower dividend recapitalisations or shareholder loans.

Conversely, negative pressure on the rating could materialize if:
(1) CBR's FCF generation weaken and its liquidity deteriorates; (2)
its adjusted gross debt/EBITDA remains sustainably above 5.5x; or
(3) its Moody's adjusted EBITA/interest expense fell below 2.5x.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to the proposed EUR470 million senior
secured notes due 2026 issued by CT Investment GmbH reflects their
presence as the largest debt instrument in the capital structure,
ranking behind the EUR50 million super-senior RCF. The notes and
the RCF benefit from a similar maintenance guarantor package,
including upstream guarantees from guarantor subsidiaries,
representing around 87% of CBR's consolidated EBITDA. Both
instruments are secured, on a first-priority basis, by certain
share pledges, security assignments over intercompany receivables,
and security over material bank accounts. However, the notes are
contractually subordinated to the RCF with respect to the
collateral enforcement proceeds.

The probability of default rating of B2-PD reflects the use of a
50% family recovery assumption, consistent with a capital structure
including a mix of bond and bank debt. The capital structure has
limited covenants overall, with the lenders relying only on
incurrence covenants contained in the senior secured notes
indentures, as well as one maintenance covenant defined as net
leverage, with ample capacity initially. This covenant is only
tested if outstanding borrowings under the super senior RCF are
equal to or greater than 40% of the overall commitment.

CBR's capital structure also includes an existing EUR109 million
shareholder loan, whose terms and conditions have been amended as
part of the transaction. Moody's treats this shareholder loan as
equity in its credit metrics calculations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Apparel
Methodology published in October 2019.

COMPANY PROFILE

Headquartered in Celle, Germany, with revenue of EUR508 million and
reported EBITDA (as adjusted by the company) of EUR114.9 million in
2020, CBR is one of the leading German apparel companies. The
company operates under two independent brands: Street One (casual,
fashionable clothing) and Cecil (sporty, less figure accentuating
clothing), which account for around 55% and 45% of revenue,
respectively.

HSE FINANCE: Moody's Assigns First Time B2 Corp Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating and B2-PD probability of default rating to HSE
Finance S.a.r.l, the ultimate holding company owner of German home
shopping retailer HSE. Concurrently, Moody's has assigned a B2
rating to the proposed EUR630 million guaranteed senior secured
notes due 2026, to be issued by HSE Finance S.a.r.l. The outlook is
stable.

The proceeds from the proposed issuance will be used to (1) repay
existing loans; (2) pay a distribution to shareholders; and (3) pay
transaction fees and related costs.

"HSE's B2 rating reflects the company's solid operating performance
in 2020, reflecting its successful TV shopping platform, growing
online channel and asset light business model", says Guillaume
Leglise, a Moody's Assistant Vice President and lead analyst for
HSE. "We believe restrictions imposed on trading for retailers with
physical stores during the coronavirus pandemic supported HSE's
performance in this period, and while we expect these tailwinds to
soften in the next 12 to 18 months as lockdown restrictions are
eased, we nevertheless expect HSE to continue to generate solid
earnings and positive free cash flow", adds Mr Leglise.

RATINGS RATIONALE

The B2 CFR reflects (1) HSE's established position in the German
home shopping market and its growing online capabilities; (2) its
stable and active customer base; (3) the resilience of its
operations and ability to generate positive free cash flow (FCF)
despite the coronavirus outbreak; (4) the company's solid track
record of sales and earnings growth in the last 10 years, supported
by an asset-light business model and high margins; and (5) good
liquidity and solid track record of positive FCF generation.

Conversely, the B2 CFR incorporates HSE's (1) exposure to
discretionary spending and intensifying competitive environment
following the coronavirus pandemic; (2) relatively small size,
limited geographic reach and narrow product offering compared with
other European retailers; (3) exposure to intense competition from
other TV shopping operators, online retailers and social media
platforms, which requires the maintenance of an attractive shopping
experience, coupled with continued investments in digital
infrastructure; (4) higher leverage pro forma the proposed
transaction and history of shareholder-oriented financial
policies.

Pro forma the proposed refinancing transaction, HSE's leverage
ratio (total gross debt to EBITDA as adjusted by Moody's) will be
around 4.5x based on 2020 earnings, compared to 2.9x prior to the
transaction. After an exceptional performance in 2020, supported by
stay-at home orders and a shift to online shopping, Moody's expects
trading conditions for HSE to soften in the next 18 months. Once
lockdown restrictions gradually ease, consumers will likely resume
spending on leisure activities while retail competition will likely
be fierce. As a consequence, Moody's expects the company's sales
and earnings growth to be muted and for adjusted leverage to hover
around 4.5x in the next 18 months.

Pro forma the proposed transaction, HSE's liquidity is good.
Although the company's initial cash balance will be limited, at
only EUR10 million, Moody's expects positive FCF over the next 18
months, as seen historically, reflecting the company's high margin
and low capital spending needs. Also, the company will have access
to a EUR35 million revolving credit facility (RCF), under which
only EUR1.3 million is used for guarantees and letters of credit.
The new RCF is subject to a springing senior net leverage covenant,
with ample capacity today, tested quarterly if more than 40% of the
facility is drawn.

ESG CONSIDERATIONS

Overall, Moody's considers environmental and social risk to be
moderate for the retail industry. Changes in customer behavior,
notably the shift to online, creates challenges. However, this risk
is mitigated by the fact that HSE has already developed strong
omni-channel capabilities. As a retailer, HSE is also subject to
social factors such as responsible sourcing, product and supply
sustainability, privacy and data protection.

HSE is controlled by Providence Equity Partners which, as often is
the case in private-equity sponsored deals, can mean there is a
high tolerance for leverage. The company has evidenced
shareholder-friendly financial policies, with several dividend
recapitalisations since the 2012 leverage buyout. This is
illustrated again with the EUR242 million distribution to
shareholders as part of the proposed transaction.

STABLE OUTLOOK

The stable outlook reflects Moody's view that HSE's sales and
earnings will remain relatively stable in the next 18 months. The
stable outlook also incorporates Moody's expectations that HSE will
continue to generate positive FCF and will maintain an adequate
liquidity profile.

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

Positive pressure on the rating could occur if the company's
Moody's adjusted debt/EBITDA ratio remains below 4.0x on a
sustainable basis and its EBIT/interest expense ratio rises
sustainably above 3.0x. An upgrade would also require HSE to
generate positive FCF and to maintain an adequate liquidity profile
while also demonstrating less shareholder friendly financial
policies than in the past.

Conversely, negative pressure on the rating could materialise if
HSE's debt/EBITDA ratio exceeds 5.5x, its EBIT/interest expense
ratio fall sustainably below 1.5x or if the company's customer base
contracts significantly. Downward ratings pressure could also arise
if FCF weakens significantly or adequate liquidity is not
maintained at all times.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to the proposed EUR630 million guaranteed
senior secured notes due 2026 reflects their presence as the
largest debt instrument in the capital structure, ranking behind
the EUR35 million super-senior RCF. The notes and the RCF benefit
from a similar maintenance guarantor package, including upstream
guarantees from guarantor subsidiaries, representing around 88% of
HSE's consolidated EBITDA. Both instruments are secured, on a
first-priority basis, by share pledges in each of the guarantors,
security assignments over trade receivables and intercompany
receivables; security over material bank accounts; and security
over certain material intellectual property rights. However, the
notes are contractually subordinated to the RCF with respect to the
collateral enforcement proceeds.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Headquartered in Ismaning, Germany, HSE is a multichannel home
shopping operator that offers a wide range of own, exclusive and
third-party brand products on its TV platform, online, via
smartphone and tablet applications, and through smart TV. In 2020,
the DACH region -- Germany (D), Austria (A) and Switzerland (CH) --
accounted for approximately 87% of group net sales, with the
remainder generated in Russia (13%). During the summer of 2019, HSE
decided to discontinue its operations in Italy and the Middle East.
In 2020, HSE reported revenue of EUR809 million and EBITDA (as
adjusted by the company) of EUR160.5 million.

HSE has been owned by private-equity company Providence Equity
Partners since 2012.

PCF GMBH: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned Germany-based manufacturer of wood
products and resins PCF GmbH a Long-Term Issuer Default Rating
(IDR) of 'B+' with a Stable Outlook. Fitch has also assigned a
senior secured rating of 'BB-' with a Recovery Rating of 'RR3' to
PCF's EUR400 million fixed-rate notes due 2026 and EUR350 million
floating rate notes due 2026. The assignment of the final ratings
follows the receipt and review of the final bond documentation.

The IDR of PCF is constrained by its small scale, limited product
and geographic diversification and high leverage as a result of the
notes issue and recapitalisation. It is also underpinned by its
exposure to less-cyclical renovation end-markets, a diversified
customer base and long-term relationships with the majority of its
customers. Specialisation in production of value-added products
supports sustainably positive free cash flow (FCF) generation.

The Stable Outlook reflects Fitch's expectation that PCF will
continue to generate strong cash flow margins (funds flow from
operations (FFO) margin of about 10% and FCF margin of about 5%-6%
from 2022) and to grow organically.

KEY RATING DRIVERS

High Leverage: Following the debt refinancing and dividend
recapitalisation Fitch forecasts PCF's FFO gross and net leverage
at 6.9x and 6.4x, respectively, at end-2021. Expected improvement
of FFO and sustainably positive FCF generation over the next three
years provide deleveraging capacity, which should reduce FFO gross
and net leverage to around 5.9x and 5.2x by end-2024 in Fitch's
rating case. This compares well with other similarly rated building
products peers' but is higher than the 'B'-category midpoints of
5.0x and 4.0x, respectively, under Fitch's Navigator Tool for
Building Products.

Limited Diversification: PCF´s geographical presence is primarily
concentrated in the DACH region, which contributed 61% of revenue
in 2020. The German market is mature with likely single-digit
annual growth in the medium term. However, it is characterised by
sustainable demand for PCF's products, supporting cash flow
generation. PCF is focused on production of melamine-faced boards
(39% of total revenue) and high-pressure laminate (20%), indicating
limited product diversification. This is common for EMEA building
products companies often operating with strong market positions in
certain niches of the market.

Balanced End-Market Diversification: The limited geographical and
product diversification is mitigated by a business profile exposure
to the more stable renovation end-market versus the new-build
market. The renovation market contributes about 75% of engineered
wood products revenue. End-markets are moderately diversified via
kitchen producers (about 30% of total revenue), furniture makers
(24%), non-residential construction market (20%) and residential
construction (14%). Such end-market diversification has
historically led to sustainable revenue generation and competitive
operating margins for PCF.

Resilient Performance During Pandemic: PCF's operating performance
has been broadly resilient through the pandemic with revenue
declining only 6.5% yoy in 2020 while the EBITDA margin improved to
15%, versus 12% in 2019. Fitch believes that the solid recovery of
operating performance in 2H20 was driven by favourable end-markets
as PCF is primarily exposed to the renovation segment and in
particular to high-end kitchen and furniture producers with
long-term relationships and a diversified customer base. Further, a
flexible cost structure has supported its resilience.

Sustainable Operating Profitability: PCF's operating activity is
primarily concentrated in production of value-added products (79%
of engineered wood products revenue), resulting in healthy
profitability with FFO margins of 8%-11% in 2018-2020. This
compares well with peers'. Fitch expects PCF´s ongoing
cost-optimisation programme, started in 2019, to further support
profitability. Fitch forecasts an FFO margin of 11% by 2024, which
is strong for the rating, despite it being slightly under pressure
from higher interest costs following the recapitalisation.

Positive FCF: PCF's financial profile benefits from a historically
sound FCF margin of 4%-5.5% over 2019-2020. Together with moderate
capex needs averaging 5% of sales in 2021-2024 and absence of
dividends payment Fitch expects a healthy FCF margin of 3.5%-6%
until 2024. This should support deleveraging capacity in the
future. While PCF is primarily focused on organic growth Fitch
expects excess cash to be used for small bolt-on acquisitions of
EUR50 million annually in 2023-2024.

Deleveraging Subject to Financial Policy: Although PCF has no
intention of paying dividends at present, this policy might be
revised. The incurrence of additional debt or new refinancing and
potential new recapitalisation will depend on the cash deployment
policy of PCF's shareholder, which may erode the company's
deleveraging path with pressure on the rating as a result.

DERIVATION SUMMARY

PCF is smaller in scale than other building products producers
rated by Fitch, including Victoria plc (BB-/Stable) and Hestiafloor
2 (Gerflor; B+/Negative). Geographical diversification of PCF is
weaker than peers' as it is concentrated in Germany (about 50% of
total revenue), which however is a mature and fairly sustainable
market. Similar to other small to mid-sized building-product
companies PCF has limited product differentiation.

Strong and healthy cash flow generation favourably positions PCF
among its peers. Its FFO margin of 11% at end-2020 was slightly
better than Victoria's reported 10% (year ended March 2020) and
Gerflor's about 9% (2019). FCF generation was also stronger than
other Fitch-rated peers', with a FCF margin of 4% in 2020 versus
Victoria´s 2.5%.

Following the bond issue and recapitalisatiion, PCF´s FFO gross
leverage of 6.9x in 2021 will be lower than Gerflor's about 9.0x in
2020, albeit with a slower deleveraging capacity. Fitch estimates
PCF's leverage metrics to be higher than Victoria's FFO gross and
net leverage of 6.0x and 4.2x, respectively, for 2020.

KEY ASSUMPTIONS

-- Single-digit revenue growth averaging 3.5% annually 2021-2024;

-- Gradually improving EBITDA margin to 18% by 2024 from about
    15% in 2020;

-- Average capex at 5% of revenue p.a. 2021-2024;

-- No dividend payments until 2024;

-- Small bolt-on acquisitions starting in 2023 of EUR50 million
    annually;

-- Issue of senior secured notes of EUR750 million;

-- Shareholders distribution of EUR331 million for 2021.

KEY RECOVERY ASSUMPTIONS

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

-- Fitch's GC value available for claims is estimated at about
    EUR520 million assuming GC EBITDA of EUR115 million. The GC
    EBITDA reflects expected improvement of the EBITDA margin due
    to ongoing cost-saving measures, assumed loss of a major
    customer, increasing raw material costs and postponed sale
    price increase. The assumption also reflects corrective
    measures taken in the reorganisation to offset the adverse
    conditions that trigger the default.

-- A 10% administrative claim.

-- An enterprise value (EV) multiple of 5.5x is used to calculate
    a post-reorganisation valuation. The choice of multiple is
    based on PCF's adequate scale, strong market position in the
    DACH region with resilient and sustainable profitability due
    to high exposure to value-added products and strong FCF
    generation. At the same time, the EV multiple reflects the
    company's concentrated geographical diversification and
    limited range of products.

-- Fitch deducts about EUR52 million from the EV, relating to the
    company's highest usage of factoring facility adjusted for
    discount, in line with Fitch's criteria.

-- Fitch estimates the total amount of senior debt claims at
    EUR815 million, which includes a super senior revolving credit
    facility (RCF) of EUR65 million and senior secured notes of
    EUR750 million.

