---

       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, May 10, 2021, Vol. 22, No. 87

                           Headlines



F R A N C E

AFFLELOU SAS: Fitch Assigns 'B(EXP)' LT IDR, Outlook Negative


G E R M A N Y

BK LC LUX: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
HT TROPLAST: S&P Assigns 'B-' Rating, Outlook Stable
TAKKO FASHION: S&P Affirms 'CCC-' Ratings, Retains Negative Outlook


I R E L A N D

ARES EURO CLO XI: Fitch Affirms Final B- Rating on Class F Notes
BARINGS EURO 2021-1: S&P Assigns Prelim B- (sf) Rating to F Notes
CONTEGO CLO II: Fitch Raises Class F-R Notes to 'Bsf'
FAST SHIPPING: High Court Appoints Provisional Liquidator
JAZZ PHARMACEUTICALS: S&P Downgrades ICR to 'BB-', Outlook Stable

JUBILEE CLO 2013-X: Fitch Rates F-R-R Tranche 'B-(EXP)'
NORTH WESTERLY VII: S&P Assigns Prelim B- (sf) Rating to F Notes
SOUND POINT V: Fitch Assigns Final B- Rating to Class F Tranche


R U S S I A

RESO-LEASING LLC: Fitch Assigns 'BB' LT IDR, Outlook Stable


S P A I N

A.I. CANDELARIA: S&P Assigns BB- Rating to $575M New Sr. Sec. Notes
AI CANDELARIA: Fitch Assigns BB+ Rating to USD575MM Sec. Notes
TDA 26 MIXTO: Fitch Affirms CCC Rating on 2 Note Classes


S W I T Z E R L A N D

GATEGROUP HOLDING: Moody's Appends 'LD' to Caa2 PDR


T U R K E Y

ARCELIK AS: Fitch Places 'BB' LT IDRs on Watch Positive


U N I T E D   K I N G D O M

ATRIUM EURO: Fitch Gives Final BB+ Rating to EUR350MM Hybrid Notes
CINEWORLD GROUP: Faces Shareholder Rebellion Over Bonus Scheme
GFG ALLIANCE: Gupta's GBP200MM Bailout Plan Hits Roadblock
GREENSILL CAPITAL: HMRC Owed US$8 Million Following Collapse
GREENSILL CAPITAL: US$3.7BB Collected So Far, Administrators Say

SASSOON ACADEMY: Set to Appoint Administrators
ST PAUL CLO XI: Fitch Affirms B- Rating on Class F Tranche


X X X X X X X X

[*] BOND PRICING: For the Week May 3 to May 7, 2021

                           - - - - -


===========
F R A N C E
===========

AFFLELOU SAS: Fitch Assigns 'B(EXP)' LT IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has assigned Afflelou S.A.S. an expected Long-Term
Issuer Default Rating of 'B(EXP)' with a Negative Outlook. It has
also assigned its announced senior secured notes and senior
subordinated notes expected ratings of 'B+(EXP)' with a Recovery
Rating 'RR3'/70% and 'CCC+(EXP)' with 'RR6'/0%, respectively.

At the same time Fitch has affirmed 3AB Optique Developpement's
(3AB) senior secured notes and super senior revolving credit
facility (RCF) at 'B+' and 'BB', respectively. It has affirmed
3AB's Long-Term IDR at 'B' with a Negative Outlook. 3AB is 100%
owned by Afflelou and has similar consolidation scope.

The notes proceeds will be used to refinance 3AB's current debt
instruments. Fitch will assign Afflelou final ratings and withdraw
the ratings of 3AB once the refinancing is closed.

The IDR of Afflelou reflects high leverage metrics that Fitch
expects to temporarily exceed Fitch's rating sensitivities in 2021,
due to trade disruptions and announced distribution to
shareholders. It also reflects Fitch's view of its sustainable
business model, which has demonstrated limited exposure to the
pandemic. Strong brand awareness and leading positions in its core
markets have been supporting business stability.

The Negative Outlook reflects uncertainties over 2021 sales due to
continuing partial store closures during lockdowns, as well as
temporary deterioration of liquidity after the refinancing. Fitch
expects to revise the Outlook to Stable once its retail operations
in Europe stabilise and positive free cash flow (FCF) allows
Afflelou to rebuild a liquidity cushion.

KEY RATING DRIVERS

Moderate Exposure to Pandemic: Afflelou's stores faced full
two-month closure in the early period of the pandemic, and part of
the network in France (around 20% of sales) had to be closed in
early 2021. An around 20% decrease in sales in financial year to
July 2020 is therefore expected to be followed by less than a full
recovery of sales in FY21, with revenues reaching pre-pandemic
levels in FY23 under Fitch's rating case. At the same time, Fitch
does not incorporate drastic operational restrictions in Fitch's
forecast as the majority of stores are now expected to stay open
regardless of restrictions imposed on retail in core markets.

Sustainable Demand for Core Products: A supportive healthcare
reimbursement system in France reimburses around 70% of total
healthcare expenditure of consumers. As 93% of revenues come from
prescription glasses (86%) and hearing aids (7%) that enjoy
long-term growth in demand, Fitch forecasts growth in mid-single
digits over the next three to five years, in line with pre-pandemic
trends. An ageing population and growing myopia are increasing the
public in need of vision correction by 1% annually in Europe.
Additionally, the availability of sophisticated solutions such as
progressive lenses is expected to benefit replacement cycles. Fitch
also expects chains to outperform the market, due to economies of
scale and increased sophistication of services.

Leverage to Temporarily Exceed Sensitivities: The announced
refinancing assumes upstreaming EUR135 million to shareholders,
leading to a temporary increase in leverage metrics that will
offset the strong performance demonstrated in 1H FY21. As a result,
Fitch forecasts funds from operations (FFO) adjusted gross leverage
to slightly exceed Fitch's negative sensitivity for FY21. However,
Fitch also expects that sales recovery and continued cost
discipline should help Afflelou deleverage below Fitch's negative
sensitivity by FY22 with FFO adjusted gross leverage reaching
6.7x.

Resilient Business Model: Afflelou's business model combines the
typical features of a retailer with a strong franchisor business,
anchored in banner fees and wholesale distribution. Its revenue per
store outperformed the market by 60% in France (2019) and by over
100% in Spain (2018), reflecting efficiency of its franchise. Such
an operating profile also keeps cash outflows for capex and working
capital under control. Afflelou expects to develop its hearing aids
business using the same franchising model as its optical business.

Strong Brand Awareness: Afflelou has a strong niche in France and
Spain, enjoying highest brand awareness in France despite holding a
third place in sales (10%, slightly behind Krys and Optic 2000
holding 13% each). In Spain, it is the fourth-largest retailer with
a 7% market share, but is the largest franchisor banner by number
of stores. Fitch views strong brand awareness as especially
supportive of Afflelou's business that combines a wide product
range with low price sensitivity (due to insurance reimbursement of
purchases).

Strong Cash Flow Generation: Afflelou managed to remain free cash
flow (FCF)-positive in FY20, despite trading restrictions. For
FY21, Fitch expects pre-dividend FCF to exceed 7%. Limited capex
and working-capital requirements should help sustain FCF margin at
high single digits, aided by growth of increasingly profitable
hearing-aids activities. Fitch expects that medium-term capex
requirements will grow to 4%-5% of sales from 3%-4%, mainly due to
digital-transformation efforts. These comprise around half of total
capex in Fitch's forecast. Forecast medium-term pre-dividend FCF
margin is lower than the record 15.5% in FY19, but sufficient to
support a solid deleveraging path.

Hearing Aid Opportunity: Fundamentals for the hearing aids market
in France are strong, with 60% of patients in need of hearing aid
lacking the appropriate devices, and the Santé programme allowing
for 100% price reimbursement to consumers. Affelou's plan to fully
replicate its optical aid business model in hearing aids
potentially reduces business-process related capex, and the rollout
of products in existing stores should benefit from high brand
awareness and reduce the required capex of its franchisees. Fitch
acknowledges the perceived similarities of business models in
hearing and optical aid product sales and their potential
synergies, but take into account the smaller scale of the hearing
aid market due to lower demand from end-consumers.

DERIVATION SUMMARY

Afflelou's ratings reflect the group's profile of healthcare
products and retail distribution network, which is predominantly
franchised with owned stores. The credit risk of the retail
component is mitigated by a favourable reimbursement policy for
vision products in France, covered by the state and mutual
insurance policies. This provides for greater operational stability
compared with conventional high street retailers, who face less
predictable consumer behaviour, and as a result, are exposed to
higher sales and earnings uncertainties. The business also compares
favourably with that of Auris Luxembourg II S.A. (WS Audiology,
(B-/Stable), a supplier of hearing aids. WS's higher leverage and
weaker FCF generation justify a lower rating.

Rodenstock Holding GmbH (B-/RWN), a German centric lens
manufacturer, also a medical devices company, shares similar
margins but has lower FCF generation in addition to lower turnover
predictability and due to the lack of direct protection provided by
reimbursement policies. This translates into more relaxed leverage
threshold, on an FFO adjusted basis, for Afflelou (at 5.5x for its
B rating) relative to Rodenstock's below 6.0x for an upgrade to
'B'.

KEY ASSUMPTIONS

-- Revenue growth of around 15% in FY21 followed by mid-single
    digit growth until FY24;

-- EBITDA margin gradually improving to 24% in FY24 from around
    22% in FY21;

-- Capex at 6% of revenues in FY21, stabilising at around 4.5% in
    FY22-FY24; and

-- No dividend distributions up to FY24 after EUR135 million in
    FY21.

Key Recovery Assumptions

The recovery analysis assumes that Afflelou would remain a
going-concern (GC) in restructuring and that it would be
reorganised rather than liquidated in bankruptcy. This is because
intangible assets, represented by its relationship with franchisees
and suppliers, are key to the value of the group.

Fitch has assumed a 10% administrative claim in the recovery
analysis.

Our analysis assumes a post-restructuring EBITDA of about EUR64
million, 15% down from Afflelou's 1H FY21 LTM EBITDA. At this level
of EBITDA, which assumes corrective measures have been taken, Fitch
would expect Afflelou to generate moderately positive to break-even
FCF. Fitch also assumes a distressed multiple of 5.5x and a fully
drawn EUR30 million RCF.

After deducting 10% for administrative claims, Fitch's waterfall
analysis generated a ranked recovery in the 'RR3' band, indicating
a 'B+' instrument rating for the EUR425 million outstanding senior
secured notes, and 'RR1' for the EUR30 million RCF. The waterfall
analysis, based on current metrics and assumptions, yields
recoveries of 68% for the senior secured debt and 100% for the
super-senior RCF.

Assuming the planned refinancing is completed as expected, Fitch's
waterfall analysis generated a ranked recovery in the 'RR6' band
(indicating a 'CCC+' instrument rating) for the contemplated EUR75
million senior subordinated note; and in the 'RR3' band (indicating
a 'B+' instrument rating) for the contemplated EUR410 million
senior secured notes. The waterfall analysis based on current
metrics and assumptions yields recoveries is 0% for the senior
subordinated debt and 70% for the senior secured debt.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
upgrade:

-- EBITDA approaching EUR100 million as a result of network and
    margin performance and lack of impact from adverse regulatory
    changes;

-- FFO adjusted gross leverage sustainably below 5.5x;

-- FCF margin post-dividends of at least 5% on a sustained basis;

-- FFO fixed charge cover sustainably above 2.5x.

Developments that may, individually or collectively, lead to an
outlook revision to stable:

-- Normalising trading conditions with LTM EBITDA trending above
    EUR75 million;

-- FFO-adjusted gross leverage trending towards 7.0x and below by
    FY22;

-- Maintenance of liquidity buffer over EUR40 million.

Developments that may, individually or collectively, lead to
negative rating action/downgrade:

-- EBITDA sustainably below EUR75 million as a result of weak
    network activity or impact of adverse regulatory changes;

-- FFO adjusted gross leverage sustainably above 7.0x due to lack
    of deleveraging, debt-funded acquisitions;

-- Post-dividend FCF margin below 3%.

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

Weaker Liquidity Post-transaction: Pro-forma for the refinancing,
Afflelou will be left with only EUR10 million in cash, which is low
in comparison to the usual cash levels exhibited by the company.
Under Fitch's rating case, only EUR8 million is forecast to remain
on the balance sheet on 31 July 2021, with EUR25 million available
undrawn under the RCF (out of a total EUR30 million). Restoration
of the cash balance is predicated on a return to growth and
improved profitability.

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.



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

BK LC LUX: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned BK LC Lux Finco 1 S.a.r.l. (Birkenstock)
a final Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook.

It has also assigned a final senior secured rating of 'BB-' with a
Recovery Rating of 'RR3' to an EUR375 million term loan B (TLB)
issued by Birkenstock Group B.V. & Co. KG (formerly Birkenstock
Holding B.V. & Co. KG) and to a USD850 million TLB issued by BK LC
US Bidco Inc, as well as a final senior unsecured rating of 'B-'
with a Recovery Rating of 'RR6' to Birkenstock's EUR430 million
notes issue.

The final ratings are in line with the expected ratings that Fitch
assigned on 14 April 2021 and 20 April 2021 and follow completion
of the acquisition of Birkenstock by funds advised by L Catterton,
pricing of the instruments and receipt of the final documentation,
which mainly conform to the 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 versus 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 its high leverage post acquisition, the Stable Outlook
reflects sufficient visibility on 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 sales generated from five core sandal models and
modestly complemented by other shoe models and an 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 an estimated EUR218 million 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 also
be 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 a prolonged economic downturn, combined with additional
difficulties incurred in balancing the acceleration of the D2C
strategy with serving its wholesale audience.