-- After deducting priority claims, the principal waterfall
    results in 'RR3'/60% for the senior secured notes.

RATING SENSITIVITIES

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

-- Significant increase in scale and geographical
    diversification;

-- FFO margin above 11%;

-- FFO gross leverage sustainably below 4.5x.

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

-- FFO margin below 7%;

-- FCF margin below 3%;

-- FFO gross leverage sustainably above 6.5x.

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

Healthy Liquidity: At end-2020, Fitch-defined readily available
cash adjusted for EUR10 million amounted to EUR61 million.
Liquidity is supported by an undrawn RCF of EUR65 million and
sustainably positive FCF generation. Fitch-adjusted short-term debt
is represented by a drawn factoring facility of EUR32 million.

Senior secured notes issue of EUR750 million due 2026 further
supports liquidity and provides an extended, long-term debt
repayment profile.

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.

WIRECARD AG: German Chancellor Rejects Lobbying Criticism
---------------------------------------------------------
John O'Donnell and Christian Kraemer at Reuters report that German
chancellor Angela Merkel rejected criticism of her lobbying for
Wirecard in China months before it collapsed, telling lawmakers she
had no reason to suspect the firm of criminality as she sought to
help it do business there.

Her detailed account of events leading to a state visit to China in
September 2019 shone a rare light on the inner workings of
government and its lobbying for business, marking the climax of a
public inquiry into the country's biggest post-war fraud, Reuters
notes.

Wirecard, which began by processing payments for gambling and
pornography, had been hailed as a rare German technology success
story, although few really understood it.  Once valued at US$28
billion, it abruptly unravelled last year.

In her testimony, Mr. Merkel outlined how Wirecard's aim of buying
a Chinese company fitted in with her agenda of helping German
companies on the trip, lobbying she described as a normal part of
her job, Reuters relates.

"What is known since Summer 2020 . . . about Wirecard was not known
in 2018/2019," Reuters quotes Ms. Merkel as saying, adding: "There
was no reason to think that there were serious irregularities, in
spite of press reports."

Ms. Merkel gave a vague account of her meeting, shortly before her
journey to China, with Karl-Theodor zu Guttenberg, a former German
economy minister who lobbied on behalf of Wirecard, saying she did
not remember if he brought up the company, Reuters recounts.

Highlighting the fact that EY, Wirecard's auditor, had signed off
on the company's accounts and emphasising that she had no reason to
doubt the information she had been given by the Finance Ministry,
Merkel emphasised her ignorance at the time, Reuters discloses.

"There is no 100% protection against criminal behaviour," she
said.

According to Reuters, lawmakers say that the German government was
biased in favour of the company, turning a blind eye to allegations
of irregularities in the run up to its collapse.




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G R E E C E
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ALPHA BANK: Moody's Withdraws Ba1 Rating on Covered Bonds for Reorg
-------------------------------------------------------------------
Moody's Investors Service has taken the following rating actions on
the ratings of the covered bonds transferred to the new legal
entity Alpha Bank S.A. (deposits Caa1 positive outlook; adjusted
baseline credit assessment caa1; counterparty risk (CR) assessment
B1(cr)) from Alpha Bank AE (now renamed Alpha Services and Holdings
S.A., ratings withdrawn):

Covered bonds issued by Alpha Bank A.E. Direct Issuance Global
Covered Bond Programme I: withdrawn for reorganisation; previously
Ba1.

Covered bonds issued by Alpha Bank A.E. Direct Issuance Global
Covered Bond Programme II: withdrawn for reorganisation; previously
Baa3.

Covered bonds assumed by Alpha Bank S.A. Direct Issuance Global
Covered Bond Programme I programme and transferred from the former
Alpha Bank A.E. Direct Issuance Global Covered Bond Programme I:
Baa2, new rating assigned.

Covered bonds assumed by Alpha Bank S.A. Direct Issuance Global
Covered Bond Programme II programme and transferred from the former
Alpha Bank A.E. Direct Issuance Global Covered Bond Programme II:
Baa2, new rating assigned.

RATINGS RATIONALE

The rating actions follow the transformation plan of Alpha Bank AE
effective as of April 16, 2021. Alpha Bank S.A., the new legal
entity that has taken over the core banking operations and the
banking license of its legacy entity in Greece (Alpha Bank AE),
will assume the covered bonds that were previously issued by Alpha
Bank AE. Moreover, the cover pool and structural features of the
new Alpha Bank S.A. mortgage covered bond programmes will be
exactly the same as in the previous Alpha Bank AE mortgage covered
bond programmes.

The bank's long-term Counterparty Risk Assessment (CRA) of Alpha
Bank S.A. is now at B1(cr), which is positioned one notch higher
than the corresponding CRA previously assigned to the legacy
entity. As a result, the covered bonds assumed by Alpha Bank S.A.
under its Direct Issuance Global Covered Bond Programme I and II
may now achieve higher ratings.

For Alpha Bank S.A. Direct Issuance Global Covered Bond Programme
I, Moody's Timely Payment Indicator ("TPI") framework constrains
the rating of the covered bonds to Baa2.

For Alpha Bank S.A. Direct Issuance Global Covered Bond Programme
II, the current level of over-collateralisation (OC) exceeds the
minimum level consistent with Baa1 ratings but looking ahead,
Moody's does not expect with sufficient certainty that OC will be
maintained at levels consistent with covered bond ratings higher
than Baa2.

For further details on the rating actions on Alpha Bank AE and
Alpha Bank S.A., please refer to Moody's press release:
https://bit.ly/2QMMx2C.

A covered bond benefits from: (1) the issuer's promise to pay
interest and principal on the bonds; and (2) if the issuer
defaults, the economic benefit of a collateral pool (the cover
pool). The ratings therefore take into account the following
factors:

(1) The credit strength of Alpha Bank S.A. ((deposits Caa1 positive
outlook; adjusted baseline credit assessment caa1; counterparty
risk (CR) assessment B1(cr)) and a CB anchor of CR assessment plus
1 notch.

(2) Following a CB anchor event the value of the cover pool. The
stressed level of losses on the cover pool assets following a CB
anchor event (cover pool losses) for Alpha Bank S.A. Direct
Issuance Global Covered Bond Programme I are 35.9%. The cover pool
losses for Alpha Bank S.A. Direct Issuance Global Covered Bond
Programme II are 25.4%.

The analysis of the value of the cover pool considered:

a) The credit quality of the assets backing the covered bonds. The
mortgage covered bonds are backed by Greek residential mortgage
loans. The collateral score for Alpha Bank S.A. Direct Issuance
Global Covered Bond Programme I and II is 18.7%.

b) The legal framework. Notable aspects of the Greek covered bond
legislation include: (i) the holders of the covered bonds will have
the benefit of both unlimited recourse against the issuer and a
statutory pledge over the assets forming part of the cover pool;
(ii) the legal segregation of the assets in the cover pool from any
bankruptcy proceedings against the issuer; (iii) the statutory
nominal value test with a maximum asset percentage of 95%; and (iv)
a legal minimum over-collateralisation of 5.3% to be maintained by
the issuer on a nominal basis.

c) For Alpha Bank S.A. Direct Issuance Global Covered Bond
Programme II, the contractual structure and provisions contained in
the transaction that aim to mitigate various risks such as: (i) a
conditional pass-through mechanism to reduce refinancing risk; and
(ii) a general reserve fund to cover the equivalent of six months
of senior costs, expenses, interest payments due on the covered
bonds and the respective liability swaps, if any.

d) The exposure to market risk. The market risk for Alpha Bank S.A.
Direct Issuance Global Covered Bond Programme I is 23.4% and 12.9%
for Alpha Bank S.A. Direct Issuance Global Covered Bond Programme
II

e) For Alpha Bank S.A. Direct Issuance Global Covered Bond
Programme I, the over-collateralisation in the cover pool is 42.4%,
of which the issuer provides 27.0% on a "committed" basis (see Key
Rating Assumptions/Factors, below). For Alpha Bank S.A. Direct
Issuance Global Covered Bond Programme II, the
over-collateralisation in the cover pool is 12.2%, of which the
issuer provides 5.3% on a "committed" basis (see Key Rating
Assumptions/Factors, below).
The TPI assigned to Alpha Bank S.A. Direct Issuance Global Covered
Bond Programme I is "Improbable". This TPI does constrain the
rating of the covered bonds at its current level.

The TPI assigned to Alpha Bank S.A. Direct Issuance Global Covered
Bond Programme II is "Probable". This TPI does not constrain the
ratings of the covered bonds at its current level.

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as: (1) a function of the probability that
the issuer will cease making payments under the covered bonds (a CB
anchor event); and (2) the stressed losses on the cover pool assets
following a CB anchor event.

The CB anchor for these programmes is CR assessment plus 1 notch.

Alpha Bank S.A. Direct Issuance Global Covered Bond Programme I.

The cover pool losses for this programme are 35.9%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market risk
of 23.4% and collateral risk of 12.5%. Market risk measures losses
stemming from refinancing risk and risks related to interest-rate
and currency mismatches (these losses may also include certain
legal risks). Collateral risk measures losses resulting directly
from cover pool assets' credit quality. Moody's derives collateral
risk from the collateral score, which for this programme is
currently 18.7%.

The over-collateralisation in the cover pool is 42.4%, of which the
issuer provides 27% on a "committed" basis. Under Moody's COBOL
model, the minimum OC consistent with the Baa2 rating is 17%. These
numbers show that Moody's is not relying on "uncommitted" OC in its
expected loss analysis.

Alpha Bank S.A. Direct Issuance Global Covered Bond Programme II.

The cover pool losses for this programme are 25.4%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market risk
of 12.9% and collateral risk of 12.5%. Market risk measures losses
stemming from refinancing risk and risks related to interest-rate
and currency mismatches (these losses may also include certain
legal risks). Collateral risk measures losses resulting directly
from cover pool assets' credit quality. Moody's derives collateral
risk from the collateral score, which for this programme is
currently 18.7%

The over-collateralisation in the cover pool is 12.2%, of which the
issuer provides 5.3% on a "committed" basis. Under Moody's COBOL
model, the minimum OC consistent with the Baa2 rating is 4.5%.
These numbers show that Moody's is not relying on "uncommitted" OC
in its expected loss analysis.

TPI FRAMEWORK: Moody's assigns a TPI, which is Moody's assessment
of the likelihood of timely payment of interest and principal to
covered bondholders following a CB anchor event. TPIs are assessed
as Very High, High, Probable-High, Probable, Improbable or Very
Improbable. The TPI framework limits the covered bond rating to a
certain number of notches above the CB anchor.

For Alpha Bank S.A. Direct Issuance Global Covered Bond Programme
I, Moody's has assigned a TPI of Improbable.

For Alpha Bank S.A. Direct Issuance Global Covered Bond Programme
II, Moody's has assigned a TPI of Probable.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in October 2020.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The CB anchor is the main determinant of a covered bond programme's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might lower
the CB anchor before the rating agency downgrades the covered bonds
because of TPI framework constraints.

For Alpha Bank S.A. Direct Issuance Global Covered Bond Programme
I, based on the current TPI of "Improbable ", the TPI Leeway for
this programme is 0 notches. This implies that Moody's might
downgrade the covered bonds because of a TPI cap if it lowers the
CB anchor by one notch all other variables being equal.

For Alpha Bank S.A. Direct Issuance Global Covered Bond Programme
II, based on the current TPI of "Probable ", the TPI Leeway for
this programme is 0 notches. This implies that Moody's might
downgrade the covered bonds because of a TPI cap if it lowers the
CB anchor by one notch all other variables being equal.

A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as: (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting the
CB Anchor and the TPI; (2) a multiple-notch downgrade of the CB
Anchor; or (3) a material reduction of the value of the cover pool.

MYTILINEOS SA: Fitch Rates EUR500MM Green Notes 'BB(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned Mytilineos S.A.'s (MYTIL) upcoming
EUR500 million green notes an expected senior unsecured rating of
'BB(EXP)'. The Recovery Rating is 'RR4'. The assignment of the
final rating is contingent on the receipt of final documentation
with terms and conditions being substantially in line with the
information already provided.

The new notes due 2026 will rank pari passu with Mytilineos
Financial Partners S.A.'s existing EUR500 million notes due 2024
that are guaranteed by MYTIL. Proceeds will primarily be used for
debt repayment as well as general-corporate purposes. The planned
notes will allow MYTIL to further improve its maturity profile,
which will support financial flexibility over the medium term.

The Long-term Issuer Default Rating of MYTIL of 'BB' reflects
reasonable liquidity with no material debt maturities before 2024,
a diversified business profile, a synergistic business model,
vertically integrated and low unit-cost metallurgy operations as
well as a strong and growing market position in domestic
electricity that provide the group with sustainable cash flows.

KEY RATING DRIVERS

Better-Than-Expected 2020 Performance: MYTIL's diversification
limited the pandemic impact on 2020 performance. The group's funds
from operations (FFO) net leverage was 2.2x at end-2020,
significantly lower than the 3.4x Fitch had expected in June 2020,
primarily stemming from higher spark spreads in the power division.
Lower working-capital needs from delays in implementation of new
projects in the renewables & storage development (RSD) and
sustainable engineering solutions (SES) units along with deferred
capex contributed to the group's ability to generate positive free
cash flow (FCF) despite challenging market conditions.

Major Growth in Power Division: The group expects to develop around
700MW of solar farms that were recently acquired in Greece and
further expand its wind portfolio by 2024 as well as complete
construction of its new CCGT power plant by end-2021. These
projects, along with smaller-scale organic growth initiatives, will
result in capex averaging more than EUR300 million p.a. in
2021-2024. They will also increase the group's penetration in the
electricity market and provide increasing stable cash flows once
commissioned. As a result, Fitch expects the EBITDA share of the
power division to be sustainably at about 40% by 2024, exceeding
the metallurgy business's 35% based on Fitch's aluminium price
deck.

Negative FCF: As MYTIL is further scaling up its capex Fitch
expects negative FCF in 2021-2022 before it turns neutral in 2023
as the power division starts providing material incremental cash
flows. The new power plant will start commercial operations in
mid-2022, while the renewable energy sources (RES) portfolio will
gradually ramp up. However, the group has flexibility to postpone
growth capex and preserve cash in case of need as only around 22%
of total projected capex in 2021-2024 is for maintenance works.

Limited M&A Headroom: Fitch understands from management that the
group will keep monitoring the market for small bolt-on
acquisitions. MYTIL is active in the bidding process of acquiring
Domestic Energy Producers Alliance (DEPA), a natural gas supply
company of Greece.

Management aims to maintain net debt-to-EBITDA below 3x, with
temporary deviations to accommodate possible acquisitions or heavy
capex. Fitch expects FFO net leverage to increase to 3.3x at
end-2021, temporarily exceeding Fitch's negative guideline of 3.0x.
In Fitch's view, the group currently has limited headroom in its
'BB' rating for material spending on acquisitions. Fitch would
consider M&A an event risk.