Fitch has used a distressed enterprise value (EV)/EBITDA multiple
of 6.0x. This is 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 the claims of the TLB and the senior
unsecured notes due to the specific collateral assigned as part of
the facility. Total senior secured claims of EUR1,080 million are
split between the euro and US dollar TLB tranches of EUR375 million
and USD850 million contracted by Birkenstock Group B.V. & Co. KG
and BK LC US Bidco Inc, respectively. The EUR430 million senior
unsecured debt issued by BK LC Lux Finco 1 S.a.r.l. is subordinated
to the TLBs.

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. The ranked recovery for the senior
unsecured debt is in the 'RR6' category with a WGRC of 0%,
reflecting its subordination to a large portion of secured debt,
resulting in an instrument rating two notches below 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%.

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 Fitch's 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 and excluding the currently undrawn
ABL due in 2026, maturities are extended until 2028 and 2029, with
the mandatory 1% amortisation of the US dollar senior secured TLB
the only scheduled debt repayment over the rating horizon.

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).

HT TROPLAST: S&P Assigns 'B-' Rating, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B-' ratings to profine's
intermediate parent company HT TROPLAST GmbH and to the EUR340
million senior secured notes due 2025, with a recovery rating of
'4'.

The stable outlook reflects S&P's view that profine will continue
to deleverage to below 6x in 2021 and 2022, reflecting improved
EBITDA and positive reported cash flow, thanks to resilient
top-line growth and significant operating efficiency initiatives.

In July 2020, profine refinanced its outstanding bank loans with
new senior secured notes. As part of the transaction, profine
issued EUR340 million of senior secured notes and a EUR40 million
RCF, both due 2025. The RCF was undrawn at closing. The proceeds
were used to refinance outstanding debt and meet transaction costs,
fees, and expenses. profine's new capitalization structure also
includes about EUR17 million of local credit facilities, comprising
additional liquidity lines in response to the COVID-19 pandemic,
some of which are secured through national state-aid programs.

profine has a solid position in the European PVC window and door
profiles market. profine is a leading producer of energy-efficient,
premium quality PVC window and door profile systems and solutions
that are sold globally to window manufacturers. In the European
windows market, profine has a solid share of almost 20%, ranking
second behind its main competitor, Veka. S&P understands that the
market is somewhat concentrated, with the top eight players
accounting for about 85% of business.

S&P said, "We believe that profine's focus on energy-efficient
solutions should support growth. We note that profine has a strong
commitment to energy-saving products. This is a common trend in the
market, since an increasing number of regulations focus on
addressing climate change and setting new standards to reduce
energy consumption in buildings. At the same time, consumers are
increasingly making environmentally friendly purchases and some
governments have offered incentives to improve energy efficiency of
residential property. We believe this trend will continue to
support demand for profine's products in the next few years."

profine relies substantially on the more resilient renovation
market. profine generates most of its sales (70%-75%) in the
renovation market, which we see as more robust than new
construction business (25%-30% of sales). Regulatory building
standards and corresponding government incentives will fuel
renovation projects in Europe, which should support buoyant demand
for profine's products in the post-COVID-19 economy.

S&P said, "The company's has a limited product offering compared
with that of other rated building materials companies, which
constrains our assessment of business risk.Most of profine's
products relate to screens, windows, and sliding and classic door
systems. We note that product diversity is limited compared with
that of similarly rated peers, with all of the products intended
for the window manufacturing industry. While we note that profine's
product offering also comprises an aluminum system in India as well
as a PVC-aluminum hybrid system, both recently launched, most of
its products are made of PVC only, unlike some competitors offering
wider product ranges made from aluminum or wood. In terms of
additional services to customers, we believe that profine does not
differ materially from its competitors, offering in-house
consulting, training centers, architectural consulting, and similar
services."

profine has a small revenue base compared with other rated building
materials peers, with most of its sales generated in Europe.
Another rating constraint is the company's small size and
significant dependence on the European economy. profine reported
revenue of EUR682 million in 2020 versus over EUR1 billion for
other building material players, such as Hestiafloor, Quimper, and
Xella. While S&P acknowledges that profine's geographic
diversification is somewhat better than that of some peers, such as
PGT Innovations and Corialis, more than three-quarters of its
revenue is generated in Europe, with an additional 10% stemming
from Russia, which has been underperforming in recent years.

Historically, profine has shown lower margins than peers, mostly
due to lack of vertical integration and high selling costs. profine
buys raw materials and sells its products to window manufacturers,
operating at a specific point of the supply chain. With about 20%
of costs related to personnel and about 18% to other operating
expense, including marketing and advertising, profine has a higher
cost base than peers. In S&P's opinion, these factors explain its
lower profitability, with the EBITDA margin at about 12% as of
end-2020, compared with 23% for Corialis and 17% for PGT
Innovations. Mitigating its concern, profine has proven ability of
passing on raw material price increases to its customers, while
retaining benefits in case of price declines.

S&P said, "We forecast S&P Global Ratings-adjusted EBITDA margins
of 12%-13% in 2021-2022.profine reported good results in 2020,
despite the difficult market environment related to the COVID-19
pandemic, with EBITDA margin improving to about 12% in 2020 from
10% in 2019, mostly driven by sound top-line growth, lower raw
material prices, and other cost-saving initiatives. We also note
that profine reported resilient cash flow generation in 2020, also
due to large inflow from working capital. We continue to expect
slight improvements in profine's profitability in 2021-2022,
boosted by sustained revenue growth and continued operating
efficiency initiatives. Despite expected increases in raw material
prices over 2021-2022, we believe that the company will continue to
increase prices due to the continued high demand for its products
and positive market trend.

"We forecast S&P Global Ratings-adjusted debt to EBITDA of
5.5x-6.0x for profine in 2021-2022.S&P Global Ratings-adjusted debt
to EBITDA stood at about 6.0x in 2020, which is lower than our
previous expectation of about 6.5x-7.0x. This was mostly driven by
better-than-expected operating performance during the difficult
market environment, which resulted in higher EBITDA. We continue to
expect further deleveraging, supported by good business growth and
margin controls, leading to adjusted leverage of about 5.4-5.8x in
2021, and remaining above 5.0x thereafter. Our assessment of
profine's financial risk profile is mainly constrained by the
group's current capital structure, combined with low adjusted cash
flow generation due to capital expenditure (capex), significantly
high interest expense, and continued use of factoring. Our debt
adjustments as of end-2020 include about EUR52 million of
operational leases, EUR49 million of pension deficits, and other
adjustments for about EUR10 million. We do not net cash in our
adjusted debt calculation since we regard the company's business
risk profile as weak. At the same time, we believe the shareholder
loan qualifies for equity treatment under our methodology.

"The final ratings are in line with our preliminary ratings, which
we assigned on June 22, 2020.

"The stable outlook reflects our belief that profine can maintain
earnings growth in 2021-2022, despite the negative impact of the
pandemic, mainly because of one-off expenses in the previous
periods that will not reoccur, resilient top-line growth, and other
cost-saving initiatives. Under this scenario, the company would
continue to generative positive cash flow over the next two years,
with leverage at 5.4x–5.8x in 2021."

S&P could lower the rating if:

-- profine's operating performance deteriorates, jeopardizing the
sustainability of its capital structure and resulting in a much
weaker operating performance and adjusted debt to EBITDA staying
above 7.0x.

-- The company generates negative free operating cash flow (FOCF)
in 2021 and 2022, without prospects for a swift recovery.

-- The company's liquidity deteriorates materially.

S&P said, "We see limited rating upside over the next 12-24 months
due to the current capital structure. In the longer term, we could
take a positive rating action if the company continued to improve
top-line growth and its EBITDA margin beyond our base case, so that
leverage reduces sustainably and approaches 5x, while generating
material positive FOCF."


TAKKO FASHION: S&P Affirms 'CCC-' Ratings, Retains Negative Outlook
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC-' ratings on German fashion
retailer Takko Fashion S.a.r.l. and its senior secured debt.

S&P said, "The outlook remains negative because we believe COVID-19
related restrictions and economic uncertainties could further
pressure liquidity, and that the group could breach its minimum
EBITDA covenant test within the next six months in the absence of
another waiver.

"Despite the recent injection of EUR53.6 million of liquidity, we
still see Takko's liquidity as fragile and believe its capital
structure is unsustainable.The additional EUR53.6 million liquidity
injection comprises a new EUR23.6 million senior secured facility
under the existing senior facility credit agreement, as well as a
EUR15 million additional shareholder loan and EUR15 million loan
from a third-party contributor. In addition, the EUR56 million of
drawings on the revolving credit facility (RCF) has been converted
into a new senior secured facility as per an amendment of the
senior facility agreement. Together with the new EUR23.6 million,
this forms a EUR80 term loan B with a fixed margin of 7% maturing
in May 2022, which ranks ahead of the EUR510 million senior secured
notes and the new shareholder and third-party loans.

"The new money will help Takko meet its short-term liquidity needs
but we still expect it to face significant refinancing risk as the
May 2022 debt maturity approaches. In particular, this is because
lockdown measures in Germany are continuing for longer than
expected, thus pressuring earnings and liquidity further.
Furthermore, the new facility has a financial covenant stipulating
minimum available liquidity of EUR25 million, tested monthly, which
leaves limited headroom under our current scenario. Additionally,
the current waiver on the minimum group EBITDA covenant of EUR110
million expires in October 2021. In the absence of another waiver
or covenant reset, this covenant is likely to be breached based on
our current forecast of EBITDA at below EUR100 million (excluding
IFRS16 and nonrecurring costs) for fiscal year ending Jan. 31,
2022. Takko's financial sponsor provided some support through a
EUR15 million injection, but this loan matures before the EUR510
million notes and is relatively small compared with the group's
needs. Therefore, considering the approaching maturities, the
highly volatile context, and high S&P Global Ratings-adjusted
leverage of 9.0x-10.0x in fiscal 2021, we see a material risk of a
broader debt restructuring.

"Restrictions are subduing Takko's earnings due to its lack of
online exposure, but we expect a robust recovery once stores
reopen.Since the second lockdown in Germany was implemented in
December 2020, Takko's store network has never fully reopened.
Since the group has a marginal online presence, sales have
therefore dropped. That, together with the seasonality of working
capital, contributes to rapid erosion of the group's liquidity
buffer. The group had about EUR123 million of liquidity as of Nov.
30, 2020, but that amount dwindled to EUR16.2 million as of March
31, 2021, before the additional liquidity injection of EUR53.6
million. In April 2021, nonessential shops in Germany were allowed
to reopen under certain conditions, depending on regions and
cities, with limits on the number of customers in shops. This
enabled Takko to reopen over 880 stores, largely under a call and
meet format; but rapid normalization is unlikely at present since
the German government has extended customer limitations in
nonessential shops until June, accentuating the short-term risk the
group is facing. We note, however, that when the group reopened
stores under normal conditions in 2020, its sales recovered
sharply, recording 7% growth in the quarter ended Oct. 31, 2020,
compared with third-quarter 2019. Equally, upon the full reopening
of stores, we expect a robust recovery of sales since Takko targets
low-income families, a segment of the apparel market that is less
discretionary."

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

S&P said, "The negative outlook indicates that we see a risk that
the company may run out of liquidity within the next six months
because of the difficult operating environment, the significant
disruption associated with the pandemic, or decreasing customer
demand in light of the current recession. Moreover, we see
uncertainties relating to an extension of the covenant waiver from
bank lenders, which ends in October 2021, in the event of a
prolonged period of adverse economic conditions.

"We could lower the rating if we anticipate an accelerated scenario
of liquidity shortfall or announced plans for a distressed exchange
or debt restructuring. We could also lower the rating if banks do
not extend the expected covenant breach or agree to a covenant
reset for the current fiscal exercise.

"We could revise the outlook to stable or raise the rating if cash
flow generation outperforms our forecast, reducing the drag on
liquidity and the risk of a near-term payment crisis. Such a
scenario would likely depend on the evolution of restrictions
related to the COVID-19 pandemic on store openings throughout
Europe, but also on a rebound of discretionary consumer spending in
key markets. At that time, we would assess the group's ability to
restore its earnings, cash flows, and reduce leverage, while
maintaining sufficient liquidity."




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

ARES EURO CLO XI: Fitch Affirms Final B- Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XI DAC's refinancing
notes final ratings and affirmed the others. It has also revised
the Outlook on the sub-investment grade notes to Stable from
Negative.

ARES European CLO XI DAC

     DEBT                   RATING             PRIOR
     ----                   ------             -----
A-1-R XS2333699267   LT  AAAsf   New Rating   AAA(EXP)sf
A-2-R XS2333699937   LT  AAAsf   New Rating   AAA(EXP)sf
B-1-R XS2333700610   LT  AAsf    New Rating   AA(EXP)sf
B-2-R XS2333701261   LT  AAsf    New Rating   AA(EXP)sf
C-R XS2333701931     LT  A+sf    New Rating   A(EXP)sf
D-R XS2333702582     LT  BBB-sf  New Rating   BBB-(EXP)sf
E XS1958267905       LT  BB-sf   Affirmed     BB-sf
F XS1958269273       LT  B-sf    Affirmed     B-sf
X XS1958264639       LT  AAAsf   Affirmed     AAAsf

TRANSACTION SUMMARY

Ares European CLO XI DAC is a securitisation of mainly senior
secured loans (at least 96%) with a component of senior unsecured,
mezzanine and second-lien loans. Net proceeds from the refinancing
notes are being used to redeem the old notes. The refinanced CLO
envisages a further 2.45-year reinvestment period ending in
October-2023 and a 7.72-year weighted average life (WAL).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B'/'B-' range. As of 01 May 2021, the
Fitch calculated weighted average rating factor of the current
portfolio is 34.08.