Diversified Business Profile/Synergistic Model: The group's
operations across three sectors with distinctive characteristics
offer diversification and strengthen the overall business profile.
This was evident in 2020 where weaker metallurgy, RSD and SES
performance was fully mitigated by strong power-generation
performance. Furthermore, synergies created within the group's
diversified business units provide certain cost-competitive
advantages. Historically FFO margin has been above 12% and Fitch
expects sustainable FFO margins of 12%-14% over the next four
years.

Small-Scale, Low Cost Aluminium Unit: Fitch forecasts the
metallurgy division to account for about 35% of EBITDA on average
over 2021-2024 (46% in 2020). MYTIL is a small-scale, single-plant
aluminium producer, which operates across the value chain. Its own
alumina production covers more than 100% of its aluminium smelter
needs and its self-sufficiency in bauxite was about 35% of its
total alumina refining needs in 2020. CRU estimates that MYTIL's
alumina refinery and aluminium smelter are positioned in the first
and second quartile of the global cost curve, respectively. Fitch
expects MYTIL's site to remain cost-competitive, further supported
by a cost-optimisation programme (Hephaestus) in 2021.

Margins to Improve in Construction: Fitch expects MYTIL to improve
profitability in RSD to over 10% from 2022 from about 6%-7% in
2019-2020, following the successful execution of BOT projects,
which usually have double-digit margins versus solar power plants
developed for third parties. Fitch also forecasts the SES segment's
profitability to improve to above 10% from 2021, supported by
implementation of more complex sustainable projects (solid and
liquid waste management, infrastructure, energy efficiency
project). Fitch expects RSD and SES to contribute 30% to EBITDA on
average over 2021-2024 (9% in 2020).

Expansion in Solar Power: Fitch positively views expansion into
solar power projects in the construction business, due to strong
underlying demand for renewables globally and MYTIL's solid
experience in this niche. This will support revenue growth in RSD,
and has lower construction risk than traditional gas-fired
projects. However, this expansion slightly erodes profitability as
solar parks' margins for third parties are usually of single-digit
range. In addition, the execution of BOT projects, which are funded
by MYTIL at the initial stage, drives higher working-capital
volatility and is subject to the risk of sales delay that might
constrain revenue and cash flow generation versus Fitch's rating
case.

Growing Power Business Enhances Stability: Fitch deems MYTIL's
growing electricity business, which is characterised by low
cyclicality relative to other divisions', as credit-positive. The
group is the largest domestic independent power producer and
supplier. Fitch foresees some short-term volatility in the market
with the introduction of the target model in Greece as seen in many
European countries. However, Fitch does not expect this to
materially affect the power business, which Fitch believes will
remain resilient. The group also continues to expand its share in
the Greek electricity supply market (currently 7.7%).

Green Agenda in Focus: MYTIL aims to reduce Scope 1 and 2 carbon
dioxide emission in metallurgy by 65%, in the power division by 50%
per MWh and to have a neutral carbon footprint in SES and RSD by
2030. Over the long term, the group targets to achieve net zero
emissions by 2050. The cost of such transformation is significant,
which given uncertainties around the regulatory framework, is hard
to predict. From 2024, the group expects to produce all its
aluminium from renewable energy sources.

DERIVATION SUMMARY

Given the diversified nature of MYTIL's operations, Fitch compares
the group's separate business units with the most relevant
companies that operate in the metallurgy, utilities and
construction industries.

Metallurgy: The group's metallurgy business, which is the core
EBITDA driver, benefits from a competitive cost base positioned in
the first/second quartile of the global aluminium cost curve,
partial self-sufficiency in bauxite, in-house anode production and
a captive power plant that produces steam for alumina production.
However, its small scale in comparison with United Company RUSAL,
international public joint-stock company (B+/Stable), Alcoa
Corporation (BB+/Stable) and China Hongqiao Group Limited
(BB-/Stable), single-asset base and low exposure to
value-added-products constrain the group's business-profile
assessment.

Power & Gas: MYTIL is the largest IPP in Greece and second-largest
power producer after the state-owned Public Power Corporation S.A.
(PPC; BB-/Stable). It operates high-quality assets that are
strongly positioned at the front end of the merit order. A
challenging regulatory environment following the transition to
target model in Greece and expected material capex over the rating
horizon are key constraining factors. The group is comparable to
other EMEA utilities and electricity generation companies,
including PPC, Enel Russia PJSC (BB+/Stable), Bulgarian Energy
Holding EAD (BB/Positive).

RSD and SES Businesses: MYTIL possesses a fairly strong position in
the niche segment of energy-project construction with a long record
and historically strong order backlog, which provides revenue
visibility over the medium term. However, the business-profile
assessment remains constrained by its small scale in comparison
with Ferrovial S.A. (BBB/Stable), Petrofac Limited (BBB-/Negative)
and Webuild S.p.A. (BB/Negative), and by a rather concentrated
project portfolio and customer base, plus a fairly high exposure to
developing markets with a higher risk profile. Its expansion into
solar power and growing presence in infrastructure projects should
improve the business-segment diversification and will provide the
group with solid cash generation once the projects are successfully
delivered.

KEY ASSUMPTIONS

-- Fitch's aluminium price deck at USD1,950/tonne in 2021,
    USD1,850/tonne in 2022-2023 and USD1,900/tonne in 2024;

-- USD/EUR exchange rate of 0.83 over the next four years;

-- Aluminium production gradually increases to 250kt in 2022;

-- Material contribution to EBITDA from the new CCGT power plant
    starting from mid-2022;

-- EBITDA margin at around 15% on average during 2021-2024;

-- Working-capital volatility driven primarily by RSD and SES
    business units. Fitch forecasts outflow of about EUR100
    million p.a. in 2021-2022, followed by working-capital
    reversal in 2023-2024 mainly due to execution of BOT projects.

-- High capex in 2021-2024, in line with management's guidance,
    primarily reflecting the new power plant construction and
    development of RES projects. Total capex is estimated at about
    EUR1.2 billion during 2021-2024; and

-- Stable dividends of around EUR50 million per year, in line
    with 2020's, over the next four years.

RATING SENSITIVITIES

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

-- FFO net leverage below 2.0x on a sustained basis;

-- Further increase in scale with higher contribution from the
    less volatile power & gas segment;

-- Sustained positive FCF.

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

-- FFO net leverage sustained above 3.0x;

-- EBITDA margins below 10% on a sustained basis;

-- Sustained negative FCF;

-- Material debt-funded M&As.

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

Healthy Liquidity: As at end-2020, MYTIL had EUR467 million of
Fitch-defined readily available cash that was more than sufficient
to cover its short-term debt repayments and expected negative FCF
of around EUR300 million in 2021. The group has minor scheduled
maturities until November 2024, when its EUR500 million senior
unsecured bond matures. Available undrawn credit facilities of
around EUR836 million at end-2020 with maturity over one year
provide an additional cash buffer.

Exposure to Greek Financial System: Most of MYTIL's bank debt is
from Greek financial institutions and about 49% of its cash at
end-2020 was located within various Greek banks, rated by Fitch at
'B-' and below. The Greek banking sector faces significant
asset-quality issues with an extremely high level of non-performing
loans.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified around EUR6.7 million of depreciation of
right-of-use assets and around EUR2.3 million of interest on lease
liabilities as lease expenses, reducing Fitch-calculated EBITDA by
around EUR9 million in 2020.

Fitch adjusted debt as at end-2020 for factoring and pre-export
financing (PXF) by EUR65.7 million and EUR45 million, respectively.
Related adjustments were made in the cash flow statement. Fitch has
also adjusted EUR2.8 million of factoring and PXF-related interest
paid in the cash flow statement.

Fitch adjusted cash in the amount of 5% of revenue attributed to
the construction segment, which Fitch treats as not readily
available for debt repayment because of seasonal working-capital
swings. Fitch also adjusted for cash held in countries (Algeria,
Ghana and Libya) with potential barriers to access by EUR1.6
million as at end-2020.

Fitch also adjusted debt as at end-2020 by EUR27.7 million to
indicate the actual outstanding amount to be redeemed.

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.

MYTILINEOS SA: S&P Rates New EUR500MM Unsecured Green Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to Mytilineos
S.A.'s' proposed EUR500 million senior unsecured green notes due
2026. The notes are rated on par with our 'BB-' long-term issuer
credit rating on the company, which is unchanged.

In 2021, Mytilineos will resume its ambitious capital expenditure
(capex) program, after taking a decision to slow investments in
2020 due to COVID-19. The company is therefore proposing to issue
EUR500 million of senior unsecured notes opportunistically, since
the next major maturity is in 2024 (EUR500 million of senior
unsecured notes issued in 2019). The proceeds will be used to repay
EUR300 million of bank loans due 2025 and enhance its liquidity
position as it proceeds with the capex program.

Issue Ratings - Subordination Risk Analysis

CAPITAL STRUCTURE

Following its new transaction, the company's capital structure will
include:

-- The EUR500 million unsecured notes due 2024.

-- The proposed EUR500 million unsecured green bond due 2026.

-- Fully undrawn revolving credit facilities (RCFs) of about
EUR700 million, which are unsecured and rank pari passu with the
unsecured notes.

-- About EUR200 million of secured debt at the company's power
subsidiaries, most of which are recourse to Mytilineos. S&P saidm
"We understand that the company has the option to change some of
the recourse debt into nonrecourse debt. Moreover, we can also
envision a scenario under which Mytilineos finances some of its
future growth under attractive rates at its operating
subsidiaries."

-- About EUR10 million of unsecured debt at the company's
subsidiaries.

-- EUR43 million outstanding under a pre-export finance facility
and about EUR66 million outstanding under various factoring
facilities. S&P views the security packages linked to those
facilities as relatively weak. In our view, the company is likely
to draw additional funds under the RCF, if it couldn't refinance
these facilities.

ANALYTICAL CONCLUSIONS

According to S&P's calculations, priority liabilities (including
all the debt at the operating levels, as well as the secured debt)
before and after the proposed issue will be below 50% of total
liabilities. As a result, the company's unsecured instruments are
rated 'BB-', in line with the long-term issuer credit rating.

Currently, the company's sizable RCF lines are undrawn and S&P does
not expect it to draw them in the near-term. However, if this were
the case, it could lead to its issue rating being lowered by one
notch. This is explained by the fact that they benefit from
financial covenants, giving the lenders more flexibility to adjust
their exposure to Mytilineos.

Lastly, any decision to finance some of the build-own-transfer
projects from specific finance (such as project finance structures)
could result in higher priority debt. However, given the short
nature of those projects, such a decision is unlikely to drive a
lower notching of the unsecured instruments, all else being equal.


PIRAEUS BANK: S&P Withdraws 'B-' Rating on Senior Unsecured Debt
----------------------------------------------------------------
S&P Global Ratings has withdrawn its ratings on the euro
medium-term note (EMTN) program issued by Piraeus Bank S.A. (London
Branch). This includes the 'B-' rating on the bank's senior
unsecured debt, the 'B' rating on its short-term debt, as well as
the 'CCC' rating on its subordinated debt.

S&P withdrew the ratings at the parent's request following the
closure of the branch and transfer of its assets and liabilities to
Piraeus Bank in Athens. There were no outstanding rated issuances
under the program at the time of the withdrawal.

The ratings assigned to Piraeus Bank S.A. and Piraeus Financial
Holdings S.A.'s EMTN programs are unaffected.




=============
I R E L A N D
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ANCHORAGE CAPITAL 2: Moody's Gives B3 Rating to EUR12MM Cl. F Notes
-------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
Anchorage Capital Europe CLO 2 DAC (the "Issuer"):

EUR240,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR9,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR29,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A3 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR26,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

As part of this reset, the Issuer will extend the reinvestment
period to around 4.25 years and the weighted average life to 9.0
years. It will also amend certain concentration limits, definitions
and minor features. In addition, the Issuer will amend the base
matrix and modifiers that Moody's has taken into account for the
assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior obligations and up to 10%
of the portfolio may consist of unsecured senior obligations,
second-lien loans, high yield bonds and mezzanine obligations. The
underlying portfolio is expected to be fully ramped as of the
closing date so there will be no effective date defined.

Anchorage CLO ECM, L.L.C ("Anchorage") will continue to manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3315

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 9.0 years

BAIN CAPITAL 2018-2: Moody's Affirms B2 Rating on EUR11.6M F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned definitive
ratings to refinancing notes issued by Bain Capital Euro CLO 2018-2
Designated Activity Company (the "Issuer"):

EUR232,500,000 Class A Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR13,800,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

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

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

EUR29,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on Sep 4, 2020
Affirmed A2 (sf)

EUR18,900,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa2 (sf); previously on Sep 4, 2020
Confirmed at Baa2 (sf)

EUR22,900,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Sep 4, 2020
Confirmed at Ba2 (sf)

EUR11,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Sep 4, 2020
Confirmed at B2 (sf)

RATINGS RATIONALE

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

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

As part of this refinancing, the Issuer has extended the weighted
average life test date by 9 months to 15 February 2028. In
addition, the Issuer has amended the base matrix that Moody's has
taken into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans.

Bain Capital Credit U.S. CLO Manager, LLC will continue to manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period which will end in January 2023.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par and principal proceeds balance: EUR367.06 million

Defaulted Par: EUR8.9 million

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3010

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 44.0%

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

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

Hayfin Emerald CLO II DAC

DEBT                RATING
----                ------
A-R     LT  AAA(EXP)sf   Expected Rating
B-1R    LT  AA(EXP)sf    Expected Rating
B-2R    LT  AA(EXP)sf    Expected Rating
C-1R    LT  A(EXP)sf     Expected Rating
C-2R    LT  A(EXP)sf     Expected Rating  
D-R     LT  BBB-(EXP)sf  Expected Rating
E-R     LT  BB-(EXP)sf   Expected Rating
F-R     LT  B-(EXP)sf    Expected Rating
M-R     LT  NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Hayfin Emerald CLO II DAC is a securitisation of mainly senior
secured loans (at least 92.5%) with a component of senior
unsecured, mezzanine, and second-lien loans. The note proceeds will
be used to redeem existing notes except for the subordinated notes
and to fund the current portfolio with a target par of EUR400
million. The portfolio is managed by HayFin Capital Management LLP.
The CLO envisages 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' range. The
Fitch-weighted average rating factor (WARF) of the current
portfolio is 33.9.

Recovery Inconsistent with Criteria (Negative): Over 98% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the portfolio based on
Fitch's current criteria is 62.67% and 65.11% under the
recovery-rate definition in the transaction documents.

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
on the break-even WARR of 1.5%, which is in line with the average
impact on the WARR of EMEA CLOs following Fitch's criteria update.

Diversified Asset Portfolio (Positive): The indicative 10-largest
obligors' limit at 25% is higher than the top 10 obligors' exposure
at 19% 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.

Portfolio Management (Neutral): 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.