Recovery Inconsistent with Criteria: Over 99% 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 62.95% and based on recovery rate provision in
the transaction documents it is 64.79%. The latter is above the
trustee reported WARR covenant of 63.7%.

As the recovery rate provision does not reflect the latest rating
criteria, assets without a 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 breakeven WARR of 1.5%, which is in line with the average
impact on the WARR of EMEA CLOs following the criteria update.

Diversified Asset Portfolio: The transaction has four Fitch test
matrices corresponding to maximum exposure to the top 10 obligors
at 15.0% and 23.0% (current portfolio exposure is 17.5%) and
maximum fixed assets limited at 7.5% of the portfolio. The
transaction also includes limits on the Fitch-defined largest
industry at a covenanted maximum 17.5% and the three largest
industries at 40.0%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

WAL Extension: On the refinancing date, the issuer extended the WAL
covenant by 15.3 months to 7.72 years and the Fitch test matrix has
been updated. The transaction features a further two-year
reinvestment period. The reinvestment criterion is similar to other
European transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Affirmation of Non-refinancing Notes: The affirmation of the
non-refinancing notes reflects the transaction's strong
performance. As per the trustee report dated 01 April 2021, all the
coverage tests, Fitch-related collateral quality test and portfolio
profile tests are passing. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below as calculated by Fitch as of 01 May 2021
is 2.74% (or 2.96% including the unrated names, which Fitch treats
as 'CCC' under its methodology, while the manager can classify them
as 'B-' for up to 10% of the portfolio), well below the 7.5% limit.
The transaction is below target par by 50bp.

The Stable Outlooks the on investment-grade notes, and the revision
of the Outlooks on the class E and F notes to Stable from Negative
reflect the default rate cushion under the sensitivity analysis
Fitch ran in light of the coronavirus pandemic.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to five notches depending on the notes, except for the class
    X, A-1-R and A-2-R notes, which are already at the highest
    rating on Fitch's scale and cannot be upgraded.

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

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

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels
    would result in downgrades of no more than five notches
    depending on the notes.

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

Coronavirus Baseline Scenario

Fitch has recently updated its CLO coronavirus pandemic stress
scenario to assume half of the corporate exposure on the Negative
Outlook is downgraded by one notch instead of 100%. All tranches
show resilience to this scenario at assigned or current rating
levels with significant default rate cushions.

Coronavirus Downside Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
on Negative Outlook. All tranches show resilience to this scenario
at the current rating levels.

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

ARES European CLO XI DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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

BARINGS EURO 2021-1: S&P Assigns Prelim B- (sf) Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Barings
Euro CLO 2021-1 DAC's class A loan and A, B, C, D, E, and F notes.
At closing, the issuer will issue unrated subordinated notes.

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

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

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

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

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

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

  Portfolio Benchmarks
                                                    CURRENT
  S&P weighted-average rating factor               2,784.00
  Default rate dispersion                            570.74
  Weighted-average life (years)                        5.16
  Obligor diversity measure                          111.00
  Industry diversity measure                          22.23
  Regional diversity measure                           1.40

  Transaction Key Metrics
                                                    CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                      B
  'CCC' category rated assets (%)                      2.49
  Covenanted 'AAA' weighted-average recovery (%)      37.04
  Covenanted weighted-average spread (%)               3.70
  Covenanted weighted-average coupon (%)               4.25

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

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
reference weighted-average coupon (4.25%), and the target minimum
'AAA' weighted-average recovery rate (37.04%) as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

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

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

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

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our preliminary ratings are commensurate
with the available credit enhancement for the rated loan and all of
the rated classes of notes.

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Barings (U.K.)
Ltd.

-- Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector (see "ESG Industry Report Card: Collateralized Loan
Obligations," published March 31, 2021). Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries: the manufacturing or distribution of
weapon systems, firearms, pornography, coal mining, food commodity
derivatives industry, tobacco, palm oil and palm fruit products, or
payday lending activities. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

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."

  Ratings List

  CLASS    PRELIM.     PRELIM.   INTEREST RATE      CREDIT
           RATING      AMOUNT       (%)          ENHANCEMENT(%)
                     (MIL. EUR)
  A        AAA (sf)    198.00      3mE + 0.80       38.00
  A Loan   AAA (sf)     50.00      3mE + 0.80       38.00
  B        AA (sf)      40.00      3mE + 1.35       28.00
  C        A (sf)       28.00      3mE + 2.30       21.00
  D        BBB (sf)     25.00      3mE + 3.75       14.75
  E        BB- (sf)     23.00      3mE + 7.05        9.00
  F        B- (sf)       8.00      3mE + 8.96        7.00
  Subordinated  NR      36.40      N/A                N/A

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


CONTEGO CLO II: Fitch Raises Class F-R Notes to 'Bsf'
-----------------------------------------------------
Fitch Ratings has upgraded Contego CLO II B.V.'s notes, except the
class A notes, which were affirmed at 'AAAsf' with Stable Outlook.

      DEBT                RATING          PRIOR
      ----                ------          -----
Contego CLO II B.V.

A-R XS1646967072   LT  AAAsf   Affirmed   AAAsf
B-R XS1646963246   LT  AAAsf   Upgrade    AA+sf
C-R XS1646963758   LT  A+sf    Upgrade    Asf
D-R XS1646964210   LT  BBB+sf  Upgrade    BBBsf
E-R XS1646964996   LT  BB+sf   Upgrade    BBsf
F-R XS1646965613   LT  Bsf     Upgrade    B-sf

TRANSACTION SUMMARY

The transaction is a cash-flow collateralised loan obligation back
by a portfolio of mainly European leveraged loans and bonds.

KEY RATING DRIVERS

Transaction Deleveraging

The upgrade of all tranches except the class A notes reflects the
further deleveraging of the transaction since its last review in
June 2020. The class A-R notes have paid down around EUR2.6 million
since the last review and overall credit enhancement has slightly
decreased across all rated notes expect the class A notes. The
manager has kept reinvesting since Fitch's last review, as per the
latest investor report dated 31 March 2021, the transaction was
80bp below target and there was EUR57 million available in the
principal account.

Asset Performance Stable

Asset performance has been stable since the transaction's last
review in June 2020. As of the latest investor report, the
transaction was passing all coverage tests, Fitch collateral
quality tests and portfolio profile tests except the weighted
average life (WAL) test. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below is 5.5% (excluding unrated names which
Fitch treats as 'CCC' but which the manager can classify as 'B-' up
to 10% of the portfolio) below the 7.5% limit. The are no defaulted
assets in the portfolio.

Resilient to Coronavirus Stress

The Stable Outlook of all notes reflect the default-rate cushion in
the sensitivity analysis Fitch ran in light of the coronavirus
pandemic. Fitch has recently updated its CLO coronavirus stress
scenario to assume half of the corporate exposure on Negative
Outlook is downgraded by one notch instead of 100%.

Average Portfolio Quality

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the current portfolio calculated by Fitch as of 24 April 2021
was 34.7 while it was 34.26 in the investor report, below the
maximum covenant of 34.5. The Fitch WARF would increase by 1 after
applying Fitch baseline coronavirus stress.

High Recovery Expectations

Senior secured obligations comprise 98.8% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. In the latest
invest report, the Fitch-weighted average recovery rate (WARR) of
the current portfolio was 63.2%, above to the minimum covenant of
62.9%

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is 24.2%, and no
obligor represents more than 2.6% of the portfolio balance.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in upgrades of up to
    four notches across the structure.

-- Except for the class A and B notes, which are the highest
    rating on Fitch's scale and cannot be upgraded, upgrades may
    occur in case of better-than-expected portfolio credit quality
    and deal performance, leading to higher credit enhancement and
    excess spread available to cover for losses in the remaining
    portfolio. Tranches could be also be upgraded if the notes
    continue to amortise, leading to higher credit enhancement
    across the structure.

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of up to five notches depending on the
    notes.

-- While not Fitch's base case, downgrades may occur if build-up
    of the notes' credit enhancement following amortisation does
    not compensate for a larger loss expectation than initially
    assumed due to unexpectedly high levels of default and
    portfolio deterioration. As disruptions to supply and demand
    due to Covid-19 become apparent for other sectors, loan
    ratings in those sectors would also come under pressure. Fitch
    will update the sensitivity scenarios in line with the view of
    its leveraged finance team.

Coronavirus Severe Downside Stress

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The severe downside stress
incorporates a single-notch downgrade to all the corporate exposure
on Negative Outlook. This scenario has no effect on the rated
notes.

BEST/WORST CASE RATING SCENARIO

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

CRITERIA VARIATION

At present 18.2% of the portfolio's assets have maturities within
18 months of the legal final maturity of the notes. If these assets
were to default, there may be insufficient time for recoveries,
given Fitch's standard recovery lag assumptions of 18 months in
scenarios rating from 'A-sf' to 'AAAsf'. To address this risk,
Fitch applied a haircut of 15% to the recovery rates for 18.2% of
the portfolio's assets for the purpose of the current portfolio and
increased this portion, due to potential early amortisations, to
50% for the purpose of the stressed portfolio.

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.

FAST SHIPPING: High Court Appoints Provisional Liquidator
---------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court has
appointed a provisional liquidator to a shipping company which
claims it has become "hopelessly insolvent" due to apparent fraud
by its managing director.

The order was made in relation to a Co Louth-based freight
forwarding business, Fast Shipping Ireland Ltd, which employs nine
people, The Irish Times notes.

Following an investigation into its financial affairs, the company
claims its currently suspended managing director, Simon Mulvany,
used its monies for his own benefit, including the purchase of two
racehorses, The Irish Times relates, The Irish Times relates.

On May 6, Mr. Justice Senan Allen appointed insolvency practitioner
Nicholas O'Dwyer, of Grant Thornton, as provisional liquidator to
the company, which has a registered address at Ferris House,
Constitution Hill, Drogheda, The Irish Times discloses.

The company has capital debts of EUR1.8 million and owes trade
creditors EUR1.4 million, The Irish Times states.  It is owed just
over EUR1 million by its debtors and has assets of EUR300,000,
according to The Irish Times.

The court heard it is clearly insolvent and unable to pay its debts
as they fall due, The Irish Times relays.

In an ex-parte application, Brian Conroy BL, for the company, said
recent financial investigations revealed the company is the victim
of an apparent fraud conducted by Mr. Mulvany, The Irish Times
notes.

According to The Irish Times, counsel said that arising out of
concerns about Mr. Mulvany's financial reporting, the company
information the Belgian parent received has been cast into serious
doubt due to the apparent fraud committed against the company.

Counsel said, arising out of its investigations, the company has
discovered it had significant debts it never previously knew about,
The Irish Times relays.  It was possible further debts may be
revealed.

The counsel said the company's affairs have been investigated by
forensic accountants and it provided a report to the Garda National
Economic Fraud Unit, according to The Irish Times.

The counsel added the appointment of a liquidator would ensure an
orderly winding up of the company and secure its assets, The Irish
Times notes.

He said it is expected the company would have a lot of "angry"
creditors, seeking to get paid.

The counsel said the liquidator will carry out a full and
independent investigation into the company's affairs, The Irish
Times discloses.

Counsel said the provisional liquidator could seek to continue to
trade and hopefully sell the firm's core business, according to The
Irish Times.

His client believes the company is still profitable and the sale of
the business could save the employees' jobs, The Irish Times
notes.

Mr. Justice Allen, describing the company as clearly "hopelessly
insolvent", said he was satisfied to appoint Mr. O'Dwyer as
provisional liquidator and returned the matter to next month, The
Irish Times relays.


JAZZ PHARMACEUTICALS: S&P Downgrades ICR to 'BB-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Ireland-based Jazz Pharmaceuticals PLC to 'BB-' from 'BB' and
removed the rating from CreditWatch, where S&P placed it with
negative implications on Feb. 4, 2021.

S&P said, "At the same time, we are assigning our final 'BB-'
issue-level and '3' recovery ratings on Jazz's $3.85 billion senior
secured term loan and $1.5 billion senior secured notes that the
company issued to fund the acquisition.

"The stable outlook reflects our expectation for adjusted debt to
EBITDA to remain 4x-5x over the next couple of years."

Jazz Pharmaceuticals has completed its acquisition of U.K.-based GW
Pharmaceuticals PLC, a specialty pharmaceutical company focused on
cannabinoid therapeutics, for approximately $7.2 billion ($6.7
billion net of GW cash).