Model-Implied Ratings Deviation (Negative): The assigned ratings of
all classes are one notch above the model-implied rating (MIR). All
notes pass one notch below the assigned ratings based on the
stressed portfolio. The maximum default-rate shortfall at the
assigned ratings based on the stressed portfolio analysis is
-3.57%. However, Fitch has deviated from the MIRs due to the
transaction's steady performance, and the positive cushion across
the capital structure based on the current portfolio and the
coronavirus baseline scenario, except for the class E and class F
notes, which have a small shortfall.

The class F notes' deviation from the MIR also reflects Fitch's
view that the tranche displays a significant margin of safety given
available credit enhancement. The notes do not present a "real
possibility of default", which is the definition of 'CCC' in
Fitch's terminology.

Criteria Deviation (Negative): Fitch applied a criteria variation
and assigned a rating one notch above the MIR to the class E notes
on account of healthy performance of the CLO to date with a small
'CCC' bucket and the transaction being above target par on the
current portfolio. The current portfolio shows a small shortfall at
the assigned ratings, driven by back-loaded default timing and
rising interest-rate scenarios.

RATING SENSITIVITIES

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

-- A reduction of the rating default rate (RDR) at all rating
    levels by 25% of the mean RDR and a 25% increase of the
    recovery rate at all rating levels, would lead to a downgrade
    of up to five notches for the rated notes, except the class A
    R 'notes, which are already at the highest rating.

-- At closing, Fitch 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, given the portfolio credit
    quality may still deteriorate, not only by natural credit
    migration, but also by reinvestments.

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

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

-- An increase of RDR at all rating levels by 25% of the mean RDR
    and a 25% decrease of the recovery rate at all rating levels,
    would lead to a downgrade of up to five notches for the rated
    notes.

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

Coronavirus Baseline Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100% (floor at 'CCC'). All
ratings can withstand the coronavirus baseline sensitivity except
for the class E and F notes, which show shortfalls. However, Fitch
has assigned a Stable Outlook to all rated tranches on account of
healthy performance of the CLO to date with a small 'CCC' bucket
and the transaction being above target par on the current
portfolio. The shortfalls are small and mainly driven by a
back-loaded default-rate scenario, which is not an imminent risk.

Coronavirus Downside Scenario

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

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

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.

JAZZ SECURITIES: Moody's Gives Ba2 Rating on New Sr. Secured Notes
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the new senior
secured notes issuance of Jazz Securities Designated Activity
Company, a subsidiary of Jazz Pharmaceuticals plc. There are no
changes to the existing ratings of the company, including the Ba3
Corporate Family Rating, the Ba3-PD Probability of Default Rating,
or the SGL-1 Speculative Grade Liquidity Rating. The outlook
remains unchanged at negative.

Proceeds of the notes, together with secured credit facilities,
cash on hand, and equity will be used to fund the acquisition of GW
Pharmaceuticals along with the various fees and expenses for
approximately $6.7 billion net of cash acquired.

Ratings assigned:

Jazz Securities Designated Activity Company:

Guaranteed Senior secured notes, assigned Ba2 (LGD3)

RATINGS RATIONALE

Jazz's Ba3 rating reflects the company's position as a specialized
pharmaceutical company with approximately $2.9 billion of pro forma
revenue including GW Pharmaceuticals. The credit profile also
reflects Jazz's good growth prospects for the next several years
and its strong market position in sleep disorder drugs, as well as
a growing oncology business. Growth will be enhanced by Zepzelca in
small-cell lung cancer and continued growth of GW's Epidiolex in
multiple rare diseases. The GW acquisition establishes Jazz as a
leader in cannabinoid science.

These strengths are constrained by Jazz's limited scale and high
revenue concentration in the Xyrem/Xywav franchise, which Moody's
estimates will make up over 50% of pro forma revenues in 2021.
Authorized generic entry for Xyrem anticipated in 2023 places high
reliance on successful transition of patients to Xywav, and rising
commercial uptake of products like Epidiolex, Zepzelca, and
Sunosi.

Social and governance considerations are material to the rating.
Jazz faces exposure to regulatory and legislative efforts aimed at
reducing drug prices. These are fueled in part by demographic and
societal trends that are pressuring government budgets because of
rising healthcare spending. These risks appear highest in the US,
where Jazz has substantial revenue concentration. The acquisition
of GW brings new regulatory oversight and compliance risks related
to responsible production due to the derivation of Epidiolex from
cannabis. Among governance considerations, Jazz has historically
maintained low financial leverage. Given approaching Xyrem
generics, the company is willing to incur higher financial leverage
in order to make acquisitions, notwithstanding a commitment to
deleveraging following the GW acquisition.

The Ba2 rating on Jazz's senior secured notes and secured bank
credit facilities is one-notch above the Ba3 Corporate Family
Rating. This reflects the senior position over the approximately
$1.8 billion of convertible bonds in the capital structure. Both
the senior secured notes and secured credit facilities will benefit
from the same collateral package and guarantees from restricted
subsidiaries, as well as a guarantee from the parent company Jazz
Pharmaceuticals plc.

The outlook is negative, reflecting the risks of commercial
execution prior to authorized generic entry on Xyrem, as well as
elevated financial leverage outside of Moody's expectations for the
rating. This leaves Jazz weakly positioned to absorb any unexpected
operating setbacks or debt funded acquisitions.

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

Factors that could lead to a downgrade include slower than expected
uptake of Xywav or other new products, increased litigation
exposure, or additional debt-funded acquisitions such that
debt/EBITDA is sustained above 4.5x.

Factors that could lead to an upgrade include greater revenue
diversity arising from growth in key products, reduction in
exposure to Xyrem generics, and debt/EBITDA maintained below 3.5x.

Jazz Securities Designated Activity Company is an Irish-domiciled
subsidiary of Jazz Pharmaceuticals plc (collectively referred to as
"Jazz"), a global pharmaceutical company with a portfolio of
products that treat unmet needs in narrowly focused therapeutic
areas. Pro forma for the GW acquisition, revenues in 2020 totaled
approximately $2.9 billion.

The principal methodology used in this rating was Pharmaceutical
Industry published in June 2017.

LAURELIN 2016-1: Moody's Affirms B2 Rating on Class F-R Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
Laurelin 2016-1 Designated Activity Company (the "Issuer"):

EUR238,800,000 Class A-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

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

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

EUR21,500,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Jun 11, 2020 Affirmed Aa2
(sf)

EUR26,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Jun 11, 2020
Affirmed A2 (sf)

EUR26,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa3 (sf); previously on Jun 11, 2020
Confirmed at Baa3 (sf)

EUR23,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jun 11, 2020
Confirmed at Ba2 (sf)

EUR10,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jun 11, 2020
Confirmed at B2 (sf)

RATINGS RATIONALE

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

Moody's rating affirmations of the Class B-1-R, C-R, D-R, E-R and
F-R Notes are a result of the refinancing, which has no impact on
the ratings of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life test date by 9 months to January 2028 and has amended
certain definitions and minor features. In addition, the Issuer has
amended the base matrix and modifiers that Moody's has taken into
account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans and up to 10% of the
portfolio may consist of unsecured senior loans, second-lien loans
and mezzanine loans.

GoldenTree Asset Management LP will continue to manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period which will end in April 2023.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par and principal proceeds balance: EUR392.0 million

Defaulted Par: Nil

Diversity Score: 53*

Weighted Average Rating Factor (WARF): 3133

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 6.75 years

OCP EURO 2019-3: Moody's Gives B3 Rating to EUR11.25M Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the refinancing notes issued by OCP
Euro CLO 2019-3 Designated Activity Company (the "Issuer"):

EUR2,400,000 Class X Senior Secured Floating Rate Notes due 2033,
Assigned Aaa (sf)

EUR266,000,000 Class A Senior Secured Floating Rate Notes due
2033, Assigned Aaa (sf)

EUR26,400,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Assigned Aa2 (sf)

EUR25,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned A2 (sf)

EUR32,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Baa3 (sf)

EUR24,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Ba3 (sf)

EUR11,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class A Notes, Class
B-1 Notes, Class B-2 Notes, Class C Notes, Class D Notes, Class E
Notes and Class F Notes due 2030 (the "Original Notes"), previously
issued on May 17, 2019 (the "Original Closing Date").

On the Original Closing Date, the Issuer also issued EUR37,900,000
of subordinated notes which are not rated, and which will remain
outstanding. As part of this full refinancing, the Issuer issued
EUR3,392,000 of additional subordinated notes which are not rated.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR300,000 over eight payment dates
starting on the first payment date.

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

In addition, the Issuer has amended the base matrix and modifiers
that Moody's has taken into account for the assignment of the
definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be 99% ramped as of the closing
date and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the 2 month ramp-up period in compliance with the
portfolio guidelines.

Onex Credit Partners, LLC will continue to manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four and a quarter
years reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par: EUR425,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2975

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.5%Weighted Average Life
(WAL): 8.5 years

PEMBROKE PROPERTY: Fitch Affirms B Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has upgraded Pembroke Property Finance DAC's class A
notes and revised the Outlook on the class B notes to Positive from
Stable.

Pembroke Property Finance DAC

     DEBT               RATING          PRIOR
     ----               ------          -----
A XS1897476757   LT  A+sf   Upgrade     Asf
B XS1897477722   LT  A-sf   Affirmed    A-sf
C XS1897478290   LT  BBBsf  Affirmed    BBBsf
D XS1897480353   LT  BB+sf  Affirmed    BB+sf
E XS1897480866   LT  BBsf   Affirmed    BBsf
F XS1897483613   LT  Bsf    Affirmed    Bsf

TRANSACTION SUMMARY

The transaction is a securitisation of 127 commercial and
residential mortgage loans advanced to 60 borrower groups and
collectively backed by a diversified portfolio of 205 Irish
properties. The portfolio consists of 11% (by value) industrial
assets, 18% mixed-use, 25% retail, 31% residential, 10% office and
5% of other properties.

The originator, Finance Ireland Credit Solutions DAC (FI), is the
seller of the loans, each consisting of cross-collateralised credit
lines advanced to a single corporate/retail borrower. The weighted
average loan-to-value of the portfolio, based mainly on valuations
prepared for closing, stands at 58.8%, although this is likely to
mask a degree of heterogeneity in underlying valuation performance
through the pandemic.

KEY RATING DRIVERS

Senior Deleveraging, Tail Risk: Since March 2020, loan repayments
totalling EUR32 million (mainly from redemptions) have reduced the
leverage of senior notes given sequential allocation of meaningful
sums of principal receipts. These receipts exceed Fitch's
expectations, particularly at higher ratings, resulting in the
upgrade of the class A notes and the Outlook revision of the class
B notes.

Despite that only few properties have been revalued, since March
2020 the aggregate property value has reduced by EUR37 million,
reflecting 24 fewer properties after 26 assets representing 13% of
current aggregate value, have been either sold or refinanced, while
two (0.5%) have been introduced (following further advances). The
lack of updated independent valuations for most of the portfolio
creates 'fatter' tail risk, and until this is resolved,
considerably more note principal must be repaid before 'AAsf'
category ratings could apply. The rate of note repayment should
increase from March 2022, when not only does the structure become
static but it also diverts excess spread (currently 4.09%, reducing
to 2.9% based on the current capital structure and weighted average
loan margin and after the margin step-ups) to repay the notes. A
phased de-risking warrants the Stable Outlook on the class A
notes.

Pandemic Shock to Retail Property: Fitch expects a sustained impact
on retail property from the shift towards online shopping and the
deterioration in retailers' and households' finances caused by the
pandemic. Irish retail markets monitored by Fitch report yields
rising above their long-term average, which warrants an increase in
Fitch's 'BBBsf', 'BBsf' and 'Bsf' category capitalisation rate
assumptions. The risk of performance divergence due to retail
credit deterioration weighs on the ratings for more junior notes,
which remain on Stable Outlook, as opposed to the positive rating
action taken on the class A and B notes. As FI reports very strong
borrower payment rates, Fitch applies no short-term cash-flow
constraint.

Unhedged Floating-Rate Loans: The vast majority of loans in the
pool are unhedged floating-rate loans. Unless rents also rise, in
the unlikely event of a material increase in Euribor, borrower
affordability would be squeezed, albeit from initially high levels
of debt service coverage. Fitch's rising interest-rate scenarios
drive early default timing, reducing the benefit of scheduled
amortisation. In these scenarios Fitch assumes rental value
declines, as Fitch does not rule out the risk that eurozone
interest rates are driven by core mainland economic and inflation
conditions from which Ireland's geographically peripheral property
market decouple.

RATING SENSITIVITIES

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

The change in model output that would apply with 0.8x the
capitalisation rate assumptions is as follows:

'AA-sf'/'A+sf'/'A-sf'/'BBBsf'/'BB+sf'/'BB-sf'

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

'Asf'/'A-sf'/'BBB-sf'/'BBsf'/'BB-sf'/'Bsf'

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in major economies, before a slow
recovery begins in 2Q21. Under this severe scenario, Fitch reduces
the estimated rental value of all properties by 10%, with the
following change in model output:

'Asf'/'BBB+sf'/'BBB-sf'/'BBsf'/'BB-sf'/'B-sf'

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

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

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

-- Further market rent declines and increase in vacancy within
    the portfolio.

KEY PROPERTY ASSUMPTIONS (all by estimated rental value (ERV))

-- Total net ERV EUR26.4 million

Depreciation: 11.4%

-- 'Bsf' weighted average (WA) capitalisation rate: 6.3%

-- 'Bsf' WA structural vacancy: 23.9%

-- 'Bsf' WA rental value decline: 9.5%

-- 'BBsf' WA capitalisation rate: 6.8%

-- 'BBsf' WA structural vacancy: 27%

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

-- 'BBBsf' WA capitalisation rate: 7.5%

-- 'BBBsf' WA structural vacancy: 31.1%

-- 'BBBsf' WA rental value decline: 20.5%

-- 'Asf' WA capitalisation rate: 8.2%

-- 'Asf' WA structural vacancy: 35.3%

-- 'Asf' WA rental value decline: 28.5%

-- 'AAsf' WA capitalisation rate: 9%

-- 'AAsf' WA structural vacancy: 39.3%

-- 'AAsf' WA rental value decline: 37.4%

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.

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

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

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



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L U X E M B O U R G
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KANTAR GLOBAL: Hammers Deal to Acquire Millennium Park
------------------------------------------------------
Moody's Investors Service said that on April 19, 2021, Kantar
Global Holdings S.a r.l. (Kantar, B2 negative) announced that it
had reached a definitive agreement to acquire Millennium Park
Holdco, Inc. (Numerator, Caa1 stable) from its private equity
owner, Vista Equity Partners. While the transaction has been
announced by the companies, the financial terms of the transaction
have not yet been disclosed. The transaction is expected to close
by Q3 of 2021, subject to the relevant legal and regulatory
processes. Considering the lack of financial details surrounding
the transaction, the capital structure of Numerator post
transaction close is unknown. If the transaction leads to full
repayment of Numerator's existing debt, Moody's would expect to
withdraw the company's ratings upon close.

Millennium Park HoldCo, Inc. (Numerator), headquartered in Chicago,
Illinois, provides omnichannel panel data, subscription-based
promotion, brand and e-commerce data and analysis services to
retailers and consumer packaged goods and other companies.
Numerator generated revenue of approximately $170 million as of LTM
09/30/2020. The company is controlled by affiliates of private
equity sponsor Vista Equity Partners.



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N E T H E R L A N D S
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BOCK CAPITAL: Fitch Assigns 'B(EXP)' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Bock Capital Bidco B.V.(Unit4) a
first-time expected Long-Term Issuer Default Rating (IDR) of
'B(EXP)' with a Stable Outlook. Fitch has also assigned a 'B+(EXP)'
instrument rating to the company's proposed secured loan
facilities. Final ratings will depend on instrument documentation
conforming to information already received by Fitch.

After a series of divestments, Unit4 is strategically focused on
providing enterprise resource planning (ERP) solutions for
medium-size people-centric organisations. The company has made good
progress in migrating its customer base to a cloud-based platform
with a stronger contribution of recurring revenue and higher
pricing. This should support growth and help margin improvement.

Fitch expects Unit4's Fitch-defined funds from operations (FFO)
leverage to be high, ending 2021 at 8.2x, pro-forma for the
divestments and recapitalisation, with only gradual deleveraging by
2023 on the back of mid single-digit revenue growth and modest
margin improvement. Deleveraging flexibility is supported by strong
free cash flow (FCF) generation with robust (operating cash flow
minus capex)/total debt metrics.

KEY RATING DRIVERS

Stable Customer Relationship: Unit4 benefits from typically stable
relationships with its customers, which leads to good revenue
visibility and reduced earnings volatility. Unit4's annual customer
churn is around 6%, which is broadly comparable with other ERP
providers catering for small and medium-sized companies, such as
TeamSystem Holding S.p.A. ERP software is critical for day-to-day
operations. Customers usually face a prohibitively high risk of
operating disruption when switching their ERP provider.

Growing Recurring Revenue: Unit4 has made good progress increasing
recurring revenue as a proportion of total revenue, and Fitch
believes further improvement is likely, with growth coming
primarily from recurring services (cloud and maintenance). Fitch
views this trend as credit positive as intrinsically less volatile
recurring revenue provides better visibility of cash flow
generation. Recurring cloud and maintenance services accounted for
67% of total revenues in 2020.

Abundant Market Opportunities: Unit4 operates in a potentially huge
and growing total addressable market of above EUR10 billion in
size, which provides substantial growth opportunities. However, the
market is fragmented and intensely competitive, with a slew of
players of all sizes and market positioning, from full ERP suite
providers to single functionality specialists. Fitch believes the
ability to offer competitive products and support services to a
targeted niche customer base is more important than pursuing a
market share for medium-sized ERP providers such as Unit4.  

Good Geographic Diversification: Unit4's good geographic
diversification across the Nordics, Continental Europe and
UK/Ireland, with some inroads into APAC and the US, leads to more
resilient revenue generation compared with single country-focused
providers.

Moderate Growth: Fitch expects Unit4's revenue to grow by
mid-single digits per year, supported by gradual migration to
cloud-based solutions with wider up- and cross-sell opportunities
and typically higher pricing. Fitch believes the company faces a
better outlook for onboarding new customers in 2021 as some of its
potential clients opted to delay ERP transformation in pandemic-hit
2020. Growth is likely to moderate after this pent-up demand is
exhausted, likely from 2022. Continuing lock-down restrictions may
take their toll on revenue growth.

Gradual Margin Improvement: Fitch projects Unit4's EBITDA margins
to gradually improve, but remain lower than some of its peers, such
as TeamSystem. Profitability would benefit from cloud operations
achieving a higher scale with superior gross margins. The launch of
a new suite of ERPx-based 'out-of-the-box'-designed solutions that
require less bespoke customisation should also be margin
accretive.

Overall, margins will continue to be diluted by significant
revenues from low-margin professional services such as product
deployment, ERP implementation, training and customisation. The
ability to provide reasonably priced human support is a significant
competitive advantage, but with lower profitability implications.
Covid-19 lock-downs triggered some efficiency improvements such as
significantly lower travel and wider use of remote work, which is
likely to be largely sustainable in the post-pandemic environment
and contribute to stronger profitability.

Restructuring Costs Down: Fitch expects Unit4's restructuring and
exceptional costs to abate with a streamlined operating profile.
The company has largely completed divestment of non-core operations
and its Growth4U efficiency improvement programme that was
initiated in 2019.

Strong Cash Flow: Unit4's asset-light business model with
Fitch-defined EBITDA margin in the low-to-mid-20s territory and
capex of around 2% of revenue is intrinsically strongly cash
flow-generative, in Fitch's view. Fitch expects Unit4's
pre-dividend FCF margin in a low-teen percentage range once its
restructuring and exceptional costs abate from 2022. The company's
typically early billing leads to consistently positive working
capital inflows. Fitch treats capitalised R&D as operating cash
costs on par with key US and EMEA tech peers, which reduces
reported EBITDA.

High Leverage: Fitch expect Unit4's FFO leverage to be a high 8.2x
on a pro-forma basis at end-2021. The pace of deleveraging is
likely to be moderate, at 0.4x-0.5xper year, driven by mid
single-digit yoy percentage revenue growth and gradually improving
FFO margins. Fitch primarily relies on gross metrics given the lack
of any covenanted restrictions on shareholder distributions.
Deleveraging may be accelerated if Unit4 uses significant cash on
its balance sheet and internally generated cash flow for
value-accretive acquisitions instead of shareholder pay-outs.

The payment-in-kind note is treated outside of the rated perimeter
as it meets Fitch's criteria to be treated as such. Fitch assumes
that the shareholder loan that was outstanding in 2020 has been
removed from the capital structure under the new ownership in
2021.

DERIVATION SUMMARY

The closest Fitch-rated peer is TeamSystem (B/Stable), a leading
(approximately 40% market share) Italian accounting and ERP
software company with over 75% of recurring revenue in total.
TeamSystem holds stronger market shares in its home market, but
Unit4 has better geographical diversification. TeamSystem primarily
caters to the small and medium-sized enterprises sector with churn
in the 6%-10% range.

A stronger peer is Dedalus SpA (B/Stable), a leading pan-European
healthcare software company, with lower churn (below 1%) and more
supportive industry trend with EU-wide rising healthcare
digitalisation.

Unit4's operating profile is broadly comparable with Fitch-covered
technology peers with 'B' category ratings. The company's leverage
is higher than for many of its tech peers, which is a key factor
that places it at the 'B(EXP)' rating.

KEY ASSUMPTIONS

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

-- Revenue growth in the mid single-digit yoy percentage range in
    2021-2023, with marginally stronger growth in 2021;

-- Improving EBITDA margins gradually increasing to 27% by 2023
    2024 from slightly above 24% in 2021;

-- Slightly negative change in working capital in 2021, turning
    slightly positive in 2022-2023;

-- Capex below 3% of revenues;

-- EUR 60 million cash on the balance sheet after the transaction
    closure;

-- No shareholder distributions.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Unit4 would be reorganized
    as a going-concern (GC) in bankruptcy rather than liquidated
    given the intellectual know-how within the group and a wide
    and low-churn customer base.

-- Fitch estimates that the post-restructuring EBITDA would be
    around 78 EUR million. Fitch would expect a default to come
    from higher competitive intensity leading to revenue losses
    and/or overspend on new products. The EUR 78 million EBITDA is
    approximately 15% lower than Fitch's forecast of pro-forma
    FY21 EBITDA of EUR 92 million.

-- An enterprise value (EV) multiple of 6.0x is applied to the GC
    EBITDA to calculate a post-reorganisation EV. The multiple is
    in line with that of other similar software companies with a
    low-churn subscriber base exhibiting strong pre-dividend FCF
    generation.

-- 10% of administrative claims taken off the EV to account for
    bankruptcy and associated costs;

-- The total amount of first-lien secured debt for claims
    includes EUR675 million senior secured term loan and multi
    currency EUR 100 million pari passu ranked revolving credit
    facility (RCF) that Fitch assumes to be fully drawn.

-- Fitch estimates the expected recoveries for senior secured
    debt at 54%. This results in the senior secured debt
    instrument being rated 'B+(EXP)'/'RR3', one notch above the
    expected IDR of 'B(EXP)'.

RATING SENSITIVITIES

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

-- FFO gross leverage below 6x;

-- FFO interest coverage sustained above 2.5x;

-- Disciplined M&A with limited additional debt;

-- Maintenance of healthy operating performance, with an
    increasing contribution of cloud revenues and robust FFO
    margins.

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

-- FFO gross leverage persistently above 7.5x or low progress
    deleveraging to below this level including due to shareholder
    distributions;

-- FFO interest coverage persistently below 2x;

-- A failure to improve profitability and maintain robust revenue
    growth from cloud services leading to the FCF margin declining
    to a low single-digit range.

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: Fitch views Unit4's liquidity situation as
satisfactory. The company expects to have EUR60 million of cash on
its balance sheet post the refinancing transaction. This will be
supported by positive strong internal cash flow generation and
EUR100 million untapped RCF as a part of a new financial package.
Unit4 is planning to issue debt with a maturity of seven years.

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.

BOCK CAPITAL: Moody's Assigns B3 CFR Following Unit4 Acquisition
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Bock Capital Bidco B.V.
(Unit4 or the company) following the company's announcement of its
planned acquisition of enterprise software provider (ESP) Unit4.
Concurrently, Moody's has assigned B3 ratings to the proposed
EUR100 million 6.5 year senior secured revolving credit facility
and EUR675 million 7 year senior secured term loan B raised by Bock
Capital Bidco B.V. These proceeds will be used alongside equity and
a EUR225 million of pay-if-you-want loan due 2029, which was
structured outside the Bock Capital Bidco B.V. restricted group and
placed with third-party lenders, to fund the proposed acquisition
of Unit4 and refinance Unit4's existing debt, among other uses. The
outlook assigned is stable.

Unit4's ratings for its existing capital structure at AI Avocado
B.V. remain unchanged and will be fully withdrawn upon closing of
the transaction and full repayment of the existing debt facilities.
Bock Capital Bidco B.V. is the top entity of the restricted group
under the new credit facility agreement and will produce audited
consolidated accounts going forward. Moody's has thus withdrawn the
B3 CFR, B3-PD PDR, and stable outlook of AI Avocado Holding B.V.

"Unit4 is well positioned in the B3 rating category, reflecting its
solid positioning in the ERP market and our expectations of growth
in demand for the company's Cloud-based software solutions" said
Fabrizio Marchesi, Vice President -- Senior Analyst and Moody's
lead analyst for the company. "That said, the rating also reflects
execution risks associated with the ability of the company to
deliver EBITDA growth and improvements in free cash flow
generation, as well as Unit4's high opening leverage and aggressive
financial policy including the possibility that the company would
look to refinance the PIYW loan issued by its parent in the future
by raising additional debt within the credit facility restricted
group, which would delay deleveraging" added Mr. Marchesi.

RATINGS RATIONALE

The B3 CFR and stable outlook reflect (1) the company's good
position in the mid-market segment of its core geographies; (2)
high switching costs for some of its products and low customer
churn; (3) significant recurring maintenance and software
subscription fees, which support a certain degree of revenue
visibility; and (4) strong growth in demand for Unit4's Cloud
solutions, which are expected to continue to offset flat revenue
trends in the company's legacy product lines.

Conversely, the CFR is constrained by (1) Unit4's small size and
relatively limited geographical and product line diversification;
(2) high competition in target markets and the company's material
exposure to SMEs, which are more sensitive to challenging economic
conditions; (3) execution risk associated with reducing high
Moody's-adjusted leverage of 7.8x at closing and improving free
cash flow (FCF) generation towards mid-single digits, and (4) the
risk of re-leveraging from debt-funded acquisitions or
shareholder-friendly actions, including the repayment of the EUR225
million PIYW loan issued outside the Bock Capital Bidco B.V.
restricted group.

Moody's expects that Unit4 will continue to grow revenue over the
medium-term, thanks mainly to increasing demand for the company's
Cloud-based software-as-a-service (SaaS) solutions. On an organic
basis, the rating agency forecasts top-line growth of around 4% per
year in 2021 and 2022, which is likely to sustain an improvement in
company-adjusted EBITDA towards EUR118 million and EUR126 million,
respectively. This, in combination with a reduction in
non-recurring items, is expected to lead to an improvement in
Moody's-adjusted leverage from 7.8x at close, towards 6.6x as of
December 2021 and 6.2x as of December 2022, based on
Moody's-adjusted EBITDA of EUR106 million and EUR114 million,
respectively. The speed of deleveraging will nonetheless depend on
management's acquisition strategy and whether it pursues
shareholder-friendly actions, including repayment of the PIYW loan
facility.

The rating agency forecasts that Unit4's Moody's-adjusted free cash
flow (FCF) generation will be limited in 2021, at around EUR20
million, based on Moody's assumptions that the company will
continue to incur a certain degree of exceptional costs, which have
been consistently high over the historical period, and also
factoring the impact of significant capitalised development costs,
capex, and IFRS 15/16 adjustments on FCF. That said, Moody's
expects that that FCF generation will improve from 3% of
Moody's-adjusted debt in 2021, towards 4% in 2022 and 5% in 2023,
thanks to EBITDA growth. These FCF forecasts assume interest on the
PIYW loan will not be paid in cash over their lifetime.

Unit4 is controlled by funds advised and ultimately controlled by
TA Associates and Partners Group. As is often the case in highly
levered, private equity sponsored deals, the owners can have a high
tolerance for leverage/risk and governance is less transparent when
compared to publicly-traded companies.

LIQUIDITY

Moody's considers Unit4's liquidity to be adequate and supported by
(1) a forecast EUR60 million of cash on balance sheet following the
closing of the acquisition by TA Associates and Partners group; (2)
access to a fully-undrawn EUR100 million revolving credit facility
(RCF); and (3) expected Moody's-adjusted FCF generation. Moody's
expects the company will maintain significant headroom against the
springing senior secured net leverage covenant, which is tested
when the RCF is drawn by more than 40%. A breach of this covenant
would constitute an event of default.

STRUCTURAL CONSIDERATIONS

The proposed capital structure includes a EUR675 million senior
secured term loan B due in 2028, as well as a EUR100 million senior
secured RCF due in 2027. The security package provided to senior
secured lenders is ultimately limited to pledges over shares, bank
accounts, and intercompany receivables. The B3 rating assigned to
the senior secured term loan B and senior secured RCF are in line
with the CFR reflecting the fact that they are the only financial
debt instruments in the capital structure. The B3-PD probability of
default rating is at the same level as the CFR, reflecting Moody's
assumption of a 50% family recovery rate used for transactions
involving senior secured debt facilities with limited security and
a springing financial maintenance covenant.