S&P said, "We expect adjusted debt to EBITDA of about 5x in 2021
following the acquisition of GW, which was mostly debt-financed. We
expect leverage to improve to about 4x by the end of 2022 stemming
primarily from the company's commitment to debt repayments and
contribution from earnings, which includes sales of its Epidiolex
branded drug. Epidiolex is GW's lead asset and a cannabinoid
product that is FDA-approved for the treatment of three rare
pediatric epilepsies. We expect Epidiolex sales to increase over
the next couple of years and represent about 30% of Jazz's
consolidated revenue by next year. Following the acquisition, we
expect the company to focus on integration efforts and supporting
its near-term new product launches. We believe Jazz will deploy
most of the free operating cash flow (FOCF) it generates over the
next few years to fund modest-size acquisitions as it looks to
strengthen its pipeline and portfolio. We see a low likelihood, at
least over the next couple of years, that the company will issue
new debt to fund acquisitions or shareholder distributions.

"In our opinion, the increased leverage contributes to a
significantly weaker financial risk profile and reflects the
pharmaceutical industry's higher price for commercial-ready assets,
such as Epidiolex, given their immediate financial accretion,
relative to pre-clinical or early stage drugs.

"We believe the acquisition of GW has improved Jazz's product
diversification and growth prospects, contributing to a stronger
competitive position. In recent years, Jazz has maintained strong
market share in its oxybate portfolio (Xyrem and Xywav) through
multiple patents, new therapeutic indications, and new formulations
including the low-sodium variant. In 2020, Xyrem represented nearly
74% of revenues, which we considered highly concentrated and
exposed Jazz to threat from competitors entering the space,
including Avadel Pharmaceuticals' extended release oxybate product,
for which a new drug application (NDA) was filed in December
2020."

With the acquisition of GW, Jazz enters into the growing
cannabinoid market, thereby diversifying its product portfolio and
improving its growth prospects. S&P expects Epidiolex to be
immediately accretive to operating cash flow and profitability,
with strong prospects to achieve blockbuster status (greater than
$1 billion in annual sales) by 2023 and represent about 30% of
Jazz's consolidated sales.

Additionally, the sales in the company's oncology portfolio
continue to grow, including strong growth from Zepzelca, its small
cell lung cancer (SCLC) treatment approved through the FDA's
accelerated program in June 2020. S&P said, "Overall, we expect the
company's oncology portfolio to represent 20%-30% of sales over the
next few years. We believe that acquisitions and new product
launches should result in its oxybate portfolio representing less
than 50% of revenues by 2022. While this still represents a large
portion of revenue, it is significantly lower than we had expected
before Jazz announced its plans to acquire GW."

The pharmaceutical industry remains highly competitive. S&P said,
"We believe increased competition, from both branded and generic
products in the sleep medicine and oncology markets, may somewhat
constrain Jazz's revenue growth over the next few years. The
company's top product, Xyrem, could see an authorized generic (AG)
enter the market by 2023. In addition, we see increased risk from
branded competition, including Avadel's once-nightly extended
release oxybate product (compared to Xyrem and Xywav's
twice-nightly dosage), which Avadel expects to launch in the first
half of 2022. Although Jazz has a once-nightly product in its
pipeline and has favorable financial terms related to royalties
received from potential AG's, we see a higher threat from
competition over the next few years in the company's sleep medicine
portfolio compared to prior years."

In addition, the company's oncology portfolio has faced some
challenges, including product shortages, new entrants and competing
alternative therapies. S&P believes competition could increase and
may disrupt the company's revenue growth prospects in the coming
years, which could result in slower earnings growth than our
current base case assumes.

S&P said, "The stable outlook reflects our expectations for
adjusted debt to EBITDA of 4x-5x over the next couple of years.
This incorporates our assumptions that the company should generate
double-digit revenue growth and adjusted EBITDA margins of
40%-45%.

"We could lower our rating on Jazz Pharmaceuticals if we expect
adjusted debt to EBITDA to increase above 5x with poor prospects of
returning to below 5x. This could occur if the company announces a
large debt-funded acquisition or if sales and profit margins are
trending lower than expected, potentially due to an inability of
new product launches to offset increased competition and loss of
exclusivity on existing products.

"We could raise our rating on Jazz Pharmaceuticals within the next
12 months if adjusted debt to EBITDA falls below 4x and we expect
it to sustain leverage at that level, which could take some time to
demonstrate. This could occur if the company uses all free
operating cash flow generation to repay debt outstanding and
earnings growth exceeds our expectation."



JUBILEE CLO 2013-X: Fitch Rates F-R-R Tranche 'B-(EXP)'
-------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2013-X DAC reset expected
ratings.

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

Jubilee CLO 2013-X DAC

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

TRANSACTION SUMMARY

Jubilee CLO 2013 X DAC is a securitisation of mainly senior secured
obligations with a component of senior unsecured, mezzanine and
second-lien loans. A total note issuance of EUR423.65 million is
being used to fund a portfolio with a target par of EUR385.7
million. The portfolio is managed by Alcentra Limited. The CLO has
a 4.75-year reinvestment period and an 8.67-year weighted average
life (WAL).

KEY RATING DRIVERS

'Average' Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 34.9, below the maximum WARF covenant for assigning
expected ratings of 36.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.9%,
above the minimum WARR covenant for assigning expected ratings of
60.5%.

Diversified Asset Portfolio (Positive): The transaction will have
several Fitch test matrices corresponding to two top 10 obligors'
concentration limits. The manager can interpolate within and
between the two matrices. The transaction also includes various
other concentration limits, including the maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Positive): The transaction has a 4.7-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Deviation from Model-Implied Rating (Negative): The expected
ratings of the class A, B, D, E and F notes are one notch higher
than the model-implied ratings (MIR). The ratings of the class A,
B, D and E notes are supported by a significant default buffer for
the identified portfolio at the assigned ratings due to the notable
cushion between the covenants of the transaction and the
portfolio's parameters, including a higher diversification (142
obligors) of the identified portfolio than the stressed portfolio.
All these notes pass the assigned ratings based on the identified
portfolio.

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

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% and an increase in the recovery rate (RRR) by 25% at all
    rating levels would result in an upgrade of up to five notches
    depending on the notes, except for the class A notes, which
    are already at the highest 'AAAsf' rating.

-- At closing, Fitch will use a standardised stressed 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, as the portfolio credit
    quality may still deteriorate, not only by natural credit
    migration, but also through reinvestments.

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

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

-- An increase of the RDR at all rating levels by 25% and a
    decrease of the RRR by 25% at all rating levels will result in
    downgrades of no more than five notches depending on the
    notes.

Coronavirus Baseline Stress Scenario

Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the underlying corporate exposure on Negative
Outlook is downgraded by one notch instead of 100%. The Stable
Outlooks on all the notes reflect their resilience in the
sensitivity analysis Fitch ran in light of the coronavirus
pandemic. For the class F notes a Stable Outlook was assigned
despite a break-even default rate shortfall under this scenario.
This reflects the small magnitude of the shortfall under this
scenario, which is materially below the levels accepted under the
stressed portfolio analysis, and the low likelihood of downgrade to
the next lower rating category.

Coronavirus Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The severe downside stress
incorporates a single-notch downgrade to all the underlying
corporate exposure on Negative Outlook. This scenario shows
resilience at the current ratings for all notes except the class E
and F notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

NORTH WESTERLY VII: S&P Assigns Prelim B- (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to the class
A to F European cash flow CLO notes issued by North Westerly VII
ESG CLO DAC. At closing, the issuer will issue unrated subordinated
notes.

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

The portfolio's reinvestment period will end approximately 4.43
years after closing, and the portfolio's maximum average maturity
date will be approximately 8.5 years after closing

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

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

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

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

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

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

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,856.70
  Default rate dispersion                                  411.74
  Weighted-average life (years)                              5.34
  Obligor diversity measure                                114.75
  Industry diversity measure                                20.88
  Regional diversity measure                                 1.20

  Transaction Key Metrics
                                                          CURRENT
  Total par amount (mil. EUR)                                 400
  Defaulted assets (mil. EUR)                                   0
  Number of performing obligors                               133
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                            0.00
  Covenanted 'AAA' weighted-average recovery (%)            36.75
  Covenanted weighted-average spread (%)                     3.70
  Covenanted weighted-average coupon (%)                     4.25

Unique Features

Workout obligations

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

The purchase of workout obligations is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in the principal balance definition, although where the loss
mitigation loan meets the eligibility criteria with certain
exclusions, it is accorded defaulted treatment in the par coverage
tests. The transaction documents limit the CLO's exposure to
workout obligations that can be acquired with principal proceeds to
5% of the target par amount.

The issuer may purchase workout obligations using either interest
proceeds, principal proceeds, or amounts standing to the credit of
the collateral enhancement account. The use of interest proceeds to
purchase workout obligations is subject to the manager determining
there are sufficient interest proceeds to pay interest on all the
rated notes and that all coverage tests would pass on the upcoming
payment date. The usage of principal proceeds is subject to the
following conditions: (i) par coverage tests passing following the
purchase; (ii) the manager having built sufficient excess par in
the transaction so that the principal collateral amount is equal to
or exceeding the portfolio's target par balance after the
reinvestment or otherwise not purchased at a premium; and (iii) the
obligation is a debt obligation that is pari passu or senior to the
obligation already held by the issuer.

To protect the transaction from par erosion, any distributions
received from workout loans that are either purchased with the use
of principal, or purchased with interest or amounts in the
collateral enhancement account but which have been afforded credit
in the coverage test, will irrevocably form part of the issuer's
principal account proceeds and cannot be recharacterized as
interest.

Bankruptcy exchange

Bankruptcy exchange allows the exchange of a defaulted obligation
for any other defaulted obligation issued by another obligor. This
feature aims to allow the manager to increase the likelihood in the
value of recoveries. The collateral manager may only pursue a
bankruptcy exchange when:

-- The received obligation has a better likelihood of recovery or
is of better value or quality than the exchanged obligation;

-- The received obligation is no less senior in right of payment
than the exchanged obligation;

-- The coverage tests are satisfied;

-- The aggregate principal balance of the obligations received in
bankruptcy exchanges since the issue date does not exceed 7.5% of
the target par amount;

-- The aggregate principal balance of the obligations received in
bankruptcy exchanges held by the issuer at such time does not
exceed 3.0% of the target par amount;

-- The bankruptcy exchange test is satisfied, i.e., the projected
internal rate of return of a received obligation obtained as a
result of a bankruptcy exchange exceeds the projected internal rate
of return of the related exchanged obligation in a bankruptcy
exchange; and

-- At the time of exchange, the exchanged obligation satisfies the
CLO's eligibility criteria, except certain provisions such as, for
example, a defaulted security, credit risk, or long-dated
obligation.

To protect the transaction from par erosion, any payment required
from the issuer connected with bankruptcy exchanges will be limited
to customary transfer costs and payable only from amounts on
deposit in the collateral enhancement account and/or any interest
proceeds. Otherwise, interest proceeds may not be used to acquire a
received obligation in a bankruptcy exchange if it would likely
result in a failure to pay interest on all rated notes on the next
succeeding payment date.

The bankruptcy exchange feature is only applicable during the
transaction's reinvestment period.

Rating rationale

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average 'B' rating. We understand that at closing the
portfolio will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
weighted-average coupon (4.25%), and the covenanted
weighted-average recovery rate for all rating levels. As the
portfolio is being ramped, we have relied on indicative spreads and
recovery rates of the portfolio. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-1
to F notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned preliminary rating levels.

"Elavon Financial Services DAC is the bank account provider and
custodian. At closing, we anticipate that the documented downgrade
remedies will be in line with our current counterparty criteria.

"At closing, we consider that the issuer will be bankruptcy remote,
in accordance with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication. The results shown in the chart below are based on the
covenanted weighted-average spread, coupon, and recoveries.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
production or marketing of controversial weapons, tobacco or
tobacco-related products, nuclear weapons, thermal coal production,
speculative extraction of oil and gas, pornography or prostitution,
or opioid manufacturing and distribution. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

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."

  Ratings List
  
  CLASS   PRELIM.    PRELIM.    SUB (%)    INTEREST RATE*
          RATING     AMOUNT
                    (MIL. EUR)
  A       AAA (sf)     248.00   38.00    Three/six-month EURIBOR
                                           plus 0.84%
  B-1     AA (sf)       27.50   28.00    Three/six-month EURIBOR
                                           plus 1.50%
  B-2     AA (sf)       12.50   28.00    2.00%
  C       A (sf)        28.00   21.00    Three/six-month EURIBOR
                                           plus 2.00%
  D       BBB (sf)      24.00   15.00    Three/six-month EURIBOR
                                           plus 2.95%
  E       BB (sf)       20.00   10.00    Three/six-month EURIBOR
                                           plus 5.66%
  F       B- (sf)       12.00    7.00    Three/six-month EURIBOR
                                           plus 8.14%
  M-1     NR            15.00     N/A      N/A
  M-2     NR            35.00     N/A      N/A
  Sub. Notes   NR       36.95     N/A      N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


SOUND POINT V: Fitch Assigns Final B- Rating to Class F Tranche
---------------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO V Funding DAC final
ratings.