RATING OUTLOOK

The stable outlook reflects Moody's view that Unit4 will record
organic revenue growth and improve its Moody's-adjusted EBITDA
margin towards the high 20s in percentage terms, with
Moody's-adjusted gross debt/EBITDA declining towards 6.5x over the
next 12-18 months. The outlook also reflects Moody's assumption
that the company will not undertake debt-funded acquisitions or
shareholder-friendly actions, including the repayment of the EUR225
million PIYW loan raised outside the Bock Capital Bidco B.V.
restricted group, and will maintain adequate liquidity.

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

Positive pressure on the ratings could develop if Unit4
demonstrates a track record of consistent organic revenue and
EBITDA growth, such that Moody's-adjusted leverage falls well below
6.0x, with Moody's-adjusted FCF/debt improving to above 5%, both on
a sustained basis. The leverage required for a positive rating
action would also take into consideration the PIYW loan raised at
Dutch Midco 1 B.V., and any eventual repayment or refinancing that
would lead to a releveraging of the company's capital structure.
Any positive rating action would also depend on the company
maintaining healthy liquidity.

Conversely, negative rating pressure could develop if expected
organic revenue and EBITDA growth does not materialize, or churn
increases; the company's Moody's-adjusted leverage remains above
7.5x on a sustained basis; FCF generation turns negative for a
sustained period; or concerns emerge about the group's liquidity.

Moody's has decided to withdraw the ratings for its own business
reasons.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
Industry published in August 2018.

COMPANY PROFILE

Unit4 is an ERP software and standalone financial management
systems (FMS) vendor catering to midmarket companies with
1,000-10,000 employees. The company's products are focused on
applications such as finance, procurement, projects, payroll and
human resources (HR). Headquartered in the Netherlands, Unit4
operates in 25 countries. For the 12 months ended December 2020,
Unit4 reported revenue of EUR358 million and company-adjusted
EBITDA of EUR108 million (including IFRS15/16 adjustments).

BOCK CAPITAL: S&P Assigns Preliminary 'B-' Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' preliminary rating to Bock
Capital Bidco B.V., Unit4's new holding company, and assigned its
'B-' preliminary ratings and '3' (50% expected recovery) recovery
ratings to Bock Capital Bidco's EUR100 million first-lien senior
secured revolving credit facility (RCF) and EUR675 million
first-lien senior secured term loan.

S&P has affirmed its 'B-' rating on AI Avocado Holding B.V.,
Unit4's existing holding company, along with the 'B-' rating on the
senior secured debt issued by AI Avocado B.V., with the recovery
rating remaining at '3', but recovery expectations revised to 50%
from 55%.

The stable outlook reflects S&P's view that Unit4's organic revenue
will increase 5%-7% in 2021-2022, thanks to the ramp-up of its
cloud offering, leading to sound FOCF of more than EUR40 million
and FOCF to debt of 4%-5%.

The buyout will increase leverage, but smooth deleveraging and
meaningful FOCF will support Unit4's financial risk profile.




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R U S S I A
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PROINVESTBANK JSCB: Put Under Provisional Administration
--------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-742, dated April
23, 2021, revoked the banking license of Perm-based credit
institution Joint-Stock Commercial Bank "Professional investment
Bank" (Joint-Stock Company), or Proinvestbank (Registration No.
784; hereinafter, Proinvestbank). The credit institution ranked
315th 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 Proinvestbank:

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

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

The assets of the credit institution were largely composed of loan
debts and property not used in its core activity. Despite the
deterioration of the quality of its loan portfolio, Proinvestbank
performed transactions to artificially maintain its equity capital
in order to formally comply with prudential requirements.

The Bank of Russia repeatedly sent orders to Proinvestbank to make
a proper assessment of risks assumed by it and to recognise its
real financial standing in its financial statements. As the credit
institution fulfilled the supervisory agency's requirements, this
entailed grounds for implementing measures aimed at preventing its
bankruptcy, which created a real threat to its creditors' and
depositors' interests.

The Bank of Russia appointed a provisional administration to
Proinvestbank for the period until the appointment of a receiver5
or a liquidator. In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.

Information for depositors: Proinvestbank 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.




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

HIPOCAT 9: Moody's Upgrades EUR23.5M Class D Notes to Ba3
---------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in four RMBS transactions in the HIPOCAT FTA series. The
upgrades reflect the better than expected performance and increased
levels of credit enhancement for the affected Notes.

Issuer: HIPOCAT 7, FTA

EUR1148.3M Class A2 Notes, Affirmed Aa1 (sf); previously on Feb
26, 2020 Affirmed Aa1 (sf)

EUR21.7M Class B Notes, Affirmed Aa1 (sf); previously on Feb 26,
2020 Affirmed Aa1 (sf)

EUR42M Class C Notes, Affirmed Aa1 (sf); previously on Feb 26,
2020 Affirmed Aa1 (sf)

EUR28M Class D Notes, Upgraded to A1 (sf); previously on Feb 26,
2020 Upgraded to A3 (sf)

Issuer: HIPOCAT 8, FTA

EUR1155.5M Class A2 Notes, Affirmed Aa1 (sf); previously on Jan
29, 2020 Affirmed Aa1 (sf)

EUR26.2M Class B Notes, Affirmed Aa1 (sf); previously on Jan 29,
2020 Affirmed Aa1 (sf)

EUR35.6M Class C Notes, Affirmed Aa1 (sf); previously on Jan 29,
2020 Upgraded to Aa1 (sf)

EUR32.7M Class D Notes, Upgraded to Baa2 (sf); previously on Jan
29, 2020 Upgraded to Ba1 (sf)

Issuer: HIPOCAT 9, FTA

EUR500M Class A2a Notes, Affirmed Aa1 (sf); previously on Dec 5,
2019 Affirmed Aa1 (sf)

EUR236.2M Class A2b Notes, Affirmed Aa1 (sf); previously on Dec 5,
2019 Affirmed Aa1 (sf)

EUR22M Class B Notes, Upgraded to Aa2 (sf); previously on Dec 5,
2019 Affirmed A1 (sf)

EUR18.3M Class C Notes, Upgraded to Ba2 (sf); previously on Dec 5,
2019 Affirmed Ba3 (sf)

EUR23.5M Class D Notes, Upgraded to Ba3 (sf); previously on Dec 5,
2019 Upgraded to B2 (sf)

Issuer: HIPOCAT 11, FTA

EUR1083.2M Class A2 Notes, Upgraded to Aa2 (sf); previously on Nov
26, 2019 Upgraded to A1 (sf)

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrades of the ratings of the Notes are prompted by the better
than expected collateral performance and increase in credit
enhancements for the affected tranches. For instance, cumulative
defaults have remained largely unchanged in the past year, below
are the exact figures for each transaction:

(i) HIPOCAT 7, FTA, to 3.89% from 3.87%.

(ii) HIPOCAT 8, FTA, to 6.41% from 6.39%.

(iii) HIPOCAT 9, FTA, to 11.14% from 11.12%.

(iv) HIPOCAT 11, FTA, to 25.03% from 24.99%.

Moody's affirmed the ratings of the classes of Notes that had
sufficient credit enhancements to maintain their current ratings.

Key Collateral Assumption Revised

As part of the rating actions, Moody's reassessed its lifetime loss
expectations and recovery rates for the portfolios reflecting their
collateral performances to date.

Moody's revised its expected loss assumptions as follows:

(i) HIPOCAT 7, FTA, to 2.10% from 2.36%.

(ii) HIPOCAT 8, FTA, to 3.33% from 3.63%.

(iii) HIPOCAT 9, FTA, to 5.63% from 5.96%.

(iv) HIPOCAT 11, FTA, to 15.03% from 15.37%.

All as a percentage of the original pool balance for each
transaction.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target ratings levels and the volatility of future
losses. As a result, Moody's has revised the MILAN CE assumptions
of each transaction as follows:

(i) HIPOCAT 7, FTA, to 11.0% from 13.0%.

(ii) HIPOCAT 8, FTA, to 11.0% from 13.5%.

(iii) HIPOCAT 9, FTA, to 12.0% from 17.0%.

(iv) HIPOCAT 11, FTA, to 22.5% unchanged.

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

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

PRINCIPAL METHODOLOGY

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in the Notes'
available credit enhancement; (iii) improvements in the credit
quality of the transaction counterparties; and (iv) a decrease in
sovereign risk.

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



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

ROAR BIDCO: Fitch Assigns Final 'B' LT IDR, Outlook Positive
------------------------------------------------------------
Fitch Ratings has assigned Roar Bidco AB (Recipharm) a final
Long-Term Issuer Default Rating (IDR) of 'B' with a Positive
Outlook. Fitch has also assigned Recipharm's EUR1,115 million
first-lien term loan B (TLB) a final senior secured instrument
rating of 'B+' with a Recovery Rating of 'RR3'. Recipharm is a
leading European contract development manufacturing organisation
(CDMO) acquired by EQT and founding shareholders via the
acquisition vehicle Roar BidCo AB earlier this year.

The assignment of the final ratings follows the receipt and review
of final loan documentation.

The 'B' IDR is constrained by high funds from operations (FFO)
gross leverage following the leveraged buy-out, at around 7.4x in
2021, a highly competitive CDMO market, especially within solids
(representing 44% of Recipharm's sales), and large-scale customers
with strong bargaining power.

However, Recipharm has shown solid operating performance by moving
up the product value chain with improved scale as the
fourth-largest CDMO globally with a broad product offering
including more advanced sterile and drug-delivery technologies.
High barriers to entry, regulatory approvals and high switching
costs provide for a sticky customer base, which further support the
rating.

The Positive Outlook reflects Fitch's view that Recipharm will
continue to deliver solid operating and financial performance
supported by a prudent M&A-and-investment policy, leading to FFO
gross leverage trending structurally below 6.5x by 2023 which, if
achieved, would be commensurate with a higher rating.

KEY RATING DRIVERS

High Leverage; Strong Deleveraging Capacity: The high FFO gross
leverage at around 7.4x in 2021 is a key rating constraint and
corresponds to a 'B-' sub-factor leverage rating in Fitch's Global
Generic Navigator. However, the deleveraging potential of the
underlying business is solid, based on organic growth and a gradual
shift into higher-tech areas (steriles, advanced delivery systems
(ADS), vaccines). Such features, alongside profitability
improvements via operating leverage and cost efficiencies, will
drive positive free cash flow (FCF). Fitch forecasts solid
deleveraging of around 0.5x p.a. towards 6.4x by 2023 and a 3%-5%
FCF margin over the same period.

Organic Growth Plan: Fitch expects the strategic focus under EQT to
be on the consolidation and alignment of Recipharm's various
business segments, continuing its ESG focus in reducing the carbon
footprint of its manufacturing facilities, and targeting new
contract wins in higher-margin growth areas. This extends the
group's record of building up scale since its inception in 1995
through a combination of organic growth and various larger-scale
acquisitions.

The rating has headroom for accretive bolt-on acquisitions funded
by internally generated cash flow, with a neutral-to-positive
rating impact. Large-scale debt-funded M&A are not included in the
rating case and would be considered event risk.

Strong Revenue Visibility: The rating is predicated on strong
revenue visibility and high barriers to entry, particularly in more
complex product areas where the manufacturing process is harder to
replicate. Setting up a contract manufacturer requires significant
capex, as well as technological know-how, regulatory approvals and
time to build reputation. Reliability of CDMOs is key for pharma
companies as switching suppliers can be high-risk and
time-consuming. These factors, combined with the long life-cycle of
pharma products (typically 10+ years), translate into high revenue
visibility with a record in maintaining its customer base, which is
a key rating driver.

Competitive Market with Large-Scale Customers: The CDMO market is
fragmented with the 10- largest manufacturers accounting for less
than 20% of the overall market. Following the acquisition of
Consort Medical, Recipharm is the fourth-largest CDMO globally in
sales but still represents only 1%-2% of the total global market.
Large global pharma customers typically have strong bargaining
power in new contract negotiations, especially in high-volume
generics. Recipharm's position versus large-scale customers is
mitigated by a strategic focus on faster-growing, more
technologically advanced ADS, plus sterile and development services
(representing 55% of sales).

Long-Term Structural Drivers: Fitch forecasts that overall market
demand will continue to grow in the low to mid-single-digit
percentages, with higher pricing in the more technologically
complex product areas, which will support Recipharm's deleveraging.
The global CDMO market, estimated at around EUR90 billion, is
supported by a growing trend of pharmaceutical companies
outsourcing production (opting for more asset-light business models
to focus on core activities, R&D, marketing and sales), as well as
long-term macro drivers of an ageing population, growing healthcare
demand and new drug development.

DERIVATION SUMMARY

Fitch rates Recipharm according to its global Generic Rating
Navigator. Under this framework, the business profile of Recipharm
is supported by resilient end-market demand, a continued
outsourcing trend and high entry barriers, with high switching
costs and strong revenue visibility. The rating is constrained by
its overall limited scale in a fragmented and competitive CDMO
market with some commoditisation in the solids segment (around 45%
of overall sales).

Fitch regards capital- and asset-intensive businesses such as
PharmaZell (European Medco Development, B/Stable), Ceva Sante
(Financiere Top Mendel, B/Stable) and privately rated CDMOs as the
closest peers to Recipharm as they all rely on ongoing investments
to grow at or above market and to maintain operating margins.
Recipharm enjoys stronger profitability and scale than most
privately-rated CDMO peers. It also has a stronger business
profile, focused on prescription-drug manufacturing, steriles and
delivery systems with IP-rights.

Recipharm's and Ceva Sante's business scale and diversification
support higher debt capacity than the more specialised PharmaZell,
which has around 0.5x-1.0x lower 2022 leverage for the same rating.
Recipharm has higher FCF generation than Ceva Sante (owing to lower
capex) and a somewhat more stable contracted business model than
Ceva Sante.

In Fitch's wider pharmaceutical rated portfolio, Stada (Nidda
BondCo GmbH, B/Stable) is around 3x the size of Recipharm, with FFO
gross leverage projected to remain 7.0x-8.0x through 2022 (versus
6.0x-7.0x for Recipharm). Both are strongly positioned 'B' rated
credits.

KEY ASSUMPTIONS

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

-- Revenue CAGR of 5.8% for 2020-2024 from organic portfolio
    growth (focused on a mix-shift strategy) plus additional
    Covid-19 vaccine sales;

-- EBITDA margin at 20% in 2024, up from 17.2% in 2020;

-- Capex at 5%-5.5% of sales until 2024;

-- Working-capital cash outflows of SEK70 million-SEK90 million
    p.a. until 2024;

-- No M&A for the next four years; headroom for selective bolt
    ons funded by internally generated cash flow;

-- No shareholder distributions for the next four years.

KEY RECOVERY RATING ASSUMPTIONS

Fitch's recovery analysis assumes that Recipharm would be
reorganised as a going-concern (GC) in bankruptcy rather than
liquidated.

Its SEK1,750 million GC EBITDA reflects stress assumptions from
weak operating performance with regulatory issues and/or increased
competition with deteriorating margins. The assumption also
reflects corrective measures taken in the reorganisation to offset
the adverse conditions that trigger default.