      DEBT                             RATING            PRIOR
      ----                             ------            -----
Sound Point Euro CLO V Funding DAC

A Loan                          LT AAAsf   New Rating  AAA(EXP)sf
A Note XS2311365410             LT AAAsf   New Rating  AAA(EXP)sf
B-1 XS2311366061                LT AAsf    New Rating  AA(EXP)sf
B-2 XS2311366731                LT AAsf    New Rating  AA(EXP)sf
C-1 XS2311367382                LT Asf     New Rating  A(EXP)sf
C-2 XS2315958996                LT Asf     New Rating  A(EXP)sf
D XS2311368190                  LT BBB-sf  New Rating  BBB-(EXP)sf

E XS2311368786                  LT BB-sf   New Rating  BB-(EXP)sf
F XS2311368869                  LT B-sf    New Rating  B-(EXP)sf
Subordinate Notes XS2311369248  LT NRsf    New Rating  NR(EXP)sf
X XS2311365253                  LT AAAsf   New Rating  AAA(EXP)sf

TRANSACTION SUMMARY

Sound Point Euro CLO V Funding DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to fund a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Sound Point CLO C MOA, LLC. The collateralised loan obligation
(CLO) has a 5.22-year reinvestment period and a nine-year weighted
average life (WAL).

The class A notes are divided into floating-rate notes of EUR198
million and a floating-rate loan of EUR50 million. The tranches
rank pari-passu in the priority of payments.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 32.59

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
64.45%.

Diversified Asset Portfolio (Positive): The transaction has four
Fitch test matrices corresponding to two top 10 obligors'
concentration limits of 16% and 25%, respectively. The manager can
interpolate within and between two matrices. The transaction also
includes various concentration limits, including the maximum
exposure to the three largest (Fitch-defined) industries in the
portfolio at 40%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.

Portfolio Management (Positive): The transaction has a 5.22-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Deviation from Model-implied Rating (Negative): The ratings of the
class B, D, E and F notes are one notch higher than the
model-implied rating (MIR). When analysing the Fitch test matrices
with the stressed portfolio, the notes showed a maximum breakeven
default rate shortfall ranging from -0.29% to -3.68% across the
structure at the assigned ratings. The ratings are supported by the
significant default cushion on the identified portfolio at the
assigned ratings due to the notable cushion between the covenants
of the transactions and the portfolio's parameters including the
higher diversity (111 obligors) of the identified portfolio.

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

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to five notches depending on the notes, except for the class A
    and class X notes, which are already at the highest rating on
    Fitch's scale and cannot be upgraded.

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

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

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of no more than five notches depending on
    the notes.

Coronavirus Baseline Stress Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%. The Stable Outlooks on all
the notes reflect the default rate cushion in the sensitivity
analysis ran in light of the coronavirus pandemic.

Coronavirus Potential Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario shows resilience at the current ratings for all notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Sound Point Euro CLO V Funding DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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



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

RESO-LEASING LLC: Fitch Assigns 'BB' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned RESO-Leasing LLC (RL) a Long-Term Issuer
Default Rating (IDR) of 'BB' with Stable Outlook.

KEY RATING DRIVERS

RL's IDR is based on its standalone creditworthiness and reflects a
moderate franchise with a monoline business model in a developing
operating environment. Profitability is underpinned by above sector
growth and has been robust and stable helped by low (albeit
somewhat higher than peers) final credit losses, a moderate
leverage profile and a largely unsecured funding base, reasonably
diversified by sources. Fitch believes RL benefits from being part
of RESO-Garantia group in terms of brand strength, funding costs
and governance, but Fitch has not factored in support as Fitch does
not view RL as a core subsidiary.

RL focuses on the financial leasing of passenger cars (70% of the
lease book) and targets SME clientele. The lease book is
diversified, with the 20 largest leases amounting to a low 5% of
total book or 17% of total equity at end-2020. Liquid collateral
and relatively smooth repossession contribute to low credit losses
and are essential factors for RL's business model.

Historically, Russia's autoleasing sector has demonstrated more
resilience than the quite cyclical underlying car market. This is
due to the steadily increasing penetration of leasing in car sales,
particularly notable in crisis years. RL mainly competes with other
private leasing companies as the larger state-controlled leasing
companies are less active in this segment.

RL was growing ahead of the sector in 2016-2020 with CAGR of 48% in
its lease book. Management expects slower growth for five years
until end-2025. RL's management intends to maintain its strategic
focus on its current segment with no plans for geographical
expansion or a shift to new products. The company has small
subsidiary (8% of the total book) in Belarus - RESO-BelLeasing -
that pursues a similar business model. Fitch considers this
exposure as higher risk given the more volatile operating
environment, weaker asset quality and currency risks.

RL's credit losses (as well as 2016-2019 average) were higher than
peers in 2020, reflecting its target market. However, they remain
well controlled and did not exceed 1%, averaging 0.4% for the
period by Fitch's calculation. Probability of default of leases is
relatively high, which is a function of the tolerance to credit
risk with effectively asset-based origination and focus on SMEs.
However, relatively liquid collateral and easy repossession (due to
control of the ownership title on the vehicle) facilitate low
average loss given defaults and final credit loss. Fitch expects
credit losses to be in line with historical trends, despite the
aftermath of the pandemic crisis in Russia.

Like its close peers, RL benefits from a high interest yield,
resulting in a strong risk-adjusted interest margin of 10%.
Operational cost management appears sound, leading to robust net
returns of ROAA of 7% and ROAE 31% in 2020 (8% and 26%,
respectively, in 2016-2020). Fitch expects profitability to
moderate in 2021-2023 amid a longer-term trend of decreasing yields
and the possibility of a moderate increase of the cost of funding.
RL's management plans to build up commission income, particularly
from insurance referrals, which would only partly offset these
pressures, in Fitch's view.

Management intends to maintain leverage, defined by RL as net
debt/tangible equity, at below 5.0x compared with 3.1x at end-2020.
Fitch assesses leverage on a gross debt-to-tangible equity metric,
and this gradually increased to 3.3x at end-2020 from 1.7x at
end-2016 due to rapid lease book expansion. The shareholders'
representative confirmed that RL's dividend policy and growth
targets would be shaped accordingly.

RL's assets are relatively short term, with an average lease tenor
of three years, amortised monthly. Assets and liabilities are well
matched by tenors. Bilateral funding from banks is lumpy but
amounted to only 18% of borrowings at end-2020. RL relies on bond
placements (82%) with some diversification across 10 outstanding
issues with distributed maturities. The company has a proven
ability to tap the domestic debt market, including in downturn
periods such as the pandemic crisis when it placed three issues.
Funding is largely unsecured, providing management with additional
flexibility in case of stress.

RATING SENSITIVITIES

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

-- An upgrade of RL's IDRs would require a sustained improvement
    in the operating environment allowing for a wider
    diversification of the funding by sources.

-- A material strengthening of the franchise and pricing power,
    combined with diversification of revenue would underpin a
    stronger company profile and more predictable profitability.

-- A lower risk appetite supported by lower growth, reduced
    credit losses and higher provision coverage would be positive
    for Fitch's assessment of the asset quality and profitability
    and could combined with other factors, result in an upgrade or

    higher tolerance to leverage.

All these developments are unlikely in the medium term, in Fitch's
view.

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

-- A sustainable increase of RL's leverage above 5.5x (gross
    debt-to-tangible equity) caused by asset growth (organic or
    inorganic), material losses or capital distribution. Also, a
    material weakening of quality of capital via for example high
    related party exposures, non-core assets or intangibles.

-- A material increase in asset concentrations, significant
    shifts of the business model towards risker products (like
    fleet leasing), a significant narrowing of alternatives for
    funding as well as sizable credit losses or indication of
    increased operational risks.

-- A decrease of profitability (measured as pre-tax
    income/average assets) below 4% on a sustained basis,
    indicating lower resilience of the company's performance and
    operational model.

-- Changes in the corporate structure causing operational
    disruptions, significant increase in the credit risk or risk
    appetite and a material increase in funding costs.

BEST/WORST CASE RATING SCENARIO

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



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

A.I. CANDELARIA: S&P Assigns BB- Rating to $575M New Sr. Sec. Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to A.I.
Candelaria Spain's (Candelaria's) proposed senior secured notes for
up to $575 million. Candelaria will use the proceeds to make a
tender offer for up to $350 million of its existing $750 million
senior secured notes due 2028 and to increase its stake in
Oleoducto Central, S.A. (OCENSA) (BBB-/Negative/--) to a total of
27.352%. At the same time, S&P affirmed the 'BB-' issue-level
rating on Candelaria's existing notes. It views that the increase
in debt and related financial expenses are offset by the higher
dividends from OCENSA and the more affordable debt maturity
schedule.

S&P said, "Our base-case scenario assumes that following the 5%
increase in Candelaria's stake in OCENSA, dividends to the former
will be $185 million - $190 million in 2021 and $200 million - $220
million in 2022-2023. We expect these dividends to allow Candelaria
to meet operating and financial expenses--including those related
to the new issuance--and to distribute all of its excess cash to
its parent company, while complying with the debt service reserve
account (DSRA) requirements of 1.25x. As a result, we expect
Candelaria's net debt to EBITDA to be about 4.0x and interest
coverage ratio to be 3.0x-3.5x in the next two years, metrics that
will be in line with the current rating.

"We could lower our ratings on Candelaria if dividends from OCENSA
were to be 15% lower than our base-case assumptions. This could be
the result, for example, of lower-than-expected volumes transported
in 2021 and 2022 that hurt results and dividends due to renewed
downward pressure on oil prices or an extension of the pandemic
beyond our forecast. We could also lower ratings on Candelaria in
the next 12 months if we were to downgrade OCENSA to 'BB+'. This
can result from a downgrade of OCENSA's parent, Ecopetrol
(BBB-/Negative/--), which in turn could stem from a downgrade of
Colombia (BBB/Negative/A-2).

"The existing rating on Candelaria's senior secured notes continues
to incorporate the share pledge that consists of 100% of its equity
interests in OCENSA and the absence of additional debt at
Candelaria's level. The 'BB-' rating on Candelaria also reflects
its total reliance on subordinated dividend payments from its sole
investment, OCENSA, which distributes them after funding its
operating and financial needs. In addition, given that OCENSA is
not publicly traded, it might be difficult for Candelaria to
liquidate its investments if needed, and for us to forecast asset
valuations relative to debt with certainty. The 'BB-' rating also
captures the existing governance principles contained in the
shareholders' agreement according to which Candelaria holds veto
powers over OCENSA's significant decisions such as business plans,
large investments, and changes to the dividends policy. We expect
OCENSA's dividends to remain overall stable and to be more than
sufficient to cover Candelaria's operating and financial expenses
after the issuance of the proposed notes."

OCENSA's cash flows have so far proven to be stable. Although only
a part of its capacity is contracted, Ecopetrol remains OCENSA's
main client maintaining relatively stable transported volumes when
oil prices have ranged between $30 per barrel (bbl) to $40/bbl. In
addition, we have a favorable view of Colombia's regulatory
framework for the energy industry. These factors have enabled
OCENSA to generate high and stable EBITDA margins and to post
robust cash flows. In addition, OCENSA is currently underleveraged
and doesn't have significant capital expenditures, which allows it
to distribute 100% of the net income.

Candelaria is a Spain-based holding company with the sole purpose
of owning a 27.352% non-controlling stake in OCENSA. OCENSA owns
and operates Colombia's main crude oil pipeline that extends from
the Llanos and Magdalena basins to the port of Coveñas, a crude
oil export facility. Colombia-based oil and gas company Ecopetrol
controls OCENSA through a 72.6% stake.

  Ratings List

  NEW RATING

  A.I. Candelaria Spain

   Senior Secured       BB-

  RATINGS AFFIRMED

  A.I. Candelaria Spain

   Senior Secured       BB-


AI CANDELARIA: Fitch Assigns BB+ Rating to USD575MM Sec. Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to AI Candelaria (Spain),
S.L.'s proposed new issue of up to USD575 million senior secured
notes due 2033. The notes proceeds will be used to pay for the
tender offer of up to USD350 million of the company's outstanding
USD750 million 7.50% senior secured notes due 2028, to partially
finance the acquisition of Darby Colpatria Capital's (Darby) 5%
stake in Oleoducto de Colombia S.A. (OCENSA), and to pay fees and
expenses related to the offering.

The collateral of the notes will be 100% of AI Candelaria's equity
interest in OCENSA and a debt service reserve account equal to an
amount sufficient to cover 1.25x of the next interest and principal
payments.

A.I. Candelaria's ratings are linked to the credit profiles of
OCENSA (BBB-/Negative) and Ecopetrol S.A. (BBB-/Negative), which
indirectly own 72.648% of OCENSA, and is A.I. Candelaria's only
source of dividends to service debt. The ratings are constrained by
A.I. Candelaria's moderately high leverage and structural
subordination to OCENSA's creditors.

KEY RATING DRIVERS

Stable Dividend Stream: A.I. Candelaria's ratings are supported by
the quality of the dividends received from its stake in OCENSA,
which will increase to 27.352% after the acquisition of 5% of
OCENSA's shares from Darby. The company is in a regulated business
with strong and stable cash flows and predictable dividend streams.
Fitch forecasts dividends received from OCENSA to average USD200
million in the short to medium term. A.I. Candelaria benefits from
OCENSA's key position as the largest crude oil transportation
company in Colombia, which connects the most important oil basins
with the country's main export terminal and refineries. This helped
OCENSA to remain competitive through different price cycles.

Moderate Capital Structure: A.I. Candelaria's capital structure
after the proposed issuance is moderate. FFO is expected to cover
interest expenses by 3.5x, which is in line with its current
rating. Gross leverage, as measured by total debt/dividends
received, as of Dec. 2020, was 3.5x. Leverage is expected to reach
5x in 2021, falling below 4.5x in the medium-term once the company
begins the amortization of its outstanding notes in 2022. The
amortized structure of A.I. Candelaria's notes reduces the
company's exposure to refinancing risk.

Structural Subordination: A.I. Candelaria's outstanding notes will
remain structurally subordinated to OCENSA's USD500 million notes.
A.I. Candelaria is a holding company that depends on dividends it
receives from OCENSA to service its own obligations. Therefore, a
substantial increase in leverage at the OCENSA level could increase
the structural subordination of A.I. Candelaria's creditors. This
risk is mitigated by OCENSA's track record of stable dividend
distributions and A.I. Candelaria's veto right over changes in
OCENSA's dividend policy and capex above USD100 million. Fitch
believes the projected dividend stream would be more than
sufficient to cover interest expense and principal payments
resulting from the issuance.

Strong Minority Rights: The shareholders' agreement gives A.I.
Candelaria significant influence on OCENSA's dividend policy, which
lessens the concerns regarding the dependence on a sole source of
cash flow coming from its minority interest in OCENSA. A.I.
Candelaria has a strong veto right on OCENSA's relevant decisions,
and is entitled to appoint two of the five directors to OCENSA's
board. A 90.1% majority of shareholder votes is required to change
the dividend policy, among other significant business decisions to
protect cash flow and liquidity.

DERIVATION SUMMARY

A.I. Candelaria's ratings rely on the dividend stream received from
OCENSA, which has an investment-grade credit quality. Overall,
assets such as crude and products pipelines, natural gas and other
contractually-supported operations have predictable operating
performance, and consistent earnings and cash flow. OCENSA's credit
profile is linked to that of Ecopetrol, which indirectly owns
72.648% of OCENSA. Fitch believes operational integration and
strategic ties between the entities are important enough to create
economic incentives for Ecopetrol to effectively support OCENSA.

Tolling-based natural gas peers in the region, such as
Transportadora de Gas Internacional S.A. ESP (TGI; BBB/Stable) and
Transportadora de Gas del Peru, S.A. (TGP; BBB+/Stable), benefit
from the cash flow stability afforded by more purely take-or-pay
models, allowing them to support more leverage. OCENSA's stronger
financial profile, with average leverage of 0.5x over the rating
horizon, is offset by a greater exposure to volumetric risk, given
its higher reliance on ship-and-pay contracts relative to peers.

KEY ASSUMPTIONS

-- OCENSA's transported volumes for Ship-and-Pay contracts
    declining during the rating horizon;

-- OCENSA's transported volumes for Ship-or-Pay contracts
    according to negotiated terms with off-takers;

-- Regulatory tariffs remain through 2023;

-- Dividend pay-out of 100%;

-- Exchange rate forecasted by Fitch's Sovereign Group;

-- Debt service reserve account covers 1.25x the next debt
    service payment (interest and principal);

-- Dividends distribution contingent on meeting the required debt
    service reserve account.

RATING SENSITIVITIES

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

-- An upgrade of OCENSA credit ratings.

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

-- A downgrade of OCENSA credit ratings;

-- Interest coverage (Dividends received/Gross interest) below
    2.5x on a sustained basis;

-- A significant additional debt at OCENSA's level, which
    increases the structural subordination of A.I. Candelaria;

-- The failure to deleverage below 4.5x over the rating horizon,
    which could widen the rating differential with OCENSA.

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

Liquidity Not a Concern: A.I. Candelaria has no liquidity issues.
Liquidity is expected to be strong, considering the company's
forecast for readily available cash and consistently positive FCF
generation. Debt service will be limited to interest payments
through the medium term. Thereafter, the principal of the notes due
2028 will be payable in 12 consecutive semi-annual instalments
beginning in 2022, equivalent to 70% of the issuance. The proposed
notes due 2033 will be payable in 10 consecutive semi-annual
instalments beginning in 2028, equivalent to 75% of the issuance.
The balance will be paid on the maturity dates. The debt service
reserve account to be constituted as part of the collateral will
represent a liquidity buffer over the medium term which must cover
no less than 1.25x of the next debt service payment (interest and
principal).

ESG Considerations

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (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.

TDA 26 MIXTO: Fitch Affirms CCC Rating on 2 Note Classes
--------------------------------------------------------
Fitch Ratings has upgraded TDA 26 Mixto Series 1 (TDA 26-1) class
A2 and B notes and affirmed the others. It has also affirmed all
tranches of TDA 26 Mixto Series 2 (TDA 26-2). The Outlooks on all
tranches are Stable.

         DEBT                   RATING         PRIOR
         ----                   ------         -----
TDA 26-Mixto, FTA - Series 1

Class 1-A2 ES0377953015   LT  AAAsf  Upgrade   A+sf
Class 1-B ES0377953023    LT  AAAsf  Upgrade   A+sf
Class 1-C ES0377953031    LT  Asf    Affirmed  Asf
Class 1-D ES0377953049    LT  CCCsf  Affirmed  CCCsf

TDA 26-Mixto, FTA - Series 2

Class 2-A ES0377953056    LT  A+sf   Affirmed  A+sf
Class 2-B ES0377953064    LT  A-sf   Affirmed  A-sf
Class 2-C ES0377953072    LT  CCCsf  Affirmed  CCCsf

TRANSACTION SUMMARY

The transactions comprise fully amortising Spanish residential
mortgages originated and serviced by Banco de Sabadell, SA
(BBB-/Stable/F3) and Banca March (not rated).

KEY RATING DRIVERS

PIR Cap in TDA 26-1 Removed

Fitch considers payment interruption risk (PIR) in TDA 26-1 is
mitigated in the event of a servicer disruption. Fitch deems the
available structural mitigant of a cash reserve that can be
depleted by losses sufficient to cover stressed senior fees, net
swap payments and senior note interest due amounts while an
alternative servicer arrangement was implemented.

The reserve has remained fully funded since 2016, demonstrating
consistent coverage of PIR exposure. Fitch expects the reserve to
remain sufficiently funded in the medium term based on the
transaction's current performance. As a result, Fitch has removed
the 'A+sf' cap on the notes' rating in line with its Structured
Finance & Covered Bonds Counterparty Rating Criteria.

PIR Constraints in TDA 26-2

TDA 26-2 remains exposed to PIR in the event of a servicer
disruption, as Fitch deems the available structural mitigants (a
cash reserve fund that can be depleted by losses) insufficient to
cover stressed senior fees, net swap payments and senior note
interest due amounts while an alternative servicer arrangement was
implemented. The number of borrowers left in the pool is low (under
300), which exposes the transaction to added volatility. This could
affect the level of reserve fund as it can also be used to cover
for losses.

As a result, Fitch continues to cap the notes' rating at 'A+sf'.
Although one of the collection account banks, Banca March, is not
rated by Fitch, the rating cap acknowledges the bank's established
retail franchise, the availability of bank ratings by other
internationally recognised agencies, and robust banking sector
supervision in Spain.

Excessive Counterparty Exposure in TDA 26-1

TDA 26-1's class C notes are capped at 'Asf', equivalent to its SPV
account bank provider's Long-Term Deposit Rating (Societé
Generale, S.A, 'A'). The rating cap reflects the excessive
counterparty dependency on the SPV account bank holding the cash
reserves, as the sudden loss of these funds would imply a downgrade
of 10 or more notches in accordance with Fitch's criteria.

Resilient to Covid-19 Additional Stresses

The upgrades and affirmations and Stable Outlooks reflect Fitch's
view that CE protection is sufficient to mitigate the risks
associated with Fitch's base-case coronavirus scenario. Fitch has
applied additional stresses in conjunction with its European RMBS
Rating Criteria in response to the coronavirus outbreak and the
recent legislative developments in Catalonia. Fitch anticipates a
generalised weakening in Spanish borrowers' ability to keep up with
mortgage payments due to a spike in unemployment and vulnerable
self-employed borrowers.

Performance indicators such as the level of three months plus
arrears excluding defaults (standing at 0.4% for TDA 26-1 and 0%
for TDA 26-2 at January 2021) could deteriorate in the following
months. Consequently, Fitch has incorporated a 10% increase to the
weighted average foreclosure frequency (WAFF) of the portfolios.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch also considers a downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed. Under this scenario, Fitch's
analysis accommodates a 15% increase to the portfolio WAFF and a
15% decrease to the WA recovery rates (WARR). The notes could be
downgraded by up to one notch in this scenario.

Fitch's analysis of TDA 26 -1 and 26-2 portfolios is subject to the
minimum lifetime credit loss expectation as per the agency's
criteria. The performance adjustment factor floor of 100% applied
on TDA 26-1 reflects the repurchase of some defaulted loans in the
past by the originator.

Tail Risk Present in TDA 26-2

The number of borrowers remaining in the pool is low at 282, which
can lead to increased volatility in transaction performance. The
affirmation of TDA 26-2's class B notes considers Fitch's Covid-19
downside scenario of a 15% increase in the FF and a 15% reduction
in the RR, which resulted in a one-notch downgrade from the current
rating. The rating has been affirmed at one notch below the
model-implied rating.

ESG Relevance Scores

TDA 26-1 has an Environmental, Social and Governance ESG Relevance
Score of '5' for Transaction Parties & Operational Risk due to
excessive counterparty exposure to the account bank provider,
Societe Generale S.A, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in an
implicitly lower rating.

TDA 26-2 has an ESG Relevance Score of '5' for Transaction &
Collateral Structure due to payment interruption risk, which has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in an implicitly lower rating.

RATING SENSITIVITIES

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

-- Credit enhancement ratios increase as the transactions
    deleverage, able to fully compensate the credit losses and
    cash flow stresses commensurate with higher rating scenarios.

-- For TDA 26-2's senior notes, improved liquidity protection
    against a servicer disruption event. This is because the
    ratings are capped at 'A+sf' due to unmitigated payment
    interruption risk.

-- For TDA 26-1's class C notes, an upgrade of Societé
Generale's
    Long-Term Deposit Rating could increase the maximum achievable
    rating, as the notes' rating is capped at the counterparty
    rating.

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

-- A longer-than-expected coronavirus crisis that deteriorates
    macroeconomic fundamentals and the mortgage market in Spain
    beyond Fitch's current base case. Credit enhancement ratios
    cannot fully compensate the credit losses and cash flow
    stresses associated with the current ratings scenarios, all
    else being equal. To approximate this scenario, Fitch
    conducted a rating sensitivity by increasing default rates by
    15% and cutting recovery expectations by 15%, which would
    imply downgrades of up to one notch for the notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

TDA 26-Mixto, FTA - Series 1, TDA 26-Mixto, FTA - Series 2

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

TDA 26-1's class C notes' rating is directly linked to its SPV
account bank provider's Long-Term Deposit Rating due to excessive
counterparty dependency.

ESG CONSIDERATIONS

TDA 26-Mixto, FTA - Series 1: Transaction Parties & Operational
Risk: '5'

TDA 26-Mixto, FTA - Series 2: Transaction & Collateral Structure:
'5'

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.



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

GATEGROUP HOLDING: Moody's Appends 'LD' to Caa2 PDR
---------------------------------------------------
Moody's Investors Service appended an "/LD" designation to
gategroup Holding AG's Caa2-PD probability of default rating to
reflect a limited default resulting from the company executing a
restructuring plan to extend the maturity of its notes to February
2027 from February 2022.

Moody's views the extension as a distressed exchange under its
definition of default, as the issuer did not meet its original cash
debt service obligations as outlined in their original debt
agreement resulting in an economic loss to lenders. Moody's will
remove the /LD designation in three business days.

gategroup has a Caa2 corporate family rating and negative rating
outlook, which are not affected. The company's debt, which includes
term loans, bonds, government loans and other debt is not rated.

gategroup is a Switzerland-based independent provider of airline
catering and logistic services. Its core activities are located in
the US, France and Switzerland , which together accounted for 51%
of the company's revenue in 2019. In 2019, the company generated
around CHF5 billion in revenue and reported EBITDA of CHF441
million. gategroup is owned by the private equity investors RRJ
Capital (based in Hong Kong) and the investment company Temasek
(based in Singapore).



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

ARCELIK AS: Fitch Places 'BB' LT IDRs on Watch Positive
-------------------------------------------------------
Fitch Ratings has placed Arcelik A.S.'s Long-Term Foreign- and
Local-Currency (FC and LC) Issuer Default Ratings (IDRs) of 'BB' as
well as its senior unsecured ratings of 'BB' on Rating Watch
Positive (RWP). It has also affirmed Arcelik's National Rating at
'AAA'(tur). The Outlook on the National Rating is Stable.

The rating action reflects Fitch's expectation that a successful
refinancing of the September 2021 Eurobond will positively affect
Arcelik's FC debt coverage ratios, and that the issuer will
maintain a funding policy that would grant a two-notch uplift above
the Turkish Country Ceiling of 'BB-'. Currently, Arcelik's
standalone credit profile (SCP; bb+) is constrained, and is rated
one notch above the Country Ceiling.

Fitch views Arcelik's SCP as below investment-grade because the
issuer's free cash flow (FCF) generation is significantly more
volatile compared with higher-rated peers, and its exposure to
emerging markets (EMs) is higher, leaving it exposed to political
risks and currency fluctuations. However, Arcelik will maintain
leverage metrics and profitability commensurate with the current
rating level, despite increasing raw material prices and the
weakness in the local Turkish market.