An enterprise value (EV) multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The choice of this
multiple is based on positive market fundamentals, strong revenue
visibility with long-term customer contracts and high switching
costs, but also some traits of commoditisation within solids.

Recipharm's SEK3 billion revolving credit facility (RCF) is assumed
to be fully drawn upon default. It has around SEK225
million-equivalent of prior-ranking local facilities. The RCF and
EUR1,115 million first- lien TLB rank pari-passu between them, and
senior to the GBP228 million second-lien term loan in the debt
waterfall.

Assuming a 10% administrative claim, the allocation of value in the
liability waterfall results in recoveries corresponding to 'RR3'
for the first-lien RCF and TLB. This indicates a 'B+' instrument
rating for the first-lien TLB with a waterfall-generated recovery
computation (WGRC) of 64% based on current metrics and
assumptions.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to an
upgrade:

-- Larger scale and/or increased high-tech offering and/or
    increased geographical diversification while maintaining
    Fitch-defined EBITDA margin above 19%;

-- Evidence of conservatively-funded growth strategy and
    financial policy leading to FFO gross leverage sustainably
    below 6.5x;

-- FCF margin in mid-to-high single digits.

Factors that could, individually or collectively, lead to the
Outlook being revised to Stable:

-- Failure to deliver on the business plan in 2021/2022 leading
    to EBITDA margins stabilising at around 17%-18%;

-- Material debt-funded M&A leading to FFO gross leverage
    sustainably above 7.0x;

-- Failure to boost operating performance resulting in FCF margin
    in the low-to-mid single digits.

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

-- Weak operating performance, product or regulatory issues or
    change in M&A or investment discipline leading to weaker
    EBITDA margin;

-- Aggressive financial policy leading to FFO gross leverage
    sustainably above 8.0x;

-- Consistently low single-digit FCF margin.

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.

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

Ample Liquidity Supports Strategy: Following its acquisition by
EQT, Recipharm will have access to around SEK650 million of cash on
balance sheet, which Fitch projects would grow to around SEK1
billion by end-2022. In addition, the group will have access to an
undrawn SEK3 billion RCF. This provides ample liquidity to manage
intra-year working capital swings of up to SEK450 million as well
as internal capex needs and possible external investments.
Furthermore, Fitch projects positive FCF to add to the balance
sheet over time and provide further cash buffer for the group.

Fitch treats SEK600 million of the group's cash balances as
restricted, which corresponds to approximately half of the
intra-year peak-to-trough working-capital requirements of the group
and approximately half of its cash balances held in India.



=============
U K R A I N E
=============

UKRAINIAN RAILWAYS: S&P Cuts ICR to 'CCC', On CreditWatch Negative
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Ukrainian Railways JSC (UR) to 'CCC' from 'B-' and placed the
ratings on CreditWatch with negative implications.

The CreditWatch placement indicates that S&P could consider a
multi-notch downgrade if the company does not arrange a refinancing
or accumulate sufficient funds to meet its upcoming maturities
repayment, or proceeds with the loan restructuring, which it would
view as distressed.

S&P said, "UR faces high refinancing risk. The company's $116
million loan with the local bank--already restructured last
year--matures on May 30, 2021, and we think its refinancing options
are limited for timely repayment. We think the company currently
depends on favorable business and financial conditions to meet its
financial commitments.

"We calculate that available cash and undrawn lines of Ukranian
hryvnia (UAH) 2.3 billion as of April 16, 2021, combined with
projected operating cash flow of about UAH2 billion for the next
one and a half months, are barely sufficient to meet upcoming
maturities and other financial commitments related to operations
until the end of May 2021.

"We see an increasing likelihood that UR could engage in a
restructuring if it fails to accumulate sufficient cash or secure a
refinancing option. We understand from management that a
restructuring is the least preferred option. That said, the softer
operating environment in Ukraine and uncertain prospects for a
significant rebound in company's cargo flows, which just started
recovering from March 2021, are weighting on cash flow generation.
Combined with the approaching debt maturity and uncertainties on
timely refinancing, there is a rising risk that the company will
engage in restructuring with the local bank that we could
characterize as distressed and accordingly view as a selective
default, in line with our methodology.

"In July 2020, the company restructured its $200 million loan with
the same local bank, with an extension of the amortization schedule
for the next three years and the possibility of early repayment in
2021. We understood that the bank received the originally promised
value, and that the interest rate was the same as on the original
loan. We therefore concluded that the deal was opportunistic rather
than distressed.

"The company is working on different refinancing options but has
not yet secured refinancing for its immediate maturity. We note
that capital markets remain turbulent. We understand from
management that UR has advanced in negotiations with some local
banks and one international financial institution, among other
options, although we cannot rule out delays in the process.
Furthermore, UR is a state-owned company and therefore needs
government approval--not yet received--to proceed with
refinancing.

"Credit metrics should recover from weak 2020 results but the
operating environment remains challenging. UR's 2020 results were
weak, as expected, on the back of lower cargo transportation
volumes and limitations on passenger traffic due to COVID-19
disruptions. Freight revenue was down 10% and passenger revenue
down 59% from 2019. S&P Global Ratings-adjusted funds from
operations (FFO) to debt was 17% in 2020 compared to 37% in 2019.
For 2021, we expect FFO to debt of about 30%. This is because we
forecast a recovery in freight volumes, which started only in
March, so we anticipate UR will generate most of its 2021 operating
cash flows in the second half of the year."

UR generates almost all of its revenue and EBITDA in freight
transportation, so the results are sensitive to macroeconomic
developments and hence pickup in cargo flows.

S&P said, "UR's investment needs are significant, but the capital
expenditure (capex) is largely not committed. Therefore, the actual
spending amount will hinge on the availability of funding. We
forecast 2021 capex of UAH10 billion-UAH15 billion compared to UR's
potential investment needs of up to UAH27 billion and maintenance
capex of UAH6 billion-UAH7 billion. The actual investments will
also depend on the ongoing government support. We understand UR
expects UAH4 billion of financing from the state budget in 2021.
"The CreditWatch placement with negative implications indicates we
could lower our rating on UR if we think it is unable to refinance
its loan with the local bank due on May 30, 2021.

"We could also lower our ratings if UR undertakes actions we view
as a distressed exchange or default--that is, it gives debtholders
less value than originally promised over the coming few weeks.

"We would likely affirm the rating or consider raising it to 'CCC+'
if the company secures long-term refinancing for its upcoming
maturity or accumulates sufficient liquidity to repay the loan. The
upside potential on the rating is limited but would hinge on our
analysis of the sustainability of the company's capital
structure."




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

ARROW GLOBAL: S&P Places 'BB-' Long-Term ICR on Watch Negative
--------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term issuer and issue
level credit ratings on Arrow Global Group PLC on CreditWatch with
negative implications.

The CreditWatch placement indicates that S&P is likely to lower its
ratings on Arrow and its issuance by one notch when the TDR
take-private transaction closes. If the group's performance weakens
significantly during the first half of 2021, or the group's
liquidity prospects worsen materially because its capital
deployment policy becomes more aggressive, S&P could lower its
rating by two notches.

When the recommended TDR take-private deal closes, S&P Global
Ratings expects an increase in the group's debt and its interest
expenses, and that its financial policy may weaken. On March 31,
2021, Arrow confirmed that its board has recommended to its
shareholders that they vote in favor of the offer from TDR, which
is priced at 307.5 pence per share. If the transaction receives the
required shareholder, legal, and regulatory approvals, it is likely
to close in the third quarter of this year.

On transaction close, S&P expects the group to repay all of its
outstanding bonds. As part of the take-private deal, TDR has
disclosed that it has three tranches of bridge financing (totaling
roughly GBP1.250 billion) available to repay Arrow's existing
GBP990 million of senior secured notes:

-- A GBP400 million senior secured fixed rate bridge at 5.00%;

-- EUR250 million senior secured fixed rate bridge at 4.00%; and

-- EUR725 million senior secured floating rated bridge at EURIBOR
+ 4.00%

The existing notes contain a put option that we expect bondholders
to exercise, necessitating the repayment of the notes from the
bridge facilities. The excess funding under the facilities could
also be used to repay the revolving credit facility (RCF), which is
currently drawn at around GBP200 million. S&P expects the bridge
facilities will then be refinanced with open market debt. Although
the group is likely to use the increase in its senior secured debt
to pay down the RCF and cover fees associated with the deal,
Arrow's gross debt is expected to increase at closing.

Arrow's solid interest coverage has been a key support to the 'BB-'
rating, but is likely to weaken. The group's existing solid
interest coverage position is a product of Arrow's low
weighted-average cost of debt. S&P said, "We expect that this low
cost of funding is very likely to fall away when the take-private
deal closes, diminishing its interest coverage. When combined with
Arrow's likely inflated gross debt position, we expect that the
group's financial position will be notably weaker after the deal
closes; in particular we forecast that the group's leverage and
interest coverage metrics will no longer be commensurate with a
'BB-' rating."

S&P said, "Our revised base case assumes a subdued recovery in the
group's earnings and performance during 2021 and 2022. Our
conservative base case is based on lower cash collections following
the group's impairment to its estimated remaining collections (ERC)
in 2021. We now expect collections to remain below 2019 levels
until 2022, at the earliest. This is partially offset by quicker
growth in servicing revenue, which proved resilient in 2020 and was
ahead of our expectations. Arrow also won 26 new servicing deals in
2020 and six more in the year to date. Based on the sluggish cash
collections and solid, if less profitable, servicing revenue, we do
not expect EBITDA to reach pre-pandemic levels on a cash or
statutory basis before the end of 2022. Given our conservative base
case, combined with the moderately larger, and likely materially
more expensive debt after the TDR deal, we expect the group's core
leverage metrics to remain relatively high for the ratings. Its
core strength--solid interest coverage--is also likely to be
eroded. Taken together, this is likely to lead to a downgrade.

"The group's new owner will be a financial sponsor, which is also
likely to constrain the rating. Although TDR has experience at
operating financial institutions--it previously owned Lowell
(Garfunkelux: B+/Stable/B) and still owns LeasePlan N.V.
(BBB-/Stable/A-3)--we note the propensity for financial sponsors to
tolerate material leverage and minimal operational liquidity. That
said, based on the likely uses of transaction funding, we would
expect the group to operate with significant liquidity buffers,
notably in its repaid RCF.

"We anticipate that the take-private deal will mean a larger and
more expensive capital structure, alongside an expected subdued
recovery in earnings, and new financial sponsor owners. We expect
to lower our ratings by one notch when the deal closes, although we
could lower them further on weak performance and a more aggressive
deployment policy. For example, if the group were to switch to a
more-aggressive asset purchasing strategy, this could undermine our
view of its liquidity position and increase the pressure on our
ratings."

Despite the stress on its financial metrics, prospects for Arrow's
core business lines remain favorable. TDR's favorable view of
Arrow's strategic position is central to the take-private deal. S&P
said, "We still see the group's core balance sheet business as
well-positioned in the European market, with good asset
diversification across Europe and strong local franchises. Combined
with the resilient servicing business and the growth and success of
the fund management business, we see Arrow as well-placed to
generate stable earnings and profitability over the medium term,
while moving away from the aggressive capital deployment of its
past."

S&P said, "We intend to resolve the CreditWatch placement once
Arrow's take-private deal with TDR Capital has obtained the
required shareholder, anti-trust, and regulatory approvals, and is
substantially complete, likely in the third quarter of 2021. At
this stage, we consider that the long-term issuer credit and issue
ratings on Arrow could be lowered by one notch because, despite the
strategic rationale for the deal, our core leverage and interest
coverage metrics for the group are likely to see sustained
weakening after closing. Furthermore, as Arrow moves to a new model
of financial sponsor ownership, we see a risk that its financial
policy will deteriorate, which would weigh on the rating.

"We could lower the ratings by two notches if Arrow's performance
were to weaken significantly against our base case in the first
half of 2021, or if the group's liquidity position were to weaken
materially.

"We could remove the ratings from CreditWatch and review them if it
becomes clear that the deal will not proceed or the financial
policy differs significantly from our current expectations."



The EUR1.8 billion transaction will be funded by a EUR675 million
senior secured term loan, a EUR100 million RCF (undrawn), a EUR225
million payment-in-kind (PIK) instrument, and EUR1 billion in cash
equity. S&P said, "We estimate Unit4's pro forma S&P Global
Ratings-adjusted leverage will be 13.7x (10.0x excluding the PIK)
in 2020 before decreasing to 11.0x (8.0x excluding PIK) in 2021 on
the back of EBITDA growth, supported by sound topline growth,
operating leverage and lower exceptional costs. We think the strong
EBITDA growth, coupled with limited working capital and capital
expenditure (capex) needs, will result in meaningful FOCF of more
than EUR40 million in 2021, with FOCF to debt of 4%-5%, largely in
line with other 'B-' rated ERP peers like Exact and TeamSystem."

Ramped-up cloud offering and lean operating structure will
accelerate topline growth and margin expansion.

S&P said, "We think Unit4's launch of its cloud-based ERP platform
ERPx will be the inflection point on the company's cloud transition
path. We forecast Unit4's cloud revenue will increase by about 30%
in 2021-2022, supported by the company's cloud-focused strategy and
favorable market conditions, having experienced increased cloud
adoption during the pandemic. Unit4's cloud net booking increased
by about 28% in 2020, accounting for about 71% of total bookings,
compared with 15% growth in 2019. As a result, we expect a higher
cloud revenue contribution at more than 30% in 2021, compared with
about 26% in 2020." This will lead to higher operating leverage
because of the higher scalability of its cloud-based solutions
thanks to the more efficient management of the Azure platform and
support associated with cloud operations. All together, with a much
leaner operating structure after the divestment of its domestic,
Student Information Systems and commercial businesses in 2020, this
will help improve the adjusted EBITDA margin to 22.0%-24.0% in 2021
compared with about 19.5% in 2020, approaching the average margin
of enterprise software of 25%-30%.

Growing recurring revenue and a low churn rate support Unit4's
business risk profile.

S&P Said, "We expect Unit4's recurring revenue as a percentage of
total revenue will be about 70% in 2021, compared with about 67% in
2020 and 64% in 2019, thanks to the sound growth of cloud
solutions. We think higher recurring revenue and the typical
three-year initial cloud contract term will increase Unit4's
earning visibility and stability. Furthermore, Unit4's globally
diversified operations and customer base make it less susceptible
to local regulations, domestic competition, and other event risks.
At the end of 2020, Unit4's revenue from its top 20 customers
accounted for only about 10% of its total revenue, and there was no
material concentration on its main customer. However, Unit4's scale
is much smaller in every market where it operates than local ERP
champions like Exact and Advanced, and the investment needed to
keep up with the local competition is pressuring its margins.
Unit4's software suites are mission critical to its customers to
maintain efficient and well-functioning operations, which makes it
difficult and costly for customers to switch. Unit4's overall gross
churn rate is less than 6%, with a net retention rate of more than
100%, largely in line with peers like Exact.