KEY RATING DRIVERS

Short-Term Refinancing: As of end 2020, over 60% of total financial
debt is to be repaid during 2021, including the EUR350 million bond
by September 2021, and the two TRY500 million bonds maturing in
February 2021 and July 2021. Arcelik has already refinanced most of
its Turkish lira-denominated maturities, and Fitch expects Arcelik
to successfully refinance its September 2021 Eurobond. In the rare
event of a complete market shut down, Arcelik has TRY12.8 billion
of liquidity on its balance sheet (as of end-2020) that would
successfully cover all of its upcoming short-term maturities.
However, this is not Fitch's base case.

FCF Generation to Soften in 2021: Fitch expects FCF to come under
pressure in 2021 and 2022, driven by increased working capital
needs, higher capex and the resumption of dividends distribution,
despite a record FCF generation at end-2020 (Fitch-defined FCF of
TRY2.6 billion). Volatile working capital needs have historically
pressured Arcelik's FCF generation; however, Arcelik has been
successfully managing its working capital for the past two years,
aided by strong domestic receivables collection. Fitch expects FCF
generation to turn positive by 2023, as the expansion programme
completes and inventory levels in factories normalise.

Profitability Under Pressure: Fitch expects robust revenue growth
to persist, given the continuation of stay-at-home practices, a
faster recovery in exports and a more favourable FC conversion
impact. In the medium term, Fitch sees some challenges stemming
from higher raw material costs, which Fitch expects will have a
negative impact on profitability margins. On the other hand,
Arcelik is monitoring its cost base through hedging activities by
fixing raw material purchases on a six-month basis, and has been
successfully controlling its cost base, partially mitigating the
negative impact from cost inflation.

Leverage Still Commensurate with Ratings: Fitch forecasts funds
from operations (FFO) adjusted (for receivables) net leverage to
remain under 2x throughout Fitch's forecast horizon, below Fitch's
negative rating sensitivity, which is comfortably in line with a
high-investment-grade median. Fitch forecasts EBIT margin to remain
slightly resilient at an estimated average of 7.9% from 2021-2024,
versus a historical four-year average of 7.8% and FCF to be
negative. Nevertheless, Fitch expects Arcelik to maintain some
headroom under Fitch's current leverage sensitivity.

No Impact from Covid-19: Domestic revenue grew by 63% yoy during
4Q20, as stay-in-home Covid-19 practices skewed consumer behaviour
more towards the home appliances sector rather than the services
sector. International revenues increased by 58% yoy in lira terms
during 4Q20, driven by a mix of 45% and 13% currency and organic
growth impact, respectively. In 4Q20, Arcelik achieved high
double-digit revenue growth in euro terms in Europe (about 15%-20%
in Eastern Europe and 5%-10% in Western Europe). The Asia Pacific
region has also delivered 15%-20% growth in euro terms with sales
picking up in Pakistan (+48% yoy in LC).

Arcelik recorded the highest operating margin and FCF generation in
the past five years, helped by increased sales volumes, a weak US
dollar against the euro and the pound sterling and continued
strength in the high-margin Turkish market. Profitability margins
were shielded against industry-wide cost inflation thanks to raw
material hedging contracts and the ability to pass off increased
costs; in turn, EBITDA more than doubled in 4Q20 reaching a margin
of14.5%.

No Immediate Impact from Hitachi: Arcelik's USD300 million purchase
of a 60% share in Japanese appliance maker Hitachi Global Life
Solutions will have no immediate rating impact. The purchase
consideration, which will be paid from cash, will have a limited
impact on Arcelik's FFO net leverage, which Fitch forecasts to
remain below 2.0x in the medium term. The final purchase price will
be subject to the change in the net working capital and net debt
level and the value corresponding to the minority share in the
affiliated companies as of closing date.

Growing Market Shares: Arcelik has generated strong international
revenue growth in the past few years, by attracting more
price-conscious consumers in western Europe and by capitalising on
its strong marketing and distribution network, which has allowed it
to become one of the top-three white goods manufacturers in Europe.
Arcelik has been a strong performer in the domestic market, gaining
substantial market share following Whirlpool's decision to exit
from Turkey and its wider price choice for Turkish consumers under
weakening affordability. Fitch expects Arcelik to maintain its
positioning with a stable market share.

Financial Services Adjustments: Fitch adjusts Arcelik's domestic
receivables, and deems the portion above 60 days as a part of its
financing operations. The receivable adjustments will be zero days
when domestic receivable decline to below 60 days, and will be 120
days when the domestic receivables increase to 180 days. Fitch
considered 40 days of the 100 days of reported domestic receivables
at end-2020 to be financial services debt.

Nonetheless, the maximum amount of domestic receivables that could
be allocated to financial services is 120 days, and Fitch will
consider any additional increase as working capital. After this
adjustment, Fitch applies a 2x debt/equity ratio for these
receivables based on its financial services criteria.

DERIVATION SUMMARY

Arcelik has strong market shares in Turkey and Europe, which drive
stable through-the-cycle EBITDA (about 10%) and FFO margins (about
7%). These financial metrics are commensurate broadly with the 'BB'
rating median in Fitch's Capital Goods Navigator, and are in line
with that of higher-rated peers like Whirlpool Corp. (BBB/Stable)
and Panasonic Corporation (BBB-/Stable). However, these strengths
are offset by weak FCF generation, driven by intense capex in new
markets, and structurally high working capital needs. Despite the
current investment phase, Arcelik's leverage metric adjusted for
financial services remains below Fitch's negative rating
sensitivity and conforms with the 'BBB' rating median in Fitch's
Capital Goods Navigator.

Arcelik's technological content and R&D capabilities are broadly in
line with those of Whirlpool, Electrolux and the broader white
goods industry. However, Arcelik has a much higher share of revenue
from EMs than higher-rated white goods manufacturers. Arcelik is
diversifying away from Turkey, but it remains vulnerable to
macro-economic, political and FC risks in EMs.

KEY ASSUMPTIONS

-- Double-digit revenue growth across the Turkish market and the
    international market supported by stay-at-home practices and
    favourable FC impact on sales;

-- Slight margin pressure in the medium term;

-- Successful refinance of upcoming short-term maturities;

-- Financial services adjustment assumes 120 days of domestic
    receivables;

-- Resumption of dividends distribution;

-- Hitachi Acquisition during 2021.

RATING SENSITIVITIES

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

-- The ratings could be upgraded if Turkey's Country Ceiling was
    upgraded;

-- Successful refinancing of the September 2021 Eurobond.

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

-- Receivable-adjusted FFO net leverage ratio above 3.5x;

-- Substantial deterioration in liquidity;

-- FFO margin below 6%;

-- Consistently negative FCF.

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

Low Liquidity Score: Historically, Arcelik's liquidity score has
been below 1x, driven by the use of short-term debt to finance its
high working capital needs. Available cash on balance sheet was
TRY12.8 billion at end-2020, which almost covers short-term debt
and upcoming Eurobond maturity of TRY10 billion and Fitch's
expected negative FCF of TRY3.9 billion - which includes the
estimated cash paid consideration for the Hitachi acquisition.

Fitch believes that liquidity risk is mitigated by Arcelik's
comfortable (uncommitted) lines in Turkish banks, which were
available even during the global financial crisis of 2008-2009, and
continues to be in place despite current stress. While the
liquidity score below 1x is not adequate for the current rating,
the risk is also partly mitigated by customer receivables financing
that are deemed self-liquidating.

ESG CONSIDERATIONS

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



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

ATRIUM EURO: Fitch Gives Final BB+ Rating to EUR350MM Hybrid Notes
------------------------------------------------------------------
Fitch Ratings has assigned Atrium European Real Estate Limited's
EUR350 million 3.625% subordinated undated hybrid notes a final
instrument rating of 'BB+'. The securities qualify for 50% equity
credit.

The final rating of the hybrid notes follows a review of the final
terms and conditions conforming to information received by Fitch
when assigning the expected rating.

The hybrid proceeds will be used to finance eligible green projects
and its issuance will aid funding of Atrium's planned residential
developments.

KEY RATING DRIVERS

NOTES

Hybrid Notched Off Atrium's IDR: The EUR350 million undated hybrid
notes are rated two notches below Atrium's 'BBB' Long-Term Issuer
Default Rating (IDR). This reflects the notes' deeply subordinated
status, ranking behind senior creditors and senior only to ordinary
equity, with coupon payments deferrable at the discretion of the
issuer and no formal maturity date. It also reflects the notes'
greater loss severity and higher risk of non-performance relative
to senior obligations.

Equity Treatment: The securities qualify for 50% equity credit in
accordance with Fitch's Corporate Hybrids Treatment and Notching
Criteria in regard to deep subordination, remaining effective
maturity date of at least five years, full discretion to defer
coupons for at least five years and limited events of default. The
equity credit is limited to 50% given the cumulative interest
coupon, a feature that is more debt-like in nature.

Effective Maturity Date: Although the hybrid notes are perpetual,
Fitch's criteria deem their effective maturity to be 04 November
2031, five years after the notes' first reset date. From this date,
the issuer will no longer be subject to replacement language, which
discloses the intent to redeem the instrument at its reset date
with the proceeds of a similar instrument or with equity. The
instrument's equity credit would change to 0% five years before the
effective maturity date (i.e. 4 November 2026). The coupon step-up
remains within Fitch's aggregate threshold rate of 100bp.

ATRIUM

Retail Activity Curtailed: The pandemic remains acute in Atrium's
core markets, Poland and Czech Republic, prompting governments to
maintain different forms of social-distancing measures.
Non-essential shops have been closed in Czech Republic since
end-December 2020 and in Poland from end-March 2021 until end-April
2021. These measures hamper the recovery of retail trade and puts
further pressure on tenants whose financials have been weakened by
earlier lockdowns. Atrium's end-1Q21 occupancy declined to 92%
(end-2019: 97%).

Footfall and Sales Subdued: In September 2020, when Atrium's malls
were fully open (98% of its space) after the first round of
non-essential store closures, footfall recovered to 76% of the
previous year's levels, while tenants' sale reached 86%. This
followed the trend observed elsewhere in Europe where customers
visited malls less frequently but spent more per visit. Atrium's
February 2021 data (58% and 70% of previous year footfall and
tenants' sales respectively) remains subdued as only 55% of the
Group's operating GLA is open.

Rent Collection: Atrium collected 75% of 4Q20 rent and service
charges unadjusted for concessions either agreed bilaterally with
tenants or imposed by the Polish government. These collection rates
are higher than UK peers but below Nordic peers, where state aid
for tenants supported rents payments. Bilaterally, Atrium agreed
concessions with its most affected tenants on a case-by-case basis.
Concessions included rent holidays or discounts (limited to rents
payable in 2020) in exchange for lease extensions or inclusion of
click-and-collect sales into leases' turnover rent calculations.

Lower Rental Income: Including increased vacancy, the cash impact
of Covid-19 on rents and service charges was EUR49 million in 2020.
Contrary to other European markets such as the UK where retail
rents are set to markedly decline, Fitch expects only a limited
decline in rental levels in strongly performing shopping centres in
Atrium's core portfolio.

Low Leverage Headroom: Fitch forecasts Atrium's net debt/EBITDA for
2021 to improve but to remain above Fitch's negative rating
sensitivity (8.0x) before returning to 7.9x at end-2022. The
recovery of the financial profile is taking longer as the pandemic
extends into 2021. Fitch forecasts its EBITDA net interest cover to
improve to around 3x over the next three years.

Conditions for Leverage Improvement: Atrium's return to
pre-Covid-19 leverage will be contingent on the strength of the
retail recovery, the ability to improve occupancy rates without
reducing rents, and the timely realisation of planned disposals.
Atrium's financial profile is aided by the revised scrip 2020
dividend pay-out policy, ceasing past years of paying dividends in
excess of profits. Fitch assumes that future quarterly cash
dividends will reflect levels of cash rent receipts.

Portfolio Repositioning Continues: Atrium continues to implement
its strategy to dispose of its lower quality non-core assets. The
company plans to dispose of the remaining Slovakian asset (EUR121
million market value) in the short to medium term and exit its
Russian portfolio (EUR238 million). Fitch expects that the exit
from Russia will take some time, as this market is less liquid and
more volatile.

Residential Execution Risk: Atrium's new strategy to re-invest
disposal proceeds into residential-for-rent entails increased
execution risk due to its limited experience in investing and
operating residential assets. Atrium plans to manage associated
risks by using a residential property management company and limit
its development risk through forward-funding deals.

DERIVATION SUMMARY

Atrium's EUR2.5 billion (including the company's JV at share)
shopping centre portfolio is smaller than NEPI Rockcastle plc's
(BBB/Stable) portfolio of EUR5.8 billion. NEPI's portfolio of
regionally dominant shopping centres is more exposed to secondary
cities, while Atrium focuses on the capital cities of Poland and
Czech Republic. Atrium's size resembles Globalworth Real Estate
Investments Limited's (BBB-/Stable) EUR2.4 billion portfolio of
office assets.

Out of those three CEE-located peers, Atrium has the strongest
country risk exposure with assets located in CEE countries rated
'A-' and above, namely Poland (65% of market value, A-/Stable),
Czech Republic (21%, AA-/Stable) and Slovakia (5%, A/Negative).
Only 10% of its assets (by value) are located in Russia
(BBB/Stable). NEPI's geographic diversification is stronger with a
presence in nine CEE countries, but the average country risk rating
is lower and similar to that exhibited by Globalworth, whose office
assets are almost equally split between Poland and Romania
(BBB-/Negative).

Atrium's pre-coronavirus end-2019 net debt/EBITDA was better than
Globalworth's equivalent leverage of around 8x, but higher than
NEPI's around 6x. This was partly because of Atrium's lower
income-yielding assets with a net initial yield (NIY) at 6.2%
versus NEPI's NIY of 6.7%. Atrium's NIY would be lower if Fitch
excludes its non-core Russian and other secondary assets that will
be disposed of. Interest cover for Atrium, Globalworth and NEPI
(3.5x, 3.4x and 8.1x, respectively) is comfortable for their
respective ratings.

Western European peers such as Hammerson plc (BBB/Negative) and The
British Land Company PLC (A-/Stable) have assets located in the
more mature western European markets, where income yields are
tighter, making their financial metrics less comparable with that
of CEE entities.

All ratings cited are IDRs.

KEY ASSUMPTIONS

-- Given the extended effect of the pandemic and related
    tightening of social-distancing measures including essential
    shops closures, for 2021 rents Fitch assumes (i) one month of
    lost rent (adjusted to reflect Atrium's share of essential
    stores); and (ii) a 5% decrease in rents for lease renewals.

-- Gradual recovery in occupancy to 96% in 2023 after a decline
    in 2020.

-- In 2020 and 2021, lower rent and profits are matched by lower
    cash dividends. Thereafter, cash dividends to fluctuate in
    line with funds from operations.

-- Capex is a mix of non-income yielding reinvestment (EUR18
    million per year) and continued development spend.

-- Over EUR250 million cash proceeds from disposals are received
    during the forecast horizon until 2023.

RATING SENSITIVITIES

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

-- Net debt/EBITDA below 7.0x, on a sustained basis, assuming
    existing portfolio mix.

-- Maintaining occupancy rate firmly above 95%, and solid like
    for-like rental growth.

-- Reduced concentration, with top 10 assets comprising less than
    50% of net rental income or market value on a sustained basis.

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

-- Fitch-defined loan-to-value (LTV) trending above 45% or net
    debt/EBITDA surpassing 8.0x, on a sustained basis, assuming
    existing portfolio mix.

-- Deterioration of operating metrics on a sustained basis, such
    as an occupancy rate sustainably below 90% or steep fall in
    rents on a like-for-like basis.

-- A liquidity score below 1.25x on a sustained basis.

-- Unsustainable dividend cover.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As at end-March 2021, Atrium held EUR170 million
of available cash and had EUR300 million of its revolving credit
facility (2023 maturity) unutilised. This is a strong liquidity
position, taking into account that no material debt repayment is
due until October 2022 when a EUR155 million bond matures.

Atrium's average debt maturity was 5.1 years at end-2020 (end-2019:
4.4 years) and its euro-denominated average cost of debt was 2.8%
(end-2019: 3%).

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.

CINEWORLD GROUP: Faces Shareholder Rebellion Over Bonus Scheme
--------------------------------------------------------------
Attracta Mooney and Alice Hancock at The Financial Times report
that Cineworld, the cinema chain that came close to financial
collapse during the pandemic, is facing the prospect of a second
shareholder rebellion over executive pay this year because of a
controversial GBP65 million bonus scheme.

According to the FT, almost a third of shareholders failed to back
plans for the company to introduce the contentious award, based
solely on share price targets, at an extraordinary general meeting
in January.

Investors will in effect vote on the same policy a second time at
the company's upcoming annual meeting on May 12, in a binding vote
on the group's longer-term pay policy which is normally set every
three years, the FT discloses.

However, Institutional Shareholder Services and Glass Lewis,
influential advisers to investors, have recommended shareholders
vote against it, flagging concerns about the cinema chain's
long-term incentive scheme and pension contributions, the FT
notes.

In a report for clients, Glass Lewis, as cited by the FT, said
Cineworld had so far failed to address investors' concerns about
its executive pay.  It recommended shareholders vote against the
pay policy, which will apply from May 2021 until May 2024, warning
the company's long-term incentive plan meant the chief executive
and his deputy -- the brothers Mooky and Israel Greidinger -- are
in line for a payout of up to GBP65 million, the FT states.

Cineworld said it had fallen to a US$3 billion pre-tax loss in
March and warned that cinema attendance levels would not return to
pre-Covid levels until 2024, the FT relates.


GFG ALLIANCE: Gupta's GBP200MM Bailout Plan Hits Roadblock
----------------------------------------------------------
Owen Walker, Robert Smith and Sylvia Pfeifer at The Financial Times
report that Sanjeev Gupta's attempts to save his British steelworks
hit a roadblock on May 7 as Credit Suisse, which is pursuing the
industrialist for US$1.2 billion, said it had yet to be contacted
over a proposed GBP200 million bailout loan and could not agree to
terms if its clients lost out.

Mr. Gupta has agreed the loan from White Oak, a US-based private
finance group, to provide an injection of much-needed working
capital to his ailing speciality steel plants in Yorkshire that
would allow them to return to full production, the FT relates.

According to the FT, people with knowledge of the agreement said
Mr. Gupta would need to secure the approval of Credit Suisse, which
provided finance to his GFG Alliance group of businesses through
the collapsed supply chain finance group Greensill Capital.

"Neither GFG Alliance nor any of its companies have informed us of
any finance proposal or shared any information with us," the FT
quotes the Swiss bank as saying in a statement. "We want a
constructive solution and would like nothing better than a credible
financial restructuring plan which offers a viable solution for the
UK steel industry and keeps steelworkers in their jobs.  We have
asked for that repeatedly and nothing has been forthcoming."

Credit Suisse lent US$1.2 billion to GFG through its US$10 billion
suite of supply-chain finance funds, which the bank was forced to
suspend in March after Greensill's insurer refused to renew cover,
the FT discloses.  Credit Suisse has paid back just over half the
assets to the funds' 4,000 investors, but has said it may struggle
to return up to US$3 billion as some creditors were unable or
unwilling to repay the funds, the FT notes.

Credit Suisse has a US$440 million claim against Greensill
Capital's UK entity, according to documents filed by administrator
Grant Thornton last week, which matches the amount the Swiss bank's
clients are owed in relation to troubled US construction company
Katerra, the FT relays.

The FT reported in March that Credit Suisse's funds failed to
benefit from an emergency cash injection late last year from
SoftBank, which agreed to pump money into Greensill to cover losses
for its investors related to Katerra.

A separate administrators report for Greensill's Australian parent
company shows that SoftBank provided US$440 million of funding to
the supply-chain finance firm in November, according to the FT.


GREENSILL CAPITAL: HMRC Owed US$8 Million Following Collapse
------------------------------------------------------------
James Warrington at City A.M. reports that the taxman is owed
millions of pounds following the collapse of scandal-hit finance
firm Greensill Capital.

According to City A.M., documents from administrator Grant Thornton
show that HM Revenue & Customs is among more than 200 creditors out
of pocket since the company's collapse in March.  It is owed US$8
million (GBP5.7 million), City A.M. relays, citing the Sunday
Times.

In total, Greensill owes more than US$1.5 billion, including
roughly US$500 million to insurers such as Swiss Re and Chubb, City
A.M. discloses.

Greensill, which lent money to companies by buying their invoices
for cash, fell into administration after credit insurers withdrew
cover, City A.M. recounts.

The move was prompted by Greensill's huge exposure to Sanjeev
Gupta's GFG Alliance, which in turn is now facing potential
collapse and is scrambling to raise funds, City A.M. notes.

Greensill has also faced questions over its links to David Cameron,
who acted as a lobbyist for the company, City A.M. states.

The filings also show that the bills for administrators and lawyers
will come to more than GBP30 million in the first year alone,
according to City A.M.


GREENSILL CAPITAL: US$3.7BB Collected So Far, Administrators Say
----------------------------------------------------------------
Reuters reports that administrators to collapsed firm Greensill
Capital's UK business said it had US$17.7 billion in assets under
management at March 8 of which US$3.7 billion has been collected as
of April 16.

The supply chain finance firm, which lent money to firms by buying
their invoices at a discount, collapsed in March 2021 after
insurers pulled their cover, Reuters recounts.

Creditors of Greensill Capital Pty, the Australian parent of the
British company, voted in April to liquidate that company, Reuters
relates.

Among the investors burnt in the widespread fallout from
Greensill's collapse were clients of Swiss banking giant Credit
Suisse, steel magnate Sanjeev Gupta's GFG Alliance and some 26
German towns, Reuters discloses.

According to Reuters, a British parliamentary committee said on May
7 that former Prime Minister David Cameron -- who lobbied for
Greensill -- and the company's founder Lex Greensill would be
questioned by lawmakers this week over the failure of the firm.

Grant Thornton, Greensill UK's administrators, proposed in a
statement filed with Companies House late on May 6 that the
administration would end with the voluntary liquidation or
dissolution of Greensill Capital UK and Greensill Capital
Management UK, after a sale attempt fell through earlier this year,
Reuters notes.

Grant Thornton estimates it will be able to recover just US$275
million to repay claims from unsecured creditors worth nearly
US$1.5 billion, Reuters states.


SASSOON ACADEMY: Set to Appoint Administrators
----------------------------------------------
Laura Onita at The Telegraph reports that Sassoon Academy is poised
to appoint administrators at Leonard Curtis after a torrid year for
the beauty industry.

Nail bars, beauty salons and spas have been hit hard by lockdowns
and stringent social distancing restrictions when they reopened to
the public as the treatments they offer typically involve close
contact, The Telegraph relates.

The hairdressing school has drafted in insolvency specialists Andy
John and Neil Bennett as its future hangs in the balance, The
Telegraph discloses.

According to The Telegraph, Haircare Limited, a vehicle operating
the Sassoon salon and academy brands in the UK, Companies House
records show, filed an intention of notice to appoint
administrators at the High Court.



ST PAUL CLO XI: Fitch Affirms B- Rating on Class F Tranche
----------------------------------------------------------
Fitch has revised St. Paul's CLO XI DAC's class E and F Outlook to
Stable from Negative. All ratings have been affirmed.

      DEBT                  RATING         PRIOR
      ----                  ------         -----
St. Paul's CLO XI DAC

A XS2007338192      LT  AAAsf   Affirmed   AAAsf
B-1 XS2007338275    LT  AAsf    Affirmed   AAsf
B-2 XS2007338945    LT  AAsf    Affirmed   AAsf
C-1 XS2007339679    LT  Asf     Affirmed   Asf
C-2 XS2007340255    LT  Asf     Affirmed   Asf
D XS2007340768      LT  BBB-sf  Affirmed   BBB-sf
E XS2007341576      LT  BB-sf   Affirmed   BB-sf
F XS2007341816      LT  B-sf    Affirmed   B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO comprising mostly senior secured
obligations. The transaction is still in its reinvestment period
and is actively managed by the manager.

KEY RATING DRIVERS

Asset Performance Stable

Asset performance has been stable since the last review in April
2020. The transaction was 25bp below target par as of the latest
investor report dated XX. As of the same report, the transaction
was passing all coverage tests, Fitch collateral quality tests and
portfolio profile tests. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below is 6.46% (excluding unrated names which
Fitch treats as 'CCC' but which the manager can classify as 'B-' up
to 10% of the portfolio), below the 7.5% limit.

Resilient to Coronavirus Stress

The affirmations reflect a broadly stable portfolio credit quality
since April 2020. The Stable Outlook of all investment-grade notes,
and the Outlook revision of the class E and F notes to Stable
reflect the resilience of the notes in the sensitivity analysis
Fitch ran in light of the coronavirus pandemic. Fitch has recently
updated its CLO coronavirus stress scenario to assume half of the
corporate exposure on Negative Outlook is downgraded by one notch
instead of 100%.

Average Portfolio Quality

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch-weighted average rating factor (WARF)
calculated by Fitch of the current portfolio is 34.83 (assuming
unrated assets are CCC) while the Fitch WARF as of the last
investor report was 34.18, below the maximum covenant of 34.5. The
Fitch WARF would increase by 1.06 after applying the baseline
coronavirus stress.

High Recovery Expectations

Senior secured obligations comprise 98.2% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. In the latest
invest report, the Fitch-weighted average recovery rate (WARR) of
the current portfolio was 64.5%, above the minimum covenant of
63.26%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top-10 obligor concentration is 16.31%, and no
obligor represents more than 1.9% of the portfolio balance.

RATING SENSITIVITIES

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

-- At closing, Fitch used a standardised stressed portfolio
    (Fitch's stressed portfolio) that was customised to the
    portfolio limits as specified in the transaction documents.
    Even if the actual portfolio shows lower defaults and smaller
    losses (at all rating levels) than Fitch's stressed portfolio
    assumed at closing, an upgrade of the notes during the
    reinvestment period is unlikely. This is because the portfolio
    credit quality may still deteriorate, not only by natural
    credit migration, but also because of reinvestment.

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

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

-- Downgrades may occur if build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high levels of default and portfolio
    deterioration. As disruptions to supply and demand due to
    Covid-19 become apparent for other sectors, loan ratings in
    those sectors would also come under pressure. Fitch will
    update the sensitivity scenarios in line with the view of its
    leveraged finance team.

Coronavirus Severe Downside Stress

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The severe downside stress
incorporates a single-notch downgrade to all the corporate exposure
on Negative Outlook. This scenario would result in a single-notch
downgrade across the capital structure.

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.



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

[*] BOND PRICING: For the Week May 3 to May 7, 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 * * *