"The stable outlook reflects our view that Unit4's organic revenue
will increase 5%-7% in 2021-2022 thanks to the ramp-up of its cloud
offering, with an EBITDA margin steadily increasing toward 25% on
the back of operating leverage and lower exceptional costs. This
will lead to sound FOCF of more than EUR40 million, with FOCF to
debt of 4%-6%, leaving comfortable headroom under the rating.

"We could lower the rating if Unit4's reported FOCF deteriorates
toward breakeven. This could happen if Unit4's restructuring and
exceptional costs remain elevated, or its revenue declines on the
back of weak performance in maintenance and professional services,
and its investments in research and development (R&D) and marketing
efforts fail to stimulate sufficient cloud segment growth.

"We would raise the rating if Unit4 improved its adjusted EBITDA
margins to about 25%, enabling it to reduce its adjusted debt to
EBITDA--excluding the PIK--to sustainably below 7.5x, and FOCF to
debt of more than 5%, supported by the company's strong commitment
to maintain the ratios at this level."


CLARKS: Landlords Challenge Company Voluntary Arrangement
---------------------------------------------------------
Sam Chambers at The Sunday Times reports that a group of landlords
have filed a legal challenge to the restructuring of Clarks,
casting a shadow over a turnaround of the near-200-year-old
footwear chain.

According to The Sunday Times, property owners including British
Land and M&G are challenging a company voluntary arrangement (CVA)
that was approved by more than 90% of creditors last November.

Clarks is using the CVA to move most of its 320 UK stores onto
rents linked to sales, pay zero rent on 60 more and erase arrears
accrued in the pandemic, The Sunday Times discloses.

Despite being the only group of creditors to be impacted, landlords
accounted for less than a quarter of the votes, The Sunday Times
states.  Clarks required 75% approval from creditors, The Sunday
Times notes.


GF ALLIANCE: Expansion of Unit's Coal Mine Approved in Australia
----------------------------------------------------------------
Melanie Burton at Reuters reports that an Australian state planner
has approved the expansion of a metallurgical coal mine in New
South Wales run by a unit of cash-strapped industrialist Sanjeev
Gupta's GFG Alliance.

Planning body IPC said the April 22 consent to develop an extension
to the Tahmoor coal mine, 66 km (41 miles) southwest of Sydney,
carried additional environmental and social conditions, Reuters
relates.

"This is a positive outcome," said a GFG spokesman, who welcomed
the move as reaffirmation of the importance of high-quality
metallurgical coal in Australian manufacturing.

"We will now take time to review the IPC's conditions of consent
and continue to progress our refinancing, which is in the advanced
stages of due diligence."

According to Reuters, the ruling allows Tahmoor Coal, part of GFG's
SIMEC Mining, to extract an additional 33 million tonnes of coal
over 10 years, in a split of 90% to 95% metallurgical coal and 5%
to 10% thermal coal, to be exported from the Port Kembla Coal
Terminal.

However, it is unclear whether the mine will be developed or sold
off, after the London branch of Citibank applied to the state's
supreme court this month to wind up the business, Reuters notes.

The move, set for a May 6 hearing when the court is to give
directions, was part of insolvency measures linked to GFG group's
financier, Greensill Capital, Reuters states.

GFG Alliance is in discussions with administrators after
Greensill's supply chain finance business unravelled when its main
insurer stopped providing credit insurance on US$4.1 billion of
debt in portfolios, Reuters discloses.

In court documents, Greensill, as cited by Reuters, said GFG had
started to default on its obligations, but Mr. Gupta has maintained
that his steel businesses have adequate current funds and that its
business was strong.


KANTAR GLOBAL: S&P Places 'B' IDR on Watch Negative
---------------------------------------------------
S&P Global Ratings placed its 'B' issuer and debt ratings on
U.K.-based data, market research, and analytics group Kantar Global
Holdings S.a.r.l. (Kantar) on CreditWatch with negative
implications.

S&P said, "We expect to resolve the CreditWatch over the next
three-to-six months after we evaluate the recovery of Kantar's
operating performance and its S&P Global Ratings-adjusted leverage
and cash flow generation, on a stand-alone basis, in first-half
2021 and assess the impact of the Numerator acquisition on its
business profile and capital structure."

The CreditWatch placement follows Kantar's announcement that it has
entered into a definitive agreement to acquire Numerator, a
Chicago-based market intelligence company, from Vista Equity
Partners. The acquisition is subject to regulatory approval and is
expected to close by third-quarter 2021.

S&P said, "We expect the exact value of the transaction and
financing details to be confirmed in the coming weeks or months. We
understand that it will be financed with a mix of debt, equity from
Kantar's shareholders Bain Capital and WPP, and cash on its balance
sheet.

Numerator (Millennium Park Intermediate LLC; B-/Stable/--) is a
Chicago-based market intelligence company. It operates two main
business segments: Path--a promotions, branding, and e-commerce
advertising solutions platform; and Purchase--a consumer purchasing
data platform generating data via consumer panels. The company
generates its revenue through recurring subscription sales for its
data and software (which accounted for more than 85% of revenue in
2019) and nonrecurring and re-occurring ad-hoc engagements. Its
Purchase business segment has seen strong revenue growth over the
last 12 months, while its legacy Path business continues to face
revenue declines because of secular pressure affecting retailers.
In 2020, Numerator reported revenue of $176 million. S&P said, "We
expect its revenue will increase by 6%-8% in 2021 and generate S&P
Global Ratings-adjusted EBITDA margins of 16%-18%. In our view, the
acquisition would complement Kantar's Worldpanel business and
enhance its market position in the U.S. Because of its small size
and scale, we expect its contribution to EBITDA in the first
two-to-three years will be limited relative to Kantar´s scale."

S&P said, "Prior to the acquisition announcement, our 'B' rating on
Kantar was on negative outlook with minimal headroom. This was
because we expected that weak profitability and free operating cash
flows (FOCF) in 2020, because of COVID-19 effects and substantial
restructuring costs related to its ongoing business transformation,
could lead to very high leverage in 2020-2021, above its peers in
the media industry. We estimate that Kantar's 2020 S&P Global
Ratings-adjusted EBITDA weakened more than we had previously
expected due to higher restructuring costs, with S&P Global
Ratings-adjusted leverage above 15x. We think the announced
transaction will likely increase the group's 2021 leverage above
our guidance for the current rating; we had previously expected
adjusted leverage to reduce to less than 7.5x in 2021 and toward
6.0x-6.5x in 2022 in our base case.

"We also think that partly financing a large acquisition with debt
reflects a more aggressive financial policy from Kantar's private
equity sponsor than we had initially factored into the rating. We
previously assumed that Kantar would focus on business
transformation and try to deleverage toward 6.0x-6.5x in 2022
before undertaking any material shareholder distributions or
acquisitions.

"The negative CreditWatch reflects that we could lower our rating
on Kantar over the next three-to-six months after we evaluate the
recovery of Kantar's operating performance and its adjusted
leverage and cash flow generation in first-half 2021, on a
stand-alone basis, and we assess acquisition's effect on Kantar's
business profile and capital structure." S&P may lower its rating
on Kantar if:

-- Debt to EBITDA were to exceed 7.5x in 2021;

-- The group was unable to generate substantial positive FOCF in
2021 and FOCF to debt remained below 5% for a prolonged period;
and

-- EBITDA cash interest cover reduced to 1.5x.


PIZZA EXPRESS: Plans to Recruit 1,000 Employees Following CVA
-------------------------------------------------------------
Adam McCulloch at Personnel Today reports that Pizza Express is
planning to recruit 1,000 employees as part of its preparations to
reopen its 360 UK restaurants over May and June.

The recruitment drive, that was set to be announced last April 22,
comes despite the chain having lost more than 2,000 jobs as it
closed 73 outlets via a company voluntary arrangement (CVA), and
cut costs over the past year, Personnel Today discloses.

The recruitment campaign will include 300 posts under the
government's Kickstart programme, Personnel Today states.

Pizza Express recently opened 118 outlets for outdoor dining in
gardens and terraces, with the whole chain opening over the next
month or so for indoor dining in line with restrictions, Personnel
Today relates.  Customer numbers are expected to rise again on June
21 as social distancing is relaxed, Personnel Today notes.

Last year's closures under the CVA, an insolvency procedure
designed to allow operators to shed or redraft uneconomic leases,
included the original site on Wardour Street, Soho, launched by
founder Peter Boizot 56 years ago, Personnel Today recounts.

Since 2014, the company has been owned by Beijing-based Hony
Capital.

Restructuring in recent years has seen the chain's total debt fall
from GBP735 million to GBP319 million, Personnel Today states.


POUNDSTRETCHER: Kilsby Williams Appointed Auditors Following CVA
----------------------------------------------------------------
Sara White at Accountancy Daily reports that Welsh accountancy
firm, Kilsby Williams, has been appointed to audit national retail
chain Poundstretcher, replacing BDO, who resigned last October.

Established in 1981, Poundstretcher is a high-street brand with
over 370 stores across the UK, including 26 in Wales, and reported
annual turnover of GBP434 million for the last year end in accounts
filed in March 2020.  

In its fortieth year, the discount store chain has plans to further
extend its presence across the country after negotiating a company
voluntary arrangement last year, Accountancy Daily discloses.

Poundstretcher employs over 6,000 people across the brand's chain
of outlets and operates in the competitive value retail sector
focusing primarily on the sale of value household items.


RAC BOND: S&P Raises Class B1-Dfrd notes Rating to 'B+ (sf)'
------------------------------------------------------------
S&P Global Ratings raised to 'BBB (sf)' from 'BBB- (sf)' its credit
ratings on RAC Bond Co. PLC's class A1 and A2 notes, and to 'B+
(sf)' from 'B (sf)' the rating on the class B1-Dfrd notes.

RAC Bond Co. PLC is a whole business securitization of RAC Bidco
Ltd.'s (RAC) operating businesses. RAC Bond Co.'s financing
structure blends a corporate securitization of RAC's operating
business in the U.K. with a subordinated high-yield issuance. The
transaction is backed by future cash flows generated by the
operating businesses, which include roadside services and insurance
and financial services, but exclude RAC Insurance Ltd. and RACMS
(Ireland) Ltd.

The transaction features two classes of notes (A and B), the
proceeds of which have been on-lent by the issuer to the borrower,
via issuer-borrower loans. The operating cash flows generated by
the borrowing group are available to repay its borrowings from the
issuer which, in turn, uses those proceeds to service the notes.

The transaction will likely qualify for the appointment of an
administrative receiver under the U.K. insolvency regime. An
obligor default would allow the noteholders to gain substantial
control over the charged assets prior to an administrator's
appointment, without necessarily accelerating the secured debt,
both at the issuer and at the borrower level.

Following S&P's review of RAC's performance, it has raised its
ratings on the class A and B notes.

S&P said, "Our base-case forecasts of cash flow available for debt
service (CFADS) reflect our higher EBITDA expectation, driven by
assumed organic revenue growth of 5.8% in fiscal year ending
December 2021 (FY2021) and 5.5% to 4.5% in FY2022 and FY2023.
Growth in the breakdown services segment is mostly driven by the
business to consumer side, where we expect a steady retention rate
coupled with membership growth, whereas in the business to business
side we expect the company to retain all its key customers. We also
expect the S&P adjusted margins to improve slightly to 33%-35% over
our forecast horizon on the back of significant efficiency
initiatives in operations, such as reduced reliance on third-party
garage contractors.

"Our higher EBITDA expectations are coupled with higher capital
expenditures (capex) expectations (including customer acquisition
costs) and a potential one-time cash settlement payment to HM
Revenues & Customs. The net effect is modest reduction in our
projected cash flow available for debt service in FY2021.
Consequently, our minimum debt service coverage ratios (DSCRs) in
our base-case, which is driven by the near-term CFADS, have
decreased slightly. Looking into the long term, our higher EBITDA
expectation translates to higher average DSCR ratios in both the
base case and downside case scenarios. That said, they remain above
the mid end of the range for a 'bbb' anchor in our base-case
analysis, and above the breakpoint between a strong and a
satisfactory resilience score in our downside analysis. Our
satisfactory business risk profile remains unchanged."

The upgrades follow the implementation of S&P's counterparty and
eligible investments criteria for structured finance ratings and
the transaction's updated performance. On March 10, 2021, the
transaction documents were amended, and the relevant triggers
related to minimum required ratings for the issuer bank account,
borrower bank account, and liquidity facility provider were raised
to 'BBB+' from 'BBB-'.

S&P said, "As noted in our previous review, the ratings on the
class A notes were capped at 'BBB- (sf)' under our eligible
investments criteria. As a result of the amendment and following
the application of the criteria, the notes are now able to achieve
a 'BBB (sf)' rating. We have therefore raised to 'BBB (sf)' from
'BBB- (sf)' our ratings on the class A1 and A2 notes.

"Our ratings on the class A1 and A2 notes are not currently
constrained by the long-term issuer credit ratings on any of the
counterparties, including the liquidity facility, derivatives, and
bank account providers.

"Under the transaction documents, the counterparties are allowed to
invest cash in short-term investments with a minimum required
rating of 'BBB+'. Given the substantial reliance on excess cash
flow as part of our analysis and the possibility that this could be
invested in short-term investments, full reliance can be placed on
excess cash flows only in rating scenarios up to 'BBB+'.

"We have also raised to 'B+ (sf)' from 'B (sf)' our rating on the
class B1-Dfrd notes, driven by the deleveraging of the business
coupled with our view of a more limited likelihood of re-leveraging
to historical levels in future. The class B1-Dfrd notes were
partially repurchased by GBP65 million in FY2020, using additional
financial indebtedness under the GBP300 million senior term
facility and GBP30 million of cash in hand."

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."


[*] UK: Number of Businesses in Significant Financial Distress Up
-----------------------------------------------------------------
Lucy Meakin at Bloomberg News reports that the number of U.K.
businesses in significant financial distress jumped the most in at
least seven years last quarter, with firms across all sectors
seeing their situation deteriorate.

There are 723,000 companies facing serious problems, Bloomberg
relays, citing research by intelligence provider Begbies Traynor
published on April 22.  That's a 15% increase from the end of last
year, and the biggest quarterly increase since it began publishing
the data in 2014, Bloomberg notes.  From a year ago, the number has
climbed 42%, Bloomberg states.

The worsening of companies' balance sheets comes as a worrying sign
for the U.K.'s recovery prospects even as the economy begins to
open up following months of lockdown, Bloomberg relays.

Despite billions in government support, many firms are leaving
restrictions with heavy debts that could leave them vulnerable when
help is withdrawn, Bloomberg discloses.

According to Bloomberg, the analysis found financial distress in
transport and logistics, real estate and financial services all
surged by at least 50%, despite strong demand for their services
through the latest restrictions.

Begbies Traynor, as cited by Bloomberg, said regionally, Northern
Ireland and the Northwest of England saw the biggest deterioration,
but London's reliance on both the leisure and hospitality sector
and finance firms also left it vulnerable.




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

[*] BOND PRICING: For the Week April 19 to April 23, 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 * * *